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
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MFS MUNICIPAL INCOME TRUST
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
James R. Bordewick, Jr.
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: October 31
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Date of reporting period: July 31, 2004
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO 7/31/04
MFS(R) MUNICIPAL
INCOME TRUST
[graphic omitted]
[logo] M F S(R)
INVESTMENT MANAGEMENT
The Trust is a closed-end investment product. Shares of the Trust are only
available for purchase/sale on the NYSE at the current market price. Shares may
trade at a discount to NAV.
Visit MFS.COM for the latest information about your investment.
o Annual and semiannual reports contain information regarding the specific
securities held in the fund and how the fund has performed over the
period.
o Week in Review provides a look at key events influencing U.S. and global
financial markets for the week.
o MFS Global Perspective is a commentary and analysis of markets around the
globe.
o Chief Investment Strategist Corner is a commentary by James Swanson, MFS'
Chief Investment Strategist.
A fact sheet, annual, and semiannual report for the fund can be accessed by
clicking "Closed End Funds" on the home page. Week in Review, MFS Global
Perspective, and Chief Investment Strategist Corner are located under "Updates
and Announcements."
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PORTFOLIO OF INVESTMENTS (UNAUDITED) 07/31/2004 MFS(R) MUNICIPAL INCOME TRUST
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ISSUER PAR AMOUNT
(000 OMITTED) $ VALUE
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MUNICIPAL BONDS - 141.8%
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AIRPORT & PORT REVENUE - 5.5%
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Chicago, IL, O'Hare International Airport Rev.RITES, XLCA, 9.8475%, 2022+,++ $1,500 $1,677,180
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Cleveland Cuyahoga County, OH, Port Authority Rev.(Cleveland City Project ), "B", 4.5%, 2030 1,485 1,417,551
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Dayton Montgomery County, OH, Port Authority Rev., (Parking Garage Project), 6.125%, 2024 1,130 1,131,345
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Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016 3,125 3,338,344
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Port Authority, NY, Special Obligations Rev.(JFK International), MBIA, 5.75%, 2022 7,000 7,596,190
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Seattle, WA, Airport Trust Rev., FGIC, 5.625%, 2018 1,500 1,589,025
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$16,749,635
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GENERAL OBLIGATIONS - GENERAL PURPOSE - 1.4%
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Jefferson County, OH, RADIAN, 7.125%, 2005++++ $1,000 $1,090,720
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Lake County, IL, Land Acquisition & Development, 5.75%, 2017 1,000 1,111,600
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New York City, NY, 6.125%, 2006++++ 2,000 2,156,260
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$4,358,580
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HEALTHCARE REVENUE - HOSPITALS - 37.8%
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Allegheny County, PA, Hospital Development Authority Rev.(South Hills Health Systems), 6.75%, 2025 $500 $502,370
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Allegheny County, PA, Hospital Development Authority Rev.(West Penn Allegheny Health), 9.25%, 2022 1,000 1,126,880
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Allegheny County, PA, Hospital Development Authority Rev.(West Penn Allegheny Health), 9.25%, 2030 2,000 2,253,760
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Athens County, OH, Hospital Facilities Rev.(O'Bleness Memorial Hospital), 7.125%, 2033 1,500 1,507,650
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Baldwin County, AL, Eastern Shore Health Care Authority Rev.(Thomas Hospital), 5.75%, 2027 700 655,263
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Brookhaven, NY, Civic Facilities Rev.(Memorial Hospital Medical Center, Inc.), 7.75%, 2010 905 953,508
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Chautauqua County, NY, Civic Facilities Rev.(Women's Christian Assn.), 6.35%, 2017 275 273,061
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Chautauqua County, NY, Civic Facilities Rev.(Women's Christian Assn.), 6.4%, 2029 980 918,074
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Chemung County, NY, Civic Facilities Rev.(St.Joseph's Hospital-Elmira), 6%, 2013 590 582,360
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Chemung County, NY, Civic Facilities Rev.(St.Joseph's Hospital-Elmira), 6.35%, 2013 150 151,199
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Chester County, PA, Health & Educational Facilities Rev.(Chester County Hospital), 6.75%, 2021 1,625 1,681,128
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Citrus County, FL, Hospital Development Authority Rev.(Citrus Memorial Hospital), 6.25%, 2023 985 1,006,384
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Colorado Health Facilities Authority Rev.(Parkview Medical Center), 6.5%, 2020 1,230 1,297,478
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Colorado Health Facilities Authority Rev.(Parkview Medical Center), 6.6%, 2025 1,000 1,054,660
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Colorado Health Facilities Authority Rev.(Portercare Adventist Health Systems), 6.625%, 2026 675 733,847
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Comal County, TX, Health Facilities Development Rev.(McKenna Memorial Hospital), 6.125%, 2022 500 500,520
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Crittenden County, AR, 7%, 2020 1,030 999,471
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Cumberland County PA, Municipal Authority Rev.(Carlisle Hospital & Health Centers), 6.8%, 2004++++ 250 258,848
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Cuyahoga County, OH, Hospital Facilities Rev.(Canton, Inc.), 7.5%, 2030 1,330 1,454,355
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Delaware Health Facilities Authority Rev.(Nanticoke Memorial Hospital), 5.625%, 2032 1,250 1,273,850
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Denver, CO, Health & Hospital Authority Rev., 5.25%, 2013 635 642,982
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2018 1,500 1,476,660
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Denver, CO, Health & Hospital Authority Rev., 6%, 2023 250 250,985
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2028 860 807,256
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District of Columbia, Health & Hospital Authority Rev.(Medstar University Hospital), 6.875%, 2007++++ 1,200 1,337,484
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Farmington, NM, Hospital Rev.(San Juan Regional Medical Center), "A", 5%, 2023 835 803,320
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Grand Forks, ND, Health Care Authority Rev.(Altru Health Systems Obligation Group), 7.125%, 2024 755 811,278
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Gulfport, MS, Healthcare Authority Rev.(Memorial Hospital), 5.75%, 2031 1,000 1,012,330
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Highlands County, FL, Health Facilities Authority Rev.(Adventist/Sunbelt Hospital), 6%, 2031 900 942,588
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Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%, 2030 2,000 2,211,700
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Huntsville, AL, Health Care Authority Rev., 5.625%, 2026 875 888,493
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Illinois Development Finance Authority, Hospital Authority Rev.(Adventist/Sunbelt
Hospital), 5.65%, 2024 1,750 1,762,180
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Illinois Health Facilities Authority Rev.(Centegra Heath Systems), 5.25%, 2018 1,000 994,770
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Indiana Health Facilities Financing Authority, Hospital Rev.(Munster Medical Research Foundation,
Inc.), 6.375%, 2031 3,990 4,036,005
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Indiana Health Facilities Financing Authority, Hospital Rev.(Riverview Hospital), 6.125%, 2031 1,000 1,011,490
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Kentucky Economic Development Finance Authority, Health Systems Rev.(Norton Healthcare,
Inc.), 6.5%, 2020 5,000 5,228,700
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Knox County, TN, Health Educational Housing Facilities Board, Hospital Facilities Rev.(Baptist Health
Systems), 6.5%, 2031 1,725 1,584,602
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Lauderdale County & Florence, AL, Health Care Authority Rev.(Coffee Health Group), MBIA, 5.625%, 2021 3,000 3,241,680
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Lufkin, TX, Health Facilities Rev.(Memorial Health System of East Texas), 6.875%, 2026 1,615 1,666,551
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Lufkin, TX, Health Facilities Rev.(Memorial Health System of East Texas), 5.7%, 2028 995 951,489
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Macomb County, MI, Hospital Finance Authority Rev.(Mount Clemens General Hospital), 5.75%, 2025 1,000 924,590
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Macomb County, MI, Hospital Finance Authority Rev.(Mount Clemens General Hospital), 5.875%, 2034 905 825,930
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Maryland Health & Higher Educational Facilities Authority Rev.(Medstar Health), 5.5%, 2033 380 369,843
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Maryland Health & Higher Educational Facilities Authority Rev.(North Arundel Hospital), 6 5%, 2031 1,500 1,638,405
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Massachusetts Health & Educational Facilities Authority Rev.(Anna Jaques Hospital), 6.875%, 2012 315 317,848
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Massachusetts Health & Educational Facilities Authority Rev.(Berkshire Health Systems), 6 25%, 2031 1,900 1,931,863
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Massachusetts Health & Educational Facilities Authority Rev.(Caritas Christi Obligation), 6.5%, 2012 600 656,592
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Massachusetts Health & Educational Facilities Authority Rev.(Caritas Christi Obligation), 5.7%, 2015 500 505,495
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Massachusetts Health & Educational Facilities Authority Rev.(Jordan Hospital), 5.25%, 2018 1,400 1,253,938
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Massachusetts Health & Educational Facilities Authority Rev.(Saints Memorial Medical Center), 6%, 2023 465 429,893
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Miami Beach, FL, Health Facilities Rev.(Mount Sinai Medical Center), 6.7%, 2019 995 1,016,472
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Miami Beach, FL, Health Facilities Rev.(Mount Sinai Medical Center), 6.75%, 2029 810 818,643
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Mississippi Business Finance Corp., Health Facilities Rev.(Rush Medical Foundation, Inc.), 5.625%, 2023 845 781,194
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Mississippi Hospital Equipment, Health Facilities Rev.(Rush Medical Foundation, Inc.), 5.4%, 2007 315 322,617
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Mount Lebanon, PA, Hospital Authority Rev.(St.Clair Memorial Hospital), 5.625%, 2032 435 437,606
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev.(North Shore Health
System), 5.625%, 2010 820 884,829
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev.(North Shore
Health System), 5.875%, 2011 610 665,260
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New Hampshire Health & Educational Facilities Authority Rev.(Covenant Health), 6.5%, 2017 915 1,002,465
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New Hampshire Higher Educational & Health Facilities Authority Rev.(Catholic Medical
Center), 6.125%, 2032 1,000 1,001,260
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New Hampshire Higher Educational & Health Facilities Authority Rev.(Littleton Hospital), 5.8%, 2018 1,000 905,670
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New Jersey Health Care Facilities, Financing Authority Rev.(St.Peter's University
Hospital), 6.875%, 2030 3,000 3,269,550
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New York City, NY, Industrial Development Agency, Civic Facilities Rev.(Staten Island University
Hospital), 6.375%, 2031 500 462,210
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New York City, NY, Health & Hospital Corp.Rev., 5.25%, 2017 700 716,989
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North Texas Health Facilities Development Corp.Rev.(United Regional Health Care System,
Inc.), 6%, 2023 1,000 1,032,600
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Ohio County, WV, County Commission Health System Rev.(Ohio Valley Medical Center), 5.75%, 2013 850 771,069
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Oklahoma Development Finance Authority Rev.(Comanche County Hospital), 6.6%, 2031 1,875 1,929,281
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Rhode Island Health & Education Building Rev., Hospital Financing (Lifespan Obligation
Group), 6.375%, 2021 1,805 1,890,990
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Rhode Island Health & Education Building Rev., Hospital Financing (Lifespan Obligation
Group), 6.5%, 2032 505 525,478
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Royston, GA, Hospital Authority Rev.(Ty Cobb Healthcare Systems, Inc.), 6.375%, 2014 955 934,382
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Russell, KY (Bon Secours Health Systems), 5.85%, 2005++++ 3,000 3,158,130
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Salt Lake City, UT, Hospital Authority Rev.INFLOS (Intermountain Health Care), AMBAC,
INFLOS, 11.948%, 2020++,++++ 600 601,944
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Scranton-Lackawanna, PA, Health & Welfare Authority Rev.(Allied Rehab Hospital), 7.125%, 2005 285 287,012
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Shelby County, TN, Health Educational and Housing Facilities Board, Hospital Rev.(Methodist
Healthcare), 6.25%, 2018 500 544,620
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Shelby County, TN, Health Educational and Housing Facilities Board, Hospital Rev.(Methodist
Healthcare), 6.375%, 2019 1,000 1,083,610
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South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev.(Palmetto Health
Alliance), 6.25%, 2031 835 861,169
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South Carolina Jobs & Economic Development Authority (Bon Secours Health Systems,
Inc.), "A", 5.625%, 2030 710 703,660
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South Dakota Health & Education Facilities Authority Rev.(Prairie Lakes Health Care
System), 5.625%, 2032 670 657,578
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Southwestern Illinois Development Authority Rev.(Anderson Hospital), 5.625%, 2029 1,500 1,427,550
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Springfield, TN, Health & Educational Facilities Rev.(Northcrest Medical Center), 5.25%, 2018 1,400 1,325,142
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State of Arkansas, Development Finance Authority Rev.(Washington Regional Medical
Center), 7.25%, 2020 500 548,420
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Steubenville, OH, Hospital Authority Rev.(Trinity Health Center), 6.5%, 2030 1,300 1,362,621
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Stillwater, OK, Medical Center Authority, 5.625%, 2023 1,000 976,550
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Suffolk County, NY, Industrial Development Agency Rev.(Southampton Hospital), 7.25%, 2020 750 732,428
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Suffolk County, NY, Industrial Development Agency Rev.(Southampton Hospital), 7.625%, 2030 750 748,673
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Tallahassee, FL, Health Facilities Rev.(Tallahassee Memorial Healthcare), 6.25%, 2020 3,085 3,114,462
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Texas Metro Health Facilities Development Corp., Metro Health Facilities
Development Rev.(Wilson N.Jones Memorial Hospital), 7.2%, 2021 700 701,379
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Texas Metro Health Facilities Development Corp., Metro Health Facilities
Development Rev.(Wilson N.Jones Memorial Hospital), 7.25%, 2031 1,000 1,001,970
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Tom Green County, TX, Health Facilities Rev.(Shannon Health System), 6.75%, 2021 1,250 1,314,538
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Upper Illinois River Valley Development, Health Facilities Rev.(Morris Hospital), 6.625%, 2031 600 628,674
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Valley, AL, Special Care Facilities, Financing Authority Rev.(Lanier Memorial Hospital), 5.6%, 2016 600 559,566
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Wapello County, IA, Hospital Authority Rev.(Ottumwa Regional Health Center), 6.375%, 2031 1,500 1,534,815
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Weirton, WV, Municipal Hospital Building, Commission Rev.(Weirton Hospital Medical
Center), 6.375%, 2031 1,115 1,051,044
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Weslaco, TX, Health Facilities Rev.(Knapp Medical Center), 6.25%, 2032 1,000 1,014,700
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West Plains, MO, Industrial Development Authority Rev.(Ozarks Medical Center), 6.75%, 2024 170 171,367
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West Shore Pennsylvania, Hospital Authority Rev.(Holy Spirit Hospital), 6.2%, 2026 1,250 1,263,125
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Wichita, KS, Hospital Authority Rev.(Via Christi Health System), 6.25%, 2020 1,500 1,651,620
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Wisconsin Health & Educational Facilities Authority Rev.(Aurora Health Care, Inc.), 6.875%, 2030 1,000 1,102,860
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Wisconsin Health & Educational Facilities Authority Rev.(Aurora Health Care, Inc.), MBIA, 5.25%, 2017 5,000 5,245,750
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev.(St.John's Riverside
Hospital), 6.8%, 2016 755 768,756
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev.(St.John's Riverside
Hospital), 7.125%, 2013 490 494,773
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$115,708,677
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HEALTHCARE REVENUE - LONG TERM CARE - 13.8%
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Abilene, TX, Health Facilities Development Co., Retirement Facilities Rev.(Sears Methodist
Retirement), 7%, 2033 $345 $351,176
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Arizona Health Facilities Authority Rev.(The Terraces Project), 7.75%, 2033 750 762,668
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Bell County, TX, Health Facilities Development Rev.(Advanced Living Technology), 7.75%, 2006 195 184,601
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Bell County, TX, Health Facilities Development Rev.(Advanced Living Technology), 8.125%, 2016 1,085 871,190
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Bell County, TX, Health Facilities Development Rev.(Advanced Living Technology), 8.5%, 2026 2,405 1,863,779
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Cambria County, PA, Industrial Development Authority Rev.(Beverly Enterprises, Inc.), 10%, 2012 440 488,897
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Chester County, PA, Industrial Development Authority Rev.(RHA Nursing Home), 8.5%, 2032 600 579,180
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Clarion, PA, Industrial Development Authority Rev.(Beverly Enterprises, Inc.), 7.5%, 2012 1,000 1,019,470
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Colorado Health Facilities Authority Rev.(Covenant Retirement Communities, Inc.), 6.125%, 2033 1,000 1,003,930
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Colorado Health Facilities Authority Rev.(Evangelical Lutheran Church), 6.9%, 2025 3,000 3,223,590
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Colorado Health Facilities Authority Rev.(NBA Lifestyles of Colorado Springs), GNMA, 5.6%, 2021 105 109,559
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Contra Costa County, CA, Residential Rental Facilities Rev.(Cypress Meadows), 7%, 2028* 1,840 1,610,074
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Cumberland County, PA, Retirement Community Rev.(Wesley Affiliated Services), 7.25%, 2035 1,000 1,010,990
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Franklin County, OH, Healthcare Facilities Rev.(Ohio Presbyterian), 7.125%, 2029 1,000 1,046,820
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Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 330 325,832
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Goldsboro, NC, Housing Authority Rev.(North Carolina Housing Foundation, Inc.), 7.25%, 2029 385 329,552
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Grand Prairie, TX, Housing Finance Corp., Independent Senior Living Center Rev., 7.5%, 2017 600 582,060
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Greenville County, SC, Hospital Rev.(Chestnut Hill) "A", 8%, 2015 2,320 2,057,399
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Illinois Health Facilities Authority Rev.(Lutheran Senior Ministries), 7.375%, 2031 800 788,280
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Iowa Finance Authority, Health Care Facilities Rev.(Care Initiatives Project), 5.75%, 2018 895 817,296
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Iowa Finance Authority, Health Care Facilities Rev.(Care Initiatives Project), 9.25%, 2025 1,665 1,948,466
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Jacksonville, FL, Health Care Facilities Rev.(National Benevolent-Cypress Village), 6.25%, 2026* 1,245 983,550
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Lenexa, KS, Health Care Facilities Rev.(Lakeview Village, Inc.), 6.25%, 2026 500 499,305
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Lenexa, KS, Health Care Facilities Rev.(Lakeview Village, Inc.), 6.875%, 2032 500 516,145
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Maine Health & Higher Educational Facilities Rev.(Piper Shores), 7.5%, 2019 825 858,850
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Massachusetts Industrial Finance Agency Rev.(Metro Health Foundation, Inc.), 6.75%, 2027 1,500 1,402,665
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Millbrae, CA, Residential Facilities Rev.(Magnolia of Millbrae), 7.375%, 2027 1,940 2,007,299
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Mocksville, NC (North Carolina Housing Foundation, Inc.), 7.25%, 2029 385 329,552
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Montgomery County, PA, Higher Education & Health Authority Rev.(AHF/Montgomery), 10.5%, 2020 2,220 2,197,112
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New Hampshire Business Finance Authority, Health Care Facilities Rev.(Metro Health Foundation,
Inc.), 6.55%, 2028 755 701,184
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New Jersey Economic Development Authority Rev.(Courthouse Convalescent Center), 8.7%, 2014 650 652,964
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New Jersey Economic Development Authority Rev., First Mortgage Gross Rev.(Wanaque Convalescent
Center), 8.6%, 2011 1,000 1,008,130
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New Jersey Health Care Facilities Financing Authority Rev.(Cherry Hill), 8%, 2027 1,000 924,630
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Oklahoma Development Finance Authority Rev.(Inverness Village), 8%, 2032 1,010 930,675
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Reedley, CA, Certificate of Participation (Mennonite Home), 7.5%, 2026 2,800 2,805,684
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Santa Fe, NM, Industrial Development Rev.(Casa Real Nursing Home), 9.75%, 2013 940 950,255
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Shelby County, TN, Health Educational Rev.(Germantown Village), 7.25%, 2034 300 304,485
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State of Hawaii, Department of Budget & Finance, Special Purpose Rev.(Kahala Nui Senior Living
Community), 8%, 2033 500 502,160
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Sterling, IL (Hoosier Care), 7.125%, 2034 720 587,707
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Washington County, FL, Industrial Development Authority Rev.(Washington County), 10%, 2016 940 950,190
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Waterford Township, MI, Economic Development Corp.Rev.(Canterbury Health), 6%, 2039 1,535 1,119,614
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Wilkinsburg, PA, Municipal Authority Health Rev.(Monroeville Christian/Judea), 8.25%, 2027 990 935,312
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$42,142,277
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HUMAN SERVICES - 2.9%
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Cheneyville, LA, Westside Habilitation Center Rev., 8.375%, 2013 $1,610 $1,645,452
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Iowa Finance Authority, Community Provider (Boys & Girls Home), 6.25%, 2028 500 454,085
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Lehigh County, PA, Gen Purpose Authority (Kidspeace Corp.), 6%, 2023 3,000 2,686,320
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New York City, NY, Industrial Development Agency, Civic Facility Rev.(Special Needs
Facilities), 6.5%, 2017 1,030 1,056,523
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NY, City Industrial Development Agency, Civic Facility Rev.(A Very Special Place,
Inc.), "A", 5.75%, 2029 1,000 862,580
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Orange County, FL, Health Facilities Authority Rev.(GF/Orlando Healthcare Facilities), 8.75%, 2011 575 573,482
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Orange County, FL, Health Facilities Authority Rev.(GF/Orlando Healthcare Facilities), 9%, 2031 1,000 1,015,690
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Osceola County, FL, Industrial Development Authority Rev.(Community Provider), 7.75%, 2017 551 556,493
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$8,850,625
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INDUSTRIAL REVENUE - AIRLINES - 2.3%
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Cleveland, OH, Special Facilities Rev.(Continental Airlines, Inc.), 5.375%, 2027 $500 $329,255
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp.(American Airlines,
Inc.), 6.375%, 2035 1,645 1,025,493
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp.(American Airlines,
Inc.) "B", 6.05%, 2029 495 472,581
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Hillsborough County, FL, Aviation Authority Rev.(Special Purpose Facilities U.S.Air
Corp.), 8.6%, 2022* 400 142,572
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Houston, TX, Airport Systems Rev.(Special Facilities Continental, Inc.) "E", 6.75%, 2029 1,000 770,470
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New Jersey Economic Development Authority (Continental Airlines, Inc.), 7.2%, 2030 1,595 1,275,266
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New York City, NY, Industrial Development Agencies Rev.(Continental Airlines, Inc.), 7.25%, 2008 250 241,655
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New York City, NY, Industrial Development Agencies Rev.(Continental Airlines, Inc.), 8%, 2012 300 283,833
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Tulsa, OK, Municipal Airport Trust Rev.(AMR Corp.), 5.8%, 2035 355 353,225
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Tulsa, OK, Municipal Airport Trust Rev.(AMR Corp.) "B", 6%, 2035 2,500 2,311,875
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$7,206,225
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INDUSTRIAL REVENUE - CHEMICALS - 2.2%
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Michigan Strategic Fund Limited Rev.(Dow Chemical Co.), 4.6%, 2014 $1,500 $1,575,915
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Red River Authority, TX, Pollution Control Rev.(Celanese Project), 6.7%, 2030 2,125 2,075,743
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Sweetwater County, WY, Solid Waste Disposal Rev.(FMC Corp.), 7%, 2024 3,000 3,050,790
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$6,702,448
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INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 3.6%
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California Pollution Control Financing Authority, Solid Waste Disposal Rev.(Browning Ferris,
Inc.), 5.8%, 2016 $1,000 $927,840
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California Statewide Community Development Authority, Solid Waste Facilities Rev.(Republic Services,
Inc.), "A", 4.95%, 2012 1,000 1,016,640
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Gloucester County, NJ, Solid Waste Resource Recovery Rev.(Waste Management, Inc.), 6.85%, 2029 850 955,587
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Henrico County, VA, Industrial Development Authority Rev.(Browning Ferris, Inc.), 5.45%, 2014 1,750 1,606,115
-----------------------------------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority, Solid Waste Disposal Rev.(Waste Management, Inc.), 5.85%, 2007 4,500 4,733,730
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Nevada Department of Business (Republic Services, Inc.), 5.625%, 2026 750 773,423
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New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev.(New Morgan Landfill Co,
Inc.), 6.5%, 2019 1,000 979,810
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$10,993,145
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INDUSTRIAL REVENUE - METALS - 0.5%
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Indiana Development Finance Authority Rev.(Inland Steel), 5.75%, 2011 $1,000 $849,590
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Mobile County, AL, Industrial Development Authority Rev.(Ipsco, Inc.), 6.875%, 2030 650 662,305
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Ohio Solid Waste Rev.(Republic Engineered Steels, Inc.), 8.25%, 2014* 3,000 30
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Ohio Solid Waste Rev.(Republic Engineered Steels, Inc.), 9%, 2021* 3,000 30
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$1,511,955
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INDUSTRIAL REVENUE - OTHER - 5.2%
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Gulf Coast, TX, Industrial Development Authority (Valero Energy Corp.), 5.6%, 2031 $1,750 $1,706,985
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Gulf Coast, TX, Waste Disposal Rev.(Valero Energy Corp.), 6.65%, 2032 1,000 1,062,040
-----------------------------------------------------------------------------------------------------------------------------------
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017 2,220 2,305,292
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New Jersey Economic Development Authority, Economic Development Rev.(Holt Hauling &
Warehousing), 8.4%, 2015+, ** 1,000 570,000
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New Jersey Economic Development Authority, Economic Development Rev.(Holt Hauling &
Warehousing), 8.6%, 2017+, ** 1,000 570,000
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Park Creek Metropolitan District, CO, Rev., 7.875%, 2032# 1,850 1,878,545
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Pennsylvania Economic Development Financing Authority, Finance Authority Facilities
Rev.(Amtrak), "A", 6.25%, 2031 2,000 2,044,020
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Pennsylvania Economic Development Financing Authority, Wastewater Treatment
Rev.(Sunoco Co.), 7.6%, 2024 750 776,978
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Philadelphia, PA, Industrial Development Authority Rev.(Host Marriott LP), 7.75%, 2017 3,255 3,292,205
-----------------------------------------------------------------------------------------------------------------------------------
Port Corpus Christ, TX, Industrial Development Authority Rev.(Citgo Petroleum Corp.), 8.25%, 2031 700 732,921
-----------------------------------------------------------------------------------------------------------------------------------
State of Ohio, Air Quality Development Authority Rev.(USX Corp.), 5%, 2015 575 614,687
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Tooele County, UT, Hazardous Waste Treatment Rev.(Union Pacific Corp.), 5.7%, 2026 385 382,082
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$15,935,755
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INDUSTRIAL REVENUE - PAPER - 8.7%
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Beauregard Parish, LA (Boise Cascade Corp.), 6.8%, 2027 $1,000 $1,016,010
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Bedford County, VA, Industrial Development Authority Rev.(Nekoosa Packaging), "A", 6.55%, 2025 1,000 1,008,370
-----------------------------------------------------------------------------------------------------------------------------------
Butler, AL, Solid Waste Disposal Rev.(James River Corp.), 8%, 2028 500 510,640
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Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority (International
Paper, Co.), "A", 6.15%, 2021 5,000 5,148,000
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Courtland, AL, Solid Waste Disposal Rev.(Champion International Corp.), 6.375%, 2029 2,000 2,027,800
-----------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev.(Mead Westvaco
Escanaba), 6.45%, 2023 500 520,845
-----------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev.(Mead Westvaco
Escanaba), 6.25%, 2027 1,000 1,035,050
-----------------------------------------------------------------------------------------------------------------------------------
Effingham County, GA, Development Authority, Solid Waste Disposal Rev.(Fort James), 5.625%, 2018 850 814,173
-----------------------------------------------------------------------------------------------------------------------------------
Hodge, LA, Utilities Rev.(Stone Container Corp.), 7.45%, 2024 3,335 3,385,058
-----------------------------------------------------------------------------------------------------------------------------------
Isle Wight County, VA, Industrial Development Authority, Solid Waste Disposal Facilities Rev.(Union
Camp Corp.), 6.55%, 2024 4,000 4,100,120
-----------------------------------------------------------------------------------------------------------------------------------
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev.(Weyerhaeuser Co.), 6.8%, 2022 2,000 2,278,860
-----------------------------------------------------------------------------------------------------------------------------------
Navajo County, AZ, Industrial Development Authority (Stone Container Corp.), 7.2%, 2027 880 889,794
-----------------------------------------------------------------------------------------------------------------------------------
Onondaga County, NY, Industrial Development Authority Rev., Solid Waste Disposal Rev.(Solvay
Paperboard LLC), 6.8%, 2014 1,000 1,047,530
-----------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Solid Waste Disposal Rev.(Chesapeake Corp.), 6.25%, 2019 1,750 1,616,265
-----------------------------------------------------------------------------------------------------------------------------------
York County, SC, Pollution Control Rev.(Bowater, Inc.), "A", 7.4%, 2010 1,045 1,064,740
-----------------------------------------------------------------------------------------------------------------------------------
$26,463,255
-----------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 2.9%
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev., East Valley Tourist (Cabazon
Casino)"A", 9.25%, 2020# $1,155 $1,204,388
-----------------------------------------------------------------------------------------------------------------------------------
Capital Trust Agency of Florida Rev.(Seminole Tribe Convention), 10%, 2033 3,500 4,224,955
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities), 6.25%, 2017 1,000 1,013,650
-----------------------------------------------------------------------------------------------------------------------------------
Nevada Department of Business & Industry Rev.(Las Vegas Monorail), 7.375%, 2040 1,765 1,739,637
-----------------------------------------------------------------------------------------------------------------------------------
Sandoval County, NM (Santa Ana Pueblo), 7.75%, 2015# 675 683,714
-----------------------------------------------------------------------------------------------------------------------------------
$8,866,344
-----------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - OTHER - 1.1%
-----------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), 6.6%, 2021 $400 $421,864
-----------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), 6.7%, 2028 600 626,790
-----------------------------------------------------------------------------------------------------------------------------------
Gallery Certificate Trust, PA, Parking Rev., FSA, 4.5%, 2013# 955 951,782
-----------------------------------------------------------------------------------------------------------------------------------
Rockbridge County, VA, Industrial Development Authority Rev.(Virginia Horse Center), 6.85%, 2021 700 649,271
-----------------------------------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev., 5.9%, 2014 370 374,577
-----------------------------------------------------------------------------------------------------------------------------------
St.Louis County, MO, Industrial Development Authority Rev.(Kiel Center Multipurpose
Arena), 7.875%, 2024 300 304,452
-----------------------------------------------------------------------------------------------------------------------------------
$3,328,736
-----------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY HOUSING REVENUE - 4.1%
-----------------------------------------------------------------------------------------------------------------------------------
Bexar County TX, Multi-Family Housing Rev.(American Opportunity Housing), "A", MBIA, 5.7%, 2021 $1,250 $1,300,700
-----------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 7.1%, 2009# 1,000 1,116,980
-----------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 6%, 2019 2,000 2,069,180
-----------------------------------------------------------------------------------------------------------------------------------
Dallas Fort Worth, TX, Housing Corp., 8.5%, 2011 895 896,164
-----------------------------------------------------------------------------------------------------------------------------------
Eaglebend, CO, Affordable Housing Corp., Multi-Family Rev.(Housing Project), "A", 6.4%, 2017 1,000 981,030
-----------------------------------------------------------------------------------------------------------------------------------
Florida Multi-Family Housing Finance Agency Rev.(Center Court Apartments), 8.5%, 2018 865 836,247
-----------------------------------------------------------------------------------------------------------------------------------
Memphis, TN, Educational & Housing Facilities (Wesley Highland Terrace), 8.5%, 2024 115 114,014
-----------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational &
Housing Facilities Board Rev.(Berkshire Place), GNMA, 6%, 2023 500 516,940
-----------------------------------------------------------------------------------------------------------------------------------
Munimae TE Bond Subsidiaries LLC, 6.875%, 2009# 2,000 2,190,320
-----------------------------------------------------------------------------------------------------------------------------------
Ridgeland, MS, Urban Renewal (Northbrook I & II Apartments), 6.15%, 2019* 280 135,422
-----------------------------------------------------------------------------------------------------------------------------------
Ridgeland, MS, Urban Renewal (Northbrook I & III Apartments), 6.25%, 2029* 475 226,238
-----------------------------------------------------------------------------------------------------------------------------------
San Bernardino County, CA (Equity Residential/Redlands), "A", 5.2%, 2029 2,000 2,104,120
-----------------------------------------------------------------------------------------------------------------------------------
$12,487,355
-----------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - LOCAL - 1.7%
-----------------------------------------------------------------------------------------------------------------------------------
Cook County, IL, Single Family Mortgage Rev., "A", 1%, 2015 $100 $30,147
-----------------------------------------------------------------------------------------------------------------------------------
Corpus Christi, TX, Housing Finance Authority Rev., MBIA, 0%, 2011 3,000 1,522,800
-----------------------------------------------------------------------------------------------------------------------------------
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016 3,770 1,080,105
-----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.625%, 2023 355 387,795
-----------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032 1,215 1,291,351
-----------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., GNMA, 6.45%, 2029 745 807,275
-----------------------------------------------------------------------------------------------------------------------------------
$5,119,473
-----------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 3.3%
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 7.15%, 2014 $13 $13,267
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 5.9%, 2023 275 287,282
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 6.9%, 2029 790 814,411
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 6.6%, 2032 305 316,499
-----------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 6.375%, 2033 140 147,258
-----------------------------------------------------------------------------------------------------------------------------------
Georgia Housing & Finance Authority Rev., 5.65%, 2021 2,490 2,549,536
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.4%, 2032 385 399,761
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota Housing Finance Agency Rev., Residential Housing Finance "B", 4.8%, 2023 315 321,366
-----------------------------------------------------------------------------------------------------------------------------------
Missouri State Housing Development Commission, Single Family Mortgage Rev.(Home Loan
Program), 6.35%, 2032 550 577,896
-----------------------------------------------------------------------------------------------------------------------------------
Missouri State Housing Development Commission, Single Family Mortgage Rev.(Home Loan
Program), GNMA, 6.85%, 2032 255 280,133
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015 8,525 3,051,439
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority, "C", 6.25%, 2021 1,165 1,202,385
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire Housing Finance Authority Rev., 5.875%, 2030 210 217,533
-----------------------------------------------------------------------------------------------------------------------------------
$10,178,766
-----------------------------------------------------------------------------------------------------------------------------------
SOLID WASTE REVENUE - 2.4%
-----------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Industrial Development Authority Rev., Resource Recovery
Facilities, "A", 6.5%, 2008 $1,600 $1,708,848
-----------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Industrial Development Authority Rev., Resource Recovery Facilities,
(American Ref-fuel) "A", 6.1%, 2005 2,000 2,017,340
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev.(Ogden Haverhill Associates), 6.7%, 2014 725 763,374
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency Rev., Resource Recovery Rev.(Ogden Haverhill
Associates), 5.6%, 2019 2,850 2,773,962
-----------------------------------------------------------------------------------------------------------------------------------
$7,263,524
-----------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL APPROPRIATION - 2.2%
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 8.4803%, 2016+,++ $1,300 $1,594,294
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 8.4803%, 2017+,++ 1,050 1,295,595
-----------------------------------------------------------------------------------------------------------------------------------
College Park, GA (Civic Center), AMBAC, 5.75%, 2020 1,000 1,105,700
-----------------------------------------------------------------------------------------------------------------------------------
Golden State Tobacco Securization, Tobacco Settlement, 5.375%, 2028 2,000 2,000,500
-----------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Certificates of Participation, 6.3%, 2020 815 891,895
-----------------------------------------------------------------------------------------------------------------------------------
$6,887,984
-----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN REVENUE - 0.5%
-----------------------------------------------------------------------------------------------------------------------------------
Access to Loans for Learning, California Student Loan Rev., 7.95%, 2030 $650 $668,278
-----------------------------------------------------------------------------------------------------------------------------------
Arizona Student Loan Acquisition Authority, Student Loan Rev., 7.625%, 2010 750 768,930
-----------------------------------------------------------------------------------------------------------------------------------
$1,437,208
-----------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 3.9%
-----------------------------------------------------------------------------------------------------------------------------------
Capital Region Community Development District of Florida, Capital Improvement Rev., 5.95%, 2006 $385 $389,266
-----------------------------------------------------------------------------------------------------------------------------------
Chicago IL, Ryan Garfield Tax Increment Allocation, 10.125%, 2007 775 779,619
-----------------------------------------------------------------------------------------------------------------------------------
Concorde Estates Community Development District, FL, Capital Improvement Rev., "B", 5%, 2011 650 635,590
-----------------------------------------------------------------------------------------------------------------------------------
Fishhawk Community Development District of Florida, 5.125%, 2009 375 375,161
-----------------------------------------------------------------------------------------------------------------------------------
Heritage Isles, FL, Community Development District, "A", 5.75%, 2005 145 145,152
-----------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., 5.8%, 2011 870 900,668
-----------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., 6%, 2018 1,325 1,345,948
-----------------------------------------------------------------------------------------------------------------------------------
Killarney Community Development District, FL, "B", 5.125%, 2009 310 309,653
-----------------------------------------------------------------------------------------------------------------------------------
Lakes By The Bay South Community of Florida, 5.3%, 2009 1,140 1,142,269
-----------------------------------------------------------------------------------------------------------------------------------
Markham, IL, Tax Increment Rev., 9%, 2012 1,080 1,096,146
-----------------------------------------------------------------------------------------------------------------------------------
Middle Village Community Development District, FL, Special Assessment, "B", 5%, 2009 800 797,768
-----------------------------------------------------------------------------------------------------------------------------------
Panther Trace, FL, Community Development District Rev., 5.4%, 2008 625 625,025
-----------------------------------------------------------------------------------------------------------------------------------
Parkway Center Community Development District Rev., 5.625%, 2014 1,045 1,039,106
-----------------------------------------------------------------------------------------------------------------------------------
Preserve At Wilderness Lake Florida, Community Development District, Capital
Improvement, "B", 5%, 2009 665 657,206
-----------------------------------------------------------------------------------------------------------------------------------
Reunion East Community Development District, FL, Special Assessment, 5.9%, 2007 275 279,714
-----------------------------------------------------------------------------------------------------------------------------------
Sterling Hill Community Development District of Florida, Capital Improvement Rev., 5.5%, 2010 540 544,509
-----------------------------------------------------------------------------------------------------------------------------------
Villasol Community Development District of Florida, Special Assessment Rev., "B", 5.375%, 2008 845 854,701
-----------------------------------------------------------------------------------------------------------------------------------
$11,917,501
-----------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 1.3%
-----------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5.625%, 2021 $250 $240,485
-----------------------------------------------------------------------------------------------------------------------------------
Dade County, FL, Special Obligations Rev., Capital Appreciation Bond, "B", AMBAC, 0%, 2008++++ 15,080 2,984,935
-----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., 6%, 2006 250 262,233
-----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., 5.875%, 2018 500 512,690
-----------------------------------------------------------------------------------------------------------------------------------
$4,000,343
-----------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 4.1%
-----------------------------------------------------------------------------------------------------------------------------------
Badger Tobacco, WI (Asset Securitization Corp.), 6.125%, 2027 $3,190 $2,937,799
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029 1,860 1,554,886
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, 6.25%, 2024 1,260 1,160,397
-----------------------------------------------------------------------------------------------------------------------------------
Golden State Tobacco Securization, Tobacco Settlement, 7.8%, 2042 1,000 1,015,770
-----------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, 5.3%, 2025 2,000 1,610,680
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana Tobacco Settlement Authority, 5.5%, 2030 1,435 1,215,302
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Authority, 5.75%, 2032 1,005 877,094
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority, 6.375%, 2028 1,000 865,750
-----------------------------------------------------------------------------------------------------------------------------------
Southern California Tobacco Settlement Authority, 5.25%, 2027 1,170 1,111,102
-----------------------------------------------------------------------------------------------------------------------------------
Washington Tobacco Settlement Authority, 6.5%, 2026 160 149,542
-----------------------------------------------------------------------------------------------------------------------------------
$12,498,322
-----------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 1.3%
-----------------------------------------------------------------------------------------------------------------------------------
Arapahoe County, CO, Capital Improvement Highway Rev., "C", 0%, 2005++++ $1,000 $478,070
-----------------------------------------------------------------------------------------------------------------------------------
Niagara Falls, NY, Bridge Commission, Toll Rev., RITES, FGIC, 8.9508%, 2015+,++ 1,500 1,833,810
-----------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Assn., VA, Toll Road Rev., 0%, 2011 1,000 435,410
-----------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Assn., VA, Toll Road Rev., 0%, 2012 1,000 386,860
-----------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Assn., VA, Toll Road Rev., 0%, 2015 1,750 752,675
-----------------------------------------------------------------------------------------------------------------------------------
$3,886,825
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 3.3%
-----------------------------------------------------------------------------------------------------------------------------------
Missouri Highways & Transportation Commission, State Road Rev., "A", 5.625%, 2018 $4,500 $4,946,580
-----------------------------------------------------------------------------------------------------------------------------------
Telluride, CO (Gondola Transit Co.), 9%, 2006++++ 790 881,285
-----------------------------------------------------------------------------------------------------------------------------------
Telluride, CO, Real Estate Transfer Assessment Rev.(Gondola Transit Co.), 11.5%, 2012++++ 2,900 4,278,805
-----------------------------------------------------------------------------------------------------------------------------------
$10,106,670
-----------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 3.7%
-----------------------------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority Rev.(L.A.College of Chiropractic), 5.6%, 2017 $750 $706,830
-----------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Community College Systems, MBIA, 7.875%, 2025 2,500 3,125,625
-----------------------------------------------------------------------------------------------------------------------------------
Illinois Educational Facilities Authority Rev.(Augustana College), 5.625%, 2022 400 410,656
-----------------------------------------------------------------------------------------------------------------------------------
Islip, NY, Community Development Agency Rev.(New York Institute of Technology), 7.5%, 2006++++ 2,500 2,765,125
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031 2,500 2,830,900
-----------------------------------------------------------------------------------------------------------------------------------
Savannah, GA, Economic Development Authority Rev.(College of Art & Design, Inc.), 6.5%, 2013 625 730,650
-----------------------------------------------------------------------------------------------------------------------------------
State of Massachusetts, Development Finance Agency Rev.(Eastern Nazarene College), 5.625%, 2029 750 611,183
-----------------------------------------------------------------------------------------------------------------------------------
$11,180,969
-----------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 1.7%
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev.(Aspire Public Schools Lodi
Project), 7.25%, 2032 $1,250 $1,266,050
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev.(Escondido Charter High
School), 7.5%, 2023 585 585,082
-----------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev.(Escondido Charter High
School), 7.5%, 2036 1,000 1,001,440
-----------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev.(Detroit Academy of Arts & Sciences), 8%, 2031 1,000 962,030
-----------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev.(YMCA Service Learning Academy), 7.625%, 2021 1,000 1,000,340
-----------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Education Rev.(Arizona Charter
Schools), "C", 6.75%, 2031 500 506,965
-----------------------------------------------------------------------------------------------------------------------------------
$5,321,907
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 3.6%
-----------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal Regional Power, 5.8%, 2018 $830 $746,145
-----------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev.(Panther Creek Partners), 6.65%, 2010 2,620 2,824,150
-----------------------------------------------------------------------------------------------------------------------------------
Klamath Falls, OR, Electric Rev.(Klamath Cogeneration), 6%, 2025 2,260 2,187,002
-----------------------------------------------------------------------------------------------------------------------------------
Mecklenburg County, VA, Industrial Development Authority Rev.(UAE Mecklenburg, LP), 6.5%, 2017 800 810,584
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev.(Northampton
Generating), 6.4%, 2009 350 355,145
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev.(Northampton
Generating), 6.5%, 2013 1,000 1,013,850
-----------------------------------------------------------------------------------------------------------------------------------
Pittsylvania County, VA, Industrial Development Authority Rev.(Multi-trade of
Pittsylvania), 7.5%, 2014 3,000 3,108,810
-----------------------------------------------------------------------------------------------------------------------------------
$11,045,686
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 12.1%
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX ( Reliant Energy, Inc.), "A", 5.375%, 2019 $500 $495,955
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev.(Reliant Energy, Inc.), "B", AMBAC, 5.125%, 2020 2,000 2,057,040
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev.(Texas Utility Co.), 7.7%, 2033 575 651,809
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev.(Texas Utility Co.), "B", 6.3%, 2032 500 519,270
-----------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev.(Texas Utility Co.), "C", 6.75%, 2038 1,000 1,042,610
-----------------------------------------------------------------------------------------------------------------------------------
Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev.(Entergy Gulf
States, Inc.), 5.45%, 2010 1,250 1,276,300
-----------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Pollution Control Rev.(Pacific Gas &
Electric Co.), MBIA, 5.35%, 2016 1,000 1,058,350
-----------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Pollution Control Rev.(Southern California
Edison Co.), 6.4%, 2024 1,000 1,014,740
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev.(Connecticut Light & Power Co.), 5.85%, 2028 2,000 2,082,300
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev.(Connecticut Light & Power Co.), 5.95%, 2028 2,270 2,349,995
-----------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev.(New Mexico Public Service), 5.8%, 2022 2,105 2,117,883
-----------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev.(Public Service Co.San Juan/ New Mexico Public
Service), "A", 6.3%, 2016 2,195 2,339,826
-----------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev.(Portland General), 5.2%, 2033 230 240,111
-----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX (Centerpoint Energy), 5.6%, 2027 1,500 1,503,300
-----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev.(Central Power & Light Co.), 4.55%, 2029 2,000 2,057,860
-----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev.(Reliant Energy), 5.95%, 2030 1,655 1,597,803
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority, Pollution Control Rev.(Public Service of New
Hampshire), 6%, 2021 1,000 1,039,130
-----------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority Rev., Pollution Control, Rev.(Cleveland Electric)"B", 6%, 2020 3,000 3,051,960
-----------------------------------------------------------------------------------------------------------------------------------
Ohio Water Development, Pollution Control Rev.(Cleveland Electric), 8%, 2023 2,500 2,575,175
-----------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev.(Tucson Electric Power Co.), 6.1%, 2025 650 632,548
-----------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev.(Tucson Electric Power Co.), 6%, 2029 2,905 2,856,835
-----------------------------------------------------------------------------------------------------------------------------------
Port Morrow, OR, Pollution Control Rev.(Portland General Electric), 5.2%, 2033 550 574,157
-----------------------------------------------------------------------------------------------------------------------------------
Sullivan, IN, Pollution Control Rev.(Indiana- Michigan Power Co.), "C", 5.95%, 2009 250 253,545
-----------------------------------------------------------------------------------------------------------------------------------
Trinity River Authority, TX, Pollution Control Rev.(TXU Electric Co.), 6.25%, 2028 500 518,280
-----------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev.(Gulf States Utilities Co.), 7.7%, 2014 550 558,905
-----------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev.(Gulf States Utilities Co.), 5.8%, 2015 1,500 1,529,475
-----------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev.(Gulf States Utilities Co.), 5.8%, 2016 1,000 1,014,680
-----------------------------------------------------------------------------------------------------------------------------------
$37,009,842
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 3.0%
-----------------------------------------------------------------------------------------------------------------------------------
California State Department Water Resources Power Supply Rev."A", 5.75%, 2017 $1,250 $1,367,838
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency, Power Systems Rev., "B', 5.55%, 2014 2,150 2,271,690
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency (Catawba Electric Rev.) "B", 6.5%, 2020 2,000 2,206,300
-----------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Municipal Light & Power Rev., 5.625%, 2017 3,000 3,259,140
-----------------------------------------------------------------------------------------------------------------------------------
Southern California Public Power Authority (Transmission Project Rev.), RIBS, 9.84%, 2012++ 100 100,642
-----------------------------------------------------------------------------------------------------------------------------------
$9,205,610
-----------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 1.7%
-----------------------------------------------------------------------------------------------------------------------------------
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., 5.5%, 2033 $5,000 $5,199,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Identified Cost, $426,990,623) $433,564,642
-----------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES - 1.9%
-----------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev.(Presbyterian University
Hospital), "A", 1.10%, due 8/04/04 $200 $200,000
-----------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev.(Presbyterian University
Hospital), "D", 1.08%, due 8/04/04 4,700 4,700,000
-----------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev.(Presbyterian University
Hospital), 1.07%, due 8/04/04 500 500,000
-----------------------------------------------------------------------------------------------------------------------------------
New Castle, PA, Area Hospital Authority (Jameson Memorial Hospital), 1.05%, due 8/04/04 125 125,000
-----------------------------------------------------------------------------------------------------------------------------------
Sevier County, TN, Public Building Authority, 1.00%, due 8/04/04 65 65,000
-----------------------------------------------------------------------------------------------------------------------------------
State of California, Department of Water Resources, Power Supply Rev., "C-2", 1.10%, due 8/04/04 200 200,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Floating Rate Demand Notes (Identified Cost, $5,790,000) $5,790,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Identified Cost, $432,780,623) $439,354,642
-----------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES- (45.8%) (140,012,280)
-----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 2.1% 6,309,146
-----------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100.0% $305,651,508
-----------------------------------------------------------------------------------------------------------------------------------
* Non-income producing security -- in default.
** Security is making payment less than stated coupon.
+ Restricted security.
++ Inverse floating rate security.
(+) Refunded bond.
# SEC Rule 144A restriction.
The following abbreviations for insurers and inverse floater are used in the Portfolio of Investments and are defined:
Insurers
AMBAC = AMBAC Indemnity Corp.
FGIC = Financial Guaranty Insurance Co.
FSA = Financial Security Assurance Inc.
GNMA = Government National Mortgage Assn.
MBIA = Municipal Bond Investors Corp.
RADIJAN = Radius Guaranty, Inc.
XLCA = XL Capital Insurance Co.
Inverse Floaters
INFLOS = Inverse Floating Security
RIBS = Residual Interest Bonds
RITES = Residual Interest Tax-Exempt Security
SEE ATTACHED SCHEDULES.SEE NOTES TO FINANCIAL STATEMENTS AS DISCLOSED IN THE MOST RECENT SEMI-ANNUAL OR ANNUAL REPORT WHICH ARE
INCORPORATED BY REFERENCE.
-----------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL SCHEDULES (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------------
(1) PORTFOLIO SECURITIES
The cost and unrealized appreciation and depreciation in the value of the investments owned by the Trust, as computed on a federal
income tax basis, are as follows:
Aggregate cost $432,063,659
------------
Gross unrealized appreciation $21,899,744
------------
Gross unrealized depreciation (14,608,761)
------------
Net unrealized appreciation $7,290,983
------------
(2) FINANCIAL INSTRUMENTS
The Trust trades financial instruments with off-balance-sheet risk in the normal course of its investing activities in order to
manage exposure to market risks such as interest rates and foreign currency exchange rates.These financial instruments include
swap agreements.The notional or contractual amounts of these instruments represent the investment the Trust has in particular
classes of financial instruments and does not necessarily represent the amounts potentially subject to risk.The measurement of the
risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
SWAP AGGREEMENTS
----------------
INTEREST RATE SWAPS
-------------------
CASH FLOWS CASH FLOWS UNREALIZED
NOTIONAL PRINCIPAL PAID BY THE RECEIVED APPRECIATION
EXPIRATION AMOUNT OF CONTRACT TRUST BY THE TRUST (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------------------------
11/16/16 USD 10,500,000 Fixed Rate- 4.371% Floating- 7 day BMA Swap Index (340,852)
10/6/19 USD 30,000,000 Fixed Rate- 4.128% Floating- 7 day BMA Swap Index 35,622
6/15/25 USD 20,000,000 Fixed Rate-4.7264% Floating- 7 day BMA Swap Index (564,855)
--------
(870,085)
========
At July 31, 2004, the Trust had sufficient cash and/or securities to cover any commitments under these contracts.
(3) RESTRICTED SECURITIES
The Trust may invest not more than 15% of its total assets in securities which are subject to legal or contractual restrictions on
resale.At July 31, 2004 the Trust owned the following restricted securities, excluding securities issued under Rule 144A,
constituting 2.5% of net assets which may not be publicly sold without registration under the Securities Act of 1933.The Trust
does not have the right to demand that such securities be registered.The value of these securities is determined by valuations
furnished by dealers or by a pricing service, or if not available, in good faith at the direction of the Trustees.
Date of Par
Description Acquisition Amount Cost Value
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, O'Hare International
Airport Rev., RITES, XLCA, 9.8475%, 2022 8/21/2003 1,500,000 $1,599,510 $1,677,180
Chicago, IL, Public Building Commission,
Building Rev., RITES, FGIC 8.4803%, 2016 3/11/1999 1,300,000 1,403,610 1,594,294
Chicago, IL, Public Building Commission,
Building Rev., RITES, FGIC 8.4803%, 2017 3/11/1999 1,050,000 1,123,542 1,295,595
New Jersey Economic Development Authority,
Economic Development Rev.(Holt Hauling &
Warehousing), 8.4%, 2015 1/30/1997 1,000,000 1,049,280 570,000
New Jersey Economic Development Authority,
Economic Development Rev.(Holt Hauling &
Warehousing), 8.6%, 2017 1/30/1997 1,000,000 1,051,940 570,000
Niagara Falls, NY, Bridge Commission, Toll Rev.,
RITES, FGIC, 8.9508%, 2015 5/21/1999 1,500,000 1,609,680 1,833,810
----------
$7,540,879
==========
(C) 2004 MFS Investment Management
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and
procedures 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 Investment Company Act of
1940 (the "Act")) that occurred during the registrant's last fiscal quarter
that has materially affected, or is 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.
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)* ROBERT J. MANNING
----------------------------------------------------
Robert J. Manning, President
Date: September 22, 2004
------------------
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)* ROBERT J. MANNING
-----------------------------------------------------
Robert J. Manning, President (Principal
Executive Officer)
Date: September 22, 2004
------------------
By (Signature and Title)* RICHARD M. HISEY
----------------------------------------------------
Richard M. Hisey, Treasurer (Principal
Financial Officer and Accounting Officer)
Date: September 22, 2004
------------------
* Print name and title of each signing officer under his or her signature.