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: January 31, 2005
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO HOLDINGS 1/31/05
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 PREMIUM OR 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."
The portfolio is actively managed, and current holdings may be different.
MFS Municipal Income Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 01/31/2005
ISSUER PAR AMOUNT $ VALUE
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MUNICIPAL BONDS - 143.0%
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AIRPORT & PORT REVENUE - 5.4%
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Chicago, IL, O'Hare International Airport Rev., RITES, XLCA, 8.98%, 2022+++ $ 1,500,000 $ 1,834,110
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Cleveland Cuyahoga County, OH, Port Authority Rev. (Cleveland City Project),
"B", 4.5%, 2030 1,485,000 1,509,918
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Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage Project),
6.125%, 2024 1,130,000 1,195,856
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Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016 3,125,000 3,415,625
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Port Authority, NY, Special Obligations Rev. (JFK International), MBIA, 5.75%, 2022 7,000,000 7,598,570
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Seattle, WA, Airport Trust Rev., FGIC, 5.625%, 2018 1,500,000 1,648,575
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$ 17,202,654
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CHEMICALS - 0.6%
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Red River Authority, TX, Pollution Control Rev. (Celanese Project), 6.7%, 2030 $ 1,920,000 $ 1,966,234
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GENERAL OBLIGATIONS - GENERAL PURPOSE - 1.4%
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Jefferson County, OH, ASST GTY, 7.125%, 2005++++ $ 1,000,000 $ 1,060,210
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Lake County, IL, Land Acquisition & Development, 5.75%, 2017 1,000,000 1,134,230
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New York City, NY, 6.125%, 2006++++ 2,000,000 2,107,180
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$ 4,301,620
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HEALTHCARE REVENUE - HOSPITALS - 39.7%
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Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health
Systems), 6.75%, 2025 $ 500,000 $ 533,705
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), 9.25%, 2022 1,000,000 1,166,790
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), 9.25%, 2030 2,000,000 2,334,640
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Athens County, OH, Hospital Facilities Rev. (O'Bleness Memorial Hospital),
7.125%, 2033 1,500,000 1,557,015
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Baldwin County, AL, Eastern Shore Health Care Authority Rev. (Thomas Hospital),
5.75%, 2027 700,000 697,319
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Brookhaven, NY, Civic Facilities Rev. (Brookhaven Memorial Hospital Medical Center,
Inc.), 7.75%, 2010 805,000 859,925
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California Valley Health Systems, COP, 6.875%, 2023 760,000 763,800
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev
(Women's Christian Assn.), "A", 6.35%, 2017 255,000 260,388
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev
(Women's Christian Assn.), "A", 6.4%, 2029 980,000 956,010
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira), 6%, 2013 540,000 546,928
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira), 6.35%, 2013 140,000 144,183
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Chester County, PA, Health & Educational Facilities Rev. (Chester County Hospital),
6.75%, 2021 1,625,000 1,733,989
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Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital),
6.25%, 2023 985,000 1,048,168
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Coffee County, GA, Hospital Authority Rev. (Coffee Regional Medical Center, Inc.),
5%, 2026 40,000 40,440
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.5%, 2020 1,230,000 1,374,599
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2025 1,000,000 1,111,170
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Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems),
6.625%, 2026 675,000 755,008
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Comal County, TX, Health Facilities Development Rev. (McKenna Memorial Hospital),
6.125%, 2022 500,000 519,340
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Crittenden County, AR, Arkansas Hospital Rev., 7%, 2020 1,030,000 1,037,900
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Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030 1,330,000 1,502,780
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Delaware Health Facilities Authority Rev. (Nanticoke Memorial Hospital),
5.625%, 2032 1,250,000 1,326,500
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Denver, CO, Health & Hospital Authority Rev., 5.25%, 2013 635,000 658,489
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2018 1,500,000 1,545,135
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2028 860,000 866,287
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Denver, CO, Health & Hospital Authority Rev., "A", 6%, 2023 250,000 259,315
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District of Columbia, Health & Hospital Authority Rev. (Medstar University
Hospital), "D", 6.875%, 2007++++ 1,200,000 1,307,328
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Farmington, NM, Hospital Rev. (San Juan Regional Medical Center), "A", 5%, 2023 835,000 851,157
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025 250,000 249,075
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031 295,000 295,307
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Grand Forks, ND, Health Care Authority Rev. (Altru Health Systems Obligation
Group), 7.125%, 2024 755,000 830,153
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Gulfport, MS, Hospital Facilities Rev. (Gulfport Memorial Hospital), 5.75%, 2031 1,000,000 1,054,670
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Highlands County, FL, Health Facilities Authority Rev. (Adventist/Sunbelt
Hospital), 6%, 2031 900,000 980,892
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Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%, 2030 2,000,000 2,295,260
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Huntsville, AL, Health Care Authority Rev., 5.625%, 2026 875,000 919,643
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Illinois Development Finance Authority, Hospital Authority Rev. (Adventist/Sunbelt
Hospital), 5.65%, 2024 1,750,000 1,842,803
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Illinois Health Facilities Authority Rev. (Centegra Heath Systems), 5.25%, 2018 1,000,000 1,024,210
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Indiana Health Facilities Financing Authority, Hospital Rev. (Munster Medical
Research Foundation, Inc.), 6.375%, 2031 3,990,000 4,154,787
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Indiana Health Facilities Financing Authority, Hospital Rev. (Riverview Hospital),
6.125%, 2031 1,000,000 1,051,650
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Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health
Systems), 5.5%, 2029 440,000 458,088
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Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health
Systems), 5.75%, 2035 475,000 507,799
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Kentucky Economic Development Finance Authority, Health Systems Rev. (Norton
Healthcare, Inc.), 6.5%, 2020 5,000,000 5,475,650
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Knox County, TN, Health Educational Housing Facilities Board, Hospital Facilities
Rev. (Baptist Health Systems), 6.5%, 2031 1,725,000 1,752,255
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Lauderdale County & Florence, AL, Health Care Authority Rev. (Coffee Health
Group), MBIA, 5.625%, 2021 3,000,000 3,325,260
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Lufkin, TX, Health Facilities Rev. (Memorial Health System of East Texas),
6.875%, 2026 1,590,000 1,665,493
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Lufkin, TX, Health Facilities Rev. (Memorial Health System of East Texas),
5.7%, 2028 995,000 1,025,188
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General
Hospital), 5.75%, 2025 1,000,000 962,180
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General
Hospital), 5.875%, 2034 905,000 874,836
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Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health),
5.5%, 2033 380,000 399,262
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Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel
Hospital), 6.5%, 2031 1,500,000 1,716,495
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Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health
Systems), 6.25%, 2031 1,900,000 2,034,406
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi),
6.5%, 2012 600,000 672,078
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Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi),
5.7%, 2015 500,000 519,640
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Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital),
5.25%, 2018 1,400,000 1,329,496
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Massachusetts Health & Educational Facilities Authority Rev. (Northern Berkshire
Health), "B", 6.375%, 2034 890,000 896,168
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Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial
Medical Center), 6%, 2023 465,000 467,930
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Miami Beach, FL, Health Facilities Rev. (Mount Sinai Medical Center), 6.75%, 2029 810,000 871,625
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Miami Beach, FL, Health Facilities Rev. (Mount Sinai Medical Center), "A", 6.7%, 2019 995,000 1,063,217
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Mississippi Business Finance Corp., Health Facilities Rev. (Rush Medical Foundation,
Inc.), 5.625%, 2023 845,000 826,241
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Mississippi Hospital Equipment, Health Facilities Rev. (Rush Medical Foundation,
Inc.), 5.4%, 2007 210,000 215,193
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Montgomery, AL, Special Care Facilities, Financing Authority Rev. (Baptist Health),
"A-2", MBIA, 0%, 2022 1,725,000 1,561,298
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Montgomery, AL, Special Care Facilities, Financing Authority Rev. (Baptist Health),
"C", 5.25%, 2029 760,000 770,974
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Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital),
5.625%, 2032 435,000 456,311
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North
Shore Health System), 5.625%, 2010 725,000 789,931
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North
Shore Health System), 5.875%, 2011 550,000 608,344
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New Hampshire Health & Educational Facilities Authority Rev. (Covenant Health),
6.5%, 2017 915,000 1,036,924
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New Hampshire Higher Educational & Health Facilities Authority Rev. (Catholic
Medical Center), 6.125%, 2032 1,000,000 1,043,630
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New Hampshire Higher Educational & Health Facilities Authority Rev. (Littleton
Hospital), 5.8%, 2018 1,000,000 978,400
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New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter's
University Hospital), 6.875%, 2030 3,000,000 3,340,200
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New York City, NY, Industrial Development Agency, Civic Facilities Rev. (Staten
Island University Hospital), 6.375%, 2031 500,000 492,115
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New York City, NY, Health & Hospital Corp. Rev., 5.25%, 2017 700,000 734,776
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North Texas Health Facilities Development Corp. Rev. (United Regional Health Care
System, Inc.), 6%, 2023 1,000,000 1,072,620
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Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical
Center), 5.75%, 2013 850,000 805,350
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Oklahoma Development Finance Authority Rev. (Comanche County Hospital),
6.6%, 2031 1,875,000 1,996,013
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Rhode Island Health & Educational Building Rev., Hospital Financing (Lifespan
Obligated Group), 6.5%, 2032 505,000 563,792
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Rhode Island Health & Educational Building Rev., Hospital Financing (Lifespan
Obligation Group), 6.375%, 2021 1,805,000 2,042,574
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Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.),
6.375%, 2014 955,000 961,781
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Russell, KY (Bon Secours Health Systems), ETM, 5.85%, 2005++++ 3,000,000 3,089,220
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Salt Lake City, UT, Hospital Authority Rev. (Intermountain Health Care), AMBAC,
ETM, 11.492%, 2020++,++++ 600,000 602,826
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Scranton-Lackawanna, PA, Health & Welfare Authority Rev. (Allied Rehab Hospital),
7.125%, 2005 285,000 286,314
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Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist
Healthcare), 6.375%, 2012++++ 625,000 753,369
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), 6.25%, 2012++++ 315,000 377,077
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), ETM, 6.25%, 2018++++ 185,000 217,024
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), ETM, 6.375%, 2019++++ 375,000 448,774
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South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev
(Palmetto Health Alliance), 6.25%, 2031 835,000 894,586
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South Carolina Jobs & Economic Development Authority (Bon Secours Health
Systems, Inc.), "A", 5.625%, 2030 710,000 741,055
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South Carolina Medical University, Hospital Facilities Rev, "A", MBIA, 5%, 2031 685,000 707,543
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South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health
Care System), 5.625%, 2032 670,000 690,040
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Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.625%, 2029 1,500,000 1,548,960
5.25%, 2018 1,400,000 1,398,656
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Springfield, TN, Health & Educational Facilities Rev. (Northcrest Medical Center),
5.25%, 2018 1,400,000 1,398,656
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State of Arkansas, Development Finance Authority Rev. (Washington Regional
Medical Center), 7.25%, 2020 500,000 557,275
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Steubenville, OH, Hospital Authority Rev. (Trinity Health Center), 6.5%, 2030 1,300,000 1,447,095
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Stillwater, OK, Medical Center Authority, 5.625%, 2023 1,000,000 1,044,540
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Suffolk County, NY, Industrial Development Agency Rev. (Southampton Hospital),
7.25%, 2020 720,000 728,258
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Suffolk County, NY, Industrial Development Agency Rev. (Southampton Hospital),
7.625%, 2030 740,000 758,604
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Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare),
6.25%, 2020 3,085,000 3,212,781
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Texas Metro Health Facilities Development Corp., Metro Health Facilities
Development Rev. (Wilson N. Jones Memorial Hospital), 7.2%, 2021 700,000 717,787
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Texas Metro Health Facilities Development Corp., Metro Health Facilities
Development Rev. (Wilson N. Jones Memorial Hospital), 7.25%, 2031 1,000,000 1,021,460
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Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021 1,250,000 1,344,588
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Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital),
6.625%, 2031 600,000 648,474
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Valley, AL, Special Care Facilities, Financing Authority Rev. (Lanier Memorial
Hospital), 5.6%, 2016 600,000 602,658
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Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center),
6.375%, 2031 1,500,000 1,589,670
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Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital
Medical Center), 6.375%, 2031 1,115,000 1,122,526
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Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2032 1,000,000 1,066,980
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West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical Center),
6.75%, 2024 170,000 175,289
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West Shore Pennsylvania, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026 1,250,000 1,341,200
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Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020 1,500,000 1,695,810
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care,
Inc.), 6.875%, 2030 1,000,000 1,162,020
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care,
Inc.), MBIA, 5.25%, 2017 5,000,000 5,351,150
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's
Riverside Hospital), 6.8%, 2016 755,000 789,692
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's
Riverside Hospital), "A", 7.125%, 2031 490,000 508,855
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph's
Hospital), "C", 6.2%, 2020 750,000 620,438
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$ 126,032,885
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HEALTHCARE REVENUE - LONG TERM CARE - 13.9%
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Abilene, TX, Health Facilities Development Co., Retirement Facilities Rev. (Sears
Methodist Retirement), 7%, 2033 $ 345,000 $ 364,372
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Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2033+ 750,000 790,065
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
7.75%, 2006 130,000 125,848
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
8.125%, 2016 1,085,000 955,527
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Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology),
8.5%, 2026 2,405,000 2,088,045
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Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises,
Inc.), 10%, 2012 440,000 488,545
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Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home),
8.5%, 2032 600,000 590,850
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Clarion, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.),
7.5%, 2012 1,000,000 1,023,110
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Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.),
6.125%, 2033 1,000,000 1,045,290
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Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2025 3,000,000 3,466,800
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Contra Costa County, CA, Residential Rental Facilities Rev. (Cypress Meadows),
7%, 2028* 1,840,000 1,848,703
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Cumberland County, PA, Retirement Community Rev. (Wesley Affiliated Services),
7.25%, 2035 1,000,000 1,062,290
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Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2029 1,000,000 1,108,640
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Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 330,000 337,996
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Grand Prairie, TX, Housing Finance Corp., Independent Senior Living Center Rev.,
7.5%, 2017 600,000 604,638
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Greenville County, SC, Hospital Rev. (Chestnut Hill) "A", 8%, 2015 2,255,000 2,029,816
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Illinois Health Facilities Authority Rev. (Lutheran Senior Ministries), 7.375%, 2031 800,000 827,512
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project),
5.75%, 2018 895,000 854,815
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives Project),
9.25%, 2025 1,665,000 2,031,833
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Jacksonville, FL, Health Care Facilities Rev. (National Benevolent-Cypress Village),
6.25%, 2026* 1,245,000 1,223,213
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Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 6.25%, 2026 500,000 509,020
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Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 6.875%, 2032 500,000 532,630
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Maine Health & Higher Educational Facilities Rev. (Piper Shores), 7.5%, 2009++++ 825,000 949,575
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Massachusetts Industrial Finance Agency Rev. (Metro Health Foundation, Inc.),
6.75%, 2027 1,470,000 1,457,681
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Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), 7.375%, 2027 1,920,000 2,025,370
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Montgomery County, PA, Higher Education & Health Authority Rev
(AHF/Montgomery), 10.5%, 2020 2,220,000 2,279,518
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.125%, 2028 250,000 251,325
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.25%, 2035 700,000 706,538
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New Jersey Economic Development Authority Rev. (Courthouse Convalescent
Center), 8.7%, 2014 650,000 653,861
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New Jersey Economic Development Authority Rev., First Mortgage Gross Rev
(Wanaque Convalescent Center), 8.6%, 2011 1,000,000 1,009,190
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New Jersey Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%, 2027 1,000,000 964,130
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Norfolk, VA, Redevelopment & Housing Authority Rev. (Harbor's Edge), "A", 6%, 2025 125,000 126,450
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Norfolk, VA, Redevelopment & Housing Authority Rev. (Harbor's Edge), "A",
6.125%, 2035 90,000 90,534
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Oklahoma Development Finance Authority Rev. (Inverness Village), 8%, 2032 250,000 201,413
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Reedley, CA, Certificate of Participation (Mennonite Home), 7.5%, 2026 2,760,000 2,860,022
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Santa Fe, NM, Industrial Development Rev. (Casa Real Nursing Home), 9.75%, 2013 900,000 905,238
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Shelby County, TN, Health Educational Rev. (Germantown Village), 7.25%, 2034 820,000 860,352
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State of Hawaii, Department of Budget & Finance, Special Purpose Rev. (Kahala Nui
Senior Living Community), 8%, 2033 500,000 555,395
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State of Nevada Department Business & Industry (Las Ventanas Retirement Project),
"A", 7%, 2034 760,000 761,186
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Sterling, IL (Hoosier Care), 7.125%, 2034 715,000 616,344
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Washington County, FL, Industrial Development Authority Rev. (Washington County
Convalescent Center), 10%, 2016 905,000 916,303
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Waterford Township, MI, Economic Development Corp. Rev. (Canterbury Health),
6%, 2039 1,500,000 1,122,735
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Wilkinsburg, PA, Municipal Authority Health Rev. (Monroeville Christian/Judea),
8.25%, 2027 985,000 985,650
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$ 44,208,368
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HUMAN SERVICES - 2.8%
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Cheneyville, LA (Westside Habilitation Center Rev.), 8.375%, 2013 $ 1,510,000 $ 1,529,464
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Iowa Finance Authority, Community Provider (Boys & Girls Home), 6.25%, 2028 500,000 481,890
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Lehigh County, PA, Gen Purpose Authority (Kidspeace Corp.), 6%, 2023 3,000,000 2,834,040
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New York City, NY, Industrial Development Agency, Civic Facility Rev. (Special
Needs Facilities), 6.5%, 2017 1,030,000 1,085,311
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NY, City Industrial Development Agency, Civic Facility Rev. (A Very Special Place,
Inc.), "A", 5.75%, 2029 1,000,000 917,250
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Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare
Facilities), 8.75%, 2011 575,000 577,110
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Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare
Facilities), 9%, 2031 1,000,000 1,025,770
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Osceola County, FL, Industrial Development Authority Rev. (Community Provider),
7.75%, 2017 454,000 456,892
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$ 8,907,727
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INDUSTRIAL REVENUE - AIRLINES - 2.8%
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Alliance Airport Authority, Inc., Special Facilities Rev. (AMR Corp.), 7.5%, 2029 $ 1,205,000 $ 876,686
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.), 7.25%, 2030 300,000 212,250
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.), 6.375%, 2035 2,150,000 1,346,653
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.) "B", 6.05%, 2029 495,000 486,451
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Houston, TX, Airport Systems Special Facilities Rev. (Continental, Inc.) "E",
6.75%, 2029 1,000,000 840,850
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Metropolitan Knoxville, TN, Airport Authority Special Purpose Rev. (Northwest
Airlines), 8%, 2032 465,000 467,353
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New Jersey Economic Development Authority (Continental Airlines, Inc.), 7.2%, 2030 1,595,000 1,409,900
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Special Facilities Rev. (Continental
Airlines, Inc.), 6.25%, 2029 505,000 399,314
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New York City, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.),
7.25%, 2008 205,000 204,043
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New York City, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.),
8%, 2012 300,000 285,105
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Tulsa, OK, Municipal Airport Trust Rev. (AMR Corp.) "B", 6%, 2035 2,500,000 2,399,250
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$ 8,927,855
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INDUSTRIAL REVENUE - CHEMICALS - 1.5%
---------------------------------------------------------------------------------------------------------------------------------
Michigan Strategic Fund Limited Rev. (Dow Chemical Co.), 4.6%, 2014 $ 1,500,000 $ 1,573,965
---------------------------------------------------------------------------------------------------------------------------------
Sweetwater County, WY, Solid Waste Disposal Rev. (FMC Corp.), "A", 7%, 2024 3,000,000 3,042,030
---------------------------------------------------------------------------------------------------------------------------------
$ 4,615,995
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 3.5%
---------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Solid Waste Disposal Rev
(Browning Ferris, Inc.), 5.8%, 2016 $ 1,000,000 $ 960,170
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Community Development Authority, Solid Waste Facilities Rev
(Republic Services, Inc.), "A", 4.95%, 2012 1,000,000 1,059,810
---------------------------------------------------------------------------------------------------------------------------------
Gloucester County, NJ, Solid Waste Resource Recovery Rev. (Waste Management,
Inc.), 6.85%, 2029 850,000 965,201
---------------------------------------------------------------------------------------------------------------------------------
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.),
5.45%, 2014 1,750,000 1,652,105
---------------------------------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority, Solid Waste Disposal Rev. (Waste
Management, Inc.), 5.85%, 2007 4,500,000 4,716,180
---------------------------------------------------------------------------------------------------------------------------------
Nevada Department of Business (Republic Services, Inc.), 5.625%, 2026 750,000 814,200
---------------------------------------------------------------------------------------------------------------------------------
New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev. (New
Morgan Landfill Co, Inc./Browning Ferris, Inc.), 6.5%, 2019 1,000,000 987,370
---------------------------------------------------------------------------------------------------------------------------------
$ 11,155,036
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - METALS - 0.5%
---------------------------------------------------------------------------------------------------------------------------------
Indiana Development Finance Authority Rev. (Inland Steel), 5.75%, 2011 $ 1,000,000 $ 1,036,030
---------------------------------------------------------------------------------------------------------------------------------
Mobile County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%, 2030 650,000 706,108
---------------------------------------------------------------------------------------------------------------------------------
$ 1,742,138
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - OTHER - 4.7%
---------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority (Valero Energy Corp.), 5.6%, 2031 $ 1,750,000 $ 1,782,883
---------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032 1,000,000 1,091,640
---------------------------------------------------------------------------------------------------------------------------------
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017 2,220,000 2,324,451
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Economic Development Rev. (Holt
Hauling & Warehousing), 8.4%, 2015**+ 1,000,000 565,000
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Economic Development Rev. (Holt
Hauling & Warehousing), 8.6%, 2017**+ 1,000,000 565,000
---------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev., Custodial Receipts, 7.875%, 2032## 1,270,000 1,319,632
---------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev., Custodial Receipts, "CR", 7.875%, 2032## 580,000 602,666
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities
Rev. (Amtrak), "A", 6.25%, 2031 2,000,000 2,105,500
---------------------------------------------------------------------------------------------------------------------------------
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP),
7.75%, 2017 3,255,000 3,316,878
---------------------------------------------------------------------------------------------------------------------------------
Port Corpus Christ, TX, Industrial Development Authority Rev. (Citgo Petroleum
Corp.), 8.25%, 2031 700,000 757,379
---------------------------------------------------------------------------------------------------------------------------------
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.),
5.7%, 2026 385,000 401,255
---------------------------------------------------------------------------------------------------------------------------------
$ 14,832,284
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - PAPER - 8.8%
---------------------------------------------------------------------------------------------------------------------------------
Beauregard Parish, LA (Boise Cascade Corp.), 6.8%, 2027 $ 1,000,000 $ 1,095,760
---------------------------------------------------------------------------------------------------------------------------------
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), "A",
6.55%, 2025 1,000,000 1,047,790
---------------------------------------------------------------------------------------------------------------------------------
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific
Corp.), 5.75%, 2028 155,000 156,792
---------------------------------------------------------------------------------------------------------------------------------
Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority
(International Paper, Co.), "A", 6.15%, 2021 5,000,000 5,222,650
---------------------------------------------------------------------------------------------------------------------------------
Courtland, AL, Solid Waste Disposal Rev. (Champion International Corp.),
6.375%, 2029 2,000,000 2,007,540
---------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev
(Mead Westvaco Escanaba), 6.45%, 2023 500,000 560,010
---------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev
(Mead Westvaco Escanaba), 6.25%, 2027 1,000,000 1,124,180
---------------------------------------------------------------------------------------------------------------------------------
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort
James), 5.625%, 2018 850,000 875,594
---------------------------------------------------------------------------------------------------------------------------------
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 3,335,000 4,008,670
---------------------------------------------------------------------------------------------------------------------------------
Isle Wight County, VA, Industrial Development Authority, Solid Waste Disposal
Facilities Rev. (Union Camp Corp.), 6.55%, 2024 4,000,000 4,072,280
---------------------------------------------------------------------------------------------------------------------------------
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser
Co.), 6.8%, 2022 2,000,000 2,445,340
---------------------------------------------------------------------------------------------------------------------------------
Navajo County, AZ, Industrial Development Authority (Stone Container Corp.),
7.2%, 2027 880,000 919,618
---------------------------------------------------------------------------------------------------------------------------------
Onondaga County, NY, Industrial Development Authority Rev., Solid Waste Disposal
Rev. (Solvay Paperboard LLC), 6.8%, 2014 1,000,000 1,064,570
---------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev
(Chesapeake Corp.), "A", 6.375%, 2019 700,000 707,091
---------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Solid Waste Disposal Rev. (Chesapeake Corp.), 6.25%, 2019 1,750,000 1,767,833
---------------------------------------------------------------------------------------------------------------------------------
York County, SC, Pollution Control Rev. (Bowater, Inc.), "A", 7.4%, 2010 935,000 953,616
---------------------------------------------------------------------------------------------------------------------------------
$ 28,029,334
---------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 1.9%
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev., East Valley Tourist
(Cabazon Casino)"A", 9.25%, 2020## $ 1,155,000 $ 1,247,077
---------------------------------------------------------------------------------------------------------------------------------
Capital Trust Agency of Florida Rev. (Seminole Tribe Convention), 10%, 2033 2,000,000 2,288,920
---------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities),
6.25%, 2017 1,000,000 1,033,970
---------------------------------------------------------------------------------------------------------------------------------
Nevada Department of Business & Industry Rev. (Las Vegas Monorail), 7.375%, 2040 705,000 724,881
---------------------------------------------------------------------------------------------------------------------------------
Sandoval County, NM (Santa Ana Pueblo), 7.75%, 2015## 675,000 701,865
---------------------------------------------------------------------------------------------------------------------------------
$ 5,996,713
---------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - OTHER - 0.9%
---------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), 6.6%, 2021 $ 400,000 $ 434,724
---------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), 6.7%, 2028 600,000 648,426
---------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Myers University), "E",
5.6%, 2025 135,000 136,304
---------------------------------------------------------------------------------------------------------------------------------
Gallery Certificate Trust, PA, Parking Rev., FSA, 4.5%, 2013## 875,000 876,400
---------------------------------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev.,
5.9%, 2014 340,000 348,932
---------------------------------------------------------------------------------------------------------------------------------
St. Louis County, MO, Industrial Development Authority Rev. (Kiel Center
Multipurpose Arena), 7.875%, 2024 300,000 302,409
---------------------------------------------------------------------------------------------------------------------------------
$ 2,747,195
---------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY HOUSING REVENUE - 4.6%
---------------------------------------------------------------------------------------------------------------------------------
Bexar County TX, Multi-Family Housing Rev. (American Opportunity Housing), "A",
MBIA, 5.7%, 2021 $ 1,250,000 $ 1,321,588
---------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 7.1%, 2009 1,000,000 1,104,540
---------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 6%, 2019## 2,000,000 2,124,120
---------------------------------------------------------------------------------------------------------------------------------
Dallas Fort Worth, TX, Housing Corp., 8.5%, 2011 815,000 816,271
---------------------------------------------------------------------------------------------------------------------------------
Eaglebend, CO, Affordable Housing Corp., Multi-Family Rev. (Housing Project), "A",
6.4%, 2017 1,000,000 998,230
---------------------------------------------------------------------------------------------------------------------------------
Florida Multi-Family Housing Finance Agency Rev. (Center Court Apartments),
8.5%, 2018 865,000 840,071
---------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039## 1,000,000 1,006,900
---------------------------------------------------------------------------------------------------------------------------------
Memphis, TN, Educational & Housing Facilities (Wesley Highland Terrace), 8.5%, 2024 115,000 114,664
---------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson County, TN, Health& Educational &
Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023 500,000 530,570
---------------------------------------------------------------------------------------------------------------------------------
Munimae TE Bond Subsidiary LLC, 6.875%, 2009 2,000,000 2,191,260
---------------------------------------------------------------------------------------------------------------------------------
Munimae TE Bond Subsidiary LLC, 5.4%, 2049## 1,000,000 992,500
---------------------------------------------------------------------------------------------------------------------------------
Ridgeland, MS, Urban Renewal (Northbrook I & II Apartments), 2.5%, 2019** 280,000 134,400
---------------------------------------------------------------------------------------------------------------------------------
Ridgeland, MS, Urban Renewal (Northbrook I & III Apartments), 2.5%, 2029** 475,000 228,000
---------------------------------------------------------------------------------------------------------------------------------
San Bernardino County, CA (Equity Residential/Redlands), "A", 5.2%, 2029 2,000,000 2,099,280
---------------------------------------------------------------------------------------------------------------------------------
$ 14,502,394
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - LOCAL - 1.5%
---------------------------------------------------------------------------------------------------------------------------------
Cook County, IL, Single Family Mortgage Rev., "A", 0%, 2015 $ 80,000 $ 15,090
---------------------------------------------------------------------------------------------------------------------------------
Corpus Christi, TX, Housing Finance Authority Rev., MBIA, 0%, 2011 3,000,000 1,599,930
---------------------------------------------------------------------------------------------------------------------------------
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016 3,390,000 1,023,305
---------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.625%, 2023 340,000 369,964
---------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032 1,085,000 1,150,740
---------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., GNMA, 6.45%, 2029 640,000 695,923
---------------------------------------------------------------------------------------------------------------------------------
$ 4,854,952
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 2.9%
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 7.15%, 2014 $ 8,000 $ 8,126
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 5.9%, 2023 245,000 253,987
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 6.9%, 2029 655,000 682,536
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 6.6%, 2032 265,000 272,534
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., 6.375%, 2033 120,000 123,023
---------------------------------------------------------------------------------------------------------------------------------
Georgia Housing & Finance Authority Rev., 5.65%, 2021 2,490,000 2,580,935
---------------------------------------------------------------------------------------------------------------------------------
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.4%, 2032 325,000 334,477
---------------------------------------------------------------------------------------------------------------------------------
Minnesota Housing Finance Agency Rev., Residential Housing Finance "B",
4.8%, 2023 295,000 301,195
---------------------------------------------------------------------------------------------------------------------------------
Missouri State Housing Development Commission, Single Family Mortgage Rev
(Home Loan Program), 6.35%, 2032 460,000 481,988
---------------------------------------------------------------------------------------------------------------------------------
Missouri State Housing Development Commission, Single Family Mortgage Rev
(Home Loan Program), GNMA, 6.85%, 2032 215,000 233,890
---------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015 7,600,000 2,859,348
---------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority, "C", 6.25%, 2021 915,000 947,446
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Housing Finance Authority Rev., 5.875%, 2030 155,000 159,272
---------------------------------------------------------------------------------------------------------------------------------
$ 9,238,757
---------------------------------------------------------------------------------------------------------------------------------
SOLID WASTE REVENUE - 1.7%
---------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Industrial Development Authority Rev., Resource Recovery
Facilities, "A", 6.5%, 2008 $ 1,600,000 $ 1,708,464
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Ogden Haverhill Associates),
6.7%, 2014 725,000 777,149
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency Rev., Resource Recovery Rev. (Ogden
Haverhill Associates), 5.6%, 2019 2,850,000 2,889,587
---------------------------------------------------------------------------------------------------------------------------------
$ 5,375,200
---------------------------------------------------------------------------------------------------------------------------------
STATE & AGENCY - OTHER - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
West, VA, Higher Education Facilities Rev., "B", FGIC, 5%, 2034 $ 1,270,000 $ 1,325,877
---------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL AGENCIES - 2.7%
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC,
8.4058%, 2016+++ $ 1,300,000 $ 1,677,156
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC,
8.4058%, 2017+++ 1,050,000 1,358,763
---------------------------------------------------------------------------------------------------------------------------------
College Park, GA (Civic Center), AMBAC, 5.75%, 2020 1,000,000 1,138,320
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev.,
Enhanced, "B", 5.375%, 2028 2,000,000 2,089,080
---------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Certificates of Participation, 6.3%, 2020 815,000 886,956
---------------------------------------------------------------------------------------------------------------------------------
King George County, VA, Industrial Development Authority Lease Rev.,
FSA, 5%, 2036 1,300,000 1,356,823
---------------------------------------------------------------------------------------------------------------------------------
$ 8,507,098
---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN REVENUE - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Access to Loans for Learning, California Student Loan Rev., 7.95%, 2030 $ 650,000 $ 690,177
---------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 1.8%
---------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5.625%, 2017 $ 250,000 $ 250,978
---------------------------------------------------------------------------------------------------------------------------------
Dade County, FL, Special Obligations Rev., Capital Appreciation Bond, "B", AMBAC,
0%, 2008++++ 15,080,000 3,043,747
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2024 340,000 355,681
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2029 615,000 652,134
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2031 270,000 280,052
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2034 410,000 431,923
---------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., 6%, 2006 250,000 258,228
---------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., "E", 5.875%, 2018 500,000 521,160
---------------------------------------------------------------------------------------------------------------------------------
$ 5,793,903
---------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 4.1%
---------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.1%, 2014 $ 235,000 $ 242,027
---------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.6%, 2023 150,000 156,443
---------------------------------------------------------------------------------------------------------------------------------
Capital Region Community Development District of Florida, Capital Improvement Rev.,
5.95%, 2006 265,000 267,817
---------------------------------------------------------------------------------------------------------------------------------
Chicago IL, Ryan Garfield Tax Increment Allocation, 10.125%, 2007 610,000 614,130
---------------------------------------------------------------------------------------------------------------------------------
Concorde Estates Community Development District, Florida Capital Improvement
Rev., "B", 5%, 2011 905,000 907,968
---------------------------------------------------------------------------------------------------------------------------------
Fishhawk Community Development District of Florida, 5.125%, 2009 1,055,000 1,065,550
---------------------------------------------------------------------------------------------------------------------------------
Heritage Isles, FL, Community Development District, "A", 5.75%, 2005 135,000 135,099
---------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., 5.8%, 2011 870,000 912,143
---------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., 6%, 2018 925,000 968,845
---------------------------------------------------------------------------------------------------------------------------------
Killarney, FL, Community Development District, "B", 5.125%, 2009 310,000 312,793
---------------------------------------------------------------------------------------------------------------------------------
Lakes By The Bay South Community Development District, Florida Special
Assessment, "B", 5.3%, 2009 1,140,000 1,153,475
---------------------------------------------------------------------------------------------------------------------------------
Markham, IL, Tax Increment Rev., 9%, 2012 1,010,000 1,026,372
---------------------------------------------------------------------------------------------------------------------------------
Middle Village Community Development District, Florida Special Assessment,
"B", 5%, 2009 800,000 806,008
---------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, Special Assessment (Palm Beach
Gardens), "A", 5.9%, 2035 255,000 260,016
---------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, Special Assessment (Palm Beach
Gardens), "B", 5.375%, 2014 455,000 458,012
---------------------------------------------------------------------------------------------------------------------------------
Panther Trace, FL, Community Development District Rev., 5.4%, 2008 425,000 429,118
---------------------------------------------------------------------------------------------------------------------------------
Parkway Center, FL, Community Development District Rev., "B", 5.625%, 2014 1,260,000 1,288,211
---------------------------------------------------------------------------------------------------------------------------------
Preserve At Wilderness Lake, FL, Community Development District, Capital
Improvement, "B", 5%, 2009 665,000 664,548
---------------------------------------------------------------------------------------------------------------------------------
Reunion East Community Development District, FL, Special Assessment, 5.9%, 2007 225,000 229,219
---------------------------------------------------------------------------------------------------------------------------------
Sterling Hill Community Development District of Florida, Capital Improvement Rev.,
5.5%, 2010 540,000 548,975
---------------------------------------------------------------------------------------------------------------------------------
Villasol Community Development District of Florida, Special Assessment Rev., "B",
5.375%, 2008 655,000 666,495
---------------------------------------------------------------------------------------------------------------------------------
$ 13,113,264
---------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 5.0%
---------------------------------------------------------------------------------------------------------------------------------
Badger Tobacco, WI (Asset Securitization Corp.), 6.125%, 2027 $ 4,305,000 $ 4,318,044
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029 1,840,000 1,795,877
---------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, 6.25%, 2024 1,260,000 1,263,604
---------------------------------------------------------------------------------------------------------------------------------
Golden State Tobacco Securitization, CA, "A", 5%, 2021 980,000 986,076
---------------------------------------------------------------------------------------------------------------------------------
Golden State Tobacco Securization, CA, Tobacco Settlement, 7.8%, 2042 1,000,000 1,101,480
---------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, "B",
5.3%, 2025 2,000,000 1,801,580
---------------------------------------------------------------------------------------------------------------------------------
Louisiana Tobacco Settlement Authority, 5.5%, 2030 1,435,000 1,380,011
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Authority, 5.75%, 2032 1,005,000 974,036
---------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority, 6.375%, 2028 1,000,000 998,630
---------------------------------------------------------------------------------------------------------------------------------
Southern California Tobacco Settlement Authority, 5.25%, 2027 1,170,000 1,167,262
---------------------------------------------------------------------------------------------------------------------------------
Washington Tobacco Settlement Authority, 6.5%, 2026 160,000 162,910
---------------------------------------------------------------------------------------------------------------------------------
$ 15,949,510
---------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 1.8%
---------------------------------------------------------------------------------------------------------------------------------
Arapahoe County, CO, Capital Improvement Highway Rev., "C", 0%, 2005++++ $ 1,000,000 $ 480,210
---------------------------------------------------------------------------------------------------------------------------------
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, "B",
MBIA, 0%, 2027 4,115,000 1,256,515
---------------------------------------------------------------------------------------------------------------------------------
Niagara Falls, NY, Bridge Commission, Toll Rev., RITES, FGIC, 8.0721%, 2015+++ 1,500,000 1,945,500
---------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Assn., VA, Toll Road Rev., 0%, 2011 1,000,000 538,940
---------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Assn., VA, Toll Road Rev., 0%, 2012 1,000,000 507,350
---------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Assn., VA, Toll Road Rev., 0%, 2015 1,750,000 941,920
---------------------------------------------------------------------------------------------------------------------------------
$ 5,670,435
---------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 3.2%
---------------------------------------------------------------------------------------------------------------------------------
Missouri Highways & Transportation Commission, State Road Rev., "A", 5.625%, 2018 $ 4,500,000 $ 5,049,225
---------------------------------------------------------------------------------------------------------------------------------
Telluride, CO (Gondola Transit Co.), 9%, 2006++++ 750,000 808,995
---------------------------------------------------------------------------------------------------------------------------------
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM,
11.5%, 2012++++ 2,900,000 4,282,401
---------------------------------------------------------------------------------------------------------------------------------
$ 10,140,621
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 3.7%
---------------------------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority Rev. (L. A. College of Chiropractic),
5.6%, 2017 $ 750,000 $ 736,328
---------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Community College Systems, MBIA, 7.875%, 2025 2,500,000 3,253,850
---------------------------------------------------------------------------------------------------------------------------------
Illinois Educational Facilities Authority Rev. (Augustana College), "A",
5.625%, 2022 400,000 429,664
---------------------------------------------------------------------------------------------------------------------------------
Islip, NY, Community Development Agency Rev. (New York Institute of Technology),
7.5%, 2006++++ 2,500,000 2,687,725
---------------------------------------------------------------------------------------------------------------------------------
Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031 2,500,000 2,942,525
---------------------------------------------------------------------------------------------------------------------------------
Savannah, GA, Economic Development Authority Rev. (College of Art & Design, Inc.),
6.5%, 2009++++ 625,000 726,175
---------------------------------------------------------------------------------------------------------------------------------
State of Massachusetts, Development Finance Agency Rev. (Eastern Nazarene
College), 5.625%, 2029 750,000 671,130
---------------------------------------------------------------------------------------------------------------------------------
University of Arkansas, University Rev. (UAMS Campus), "B", MBIA, 5%, 2034 300,000 313,635
---------------------------------------------------------------------------------------------------------------------------------
$ 11,761,032
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 1.4%
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter
High School), 7.5%, 2023 $ 585,000 $ 599,806
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter
High School), 7.5%, 2036 1,000,000 1,027,240
---------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev. (Detroit Academy of Arts & Sciences),
8%, 2031 1,000,000 1,059,670
---------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy),
7.625%, 2021 1,000,000 1,079,490
---------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Education Rev. (Arizona Charter
Schools), "C", 6.75%, 2031 500,000 525,485
---------------------------------------------------------------------------------------------------------------------------------
$ 4,291,691
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 3.6%
---------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal
Regional Power, 5.8%, 2018 $ 830,000 $ 783,163
---------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek Partners),
6.65%, 2010 2,620,000 2,825,644
---------------------------------------------------------------------------------------------------------------------------------
Klamath Falls, OR, Electric Rev. (Klamath Cogeneration), 6%, 2025 2,260,000 2,282,193
---------------------------------------------------------------------------------------------------------------------------------
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg,
LP), 6.5%, 2017 800,000 899,208
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Northampton Generating), 6.4%, 2009 350,000 354,431
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Northampton Generating), 6.5%, 2013 1,000,000 1,013,170
---------------------------------------------------------------------------------------------------------------------------------
Pittsylvania County, VA, Industrial Development Authority Rev. (Multi-trade of
Pittsylvania), 7.5%, 2014 3,000,000 3,117,780
---------------------------------------------------------------------------------------------------------------------------------
$ 11,275,589
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 11.3%
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX ( Reliant Energy, Inc.), "A", 5.375%, 2019 $ 500,000 $ 517,380
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.),
"B", AMBAC, 5.125%, 2020 2,000,000 2,116,200
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), 7.7%, 2033 575,000 680,047
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "B", 6.3%, 2032 500,000 538,700
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "C", 6.75%, 2038 715,000 782,682
---------------------------------------------------------------------------------------------------------------------------------
Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev. (Entergy
Gulf States, Inc.), 5.45%, 2010 1,250,000 1,276,738
---------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Pollution Control Rev. (Pacific Gas &
Electric Co.), MBIA, 5.35%, 2016 1,000,000 1,093,290
---------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Pollution Control Rev. (Southern
California Edison Co.), 6.4%, 2024 1,000,000 1,003,840
---------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.85%, 2028 2,000,000 2,134,561
---------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.95%, 2028 2,270,000 2,414,417
---------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), 5.8%, 2022 2,105,000 2,142,764
---------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), "A", 6.3%, 2016 2,195,000 2,367,220
---------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev. (Portland General), 5.2%, 2033 230,000 244,058
---------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX (Centerpoint Energy), 5.6%, 2027 1,500,000 1,580,130
---------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.),
4.55%, 2029 2,000,000 2,062,220
---------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030 1,655,000 1,680,868
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of
New Hampshire), 6%, 2021 1,000,000 1,053,960
---------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority Rev., Pollution Control, Rev. (Cleveland
Electric)"B", 6%, 2020 3,000,000 3,139,890
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev. (Reliant Energy
Seward), "A", 6.75%, 2036 1,155,000 1,217,127
---------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.),
6.1%, 2025 650,000 650,078
---------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.),
6%, 2029 2,905,000 2,905,087
---------------------------------------------------------------------------------------------------------------------------------
Port Morrow, OR, Pollution Control Rev. (Portland General Electric), 5.2%, 2033 550,000 583,616
---------------------------------------------------------------------------------------------------------------------------------
Trinity River Authority, TX, Pollution Control Rev. (TXU Electric Co.), 6.25%, 2028 500,000 546,320
---------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.),
7.7%, 2014 550,000 559,218
---------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.),
5.8%, 2015 1,500,000 1,515,570
---------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.),
5.8%, 2016 1,000,000 1,015,620
---------------------------------------------------------------------------------------------------------------------------------
$ 35,821,601
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 3.0%
---------------------------------------------------------------------------------------------------------------------------------
California State Department Water Resources Power Supply Rev. "A", 5.75%, 2017 $ 1,250,000 $ 1,420,188
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency, Power Systems Rev., "B',
5.55%, 2014 2,150,000 2,307,918
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency (Catawba Electric Rev.) "B", 6.5%, 2020 2,000,000 2,266,960
---------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Municipal Light & Power Rev., 5.625%, 2017 3,000,000 3,324,960
---------------------------------------------------------------------------------------------------------------------------------
Southern California Public Power Authority (Transmission Project Rev.), RIBS,
9.688%, 2012++ 100,000 101,162
---------------------------------------------------------------------------------------------------------------------------------
$ 9,421,188
---------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 1.7%
---------------------------------------------------------------------------------------------------------------------------------
New York City, NY, Municipal Water & Sewer Finance Authority Rev., 5.5%, 2033 $ 5,000,000 $ 5,467,600
---------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Identified Cost, $426,584,586) $ 453,866,927
---------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
Irvine, CA, Improvement Building Act 1915, 1.83%, due 2/01/05 $ 100,000 $ 100,000
---------------------------------------------------------------------------------------------------------------------------------
Jefferson County, AL, Sewer Rev., Capital Improvement Warrants, "A",
1.83%, due 2/01/05 300,000 300,000
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Health & Higher Educational Facilities Authority Rev., Capital Assets
Program, "D", 1.9%, due 2/01/05 240,000 240,000
---------------------------------------------------------------------------------------------------------------------------------
New Castle, PA, Area Hospital Authority (Jameson Memorial Hospital),
1.89%, due 2/02/05 125,000 125,000
---------------------------------------------------------------------------------------------------------------------------------
Pinellas County, FL, Health Facilities Authority Rev., Pooled Hospital Loan
Program, 1.92%, due 2/01/05 100,000 100,000
---------------------------------------------------------------------------------------------------------------------------------
San Francisco, CA, City & County Financial Corp. Lease Rev. (Moscone Center
Expansion), 1.8%, due 2/03/05 100,000 100,000
---------------------------------------------------------------------------------------------------------------------------------
Sevier County, TN, Public Building Authority, 1.86%, due 2/03/05 65,000 65,000
---------------------------------------------------------------------------------------------------------------------------------
State of California, Department of Water Resources, Power Supply Rev., "C-2",
1.82%, due 2/03/05 100,000 100,000
---------------------------------------------------------------------------------------------------------------------------------
Total Floating Rate Demand Notes, at identified cost $ 1,130,000
---------------------------------------------------------------------------------------------------------------------------------
Total Investments (Identified Cost, $427,714,586) $ 454,996,927
---------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES (ISSUED BY THE TRUST) - (44.1)% $(140,034,720)
---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 0.7% 2,308,173
---------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100.0% $ 317,270,380
---------------------------------------------------------------------------------------------------------------------------------
* Non-income producing security.
+ Restricted security.
++ Inverse floating rate security.
++++ Refunded bond.
** Interest received was less than stated coupon rate.
## SEC Rule 144A restriction.
The following abbreviations are used in the Portfolio of Investments and are
defined:
COP = Certificate of Participation
ETM = Escrowed to Maturity.
Insurers
---------------------------------------------------------------------------------------------------------------------------------
AMBAC = AMBAC Indemnity Corp.
ASST GTY = Asset Guaranty Insurance Co.
FGIC = Financial Guaranty Insurance Co.
FSA = Financial Security Assurance, Inc.
GNMA = Government National Mortgage Assn.
MBIA = Municipal Bond Investors Corp.
XLCA = XL Capital Insurance Co.
Inverse Floaters
---------------------------------------------------------------------------------------------------------------------------------
RIBS = Residual Interest Bonds
RITES = Residual Interest Tax-Exempt Security
See attached schedules. For more information see notes to financial statements as disclosed in the most recent semiannual
or annual report.
MFS MUNICIPAL INCOME TRUST
SUPPLEMENTAL SCHEDULES (UNAUDITED) 01/31/2005 - CONTINUED
(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 $426,968,460
============
Gross unrealized appreciation $ 31,407,911
Gross unrealized depreciation (3,379,444)
------------
Net unrealized appreciation (depreciation) $ 28,028,467
------------
(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 Agreements
Interest Rate Swaps
Notional
Principal
Amount of Cash Flows Paid Cash Flows Appreciation
Expiration Contract by the fund Received by the fund (Depreciation)
---------------------------------------------------------------------------------------------------------------------------------
4/20/2015 USD 3,200,000 Fixed - 10 Year BMA Floating - 7 Day
Swap Index, (3.568%) BMA Swap Index $ (7,475)
8/16/2015 USD 12,000,000 Fixed - 10 Year BMA Floating - 7 Day
Swap Index, (3.799%) BMA Swap Index (179,129)
4/6/2017 USD 36,000,000 Fixed - 12 Year BMA Floating - 7 Day
Swap Index, (3.884%) BMA Swap Index (781,014)
6/15/2025 USD 20,000,000 Fixed - 20 Year BMA Floating - 7 Day
Swap Index, (4.7264%) BMA Swap Index (1,945,169)
--------------
$ (2,912,787)
==============
At January 31, 2005 the trust had sufficient cash and/or securities to cover any
commitments under these contracts.
MFS MUNICIPAL INCOME TRUST
SUPPLEMENTAL SCHEDULES (UNAUDITED) 01/31/2005 - CONTINUED
(3) Restricted Securities
At January 31, 2005 the trust owned the following restricted securities which
are subject to legal or contractual restrictions on resale, excluding securities
issued under Rule 144A, constituting 2.75% 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
DESCRIPTION ACQUISITION PAR AMOUNT COST VALUE
---------------------------------------------------------------------------------------------------------------------------------
Arizona Health Facilities Authority Rev. (The
Terraces Project), 7.75%, 2033 10/17/2003 750,000 $ 736,845 $ 790,765
Chicago, IL, O'Hare International
Airport Rev., RITES, XLCA, 8.98%, 2022 8/21/2003 1,500,000 1,599,510 1,834,110
Chicago, IL, Public Building Commission,
Building Rev., RITES, FGIC, 8.4058%, 2016 3/11/1999 1,300,000 1,403,610 1,677,156
Chicago, IL, Public Building Commission,
Building Rev., RITES, FGIC, 8.4058%, 2017 3/11/1999 1,050,000 1,123,542 1,358,763
New Jersey Economic Development Authority,
Economic Development Rev. (Holt Hauling &
Warehousing), 8.4%, 2015 1/30/1997 1,000,000 1,049,280 565,000
New Jersey Economic Development Authority,
Economic Development Rev. (Holt Hauling &
Warehousing), 8.6%, 2017 1/30/1997 1,000,000 1,051,940 565,000
Niagara Falls, NY, Bridge Commission, Toll
Rev., RITES, FGIC, 8.0721%, 2015 5/21/1999 1,500,000 1,609,680 1,945,500
-----------
$ 8,736,294
===========
(C)2005 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: March 24, 2005
--------------
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: March 24, 2005
--------------
By (Signature and Title)* RICHARD M. HISEY
---------------------------------
Richard M. Hisey, Treasurer
(Principal Financial Officer
and Accounting Officer)
Date: March 24, 2005
--------------
* Print name and title of each signing officer under his or her signature.