MFS HIGH INCOME MUNICIPAL TRUST N-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5754

MFS HIGH INCOME MUNICIPAL TRUST

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: November 30

Date of reporting period: August 31, 2010


 

ITEM 1. SCHEDULE OF INVESTMENTS.


 

LOGO


 

MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – 160.1%

     

Airport & Port Revenue – 4.0%

     

Denver, CO, City & County Airport, “B”, ETM, 6.125%, 2025 (c)

   $ 2,840,000       $ 2,848,781   

Denver, CO, City & County Airport, “C”, ETM, 6.125%, 2025 (c)

     2,280,000         3,000,845   

Maryland Economic Development Corp. Rev. (Terminal Project), “B”, 5.375%, 2025

     125,000         130,235   

Maryland Economic Development Corp. Rev. (Terminal Project), “B”, 5.75%, 2035

     365,000         381,297   
           
      $ 6,361,158   
           

General Obligations - General Purpose – 0.4%

     

Luzerne County, PA, AGM, 6.75%, 2023

   $ 570,000       $ 659,342   

New York, NY, “H”, 6%, 2017

     5,000         5,019   
           
      $ 664,361   
           

General Obligations - Improvement – 0.3%

     

Guam Government, “A”, 6.75%, 2029

   $ 175,000       $ 198,868   

Guam Government, “A”, 7%, 2039

     200,000         225,726   
           
      $ 424,594   
           

General Obligations - Schools – 2.8%

     

Beverly Hills, CA, Unified School District, Capital Appreciation, (Election of 2008), 0%, 2029

   $ 2,805,000       $ 1,154,454   

Beverly Hills, CA, Unified School District, Capital Appreciation, (Election of 2008), 0%, 2031

     350,000         126,151   

Beverly Hills, CA, Unified School District, Capital Appreciation, (Election of 2008), 0%, 2032

     355,000         120,047   

Beverly Hills, CA, Unified School District, Capital Appreciation, (Election of 2008), 0%, 2033

     715,000         226,040   

Irving, TX, Independent School District, Capital Appreciation, “A”, PSF, 0%, 2018

     1,000,000         839,630   

Los Angeles, CA, Unified School District, “D”, 5%, 2034

     210,000         221,164   

Placer, CA, Unified School District, Capital Appreciation, “A”, FGIC, 0%, 2019

     1,700,000         1,170,722   

San Jacinto, TX, Community College District, 5.125%, 2038

     550,000         585,503   
           
      $ 4,443,711   
           

Healthcare Revenue - Hospitals – 36.9%

     

Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “A”, 5.375%, 2029

   $ 560,000       $ 601,737   

Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028

     565,000         447,695   

Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5.375%, 2040

     835,000         633,473   

Brunswick, GA, Hospital Authority Rev. (Glynn-Brunswick Memorial Hospital), 5.625%, 2034

     220,000         233,156   

California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039

     125,000         133,919   

California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 2042

     1,000,000         1,007,940   

California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5.75%, 2040

     55,000         56,280   

California Statewide Communities Development Authority Rev. (Catholic Healthcare West), “K”, ASSD GTY, 5.5%, 2041

     1,545,000         1,637,654   

California Statewide Communities Development Authority Rev. (Catholic Healthcare West), “L”, ASSD GTY, 5.25%, 2041

     1,130,000         1,177,923   

California Statewide Communities Development Authority Rev. (Children’s Hospital), 5%, 2047

     375,000         315,184   

California Statewide Communities Development Authority Rev. (St. Joseph Health System), FGIC, 5.75%, 2047

     745,000         774,167   

Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029

     75,000         78,971   

Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2016 (c)

     835,000         875,047   

Delaware County, PA, Authority Rev. (Mercy Health Corp.), ETM, 6%, 2026 (c)

     1,000,000         1,212,800   

 

1


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Healthcare Revenue - Hospitals – continued

     

Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6%, 2025

   $ 90,000       $ 92,394   

Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6.5%, 2030

     290,000         296,470   

Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6.75%, 2035

     250,000         255,513   

Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), 5%, 2038

     750,000         529,905   

Genesee County, NY, Industrial Development Agency Civic Facility Rev. (United Memorial Medical Center), 5%, 2027

     120,000         107,087   

Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035

     235,000         272,064   

Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2021 (c)

     1,750,000         2,365,913   

Illinois Finance Authority Rev. (Children’s Memorial Hospital), “A”, ASSD GTY, 5.25%, 2047 (f)

     2,300,000         2,373,807   

Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031

     525,000         436,275   

Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034

     620,000         725,673   

Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038

     615,000         661,519   

Indiana Health & Educational Facilities Finance Authority Rev. (Sisters of St. Francis Health Services, Inc.), “E”, AGM, 5.25%, 2041

     145,000         150,639   

Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039

     2,255,000         2,257,075   

Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037

     1,220,000         1,220,451   

Indiana Health & Educational Financing Authority Rev. (Community Foundation of Northwest Indiana ), “A”, 6%, 2034

     575,000         594,705   

Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2031

     1,455,000         1,472,940   

Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2036

     535,000         540,794   

Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 2024

     375,000         418,845   

Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 2027

     125,000         138,960   

Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040

     735,000         789,824   

Lake County, OH, Hospital Facilities Rev. (Lake Hospital Systems, Inc.), 5.625%, 2029

     565,000         570,204   

Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034

     1,125,000         1,078,729   

Louisville & Jefferson County, KY, Metro Government Health Facilities Rev. (Jewish Hospital & St. Mary’s Healthcare), 6.125%, 2037

     1,685,000         1,809,741   

Louisville & Jefferson County, KY, Metropolitan Government Healthcare Systems Rev. (Norton Healthcare, Inc.), 5.25%, 2036

     420,000         426,968   

Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2032

     80,000         76,694   

Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037

     75,000         71,005   

Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), “A”, 6.75%, 2039

     945,000         1,107,446   

Maryland Health & Higher Educational Facilities Authority Rev. (Washington County Hospital), 6%, 2043

     150,000         155,007   

Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “E”, 6.75%, 2033

     500,000         502,710   

Massachusetts Health & Educational Facilities Authority Rev. (Quincy Medical Center), “A”, 6.5%, 2038

     605,000         554,604   

 

2


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Healthcare Revenue - Hospitals – continued

     

Mississippi Hospital Equipment & Facilities Authority Rev. (South Central Regional Medical Center), 5.25%, 2026

   $ 400,000       $ 393,528   

Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031

     155,000         151,015   

Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2036

     800,000         770,632   

New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027

     745,000         781,609   

New Hampshire Health & Education Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2012 (c)

     350,000         389,106   

New Hampshire Health & Education Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2032

     50,000         50,941   

New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital at Conway), 5.25%, 2036

     800,000         735,472   

New Hanover County, NC, Hospital Rev., AGM, 5.125%, 2031

     1,130,000         1,198,546   

New Jersey Health Care Facilities, Financing Authority Rev. (Robert Wood Johnson University Hospital), 5%, 2031

     40,000         41,139   

New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), 5.75%, 2037

     700,000         711,837   

New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 2017

     365,000         350,291   

New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 2030

     245,000         279,491   

New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2035

     150,000         168,167   

Norman, OK, Regional Hospital Authority Rev., 5%, 2027

     195,000         171,374   

Norman, OK, Regional Hospital Authority Rev., 5.375%, 2029

     115,000         103,430   

Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036

     305,000         259,857   

North Carolina Medical Care Commission (Stanly Health Services, Inc.), 6.375%, 2029

     1,915,000         1,916,436   

Olympia, WA, Healthcare Facilities Authority Rev. (Catholic Health Initiatives), “D”, 6.375%, 2036

     1,405,000         1,589,828   

Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Regional Healthcare), 5.75%, 2012 (c)

     200,000         223,692   

Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039

     1,280,000         1,411,251   

Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 5.5%, 2030

     1,615,000         1,504,259   

Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 2039

     840,000         973,333   

Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039

     660,000         801,392   

Salida, CO, Hospital District Rev., 5.25%, 2036

     944,000         798,728   

Scottsdale, AZ, Industrial Development Authority Hospital Rev. (Scottsdale Healthcare), “C”, ASSD GTY, 5%, 2035

     75,000         77,019   

Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032

     120,000         121,404   

South Carolina Jobs & Economic Development Authority (Bon Secours - Venice Healthcare Corp.), 5.5%, 2012 (c)

     380,000         420,896   

South Carolina Jobs & Economic Development Authority (Bon Secours - Venice Healthcare Corp.), 5.5%, 2023

     1,370,000         1,401,181   

South Lake County, FL, Hospital District Rev. (South Lake Hospital), 6.375%, 2034

     500,000         512,630   

South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029

     175,000         183,717   

South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039

     100,000         104,929   

Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.5%, 2020

     225,000         226,044   

Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.125%, 2036

     1,000,000         887,980   

 

3


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Healthcare Revenue - Hospitals – continued

     

Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), RADIAN, 5%, 2017

   $ 345,000       $ 350,168   

Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036

     225,000         215,172   

Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046

     475,000         408,500   

Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center), “A”, 5.75%, 2029

     2,000,000         2,011,060   

Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032

     290,000         283,664   

Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037

     235,000         230,215   

Washington Health Care Facilities Authority Rev. (Multicare Health Systems), “B”, ASSD GTY, 6%, 2039

     560,000         616,543   

Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.4%, 2033

     525,000         542,913   

Wisconsin Health & Educational Facilities Authority Rev. (Fort Healthcare, Inc.), 5.75%, 2029

     1,000,000         1,014,380   

Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034

     865,000         817,693   

Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “A”, 5.25%, 2025

     500,000         501,335   
           
      $ 57,942,704   
           

Healthcare Revenue - Long Term Care – 23.4%

     

ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Casa de las Campanas), 6%, 2037

   $ 120,000       $ 124,007   

Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 5.9%, 2025

     1,000,000         864,340   

Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 7%, 2033

     500,000         456,830   

Boston, MA, Industrial Development Financing Authority Rev. (Springhouse, Inc.), 5.875%, 2020

     255,000         254,987   

Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025

     1,000,000         1,003,920   

Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2027

     120,000         107,676   

Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037

     155,000         130,529   

California Statewide Communities Development Authority Rev. (Eskaton Properties, Inc.), 8.25%, 2010 (c)

     925,000         957,329   

Capital Projects Finance Authority, FL (Glenridge on Palmer Ranch), “A”, 8%, 2012 (c)

     750,000         861,878   

Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032

     1,495,000         1,365,996   

Colorado Health Facilities Authority Rev. (American Baptist Homes), “A”, 5.9%, 2037

     530,000         468,456   

Colorado Health Facilities Authority Rev. (American Housing Foundation, Inc.), 8.5%, 2011 (c)

     455,000         497,028   

Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), 5%, 2035

     1,400,000         1,225,406   

Colorado Health Facilities Authority Rev. (Evangelical Lutheran), “A”, 6.125%, 2038

     150,000         153,678   

Columbus, GA, Housing Authority Rev. (Calvary Community, Inc.), 7%, 2019

     400,000         370,072   

Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029

     890,000         932,133   

Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034

     750,000         697,658   

Hamden, CT, Facility Rev. (Whitney Center Project), “A”, 7.625%, 2030

     85,000         91,801   

Hamden, CT, Facility Rev. (Whitney Center Project), “A”, 7.75%, 2043

     420,000         447,741   

 

4


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Healthcare Revenue - Long Term Care – continued

     

Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 2029

   $ 105,000       $ 122,820   

Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044

     180,000         208,328   

Houston, TX, Health Facilities Development Corp. (Buckingham Senior Living Community), “A”, 7.125%, 2014 (c)

     500,000         609,575   

Howard County, MD, Retirement Facilities Rev. (Vantage House Corp.), “A”, 5.25%, 2033

     250,000         199,748   

Huntington, NY, Housing Authority Rev. (Gurwin Senior Jewish Residences), “A”, 5.875%, 2019

     645,000         635,286   

Huntington, NY, Housing Authority Rev. (Gurwin Senior Jewish Residences), “A”, 6%, 2029

     775,000         709,916   

Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2045

     1,050,000         1,095,119   

Illinois Finance Authority Rev. (Hoosier Care, Inc.), “A”, 7.125%, 2034

     1,120,000         1,031,867   

Illinois Finance Authority Rev. (Smith Village), “A”, 6.25%, 2035

     1,250,000         1,099,550   

Illinois Health Facilities Authority Rev. (Smith Crossing), “A”, 7%, 2032

     725,000         688,228   

Indiana Health Facilities Financing Authority Rev. (Hoosier Care, Inc.), “A”, 7.125%, 2034

     150,000         138,197   

Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), 9.25%, 2011 (c)

     835,000         911,294   

Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2018

     465,000         440,002   

Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2028

     1,475,000         1,248,868   

James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.5%, 2037

     565,000         363,917   

La Verne, CA, COP (Brethren Hillcrest Homes), “B”, 6.625%, 2025

     690,000         698,556   

Marion, IA, Health Care Facilities Rev., First Mortgage (AHF/Kentucky-Iowa, Inc.), 8%, 2029

     546,000         550,357   

Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037

     895,000         801,490   

Massachusetts Development Finance Agency Rev. (Alliance Health of Brockton, Inc.), “A”, 7.1%, 2032

     1,170,000         1,081,139   

Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.5%, 2027

     240,000         182,045   

Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.75%, 2035

     60,000         43,933   

Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 5.625%, 2015

     300,000         300,102   

Massachusetts Development Finance Agency Rev. (Loomis Communities, Inc.), “A”, 6.9%, 2032

     100,000         101,139   

Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039

     100,000         106,917   

Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.875%, 2044

     150,000         160,067   

Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Blakeford at Green Hills), 5.65%, 2024

     600,000         564,294   

Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board, First Mortgage, 8.5%, 2029

     1,116,000         1,126,602   

Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028

     250,000         219,060   

Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035

     750,000         634,643   

New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.75%, 2025

     205,000         189,705   

New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037

     830,000         723,669   

New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2026

     50,000         46,291   

New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), “A”, 8.25%, 2010 (c)

     925,000         948,930   

 

5


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Healthcare Revenue - Long Term Care – continued

     

Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035

   $ 140,000       $ 128,974   

Roseville, MN, Elder Care Facilities (Care Institute, Inc.), 7.75%, 2023

     1,740,000         1,367,240   

Savannah, GA, Economic Development Authority, First Mortgage (Marshes of Skidway), “A”, 7.4%, 2034

     465,000         463,907   

Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034

     450,000         451,085   

South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2027

     365,000         291,602   

South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2042

     335,000         243,455   

South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5.3%, 2036

     300,000         244,440   

St. John’s County, FL, Industrial Development Authority Rev. (Glenmoor Project), “A”, 5.25%, 2026

     500,000         419,320   

St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045

     780,000         805,834   

Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.125%, 2029

     65,000         66,622   

Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 5.125%, 2037

     240,000         212,198   

Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.375%, 2044

     525,000         534,991   

Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 2044

     980,000         997,464   

Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030

     110,000         114,529   

Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040

     165,000         171,778   

Washington County, PA, Industrial Development Authority Rev., First Mortgage (AHF/Central Project), 8.5%, 2029

     1,186,000         1,195,820   
           
      $ 36,702,378   
           

Healthcare Revenue - Other – 0.6%

     

Massachusetts Health & Educational Facilities Authority Rev. (Civic Investments, Inc.), “A”, 9%, 2012 (c)

   $ 800,000       $ 919,656   
           

Industrial Revenue - Airlines – 4.7%

     

Alliance Airport Authority, Inc., TX (American Airlines, Inc.), 5.25%, 2029

   $ 1,015,000       $ 751,049   

Chicago, IL, O’Hare International Airport Special Facilities Rev. (American Airlines, Inc.), 5.5%, 2030

     1,335,000         1,068,427   

Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029

     255,000         286,865   

Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035

     190,000         204,765   

Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American Airlines, Inc.), 5.5%, 2030

     1,000,000         770,560   

Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 6.75%, 2029

     300,000         301,965   

Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 7%, 2029

     250,000         251,238   

New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 6.25%, 2029

     1,170,000         1,128,395   

New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 9%, 2033

     750,000         790,373   

New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.5%, 2016

     475,000         490,689   

 

6


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Industrial Revenue - Airlines – continued

     

New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031

   $ 1,005,000       $ 1,057,521   

New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025

     200,000         208,854   
           
      $ 7,310,701   
           

Industrial Revenue - Chemicals – 1.5%

     

Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033

   $ 600,000       $ 593,982   

Michigan Strategic Fund Ltd. Obligation Rev. (Dow Chemical Co.), 6.25%, 2014

     825,000         934,577   

Port of Bay, TX, City Authority (Hoechst Celanese Corp.), 6.5%, 2026

     840,000         842,957   
           
      $ 2,371,516   
           

Industrial Revenue - Environmental Services – 1.3%

     

California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 2023 (b)

   $ 270,000       $ 286,840   

California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “C”, 5.125%, 2023

     845,000         856,306   

Carbon County, UT, Solid Waste Disposal Rev. (Laidlaw Environmental), “A”, 7.45%, 2017

     500,000         500,655   

Gulf Coast Waste Disposal Authority, TX (Waste Management, Inc.), “A”, 5.2%, 2028

     465,000         473,491   
           
      $ 2,117,292   
           

Industrial Revenue - Metals – 0.3%

     

State of Indiana Finance Authority, Environmental Rev. (U.S. Steel Corp.), 6%, 2026

   $ 495,000       $ 526,833   
           

Industrial Revenue - Other – 3.7%

     

Annawan, IL, Tax Increment Rev. (Patriot Renewable Fuels LLC), 5.625%, 2018

   $ 450,000       $ 367,407   

California Statewide Communities, Development Authority Facilities (Microgy Holdings Project), 9%, 2038 (d)

     66,932         6,506   

Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 2028

     500,000         503,535   

Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023

     600,000         592,740   

Indianapolis, IN, Airport Authority Rev., Special Facilities (FedEx Corp.), 5.1%, 2017

     250,000         261,590   

Michigan Strategic Fund Rev. (Michigan Sugar Co.), “A”, 6.25%, 2015

     1,250,000         1,204,075   

New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037

     1,500,000         1,269,705   

Virgin Islands Government Refinery Facilities Rev. (Hovensa Coker Project), 6.5%, 2021

     375,000         385,609   

Virgin Islands Public Finance Authority, Refinery Facilities Rev. (Hovensa Coker Project), 5.875%, 2022

     600,000         609,498   

Will-Kankakee, IL, Regional Development Authority Rev. (Flanders Corp.), 6.5%, 2017

     555,000         554,861   
           
      $ 5,755,526   
           

Industrial Revenue - Paper – 2.6%

     

Bedford County, VA, Industrial Development Authority Rev. (Nekooska Packaging Corp.), 5.6%, 2025

   $ 400,000       $ 381,816   

Brunswick & Glynn County, GA, Development Authority Rev. (Georgia-Pacific LLC), 5.55%, 2026

     585,000         549,695   

Courtland, AL, Industrial Development Board Rev. (International Paper Co.), “B”, 6.25%, 2025

     1,000,000         1,034,520   

Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 5%, 2026

     1,270,000         1,267,181   

Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 4.75%, 2030

     370,000         341,858   

Phenix City, AL, Industrial Development Board Environmental Improvement Rev., “A” (Mead Westvaco Coated Board Project), 6.35%, 2035

     550,000         550,633   
           
      $ 4,125,703   
           

 

7


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Miscellaneous Revenue - Entertainment & Tourism – 1.4%

     

Agua Caliente Band of Cahuilla Indians, CA, Rev., 5.6%, 2013 (n)

   $ 640,000       $ 667,955   

Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030

     155,000         165,982   

Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040

     100,000         106,644   

Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.375%, 2043

     75,000         80,366   

Cow Creek Band of Umpqua Tribe of Indians, OR, “C”, 5.625%, 2026 (n)

     800,000         647,712   

New York Liberty Development Corp. Rev. (National Sports Museum), “A”, 6.125%, 2019 (d)

     527,999         1,584   

New York, NY, City Industrial Development Agency Rev. (Queens Baseball Stadium), ASSD GTY, 6.125%, 2029

     40,000         45,876   

New York, NY, City Industrial Development Agency Rev. (Queens Baseball Stadium), ASSD GTY, 6.375%, 2039

     30,000         33,802   

New York, NY, City Industrial Development Agency Rev. (Queens Baseball Stadium), ASSD GTY, 6.5%, 2046

     125,000         141,915   

Seminole Tribe, FL, Special Obligation Rev., “A”, 5.25%, 2027 (n)

     365,000         338,187   
           
      $ 2,230,023   
           

Miscellaneous Revenue - Other – 2.6%

     

Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024

   $ 395,000       $ 372,540   

Capital Trust Agency, FL (Aero Syracuse LLC), 6.75%, 2032

     500,000         490,530   

Cleveland-Cuyahoga County, OH, Port Authority Rev. (Columbia National Group), 5%, 2020

     640,000         564,243   

Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 2034

     1,065,000         1,135,407   

New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049

     1,205,000         1,285,819   

V Lakes Utility District, MS, Water Systems Rev., 7%, 2037

     300,000         278,826   
           
      $ 4,127,365   
           

Multi-Family Housing Revenue – 7.2%

     

Broward County, FL, Housing Finance Authority Rev. (Chaves Lakes Apartments Ltd.), “A”, 7.5%, 2040

   $ 750,000       $ 750,135   

Capital Trust Agency, FL, Housing Rev. (Atlantic Housing Foundation), “B”, 4.5%, 2032 (q)

     735,000         314,705   

Charter Mac Equity Issuer Trust, FHLMC, 6.3%, 2019 (n)

     1,000,000         1,047,870   

Clay County, FL, Housing Finance Authority Rev. (Madison Commons Apartments), “A”, 7.45%, 2040

     701,805         688,527   

District of Columbia Housing Finance Agency (Henson Ridge), “E”, FHA, 5.1%, 2037

     1,000,000         1,005,590   

Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2038 (b)

     1,388,640         1,119,938   

El Paso County, TX, Housing Finance Corp. (American Housing Foundation), “C”, 8%, 2032

     355,000         356,115   

El Paso County, TX, Housing Finance Corp. (American Housing Foundation), “D”, 10%, 2032

     385,000         386,016   

Minneapolis, MN, Student Housing Rev. (Riverton Community Housing Project), “A”, 5.7%, 2040

     750,000         609,428   

MuniMae TE Bond Subsidiary LLC, 7.75%, 2050 (b)(z)

     2,000,000         1,640,040   

New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Sun Pointe Apartments), “E”, FHA, 4.8%, 2040

     1,250,000         1,248,025   

Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016 (z)

     546,075         522,479   

Texas Department of Housing & Community Affairs (Pebble Brook Apartments), FNMA, 5.5%, 2018

     995,000         997,915   

Wilmington, DE, Multi-Family Housing Rev. (Electra Arms Senior Associates), 6.25%, 2028

     810,000         695,166   
           
      $ 11,381,949   
           

 

8


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Sales & Excise Tax Revenue – 1.7%

     

Bolingbrook, IL, Sales Tax Rev., 6.25%, 2024

   $ 750,000       $ 479,333   

Massachusetts School Building Authority, Dedicated Sales Tax Rev., AMBAC, 4.75%, 2032

     845,000         893,081   

Regional Transportation District, CO, Private Activity Rev. (Denver Transportation Partners), 6%, 2034

     795,000         839,774   

Regional Transportation District, CO, Private Activity Rev. (Denver Transportation Partners), 6%, 2041

     385,000         402,460   
           
      $ 2,614,648   
           

Single Family Housing - Local – 1.8%

     

Minneapolis & St. Paul Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 2038

   $ 762,502       $ 766,055   

Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 2028

     2,000,000         2,053,380   
           
      $ 2,819,435   
           

Single Family Housing - State – 3.2%

     

Colorado Housing & Finance Authority, “A”, 5.5%, 2029

   $ 1,655,000       $ 1,781,128   

Iowa Finance Authority, Single Family Mortgage Rev., “E”, 5.4%, 2032

     855,000         885,472   

North Dakota Housing Finance Agency Rev., “A”, 4.85%, 2021

     680,000         698,251   

Oklahoma Housing Finance Agency Rev. (Homeownership Loan Program), “C”, GNMA, 5%, 2026

     950,000         966,359   

Virginia Housing Development Authority, Commonwealth Mortgage, “A-5”, 4.4%, 2015

     260,000         269,628   

Virginia Housing Development Authority, Commonwealth Mortgage, “A-5”, 4.4%, 2015

     435,000         447,941   
           
      $ 5,048,779   
           

Solid Waste Revenue – 0.4%

     

Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014

   $ 125,000       $ 126,545   

Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019

     500,000         504,715   
           
      $ 631,260   
           

State & Agency - Other – 0.1%

     

Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.25%, 2024

   $ 100,000       $ 100,277   
           

State & Local Agencies – 6.7%

     

California Public Works Board Lease Rev., Department of Mental Health (Coalinga), “A”, 5.5%, 2019

   $ 1,000,000       $ 1,079,040   

Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2038

     1,090,000         1,050,335   

Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 2040

     375,000         383,378   

Louisiana Military Department Custody Receipts, 5%, 2024

     1,500,000         1,584,690   

New York Metropolitan Transportation Authority, “A”, 5.125%, 2029

     1,025,000         1,077,634   

New York Urban Development Corp. (University Facilities Grants), 5.875%, 2021

     1,000,000         1,209,800   

Newberry, SC, Investing in Children’s Education (Newberry County School District Program), 5%, 2030

     500,000         506,400   

Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034

     170,000         182,815   

Puerto Rico Public Finance Corp., “E”, 6%, 2026

     1,645,000         2,235,571   

Puerto Rico Public Finance Corp., “E”, ETM, 6%, 2026 (c)

     155,000         208,315   

Wisconsin General Fund Annual Appropriation Rev., “A”, 5.75%, 2033

     840,000         952,585   
           
      $ 10,470,563   
           

Tax - Other – 1.2%

     

Dallas County, TX, Flood Control District, 7.25%, 2032

   $ 1,000,000       $ 1,048,070   

New York, NY, City Transitional Finance Authority Building Aid Rev., “S-3”, 5.25%, 2039

     560,000         610,579   

Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037

     255,000         291,432   
           
      $ 1,950,081   
           

 

9


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Tax Assessment – 9.7%

     

Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 2040

   $ 175,000       $ 177,434   

Atlanta, GA, Tax Allocation (Eastside Project), “A”, 5.625%, 2016

     455,000         484,266   

Ave Maria Stewardship Community District, FL, “A”, 5.125%, 2038

     345,000         270,159   

Celebration Community Development District, FL, “A”, 6.4%, 2034

     920,000         937,278   

Channing Park Community Development District, FL, 5.3%, 2038

     540,000         426,168   

Chicago, IL, Tax Increment Allocation (Pilsen Redevelopment), “B”, 6.75%, 2022

     450,000         443,498   

Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036

     250,000         199,678   

Durbin Crossing Community Development District, FL, Special Assessment, “B-1”, 4.875%, 2010

     140,000         133,179   

Grand Bay at Doral Community Development District, FL, “A”, 6%, 2039

     120,000         54,401   

Grand Bay at Doral Community Development District, FL, “B”, 6%, 2017

     700,000         319,221   

Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038

     395,000         336,177   

Homestead, FL, Community Development District, Special Assessment, “A”, 6%, 2037

     470,000         291,043   

Homestead, FL, Community Development District, Special Assessment, “B”, 5.9%, 2013

     220,000         134,807   

Huntington Beach, CA, Community Facilities District, Special Tax (Grand Coast Resort), “2000-1”, 6.45%, 2031

     750,000         757,080   

Lincoln, CA, Special Tax (Community Facilities District ), “2003-1”, 5.9%, 2013 (c)

     445,000         522,167   

Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 2034

     500,000         439,400   

Magnolia Park Community Development District, FL, Special Assessment, “A”, 6.15%, 2039

     795,000         550,156   

Northwest Metropolitan District No. 3, CO, 6.25%, 2035

     500,000         400,660   

Oakmont Grove Community Development District, FL, “A”, 5.4%, 2038 (d)

     500,000         185,000   

Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034

     165,000         162,898   

Orlando, FL, Special Assessment Rev. (Conroy Road Interchange Project), “A”, 5.8%, 2026

     300,000         299,361   

Plano, IL, Special Service Area No. 4 (Lakewood Springs Project Unit 5-B), 6%, 2035

     1,964,000         1,720,955   

San Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 2019

     1,910,000         1,262,090   

San Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 2022

     1,910,000         1,031,858   

Sarasota National Community Development District, FL, Special Assessment Rev., 5.3%, 2039 (d)

     1,200,000         384,000   

Seven Oaks, FL, Community Development District II Special Assessment Rev., “A”, 5.875%, 2035

     260,000         160,454   

Sweetwater Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 2038

     290,000         130,500   

Tolomato Community Development District, FL, Special Assessment, 6.65%, 2040

     760,000         563,244   

Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016

     235,000         153,330   

Volo Village, IL, Special Service Area No. 3, Special Tax (Symphony Meadows Project), “1”, 6%, 2036

     749,000         566,911   

West Villages Improvement District, FL, Special Assessment Rev. (Unit of Development No. 3), 5.5%, 2037

     720,000         360,058   

Westchester, FL, Community Development District No. 1 (Community Infrastructure), 6.125%, 2035

     425,000         363,923   

Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 2037 (d)

     1,210,000         459,800   

Wyandotte County-Kansas City, KS, Unified Government Transportation Development District (Legends Village West Project), 4.875%, 2028

     765,000         576,588   
           
      $ 15,257,742   
           

 

10


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Tobacco – 7.5%

     

Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030

   $ 2,605,000       $ 2,119,350   

Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.75%, 2034

     635,000         487,890   

Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047

     3,030,000         2,199,356   

Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 6.25%, 2013 (c)

     1,330,000         1,474,970   

Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “A-1”, 5%, 2033

     560,000         441,386   

Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, Capital Appreciation, “C-1”, 0%, 2036

     2,310,000         123,978   

Michigan Tobacco Settlement Finance Authority Rev., Asset Backed, “A”, 6%, 2048

     2,090,000         1,584,513   

New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041

     795,000         543,454   

Rhode Island Tobacco Settlement Authority, 6%, 2023

     1,820,000         1,840,784   

Virginia Tobacco Settlement Financing Corp., “B-1”, 5%, 2047

     1,020,000         684,491   

Washington Tobacco Settlement Authority Rev., 6.625%, 2032

     250,000         252,175   
           
      $ 11,752,347   
           

Toll Roads – 3.4%

     

Bay Area Toll Authority, CA, Toll Bridge Rev. (San Francisco Bay Area), “F1”, 5%, 2034

   $ 1,850,000       $ 1,967,364   

E-470 Public Highway Authority, CO, Capital Appreciation, “B”, NATL, 0%, 2018

     1,500,000         998,190   

Pennsylvania Turnpike Commission, Capital Appreciation, “C”, AGM, 0% to 2016, 6.25% to 2033

     1,830,000         1,502,357   

Texas Private Activity Bond, Surface Transportation Corp., 7%, 2040

     780,000         850,489   
           
      $ 5,318,400   
           

Universities - Colleges – 8.9%

     

Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 2039

   $ 685,000       $ 725,682   

California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 2038

     1,650,000         1,827,128   

California Municipal Finance Authority Rev. (Biola University), 5.8%, 2028

     100,000         106,744   

Florida State University Board of Governors, System Improvement Rev., 6.25%, 2030

     1,500,000         1,751,235   

Grand Valley, MI, State University Rev., 5.5%, 2027

     175,000         191,186   

Grand Valley, MI, State University Rev., 5.625%, 2029

     85,000         92,707   

Harris County, TX, Cultural Education Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032

     330,000         328,106   

Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036

     135,000         122,017   

Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029

     590,000         630,822   

Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039

     195,000         209,065   

Iowa Higher Education Loan Authority Rev., Private College Facilities (Upper Iowa University), 5.75%, 2030

     100,000         102,211   

Iowa Higher Education Loan Authority Rev., Private College Facilities (Upper Iowa University), 6%, 2039

     115,000         118,573   

Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029

     315,000         362,685   

Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030

     920,000         1,002,561   

Ohio Higher Education Facilities Rev. (Ashland University Project), 6.25%, 2024

     835,000         871,890   

Savannah, GA, Economic Development Authority Rev. (AASU Student Union LLC), ASSD GTY, 5.125%, 2039

     1,680,000         1,777,591   

University of Illinois Rev. (Auxiliary Facilities Systems), “A”, 5.125%, 2029

     2,370,000         2,576,261   

University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 2028

     370,000         424,027   

University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.25%, 2032

     275,000         304,035   

University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Project), 5.375%, 2036

     100,000         110,222   

 

11


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Universities - Colleges – continued

     

Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034

   $ 355,000       $ 381,178   
           
      $ 14,015,926   
           

Universities - Dormitories – 0.7%

     

California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033

   $ 1,015,000       $ 858,213   

Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030

     100,000         102,375   

Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043

     145,000         148,993   
           
      $ 1,109,581   
           

Universities - Secondary Schools – 2.3%

     

California Statewide Communities Development Authority Rev., COP (Crossroads Schools for the Arts & Sciences), 6%, 2028

   $ 1,105,000       $ 1,108,437   

Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040

     320,000         330,659   

Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045

     200,000         208,268   

Colorado Housing Finance Development Rev. (Evergreen Country Day School), 5.875%, 2037

     225,000         159,255   

La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039

     250,000         265,098   

Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.375%, 2037

     695,000         582,514   

Massachusetts Industrial Finance Agency (Cambridge Friends School), 5.8%, 2028

     1,000,000         935,410   
           
      $ 3,589,641   
           

Utilities - Cogeneration – 0.7%

     

Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Central Facilities (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 2026

   $ 645,000       $ 650,786   

Suffolk County, NY, Industrial Development Agency Rev. (Nissequoque Cogeneration Partners Facilities), 5.5%, 2023

     550,000         500,313   
           
      $ 1,151,099   
           

Utilities - Investor Owned – 10.4%

     

Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 5.75%, 2036 (b)

   $ 180,000       $ 172,800   

Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 6.75%, 2038

     645,000         321,784   

Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “D”, 5.4%, 2029 (b)

     60,000         40,193   

Bryant, IL, Pollution Control Rev. (Central Illinois Light Co.), 5.9%, 2023

     2,575,000         2,583,678   

Chula Vista, CA, Industrial Development Rev. (San Diego Gas), 5.875%, 2034

     310,000         353,003   

Clark County, NV, Industrial Development Rev. (Nevada Power Co. Project), “B”, 5.9%, 2030

     1,250,000         1,249,950   

Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 2040

     625,000         651,744   

Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039

     950,000         1,052,553   

Maricopa County, AZ, Pollution Control Corp., Pollution Control Rev. (Arizona Public Service Co.), “D”, 6%, 2029 (b)

     1,005,000         1,101,078   

Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)

     105,000         114,478   

Matagorda County, TX, Navigation District No. 1 Pollution Control Rev. (AEP - Texas Central Co.), 5.125%, 2030 (b)

     1,500,000         1,539,390   

Mississippi Business Finance Corp., Pollution Control Rev. (Systems Energy Resources Project), 5.875%, 2022

     2,000,000         2,005,900   

New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire), “B”, NATL, 4.75%, 2021

     250,000         252,978   

 

12


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

Issuer

   Shares/Par      Value ($)  

Municipal Bonds – continued

     

Utilities - Investor Owned – continued

     

Ohio Air Quality Development Authority Rev. (Columbus Southern Power Co.), “B”, 5.8%, 2038

   $ 275,000       $ 294,679   

Ohio Air Quality Development Authority Rev. (FirstEnergy Corp.), “A”, 5.7%, 2020

     665,000         735,503   

Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 2039

     260,000         286,642   

Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039

     765,000         866,408   

Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029

     1,295,000         1,328,450   

Sabine River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), 5.2%, 2028

     240,000         108,355   

Sabine River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), 5.75%, 2030 (b)

     205,000         196,833   

Sweetwater County, WY, Pollution Control Rev. (Idaho Power Co.), 5.25%, 2026

     690,000         752,204   

West Feliciana Parish, LA, Pollution Control Rev. (Entergy Gulf States), 6.6%, 2028

     270,000         271,050   
           
      $ 16,279,653   
           

Utilities - Other – 4.1%

     

California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034

   $ 155,000       $ 188,475   

California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039

     650,000         755,417   

Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2028

     430,000         439,396   

Georgia Main Street Natural Gas, Inc., Gas Project Rev., “B”, 5%, 2019

     425,000         437,482   

Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 2018

     290,000         319,122   

Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038

     35,000         40,148   

Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2021

     2,185,000         2,272,029   

Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022

     550,000         570,845   

Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023

     730,000         755,762   

Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024

     75,000         77,405   

Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026

     215,000         219,917   

Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2025

     310,000         310,936   
           
      $ 6,386,934   
           

Water & Sewer Utility Revenue – 3.6%

     

Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022

   $ 465,000       $ 558,646   

Birmingham, AL, Waterworks Board Water Rev., “A”, ASSD GTY, 5.125%, 2034

     755,000         814,064   

Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, 6%, 2044

     160,000         172,178   

Detroit, MI, Sewer Disposal System Rev., “B”, AGM, 7.5%, 2033

     645,000         793,627   

Guam Government Waterworks Authority, Water & Wastewater Rev., 5.875%, 2035

     1,125,000         1,150,695   

New Hampshire Industrial Development Authority Rev. (Pennichuck Water Works, Inc.), ETM, 7.5%, 2018 (c)

     250,000         296,318   

New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev. “DD”, 4.75%, 2035

     1,010,000         1,053,339   

Surprise, AZ, Municipal Property Corp., 4.9%, 2032

     800,000         766,960   
           
      $ 5,605,827   
           

Total Municipal Bonds

      $ 251,507,663   
           

Money Market Funds (v) – 0.0%

     

MFS Institutional Money Market Portfolio, 0.24%, at Net Asset Value

     304       $ 304   
           

Total Investments

      $ 251,507,967   
           

Other Assets, Less Liabilities – 2.0%

        3,083,911   

Preferred shares (Issued by the Fund) (62.1)%

        (97,500,000
           

Net assets applicable to common shares – 100.0%

      $ 157,091,878   
           

 

(b) Mandatory tender date is earlier than stated maturity date.
(c) Refunded bond.
(d) Non-income producing security - in default.
(f) All or a portion of the security has been segregated as collateral for open futures contracts.

 

13


MFS High Income Municipal Trust

PORTFOLIO OF INVESTMENTS (unaudited) 8/31/10 - continued

 

 

(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 $2,701,724 representing 1.7% of net assets applicable to common shares.
(q) Interest received was less than stated coupon rate.
(v) Underlying fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven- day yield of the fund at period end.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

 

Restricted Securities

   Acquisition
Date
     Cost      Current
Market Value
 

MuniMae TE Bond Subsidiary LLC, 7.75%, 2050

     5/30/00       $ 2,000,000       $ 1,640,040   

Resolution Trust Corp., Pass-Through Certificates, “1993”, 8.5%, 2016

     8/27/93         551,611         522,479   
              

Total Restricted Securities

         $ 2,162,519   

% of Net Assets Applicable to Common Shares

           1.4

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

 

COP    Certificate of Participation
ETM    Escrowed to Maturity
FRN    Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
LOC    Letter of Credit

Insurers

    
AGM    Assured Guaranty Municipal
AMBAC    AMBAC Indemnity Corp.
ASSD GTY    Assured Guaranty Insurance Co.
FGIC    Financial Guaranty Insurance Co.
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Assn.
GNMA    Government National Mortgage Assn.
NATL    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RADIAN    Radian Asset Assurance, Inc.
SYNCORA    Syncora Guarantee Inc.

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

 

14


 

MFS High Income Municipal Trust

Supplemental Information (Unaudited) 8/31/10

(1) Investment Valuations

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

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

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures, forwards, swap contracts, and written options. The following is a summary of the levels used as of August 31, 2010 in valuing the fund’s assets or liabilities:

 

Investments at Value

   Level 1     Level 2      Level 3      Total  

Municipal Bonds

   $ —        $ 251,507,663       $ —         $ 251,507,663   

Mutual Funds

     304        —           —           304   
                                  

Total Investments

   $ 304      $ 251,507,663       $ —         $ 251,507,967   
                                  

Other Financial Instruments

                          

Futures

   $ (95,332   $ —         $ —         $ (95,332

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

(2) Portfolio Securities

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

 

Aggregate cost

   $ 248,567,275   
        

Gross unrealized appreciation

   $ 17,177,027   

Gross unrealized depreciation

     (14,236,335
        

Net unrealized appreciation (depreciation)

   $ 2,940,692   
        

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

 

15


MFS High Income Municipal Trust

Supplemental Information (Unaudited) 8/31/10 - continued

 

 

(3) Derivative Contracts at 8/31/10

Futures Contracts Outstanding at 8/31/10

 

Description

   Currency      Contracts      Value      Expiration
Date
     Unrealized
Appreciation
(Depreciation)
 

Liability Derivatives

              

Interest Rate Futures

              

U.S. Treasury Note 10 yr (Short)

     USD         276       $ 34,672,500         December-2010       $ (68,340

U.S. Treasury Bond 30 yr (Short)

     USD         66         8,912,063         December-2010         (26,992
                    
               $ (95,332

At August 31, 2010, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Funds-Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:

 

Underlying Funds

   Beginning
Shares/Par
Amount
     Acquisitions
Shares/Par
Amount
     Dispositions
Shares/Par
Amount
    Ending
Shares/Par
Amount
 

MFS Institutional Money Market Portfolio

     1,407,072         33,943,751         (35,350,519     304   

Underlying Funds

   Realized
Gain
(Loss)
     Capital Gain
Distributions
     Dividend
Income
    Ending
Value
 

MFS Institutional Money Market Portfolio

   $ —         $ —         $ 3,513      $ 304   

 

16


 

ITEM 2. CONTROLS AND PROCEDURES.

 

(a) Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.


 

Notice

A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: MFS HIGH INCOME MUNICIPAL TRUST

 

By (Signature and Title)*    MARIA F. DWYER
  Maria F. Dwyer, President

Date: October 18, 2010

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 18, 2010

 

By (Signature and Title)*    JOHN M. CORCORAN
 

John M. Corcoran, Treasurer

(Principal Financial Officer and Accounting Officer)

Date: October 18, 2010

 

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