Edgar Filing: MFS MUNICIPAL INCOME TRUST

MFS Municipal Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4841

MFS MUNICIPAL INCOME TRUST

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: October 31

Date of reporting period: January 31, 2008

ITEM 1.

SCHEDULE OF INVESTMENTS.

LOGO

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08


Issuer	Shares/Par		Value ($)
Municipal Bonds – 145.3%
Airport & Port Revenue – 5.4%
Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2025	$	325,000	$	310,137
Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2037		100,000		94,219
Branson, MO, Regional Airport Transportation Development District Airport Rev., “B”, 6%, 2037		675,000		627,614
Chicago, IL, O’Hare International Airport Rev., XLCA, 5.75%, 2022 (u)		3,000,000		3,208,470
Oklahoma City, OK, Airport Trust Rev., FSA, 5.75%, 2016		3,125,000		3,288,718
Port Authority NY & NJ, Special Obligation Rev. (JFK International), MBIA, 5.75%, 2022		7,000,000		7,154,839
Seattle, WA, Airport Trust Rev., FGIC, 5.625%, 2018		1,500,000		1,579,964

			$	16,263,961

General Obligations - General Purpose – 0.9%
Kane Kendall County, IL, Capital Appreciation, “E”, FGIC, 0%, 2023	$	1,945,000	$	902,790
Kane Kendall County, IL, Capital Appreciation, “E”, FGIC, 0%, 2025		1,915,000		791,086
Lake County, IL, Land Acquisition & Development, 5.75%, 2010 (c)		1,000,000		1,094,099

			$	2,787,975

General Obligations - Schools – 0.4%
DeSoto, TX, Independent School District, School Building, PSF, 0%, 2031	$	555,000	$	160,622
DeSoto, TX, Independent School District, School Building, PSF, 0%, 2034		415,000		101,749
DeSoto, TX, Independent School District, School Building, PSF, 0%, 2036		555,000		122,393
Royse City, TX, Independent School District, School Building, PSF, 0%, 2027		955,000		349,787
Royse City, TX, Independent School District, School Building, PSF, 0%, 2029		965,000		312,939
Santa Clarita Community College District, CA, Election 2006, MBIA, 0%, 2030		595,000		182,289

			$	1,229,779

Healthcare Revenue - Hospitals – 41.1%
Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev., “A” (Russell Hospital Corp.), 5.75%, 2036	$	600,000	$	601,175
Allegheny County, PA, Hospital Development Authority Rev. (South Hills Health Systems), “B”, 6.75%, 2010 (c)		500,000		547,914
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), 9.25%, 2010 (c)		2,000,000		2,386,499
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5%, 2028		1,905,000		1,633,841
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “A”, 5.375%, 2040		1,055,000		918,967
Allegheny County, PA, Hospital Development Authority Rev. (West Penn Allegheny Health), “B”, 9.25%, 2010 (c)		1,000,000		1,193,249
Arkansas Development Finance Authority Rev. (Washington Regional Medical Center), 7.25%, 2010 (c)		500,000		546,514
Athens County, OH, Hospital Facilities Rev. (O’Bleness Memorial Hospital), “A”, 7.125%, 2033		1,500,000		1,559,699
Brookhaven, NY, Industrial Development Agency Rev. (Memorial Hospital Medical Center, Inc.), “A”, ETM, 7.75%, 2010 (c)		445,000		487,639
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5%, 2022		205,000		190,233
California Statewide Communities Development Authority Rev. (Valleycare Health Systems), “A”, 5.125%, 2031		100,000		88,260
California Valley Health Systems, COP, 6.875%, 2023 (d)		700,000		420,000
Cass County, MO, Hospital Rev., 5.625%, 2038		340,000		333,428
Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women’s Christian Assn.), “A”, 6.35%, 2017		135,000		136,515
Chautauqua County, NY, Industrial Development Agency, Civic Facilities Rev. (Women’s Christian Assn.), “A”, 6.4%, 2029		955,000		957,416

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “A”, 6%, 2013	$	325,000	$	329,966
Chemung County, NY, Civic Facilities Rev. (St. Joseph’s Hospital-Elmira), “B”, 6.35%, 2013		105,000		107,158
Chester County, PA, Health & Educational Facilities Rev. (Chester County Hospital), 6.75%, 2021		1,625,000		1,714,668
Citrus County, FL, Hospital Development Authority Rev. (Citrus Memorial Hospital), 6.25%, 2023		895,000		918,467
Clinton County, MO, Industrial Development Agency, Health Facilities Rev. (Cameron Regional Medical Center), 5%, 2032		275,000		243,587
Coffee County, GA, Hospital Authority Rev. (Coffee Regional Medical Center, Inc.), 5%, 2026		40,000		37,940
Colorado Health Facilities Authority Rev. (Parkview Medical Center), 6.6%, 2011 (c)		1,000,000		1,135,950
Colorado Health Facilities Authority Rev. (Portercare Adventist Health Systems), 6.625%, 2011 (c)		675,000		775,872
Crittenden County, AR, Hospital Rev., 7%, 2020		1,030,000		1,150,314
Cuyahoga County, OH, Hospital Facilities Rev. (Canton, Inc.), 7.5%, 2030		1,330,000		1,398,907
Delaware Health Facilities Authority Rev. (Nanticoke Memorial Hospital), 5.625%, 2032		1,250,000		1,199,625
Denver, CO, Health & Hospital Authority Rev., “A”, 6%, 2011 (c)		250,000		280,338
Garden City, MI, Hospital Finance Authority Rev. (Garden City Hospital), “A”, 4.875%, 2027		1,275,000		1,062,432
Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.2%, 2025		250,000		252,313
Gaylord, MI, Hospital Finance Authority Rev. (Otsego Memorial Hospital), 6.5%, 2031		295,000		296,602
Genesee County, NY, Industrial Development Agency Civic Facility Rev. (United Memorial Medical Center), 5%, 2027		170,000		150,610
Glendale, AZ, Industrial Development Authority (John C. Lincoln Health), 5%, 2042		245,000		224,663
Grand Forks, ND, Health Care Authority Rev. (Altru Health Systems Obligated Group), 7.125%, 2010 (c)		755,000		849,488
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital), 5.75%, 2031		1,000,000		1,015,350
Highlands County, FL, Health Facilities Authority Rev. (Adventist/Sunbelt Hospital), 6%, 2011 (c)		900,000		1,013,382
Houston County, AL, Health Care Authority Rev., AMBAC, 6.25%, 2009 (c)		2,000,000		2,153,260
Huntsville, AL, Health Care Authority Rev., 5.625%, 2011 (c)		875,000		968,494
Illinois Development Finance Authority, Hospital Authority Rev. (Adventist/Sunbelt Hospital), 5.65%, 2009 (c)		1,750,000		1,871,153
Illinois Finance Authority Rev. (Kewanee Hospital), 5.1%, 2031		410,000		350,046
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), 5.5%, 2037		2,220,000		2,070,949
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2011 (c)		3,025,000		3,437,671
Indiana Health & Educational Facilities Authority, Hospital Rev. (Community Foundation of Northwest Indiana), “A”, 6.375%, 2031		965,000		981,695
Indiana Health & Educational Facilities Authority, Hospital Rev. (Riverview Hospital), 6.125%, 2031		1,000,000		1,041,060
Jefferson County, IA, Hospital Authority Rev. (Jefferson County Hospital), “C”, 5.8%, 2032		1,415,000		1,349,287
Johnson City, TN, Health, Educational Facilities Board & Hospital Rev. (Mountain States Health), “A”, 5.5%, 2036		355,000		346,998
Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems), 5.5%, 2029		440,000		435,666
Joplin, MO, Industrial Development Authority Health Facilities Rev. (Freeman Health Systems), 5.75%, 2035		475,000		478,648
Kentucky Economic Development Finance Authority (Norton Healthcare), “A”, 6.5%, 2010 (c)		1,965,000		2,185,119

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Kentucky Economic Development Finance Authority, Unrefunded (Norton Healthcare), “A”, 6.5%, 2020	$	3,035,000	$	3,172,486
Knox County, TN, Health, Educational, Hospital & Housing Facilities Board Rev. (Baptist Health Systems), 6.5%, 2031		1,725,000		1,786,117
Lauderdale County & Florence, AL, Health Care Authority Rev. (Coffee Health Group), MBIA, 5.625%, 2021		3,000,000		3,234,300
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 2034		1,525,000		1,533,327
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2032		110,000		107,279
Lufkin, TX, Health Facilities Development Corp. Rev. (Memorial Health System), 5.5%, 2037		110,000		106,590
Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.75%, 2025		1,105,000		1,077,298
Macomb County, MI, Hospital Finance Authority Rev. (Mount Clemens General Hospital), 5.875%, 2034		935,000		900,162
Madison County, ID Hospital Rev., 5.25%, 2026		220,000		205,394
Madison County, ID, Hospital Rev., COP, 5.25%, 2037		310,000		275,640
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), 5.5%, 2033		380,000		374,357
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5.5%, 2042		1,070,000		1,053,693
Maryland Health & Higher Educational Facilities Authority Rev. (North Arundel Hospital), 6.5%, 2010 (c)		1,500,000		1,659,645
Massachusetts Health & Educational Facilities Authority Rev. (Berkshire Health Systems), “E”, 6.25%, 2031		1,900,000		1,941,458
Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), “A”, 5.7%, 2015		500,000		509,465
Massachusetts Health & Educational Facilities Authority Rev. (Caritas Christi), “B”, 6.5%, 2012		600,000		636,804
Massachusetts Health & Educational Facilities Authority Rev. (Jordan Hospital), “D”, 5.25%, 2018		1,400,000		1,410,584
Massachusetts Health & Educational Facilities Authority Rev. (Northern Berkshire Health), “B”, 6.375%, 2034		640,000		655,290
Massachusetts Health & Educational Facilities Authority Rev. (Saints Memorial Medical Center), “A”, 6%, 2023		445,000		445,187
Meeker County, MN, Gross Rev., Hospital Facilities (Memorial Hospital), 5.75%, 2027		180,000		178,097
Meeker County, MN, Gross Rev., Hospital Facilities (Memorial Hospital), 5.75%, 2037		385,000		372,719
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), 6.75%, 2029		810,000		826,621
Miami Beach, FL, Health Facilities Authority Rev. (Mount Sinai Medical Center), “A”, 6.7%, 2019		995,000		1,032,631
Monroe County, MI, Hospital Finance Authority, Hospital Rev. (Mercy Memorial Hospital Corp.), 5.5%, 2035		1,020,000		911,737
Monroe County, NY, Industrial Development Agency, Civic Facilities Rev. (Highland Hospital of Rochester), 5%, 2025		65,000		63,372
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2031		225,000		213,743
Montgomery, AL, Medical Clinic Board Health Care Facility Rev. (Jackson Hospital & Clinic), 5.25%, 2036		1,135,000		1,068,376
Mount Lebanon, PA, Hospital Authority Rev. (St. Clair Memorial Hospital), 5.625%, 2032		435,000		446,645
Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.625%, 2010		390,000		393,916

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Nassau County, NY, Industrial Development Agency, Civic Facilities Rev. (North Shore Health System), 5.875%, 2011	$	340,000	$	351,560
Neosho County, KS, Hospital Authority Rev., “A”, 5.05%, 2026		180,000		164,957
Neosho County, KS, Hospital Authority Rev., “A”, 5.15%, 2031		230,000		206,828
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2012 (c)		440,000		505,001
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health System), 6.5%, 2017		325,000		355,274
New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2012 (c)		880,000		1,011,006
New Hampshire Health & Educational Facilities Authority Rev. (Catholic Medical Center), “A”, 6.125%, 2032		120,000		124,074
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), 5.75%, 2037		1,370,000		1,375,233
New Jersey Health Care Facilities, Financing Authority Rev. (St. Peter’s University Hospital), “A”, 6.875%, 2030		3,000,000		3,080,700
New Mexico State Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5%, 2017		100,000		95,330
New Mexico State Hospital Equipment Loan Council, Hospital Rev. (Rehoboth McKinley Christian Hospital), “A”, 5.25%, 2026		440,000		396,114
New York Dormitory Authority Rev. (NYU Hospital Center), “B”, 5.625%, 2037		560,000		557,172
New York Dormitory Authority Rev. (NYU Hospitals Center), “B”, 5.25%, 2024		450,000		448,605
New York, NY, Industrial Development Agency, Civic Facilities Rev. (Staten Island University Hospital), “A”, 6.375%, 2031		485,000		490,422
Norman, OK, Regional Hospital Authority Rev., 5.375%, 2036		1,395,000		1,314,522
North Texas Health Facilities Development Corp. Rev. (United Regional Health Care System, Inc.), 6%, 2013 (c)		1,000,000		1,160,650
Ohio County, WV, County Commission Health System Rev. (Ohio Valley Medical Center), 5.75%, 2013		850,000		833,621
Oklahoma Development Finance Authority Rev. (Comanche County Hospital), “B”, 6.6%, 2031		1,665,000		1,753,478
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (Temple University Hospital), “A”, 5.5%, 2030		700,000		676,361
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.375%, 2012 (c)		1,560,000		1,804,218
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.5%, 2012 (c)		505,000		583,240
Rhode Island Health & Educational Building Corp., Hospital Financing (Lifespan Obligated Group), 6.375%, 2021		245,000		266,234
Royston, GA, Hospital Authority Rev. (Ty Cobb Healthcare Systems, Inc.), 6.375%, 2014		955,000		973,747
Salida, CO, Hospital District Rev., 5.25%, 2036		1,675,000		1,477,015
Salt Lake City, UT, Hospital Authority Rev. (Intermountain Health Care), INFLOS, ETM, AMBAC, 9.464%, 2020 (c)(p)		600,000		604,020
Shelby County, TN, Educational & Hospital Facilities Board Hospital Rev., Refunded Balance (Methodist Healthcare), 6.375%, 2012 (c)		625,000		720,831
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)		185,000		212,380
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.25%, 2012 (c)		315,000		361,620
Shelby County, TN, Educational & Housing Facilities Board Hospital Rev. (Methodist Healthcare), 6.375%, 2012 (c)		375,000		432,499
Skagit County, WA, Public Hospital District No. 001, 5.75%, 2032		165,000		164,121
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Palmetto Health Alliance), 6.25%, 2031		835,000		859,858

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
South Carolina Jobs - Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2012 (c)	$	150,000	$	168,963
South Carolina Jobs - Economic Development Authority (Bon Secours - St. Francis Medical Center, Inc.), 5.625%, 2030		560,000		569,430
South Dakota Health & Education Facilities Authority Rev. (Prairie Lakes Health Care System), 5.625%, 2032		670,000		678,757
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.5%, 2020		60,000		60,592
Southwestern, IL, Development Authority Rev. (Anderson Hospital), 5.625%, 2029		870,000		866,224
Springfield, TN, Health & Educational Facilities Rev. (Northcrest Medical Center), 5.25%, 2018		1,400,000		1,403,220
Steubenville, OH, Hospital Authority Rev. (Trinity Health Center), 6.5%, 2010 (c)		1,300,000		1,436,994
Stillwater, OK, Medical Center Authority, 5.625%, 2023		1,000,000		1,017,440
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare), 6.25%, 2020		3,085,000		3,167,925
Texas Metro Health Facilities Development Corp., Metro Health Facilities Development Rev. (Wilson N. Jones Memorial Hospital), 7.2%, 2021		700,000		711,620
Texas Metro Health Facilities Development Corp., Metro Health Facilities Development Rev. (Wilson N. Jones Memorial Hospital), 7.25%, 2031		1,000,000		1,015,270
Tom Green County, TX, Health Facilities Rev. (Shannon Health System), 6.75%, 2021		1,250,000		1,311,588
Turlock, CA, Health Facilities Rev. (Emanuel Medical Center), 5.5%, 2037		1,275,000		1,191,998
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.25%, 2032		985,000		904,535
Tyler, TX, Health Facilities Development Corp. (East Texas Medical Center), “A”, 5.375%, 2037		810,000		749,566
Upper Illinois River Valley Development, Health Facilities Rev. (Morris Hospital), 6.625%, 2031		600,000		625,908
Valley, AL, Special Care Facilities, Financing Authority Rev. (Lanier Memorial Hospital), 5.6%, 2016		600,000		608,466
Vigo County Hospital Authority Rev. (Union Hospital), 5.75%, 2042		220,000		205,363
Vigo County, IN, Hospital Authority Rev. (Union Hospital), 5.8%, 2047		1,035,000		964,103
Wapello County, IA, Hospital Authority Rev. (Ottumwa Regional Health Center), 6.375%, 2012 (c)		1,500,000		1,733,895
Washington Health Care Facilities Authority Rev. (Mason Medical), “A”, 6.25%, 2042		1,400,000		1,354,836
Weirton, WV, Municipal Hospital Building, Commission Rev. (Weirton Hospital Medical Center), 6.375%, 2031		1,115,000		1,133,152
Weslaco, TX, Health Facilities Rev. (Knapp Medical Center), 6.25%, 2032		1,000,000		1,026,860
West Plains, MO, Industrial Development Authority Rev. (Ozarks Medical Center), 6.75%, 2024		170,000		172,030
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), 6.2%, 2026		1,250,000		1,279,425
Wichita, KS, Hospital Authority Rev. (Via Christi Health System), 6.25%, 2020		1,500,000		1,627,305
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), 6.875%, 2030		1,000,000		1,048,420
Wisconsin Health & Educational Facilities Authority Rev. (Wheaton Franciscan Healthcare), “B”, 5.125%, 2030		1,120,000		1,014,205
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. John’s Riverside Hospital), 6.8%, 2016		615,000		631,365
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (St. Joseph’s Hospital), “C”, 6.2%, 2020		750,000		733,905

			$	123,196,011

Healthcare Revenue - Long Term Care – 15.6%
Abilene, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Sears Methodist Retirement), “A”, 7%, 2033	$	345,000	$	357,727
Arizona Health Facilities Authority Rev. (The Terraces Project), 7.75%, 2013 (c)		750,000		950,363

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology), 8.125%, 2016 (d)	$	1,085,000	$	759,500
Bell County, TX, Health Facilities Development Rev. (Advanced Living Technology), 8.5%, 2026 (d)		2,405,000		1,683,500
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2027		170,000		160,636
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 2037		225,000		207,214
Bucks County, PA, Industrial Development Authority, Retirement Community Rev. (Ann’s Choice, Inc.), 6.125%, 2025		430,000		427,063
Cambria County, PA, Industrial Development Authority Rev. (Beverly Enterprises, Inc.) ETM, 10%, 2012 (c)		320,000		376,800
Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 2022		150,000		148,953
Chester County, PA, Industrial Development Authority Rev. (RHA Nursing Home), 8.5%, 2032		580,000		593,033
Colorado Health Facilities Authority Rev. (American Baptist Homes), “A”, 5.9%, 2037		755,000		699,583
Colorado Health Facilities Authority Rev. (Christian Living Communities Project), “A”, 5.75%, 2037		395,000		365,245
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc.), “B”, 6.125%, 2033		1,000,000		1,019,720
Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2010 (c)		1,830,000		2,088,634
Colorado Health Facilities Authority Rev. (Evangelical), 6.9%, 2025		1,170,000		1,265,484
Cumberland County, PA, Municipal Authority Rev. (Wesley), “A”, 7.25%, 2013 (c)		720,000		868,111
Cumberland County, PA, Municipal Authority Rev. (Wesley), “A”, 7.25%, 2013 (c)		280,000		337,599
Duluth, MN, Housing & Redevelopment Authority (Healthcare & Housing Rev.), 5.875%, 2033		165,000		156,910
Franklin County, OH, Healthcare Facilities Rev. (Ohio Presbyterian), 7.125%, 2011 (c)		1,000,000		1,157,820
Fulton County, GA, Residential Care Facilities (Canterbury Court), “A”, 6.125%, 2034		330,000		323,476
Fulton County, GA, Residential Care Facilities, First Mortgage (Lenbrook Square Foundation, Inc.), “A”, 5.125%, 2042		1,000,000		824,710
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 2027		1,000,000		895,640
Greenville County, SC, Hospital Rev. (Chestnut Hill), “A”, 8%, 2015		1,835,000		1,802,337
Hawaii Department of Budget & Finance, Special Purpose Rev. (Kahala Nui Senior Living Community), 8%, 2033		500,000		548,060
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2028		590,000		541,213
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 2043		540,000		475,157
Illinois Finance Authority Rev. (Clare at Water Tower), “A”, 6%, 2025		490,000		478,122
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.5%, 2037		1,000,000		918,470
Illinois Finance Authority Rev. (Friendship Village), “A”, 5.375%, 2025		1,270,000		1,152,042
Illinois Finance Authority Rev. (Landing at Plymouth Place), “A”, 6%, 2037		490,000		460,473
Illinois Finance Authority Rev. (Montgomery Place), “A”, 5.75%, 2038		520,000		473,684
Illinois Finance Authority Rev., Bond Anticipation Notes (Tallgrass), 13%, 2012		210,000		210,057
Iowa Finance Authority Senior Housing Authority Rev. (Bethany Life Communities), “A”, 5.55%, 2041		230,000		202,504
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), 9.25%, 2011 (c)		1,130,000		1,380,148
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “A”, 5.5%, 2025		800,000		785,032
Iowa Finance Authority, Health Care Facilities Rev. (Care Initiatives), “B”, 5.75%, 2018		895,000		906,751
James City County, VA, Economic Development (Virginia United Methodist Homes, Inc.), “A”, 5.4%, 2027		585,000		537,504
James City County, VA, Economic Development (Virginia United Methodist Homes, Inc.), “A”, 5.5%, 2037		940,000		844,449

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Lancaster County, PA, Hospital Authority Rev. (Brethren), 6.5%, 2040	$	615,000	$	608,389
Lenexa, KS, Health Care Facilities Rev. (Lakeview Village, Inc.), “C”, 6.875%, 2012 (c)		500,000		588,675
Lenexa, KS, Health Care Facilities Rev. (Refunding & Improvement), 5.375%, 2027		420,000		389,752
Lenexa, KS, Health Care Facilities Rev. (Refunding & Improvement), 5.5%, 2039		720,000		655,272
Maine Health & Higher Educational Facilities Rev. (Piper Shores), 7.5%, 2009 (c)		680,000		711,423
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 2037		1,270,000		1,209,091
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.5%, 2027		340,000		312,688
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 5.75%, 2035		85,000		78,064
Millbrae, CA, Residential Facilities Rev. (Magnolia of Millbrae), “A”, 7.375%, 2027		1,825,000		1,862,139
Montgomery County, PA, Higher Education & Health Authority Rev. (AHF/Montgomery), 6.875%, 2036		1,195,000		1,183,839
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.125%, 2028		250,000		246,178
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care), 6.25%, 2035		510,000		500,223
New Jersey Economic Development Authority Rev. (Courthouse Convalescent Center), “A”, 8.7%, 2014		585,000		587,451
New Jersey Economic Development Authority Rev. (Lions Gate), “A”, 5.875%, 2037		310,000		290,207
New Jersey Economic Development Authority Rev. (Seabrook Village, Inc.), 5.25%, 2036		715,000		618,718
New Jersey Health Care Facilities Financing Authority Rev. (Cherry Hill), 8%, 2027		1,000,000		1,010,410
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6%, 2025		125,000		123,296
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), “A”, 6.125%, 2035		110,000		107,096
Orange County, FL, Health Facilities Authority Rev. (Orlando Lutheran Tower), 5.5%, 2038		320,000		277,411
Rochester, MN, Housing & Healthcare Rev. (Madonna Towers of Rochester, Inc.), 5.875%, 2028		245,000		235,749
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2037		490,000		450,428
Sarasota County, FL, Health Facility Authority Rev. (Sarasota Manatee), 5.75%, 2045		105,000		94,793
Scott County, IA, Rev. (Ridgecrest Village), 5.25%, 2027		350,000		313,065
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Germantown Village), “A”, 7.25%, 2034		820,000		820,262
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2027		515,000		501,007
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 2042		470,000		440,146
South Carolina Jobs & Economic Development Authority Rev., First Mortgage (Lutheran Homes of South Carolina), 5.5%, 2028		230,000		210,565
South Carolina Jobs & Economic Development Authority Rev., First Mortgage (Lutheran Homes of South Carolina), 5.625%, 2042		150,000		133,544
Stark County, ND, Healthcare Housing Rev. (Benedictine Living Communities, Inc.), 6.75%, 2033		325,000		326,316
Sterling, IL (Hoosier Care), 7.125%, 2034		690,000		692,015
Suffolk County, NY, Industrial Development Agency (Medford Hamlet Assisted Living), 6.375%, 2039		500,000		485,205
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Rev. (Querencia Barton Creek), 5.5%, 2025		460,000		431,204
Ulster County, NY, Industrial Development Agency, “A”, 6%, 2037		1,075,000		1,026,346
Washington Housing Finance Commission Non-profit Rev. (Skyline at First Hill), “A”, 5.625%, 2027		215,000		202,016

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Washington Housing Finance Commission Non-profit Rev. (Skyline at First Hill), “A”, 5.625%, 2038	$	1,120,000	$	1,015,918
Wisconsin Health & Educational Facilities Board Rev. (All Saints Assisted Living Project), 5.9%, 2027		175,000		169,258
Wisconsin Health & Educational Facilities Board Rev. (All Saints Assisted Living Project), 6%, 2037		340,000		323,728

			$	46,615,611

Human Services – 3.4%
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 5.875%, 2027	$	210,000	$	199,954
Alaska Industrial Development & Export Authority Community Provider Rev. (Boys & Girls Home of Alaska, Inc.), 6%, 2036		325,000		303,921
Colorado Educational & Cultural Facilities Authority (Cerebral Palsy Project), “A”, 6.25%, 2036		500,000		498,625
Iowa Finance Authority, Community Provider (Boys & Girls Home), 6.25%, 2008 (c)		500,000		516,765
Lehigh County, PA, General Purpose Authority (Kidspeace Corp.), 6%, 2023		3,000,000		2,951,730
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 7%, 2036		500,000		482,885
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “C”, 7%, 2036		375,000		343,264
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “A”, 6.85%, 2036		1,100,000		1,154,153
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Rehab Center Project), “B”, 6.5%, 2013		115,000		117,188
New York, NY, Industrial Development Agency, Civic Facility Rev. (A Very Special Place), “A”, 5.75%, 2029		1,000,000		916,010
New York, NY, Industrial Development Agency, Civic Facility Rev. (Special Needs Facilities), 6.5%, 2017		1,030,000		1,053,536
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 8.75%, 2011		365,000		380,542
Orange County, FL, Health Facilities Authority Rev. (GF/Orlando Healthcare Facilities), 9%, 2031		1,000,000		1,095,440
Osceola County, FL, Industrial Development Authority Rev. (Community Provider), 7.75%, 2017		292,000		293,574

			$	10,307,587

Industrial Revenue - Airlines – 8.6%
Chicago, IL, O’Hare International Airport Special Facilities Rev. (American Airlines, Inc.), 5.5%, 2030	$	2,140,000	$	1,759,786
Dallas Fort Worth, TX, International Airport Facility Improvement Corp. (American Airlines, Inc.), 5.5%, 2030		1,175,000		942,973
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 2032		3,320,000		2,834,782
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 2032		925,000		857,309
Houston, TX, Airport Systems Rev., Special Facilities (Continental, Inc.), “E”, 6.75%, 2029		1,810,000		1,820,770
Los Angeles, CA, Regional Airport Lease Rev. (AMR Corp.), “C”, 7.5%, 2024		850,000		867,553
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 6.25%, 2029		580,000		549,736
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 7.2%, 2030		1,595,000		1,630,584
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.625%, 2025		8,400,000		8,978,508
New York, NY, City Industrial Development Agencies Rev. (American Airlines, Inc.), 7.75%, 2031		1,065,000		1,154,087

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Airlines – continued
New York, NY, Industrial Development Agencies Rev. (American Airlines, Inc.), 7.125%, 2011	$	1,355,000	$	1,375,257
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.), 7.25%, 2008		100,000		100,275
New York, NY, Industrial Development Agencies Rev. (Continental Airlines, Inc.), 8%, 2012		300,000		310,173
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.65%, 2035 (a)		40,000		39,821
Tulsa, OK, Municipal Airport Trust Rev. (AMR Corp.), “B”, 6%, 2035 (a)		2,500,000		2,497,775

			$	25,719,389

Industrial Revenue - Chemicals – 1.0%
Louisiana, Environmental Facilities & Community Development Authority Rev., 6.75%, 2032	$	1,000,000	$	1,022,400
Red River Authority, TX, Pollution Control Rev. (Celanese Project) “B”, 6.7%, 2030		1,920,000		1,882,445

			$	2,904,845

Industrial Revenue - Environmental Services – 2.6%
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Browning Ferris, Inc.), “A”, 5.8%, 2016	$	1,000,000	$	977,340
California Statewide Communities Development Authority, Solid Waste Facilities Rev. (Republic Services, Inc.), “A”, 4.95%, 2012		1,000,000		1,039,010
Cobb County, GA, Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 5%, 2033		220,000		193,153
Gloucester County, NJ, Solid Waste Resource Recovery Rev. (Waste Management, Inc.), 6.85%, 2029 (a)		850,000		901,179
Gulf Coast Waste Disposal Authority (Waste Management, Inc.), 5.2%, 2028		440,000		407,766
Henrico County, VA, Industrial Development Authority Rev. (Browning Ferris, Inc.), 5.45%, 2014		1,750,000		1,715,368
Nevada Department of Business & Industry Rev. (Republic Services, Inc.), 5.625%, 2026 (a)		750,000		799,845
New Morgan, PA, Industrial Development Authority, Solid Waste Disposal Rev. (New Morgan Landfill Co., Inc./Browning Ferris, Inc.), 6.5%, 2019		1,000,000		1,000,750
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 4.9%, 2028		885,000		777,499

			$	7,811,910

Industrial Revenue - Metals – 0.2%
Mobile County, AL, Industrial Development Authority Rev. (Ipsco, Inc.), 6.875%, 2030 (a)	$	650,000	$	675,448

Industrial Revenue - Other – 4.6%
Aztalan, WI, Exempt Facility Rev. (Renew Energy LLC Project), 7.5%, 2018	$	840,000	$	802,418
Gulf Coast, TX, Industrial Development Authority (Valero Energy Corp.), 5.6%, 2031		1,750,000		1,720,478
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings LLC Project), 7%, 2036		620,000		605,666
Gulf Coast, TX, Waste Disposal Rev. (Valero Energy Corp.), 6.65%, 2032		1,000,000		1,033,120
New Jersey Economic Development Authority Rev. (Gloucester Marine), “C”, 6.5%, 2015		700,000		737,086
New Jersey Economic Development Authority Rev. (GMT Realty LLC), “B”, 6.875%, 2037		430,000		447,320
New York, NY, City Industrial Development Agency Rev., Liberty Bonds (IAC/InterActiveCorp), 5%, 2035		620,000		572,936
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-1”, 7.875%, 2032 (a)(n)		1,270,000		1,365,618
Park Creek Metropolitan District, CO, Rev. (Custodial Receipts), “CR-2”, 7.875%, 2032 (a)(n)		580,000		623,668

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Industrial Revenue - Other – continued
Pennsylvania Economic Development Financing Authority, Finance Authority Facilities Rev. (Amtrak), “A”, 6.25%, 2031	$	2,000,000	$	2,084,060
Philadelphia, PA, Industrial Development Authority Rev. (Host Marriott LP), 7.75%, 2017		3,255,000		3,265,839
Tooele County, UT, Hazardous Waste Treatment Rev. (Union Pacific Corp.), 5.7%, 2026		385,000		389,424

			$	13,647,633

Industrial Revenue - Paper – 5.4%
Bedford County, VA, Industrial Development Authority Rev. (Nekoosa Packaging), “A”, 6.55%, 2025	$	1,000,000	$	976,290
Butler, AL, Industrial Development Board, Solid Waste Disposal Rev. (Georgia Pacific Corp.), 5.75%, 2028		155,000		136,792
Cass County, TX, Industrial Development Corp. (International Paper Co.), “A”, 4.625%, 2027		2,150,000		1,786,220
Delta County, MI, Economic Development Corp., Environmental Improvement Rev. (Mead Westvaco Escanaba), “A”, 6.25%, 2012 (c)		1,000,000		1,140,690
Delta County, MI, Economic Development Corp., Environmental Improvement Rev. (Mead Westvaco Escanaba), “B”, 6.45%, 2012 (c)		500,000		563,700
Effingham County, GA, Development Authority, Solid Waste Disposal Rev. (Fort James), 5.625%, 2018		850,000		788,265
Escambia County, FL, Environmental Improvement Rev. (International Paper Co.), “A”, 4.75%, 2030		525,000		439,955
Hodge, LA, Utilities Rev. (Stone Container Corp.), 7.45%, 2024		3,335,000		3,582,057
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 2022		2,000,000		2,257,440
Navajo County, AZ, Industrial Development Authority Rev. (Stone Container Corp.), 7.2%, 2027		880,000		884,039
Onondaga County, NY, Industrial Development Authority Rev., Solid Waste Disposal Rev. (Solvay Paperboard LLC), 6.8%, 2014		800,000		819,448
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 2034		640,000		610,842
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), 6.25%, 2019		1,870,000		1,603,918
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 2019		700,000		600,397

			$	16,190,053

Miscellaneous Revenue - Entertainment & Tourism – 0.9%
Mashantucket Western Pequot Tribe, CT, “A”, 5.5%, 2036 (z)	$	500,000	$	459,630
Mississippi Development Bank, Special Obligation (Diamond Lakes Utilities), 6.25%, 2017		900,000		912,708
New York Liberty Development Corp. Rev. (National Sports Museum), “A”, 6.125%, 2019		420,000		428,408
Seminole Tribe, FL, Special Obligation, “A”, 5.25%, 2027 (n)		515,000		485,449
Seneca Nation Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 2023 (n)		275,000		249,433

			$	2,535,628

Miscellaneous Revenue - Other – 3.7%
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 6.6%, 2011 (c)	$	400,000	$	445,792
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 6.7%, 2011 (c)		600,000		670,362
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5.75%, 2034		775,000		706,172
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Cleveland City), “B”, 4.5%, 2030		1,055,000		919,148
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Fairmount), “B”, 5.125%, 2025		185,000		181,350

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – continued
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Myers University), “E”, 5.6%, 2025	$	135,000	$	135,743
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Perrysburg Project), 4.8%, 2035		225,000		197,426
Columbus, OH, Franklin County Finance Authority Development Rev., 6%, 2035 (a)		830,000		828,805
Dayton Montgomery County, OH, Port Authority Rev. (Parking Garage), 6.125%, 2024		1,130,000		1,195,800
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 2017		1,970,000		2,013,892
Madison County, FL, Rev. (Twin Oaks Project), “A”, 6%, 2025		545,000		547,420
Maryland Economic Development Corp. (Chesapeake Bay), “A”, 5%, 2031		405,000		352,589
Riversouth, OH, Authority Rev. (Lazarus Building) “A”, 5.75%, 2027		1,125,000		1,104,041
Southwestern Illinois Development Authority Rev., Solid Waste Disposal Rev., 5.9%, 2014		275,000		276,441
Summit County, OH, Port Authority Building Rev. (Seville Project), “A”, 5.1%, 2025		190,000		185,719
Summit County, OH, Port Authority Building Rev. (Twinsburg Township), “D”, 5.125%, 2025		160,000		155,960
Summit County, OH, Port Authority Building Rev. (Workforce Policy Board), “F”, 4.875%, 2025		915,000		863,531
Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund), “B”, 4.8%, 2035		265,000		232,524
Toledo Lucas County, OH, Port Authority Development Rev. (Northwest Ohio Bond Fund), “C”, 5.125%, 2025		90,000		84,510

			$	11,097,225

Multi-Family Housing Revenue – 4.6%
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), FSA, 5%, 2035	$	210,000	$	202,982
Bay County, FL, Housing Finance Authority, Multi-Family Rev. (Andrews Place II Apartments), FSA, 5.1%, 2046		390,000		375,367
Charter Mac Equity Issuer Trust, 7.1%, 2009 (a)(n)		1,000,000		1,054,600
Charter Mac Equity Issuer Trust, 6%, 2019 (n)		2,000,000		2,248,980
GMAC Municipal Mortgage Trust, “B-1”, 5.6%, 2039 (a)(n)		1,000,000		1,060,930
GMAC Municipal Mortgage Trust, “C-1”, 5.7%, 2040 (a)(n)		500,000		503,190
Indianapolis, IN, Multi-Family Rev. (Cambridge Station Apartments II), FNMA, 5.25%, 2039 (a)		465,000		456,607
Metropolitan Government of Nashville & Davidson County, TN, Health, Educational & Housing Facilities Board Rev. (Berkshire Place), GNMA, 6%, 2023		500,000		516,930
Mississippi Home Corp., Rev. (Kirkwood Apartments), 6.8%, 2037		1,095,000		1,080,677
MuniMae TE Bond Subsidiary LLC, 6.875%, 2009 (a)(n)		2,000,000		2,092,360
MuniMae TE Bond Subsidiary LLC, 5.4%, 2049 (n)		1,000,000		1,044,170
North Charleston, SC, Housing Authority Rev. (Horizon Village), “A”, FHA, 5.15%, 2048		445,000		429,652
San Bernardino County, CA (Equity Residential/Redlands), “A”, 5.2%, 2029 (a)		2,000,000		2,062,240
Seattle, WA, Housing Authority Rev., Capped Fund Program (High Rise Rehab), “I”, FSA, 5%, 2025		670,000		660,647

			$	13,789,332

Sales & Excise Tax Revenue – 0.1%
Desloge, MO, Tax Increment Rev. (U.S. Highway 67 Street Redevelopment), 5.2%, 2020	$	410,000	$	408,139

Single Family Housing - Local – 1.6%
Cook County, IL, Single Family Mortgage Rev., “A”, 0%, 2015	$	15,000	$	4,264
Corpus Christi, TX, Housing Finance Authority Rev., “B”, 0%, 2011		1,430,000		671,928
Dallas, TX, Housing Finance Corp., Single Family Mortgage Rev., MBIA, 0%, 2016		1,865,000		765,135
Jefferson Parish, LA, Single Family Mortgage Rev., GNMA, 6.3%, 2032		475,000		489,435
Jefferson Parish, LA, Single Family Mortgage Rev., “B-1”, GNMA, 6.625%, 2023		185,000		192,994

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Single Family Housing - Local – continued
Jefferson Parish, LA, Single Family Mortgage Rev., “B-1”, GNMA, 6.75%, 2030	$	270,000	$	279,153
Jefferson Parish, LA, Single Family Mortgage Rev., “D”, GNMA, 5%, 2038		570,000		578,379
Nortex, TX, Housing Finance Corp., Single Family Mortgage Rev., “B”, 5.5%, 2038		140,000		136,602
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.45%, 2029		290,000		292,540
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 5.9%, 2035		295,000		318,255
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A”, GNMA, 6.25%, 2035		130,000		138,463
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-1”, GNMA, 5.75%, 2037		275,000		290,931
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-2”, GNMA, 5.75%, 2037		500,000		525,180
Sedgwick & Shawnee Counties, KS, Single Family Housing Rev., “A-5”, GNMA, 5.9%, 2037		190,000		202,912

			$	4,886,171

Single Family Housing - State – 1.3%
Colorado Housing & Finance Authority Rev., “A-2”, AMBAC, 6.6%, 2028	$	290,000	$	296,867
Colorado Housing & Finance Authority Rev., “C-2”, 5.9%, 2023		140,000		143,713
Colorado Housing & Finance Authority Rev., “C-2”, FHA, 6.6%, 2032		150,000		159,087
Colorado Housing & Finance Authority Rev., “C-3”, FHA, 6.375%, 2033		65,000		67,194
Colorado Housing & Finance Authority Rev., “D-2”, 6.9%, 2029		330,000		342,880
Georgia Housing & Finance Authority Rev., 5.65%, 2021		120,000		122,694
Louisiana Housing Finance Agency, Single Family Mortgage Rev., GNMA, 6.4%, 2032		25,000		25,042
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.35%, 2032		240,000		250,128
Missouri Housing Development Commission, Single Family Mortgage Rev. (Home Loan Program), GNMA, 6.85%, 2032		125,000		132,014
Nebraska Investment Finance Authority Single Family Mortgage Rev., 0%, 2015		3,275,000		1,652,565
Nebraska Investment Finance Authority, “C”, GNMA, 6.25%, 2021		20,000		20,299
New Hampshire Housing Finance Authority Rev., “B”, 5.875%, 2030		65,000		67,298
Texas Affordable Housing Corp. (Single Family Mortgage), “B”, GNMA, 5.25%, 2039		740,000		717,785

			$	3,997,566

Solid Waste Revenue – 1.2%
Massachusetts Development Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 6.7%, 2014	$	610,000	$	644,319
Massachusetts Industrial Finance Agency, Resource Recovery Rev. (Ogden Haverhill Associates), “A”, 5.6%, 2019		2,850,000		2,867,442

			$	3,511,761

State & Agency - Other – 0.4%
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.25%, 2024	$	200,000	$	200,122
Commonwealth of Puerto Rico (Mepsi Campus), “A”, 6.5%, 2037		900,000		900,540

			$	1,100,662

State & Local Appropriation – 1.0%
Chicago, IL, Public Building Commission Rev., FGIC, 5.25%, 2016	$	2,600,000	$	2,867,904

Student Loan Revenue – 0.2%
Access to Loans for Learning, California Student Loan Rev., 7.95%, 2030	$	650,000	$	672,750

Tax - Other – 1.9%
Black Hawk, CO, Device Tax Rev., 5%, 2010	$	80,000	$	81,341
Black Hawk, CO, Device Tax Rev., 5%, 2013		55,000		55,605
Black Hawk, CO, Device Tax Rev., 5%, 2015		170,000		169,335

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax - Other – continued
Dade County, FL, Special Obligations Rev., Capital Appreciation Bond, “B”, AMBAC, 0%, 2008 (c)	$	15,080,000	$	3,332,680
New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.5%, 2024		340,000		327,716
New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.75%, 2029		615,000		608,217
New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.5%, 2031		270,000		258,350
New Jersey Economic Development Authority Rev. (Cigarette Tax), 5.75%, 2034		410,000		403,489
Virgin Islands Public Finance Authority Rev., “E”, 5.875%, 2018		500,000		510,455

			$	5,747,188

Tax Assessment – 8.1%
Arborwood Community Development District, FL, Capital Improvement Rev., 5.25%, 2016	$	470,000	$	421,280
Arborwood Community Development District, FL, Capital Improvement Rev. (Master Infrastructure Projects), “A”, 5.35%, 2036		620,000		494,090
Arborwood Community Development District, FL, Special Assessment (Master Infrastructure Projects), “B”, 5.1%, 2014		240,000		217,126
Atlanta, GA, Tax Allocation (Eastside Project), “B”, 5.6%, 2030		815,000		751,291
Atlanta, GA, Tax Allocation (Princeton Lakes Project), 5.5%, 2031		550,000		501,325
Belmont Community Development District, FL, Capital Improvement Rev., “B”, 5.125%, 2014		970,000		873,010
Concord Station Community Development District, FL, Special Assessment, 5%, 2015		265,000		236,089
Concorde Estates Community Development District, FL, Special Assessment, “B”, 5%, 2011		515,000		502,501
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 2036		305,000		271,099
Durbin Crossing Community Development District, FL, Special Assessment Rev., “B- 1”, 4.875%, 2010		455,000		431,768
East Homestead Community Development District, FL, Special Assessment, “B”, 5%, 2011		165,000		155,702
Enclave at Black Point Marina Community Development District, FL, “B”, 5.2%, 2014		215,000		195,884
Fishhawk Community Development District, FL, 5.125%, 2009		345,000		343,530
Grand Bay at Doral Community Development, FL, “A”, 6%, 2039		170,000		148,524
Grand Bay at Doral Community Development, FL, “B”, 6%, 2017		995,000		930,574
Heritage Harbour North Community Development District, FL, Capital Improvement
Rev., 6.375%, 2038		590,000		544,511
Homestead 50 Community Development District, FL, “A”, 6%, 2037		690,000		602,991
Homestead 50 Community Development District, FL, “B”, 5.9%, 2013		310,000		296,261
Katy, TX, Development Authority Rev., “B”, 5.8%, 2011		655,000		657,666
Katy, TX, Development Authority Rev., “B”, 6%, 2018		925,000		918,590
Killarney Community Development District, FL, Special Assessment, “B”, 5.125%, 2009		195,000		190,913
Lakes by the Bay South Community Development District, FL, Rev., “B”, 5.3%, 2009		605,000		601,237
Lancaster County, SC, Assessment Rev. (Sun City Carolina Lakes), 5.45%, 2037		110,000		92,961
Legends Bay Community Development District, FL, “A”, 5.5%, 2014		420,000		389,924
Legends Bay Community Development District, FL, “A”, 5.875%, 2038		380,000		329,475
Magnolia Park Community Development District, FL, Special Assessment Rev., “A”, 6.15%, 2039		1,255,000		1,126,011
Markham, IL, Tax Increment Rev., 9%, 2012		750,000		753,893
Middle Village Community Development District, FL, Special Assessment, “B”, 5%, 2009		155,000		153,687
Naturewalk Community Development District, FL, Capital Improvement Rev., “B”, 5.3%, 2016		650,000		579,748
New Port Tampa Bay Community Development District, FL, Special Assessment, “B”, 5.3%, 2012		440,000		311,964

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tax Assessment – continued
North Springs Improvement District, FL, Special Assessment (Parkland Golf Country Club), “B-1”, 5.125%, 2015	$	155,000	$	134,156
North Springs Improvement District, FL, Special Assessment (Parkland Golf Country Club), “B-2”, 5.125%, 2015		160,000		138,483
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), “A”, 5.85%, 2034		235,000		218,346
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “A”, 5.9%, 2035		245,000		196,877
Old Palm Community Development District, FL, Special Assessment (Palm Beach Gardens), “B”, 5.375%, 2014		265,000		238,781
OTC Community Development District, FL, Special Assessment, “A”, 5.3%, 2038		1,000,000		803,130
Overland Park, KS, Special Assessment (Tallgrass Creek), 4.85%, 2016		170,000		162,744
Overland Park, KS, Special Assessment (Tallgrass Creek), 5.125%, 2028		350,000		314,451
Panther Trace II, Community Development District, FL, Special Assessment, 5.125%, 2013		355,000		330,764
Panther Trace II, Community Development District, FL, Special Assessment, “B”, 5%, 2010		465,000		448,046
Parker Road Community Development District, FL, “A”, 5.6%, 2038		340,000		283,023
Parkway Center, Community Development District, FL, Special Assessment, “B”, 5.625%, 2014		1,085,000		1,014,074
Paseo, FL, Community Development District, “B”, 4.875%, 2010		455,000		435,685
Preserve at Wilderness Lake, FL, Community Development District, Capital Improvement, “B”, 5%, 2009		35,000		34,643
Prince George’s County, MD, Special Obligation (National Harbor Project), 5.2%, 2034		245,000		217,697
Riverwood Estates Community Development District, FL, Special Assessment, “B”, 5%, 2013		870,000		796,389
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 2010		240,000		239,635
Stone Ridge, CO, Metropolitan District No. 2, 7.25%, 2031		800,000		763,360
Tolomato Community Development District, FL, Special Assessment Rev., 6.65%, 2040		1,070,000		1,034,091
Tuscany Reserve Community Development District, FL, Special Assessment Rev., “B”, 5.25%, 2016		790,000		690,950
Villa Vizcaya Community Development District, FL, “A”, 5.55%, 2039		210,000		171,095
Villasol Community Development District, FL, Special Assessment Rev., “B”, 5.375%, 2008		160,000		159,386
Watergrass Community Development District, FL, “A”, 5.375%, 2039		420,000		332,934
Watergrass Community Development District, FL, Special Assessment, “B”, 4.875%, 2010		770,000		730,684
Wentworth Estates Community Development District, FL, Special Assessment, “B”, 5.125%, 2012		345,000		304,849

			$	24,217,898

Tobacco – 10.3%
Badger, WI, Tobacco Asset Securitization Corp., 6.125%, 2027	$	3,640,000	$	3,771,076
Buckeye Tobacco Settlement Financing Authority, 6%, 2042		220,000		215,008
Buckeye, OH, Tobacco Settlement Rev., Asset Backed, “A-2”, 5.875%, 2030		6,065,000		5,935,027
Buckeye, OH, Tobacco Settlement Rev., Asset Backed, “A-2”, 5.875%, 2047		920,000		889,346
Buckeye, OH, Tobacco Settlement Rev., Asset Backed, “A-2”, 6.5%, 2047		2,400,000		2,467,656
California County, CA, Tobacco Securitization Agency, Capital Appreciation Asset Backed (Gold Country), 0%, 2033		2,570,000		502,512
California County, CA, Tobacco Securitization Corp., Tobacco Settlement, L.A. County, “A”, 0% to 2010, 5.65% to 2041		485,000		370,220
California Statewide Financing Authority, Tobacco Settlement, 5.625%, 2029		1,665,000		1,659,689
Children’s Trust Fund, Tobacco Settlement Rev., Puerto Rico, “A”, 0%, 2050		4,000,000		236,720
Children’s Trust Fund, Tobacco Settlement Rev., Puerto Rico, “B”, 0%, 2055		4,000,000		141,960

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Tobacco – continued
District of Columbia, Tobacco Settlement, 6.25%, 2024	$	1,080,000	$	1,104,095
District of Columbia, Tobacco Settlement, Capital Appreciation, “A”, 0%, 2046		5,840,000		421,706
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 2008 (c)		85,000		85,803
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-4”, 7.8%, 2013 (c)		1,000,000		1,232,770
Inland Empire, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Asset Backed, “C-1”, 0%, 2036		3,270,000		493,443
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.3%, 2011 (c)		2,000,000		2,164,360
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6% to 2034		1,635,000		1,532,436
Louisiana Tobacco Settlement Authority Rev., 5.5%, 2030		1,435,000		1,400,646
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Rev., Asset Backed, “A”, 6%, 2048		1,125,000		1,106,674
New Jersey Tobacco Settlement Financing Corp., 5.75%, 2008 (c)		825,000		905,941
New Jersey Tobacco Settlement Financing Corp., 7%, 2013 (c)		15,000		18,086
Northern Tobacco Securitization Corp., AK, Asset Backed, “A”, 5%, 2046		430,000		359,360
Rhode Island Tobacco Settlement Financing Corp., “A”, 0%, 2052		11,115,000		547,414
Rockland Tobacco Asset Securitization Corp., NY, Tobacco Asset Backed, “C”, 0%, 2060		11,045,000		207,646
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo- Santa Clara), “A”, 0%, 2036		2,115,000		319,154
Silicon Valley Tobacco Securitization Authority, CA, Tobacco Settlement Rev. (Turbo- Santa Clara), “A”, 0%, 2041		1,560,000		161,663
South Carolina Tobacco Settlement Authority Rev., “B”, 6%, 2022		1,260,000		1,287,317
South Carolina Tobacco Settlement Authority Rev., “B”, 6.375%, 2028		1,075,000		1,090,158
Virginia Tobacco Settlement Financing Corp., “B-1”, 5%, 2047		70,000		58,833
Washington Tobacco Settlement Authority, 6.5%, 2026		150,000		156,708

			$	30,843,427

Toll Roads – 1.6%
E-470 Public Highway Authority, Colorado Rev., Capital Appreciation, “B”, MBIA, 0%, 2027	$	4,115,000	$	1,397,783
Niagara Falls, NY, Bridge Commission, Toll Rev., FGIC, 5.25%, 2015 (u)		3,000,000		3,304,950

			$	4,702,733

Transportation - Special Tax – 2.9%
Missouri Highways & Transportation Commission, State Road Rev., “A”, 5.625%, 2011 (c)	$	4,500,000	$	4,917,510
Telluride, CO, Real Estate Transfer Assessment Rev. (Gondola Transit Co.), ETM, 11.5%, 2012 (c)		2,900,000		3,758,313

			$	8,675,823

Universities - Colleges – 3.0%
California Educational Facilities Authority Rev. (L.A. College of Chiropractic), 5.6%, 2017	$	750,000	$	749,370
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.5%, 2038		420,000		399,790
Chabot Las Positas, CA, Community College, Capital Appreciation, Election of 2004, “B”, AMBAC, 0%, 2027		950,000		347,995
Foothill-DE Anza Community College District, CA, Capital Appreciation, “B”, AMBAC, 0%, 2034		785,000		192,372
Harrisburg, PA, University of Science, “A”, 5.4%, 2016		235,000		235,308
Houston, TX, Community College Systems, MBIA, 7.875%, 2025		2,500,000		2,987,825
Illinois Educational Facilities Authority Rev. (Augustana College), “A”, 5.625%, 2022		400,000		417,320

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Louisiana State University (Health Sciences Center Project), MBIA, 6.375%, 2031	$	2,500,000	$	2,716,575
Savannah, GA, Economic Development Authority Rev. (College of Art & Design, Inc.), 6.5%, 2009 (c)		625,000		678,769
University of Arkansas, University Construction Rev. (UAMS Campus), “B”, MBIA, 5%, 2034		300,000		307,389

			$	9,032,713

Universities - Dormitories – 0.2%
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 2027	$	370,000	$	357,764
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 2033		380,000		362,478

			$	720,242

Universities - Secondary Schools – 2.6%
California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)	$	545,000	$	628,085
California Statewide Communities Development Authority Rev. (Escondido Charter High School), 7.5%, 2011 (c)		1,000,000		1,185,880
Colorado Housing Finance Development Rev. (Evergreen Country Day School), 5.875%, 2037		770,000		736,297
Deerfield, IL, Educational Facilities Authority Rev. (Chicagoland Jewish High School Project), 6%, 2041		815,000		783,663
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.25%, 2027		430,000		382,507
Lee County, FL, Industrial Development Authority Rev. (Lee Charter Foundation), “A”, 5.375%, 2037		945,000		816,263
Maryland Health & Higher Educational Facilities Authority Rev. (Washington Christian Academy), 5.5%, 2038		140,000		121,202
Maryland Industrial Development Financing Authority, Economic Development Authority Rev. (Our Lady of Good Council), “A”, 6%, 2035		150,000		149,226
Michigan Municipal Bond Authority Rev. (YMCA Service Learning Academy), 7.625%, 2021		1,000,000		1,040,050
Pima County, AZ, Industrial Development Authority Education Rev. (Arizona Charter Schools), “C”, 6.75%, 2031		495,000		507,929
Utah County, UT, Charter School Rev. (Lakeview Academy), “A”, 5.625%, 2037		500,000		460,660
Utah County, UT, Charter School Rev. (Renaissance Academy), “A”, 5.625%, 2037		285,000		261,499
Utah County, UT, Charter School Rev. (Ronald Wilson Reagan Academy), “A”, 6%, 2038		795,000		761,968

			$	7,835,229

Utilities - Cogeneration – 0.8%
Alaska Industrial Development Export Authority, Power Rev., Upper Lynn Canal Regional Power, 5.8%, 2018	$	830,000	$	830,241
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev. (Colver), “G”, 5.125%, 2015		350,000		350,564
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev. (Northampton Generating), 6.4%, 2009		150,000		150,783
Pennsylvania Economic Development Financing Authority Rev., Resources Recovery Rev. (Northampton Generating), “A”, 6.5%, 2013		1,000,000		1,003,460

			$	2,335,048

Utilities - Investor Owned – 6.4%
Brazos River Authority, TX, Authority Texas Rev. (Reliant Energy, Inc.), “A”, 5.375%, 2019	$	500,000	$	504,360
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “C”, 5.75%, 2036 (a)		2,205,000		2,146,369

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued


Issuer	Shares/Par		Value ($)
Municipal Bonds – continued
Utilities - Investor Owned – continued
Brazos River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), “D”, 5.4%, 2029 (a)	$	85,000	$	79,743
Connecticut Development Authority, Pollution Control Rev. (Connecticut Light & Power Co.), 5.95%, 2028		2,270,000		2,323,368
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), “A”, 6.3%, 2016		2,195,000		2,226,191
Farmington, NM, Pollution Control Rev. (New Mexico Public Service), “C”, 5.8%, 2022		2,105,000		2,108,347
Matagorda County, TX (CenterPoint Energy), 5.6%, 2027		1,500,000		1,520,010
Matagorda County, TX, Pollution Control Rev. (Reliant Energy), 5.95%, 2030		1,655,000		1,666,916
Mecklenburg County, VA, Industrial Development Authority Rev. (UAE Mecklenburg LP), 6.5%, 2017		800,000		871,904
New Hampshire Business Finance Authority, Pollution Control Rev. (Public Service of New Hampshire), 6%, 2021		1,000,000		1,024,320
Red River, TX, Authority Pollution Control, (AEP Texas Central Co.), MBIA, 4.45%, 2020		835,000		864,643
Sabine River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), 5.2%, 2028		340,000		278,698
Sabine River Authority, TX, Pollution Control Rev. (TXU Electric Co. LLC), 5.75%, 2030 (a)		290,000		282,289
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2015		1,500,000		1,503,945
West Feliciana Parish, LA, Pollution Control Rev. (Gulf States Utilities Co.), 5.8%, 2016		1,000,000		1,002,230
Yuma County, AZ, Industrial Development Authority (Far West Water & Sewer, Inc.), 6.375%, 2037		735,000		721,932

			$	19,125,265

Utilities - Municipal Owned – 2.5%
North Carolina Eastern Municipal Power Agency, Power Systems Rev., “A”, 5.55%, 2014	$	2,150,000	$	2,230,926
North Carolina Municipal Power Agency, Catawba Electric Rev., “B”, 6.5%, 2020		2,000,000		2,123,360
Seattle, WA, Municipal Light & Power Rev., 5.625%, 2017		3,000,000		3,245,280

			$	7,599,566

Utilities - Other – 0.5%
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 2037	$	1,555,000	$	1,448,000

Water & Sewer Utility Revenue – 0.3%
Magnolia, TX, Water & Sewer System Rev., 5.15%, 2031	$	205,000	$	199,777
Mississippi Development Bank Special Obligations, Grenada, MS, Water & Sewer Systems Project, “N”, FSA, 5%, 2030		710,000		737,158

			$	936,935

Total Municipal Bonds			$	435,437,407

Floating Rate Demand Notes – 0.2%
Atlanta, GA, Water & Wastewater Rev., “C”, 2%, due 2/01/08	$	100,000	$	100,000
East Baton Rouge, LA, Pollution Control Rev. (Exxon Mobil Corp.), 1.87%, due 2/01/08		100,000		100,000
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “B”, 1.98%, due 2/01/08		300,000		300,000
Mt. Vernon Industrial Pollution Control Rev. (General Electric Co.), 1.98%, due 2/01/08		100,000		100,000

Total Floating Rate Demand Notes			$	600,000

Total Investments(k)			$	436,037,407

Other Assets, Less Liabilities – 1.2%				3,645,274
Preferred shares (issued by the fund) – (46.7)%				(140,000,000	)

Net assets applicable to common shares – 100.0%			$	299,682,681

(a)	Mandatory tender date is earlier than stated maturity date.

(c)	Refunded bond.

MFS Municipal Income Trust

PORTFOLIO OF INVESTMENTS (Unaudited) 1/31/08 - continued

(d)	Non-income producing security - in default.

(k)	As of January 31, 2008, the fund held securities fair valued in accordance with the policies adopted by the Board of Trustees, aggregating $435,437,407 and 99.86% of market value. All of these security values were provided by an independent pricing service using an evaluated bid.

(n)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $10,728,398, representing 3.6% of net assets, applicable to common shares.

(p)	Primary inverse floater.

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

(z)

Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:


Restricted Securities	Acquisition Date	Acquisition Cost		Current Market Value
Mashantucket Western Pequot Tribe, CT, “A”, 5.5%, 2036	1/07/08	$	465,955	$	459,630
% of Net Assets					0.2	%

The following abbreviations are used in this report and are defined:

BMA	Bond Market Assn.

COP	Certificate of Participation

ETM	Escrowed to Maturity




Insurers
AMBAC		AMBAC Indemnity Corp.
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
XLCA		XL Capital Insurance Co.

Inverse Floaters
INFLOS		Inverse Floating Security

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

MFS Municipal Income Trust

Supplemental Information (Unaudited) 1/31/08

(1) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate Cost	$	423,925,502

Gross unrealized appreciation	$	19,495,516
Gross unrealized depreciation		(10,393,631	)

Net unrealized appreciation (depreciation)	$	9,101,885

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

(2) Financial Instruments

Futures contracts outstanding at 1/31/08


Description	Contracts	Value		Expiration Date	Unrealized Appreciation (Depreciation)
U.S. Treasury Note 10 yr (Short)	130	$	15,173,438	Mar-08	$	(242,174	)
U.S. Treasury Note Long (Short)	72		8,590,500	Mar-08		(126,252	)

					$	(368,426	)

Swap Agreements at 1/31/08

Expiration

Notional Amount

Counterparty

Cash Flows
to Receive

Cash Flows
to Pay

Value

Interest Rate Swaps

5/14/18

USD

22,500,000

Merrill Lynch

Capital Services

7-Day BMA

3.865% (fixed rate)

(1,051,754

)

At January 31, 2008, the fund had sufficient cash and/or other liquid securities to cover any commitments under these derivative contracts.

ITEM 2.

CONTROLS AND PROCEDURES.

(a)

Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant: MFS MUNICIPAL INCOME TRUST

By (Signature and Title)*		MARIA F. DWYER
		Maria F. Dwyer, President

Date: March 17, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)*		MARIA F. DWYER
		Maria F. Dwyer, President (Principal Executive Officer)

Date: March 17, 2008



By (Signature and Title)*		TRACY ATKINSON
		Tracy Atkinson, Treasurer (Principal Financial Officer and Accounting Officer)

Date: March 17, 2008

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