MFS MUNICIPAL INCOME 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 811-4841

MFS MUNICIPAL INCOME 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: October 31

Date of reporting period: January 31, 2009


ITEM 1. SCHEDULE OF INVESTMENTS.


LOGO

 


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – 156.3%

     

Airport & Port Revenue – 6.1%

     

Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2025

   $ 325,000    $ 220,788

Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2037

     100,000      62,364

Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2037

     675,000      412,627

Chicago, IL, O’Hare International Airport Rev. (Third Lien Passenger Facility), “B”, FSA, 5.75%, 2022

     3,000,000      2,927,819

Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016

     3,125,000      3,168,218

Port Authority NY & NJ, Special Obligation Rev. (JFK International), MBIA, 5.75%, 2022

     7,000,000      6,086,779
         
      $ 12,878,595
         

General Obligations - Schools – 1.3%

     

DeSoto, TX, Independent School District, School Building, PSF, 0%, 2031

   $ 555,000    $ 149,738

DeSoto, TX, Independent School District, School Building, PSF, 0%, 2034

     415,000      91,739

DeSoto, TX, Independent School District, School Building, PSF, 0%, 2036

     555,000      108,135

Kane Kendall County, IL, Capital Appreciation, “E”, FGIC, 0%, 2023

     1,945,000      886,083

Kane Kendall County, IL, Capital Appreciation, “E”, FGIC, 0%, 2025

     1,915,000      736,853

Royse City, TX, Independent School District, School Building, PSF, 0%, 2027

     955,000      341,946

Royse City, TX, Independent School District, School Building, PSF, 0%, 2029

     965,000      298,956

Santa Clarita Community College District, CA, Election 2006, MBIA, 0%, 2030

     595,000      144,215
         
      $ 2,757,665
         

Healthcare Revenue - Hospitals – 49.4%

     

Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev., “A” (Russell Hospital Corp.), 5.75%, 2036

   $ 600,000    $ 398,465

Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health Systems), “B”, 6.75%, 2010 (c)

     500,000      533,959

Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), 9.25%, 2010 (c)

     2,000,000      2,319,139

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

     1,905,000      1,027,766

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

     1,055,000      543,071

Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “B”, 9.25%, 2010 (c)

     1,000,000      1,159,569

Arkansas Development Finance Authority Rev. (Washington Regional Medical Center), 7.25%, 2010 (c)

     500,000      523,924

Athens County, OH, Hospital Facilities Rev. (O’Bleness Memorial Hospital), “A”, 7.125%, 2033

     1,500,000      1,048,859

Birmingham, AL, Baptist Medical Center, Special Care Facilities Rev., “A” (Baptist Health Systems, Inc.), 5%, 2030

     2,260,000      1,339,704

Brookhaven, NY, Industrial Development Agency Rev. (Memorial Hospital Medical Center, Inc.), “A”, ETM, 7.75%, 2010 (c)

     310,000      324,942

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

     550,000      330,336

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

     1,210,000      1,129,934

California Statewide Communities Development Authority Rev. (Sutter Health), “B”, 5.25%, 2048

     1,080,000      928,260

California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5%, 2022

     205,000      120,058

California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5.125%, 2031

     100,000      50,404

California Valley Health Systems, COP, 6.875%, 2023 (d)

     595,000      368,900

Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women’s Christian Assn.), “A”, 6.35%, 2017

     125,000      110,848

 

1


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Healthcare Revenue - Hospitals – continued

     

Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women’s Christian Assn.), “A”, 6.4%, 2029

   955,000    741,624

Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “A”, 6%, 2013

   325,000    260,709

Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “B”, 6.35%, 2013

   105,000    84,227

Chester County, PA, Health & Educational Facilities Rev. (Chester County Hospital), 6.75%, 2021

   1,625,000    1,425,158

Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital), 6.25%, 2023

   860,000    714,617

Clinton County, MO, Industrial Development Agency, Health Facilities Rev. (Cameron Regional Medical Center), 5%, 2032

   275,000    159,140

Coffee County, GA, Hospital Authority Rev. (Coffee Regional Medical Center, Inc.), 5%, 2026

   40,000    28,112

Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2011 (c)

   1,000,000    1,132,960

Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems), 6.625%, 2011 (c)

   675,000    778,734

Crittenden County, AR, Hospital Rev., 7%, 2010 (c)

   1,030,000    1,122,226

Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030

   1,330,000    1,136,738

Douglas County, NE, Hospital Authority Rev. (Methodist Health Partners), 5.75%, 2048

   715,000    578,049

Fruita, CO, Rev. (Family Health West Project), 8%, 2043

   1,310,000    1,093,889

Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), “A”, 4.875%, 2027

   1,275,000    754,099

Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025

   250,000    185,930

Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031

   295,000    212,332

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

   170,000    111,768

Glendale, AZ, Industrial Development Authority (John C. Lincoln Health), 5%, 2042

   755,000    454,487

Grand Forks, ND, Health Care Authority Rev. (Altru Health Systems Obligated Group), 7.125%, 2010 (c)

   755,000    830,417

Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031

   725,000    624,116

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

   610,000    651,376

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

   400,000    246,000

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

   2,220,000    1,612,364

Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2011 (c)

   3,025,000    3,387,274

Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031

   965,000    821,128

Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 6.125%, 2031

   1,000,000    780,850

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

   1,000,000    691,660

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

   225,000    199,422

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

   660,000    405,161

Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems), 5.5%, 2029

   440,000    325,802

Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems), 5.75%, 2035

   475,000    349,386

Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.5%, 2010 (c)

   1,965,000    2,155,743

Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.5%, 2020

   3,035,000    3,010,234

 

2


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Healthcare Revenue - Hospitals – continued

     

Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems), 6.5%, 2031

   1,725,000    1,702,868

Lauderdale County & Florence, AL, Health Care Authority Rev. (Coffee Health Group), MBIA, 5.625%, 2021

   3,000,000    2,797,170

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

   1,525,000    1,083,101

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

   1,040,000    1,006,398

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

   110,000    74,423

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

   110,000    72,034

Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.875%, 2013 (c)

   935,000    1,107,339

Madison County, ID, Hospital Rev., COP, 5.25%, 2026

   220,000    157,544

Madison County, ID, Hospital Rev., COP, 5.25%, 2037

   310,000    201,268

Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033

   380,000    324,725

Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 2042

   1,070,000    803,816

Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel Hospital), 6.5%, 2010 (c)

   1,500,000    1,626,090

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

   285,000    214,289

Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health Systems), “E”, 6.25%, 2031

   1,900,000    1,540,919

Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), “A”, 5.7%, 2015

   500,000    461,515

Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “D”, 5.25%, 2018

   1,400,000    1,068,760

Massachusetts Health & Educational Facilities Authority Rev. (Northern Berkshire Health), “B”, 6.375%, 2034

   640,000    456,269

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

   640,000    437,952

Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial Medical Center), “A”, 6%, 2023

   280,000    181,269

Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 6.75%, 2029

   810,000    508,883

Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019

   995,000    722,440

Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital Corp.), 5.5%, 2035

   1,020,000    639,101

Monroe County, NY, Industrial Development Agency, Civic Facilities Rev. (Highland Hospital of Rochester), 5%, 2025

   65,000    51,697

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

   225,000    154,161

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

   1,135,000    749,951

Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032

   435,000    365,009

Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.625%, 2010

   265,000    269,945

Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.875%, 2011

   260,000    262,587

New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2012 (c)

   440,000    503,184

New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2017

   265,000    275,510

 

3


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Healthcare Revenue - Hospitals – continued

     

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

   880,000    1,027,902

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

   120,000    86,898

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

   1,010,000    722,049

New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), “A”, 6.875%, 2030

   3,000,000    2,566,980

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

   100,000    75,686

New Mexico State Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5.25%, 2026

   440,000    277,807

New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.25%, 2024

   450,000    306,482

New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.625%, 2037

   560,000    351,596

New York, NY, Industrial Development Agency, Civic Facilities Rev. (Staten Island University Hospital), “A”, 6.375%, 2031

   475,000    343,658

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

   1,395,000    884,556

Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center), 5.75%, 2013

   650,000    592,943

Oklahoma Development Finance Authority Rev. (Comanche County Hospital), “B”, 6.6%, 2031

   1,665,000    1,285,180

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

   1,500,000    1,553,895

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

   590,000    403,283

Philadelphia, PA, Hospitals & Higher Educational Facilities Rev. (Temple University), “A”, 6.625%, 2023

   765,000    647,695

Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.375%, 2012 (c)

   1,560,000    1,776,341

Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)

   505,000    588,663

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

   1,595,000    1,617,729

Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.), 6.375%, 2014

   955,000    894,988

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

   1,675,000    927,883

Salt Lake City, UT, Hospital Authority Rev. (Intermountain Health Care), INFLOS, ETM, AMBAC, 11.598%, 2020 (c)(p)

   600,000    600,024

Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)

   625,000    723,563

Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)

   315,000    363,318

Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)

   185,000    213,377

Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)

   375,000    434,138

Skagit County, WA, Public Hospital District No. 001, 5.375%, 2022

   1,455,000    1,024,305

Skagit County, WA, Public Hospital District No. 001, 5.75%, 2032

   165,000    107,199

South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030

   560,000    483,543

South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031

   835,000    711,996

South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care System), 5.625%, 2032

   670,000    559,316

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

   60,000    48,994

Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.625%, 2029

   870,000    647,176

 

4


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Healthcare Revenue - Hospitals – continued

     

St. Paul, MN, Housing & Redevelopment Hospital (Healthpartners Obligations Group), 5.25%, 2036

     1,085,000      705,510

Steubenville, OH, Hospital Authority Rev. (Trinity Health Center), 6.5%, 2010 (c)

     1,300,000      1,421,355

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

     1,115,000      657,493

Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare), 6.25%, 2020

     3,085,000      2,659,702

Texas Metro Health Facilities Development Corp., Metro Health Facilities Development Rev. (Wilson N. Jones Memorial Hospital), 7.2%, 2021

     700,000      595,840

Texas Metro Health Facilities Development Corp., Metro Health Facilities Development Rev. (Wilson N. Jones Memorial Hospital), 7.25%, 2031

     1,000,000      795,560

Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021

     1,250,000      1,091,038

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

     985,000      645,983

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

     810,000      524,111

Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031

     600,000      498,276

Valley, AL, Special Care Facilities, Financing Authority Rev. (Lanier Memorial Hospital), 5.6%, 2016

     600,000      523,326

Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.75%, 2042

     220,000      139,669

Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.8%, 2047

     1,035,000      652,102

Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center), 6.375%, 2012 (c)

     1,500,000      1,741,875

Washington Health Care Facilities Authority Rev. (Mason Medical), “A”, 6.25%, 2042

     1,400,000      1,020,292

Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031

     1,115,000      878,698

Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2012 (c)

     1,000,000      1,134,990

West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 2029

     195,000      174,829

West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical Center), 6.75%, 2024

     170,000      141,806

West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026

     1,250,000      1,002,988

West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038

     905,000      668,324

Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020

     1,500,000      1,548,615

Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030

     1,000,000      848,280

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

     1,135,000      682,612

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

     745,000      497,422

Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John’s Riverside Hospital), 6.8%, 2016

     565,000      491,324

Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph’s Hospital), “C”, 6.2%, 2020

     750,000      624,038
         
      $ 104,359,308
         

Healthcare Revenue - Long Term Care – 15.4%

     

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

   $ 345,000    $ 249,683

Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2013 (c)

     750,000      953,258

Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 4%, 2036

     3,490,000      2,225,189

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

     430,000      305,511

Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.25%, 2035

     290,000      191,241

 

5


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Healthcare Revenue - Long Term Care – continued

     

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

   170,000    114,522

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

   225,000    139,003

Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.), ETM, 10%, 2012 (c)

   280,000    323,394

Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 2022

   150,000    112,721

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

   575,000    481,051

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

   755,000    454,502

Colorado Health Facilities Authority Rev. (Christian Living Communities Project), “A”, 5.75%, 2037

   395,000    238,833

Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), “B”, 6.125%, 2033

   1,000,000    720,880

Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2010 (c)

   1,830,000    2,058,164

Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2025

   1,170,000    1,161,798

Cumberland County, PA, Municipal Authority Rev. (Wesley), “A”, 7.25%, 2013 (c)

   720,000    870,192

Cumberland County, PA, Municipal Authority Rev. (Wesley), “A”, 7.25%, 2013 (c)

   280,000    338,408

Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2011 (c)

   1,000,000    1,140,140

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

   330,000    222,866

Fulton County, GA, Residential Care Facilities, (Lenbrook Project), “A”, 5.125%, 2042

   1,750,000    938,245

Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2027

   1,000,000    645,490

Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2037

   215,000    126,089

Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior Living Community), 8%, 2033

   500,000    437,345

Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2028

   590,000    388,255

Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2043

   540,000    317,903

Illinois Finance Authority Rev. (Clare at Water Tower), “A”, 6%, 2025

   490,000    304,839

Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.5%, 2037

   1,000,000    581,300

Illinois Finance Authority Rev. (Friendship Village), “A”, 5.375%, 2025

   1,270,000    774,357

Illinois Finance Authority Rev. (Landing at Plymouth Place), “A”, 6%, 2037

   490,000    308,808

Illinois Finance Authority Rev. (Montgomery Place), “A”, 5.75%, 2038

   520,000    322,390

Illinois Finance Authority Rev., Bond Anticipation Notes (Tallgrass), 13%, 2012

   210,000    197,104

Iowa Finance Authority Senior Housing Authority Rev. (Bethany Life Communities), “A”, 5.55%, 2041

   230,000    140,263

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

   1,105,000    1,326,796

Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “A”, 5.5%, 2025

   800,000    529,656

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

   895,000    689,624

James City County, VA, Economic Development (Virginia United Methodist Homes, Inc.), “A”, 5.4%, 2027

   585,000    366,023

James City County, VA, Economic Development (Virginia United Methodist Homes, Inc.), “A”, 5.5%, 2037

   940,000    541,139

Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 5.375%, 2027

   420,000    261,773

Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), “C”, 6.875%, 2012 (c)(f)

   500,000    589,580

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

   1,270,000    870,001

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

   340,000    195,694

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

   85,000    46,854

Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), “A”, 7.375%, 2027

   1,765,000    1,464,297

 

6


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Healthcare Revenue - Long Term Care – continued

     

Montgomery County, PA, Higher Education & Health Authority Rev. (AHF/Montgomery), 6.875%, 2036

     1,195,000      835,401

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

     250,000      162,365

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

     510,000      318,005

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

     530,000      336,508

New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036

     715,000      419,305

New Jersey Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%, 2027

     1,000,000      733,750

Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6%, 2025

     125,000      90,995

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

     110,000      75,919

Orange County, FL, Health Facilities Authority Rev. (Orlando Lutheran Tower), 5.5%, 2038

     320,000      183,382

Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2037

     490,000      313,017

Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2045

     105,000      64,954

Scott County, IA, Rev. (Ridgecrest Village), 5.25%, 2027

     245,000      153,027

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

     820,000      601,987

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

     515,000      349,644

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

     470,000      287,997

South Carolina Jobs & Economic Development Authority Rev., (Lutheran Homes of South Carolina), 5.5%, 2028

     130,000      85,085

South Carolina Jobs & Economic Development Authority Rev., (Lutheran Homes of South Carolina), 5.625%, 2042

     150,000      92,082

Sterling, IL (Hoosier Care), 7.125%, 2034

     680,000      493,245

Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living), 6.375%, 2039

     500,000      318,855

Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Querencia Barton Creek), 5.5%, 2025

     460,000      327,778

Ulster County, NY, Industrial Development Agency (Woodland Pond), “A”, 6%, 2037

     1,075,000      687,828

Washington Housing Finance Commission Non-profit Rev. (Skyline at First Hill), “A”, 5.625%, 2027

     215,000      136,665

Washington Housing Finance Commission Non-profit Rev. (Skyline at First Hill), “A”, 5.625%, 2038

     1,120,000      644,549

Wisconsin Health & Educational Facilities Board Rev. (All Saints Assisted Living Project), 6%, 2037

     340,000      210,967
         
      $ 32,588,491
         

Human Services – 3.2%

     

Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 5.875%, 2027

   $ 210,000    $ 131,418

Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 6%, 2036

     325,000      190,583

Colorado Educational & Cultural Facilities Authority (Cerebral Palsy Project), “A”, 6.25%, 2036

     500,000      330,810

Greenville County, SC, Hospital Rev. (Chestnut Hill), “A”, 8%, 2015

     1,660,000      1,464,651

Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 7%, 2036

     500,000      374,560

Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “C”, 7%, 2036

     375,000      278,115

Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “A”, 6.85%, 2036

     1,100,000      781,220

 

7


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Human Services – continued

     

Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “B”, 6.5%, 2013

     115,000      113,546

New York, NY, Industrial Development Agency, Civic Facility Rev. (A Very Special Place), “A”, 5.75%, 2029

     1,000,000      664,170

New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facilities), 6.5%, 2017

     1,030,000      876,468

Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 8.75%, 2011

     285,000      284,535

Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031

     1,000,000      926,080

Osceola County, FL, Industrial Development Authority Rev. (Community Provider), 7.75%, 2017

     259,000      237,588
         
      $ 6,653,744
         

Industrial Revenue - Airlines – 6.9%

     

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

   $ 660,000    $ 261,023

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

     2,390,000      1,012,069

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

     1,425,000      625,490

Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032

     3,735,000      1,894,429

Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032

     925,000      481,204

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

     1,810,000      1,194,329

Los Angeles, CA, Regional Airport Lease Rev. (AMR Corp.), “C”, 7.5%, 2024

     850,000      651,840

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

     1,300,000      816,244

New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 7.2%, 2030

     1,595,000      1,106,850

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

     6,625,000      4,824,590

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

     2,540,000      1,775,663
         
      $ 14,643,731
         

Industrial Revenue - Chemicals – 0.8%

     

Louisiana, Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), 6.75%, 2032

   $ 1,000,000    $ 690,800

Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030

     1,920,000      1,066,157
         
      $ 1,756,957
         

Industrial Revenue - Environmental Services – 3.5%

     

California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Browning Ferris, Inc.), “A”, 5.8%, 2016

   $ 1,000,000    $ 914,440

California Statewide Communities Development Authority, Solid Waste Facilities Rev. (Republic Services, Inc.), “A”, 4.95%, 2012

     1,000,000      956,290

Cobb County, GA, Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 2033

     220,000      134,147

Director of the State of Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 (a)

     750,000      659,070

Gloucester County, NJ, Solid Waste Resource Recovery Rev. (Waste Management, Inc.), 6.85%, 2029 (a)

     850,000      858,364

Gulf Coast Waste Disposal Authority (Waste Management, Inc.), 5.2%, 2028

     440,000      292,758

Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014

     1,750,000      1,656,165

Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Allied Waste N.A., Inc.), “A”, 5.2%, 2018

     440,000      375,074

New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev. (New Morgan Landfill Co., Inc./Browning Ferris, Inc.), 6.5%, 2019

     1,000,000      926,300

 

8


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Industrial Revenue - Environmental Services – continued

     

Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 4.9%, 2028

     885,000      559,842
         
      $ 7,332,450
         

Industrial Revenue - Other – 4.8%

     

Aztalan, WI, Exempt Facility Rev. (Renew Energy LLC Project), 7.5%, 2018 (d)

   $ 835,000    $ 83,500

Baker, FL, Correctional Development Corp. (Baker County Detention Center), 7.5%, 2030

     440,000      351,793

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

     100,000      83,203

Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036

     620,000      409,609

Gulf Coast, TX, Industrial Development Authority Rev. (Valero Energy Corp.), 5.6%, 2031

     1,750,000      1,079,855

Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032

     1,000,000      710,000

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

     430,000      338,556

New Jersey Economic Development Authority Rev. (GMT Realty LLC), “C”, 6.5%, 2015

     700,000      665,812

New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp), 5%, 2035

     620,000      409,491

Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-1”, 7.875%, 2032 (a)(n)

     1,270,000      1,138,047

Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (a)(n)

     580,000      519,738

Pennsylvania Economic Development Financing Authority, Finance Authority Facilities Rev. (Amtrak), “A”, 6.25%, 2031

     2,000,000      1,463,540

Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017

     3,255,000      2,608,427

Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026

     385,000      273,912
         
      $ 10,135,483
         

Industrial Revenue - Paper – 3.0%

     

Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), “A”, 6.55%, 2025

   $ 1,000,000    $ 596,940

Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028

     155,000      80,082

Cass County, TX, Industrial Development Corp. (International Paper Co.), “A”, 4.625%, 2027

     2,150,000      1,125,289

Delta County, MI, Economic Development Corp., Environmental Improvement Rev. (Mead Westvaco Escanaba), “B”, 6.45%, 2012 (c)

     500,000      562,765

Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018

     850,000      552,390

Effingham County, GA, Industrial Development Authority, Pollution Control (Georgia Pacific Corp. Project), 6.5%, 2031

     500,000      302,645

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

     525,000      261,718

Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 (d)

     3,335,000      433,550

Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022

     2,000,000      1,602,660

Navajo County, AZ, Industrial Development Authority Rev. (Stone Container Corp.), 7.2%, 2027 (d)

     880,000      114,400

Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034

     640,000      395,994

West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), 6.25%, 2019 (d)

     1,870,000      182,325

 

9


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Industrial Revenue - Paper – continued

     

West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (d)

     700,000      68,250
         
      $ 6,279,008
         

Miscellaneous Revenue - Entertainment & Tourism – 0.6%

     

Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities), 6.25%, 2017

   $ 800,000    $ 676,912

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

     420,000      63,000

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

     515,000      347,079

Seneca Nation Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 2023 (n)

     275,000      170,429
         
      $ 1,257,420
         

Miscellaneous Revenue - Other – 3.7%

     

Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 6.7%, 2011 (c)

   $ 600,000    $ 662,310

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

     220,000      163,799

Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5.75%, 2034

     775,000      432,737

Cleveland-Cuyahoga County, OH, Port Authority Rev. (Cleveland City), “B”, 4.5%, 2030

     870,000      517,502

Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), “B”, 5.125%, 2025

     175,000      120,556

Cleveland-Cuyahoga County, OH, Port Authority Rev. (Perrysburg Project), 4.8%, 2035

     225,000      133,679

Columbus, OH, Franklin County Finance Authority Development Rev., 6%, 2035 (a)

     830,000      643,416

Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024

     1,130,000      907,345

Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017

     1,830,000      1,755,574

Madison County, FL, Rev. (Twin Oaks Project), “A”, 6%, 2025

     530,000      380,365

Riversouth, OH, Authority Rev. (Lazarus Building) “A”, 5.75%, 2027

     1,125,000      876,184

Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev., 5.9%, 2014

     275,000      268,626

Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025

     180,000      123,692

Summit County, OH, Port Authority Building Rev. (Twinsburg Township), “D”, 5.125%, 2025

     155,000      106,890

Summit County, OH, Port Authority Building Rev. (Workforce Policy Board), “F”, 4.875%, 2025

     915,000      605,556

Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund), “B”, 4.8%, 2035

     265,000      149,844

Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund), “C”, 5.125%, 2025

     90,000      61,125
         
      $ 7,909,200
         

Multi-Family Housing Revenue – 4.0%

     

Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), FSA, 5%, 2035

   $ 210,000    $ 175,172

Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), FSA, 5.1%, 2046

     390,000      320,385

Charter Mac Equity Issuer Trust, FHLMC, 7.1%, 2009 (a)(n)

     1,000,000      1,003,080

Charter Mac Equity Issuer Trust, FHLMC, 6%, 2019 (n)

     2,000,000      1,784,000

Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 (a)

     435,000      396,585

Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023

     500,000      500,380

Mississippi Home Corp., Rev. (Kirkwood Apartments), 6.8%, 2037

     1,095,000      809,085

MuniMae TE Bond Subsidiary LLC, 6.875%, 2009 (a)(z)

     2,000,000      1,740,700

MuniMae TE Bond Subsidiary LLC, 5.4%, 2049 (z)

     1,000,000      836,700

North Charleston, SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5.15%, 2048

     445,000      368,100

 

10


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Multi-Family Housing Revenue – continued

     

Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), “I”, FSA, 5%, 2025

     670,000      614,330
         
      $ 8,548,517
         

Sales & Excise Tax Revenue – 0.3%

     

Desloge, MO, Tax Increment Rev. (U.S. Highway 67 Street Redevelopment), 5.2%, 2020

   $ 340,000    $ 263,221

Utah Transit Authority Sales Tax Rev., “A”, MBIA, 0%, 2028

     950,000      281,352
         
      $ 544,573
         

Single Family Housing - Local – 1.7%

     

Corpus Christi, TX, Housing Finance Authority Rev., “B”, 0%, 2011

   $ 1,135,000    $ 639,153

Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016

     1,570,000      715,308

Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032

     395,000      392,835

Jefferson Parish, LA, Single Family Mortgage Rev., “B-1”, GNMA, 6.625%, 2023

     165,000      172,095

Jefferson Parish, LA, Single Family Mortgage Rev., “B-1”, GNMA, 6.75%, 2030

     225,000      224,843

Nortex, TX, Housing Finance Corp., Single Family Mortgage Rev., “B”, 5.5%, 2038

     50,000      35,067

Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.45%, 2029

     235,000      235,089

Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.9%, 2035

     270,000      270,986

Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.25%, 2035

     105,000      107,956

Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-1”, GNMA, 5.75%, 2037

     135,000      136,446

Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-2”, GNMA, 5.75%, 2037

     460,000      459,959

Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.9%, 2037

     170,000      170,512
         
      $ 3,560,249
         

Single Family Housing - State – 1.3%

     

Colorado Housing & Finance Authority Rev., “C-2”, 5.9%, 2023

   $ 125,000    $ 122,015

Colorado Housing & Finance Authority Rev., “C-2”, FHA, 6.6%, 2032

     130,000      137,036

Colorado Housing & Finance Authority Rev., “C-3”, FHA, 6.375%, 2033

     55,000      57,579

Colorado Housing & Finance Authority Rev., “D-2”, 6.9%, 2029

     275,000      291,000

Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.35%, 2032

     200,000      198,050

Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.85%, 2032

     110,000      111,183

Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015

     2,200,000      1,226,764

New Hampshire Housing Finance Authority Rev., “B”, 5.875%, 2030

     55,000      54,347

Texas Affordable Housing Corp. (Single Family Mortgage), “B”, GNMA, 5.25%, 2039

     740,000      634,076
         
      $ 2,832,050
         

Solid Waste Revenue – 1.3%

     

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

   $ 490,000    $ 476,182

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

     2,850,000      2,326,370
         
      $ 2,802,552
         

State & Agency - Other – 0.4%

     

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

   $ 200,000    $ 164,400

Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037

     900,000      690,588
         
      $ 854,988
         

Student Loan Revenue – 0.8%

     

Access to Loans for Learning, CA Student Loan Rev., 7.95%, 2030

   $ 650,000    $ 564,798

 

11


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Student Loan Revenue – continued

     

Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030

     1,240,000      1,162,946
         
      $ 1,727,744
         

Tax - Other – 0.4%

     

New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.75%, 2029

   $ 475,000    $ 354,246

Virgin Islands Public Finance Authority Rev., “E”, 5.875%, 2018

     500,000      467,250
         
      $ 821,496
         

Tax Assessment – 8.1%

     

Arborwood Community Development District, FL, Capital Improvement Rev., 5.25%, 2016

   $ 450,000    $ 342,198

Arborwood Community Development District, FL, Capital Improvement Rev. (Master Infrastructure Projects), “A”, 5.35%, 2036

     620,000      344,013

Arborwood Community Development District, FL, Special Assessment (Master Infrastructure Projects), “B”, 5.1%, 2014

     225,000      179,093

Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.6%, 2030

     815,000      511,877

Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031

     470,000      285,361

Baltimore, MD, Special Obligation, “A”, 7%, 2038

     715,000      577,005

Belmont Community Development District, FL, Capital Improvement Rev., “B”, 5.125%, 2014 (d)

     970,000      438,741

Capital Region Community Development District Rev., FL, “A”, 7%, 2039

     465,000      325,584

Concord Station Community Development District, FL, Special Assessment, 5%, 2015

     235,000      183,396

Concorde Estates Community Development District, FL, Special Assessment, “B”, 5%, 2011

     475,000      356,060

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

     305,000      179,578

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

     320,000      212,243

East Homestead Community Development District, FL, Special Assessment, “B”, 5%, 2011

     155,000      125,180

Enclave at Black Point Marina Community Development District, FL, “B”, 5.2%, 2014

     215,000      129,877

Fishhawk Community Development District, FL, 5.125%, 2009

     345,000      267,144

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

     170,000      94,309

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

     995,000      722,718

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

     590,000      365,835

Homestead 50 Community Development District, FL, “A”, 6%, 2037

     680,000      402,288

Homestead 50 Community Development District, FL, “B”, 5.9%, 2013

     310,000      261,088

Katy, TX, Development Authority Rev., “B”, 6%, 2018

     925,000      743,182

Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2009

     170,000      150,557

Lakes by the Bay South Community Development District, FL, Rev., “B”, 5.3%, 2009

     570,000      341,983

Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037

     110,000      62,108

Legends Bay Community Development District, FL, “A”, 5.5%, 2014

     420,000      295,823

Legends Bay Community Development District, FL, “A”, 5.875%, 2038

     380,000      218,595

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

     1,140,000      681,595

Main Street Community Development District, FL, “A”, 6.8%, 2038

     565,000      359,555

Main Street Community Development District, FL, “B”, 6.9%, 2017

     420,000      315,584

Middle Village Community Development District, FL, Special Assessment, “B”, 5%, 2009

     95,000      93,858

Naturewalk Community Development District, FL, Capital Improvement Rev., “B”, 5.3%, 2016

     650,000      360,432

New Port Tampa Bay Community Development District, FL, Special Assessment, “B”, 5.3%, 2012

     440,000      179,238

North Springs Improvement District, FL, Special Assessment (Parkland Golf Country Club), “B-1”, 5.125%, 2015

     405,000      313,454

 

12


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Tax Assessment – continued

     

North Springs Improvement District, FL, Special Assessment (Parkland Golf Country Club), “B-2”, 5.125%, 2015

     145,000      111,325

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

     235,000      148,943

Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “A”, 5.9%, 2035

     240,000      143,369

Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “B”, 5.375%, 2014

     240,000      193,157

OTC Community Development District, FL, Special Assessment, “A”, 5.3%, 2038

     1,000,000      523,710

Overland Park, KS, Special Assessment (Tallgrass Creek), 4.85%, 2016

     170,000      134,305

Overland Park, KS, Special Assessment (Tallgrass Creek), 5.125%, 2028

     350,000      216,941

Panther Trace II, Community Development District, FL, Special Assessment, 5.125%, 2013

     350,000      213,427

Panther Trace II, Community Development District, FL, Special Assessment, “B”, 5%, 2010

     315,000      279,018

Parker Road Community Development District, FL, “A”, 5.6%, 2038

     340,000      177,619

Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014

     1,030,000      845,373

Paseo Community Development District, FL, “B”, 4.875%, 2010

     400,000      256,000

Preserve at Wilderness Lake, FL, Community Development District, Capital Improvement, “B”, 5%, 2009

     20,000      19,807

Prince George’s County, MD, Special Obligation (National Harbor Project), 5.2%, 2034

     245,000      121,042

Riverwood Estates Community Development District, FL, Special Assessment, “B”, 5%, 2013 (d)

     870,000      304,500

Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010

     195,000      183,569

Stone Ridge, CO, Metropolitan District No. 2, 7.25%, 2031

     800,000      545,912

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

     1,070,000      653,674

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

     785,000      421,883

Villa Vizcaya Community Development District, FL, “A”, 5.55%, 2039

     210,000      109,998

Watergrass Community Development District, FL, “A”, 5.375%, 2039

     420,000      221,789

Watergrass Community Development District, FL, Special Assessment, “B”, 4.875%, 2010

     765,000      580,972

Wentworth Estates Community Development District, FL, Special Assessment, “B”, 5.125%, 2012

     340,000      204,323
         
      $ 17,030,208
         

Tobacco – 9.0%

     

Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2027

   $ 3,365,000    $ 3,106,669

Buckeye, OH, Tobacco Settlement Financing Authority, 6%, 2042

     220,000      131,952

Buckeye, OH, Tobacco Settlement Rev., Asset Backed, “A-2”, 5.875%, 2030

     6,065,000      3,864,315

Buckeye, OH, Tobacco Settlement Rev., Asset Backed, “A-2”, 5.875%, 2047

     1,905,000      1,090,327

Buckeye, OH, Tobacco Settlement Rev., Asset Backed, “A-2”, 6.5%, 2047

     1,420,000      892,612

California County, CA, Tobacco Securitization Corp., Tobacco Settlement, L.A. County, “A”, 0% to 2010, 5.65% to 2041

     485,000      229,735

California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029

     1,610,000      1,176,089

District of Columbia, Tobacco Settlement Rev., 6.25%, 2024

     990,000      828,491

Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-4”, 7.8%, 2013 (c)

     1,000,000      1,235,370

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

     3,270,000      190,805

Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 2034

     1,635,000      1,000,277

Louisiana Tobacco Settlement Authority Rev., 5.5%, 2030

     1,435,000      1,095,307

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

     1,125,000      666,529

New Jersey Tobacco Settlement Financing Corp., 5.75%, 2012 (c)

     765,000      837,254

New Jersey Tobacco Settlement Financing Corp., 7%, 2013 (c)

     15,000      18,385

Rhode Island Tobacco Settlement Financing Corp., “A”, 0%, 2052

     7,295,000      69,084

 

13


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Tobacco – continued

     

Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo- Santa Clara), “A”, 0%, 2036

     2,115,000      129,967

Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo- Santa Clara), “A”, 0%, 2041

     1,560,000      58,750

South Carolina Tobacco Settlement Authority Rev., “B”, 6%, 2011 (c)

     1,125,000      1,184,681

South Carolina Tobacco Settlement Authority Rev., “B”, 6.375%, 2011 (c)

     1,075,000      1,180,909

Washington Tobacco Settlement Authority, 6.5%, 2026

     145,000      128,190
         
      $ 19,115,698
         

Toll Roads – 1.6%

     

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

   $ 2,790,000    $ 2,640,875

E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, “B”, MBIA, 0%, 2027

     4,115,000      800,326
         
      $ 3,441,201
         

Transportation - Special Tax – 1.7%

     

Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM, 11.5%, 2012 (c)

   $ 2,900,000    $ 3,650,955

Universities - Colleges – 13.4%

     

California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 2027

   $ 370,000    $ 232,811

California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.5%, 2038

     420,000      246,611

Harrisburg, PA, Harrisburg University of Science, “A”, 5.4%, 2016

     210,000      197,058

Houston, TX, Community College Systems, MBIA, 7.875%, 2025

     2,500,000      2,775,300

Illinois Educational Facilities Authority Rev. (Augustana College), “A”, 5.625%, 2022

     400,000      334,132

Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2031

     795,000      561,262

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

     1,165,000      789,369

Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031

     2,500,000      2,573,300

Massachusetts Health & Educational Facilities Authority Rev., 5%, 2038 (u)

     20,000,000      20,149,200

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

     535,000      541,217
         
      $ 28,400,260
         

Universities - Dormitories – 0.1%

     

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

   $ 380,000    $ 227,122
         

Universities - Secondary Schools – 2.6%

     

California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)

   $ 530,000    $ 601,852

California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)

     1,000,000      1,176,880

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

     770,000      523,469

Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.25%, 2027

     430,000      257,269

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

     945,000      524,456

Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038

     140,000      82,414

Maryland Industrial Development Financing Authority, Economic Development Authority Rev. (Our Lady of Good Council), “A”, 6%, 2035

     150,000      102,401

Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021

     1,000,000      877,370

Pima County, AZ, Industrial Development Authority Education Rev. (Arizona Charter Schools), “C”, 6.75%, 2031

     490,000      364,393

Utah County, UT, Charter School Rev. (Lakeview Academy), “A”, 5.625%, 2037

     500,000      331,070

Utah County, UT, Charter School Rev. (Renaissance Academy), “A”, 5.625%, 2037

     285,000      183,204

 

14


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Issuer

   Shares/Par    Value ($)

Municipal Bonds – continued

     

Universities - Secondary Schools – continued

     

Utah County, UT, Charter School Rev. (Ronald Wilson Reagan Academy), “A”, 6%, 2038

     795,000      549,941
         
      $ 5,574,719
         

Utilities - Cogeneration – 0.8%

     

Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal Regional Power, 5.8%, 2018

   $ 830,000    $ 696,453

Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 2015

     350,000      276,987

Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev. (Northampton Generating), “A”, 6.5%, 2013

     1,000,000      697,690
         
      $ 1,671,130
         

Utilities - Investor Owned – 7.6%

     

Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), “A”, 5.375%, 2019

   $ 500,000    $ 416,875

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

     2,205,000      1,471,044

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

     85,000      56,623

Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), 5%, 2041

     835,000      335,770

Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power Co.), 5.95%, 2028

     2,270,000      1,859,652

Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “A”, 6.3%, 2016

     2,195,000      2,037,245

Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “C”, 5.8%, 2022

     2,105,000      1,727,616

Matagorda County, TX (CenterPoint Energy), 5.6%, 2027

     1,500,000      1,192,740

Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030

     1,655,000      1,137,018

Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017

     800,000      800,416

New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire), 6%, 2021

     1,000,000      840,730

Red River Authority, TX, Pollution Control Rev. (AEP Texas Central Co.), MBIA, 4.45%, 2020

     760,000      698,501

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

     340,000      174,461

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

     610,000      406,955

West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2015

     1,500,000      1,379,790

West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2016

     1,000,000      882,720

Yuma County, AZ, Industrial Development Authority (Far West Water & Sewer, Inc.), 6.375%, 2037

     735,000      553,499
         
      $ 15,971,655
         

Utilities - Municipal Owned – 1.0%

     

North Carolina Municipal Power Agency, Catawba Electric Rev., “B”, 6.5%, 2020

   $ 2,000,000    $ 2,050,000
         

Utilities - Other – 1.5%

     

Main Street Natural Gas, Inc., GA, Gas Project Rev., “A”, 5%, 2022

   $ 500,000    $ 404,845

Main Street Natural Gas, Inc., GA, Gas Project Rev., “A”, 5.5%, 2026

     285,000      218,008

Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037

     1,900,000      1,214,499

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

     510,000      388,620

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

     80,000      60,080

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

     905,000      653,346

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

     450,000      311,018
      $ 3,250,416

 

15


MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/09 - continued

 

Total Investments

   $ 330,627,585  
        

Other Assets, Less Liabilities – (2.5)%

     (5,380,018 )
        

Preferred shares (issued by the fund) – (53.8)%

     (113,750,000 )
        

Net assets applicable to common shares – 100.0%

   $ 211,497,567  
        

 

(a) 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.

 

(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 $4,962,373, representing 2.3% of net assets applicable to common shares.

 

(p) Primary inverse floater.

 

(u) Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.

 

(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

 

Restricted Securities

   Acquisition
Date
   Cost    Current
Market Value
 

MuniMae TE Bond Subsidiary LLC, 6.875%, 2009

   5/18/99    $ 2,000,000    $ 1,740,700  

MuniMae TE Bond Subsidiary LLC, 5.4%, 2049

   10/14/04      1,000,000      836,700  
              

Total Restricted Securities

         $ 2,577,400  

% of Net Assets applicable to common shares

           1.2 %

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

 

COP    Certificate of Participation
ETM    Escrowed to Maturity
SIFMA    Securities Industry and Financial Markets Association

Insurers

    
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.
FSA    Financial Security Assurance Inc.
GNMA    Government National Mortgage Assn.
MBIA    MBIA Insurance Corp.
PSF    Permanent School Fund
XLCA    XL Capital Insurance Co.

Inverse Floaters

    
INFLOS    Inverse Floating Security

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

 

16


MFS Municipal Income Trust

Supplemental Information (Unaudited) 1/31/09

(1) Fair Value Disclosure

The fund adopted FASB Statement No. 157, Fair Value Measurements (the “Statement”). This Statement provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value measurements.

Various inputs are used in determining the value of the fund’s assets or liabilities carried at market value. These inputs are categorized into three broad levels. Level 1 includes 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 January 31, 2009 in valuing the fund’s assets or liabilities carried at market value:

 

     Level 1     Level 2     Level 3    Total  

Investments in Securities

   $ —       $ 330,627,585     $ —      $ 330,627,585  

Other Financial Instruments

   $ (530,533 )   $ (1,149,720 )   $ —      $ (1,680,253 )

(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

   $ 394,546,774  
        

Gross unrealized appreciation

   $ 7,834,017  

Gross unrealized depreciation

     (81,753,206 )
        

Net unrealized appreciation (depreciation)

   $ (73,919,189 )
        

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

(3) Derivative Contracts at 1/31/09

Futures contracts outstanding at 1/31/09

 

Description

   Contracts    Value    Expiration
Date
   Unrealized
Appreciation
(Depreciation)
 

U.S. Treasury Note 10 yr (Short)

   71    $ 8,709,703    Mar-09    $ (374,108 )

U.S. Treasury Bond 30 yr (Short)

   68      8,615,813    Mar-09      (156,425 )
                 
            $ (530,533 )
                 

Swap Agreements at 1/31/09

 

Expiration

        Notional
Amount
  

Counterparty

   Cash Flows
to Receive
   Cash Flows
to Pay
   Value  

Interest Rate Swaps

              

2/16/24

   USD    22,000,000    Citibank    7-Day SIFMA    3.666% (fixed rate)    $ (1,149,720 )

At January 31, 2009, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

 

17


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 Amended and Restated 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 MUNICIPAL INCOME TRUST

 

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

Date: March 18, 2009

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: March 18, 2009

 

By (Signature and Title)*    JOHN M. CORCORAN
 

John M. Corcoran, Treasurer

(Principal Financial Officer

and Accounting Officer)

Date: March 18, 2009

 

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