MFS INVESTMENT GRADE MUNICIPAL TRUST N-Q

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 811-5785

MFS INVESTMENT GRADE MUNICIPAL TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(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, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

August 31, 2014

 

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MFS® INVESTMENT GRADE MUNICIPAL TRUST

 

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PORTFOLIO OF INVESTMENTS

8/31/14 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - 144.5%                 
Alabama - 1.7%                 
Alabama Incentives Financing Authority Special Obligation, “A”, 5%, 9/01/37    $ 55,000      $ 61,093   
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2/01/29      355,000        385,271   
Health Care Authority for Baptist Health, AL, “D”, 5%, 11/15/21      850,000        875,900   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/25      5,000        2,986   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/26      95,000        53,325   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/29      135,000        61,930   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/34      190,000        60,325   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/35      365,000        108,095   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/15      10,000        10,296   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/16      20,000        21,310   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/17      25,000        27,265   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/18      30,000        33,306   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/21      35,000        39,718   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/23      45,000        51,107   
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/39      140,000        149,080   
Phenix City, AL, Industrial Development Board Environmental Improvement Rev. (MeadWestvaco Coated Board Project), “A”, 4.125%, 5/15/35      145,000        135,677   
    

 

 

  
             $ 2,076,684   
Arizona - 2.1%                 
Arizona Transportation Board Highway Rev., “B”, 5%, 7/01/31    $ 1,000,000      $ 1,118,920   
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 9/01/29      485,000        490,364   
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/32      795,000        907,222   
    

 

 

  
             $ 2,516,506   
California - 19.2%                 
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/31    $ 130,000      $ 74,623   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/32      235,000        127,809   
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/33      470,000        244,785   
California Department of Water Resources, Center Valley Project Rev., “AJ”, 5%, 12/01/35      1,000,000        1,133,440   
California Educational Facilities Authority Rev. (California Lutheran University), 5.75%, 10/01/38      350,000        394,380   
California Educational Facilities Authority Rev. (Chapman University), 5%, 4/01/31      135,000        147,212   
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/36      75,000        89,417   
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 10/01/38      535,000        606,524   
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 7/01/39      195,000        223,152   
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 8/15/31      535,000        644,033   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 8/01/23      1,050,000        1,073,615   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 5.5%, 8/01/42      100,000        100,423   
California Municipal Finance Authority Rev. (Biola University), 5.8%, 10/01/28      100,000        112,825   
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 6/01/40      70,000        80,204   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 6/01/23 (Put Date 12/01/17)      135,000        147,632   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 1/01/22      305,000        323,379   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 11/01/23      335,000        350,588   
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/38      1,220,000        1,369,389   
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/33      1,135,000        1,307,486   
California State University Rev., “A”, 5%, 11/01/37      805,000        903,033   
California Statewide Communities Development Authority Facilities (Microgy Holdings Project), 9%, 12/01/38 (a)(d)      25,246        252   
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 5.75%, 8/15/38      360,000        403,135   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 6/01/33      500,000        493,965   
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 5/15/40      220,000        236,377   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
California - continued                 
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/34    $ 195,000      $ 224,342   
East Bay, CA, Municipal Utility District, Water System Rev., “A”, 5%, 6/01/28      1,500,000        1,762,470   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, 5%, 6/01/30      85,000        94,189   
La Verne, CA, COP (Brethren Hillcrest Homes), 5%, 5/15/36      50,000        51,468   
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/22      210,000        249,827   
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/23      210,000        250,179   
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro Inc. Project), “A”, CALHF, 5%, 11/15/34      35,000        39,002   
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro Inc. Project), “A”, CALHF, 5%, 11/15/44      65,000        71,117   
Los Angeles, CA, Department of Water & Power Rev. (Power System), “B”, 5%, 7/01/38      285,000        320,671   
Los Angeles, CA, Unified School District, “D”, 5%, 1/01/34      95,000        107,157   
Mt. San Antonio, CA, Community College District, Convertible Capital Appreciation, 0%, 8/01/28      140,000        112,284   
Palomar Pomerado Health Care District, CA, COP, 6.75%, 11/01/39      245,000        260,036   
Pomona, CA, Unified School District, “A”, NATL, 6.45%, 8/01/22      1,000,000        1,287,490   
Port of Oakland, CA, Rev., “P”, 5%, 5/01/33      970,000        1,057,436   
Rancho Cucamonga, CA, Redevelopment Agency Tax Allocation , AGM, 5%, 9/01/30      55,000        63,511   
Riverside County, CA, Transportation Commission Sales Tax Rev. ( Limited Tax), “A”, 5.25%, 6/01/39      345,000        401,114   
Sacramento, CA, Municipal Utility District, “X”, 5%, 8/15/28      335,000        384,419   
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/40      835,000        904,564   
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 5/01/25      1,000,000        1,167,120   
San Francisco, CA, City & County Redevelopment Successor Agency Tax Allocation (Mission Bay South Public Improvements), “A”, 5%, 8/01/43      25,000        27,134   
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/34      710,000        782,896   
State of California, 4%, 9/01/26      725,000        796,717   
State of California, 5.25%, 10/01/28      270,000        318,060   
State of California, 5.25%, 9/01/30      645,000        751,838   
State of California, 5%, 5/01/44      650,000        734,981   
Upland, CA, COP (San Antonio Community Hospital), 6.5%, 1/01/41      85,000        96,715   
West Contra Costa, CA, Unified School District, “B”, NATL, 6%, 8/01/24      250,000        296,558   
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/44      125,000        137,860   
    

 

 

  
             $ 23,338,833   
Colorado - 3.6%                 
Colorado Educational & Cultural Facilities Authority Rev. (Academy of Charter Schools Project), 5.625%, 5/01/40    $ 230,000      $ 246,553   
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/37      40,000        41,444   
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/31      145,000        161,666   
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/43      90,000        99,992   
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/44      380,000        423,081   
Colorado Housing & Finance Authority, “A”, 5.5%, 11/01/29      645,000        673,399   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/30      560,000        648,659   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/34      480,000        533,952   
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/27      480,000        566,112   
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 10/01/32      245,000        249,650   
Denver, CO, Health & Hospital Authority Rev., “A”, 5%, 12/01/39      70,000        75,024   
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/45      95,000        103,024   
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/38      425,000        578,956   
    

 

 

  
             $ 4,401,512   
Connecticut - 1.1%                 
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/28    $ 405,000      $ 471,380   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/29      405,000        469,346   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/30      385,000        444,794   
    

 

 

  
             $ 1,385,520   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
District of Columbia - 1.6%                 
District of Columbia Housing Finance Agency (Henson Ridge), “E”, FHA, 5.1%, 6/01/37    $ 500,000      $ 508,265   
District of Columbia Rev. (Georgetown University), Convertible Capital Appreciation, BHAC, 0% to 4/01/18, 5% to 4/01/40      1,430,000        1,277,576   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/43      105,000        118,893   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/33      40,000        46,154   
    

 

 

  
             $ 1,950,888   
Florida - 4.9%                 
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.375%, 5/01/30    $ 80,000      $ 80,655   
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.5%, 5/01/33      35,000        35,464   
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.6%, 5/01/34      60,000        61,027   
Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments Ltd.), “A”, 7.5%, 7/01/40 (Put Date 7/01/30)      490,000        490,417   
Capital Trust Agency, FL, Housing Rev. (Atlantic Housing Foundation), “B”, 7%, 7/15/32 (d)(q)      340,000        176,134   
Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/43      320,000        348,762   
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 5.75%, 11/01/27      250,000        250,150   
Florida Citizens Property Insurance Corp., “A-1”, 5%, 6/01/19      50,000        58,030   
Florida Citizens Property Insurance Corp., “A-1”, 5%, 6/01/20      250,000        293,000   
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 5/01/38      130,000        129,908   
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 5%, 11/15/39      140,000        151,256   
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 5%, 11/15/44      235,000        253,690   
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “A”, 5.75%, 4/01/28      125,000        134,030   
Miami-Dade County, FL, Health Facilities Authority, Hospital Rev. (Miami Children’s Hospital), “A”, 6.125%, 8/01/42      195,000        224,459   
Miami-Dade County, FL, Special Obligation, “B”, 5%, 10/01/35      180,000        199,246   
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 10/01/40      175,000        210,816   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.75%, 10/01/22 (n)      250,000        275,538   
Seven Oaks, FL, Community Development District II Special Assessment Rev., “A”, 5.875%, 5/01/35      415,000        367,076   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 4/01/29      105,000        116,333   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 4/01/39      155,000        171,627   
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 8/01/45      400,000        431,236   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/26      20,000        22,133   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/29      20,000        21,672   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/34      40,000        42,796   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/44      120,000        127,254   
Tampa Bay, FL, Sports Authority Rev. (Tampa Bay Arena), NATL, 5.75%, 10/01/25      1,000,000        1,153,540   
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/37 (a)(d)      480,000        182,400   
    

 

 

  
             $ 6,008,649   
Georgia - 3.5%                 
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.25%, 5/15/33    $ 75,000      $ 80,555   
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.375%, 5/15/43      75,000        80,230   
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 11/01/22      290,000        357,457   
Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 8/01/34      165,000        179,207   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/29      125,000        155,760   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 6/01/35      95,000        99,041   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/28      125,000        146,455   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/29      120,000        140,005   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/30      75,000        87,188   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/31      15,000        17,375   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/41      340,000        385,189   
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/26      320,000        373,245   
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/27      215,000        248,708   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 3/15/22      525,000        612,229   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/26      120,000        143,138   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/28      250,000        299,818   
Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/26      225,000        260,980   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/30      100,000        105,674   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/39      100,000        104,595   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Georgia - continued                 
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 1/01/34    $ 320,000      $ 326,685   
    

 

 

  
             $ 4,203,534   
Guam - 0.1%                 
Guam International Airport Authority Rev., “C”, 5%, 10/01/16    $ 25,000      $ 26,527   
Guam International Airport Authority Rev., “C”, 5%, 10/01/17      45,000        48,670   
    

 

 

  
             $ 75,197   
Hawaii - 1.2%                 
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 11/15/44    $ 115,000      $ 136,505   
Hawaii Department of Budget & Finance, Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 7/01/39      410,000        474,792   
State of Hawaii, “DZ”, 5%, 12/01/31      180,000        210,411   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/30      305,000        351,985   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/31      120,000        137,970   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/32      80,000        91,922   
    

 

 

  
             $ 1,403,585   
Illinois - 10.9%                 
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/24    $ 250,000      $ 231,280   
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/29      855,000        973,281   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/32      70,000        76,972   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/33      35,000        38,277   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/43      145,000        153,520   
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/35      650,000        734,416   
Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), “B”, 6.75%, 6/01/22      575,000        576,639   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/29      155,000        175,708   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/30      310,000        350,130   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/31      60,000        67,520   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/40      410,000        451,119   
Du Page County, IL, Special Service Area (Monarch Landing Project), 5.4%, 3/01/16      78,000        80,021   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 5/15/33      160,000        157,650   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 5/15/43      125,000        127,585   
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 4/01/31      335,000        335,087   
Illinois Finance Authority Rev. (KishHealth Systems Obligated Group), 5.75%, 10/01/28      380,000        412,650   
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 8/15/34      400,000        488,388   
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/43      565,000        647,388   
Illinois Finance Authority Rev. (Resurrection Health), 6.125%, 5/15/25      460,000        514,413   
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/29      545,000        574,681   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 8/15/38      395,000        453,713   
Illinois Finance Authority Rev. (Smith Village), “A”, 6.25%, 11/15/35      500,000        502,175   
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/35      1,000,000        1,149,310   
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/31      390,000        463,632   
Illinois Railsplitter Tobacco Settlement Authority, 5.5%, 6/01/23      150,000        175,119   
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/28      1,145,000        1,334,944   
Illinois Toll Highway Authority Rev., “B”, 5%, 1/01/32      1,000,000        1,147,570   
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/34      178,000        181,852   
Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 3/01/35      703,000        710,930   
    

 

 

  
             $ 13,285,970   
Indiana - 3.2%                 
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 10/15/18    $ 190,000      $ 216,687   
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/40      350,000        370,717   
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/44      365,000        384,947   
Indiana Finance Authority Rev. (State Revolving Fund Program), “A”, 5%, 2/01/29      1,000,000        1,177,710   

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Indiana - continued                 
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 3/01/37    $ 705,000      $ 746,489   
Indiana University Rev., “A”, 5%, 6/01/32      45,000        52,768   
Richmond, IN, Hospital Authority Rev. (Reid Hospital & Health Center Services), “A”, 6.625%, 1/01/39      525,000        605,078   
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 10/01/28      210,000        244,732   
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/44      110,000        124,387   
    

 

 

  
             $ 3,923,515   
Iowa - 0.8%                 
Iowa Finance Authority Midwestern Disaster Area Rev. (Iowa Fertilizer Co.), 5%, 12/01/19    $ 135,000      $ 142,889   
Iowa Finance Authority Midwestern Disaster Area Rev. (Iowa Fertilizer Co.), 5.5%, 12/01/22      115,000        121,156   
Iowa Finance Authority Midwestern Disaster Area Rev. (Iowa Fertilizer Co.), 5.25%, 12/01/25      115,000        122,710   
Iowa Student Loan Liquidity Corp., “A-2”, 5.5%, 12/01/25      135,000        145,475   
Iowa Student Loan Liquidity Corp., “A-2”, 5.6%, 12/01/26      140,000        150,724   
Iowa Student Loan Liquidity Corp., “A-2”, 5.7%, 12/01/27      15,000        16,153   
Iowa Student Loan Liquidity Corp., “A-2”, 5.75%, 12/01/28      250,000        268,693   
    

 

 

  
             $ 967,800   
Kansas - 0.2%                 
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/44    $ 195,000      $ 216,358   
Kentucky - 2.3%                 
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 8/15/24    $ 255,000      $ 287,921   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 8/15/27      85,000        95,332   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/40      440,000        499,136   
Kentucky Turnpike Authority, Economic Development Rev., “A”, 5%, 7/01/30      1,000,000        1,153,220   
Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 10/01/36      385,000        403,241   
University of Kentucky, General Receipts, “A”, 5%, 4/01/36      110,000        126,706   
University of Kentucky, General Receipts, “A”, 5%, 4/01/37      205,000        235,586   
    

 

 

  
             $ 2,801,142   
Louisiana - 1.5%                 
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/31    $ 470,000      $ 521,042   
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 12/01/34      290,000        315,865   
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 1/01/30      185,000        211,549   
Sabine River, LA, Water Facilities Authority Rev. (International Paper Co.), 6.2%, 2/01/25      310,000        311,265   
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/40 (Put Date 6/01/22)      480,000        515,328   
    

 

 

  
             $ 1,875,049   
Maine - 0.1%                 
Maine Housing Authority Mortgage, “A-2”, 4.95%, 11/15/27    $ 115,000      $ 115,045   
Maryland - 0.6%                 
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System, Inc.), “A”, 6.75%, 7/01/39    $ 175,000      $ 211,701   
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 1/01/41      190,000        208,550   
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 7/01/42      265,000        278,467   
    

 

 

  
             $ 698,718   
Massachusetts - 7.1%                 
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/36    $ 285,000      $ 322,232   
Commonwealth of Massachusetts Transportation Fund Rev. (Accelerated Bridge Program), “A”, 5%, 6/01/38      1,000,000        1,122,510   
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/29      350,000        449,502   
Massachusetts College Building Authority Rev., “A”, 5%, 5/01/31      190,000        221,141   
Massachusetts College Building Authority Rev., “C”, 3%, 5/01/42      75,000        65,240   

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Massachusetts - continued                 
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5%, 1/01/24    $ 250,000      $ 250,450   
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/43      40,000        43,650   
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/43      100,000        108,032   
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/43      1,000,000        1,139,870   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 11/01/27      205,000        207,800   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 11/01/42      175,000        179,072   
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 12/01/42 (Prerefunded 5/01/19)      70,000        85,238   
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 1/01/30      255,000        273,671   
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/29      350,000        376,810   
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), 8%, 10/01/29      135,000        145,672   
Massachusetts Health & Educational Facilities Authority Rev. (South Shore Hospital), “F”, 5.75%, 7/01/29      370,000        370,540   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 7/01/30      415,000        487,368   
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 7/01/41      40,000        43,484   
Massachusetts Port Authority Rev., “A”, 5%, 7/01/37      35,000        38,389   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/32      720,000        830,542   
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/35      1,025,000        1,164,554   
Massachusetts Water Resources Authority, “B”, AGM, 5.25%, 8/01/29      600,000        760,470   
    

 

 

  
             $ 8,686,237   
Michigan - 2.7%                 
Detroit, MI, Sewage Disposal System Rev., Senior Lien, “A”, 5.25%, 7/01/39    $ 460,000      $ 486,869   
Grand Valley, MI, State University Rev., 5.5%, 12/01/27      115,000        126,010   
Grand Valley, MI, State University Rev., 5.625%, 12/01/29      55,000        60,289   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department), “C-1”, 5%, 7/01/44      175,000        179,778   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department), “C-2”, 5%, 7/01/44      135,000        136,208   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department), “C-6”, 5%, 7/01/33      220,000        229,711   
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 12/01/35      750,000        828,953   
Michigan Strategic Fund Ltd. Obligation Rev. (Michigan Sugar Co., Carrollton), 6.55%, 11/01/25      250,000        234,375   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/39      620,000        676,755   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 9/01/39 (Prerefunded 9/01/18)      230,000        297,500   
    

 

 

  
             $ 3,256,448   
Minnesota - 0.3%                 
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/38    $ 46,245      $ 46,650   
St. Paul, MN, Housing & Redevelopment Authority Healthcare Facilities Rev. (HealthPartners Obligated Group), 5.25%, 5/15/23      325,000        348,602   
    

 

 

  
             $ 395,252   
Mississippi - 1.3%                 
Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 4/01/22    $ 1,000,000      $ 1,000,400   
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/40      90,000        116,946   
Mississippi Development Bank Special Obligation (Marshall County Industrial Development Authority Mississippi Highway Construction Project), 5%, 1/01/28      105,000        120,724   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 9/01/32      190,000        215,139   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 9/01/36      65,000        73,069   
V Lakes Utility District, MS, Water Systems Rev., 7%, 7/15/37      85,000        85,044   
    

 

 

  
             $ 1,611,322   
Missouri - 0.5%                 
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/39    $ 55,000      $ 60,069   
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/31      205,000        234,926   
St. Louis, MO, Industrial Development Authority Leasehold Rev. (Convention Center Hotel), Capital Appreciation, AMBAC,
0%, 7/15/18		      300,000        273,060   
    

 

 

  
             $ 568,055   

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
National - 0.6%                 
Centerline Capital Group, Inc., FHLMC, 6.3%, 10/31/52 (n)    $ 500,000      $ 561,350   
Resolution Trust Corp., Pass-Through Certificates, “1993”, 9.75%, 12/01/16 (z)      227,741        226,734   
    

 

 

  
             $ 788,084   
Nebraska - 0.6%                 
Douglas County, NE, Educational Facilities Rev. (Creighton University), “A”, 5.875%, 7/01/40    $ 645,000      $ 717,872   
Nevada - 0.7%                 
Las Vegas Valley, NV, Water District, “C”, 5%, 6/01/29    $ 755,000      $ 855,377   
New Hampshire - 0.4%                 
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/27    $ 445,000      $ 487,422   
New Jersey - 5.6%                 
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 1/01/37    $ 500,000      $ 508,235   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project) , 5.375%, 1/01/43      225,000        243,585   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5.5%, 1/01/27      40,000        45,938   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5%, 1/01/28      40,000        44,068   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5%, 1/01/31      115,000        126,313   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 9/15/19      105,000        107,655   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/29      260,000        273,497   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/30      40,000        43,143   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “B”, 5.625%, 11/15/30      35,000        37,810   
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 12/01/32 (Prerefunded 6/01/19)      460,000        596,137   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/23      1,440,000        1,427,602   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/34      1,850,000        1,379,231   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/41      1,835,000        1,388,434   
New Jersey Tobacco Settlement Financing Corp., Capital Appreciation, “1-B”, 0%, 6/01/41      2,260,000        555,779   
New Jersey Tobacco Settlement Financing Corp., Capital Appreciation, “1-C”, 0%, 6/01/41      30,000        7,067   
    

 

 

  
             $ 6,784,494   
New Mexico - 0.4%                 
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 6/01/40    $ 400,000      $ 442,288   
New York - 24.1%                 
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 7/15/30    $ 200,000      $ 225,604   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/25      130,000        147,910   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/26      95,000        107,395   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/28      20,000        22,386   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/47      350,000        404,261   
Liberty, NY, Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/35      1,725,000        2,063,048   
New York Dormitory Authority Rev. (Columbia University), 5%, 7/01/38 (u)      15,000,000        16,672,200   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 8/15/30      165,000        194,210   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2/15/35      100,000        114,600   
New York Environmental Facilities Corp., Municipal Water Finance Authority Project, 5%, 6/15/25      200,000        238,842   
New York Environmental Facilities, “C”, 5%, 5/15/41      255,000        287,043   
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 7/15/49      435,000        491,346   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 11/15/31      200,000        223,106   
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 11/15/44      500,000        546,000   
New York Power Authority Rev., “ A”, 5%, 11/15/38      1,000,000        1,120,310   
New York Tobacco Settlement Financing Corp., Asset-Backed Rev., “B”, 5%, 6/01/21      410,000        441,878   
New York Urban Development Corp., State Personal Income Tax Rev., “C”, 5%, 3/15/31      1,000,000        1,154,420   
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “AA”, 5%, 6/15/34      1,610,000        1,806,162   
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 11/01/42      175,000        179,590   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/36      195,000        225,779   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
New York - continued                 
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/42    $ 225,000      $ 257,774   
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/29      1,125,000        648,293   
Utility Debt Securitization Authority Restructuring Rev., NY, “E”, 5%, 12/15/41      1,500,000        1,719,135   
    

 

 

  
             $ 29,291,292   
North Carolina - 2.2%                 
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/38    $ 357,899      $ 344,081   
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/36      2,000,000        2,255,660   
University of North Carolina, Greensboro, Rev., 5%, 4/01/39      105,000        119,365   
    

 

 

  
             $ 2,719,106   
North Dakota - 0.1%                 
Burleigh County, ND, Health Care Rev. (St. Alexius Medical Center Project), “A”, 5%, 7/01/31    $ 45,000      $ 48,329   
Burleigh County, ND, Health Care Rev. (St. Alexius Medical Center Project), “A”, 5%, 7/01/35      40,000        42,711   
    

 

 

  
             $ 91,040   
Ohio - 2.7%                 
Bowling Green, OH, Student Housing Rev. (State University Project), 6%, 6/01/45    $ 285,000      $ 296,597   
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 11/01/40      105,000        117,426   
Cleveland-Cuyahoga County, OH, Port Authority Rev., 7%, 5/15/40      95,000        104,457   
Lake County, OH, Hospital Facilities Rev. (Lake Hospital), “C”, 6%, 8/15/43      265,000        284,369   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/33      85,000        86,581   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/44      55,000        55,337   
Muskingum County, OH, Hospital Facilities Rev. (Genesis Health System Obligated Group), 5%, 2/15/48      85,000        83,240   
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.75%, 2/15/38      555,000        595,393   
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/40      35,000        38,480   
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 5/15/25      335,000        335,506   
Toledo Lucas County, OH, Authority Port Rev., Facilities (CSX, Inc. Project), 6.45%, 12/15/21      1,000,000        1,253,540   
    

 

 

  
             $ 3,250,926   
Oklahoma - 1.3%                 
Oklahoma Industries Authority Rev. (Oklahoma Medical Research Foundation Project), 5.5%, 7/01/29    $ 600,000      $ 660,180   
Tulsa, OK, Industrial Authority Rev. (University of Tulsa), 6%, 10/01/27      535,000        619,846   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 6/01/35      140,000        145,499   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 12/01/35      170,000        177,783   
    

 

 

  
             $ 1,603,308   
Oregon - 0.3%                 
Cow Creek Band of Umpqua Tribe of Indians, OR, “C”, 5.625%, 10/01/26 (n)    $ 350,000      $ 350,627   
Pennsylvania - 4.8%                 
Clarion County, PA, Industrial Development Authority, Student Housing Rev. (Clarion University Foundation, Inc.), 5%, 7/01/34    $ 35,000      $ 36,178   
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 4/01/28      140,000        156,430   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 1/01/29      570,000        622,839   
Dallas, PA, Area Municipal Authority Rev. (Misericordia University Project), 5%, 5/01/29      80,000        85,954   
Dallas, PA, Area Municipal Authority Rev. (Misericordia University Project), 5%, 5/01/37      20,000        20,807   
East Hempfield, PA, Industrial Development Authority Rev. (Millersville University Student Services), 5%, 7/01/39      35,000        35,955   
East Hempfield, PA, Industrial Development Authority Rev. (Millersville University Student Services), 5%, 7/01/46      20,000        20,435   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/43      900,000        981,252   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/36      940,000        333,042   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/37      760,000        254,091   
Luzerne County, PA, AGM, 6.75%, 11/01/23      370,000        427,413   
Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 12/01/15      125,000        129,029   
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/32      260,000        283,496   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Pennsylvania - continued                 
Pennsylvania Higher Educational Facilities Authority Rev. (East Stroudsburg University), 5%, 7/01/42    $ 200,000      $ 204,650   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 7/01/30      65,000        69,869   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 6%, 7/01/43      85,000        89,593   
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/33      180,000        187,888   
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/43      140,000        145,880   
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/43      100,000        103,970   
Philadelphia, PA, Municipal Authority Rev., 6.5%, 4/01/34      105,000        121,278   
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 1/01/36      1,000,000        1,090,920   
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/28      460,000        463,436   
    

 

 

  
             $ 5,864,405   
Puerto Rico - 0.6%                 
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., AGM, 5.5%, 7/01/29    $ 5,000      $ 4,940   
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/16      25,000        25,480   
Puerto Rico Electric Power Authority Rev., NATL, 5%, 7/01/19      50,000        51,267   
Puerto Rico Electric Power Authority Rev., “KK”, NATL, 5.5%, 7/01/16      10,000        10,259   
Puerto Rico Electric Power Authority Rev., “LL”, NATL, 5.5%, 7/01/17      10,000        10,367   
Puerto Rico Electric Power Authority Rev., “UU”, NATL, 4.5%, 7/01/18      10,000        10,101   
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/22      20,000        20,098   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/26      320,000        290,688   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/17      35,000        34,592   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/18      25,000        24,575   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 4%, 4/01/20      10,000        9,229   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/21      40,000        38,513   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/22      50,000        47,486   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/27      80,000        71,055   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/32      30,000        25,574   
Puerto Rico Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/42      45,000        36,963   
    

 

 

  
             $ 711,187   
Rhode Island - 0.8%                 
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 5/15/39    $ 855,000      $ 1,001,701   
South Carolina - 3.5%                 
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/38    $ 1,000,000      $ 1,140,450   
Laurens County, SC, School District No. 55, Installment Purchase Rev., 5.25%, 12/01/30      350,000        363,650   
Newberry, SC, Investing in Children’s Education (Newberry County School District Program), 5%, 12/01/30      350,000        365,229   
Richland County, SC, General Obligation, “B”, 5%, 3/01/23      1,000,000        1,234,100   
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/43      215,000        241,649   
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/43      515,000        578,834   
South Carolina Public Service Authority Rev., “C”, 5%, 12/01/36      260,000        289,315   
    

 

 

  
             $ 4,213,227   
South Dakota - 0.1%                 
South Dakota Health & Educational Facilities Authority Rev. (Avera Health), “A”, 5%, 7/01/42    $ 95,000      $ 103,460   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Tennessee - 6.9%                 
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/45    $ 820,000      $ 907,215   
Clarksville, TN, Water, Sewer & Gas Rev., 5%, 2/01/38      1,000,000        1,120,010   
Memphis, TN, Refunding General Improvement, “B”, 5%, 4/01/31      205,000        238,712   
Metropolitan Government of Nashville & Davidson County, TN, Electric Rev., “A”, 5%, 5/15/36      1,000,000        1,136,080   
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Meharry Medical College), AMBAC, 6%, 12/01/16      1,575,000        1,649,750   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 9/01/26      1,365,000        1,450,913   
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 9/01/36      135,000        140,779   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/17      180,000        199,229   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/22      205,000        235,518   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/23      300,000        345,195   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/26      610,000        713,157   
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/25      185,000        209,892   
    

 

 

  
             $ 8,346,450   
Texas - 13.2%                 
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/17    $ 95,000      $ 100,288   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/19      190,000        200,973   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/20      155,000        164,240   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/24      90,000        94,222   
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 5/15/33      590,000        628,391   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/40      100,000        113,816   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/45      70,000        79,737   
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/39      155,000        179,506   
Dallas and Fort Worth, TX, International Airport Rev., “A”, 5%, 11/01/38      335,000        356,872   
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/45      750,000        817,185   
Dallas County, TX, Flood Control District, 7.25%, 4/01/32      500,000        500,895   
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 8/15/34      465,000        505,404   
Fort Worth, TX, Independent School District, Unlimited Tax School Building, PSF, 5%, 2/15/39      315,000        365,646   
Frenship, TX, Independent School District, AGM, 5%, 2/15/33      1,000,000        1,074,270   
Frisco, TX, Independent School District, Unlimited Tax School Building, PSF, 5%, 8/15/23      1,170,000        1,442,212   
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/28      250,000        250,233   
Harris County, TX, Cultural Education Facilities Finance Corp. Medical Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 11/15/32      490,000        559,453   
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/31      140,000        154,360   
Houston, TX, Airport Systems Rev., “B”, 5%, 7/01/26      160,000        185,603   
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/23      305,000        311,561   
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 8/15/39      150,000        164,939   
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 8/15/41      385,000        503,757   
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2/15/37      45,000        47,580   
Matagorda County, TX, Navigation District 1 (Houston Lighting), AMBAC, 5.125%, 11/01/28      2,000,000        2,260,320   
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/42      150,000        156,260   
North Texas Tollway Authority Rev., 6%, 1/01/38      620,000        728,351   
North Texas Tollway Authority Rev. (Special Projects System), “D”, 5%, 9/01/31      1,000,000        1,142,910   
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement System, Inc.), “A”, 6.05%, 11/15/46 (a)      366,000        137,891   
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement System, Inc.), “C”, 6.25%, 5/09/53 (a)      32,000        12,056   
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement System, Inc.), “D”, 6.05%, 11/15/46 (a)      64,000        24,112   
San Leanna, TX, Educational Facilities Corp., Higher Education Rev. (St. Edwards University), 5.125%, 6/01/36      115,000        117,451   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.125%, 11/15/29      40,000        43,345   

 

10

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Municipal Bonds - continued                 
Texas - continued                 
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village Foundation, Inc.), 6.375%, 11/15/44    $ 315,000      $ 338,603   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 11/15/44      500,000        445,240   
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/31      135,000        145,812   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/38      115,000        140,841   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/43      95,000        113,615   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 8/15/30      175,000        203,224   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 8/15/31      75,000        86,064   
Texas Tech University Rev., Refunding & Improvement, “A”, 5%, 8/15/32      75,000        85,046   
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 11/01/32      265,000        268,440   
Waco Education Finance Corp. Rev. (Baylor University), 5%, 3/01/43      675,000        739,355   
    

 

 

  
             $ 15,990,079   
U.S. Virgin Islands - 0.1%                 
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 10/01/37    $ 160,000      $ 183,581   
Vermont - 0.2%                 
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.75%, 4/01/36 (Put Date 4/02/18)    $ 195,000      $ 191,476   
Virginia - 0.4%                 
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/43    $ 165,000      $ 168,557   
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/42      275,000        293,326   
    

 

 

  
             $ 461,883   
Washington - 3.4%                 
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 12/01/32    $ 535,000      $ 584,776   
Snohomish County, WA, Public Hospital District No. 3, 5%, 12/01/31      505,000        538,370   
Tacoma, WA, Housing Authority Multi-Family Rev. (Redwood/Juniper, Pine Tree Harbor, & Conifer South), GNMA, 5.05%, 11/20/37      1,040,000        1,042,808   
Washington Health Care Facilities Authority Rev. (Highline Medical Center), FHA, 6.25%, 8/01/36      695,000        838,365   
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 8/15/42      570,000        598,192   
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 10/01/34      225,000        254,671   
Washington Housing Finance Community Nonprofit Housing Rev. (Rockwood Retirement Communities), 5.125%, 1/01/20      320,000        323,168   
    

 

 

  
             $ 4,180,350   
West Virginia - 0.2%                 
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 10/01/38    $ 285,000      $ 293,587   
Wisconsin - 0.8%                 
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/26    $ 185,000      $ 204,168   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/28      55,000        60,063   
Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc. Project), 5.375%, 5/01/18      385,000        386,147   
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2/15/39      100,000        117,488   
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “B-3”, 3.75%, 11/15/19      40,000        40,492   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/22      110,000        121,838   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/42      60,000        60,771   
    

 

 

  
             $ 990,967   
Total Municipal Bonds            $ 175,676,008   

 

11

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Floating Rate Demand Notes - 0.8%                 
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “B”, 0.02%, due 9/02/14    $ 900,000      $ 900,000   
Total Investments            $ 176,576,008   
Other Assets, Less Liabilities - (5.2)%              (6,279,692 ) 
ARPS, at liquidation value (Issued by the Fund) - (0.7)%              (825,000 ) 
VMTPS, at liquidation value (Issued by the Fund) - (39.4)%              (47,925,000 ) 
Net assets applicable to common shares - 100.0%            $ 121,546,316   

 

(a) Non-income producing security.
(d) In default. Interest and/or scheduled principal payment(s) have been missed.
(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 $1,187,515 representing 1.0% of net assets applicable to common shares.
(q) Interest received was less than stated coupon rate.
(u) Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.
(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 fund holds the following restricted securities:

 

Restricted Securities    Acquisition
Date		      Cost      Value  
Resolution Trust Corp., Pass-Through Certificates, “1993”, 9.75%, 12/01/16      8/27/93         $228,648         $226,734   
% of Net assets applicable to common shares            0.2%   

The following abbreviations are used in this report and are defined:

 

ARPS   Auction Rate Preferred Shares
COP   Certificate of Participation
LOC   Letter of Credit
VMTPS   Variable Rate Municipal Term Preferred Shares

 

Insurers      
AGM    Assured Guaranty Municipal      
AMBAC    AMBAC Indemnity Corp.      
ASSD GTY    Assured Guaranty Insurance Co.      
BHAC    Berkshire Hathaway Assurance Corp.      
CALHF    California Health Facility Construction Loan Insurance Program      
FHA    Federal Housing Administration      
FHLMC    Federal Home Loan Mortgage Corp.      
GNMA    Government National Mortgage Assn.      
NATL    National Public Finance Guarantee Corp.      
PSF    Permanent School Fund      
SYNCORA    Syncora Guarantee Inc.      

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

12

Supplemental Information

8/31/14 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

(1) Investment Valuations

Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2014 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Municipal Bonds      $—         $175,676,008         $—         $175,676,008   
Short Term Securities      —         900,000         —         900,000   
Total Investments      $—         $176,576,008         $—         $176,576,008   

For further information regarding security characteristics, see the Portfolio of Investments.

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate cost      $154,495,060   
Gross unrealized appreciation      15,585,818   
Gross unrealized depreciation      (1,041,920 ) 
Net unrealized appreciation (depreciation)      $14,543,898   

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

 

13

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 INVESTMENT GRADE MUNICIPAL TRUST

 

By (Signature and Title)*    ROBIN A. STELMACH
  Robin A. Stelmach, President

Date: October 16, 2014

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)*    ROBIN A. STELMACH
 

Robin A. Stelmach, President

(Principal Executive Officer)

Date: October 16, 2014

 

By (Signature and Title)*    DAVID L. DILORENZO
  David L. DiLorenzo, Treasurer (Principal Financial Officer and Accounting Officer)

Date: October 16, 2014

 

* Print name and title of each signing officer under his or her signature.