UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5754
-------------------------------------------------------------------------------
MFS HIGH INCOME MUNICIPAL TRUST
-------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
-------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
-------------------------------------------------------------------------------
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
-------------------------------------------------------------------------------
Date of fiscal year end: November 30
-------------------------------------------------------------------------------
Date of reporting period: August 31, 2007
-------------------------------------------------------------------------------
ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) HIGH INCOME MUNICIPAL TRUST
8/31/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS High Income Municipal Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 8/31/07
ISSUER SHARES/PAR VALUE ($)
---------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS - 157.9%
---------------------------------------------------------------------------------------------------------------------------------
AIRPORT & PORT REVENUE - 3.6%
---------------------------------------------------------------------------------------------------------------------------------
Branson, MO, Regional Airport Transportation Development District Airport Rev., "B",
6%, 2037 $ 610,000 $ 569,673
---------------------------------------------------------------------------------------------------------------------------------
Denver, CO, City & County Airport, "B", ETM, 6.125%, 2025 (c) 2,840,000 2,862,010
---------------------------------------------------------------------------------------------------------------------------------
Denver, CO, City & County Airport, "C", ETM, 6.125%, 2025 (c) 2,280,000 2,674,600
---------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Development Authority Rev. (Terminal One Group
Assn.), 5.5%, 2021 750,000 789,292
---------------------------------------------------------------------------------------------------------------------------------
$ 6,895,575
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED & SECURITIZED - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
Pass-Through Certificates, "1993", 8.5%, 2016 (z) $ 546,075 $ 536,409
---------------------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS - GENERAL PURPOSE - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
Commonwealth of Puerto Rico, Government Development Bank, "B", 5%, 2015 $ 700,000 $ 732,655
---------------------------------------------------------------------------------------------------------------------------------
New York, NY, "H", 6%, 2017 5,000 5,058
---------------------------------------------------------------------------------------------------------------------------------
State of California, 5.25%, 2023 380,000 405,730
---------------------------------------------------------------------------------------------------------------------------------
$ 1,143,443
---------------------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS - SCHOOLS - 2.6%
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Board of Education (School Reform), "A", AMBAC, 5.25%, 2030 $ 2,000,000 $ 2,047,240
---------------------------------------------------------------------------------------------------------------------------------
Irving, TX, Independent School District, "A", PSF, 0%, 2018 1,000,000 622,520
---------------------------------------------------------------------------------------------------------------------------------
Montebello, CA, Unified School District, FSA, 0%, 2021 1,435,000 748,065
---------------------------------------------------------------------------------------------------------------------------------
Montebello, CA, Unified School District, FSA, 0%, 2023 1,505,000 700,096
---------------------------------------------------------------------------------------------------------------------------------
Placer, CA, Union High School District, "A", FGIC, 0%, 2019 1,700,000 992,698
---------------------------------------------------------------------------------------------------------------------------------
$ 5,110,619
---------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE REVENUE - HOSPITALS - 27.2%
---------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), "A", 5%, 2028 $ 565,000 $ 507,675
---------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), "A", 5.375%, 2040 835,000 765,753
---------------------------------------------------------------------------------------------------------------------------------
Cape Girardeau County, MO, Industrial Development Authority Rev. (Southeast
Missouri Hospital), 5%, 2027 950,000 894,245
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (National Jewish Medical & Research
Center), 5.375%, 2023 330,000 327,763
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (National Jewish Medical & Research
Center), 5.375%, 2029 750,000 734,565
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Vail Valley Medical Center), 5%, 2020 750,000 740,430
---------------------------------------------------------------------------------------------------------------------------------
Conway, AR, Hospital Rev. (Conway Regional Medical Center), "A", 6.4%, 2029 425,000 442,927
---------------------------------------------------------------------------------------------------------------------------------
Conway, AR, Hospital Rev. (Conway Regional Medical Center), "B", 6.4%, 2029 1,000,000 1,042,180
---------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2016 (c) 1,400,000 1,423,030
---------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2026 (c) 1,000,000 1,016,450
---------------------------------------------------------------------------------------------------------------------------------
Dickinson County, MI, Healthcare System Hospital Rev., 5.7%, 2018 750,000 758,078
---------------------------------------------------------------------------------------------------------------------------------
Forsyth County, GA, Hospital Authority Rev. (Baptist Health Care System), ETM, 6%, 2008 (c) 330,000 333,373
---------------------------------------------------------------------------------------------------------------------------------
Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), 5%, 2038 750,000 649,740
---------------------------------------------------------------------------------------------------------------------------------
Glendale, AZ, Industrial Development Authority, (John C Lincoln Health), 5%, 2042 360,000 328,446
---------------------------------------------------------------------------------------------------------------------------------
Highland County, OH, Joint Township, Hospital District Facilities Rev., 6.75%, 2009 (c) 905,000 969,056
---------------------------------------------------------------------------------------------------------------------------------
Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2021 (c) 1,750,000 2,124,798
---------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031 565,000 496,906
---------------------------------------------------------------------------------------------------------------------------------
Illinois Health Facilities Authority Rev. (Swedish American Hospital), 6.875%, 2010 (c) 500,000 538,730
---------------------------------------------------------------------------------------------------------------------------------
Illinois Health Facilities Authority Rev. (Thorek Hospital & Medical Center), 5.25%, 2018 600,000 602,898
---------------------------------------------------------------------------------------------------------------------------------
Indiana Health & Educational Facilities Financing Authority Rev. (Jackson County
Schneck Memorial Hospital), "A", 5.25%, 2036 500,000 501,675
---------------------------------------------------------------------------------------------------------------------------------
Indiana Health & Educational Facilities Hospital Rev. (Community Foundation of
Northwest), 5.5%, 2037 1,445,000 1,390,003
---------------------------------------------------------------------------------------------------------------------------------
Indiana Health Facilities Financing Authority Rev. (Community Foundation of
Northwest Indiana ), "A", 6%, 2034 575,000 585,316
---------------------------------------------------------------------------------------------------------------------------------
Lakewood, OH, Hospital Improvement Rev. (Lakewood Hospital Assn.), 5.5%, 2014 600,000 626,904
---------------------------------------------------------------------------------------------------------------------------------
Lexington County, SC, Health Services Rev. (Lexington Medical Center), 5.5%, 2013 (c) 750,000 15,925
---------------------------------------------------------------------------------------------------------------------------------
Louisiana Public Facilities Authority Rev. (Touro Infirmary Project), "A", 5.625%, 2029 450,000 445,788
---------------------------------------------------------------------------------------------------------------------------------
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare),
"A", 5.75%, 2025 600,000 611,712
---------------------------------------------------------------------------------------------------------------------------------
Maryland Health & Higher Educational Facilities Authority Rev. (Hackettstown
Community Hospital), "A", 5%, 2016 400,000 401,476
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency (Boston Biomedical Research), 5.65%, 2019 200,000 202,578
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency (Boston Biomedical), 5.75%, 2029 450,000 452,871
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Health & Educational Facilities Authority Rev. (Civic Investments, Inc.),
"A", 9%, 2012 (c) 1,000,000 1,188,710
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), "E",
6.75%, 2033 500,000 527,650
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Health & Educational Facilities Authority Rev. (Milford-Whitinsville
Hospital), "D", 6.35%, 2012 (c) 1,000,000 1,120,960
---------------------------------------------------------------------------------------------------------------------------------
Miami County, OH, Hospital Facilities Rev. (Upper Valley Medical Center), 5.25%, 2018 450,000 461,651
---------------------------------------------------------------------------------------------------------------------------------
Minneapolis & St. Paul, MN, Housing & Redevelopment Authority (Health Partners),
6%, 2021 500,000 519,145
---------------------------------------------------------------------------------------------------------------------------------
Mississippi Hospital Equipment & Facilities Authority Rev. (South Central Regional
Medical Center), 5.25%, 2026 1,000,000 977,420
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical
Center), "A", 6.125%, 2012 (c) 350,000 388,608
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical
Center), "A", 6.125%, 2032 50,000 51,381
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Health & Educational Facilities Authority Rev. (Littleton Regional
Hospital ), "A", 6%, 2028 625,000 632,419
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Health & Educational Facilities Authority Rev. (Littleton Regional
Hospital ), "B", 5.9%, 2028 780,000 787,355
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Health & Educational Facilities Authority Rev. (Memorial Hospital at
Conway), 5.25%, 2036 800,000 748,256
---------------------------------------------------------------------------------------------------------------------------------
New York Dormitory Authority Rev. (North Shore Long Island Jewish Group), 5.5%, 2013 (c) 300,000 326,037
---------------------------------------------------------------------------------------------------------------------------------
New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU
Health), 5.5%, 2026 400,000 400,760
---------------------------------------------------------------------------------------------------------------------------------
New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU
Health), "C", 5.5%, 2026 850,000 851,615
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission (Stanly Health Services, Inc.), 6.375%, 2029 1,915,000 1,982,274
---------------------------------------------------------------------------------------------------------------------------------
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Regional
Healthcare), 5.75%, 2012 (c) 200,000 218,454
---------------------------------------------------------------------------------------------------------------------------------
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple
University Hospital), "A", 5.5%, 2030 805,000 777,541
---------------------------------------------------------------------------------------------------------------------------------
Salida, CO, Hospital District Rev., 5.25%, 2036 945,000 838,565
---------------------------------------------------------------------------------------------------------------------------------
Saline County, MO, Industrial Development Authority Rev. (John Fitzgibbon Memorial
Hospital, Inc.), 5.625%, 2035 1,250,000 1,192,500
---------------------------------------------------------------------------------------------------------------------------------
Sandusky County, OH, Hospital Facilities Rev. (Memorial Hospital), 5.15%, 2010 250,000 249,290
---------------------------------------------------------------------------------------------------------------------------------
South Carolina Jobs, Economic Development Authority (Bon Secours - St. Francis
Medical Center), 5.5%, 2023 1,750,000 1,808,030
---------------------------------------------------------------------------------------------------------------------------------
South Dakota Health & Educational Facilities Authority Rev. (Sioux Valley Hospitals &
Health Systems), "A", 5.25%, 2034 800,000 803,256
---------------------------------------------------------------------------------------------------------------------------------
South Lake County, FL, Hospital District Rev. (South Lake Hospital, Inc.), 6.375%, 2034 500,000 519,170
---------------------------------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.125%, 2036 1,000,000 918,920
---------------------------------------------------------------------------------------------------------------------------------
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.5%, 2020 225,000 226,336
---------------------------------------------------------------------------------------------------------------------------------
St. Paul, MN, Housing & Redevelopment Authority Rev. (Healtheast), "A", 5.7%, 2015 1,000,000 1,011,210
---------------------------------------------------------------------------------------------------------------------------------
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center), "A", 5.75%, 2029 2,000,000 2,040,780
---------------------------------------------------------------------------------------------------------------------------------
Turlock, CA, Health Facilities Rev. (Emanuel Medical Center), 5.375%, 2034 1,500,000 1,473,645
---------------------------------------------------------------------------------------------------------------------------------
Tyler, TX, Health Facilities Development Corp. (Mother Frances Hospital), 6%, 2012 (c) 1,000,000 1,096,500
---------------------------------------------------------------------------------------------------------------------------------
University of Kansas Hospital Authority Health Facilities Rev. (KU Health Systems),
5%, 2036 1,000,000 960,100
---------------------------------------------------------------------------------------------------------------------------------
Vermont Educational & Health Buildings Financing Agency Rev. (Brattleboro Memorial
Hospital), 5.375%, 2028 1,075,000 1,047,007
---------------------------------------------------------------------------------------------------------------------------------
Washington County, MN, Housing & Redevelopment Authority Rev. (Healtheast),
5.25%, 2012 1,300,000 1,313,585
---------------------------------------------------------------------------------------------------------------------------------
West Orange, FL, Healthcare District, "A", 5.65%, 2022 525,000 539,154
---------------------------------------------------------------------------------------------------------------------------------
West Virginia Hospital Finance Authority Rev. (Charleston Medical Center), 6.75%, 2010 (c) 05,000 880,839
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
6.4%, 2033 525,000 546,740
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc.),
5.75%, 2029 1,000,000 997,460
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan
Services), 5.75%, 2012 (c) 600,000 652,752
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan
Services), "A", 5.125%, 2033 850,000 784,176
---------------------------------------------------------------------------------------------------------------------------------
$ 52,591,54
---------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE REVENUE - LONG TERM CARE - 35.8%
---------------------------------------------------------------------------------------------------------------------------------
James City County, VA, Economic Development (Virginia United Methodist Homes,
Inc.), "A", 5.4%, 2027 $ 415,000 $ 398,388
---------------------------------------------------------------------------------------------------------------------------------
ABAG Finance Authority for Non-profit Corps., CA (Eskaton Gold River Lodge),
6.375%, 2008 (c) 570,000 593,524
---------------------------------------------------------------------------------------------------------------------------------
ABAG Finance Authority for Non-profit Corps., CA (Eskaton Gold River Lodge),
6.375%, 2008 (c) 550,000 578,061
---------------------------------------------------------------------------------------------------------------------------------
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears
Methodist Retirement), "A", 5.9%, 2025 1,000,000 1,000,760
---------------------------------------------------------------------------------------------------------------------------------
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears
Methodist Retirement), "A", 7%, 2033 500,000 527,315
---------------------------------------------------------------------------------------------------------------------------------
Boston, MA, Industrial Development Financing Authority Rev. (Springhouse, Inc.),
5.875%, 2020 255,000 256,915
---------------------------------------------------------------------------------------------------------------------------------
Bucks County, PA, Industrial Development Authority, Retirement Community Rev.
(Ann's Choice, Inc.), 6.125%, 2025 1,000,000 1,013,730
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev. (Eskaton Properties,
Inc.), 8.25%, 2010 (c) 985,000 1,117,758
---------------------------------------------------------------------------------------------------------------------------------
Capital Projects Finance Authority, FL (Glenridge on Palmer Ranch), "A", 8%, 2012 (c) 750,000 891,120
---------------------------------------------------------------------------------------------------------------------------------
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home),
8.5%, 2032 1,545,000 1,579,469
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (American Baptist Homes), "A", 5.9%, 2037 530,000 516,888
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (American Housing Foundation, Inc.), 8.5%, 2031 455,000 470,015
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Christian Living Communities), "A", 5.75%, 2026 600,000 597,924
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.),
5%, 2035 1,400,000 1,225,924
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Society), 5%, 2035 375,000 342,000
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Volunteers of America Care Facilities), "A",
5.75%, 2008 (c) 865,000 895,820
---------------------------------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Rev. (Volunteers of America Care Facilities), "A",
ETM, 5.45%, 2008 (c) 45,000 45,622
---------------------------------------------------------------------------------------------------------------------------------
Columbus, GA, Housing Authority Rev. (Calvary Community, Inc.), 7%, 2019 470,000 450,998
---------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority Rev. (Elim Park Baptist Home, Inc.), 5.85%, 2033 660,000 670,256
---------------------------------------------------------------------------------------------------------------------------------
Delaware County Authority Rev., PA (Dunwoody Village), "A", 5.375%, 2017 600,000 609,924
---------------------------------------------------------------------------------------------------------------------------------
Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 750,000 760,470
---------------------------------------------------------------------------------------------------------------------------------
Fulton County, GA, Residential Care Facilities, First Mortgage (Lenbrook Square
Foundation, Inc.), "A", 5%, 2029 1,000,000 897,040
---------------------------------------------------------------------------------------------------------------------------------
Fulton County, GA, Residential Care Facilities, First Mortgage (Lenbrook Square
Foundation, Inc.), "A", 5.125%, 2042 1,000,000 881,900
---------------------------------------------------------------------------------------------------------------------------------
HFDC of Central Texas, Inc., Retirement Facilities Rev. (Legacy at Willow Bend), "A",
5.75%, 2036 800,000 752,672
---------------------------------------------------------------------------------------------------------------------------------
HFDC of Central Texas, Inc., Retirement Facilities Rev. (Village at Gleanloch Farms),
"A", 5.5%, 2027 750,000 716,370
---------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Health Facilities Development Corp. (Buckingham Senior Living
Community), "A", 7.125%, 2014 (c) 500,000 594,045
---------------------------------------------------------------------------------------------------------------------------------
Howard County, MD, Retirement Facilities Rev. (Vantage House Corp.), "A", 5.25%, 2033 250,000 231,150
---------------------------------------------------------------------------------------------------------------------------------
Huntington, NY, Housing Authority Rev. (Gurwin Senior Jewish Residences), "A",
5.875%, 2019 700,000 698,474
---------------------------------------------------------------------------------------------------------------------------------
Huntington, NY, Housing Authority Rev. (Gurwin Senior Jewish Residences), "A", 6%, 2029 775,000 765,677
---------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Hoosier Care, Inc.), "A", 7.125%, 2034 1,165,000 1,172,957
---------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Lutheran Senior Services), 5.125%, 2026 1,250,000 1,228,750
---------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Washington & Jane Smith Community), "A", 6.25%, 2035 1,250,000 1,267,438
---------------------------------------------------------------------------------------------------------------------------------
Illinois Health Facilities Authority Rev. (Lutheran Senior Ministries, Inc.),
7.375%, 2011 (c) 900,000 1,025,622
---------------------------------------------------------------------------------------------------------------------------------
Illinois Health Facilities Authority Rev. (Washington & Jane Smith Community), "A",
7%, 2032 725,000 763,875
---------------------------------------------------------------------------------------------------------------------------------
Indiana Health Facilities Financing Authority Rev. (Hoosier Care, Inc.), 7.125%, 2034 150,000 151,025
---------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), 9.25%, 2011 (c) 920,000 1,104,616
---------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), "B", 5.75%, 2018 550,000 552,079
---------------------------------------------------------------------------------------------------------------------------------
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), "B", 5.75%, 2028 1,475,000 1,471,313
---------------------------------------------------------------------------------------------------------------------------------
James City County, VA, Economic Development (Virginia United Methodist Homes,
Inc.), "A", 5.5%, 2037 665,000 633,180
---------------------------------------------------------------------------------------------------------------------------------
Jefferson, GA, Development Authority Rev. (Senior Living Facilities), "A", 5.875%, 2038 750,000 699,105
---------------------------------------------------------------------------------------------------------------------------------
Johnson City, TN, Health & Educational Facilities Board (Appalachian Christian
Village), "A", 6.25%, 2032 250,000 255,833
---------------------------------------------------------------------------------------------------------------------------------
Juneau, AK, City & Boro Non-recourse Rev. (St. Ann's Care Project), 6.875%, 2025 1,180,000 1,134,287
---------------------------------------------------------------------------------------------------------------------------------
Kent County, DE, Assisted Living (Heritage at Dover LLC), 7.625%, 2030 1,615,000 1,498,607
---------------------------------------------------------------------------------------------------------------------------------
Kentwood, MI, Economic Development Ltd. (Holland Home), "A", 5.375%, 2036 1,000,000 916,850
---------------------------------------------------------------------------------------------------------------------------------
La Verne, CA, COP (Brethren Hillcrest Homes), "B", 6.625%, 2025 690,000 726,549
---------------------------------------------------------------------------------------------------------------------------------
Lancaster, PA, Industrial Development Authority Rev. (Garden Spot Village), "A",
7.625%, 2010 (c) 500,000 552,900
---------------------------------------------------------------------------------------------------------------------------------
Lee County, FL, Industrial Development Authority Health Care Facilities Rev., (Shell
Point Village), "A", 5.5%, 2009 (c) 600,000 627,546
---------------------------------------------------------------------------------------------------------------------------------
Lynchburg, VA, Industrial Development Authority, Residential Care Facilities Rev.
(Westminster-Canterbury of Lynchburg, Inc.), 5%, 2031 60,000 51,963
---------------------------------------------------------------------------------------------------------------------------------
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills Retirement Foundation),
"A", 6.375%, 2009 (c) 650,000 683,930
---------------------------------------------------------------------------------------------------------------------------------
Marion, IA, Health Care Facilities Rev., First Mortgage (AHF/Kentucky-Iowa, Inc.),
6.5% to 2009, 8% to 2029 575,000 634,426
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Alliance Health of Brockton, Inc.),
"A", 7.1%, 2032 1,230,000 1,228,401
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), "A", 5.5%, 2027 240,000 233,143
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), "A", 5.75%, 2035 60,000 59,333
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Loomis Communities Project),
"A", 6.9%, 2032 100,000 104,560
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Loomis Communities Project),
"A", 5.625%, 2015 400,000 404,272
---------------------------------------------------------------------------------------------------------------------------------
Meridian, MI, Economic Development Corp., First Mortgage (Burcham Hills Retirement
Center), "A-1", 5.25%, 2026 300,000 276,705
---------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson Counties, TN, Health & Educational
Facilities Board Rev. (Blakeford at Green Hills), 5.65%, 2024 600,000 597,366
---------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson Counties, TN, Health & Educational
Facilities Board, First Mortgage, 7.75%, 2029 1,140,000 1,255,573
---------------------------------------------------------------------------------------------------------------------------------
Montana Facility Finance Authority Rev. (Senior Living St. Johns Lutheran), "A",
6.125%, 2036 500,000 502,890
---------------------------------------------------------------------------------------------------------------------------------
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.125%, 2028 250,000 252,425
---------------------------------------------------------------------------------------------------------------------------------
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.25%, 2035 750,000 757,462
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Health & Educational Facilities Authority Rev. (Rivermead at
Peterborough Retirement Community), 5.625%, 2018 500,000 503,385
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Higher Education & Facilities Authority Rev. (Rivermead at
Peterborough Retirement Community), 5.75%, 2028 500,000 500,340
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Cranes Mill Project), "A", 5.1%, 2027 500,000 477,795
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Lions Gate), "A", 5.875%, 2037 830,000 831,627
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2026 1,300,000 1,226,368
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), "A",
8.25%, 2010 (c) 925,000 1,055,545
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Seashore Gardens), 5.375%, 2036 500,000 466,920
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev., First Mortgage (Lions Gate), "A",
5.75%, 2025 205,000 205,344
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev., First Mortgage (Winchester), "A",
5.75%, 2024 750,000 764,460
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission, First Mortgage (DePaul Community
Facilities, Inc.), 7.625%, 2029 1,500,000 1,532,550
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission, First Mortgage (United Methodist
Retirement Homes), "C", 5.5%, 2032 600,000 559,932
---------------------------------------------------------------------------------------------------------------------------------
Robbinsdale, MN, Economic Development Authority, Senior Housing Project, "A",
6.875%, 2010 (c) 500,000 534,290
---------------------------------------------------------------------------------------------------------------------------------
Rochester, MN, Health Care & Housing Authority (Madonna Meadows), "A", 5.3%, 2037 750,000 688,335
---------------------------------------------------------------------------------------------------------------------------------
Roseville, MN, Elder Care Facilities (Care Institute, Inc.), 7.75%, 2023 1,740,000 1,488,152
---------------------------------------------------------------------------------------------------------------------------------
Sartell, MN, Health Care & Housing Authority Rev. (The Foundation for Health Care),
"A", 6.625%, 2029 1,145,000 1,161,557
---------------------------------------------------------------------------------------------------------------------------------
Savannah, GA, Economic Development Authority, First Mortgage (Marshes of
Skidway), "A", 7.4%, 2034 465,000 490,900
---------------------------------------------------------------------------------------------------------------------------------
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown
Village), "A", 7.25%, 2034 450,000 454,860
---------------------------------------------------------------------------------------------------------------------------------
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Trezevant
Manor), "A", 5.625%, 2026 1,000,000 973,280
---------------------------------------------------------------------------------------------------------------------------------
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Trezevant
Manor), "A", 5.75%, 2037 350,000 338,362
---------------------------------------------------------------------------------------------------------------------------------
South Carolina Jobs & Economic Development Authority, Health and Facilities Rev.,
First Mortgage (Wesley Commons), 5.125%, 2026 600,000 546,522
---------------------------------------------------------------------------------------------------------------------------------
South Carolina Jobs & Economic Development Authority, Health Facilities Rev., First
Mortgage (Wesley Commons), 5.3%, 2036 300,000 268,620
---------------------------------------------------------------------------------------------------------------------------------
St. John's County, FL, Industrial Development Authority (Glenmoor Project), "A",
5.25%, 2026 500,000 471,865
---------------------------------------------------------------------------------------------------------------------------------
St. John's County, FL, Industrial Development Authority (Glenmoor Project), "A",
5.375%, 2040 250,000 230,790
---------------------------------------------------------------------------------------------------------------------------------
Suffolk, VA, Industrial Development Authority, Retirement Facilities Rev. (Lake Prince
Center, Inc.), 5.3%, 2031 500,000 458,160
---------------------------------------------------------------------------------------------------------------------------------
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Northwest Senior
Housing), "A", 6%, 2036 750,000 762,795
---------------------------------------------------------------------------------------------------------------------------------
Washington County, MN, Housing & Redevelopment Authority Rev. (Aspen Cottages),
9.25%, 2022 920,000 917,350
---------------------------------------------------------------------------------------------------------------------------------
Washington County, PA, Industrial Development Authority Rev., First Mortgage
(AHF/Central Project), 7.75%, 2029 1,210,000 1,354,220
---------------------------------------------------------------------------------------------------------------------------------
Westminster, MD, Economic Development Rev. (Carroll Lutheran Village), "A", 6.25%, 2034 250,000 256,530
---------------------------------------------------------------------------------------------------------------------------------
Westminster, MD, Economic Development Rev. (Carroll Lutheran Village), "A",
5.875%, 2021 500,000 509,455
---------------------------------------------------------------------------------------------------------------------------------
Winchester, VA, Industrial Development Authority Rev., Residential Care Facilities
(Westminster-Canterbury), "A", 5.3%, 2035 750,000 691,140
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (AE Nursing), "A", 8.5%, 2033 900,000 903,753
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Attic Angel Community,
Inc.), 5.75%, 2008 (c) 1,000,000 1,042,680
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Clement Manor, Inc.),
5.75%, 2024 1,300,000 1,292,993
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Eastcastle Place, Inc.
Project), 6.125%, 2034 350,000 350,413
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Catholic Home),
5%, 2026 500,000 483,970
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (Three Pillars), 5.75%, 2026 500,000 508,020
---------------------------------------------------------------------------------------------------------------------------------
Wisconsin Health & Educational Facilities Authority Rev. (United Lutheran Home),
5.7%, 2028 1,000,000 997,600
---------------------------------------------------------------------------------------------------------------------------------
$ 69,206,06
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - AIRLINES - 4.3%
---------------------------------------------------------------------------------------------------------------------------------
Alliance Airport Authority, TX, (American Airlines, Inc.), 5.25%, 2029 $ 1,125,000 $ 988,234
---------------------------------------------------------------------------------------------------------------------------------
Charlotte, NC, Douglas International Airport Special Facilities Rev. (U.S. Airways,
Inc.), 5.6%, 2027 250,000 247,323
---------------------------------------------------------------------------------------------------------------------------------
Charlotte, NC, Douglas International Airport Special Facilities Rev. (U.S. Airways,
Inc.), 7.75%, 2028 750,000 790,598
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, O'Hare International Airport Special Facilities Rev. (American Airlines,
Inc.), 5.5%, 2030 2,255,000 2,138,755
---------------------------------------------------------------------------------------------------------------------------------
Cleveland, OH, Airport Special Rev. (Continental Airlines, Inc.), 5.7%, 2019 1,125,000 1,086,469
---------------------------------------------------------------------------------------------------------------------------------
Dallas-Fort Worth, TX, International Airport Facilities Improvement Corp. Rev.
(American Airlines, Inc.), 9%, 2029 1,000,000 1,171,810
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Special Facilities Rev. (Continental
Airlines, Inc.), 6.25%, 2029 485,000 490,306
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Special Facilities Rev. (Continental
Airlines, Inc.), 9%, 2033 750,000 877,432
---------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.),
7.75%, 2031 500,000 569,290
---------------------------------------------------------------------------------------------------------------------------------
$ 8,360,217
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - CHEMICALS - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), "B-2", 4.95%, 2033 $ 600,000 $ 562,668
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 0.7%
---------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic
Services, Inc.), "C", 5.25%, 2023 $ 500,000 $ 511,895
---------------------------------------------------------------------------------------------------------------------------------
Carbon County, UT, Solid Waste Disposal Rev. (Allied Waste Industries), "A", 7.5%, 2010 250,000 251,755
---------------------------------------------------------------------------------------------------------------------------------
Carbon County, UT, Solid Waste Disposal Rev. (Laidlaw Environmental), "A", 7.45%, 2017 500,000 508,585
---------------------------------------------------------------------------------------------------------------------------------
$ 1,272,235
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - METALS - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
Director of the State of Nevada Department of Business & Industry
(Wheeling/Pittsburgh Steel), "A", 8%, 2014 (z) $ 695,000 $ 712,771
---------------------------------------------------------------------------------------------------------------------------------
Greensville County, VA, Industrial Development Authority Rev. (Wheeling/Pittsburgh
Steel), "A", 7%, 2014 385,000 379,025
---------------------------------------------------------------------------------------------------------------------------------
$ 1,091,796
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - OTHER - 4.8%
---------------------------------------------------------------------------------------------------------------------------------
Annawan, IL, Tax Increment Rev. (Patriot Renewable Fuels LLC), 5.625%, 2018 $ 450,000 $ 434,092
---------------------------------------------------------------------------------------------------------------------------------
Cartersville, GA, Development Authority Waste & Water Facilities Rev. (Anheuser
Busch Project), 5.95%, 2032 1,000,000 1,023,210
---------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority Rev. (Citgo Petroleum Corp.), 8%, 2028 500,000 542,760
---------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023 675,000 682,594
---------------------------------------------------------------------------------------------------------------------------------
Indianapolis, IN, Airport Authority Rev., Special Facilities (FedEx Corp.), 5.1%, 2017 250,000 251,278
---------------------------------------------------------------------------------------------------------------------------------
Michigan Strategic Fund Rev. (Michigan Sugar Co.), "A", 6.25%, 2015 1,250,000 1,268,050
---------------------------------------------------------------------------------------------------------------------------------
Mississippi Business Finance Corp. (Northrop Grumman Ship Systems), 4.55%, 2028 1,000,000 892,740
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (GMT Realty LLC), "B", 6.875%, 2037 1,500,000 1,549,140
---------------------------------------------------------------------------------------------------------------------------------
St. John Baptist Parish, LA (Marathon Oil Corp.), "A", 5.125%, 2037 1,025,000 999,713
---------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Government Refinery Facilities Rev. (Hovensa Coker Project), 6.5%, 2021 375,000 391,013
---------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa LLC),
5.875%, 2022 600,000 609,876
---------------------------------------------------------------------------------------------------------------------------------
Will-Kankakee, IL, Regional Development Authority Rev. (Flanders Corp.), 6.5%, 2017 695,000 696,327
---------------------------------------------------------------------------------------------------------------------------------
$ 9,340,793
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - PAPER - 2.0%
---------------------------------------------------------------------------------------------------------------------------------
Bedford County, VA, Industrial Development Authority Rev. (Nekooska Packaging
Corp.), 5.6%, 2025 $ 400,000 $ 380,664
---------------------------------------------------------------------------------------------------------------------------------
Camden, AL, Industrial Development Board Exempt Facilities Rev. (Weyerhaeuser
Co.), "B", 6.375%, 2024 550,000 583,704
---------------------------------------------------------------------------------------------------------------------------------
Camden, AR, Environmental Improvement Rev. (International Paper Co.), "A", 5%, 2018 250,000 245,583
---------------------------------------------------------------------------------------------------------------------------------
Courtland, AL, Industrial Development Board Rev. (International Paper Co.), "B",
6.25%, 2025 1,000,000 1,042,430
---------------------------------------------------------------------------------------------------------------------------------
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser
Co.), "B", 6.7%, 2022 850,000 960,449
---------------------------------------------------------------------------------------------------------------------------------
Phenix City, AL, Industrial Development Board Environmental Improvement Rev.
(Meadwest Vaco Coated), "A", 6.35%, 2035 550,000 569,057
---------------------------------------------------------------------------------------------------------------------------------
$ 3,781,887
---------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 2.3%
---------------------------------------------------------------------------------------------------------------------------------
Cabazon Band Mission Indians, CA, 8.375%, 2015 (z) $ 220,000 $ 226,723
---------------------------------------------------------------------------------------------------------------------------------
Cabazon Band Mission Indians, CA, 8.75%, 2019 (z) 895,000 918,467
---------------------------------------------------------------------------------------------------------------------------------
Cow Creek Band Umpqua Tribe of Indians, OR, "C", 5.625%, 2026 (n) 800,000 774,176
---------------------------------------------------------------------------------------------------------------------------------
Mashantucket Western Pequot Tribe, CT, "B", 0%, 2016 (n) 1,000,000 624,870
---------------------------------------------------------------------------------------------------------------------------------
Mohegan Tribe Indians, CT, Gaming Authority Rev., 6.25%, 2031 (n) 275,000 280,591
---------------------------------------------------------------------------------------------------------------------------------
New York Liberty Development Corp. Rev. (National Sports Museum), "A", 6.125%, 2019 600,000 606,906
---------------------------------------------------------------------------------------------------------------------------------
Palm Springs, CA, Agua Caliente Band of Cahuilla Indians Rev., 5.6%, 2013 (z) 1,000,000 1,024,750
---------------------------------------------------------------------------------------------------------------------------------
$ 4,456,483
---------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - OTHER - 3.9%
---------------------------------------------------------------------------------------------------------------------------------
Capital Trust Agency, FL (Aero Syracuse LLC), 6.75%, 2032 $ 500,000 $ 521,600
---------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH (Columbia National Group), 5%, 2020 775,000 761,376
---------------------------------------------------------------------------------------------------------------------------------
Lake County, OH, Economic Development Rev. (North Madison Properties Ltd.),
8.819%, 2011 500,000 502,785
---------------------------------------------------------------------------------------------------------------------------------
Los Angeles, CA, Regional Airports Improvement Corp. (LAX Fuel Corp.), AMBAC,
5.25%, 2023 750,000 766,208
---------------------------------------------------------------------------------------------------------------------------------
Maryland Economic Development Corp. (Chesapeake Bay), "A", 5%, 2031 1,000,000 868,420
---------------------------------------------------------------------------------------------------------------------------------
Middlesex County, NJ, Improvement Authority (Heldrich Associates LLC), "B", 6.25%, 2037 1,250,000 1,273,050
---------------------------------------------------------------------------------------------------------------------------------
Middlesex County, NJ, Improvement Authority (Heldrich Associates LLC), "C", 8.75%, 2037 900,000 866,844
---------------------------------------------------------------------------------------------------------------------------------
New York Convention Center Operating Corp. (Yale Building), ETM, 0%, 2008 (c) 1,700,000 1,653,964
---------------------------------------------------------------------------------------------------------------------------------
V Lakes Utility District Ranking Water Systems Rev., 7.75%, 2024 (d) 480,000 288,000
---------------------------------------------------------------------------------------------------------------------------------
$ 7,502,247
---------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY HOUSING REVENUE - 10.8%
---------------------------------------------------------------------------------------------------------------------------------
Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments
Ltd.), "A", 7.5%, 2040 $ 750,000 $ 779,580
---------------------------------------------------------------------------------------------------------------------------------
Capital Trust Agency, FL, Housing Authority Rev. (Atlantic Housing Foundation), "C",
5.875%, 2028 775,000 780,169
---------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 6.3%, 2019 (n) 1,000,000 1,064,520
---------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, FRN, 6.625%, 2009 (n) 2,000,000 2,075,060
---------------------------------------------------------------------------------------------------------------------------------
Clay County, FL, Housing Finance Authority Rev. (Madison Commons Apartments),
"A", 7.45%, 2040 720,000 742,738
---------------------------------------------------------------------------------------------------------------------------------
District of Columbia Housing Finance Agency (Henson Ridge), FHA, 5.1%, 2037 1,000,000 964,350
---------------------------------------------------------------------------------------------------------------------------------
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2038 1,500,000 1,428,780
---------------------------------------------------------------------------------------------------------------------------------
El Paso County, TX, Housing Finance Corp. (American Housing Foundation), "D",
10%, 2032 400,000 410,132
---------------------------------------------------------------------------------------------------------------------------------
El Paso County, TX, Housing Finance Corp. (American Housing Foundation, Inc.), "C",
8%, 2032 370,000 379,912
---------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039 (n) 1,000,000 980,930
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Housing Finance Agency Rev., "B", 5%, 2030 500,000 500,530
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Housing Finance Agency Rev., "E", 5%, 2028 500,000 485,315
---------------------------------------------------------------------------------------------------------------------------------
Montgomery County, OH, Multi-Family Housing Rev. (Chevy Chase Apartments),
4.95%, 2035 500,000 490,160
---------------------------------------------------------------------------------------------------------------------------------
MuniMae TE Bond Subsidiary LLC, 7.75%, 2050 (n) 2,000,000 2,143,460
---------------------------------------------------------------------------------------------------------------------------------
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (HFA/Risk Sun
Pointe Apartments), "E", 4.8%, 2040 1,250,000 1,151,238
---------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Housing Development Corp., "F-1", 4.65%, 2025 1,000,000 964,280
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Medical Care Commission, Health Care Facilities Rev. (ARC), "A",
5.8%, 2034 750,000 759,112
---------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), "I",
FSA, 5%, 2025 500,000 486,020
---------------------------------------------------------------------------------------------------------------------------------
Texas Department of Housing & Community Affairs (Pebble Brook Apartments),
FNMA, 5.5%, 2018 1,000,000 1,022,490
---------------------------------------------------------------------------------------------------------------------------------
White Bear Lake, MN, Multi-Family Housing Rev. (Birch Lake Townhomes), "A",
10.25%, 2019 2,200,000 2,178,000
---------------------------------------------------------------------------------------------------------------------------------
White Bear Lake, MN, Multi-Family Housing Rev. (Birch Lake), "B", 0%, 2019 684,000 311,329
---------------------------------------------------------------------------------------------------------------------------------
Wilmington, DE, Multi-Family Housing Rev. (Electra Arms Senior Associates), 6.25%, 2028 870,000 818,940
---------------------------------------------------------------------------------------------------------------------------------
$ 20,917,04
---------------------------------------------------------------------------------------------------------------------------------
SALES & EXCISE TAX REVENUE - 4.1%
---------------------------------------------------------------------------------------------------------------------------------
Bolingbrook, IL, Sales Tax Rev., 0% to 2008, 6.25% to 2024 $ 750,000 $ 736,245
---------------------------------------------------------------------------------------------------------------------------------
Metropolitan Pier & Exposition Authority, IL, "A", FGIC, 7.75%, 2016 10,000,000 6,871,800
---------------------------------------------------------------------------------------------------------------------------------
Wyandotte County, KS, Unified Government Special Obligation Rev. (Sales Tax -
Second Lien Area B), 5%, 2020 325,000 316,355
---------------------------------------------------------------------------------------------------------------------------------
$ 7,924,400
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - LOCAL - 1.5%
---------------------------------------------------------------------------------------------------------------------------------
Minneapolis & St. Paul Housing Authority Rev. (City Living), "A-2", GNMA, 5%, 2038 $ 993,762 $ 938,290
---------------------------------------------------------------------------------------------------------------------------------
Pittsburgh, PA, Urban Redevelopment Authority Rev., "C", 4.8%, 2028 2,000,000 1,941,380
---------------------------------------------------------------------------------------------------------------------------------
$ 2,879,670
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - OTHER - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
North Dakota Housing Finance Agency Rev., "A", 4.85%, 2021 $ 1,240,000 $ 1,204,648
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 0.7%
---------------------------------------------------------------------------------------------------------------------------------
Oklahoma Housing Finance Agency Rev. (Homeownership Loan Program), "C",
GNMA, 5%, 2026 $ 1,385,000 $ 1,348,561
---------------------------------------------------------------------------------------------------------------------------------
SOLID WASTE REVENUE - 2.0%
---------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities
Rev. (American Ref-Fuel Co.), "A", 6.2%, 2019 $ 2,000,000 $ 2,011,260
---------------------------------------------------------------------------------------------------------------------------------
Lee County, FL, Solid Waste Systems Rev., "A", AMBAC, 5%, 2017 600,000 623,028
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden
Haverhill Associates), "A", 6.7%, 2014 250,000 264,990
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill
Associates), "A", 5.5%, 2013 500,000 503,485
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill
Associates), "A", 5.6%, 2019 500,000 489,985
---------------------------------------------------------------------------------------------------------------------------------
$ 3,892,748
---------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL AGENCIES - 5.2%
---------------------------------------------------------------------------------------------------------------------------------
Bergen County, NJ, Improvement Authority Rev. (County Administration Complex),
5%, 2024 $ 1,210,000 $ 1,281,813
---------------------------------------------------------------------------------------------------------------------------------
California Public Works Board Lease Rev., Department of Mental Health (Coalinga),
"A", 5.5%, 2019 1,000,000 1,067,680
---------------------------------------------------------------------------------------------------------------------------------
Commonwealth of Puerto Rico Public Finance Corp., Unrefunded, "E", 6%, 2026 1,645,000 1,931,378
---------------------------------------------------------------------------------------------------------------------------------
Commonwealth of Puerto Rico, Public Finance Corp., "E", ETM, 6%, 2026 (c) 155,000 181,984
---------------------------------------------------------------------------------------------------------------------------------
Compton, CA, COP (Civic Center), "A", 5.5%, 2015 1,000,000 1,027,040
---------------------------------------------------------------------------------------------------------------------------------
Dorchester County, SC, School District No. 2, Growth Remedy Opportunity Tax Hike,
5.25%, 2029 650,000 660,108
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced,
"B", 5.5%, 2013 (c) 750,000 813,930
---------------------------------------------------------------------------------------------------------------------------------
Louisiana Military Department Custody Receipts, 5%, 2024 1,500,000 1,506,345
---------------------------------------------------------------------------------------------------------------------------------
New York Urban Development Corp. (University Facilities Grants), 5.875%, 2021 1,000,000 1,129,440
---------------------------------------------------------------------------------------------------------------------------------
Newberry, SC, Investing in Children's Education (Newberry County School District
Program), 5%, 2030 500,000 467,285
---------------------------------------------------------------------------------------------------------------------------------
$ 10,067,00
---------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 1.2%
---------------------------------------------------------------------------------------------------------------------------------
Dallas County, TX, Flood Control District, 7.25%, 2032 $ 1,000,000 $ 1,040,190
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.75%, 2029 1,000,000 1,039,000
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.5%, 2031 150,000 153,460
---------------------------------------------------------------------------------------------------------------------------------
$ 2,232,650
---------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 13.2%
---------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation Amount. (Eastside Project), "A", 5.625%, 2016 $ 600,000 $ 601,764
---------------------------------------------------------------------------------------------------------------------------------
Ave Maria, FL, Stewardship Community, "A", 5.125%, 2038 350,000 301,602
---------------------------------------------------------------------------------------------------------------------------------
Carson, CA, Improvement Board Act 1915, 7.375%, 2022 35,000 35,477
---------------------------------------------------------------------------------------------------------------------------------
Celebration Community Development District, FL, "A", 6.4%, 2034 965,000 1,008,406
---------------------------------------------------------------------------------------------------------------------------------
Channing Park Community Development District, FL, 5.3%, 2038 600,000 533,730
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), "B", 6.75%, 2022 450,000 472,491
---------------------------------------------------------------------------------------------------------------------------------
Colonial Country Club Community Development District, FL, 6.4%, 2033 715,000 739,932
---------------------------------------------------------------------------------------------------------------------------------
Double Branch Community Development District, FL, "A", 6.7%, 2034 670,000 714,836
---------------------------------------------------------------------------------------------------------------------------------
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing
Project), 5.625%, 2036 250,000 247,373
---------------------------------------------------------------------------------------------------------------------------------
Durbin Crossing Community Development District, FL, Special Assessment, "B-1",
4.875%, 2010 355,000 349,029
---------------------------------------------------------------------------------------------------------------------------------
Grand Bay at Doral Community Development, "A", 6%, 2039 120,000 111,522
---------------------------------------------------------------------------------------------------------------------------------
Grand Bay at Doral Community Development, "B", 6%, 2017 700,000 679,994
---------------------------------------------------------------------------------------------------------------------------------
Homestead 50 Community Development District, FL, "A", 6%, 2037 485,000 478,341
---------------------------------------------------------------------------------------------------------------------------------
Homestead 50 Community Development District, FL, "B", 5.9%, 2013 220,000 219,146
---------------------------------------------------------------------------------------------------------------------------------
Huntington Beach, CA, Community Facilities District, Special Tax (Grand Coast
Resort), "2000-1", 6.45%, 2031 750,000 783,600
---------------------------------------------------------------------------------------------------------------------------------
Islands at Doral Southwest Community Development District, FL, 6.375%, 2013 (c) 375,000 418,598
---------------------------------------------------------------------------------------------------------------------------------
Lexington Oaks Community Development District, FL, "A", 6.125%, 2019 325,000 325,062
---------------------------------------------------------------------------------------------------------------------------------
Lexington Oaks Community Development District, FL, "A", 7.2%, 2030 270,000 275,889
---------------------------------------------------------------------------------------------------------------------------------
Lexington Oaks Community Development District, FL, "A", 6.7%, 2033 250,000 261,795
---------------------------------------------------------------------------------------------------------------------------------
Lincoln, CA, Community Facilities District, Special Tax, "2003-1", 5.9%, 2013 (c) 445,000 502,249
---------------------------------------------------------------------------------------------------------------------------------
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 2034 500,000 507,545
---------------------------------------------------------------------------------------------------------------------------------
Northwest Metropolitan District No. 3, CO, 6.25%, 2035 500,000 496,010
---------------------------------------------------------------------------------------------------------------------------------
Oakdale, CA, Public Financing Authority Tax Allocation Rev. (Central City
Redevelopment Project), 5.375%, 2033 1,375,000 1,368,235
---------------------------------------------------------------------------------------------------------------------------------
Oakmont Grove Community Development District, CA, "A", 5.4%, 2038 500,000 451,675
---------------------------------------------------------------------------------------------------------------------------------
Orange County, CA, Community Facilities District, Special Tax (Ladera Ranch), "A",
6.7%, 2009 (c) 500,000 538,270
---------------------------------------------------------------------------------------------------------------------------------
Orange County, CA, Improvement Act 1915, "B", 5.75%, 2033 500,000 504,275
---------------------------------------------------------------------------------------------------------------------------------
Orlando, FL, Special Assessment Rev. (Conroy Road Interchange Project), "A", 5.5%, 2010 100,000 100,041
---------------------------------------------------------------------------------------------------------------------------------
Orlando, FL, Special Assessment Rev. (Conroy Road Interchange Project), "A", 5.8%, 2026 300,000 292,962
---------------------------------------------------------------------------------------------------------------------------------
Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 2035 2,000,000 2,010,020
---------------------------------------------------------------------------------------------------------------------------------
Pontiac, MI, Tax Increment Finance Authority Rev., 6.375%, 2031 550,000 568,166
---------------------------------------------------------------------------------------------------------------------------------
Portage, IN, Economic Development Rev. (Ameriplex Project), 5%, 2023 300,000 292,920
---------------------------------------------------------------------------------------------------------------------------------
Redwood City, CA, Community Facilities District, Special Tax, "B", 5.95%, 2028 600,000 609,948
---------------------------------------------------------------------------------------------------------------------------------
San Diego, CA, Redevelopment Agency, Tax Allocation Rev., FSA, 0%, 2019 1,910,000 1,104,629
---------------------------------------------------------------------------------------------------------------------------------
San Diego, CA, Redevelopment Agency, Tax Allocation Rev., FSA, 0%, 2022 1,910,000 931,297
---------------------------------------------------------------------------------------------------------------------------------
Sarasota National Community Development District, FL, Special Assessment, 5.3%, 2039 1,200,000 1,062,960
---------------------------------------------------------------------------------------------------------------------------------
Seven Oaks, FL, Community Development District II Special Assessment Rev., "A",
5.875%, 2035 275,000 268,548
---------------------------------------------------------------------------------------------------------------------------------
Seven Oaks, FL, Community Development District II Special Assessment Rev., "B",
5%, 2009 630,000 625,621
---------------------------------------------------------------------------------------------------------------------------------
Stoneybrook, FL, Community Development District, "A", 6.1%, 2019 275,000 275,041
---------------------------------------------------------------------------------------------------------------------------------
Sweetwater Creek Community Development District, FL, Capital Improvement Rev.,
5.5%, 2038 300,000 275,142
---------------------------------------------------------------------------------------------------------------------------------
Temecula Valley, CA, Unified School District, Community Facilities District No. 02-1,
6.125%, 2033 400,000 408,796
---------------------------------------------------------------------------------------------------------------------------------
Volo Village, IL, Special Service Area No. 3, Special Tax (Symphony Meadows
Project), "1", 6%, 2036 749,000 720,373
---------------------------------------------------------------------------------------------------------------------------------
West Villages Improvement District, FL, Special Assessment Rev. (Unit of
Development No. 3), 5.5%, 2037 750,000 688,582
---------------------------------------------------------------------------------------------------------------------------------
Westchester, FL, Community Development District No. 1 (Community Infrastructure),
6.125%, 2035 425,000 426,683
---------------------------------------------------------------------------------------------------------------------------------
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 2037 1,250,000 1,179,200
---------------------------------------------------------------------------------------------------------------------------------
Wyandotte County-Kansas City, KS, Unified Government Transportation Development
District (Legends Village West Project), 4.875%, 2028 785,000 716,524
---------------------------------------------------------------------------------------------------------------------------------
$ 25,484,299
---------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 5.7%
---------------------------------------------------------------------------------------------------------------------------------
California County, CA, Tobacco Securitization Agency, Tobacco Settlement Rev. (Los
Angeles County), 0%, 2046 $ 6,500,000 $ 419,640
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1",
6.25%, 2013 (c) 1,800,000 1,960,506
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1",
5.75%, 2047 1,150,000 1,122,101
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset
Backed, "A-1", 5.125%, 2047 1,125,000 996,604
---------------------------------------------------------------------------------------------------------------------------------
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset
Backed, "C-1", 0%, 2036 2,310,000 354,423
---------------------------------------------------------------------------------------------------------------------------------
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset, "A", 6%, 2048 795,000 799,746
---------------------------------------------------------------------------------------------------------------------------------
Nassau County, NY, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset
Backed, "D", 0%, 2060 15,000,000 308,850
---------------------------------------------------------------------------------------------------------------------------------
Tobacco Securitization Authority of Southern California Rev., Asset Backed (San
Diego Country Tobacco Asset Securitization Corp.), 0%, 2046 8,520,000 638,915
---------------------------------------------------------------------------------------------------------------------------------
Tobacco Settlement Authority of Washington Rev., Asset Backed, 6.625%, 2032 250,000 262,090
---------------------------------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corp., NJ, 6.75%, 2013 (c) 1,500,000 1,723,620
---------------------------------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corp., NJ, "1-C", 0%, 2041 5,000,000 498,800
---------------------------------------------------------------------------------------------------------------------------------
TSASC, Inc., NY, "1", 5.125%, 2042 1,000,000 919,150
---------------------------------------------------------------------------------------------------------------------------------
Virginia Tobacco Settlement Financing Corp., "B-1", 5%, 2047 1,250,000 1,057,600
---------------------------------------------------------------------------------------------------------------------------------
$ 11,062,045
---------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 3.4%
---------------------------------------------------------------------------------------------------------------------------------
E-470 Public Highway Authority, CO, "B", 0%, 2010 (c) $ 8,750,000 $ 1,186,150
---------------------------------------------------------------------------------------------------------------------------------
E-470 Public Highway Authority, CO, "B", MBIA, 0%, 2018 3,000,000 1,837,710
---------------------------------------------------------------------------------------------------------------------------------
Northwest Parkway, CO, Public Highway Authority (First Tier), "D", 7.125%, 2041 1,250,000 1,315,875
---------------------------------------------------------------------------------------------------------------------------------
Richmond, VA, Metropolitan Authority Expressway Rev., FGIC, 5.25%, 2022 2,000,000 2,182,660
---------------------------------------------------------------------------------------------------------------------------------
$ 6,522,395
---------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
Commonwealth of Puerto Rico, Highway & Transportation Authority Rev., "A", MBIA,
5.5%, 2018 $ 500,000 $ 559,265
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 3.0%
---------------------------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority Rev. (Loyola Marymount University), "A",
MBIA, 0%, 2019 $ 2,025,000 $ 1,173,609
---------------------------------------------------------------------------------------------------------------------------------
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola College),"A",
5.125%, 2045 645,000 635,938
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Western New England College),
6.125%, 2012 (c) 300,000 335,445
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Higher Educational Facilities Authority Rev. (University of Philadelphia),
"A", 5.125%, 2025 600,000 590,682
---------------------------------------------------------------------------------------------------------------------------------
Southfield, MI, Economic Development Corp. (Lawrence Technological University),
"A", 5.4%, 2018 1,000,000 1,001,950
---------------------------------------------------------------------------------------------------------------------------------
University of Illinois, COP (Utilities Infrastructure Project), "A", AMBAC, 5.5%, 2011 (c) 685,000 730,628
---------------------------------------------------------------------------------------------------------------------------------
University of Texas, Financing Systems, "B", 5.375%, 2011 (c) 650,000 689,110
---------------------------------------------------------------------------------------------------------------------------------
West Virginia University, "A", AMBAC, 0%, 2019 1,000,000 591,460
---------------------------------------------------------------------------------------------------------------------------------
$ 5,748,822
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - DORMITORIES - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
Minneapolis, MN, Student Housing Rev. (Riverton Community Housing Project), "A",
5.7%, 2040 $ 750,000 $ 708,593
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 2.0%
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Community Development Authority Rev., COP, (Crossroads
Schools for the Arts & Sciences), 6%, 2028 $ 1,200,000 $ 1,238,352
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing Finance Development Rev. (Evergreen Country Day School),
5.875%, 2037 545,000 526,034
---------------------------------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority, Economic Development Rev. (Latin School of
Chicago), 5.65%, 2008 (c) 230,000 233,908
---------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Chicago Charter School Foundation), 5%, 2026 1,000,000 933,140
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency (Cambridge Friends School), 5.8%, 2028 1,000,000 982,140
---------------------------------------------------------------------------------------------------------------------------------
$ 3,913,574
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 2.5%
---------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners),
6.65%, 2010 $ 180,000 $ 183,751
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Northampton Generating), "A", 6.5%, 2013 1,000,000 1,002,830
---------------------------------------------------------------------------------------------------------------------------------
Port Authority NY & NJ, Special Obligation Rev., 6.75%, 2011 2,000,000 2,021,900
---------------------------------------------------------------------------------------------------------------------------------
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities
(Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 2026 645,000 683,719
---------------------------------------------------------------------------------------------------------------------------------
Suffolk County, NY, Industrial Development Agency Rev. (Nissequoque Cogeneration
Partners Facilities), 5.5%, 2023 550,000 520,008
---------------------------------------------------------------------------------------------------------------------------------
Western Generation Agency, OR (Wauna Cogeneration), "A", 5%, 2021 500,000 458,840
---------------------------------------------------------------------------------------------------------------------------------
$ 4,871,048
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 8.7%
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), "C",
5.75%, 2036 $ 280,000 $ 279,670
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), "C", 6.75%, 2038 645,000 663,911
---------------------------------------------------------------------------------------------------------------------------------
Bryant, IL, Pollution Control Rev. (Central Illinois Light Co.), 5.9%, 2023 2,650,000 2,652,571
---------------------------------------------------------------------------------------------------------------------------------
Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev. (Entergy
Gulf States, Inc.), 5.45%, 2010 500,000 500,030
---------------------------------------------------------------------------------------------------------------------------------
Campbell County, WY, Pollution Control Rev. (Black Hills Power, Inc. Project), 5.35%, 2024 1,250,000 1,260,675
---------------------------------------------------------------------------------------------------------------------------------
Clark County, NV, Industrial Development Rev. (Nevada Power Co. Project), "B",
5.9%, 2030 1,250,000 1,252,288
---------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev. (Portland General), 5.2%, 2033 300,000 304,584
---------------------------------------------------------------------------------------------------------------------------------
Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy
Resources Project), 5.875%, 2022 2,000,000 2,000,440
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority Pollution Control Rev., "B", MBIA, 4.75%, 2021 250,000 250,305
---------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority Rev., Pollution Control, "A", 6%, 2013 900,000 912,384
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev. (Reliant Energy
Seward), "A", 6.75%, 2036 600,000 648,546
---------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.),
"A", 6.1%, 2025 750,000 754,072
---------------------------------------------------------------------------------------------------------------------------------
Pleasants County, WV, Industrial Development Rev. (West Penn Power Co.), AMBAC,
5.5%, 2029 4,750,000 4,860,532
---------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Entergy Gulf States), 6.6%, 2028 500,000 501,355
---------------------------------------------------------------------------------------------------------------------------------
$ 16,841,363
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 2.4%
---------------------------------------------------------------------------------------------------------------------------------
Chelan County, WA, Public Utility District No. 1, "A", MBIA, 0%, 2014 $ 5,000,000 $ 3,768,550
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency System Rev., "F", 5.5%, 2016 285,000 293,174
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency, "D", 6.7%, 2019 500,000 528,920
---------------------------------------------------------------------------------------------------------------------------------
$ 4,590,644
---------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 1.2%
---------------------------------------------------------------------------------------------------------------------------------
Guam Government Waterworks Authority, Water & Wastewater Rev., 5.875%, 2035 $ 1,125,000 $ 1,158,266
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Industrial Development Authority Rev. (Pennichuck Water Works,
Inc.), 7.5%, 2018 340,000 394,679
---------------------------------------------------------------------------------------------------------------------------------
Surprise, AZ, Municipal Property Corp., 4.9%, 2032 800,000 727,080
---------------------------------------------------------------------------------------------------------------------------------
$ 2,280,025
---------------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (k) $ 304,900,780
---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 4.2% 8,168,417
---------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES (ISSUED BY THE TRUST) - (62.2)% (120,000,000)
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES - 100.0% $ 193,069,197
---------------------------------------------------------------------------------------------------------------------------------
(c) Refunded bond.
(d) Non-income producing security - in default.
(k) As of August 31, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of
Trustees, aggregating $304,900,780 and 100.00% of market value. All of these security values were provided by an
independent pricing service using an evaluated bid.
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the
ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At
period end, the aggregate value of these securities was $7,943,607, representing 4.1% of net assets applicable to common
shares.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale.
These securities generally may be resold in transactions exempt from registration or to the public if the securities are
subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an
acceptable price may be difficult. The trust holds the following restricted securities:
TOTAL % OF NET ASSETS
ACQUISITION ACQUISITION CURRENT APPLICABLE TO
RESTRICTED SECURITIES DATE COST MARKET VALUE COMMON SHARES
---------------------------------------------------------------------------------------------------------------------------------
Agua Caliente Band of Cahuilla Indians, CA,
5.6%, 2013 7/22/03 $1,002,500 $1,024,750
Cabazon Band Mission Indians, CA, 8.375%, 2015 10/04/04 240,000 226,723
Cabazon Band Mission Indians, CA, 8.75%, 2019 10/04/04 895,000 918,467
Director of the State of Nevada Department of
Business & Industry (Wheeling/Pittsburgh Steel),
"A", 8%, 2014 8/17/99 770,000 712,771
Pass-Through Certificates, "1993", 8.5%, 2016 8/27/93 556,951 536,409
---------------------------------------------------------------------------------------------------------------------------------
Total Restricted Securities $3,419,120 1.8%
===================================
The following abbreviations are used in this report and are defined:
COP Certificate of Participation
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
Insurers
---------------------------------------------------------------------------------------------------------------------------------
AMBAC AMBAC Indemnity Corp.
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Administration
FNMA Federal National Mortgage Assn.
FSA Financial Security Assurance Inc.
GNMA Government National Mortgage Assn.
MBIA MBIA Insurance Corp.
PSF Permanent School Fund
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent
semiannual or annual report.
MFS HIGH INCOME MUNICIPAL TRUST
SUPPLEMENTAL INFORMATION (UNAUDITED) 8/31/07
(1) PORTFOLIO SECURITIES
The cost and unrealized appreciation and depreciation in the value of the investments owned by the trust as computed on a
federal income tax basis, are as follows:
Aggregate Cost $301,752,759
============
Gross unrealized appreciation $ 12,659,980
Gross unrealized depreciation (9,511,959)
------------
Net unrealized appreciation (depreciation) $ 3,148,021
============
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
FUTURES CONTRACTS OUTSTANDING AT 8/31/07
UNREALIZED
EXPIRATION APPRECIATION
DESCRIPTION CONTRACTS VALUE DATE (DEPRECIATION)
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bond (Short) 227 $ 25,324,688 Dec-07 $ (25,623)
U.S. Treasury Note 10 yr (Short) 999 108,937,828 Dec-07 (526,410)
---------------------------------------------------------------------------------------------------------------------------------
$ (552,033)
==========
At August 31, 2007, the trust had sufficient cash and/or other liquid securities to cover any commitments under these
derivative contracts.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the effectiveness of the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940 (the "Act")) as conducted within 90 days of
the filing date of this Form N-Q, the registrant's principal financial
officer and principal executive officer have concluded that those
disclosure controls and procedures provide reasonable assurance that the
material information required to be disclosed by the registrant on this
report is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and
forms.
(b) There were no changes in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during
the registrant's last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
File as exhibits as part of this Form a separate certification for each
principal executive officer and principal financial officer of the registrant
as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
NOTICE
A copy of the Agreement and Declaration of Trust, as amended, of the Registrant
is on file with the Secretary of State of The Commonwealth of Massachusetts and
notice is hereby given that this instrument is executed on behalf of the
Registrant by an officer of the Registrant as an officer and not individually
and the obligations of or arising out of this instrument are not binding upon
any of the Trustees or shareholders individually, but are binding only upon the
assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS HIGH INCOME MUNICIPAL TRUST
-------------------------------------------------------------------
By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President
Date: October 16, 2007
----------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President (Principal Executive
Officer)
Date: October 16, 2007
----------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: October 16, 2007
----------------
* Print name and title of each signing officer under his or her signature.