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)
Susan S. Newton
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
Date of reporting period: July 31, 2005
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO HOLDINGS 07/31/05
MFS(R) MUNICIPAL
INCOME TRUST
[graphic omitted]
[logo] M F S(R)
INVESTMENT MANAGEMENT
MFS(R) MUNICIPAL INCOME TRUST
PORTFOLIO OF INVESTMENTS (Unaudited) 07/31/2005
ISSUER PAR AMOUNT $ VALUE
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MUNICIPAL BONDS - 142.3%
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AIRPORT & PORT REVENUE - 5.3%
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Chicago, IL, O'Hare International Airport Rev. RITES, FSA, 8.428%, 2022+++ $ 1,500,000 $ 1,853,550
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Cleveland Cuyahoga County, OH, Port Authority Rev. (Cleveland City), "B", 4.5%, 2030 1,320,000 1,340,236
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Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024 1,130,000 1,199,574
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Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016 3,125,000 3,370,875
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Port Authority, NY, Special Obligations Rev. (JFK International), MBIA, 5.75%, 2022 7,000,000 7,489,300
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Seattle, WA, Airport Trust Rev., FGIC, 5.625%, 2018 1,500,000 1,623,345
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$ 16,876,880
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CHEMICALS - 0.6%
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Red River Authority, TX, Pollution Control Rev. (Celanese), 6.7%, 2030 $ 1,920,000 $ 2,066,803
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GENERAL OBLIGATIONS - GENERAL PURPOSE - 2.6%
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Jefferson County, OH, ASST GTY, 7.125%, 2005++++ $ 1,000,000 $ 1,034,600
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Lake County, IL, Land Acquisition & Development, 5.75%, 2017 1,000,000 1,109,170
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New York City, NY, 6.125%, 2006++++ 2,000,000 2,063,920
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New York City, NY, "M", 5%, 2035 3,800,000 3,956,370
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$ 8,164,060
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GENERAL OBLIGATIONS - SCHOOLS - 0.6%
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Aledo, TX, Independent School District, School Building, "A", PSF, 5.125%, 2033 $ 955,000 $ 1,009,951
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Leander, TX, Independent School District, Capital Appreciation, Refunding,
School Building, FGIC, 0%, 2026 1,285,000 433,199
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Leander, TX, Independent School District, Capital Appreciation, Refunding, School
Building, FGIC, 0%, 2031 1,295,000 322,921
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$ 1,766,071
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HEALTHCARE REVENUE - HOSPITALS - 40.0%
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Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health
Systems), "B", 6.75%, 2025 $ 500,000 $ 532,595
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), 9.25%, 2030 2,000,000 2,394,000
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Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny
Health), "B", 9.25%, 2022 1,000,000 1,201,230
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Athens County, OH, Hospital Facilities Rev. (O'Bleness Memorial Hospital),
"A", 7.125%, 2033 1,500,000 1,568,070
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Baldwin County, AL, Eastern Shore Health Care Authority Rev. (Thomas
Hospital), 5.75%, 2027 700,000 698,187
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Brookhaven, NY, Civic Facilities Rev. (Memorial Hospital Medical Center,
Inc.), 7.75%, 2010 805,000 859,482
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California Valley Health Systems, COP, 6.875%, 2023 740,000 743,670
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev
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(Women's Christian Assn.), "A", 6.35%, 2017 255,000 259,751
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Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev
(Women's Christian Assn.), "A", 6.4%, 2029 980,000 983,312
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira),
"A", 6%, 2013 540,000 545,573
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Chemung County, NY, Civic Facilities Rev. (St. Joseph's Hospital-Elmira),
"B", 6.35%, 2013 140,000 143,919
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Chester County, PA, Health & Educational Facilities Rev. (Chester
County Hospital), 6.75%, 2021 1,625,000 1,737,174
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Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial
Hospital), 6.25%, 2023 955,000 1,029,461
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Coffee County, GA, Hospital Authority Rev. (Coffee Regional Medical
Center, Inc.), 5%, 2026 40,000 40,723
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.5%, 2020 1,230,000 1,367,772
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Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2025 1,000,000 1,108,300
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Colorado Health Facilities Authority Rev. (Portercare Adventist Health
Systems), 6.625%, 2026 675,000 754,259
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Comal County, TX, Health Facilities Development Rev. (McKenna Memorial
Hospital), "A", 6.125%, 2022 500,000 536,735
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Crittenden County, AR, Arkansas Hospital Rev., 7%, 2020 1,030,000 1,037,725
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Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030 1,330,000 1,495,918
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Delaware Health Facilities Authority Rev. (Nanticoke Memorial
Hospital), 5.625%, 2032 1,250,000 1,330,175
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Denver, CO, Health & Hospital Authority Rev., 5.25%, 2013 635,000 653,244
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2018 1,500,000 1,542,090
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Denver, CO, Health & Hospital Authority Rev., 5.375%, 2028 860,000 867,688
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Denver, CO, Health & Hospital Authority Rev., "A", 6%, 2023 250,000 263,260
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District of Columbia, Health & Hospital Authority Rev. (Medstar University
Hospital), "D", 6.875%, 2007++++ 1,200,000 1,273,008
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025 250,000 249,078
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Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031 295,000 295,475
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Grand Forks, ND, Health Care Authority Rev. (Altru Health Systems Obligated
Group), 7.125%, 2024 755,000 850,122
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Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031 1,000,000 1,056,770
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Highlands County, FL, Health Facilities Authority Rev. (Adventist/Sunbelt
Hospital), 6%, 2031 900,000 981,972
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Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%, 2030 2,000,000 2,243,320
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Huntsville, AL, Health Care Authority Rev., 5.625%, 2026 875,000 922,268
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Illinois Development Finance Authority, Hospital Authority Rev
(Adventist/Sunbelt Hospital), 5.65%, 2024 1,750,000 1,840,545
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Illinois Health Facilities Authority Rev. (Centegra Heath Systems), 5.25%, 2018 1,000,000 1,023,190
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Indiana Health Facilities Financing Authority, Hospital Rev. (Community
Hospital), "A", AMBAC, 5%, 2035 1,780,000 1,862,343
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Indiana Health Facilities Financing Authority, Hospital Rev. (Munster Medical
Research Foundation, Inc.), 6.375%, 2031 3,990,000 4,245,400
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Indiana Health Facilities Financing Authority, Hospital Rev
(Riverview Hospital), 6.125%, 2031 1,000,000 1,056,530
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Joplin, MO, Industrial Development Authority Health Facilities Rev
(Freeman Health Systems), 5.5%, 2029 440,000 461,459
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Joplin, MO, Industrial Development Authority Health Facilities Rev
(Freeman Health Systems), 5.75%, 2035 475,000 511,547
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Kentucky Economic Development Finance Authority, Health Systems Rev
(Norton Healthcare, Inc.), 6.5%, 2020 5,000,000 5,524,550
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Knox County, TN, Health Educational Housing Facilities Board, Hospital Facilities Rev.
(Baptist Health Systems), 6.5%, 2031 1,725,000 1,837,073
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Lauderdale County & Florence, AL, Health Care Authority Rev. (Coffee Health Group),
MBIA, 5.625%, 2021 3,000,000 3,301,470
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Lufkin, TX, Health Facilities Rev. (Memorial Health System of East
Texas), 6.875%, 2006++++ 1,590,000 1,653,982
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Lufkin, TX, Health Facilities Rev. (Memorial Health System of East Texas), 5.7%, 2028 995,000 1,026,989
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens
General Hospital), 5.75%, 2025 1,000,000 1,006,580
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Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General
Hospital), 5.875%, 2034 905,000 904,991
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Maryland Health & Higher Educational Facilities Authority Rev
(Medstar Health), 5.5%, 2033 380,000 395,348
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Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel
Hospital), 6.5%, 2031 1,500,000 1,700,955
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Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health
Systems), 6.25%, 2031 1,900,000 2,038,472
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Massachusetts Health & Educational Facilities Authority Rev
(Caritas Christi), 6.5%, 2012 600,000 663,444
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Massachusetts Health & Educational Facilities Authority Rev
(Caritas Christi), 5.7%, 2015 500,000 517,275
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Massachusetts Health & Educational Facilities Authority Rev
(Jordan Hospital), 5.25%, 2018 1,400,000 1,407,714
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Massachusetts Health & Educational Facilities Authority Rev. (Northern Berkshire
Health), "B", 6.375%, 2034 640,000 665,491
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Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial
Medical Center), 6%, 2023 465,000 466,149
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Miami Beach, FL, Health Facilities Rev. (Mount Sinai Medical Center), 6.75%, 2029 810,000 898,152
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Miami Beach, FL, Health Facilities Rev. (Mount Sinai Medical Center), "A", 6.7%, 2019 995,000 1,090,520
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Mississippi Business Finance Corp., Health Facilities Rev. (Rush Medical Foundation,
Inc.), 5.625%, 2023 845,000 844,096
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Mississippi Hospital Equipment, Health Facilities Rev. (Rush Medical Foundation,
Inc.), 5.4%, 2007 210,000 213,497
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Monroe County, NY, Industrial Development Agency, Civic Facilities Rev. (Highland
Hospital of Rochester), 5%, 2025 65,000 66,593
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Montgomery, AL, Special Care Facilities, Financing Authority Rev
(Baptist Health), "A-2", MBIA, 0% to 2007, 5% to 2022 1,725,000 1,598,178
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Montgomery, AL, Special Care Facilities, Financing Authority Rev. (Baptist Health),
"C", MBIA, 5.25%, 2029 760,000 776,180
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Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032 435,000 457,968
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North
Shore Health System), 5.625%, 2010 725,000 775,946
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Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North
Shore Health System), 5.875%, 2011 550,000 598,527
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New Hampshire Health & Educational Facilities Authority Rev. (Covenant
Health), 6.5%, 2017 870,000 990,704
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New Hampshire Higher Educational & Health Facilities Authority Rev. (Catholic
Medical Center), 6.125%, 2032 1,000,000 1,048,220
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New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter's University
Hospital), 6.875%, 2030 3,000,000 3,325,980
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New York City, NY, Industrial Development Agency, Civic Facilities Rev. (Staten
Island University Hospital), "A", 6.375%, 2031 500,000 502,735
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New York City, NY, Health & Hospital Corp. Rev., 5.25%, 2017 700,000 736,533
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New York State Dormitory Authority Rev., Non State Supported Debt. (Mt. Sinai NYU
Health) "C", 5.5%, 2026 635,000 646,189
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New York State Dormitory Authority Rev., Non State Supported Debt. (Mt. Sinai NYU
Health) "C", 5.5%, 2026 500,000 506,820
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North Texas Health Facilities Development Corp. Rev. (United Regional Health Care
System, Inc.), 6%, 2023 1,000,000 1,073,990
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Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical
Center), 5.75%, 2013 850,000 814,649
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Oklahoma Development Finance Authority Rev. (Comanche County
Hospital), 6.6%, 2031 1,665,000 1,833,731
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Rhode Island Health & Education Building Rev., Hospital Financing (Lifespan
Obligated Group), 6.5%, 2032 505,000 564,019
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Rhode Island Health & Education Building Rev., Hospital Financing (Lifespan
Obligation Group), 6.375%, 2021 1,805,000 2,034,885
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Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems,
Inc.), 6.375%, 2014 955,000 947,112
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Russell, KY (Bon Secours Health Systems), ETM, 5.85%, 2005++++ 3,000,000 3,028,020
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Salt Lake City, UT, Hospital Authority Rev. INFLOS, AMBAC, ETM (Intermountain
Health Care), 10.985%, 2020++,++++ 600,000 606,840
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Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev. (Methodist
Healthcare), 6.375%, 2012++++ 625,000 735,481
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), 6.25%, 2012++++ 315,000 368,235
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), 6.25%, 2012++++ 185,000 216,265
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Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist
Healthcare), 6.375%, 2012++++ 375,000 441,289
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South Carolina Jobs & Economic Development Authority (Bon Secours Health
Systems, Inc.), "A", 5.625%, 2030 710,000 741,595
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South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev
(Palmetto Health Alliance), 6.25%, 2031 835,000 912,288
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South Carolina Medical University, Hospital Facilities Rev, "A", MBIA, 5%, 2031 685,000 712,242
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South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care
System), 5.625%, 2032 670,000 695,902
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Southwestern Illinois Development Authority Rev. (Anderson Hospital), 5.625%, 2029 870,000 899,650
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Springfield, TN, Health & Educational Facilities Rev. (Northcrest Medical Center),
5.25%, 2018 1,400,000 1,403,654
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State of Arkansas, Development Finance Authority Rev. (Washington Regional
Medical Center), 7.25%, 2010++++ 500,000 581,190
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Steubenville, OH, Hospital Authority Rev. (Trinity Health Center), 6.5%, 2030 1,300,000 1,441,804
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Stillwater, OK, Medical Center Authority, 5.625%, 2023 1,000,000 1,057,510
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Suffolk County, NY, Industrial Development Agency Rev. (Southampton
Hospital), 7.25%, 2020 720,000 741,125
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Suffolk County, NY, Industrial Development Agency Rev. (Southampton
Hospital), 7.625%, 2030 740,000 777,022
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Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial
Healthcare), 6.25%, 2020 3,085,000 3,312,334
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Texas Metro Health Facilities Development Corp., Metro Health Facilities
Development Rev. (Wilson N. Jones Memorial Hospital), 7.2%, 2021 700,000 716,408
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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 1,020,220
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Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021 1,250,000 1,347,838
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Upper Illinois River Valley Development, Health Facilities Rev
(Morris Hospital), 6.625%, 2031 600,000 660,096
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Valley, AL, Special Care Facilities, Financing Authority Rev. (Lanier Memorial
Hospital), 5.6%, 2016 600,000 601,590
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Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health
Center), 6.375%, 2031 1,500,000 1,594,920
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Washington County, AR, Hospital Rev., Regional Medical Center "A", 5%, 2035 250,000 250,750
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Washington County, AR, Hospital Rev., Regional Medical Center "B", 5%, 2025 1,000,000 1,013,580
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Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical
Center), 6.375%, 2031 1,115,000 1,128,447
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Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2032 1,000,000 1,069,680
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West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical
Center), 6.75%, 2024 170,000 176,188
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West Shore Pennsylvania, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026 1,250,000 1,346,963
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Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020 1,500,000 1,687,680
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health
Care, Inc.), 6.875%, 2030 1,000,000 1,160,790
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Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.),
MBIA, 5.25%, 2017 5,000,000 5,268,500
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's
Riverside Hospital), 6.8%, 2016 710,000 739,515
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John's
Riverside Hospital), "A", 7.125%, 2031 490,000 508,052
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Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph's
Hospital), "C", 6.2%, 2020 750,000 666,773
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$ 127,653,483
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HEALTHCARE REVENUE - LONG TERM CARE - 12.4%
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Abilene, TX, Health Facilities Development Co., Retirement Facilities Rev. (Sears
Methodist Retirement), "A", 7%, 2033 $ 345,000 $ 366,863
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Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2033+ 750,000 789,090
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Bell County, TX, Health Facilities Development Rev. (Advanced Living
Technology), 7.75%, 2006 130,000 127,534
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Bell County, TX, Health Facilities Development Rev. (Advanced Living
Technology), 8.125%, 2016 1,085,000 1,014,659
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Bell County, TX, Health Facilities Development Rev. (Advanced Living
Technology), 8.5%, 2026 2,405,000 2,198,555
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Bridgeport, CT, Senior Living Facility Rev. (3030 Park Retirement
Community), 7.25%, 2035 1,020,000 1,061,381
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Cambria County, PA, Industrial Development Authority Rev. (Beverly
Enterprises, Inc.), 10%, 2012 400,000 441,336
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Chester County, PA, Industrial Development Authority Rev. (RHA Nursing
Home), 8.5%, 2032 595,000 595,887
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Clarion, PA, Industrial Development Authority Rev. (Beverly Enterprises,
Inc.), 7.5%, 2012 1,000,000 1,022,780
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Colorado Health Facilities Authority Rev. (Covenant Retirement Communities,
Inc.), "B", 6.125%, 2033 1,000,000 1,081,590
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Colorado Health Facilities Authority Rev. (Evangelical Lutheran), 6.9%, 2025 3,000,000 3,448,050
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Contra Costa County, CA, Residential Rental Facilities Rev. (Cypress
Meadows), 7%, 2028**+ 217,707 43,550
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Cumberland County, PA, Retirement Community Rev. (Wesley Affiliated
Services), 7.25%, 2035 1,000,000 1,076,660
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Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2029 1,000,000 1,107,430
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Fulton County, GA, Residential Care Facilities (Canterbury Court), "A", 6.125%, 2034 330,000 333,323
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Grand Prairie, TX, Housing Finance Corp., Independent Senior Living Center
Rev., 7.5%, 2017 600,000 605,886
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Greenville County, SC, Hospital Rev. (Chestnut Hill) "A", 8%, 2015 2,190,000 2,213,389
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives
Project), 5.75%, 2018 895,000 893,845
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Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives
Project), 9.25%, 2025 1,645,000 1,988,295
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Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), 6.875%, 2032 500,000 542,860
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Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), "B", 6.25%, 2026 500,000 512,430
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Maine Health & Higher Educational Facilities Rev. (Piper Shores), 7.5%, 2009++++ 825,000 919,900
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Massachusetts Industrial Finance Agency Rev. (Metro Health Foundation,
Inc.), 6.75%, 2027+ 1,470,000 1,462,782
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Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), "A", 7.375%, 2027 1,920,000 2,018,189
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Montgomery County, PA, Higher Education & Health Authority Rev
(AHF/Montgomery), 10.5%, 2020 2,220,000 2,283,825
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.125%, 2028 250,000 261,565
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Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh
Continuing Care), 6.25%, 2035 700,000 730,877
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New Jersey Economic Development Authority Rev. (Courthouse Convalescent
Center), "A", 8.7%, 2014 650,000 652,704
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New Jersey Economic Development Authority Rev. (Lions Gate), "A", 5.875%, 2037 310,000 314,470
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New Jersey Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%, 2027 1,000,000 1,041,600
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Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement
Community), "A", 6%, 2025 125,000 126,655
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Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement
Community), "A", 6.125%, 2035 90,000 90,762
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Oklahoma Development Finance Authority Rev. (Inverness Village), 8%, 2032 250,000 197,820
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Reedley, CA, COP (Mennonite Home), 7.5%, 2026 2,760,000 2,847,547
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Shelby County, TN, Health Educational Rev. (Germantown Village), 7.25%, 2034 820,000 882,041
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State of Hawaii, Department of Budget & Finance, Special Purpose Rev. (Kahala Nui
Senior Living Community), 8%, 2033 500,000 568,280
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Sterling, IL (Hoosier Care), 7.125%, 2034 710,000 659,562
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Washington County, FL, Industrial Development Authority Rev. (Washington
County), 10%, 2016 905,000 909,027
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Waterford Township, MI, Economic Development Corp. Rev. (Canterbury
Health), 6%, 2039+ 1,500,000 1,217,445
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Wilkinsburg, PA, Municipal Authority Health Rev. (Monroeville
Christian/Judea), 8.25%, 2027 985,000 987,994
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$ 39,638,438
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HUMAN SERVICES - 2.7%
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Cheneyville, LA, Westside Habilitation Center Rev., 8.375%, 2013 $ 1,410,000 $ 1,428,147
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Iowa Finance Authority, Community Provider (Boys & Girls Home), 6.25%, 2028 500,000 483,790
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Lehigh County, PA, General Purpose Authority (Kidspeace Corp.), 6%, 2023 3,000,000 2,857,860
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New York City, NY, Industrial Development Agency, Civic Facility Rev. (Special
Needs Facilities), 6.5%, 2017 1,030,000 1,071,880
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New York City, NY, Industrial Development Agency, Civic Facility Rev
(A Very Special Place, Inc.), "A", 5.75%, 2029 1,000,000 921,390
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Orange County, FL, Health Facilities Authority Rev. (GF/Orlando
Healthcare Facilities), 8.75%, 2011 510,000 513,080
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Orange County, FL, Health Facilities Authority Rev. (GF/Orlando
Healthcare Facilities), 9%, 2031 1,000,000 1,028,640
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Osceola County, FL, Industrial Development Authority Rev. (Community
Provider), 7.75%, 2017 454,000 456,892
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$ 8,761,679
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INDUSTRIAL REVENUE - AIRLINES - 3.0%
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Alliance Airport Authority, Inc., TX, Special Facilities Rev. (AMR Corp.), 7.5%, 2029 $ 955,000 $ 853,130
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp.
(American Airlines, Inc.), 7.25%, 2030 365,000 315,225
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.), 6.375%, 2035 2,150,000 1,615,317
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American
Airlines, Inc.) "B", 6.05%, 2029 690,000 686,019
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Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (Delta Airlines,
Inc.), 7.625%, 2021 875,000 260,313
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Houston, TX, Airport Systems Rev., Special Facilities (Continental, Inc.),
"E", 6.75%, 2029 1,000,000 957,410
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New Jersey Economic Development Authority (Continental Airlines, Inc.), 7.2%, 2030 1,595,000 1,594,745
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New Jersey Economic Development Authority, Special Facilities Rev. (Continental
Airlines, Inc.), 6.25%, 2029 505,000 459,878
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New York City, NY, Industrial Development Agencies Rev. (Continental
Airlines, Inc.), 7.25%, 2008 205,000 204,695
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New York City, NY, Industrial Development Agencies Rev. (Continental Airlines,
Inc.), 8%, 2012 300,000 297,825
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Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.) "B", 5.65%, 2035 40,000 38,958
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Tulsa, OK, Municipal Airport Trust Rev. (AMR Corp.) "B", 6%, 2035 2,500,000 2,449,000
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$ 9,732,515
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INDUSTRIAL REVENUE - CHEMICALS - 0.9%
---------------------------------------------------------------------------------------------------------------------------------
Sweetwater County, WY, Solid Waste Disposal Rev. (FMC Corp.), "A", 7%, 2024 $ 3,000,000 $ 3,032,700
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - ENVIRONMENTAL SERVICES - 3.5%
---------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Browning
Ferris, Inc.), "A", 5.8%, 2016 $ 1,000,000 $ 964,010
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Community Development Authority, Solid Waste Facilities Rev
(Republic Services, Inc.), "A", 4.95%, 2012 1,000,000 1,046,830
---------------------------------------------------------------------------------------------------------------------------------
Gloucester County, NJ, Solid Waste Resource Recovery Rev. (Waste Management,
Inc.), 6.85%, 2029 850,000 942,497
---------------------------------------------------------------------------------------------------------------------------------
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris,
Inc.), 5.45%, 2014 $ 1,750,000 $ 1,667,103
---------------------------------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority, Solid Waste Disposal Rev. (Waste
Management, Inc.), 5.85%, 2007 4,500,000 4,629,465
---------------------------------------------------------------------------------------------------------------------------------
Nevada Department of Business (Republic Services, Inc.), 5.625%, 2026 750,000 808,703
---------------------------------------------------------------------------------------------------------------------------------
New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev. (New
Morgan Landfill Co, Inc./Browning Ferris, Inc.), 6.5%, 2019 1,000,000 996,940
---------------------------------------------------------------------------------------------------------------------------------
$ 11,055,548
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - METALS - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Mobile County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%, 2030 $ 650,000 $ 703,788
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - OTHER - 4.9%
---------------------------------------------------------------------------------------------------------------------------------
Delaware Economic Development Authority, Economic Development Rev. (General
Motors Corp.), 5.6%, 2009 $ 380,000 $ 380,228
---------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Industrial Development Authority (Valero Energy Corp.), 5.6%, 2031 1,750,000 1,764,613
---------------------------------------------------------------------------------------------------------------------------------
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032 1,000,000 1,093,740
---------------------------------------------------------------------------------------------------------------------------------
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017 2,220,000 2,316,548
---------------------------------------------------------------------------------------------------------------------------------
Madison County, FL, Rev. (Twin Oaks Project) "A", 6%, 2025+ 565,000 550,254
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Economic Development Rev. (Holt
Hauling & Warehousing), 8.4%, 2015***+ 1,000,000 520,410
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority, Economic Development Rev. (Holt
Hauling & Warehousing), 8.6%, 2017***+ 1,000,000 520,400
---------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev., Custodial Receipts, CR-1, 7.875%, 2032## 1,270,000 1,346,086
---------------------------------------------------------------------------------------------------------------------------------
Park Creek Metropolitan District, CO, Rev., Custodial Receipts, CR-2, 7.875%, 2032## 580,000 614,748
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities
Rev. (Amtrak), "A", 6.25%, 2031 2,000,000 2,153,920
---------------------------------------------------------------------------------------------------------------------------------
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott
LP), 7.75%, 2017 3,255,000 3,300,147
---------------------------------------------------------------------------------------------------------------------------------
Port Corpus Christ, TX, Industrial Development Authority Rev. (Citgo Petroleum
Corp.), 8.25%, 2031 700,000 748,363
---------------------------------------------------------------------------------------------------------------------------------
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026 385,000 401,832
---------------------------------------------------------------------------------------------------------------------------------
$ 15,711,289
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL REVENUE - PAPER - 8.8%
---------------------------------------------------------------------------------------------------------------------------------
Beauregard Parish, LA (Boise Cascade Corp.), 6.8%, 2027 $ 1,000,000 $ 1,078,520
---------------------------------------------------------------------------------------------------------------------------------
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa
Packaging), "A", 6.55%, 2025 1,000,000 1,052,760
---------------------------------------------------------------------------------------------------------------------------------
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific
Corp.), 5.75%, 2028 155,000 157,345
---------------------------------------------------------------------------------------------------------------------------------
Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority
(International Paper, Co.), "A", 6.15%, 2021 5,000,000 5,199,400
---------------------------------------------------------------------------------------------------------------------------------
Courtland, AL, Solid Waste Disposal Rev. (Champion International
Corp.), 6.375%, 2029 2,000,000 2,045,880
---------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev
(Mead Westvaco Escanaba), "A", 6.25%, 2012++++ 1,000,000 1,160,970
---------------------------------------------------------------------------------------------------------------------------------
Delta County, MI, Economic Development Corp., Environmental Improvements Rev
(Mead Westvaco Escanaba), "B", 6.45%, 2012++++ 500,000 581,545
---------------------------------------------------------------------------------------------------------------------------------
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort
James), 5.625%, 2018 850,000 846,898
---------------------------------------------------------------------------------------------------------------------------------
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024 3,335,000 4,007,203
---------------------------------------------------------------------------------------------------------------------------------
Isle Wight County, VA, Industrial Development Authority, Solid Waste Disposal
Facilities Rev. (Union Camp Corp.), 6.55%, 2024 4,000,000 4,063,920
---------------------------------------------------------------------------------------------------------------------------------
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser
Co.), 6.8%, 2022 2,000,000 2,457,680
---------------------------------------------------------------------------------------------------------------------------------
Navajo County, AZ, Industrial Development Authority (Stone Container
Corp.), 7.2%, 2027 880,000 915,587
---------------------------------------------------------------------------------------------------------------------------------
Onondaga County, NY, Industrial Development Authority Rev., Solid Waste Disposal
Rev. (Solvay Paperboard LLC), 6.8%, 2014 1,000,000 1,058,790
---------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev
(Chesapeake Corp.), 6.25%, 2019 1,815,000 1,845,655
---------------------------------------------------------------------------------------------------------------------------------
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev
(Chesapeake Corp.), "A", 6.375%, 2019 700,000 711,928
---------------------------------------------------------------------------------------------------------------------------------
York County, SC, Pollution Control Rev. (Bowater, Inc.), "A", 7.4%, 2010 935,000 945,575
---------------------------------------------------------------------------------------------------------------------------------
$ 28,129,656
---------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - ENTERTAINMENT & TOURISM - 1.6%
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities Development Authority Rev., East Valley Tourist
(Cabazon Casino)"A", 9.25%, 2020## $ 1,155,000 $ 1,271,771
---------------------------------------------------------------------------------------------------------------------------------
Capital Trust Agency of Florida Rev. (Seminole Tribe Convention), 10%, 2033 2,000,000 2,203,900
---------------------------------------------------------------------------------------------------------------------------------
Mississippi Development Bank, Special Obligation (Diamond Lakes
Utilities), 6.25%, 2017 1,000,000 1,030,210
---------------------------------------------------------------------------------------------------------------------------------
Sandoval County, NM (Santa Ana Pueblo), 7.75%, 2015## 635,000 652,882
---------------------------------------------------------------------------------------------------------------------------------
$ 5,158,763
---------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS REVENUE - OTHER - 1.2%
---------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.6%, 2021 $ 400,000 $ 431,564
---------------------------------------------------------------------------------------------------------------------------------
Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 6.7%, 2028 600,000 645,156
---------------------------------------------------------------------------------------------------------------------------------
Central Falls, RI, Detention Facility Rev., 7.25%, 2035 250,000 256,883
---------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount) "B", 5.125%, 2025 190,000 190,587
---------------------------------------------------------------------------------------------------------------------------------
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Myers University),
"E", 5.6%, 2025 135,000 137,333
---------------------------------------------------------------------------------------------------------------------------------
Gallery Certificate Trust, PA, Parking Rev., FSA, 4.5%, 2013## 875,000 875,578
---------------------------------------------------------------------------------------------------------------------------------
San Antonio, TX, Convention Center, Hotel Financial Corp., Contract Rev
(Empowerment Zone), "A", AMBAC, 5%, 2034 695,000 715,301
---------------------------------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority Rev., Solid Waste Disposal
Rev., 5.9%, 2014 340,000 346,521
---------------------------------------------------------------------------------------------------------------------------------
Summit County, OH, Port Authority Building (Seville), "A", 5.1%, 2025 210,000 211,271
---------------------------------------------------------------------------------------------------------------------------------
$ 3,810,194
---------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY HOUSING REVENUE - 4.5%
---------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Mulit-family Rev. (Andrews Place II
Apartments), FSA, 5%, 2035 $ 210,000 $ 207,734
---------------------------------------------------------------------------------------------------------------------------------
Bay County, FL, Housing Finance Authority, Mulit-family Rev. (Andrews Place II
Apartments), FSA, 5.1%, 2046 390,000 385,351
---------------------------------------------------------------------------------------------------------------------------------
Bexar County TX, Multi-Family Housing Rev. (American Opportunity Housing), "A",
MBIA, 5.7%, 2021 1,250,000 1,317,813
---------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 7.1%, 2009 1,000,000 1,089,190
---------------------------------------------------------------------------------------------------------------------------------
Charter Mac Equity Issuer Trust, 6%, 2019## 2,000,000 2,109,200
---------------------------------------------------------------------------------------------------------------------------------
Eaglebend, CO, Affordable Housing Corp., Multi-Family Rev. (Housing Project),
"A", 6.4%, 2017 1,000,000 999,100
---------------------------------------------------------------------------------------------------------------------------------
Florida Multi-Family Housing Finance Agency Rev. (Center Court
Apartments), 8.5%, 2018 830,000 810,279
---------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "C-1", 5.7%, 2040## 500,000 503,330
---------------------------------------------------------------------------------------------------------------------------------
GMAC Municipal Mortgage Trust, "B-1", 5.6%, 2039## 1,000,000 1,022,600
---------------------------------------------------------------------------------------------------------------------------------
Memphis, TN, Educational & Housing Facilities (Wesley Highland Terrace), 8.5%, 2024 115,000 115,307
---------------------------------------------------------------------------------------------------------------------------------
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational &
Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023 500,000 529,045
---------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, 6.875%, 2009 2,000,000 2,151,340
---------------------------------------------------------------------------------------------------------------------------------
Munimae, TE, Bond Subsidiary LLC, 5.4%, 2049## 1,000,000 993,510
---------------------------------------------------------------------------------------------------------------------------------
San Bernardino County, CA (Equity Residential/Redlands), "A", 5.2%, 2029 2,000,000 2,071,320
---------------------------------------------------------------------------------------------------------------------------------
$ 14,305,119
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - LOCAL - 1.9%
---------------------------------------------------------------------------------------------------------------------------------
Cook County, IL, Single Family Mortgage Rev., "A", 0%, 2015 $ 65,000 $ 13,284
---------------------------------------------------------------------------------------------------------------------------------
Corpus Christi, TX, Housing Finance Authority Rev., "B", MBIA, 0%, 2011 3,000,000 1,680,330
---------------------------------------------------------------------------------------------------------------------------------
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016 3,170,000 1,007,331
---------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.625%, 2023 300,000 314,427
---------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.75%, 2030 500,000 534,420
---------------------------------------------------------------------------------------------------------------------------------
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032 840,000 885,763
---------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", FNMA, 5.55%, 2037 1,005,000 1,079,219
---------------------------------------------------------------------------------------------------------------------------------
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., "A", GNMA, 6.45%, 2029 545,000 569,547
---------------------------------------------------------------------------------------------------------------------------------
$ 6,084,321
---------------------------------------------------------------------------------------------------------------------------------
SINGLE FAMILY HOUSING - STATE - 2.7%
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "A-2", 7.15%, 2014 $ 8,000 $ 8,079
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", 5.9%, 2023 225,000 234,072
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-2", FHA, 6.6%, 2032 230,000 240,943
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "C-3", FHA, 6.375%, 2033 105,000 109,343
---------------------------------------------------------------------------------------------------------------------------------
Colorado Housing & Finance Authority Rev., "D-2", 6.9%, 2029 585,000 613,507
---------------------------------------------------------------------------------------------------------------------------------
Georgia Housing & Finance Authority Rev., 5.65%, 2021 2,490,000 2,563,530
---------------------------------------------------------------------------------------------------------------------------------
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.4%, 2032 290,000 297,563
---------------------------------------------------------------------------------------------------------------------------------
Minnesota Housing Finance Agency Rev., Residential Housing Finance "B", 4.8%, 2023 260,000 263,728
---------------------------------------------------------------------------------------------------------------------------------
Missouri State Housing Development Commission, Single Family Mortgage Rev
(Home Loan Program), 6.35%, 2032 400,000 416,592
---------------------------------------------------------------------------------------------------------------------------------
Missouri State Housing Development Commission, Single Family Mortgage Rev
(Home Loan Program), GNMA, 6.85%, 2032 200,000 206,960
---------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015 6,675,000 2,637,760
---------------------------------------------------------------------------------------------------------------------------------
Nebraska Investment Finance Authority, "C", 6.25%, 2021 730,000 751,579
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Housing Finance Authority Rev., "B", 5.875%, 2030 130,000 132,569
---------------------------------------------------------------------------------------------------------------------------------
$ 8,476,225
---------------------------------------------------------------------------------------------------------------------------------
SOLID WASTE REVENUE - 1.7%
---------------------------------------------------------------------------------------------------------------------------------
Delaware County, PA, Industrial Development Authority Rev., Resource Recovery
Facilities, (American Ref-fuel) "A", 6.5%, 2008 $ 1,600,000 $ 1,666,320
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Development Finance Agency Rev. (Ogden Haverhill
Associates), 6.7%, 2014 725,000 772,923
---------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill
Associates), 5.6%, 2019 2,850,000 2,888,760
---------------------------------------------------------------------------------------------------------------------------------
$ 5,328,003
---------------------------------------------------------------------------------------------------------------------------------
STATE & AGENCY - OTHER - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
West Virginia, Higher Education Facilities Rev., "B", FGIC, 5%, 2034 $ 1,270,000 $ 1,326,172
---------------------------------------------------------------------------------------------------------------------------------
STATE & LOCAL AGENCIES - 2.6%
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 8.832%, 2016+++ $ 1,300,000 $ 1,618,786
---------------------------------------------------------------------------------------------------------------------------------
Chicago, IL, Public Building Commission, Building Rev., RITES, FGIC, 8.832%, 2017+++ 1,050,000 1,314,285
---------------------------------------------------------------------------------------------------------------------------------
College Park, GA, Industrial Development Authority Rev. (Civic Center),
AMBAC, 5.75%, 2020 1,000,000 1,115,620
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced,
"B", 5.375%, 2028 2,000,000 2,161,720
---------------------------------------------------------------------------------------------------------------------------------
Houston, TX, COP, 6.3%, 2020 815,000 886,810
---------------------------------------------------------------------------------------------------------------------------------
King George County, VA, Industrial Development Authority Lease Rev., FSA, 5%, 2036 1,300,000 1,359,917
---------------------------------------------------------------------------------------------------------------------------------
$ 8,457,138
---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN REVENUE - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Access to Loans for Learning, California Student Loan Rev., 7.95%, 2030 $ 650,000 $ 690,911
---------------------------------------------------------------------------------------------------------------------------------
TAX - OTHER - 1.8%
---------------------------------------------------------------------------------------------------------------------------------
Black Hawk, CO, Device Tax Rev., 5.625%, 2017 $ 250,000 $ 250,733
---------------------------------------------------------------------------------------------------------------------------------
Dade County, FL, Special Obligations Rev., Capital Appreciation Bond,
"B", AMBAC, 0%, 2008++++ $ 15,080,000 $ 3,055,811
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2024 340,000 358,217
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2029 615,000 655,977
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.5%, 2031 270,000 282,172
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority Rev. Cigarette Tax, 5.75%, 2034 410,000 435,797
---------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., 6%, 2006 250,000 258,020
---------------------------------------------------------------------------------------------------------------------------------
Virgin Islands Public Finance Authority Rev., "E", 5.875%, 2018 500,000 517,330
---------------------------------------------------------------------------------------------------------------------------------
$ 5,814,057
---------------------------------------------------------------------------------------------------------------------------------
TAX ASSESSMENT - 4.8%
---------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.1%, 2014 $ 235,000 $ 242,393
---------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Redevelopment Authority Rev. (Pittsburgh Mills), 5.6%, 2023 150,000 157,632
---------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, Florida Capital Improvement Rev
(Master Infrastructure Projects), "A", 5.35%, 2036 630,000 631,556
---------------------------------------------------------------------------------------------------------------------------------
Arborwood Community Development District, Florida Capital Improvement Rev
(Master Infrastructure Projects), "B", 5.1%, 2014 250,000 250,580
---------------------------------------------------------------------------------------------------------------------------------
Atlanta, GA, Tax Allocation (Eastside Project), "B", 5.6%, 2030 815,000 814,389
---------------------------------------------------------------------------------------------------------------------------------
Capital Region Community Development District, FL, Capital Improvement
Rev., "B", 5.95%, 2006 160,000 161,176
---------------------------------------------------------------------------------------------------------------------------------
Chicago IL, Ryan Garfield Tax Increment Allocation, 10.125%, 2007 610,000 610,909
---------------------------------------------------------------------------------------------------------------------------------
Concorde Estates Community Development District, FL, Capital Improvement Rev.,
"B", 5%, 2011 905,000 909,815
---------------------------------------------------------------------------------------------------------------------------------
Fishhawk Community Development District, FL, 5.125%, 2009 1,055,000 1,060,992
---------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., 5.8%, 2011 825,000 854,931
---------------------------------------------------------------------------------------------------------------------------------
Katy, TX, Development Authority Rev., "B", 6%, 2018 925,000 959,068
---------------------------------------------------------------------------------------------------------------------------------
Killarney, FL, Community Development District, "B", 5.125%, 2009 565,000 568,221
---------------------------------------------------------------------------------------------------------------------------------
Lakes By The Bay South Community Development District, FL, Special Assessment,
"B", 5.3%, 2009 1,140,000 1,147,969
---------------------------------------------------------------------------------------------------------------------------------
Markham, IL, Tax Increment Rev., 9%, 2012 1,010,000 1,020,171
---------------------------------------------------------------------------------------------------------------------------------
Middle Village Community Development District, FL, Special Assessment, "B", 5%, 2009 745,000 747,339
---------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach
Gardens), "A", 5.9%, 2035 255,000 262,739
---------------------------------------------------------------------------------------------------------------------------------
Old Palm Community Development District, FL, Special Assessment (Palm Beach
Gardens), "B", 5.375%, 2014 410,000 417,396
---------------------------------------------------------------------------------------------------------------------------------
Panther Trace, FL, Community Development District Rev., 5.4%, 2008 150,000 150,740
---------------------------------------------------------------------------------------------------------------------------------
Panther Trace, FL, Community Development District Rev., "B", 5%, 2010 730,000 729,350
---------------------------------------------------------------------------------------------------------------------------------
Parkway Center, FL, Community Development District Rev., "B", 5.625%, 2014 1,260,000 1,288,640
---------------------------------------------------------------------------------------------------------------------------------
Paseo, FL, Community Development District, "B", 4.875%, 2010 505,000 502,329
---------------------------------------------------------------------------------------------------------------------------------
Preserve At Wilderness Lake, FL, Community Development District, Capital
Improvement, "B", 5%, 2009 605,000 602,507
---------------------------------------------------------------------------------------------------------------------------------
Reunion East Community Development District, FL, Special Assessment, 5.9%, 2007 195,000 198,210
---------------------------------------------------------------------------------------------------------------------------------
Sterling Hill Community Development District, FL, Capital Improvement
Rev., 5.5%, 2010 535,000 542,618
---------------------------------------------------------------------------------------------------------------------------------
Villasol Community Development District, FL, Special Assessment Rev.,
"B", 5.375%, 2008 515,000 521,144
---------------------------------------------------------------------------------------------------------------------------------
$ 15,352,814
---------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 5.9%
---------------------------------------------------------------------------------------------------------------------------------
Badger Tobacco, WI, Asset Securitization Corp., 6.125%, 2027 $ 4,105,000 $ 4,413,039
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029 1,795,000 1,898,266
---------------------------------------------------------------------------------------------------------------------------------
Childrens Trust Fund, Puerto Rico, Tobacco Settlement, "A", 0%, 2050 4,000,000 253,920
---------------------------------------------------------------------------------------------------------------------------------
Childrens Trust Fund, Puerto Rico, Tobacco Settlement, "B", 0%, 2055 4,000,000 135,080
---------------------------------------------------------------------------------------------------------------------------------
District of Columbia, Tobacco Settlement, 6.25%, 2024 1,210,000 1,305,263
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement, 7.8%, 2042 1,000,000 1,229,210
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement
"A-1", 6.25%, 2033 785,000 873,752
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement
"A-1", 6.625%, 2040 125,000 142,196
---------------------------------------------------------------------------------------------------------------------------------
Golden State, CA, Tobacco Securitization, Tobacco "A", 5%, 2021 740,000 748,658
---------------------------------------------------------------------------------------------------------------------------------
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed,
"B", 5.3%, 2025 2,000,000 2,049,140
---------------------------------------------------------------------------------------------------------------------------------
Louisiana Tobacco Settlement Authority, 5.5%, 2030 1,435,000 1,496,576
---------------------------------------------------------------------------------------------------------------------------------
New Jersey Tobacco Settlement Authority, 5.75%, 2032 960,000 1,015,296
---------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority, 6.375%, 2028 1,000,000 1,069,290
---------------------------------------------------------------------------------------------------------------------------------
South Carolina Tobacco Settlement Authority, "B", 6%, 2022 1,260,000 1,333,647
---------------------------------------------------------------------------------------------------------------------------------
Washington Tobacco Settlement Authority, 6.5%, 2026 155,000 170,227
---------------------------------------------------------------------------------------------------------------------------------
Westchester, NY, Tobacco Asset Securitization Corp., 5.125%, 2038 250,000 251,880
---------------------------------------------------------------------------------------------------------------------------------
Westchester, NY, Tobacco Asset Securitization Corp., 5.125%, 2045 345,000 346,290
---------------------------------------------------------------------------------------------------------------------------------
$ 18,731,730
---------------------------------------------------------------------------------------------------------------------------------
TOLL ROADS - 1.3%
---------------------------------------------------------------------------------------------------------------------------------
Arapahoe County, CO, Capital Improvement Highway Rev., "C", 0%, 2005++++ $ 1,000,000 $ 485,220
---------------------------------------------------------------------------------------------------------------------------------
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation,
"B", MBIA, 0%, 2027 4,115,000 1,304,414
---------------------------------------------------------------------------------------------------------------------------------
Niagara Falls, NY, Bridge Commission, Toll Rev., RITES, FGIC, 7.497%, 2015+++ 1,500,000 1,822,350
---------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Assn., VA, Toll Road Rev., 0%, 2011 1,000,000 650,210
---------------------------------------------------------------------------------------------------------------------------------
$ 4,262,194
---------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SPECIAL TAX - 3.1%
---------------------------------------------------------------------------------------------------------------------------------
Missouri Highways & Transportation Commission, State Road Rev., "A", 5.625%, 2018 $ 4,500,000 $ 4,941,180
---------------------------------------------------------------------------------------------------------------------------------
Telluride, CO (Gondola Transit Co.), 9%, 2006++++ 750,000 783,465
---------------------------------------------------------------------------------------------------------------------------------
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit
Co.), ETM, 11.5%, 2012++++ 2,900,000 4,152,075
---------------------------------------------------------------------------------------------------------------------------------
$ 9,876,720
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - COLLEGES - 3.6%
---------------------------------------------------------------------------------------------------------------------------------
California Educational Facilities Authority Rev. (L. A. College of
Chiropractic), 5.6%, 2017 $ 750,000 $ 735,353
---------------------------------------------------------------------------------------------------------------------------------
Houston, TX, Community College Systems, MBIA, 7.875%, 2025 2,500,000 3,127,650
---------------------------------------------------------------------------------------------------------------------------------
Illinois Educational Facilities Authority Rev. (Augustana College), "A", 5.625%, 2022 400,000 429,032
---------------------------------------------------------------------------------------------------------------------------------
Islip, NY, Community Development Agency Rev. (New York Institute of
Technology), 7.5%, 2006++++ 2,500,000 2,618,075
---------------------------------------------------------------------------------------------------------------------------------
Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031 2,500,000 2,832,725
---------------------------------------------------------------------------------------------------------------------------------
Savannah, GA, Economic Development Authority Rev. (College of Art & Design,
Inc.), 6.5%, 2009++++ 625,000 705,200
---------------------------------------------------------------------------------------------------------------------------------
University of Arkansas, University Rev. (UAMS Campus), "B", MBIA, 5%, 2034 300,000 315,627
---------------------------------------------------------------------------------------------------------------------------------
University of Colorado Enterprise Systems Rev., Refunding & Improvement,
FGIC, 5%, 2030 635,000 672,897
---------------------------------------------------------------------------------------------------------------------------------
$ 11,436,559
---------------------------------------------------------------------------------------------------------------------------------
UNIVERSITIES - SECONDARY SCHOOLS - 1.4%
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter
High School), 7.5%, 2023 $ 570,000 $ 583,378
---------------------------------------------------------------------------------------------------------------------------------
California Statewide Communities, Development Authority Rev. (Escondido Charter
High School), 7.5%, 2036 1,000,000 1,030,680
---------------------------------------------------------------------------------------------------------------------------------
Maryland Industrial Development Financing Authority, Economic Development
Authority Rev., (Our Lady of Good Council) "A", 6%, 2035 150,000 153,650
---------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev. (Detroit Academy of Arts &
Sciences), 8%, 2031 1,000,000 1,056,110
---------------------------------------------------------------------------------------------------------------------------------
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021 1,000,000 1,073,230
---------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Education Rev. (Arizona Charter
Schools), "C", 6.75%, 2031 500,000 526,800
---------------------------------------------------------------------------------------------------------------------------------
$ 4,423,848
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - COGENERATION - 2.3%
---------------------------------------------------------------------------------------------------------------------------------
Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal
Regional Power, 5.8%, 2018 $ 830,000 $ 813,491
---------------------------------------------------------------------------------------------------------------------------------
Carbon County, PA, Industrial Development Authority Rev. (Panther Creek
Partners), 6.65%, 2010 2,370,000 2,534,928
---------------------------------------------------------------------------------------------------------------------------------
Klamath Falls, OR, Electric Rev. (Klamath Cogeneration), 6%, 2025 2,260,000 2,281,221
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Colver) "G", 5.125%, 2015+ 350,000 348,961
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Northampton Generating), 6.4%, 2009 350,000 354,288
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery
Rev. (Northampton Generating), 6.5%, 2013 1,000,000 1,012,740
---------------------------------------------------------------------------------------------------------------------------------
$ 7,345,629
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - INVESTOR OWNED - 11.0%
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX ( Reliant Energy, Inc.), "A", 5.375%, 2019 $ 500,000 $ 517,805
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.),
"B", AMBAC, 5.125%, 2020 2,000,000 2,101,000
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), 7.7%, 2033 575,000 682,939
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "B", 6.3%, 2032 315,000 339,809
---------------------------------------------------------------------------------------------------------------------------------
Brazos River Authority, TX, Pollution Control Rev. (Texas Utility Co.), "C", 6.75%, 2038 715,000 794,322
---------------------------------------------------------------------------------------------------------------------------------
Calcasieu Parish, LA, Industrial Development Board, Pollution Control Rev. (Entergy
Gulf States, Inc.), 5.45%, 2010 1,250,000 1,253,338
---------------------------------------------------------------------------------------------------------------------------------
California Pollution Control Financing Authority, Pollution Control Rev. (Southern
California Edison Co.), "B", 6.4%, 2024 1,000,000 1,004,870
---------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.85%, 2028 2,000,000 2,129,220
---------------------------------------------------------------------------------------------------------------------------------
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power
Co.), 5.95%, 2028 2,270,000 2,409,423
---------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), 5.8%, 2022 2,105,000 2,142,911
---------------------------------------------------------------------------------------------------------------------------------
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), "A", 6.3%, 2016 2,195,000 2,330,673
---------------------------------------------------------------------------------------------------------------------------------
Forsyth, MT, Pollution Control Rev. (Portland General), 5.2%, 2033 230,000 241,291
---------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX (Centerpoint Energy), 5.6%, 2027 1,500,000 1,583,925
---------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), 4.55%, 2029 2,000,000 2,026,480
---------------------------------------------------------------------------------------------------------------------------------
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030 1,655,000 1,700,579
---------------------------------------------------------------------------------------------------------------------------------
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg,
LP), 6.5%, 2017 800,000 893,240
---------------------------------------------------------------------------------------------------------------------------------
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of
New Hampshire), 6%, 2021 1,000,000 1,050,360
---------------------------------------------------------------------------------------------------------------------------------
Ohio Air Quality Development Authority Rev., Pollution Control, Rev. (Cleveland
Electric)"B", 6%, 2020 3,000,000 3,183,120
---------------------------------------------------------------------------------------------------------------------------------
Pennsylvania Economic Development Financing Authority Rev. (Reliant Energy
Seward), "A", 6.75%, 2036 1,155,000 1,243,173
---------------------------------------------------------------------------------------------------------------------------------
Pima County, AZ, Industrial Development Authority Rev. (Tucson Electric Power Co.),
"A", 6.1%, 2025 650,000 650,169
---------------------------------------------------------------------------------------------------------------------------------
Pittsylvania County, VA, Industrial Development Authority Rev., 7.5%, 2014 3,000,000 3,127,590
---------------------------------------------------------------------------------------------------------------------------------
Port Morrow, OR, Pollution Control Rev. (Portland General Electric), 5.2%, 2033 550,000 577,000
---------------------------------------------------------------------------------------------------------------------------------
Trinity River Authority, TX, Pollution Control Rev. (TXU Electric Co.), 6.25%, 2028 500,000 544,530
---------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities
Co.), 5.8%, 2015 1,500,000 1,504,365
---------------------------------------------------------------------------------------------------------------------------------
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities
Co.), 5.8%, 2016 1,000,000 1,005,610
---------------------------------------------------------------------------------------------------------------------------------
$ 35,037,742
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - MUNICIPAL OWNED - 2.9%
---------------------------------------------------------------------------------------------------------------------------------
California State Department Water Resources Power Supply Rev. "A", 5.75%, 2017 $ 1,250,000 $ 1,392,388
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Eastern Municipal Power Agency, Power Systems Rev., "B', 5.55%, 2014 2,150,000 2,283,537
---------------------------------------------------------------------------------------------------------------------------------
North Carolina Municipal Power Agency (Catawba Electric Rev.) "B", 6.5%, 2020 2,000,000 2,240,320
---------------------------------------------------------------------------------------------------------------------------------
Seattle, WA, Municipal Light & Power Rev., 5.625%, 2017 3,000,000 3,272,220
---------------------------------------------------------------------------------------------------------------------------------
Southern California Public Power Authority (Transmission Project Rev.),
RIBS, 8.877%, 2012++ 100,000 100,624
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$ 9,289,089
---------------------------------------------------------------------------------------------------------------------------------
WATER & SEWER UTILITY REVENUE - 1.9%
---------------------------------------------------------------------------------------------------------------------------------
New York City, NY, Municipal Water & Sewer Finance Authority Rev., 5.5%, 2033 $ 5,000,000 $ 5,422,800
---------------------------------------------------------------------------------------------------------------------------------
New York City, NY, Municipal Water & Sewer Finance Authority, Water & Sewer
Systems Rev., "D", 5%, 2038 760,000 801,124
---------------------------------------------------------------------------------------------------------------------------------
$ 6,223,924
---------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Identified Cost, $425,716,200) $ 454,724,062
---------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
Allegheny County, PA, Hospital Development Authority Rev. (Presbyterian University
Hospital), "D", 2.35%, due 8/04/05 $ 300,000 $ 300,000
---------------------------------------------------------------------------------------------------------------------------------
Missouri State Health & Educational Facilities Authority Rev., Medical Research
Facilities (Stowers Institute), 2.32%, due 8/04/05 250,000 250,000
---------------------------------------------------------------------------------------------------------------------------------
New Castle, PA, Area Hospital Authority (Jameson Memorial Hospital), 2.4%, due 8/03/05 125,000 125,000
---------------------------------------------------------------------------------------------------------------------------------
Oklahoma Industries Authority, Health System Rev. (Integris Baptist Medical Center),
"B", 1.10%, 2.33%, due 8/01/05 395,000 395,000
---------------------------------------------------------------------------------------------------------------------------------
Sevier County, TN, Public Building Authority, 2.35%, due 8/04/05 40,000 40,000
---------------------------------------------------------------------------------------------------------------------------------
Total Floating Rate Demand Notes, at identified cost $ 1,110,000
---------------------------------------------------------------------------------------------------------------------------------
Total Investments (Identified Cost, $426,826,200) $ 455,834,062
---------------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES (ISSUED BY THE TRUST)- (43.8)% $ (140,033,596)
---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 1.1% 3,698,207
---------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100.0% $ 319,498,673
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** Non-income producing security.
*** Interest received was less than stated coupon rate.
+ Restricted security.
++ Inverse floating rate security.
++++ Refunded bond.
## 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.
FHA = Federal Housing Administration
FNMA = Federal National Mortgage Assn.
FSA = Financial Security Assurance, Inc.
GNMA = Government National Mortgage Assn.
MBIA = MBIA Insurance Corp.
PSF = Permanent School Fund
Inverse Floaters
---------------------------------------------------------------------------------------------------------------------------------
INFLOS = Inverse Floating Security
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) 07/31/2005
(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 $426,124,636
============
Gross unrealized appreciation $ 32,140,322
Gross unrealized depreciation (2,430,896)
------------
Net unrealized appreciation (depreciation) $ 29,709,426
============
(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 Unrealized
Amount of Cash Flows Paid Cash Flows Appreciation
Expiration Contract by the Trust Received by the Trust (Depreciation)
---------------------------------------------------------------------------------------------------------------------------------
11/28/2015 USD 12,000,000 Fixed - 10 Year LIBOR Floating - 3 Month LIBOR
Swap Index, (4.598%) Swap Index $ 162,194
11/29/2020 USD 30,000,000 Fixed - 15 Year LIBOR Floating - 3 Month LIBOR
Swap Index, (4.77%) Swap Index 374,333
8/16/2025 USD 20,000,000 Fixed - 20 Year LIBOR Floating - 3 Month LIBOR
Swap Index, (4.954%) Swap Index (76,798)
$ 459,729
At July 31, 2005 the trust had sufficient cash and/or securities to cover any margin requirements under these contracts
(3) Restricted Securities
At July 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 2.6% of net assets, including preferred
shares, which may not be publicly sold without registration under the Securities
Act of 1933. The trust does not have the right to demand that such securities be
registered. The value of these securities is determined by valuations furnished
by dealers or by a pricing service, or if not available, in good faith at the
direction of the Trustees.
DATE OF PAR
DESCRIPTION ACQUISITION AMOUNT COST VALUE
---------------------------------------------------------------------------------------------------------------------------------
Arizona Health Facilities Authority
Rev. (The Terraces Project), 7.75%, 2033 10/17/2003 $ 750,000 $ 736,845 $ 789,090
Contra Costa County, CA, Residential
Rental Facilities Rev. (Cypress
Meadows), 7%, 2028 9/21/1998 217,707 217,707 43,550
Chicago, IL, O'Hare International
Airport Rev., RITES, FSA, 8.428%, 2022 08/21/2003 1,500,000 1,599,510 1,853,550
Chicago, IL, Public Building
Commission, Building Rev., RITES,
FGIC, 8.832%, 2016 3/11/1999 1,300,000 1,403,610 1,618,786
Chicago, IL, Public Building
Commission, Building Rev., RITES,
FGIC, 8.832%, 2017 3/11/1999 1,050,000 1,123,542 1,314,285
Madison County, FL, Rev. (Twin Oaks
Project) "A", 6%, 2025 7/13/2005 565,000 555,343 550,254
Massachusetts Industrial Finance
Agency Rev. (Metro Health Foundation,
Inc.), 6.75%, 2027 11/24/1997 1,470,000 1,470,000 1,462,782
New Jersey Economic Development
Authority, Economic Development
Rev. (Holt Hauling &
Warehousing), 8.4%, 2015 1/30/1997 1,000,000 1,049,280 520,410
New Jersey Economic Development
Authority, Economic Development
Rev. (Holt Hauling &
Warehousing), 8.6%, 2017 1/30/1997 1,000,000 1,051,940 520,400
Niagra Falls, NY, Bridge
Commission, Toll Rev., RITES,
FGIC, 7.497%, 2015 5/21/1999 1,500,000 1,609,680 1,822,350
Pennsylvania Economic Development
Financing Authority Rev., Resources
Recovery Rev. (Colver) "G", 5.125%, 2015 7/15/2005 350,000 350,000 348,961
Waterford Township, MI, Economic
Development Corp. Rev
(Canterbury Health), 6%, 2039 12/31/1998 1,500,000 1,500,000 1,217,445
---------------
$ 12,061,863
===============
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.
(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: September 20, 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: September 20, 2005
------------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: September 20, 2005
------------------
* Print name and title of each signing officer under his or her signature.