Annual/Semi-Annual Report by Investment Company (SEC Filing - N-CSRS)

Semiannual Report

April 30, 2021

New York Stock Exchange Symbol: MMT

Letter from the CEO	1
Portfolio composition	2
Portfolio managers' profiles	5
Other notes	6
Portfolio of investments	7
Statement of assets and liabilities	38
Statement of operations	40
Statements of changes in net assets	41
Statement of cash flows	42
Financial highlights	43
Notes to financial statements	45
Report of independent registered public accounting firm	61
Proxy voting policies and information	62
Quarterly portfolio disclosure	62
Further information	62
Information about fund contracts and legal claims	62

Contact information

back cover

LETTER FROM THE CEO

Dear Shareholders:

Markets have experienced dramatic swings since the coronavirus pandemic brought the global economy to a standstill for several months early in 2020. While the speedy development of vaccines brightened the economic and market outlook, uncertainty remains as new variants of the virus appear and questions persist over how fast vaccines can be made widely available in the developing world.

Global central banks have taken aggressive steps to cushion the economic and market fallout related to the virus, and governments are deploying unprecedented levels of fiscal support. Having passed a $1.9 trillion stimulus package in March, the U.S. Congress is expected to approve additional stimulus later this year, some of it focused on infrastructure. Along with extraordinary government expenditures, pent-up consumer demand has fueled a surge in economic activity as coronavirus restrictions have been eased. Because of this, inflation pressures are being felt, and markets have pushed up yields on global government bonds, resulting in ripple effects across many financial markets.

A spirited debate is underway among investors over whether the current price pressures will persist or prove to be temporary, the consequence of pandemic-induced bottlenecks. The policy measures put in place to counteract the pandemic's effects have helped build a supportive environment and are encouraging economic recovery; however, if markets disconnect from fundamentals, they can sow the seeds of instability. As such, recent dramatic increases in speculative trading in cryptocurrencies, special-purpose acquisition companies (SPACs), and the like, bear watching.

In the aftermath of the crisis, we could see societal changes as households, businesses, and governments adjust to a new reality, and any such alterations could affect the investment landscape. For investors, events such as the COVID-19 outbreak demonstrate the importance of having a deep understanding of company fundamentals, and we have built our global research platform to do just that.

At MFS^®, we put our clients' assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our long-term philosophy and adhering to our commitment to sustainable investing, we tune out the noise and aim to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk management to create sustainable value for investors.

Respectfully,

Michael W. Roberge

Chief Executive Officer

MFS Investment Management

June 15, 2021

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

Portfolio structure at value (v)

Portfolio structure reflecting equivalent exposure of derivative positions (i)

Composition including fixed income credit quality (a)(i)

AAA	1.2%
AA	4.1%
A	6.7%
BBB	26.0%
BB	43.9%
B	27.4%
CCC	9.5%
C	0.1%
D (o)	0.0%
U.S. Government	0.8%
Not Rated	(27.0)%
Non-Fixed Income	1.5%
Cash & Cash Equivalents (Less Liabilities)	(22.7)%
Other	28.5%

(a)

For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives) and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(d)	Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.

(i)

For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio's ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.

(m)

In determining each instrument's effective maturity for purposes of calculating the fund's dollar-weighted average effective maturity, MFS uses the instrument's stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument's stated maturity.

(o)	Less than 0.1%.

(v)	For purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

From time to time Cash & Cash Equivalents may be negative due to borrowings for leverage transactions and/or timing of cash receipts and disbursements.

Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

Percentages are based on net assets as of April 30, 2021.

The portfolio is actively managed and current holdings may be different.

Portfolio Managers' Profiles

Portfolio Manager	Primary Role	Since	Title and Five Year History
Robert Spector	Lead Portfolio Manager	2017	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Ward Brown	Emerging Markets Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2005.
David Cole	Below Investment Grade Debt Instruments Portfolio Manager	2006	Investment Officer of MFS; employed in the investment management area of MFS since 2004.
Pilar Gomez-Bravo	Debt Instruments Portfolio Manager	2013	Investment Officer of MFS; employed in the investment management area of MFS since 2013.
Andy Li	Investment Grade Debt Instruments Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2018; Portfolio Manager of Man GLG from 2014 to 2018.
Henry Peabody	Investment Grade Debt Instruments Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2019; Portfolio Manager and Analyst at Eaton Vance Management from 2014 to 2019.
Robert Persons	Investment Grade Debt Instruments Portfolio Manager	2013	Investment Officer of MFS; employed in the investment management area of MFS since 2000.
Matt Ryan	Emerging Markets Debt Instruments Portfolio Manager	2004	Investment Officer of MFS; employed in the investment management area of MFS since 1997.
Michael Skatrud	Below Investment Grade Debt Instruments Portfolio Manager	2018	Investment Officer of MFS; employed in the investment management area of MFS since 2013.

Effective June 30, 2021, Robert Persons will no longer be a Portfolio Manager of the fund.

Other Notes

The fund's shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund's concurrent liquidation.

The fund's target annual distribution rate is calculated based on an annual rate of 8.00% of the fund's average monthly net asset value, not a fixed share price, and the fund's dividend amount will fluctuate with changes in the fund's average monthly net assets.

In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.

Portfolio of Investments

4/30/21 (unaudited)

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 - 119.7%
Aerospace & Defense - 2.0%
Bombardier, Inc., 7.5%, 3/15/2025 (n)		$	1,063,000	$ 1,061,007
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)			605,000	614,075
Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025			324,000	353,337
Huntington Ingalls Industries, Inc., 3.483%, 12/01/2027			290,000	315,477
Lockheed Martin Corp., 2.8%, 6/15/2050			679,000	646,559
Moog, Inc., 4.25%, 12/15/2027 (n)			1,040,000	1,068,600
Rolls-Royce Holdings PLC, 5.75%, 10/15/2027		GBP	400,000	600,136
TransDigm, Inc., 6.25%, 3/15/2026 (n)		$	1,327,000	1,404,961
TransDigm, Inc., 6.375%, 6/15/2026			570,000	591,019
TransDigm, Inc., 5.5%, 11/15/2027			570,000	593,142
TransDigm, Inc., 4.625%, 1/15/2029 (n)			493,000	485,856
				$7,734,169
Airlines - 0.3%
American Airlines, Inc./AAadvantage Loyalty IP Ltd., 5.5%, 4/20/2026 (n)		$	495,000	$ 519,750
EasyJet FinCo B.V., 1.875%, 3/03/2028		EUR	175,000	208,200
National Express Group PLC, 4.25%, 11/26/2069		GBP	375,000	540,505
				$1,268,455
Asset-Backed & Securitized - 2.9%
Arbor Realty Trust, Inc., CLO, 2021-FL1, 'C', FLR, 2.115% (LIBOR - 1mo. + 2%), 12/15/2035 (n)		$	100,000	$ 99,969
Bancorp Commercial Mortgage Trust, 2018-CRE4, 'D', FLR, 2.214% (LIBOR - 1mo. + 2.1%), 9/15/2035 (n)			475,000	470,730
Barclays Commercial Mortgage Securities LLC, 2020-C7, 'XA', 1.743%, 4/15/2053 (i)			997,062	106,157
Bayview Financial Revolving Mortgage Loan Trust, FLR, 1.711% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n)			733,381	782,506
BBCMS Mortgage Trust, 2021-C9, 'XA', 1.771%, 2/15/2054 (i)			6,653,272	842,266
Benchmark Mortgage Trust, 2021-B23, 'XA', 1.387%, 2/15/2054 (i)			4,066,741	390,309
Benchmark Mortgage Trust, 2021-B24, 'XA', 1.274%, 3/15/2054 (i)			2,048,207	178,823
BSPRT Issuer Ltd., 2021-FL6, 'AS', FLR, 1.414% (LIBOR - 1mo. + 1.3%), 3/15/2036 (n)			351,500	351,063
Business Jet Securities LLC, 2020-1A, 'A', 2.981%, 11/15/2035 (n)			446,054	453,068

Issuer			Shares/Par	Value ($)
Floating Rate Loans (r) - continued
Pharmaceuticals - 0.0%
Bausch Health Companies, Inc., Term Loan B, 2.863%, 11/27/2025	$	130,286	$ 129,871
Total Floating Rate Loans (Identified Cost, $889,719)		$ 881,204

	Strike Price	First Exercise
Warrants - 0.0%
Forest & Paper Products - 0.0%
Appvion Holdings Corp. - Tranche A (1 share for 1 warrant, Expiration 6/13/23) (a)	$27.17	8/24/18	332	$ 3
Appvion Holdings Corp. - Tranche B (1 share for 1 warrant, Expiration 6/13/23) (a)	31.25	8/24/18	332	3
Total Warrants (Identified Cost, $0)		$ 6

Investment Companies (h) - 3.5%
Money Market Funds - 3.5%
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $13,081,224)			13,081,417	$ 13,081,417

Underlying/Expiration Date/Exercise Price	Put/Call	Counterparty	Notional Amount	Par Amount/ Number of Contracts
Purchased Options - 0.0%
Market Index Securities - 0.0%
Markit iTraxx Europe Crossover Index - May 2021 @ EUR 200	Call	Goldman Sachs International	$  41,917,090	EUR 28,100,000	$ 17,154
Markit iTraxx Europe Crossover Index - May 2021 @ EUR 325	Put	Goldman Sachs International	38,286,459	28,200,000	9,741
Total Purchased Options (Premiums Paid, $251,806)		$26,895

Other Assets, Less Liabilities - (24.9)%		(94,311,848)
Net Assets - 100.0%	$378,528,477

(a)	Non-income producing security.
(d)	In default.
(f)	All or a portion of the security has been segregated as collateral for open futures contracts.
(h)	An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $13,081,417 and $459,758,908, respectively.

(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 $248,360,587, representing 65.6% of net assets.
(p)	Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.
(r)	The remaining maturities of floating rate loans may be less than the 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. The interest rate shown represents the weighted average of the floating interest rates on settled contracts within the loan facility at period end, unless otherwise indicated. The floating interest rates on settled contracts are determined periodically by reference to a base lending rate and a spread.
(u)	The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.
(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
MF1 CLO Ltd., 2020-FL3, 'AS', FLR, 2.965% (LIBOR - 1mo. + 2.85%), 7/15/2035	6/12/20	$571,500	$580,066
% of Net assets			0.2%

The following abbreviations are used in this report and are defined:
AGM	Assured Guaranty Municipal
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NPFG	National Public Finance Guarantee Corp.
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
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
CHF	Swiss Franc
CNY	China Yuan Renminbi
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar

Derivative Contracts at 4/30/21

Forward Foreign Currency Exchange Contracts
Currency Purchased	Currency Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
CAD	3,618,000	USD	2,914,022	Brown Brothers Harriman	7/16/2021	$29,933
EUR	102,810	USD	123,407	Citibank N.A.	7/16/2021	382
EUR	816,895	USD	982,114	Deutsche Bank AG	7/16/2021	1,474
EUR	2,054,244	USD	2,472,307	UBS AG	7/16/2021	1,121
NOK	2,083,000	USD	247,270	Goldman Sachs International	7/16/2021	2,994
NZD	177,000	USD	126,497	Goldman Sachs International	7/16/2021	129
NZD	190,000	USD	133,840	JPMorgan Chase Bank N.A.	7/16/2021	2,086
SGD	54,000	USD	40,263	HSBC Bank	7/16/2021	306
USD	555,275	AUD	718,654	Goldman Sachs International	7/16/2021	1,482
USD	172,627	AUD	223,000	UBS AG	7/16/2021	784
USD	10,942,128	EUR	9,002,755	HSBC Bank	5/12/2021	116,915
USD	435,625	EUR	361,069	JPMorgan Chase Bank N.A.	7/16/2021	877
USD	772,003	EUR	639,135	Morgan Stanley Capital Services, Inc.	7/16/2021	2,447
USD	124,706	JPY	13,558,000	Deutsche Bank AG	7/16/2021	576
USD	39,162	MXN	793,044	Morgan Stanley Capital Services, Inc.	7/16/2021	330
						$161,836
Liability Derivatives
EUR	1,629,000	USD	1,969,526	Brown Brothers Harriman	7/16/2021	$(8,116)
GBP	461,142	USD	637,044	Morgan Stanley Capital Services, Inc.	7/16/2021	(55)
JPY	109,307,000	USD	1,004,314	Citibank N.A.	7/16/2021	(3,557)
USD	2,627,122	BRL	15,219,966	JPMorgan Chase Bank N.A.	6/04/2021	(166,661)
USD	397,834	CAD	498,357	Deutsche Bank AG	7/16/2021	(7,677)
USD	242,322	CAD	303,000	HSBC Bank	7/16/2021	(4,228)
USD	196,968	CHF	180,919	Citibank N.A.	7/16/2021	(1,521)
USD	263,858	CHF	242,000	Goldman Sachs International	7/16/2021	(1,644)
USD	42,669,768	EUR	35,735,986	JPMorgan Chase Bank N.A.	7/16/2021	(358,426)
USD	516,122	EUR	430,000	Merrill Lynch International	7/16/2021	(1,623)
USD	237,213	EUR	197,100	Morgan Stanley Capital Services, Inc.	7/16/2021	(107)
USD	9,387,424	GBP	6,831,356	JPMorgan Chase Bank N.A.	7/16/2021	(48,930)
						$(602,545)

Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
Euro-Bobl 5 yr	Short	EUR	170	$27,536,446	June - 2021	$50,683
Euro-Bund 10 yr	Short	EUR	119	24,321,510	June - 2021	223,990
U.S. Treasury Note 10 yr	Short	USD	514	67,864,063	June - 2021	1,019,525
U.S. Treasury Ultra Note 10 yr	Short	USD	122	17,756,719	June - 2021	405,543
						$1,699,741
Liability Derivatives
Interest Rate Futures
Euro-Buxl 30 yr	Long	EUR	17	$4,126,482	June - 2021	$(136,160)
U.S. Treasury Bond	Long	USD	108	16,983,000	June - 2021	(371,647)
U.S. Treasury Note 5 yr	Long	USD	10	1,239,375	June - 2021	(9,176)
U.S. Treasury Ultra Bond	Long	USD	17	3,160,406	June - 2021	(43,055)
						$(560,038)

At April 30, 2021, the fund had cash collateral of $1,069,000 and other liquid securities with an aggregate value of $1,344,339 to cover any collateral or margin obligations for certain derivative contracts. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

See Notes to Financial Statements

Financial Statements

Statement of Assets and Liabilities

At 4/30/21 (unaudited)

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

Assets
Investments in unaffiliated issuers, at value (identified cost, $444,188,795)	$459,758,908
Investments in affiliated issuers, at value (identified cost, $13,081,224)	13,081,417
Cash	114,390
Foreign currency, at value (identified cost, $75)	76
Restricted cash for
Forward foreign currency exchange contracts	1,069,000
Receivables for
Forward foreign currency exchange contracts	161,836
Investments sold	2,533,317
Interest	5,212,338
Other assets	42,957
Total assets	$481,974,239
Liabilities
Notes payable	$100,000,000
Payables for
Distributions	9
Forward foreign currency exchange contracts	602,545
Net daily variation margin on open futures contracts	60,387
Investments purchased	2,279,955
When-issued investments purchased	181,575
Payable to affiliates
Investment adviser	13,407
Administrative services fee	330
Transfer agent and dividend disbursing costs	2,521
Payable for independent Trustees' compensation	5,400
Accrued interest expense	65,324
Deferred country tax expense payable	106,677
Accrued expenses and other liabilities	127,632
Total liabilities	$103,445,762
Net assets	$378,528,477

Net assets consist of
Paid-in capital	$385,942,077
Total distributable earnings (loss)	(7,413,600)
Net assets	$378,528,477
Shares of beneficial interest outstanding	60,258,489
Net asset value per share (net assets of $378,528,477 / 60,258,489 shares of beneficial interest outstanding)	$6.28

See Notes to Financial Statements

Financial Statements

Statement of Operations

Six months ended 4/30/21 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

Net investment income (loss)
Income
Interest	$10,368,493
Dividends	114,737
Other	8,562
Dividends from affiliated issuers	4,338
Total investment income	$10,496,130
Expenses
Management fee	$1,245,667
Transfer agent and dividend disbursing costs	46,975
Administrative services fee	29,301
Independent Trustees' compensation	9,650
Stock exchange fee	30,126
Custodian fee	25,509
Shareholder communications	78,279
Audit and tax fees	42,514
Legal fees	8,136
Interest expense and fees	398,280
Miscellaneous	30,554
Total expenses	$1,944,991
Net investment income (loss)	$8,551,139
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers (net of $54,107 country tax)	$8,853,004
Written options	103,773
Futures contracts	435,932
Swap agreements	(2,433)
Forward foreign currency exchange contracts	(692,004)
Foreign currency	(35,975)
Net realized gain (loss)	$8,662,297
Change in unrealized appreciation or depreciation
Unaffiliated issuers (net of $43,450 decrease in deferred country tax)	$3,261,886
Futures contracts	1,223,405
Forward foreign currency exchange contracts	(929,617)
Translation of assets and liabilities in foreign currencies	(870)
Net unrealized gain (loss)	$3,554,804
Net realized and unrealized gain (loss)	$12,217,101
Change in net assets from operations	$20,768,240

See Notes to Financial Statements

Financial Statements

Statements of Changes in Net Assets

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

	Six months ended	Year ended
	4/30/21 (unaudited)	10/31/20
Change in net assets
From operations
Net investment income (loss)	$8,551,139	$17,899,273
Net realized gain (loss)	8,662,297	2,363,900
Net unrealized gain (loss)	3,554,804	(3,870,128)
Change in net assets from operations	$20,768,240	$16,393,045
Distributions to shareholders	$(9,640,872)	$(21,730,896)
Tax return of capital distributions to shareholders	$-	$(9,307,914)
Distributions from other sources	$(5,641,226)	$-
Change in net assets from fund share transactions	$407,155	$(20,578,380)
Total change in net assets	$5,893,297	$(35,224,145)
Net assets
At beginning of period	372,635,180	407,859,325
At end of period	$378,528,477	$372,635,180

See Notes to Financial Statements

Financial Statements

Statement of Cash Flows

Six months ended 4/30/21 (unaudited)

This statement provides a summary of cash flows from investment activity for the fund.

Cash flows from operating activities:
Change in net assets from operations	$20,768,240
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities:
Purchase of investment securities	(177,827,495)
Proceeds from disposition of investment securities	190,085,656
Purchase of short-term investments, net	(3,899,765)
Realized gain/loss on investments	(8,907,111)
Unrealized appreciation/depreciation on investments	(3,218,436)
Unrealized appreciation/depreciation on foreign currency contracts	929,617
Net amortization/accretion of income	303,879
Increase in interest receivable	(24,440)
Decrease in accrued expenses and other liabilities	(69,513)
Decrease in receivable for net daily variation margin on open futures contracts	94,265
Increase in payable for net daily variation margin on open futures contracts	60,387
Increase in other assets	(32,701)
Decrease in interest payable	(2,820)
Net cash provided by operating activities	$18,259,763
Cash flows from financing activities:
Distributions paid in cash	(15,085,033)
Repurchase of shares of beneficial interest	(2,432,964)
Net cash used by financing activities	$(17,517,997)
Net increase in cash and restricted cash	$741,766
Cash and restricted cash:
Beginning of period	$441,700
End of period (including foreign currency of $76)	$1,183,466

Supplemental disclosure of cash flow information:

Non-cash financing activities not included herein consist of reinvestment of dividends and distributions of $407,155.

Cash paid during the six months ended April 30, 2021 for interest was $401,100.

See Notes to Financial Statements

Financial Statements

Financial Highlights

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Six months ended	Year ended
	4/30/21 (unaudited)	10/31/20	10/31/19	10/31/18	10/31/17	10/31/16
Net asset value, beginning of period	$6.19	$6.37	$6.06	$6.67	$6.73	$6.76
Income (loss) from investment operations
Net investment income (loss) (d)	$0.14	$0.29	$0.28	$0.25	$0.30(c)	$0.34
Net realized and unrealized gain (loss)	0.20	(0.01)	0.50	(0.38)	0.15	0.15
Total from investment operations	$0.34	$0.28	$0.78	$(0.13)	$0.45	$0.49
Less distributions declared to shareholders
From net investment income	$(0.16)	$(0.34)	$(0.29)	$(0.29)	$(0.31)	$(0.37)
From tax return of capital	-	(0.15)	(0.21)	(0.22)	(0.23)	(0.16)
From other sources	(0.09)	-	-	-	-	-
Total distributions declared to shareholders	$(0.25)	$(0.49)	$(0.50)	$(0.51)	$(0.54)	$(0.53)
Net increase from repurchase of capital shares	$-	$0.03	$0.03	$0.03	$0.03	$0.01
Net asset value, end of period (x)	$6.28	$6.19	$6.37	$6.06	$6.67	$6.73
Market value, end of period	$6.56	$5.67	$6.01	$5.24	$6.16	$5.97
Total return at market value (%)	20.51(n)	2.77	25.05	(7.01)	12.50	9.93
Total return at net asset value (%) (j)(s)(x)	5.68(n)	5.86	14.60	(0.68)	8.06(c)	8.89
Ratios (%) (to average net assets) and Supplemental data:
Expenses (f)	1.03(a)	1.17	1.56	1.33	1.10(c)	1.10
Net investment income (loss)	4.51(a)	4.63	4.54	4.00	4.45(c)	5.13
Portfolio turnover	36(n)	78	65	47	50	36
Net assets at end of period (000 omitted)	$378,528	$372,635	$407,859	$407,535	$471,461	$504,331
Supplemental Ratios (%):
Ratios of expenses to average net assets excluding interest expense and fees (f)	0.82(a)	0.84	0.84	0.80	0.78(c)	0.87
Senior Securities:
Total notes payable outstanding (000 omitted)	$100,000	$100,000	$100,000	$100,000	$100,000	$100,000
Asset coverage per $1,000 of indebtedness (k)	$4,785	$4,726	$5,079	$5,075	$5,715	$6,043

See Notes to Financial Statements

(a)	Annualized.
(c)	Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher.
(d)	Per share data is based on average shares outstanding.
(f)	Ratios do not reflect reductions from fees paid indirectly, if applicable.
(j)	Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value.
(k)	Calculated by subtracting the fund's total liabilities (not including notes payable) from the fund's total assets and dividing this number by the notes payable outstanding and then multiplying by 1,000.
(n)	Not annualized.
(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(x)	The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

Notes to Financial Statements

(unaudited)

(1) Business and Organization

MFS Multimarket Income Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(2) Significant Accounting Policies

General - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, and greater political, social, and economic instability than developed markets.

In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting ('ASU 2020-04'), which provides optional, temporary relief for certain reference rate-related contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Management is still evaluating the impact of ASU 2020-04 on the fund's accounting for investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.

Balance Sheet Offsetting - The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master

Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

Investment Valuations - Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, 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 may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. 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 on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. 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. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. 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. In determining values, 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 halt 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, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of April 30, 2021 in valuing the fund's assets or liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Equity Securities:
United States	$5,071,520	$6	$146,911	$5,218,437
Mexico	-	255,878	-	255,878
Canada	95,363	-	-	95,363
United Kingdom	76,692	-	-	76,692
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents	-	2,963,186	-	2,963,186
Non - U.S. Sovereign Debt	-	73,904,646	-	73,904,646
Municipal Bonds	-	2,592,341	-	2,592,341
U.S. Corporate Bonds	-	246,265,447	-	246,265,447
Commercial Mortgage-Backed Securities	-	3,847,033	-	3,847,033
Asset-Backed Securities (including CDOs)	-	7,006,535	-	7,006,535
Foreign Bonds	-	116,652,146	-	116,652,146
Floating Rate Loans	-	881,204	-	881,204
Mutual Funds	13,081,417	-	-	13,081,417
Total	$18,324,992	$454,368,422	$146,911	$472,840,325
Other Financial Instruments
Futures Contracts - Assets	$1,699,741	$-	$-	$1,699,741
Futures Contracts - Liabilities	(560,038)	-	-	(560,038)
Forward Foreign Currency Exchange Contracts - Assets	-	161,836	-	161,836
Forward Foreign Currency Exchange Contracts - Liabilities	-	(602,545)	-	(602,545)

For further information regarding security characteristics, see the Portfolio of Investments.

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

	Equity Securities
Balance as of 10/31/20	$146,911
Change in unrealized appreciation or depreciation	-
Balance as of 4/30/21	$146,911

The net change in unrealized appreciation or depreciation from investments held as level 3 at April 30, 2021 is $0. At April 30, 2021, the fund held one level 3 security.

Foreign Currency Translation - Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable

to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

Derivatives - The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

The derivative instruments used by the fund during the period were written options, purchased options, futures contracts, forward foreign currency exchange contracts, and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2021 as reported in the Statement of Assets and Liabilities:

		Fair Value (a)
Risk	Derivative Contracts	Asset Derivatives	Liability Derivatives
Interest Rate	Interest Rate Futures	$1,699,741	$(560,038)
Foreign Exchange	Forward Foreign Currency Exchange Contracts	161,836	(602,545)
Credit	Purchased Credit Options	26,895	-
Total		$1,888,472	$(1,162,583)