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 811-4841

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: July 31, 2011

ITEM 1.

SCHEDULE OF INVESTMENTS.

LOGO

MFS^® Municipal Income Trust

LOGO

QUARTERLY REPORT

July 31, 2011

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.


Issuer	Shares/Par		Value ($)
Municipal Bonds – 144.0%
Airport Revenue – 2.6%
Chicago, IL, O’Hare International Airport Rev. (Third Lien Passenger Facility), “B”, AGM, 5.75%, 2022	$	3,000,000	$	3,099,159
Houston, TX, Airport System Rev., “B”, 5%, 2026		265,000		276,353
Miami-Dade County, FL, Aviation Rev., “B”, AGM, 5%, 2035		1,365,000		1,340,485
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2036		485,000		494,317
Port Authority NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 2042		550,000		557,392
San Jose, CA, Airport Rev., “A-2”, 5.25%, 2034		1,215,000		1,192,887

			$	6,960,593

General Obligations - General Purpose – 1.4%
Chicago, IL, Metropolitan Water Reclamation District-Greater Chicago, “C”, 5%, 2030	$	1,260,000	$	1,346,965
Commonwealth of Puerto Rico, Public Improvement, “A”, 5.75%, 2041		950,000		945,906
Commonwealth of Puerto Rico, Public Improvement, “B”, 6.5%, 2037		495,000		525,398
Luzerne County, PA, AGM, 6.75%, 2023		870,000		971,755

			$	3,790,024

General Obligations - Improvement – 0.2%
Guam Government, “A”, 6.75%, 2029	$	270,000	$	278,767
Guam Government, “A”, 7%, 2039		305,000		314,608

			$	593,375

General Obligations - Schools – 0.5%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 2031	$	525,000	$	164,152
Los Angeles, CA, Unified School District, “D”, 5%, 2034		180,000		182,457
Merced, CA, Union High School District, Capital Appreciation, “A”, ASSD GTY, 0%, 2030		145,000		43,903
Royse City, TX, Independent School District, School Building, Capital Appreciation, PSF, 0%, 2027		955,000		448,134
Royse City, TX, Independent School District, School Building, Capital Appreciation, PSF, 0%, 2029		965,000		404,267

			$	1,242,913

Healthcare Revenue - Hospitals – 40.7%
Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev., “A” (Russell Hospital Corp.), 5.75%, 2036	$	600,000	$	524,970
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028		1,905,000		1,608,982
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5.375%, 2040		1,055,000		887,128
Athens County, OH, Hospital Facilities Rev. (O’Bleness Memorial Hospital), “A”, 7.125%, 2033		1,500,000		1,420,725
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 2040		260,000		246,613
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 2039		650,000		660,693
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 2031		1,295,000		1,385,274
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5%, 2022		205,000		188,094
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5.125%, 2031		100,000		84,549
Chautauqua County, NY, Capital Resource Corp., Rev. (Women’s Christian Assn.), “A”, 8%, 2030		1,060,000		1,118,862
Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “A”, 6%, 2013		325,000		281,151

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “B”, 6.35%, 2013	$	105,000	$	90,795
Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital), 6.25%, 2023		745,000		741,871
Clinton County, MO, Industrial Development Agency, Health Facilities Rev. (Cameron Regional Medical Center), 5%, 2032		275,000		208,799
Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2011 (c)		1,000,000		1,005,010
Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems), 6.625%, 2011 (c)		675,000		693,920
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2029		865,000		831,594
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 2040		1,150,000		1,144,515
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 2036		615,000		607,140
Fruita, CO, Rev. (Family Health West Project), 7%, 2018		255,000		267,834
Fruita, CO, Rev. (Family Health West Project), 8%, 2043		1,310,000		1,361,758
Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6%, 2025		135,000		135,354
Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6.5%, 2030		435,000		434,948
Gage County, NE, Hospital Authority No. 1, Health Care Facilities Rev. (Beatrice Community Hospital & Health Care Center), “B”, 6.75%, 2035		375,000		376,931
Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), “A”, 4.875%, 2027		1,275,000		995,699
Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025		250,000		230,865
Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031		295,000		262,860
Glasgow, KY, Healthcare Rev. (TJ Samson Community Hospital), 6.375%, 2035		570,000		568,250
Glendale, AZ, Industrial Development Authority (John C. Lincoln Health), 5%, 2042		755,000		613,589
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 2035		610,000		675,154
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031		375,000		304,391
Illinois Finance Authority Rev. (Provena Health), “A”, 7.75%, 2034		945,000		1,054,904
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 2038		940,000		974,235
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031		965,000		972,411
Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 6.125%, 2012 (c)		1,000,000		1,066,200
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Clarian Health), “A”, 5%, 2039		1,000,000		915,660
Indiana Health & Educational Facilities Finance Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037		1,860,000		1,725,355
Johnson City, TN, Health & Educational Facilities Board Hospital Rev. (Mountain States Health Alliance), 6%, 2038		365,000		371,526
Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.5%, 2020		3,035,000		3,050,448
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 2040		1,095,000		1,118,203
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems), 6.5%, 2031		1,725,000		1,770,281
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034		1,615,000		1,497,832
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2032		110,000		98,310

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037	$	110,000	$	93,720
Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.875%, 2013 (c)		435,000		486,956
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), 5.75%, 2038		180,000		154,627
Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health Systems), “E”, 6.25%, 2031		1,020,000		1,011,820
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “D”, 5.25%, 2018		1,400,000		1,367,282
Massachusetts Health & Educational Facilities Authority Rev. (Quincy Medical Center), “A”, 6.5%, 2038		925,000		749,250
Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial Medical Center), “A”, 6%, 2023		260,000		226,954
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 6.75%, 2029		810,000		817,695
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019		995,000		1,008,025
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 2039		2,000,000		1,999,800
Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital Corp.), 5.5%, 2035		1,020,000		917,602
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		225,000		204,980
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2036		1,135,000		1,007,630
Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032		435,000		432,594
Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.875%, 2011		90,000		90,851
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 2027		1,110,000		1,120,578
New Hampshire Health & Education Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2012 (c)		880,000		934,956
New Hampshire Health & Education Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2032		120,000		120,324
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2012 (c)		440,000		455,875
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2017		75,000		76,626
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), “A”, 6.875%, 2030		3,000,000		3,003,330
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 2017		100,000		94,998
New Mexico Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5.25%, 2026		440,000		358,477
New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.25%, 2024		390,000		410,389
New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.625%, 2037		560,000		571,094
Norman, OK, Regional Hospital Authority Rev., 5%, 2027		300,000		263,121
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2029		175,000		156,800
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036		1,395,000		1,182,304
Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center), 5.75%, 2013		255,000		240,888
Ohio Higher Educational Facility Commission Rev. (University Hospital Health System), 6.75%, 2039		1,610,000		1,678,039

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Oklahoma Development Finance Authority Rev. (Comanche County Hospital), “B”, 6.6%, 2031	$	1,665,000	$	1,678,853
Olympia, WA, Healthcare Facilities Authority Rev. (Catholic Health Initiatives), “D”, 6.375%, 2036		1,500,000		1,624,620
Palomar Pomerado Health Care District, CA, COP, 6.75%, 2039		1,735,000		1,744,543
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 6.625%, 2023		765,000		762,483
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Health System), “A”, 5.5%, 2030		420,000		386,009
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), 6.375%, 2012 (c)		1,560,000		1,648,561
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)		505,000		536,462
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 8.25%, 2039		1,595,000		1,838,094
Rutherford County, TN, Health & Educational Facilities Board Rev., 5%, 2040 (u)		12,500,000		12,840,375
Salida, CO, Hospital District Rev., 5.25%, 2036		1,674,000		1,440,276
Salt Lake City, UT, Hospital Authority Rev. (Intermountain Health Care), ETM, FRN, AMBAC, 13.045%, 2020 (c)(p)		600,000		603,336
Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		625,000		665,119
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)		185,000		196,627
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)		315,000		335,330
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		375,000		399,071
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.375%, 2022		1,455,000		1,444,539
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 6%, 2023		205,000		208,356
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.75%, 2032		165,000		156,638
South Carolina Jobs & Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030		560,000		560,252
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031		835,000		844,010
South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care System), 5.625%, 2013 (c)		670,000		728,484
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 2029		255,000		253,878
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6.25%, 2039		385,000		382,451
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.5%, 2020		60,000		59,997
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.625%, 2029		870,000		817,913
Sullivan County, TN, Health, Educational & Housing Facilities Board Hospital Rev. (Wellmont Health Systems Project), “C”, 5.25%, 2036		1,115,000		1,009,889
Sumner County, TN, Health, Educational & Housing Facilities Board Rev. (Sumner Regional Health Systems, Inc.), “A”, 5.5%, 2046 (d)		735,000		62,475
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), 6.25%, 2020		3,085,000		3,087,684
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032		985,000		877,349
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037		810,000		713,399
Upland, CA, COP (San Antonio Community Hospital), 6.375%, 2032		1,750,000		1,846,740

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031	$	600,000	$	606,414
Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.8%, 2047		760,000		634,562
Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center), 6.375%, 2012 (c)		1,500,000		1,600,980
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 2042		1,400,000		1,371,790
Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031		1,095,000		1,001,356
Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2012 (c)		1,000,000		1,049,150
West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 2029		195,000		198,658
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2012 (c)		360,000		368,870
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026		890,000		890,418
West Virginia Hospital Finance Authority, Hospital Rev. (Thomas Health System), 6.5%, 2038		905,000		853,352
Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020		1,500,000		1,532,805
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030		1,000,000		1,029,270
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), 5.25%, 2034		1,135,000		997,370
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Services), “A”, 5.25%, 2025		745,000		719,171
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John’s Riverside Hospital), 6.8%, 2016		385,000		387,768
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph’s Hospital), “C”, 6.2%, 2020		750,000		726,728

			$	109,533,743

Healthcare Revenue - Long Term Care – 13.7%
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement Systems, Inc.), “A”, 7%, 2033	$	345,000	$	292,077
Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2013 (c)		750,000		880,703
Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 8%, 2036		3,445,000		2,895,212
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.125%, 2025		430,000		416,429
Bucks County, PA, Industrial Development Authority Retirement Community Rev. (Ann’s Choice, Inc.), “A”, 6.25%, 2035		290,000		266,670
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2027		170,000		150,290
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037		225,000		178,441
Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.), ETM, 10%, 2012 (c)		80,000		86,626
Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 2022		150,000		140,834
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032		555,000		488,261
Colorado Health Facilities Authority Rev. (American Baptist Homes), “A”, 5.9%, 2037		755,000		612,577
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), “A”, 5.75%, 2037		375,000		332,183
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), “B”, 6.125%, 2033		1,000,000		990,890
Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2025		1,170,000		1,194,488
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 6.125%, 2029		1,360,000		1,378,877

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Cumberland County, PA, Municipal Authority Rev. (Wesley), “A”, 7.25%, 2013 (c)	$	720,000	$	794,858
Cumberland County, PA, Municipal Authority, Retirement Community Rev. (Wesley), “A”, 7.25%, 2013 (c)		280,000		309,112
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Canterbury Court), “A”, 6.125%, 2034		330,000		290,393
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2027		1,000,000		870,860
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2037		215,000		168,996
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 2029		105,000		119,931
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 2044		275,000		311,113
Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior Living Community), 8%, 2033		500,000		528,470
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2028		590,000		480,579
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2043		440,000		316,470
Illinois Finance Authority Rev. (Christian Homes, Inc.), 6.125%, 2027		850,000		843,540
Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2045		500,000		502,500
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.5%, 2037		800,000		632,160
Illinois Finance Authority Rev. (Friendship Village), “A”, 5.375%, 2025		1,270,000		1,129,005
Illinois Finance Authority Rev. (Landing at Plymouth Place), “A”, 6%, 2037		490,000		384,518
Illinois Finance Authority Rev. (Montgomery Place), “A”, 5.75%, 2038		520,000		427,794
Illinois Finance Authority Rev. (The Clare at Water Tower), “A-6”, 6%, 2028 (a)		343,000		145,027
Illinois Finance Authority Rev., Capital Appreciation, (The Clare at Water Tower), “B”, 0%, 2050 (a)		147,000		719
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “A”, 5.5%, 2025		800,000		682,920
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2018		680,000		665,577
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.4%, 2027		195,000		123,049
James City County, VA, Economic Development (WindsorMeade Project), “A”, 5.5%, 2037		785,000		454,311
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II), 7.25%, 2041		250,000		247,253
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II), 7.375%, 2046		200,000		199,594
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 5.375%, 2027		315,000		247,259
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 7.125%, 2029		345,000		324,003
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), “C”, 6.875%, 2012 (c)		500,000		531,305
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community), 6.25%, 2041		475,000		486,158
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037		1,270,000		1,162,609
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.5%, 2027		340,000		187,000
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.75%, 2035		85,000		46,750
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.75%, 2039		150,000		152,609
Massachusetts Development Finance Agency Rev. (The Groves in Lincoln), “A”, 7.875%, 2044		225,000		228,564
Montgomery County, PA, Higher Education & Health Authority Rev. (AHF/Montgomery), 6.875%, 2036		1,170,000		1,016,742

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028	$	250,000	$	216,923
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035		510,000		425,442
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037		530,000		450,214
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036		715,000		607,056
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6%, 2025		215,000		199,473
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035		330,000		296,964
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2037		490,000		397,331
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2045		105,000		82,826
Scott County, IA, Rev. (Ridgecrest Village), 5.25%, 2027		245,000		204,328
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		820,000		762,649
South Carolina Jobs & Economic Development Authority Rev. (Lutheran Homes of South Carolina), 5.5%, 2028		130,000		112,194
South Carolina Jobs & Economic Development Authority Rev. (Lutheran Homes of South Carolina), 5.625%, 2042		150,000		119,819
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2027 (d)		515,000		258,288
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2042 (d)		470,000		232,124
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 2045		1,565,000		1,549,303
Sterling, IL (Hoosier Care), 7.125%, 2034		655,000		588,301
Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living), 6.375%, 2039		480,000		376,790
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.125%, 2029		115,000		115,024
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 5.125%, 2037		365,000		308,600
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Air Force Village), 6.375%, 2044		780,000		771,927
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility (Stayton at Museum Way), 8.25%, 2044		1,500,000		1,520,295
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 2030		245,000		250,478
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 2040		370,000		372,054
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Querencia Barton Creek), 5.5%, 2025		460,000		406,612
Ulster County, NY, Industrial Development Agency (Woodland Pond), “A”, 6%, 2037		1,075,000		818,118

			$	36,759,439

Healthcare Revenue - Other – 0.3%
Koyukuk, AK, Tanana Chiefs Conference, Healthcare Facilities Project, 7.75%, 2041	$	705,000	$	690,414

Human Services – 2.6%
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 5.875%, 2027 (a)	$	210,000	$	136,500
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 6%, 2036 (a)		325,000		211,250
Greenville County, SC, Hospital Rev. (Chestnut Hill), “A”, 8%, 2015		1,170,000		1,173,124

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Human Services – continued
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 7%, 2036	$	500,000	$	454,795
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “C”, 7%, 2036		375,000		341,096
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “A”, 6.85%, 2036		1,100,000		975,535
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “B”, 6.5%, 2013		115,000		115,118
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5.5%, 2035		620,000		554,788
New York, NY, Industrial Development Agency, Civic Facility Rev. (A Very Special Place), “A”, 5.75%, 2029		1,000,000		822,090
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facilities), 6.5%, 2017		1,030,000		983,238
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031		1,000,000		977,290
Osceola County, FL, Industrial Development Authority Rev. (Community Provider), 7.75%, 2017		165,000		165,876

			$	6,910,700

Industrial Revenue - Airlines – 8.4%
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 2029	$	555,000	$	643,062
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “B”, 9%, 2035		285,000		306,865
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032		3,735,000		3,198,094
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032		1,600,000		1,461,200
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 6.75%, 2029		2,270,000		2,269,818
Houston, TX, Airport Systems Rev., Special Facilities (Continental Airlines, Inc.), “E”, 7%, 2029		385,000		385,770
Los Angeles, CA, Regional Airport Lease Rev. (American Airlines, Inc.), “C”, 7.5%, 2024		850,000		861,050
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 6.25%, 2029		1,300,000		1,241,643
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 7.2%, 2030		1,595,000		1,596,483
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.5%, 2016		725,000		750,201
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025		6,625,000		6,832,694
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031		2,585,000		2,657,768
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), “A”, 8%, 2012		265,000		272,672

			$	22,477,320

Industrial Revenue - Chemicals – 2.1%
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “A”, FRN, 5.95%, 2033	$	2,000,000	$	2,071,700
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “B-2”, 4.95%, 2033		75,000		73,428
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), 6.75%, 2032		1,000,000		1,041,100
Louisiana Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A”, 6.5%, 2029		610,000		635,260

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Chemicals – continued
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030	$	1,920,000	$	1,922,592

			$	5,744,080

Industrial Revenue - Environmental Services – 1.4%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 2022	$	695,000	$	704,091
Director of the State of Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 (b)		750,000		819,338
Gulf Coast Waste Disposal Authority (Waste Management, Inc.), 5.2%, 2028		440,000		437,532
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014		1,750,000		1,848,543

			$	3,809,504

Industrial Revenue - Metals – 0.3%
State of Indiana Finance Authority, Environmental Rev. (U.S. Steel Corp.), 6%, 2026	$	745,000	$	755,624

Industrial Revenue - Other – 6.6%
Baker, FL, Correctional Development Corp. (Baker County Detention Center), 7.5%, 2030	$	440,000	$	386,047
California Statewide Communities, Development Authority Facilities (Microgy Holdings Project), 9%, 2038 (d)		13,387		747
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036 (d)		238,610		13,314
Gulf Coast, TX, Industrial Development Authority Rev. (Valero Energy Corp.), 5.6%, 2031		1,750,000		1,593,708
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032		1,000,000		1,002,120
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 2023		90,000		85,461
Illinois Finance Authority Rev. (Navistar International Corp.), 6.5%, 2040		1,065,000		1,094,532
Liberty, NY, Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 2035		3,185,000		3,193,440
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037		430,000		374,397
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “C”, 6.5%, 2015		700,000		697,501
New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp), 5%, 2035		620,000		561,249
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-1”, 7.875%, 2032 (b)(n)		1,270,000		1,329,944
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (b)(n)		580,000		607,376
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities Rev. (Amtrak), “A”, 6.25%, 2031		2,000,000		2,009,420
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017		3,255,000		3,260,338
Texas Midwest Public Facilities Corp. Rev. (Secure Treatment Facilities Project), 9%, 2030 (a)		395,000		323,833
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026		1,120,000		1,128,971

			$	17,662,398

Industrial Revenue - Paper – 3.1%
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), “A”, 6.55%, 2025	$	1,115,000	$	1,117,163
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028		155,000		150,403
Cass County, TX, Industrial Development Corp. (International Paper Co.), “A”, 4.625%, 2027		2,150,000		1,948,481

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Paper – continued
Delta County, MI, Economic Development Corp., Environmental Improvement Rev. (Mead Westvaco Escanaba), “B”, 6.45%, 2012 (c)	$	500,000	$	520,395
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018		850,000		850,009
Effingham County, GA, Industrial Development Authority, Pollution Control (Georgia Pacific Corp. Project), 6.5%, 2031		500,000		501,215
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 4.75%, 2030		525,000		472,679
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022		2,000,000		2,163,780
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		640,000		592,691
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), 6.25%, 2019 (d)		1,870,000		39,270
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019 (d)		700,000		14,700

			$	8,370,786

Miscellaneous Revenue - Entertainment & Tourism – 0.8%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 2030	$	230,000	$	234,106
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 2040		150,000		152,451
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.375%, 2043		225,000		230,072
Harris County-Houston, TX, Sports Authority, Special Rev., “A”, NATL, 5%, 2025		885,000		799,244
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		470,865
Seneca Nation Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 2023 (n)		275,000		230,447

			$	2,117,189

Miscellaneous Revenue - Other – 4.5%
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5.25%, 2015	$	500,000	$	513,305
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2017		215,000		215,793
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2020		170,000		166,600
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 2024		330,000		312,404
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5%, 2034		110,000		90,888
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5.75%, 2034		775,000		695,927
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2019		245,000		255,621
Citizens Property Insurance Corp., FL, “A-1”, 5%, 2020		1,285,000		1,320,929
Cleveland-Cuyahoga County, OH, Port Authority Rev., 7%, 2040		235,000		238,001
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Cleveland City), “B”, 4.5%, 2030		390,000		284,723
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), “B”, 5.125%, 2025		155,000		130,398
Columbus, OH, Franklin County Finance Authority Development Rev., 6%, 2035		705,000		679,028
Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024		1,130,000		1,095,354
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017		1,350,000		1,352,552
Massachusetts Port Authority Facilities Rev. (Conrac Project), “A”, 5.125%, 2041		65,000		63,874
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 2030		455,000		472,713
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 2049		1,875,000		1,926,000

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – continued
Riversouth, OH, Authority Rev. (Lazarus Building), “A”, 5.75%, 2027	$	1,125,000	$	972,596
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev., 5.9%, 2014		175,000		175,322
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 2040		85,000		86,063
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025		170,000		143,851
Summit County, OH, Port Authority Building Rev. (Twinsburg Township), “D”, 5.125%, 2025		145,000		123,017
Summit County, OH, Port Authority Building Rev. (Workforce Policy Board), “F”, 4.875%, 2025		915,000		752,633

			$	12,067,592

Multi-Family Housing Revenue – 2.4%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), AGM, 5%, 2035	$	210,000	$	196,039
Charter Mac Equity Issuer Trust, FHLMC, 6%, 2019 (n)		2,000,000		2,059,700
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 (b)		435,000		425,091
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023		500,000		503,155
Mississippi Home Corp., Rev. (Kirkwood Apartments), 6.8%, 2037 (q)		1,095,000		606,499
MuniMae TE Bond Subsidiary LLC, 5.4%, 2049 (z)		1,000,000		640,880
MuniMae TE Bond Subsidiary LLC, FRN, 7.5%, 2049 (n)		1,755,426		1,667,725
North Charleston, SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5.15%, 2048		445,000		419,235

			$	6,518,324

Parking – 0.2%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 2036	$	460,000	$	469,964

Port Revenue – 0.2%
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 2025	$	195,000	$	193,764
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 2035		375,000		367,346

			$	561,110

Sales & Excise Tax Revenue – 2.1%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2034	$	1,180,000	$	1,191,328
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 2041		590,000		593,629
Desloge, MO, Tax Increment Rev. (U.S. Highway 67 Street Redevelopment), 5.2%, 2020		100,000		94,954
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 2024		2,150,000		2,492,345
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.375%, 2039		395,000		395,932
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 2042		350,000		352,121
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5.25%, 2041		180,000		177,061
Utah Transit Authority Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 2028		950,000		391,210

			$	5,688,580

Single Family Housing - Local – 0.4%
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., Capital Appreciation, NATL, 0%, 2016	$	1,005,000	$	593,995
Nortex, TX, Housing Finance Corp., Single Family Mortgage Rev., “B”, 5.5%, 2038		20,000		16,065
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.9%, 2035		140,000		142,722

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - Local – continued
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.25%, 2035	$	55,000	$	57,216
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-1”, GNMA, 5.75%, 2037		45,000		45,362
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-2”, GNMA, 5.75%, 2037		140,000		143,188
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.9%, 2037		75,000		76,458

			$	1,075,006

Single Family Housing - State – 0.5%
Colorado Housing & Finance Authority Rev., “C-2”, 5.9%, 2023	$	100,000	$	104,836
Colorado Housing & Finance Authority Rev., “C-2”, FHA, 6.6%, 2032		85,000		89,806
Colorado Housing & Finance Authority Rev., “C-3”, FHA, 6.375%, 2033		35,000		36,471
Colorado Housing & Finance Authority Rev., “D-2”, 6.9%, 2029		160,000		167,189
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.35%, 2032		110,000		113,438
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.85%, 2032		70,000		72,596
Nebraska Investment Finance Authority Single Family Mortgage Rev., Capital Appreciation, 0%, 2015		55,000		39,297
Texas Affordable Housing Corp. (Single Family Mortgage), “B”, GNMA, 5.25%, 2039		700,000		692,867

			$	1,316,500

Solid Waste Revenue – 1.2%
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014	$	225,000	$	225,486
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019		2,850,000		2,856,413
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 2032		145,000		150,555

			$	3,232,454

State & Agency - Other – 0.4%
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.25%, 2024	$	200,000	$	195,428
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037		900,000		844,191

			$	1,039,619

State & Local Agencies – 0.4%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, FGIC, 5%, 2035	$	220,000	$	201,617
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 2040		620,000		607,296
Philadelphia, PA, Municipal Authority Rev., 6.5%, 2034		260,000		268,832

			$	1,077,745

Student Loan Revenue – 0.6%
Access to Loans for Learning, CA, Student Loan Rev., 7.95%, 2030	$	650,000	$	635,720
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 2030		840,000		863,940

			$	1,499,660

Tax - Other – 1.0%
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2047	$	710,000	$	653,796
New York Dormitory Authority State Personal Income Tax Rev., “C”, 5%, 2034 (f)		1,670,000		1,749,141
Virgin Islands Public Finance Authority Rev. (Diageo Project), “A”, 6.75%, 2037		395,000		412,818

			$	2,815,755

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax Assessment – 4.9%
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 2040	$	265,000	$	249,927
Arborwood Community Development District, FL, Capital Improvement Rev. (Master Infrastructure Projects), “A”, 5.35%, 2036		590,000		402,746
Arborwood Community Development District, FL, Special Assessment (Master Infrastructure Projects), “B”, 5.1%, 2014		200,000		152,770
Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.6%, 2030		815,000		789,499
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031		470,000		443,751
Baltimore, MD, Special Obligation, “A”, 7%, 2038		715,000		715,729
Capital Region Community Development District, FL, Capital Improvement Rev., “A”, 7%, 2039		630,000		519,265
Concord Station Community Development District, FL, Special Assessment, 5%, 2015		145,000		138,832
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036		305,000		239,513
Fishhawk Community Development District, FL, 7.04%, 2014		60,000		59,092
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 2038		560,000		472,466
Homestead, FL, Community Development District, Special Assessment, “A”, 6%, 2037		660,000		408,170
Homestead, FL, Community Development District, Special Assessment, “B”, 5.9%, 2013		270,000		160,110
Katy, TX, Development Authority Rev., “B”, 6%, 2018		420,000		399,861
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2009 (d)		170,000		76,500
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037		100,000		79,262
Legends Bay Community Development District, FL, “A”, 5.5%, 2014		420,000		332,648
Legends Bay Community Development District, FL, “A”, 5.875%, 2038		355,000		251,770
Main Street Community Development District, FL, “A”, 6.8%, 2038		545,000		461,626
Naturewalk Community Development District, FL, Capital Improvement Rev., “B”, 5.3%, 2016 (d)		650,000		390,481
New Port Tampa Bay Community Development District, FL, Special Assessment, “B”, 5.3%, 2012 (d)		440,000		140,800
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034		235,000		228,918
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “B”, 5.375%, 2014		220,000		205,984
OTC Community Development District, FL, Special Assessment, “A”, 5.3%, 2038		945,000		779,304
Overland Park, KS, Special Assessment (Tallgrass Creek), 4.85%, 2016		170,000		158,163
Overland Park, KS, Special Assessment (Tallgrass Creek), 5.125%, 2028		592,000		461,144
Panther Trace II, Community Development District, FL, Special Assessment, 5.125%, 2013		245,000		213,079
Parker Road Community Development District, FL, “A”, 5.6%, 2038		325,000		185,250
Parkway Center Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		835,000		704,247
Paseo Community Development District, FL, “B”, 4.875%, 2010 (d)		390,000		139,425
Prince George’s County, MD, Special Obligation (National Harbor Project), 5.2%, 2034		245,000		216,972
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010		175,000		127,750
Stone Ridge, CO, Metropolitan District No. 2, 7.25%, 2031		800,000		654,400
Tolomato Community Development District, FL, Special Assessment, 6.65%, 2040		1,070,000		690,931
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 2016		785,000		686,820
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		221,638
Watergrass Community Development District, FL, Special Assessment, “B”, 6.96%, 2017		575,000		524,038

			$	13,177,381

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tobacco – 7.0%
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2012 (c)	$	1,530,000	$	1,604,282
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.125%, 2024		2,905,000		2,346,630
Buckeye, OH, Tobacco Settlement Financing Authority, “A-2”, 5.875%, 2030		2,740,000		2,133,830
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029		1,455,000		1,349,338
District of Columbia, Tobacco Settlement, 6.25%, 2024		810,000		812,665
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 2047		1,035,000		773,611
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-4”, 7.8%, 2013 (c)		1,000,000		1,133,630
Illinois Railsplitter Tobacco Settlement Authority, 5.5%, 2023		880,000		897,327
Illinois Railsplitter Tobacco Settlement Authority, 6%, 2028		2,645,000		2,719,854
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, Capital Appreciation, “C-1”, 0%, 2036		3,270,000		306,922
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 2034		1,635,000		1,332,819
Louisiana Tobacco Settlement Authority Rev., “2001-B”, 5.5%, 2030		1,080,000		1,080,562
New Jersey Tobacco Settlement Financing Corp., 5.75%, 2012 (c)		525,000		549,087
New Jersey Tobacco Settlement Financing Corp., 7%, 2013 (c)		15,000		16,801
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 2041		2,095,000		1,437,317
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), Capital Appreciation, “A”, 0%, 2036		2,115,000		205,218
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Santa Clara), Capital Appreciation, “A”, 0%, 2041		1,560,000		87,875
Washington Tobacco Settlement Authority Rev., 6.5%, 2026		130,000		132,015

			$	18,919,783

Toll Roads – 1.9%
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, “B”, NATL, 0%, 2027	$	4,115,000	$	1,369,801
Mid-Bay Bridge Authority, FL, Springing Lien Rev., “A”, 7.25%, 2040		1,425,000		1,447,301
North Texas Tollway Authority Rev., 6%, 2038		1,505,000		1,569,730
Texas Private Activity Bond, Surface Transportation Corp., 7%, 2040		785,000		834,612

			$	5,221,444

Transportation - Special Tax – 1.1%
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM, 11.5%, 2012 (c)	$	2,900,000	$	3,015,942

Universities - Colleges – 14.2%
Brevard County, FL, Industrial Development Rev. (TUFF Florida Tech LLC Project), 6.75%, 2039	$	1,055,000	$	1,088,454
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 2040		530,000		539,286
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 2027		370,000		325,108
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.5%, 2038		420,000		336,059
Harris County, TX, Cultural Education Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 2032		510,000		473,841
Houston, TX, Community College Systems, COP, NATL, 7.875%, 2012 (c)		2,500,000		2,666,175
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2031		795,000		587,648
Illinois Finance Authority Rev. (Illinois Institute of Technology), “A”, 5%, 2036		1,380,000		986,327
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 2029		905,000		940,024
Illinois Finance Authority Rev. (Roosevelt University Project), 6.5%, 2039		300,000		312,480
Louisiana State University (Health Sciences Center Project), NATL, 6.375%, 2031		2,500,000		2,513,650
Massachusetts Development Finance Agency Rev. (Simmons College), “H”, SYNCORA, 5.25%, 2033		110,000		104,336

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), 5%, 2038 (u)	$	20,000,000	$	20,660,000
Massachusetts Health & Educational Facilities Authority Rev. (Simmons College), “I”, 8%, 2029		535,000		603,555
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 2030		1,370,000		1,463,174
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 5.75%, 2039		885,000		864,521
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 6%, 2017		590,000		679,179
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 2032		1,065,000		1,220,032
Ohio Higher Education Facilities Rev. (Ashland University Project), 6.25%, 2024		1,260,000		1,282,604
Pennsylvania Higher Educational Facilities Authority Rev. (Lasalle University), “A”, 5.25%, 2027		105,000		103,993
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 2034		540,000		544,298

			$	38,294,744

Universities - Dormitories – 0.8%
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033	$	380,000	$	314,944
Illinois Finance Authority Student Housing Rev. (Illinois State University), 6.75%, 2031		415,000		429,226
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 2031		945,000		955,679
Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 2030		155,000		154,814
Pennsylvania Higher Education Facilities Authority Rev. (Edinboro University Foundation), 6%, 2043		215,000		209,913

			$	2,064,576

Universities - Secondary Schools – 3.1%
California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)	$	480,000	$	489,600
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 2040		570,000		523,334
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 2045		350,000		326,687
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 2040		380,000		337,710
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 7.625%, 2041		875,000		883,015
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 2039		365,000		372,369
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.25%, 2027		430,000		360,357
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.375%, 2037		945,000		732,025
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		148,859
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021		1,000,000		1,000,720
Utah County, UT, Charter School Finance Authority, Charter School Rev. (Early Light Academy Project), 8.25%, 2035		770,000		779,148
Utah County, UT, Charter School Finance Authority, Charter School Rev. (Hawthorn Academy Project), 8.25%, 2035		830,000		847,264
Utah County, UT, Charter School Rev. (Lakeview Academy), “A”, 5.625%, 2037		500,000		393,005

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Secondary Schools – continued
Utah County, UT, Charter School Rev. (Renaissance Academy), “A”, 5.625%, 2037	$	285,000	$	225,361
Utah County, UT, Charter School Rev. (Ronald Wilson Reagan Academy), “A”, 6%, 2038		1,255,000		983,744

			$	8,459,198

Utilities - Cogeneration – 0.4%
Alaska Industrial Development & Export Authority, Power Rev., Upper Lynn Canal Regional Power, 5.8%, 2018	$	830,000	$	822,522
Pennsylvania Economic Development Financing Authority Rev., Resource Recovery Rev. (Colver), “G”, 5.125%, 2015		400,000		388,720

			$	1,211,242

Utilities - Investor Owned – 6.0%
Apache County, AZ, Industrial Development Authority Pollution Control Rev. (Tuscon Electric Power Co.),”A”, 5.85%, 2028	$	1,875,000	$	1,875,300
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), “A”, 5.375%, 2019		500,000		500,210
Brazos River Authority, TX, Pollution Control Rev. (TXU Energy Co. LLC), 5%, 2041		835,000		223,154
Chula Vista, CA, Industrial Development Rev. (San Diego Gas), 5.875%, 2034		470,000		496,644
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power Co.), 5.95%, 2028		2,270,000		2,281,645
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 2040		1,840,000		1,817,221
Hawaii Department of Budget & Finance Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 2039		250,000		262,903
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 2042 (b)		165,000		179,586
Matagorda County, TX (CenterPoint Energy), 5.6%, 2027		1,500,000		1,545,915
Matagorda County, TX, Navigation District No. 1 Rev. (Centerpoint Energy, Inc.), “A”, AMBAC, 5.25%, 2026		390,000		388,222
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 2029		525,000		547,759
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030		1,655,000		1,651,111
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017		800,000		805,488
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 2039		400,000		417,804
Pennsylvania Economic Development Financing Authority (Allegheny Energy Supply Co. LLC), 7%, 2039		1,165,000		1,259,144
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.), 5.75%, 2029		1,315,000		1,334,580
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2016		540,000		540,481

			$	16,127,167

Utilities - Other – 2.7%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 2034	$	210,000	$	242,216
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 2039		465,000		512,672
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 2022		500,000		519,180
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 2026		285,000		284,114
Indiana Bond Bank Special Program, Gas Rev., “A”, 5.25%, 2018		440,000		481,866
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 2038		50,000		54,688
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037		2,395,000		2,152,674
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5%, 2014		455,000		484,866
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2022		510,000		509,128
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2023		80,000		79,502
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2024		560,000		553,717

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Other – continued
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 2026	$	905,000	$	890,158
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2025		450,000		439,641

			$	7,204,422

Water & Sewer Utility Revenue – 3.3%
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 2022	$	710,000	$	816,372
East Bay, CA, Municipal Utility District Water System Rev., “A”, 5%, 2028		3,200,000		3,495,584
Houston, TX, Utility System Rev., “D”, 5%, 2036		855,000		872,168
Madera, CA, Irrigation Financing Authority Rev., 6.5%, 2040		1,280,000		1,314,906
New York Environmental Facilities Corp., Clean Water & Drinking, 5%, 2024		335,000		376,607
New York Environmental Facilities, “C”, 5%, 2041		1,860,000		1,931,331

			$	8,806,968

Total Municipal Bonds			$	387,283,278

Money Market Funds (v) – 1.0%
MFS Institutional Money Market Portfolio, 0.1%, at Net Asset Value		2,674,041	$	2,674,041

Total Investments			$	389,957,319

Other Assets, Less Liabilities – (2.7)%				(7,259,032	)

Preferred shares (issued by the fund) – (42.3)%				(113,750,000	)

Net assets applicable to common shares – 100.0%			$	268,948,287

(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 $6,366,057, representing 2.4% of net assets applicable to common shares.

(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	$	640,880
% of net assets applicable to common shares						0.2	%

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.
FGIC		Financial Guaranty Insurance Co.
FHA		Federal Housing Administration
FHLMC		Federal Home Loan Mortgage Corp.

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11 - continued


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) 7/31/11

(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 affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures. The following is a summary of the levels used as of July 31, 2011 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	—		$	387,283,278	$	—	$	387,283,278
Mutual Funds		2,674,041			—		—		2,674,041

Total Investments	$	2,674,041		$	387,283,278	$	—	$	389,957,319


Other Financial Instruments
Futures	$	(368,319	)	$	—	$	—	$	(368,319	)

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	$	379,414,461

Gross unrealized appreciation	$	13,944,611
Gross unrealized depreciation		(19,660,253	)

Net unrealized appreciation (depreciation)	$	(5,715,642	)

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

MFS Municipal Income Trust

Supplemental Information (Unaudited) 7/31/11 - continued

(3) Derivative Contracts at 7/31/11

Futures Contracts Outstanding at 7/31/11

Description

Currency

Contracts

Value

Expiration
Date

Unrealized
Appreciation
(Depreciation)

Liability Derivatives

Interest Rate Futures

U.S. Treasury Bond 30 yr (Short)

USD

100

12,812,500

September-2011

(368,319

)

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

(4) Transactions in Underlying Affiliated 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		65,134,719		(63,847,827	)		2,674,041

Underlying Affiliated Funds	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio	$	—	$	—	$	12,168		$	2,674,041

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: September 16, 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: September 16, 2011


By (Signature and Title)*		JOHN M. CORCORAN
		John M. Corcoran, Treasurer (Principal Financial Officer and Accounting Officer)

Date: September 16, 2011

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