MFS MULTIMARKET INCOME TRUST N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4975

MFS MULTIMARKET INCOME TRUST

(Exact name of registrant as specified in charter)

500 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

500 Boylston Street

Boston, Massachusetts 02116

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: July 31, 2011


ITEM 1. SCHEDULE OF INVESTMENTS.


LOGO

MFS® Multimarket Income Trust

LOGO

QUARTERLY REPORT

July 31, 2011


MFS Multimarket Income Trust

PORTFOLIO OF INVESTMENTS (unaudited) 7/31/11

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – 112.0%

     

Aerospace – 1.1%

     

BE Aerospace, Inc., 8.5%, 2018

   $ 1,135,000       $ 1,252,717   

Bombardier, Inc., 7.5%, 2018 (n)

     1,285,000         1,439,200   

Bombardier, Inc., 7.75%, 2020 (n)

     485,000         545,625   

CPI International Acquisition, Inc., 8%, 2018 (n)

     985,000         935,750   

Hawker Beechcraft Acquisition Co. LLC, 8.5%, 2015

     1,070,000         802,500   

Heckler & Koch GmbH, 9.5%, 2018 (z)

   EUR 580,000         775,063   

Huntington Ingalls Industries, Inc., 7.125%, 2021 (n)

   $ 815,000         841,488   
     

 

 

 
      $ 6,592,343   
     

 

 

 

Airlines – 0.1%

     

Continental Airlines, Inc., 7.25%, 2021

   $ 185,624       $ 200,474   

Tam Capital 3, Inc., 8.375%, 2021 (n)

     547,000         579,000   
     

 

 

 
      $ 779,474   
     

 

 

 

Apparel Manufacturers – 0.4%

     

Hanesbrands, Inc., 8%, 2016

   $ 420,000       $ 461,475   

Hanesbrands, Inc., 6.375%, 2020

     505,000         502,475   

Phillips-Van Heusen Corp., 7.375%, 2020

     1,185,000         1,276,838   
     

 

 

 
      $ 2,240,788   
     

 

 

 

Asset-Backed & Securitized – 5.6%

     

ARCap REIT, Inc., CDO, “H”, FRN, 6.048%, 2045 (d)(z)

   $ 570,874       $ 5,709   

Banc of America Commercial Mortgage, Inc., FRN, 5.731%, 2051

     2,000,000         2,185,735   

Bayview Financial Acquisition Trust, FRN, 5.483%, 2041

     702,559         706,782   

Bayview Financial Revolving Mortgage Loan Trust, FRN, 1.787%, 2040 (z)

     2,868,781         1,597,669   

Citigroup Commercial Mortgage Trust, FRN, 5.697%, 2049

     390,311         229,660   

Citigroup/Deutsche Bank Commercial Mortgage Trust, FRN, 5.366%, 2049

     1,160,000         1,059,121   

Crest Ltd., CDO, 7%, 2040 (a)

     2,181,233         109,062   

Deutsche Mortgage & Asset Receiving Corp., FRN, 7.5%, 2031

     837,805         839,106   

Falcon Franchise Loan LLC, FRN, 4.045%, 2025 (i)(z)

     3,813,369         301,637   

First Union National Bank Commercial Mortgage Trust, FRN, 1.487%, 2043 (i)(z)

     1,115,013         100   

First Union-Lehman Brothers Bank of America, FRN, 0.335%, 2035 (i)

     15,467,460         259,853   

First Union-Lehman Brothers Commercial Mortgage Trust, 7%, 2029 (n)

     915,798         940,387   

G-Force LLC, CDO, “A2”, 4.83%, 2036 (z)

     2,043,300         2,022,867   

GMAC LLC, FRN, 6.02%, 2033 (z)

     1,167,085         1,209,068   

GMAC LLC, FRN, 7.689%, 2034 (n)

     1,853,000         1,612,110   

JPMorgan Chase Commercial Mortgage Securities Corp., 5.552%, 2045

     1,590,000         1,740,309   

JPMorgan Chase Commercial Mortgage Securities Corp., 5.42%, 2049

     2,130,000         2,260,767   

JPMorgan Chase Commercial Mortgage Securities Corp., “C”, FRN, 6.059%, 2051

     270,000         190,416   

JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.475%, 2043

     1,590,000         1,744,995   

JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.88%, 2045

     1,590,000         1,773,094   

JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.816%, 2049

     2,000,000         2,166,380   

Lehman Brothers Commercial Conduit Mortgage Trust, FRN, 0.881%, 2030 (i)

     3,609,953         72,921   

Morgan Stanley Capital I, Inc., FRN, 1.385%, 2039 (i)(z)

     8,290,306         227,983   

Multi Security Asset Trust, “A3”, 5%, 2035 (z)

     2,341,429         2,341,429   

Prudential Securities Secured Financing Corp., FRN, 7.295%, 2013 (z)

     2,581,000         2,594,591   

Structured Asset Securities Corp., FRN, 4.67%, 2035

     45,991         45,885   

Wachovia Bank Commercial Mortgage Trust, “A4”, FRN, 5.899%, 2051

     2,000,000         2,183,176   

Wachovia Bank Commercial Mortgage Trust, FRN, 5.118%, 2042

     1,375,626         1,499,468   

Wachovia Bank Commercial Mortgage Trust, FRN, 5.688%, 2047

     1,496,845         728,405   

Wachovia Bank Commercial Mortgage Trust, FRN, 5.748%, 2047

     229,557         92,814   
     

 

 

 
      $ 32,741,499   
     

 

 

 

Automotive – 1.9%

     

Accuride Corp., 9.5%, 2018

   $ 855,000       $ 912,713   

 

1


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Automotive – continued

     

Allison Transmission, Inc., 7.125%, 2019 (n)

   $ 620,000       $ 607,600   

Automotores Gildemeister S.A., 8.25%, 2021 (n)

     271,000         285,363   

Ford Motor Credit Co. LLC, 8%, 2014

     620,000         689,126   

Ford Motor Credit Co. LLC, 12%, 2015

     4,845,000         6,083,159   

General Motors Financial Co., Inc., 6.75%, 2018 (n)

     640,000         652,800   

Goodyear Tire & Rubber Co., 10.5%, 2016

     540,000         608,175   

Jaguar Land Rover PLC, 7.75%, 2018 (n)

     200,000         203,000   

Jaguar Land Rover PLC, 8.125%, 2021 (n)

     960,000         972,000   

RCI Banque S.A., 4.6%, 2016 (n)

     266,000         277,166   
     

 

 

 
      $ 11,291,102   
     

 

 

 

Basic Industry – 0.2%

     

Trimas Corp., 9.75%, 2017

   $ 1,045,000       $ 1,149,500   
     

 

 

 

Broadcasting – 3.3%

     

Allbritton Communications Co., 8%, 2018

   $ 790,000       $ 811,725   

AMC Networks, Inc., 7.75%, 2021 (n)

     644,000         677,810   

Citadel Broadcasting Corp., 7.75%, 2018 (n)

     185,000         199,106   

Clear Channel Communications, Inc., 9%, 2021 (n)

     365,000         344,925   

EH Holding Corp., 7.625%, 2021 (n)

     650,000         669,500   

Entravision Communications Corp., 8.75%, 2017

     300,000         313,500   

Gray Television, Inc., 10.5%, 2015

     250,000         259,375   

Inmarsat Finance PLC, 7.375%, 2017 (n)

     1,590,000         1,687,388   

Intelsat Bermuda Ltd., 11.25%, 2017

     815,000         872,050   

Intelsat Jackson Holdings Ltd., 9.5%, 2016

     4,430,000         4,657,038   

Intelsat Jackson Holdings Ltd., 11.25%, 2016

     350,000         372,750   

Lamar Media Corp., 6.625%, 2015

     340,000         344,675   

Liberty Media Corp., 8.5%, 2029

     805,000         800,975   

Local TV Finance LLC, 9.25%, 2015 (p)(z)

     1,335,561         1,332,222   

Newport Television LLC, 13%, 2017 (n)(p)

     390,493         378,697   

Nexstar Broadcasting Group, Inc., 8.875%, 2017

     410,000         431,525   

Sinclair Broadcast Group, Inc., 9.25%, 2017 (n)

     570,000         627,000   

Sinclair Broadcast Group, Inc., 8.375%, 2018

     195,000         206,213   

SIRIUS XM Radio, Inc., 13%, 2013 (n)

     250,000         293,125   

SIRIUS XM Radio, Inc., 8.75%, 2015 (n)

     1,010,000         1,126,150   

SIRIUS XM Radio, Inc., 7.625%, 2018 (n)

     630,000         667,800   

Univision Communications, Inc., 6.875%, 2019 (n)

     1,035,000         1,027,238   

Univision Communications, Inc., 7.875%, 2020 (n)

     745,000         768,281   

Univision Communications, Inc., 8.5%, 2021 (z)

     245,000         242,550   
     

 

 

 
      $ 19,111,618   
     

 

 

 

Brokerage & Asset Managers – 0.3%

     

E*TRADE Financial Corp., 7.875%, 2015

   $ 690,000       $ 705,525   

E*TRADE Financial Corp., 12.5%, 2017

     1,050,000         1,254,750   
     

 

 

 
      $ 1,960,275   
     

 

 

 

Building – 1.6%

     

Associated Materials LLC, 9.125%, 2017

   $ 245,000       $ 247,450   

Building Materials Holding Corp., 6.875%, 2018 (n)

     755,000         777,650   

Building Materials Holding Corp., 7%, 2020 (n)

     470,000         492,325   

Building Materials Holding Corp., 6.75%, 2021 (n)

     455,000         461,256   

CEMEX Finance LLC, 9.5%, 2016 (n)

     1,341,000         1,297,418   

CEMEX S.A.B. de C.V., 9%, 2018 (n)

     629,000         591,260   

CEMEX S.A.B. de C.V., FRN, 5.245%, 2015 (n)

     552,000         507,840   

Masonite International Corp., 8.25%, 2021 (n)

     455,000         458,413   

Nortek, Inc., 10%, 2018 (n)

     325,000         330,688   

 

2


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Building – continued

     

Nortek, Inc., 8.5%, 2021 (n)

   $ 1,100,000       $ 1,025,750   

Odebrecht Finance Ltd., 6%, 2023 (n)

     423,000         429,345   

Owens Corning, 9%, 2019

     2,070,000         2,523,997   

Roofing Supply Group LLC/Roofing Supply Finance, Inc., 8.625%, 2017 (z)

     370,000         376,475   
     

 

 

 
      $ 9,519,867   
     

 

 

 

Business Services – 0.7%

     

Ceridian Corp., 12.25%, 2015 (p)

   $ 280,000       $ 288,400   

IGate Corp., 9%, 2016 (z)

     375,000         375,000   

Interactive Data Corp., 10.25%, 2018

     1,115,000         1,243,225   

Iron Mountain, Inc., 8.375%, 2021

     425,000         454,750   

SunGard Data Systems, Inc., 10.25%, 2015

     900,000         933,750   

SunGard Data Systems, Inc., 7.375%, 2018

     470,000         477,050   
     

 

 

 
      $ 3,772,175   
     

 

 

 

Cable TV – 3.8%

     

Bresnan Broadband Holdings LLC, 8%, 2018 (n)

   $ 280,000       $ 290,500   

Cablevision Systems Corp., 8.625%, 2017

     630,000         696,150   

CCH II LLC, 13.5%, 2016

     1,410,000         1,663,800   

CCO Holdings LLC, 7.875%, 2018

     715,000         768,625   

CCO Holdings LLC, 8.125%, 2020

     1,360,000         1,492,600   

Cequel Communications Holdings, 8.625%, 2017 (n)

     575,000         611,656   

CSC Holdings LLC, 8.5%, 2014

     1,325,000         1,477,375   

DIRECTV Holdings LLC, 5.2%, 2020

     3,340,000         3,649,154   

Insight Communications Co., Inc., 9.375%, 2018 (n)

     895,000         969,956   

Mediacom LLC, 9.125%, 2019

     950,000         1,011,750   

Myriad International Holdings B.V., 6.375%, 2017 (n)

     1,181,000         1,277,015   

TCI Communications, Inc., 9.8%, 2012

     1,135,000         1,185,484   

Telenet Finance Luxembourg, 6.375%, 2020 (n)

   EUR 240,000         330,199   

Time Warner Cable, Inc., 5%, 2020

   $ 2,630,000         2,827,042   

UPCB Finance III Ltd., 6.625%, 2020 (n)

     1,294,000         1,297,235   

Videotron LTEE, 6.875%, 2014

     924,000         934,395   

Virgin Media Finance PLC, 9.5%, 2016

     680,000         765,000   

Virgin Media Finance PLC, 8.375%, 2019

     290,000         324,075   

Ziggo Bond Co. B.V., 8%, 2018 (z)

   EUR 415,000         609,730   
     

 

 

 
      $ 22,181,741   
     

 

 

 

Chemicals – 3.3%

     

Braskem America Finance, 7.125%, 2041 (z)

   $ 636,000       $ 640,770   

Celanese U.S. Holdings LLC, 6.625%, 2018

     1,265,000         1,366,200   

Dow Chemical Co., 8.55%, 2019

     1,500,000         1,981,641   

Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 8.875%, 2018

     1,515,000         1,605,900   

Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 9%, 2020

     280,000         289,800   

Huntsman International LLC, 8.625%, 2021

     1,795,000         1,999,181   

Linde Finance B.V., 6% to 2013, FRN to 2049

   EUR 101,000         150,932   

Lyondell Chemical Co., 8%, 2017 (n)

   $ 387,000         437,310   

Lyondell Chemical Co., 11%, 2018

     4,382,686         4,963,392   

Momentive Performance Materials, Inc., 12.5%, 2014

     1,438,000         1,560,230   

Momentive Performance Materials, Inc., 11.5%, 2016

     789,000         840,285   

Mosaic Co., 7.625%, 2016 (n)

     695,000         736,700   

Polypore International, Inc., 7.5%, 2017

     1,285,000         1,365,313   

Sociedad Quimica y Minera de Chile S.A., 5.5%, 2020 (n)

     568,000         600,024   

Solutia, Inc., 7.875%, 2020

     710,000         773,900   
     

 

 

 
      $ 19,311,578   
     

 

 

 

 

3


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Computer Software – 0.3%

     

Lawson Software, Inc., 11.5%, 2018 (z)

   $ 785,000       $ 769,300   

Syniverse Holdings, Inc., 9.125%, 2019 (n)

     660,000         690,525   
     

 

 

 
      $ 1,459,825   
     

 

 

 

Computer Software - Systems – 0.5%

     

Audatex North America, Inc., 6.75%, 2018 (z)

   $ 630,000       $ 647,325   

DuPont Fabros Technology, Inc., REIT, 8.5%, 2017

     1,785,000         1,954,575   

Eagle Parent, Inc., 8.625%, 2019 (n)

     485,000         465,600   
     

 

 

 
      $ 3,067,500   
     

 

 

 

Conglomerates – 1.0%

     

Actuant Corp., 6.875%, 2017

   $ 1,495,000       $ 1,524,900   

Amsted Industries, Inc., 8.125%, 2018 (n)

     905,000         952,513   

Dynacast International LLC, 9.25%, 2019 (z)

     755,000         772,931   

Griffon Corp., 7.125%, 2018 (n)

     925,000         922,688   

Pinafore LLC, 9%, 2018 (n)

     1,550,000         1,693,375   
     

 

 

 
      $ 5,866,407   
     

 

 

 

Construction – 0.1%

     

Corporacion GEO S.A.B. de C.V., 8.875%, 2014 (n)

   $ 477,000       $ 508,005   
     

 

 

 

Consumer Products – 0.7%

     

ACCO Brands Corp., 10.625%, 2015

   $ 140,000       $ 156,275   

Easton-Bell Sports, Inc., 9.75%, 2016

     735,000         811,256   

Elizabeth Arden, Inc., 7.375%, 2021

     590,000         613,600   

Jarden Corp., 7.5%, 2020

     970,000         1,018,500   

Libbey Glass, Inc., 10%, 2015

     666,000         722,610   

Visant Corp., 10%, 2017

     965,000         997,569   
     

 

 

 
      $ 4,319,810   
     

 

 

 

Consumer Services – 0.8%

     

Realogy Corp., 10.5%, 2014

   $ 230,000       $ 226,550   

Realogy Corp., 11.5%, 2017

     730,000         737,300   

Service Corp. International, 6.75%, 2015

     265,000         284,213   

Service Corp. International, 7%, 2017

     3,300,000         3,580,500   
     

 

 

 
      $ 4,828,563   
     

 

 

 

Containers – 1.0%

     

Exopack Holding Corp., 10%, 2018 (z)

   $ 520,000       $ 522,600   

Graham Packaging Co. LP/GPC Capital Corp., 9.875%, 2014

     550,000         563,750   

Greif, Inc., 6.75%, 2017

     1,515,000         1,598,325   

Owens-Illinois, Inc., 7.375%, 2016

     550,000         600,875   

Packaging Dynamics Corp., 8.75%, 2016 (z)

     330,000         339,900   

Reynolds Group, 8.5%, 2016 (n)

     445,000         463,913   

Reynolds Group, 7.125%, 2019 (n)

     1,455,000         1,414,988   
     

 

 

 
      $ 5,504,351   
     

 

 

 

Defense Electronics – 0.3%

     

Ducommun, Inc., 9.75%, 2018 (n)

   $ 601,000       $ 617,528   

ManTech International Corp., 7.25%, 2018

     835,000         871,531   

MOOG, Inc., 7.25%, 2018

     445,000         472,813   
     

 

 

 
      $ 1,961,872   
     

 

 

 

Electrical Equipment – 0.1%

     

CommScope, Inc., 8.25%, 2019 (z)

   $ 410,000       $ 426,400   
     

 

 

 

Electronics – 0.8%

     

Freescale Semiconductor, Inc., 10.125%, 2018 (n)

   $ 442,000       $ 492,830   

Freescale Semiconductor, Inc., 9.25%, 2018 (n)

     710,000         773,900   

 

4


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Electronics – continued

     

Freescale Semiconductor, Inc., 8.05%, 2020 (z)

   $ 755,000       $ 760,663   

Jabil Circuit, Inc., 7.75%, 2016

     1,231,000         1,378,720   

NXP B.V., 9.75%, 2018 (n)

     107,000         120,108   

Sensata Technologies B.V., 6.5%, 2019 (n)

     1,285,000         1,297,850   
     

 

 

 
      $ 4,824,071   
     

 

 

 

Emerging Market Quasi-Sovereign – 8.0%

     

Banco del Estado de Chile, 4.125%, 2020 (n)

   $ 470,000       $ 470,761   

Banco do Brasil (Cayman Branch), FRN, 8.5%, 2049

     738,000         868,995   

Banco do Brasil S.A., 5.875%, 2022 (n)

     3,148,000         3,187,350   

Banco do Nordeste do Brasil (BNB), 3.625%, 2015 (n)

     1,332,000         1,328,670   

BNDES Participacoes S.A., 6.5%, 2019 (n)

     607,000         688,945   

BNDES Participacoes S.A., 5.5%, 2020 (n)

     277,000         293,620   

CNPC (HK) Overseas Capital Ltd., 4.5%, 2021 (n)

     1,242,000         1,252,709   

CNPC (HK) Overseas Capital Ltd., 5.95%, 2041 (n)

     293,000         303,995   

Development Bank of Kazakhstan, 5.5%, 2015 (n)

     1,930,000         2,012,025   

Ecopetrol S.A., 7.625%, 2019

     821,000         997,515   

Franshion Development Ltd., 6.75%, 2021 (n)

     438,000         421,575   

Gaz Capital S.A., 8.125%, 2014 (n)

     1,540,000         1,757,602   

Gaz Capital S.A., 9.25%, 2019

     744,000         954,180   

KazMunaiGaz Finance B.V., 8.375%, 2013

     539,000         588,211   

KazMunaiGaz Finance B.V., 11.75%, 2015 (n)

     2,793,000         3,487,898   

KazMunaiGaz Finance B.V., 9.125%, 2018 (n)

     713,000         887,685   

Majapahit Holding B.V., 7.25%, 2017 (n)

     1,469,000         1,715,058   

Majapahit Holding B.V., 8%, 2019 (n)

     1,197,000         1,469,318   

Majapahit Holding B.V., 7.75%, 2020 (n)

     1,741,000         2,124,020   

Novatek Finance Ltd., 5.326%, 2016 (n)

     295,000         307,921   

Novatek Finance Ltd., 6.604%, 2021 (n)

     439,000         468,633   

OAO Gazprom, 6.212%, 2016

     1,886,000         2,065,170   

OJSC Russian Agricultural Bank, FRN, 6%, 2021 (n)

     1,168,000         1,185,520   

Pemex Project Funding Master Trust, 5.75%, 2018

     1,341,000         1,489,170   

Pertamina PT, 5.25%, 2021 (n)

     511,000         528,246   

Pertamina PT, 6.5%, 2041 (n)

     235,000         246,750   

Petrobras International Finance Co., 7.875%, 2019

     1,583,000         1,950,281   

Petrobras International Finance Co., 6.75%, 2041

     657,000         736,893   

Petroleos Mexicanos, 8%, 2019

     1,382,000         1,731,093   

Petroleos Mexicanos, 6%, 2020

     1,610,000         1,791,930   

Petroleos Mexicanos, 5.5%, 2021

     994,000         1,060,598   

Petroleos Mexicanos, 5.5%, 2021 (z)

     366,000         394,097   

Petroleos Mexicanos, 6.5%, 2041 (n)

     354,000         374,471   

Petroleum Co. of Trinidad & Tobago Ltd., 9.75%, 2019 (n)

     476,000         580,720   

Petroleum Co. of Trinidad & Tobago Ltd., 6%, 2022

     598,583         612,051   

Ras Laffan Liquefied Natural Gas Co. Ltd., 8.294%, 2014 (n)

     1,506,000         1,649,070   

Ras Laffan Liquefied Natural Gas Co. Ltd., 6.75%, 2019 (n)

     1,230,000         1,445,250   

SCF Capital Ltd., 5.375%, 2017 (n)

     1,134,000         1,132,583   

Transnet Ltd., 4.5%, 2016 (n)

     377,000         396,209   

VEB Finance Ltd., 6.902%, 2020 (n)

     1,177,000         1,277,045   

VTB Capital S.A., 6.465%, 2015 (n)

     407,000         431,420   
     

 

 

 
      $ 46,665,253   
     

 

 

 

Emerging Market Sovereign – 8.7%

     

Dominican Republic, 7.5%, 2021 (n)

   $ 765,000       $ 805,163   

Government of Ukraine, 6.875%, 2015

     1,094,000         1,140,495   

Government of Ukraine, 6.875%, 2015 (n)

     698,000         727,665   

Government of Ukraine, 7.95%, 2021 (n)

     1,154,000         1,223,240   

 

5


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Emerging Market Sovereign – continued

     

Republic of Argentina, 2.5%, to 2019, 3.75% to 2029, 5.25% to 2038

   $ 1,888,000       $ 816,560   

Republic of Argentina, FRN, 8.28%, 2033

     4,053,265         3,516,207   

Republic of Colombia, 7.375%, 2019

     716,000         906,456   

Republic of Colombia, 4.375%, 2021

     322,000         331,338   

Republic of Colombia, 8.125%, 2024

     679,000         918,348   

Republic of Croatia, 6.375%, 2021 (n)

     629,000         637,680   

Republic of Georgia, 6.875%, 2021 (n)

     216,000         222,480   

Republic of Hungary, 6.375%, 2021

     1,542,000         1,601,753   

Republic of Indonesia, 6.875%, 2018

     1,676,000         1,990,250   

Republic of Indonesia, 11.625%, 2019

     733,000         1,101,333   

Republic of Indonesia, 11.625%, 2019 (n)

     872,000         1,310,180   

Republic of Indonesia, 4.875%, 2021 (n)

     671,000         706,228   

Republic of Indonesia, 7.75%, 2038 (n)

     1,559,000         2,034,495   

Republic of Lithuania, 6.125%, 2021 (n)

     212,000         226,045   

Republic of Panama, 8.875%, 2027

     1,273,000         1,842,668   

Republic of Panama, 9.375%, 2029

     1,746,000         2,636,460   

Republic of Panama, 6.7%, 2036

     265,000         318,663   

Republic of Peru, 7.35%, 2025

     544,000         690,880   

Republic of Peru, 8.75%, 2033

     1,966,000         2,816,295   

Republic of Philippines, 6.5%, 2020

     489,000         580,076   

Republic of Philippines, 5.5%, 2026

     802,000         858,140   

Republic of Philippines, 6.375%, 2032

     540,000         621,675   

Republic of Philippines, 6.375%, 2034

     2,781,000         3,205,103   

Republic of Poland, 5.125%, 2021

     486,000         505,440   

Republic of Serbia, FRN, 6.75%, 2024

     369,900         371,750   

Republic of South Africa, 5.5%, 2020

     999,000         1,102,646   

Republic of South Africa, 6.25%, 2041

     1,151,000         1,263,223   

Republic of Sri Lanka, 6.25%, 2020 (n)

     285,000         294,975   

Republic of Sri Lanka, 6.25%, 2021 (z)

     248,000         253,985   

Republic of Turkey, 7%, 2019

     790,000         917,388   

Republic of Turkey, 5.625%, 2021

     670,000         708,525   

Republic of Venezuela, 5.75%, 2016

     3,742,000         2,918,760   

Republic of Venezuela, 7.65%, 2025

     1,345,000         867,525   

Republic of Vietnam, 6.75%, 2020

     1,074,000         1,138,440   

Russian Federation, 7.5%, 2030

     1,947,980         2,329,063   

Ukraine Government International, 6.58%, 2016

     1,418,000         1,458,768   

United Mexican States, 5.625%, 2017

     1,364,000         1,558,370   

United Mexican States, 5.95%, 2019

     268,000         310,210   

United Mexican States, 5.75%, 2110

     408,000         390,660   
     

 

 

 
      $ 50,175,604   
     

 

 

 

Energy - Independent – 5.4%

     

Anadarko Petroleum Corp., 6.45%, 2036

   $ 270,000       $ 294,287   

Anadarko Petroleum Corp., 6.2%, 2040

     590,000         628,133   

ATP Oil & Gas Corp., 11.875%, 2015

     495,000         504,900   

Bill Barrett Corp., 9.875%, 2016

     805,000         909,650   

Carrizo Oil & Gas, Inc., 8.625%, 2018

     730,000         777,450   

Chaparral Energy, Inc., 8.875%, 2017

     1,105,000         1,138,150   

Concho Resources, Inc., 8.625%, 2017

     540,000         594,000   

Concho Resources, Inc., 6.5%, 2022

     1,125,000         1,175,625   

Connacher Oil & Gas Ltd., 8.5%, 2019 (n)

     650,000         625,625   

Continental Resources, Inc., 8.25%, 2019

     815,000         896,500   

Denbury Resources, Inc., 8.25%, 2020

     855,000         944,775   

Energy XXI Gulf Coast, Inc., 9.25%, 2017

     850,000         915,875   

 

6


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Energy - Independent – continued

     

EXCO Resources, Inc., 7.5%, 2018

   $ 945,000       $ 940,275   

Harvest Operations Corp., 6.875%, 2017 (n)

     1,410,000         1,469,925   

LINN Energy LLC, 6.5%, 2019 (n)

     450,000         449,438   

LINN Energy LLC, 8.625%, 2020

     160,000         177,200   

LINN Energy LLC, 7.75%, 2021 (n)

     792,000         843,480   

Newfield Exploration Co., 6.625%, 2014

     435,000         441,525   

Newfield Exploration Co., 6.625%, 2016

     845,000         871,406   

Newfield Exploration Co., 6.875%, 2020

     610,000         657,275   

OGX Petroleo e Gas Participacoes S.A., 8.5%, 2018 (n)

     2,860,000         3,014,440   

OPTI Canada, Inc., 8.25%, 2014 (d)

     1,795,000         1,160,019   

Petrohawk Energy Corp., 7.25%, 2018

     330,000         383,625   

Pioneer Natural Resources Co., 6.875%, 2018

     1,400,000         1,539,919   

Pioneer Natural Resources Co., 7.5%, 2020

     1,015,000         1,168,988   

Plains Exploration & Production Co., 7%, 2017

     2,010,000         2,100,450   

QEP Resources, Inc., 6.875%, 2021

     2,045,000         2,218,825   

Quicksilver Resources, Inc., 9.125%, 2019

     875,000         966,875   

Range Resources Corp., 8%, 2019

     900,000         994,500   

SandRidge Energy, Inc., 8%, 2018 (n)

     1,470,000         1,558,200   

W&T Offshore, Inc., 8.5%, 2019 (n)

     515,000         534,956   

Whiting Petroleum Corp., 6.5%, 2018

     495,000         509,850   
     

 

 

 
      $ 31,406,141   
     

 

 

 

Energy - Integrated – 0.8%

     

CCL Finance Ltd., 9.5%, 2014 (n)

   $ 2,118,000       $ 2,433,053   

CCL Finance Ltd., 9.5%, 2014

     471,000         541,061   

Pacific Rubiales Energy Corp., 8.75%, 2016 (n)

     1,327,000         1,499,510   
     

 

 

 
      $ 4,473,624   
     

 

 

 

Engineering - Construction – 0.1%

     

B-Corp. Merger Sub, Inc., 8.25%, 2019 (z)

   $ 710,000       $ 717,100   
     

 

 

 

Entertainment – 0.6%

     

AMC Entertainment, Inc., 8.75%, 2019

   $ 890,000       $ 945,625   

AMC Entertainment, Inc., 9.75%, 2020

     570,000         570,000   

Cinemark USA, Inc., 8.625%, 2019

     1,220,000         1,332,850   

NAI Entertainment Holdings LLC, 8.25%, 2017 (n)

     440,000         475,750   
     

 

 

 
      $ 3,324,225   
     

 

 

 

Financial Institutions – 3.6%

     

CIT Group, Inc., 5.25%, 2014 (n)

   $ 1,245,000       $ 1,248,113   

CIT Group, Inc., 7%, 2016

     1,570,000         1,573,925   

CIT Group, Inc., 7%, 2017

     5,040,000         5,052,600   

CIT Group, Inc., 6.625%, 2018 (n)

     1,212,000         1,278,660   

General Electric Capital Corp., 6.375% to 2017, FRN to 2067

     1,325,000         1,358,125   

International Lease Finance Corp., 8.75%, 2017

     1,475,000         1,648,313   

International Lease Finance Corp., 7.125%, 2018 (n)

     1,937,000         2,062,905   

International Lease Finance Corp., 8.25%, 2020

     280,000         311,500   

Nationstar Mortgage LLC, 10.875%, 2015 (n)

     1,500,000         1,567,500   

SLM Corp., 8.45%, 2018

     1,330,000         1,487,020   

SLM Corp., 8%, 2020

     1,960,000         2,147,480   

Springleaf Finance Corp., 6.9%, 2017

     1,435,000         1,343,519   
     

 

 

 
      $ 21,079,660   
     

 

 

 

Food & Beverages – 1.6%

     

ARAMARK Corp., 8.5%, 2015

   $ 1,495,000       $ 1,554,800   

B&G Foods, Inc., 7.625%, 2018

     1,020,000         1,091,400   

Constellation Brands, Inc., 7.25%, 2016

     1,615,000         1,780,538   

 

7


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Food & Beverages – continued

     

Pinnacle Foods Finance LLC, 9.25%, 2015

   $ 1,115,000       $ 1,156,813   

Pinnacle Foods Finance LLC, 10.625%, 2017

     330,000         354,750   

Pinnacle Foods Finance LLC, 8.25%, 2017

     245,000         258,169   

Sigma Alimentos S.A., 5.625%, 2018 (n)

     462,000         475,860   

TreeHouse Foods, Inc., 7.75%, 2018

     710,000         758,813   

Tyson Foods, Inc., 6.85%, 2016

     1,520,000         1,692,900   
     

 

 

 
      $ 9,124,043   
     

 

 

 

Forest & Paper Products – 1.5%

     

Boise, Inc., 8%, 2020

   $ 1,100,000       $ 1,157,750   

Cascades, Inc., 7.75%, 2017

     1,025,000         1,060,875   

Fibria Overseas Finance, 6.75%, 2021 (n)

     530,000         556,500   

Georgia-Pacific Corp., 8%, 2024

     780,000         961,827   

Georgia-Pacific Corp., 7.25%, 2028

     270,000         312,728   

Graphic Packaging Holding Co., 7.875%, 2018

     615,000         667,275   

Inversiones CMPC S.A., 4.75%, 2018 (n)

     841,000         862,710   

JSG Funding PLC, 7.75%, 2015

     65,000         66,300   

Millar Western Forest Products Ltd., 8.5%, 2021 (z)

     95,000         82,650   

Smurfit Kappa Group PLC, 7.75%, 2019 (n)

   EUR 600,000         879,382   

Tembec Industries, Inc., 11.25%, 2018

   $ 285,000         303,525   

UPM-Kymmene Corp., 6.125%, 2012

   EUR 100,000         146,245   

Votorantim Participacoes S.A., 6.75%, 2021 (n)

   $ 883,000         949,225   

Xerium Technologies, Inc., 8.875%, 2018 (z)

     420,000         405,300   
     

 

 

 
      $ 8,412,292   
     

 

 

 

Gaming & Lodging – 3.3%

     

American Casinos, Inc., 7.5%, 2021 (n)

   $ 795,000       $ 826,800   

Boyd Gaming Corp., 7.125%, 2016

     325,000         303,875   

Firekeepers Development Authority, 13.875%, 2015 (n)

     760,000         875,710   

Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (d)(n)

     405,000         203   

GWR Operating Partnership LLP, 10.875%, 2017

     405,000         440,438   

Harrah’s Operating Co., Inc., 11.25%, 2017

     1,745,000         1,921,681   

Harrah’s Operating Co., Inc., 10%, 2018

     2,000         1,735   

Harrah’s Operating Co., Inc., 10%, 2018

     700,000         626,500   

Host Hotels & Resorts, Inc., 6.75%, 2016

     3,260,000         3,361,875   

Host Hotels & Resorts, Inc., 9%, 2017

     360,000         403,650   

MGM Mirage, 10.375%, 2014

     190,000         217,075   

MGM Resorts International, 11.375%, 2018

     1,460,000         1,693,600   

MGM Resorts International, 9%, 2020

     860,000         956,750   

Penn National Gaming, Inc., 8.75%, 2019

     1,555,000         1,714,388   

Seven Seas Cruises S. de R.L., 9.125%, 2019 (z)

     625,000         651,563   

Starwood Hotels & Resorts Worldwide, Inc., 6.75%, 2018

     990,000         1,106,325   

Station Casinos, Inc., 6.5%, 2014 (d)

     325,000         33   

Station Casinos, Inc., 6.875%, 2016 (d)

     1,450,000         145   

Wyndham Worldwide Corp., 6%, 2016

     1,175,000         1,275,649   

Wyndham Worldwide Corp., 7.375%, 2020

     850,000         963,806   

Wynn Las Vegas LLC, 7.75%, 2020

     1,370,000         1,513,850   
     

 

 

 
      $ 18,855,651   
     

 

 

 

Industrial – 0.6%

     

Altra Holdings, Inc., 8.125%, 2016

   $ 595,000       $ 639,625   

Dematic S.A., 8.75%, 2016 (z)

     790,000         797,900   

Hillman Group, Inc., 10.875%, 2018 (z)

     570,000         619,875   

Hyva Global B.V., 8.625%, 2016 (n)

     445,000         453,900   

Mueller Water Products, Inc., 7.375%, 2017

     241,000         230,155   

 

8


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Industrial – continued

     

Mueller Water Products, Inc., 8.75%, 2020

   $ 767,000       $ 836,030   
     

 

 

 
      $ 3,577,485   
     

 

 

 

Insurance – 2.0%

     

AIG SunAmerica Global Financing X, 6.9%, 2032 (n)

   $ 2,384,000       $ 2,754,540   

Allianz AG, 5.5% to 2014, FRN to 2049

   EUR 140,000         197,646   

ING Groep N.V., 5.775% to 2015, FRN to 2049

   $ 5,000,000         4,525,000   

MetLife, Inc., 9.25% to 2038, FRN to 2068 (n)

     1,500,000         1,860,000   

Unum Group, 7.125%, 2016

     1,829,000         2,131,050   
     

 

 

 
      $ 11,468,236   
     

 

 

 

Insurance - Property & Casualty – 1.5%

     

Liberty Mutual Group, Inc., 10.75% to 2038, FRN to 2088 (n)

   $ 1,615,000       $ 2,135,838   

USI Holdings Corp., FRN, 4.135%, 2014 (n)

     1,495,000         1,371,663   

XL Group PLC, 6.5% to 2017, FRN to 2049

     2,140,000         1,998,225   

ZFS Finance USA Trust II, 6.45% to 2016, FRN to 2065 (n)

     2,310,000         2,344,650   

ZFS Finance USA Trust IV, 5.875% to 2012, FRN to 2062 (n)

     146,000         147,260   

ZFS Finance USA Trust V, 6.5% to 2017, FRN to 2067 (n)

     680,000         676,600   
     

 

 

 
      $ 8,674,236   
     

 

 

 

International Market Quasi-Sovereign – 0.7%

     

Bank of Ireland, 2.75%, 2012 (n)

   $ 1,520,000       $ 1,428,785   

Canada Housing Trust, 4.6%, 2011 (n)

   CAD 294,000         308,955   

Irish Life & Permanent PLC, 3.6%, 2013 (e)(n)

   $ 2,500,000         2,079,540   
     

 

 

 
      $ 3,817,280   
     

 

 

 

International Market Sovereign – 8.0%

     

Commonwealth of Australia, 5.75%, 2021

   AUD 214,000       $ 252,143   

Federal Republic of Germany, 3.75%, 2015

   EUR 1,954,000         3,021,339   

Federal Republic of Germany, 6.25%, 2030

   EUR 489,000         991,810   

Government of Canada, 4.5%, 2015

   CAD 531,000         611,329   

Government of Canada, 4.25%, 2018

   CAD 8,251,000         9,653,787   

Government of Canada, 5.75%, 2033

   CAD 96,000         139,300   

Government of Japan, 1.3%, 2014

   JPY 131,000,000         1,760,389   

Government of Japan, 1.7%, 2017

   JPY 372,600,000         5,174,878   

Government of Japan, 2.2%, 2027

   JPY 358,200,000         4,991,489   

Kingdom of Belgium, 5.5%, 2017

   EUR 610,000         949,513   

Kingdom of Spain, 4.6%, 2019

   EUR 912,000         1,201,233   

Kingdom of Sweden, 4.5%, 2015

   SEK 1,965,000         340,878   

Kingdom of the Netherlands, 5.5%, 2028

   EUR 262,000         476,228   

Republic of Austria, 4.65%, 2018

   EUR 774,000         1,241,004   

Republic of Finland, 3.875%, 2017

   EUR 531,000         826,055   

Republic of France, 4.75%, 2035

   EUR 789,000         1,303,317   

Republic of Iceland, 4.875%, 2016 (n)

   $ 2,804,000         2,822,195   

Republic of Ireland, 4.5%, 2020

   EUR 445,000         414,472   

Republic of Ireland, 5.4%, 2025

   EUR 475,000         445,055   

Republic of Italy, 4.75%, 2013

   EUR 2,812,000         4,068,845   

Republic of Italy, 5.25%, 2017

   EUR 1,784,000         2,543,946   

United Kingdom Treasury, 8%, 2015

   GBP 943,000         1,975,601   

United Kingdom Treasury, 8%, 2021

   GBP 304,000         721,411   

United Kingdom Treasury, 4.25%, 2036

   GBP 432,000         737,563   
     

 

 

 
      $ 46,663,780   
     

 

 

 

Machinery & Tools – 0.7%

     

Case Corp., 7.25%, 2016

   $ 1,065,000       $ 1,171,500   

Case New Holland, Inc., 7.875%, 2017 (n)

     1,960,000         2,219,700   

 

9


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Machinery & Tools – continued

     

RSC Equipment Rental, Inc., 8.25%, 2021

   $ 440,000       $ 454,300   
     

 

 

 
      $ 3,845,500   
     

 

 

 

Major Banks – 2.7%

     

Bank of America Corp., 5.65%, 2018

   $ 2,000,000       $ 2,116,510   

Bank of America Corp., 8% to 2018, FRN to 2049

     2,395,000         2,466,634   

BNP Paribas, 5.186% to 2015, FRN to 2049 (n)

     2,099,000         1,921,635   

BNP Paribas Capital Trust III, 6.625% to 2011, FRN to 2049

   EUR 100,000         141,175   

Credit Suisse (USA), Inc., 6%, 2018

   $ 1,500,000         1,621,445   

Goldman Sachs Group, Inc., 7.5%, 2019

     1,200,000         1,417,496   

JPMorgan Chase & Co., 7.9% to 2018, FRN to 2049

     500,000         535,950   

JPMorgan Chase Capital XXII, 6.45%, 2087

     324,000         328,599   

JPMorgan Chase Capital XXVII, 7%, 2039

     85,000         86,389   

Morgan Stanley, 6.625%, 2018

     2,000,000         2,225,942   

National Westminster Bank PLC, FRN, 3.706%, 2049

   EUR 330,000         374,600   

Royal Bank of Scotland Group PLC, 7.648% to 2031, FRN to 2049

   $ 1,420,000         1,224,750   

Royal Bank of Scotland Group PLC, 6.99% to 2017, FRN to 2049 (d)(n)

     435,000         386,063   

UniCredito Luxembourg Finance S.A., 6%, 2017 (n)

     990,000         924,264   
     

 

 

 
      $ 15,771,452   
     

 

 

 

Medical & Health Technology & Services – 3.5%

     

Biomet, Inc., 10%, 2017

   $ 560,000       $ 610,400   

Biomet, Inc., 10.375%, 2017 (p)

     420,000         457,800   

Biomet, Inc., 11.625%, 2017

     530,000         583,663   

CDRT Merger Sub, Inc., 8.125%, 2019 (n)

     360,000         360,000   

Davita, Inc., 6.375%, 2018

     1,275,000         1,302,094   

Davita, Inc., 6.625%, 2020

     480,000         489,600   

Examworks Group, Inc., 9%, 2019 (z)

     440,000         453,200   

Fresenius Medical Care AG & Co. KGaA, 9%, 2015 (n)

     875,000         993,125   

HCA, Inc., 9.25%, 2016

     1,470,000         1,568,306   

HCA, Inc., 8.5%, 2019

     2,395,000         2,640,488   

HealthSouth Corp., 8.125%, 2020

     2,200,000         2,381,500   

Owens & Minor, Inc., 6.35%, 2016

     1,420,000         1,512,796   

Teleflex, Inc., 6.875%, 2019

     800,000         824,000   

United Surgical Partners International, Inc., 8.875%, 2017

     560,000         582,400   

United Surgical Partners International, Inc., 9.25%, 2017 (p)

     650,000         680,875   

Universal Health Services, Inc., 7%, 2018

     405,000         421,200   

Universal Hospital Services, Inc., 8.5%, 2015 (p)

     1,640,000         1,693,300   

Vanguard Health Systems, Inc., 0%, 2016

     4,000         2,660   

Vanguard Health Systems, Inc., 8%, 2018

     1,495,000         1,532,375   

VWR Funding, Inc., 10.25%, 2015 (p)

     1,415,000         1,489,288   
     

 

 

 
      $ 20,579,070   
     

 

 

 

Metals & Mining – 3.5%

     

ArcelorMittal, 6.5%, 2014

   $ 1,300,000       $ 1,446,565   

ArcelorMittal, 9.85%, 2019

     1,790,000         2,329,785   

Arch Coal, Inc., 7%, 2019 (n)

     830,000         869,425   

Arch Coal, Inc., 7.25%, 2020

     490,000         512,663   

Arch Western Finance LLC, 6.75%, 2013

     668,000         672,175   

Bumi Investment Pte Ltd., 10.75%, 2017 (n)

     500,000         576,875   

Cloud Peak Energy, Inc., 8.25%, 2017

     1,475,000         1,578,250   

Cloud Peak Energy, Inc., 8.5%, 2019

     1,135,000         1,227,219   

Consol Energy, Inc., 8%, 2017

     1,255,000         1,383,638   

Consol Energy, Inc., 8.25%, 2020

     505,000         561,813   

Gold Fields Ltd., 4.875%, 2020 (n)

     2,352,000         2,281,440   

 

10


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Metals & Mining – continued

     

Metinvest B.V., 8.75%, 2018 (n)

   $ 320,000       $ 331,616   

Novelis, Inc., 8.375%, 2017

     530,000         577,038   

Novelis, Inc., 8.75%, 2020

     280,000         311,500   

Southern Copper Corp., 7.5%, 2035

     1,648,000         1,867,158   

Southern Copper Corp., 6.75%, 2040

     744,000         788,399   

Teck Resources Ltd., 9.75%, 2014

     366,000         446,083   

Vale Overseas Ltd., 5.625%, 2019

     218,000         239,751   

Vale Overseas Ltd., 4.625%, 2020

     681,000         703,071   

Vale Overseas Ltd., 6.875%, 2039

     474,000         548,227   

Vedanta Resources PLC, 8.25%, 2021 (n)

     973,000         1,005,887   
     

 

 

 
      $ 20,258,578   
     

 

 

 

Mortgage-Backed – 1.8%

     

Fannie Mae, 6%, 2037

   $ 926,006       $ 1,021,278   

Fannie Mae, 5.5%, 2038

     8,504,136         9,234,581   
     

 

 

 
      $ 10,255,859   
     

 

 

 

Natural Gas - Pipeline – 1.5%

     

Atlas Pipeline Partners LP, 8.75%, 2018

   $ 375,000       $ 403,125   

Crosstex Energy, Inc., 8.875%, 2018

     1,175,000         1,277,813   

El Paso Corp., 7%, 2017

     1,770,000         2,049,823   

El Paso Corp., 7.75%, 2032

     1,014,000         1,204,364   

Energy Transfer Equity LP, 7.5%, 2020

     1,445,000         1,546,150   

Enterprise Products Partners LP, 8.375% to 2016, FRN to 2066

     527,000         573,113   

Enterprise Products Partners LP, 7.034% to 2018, FRN to 2068

     340,000         358,275   

Kinder Morgan Energy Partners LP, 5.125%, 2014

     1,147,000         1,266,484   
     

 

 

 
      $ 8,679,147   
     

 

 

 

Network & Telecom – 2.7%

     

BellSouth Corp., 6.55%, 2034

   $ 3,213,000       $ 3,618,420   

CenturyLink, Inc., 7.6%, 2039

     535,000         539,472   

Cincinnati Bell, Inc., 8.25%, 2017

     1,350,000         1,370,250   

Cincinnati Bell, Inc., 8.75%, 2018

     1,070,000         1,024,525   

Citizens Communications Co., 9%, 2031

     1,230,000         1,271,513   

Frontier Communications Corp., 8.25%, 2017

     290,000         318,275   

Frontier Communications Corp., 8.125%, 2018

     985,000         1,081,038   

Nortel Networks Corp., 10.75%, 2016 (d)

     280,000         316,750   

Qwest Communications International, Inc., 8%, 2015

     1,480,000         1,609,500   

Qwest Communications International, Inc., 7.125%, 2018 (n)

     1,500,000         1,605,000   

Telefonica Emisiones S.A.U., 2.582%, 2013

     1,050,000         1,049,589   

Windstream Corp., 8.125%, 2018

     220,000         235,400   

Windstream Corp., 7.75%, 2020

     1,185,000         1,256,100   

Windstream Corp., 7.75%, 2021

     445,000         471,700   
     

 

 

 
      $ 15,767,532   
     

 

 

 

Oil Services – 1.0%

     

Afren PLC, 11.5%, 2016 (n)

   $ 335,000       $ 362,236   

Edgen Murray Corp., 12.25%, 2015

     530,000         537,950   

Expro Finance Luxembourg, 8.5%, 2016 (n)

     935,000         937,338   

McJunkin Red Man Holding Corp., 9.5%, 2016 (n)

     840,000         873,600   

Pioneer Drilling Co., 9.875%, 2018

     1,140,000         1,222,650   

QGOG Atlantic/Alaskan Rigs Ltd., 5.25%, 2018 (z)

     1,467,000         1,492,673   

Unit Corp., 6.625%, 2021

     225,000         227,250   
     

 

 

 
      $ 5,653,697   
     

 

 

 

Oils – 0.5%

     

LUKOIL International Finance B.V., 6.125%, 2020 (n)

   $ 2,005,000       $ 2,085,200   

 

11


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Oils – continued

     

Petroplus Holdings AG, 9.375%, 2019 (n)

   $ 650,000       $ 654,875   
     

 

 

 
      $ 2,740,075   
     

 

 

 

Other Banks & Diversified Financials – 3.1%

     

Alfa Bank, 7.75%, 2021 (n)

   $ 1,449,000       $ 1,467,113   

Banco PanAmericano S.A., 8.5%, 2020 (n)

     665,000         741,475   

Banco Santander U.S. Debt S.A.U., 3.781%, 2015 (n)

     1,500,000         1,421,552   

Banco Votorantim S.A., 5.25%, 2016 (n)

     816,000         838,440   

Bancolombia S.A., 5.95%, 2021 (n)

     1,094,000         1,132,290   

Bangkok Bank (Hong Kong), 4.8%, 2020 (n)

     1,293,000         1,283,134   

BBVA Bancomer S.A. Texas, 6.5%, 2021 (n)

     1,207,000         1,249,245   

Bosphorus Financial Services Ltd., FRN, 2.06%, 2012

     375,000         373,632   

Capital One Financial Corp., 10.25%, 2039

     1,110,000         1,174,380   

Citigroup, Inc., 6.125%, 2018

     1,500,000         1,676,015   

Groupe BPCE S.A., 12.5% to 2019, FRN to 2049 (n)

     2,583,000         2,994,601   

LBG Capital No.1 PLC, 7.875%, 2020 (n)

     805,000         754,688   

Santander UK PLC, 8.963% to 2030, FRN to 2049

     1,911,000         2,063,880   

Turkiye Garanti Bankasi A.S., 6.25%, 2021 (n)

     582,000         564,540   
     

 

 

 
      $ 17,734,985   
     

 

 

 

Pharmaceuticals – 0.2%

     

Capsugel FinanceCo. SCA, 9.875%, 2019 (z)

   EUR 370,000       $ 540,957   

Hypermarcas S.A., 6.5%, 2021 (n)

   $ 452,000         455,616   
     

 

 

 
      $ 996,573   
     

 

 

 

Pollution Control – 0.1%

     

WCA Waste Corp., 7.5%, 2019 (n)

   $ 845,000       $ 845,000   
     

 

 

 

Precious Metals & Minerals – 0.1%

     

ALROSA Finance S.A., 7.75%, 2020 (n)

   $ 384,000       $ 420,480   
     

 

 

 

Printing & Publishing – 0.3%

     

American Media, Inc., 13.5%, 2018 (z)

   $ 32,653       $ 34,531   

McClatchy Co., 11.5%, 2017

     305,000         322,538   

Nielsen Finance LLC, 11.5%, 2016

     471,000         547,538   

Nielsen Finance LLC, 7.75%, 2018 (n)

     835,000         885,100   
     

 

 

 
      $ 1,789,707   
     

 

 

 

Railroad & Shipping – 0.4%

     

Kansas City Southern Railway, 8%, 2015

   $ 1,580,000       $ 1,698,500   

Kansas City Southern Railway, 6.125%, 2021 (n)

     425,000         434,563   
     

 

 

 
      $ 2,133,063   
     

 

 

 

Real Estate – 1.4%

     

CB Richard Ellis Group, Inc., 11.625%, 2017

   $ 545,000       $ 630,838   

CNL Lifestyle Properties, Inc., REIT, 7.25%, 2019 (n)

     410,000         374,125   

Country Garden Holding Co., 11.125%, 2018 (n)

     319,000         330,165   

Entertainment Properties Trust, REIT, 7.75%, 2020

     990,000         1,108,800   

Kennedy Wilson, Inc., 8.75%, 2019 (n)

     550,000         550,000   

Longfor Properties Co. Ltd., 9.5%, 2016 (n)

     553,000         570,973   

MPT Operating Partnership, 6.875%, 2021 (n)

     610,000         597,800   

Simon Property Group, Inc., REIT, 10.35%, 2019

     2,200,000         3,100,759   

Yanlord Land Group Ltd., 10.625%, 2018 (n)

     640,000         649,600   
     

 

 

 
      $ 7,913,060   
     

 

 

 

Retailers – 1.7%

     

Burlington Coat Factory Warehouse Corp., 10%, 2019 (n)

   $ 650,000       $ 651,625   

Home Depot, Inc., 5.875%, 2036

     846,000         917,480   

J. Crew Group, Inc., 8.125%, 2019 (n)

     335,000         324,113   

 

12


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Retailers – continued

     

Limited Brands, Inc., 6.9%, 2017

   $ 630,000       $ 680,400   

Limited Brands, Inc., 7%, 2020

     415,000         440,938   

Limited Brands, Inc., 6.95%, 2033

     360,000         333,000   

Neiman Marcus Group, Inc., 10.375%, 2015

     1,650,000         1,728,375   

QVC, Inc., 7.375%, 2020 (n)

     620,000         683,550   

Sally Beauty Holdings, Inc., 10.5%, 2016

     1,255,000         1,342,850   

Toys “R” Us Property Co. II LLC, 8.5%, 2017

     660,000         706,200   

Toys “R” Us, Inc., 10.75%, 2017

     1,545,000         1,738,125   

Yankee Holdings Corp., 10.25%, 2016 (n)(p)

     430,000         434,300   
     

 

 

 
      $ 9,980,956   
     

 

 

 

Specialty Stores – 0.3%

     

GSC Holdings Corp., 8%, 2012

   $ 259,000       $ 262,885   

Michaels Stores, Inc., 11.375%, 2016

     625,000         667,969   

Michaels Stores, Inc., 7.75%, 2018

     725,000         725,000   
     

 

 

 
      $ 1,655,854   
     

 

 

 

Steel – 0.2%

     

JSC Severstal, 6.25%, 2016 (z)

   $ 1,119,000       $ 1,128,164   
     

 

 

 

Supermarkets – 0.2%

     

Delhaize Group, 5.7%, 2040

   $ 1,395,000       $ 1,374,014   
     

 

 

 

Supranational – 0.3%

     

European Investment Bank, 5.125%, 2017

   $ 1,500,000       $ 1,755,314   
     

 

 

 

Telecommunications - Wireless – 3.6%

     

Clearwire Corp., 12%, 2015 (n)

   $ 1,845,000       $ 1,884,206   

Cricket Communications, Inc., 7.75%, 2016

     735,000         783,694   

Cricket Communications, Inc., 7.75%, 2020

     435,000         431,738   

Crown Castle International Corp., 9%, 2015

     2,330,000         2,551,350   

Crown Castle International Corp., 7.125%, 2019

     370,000         394,513   

Crown Castle Towers LLC, 6.113%, 2020 (n)

     420,000         469,021   

Digicel Group Ltd., 12%, 2014 (n)

     400,000         462,000   

Digicel Group Ltd., 8.25%, 2017 (n)

     1,330,000         1,380,141   

Digicel Group Ltd., 10.5%, 2018 (n)

     880,000         983,400   

Globo Comunicacoes e Participacoes S.A., 6.25% to 2015, 9.375% to 2049 (n)

     322,000         341,320   

MetroPCS Wireless, Inc., 7.875%, 2018

     1,060,000         1,127,575   

Net Servicos de Comunicacao S.A., 7.5%, 2020

     1,055,000         1,218,525   

NII Holdings, Inc., 10%, 2016

     820,000         945,050   

NII Holdings, Inc., 8.875%, 2019

     495,000         544,500   

NII Holdings, Inc., 7.625%, 2021

     445,000         467,250   

SBA Communications Corp., 8%, 2016

     340,000         363,375   

SBA Communications Corp., 8.25%, 2019

     590,000         637,200   

Sprint Capital Corp., 6.875%, 2028

     2,210,000         2,099,500   

VimpelCom Ltd., 7.748%, 2021 (n)

     593,000         611,638   

VimpelCom Ltd., 7.504%, 2022 (n)

     1,423,000         1,423,000   

Wind Acquisition Finance S.A., 11.75%, 2017 (n)

     970,000         1,075,488   

Wind Acquisition Finance S.A., 7.25%, 2018 (n)

     940,000         937,650   
     

 

 

 
      $ 21,132,134   
     

 

 

 

Telephone Services – 0.1%

     

Cogent Communications Group, Inc., 8.375%, 2018 (n)

   $ 460,000       $ 484,150   
     

 

 

 

Tobacco – 0.4%

     

Reynolds American, Inc., 6.75%, 2017

   $ 2,016,000       $ 2,367,905   
     

 

 

 

Transportation – 0.1%

     

Navios South American Logistics, Inc., 9.25%, 2019 (n)

   $ 405,000       $ 406,013   
     

 

 

 

 

13


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Bonds – continued

     

Transportation - Services – 1.9%

     

ACL I Corp., 10.625%, 2016 (p)(z)

   $ 745,000       $ 645,853   

Aguila American Resources Ltd., 7.875%, 2018 (n)

     930,000         939,300   

American Petroleum Tankers LLC, 10.25%, 2015

     702,000         726,570   

Atlas Airlines, Inc. Pass-Through Certificates, “A-1”, 7.2%, 2019

     527,882         506,767   

Atlas Airlines, Inc. Pass-Through Certificates, “B”, 7.68%, 2014

     570,393         553,281   

Commercial Barge Line Co., 12.5%, 2017

     1,785,000         1,994,738   

Erac USA Finance Co., 7%, 2037 (n)

     878,000         997,320   

Hertz Corp., 8.875%, 2014

     216,000         221,670   

Hertz Corp., 7.5%, 2018 (n)

     655,000         676,288   

Hertz Corp., 7.375%, 2021 (n)

     435,000         444,788   

Navios Maritime Acquisition Corp., 8.625%, 2017 (z)

     470,000         454,725   

Navios Maritime Acquisition Corp., 8.625%, 2017

     475,000         459,563   

Navios Maritime Holdings, Inc., 8.875%, 2017

     445,000         451,675   

Swift Services Holdings, Inc., 10%, 2018

     930,000         1,000,913   

Westinghouse Air Brake Technologies Corp., 6.875%, 2013

     795,000         845,681   
     

 

 

 
      $ 10,919,132   
     

 

 

 

U.S. Treasury Obligations – 2.0%

     

U.S. Treasury Bonds, 4.5%, 2039 (f)

   $ 11,103,000       $ 11,833,366   
     

 

 

 

Utilities - Electric Power – 3.4%

     

AES Corp., 8%, 2017

   $ 1,495,000       $ 1,614,600   

Allegheny Energy Supply Co. LLC, 8.25%, 2012 (n)

     805,000         844,981   

Calpine Corp., 8%, 2016 (n)

     940,000         1,015,200   

Calpine Corp., 7.875%, 2020 (n)

     1,150,000         1,213,250   

CenterPoint Energy, Inc., 6.5%, 2018

     600,000         705,569   

Covanta Holding Corp., 7.25%, 2020

     990,000         1,074,412   

Dynegy Holdings, Inc., 7.5%, 2015

     330,000         239,250   

Dynegy Holdings, Inc., 7.75%, 2019

     1,260,000         856,800   

Edison Mission Energy, 7%, 2017

     1,105,000         839,800   

EDP Finance B.V., 6%, 2018 (n)

     1,060,000         945,672   

Energy Future Holdings Corp., 10%, 2020

     1,370,000         1,438,697   

Energy Future Holdings Corp., 10%, 2020

     2,270,000         2,395,177   

GenOn Energy, Inc., 9.875%, 2020

     1,410,000         1,487,550   

NRG Energy, Inc., 7.375%, 2017

     815,000         854,731   

NRG Energy, Inc., 8.25%, 2020

     1,390,000         1,431,700   

System Energy Resources, Inc., 5.129%, 2014 (z)

     804,460         825,690   

Texas Competitive Electric Holdings Co. LLC, 11.5%, 2020 (n)

     520,000         481,000   

Waterford 3 Funding Corp., 8.09%, 2017

     1,245,420         1,244,996   
     

 

 

 
      $ 19,509,075   
     

 

 

 

Total Bonds

      $ 649,783,229   
     

 

 

 

Floating Rate Loans (g)(r) – 0.3%

     

Aerospace – 0.1%

     

Hawker Beechcraft Acquisition Co. LLC, Term Loan, 10.5%, 2014

   $ 446,657       $ 442,190   
     

 

 

 

Broadcasting – 0.0%

     

Gray Television, Inc., Term Loan B, 3.69%, 2014

   $ 195,652       $ 191,152   

Local TV Finance LLC, Term Loan B, 2.19%, 2013

     70,295         68,318   
     

 

 

 
      $ 259,470   
     

 

 

 

Building – 0.0%

     

Goodman Global Holdings, Inc., 2nd Lien Term Loan, 9%, 2017

   $ 56,408       $ 57,901   
     

 

 

 

Financial Institutions – 0.1%

     

Springleaf Finance Corp., Term Loan, 5.5%, 2017

   $ 401,312       $ 392,220   
     

 

 

 

 

14


MFS Multimarket Income Trust

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

 

Issuer

   Shares/Par      Value ($)  

Floating Rate Loans (g)(r) – continued

     

Gaming & Lodging – 0.1%

     

MGM Mirage, Term Loan, 7%, 2014

   $ 599,177       $ 586,816   
     

 

 

 

Total Floating Rate Loans

      $ 1,738,597   
     

 

 

 

Common Stocks – 0.1%

     

Automotive – 0.1%

     

Accuride Corp. (a)

     20,680       $ 236,786   
     

 

 

 

Printing & Publishing – 0.0%

     

American Media Operations, Inc. (a)

     8,368       $ 131,963   

Golden Books Family Entertainment, Inc. (a)

     19,975         0   
     

 

 

 
      $ 131,963   
     

 

 

 

Total Common Stocks

      $ 368,749   
     

 

 

 

Preferred Stocks – 0.5%

     

Other Banks & Diversified Financials – 0.5%

     

Ally Financial, Inc., 7% (n)

     480       $ 436,080   

Ally Financial, Inc., “A”, 8.5%

     64,486         1,587,645   

GMAC Capital Trust I, 8.125%

     28,250         723,765   
     

 

 

 

Total Preferred Stocks

      $ 2,747,490   
     

 

 

 

Convertible Preferred Stocks – 0.3%

     

Automotive – 0.2%

     

General Motors Co., 4.75%

     21,770       $ 1,005,992   
     

 

 

 

Insurance – 0.1%

     

MetLife, Inc., 5%

     11,590       $ 903,325   
     

 

 

 

Total Convertible Preferred Stocks

      $ 1,909,317   
     

 

 

 

Money Market Funds (v) – 2.2%

     

MFS Institutional Money Market Portfolio, 0.1%, at Net Asset Value

     12,720,150       $ 12,720,150   
     

 

 

 

Total Investments

      $ 669,267,532   
     

 

 

 

Other Assets, Less Liabilities – (15.4)%

        (89,186,564
     

 

 

 

Net Assets – 100.0%

      $ 580,080,968   
     

 

 

 

 

(a) Non-income producing security.
(d) Non-income producing security - in default.
(e) Guaranteed by Minister for Finance of Ireland.
(f) All or a portion of the security has been segregated as collateral for open futures contracts.
(g) The rate shown represents a weighted average coupon rate on settled positions at period end, unless otherwise indicated.
(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(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 $181,674,236, representing 31.32% of net assets.
(p) Payment-in-kind security.
(r) Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium.
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted is the annualized seven-day yield of the fund at period end.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

 

Restricted Securities

   Acquisition
Date
     Cost      Value  

ACL I Corp., 10.625%, 2016

     2/10/11       $ 732,895       $ 645,853   

 

15


MFS Multimarket Income Trust

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

 

Restricted Securities - continued

   Acquisition
Date
   Cost      Value  

American Media, Inc., 13.5%, 2018

   12/22/10    $ 33,149       $ 34,531   

ARCap REIT, Inc., CDO, “H”, FRN, 6.048%, 2045

   6/21/11      21,408         5,709   

Audatex North America, Inc., 6.75%, 2018

   6/10/11      630,000         647,325   

B-Corp. Merger Sub, Inc., 8.25%, 2019

   5/17/11 - 6/06/11      711,899         717,100   

Bayview Financial Revolving Mortgage Loan Trust, FRN, 1.787%, 2040

   3/01/06      2,868,781         1,597,669   

Braskem America Finance, 7.125%, 2041

   7/19/11      628,246         640,770   

Capsugel FinanceCo. SCA, 9.875%, 2019

   7/20/11 - 7/25/11      539,050         540,957   

CommScope, Inc., 8.25%, 2019

   7/20/11 - 7/21/11      431,742         426,400   

Dematic S.A., 8.75%, 2016

   4/19/11 - 4/20/11      798,963         797,900   

Dynacast International LLC, 9.25%, 2019

   7/12/11 - 7/15/11      762,913         772,931   

Examworks Group, Inc., 9%, 2019

   7/14/11 - 7/15/11      446,282         453,200   

Exopack Holding Corp., 10%, 2018

   5/25/11      521,769         522,600   

Falcon Franchise Loan LLC, FRN, 4.045%, 2025

   1/29/03      333,981         301,637   

First Union National Bank Commercial Mortgage Trust, FRN, 1.487%, 2043

   12/11/03      771         100   

Freescale Semiconductor, Inc., 8.05%, 2020

   7/06/11      758,122         760,663   

G-Force LLC, CDO, “A2”, 4.83%, 2036

   1/20/11      1,982,925         2,022,867   

GMAC LLC, FRN, 6.02%, 2033

   11/17/00      738,449         1,209,068   

Heckler & Koch GmbH, 9.5%, 2018

   5/06/11 - 5/10/11      821,123         775,063   

Hillman Group, Inc., 10.875%, 2018

   3/11/11      620,692         619,875   

IGate Corp., 9%, 2016

   7/26/11 - 7/27/11      379,684         375,000   

JSC Severstal, 6.25%, 2016

   7/19/11      1,119,000         1,128,164   

Lawson Software, Inc., 11.5%, 2018

   7/21/11 - 7/26/11      782,485         769,300   

Local TV Finance LLC, 9.25%, 2015

   11/09/07 - 2/16/11      1,302,664         1,332,222   

Millar Western Forest Products Ltd., 8.5%, 2021

   7/27/11      82,175         82,650   

Morgan Stanley Capital I, Inc., FRN, 1.385%, 2039

   7/20/04      209,566         227,983   

Multi Security Asset Trust, “A3”, 5%, 2035

   10/12/10      2,288,747         2,341,429   

Navios Maritime Acquisition Corp., 8.625%, 2017

   5/12/11      480,342         454,725   

Packaging Dynamics Corp., 8.75%, 2016

   1/25/11 - 2/01/11      334,144         339,900   

Petroleos Mexicanos, 5.5%, 2021

   7/20/11      384,315         394,097   

Prudential Securities Secured Financing Corp., FRN, 7.295%, 2013

   12/06/04      2,644,373         2,594,591   

QGOG Atlantic/Alaskan Rigs Ltd., 5.25%, 2018

   7/20/11      1,457,480         1,492,673   

Republic of Sri Lanka, 6.25%, 2021

   7/20/11      248,000         253,985   

Roofing Supply Group LLC/Roofing Supply Finance, Inc., 8.625%, 2017

   7/22/11 - 7/25/11      379,010         376,475   

Seven Seas Cruises S. de R.L., 9.125%, 2019

   5/13/11 - 7/11/11      634,640         651,563   

System Energy Resources, Inc., 5.129%, 2014

   4/16/04      804,460         825,690   

Univision Communications, Inc., 8.5%, 2021

   7/26/11      245,306         242,550   

Xerium Technologies, Inc., 8.875%, 2018

   5/20/11      420,000         405,300   

Ziggo Bond Co. B.V., 8%, 2018

   7/21/11 - 7/22/11      621,798         609,730   
        

 

 

 

Total Restricted Securities

         $ 28,390,245   

% of Net assets

           4.9

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

 

CDO

   Collateralized Debt Obligation

FRN

   Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.

PLC

   Public Limited Company

REIT

   Real Estate Investment Trust

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:

 

AUD

   Australian Dollar

BRL

   Brazilian Real

CAD

   Canadian Dollar

CNY

   Chinese Yuan Renminbi

EUR

   Euro

GBP

   British Pound

 

16


MFS Multimarket Income Trust

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

 

IDR

   Indonesian Rupiah

JPY

   Japanese Yen

MYR

   Malaysian Ringgit

NOK

   Norwegian Krone

PHP

   Philippine Peso

SEK

   Swedish Krona

SGD

   Singapore Dollar

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

 

17


MFS Multimarket Income Trust

Supplemental Information (Unaudited) 7/31/11

(1) Investment Valuations

Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

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

 

18


MFS Multimarket Income Trust

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

 

The following is a summary of the levels used as of July 31, 2011 in valuing the fund’s assets or liabilities:

 

Investments at Value

   Level 1     Level 2     Level 3      Total  

Equity Securities

   $ 4,457,513      $ 436,080      $ 131,963       $ 5,025,556   

U.S. Treasury Bonds & U.S. Government Agency & Equivalents

     —          11,833,366        —           11,833,366   

Non-U.S. Sovereign Debt

     —          149,077,231        —           149,077,231   

Corporate Bonds

     —          335,896,612        —           335,896,612   

Residential Mortgage-Backed Securities

     —          11,008,526        —           11,008,526   

Commercial Mortgage-Backed Securities

     —          25,912,096        —           25,912,096   

Asset-Backed Securities (including CDOs)

     —          6,076,736        —           6,076,736   

Foreign Bonds

     —          109,978,662        —           109,978,662   

Floating Rate Loans

     —          1,738,597        —           1,738,597   

Mutual Funds

     12,720,150        —          —           12,720,150   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Investments

   $ 17,177,663      $ 651,957,906      $ 131,963       $ 669,267,532   
  

 

 

   

 

 

   

 

 

    

 

 

 

Other Financial Instruments

                         

Futures

   $ (1,894,416   $ —        $ —         $ (1,894,416

Forward Foreign Currency Exchange Contracts

     —          (615,536     —           (615,536

For further information regarding security characteristics, see the Portfolio of Investments. At July 31, 2011, the fund held one level 3 security valued at $0.

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period. The table presents the activity of level 3 securities held at the beginning and the end of the period.

 

     Equity
Securities
    Corporate Bonds     Total  

Balance as of 10/31/10

   $ 33,385      $ 0      $ 33,385   

Realized gain (loss)

     (11,674     (131,452     (143,126

Change in unrealized appreciation (depreciation)

     (21,711     131,452        109,741   

Sales

     0        0        0   

Transfers into level 3

     131,963        —          131,963   
  

 

 

   

 

 

   

 

 

 

Balance as of 7/31/11

   $ 131,963      $ —        $ 131,963   
  

 

 

   

 

 

   

 

 

 

The net change in unrealized appreciation (depreciation) from investments still held as level 3 at July 31, 2011 is $0.

(2) Portfolio Securities

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

 

Aggregate cost

   $ 638,295,545   
  

 

 

 

Gross unrealized appreciation

   $ 42,181,199   

Gross unrealized depreciation

     (11,209,212
  

 

 

 

Net unrealized appreciation (depreciation)

   $ 30,971,987   
  

 

 

 

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

 

19


MFS Multimarket Income Trust

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

 

(3) Derivative Contracts at 7/31/11

Forward Foreign Currency Exchange Contracts at 7/31/11

 

Type

   Currency   

Counterparty

   Contracts to
Deliver/Receive
     Settlement Date
Range
     In Exchange For      Contracts
at Value
     Net Unrealized
Appreciation
(Depreciation)
 

Asset Derivatives

                 

BUY

   BRL    HSBC Bank      2,312,000         10/11/11       $ 1,421,894       $ 1,467,704       $ 45,810   

BUY

   CNY    HSBC Bank      18,209,000         11/16/11         2,824,414         2,830,448         6,034   

BUY

   EUR    BBH      78,000         10/12/11         109,221         111,887         2,666   

SELL

   EUR    Barclays Bank PLC      201,073         10/12/11         288,947         288,429         518   

SELL

   EUR    UBS AG      12,158,082         9/15/11         17,517,121         17,452,401         64,720   

BUY

   IDR    HSBC Bank      25,812,809,000         10/21/11         3,001,140         3,005,508         4,368   

BUY

   MYR    JPMorgan Chase Bank N.A.      4,352,000         9/19/11         1,441,298         1,461,061         19,763   

BUY

   NOK    Deutsche Bank AG      16,074,185         10/12/11         2,958,884         2,971,996         13,112   

BUY

   PHP    JPMorgan Chase Bank N.A.      126,051,500         8/05/11         2,918,197         2,990,517         72,320   

BUY

   SGD    Barclays Bank PLC      5,693,000         10/12/11         4,655,632         4,728,794         73,162   
                    

 

 

 
                     $ 302,473   
                    

 

 

 

Liability Derivatives

                 

SELL

   AUD    Westpac Banking      221,189         10/12/11       $ 235,283       $ 240,859       $ (5,576

SELL

   BRL    HSBC Bank      2,309,000         10/11/11         1,413,529         1,465,799         (52,270

SELL

   CAD    BBH      271,000         10/12/11         280,521         283,189         (2,668

SELL

   CAD    UBS AG      8,560,395         10/12/11         8,901,037         8,945,433         (44,396

BUY

   CNY    Deutsche Bank      19,661,000         10/25/11         3,069,873         3,054,206         (15,667

SELL

   EUR    Barclays Bank PLC      112,613         10/12/11         161,522         161,537         (15

SELL

   EUR    Credit Suisse Group      238,163         10/12/11         341,300         341,632         (332

SELL

   EUR    Deutsche Bank      163,800         10/12/11         234,708         234,963         (255

SELL

   EUR    UBS AG      4,573,374         10/12/11         6,543,519         6,560,276         (16,757

SELL

   GBP    Barclays Bank PLC      1,072,551         10/12/11         1,711,367         1,759,217         (47,850

SELL

   GBP    Deutsche Bank      1,015,551         10/12/11         1,620,555         1,665,725         (45,170

SELL

   IDR    Merrill Lynch International Bank      728,938,000         9/06/11         85,027         85,329         (302

SELL

   JPY    Credit Suisse Group      19,193,488         10/12/11         236,372         249,524         (13,152

SELL

   JPY    JPMorgan Chase Bank N.A.      891,529,567         10/12/11         10,979,428         11,590,267         (610,839

SELL

   PHP    JPMorgan Chase Bank N.A.      126,051,500         8/05/11         2,930,067         2,990,517         (60,450

SELL

   SEK    Deutsche Bank      2,189,895         10/12/11         344,437         346,747         (2,310
                    

 

 

 
                     $ (918,009
                    

 

 

 

Futures Contracts Outstanding at 7/31/11

 

Description

   Currency      Contracts      Value    

Expiration
Date

   Unrealized
Appreciation
(Depreciation)
 

Liability Derivatives

             

Interest Rate Futures

             

U.S. Treasury Note 10 yr (Short)

     USD         477       $ 59,952,938      September-2011    $ (1,864,951

U.S. Treasury Bond 30 yr (Short)

     USD         8         1,025,000      September-2011      (29,465
             

 

 

 
              $ (1,894,416
             

 

 

 

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

 

20


MFS Multimarket Income Trust

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

 

(4) Transactions in Underlying Affiliated Funds-Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:

 

Underlying Affiliated Funds

   Beginning
Shares/Par
Amount
     Acquisitions
Shares/Par
Amount
     Dispositions
Shares/Par
Amount
    Ending
Shares/Par
Amount
 

MFS Institutional Money Market Portfolio

     9,455,992         140,607,816         (137,343,658     12,720,150   

Underlying Affiliated Funds

   Realized
Gain

(Loss)
     Capital Gain
Distributions
     Dividend
Income
    Ending
Value
 

MFS Institutional Money Market Portfolio

   $ —         $ —         $ 32,979      $ 12,720,150   

(5) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of July 31, 2011, are as follows:

 

United States

     54.6

Brazil

     4.3

Canada

     3.6

Russia

     3.3

United Kingdom

     2.7

Mexico

     2.5

Indonesia

     2.4

Japan

     2.1

Italy

     1.7

Other Countries

     22.8

The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.

 

21


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 MULTIMARKET INCOME TRUST

 

By (Signature and Title)*   MARIA F. DIORIODWYER
  Maria F. DiOrioDwyer, President

Date: September 16, 2011

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

 

By (Signature and Title)*   MARIA F. DIORIODWYER
 

Maria F. DiOrioDwyer, President

(Principal Executive Officer)

Date: September 16, 2011

 

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

Date: September 16, 2011

 

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