UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05785

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)

Christopher R. Bohane

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: May 31, 2021

 

ITEM 1.

REPORTS TO STOCKHOLDERS.

Item 1(a):

Semiannual Report
May 31, 2021
MFS®  Investment Grade Municipal Trust
CXH-SEM

LETTER FROM THE CEO
Dear Shareholders:
Markets have experienced dramatic swings since the coronavirus pandemic brought the global economy to a standstill for several months early in 2020. While the speedy development of vaccines brightened the economic and market outlook, uncertainty remains as new variants of the virus appear, and questions persist over how fast vaccines can be made widely available in the developing world.
Global central banks have taken aggressive steps to cushion the economic and market fallout related to the virus, and governments are deploying unprecedented levels of fiscal support. Having passed a $1.9 trillion stimulus package in March, the U.S. Congress could approve additional stimulus later this year, some of it focused on infrastructure. Along with extraordinary government expenditures, pent-up consumer demand fueled a surge in economic activity as coronavirus restrictions were eased, pushing up inflation, at least temporarily. Markets reacted by pushing up yields on global government bonds, though some of the rate rise has since been corrected.
A spirited debate is underway among investors over whether the current price pressures will persist or prove to be temporary, caused by pandemic-induced bottlenecks. The policy measures put in place to counteract the pandemic's effects have helped build a supportive environment and are encouraging economic recovery; however, if markets disconnect from fundamentals, they can sow the seeds of instability. As such, recent dramatic increases in speculative trading in cryptocurrencies, special purpose acquisition companies (SPACs), and the like bear watching.
In the aftermath of the crisis, we could see societal changes as households, businesses, and governments adjust to a new reality, and any such alterations could affect the investment landscape. For investors, events such as the COVID-19 outbreak demonstrate the importance of having a deep understanding of company fundamentals, and we have built our global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our long-term philosophy and adhering to our commitment to sustainable investing, we tune out the noise and aim to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk management to create sustainable value for investors.
Respectfully,
Michael W. Roberge
Chief Executive Officer
MFS Investment Management
July 16, 2021
The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
1

Portfolio Composition
Portfolio structure (i)
Top ten industries (i)
Healthcare Revenue - Hospitals 28.7%
General Obligations - General Purpose 10.8%
Student Loan Revenue 10.2%
Universities - Colleges 10.0%
Tax - Sales 9.1%
Water & Sewer Utility Revenue 8.6%
State & Local Agencies 8.2%
Toll Roads 7.8%
Utilities - Municipal Owned 6.9%
Transportation - Special Tax 5.8%
Composition including fixed income credit quality (a)(i)
AAA 2.7%
AA 40.7%
A 52.5%
BBB 31.9%
BB 5.7%
B 1.7%
CCC 0.3%
CC 0.4%
C 2.4%
D 2.2%
Not Rated 13.8%
Cash & Cash Equivalents
(Less Liabilities) 		(50.0)%
Other (4.3)%
Portfolio facts (i)
Average Duration (d) 9.8
Average Effective Maturity (m) 17.2 yrs.
 
2

Portfolio Composition - continued
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. This calculation is based on net assets applicable to common shares as of May 31, 2021.
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of May 31, 2021.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of the aggregate liquidation preference of the variable rate municipal term preferred shares (VMTPS) issued by the fund. Cash & Cash Equivalents is negative due to the aggregate liquidation value of VMTPS. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 8 in the Notes to Financial Statements for more information on the VMTPS issued by the fund.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and/or the leverage created through the issuance of self-deposited inverse floaters and may be negative.
Percentages are based on net assets applicable to common shares as of May 31, 2021.
The portfolio is actively managed and current holdings may be different.
3

Portfolio Managers' Profiles
Portfolio Manager Primary Role Since Title and Five Year History
Michael Dawson Portfolio Manager 2007 Investment Officer of MFS; employed in the investment management area of MFS since 1998.
Geoffrey Schechter Portfolio Manager 2007 Investment Officer of MFS; employed in the investment management area of MFS since 1993.
Other Notes
The fund’s shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund’s concurrent liquidation.
The fund’s monthly distributions may include a return of capital to shareholders to the extent that distributions are in excess of the fund’s net investment income and net capital gains, determined in accordance with federal income tax regulations. Distributions that are treated for federal income tax purposes as a return of capital will reduce each shareholder’s basis in his or her shares and, to the extent the return of capital exceeds such basis, will be treated as gain to the shareholder from a sale of shares. Returns of shareholder capital may have the effect of reducing the fund’s assets and increasing the fund’s expense ratio.
In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.
4

Portfolio of Investments
5/31/21 (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 - 152.3%
Alabama - 1.9%
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040   $     40,000  $      47,473
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025         50,000        51,837
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026         95,000        81,537
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029        135,000        95,090
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034        190,000        94,200
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035        365,000       169,427
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039        140,000       142,517
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n)        255,475       271,541
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n)        510,000       585,258
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044        170,000       210,771
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049        100,000       123,226
           $1,872,877
Arizona - 2.6%
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2043   $     70,000  $      71,490
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2054         75,000        75,842
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036         60,000        67,697
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041         45,000        50,471
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046         80,000        89,258
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)         70,000        76,378
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)         80,000        86,036
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n)   $    165,000  $     167,984
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n)        145,000       147,548
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032        795,000     1,056,046
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027        745,000       745,000
           $2,633,750
Arkansas - 0.4%
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044   $    140,000  $     173,734
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035         30,000        33,255
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033         50,000        55,556
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042        120,000       133,668
             $396,213
California - 11.9%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031   $    130,000  $     112,384
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032        235,000       198,733
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033        470,000       388,587
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)        175,000       197,756
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2046     1,000,000     1,184,795
California Housing Finance Agency Municipal Certificates, “X”, 0.796%, 11/20/2035 (i)     1,847,505       128,795
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040         40,000        47,944
California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)(w)         30,000        30,284
California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)(w)         35,000        35,267
California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)(w)         30,000        30,230
6

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2032 (w)   $    445,000  $     594,236
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035 (w)        380,000       487,008
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038     1,220,000     1,352,819
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033     1,135,000     1,294,807
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)         40,000        45,682
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n)        100,000       112,357
California State University Rev., “A”, 5%, 11/01/2037 (Prerefunded 11/01/2021)        805,000       821,318
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034         85,000        97,119
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044        245,000       278,118
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)        120,000       134,779
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n)        100,000       107,982
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030         85,000        92,449
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036         65,000        66,217
Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (n)        325,000       376,605
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)        330,000       190,822
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022)         50,000        52,802
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev., “D”, AGM, 5%, 9/01/2023        210,000       231,429
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034         35,000        37,044
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044         65,000        68,543
7

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2023, 5.875% to 8/01/2028   $    140,000  $     165,143
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043        355,000       402,495
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047        195,000       237,901
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043         25,000        27,682
State of California, 5.25%, 9/01/2030        645,000       653,290
State of California, Various Purpose General Obligation, 5.25%, 10/01/2028        270,000       274,573
State of California, Various Purpose General Obligation, 5%, 4/01/2045        770,000       980,417
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049         55,000        69,289
West Contra Costa, CA, Unified School District, “B”, NPFG, 6%, 8/01/2024        120,000       131,022
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044        125,000       139,839
          $11,878,562
Colorado - 3.8%
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030   $     10,000  $      11,644
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050         41,000        50,929
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038         75,000        83,447
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037         40,000        41,609
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031        145,000       161,036
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055        685,000       838,645
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055        325,000       403,373
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050        130,000       162,645
8

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044   $    145,000  $     164,819
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023)         90,000        99,765
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044        380,000       418,345
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038        115,000       136,441
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043        245,000       287,450
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035         70,000        81,778
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040        120,000       138,934
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040        140,000       162,272
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045         95,000       103,314
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045        405,000       465,426
           $3,811,872
Connecticut - 1.1%
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)   $    275,000  $     282,200
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2029        405,000       414,821
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2030        385,000       394,336
           $1,091,357
District of Columbia - 0.2%
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053   $    175,000  $     201,161
Florida - 5.7%
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030   $     80,000  $      88,657
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033         35,000        38,862
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034         60,000        66,719
9

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029   $    105,000  $     118,945
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030        105,000       118,466
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055         25,000        26,803
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)(w)        200,000       228,987
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)        100,000       117,996
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2045     1,000,000     1,167,921
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046        250,000       290,553
Miami-Dade County, FL, Aviation Rev., “A”, 4%, 10/01/2040        250,000       297,685
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6.125%, 8/01/2042         50,000        50,176
Miami-Dade County, FL, Special Obligation, “B”, 5%, 10/01/2035 (Prerefunded 10/01/2022)        180,000       191,724
Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021)        175,000       179,134
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042        275,000       324,015
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049         60,000        74,273
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037        105,000        65,656
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042        175,000        89,124
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049        100,000       116,442
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026         20,000        22,170
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029         20,000        21,964
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034         40,000        43,841
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044        120,000       131,902
Tampa, FL (University of Tampa Project), 5%, 4/01/2040         85,000        97,375
10

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045   $    980,000  $     422,452
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050        180,000       224,885
Tampa, FL, Sports Authority Rev. (Tampa Bay Arena), NPFG, 5.75%, 10/01/2025        915,000     1,020,154
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037         50,000        50,040
           $5,686,921
Georgia - 3.5%
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 4%, 1/01/2054   $     65,000  $      75,716
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)        100,000       118,263
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2044        145,000       170,540
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2049        215,000       250,423
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039         45,000        53,120
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028        125,000       127,041
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029        120,000       121,959
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030         75,000        76,225
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041        340,000       345,494
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050        130,000       150,019
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026        120,000       147,813
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028        250,000       321,255
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043         75,000        90,439
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056         65,000        78,233
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063         70,000        83,973
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054        320,000       367,137
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038        180,000       218,841
11

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039   $    145,000  $     175,858
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040        145,000       175,494
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041        290,000       350,019
           $3,497,862
Guam - 0.3%
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036   $     40,000  $      41,155
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050        175,000       213,235
             $254,390
Hawaii - 0.3%
Hawaii Harbor System Rev., “A”, 4%, 7/01/2036   $     35,000  $      41,792
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2031        120,000       123,281
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2032         80,000        82,182
             $247,255
Idaho - 0.1%
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2038   $     40,000  $      48,484
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2039         45,000        54,395
             $102,879
Illinois - 16.3%
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024   $    121,982  $     117,588
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036        360,000       366,052
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046        100,000       114,416
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046        420,000       505,856
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025         85,000       101,357
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026         30,000        36,784
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027         85,000       106,869
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028         40,000        51,404
12

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029   $     30,000  $      39,164
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030         20,000        26,596
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031         55,000        74,507
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030        115,000       143,248
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031        220,000       272,287
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032        190,000       233,786
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029        100,000       126,798
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046        180,000       211,677
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025         25,000        28,535
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026        120,000       140,473
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027         80,000        95,904
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028         20,000        24,446
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028         25,000        27,480
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029        215,000       267,554
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031         30,000        37,582
Chicago, IL, General Obligation, “A”, 5%, 1/01/2036         85,000        91,697
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039         70,000        83,713
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040         15,000        17,906
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044        265,000       314,794
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049        275,000       334,143
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033         70,000        79,089
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2029        855,000       875,850
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032         70,000        75,381
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033         35,000        37,661
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043        145,000       156,237
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048        140,000       170,001
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053         75,000        90,624
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029 (Prerefunded 12/01/2021)        155,000       158,991
13

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2030 (Prerefunded 12/01/2021)   $    310,000  $     317,982
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031 (Prerefunded 12/01/2021)         60,000        61,545
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2040 (Prerefunded 12/01/2021)        410,000       420,556
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045        270,000       334,006
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047        455,000       533,706
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2041        260,000       309,455
Illinois Finance Authority Rev. (Carle Foundation), “A”, 3%, 8/15/2048        415,000       440,720
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034        145,000       172,869
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035        145,000       172,444
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023)         20,000        21,744
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033        140,000       146,211
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023)         15,000        16,417
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043        110,000       115,018
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036         85,000       102,898
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041        120,000       143,845
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043        565,000       613,095
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035        315,000       357,900
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035     1,000,000     1,138,305
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035 (w)        390,000       555,279
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050        230,000       261,663
Illinois Finance Authority, Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031        390,000       394,323
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030          5,000         6,179
14

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026   $     55,000  $      65,284
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027        120,000       146,409
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028        110,000       137,473
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029         25,000        31,906
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030         55,000        71,501
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036         50,000        63,546
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037         70,000        88,715
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038         50,000        58,791
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040         30,000        35,274
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034        143,000       143,112
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056        220,000        75,936
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042        130,000       141,395
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039         60,000        65,478
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041         45,000        47,154
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046         50,000        52,168
State of Illinois, AGM, 5%, 2/01/2027         95,000       105,783
State of Illinois, “A”, 5%, 11/01/2027        325,000       400,088
State of Illinois, “A”, 5%, 12/01/2024         20,000        23,039
State of Illinois, General Obligation, 5.5%, 5/01/2039        495,000       635,054
State of Illinois, General Obligation, 5.75%, 5/01/2045        475,000       613,029
State of Illinois, General Obligation, “A”, 5%, 3/01/2046        480,000       596,363
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047        355,000       405,519
          $16,275,627
15

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - 1.4%
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030   $     40,000  $      44,433
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039        100,000       109,298
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040        350,000       380,846
Indiana Finance Authority, Education Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 (w)         70,000        81,679
Indiana Finance Authority, Education Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 (w)         90,000       104,860
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051        295,000       352,877
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032         25,000        31,144
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033         20,000        24,825
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035         25,000        30,830
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038         75,000        91,753
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044        110,000       123,556
           $1,376,101
Iowa - 0.4%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044   $    170,000  $     175,111
Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065     1,045,000       184,399
             $359,510
Kansas - 1.9%
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n)   $    300,000  $     349,600
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n)        100,000       116,533
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036         45,000        50,985
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041         45,000        50,588
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), “A”, 5%, 9/01/2048        540,000       656,359
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047        215,000       247,185
16

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Kansas - continued
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052   $    140,000  $     160,115
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040         20,000        20,931
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044        195,000       220,414
           $1,872,710
Kentucky - 1.9%
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032   $     35,000  $      43,834
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033         35,000        43,721
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034         40,000        49,845
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037         35,000        42,439
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041        230,000       276,398
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046        135,000       161,048
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036        250,000       286,799
Kentucky Turnpike Authority, Economic Development Rev., “A”, 5%, 7/01/2030     1,000,000     1,003,604
           $1,907,688
Louisiana - 2.5%
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031 (Prerefunded 7/01/2021)   $    470,000  $     472,312
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045        240,000       262,332
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046        345,000       360,045
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n)        445,000       493,192
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025)         65,000        77,607
17

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Louisiana - continued
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025)   $    185,000  $     217,183
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025)         85,000       101,487
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022)        480,000       497,015
           $2,481,173
Maine - 0.2%
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050   $    210,000  $     244,238
Maryland - 1.0%
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n)   $    100,000  $     114,312
Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2056         70,000        85,600
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038         10,000         9,688
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048         20,000        18,358
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058         70,000        62,227
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033        100,000       115,689
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034         65,000        74,964
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038        280,000       319,300
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n)        100,000       111,572
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037         10,000        10,758
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042         15,000        16,037
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047         15,000        15,982
             $954,487
18

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - 16.8%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/2036   $    285,000  $     286,177
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029        350,000       467,476
Massachusetts College Building Authority Project Rev., “A”, 5%, 5/01/2031 (Prerefunded 5/01/2023)        190,000       207,720
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039         35,000        43,314
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049         30,000        33,920
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053        690,000       827,691
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043         40,000        42,930
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)        100,000       109,252
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046        145,000       170,828
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050        395,000       504,965
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033         35,000        42,282
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034         30,000        36,128
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051         25,000        29,352
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036        120,000       142,827
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038         80,000        95,944
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044     1,675,000     1,894,244
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044         35,000        42,429
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/2043     1,000,000     1,089,871
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036         40,000        40,791
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033         65,000        66,436
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u)     8,590,000     8,779,753
19

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/2029   $    125,000  $     130,447
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037 (Prerefunded 7/01/2022)         35,000        36,812
Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041 (Prerefunded 7/01/2021)         40,000        40,160
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/2032 (Prerefunded 10/15/2021)        720,000       733,109
Massachusetts Water Resources Authority, General Rev., “B”, AGM, 5.25%, 8/01/2029        600,000       805,099
          $16,699,957
Michigan - 6.1%
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043   $     65,000  $      73,053
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039 (Prerefunded 7/01/2022)        460,000       485,578
Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036 (Prerefunded 7/01/2021)         25,000        25,099
Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041 (Prerefunded 7/01/2021)         30,000        30,119
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047        250,000       277,317
Michigan Building Authority Rev., “I”, 4%, 10/15/2049        100,000       116,561
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023         50,000        51,591
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024         65,000        67,895
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047        570,000       722,667
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 3.25%, 11/15/2042        570,000       607,410
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2035 (Prerefunded 12/01/2021)        750,000       768,378
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048        150,000       186,380
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033         65,000        76,113
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034        150,000       175,382
20

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Michigan - continued
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035   $    100,000  $     116,746
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-1”, 5%, 7/01/2044 (Prerefunded 7/01/2022)        175,000       184,258
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-6”, 5%, 7/01/2033        220,000       249,702
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-2”, 5%, 7/01/2044 (Prerefunded 7/01/2022)        135,000       141,991
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034         65,000        75,999
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039        545,000       605,573
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040        570,000       673,539
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038        105,000       135,334
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2040        190,000       243,842
           $6,090,527
Minnesota - 0.4%
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043   $     60,000  $      68,909
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043        105,000       126,556
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048         60,000        68,480
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048         85,000       101,821
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038            248           248
             $366,014
Mississippi - 0.1%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040   $     90,000  $     102,940
21

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Missouri - 3.5%
Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041   $     60,000  $      68,932
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049        355,000       436,101
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055        215,000       262,564
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “A”, AGM, 5%, 3/01/2057     1,000,000     1,248,175
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046        630,000       771,502
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023)         55,000        61,217
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031        205,000       231,678
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 (w)         10,000        10,112
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 (w)          5,000         5,003
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045        285,000       357,006
           $3,452,290
Nebraska - 0.2%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036   $    105,000  $     148,035
Nevada - 0.2%
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040   $     90,000  $     107,165
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033          5,000         6,085
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038          5,000         6,019
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048         20,000        22,168
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058         25,000        27,751
             $169,188
22

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Hampshire - 0.6%
National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034   $    267,363  $     322,246
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2051         60,000        66,197
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031        100,000       117,287
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036        105,000       122,163
             $627,893
New Jersey - 9.5%
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 4%, 7/01/2053   $     50,000  $      58,754
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2032         85,000       102,726
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2037         80,000        95,787
Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060        285,000       334,153
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046        105,000       122,963
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051        170,000       198,305
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029         30,000        36,037
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027         40,000        45,210
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028         40,000        44,587
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043        225,000       251,976
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031        115,000       128,725
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039         70,000        78,252
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042         35,000        39,078
23

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032   $     10,000  $      12,936
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033          5,000         6,443
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036         15,000        17,691
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037         15,000        17,626
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038         20,000        23,456
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2039         20,000        23,391
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2040         25,000        29,161
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2034         55,000        66,239
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2035         40,000        48,112
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042        240,000       285,126
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030        155,000       173,856
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042        150,000       180,413
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046        360,000       413,196
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039        230,000       253,142
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051         20,000        20,191
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035        550,000       679,099
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w)         45,000        50,887
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w)         90,000       101,493
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w)         85,000        95,648
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w)         70,000        78,538
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2042 (w)         70,000        78,305
24

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w)   $     85,000  $     103,265
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w)         80,000        98,600
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w)        125,000       155,527
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w)         85,000       107,642
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w)        115,000       143,931
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w)        105,000       130,761
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w)        105,000       130,281
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w)        110,000       136,042
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w)         55,000        67,794
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045         80,000        99,721
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029        150,000       178,469
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031        100,000       118,071
New Jersey Turnpike Authority, Turnpike Rev., “A”, 4%, 1/01/2051        115,000       135,608
South Jersey Transportation Authority, Transportation System Rev., “A”, BAM, 5%, 11/01/2041     1,000,000     1,275,865
State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031     1,875,000     2,349,890
           $9,422,969
New Mexico - 0.0%
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040   $     15,000  $      17,019
New York - 12.6%
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)   $    305,000  $     339,556
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2025        130,000       130,472
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2026         95,000        95,337
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047        115,000       115,446
25

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041   $    255,000  $     255,854
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035     1,725,000     2,482,412
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2031        200,000       204,256
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2044        500,000       509,900
New York Power Authority Rev., “A”, 5%, 11/15/2038 (Prerefunded 11/15/2021)     1,000,000     1,022,361
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053        130,000       148,097
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031        320,000       390,655
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032        120,000       146,067
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036        100,000       113,871
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045        385,000       455,907
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038         50,000        58,794
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038        205,000       265,114
New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048        172,516       174,950
New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048        570,000       592,416
New York, NY, Industrial Development Agency, Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045         25,000        29,218
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 5%, 6/15/2047 (Prerefunded 6/15/2023)        470,000       516,122
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., Unrefunded Balance, 5%, 6/15/2047        530,000       576,446
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037        140,000       169,945
26

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038   $    175,000  $     211,707
New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035         70,000        83,563
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031        110,000       110,756
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035        215,000       215,427
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/2029     1,125,000       965,220
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051        380,000       490,929
Utility Debt Securitization Authority Restructuring Rev., NY, “E”, 5%, 12/15/2041     1,500,000     1,669,786
          $12,540,584
North Carolina - 3.6%
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023)   $    329,197  $     357,199
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 (w)         10,000        11,006
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 (w)         10,000        10,873
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 (w)         45,000        48,181
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 (w)         15,000        16,015
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 (w)          5,000         5,240
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050         65,000        78,042
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052        285,000       328,217
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/2036     2,000,000     2,007,857
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036        500,000       630,372
27

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Carolina - continued
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039   $    105,000  $     117,243
           $3,610,245
Ohio - 4.6%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036   $     90,000  $     115,659
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048        185,000       214,006
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055        405,000       469,145
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057     1,825,000       293,701
Cleveland-Cuyahoga County, OH, Port Authority Development Rev. (Flats East Development Project), “B”, 7%, 5/15/2040         95,000        95,198
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047        220,000       244,483
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057        580,000       686,955
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031         75,000        75,939
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047        160,000       182,255
Lake County, OH, Hospital Facilities Rev., 6%, 8/15/2043         40,000        40,136
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049        405,000       492,303
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041         90,000       105,919
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047         50,000        57,072
Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041         10,000        11,863
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035        395,000       449,842
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040         35,000        35,113
Toledo Lucas County, OH, Authority Port Rev., Facilities (CSX, Inc. Project), 6.45%, 12/15/2021     1,000,000     1,029,758
           $4,599,347
28

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oklahoma - 0.3%
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028   $     15,000  $      15,445
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045         25,000        30,901
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029          5,000         6,217
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033         35,000        42,874
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038         50,000        60,606
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043         30,000        36,813
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048         50,000        61,020
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045         55,000        61,235
             $315,111
Oregon - 0.4%
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036   $     95,000  $     108,099
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050        260,000       302,635
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040         20,000        25,039
             $435,773
Pennsylvania - 7.7%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044   $    555,000  $     628,036
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047        185,000       190,891
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032         70,000        86,479
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033         60,000        73,841
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034         30,000        36,809
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029         80,000        87,617
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048         20,000        23,139
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045         20,000        21,496
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030         25,000        27,339
29

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035   $     35,000  $      38,062
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039         35,000        37,171
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046         20,000        21,108
Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2034         30,000        38,042
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050        720,000       838,450
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049        275,000       318,069
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036        940,000       639,348
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023)        480,000       536,596
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043        420,000       463,656
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059         35,000        43,311
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044         80,000        92,062
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049         70,000        80,064
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045         80,000        96,245
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050         90,000        96,602
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 (w)         25,000        25,046
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028 (Prerefunded 4/01/2022)        140,000       145,718
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044         70,000        88,935
Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050        275,000       322,616
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049        615,000       718,190
30

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043   $    100,000  $     110,392
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035         65,000        78,577
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042        645,000       770,470
Philadelphia, PA, School District, “A”, 4%, 9/01/2039        100,000       118,951
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028        250,000       251,166
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032         30,000        41,350
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033         20,000        28,123
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035         10,000        12,040
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044         70,000        88,338
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044         65,000        73,574
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046        105,000       118,425
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048         70,000        78,715
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030         30,000        33,223
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035         35,000        38,317
           $7,656,599
Puerto Rico - 9.9%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032   $    300,000  $     308,044
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029         20,000        20,510
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038        880,000       952,494
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030        145,000       156,626
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031        120,000       129,756
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035        325,000       336,243
31

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Commonwealth of Puerto Rico, Public Improvement, “A”, NPFG, 5.5%, 7/01/2021   $     45,000  $      45,099
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030         65,000        66,815
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031        375,000       383,686
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)         10,000         9,550
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)         25,000        23,938
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)         10,000         9,575
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)         35,000        33,513
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d)         15,000        14,363
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)         15,000        14,325
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)         70,000        65,450
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022        115,000       118,165
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033         20,000        20,306
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2022         45,000        45,625
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)         60,000        57,300
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)         10,000         9,550
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d)        685,000       654,175
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022         30,000        30,804
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025         25,000        26,611
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029        125,000       134,645
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030        205,000       220,833
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)         10,000         9,600
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)         25,000        23,938
32

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)   $    575,000  $     549,125
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)         30,000        28,725
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)         90,000        86,175
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026        320,000       330,400
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021          5,000         4,995
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022         50,000        50,673
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026         10,000         9,989
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027        155,000       156,900
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031         55,000        54,933
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032         55,000        55,729
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036         55,000        54,935
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042         45,000        45,675
33

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023   $    220,000  $     231,782
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024        140,000       149,746
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028         60,000        65,788
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027         15,000        15,402
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036         35,000        35,938
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035        315,000       331,035
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2027        125,000       128,937
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2028         25,000        25,810
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040         29,000        32,515
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058     1,816,000     2,067,163
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040        270,000       298,897
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053          1,000         1,107
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058         32,000        35,875
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027         51,000        45,774
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031        550,000       432,900
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033        524,000       382,059
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046        772,000       250,375
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025         30,000        30,764
           $9,911,660
Rhode Island - 0.2%
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039   $     65,000  $      65,053
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037        135,000       141,035
             $206,088
34

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
South Carolina - 2.5%
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/2038 (Prerefunded 2/01/2023)   $ 1,000,000  $   1,081,266
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048        270,000       323,221
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043        215,000       238,885
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043        515,000       572,214
South Carolina Public Service Authority Rev., “C”, 5%, 12/01/2036        260,000       265,760
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045         30,000        35,074
           $2,516,420
Tennessee - 2.3%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023)   $    820,000  $     884,497
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044         15,000        17,050
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044         25,000        30,890
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049         10,000        12,231
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030         50,000        59,389
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036         60,000        70,087
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034          5,000         6,018
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039         10,000        11,898
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022        205,000       217,505
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026        610,000       740,322
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2025        185,000       212,511
           $2,262,398
35

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - 8.6%
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045   $    100,000  $     114,668
Central Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046        495,000       628,861
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042        330,000       341,307
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, Texas PSF, 5%, 2/15/2039        155,000       172,632
Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034        465,000       466,600
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028        250,000       250,328
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035         60,000        71,612
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036        105,000       124,976
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037        140,000       166,187
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038        120,000       142,113
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031         90,000       100,306
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032         20,000        22,297
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033         40,000        44,605
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041         70,000        31,402
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046        175,000        60,581
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030        100,000       112,302
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022)        140,000       147,093
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051         30,000        33,049
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023        100,000       100,307
Matagorda County, TX, Navigation District No. 1 (Houston Lighting), AAC, 5.125%, 11/01/2028     2,000,000     2,522,866
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031         15,000        16,111
36

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036   $     80,000  $      79,729
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025)         25,000        29,357
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025)         30,000        35,228
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025)         65,000        76,327
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022)        150,000       157,371
North Texas Tollway Authority System Rev., “B”, 4%, 1/01/2041        185,000       223,353
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n)        100,000       103,431
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046        160,000       186,068
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035         60,000        66,176
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040         70,000        76,588
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054        539,834       577,917
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044         60,000        65,466
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038        115,000       131,207
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043         95,000       107,791
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057        165,000       192,776
37

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037   $     20,000  $      11,391
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038         10,000         5,391
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039         15,000         7,659
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040         15,000         7,235
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041         30,000        13,683
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042         40,000        17,246
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043         35,000        14,302
Waco Education Finance Corp. Rev. (Baylor University), 5%, 3/01/2043 (Prerefunded 3/01/2022)        675,000       699,542
           $8,555,437
Utah - 0.5%
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043   $    265,000  $     320,907
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047        165,000       174,745
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2039         10,000        12,066
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2044         10,000        11,945
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049         20,000        23,746
             $543,409
Vermont - 0.0%
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 (w)   $     40,000  $      39,629
Virginia - 0.6%
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043   $    165,000  $     172,866
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037        145,000       181,338
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042        275,000       288,999
             $643,203
38

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Washington - 1.0%
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033   $     80,000  $      94,171
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038        100,000       116,458
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048        195,000       223,530
Seattle, WA, Port Rev., 4%, 4/01/2044         60,000        68,034
Washington State Housing Finance Commission Municipal Certificates, “X”, 3.5%, 12/20/2035        398,790       463,776
             $965,969
Wisconsin - 2.7%
Public Finance Authority Healthcare Facilities Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051   $     70,000  $      80,329
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040        405,000       227,569
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040        175,000        98,526
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048        700,000       772,482
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022         30,000        30,703
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028         95,000        99,033
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042         65,000        67,454
Wisconsin Public Finance Authority Healthcare Facilities Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045         20,000        23,024
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049        700,000       794,269
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n)        155,000       168,320
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050        100,000       115,286
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n)         25,000        27,477
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n)         10,000        10,971
39

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n)   $    105,000  $     115,196
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n)         15,000        16,456
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044         15,000        18,198
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054         20,000        24,050
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058         20,000        24,022
           $2,713,365
Total Municipal Bonds (Identified Cost, $138,878,730)   $ 151,758,702
Bonds – 0.1%
Consumer Services – 0.1%  
Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NPFG, 0%, 2/15/2045  (n)   $     16,377  $       3,719
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033  (n)        120,000        62,018
Total Bonds (Identified Cost, $72,882)        $ 65,737
Other Assets, Less Liabilities - (3.5)%     (3,439,993)
Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value (issued by the fund) - (48.9)% (48,750,000)
Net assets applicable to common shares - 100.0%    $ 99,634,446
    
(a) Non-income producing security.
(d) In default.
(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(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 $5,485,560, representing 5.5% of net assets applicable to common shares.
(u) Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(w) When-issued security.
40

Portfolio of Investments (unaudited) – continued
The following abbreviations are used in this report and are defined:
AAC Ambac Assurance Corp.
AGM Assured Guaranty Municipal
BAM Build America Mutual
CALHF California Health Facility Construction Loan Insurance Program
COP Certificate of Participation
GNMA Government National Mortgage Assn.
NPFG National Public Finance Guarantee Corp.
PSF Permanent School Fund
41

Financial Statements
Statement of Assets and Liabilities
At 5/31/21 (unaudited)
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
Assets  
Investments in unaffiliated issuers, at value (identified cost, $138,951,612) $151,824,439
Cash 2,464,187
Receivables for  
Investments sold 1,076,346
Interest 1,927,478
Other assets 15,430
Total assets $157,307,880
Liabilities  
Payables for  
Distributions on common shares $13,627
Investments purchased 745,000
When-issued investments purchased 3,707,107
Interest expense and fees 66,385
Payable to the holders of the floating rate certificates 4,301,158
Payable to affiliates  
Investment adviser 5,714
Administrative services fee 415
Transfer agent and dividend disbursing costs 568
Accrued expenses and other liabilities 83,460
VMTPS, at liquidation value 48,750,000
Total liabilities $57,673,434
Net assets applicable to common shares $99,634,446
Net assets consist of  
Paid-in capital - common shares $85,420,173
Total distributable earnings (loss) 14,214,273
Net assets applicable to common shares $99,634,446
VMTPS, at liquidation value (1,950 shares issued and outstanding at $25,000 per share) 48,750,000
Net assets including preferred shares $148,384,446
Common shares of beneficial interest issued and outstanding 9,110,245
Net asset value per common share (net assets of $99,634,446 / 9,110,245 shares of beneficial interest outstanding) $10.94
See Notes to Financial Statements
42

Financial Statements
Statement of Operations
Six months ended 5/31/21 (unaudited)
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
Net investment income (loss)  
Income  
Interest $2,805,334
Expenses  
Management fee $478,692
Transfer agent and dividend disbursing costs 7,426
Administrative services fee 14,849
Independent Trustees' compensation 3,326
Stock exchange fee 11,819
Custodian fee 3,474
Shareholder communications 11,907
Audit and tax fees 43,561
Legal fees 5,784
Interest expense and fees 317,966
Miscellaneous 46,300
Total expenses $945,104
Reduction of expenses by investment adviser (52,666)
Net expenses $892,438
Net investment income (loss) $1,912,896
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers $313,349
Change in unrealized appreciation or depreciation  
Unaffiliated issuers $1,687,059
Net realized and unrealized gain (loss) $2,000,408
Change in net assets from operations $3,913,304
See Notes to Financial Statements
43

Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
  Six months ended Year ended
  5/31/21
(unaudited) 		11/30/20
Change in net assets    
From operations    
Net investment income (loss) $1,912,896 $3,839,428
Net realized gain (loss) 313,349 210,145
Net unrealized gain (loss) 1,687,059 315,645
Change in net assets from operations $3,913,304 $4,365,218
Distributions to common shareholders $(2,292,502) $(4,184,062)
Total change in net assets $1,620,802 $181,156
Net assets applicable to common shares    
At beginning of period 98,013,644 97,832,488
At end of period $99,634,446 $98,013,644
See Notes to Financial Statements
44

Financial Statements
Statement of Cash Flows
Six months ended 5/31/21 (unaudited)
This statement provides a summary of cash flows from investment activity for the fund.
Cash flows from operating activities:  
Change in net assets from operations $3,913,304
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities:  
Purchase of investment securities (13,911,381)
Proceeds from disposition of investment securities 13,844,313
Realized gain/loss on investments (313,349)
Unrealized appreciation/depreciation on investments (1,687,059)
Net amortization/accretion of income 219,423
Decrease in interest receivable 33,657
Decrease in accrued expenses and other liabilities (11,465)
Decrease in receivable from investment adviser 153
Increase in other assets (13,495)
Decrease in payable for interest expense and fees (6,420)
Net cash provided by operating activities $2,067,681
Cash flows from financing activities:  
Cash distributions paid on common shares $(2,292,610)
Proceeds from partial call of underlying security of special purpose trust 1,265,172
Payment for redemption of floating rate certificates (635,000)
Net cash used by financing activities $(1,662,438)
Net increase in cash and restricted cash $405,243
Cash and restricted cash:  
Beginning of period $2,058,944
End of period $2,464,187
Supplemental disclosure of cash flow information:
Cash paid during the six months ended May 31, 2021 for interest was $324,386.
See Notes to Financial Statements
45

Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
Common Shares Six months
ended 		Year ended
  5/31/21
(unaudited) 		11/30/20 11/30/19 11/30/18 11/30/17 11/30/16
Net asset value, beginning of period $10.76 $10.74 $10.14 $10.47 $10.15 $10.60
Income (loss) from investment operations
Net investment income (loss) (d) $0.21 $0.42 $0.45 $0.47(c) $0.48 $0.53(c)
Net realized and unrealized gain (loss) 0.22 0.06 0.58 (0.36) 0.29 (0.49)
Distributions declared to shareholders of auction rate preferred shares — — — — — (0.00)(w)
 Total from investment operations  $0.43  $0.48  $1.03  $0.11  $0.77  $0.04
Less distributions declared to common shareholders
From net investment income $(0.22) $(0.44) $(0.43) $(0.46) $(0.48) $(0.49)
From net realized gain (0.03) (0.02) — — — —
 Total distributions declared to shareholders  $(0.25)  $(0.46)  $(0.43)  $(0.46)  $(0.48)  $(0.49)
 Net increase resulting from the tender and repurchase of common shares of beneficial interest  $—  $—  $—  $0.02  $0.03  $—
 Net asset value, end of period (x)  $10.94  $10.76  $10.74  $10.14  $10.47  $10.15
 Market value, end of period  $10.10  $9.60  $9.85  $8.81  $9.70  $9.37
 Total return at market value (%) (p) 7.91(n) 2.26 16.96 (4.52) 8.64 1.34
 Total return at net asset value (%) (j)(r)(s)(x) 4.28(n) 5.12 10.80 1.82(c) 8.25 0.46(c)
Ratios (%) (to average net assets
applicable to common shares) and
Supplemental data:
Expenses before expense reductions (f)(p) 1.92(a) 2.30 2.79 2.88(c) 2.35 1.82(c)
Expenses after expense reductions (f)(p) 1.81(a) 2.18 2.69 2.82(c) 2.33 1.79(c)
Net investment income (loss) (p) 3.88(a) 3.99 4.24 4.55(c) 4.53 4.89(c)
Portfolio turnover 11(n) 27 15 6 13 18
Net assets at end of period (000 omitted) $99,634 $98,014 $97,832 $92,357 $103,124 $117,642
46

Financial Highlights – continued
  Six months
ended 		Year ended
  5/31/21
(unaudited) 		11/30/20 11/30/19 11/30/18 11/30/17 11/30/16
Supplemental Ratios (%):
Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (f)(l)(p) 1.16(a) 1.18 1.18 1.21(c) 1.23 1.10(c)
Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (f)(l)(p) 0.78(a) 0.78 0.78 0.81(c) 0.87 0.80(c)
Ratios of net investment income to average net assets available to common shares 3.88(a) 3.99 4.24 4.55(c) 4.53 4.89(c)
Senior Securities:
VMTPS 1,950 1,950 1,950 1,950 1,950 1,950
Asset coverage per preferred share (k) $76,095 $75,263 $75,171 $72,362 $77,869 $85,302
Involuntary liquidation preference per preferred share (m) $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
Average market value per preferred share (m)(u) $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
    
See Notes to Financial Statements
47

Financial Highlights – continued
(a) Annualized.
(c) Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.
(j) Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value.
(k) Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing this number by the total number of preferred shares outstanding.
(l) Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of VMTPS, and amortization of VMTPS debt issuance costs, as applicable. For the year ended November 30, 2016, the expense ratio also excludes fees and expenses related to redemption of the fund's auction rate preferred shares (“ARPS”). For the years ended November 30, 2018 and November 30, 2017, the expense ratio also excludes fees and expenses related to the tender and repurchase of a portion of the fund’s common shares of beneficial interest.
(m) Amount excludes accrued unpaid distributions on preferred shares.
(n) Not annualized.
(p) Ratio excludes dividend payments on ARPS, if applicable.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(u) Average market value represents the approximate fair value of each of the fund’s preferred shares.
(w) Per share amount was less than $0.01.
(x) The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
48

Notes to Financial Statements
(unaudited) 
(1) Business and Organization
MFS Investment Grade Municipal Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.
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.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to shareholders. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments.
In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief for
49

Notes to Financial Statements (unaudited) - continued
certain reference rate-related contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Management is still evaluating the impact of ASU 2020-04 on the fund's accounting for investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. 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.
In determining values, 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 halt 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
50

Notes to Financial Statements (unaudited) - continued
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 May 31, 2021 in valuing the fund's assets or liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $151,758,702 $— $151,758,702
U.S. Corporate Bonds — 65,737 — 65,737
Total $— $151,824,439 $— $151,824,439
For further information regarding security characteristics, see the Portfolio of Investments.
Inverse Floaters — The fund invests in municipal inverse floating rate securities which are structured by the fund utilizing the fund's municipal bonds which have already been issued (known as self-deposited secondary market inverse floating rate securities) to have variable rates of interest which typically move in the opposite direction of short-term interest rates. A self-deposited secondary market inverse floating rate security is created when the fund transfers a fixed rate municipal bond to a special purpose trust (“the trust”), and causes the trust to (a) issue floating rate certificates to third parties, in an amount equal to a fraction of the par amount of the deposited bonds (these certificates usually pay tax-exempt interest at short-term interest rates that typically reset weekly; and the certificate holders typically, on seven days notice, have the option to tender their certificates to the trust or another party for redemption at par plus accrued interest), and (b) issue inverse floating rate certificates (sometimes referred to as “inverse floaters”) which are held by the fund. Such self-deposited inverse floaters held by the fund are accounted for as secured borrowings, with the municipal bonds reflected in the investments of the fund and amounts owed to the holders of the floating rate certificates under the provisions of the trust, which amounts are paid solely from the assets of the trust, reflected as liabilities of the fund in the Statement of Assets and Liabilities under the caption, “Payable to the holders of the floating rate certificates”. The carrying value of the fund’s payable to the holders of the floating rate certificates as reported in the fund’s Statement of Assets and Liabilities approximates its fair value. The value of the payable to the holders of the floating rate certificates as of the reporting date is considered level 2 under the fair value hierarchy
51

Notes to Financial Statements (unaudited) - continued
disclosure. At May 31, 2021, the fund’s payable to the holders of the floating rate certificates was $4,301,158 and the weighted average interest rate on the settled floating rate certificates issued by the trust was 0.35%. For the six months ended May 31, 2021, the average payable to the holders of the settled floating rate certificates was $4,373,990 at a weighted average interest rate of 0.36%. Interest expense and fees include interest payments made to the holders of certain floating rate certificates and associated fees, both of which are made from trust assets. Interest expense and fees are recorded as incurred. For the six months ended May 31, 2021, interest expense and fees related to self-deposited inverse floaters amounted to $21,006 and are included in “Interest expense and fees” in the Statement of Operations.
Statement of Cash Flows — Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the fund's Statement of Assets and Liabilities includes cash on hand at the fund's custodian bank and does not include any short-term investments. Restricted cash is presented in the fund's Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives and represents cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts.
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities with that shown in the Statement of Cash Flows:
  5/31/21
Cash $2,464,187
Restricted cash —
Restricted cash included in deposits with brokers —
Total cash and restricted cash in the Statement of Cash Flows $2,464,187
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Investment transactions are recorded on the trade date. Some securities may be purchased or sold on an extended settlement basis, which means that the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period.
Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
52

Notes to Financial Statements (unaudited) - continued
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the normal settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased in the Statement of Assets and Liabilities. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors. At the time that it enters into a when-issued or delayed delivery transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net
53

Notes to Financial Statements (unaudited) - continued
asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds, amortization and accretion of debt securities, and non-deductible expenses that result from the treatment of VMTPS as equity for tax purposes.
The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
  Year ended
11/30/20
Ordinary income (including any short-term capital gains) $347,065
Tax-exempt income 4,574,026
Long-term capital gains 149,056
Total distributions $5,070,147
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 5/31/21  
Cost of investments $134,393,429
Gross appreciation 13,170,585
Gross depreciation (40,733)
Net unrealized appreciation (depreciation) $ 13,129,852
As of 11/30/20  
Undistributed ordinary income 26,997
Undistributed tax-exempt income 963,780
Undistributed long-term capital gain 234,706
Other temporary differences (64,137)
Net unrealized appreciation (depreciation) 11,432,125
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions with Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.65% of the fund’s average daily net assets (including the value of preferred shares). The investment adviser has agreed in writing to reduce its management fee to 0.63% of the fund’s average daily net assets (including the value of preferred shares). This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until November 30, 2022. For the six months ended May 31, 2021, this management fee reduction amounted to $14,729, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended May 31, 2021 was equivalent to an annual effective rate of 0.63% of the fund’s average daily net assets (including the value of preferred shares).
54

Notes to Financial Statements (unaudited) - continued
The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest expense on VMTPS, taxes, extraordinary expenses, brokerage and transaction costs, other interest expense, and investment-related expenses (including interest expense and fees associated with investments in inverse floating rate instruments), such that total fund operating expenses do not exceed 0.78% annually of the fund’s average daily net assets (including the value of preferred shares). This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until November 30, 2022. For the six months ended May 31, 2021, this reduction amounted to $37,937, which is included in the reduction of total expenses in the Statement of Operations.
Transfer Agent — The fund engages Computershare Trust Company, N.A. (“Computershare”) as the sole transfer agent for the fund's common shares. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the six months ended May 31, 2021, these fees paid to MFSC amounted to $1,684.
Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets (including the value of preferred shares). The administrative services fee incurred for the six months ended May 31, 2021 was equivalent to an annual effective rate of 0.0202% of the fund’s average daily net assets (including the value of preferred shares).
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.
(4) Portfolio Securities
For the six months ended May 31, 2021, purchases and sales of investments, other than short-term obligations, aggregated $17,255,926 and $16,153,579, respectively.
(5) Shares of Beneficial Interest
The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The fund reserves the right to repurchase shares of beneficial interest of the fund subject to Trustee approval. During the six months ended May 31, 2021 and the year ended November 30, 2020, there were no transactions in fund shares.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit of which $1 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to
55

Notes to Financial Statements (unaudited) - continued
the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended May 31, 2021, the fund’s commitment fee and interest expense were $217 and $0, respectively, and are included in “Interest expense and fees” in the Statement of Operations.
(7) Preferred Shares
The fund has 1,950 shares issued and outstanding of VMTPS. The outstanding VMTPS are redeemable at the option of the fund in whole or in part at the liquidation preference of $25,000 per share, plus accumulated and unpaid dividends, but generally solely for the purpose of decreasing the leverage of the fund. The VMTPS are subject to a mandatory term redemption date of October 31, 2021, as extended, unless further extended through negotiation with the private holders of the VMTPS. There is no assurance that the term of the VMTPS will be extended or that the VMTPS will be replaced with any other preferred shares or other form of leverage upon the redemption of the VMTPS. Two months prior to the term redemption date of the VMTPS, the fund is required to begin to segregate liquid assets with the fund’s custodian to fund the redemption. Dividends on the VMTPS are cumulative and are reset weekly to a fixed spread against the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. During the six months ended May 31, 2021, the VMTPS dividend rates ranged from 1.18% to 1.26%. For the six months ended May 31, 2021, the average dividend rate was 1.21%.
In the fund’s Statement of Assets and Liabilities, the VMTPS aggregate liquidation preference is shown as a liability since they have a stated mandatory redemption date. Dividends paid to the VMTPS are treated as interest expense and recorded as incurred. For the six months ended May 31, 2021, interest expense related to the dividends paid to VMTPS amounted to $296,743 and is included in “Interest expense and fees” in the Statement of Operations. Costs directly related to the issuance of the VMTPS are considered debt issuance costs. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability and are amortized into interest expense over the life of the VMTPS. The period-end carrying value for the VMTPS in the fund’s Statement of Assets and Liabilities is its liquidation value less any unamortized debt issuance costs, which approximates its fair value. Its fair value would be considered level 2 under the fair value hierarchy.
Under the terms of a purchase agreement between the fund and the investor in the VMTPS, the fund is subject to various investment restrictions. These investment-related requirements are in various respects more restrictive than those to which the fund is otherwise subject in accordance with its investment objectives and policies. In addition, the fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies that rate the VMTPS, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the fund by the Investment Company Act of 1940 (the “1940 Act”).
56

Notes to Financial Statements (unaudited) - continued
The fund is required to maintain certain asset coverage with respect to the VMTPS as defined in the fund’s governing documents and the 1940 Act. One of a number of asset coverage-related requirements is that the fund is not permitted to declare or pay common share dividends unless immediately thereafter the fund has a minimum asset coverage ratio of 200% with respect to the VMTPS after deducting the amount of such common share dividends.
The 1940 Act requires that the preferred shareholders of the fund, voting as a separate class, have the right to elect at least two trustees at all times, and elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless otherwise required by law or under the terms of the preferred shares, each preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.
Leverage involves risks and special considerations for the fund’s common shareholders. To the extent that investments are purchased by the fund with proceeds from the issuance of preferred shares, the fund’s net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. Changes in the value of the fund’s portfolio will be borne entirely by the common shareholders. It is possible that the fund will be required to sell assets at a time when it may be disadvantageous to do so in order to redeem preferred shares to comply with asset coverage or other restrictions including those imposed by the 1940 Act and the rating agencies that rate the preferred shares. There is no assurance that the fund’s leveraging strategy will be successful.
(8) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
(9) Subsequent Event
On June 9, 2021, the Board of Trustees of the fund approved a proposal to refinance the outstanding VMTPS issued by the fund. Under the proposal, subject to the satisfaction of certain conditions, the fund would issue a new series of preferred shares in a private offering. The fund would use the proceeds from the sale of the new series of preferred shares to fund the redemption of all of its outstanding VMTPS. The VMTPS would be redeemed at the liquidation preference per share plus unpaid dividends accumulated from the original issue date up to, but excluding, the redemption date. As a result of the new preferred shares and the redemption of the outstanding VMTPS, the fund's leverage attributable to preferred shares would remain substantially unchanged.
57

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of MFS Investment Grade Municipal Trust
Results of Review of Interim Financial Statements
We have reviewed the accompanying statement of assets and liabilities of MFS Investment Grade Municipal Trust (the “Fund”), including the portfolio of investments, as of May 31, 2021, and the related statements of operations, changes in net assets, cash flows and financial highlights for the six-month period then ended and the related notes (collectively referred to as the “interim financial statements”). Based on our review, we are not aware of any material modifications that should be made to the interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the statement of changes in net assets for the year ended November 30, 2020 and the financial highlights for each of the five years in the period then ended; and in our report dated January 14, 2021, we expressed an unqualified opinion on those financial statements.
Basis for Review Results
These financial statements are the responsibility of the Fund's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Boston, Massachusetts
July 16, 2021
58

Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at  mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Additional information about the fund (e.g., performance, dividends and the fund’s price history)  is also available at mfs.com/closedendfunds by choosing the fund's name, if any.
INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS
The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
59

CONTACT US
TRANSFER AGENT, REGISTRAR, AND
DIVIDEND DISBURSING AGENT
CALL
1-800-637-2304
9 a.m. to 5 p.m. Eastern time
WRITE
Computershare Trust Company, N.A.
P.O. Box 505005
Louisville, KY 40233-5005
New York Stock Exchange Symbol: CXH

Item 1(b):

A copy of the notice transmitted to the Registrant’s shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.

 

ITEM 2.

CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

 

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

 

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

 

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

 

ITEM 6.

SCHEDULE OF INVESTMENTS

A schedule of investments for MFS Investment Grade Municipal Trust is included as part of the report to shareholders under Item 1(a) of this Form N-CSR.

 

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for semi-annual reports.

 

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

There were no changes during this period.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

MFS Investment Grade Municipal Trust

 

Period

   (a) Total number
of Shares
Purchased 		     (b)
Average
Price
Paid per
Share 		     (c) Total
Number of
Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs 		     (d) Maximum
Number (or
Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
under the Plans
or Programs 		 

12/01/20-12/31/20

     0        N/A        0        911,024  

1/01/21-1/31/21

     0        N/A        0        911,024  

2/01/21-2/28/21

     0        N/A        0        911,024  

3/01/21-3/31/21

     0        N/A        0        911,024  

4/01/21-4/30/21

     0        N/A        0        911,024  

5/01/21-5/31/21

     0        N/A        0        911,024  
  

 

 

       

 

 

    

Total

     0           0     
  

 

 

       

 

 

    

Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant’s outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2020 plan year is 911,024.

 

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

ITEM 11.

CONTROLS AND PROCEDURES.

 

(a)

Based upon their evaluation 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-CSR, 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 period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for semi-annual reports.

 

ITEM 13.

EXHIBITS.

 

(a)    (1)

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable.

 

  (2)

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 as EX-99.302CERT.

 

  (3)

Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

 

  (4)

Change in the registrant’s independent public accountant. Not applicable.

 

(b)

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT.

 

(c)

Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.

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)*    /S/ DAVID L. DILORENZO
  David L. DiLorenzo, President

Date: July 16, 2021

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)*    /S/ DAVID L. DILORENZO
  David L. DiLorenzo, President (Principal Executive Officer)

Date: July 16, 2021

 

By (Signature and Title)*    /S/ JAMES O. YOST
  James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)

Date: July 16, 2021

 

*

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

 

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