UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5785
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MFS INVESTMENT GRADE MUNICIPAL TRUST
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: November 30
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Date of reporting period: August 31, 2007
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) INVESTMENT GRADE MUNICIPAL TRUST
8/31/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Investment Grade Municipal Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 8/31/07
ISSUER SHARES/PAR VALUE ($)
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MUNICIPAL BONDS - 147.4%
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AIRPORT & PORT REVENUE - 2.8%
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Massachusetts Port Authority Rev., "C", FGIC, 5.75%, 2010 (c)(u) $ 2,000,000 $ 2,110,520
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New York, NY, City Industrial Development Authority Rev. (Terminal One Group
Assn.), 5.5%, 2021 250,000 263,098
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Port Authority of NY & NJ, Special Obligations Rev. (JFK International Airport
Terminal-6), MBIA, 6.25%, 2008 1,000,000 1,027,830
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$ 3,401,448
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ASSET BACKED & SECURITIZED - 0.2%
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Pass-Through Certificates, "1993", 9.75%, 2016 (z) $ 227,741 $ 223,710
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GENERAL OBLIGATIONS - GENERAL PURPOSE - 8.1%
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Chicago, IL, "A", AMBAC, 6.25%, 2014 $ 1,480,000 $ 1,673,998
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Chicago, IL, (Emergency Telecommunications Systems), FGIC, 5.5%, 2023 1,000,000 1,108,610
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Commonwealth of Massachusetts, "C", 5.25%, 2017 1,000,000 1,090,260
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Commonwealth of Puerto Rico, Public Improvement, FSA, 5.5%, 2017 1,000,000 1,116,480
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Commonwealth of Puerto Rico, Public Improvement, "A", 5%, 2030 415,000 428,600
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Highlands Ranch, CO, Metropolitan District, FSA, 6.5%, 2011 650,000 711,893
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Highlands Ranch, CO, Metropolitan District, ETM, FSA, 6.5%, 2011 (c) 725,000 796,710
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New York, NY, "J", 5.5%, 2018 (c) 500,000 535,705
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Puerto Rico Government Development Bank, "B", 5%, 2015 250,000 261,663
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Puerto Rico Infrastructure Financing Authority, "B", 5%, 2026 750,000 756,870
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St. Clair County, IL, Capital Appreciation, FGIC, 0%, 2016 (f) 2,000,000 1,355,960
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State of California, 5.75%, 2019 70,000 70,610
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$ 9,907,359
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GENERAL OBLIGATIONS - IMPROVEMENT - 1.3%
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St. Clair County, IL, Public Building Capital Appreciation, "B", FGIC, 0%, 2013 $ 2,000,000 $ 1,557,360
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GENERAL OBLIGATIONS - SCHOOLS - 4.5%
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Garden City, MI, School District, 5.5%, 2011 (c) $ 325,000 $ 345,157
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Modesto, CA, High School District (Stanilaus County), "A", FGIC, 0%, 2019 1,350,000 788,319
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Pomona, CA, Uni School District, "A", MBIA, 6.45%, 2022 1,000,000 1,213,370
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St. Johns, MI, Public Schools, FGIC, 5.1%, 2025 1,000,000 1,064,660
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West Contra Costa, CA, Uni School District, "B", MBIA, 6%, 2024 250,000 289,543
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Will County, IL, School District, (Channahon), AMBAC, 8.5%, 2015 1,400,000 1,828,008
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$ 5,529,057
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HEALTHCARE REVENUE - HOSPITALS - 22.7%
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), "A", 5.375%, 2040 $ 405,000 $ 371,413
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Augusta County, VA, Industrial Development Authority (Augusta Health Care, Inc.),
5.25%, 2019 1,000,000 1,055,600
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California Health Facilities Financing Authority Rev. (Catholic Healthcare West), "I",
4.95%, 2026 200,000 205,698
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Cape Girardeau County, MO, Industrial Development Authority Rev. (Southeast
Missouri Hospital), 5%, 2027 575,000 541,253
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Colorado Health Facilities Authority Rev. (National Jewish Medical & Research
Center), 5.375%, 2029 250,000 244,855
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 5%, 2025 250,000 247,950
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Colorado Health Facilities Authority Rev. (Vail Valley Medical Center), 5%, 2020 250,000 246,810
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Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), "A", 5%, 2016 500,000 501,950
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Glendale, AZ, Industrial Development Authority, (John C Lincoln Health), 5%, 2042 210,000 191,594
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Health Care Authority for Baptist Health, "D", 5%, 2021 850,000 847,374
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Henderson, NV, Health Care Facilities Rev. (Catholic West), "A", 6.75%, 2010 (c) 440,000 478,513
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Henderson, NV, Health Care Facilities Rev. (Catholic West), "A", 6.75%, 2010 (c) 60,000 64,841
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Hillsborough County, FL, Industrial Development Tampa General Hospital Project
Rev., 5%, 2021 400,000 400,564
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Illinois Development Finance Authority Hospital Rev. (Adventist Health Systems
Sunbelt Obligatory), 5.5%, 2009 (c) 900,000 941,319
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Illinois Health Facilities Authority Rev. (Swedish American Hospital), 6.875%, 2010 (c) 500,000 538,730
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Indiana Health & Educational Facilities Financing Authority Rev. (Jackson County
Schneck Memorial Hospital), "A", 5.25%, 2036 350,000 351,173
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Indiana Health & Educational Facilities Hospital Rev. (Community Foundation of
Northwest Indiana), 5.5%, 2037 845,000 812,839
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Indiana Health Facilities Financing Authority Rev. (Community Foundation of
Northwest Indiana ), "A", 6%, 2034 150,000 152,691
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Lakewood, OH, Hospital Improvement Rev. (Lakewood Hospital Assn.), 5.5%, 2014 385,000 402,263
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Lexington County, SC, Health Services Rev. (Lexington Medical Center), 5.5%, 2013 (c) 500,000 543,950
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Louisiana Public Facilities Authority Rev. (Touro Infirmary Project), "A", 5.625%, 2029 500,000 495,320
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Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare),
"A", 5.75%, 2025 250,000 254,880
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Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare),
"A", 5%, 2016 250,000 250,923
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Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland
Medical System), 6.75%, 2010 (c) 250,000 272,423
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Massachusetts Health & Educational Facilities Authority Rev. (Civic Investments, Inc.),
"A", 9%, 2012 (c) 250,000 297,178
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Massachusetts Health & Educational Facilities Authority Rev. (Milford Whitinsville
Regional), "C", 5.75%, 2013 500,000 509,045
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Massachusetts Health & Educational Facilities Authority Rev. (South Shore Hospital),
"F", 5.75%, 2029 1,000,000 1,028,480
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Michigan Hospital Finance Authority Rev. (Oakwood Obligated Group), 5.5%, 2018 400,000 418,212
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New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical
Center), "A", 6.125%, 2012 (c) 440,000 488,536
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New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical
Center), "A", 6.125%, 2032 60,000 61,658
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New Hampshire Health & Educational Facilities Authority Rev. (Memorial Hospital at
Conway), 5.25%, 2036 300,000 280,596
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New York Dormitory Authority Rev. (North Shore Long Island Jewish Group), 5.5%, 2013 (c) 100,000 108,679
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New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU
Health), 5.5%, 2026 200,000 200,380
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New York Dormitory Authority Rev., Non State Supported Debt (Mt. Sinai NYU
Health), "C", 5.5%, 2026 300,000 300,570
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Orange County, FL, Health Facilities Authority Rev. (Orlando Regional Healthcare),
"C", ETM, 6.25%, 2013 (c) 1,740,000 1,971,194
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Orange County, FL, Health Facilities Authority Rev. (Orlando Regional Healthcare),
5.75%, 2012 (c) 150,000 163,841
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Orange County, FL, Health Facilities Authority Rev. (Orlando Regional Healthcare),
"C", MBIA, 6.25%, 2013 720,000 806,954
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Orange County, FL, Health Facilities Authority Rev. (Orlando Regional Healthcare),
"E", 6%, 2009 (c) 5,000 5,269
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Orange County, FL, Health Facilities Authority Rev. (Orlando Regional Healthcare),
"E", 6%, 2026 170,000 176,639
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Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple
University Hospital), "A", 5.5%, 2030 465,000 449,139
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Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan
Obligated Group), 6.375%, 2012 (c) 435,000 486,295
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Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan
Obligated Group), 6.375%, 2021 65,000 70,019
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Saline County, MO, Industrial Development Authority Rev. (John Fitzgibbon Memorial
Hospital, Inc.), 5.625%, 2035 500,000 477,000
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South Broward, FL, Hospital District Rev., 5.625%, 2012 (c) 1,000,000 1,085,990
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South Carolina Jobs, Economic Development Authority (Bon Secours - St. Francis
Medical Center), 5.5%, 2023 500,000 516,580
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South Dakota Health & Educational Facilities Authority Rev. (Sioux Valley Hospitals &
Health Systems), "A", 5.25%, 2034 250,000 251,018
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Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.125%, 2036 1,000,000 918,920
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Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.375%, 2015 380,000 385,575
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St. Paul, MN, Housing & Redevelopment Authority Healthcare Facilities Rev.
(Healthpartners Obligations Group PJ), 5.25%, 2023 325,000 322,914
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St. Paul, MN, Housing & Redevelopment Authority Hospital Rev. (Healtheast Project),
5.15%, 2020 250,000 243,675
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St. Paul, MN, Housing & Redevelopment Authority Hospital Rev. (Healtheast), "A",
5.7%, 2015 250,000 252,803
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St. Paul, MN, Port Authority Lease Rev. (Regions Hospital Parking Ramp Project), "1",
5%, 2036 675,000 601,418
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Sullivan County, TN, Health Educational & Housing Facilities Board Hospital Rev.
(Wellmont Health Systems Project), "C", 5.25%, 2026 1,000,000 979,990
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Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner
Regional Health), "A", 5.5%, 2046 1,000,000 941,970
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Turlock, CA, Health Facilities Rev. (Emanuel Medical Center), 5.375%, 2034 500,000 491,215
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University of Kansas Hospital Authority Health Facilities Rev. (KU Health Systems),
5.625%, 2012 (c) 500,000 542,530
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University of Kansas Hospital Authority Health Facilities Rev. (KU Health Systems),
5%, 2036 500,000 480,050
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Wisconsin Health & Educational Facilities (Fort Healthcare, Inc. Project), 5.375%, 2018 385,000 388,076
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
6.4%, 2033 175,000 182,247
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Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan
Services), "A", 5.125%, 2033 490,000 452,054
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$ 27,751,635
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HEALTHCARE REVENUE - LONG TERM CARE - 15.3%
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Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears
Methodist Retirement), "A", 7%, 2033 $ 500,000 $ 527,315
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Bexar County, TX, Health Facilities Development Corp. (Army Retirement Residence),
5%, 2033 760,000 707,872
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Bucks County, PA, Industrial Development Authority, Retirement Community Rev.
(Ann's Choice, Inc.), 6.125%, 2025 500,000 506,865
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Capital Projects Finance Authority, FL (Glenridge on Palmer Ranch), "A", 8%, 2012 (c) 500,000 594,080
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Chartiers Valley, PA, Industrial & Commercial Development Authority Rev. (Friendship
Village South), "A", 5.25%, 2013 500,000 494,715
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Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home),
8.5%, 2032 730,000 746,286
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Clackamas County, OR, Hospital Facilities Authority Rev. (Robison Jewish Home),
5.25%, 2027 500,000 465,370
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Cole County, MO, Industrial Development Authority, Senior Living Facilities Rev.
(Lutheran Senior Services), 5.5%, 2035 500,000 501,845
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Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.),
5%, 2016 860,000 850,540
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Colorado Health Facilities Authority Rev. (Evangelical Lutheran Society), 5%, 2035 125,000 114,000
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Connecticut Development Authority First Mortgage Gross Rev., Health Care Project
(The Elim Park Baptist, Inc. Project), 5.75%, 2023 250,000 255,355
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Delaware County Authority Rev., PA (Dunwoody Village), "A", 5.375%, 2017 250,000 254,135
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Delaware County, PA, Industrial Development Authority Rev. (Care Institute-Main Line
LLC), 9%, 2031 (d) 535,000 393,530
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Delaware Economic Development Authority Healthcare Facilities Rev. (Churchman
Village Project), "A", 10%, 2021 810,000 809,619
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Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 250,000 253,490
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Fulton County, GA, Residential Care Facilities, First Mortgage (Lenbrook Square
Foundation, Inc.), "A", 5%, 2029 270,000 242,201
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Illinois Finance Authority Rev. (Hoosier Care, Inc.), "A", 7.125%, 2034 445,000 448,039
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Illinois Finance Authority Rev. (Lutheran Senior Services), 5.125%, 2026 875,000 860,125
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Illinois Finance Authority Rev. (Washington & Jane Smith Community), "A", 6.25%, 2035 500,000 506,975
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Illinois Health Facilities Authority Rev. (Lutheran Senior Ministries, Inc.),
7.375%, 2011 (c) 250,000 284,895
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Illinois Health Facilities Authority Rev. (Washington & Jane Smith Community), "A",
7%, 2032 250,000 263,405
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Johnson City, TN, Health & Educational Facilities Board (Appalachian Christian
Village), "A", 6.25%, 2032 250,000 255,833
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Juneau, AK, City & Boro Non-recourse Rev. (St. Ann's Care Project), 6.875%, 2025 470,000 451,792
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Kentwood, MI, Economic Development Ltd. (Holland Home), "A", 5.375%, 2036 500,000 458,425
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La Verne, CA, COP (Brethren Hillcrest Homes), "B", 6.625%, 2025 350,000 368,540
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Lee County, FL, Industrial Development Authority Health Care Facilities Rev., (Shell
Point Village), "A", 5.5%, 2009 (c) 175,000 183,034
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Massachusetts Development Finance Agency Rev. (Loomis Communities Project),
"A", 5.625%, 2015 200,000 202,136
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Montana Facility Finance Authority Rev. (Senior Living St. Johns Lutheran), "A",
6.125%, 2036 200,000 201,156
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.125%, 2028 200,000 201,940
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.25%, 2035 300,000 302,985
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New Jersey Economic Development Authority Rev. (Cranes Mill Project), "A", 5.1%, 2027 250,000 238,898
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New Jersey Economic Development Authority Rev. (Lions Gate Project), "A", 5.875%, 2037 100,000 100,196
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New Jersey Economic Development Authority Rev., First Mortgage (Lions Gate
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Project), "A", 5.75%, 2025 310,000 310,521
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New Jersey Economic Development Authority Rev., First Mortgage (Winchester), "A",
5.75%, 2024 350,000 356,748
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North Carolina Community Medical Care Facilities Rev. (DePaul Community
Facilities), 6.125%, 2028 500,000 459,870
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North Carolina Medical Care Commission Retirement Facilities Rev. (United Methodist
Retirement Homes, Inc.), 5.25%, 2024 250,000 233,928
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Savannah, GA, Economic Development Authority Rev. (Marshes of Skidway), "A",
7.4%, 2024 250,000 265,573
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Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown
Village), "A", 7.25%, 2034 150,000 151,620
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Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Trezevant
Manor), "A", 5.75%, 2037 500,000 483,375
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South Carolina Jobs & Economic Development Authority, Health Facilities Rev.
(Wesley Commons), 5.3%, 2036 250,000 223,850
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Suffolk County, NY, Industrial Development Agency, Civic Facilities Rev. (Gurwin
Jewish Phase II), 6.7%, 2039 500,000 528,840
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Suffolk, VA, Industrial Development Authority, Retirement Facilities Rev. (Lake Prince
Center, Inc.), 5.3%, 2031 250,000 229,080
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Tarrant County, TX, Cultural Education Facilities Finance Corp. (Edgemere Project),
"A", 6%, 2036 250,000 254,265
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Westminster, MD, Economic Development Rev. (Carroll Lutheran Village), "A",
5.875%, 2021 500,000 509,455
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Winchester, VA, Industrial Development Authority Rev., Residential Care Facilities
(Westminster-Canterbury), "A", 5.3%, 2035 250,000 230,380
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Wisconsin Health & Educational Facilities Authority Rev. (Eastcastle Place, Inc.
Project), 6.125%, 2034 150,000 150,177
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Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Catholic Home),
5%, 2026 1,000,000 967,940
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Wisconsin Health & Educational Facilities Authority Rev. (Three Pillars Sen
Communities), 5.6%, 2023 300,000 304,221
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$ 18,705,435
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HUMAN SERVICES - 0.2%
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Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5%, 2024 $ 250,000 $ 225,635
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INDUSTRIAL REVENUE - AIRLINES - 0.8%
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Charlotte, NC, Douglas International Airport Special Facilities Rev. (U.S. Airways,
Inc.), 7.75%, 2028 $ 500,000 $ 527,065
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New Jersey Economic Development Authority Special Facilities Rev. (Continental
Airlines, Inc.), 6.25%, 2019 500,000 505,470
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$ 1,032,535
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INDUSTRIAL REVENUE - CHEMICALS - 0.4%
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Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), "B-2", 4.95%, 2033 $ 500,000 $ 468,890
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INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 0.4%
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Ohio Solid Waste Rev. (Republic Services, Inc.), 4.25%, 2033 $ 500,000 $ 482,725
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INDUSTRIAL REVENUE - OTHER - 5.2%
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Gulf Coast, TX, Industrial Development Authority Rev. (Citgo Petroleum Corp.), 8%, 2028 $ 250,000 $ 271,380
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Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023 355,000 358,994
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Indianapolis, IN, Airport Authority Rev., Special Facilities (FedEx Corp.), 5.1%, 2017 250,000 251,278
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Michigan Strategic Funding Ltd Obligatory Rev. (Michigan Sugar Comp. Carollton),
6.55%, 2025 250,000 251,383
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Mississippi Business Finance Corp. (Northrop Grumman Ship Systems), 4.55%, 2028 2,000,000 1,785,480
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Missouri Development Finance Board Solid Waste Disposal Rev. (Proctor & Gamble
Paper Products), 5.2%, 2029 250,000 256,543
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New Jersey Economic Development Authority Rev. (GMT Realty LLC), "B", 6.875%, 2037 500,000 516,380
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St. John Baptist Parish, LA (Marathon Oil Corp.), "A", 5.125%, 2037 525,000 512,048
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Toledo Lucas County, OH, Authority Port Rev. Facilities (CSX, Inc. Project), 6.45%, 2021 1,000,000 1,098,230
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Washington County, NE, Wastewater Facilities Rev. (Cargill, Inc. Project), 5.9%, 2027 1,000,000 1,057,000
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$ 6,358,716
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INDUSTRIAL REVENUE - PAPER - 1.4%
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Camden, AL, Industrial Development Board Exempt Facilities Rev. (Weyerhaeuser
Co.), "B", 6.375%, 2024 $ 275,000 $ 291,852
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Camden, AR, Environmental Improvement Rev. (International Paper Co.), "A", 5%, 2018 500,000 491,165
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Escambia County, FL, Environmental Import Rev. (International Paper Co.), 5.75%, 2027 250,000 253,335
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Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser
Co.), "B", 6.7%, 2022 325,000 367,231
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Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), "A",
6.125%, 2034 320,000 316,870
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$ 1,720,453
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MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 0.9%
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Cabazon Band Mission Indians, CA, 8.375%, 2015 (z) $ 100,000 $ 103,056
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Cabazon Band Mission Indians, CA, 8.75%, 2019 (z) 360,000 369,439
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Cow Creek Band Umpqua Tribe of Indians, OR, "C", 5.625%, 2026 (n) 350,000 338,702
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New York Liberty Development Corp. Rev. (National Sports Museum), "A", 6.125%, 2019 250,000 252,878
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$ 1,064,075
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MISCELLANEOUS REVENUE - OTHER - 3.3%
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Boston, MA, Industrial Development Financing Authority Rev. (Crosstown Center
Project), 6.5%, 2035 $ 280,000 $ 280,308
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District of Columbia Rev. (Smithsonian Institution), 5%, 2028 1,000,000 1,006,560
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Louisiana Public Facilities Authority Rev. (Pennington Medical Foundation Project),
5%, 2021 1,000,000 1,004,890
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Middlesex County, NJ, Improvement Authority (Heldrich Associates LLC), "B", 6.25%, 2037 500,000 509,220
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New York Convention Center Operating Corp. (Yale Building), ETM, 0%, 2008 (c) 700,000 681,044
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Summit County, OH, Port Authority Building Rev. (Seville Project), "A", 5.1%, 2025 475,000 468,972
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V Lakes Utility District Ranking Water Systems Rev., 8.25%, 2024 (d) 135,000 81,000
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$ 4,031,994
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MULTI-FAMILY HOUSING REVENUE - 7.9%
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Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments
Ltd.), "A", 7.5%, 2040 $ 500,000 $ 519,720
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Capital Trust Agency, FL, Housing Authority Rev. (Atlantic Housing Foundation), "C",
5.875%, 2028 375,000 377,501
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Charter Mac Equity Issuer Trust, 6.3%, 2019 (n) 500,000 532,260
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Charter Mac Equity Issuer Trust, "B",, 7.6%, 2010 (n) 500,000 542,540
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Clay County, FL, Housing Finance Authority Rev. (Madison Commons Apartments),
"A", 7.45%, 2040 245,000 252,737
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District of Columbia Housing Finance Agency (Henson Ridge), FHA, 5.1%, 2037 500,000 482,175
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Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2038 400,000 381,008
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GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039 (n) 500,000 490,465
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Massachusetts Housing Finance Agency Rev., "B", 5%, 2030 455,000 455,482
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Massachusetts Housing Finance Agency Rev., "E", 5%, 2028 250,000 242,658
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Montgomery County, OH, Multi-Family Housing Rev. (Chevy Chase Apartments),
4.95%, 2035 250,000 245,080
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Munimae TE BD Subsidiary LLC, 5.5%, 2049 (n) 1,000,000 1,019,520
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New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (FHA Sun Pointe
Apartments), "E", FHA, 4.8%, 2040 500,000 460,495
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New York, NY, City Housing Development Corp., "F-1", 4.65%, 2025 500,000 482,140
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North Carolina Medical Care Commission, Health Care Facilities Rev. (ARC Projects),
"A", 5.8%, 2034 655,000 662,958
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Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), "I",
FSA, 5%, 2025 500,000 486,020
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Tacoma, WA, Housing Authority Multifamily Rev. (HSG-GNMA Collateral Mortgage
Loans Redwood), 5.05%, 2037 1,040,000 991,931
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White Bear Lake, MN, Multi-Family Housing Rev. (Birch Lake Townhomes), "A",
10.25%, 2019 775,000 767,250
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White Bear Lake, MN, Multi-Family Housing Rev. (Birch Lake), "B", 0%, 2019 663,000 301,771
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$ 9,693,711
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SALES & EXCISE TAX REVENUE - 3.8%
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Bolingbrook, IL, Sales Tax Rev., 0% to 2008, 6.25% to 2024 $ 250,000 $ 245,415
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New York Local Government Assist Corp., "E", 5%, 2021 3,000,000 3,150,810
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Tampa, FL, Sports Authority Rev. (Sales Tax-Tampa Bay Arena), MBIA, 5.75%, 2025 1,000,000 1,149,700
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Wyandotte County, KS, Unified Government Special Obligation Rev. (Sales Tax -
Second Lien Area B), 5%, 2020 100,000 97,340
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$ 4,643,265
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SINGLE FAMILY HOUSING - LOCAL - 0.8%
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Chicago, IL, Single Family Mortgage Rev., "A", GNMA, 7.15%, 2031 $ 20,000 $ 20,195
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Minneapolis & St. Paul Housing Authority Rev. (City Living), "A-2", GNMA, 5%, 2038 496,880 469,144
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Pittsburgh, PA, Urban Redevelopment Authority Rev., "C", GNMA, 4.8%, 2028 500,000 485,345
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$ 974,684
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SINGLE FAMILY HOUSING - OTHER - 0.8%
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Maine Housing Authority Mortgage, "A-2", 4.95%, 2027 $ 500,000 $ 481,425
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North Dakota Housing Finance Agency Rev., "A", 4.85%, 2021 500,000 485,745
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$ 967,170
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 2.1%
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev. (Single Family Project), "B-2", 7.25%, 2031 $ 65,000 $ 68,970
---------------------------------------------------------------------------------------------------------------------------------
Montana Board Housing (Single Family Mortgage), "A", 5%, 2036 935,000 887,165
---------------------------------------------------------------------------------------------------------------------------------
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership
Loan Project), "C", GNMA, 4.9%, 2021 685,000 666,738
---------------------------------------------------------------------------------------------------------------------------------
Tennessee Housing Development Agency (Homeownership Program 2007), 4.65%, 2027 1,000,000 925,750
---------------------------------------------------------------------------------------------------------------------------------
$ 2,548,623
---------------------------------------------------------------------------------------------------------------------------------
SOLID WASTE REVENUE - 3.1%
---------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Industrial Development Authority Rev. (American Ref-Fuel),
"A", 6.1%, 2013 $ 1,000,000 $ 1,012,600
---------------------------------------------------------------------------------------------------------------------------------
Lee County, FL, Solid Waste Systems Rev., "A", AMBAC, 5%, 2017 1,500,000 1,557,570
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency Res Recovery Rev. (Ogden Haverhill
Project), "A", 5.45%, 2012 1,250,000 1,259,100
---------------------------------------------------------------------------------------------------------------------------------
$ 3,829,270
---------------------------------------------------------------------------------------------------------------------------------
STATE & AGENCY - OTHER - 0.9%
---------------------------------------------------------------------------------------------------------------------------------
New York Dormitory Authority Rev., State University Facilities, "C", FSA, 5.75%, 2017 $ 1,000,000 $ 1,134,260
---------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL AGENCIES - 15.2%
---------------------------------------------------------------------------------------------------------------------------------
Andover, MN, Economic Development Authority Public Facilities Lease Rev. (Andover
Community Center), 5%, 2014 (j) $ 355,000 $ 373,403
---------------------------------------------------------------------------------------------------------------------------------
Andover, MN. Economic Development Authority Public Facilities Lease Rev. (Andover
Community Center), 5%, 2019 (c) 245,000 252,017
---------------------------------------------------------------------------------------------------------------------------------
Arizona Game & Fish Department (AGF Administration Building Project), 5%, 2026 900,000 910,827
---------------------------------------------------------------------------------------------------------------------------------
Berkeley County, SC, School District Installment Lease (Securing Assets for
Education), 5%, 2028 500,000 496,725
---------------------------------------------------------------------------------------------------------------------------------
Compton, CA, COP (Civic Center), "A", 5.5%, 2015 500,000 513,520
---------------------------------------------------------------------------------------------------------------------------------
Dorchester County, SC, School District No. 2, Growth Remedy Opportunity Tax Hike,
5.25%, 2029 250,000 253,888
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced,
"B", 5.5%, 2013 (c) 500,000 542,620
---------------------------------------------------------------------------------------------------------------------------------
Hibbing, MN, Economic Development Authority Rev. (Public Project Hibbing Lease
Obligations), 6.4%, 2012 335,000 336,099
---------------------------------------------------------------------------------------------------------------------------------
Indiana Office Building Commission Correction Facilities Program Rev. (Women's
Prison), "B", AMBAC, 6.25%, 2016 2,820,000 3,184,485
---------------------------------------------------------------------------------------------------------------------------------
Kentucky Property & Buildings Commission Rev. (Project 73), 5.5%, 2014 455,000 483,911
---------------------------------------------------------------------------------------------------------------------------------
Lancaster Educational Assistance Program, Inc., School District Lancaster County
Project, 5%, 2026 550,000 527,643
---------------------------------------------------------------------------------------------------------------------------------
Laurens County, SC, School District No. 55, Installment Purchase Rev., 5.25%, 2030 350,000 345,345
---------------------------------------------------------------------------------------------------------------------------------
Los Angeles County, CA, Schools Regionalized Business Services Corp. (Capital
Appreciation-Pooled Financing), "A", AMBAC, 0%, 2021 2,135,000 1,097,966
---------------------------------------------------------------------------------------------------------------------------------
Missouri Development Finance Board Infrastructure Facilities Rev. (Eastland Center
Project), "A", 5%, 2021 570,000 577,336
---------------------------------------------------------------------------------------------------------------------------------
Montana Facilities Finance Authority Healthcare Facilities Rev. (Master Loan Program
Children's Home), "B", 4.75%, 2024 250,000 244,430
---------------------------------------------------------------------------------------------------------------------------------
New York Dorm Authority Rev., "A", 5.75%, 2018 5,000,000 5,510,400
---------------------------------------------------------------------------------------------------------------------------------
Newberry, SC, Investing in Children's Education (Newberry County School District
Program), 5%, 2030 350,000 327,100
---------------------------------------------------------------------------------------------------------------------------------
St. Louis, MO, Industrial Development Authority Leasehold Rev. (Convention Center
Hotel), AMBAC, 0%, 2018 300,000 184,428
---------------------------------------------------------------------------------------------------------------------------------
Utah Building Ownership Authority Lease Rev. (St. Facilities Master Lease Program),
"C", FSA, 5.5%, 2019 1,750,000 1,909,880
---------------------------------------------------------------------------------------------------------------------------------
West Virginia Building Commission Lease Rev. (WV Regional Jail), "A", AMBAC,
5.375%, 2018 500,000 547,450
---------------------------------------------------------------------------------------------------------------------------------
$ 18,619,473
---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN REVENUE - 2.4%
---------------------------------------------------------------------------------------------------------------------------------
Connecticut Higher Education Supplemental Loan Authority Rev. (Senior Family
Education Loan Program), "A", MBIA, 4.25%, 2019 $ 1,475,000 $ 1,416,487
---------------------------------------------------------------------------------------------------------------------------------
Nebhelp, Inc. Nebraska Rev. Jr., "A-6", MBIA, 6.45%, 2018 1,500,000 1,568,085
---------------------------------------------------------------------------------------------------------------------------------
$ 2,984,572
---------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 3.8%
---------------------------------------------------------------------------------------------------------------------------------
Dallas County, TX, Flood Control District, 7.25%, 2032 $ 500,000 $ 520,095
---------------------------------------------------------------------------------------------------------------------------------
Dona Ana County, NM, Gross Receipts Tax Rev., AMBAC, 5.5%, 2015 1,000,000 1,102,420
---------------------------------------------------------------------------------------------------------------------------------
Hoffman Estates, IL, Park District Debt Certificate, 5%, 2016 500,000 514,955
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.75%, 2029 500,000 519,500
---------------------------------------------------------------------------------------------------------------------------------
New York, NY, City Transitional Finance Authority Rev., "A", 5%, 2026 1,960,000 2,003,002
---------------------------------------------------------------------------------------------------------------------------------
$ 4,659,972
---------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 6.1%
---------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Eastside Project), "A", 5.625%, 2016 $ 400,000 $ 401,176
---------------------------------------------------------------------------------------------------------------------------------
Celebration Community Development District, FL, "A", 6.4%, 2034 235,000 245,570
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), "B", 6.75%, 2022 610,000 640,488
---------------------------------------------------------------------------------------------------------------------------------
Coralville, IA, Urban Renewal Rev., Tax Increment, "C", 5.125%, 2039 500,000 473,390
---------------------------------------------------------------------------------------------------------------------------------
Double Branch Community Development District, FL, "A", 6.7%, 2034 320,000 341,414
---------------------------------------------------------------------------------------------------------------------------------
Du Page County, IL, Special Service Area (Monarch Landing Project), 5.4%, 2016 250,000 249,300
---------------------------------------------------------------------------------------------------------------------------------
Grand Bay at Doral Community Development, FL, "B", 6%, 2017 405,000 393,425
---------------------------------------------------------------------------------------------------------------------------------
Huntington Beach, CA, Community Facilities District, Special Tax (Grand Coast
Resort), "2000-1", 6.45%, 2031 300,000 313,440
---------------------------------------------------------------------------------------------------------------------------------
Lincoln, CA, Special Tax, (Community Facilities District), "2003-1", 5.55%, 2013 (c) 445,000 493,972
---------------------------------------------------------------------------------------------------------------------------------
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 2034 225,000 228,395
---------------------------------------------------------------------------------------------------------------------------------
Oakdale, CA, Public Financing Authority Tax Allocation Rev. (Central City
Redevelopment Project), 5.375%, 2033 500,000 497,540
---------------------------------------------------------------------------------------------------------------------------------
Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 2035 750,000 753,758
---------------------------------------------------------------------------------------------------------------------------------
Portage, IN, Economic Development Rev. (Ameriplex Project), 5%, 2027 105,000 100,730
---------------------------------------------------------------------------------------------------------------------------------
Riverside, MO, Tax Increment Rev. (L-385 Levee Project), 5.25%, 2020 500,000 503,725
---------------------------------------------------------------------------------------------------------------------------------
Seven Oaks, FL, Community Development District II Special Assessment Rev., "A",
5.875%, 2035 475,000 463,857
---------------------------------------------------------------------------------------------------------------------------------
Seven Oaks, FL, Community Development District II Special Assessment Rev., "B",
5%, 2009 160,000 158,888
---------------------------------------------------------------------------------------------------------------------------------
Volo Village, IL, Special Service Area No. 3, Special Tax (Symphony Meadows
Project), "1", 6%, 2036 250,000 240,445
---------------------------------------------------------------------------------------------------------------------------------
West Villages Improvement District, FL, Special Assessment Rev. (Unit of
Development No. 3), 5.5%, 2037 500,000 459,055
---------------------------------------------------------------------------------------------------------------------------------
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 2037 500,000 471,680
---------------------------------------------------------------------------------------------------------------------------------
$ 7,430,248
---------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 3.2%
---------------------------------------------------------------------------------------------------------------------------------
Badger, WI, Tobacco Asset Securitization Corp., 6.375%, 2032 $ 250,000 $ 256,583
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1",
6.25%, 2013 (c) 750,000 816,878
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1",
5.75%, 2047 750,000 731,805
---------------------------------------------------------------------------------------------------------------------------------
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset
Backed, "C-1", 0%, 2036 250,000 38,358
---------------------------------------------------------------------------------------------------------------------------------
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset, "A", 6%, 2048 460,000 462,746
---------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority Rev., "B", 6.375%, 2028 400,000 413,768
---------------------------------------------------------------------------------------------------------------------------------
Tobacco Securitization Authority of Southern California Rev., Asset Backed (San
Diego Country Tobacco Asset Securitization Corp.), 0%, 2046 6,000,000 449,940
---------------------------------------------------------------------------------------------------------------------------------
TSASC, Inc., NY, "1", 5.125%, 2042 750,000 689,363
---------------------------------------------------------------------------------------------------------------------------------
Virginia Tobacco Settlement Financing Corp., "B-1", 5%, 2047 105,000 88,838
---------------------------------------------------------------------------------------------------------------------------------
$ 3,948,279
---------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 2.4%
---------------------------------------------------------------------------------------------------------------------------------
Foothill/Eastern Corridor Agency Toll Road Rev., "A", 5%, 2035 $ 1,000,000 $ 935,010
---------------------------------------------------------------------------------------------------------------------------------
Northwest Parkway, CO, Public Highway Authority (First Tier), "D", 7.125%, 2041 500,000 526,350
---------------------------------------------------------------------------------------------------------------------------------
San Joaquin Hills, CA, Transportation Corridor Agency Toll Road Rev., "A", MBIA,
0%, 2015 2,000,000 1,466,460
---------------------------------------------------------------------------------------------------------------------------------
$ 2,927,820
---------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 1.0%
---------------------------------------------------------------------------------------------------------------------------------
Regional Transportation Authority IL, Ser C,, FGIC, 7.75%, 2020 $ 1,000,000 $ 1,280,160
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 9.2%
---------------------------------------------------------------------------------------------------------------------------------
Broward County, FL, Educational Facilities Authority Educational Facilities (Nova
Southeastern), "B", 5.5%, 2024 $ 155,000 $ 158,940
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, St. University Rev. Auxiliary Facilities Systems, MBIA, 5.5%, 2023 1,085,000 1,200,997
---------------------------------------------------------------------------------------------------------------------------------
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola College), "A",
5.125%, 2045 200,000 197,190
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Western New England College),
6.125%, 2012 (c) 315,000 352,217
---------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government Nashville & Davidson County Health & Educational Facilities
Board Rev. (Meharry Medical College), AMBAC, 6%, 2016 1,575,000 1,763,575
---------------------------------------------------------------------------------------------------------------------------------
Missouri Health & Educational Facilities Authority Rev. (Central Institute for the Deaf),
RADIAN, 5.85%, 2010 (c) 600,000 628,962
---------------------------------------------------------------------------------------------------------------------------------
New York Urban Development Corp. Rev. (St. Facilities), 5.6%, 2015 1,000,000 1,084,130
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Higher Educational Facilities Authority Rev. (University of Philadelphia),
"A", 5.125%, 2025 500,000 492,235
---------------------------------------------------------------------------------------------------------------------------------
Texas Tech University Rev. (Improvement Financing Systems), AMBAC, 5%, 2009 (c) 2,500,000 2,547,375
---------------------------------------------------------------------------------------------------------------------------------
University of Minnesota, "A", ETM, 5.75%, 2014 (c) 500,000 557,125
---------------------------------------------------------------------------------------------------------------------------------
University of Minnesota, "A", ETM, 5.5%, 2021 (c) 2,000,000 2,220,520
---------------------------------------------------------------------------------------------------------------------------------
$ 11,203,266
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - DORMITORIES - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
Middlesex County, NJ, Improvement Authority, (Street Student Housing Project), "A",
5%, 2018 $ 300,000 $ 297,249
---------------------------------------------------------------------------------------------------------------------------------
Minneapolis, MN, Student Housing Rev. (Riverton Community Housing Project), "A",
5.7%, 2040 250,000 236,198
---------------------------------------------------------------------------------------------------------------------------------
$ 533,447
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 1.2%
---------------------------------------------------------------------------------------------------------------------------------
Illinois Finance Authority Rev. (Chicago Charter School Foundation), 5%, 2036 $ 750,000 $ 671,730
---------------------------------------------------------------------------------------------------------------------------------
Louisville & Jefferson County Government Industrial Building Rev. (Sisters Of Mercy
Cincinnati), 5%, 2035 500,000 467,820
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority Rev. (Proctor Academy Project), "A",
5.4%, 2017 315,000 316,323
---------------------------------------------------------------------------------------------------------------------------------
$ 1,455,873
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 1.5%
---------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners),
6.65%, 2010 $ 100,000 $ 102,084
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Colver), "G", 5.125%, 2015 425,000 419,271
---------------------------------------------------------------------------------------------------------------------------------
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities
(Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 2026 320,000 339,210
---------------------------------------------------------------------------------------------------------------------------------
Suffolk County, NY, Industrial Development Agency Rev. (Nissequoque Cogeneration
Partners Facilities), 5.5%, 2023 550,000 520,009
---------------------------------------------------------------------------------------------------------------------------------
Western Generation Agency, Cogeneration Project Rev. (Wauna Cogeneration
Project), "B", 5%, 2016 500,000 480,120
---------------------------------------------------------------------------------------------------------------------------------
$ 1,860,694
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 10.2%
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), 7.7%, 2033 $ 250,000 $ 269,083
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), "C",
5.75%, 2036 100,000 99,882
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), "C",
6.75%, 2038 270,000 277,916
---------------------------------------------------------------------------------------------------------------------------------
Campbell County, WY, Pollution Control Rev. (Black Hills Power, Inc. Project),
5.35%, 2024 500,000 504,270
---------------------------------------------------------------------------------------------------------------------------------
Clark County, NV, Industrial Development Rev. (Nevada Power Co. Project), "A",
5.9%, 2032 250,000 249,958
---------------------------------------------------------------------------------------------------------------------------------
Clark County, NV, Industrial Development Rev. (Nevada Power Co. Project), "B",
5.9%, 2030 250,000 250,458
---------------------------------------------------------------------------------------------------------------------------------
Clark County, NV, Industrial Development Rev. (Southwest Gas Corp. Project), "E",
5.8%, 2038 250,000 257,323
---------------------------------------------------------------------------------------------------------------------------------
Converse County, WY, Pollution Control Rev. (Pacificorp), 3.9%, 2014 500,000 483,460
---------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev. (Portland General), 5.2%, 2033 150,000 152,292
---------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Nav District 1 (Houston Ltg.), AMBAC, 5.125%, 2028 2,000,000 2,042,800
---------------------------------------------------------------------------------------------------------------------------------
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), "A", MBIA,
5.55%, 2029 3,000,000 3,102,780
---------------------------------------------------------------------------------------------------------------------------------
Mississippi Business Finance Corp. (Pollution Control Rev. (Systems Energy
Resources Project), 5.875%, 2022 1,000,000 1,000,220
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority Pollution Control Rev. (Public Service of
New Hampshire), "B", MBIA, 4.75%, 2021 250,000 250,305
---------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority Rev. (Cleveland Electric), "A", 6%, 2013 650,000 658,944
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev. (Reliant Energy
Seward), "A", 6.75%, 2036 200,000 216,182
---------------------------------------------------------------------------------------------------------------------------------
Petersburg, IN, Pollution Control Rev. (Indianapolis Power & Light), MBIA, 5.4%, 2017 2,500,000 2,724,025
---------------------------------------------------------------------------------------------------------------------------------
$ 12,539,898
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 2.3%
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency System Rev., "F", 5.5%, 2016 $ 285,000 $ 293,174
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., "A", MBIA,
5.5%, 2015 640,000 705,054
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., ETM, 5%, 2020 (c) 1,670,000 1,773,757
---------------------------------------------------------------------------------------------------------------------------------
$ 2,771,985
---------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 1.6%
---------------------------------------------------------------------------------------------------------------------------------
Puerto Rico Aqueduct & Sewer Authority Rev., MBIA, 6.25%, 2012 $ 1,000,000 $ 1,111,150
---------------------------------------------------------------------------------------------------------------------------------
Puerto Rico Aqueduct & Sewer Authority Rev., MBIA, 6.25%, 2013 750,000 847,208
---------------------------------------------------------------------------------------------------------------------------------
$ 1,958,358
---------------------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS $ 180,426,055
---------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
Burke County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power
Corp.), "A", 3.93%, due 9/05/07 $ 175,000 $ 175,000
---------------------------------------------------------------------------------------------------------------------------------
Sevier County, TN, Public Building Authority Rev. (Local Government Public
Improvement), 3.99%, due 9/06/07 300,000 300,000
---------------------------------------------------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES $ 475,000
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS(k) $ 180,901,055
---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 1.2% 1,519,654
---------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES (ISSUED BY THE TRUST) - (49.0)% (60,000,000)
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES - 100.0% $ 122,420,709
---------------------------------------------------------------------------------------------------------------------------------
(c) Refunded bond.
(d) Non-income producing security - in default.
(f) All or a portion of the security has been segregated as collateral for an open futures contract.
(j) Crossover refunded bond.
(k) As of August 31, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of
Trustees, aggregating $180,426,055 and 99.74% of market value. All of these security values were provided by an
independent pricing service using an evaluated bid.
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the
ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At
period end, the aggregate value of these securities was $2,923,487 representing 2.4% of net assets applicable to common
shares.
(u) Underlying security deposited into special purpose trust ("the trust") by investment banker upon creation of
self-deposited inverse floaters.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale.
These securities generally may be resold in transactions exempt from registration or to the public if the securities are
subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an
acceptable price may be difficult. The trust holds the following restricted securities:
TOTAL % OF
ACQUISITION ACQUISITION CURRENT MARKET NET ASSETS APPLICABLE
RESTRICTED SECURITIES DATE COST VALUE TO COMMON SHARES
-------------------------------------------------------------------------------------------------------------------------------
Cabazon Band Mission Indians, CA,
8.375%, 2015 10/04/04 $ 100,000 $ 103,056
Cabazon Band Mission Indians, CA,
8.75%, 2019 10/04/04 360,000 369,439
Pass-Through Certificates, "1993",
9.75%, 2016 8/27/93 232,276 223,710
-------------------------------------------------------------------------------------------------------------------------------
Total Restricted Securities $ 696,205 0.6%
========================================
The following abbreviations are used in this report and are defined:
COP Certificate of Participation
ETM Escrowed to Maturity
Insurers
---------------------------------------------------------------------------------------------------------------------------------
AMBAC AMBAC Indemnity Corp.
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Administration
FSA Financial Security Assurance Inc.
GNMA Government National Mortgage Assn.
MBIA MBIA Insurance Corp.
RADIAN Radian Asset Assurance, Inc.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent
semiannual or annual report.
MFS INVESTMENT GRADE MUNICIPAL TRUST
SUPPLEMENTAL INFORMATION (UNAUDITED) 8/31/07
(1) PORTFOLIO SECURITIES
The cost and unrealized appreciation and depreciation in the value of the investments owned by the trust, as computed on a
federal income tax basis, are as follows:
Aggregate Cost $177,096,735
============
Gross unrealized appreciation $ 9,262,317
Gross unrealized depreciation (6,463,877)
------------
Net unrealized appreciation (depreciation) $ 2,798,440
============
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
FUTURES CONTRACTS OUTSTANDING AT 8/31/07
UNREALIZED
EXPIRATION APPRECIATION
DESCRIPTION CONTRACTS VALUE DATE (DEPRECIATION)
-------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bond (Short) 180 $ 20,081,250 Dec-07 $ (20,317)
U.S. Treasury Note 10 yr (Short) 404 44,054,937 Dec-07 (212,883)
-------------------------------------------------------------------------------------------------------------------------
$ (233,200)
==========
At August 31, 2007, the trust had sufficient cash and/or other liquid securities to cover any commitments under these
derivative contracts.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the effectiveness of the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940 (the "Act")) as conducted within 90 days of
the filing date of this Form N-Q, the registrant's principal financial
officer and principal executive officer have concluded that those
disclosure controls and procedures provide reasonable assurance that the
material information required to be disclosed by the registrant on this
report is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and
forms.
(b) There were no changes in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during
the registrant's last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
File as exhibits as part of this Form a separate certification for each
principal executive officer and principal financial officer of the registrant
as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
NOTICE
A copy of the Agreement and Declaration of Trust, as amended. of the Registrant
is on file with the Secretary of State of The Commonwealth of Massachusetts and
notice is hereby given that this instrument is executed on behalf of the
Registrant by an officer of the Registrant as an officer and not individually
and the obligations of or arising out of this instrument are not binding upon
any of the Trustees or shareholders individually, but are binding only upon the
assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS INVESTMENT GRADE MUNICIPAL TRUST
-------------------------------------------------------------------
By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President
Date: October 16, 2007
----------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President (Principal Executive
Officer)
Date: October 16, 2007
----------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: October 16, 2007
----------------
* Print name and title of each signing officer under his or her signature.