Edgar Filing: MFS MUNICIPAL INCOME TRUST

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 811-04841

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, 2011

ITEM 1.

SCHEDULE OF INVESTMENTS.

LOGO

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11


Issuer	Shares/Par		Value ($)
Municipal Bonds – 148.3%
Airport & Port Revenue – 3.5%
Chicago, IL, O’Hare International Airport Rev. (Third Lien Passenger Facility), “B”,
AGM, 5.75%, 2022	$	3,000,000	$	3,051,582
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 2025		195,000		181,253
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035		375,000		342,521
Miami-Dade County, FL, Aviation Rev., “B”, AGM, 5%, 2035		1,365,000		1,283,878
Oklahoma City, OK, Airport Trust Rev., AGM, 5.75%, 2016		3,125,000		3,132,344
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2036		485,000		467,104
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042		550,000		522,335

			$	8,981,017

General Obligations - General Purpose – 0.4%
Luzerne County, PA, AGM, 6.75%, 2023	$	870,000	$	932,744

General Obligations - Improvement – 0.2%
Guam Government, “A”, 6.75%, 2029	$	270,000	$	282,887
Guam Government, “A”, 7%, 2039		305,000		318,566

			$	601,453

General Obligations - Schools – 0.5%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2031	$	525,000	$	146,669
Los Angeles, CA, Unified School District, “D”, 5%, 2034		180,000		165,712
Merced, CA, Union High School District, Capital Appreciation, “A”, ASSD GTY, 0%, 2030		320,000		78,941
Royse City, TX, Independent School District, School Building, Capital Appreciation, PSF, 0%, 2027		955,000		422,731
Royse City, TX, Independent School District, School Building, Capital Appreciation, PSF, 0%, 2029		965,000		381,117

			$	1,195,170

Healthcare Revenue - Hospitals – 47.0%
Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev.,
“A” (Russell Hospital Corp.), 5.75%, 2036	$	600,000	$	495,522
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028		1,905,000		1,321,613
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5.375%, 2040		1,055,000		703,569
Athens County, OH, Hospital Facilities Rev. (O’Bleness Memorial Hospital), “A”, 7.125%, 2033		1,500,000		1,324,005
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039		650,000		635,726
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 2031		1,295,000		1,286,570
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5.75%, 2040		80,000		71,882
California Statewide Communities Development Authority Rev. (Children’s Hospital), 5%, 2047		550,000		414,711
California Statewide Communities Development Authority Rev. (St. Joseph Health System), FGIC, 5.75%, 2047		670,000		623,415
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5%, 2022		205,000		180,882
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5.125%, 2031		100,000		79,861
Chautauqua County, NY, Capital Resource Corp., Rev. (Women’s Christian Assn.), “A”, 8%, 2030		1,060,000		1,010,413

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - 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”, 6.35%, 2017	$	105,000	$	106,821
Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women’s Christian Assn.), “A”, 6.4%, 2029		955,000		971,617
Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “A”, 6%, 2013		325,000		267,511
Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “B”, 6.35%, 2013		105,000		86,395
Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital), 6.25%, 2023		785,000		767,667
Clinton County, MO, Industrial Development Agency, Health Facilities Rev. (Cameron Regional Medical Center), 5%, 2032		275,000		197,302
Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2011 (c)		1,000,000		1,033,950
Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems), 6.625%, 2011 (c)		675,000		714,278
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029		865,000		832,805
Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030		1,300,000		1,316,432
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040		1,500,000		1,387,695
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		615,000		582,762
Fruita, CO, Rev. (Family Health West Project), 7%, 2018		255,000		262,844
Fruita, CO, Rev. (Family Health West Project), 8%, 2043		1,310,000		1,329,807
Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6%, 2025		135,000		130,091
Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6.5%, 2030		435,000		413,859
Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6.75%, 2035		375,000		359,434
Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), “A”, 4.875%, 2027		1,275,000		916,763
Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025		250,000		216,765
Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031		295,000		247,169
Glendale, AZ, Industrial Development Authority (John C. Lincoln Health), 5%, 2042		755,000		586,069
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031		725,000		708,789
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035		610,000		656,220
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031		385,000		298,976
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034		945,000		1,029,804
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038		940,000		945,678
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2011 (c)		3,025,000		3,143,610
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031		965,000		969,545
Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 6.125%, 2031		1,000,000		957,850
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039		1,000,000		852,250
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037		1,860,000		1,588,514
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), 6%, 2038		365,000		330,570
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), “A”, 5.5%, 2036		660,000		563,185

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems), 5.5%, 2029	$	440,000	$	404,593
Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems), 5.75%, 2035		475,000		432,497
Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.5%, 2020		3,035,000		3,071,936
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		1,095,000		1,010,094
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems), 6.5%, 2031		1,725,000		1,798,399
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034		1,615,000		1,445,554
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2032		110,000		91,549
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037		110,000		89,240
Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.875%, 2013 (c)		435,000		492,033
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), 5.75%, 2038		180,000		155,446
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033		380,000		364,834
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 2042		985,000		854,891
Maryland Health & Higher Educational Facilities Authority Rev. (Washington County Hospital), 6%, 2043		285,000		260,926
Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health Systems), “E”, 6.25%, 2031		1,900,000		1,899,791
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “D”, 5.25%, 2018		1,400,000		1,327,088
Massachusetts Health & Educational Facilities Authority Rev. (Quincy Medical Center), “A”, 6.5%, 2038		925,000		761,146
Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial Medical Center), “A”, 6%, 2023		260,000		219,960
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 6.75%, 2029		810,000		755,349
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019		995,000		997,179
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		2,000,000		1,844,540
Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital Corp.), 5.5%, 2035		1,020,000		807,493
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		225,000		196,200
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2036		1,135,000		966,748
Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032		435,000		402,144
Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.875%, 2011		90,000		92,337
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		1,110,000		1,082,528
New Hampshire Health & Education Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2012 (c)		880,000		954,316
New Hampshire Health & Education Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2032		120,000		115,096

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2012 (c)	$	440,000	$	466,668
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2017		145,000		149,472
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), 5.75%, 2037		1,010,000		895,244
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), “A”, 6.875%, 2030		3,000,000		3,010,740
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 2017		100,000		92,265
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5.25%, 2026		440,000		341,286
New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.25%, 2024		410,000		396,195
New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.625%, 2037		560,000		508,295
New York, NY, Industrial Development Agency, Civic Facilities Rev. (Staten Island University Hospital), “A”, 6.375%, 2031		455,000		438,939
Norman, OK, Regional Hospital Authority Rev., 5%, 2027		300,000		249,921
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2029		175,000		148,741
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036		1,395,000		1,114,270
Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center), 5.75%, 2013		255,000		235,916
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		1,610,000		1,655,821
Oklahoma Development Finance Authority Rev. (Comanche County Hospital), “B”, 6.6%, 2031		1,665,000		1,688,127
Olympia, WA, Healthcare Facilities Authority Rev. (Catholic Health Initiatives), “D”, 6.375%, 2036		1,500,000		1,578,150
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039		1,975,000		1,964,789
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 6.625%, 2023		765,000		764,977
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 5.5%, 2030		590,000		516,008
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.375%, 2012 (c)		1,560,000		1,660,963
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)		505,000		547,965
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		1,595,000		1,795,348
Rutherford County, TN, Health & Educational Facilities Board Rev., 5%, 2040 (u)		12,500,000		11,147,750
Salida, CO, Hospital District Rev., 5.25%, 2036		1,674,000		1,355,689
Salt Lake City, UT, Hospital Authority Rev. (Intermountain Health Care), ETM, FRN, AMBAC, 12.747%, 2020 (c)(p)		600,000		603,816
Scottsdale, AZ, Industrial Development Authority, Hospital Rev. (Scottsdale Healthcare), “C”, ASSD GTY, 5%, 2035		115,000		104,331
Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		625,000		679,000
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)		185,000		200,621
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)		315,000		341,599
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		375,000		407,400
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.375%, 2022		1,455,000		1,391,678
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 6%, 2023		205,000		206,620

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032	$	165,000	$	148,182
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030		560,000		536,435
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031		835,000		829,280
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), 5.75%, 2039		685,000		626,981
South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care System), 5.625%, 2032		670,000		738,963
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029		255,000		246,501
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039		385,000		369,719
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.5%, 2020		60,000		58,395
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.625%, 2029		870,000		776,614
St. Paul, MN, Housing & Redevelopment Authority Healthcare Facilities Rev. (Healthpartners Obligated Group), 5.25%, 2036		1,085,000		915,284
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036		1,115,000		941,049
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046 (a)		735,000		40,425
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.25%, 2020		3,085,000		3,086,604
Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021		1,250,000		1,267,925
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032		985,000		779,953
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037		810,000		629,257
Upland, CA, San Antonio Community Hospital, COP, 6.375%, 2032		1,750,000		1,705,550
Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031		600,000		600,462
Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.75%, 2042		220,000		183,968
Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.8%, 2047		1,035,000		861,348
Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center), 6.375%, 2012 (c)		1,500,000		1,629,855
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 2042		1,400,000		1,291,990
Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031		1,095,000		950,570
Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2012 (c)		1,000,000		1,069,750
West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 2029		195,000		194,319
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026		1,250,000		1,249,913
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038		905,000		807,631
Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020		1,500,000		1,555,725
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030		1,000,000		1,019,720
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034		1,135,000		944,922
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “A”, 5.25%, 2025		745,000		679,157
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John’s Riverside Hospital), 6.8%, 2016		450,000		452,903

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph’s Hospital), “C”, 6.2%, 2020	$	750,000	$	556,238

			$	120,219,295

Healthcare Revenue - Long Term Care – 15.2%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Casa de las Campanas), CALHF, 6%, 2037	$	175,000	$	164,827
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 7%, 2033		345,000		286,326
Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2013 (c)		750,000		882,675
Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 8%, 2036		3,445,000		2,658,196
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025		430,000		400,106
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.25%, 2035		290,000		256,369
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2027		170,000		139,604
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037		225,000		169,990
Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.), ETM, 10%, 2012 (c)		160,000		171,677
Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 2022		150,000		135,629
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032		560,000		488,180
Colorado Health Facilities Authority Rev. (American Baptist Homes), “A”, 5.9%, 2037		755,000		597,401
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), “A”, 5.75%, 2037		375,000		317,700
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), “B”, 6.125%, 2033		1,000,000		921,110
Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2025		1,170,000		1,193,915
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029		1,360,000		1,362,013
Cumberland County, PA, Municipal Authority Rev. (Wesley), “A”, 7.25%, 2013 (c)		720,000		811,879
Cumberland County, PA, Municipal Authority, Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		280,000		315,731
Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2011 (c)		1,000,000		1,035,860
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034		330,000		276,187
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2027		1,000,000		808,150
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2037		215,000		159,906
Hamden, CT, Facility Rev. (Whitney Center Project), “A”, 7.625%, 2030		130,000		133,041
Hamden, CT, Facility Rev. (Whitney Center Project), “A”, 7.75%, 2043		630,000		639,954
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 2029		105,000		117,398
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044		275,000		304,494
Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior Living Community), 8%, 2033		500,000		526,545
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2028		590,000		478,891
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2043		440,000		316,796

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Illinois Finance Authority Rev. (Christian Homes, Inc.), 6.125%, 2027	$	850,000	$	787,619
Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2045		500,000		478,770
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.5%, 2037		800,000		601,264
Illinois Finance Authority Rev. (Friendship Village), “A”, 5.375%, 2025		1,270,000		1,081,342
Illinois Finance Authority Rev. (Landing at Plymouth Place), “A”, 6%, 2037		490,000		373,944
Illinois Finance Authority Rev. (Montgomery Place), “A”, 5.75%, 2038		520,000		400,681
Illinois Finance Authority Rev. (The Clare at Water Tower), “A-6”, 6%, 2028		343,000		185,299
Illinois Finance Authority Rev., Capital Appreciation, (The Clare at Water Tower), “B”, 0%, 2050 (a)		147,000		869
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), 9.25%, 2011 (c)		1,030,000		1,096,744
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “A”, 5.5%, 2025		800,000		675,400
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2018		755,000		706,891
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.4%, 2027		195,000		120,494
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.5%, 2037		785,000		446,210
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 5.375%, 2027		315,000		235,072
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 7.125%, 2029		345,000		309,220
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), “C”, 6.875%, 2012 (c)		500,000		545,345
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 2041		475,000		451,022
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037		1,270,000		1,087,184
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.5%, 2027		340,000		244,844
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.75%, 2035		85,000		58,568
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039		150,000		147,777
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.875%, 2044		225,000		220,932
Montgomery County, PA, Higher Education & Health Authority Rev. (AHF/Montgomery), 6.875%, 2036		1,180,000		980,958
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028		250,000		214,713
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035		510,000		426,248
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037		530,000		427,074
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036		715,000		562,955
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6%, 2025		215,000		191,505
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035		330,000		282,140
Orange County, FL, Health Facilities Authority Rev. (Orlando Lutheran Tower), 5.5%, 2038		320,000		250,880
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2037		490,000		376,913
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2045		105,000		78,402
Scott County, IA, Rev. (Ridgecrest Village), 5.25%, 2027		245,000		188,951
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		820,000		748,389
South Carolina Jobs & Economic Development Authority Rev. (Lutheran Homes of South Carolina), 5.5%, 2028		130,000		107,017
South Carolina Jobs & Economic Development Authority Rev. (Lutheran Homes of South Carolina), 5.625%, 2042		150,000		113,372

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2027	$	515,000	$	289,574
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2042		470,000		260,784
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045		1,565,000		1,461,913
Sterling, IL (Hoosier Care), 7.125%, 2034		660,000		567,844
Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living), 6.375%, 2039		480,000		360,811
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.125%, 2029		115,000		108,095
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 5.125%, 2037		365,000		286,120
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.375%, 2044		780,000		715,198
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 2044		1,500,000		1,431,150
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		245,000		239,086
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		370,000		360,809
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Querencia Barton Creek), 5.5%, 2025		460,000		389,132
Ulster County, NY, Industrial Development Agency (Woodland Pond), “A”, 6%, 2037		1,075,000		800,316
Wisconsin Health & Educational Facilities Authority Rev. (All Saints Assisted Living Project), 6%, 2037		340,000		282,860

			$	38,829,250

Human Services – 2.7%
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 5.875%, 2027 (a)	$	210,000	$	115,500
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 6%, 2036 (a)		325,000		178,750
Greenville County, SC, Hospital Rev. (Chestnut Hill), “A”, 8%, 2015		1,275,000		1,277,219
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 7%, 2036		500,000		433,470
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “C”, 7%, 2036		375,000		325,103
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “A”, 6.85%, 2036		1,100,000		932,525
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “B”, 6.5%, 2013		115,000		114,900
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5.5%, 2035		620,000		527,322
New York, NY, Industrial Development Agency, Civic Facility Rev. (A Very Special Place), “A”, 5.75%, 2029		1,000,000		786,880
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facilities), 6.5%, 2017		1,030,000		960,310
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 8.75%, 2011		100,000		100,174
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031		1,000,000		969,980
Osceola County, FL, Industrial Development Authority Rev. (Community Provider), 7.75%, 2017		165,000		163,187

			$	6,885,320

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Airlines – 9.0%
Alliance Airport Authority, Inc., TX (American Airlines, Inc.), 5.25%, 2029	$	660,000	$	465,472
Chicago, IL, O’Hare International Airport Special Facilities Rev. (American Airlines, Inc.), 5.5%, 2030		190,000		144,212
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029		555,000		629,586
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035		285,000		305,483
Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American Airlines, Inc.), 5.5%, 2030		750,000		541,403
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032		3,735,000		3,043,353
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032		1,600,000		1,392,896
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 6.75%, 2029		2,270,000		2,153,231
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 7%, 2029		385,000		374,886
Los Angeles, CA, Regional Airport Lease Rev. (American Airlines, Inc.), “C”, 7.5%, 2024		850,000		847,697
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 6.25%, 2029		1,300,000		1,158,469
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 7.2%, 2030		1,595,000		1,578,189
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.5%, 2016		725,000		741,958
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025		6,625,000		6,862,639
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031		2,540,000		2,645,410
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), “A”, 8%, 2012		265,000		271,556

			$	23,156,440

Industrial Revenue - Chemicals – 2.2%
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “A”, 5.95%, 2033	$	2,000,000	$	1,949,240
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033		75,000		68,210
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), 6.75%, 2032		1,000,000		1,012,260
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A”, 6.5%, 2029		610,000		609,347
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030		1,920,000		1,884,730

			$	5,523,787

Industrial Revenue - Environmental Services – 1.6%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 2022	$	695,000	$	690,357
Director of the State of Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 (b)		750,000		760,943
Gulf Coast Waste Disposal Authority (Waste Management, Inc.), 5.2%, 2028		440,000		421,128
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014		1,750,000		1,826,353
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Allied Waste N.A., Inc.), “A”, 5.2%, 2018		440,000		442,380

			$	4,141,161

Industrial Revenue - Metals – 0.3%
State of Indiana Finance Authority, Environmental Rev. (U.S. Steel Corp.), 6%, 2026	$	745,000	$	715,252

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Other – 5.5%
Baker, FL, Correctional Development Corp. (Baker County Detention Center), 7.5%, 2030 (a)	$	440,000	$	300,388
California Statewide Communities, Development Authority Facilities (Microgy Holdings Project), 9%, 2038 (d)		13,387		770
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036 (d)		238,610		13,720
Gulf Coast, TX, Industrial Development Authority Rev. (Valero Energy Corp.), 5.6%, 2031		1,750,000		1,530,008
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032		1,000,000		999,990
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023		90,000		83,637
Illinois Finance Authority Rev. (Navistar International Corp.), 6.5%, 2040		1,065,000		1,062,082
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037		430,000		359,975
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “C”, 6.5%, 2015		700,000		692,055
New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp), 5%, 2035		620,000		514,507
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-1”, 7.875%, 2032 (b)(n)		1,270,000		1,336,332
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (b)(n)		580,000		610,293
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities Rev. (Amtrak), “A”, 6.25%, 2031		2,000,000		2,008,300
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017		3,255,000		3,269,257
Texas Midwest Public Facilities Corp. Rev. (Secure Treatment Facilities Project), 9%, 2030		395,000		351,937
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026		1,120,000		1,081,539

			$	14,214,790

Industrial Revenue - Paper – 3.1%
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), “A”, 6.55%, 2025	$	1,000,000	$	1,000,840
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028		155,000		143,222
Cass County, TX, Industrial Development Corp. (International Paper Co.), “A”, 4.625%, 2027		2,150,000		1,781,512
Delta County, MI, Economic Development Corp., Environmental Improvement Rev. (Mead Westvaco Escanaba), “B”, 6.45%, 2012 (c)		500,000		532,105
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018		850,000		821,746
Effingham County, GA, Industrial Development Authority, Pollution Control (Georgia Pacific Corp. Project), 6.5%, 2031		500,000		501,700
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 4.75%, 2030		525,000		433,031
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022		2,000,000		2,116,900
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		640,000		559,424
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), 6.25%, 2019 (d)		1,870,000		42,636
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (d)		700,000		15,960

			$	7,949,076

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Entertainment & Tourism – 0.5%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030	$	230,000	$	221,817
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040		150,000		143,777
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.375%, 2043		225,000		218,545
New York Liberty Development Corp. Rev. (National Sports Museum), “A”, 6.125%, 2019 (d)		369,599		4
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.25%, 2027 (n)		515,000		426,672
Seneca Nation Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 2023 (n)		275,000		211,756

			$	1,222,571

Miscellaneous Revenue - Other – 4.1%
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2017	$	215,000	$	216,726
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2020		170,000		162,758
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024		220,000		196,735
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5%, 2034		110,000		86,000
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5.75%, 2034		775,000		652,775
Cleveland-Cuyahoga County, OH, Port Authority Rev., 7%, 2040		235,000		230,382
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Cleveland City), “B”, 4.5%, 2030		550,000		383,609
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), “B”, 5.125%, 2025		155,000		125,504
Columbus, OH, Franklin County Finance Authority Development Rev., 6%, 2035		795,000		733,070
Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024		1,130,000		1,060,076
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017		1,520,000		1,520,562
Madison County, FL, Rev. (Twin Oaks Project), “A”, 6%, 2025		505,000		432,406
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 2030		455,000		456,092
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049		1,875,000		1,893,356
Riversouth, OH, Authority Rev. (Lazarus Building), “A”, 5.75%, 2027		1,125,000		935,595
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev., 5.9%, 2014		175,000		170,195
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040		85,000		83,258
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025		170,000		138,451
Summit County, OH, Port Authority Building Rev. (Twinsburg Township), “D”, 5.125%, 2025		155,000		126,578
Summit County, OH, Port Authority Building Rev. (Workforce Policy Board), “F”, 4.875%, 2025		915,000		723,280
Toledo-Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund), “C”, 5.125%, 2025		90,000		71,703

			$	10,399,111

Multi-Family Housing Revenue – 2.5%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), AGM, 5%, 2035	$	210,000	$	190,537
Charter Mac Equity Issuer Trust, FHLMC, 6%, 2019 (n)		2,000,000		2,059,560
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 (b)		435,000		409,522
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023		500,000		503,975
Mississippi Home Corp., Rev. (Kirkwood Apartments), 6.8%, 2037 (q)		1,095,000		644,933

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
MuniMae TE Bond Subsidiary LLC, 7.5%, 2049 (n)	$	1,829,523	$	1,656,872
MuniMae TE Bond Subsidiary LLC, 5.4%, 2049 (z)		1,000,000		640,770
North Charleston, SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5.15%, 2048		445,000		402,356

			$	6,508,525

Sales & Excise Tax Revenue – 0.8%
Desloge, MO, Tax Increment Rev. (U.S. Highway 67 Street Redevelopment), 5.2%, 2020	$	130,000	$	120,374
Regional Transportation District, CO, Private Activity Rev. (Denver Transportation Partners), 6%, 2034		1,180,000		1,079,971
Regional Transportation District, CO, Private Activity Rev. (Denver Transportation Partners), 6%, 2041		590,000		531,313
Utah Transit Authority Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 2028		950,000		332,054

			$	2,063,712

Single Family Housing - Local – 0.5%
Corpus Christi, TX, Housing Finance Authority Rev., Capital Appreciation, “B”, 0%, 2011 (a)	$	885,000	$	6,992
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., Capital Appreciation, NATL, 0%, 2016		1,200,000		673,656
Jefferson Parish, LA, Single Family Mortgage Rev., “B-1”, GNMA, 6.625%, 2023		115,000		121,305
Nortex, TX, Housing Finance Corp., Single Family Mortgage Rev., “B”, 5.5%, 2038		25,000		19,111
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.9%, 2035		140,000		144,388
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.25%, 2035		70,000		73,830
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-1”, GNMA, 5.75%, 2037		50,000		50,448
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-2”, GNMA, 5.75%, 2037		175,000		180,770
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.9%, 2037		80,000		82,507

			$	1,353,007

Single Family Housing - State – 0.6%
Colorado Housing & Finance Authority Rev., “C-2”, 5.9%, 2023	$	105,000	$	108,396
Colorado Housing & Finance Authority Rev., “C-2”, FHA, 6.6%, 2032		95,000		101,735
Colorado Housing & Finance Authority Rev., “C-3”, FHA, 6.375%, 2033		40,000		41,002
Colorado Housing & Finance Authority Rev., “D-2”, 6.9%, 2029		185,000		193,658
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.35%, 2032		110,000		113,641
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.85%, 2032		70,000		71,452
Nebraska Investment Finance Authority Single Family Mortgage Rev., Capital Appreciation, 0%, 2015		425,000		289,106
New Hampshire Housing Finance Authority Rev., “B”, 5.875%, 2030		15,000		15,098
Texas Affordable Housing Corp. (Single Family Mortgage), “B”, GNMA, 5.25%, 2039		700,000		665,245

			$	1,599,333

Solid Waste Revenue – 1.3%
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014	$	225,000	$	225,761
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019		2,850,000		2,856,669
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032		145,000		147,765

			$	3,230,195

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
State & Agency - Other – 0.4%
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.25%, 2024	$	200,000	$	189,100
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037		900,000		809,073

			$	998,173

State & Local Agencies – 0.3%
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 2040	$	620,000	$	587,351
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034		260,000		263,416

			$	850,767

Student Loan Revenue – 0.6%
Access to Loans for Learning, CA, Student Loan Rev., 7.95%, 2030	$	650,000	$	605,729
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030		880,000		881,056

			$	1,486,785

Tax - Other – 0.2%
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037	$	395,000	$	404,038

Tax Assessment – 5.7%
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 2040	$	265,000	$	239,661
Arborwood Community Development District, FL, Capital Improvement Rev. (Master Infrastructure Projects), “A”, 5.35%, 2036		600,000		383,610
Arborwood Community Development District, FL, Special Assessment (Master Infrastructure Projects), “B”, 5.1%, 2014		205,000		143,658
Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.6%, 2030		815,000		732,489
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031		470,000		395,289
Baltimore, MD, Special Obligation, “A”, 7%, 2038		715,000		684,734
Capital Region Community Development District, FL, Capital Improvement Rev., “A”, 7%, 2039		460,000		418,227
Concord Station Community Development District, FL, Special Assessment, 5%, 2015		175,000		161,593
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036		305,000		236,808
Fishhawk Community Development District, FL, 7.04%, 2014		95,000		92,412
Grand Bay at Doral Community Development District, FL, “A”, 6%, 2039 (d)		170,000		57,800
Grand Bay at Doral Community Development District, FL, “B”, 6%, 2017 (d)		995,000		338,300
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038		560,000		438,278
Homestead, FL, Community Development District, Special Assessment, “A”, 6%, 2037		660,000		401,214
Homestead, FL, Community Development District, Special Assessment, “B”, 5.9%, 2013		310,000		189,019
Katy, TX, Development Authority Rev., “B”, 6%, 2018		420,000		391,411
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2009 (d)		170,000		81,600
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037		100,000		76,075
Legends Bay Community Development District, FL, “A”, 5.5%, 2014		420,000		318,830
Legends Bay Community Development District, FL, “A”, 5.875%, 2038		355,000		247,155
Magnolia Park Community Development District, FL, Special Assessment, “A”, 6.15%, 2039		1,140,000		900,760
Main Street Community Development District, FL, “A”, 6.8%, 2038		550,000		430,392
Main Street Community Development District, FL, “B”, 6.9%, 2017		420,000		384,082
Naturewalk Community Development District, FL, Capital Improvement Rev., “B”, 5.3%, 2016		650,000		390,481
New Port Tampa Bay Community Development District, FL, Special Assessment, “B”, 5.3%, 2012 (d)		440,000		140,800

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034	$	235,000	$	210,807
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “B”, 5.375%, 2014		230,000		219,995
OTC Community Development District, FL, Special Assessment, “A”, 5.3%, 2038		970,000		757,842
Overland Park, KS, Special Assessment (Tallgrass Creek), 4.85%, 2016		170,000		154,814
Overland Park, KS, Special Assessment (Tallgrass Creek), 5.125%, 2028		592,000		444,130
Panther Trace II, Community Development District, FL, Special Assessment, 5.125%, 2013		280,000		234,777
Panther Trace II, Community Development District, FL, Special Assessment, “B”, 5%, 2010 (d)		190,000		190,000
Parker Road Community Development District, FL, “A”, 5.6%, 2038		330,000		181,500
Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		900,000		731,520
Paseo Community Development District, FL, “B”, 4.875%, 2010 (d)		390,000		93,600
Prince George’s County, MD, Special Obligation (National Harbor Project), 5.2%, 2034		245,000		206,687
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010 (d)		175,000		133,000
Stone Ridge, CO, Metropolitan District No. 2, 7.25%, 2031		800,000		633,584
Tolomato Community Development District, FL, Special Assessment, 6.65%, 2040		1,070,000		735,646
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016		785,000		552,719
Villa Vizcaya Community Development District, FL, “A”, 5.55%, 2039 (d)		210,000		94,500
Watergrass Community Development District, FL, “A”, 5.375%, 2039		420,000		214,360
Watergrass Community Development District, FL, Special Assessment, “B”, 6.96%, 2017		645,000		574,843

			$	14,639,002

Tobacco – 7.9%
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2012 (c)(f)	$	2,080,000	$	2,180,131
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		2,740,000		1,946,277
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 6%, 2042		220,000		148,337
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2047		1,290,000		843,196
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 6.5%, 2047		1,420,000		1,021,122
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029		1,470,000		1,346,755
District of Columbia, Tobacco Settlement, 6.25%, 2024		840,000		841,949
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		1,035,000		681,713
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-4”, 7.8%, 2013 (c)		1,000,000		1,150,280
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, Capital Appreciation, “C-1”, 0%, 2036		3,270,000		110,036
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 2034		1,635,000		1,302,506
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.5%, 2030		1,305,000		1,248,128
New Jersey Tobacco Settlement Financing Corp., 5.75%, 2012 (c)		615,000		647,620
New Jersey Tobacco Settlement Financing Corp., 7%, 2013 (c)		15,000		17,092
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 2034		1,915,000		1,158,096
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		1,280,000		768,576
Railsplitter Tobacco Settlement Authority, IL, 5.5%, 2023		880,000		839,758
Railsplitter Tobacco Settlement Authority, IL, 6%, 2028		2,560,000		2,453,427
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), Capital Appreciation, “A”, 0%, 2036		2,115,000		164,187
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), Capital Appreciation, “A”, 0%, 2041		1,560,000		62,228
South Carolina Tobacco Settlement Authority Rev., “B”, 6.375%, 2011 (c)		1,075,000		1,101,843

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tobacco – continued
Washington Tobacco Settlement Authority Rev., 6.5%, 2026	$	130,000	$	131,239

			$	20,164,496

Toll Roads – 2.2%
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, “B”, NATL, 0%, 2027	$	4,115,000	$	1,218,040
North Texas Tollway Authority Rev., 6%, 2038		1,505,000		1,491,019
Pennsylvania Turnpike Commission, Capital Appreciation, “C”, AGM, 0% to 2016, 6.25% to 2033		2,780,000		2,066,624
Texas Private Activity Bond, Surface Transportation Corp., 7%, 2040		785,000		793,541

			$	5,569,224

Transportation - Special Tax – 1.8%
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 2040	$	1,425,000	$	1,405,991
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM,
11.5%, 2012 (c)		2,900,000		3,151,024

			$	4,557,015

Universities - Colleges – 14.7%
Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 2039	$	1,055,000	$	1,054,852
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 2040		180,000		169,639
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 2027		370,000		319,972
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.5%, 2038		420,000		340,683
Harris County, TX, Cultural Education Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032		510,000		447,806
Houston, TX, Community College Systems, COP, NATL, 7.875%, 2012 (c)		2,500,000		2,740,200
Illinois Educational Facilities Authority Rev. (Augustana College), “A”, 5.625%, 2022		400,000		402,344
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2031		795,000		576,924
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036		1,380,000		955,567
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		905,000		875,379
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		300,000		290,199
Louisiana State University (Health Sciences Center Project), NATL, 6.375%, 2031		2,500,000		2,504,275
Massachusetts Development Finance Agency Rev. (Simmons College), “H”, SYNCORA, 5.25%, 2033		110,000		96,996
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), 5%, 2038 (u)		20,000,000		20,294,800
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029		535,000		591,127
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030		1,370,000		1,386,865
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 5.75%, 2039		885,000		843,378
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		590,000		656,505
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 2032		1,065,000		1,181,639
Ohio Higher Education Facilities Rev. (Ashland University Project), 6.25%, 2024		1,260,000		1,229,017
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5.25%, 2027		105,000		96,786
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034		540,000		513,184

			$	37,568,137

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Dormitories – 0.2%
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033	$	380,000	$	301,587
Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030		155,000		143,442
Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043		215,000		197,022

			$	642,051

Universities - Secondary Schools – 3.3%
California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)	$	495,000	$	510,657
California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)		1,000,000		1,055,100
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040		570,000		496,390
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045		350,000		306,513
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 2040		380,000		311,019
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039		365,000		356,915
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.25%, 2027		430,000		350,097
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.375%, 2037		945,000		708,665
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038 (d)		140,000		56,000
Maryland Industrial Development Financing Authority, Economic Development Authority Rev. (Our Lady of Good Council), “A”, 6%, 2035		150,000		134,193
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021		1,000,000		1,003,440
Utah County, UT, Charter School Finance Authority, Charter School Rev. (Early Light Academy Project), 8.25%, 2035		770,000		755,686
Utah County, UT, Charter School Finance Authority, Charter School Rev. (Hawthorn Academy Project), 8.25%, 2035		830,000		814,570
Utah County, UT, Charter School Rev. (Lakeview Academy), “A”, 5.625%, 2037		500,000		376,305
Utah County, UT, Charter School Rev. (Renaissance Academy), “A”, 5.625%, 2037		285,000		222,286
Utah County, UT, Charter School Rev. (Ronald Wilson Reagan Academy), “A”, 6%, 2038		1,255,000		908,432

			$	8,366,268

Utilities - Cogeneration – 0.4%
Alaska Industrial Development & Export Authority, Power Rev., Upper Lynn Canal Regional Power, 5.8%, 2018	$	830,000	$	806,528
Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 2015		250,000		245,740

			$	1,052,268

Utilities - Investor Owned – 6.3%
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), “A”, 5.375%, 2019	$	500,000	$	487,565
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 5.75%, 2036 (b)		1,075,000		1,030,087
Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), 5%, 2041		835,000		265,572
Chula Vista, CA, Industrial Development Rev. (San Diego Gas), 5.875%, 2034		470,000		480,979
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power Co.), 5.95%, 2028		2,270,000		2,267,412
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 2040		1,840,000		1,732,581
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)		165,000		170,115

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Investor Owned – continued
Matagorda County, TX (CenterPoint Energy), 5.6%, 2027	$	1,500,000	$	1,513,500
Matagorda County, TX, Navigation District No. 1 Rev. (Centerpoint Energy, Inc.), “A”, FRN, AMBAC, 5.25%, 2026		390,000		357,985
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 2029		525,000		526,155
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030		1,655,000		1,531,752
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017		800,000		803,464
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire), 6%, 2021		1,000,000		1,012,620
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 2039		400,000		402,792
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039		1,165,000		1,219,301
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029		1,315,000		1,282,717
Sabine River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), 5.75%, 2030 (b)		610,000		584,514
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2016		540,000		540,184

			$	16,209,295

Utilities - Other – 2.5%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034	$	210,000	$	224,979
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039		465,000		464,940
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 2022		500,000		498,495
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2026		285,000		273,731
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 2018		440,000		458,049
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038		50,000		51,767
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037		1,900,000		1,595,867
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5%, 2014		455,000		479,320
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		510,000		487,193
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		80,000		75,756
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024		560,000		525,482
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026		905,000		834,175
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2025		450,000		419,760

			$	6,389,514

Water & Sewer Utility Revenue – 0.3%
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022	$	710,000	$	777,095

Total Municipal Bonds			$	379,395,337

Money Market Funds (v) – 1.4%
MFS Institutional Money Market Portfolio, 0.2%, at Net Asset Value		3,611,334	$	3,611,334

Total Investments			$	383,006,671

Other Assets, Less Liabilities – (5.2)%				(13,366,919	)

Preferred shares (issued by the fund) – (44.5)%				(113,750,000	)

Net assets applicable to common shares – 100.0%			$	255,889,752

(a)	Non-income producing security.

(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.

(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 $6,301,485, representing 2.5% of net assets applicable to common shares.

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 1/31/11 - continued

(p)	Primary inverse floater.

(q)	Interest received was less than stated coupon rate.

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

(v)	Underlying affiliated 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		Value
MuniMae TE Bond Subsidiary LLC, 5.4%, 2049		10/14/04	$	1,000,000	$	640,770
% of Net Assets applicable to common shares						0.3	%

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.


Insurers
AGM		Assured Guaranty Municipal
AMBAC		AMBAC Indemnity Corp.
ASSD GTY		Assured Guaranty Insurance Co.
CALHF		California Housing Finance Agency
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
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.

MFS Municipal Income Trust

Supplemental Information (Unaudited) 1/31/11

(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 effected 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. The following is a summary of the levels used as of January 31, 2011 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	379,395,337	$	—	$	379,395,337
Mutual Funds		3,611,334		—		—		3,611,334

Total Investments	$	3,611,334	$	379,395,337	$	—	$	383,006,671


Other Financial Instruments
Futures	$	646,525	$	—	$	—	$	646,525

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	$	389,090,754

Gross unrealized appreciation	$	10,439,692
Gross unrealized depreciation		(32,773,775	)

Net unrealized appreciation (depreciation)	$	(22,334,083	)

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

MFS Municipal Income Trust

Supplemental Information (Unaudited) 1/31/11 - continued

(3) Derivative Contracts at 1/31/11

Futures Contracts Outstanding at 1/31/11

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

100

12,062,500

March-2011

646,525

At January 31, 2011, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

(4) Transactions in Underlying Affilated 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 Affiliated Funds	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		1,387,149		19,925,778		(17,701,593	)		3,611,334

Underlying Affiliated Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	2,793		$	3,611,334

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. DIORIODWYER
		Maria F. DiOrioDwyer, President

Date: March 21, 2011

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. DIORIODWYER
		Maria F. DiOrioDwyer, President (Principal Executive Officer)

Date: March 21, 2011

By (Signature and Title)*

JOHN M. CORCORAN

John M. Corcoran, Treasurer (Principal Financial Officer

and Accounting Officer)

Date: March 21, 2011

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