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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000912938-03-000593.txt : 20031224
<SEC-HEADER>0000912938-03-000593.hdr.sgml : 20031224
<ACCEPTANCE-DATETIME>20031224121042
ACCESSION NUMBER:		0000912938-03-000593
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20031031
FILED AS OF DATE:		20031224
EFFECTIVENESS DATE:		20031224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFS MULTIMARKET INCOME TRUST
		CENTRAL INDEX KEY:			0000809173
		IRS NUMBER:				046562226
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04975
		FILM NUMBER:		031073279

	BUSINESS ADDRESS:	
		STREET 1:		500 BOYLSTON ST
		STREET 2:		15TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		18006372929

	MAIL ADDRESS:	
		STREET 1:		500 BOYLSTON STREET
		STREET 2:		15TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MFS HIGH YIELD MARKETS TRUST
		DATE OF NAME CHANGE:	19870204
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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<PAGE>      PAGE  5
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SIGNATURE   JAMES YOST
TITLE       ASSISTANT TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>b77.txt
<TEXT>
                         Report of Independent Auditors

To the Shareholders and Board of Trustees of
MFS Multimarket Income Trust

In  planning  and  performing  our  audit  of the  financial  statements  of MFS
Multimarket  Income Trust,  ("the Fund") for the year ended October 31, 2003, we
considered its internal control,  including control  activities for safeguarding
securities,  in order to determine  our auditing  procedures  for the purpose of
expressing  our  opinion  on the  financial  statements  and to comply  with the
requirements of Form N-SAR, not to provide assurance on internal control.

The  management of the Fund is  responsible  for  establishing  and  maintaining
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the expected  benefits and related  costs of
controls.  Generally,  controls  that are  relevant  to an audit  pertain to the
entity's objective of preparing financial  statements for external purposes that
are fairly presented in conformity with accounting principles generally accepted
in the United States.  Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.

Because of inherent  limitations in internal  control,  error or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future periods is subject to the risk that it may become  inadequate  because of
changes in conditions or that the  effectiveness of the design and operation may
deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in  internal   control  that  might  be  material   weaknesses  under  standards
established  by the  American  Institute  of  Certified  Public  Accountants.  A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk  that  misstatements  caused  by error or fraud in  amounts  that  would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing  their assigned  functions.  However,  we noted no matters  involving
internal  control  and  its  operation,   including  controls  for  safeguarding
securities  that we consider to be material  weaknesses  as defined  above as of
October 31, 2003.

This report is intended solely for the information and use of management and the
Board of  Trustees  of MFS  Multimarket  Income  Trust  and the  Securities  and
Exchange  Commission  and is not intended to be and should not be used by anyone
other than these specified parties.

December 12, 2003


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>4
<FILENAME>q277.txt
<TEXT>
                                SUB-EXHIBIT 77Q2

James C. Baillie, James R. Bordewick,  Jr., Ellen Moynihan,  Donald M. Mykrantz,
C. James Prieru, Richard L. Schmalensee,  Robin A. Stelmach, William Stinson and
James O. Yost,  of MFS  Intermediate  Income  Trust,  failed to file  reports as
required  under Section 16(a) of the  Securities  Act of 1934 in a timely manner
during the Trust's most recent  fiscal year as described in the Proxy  Statement
dated August 18, 2003, as filed with the Securities and Exchange  Commission via
EDGAR on August 18, 2003,  under Rule 14a under the Securities Act of 1934. Such
description is incorporated herein by reference.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.102P3 CERT
<SEQUENCE>5
<FILENAME>p3a677.txt
<TEXT>
                              SUB-ITEM 102P3(a)(6)

                          MFS Multimarket Income Trust
                                                     September, 2003

                   CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

                          PRINCIPAL FINANCIAL OFFICERS

I.       Covered Officers/Purpose of the Code

         This  code of  ethics  (this  "Code")  has been  adopted  by the  funds
(collectively,  "Funds" and each,  "Fund")  under  supervision  of the MFS Funds
Board and Compass Board of  Trustees/Managers  (the "Boards") and applies to the
Funds' Principal Executive Officer and Principal Financial Officer (the "Covered
Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

o honest and  ethical  conduct,  including  the  ethical  handling  of actual or
apparent conflicts of interest between personal and professional relationships;

o             full,  fair,  accurate,  timely and  understandable  disclosure in
              reports and documents that the Funds file with, or submits to, the
              Securities  and  Exchange  Commission  ("SEC") and in other public
              communications made by the Funds;

o  compliance  by the Funds  with  applicable  laws and  governmental  rules and
regulations;

o the prompt  internal  reporting of  violations  of the Code to an  appropriate
person or persons identified in the Code; and

o        accountability for adherence to the Code.

                                    II.     Conduct Guidelines

         Each  Covered  Officer  should  adhere to a high  standard  of business
ethics and should be  sensitive  to  situations  that may give rise to actual as
well as apparent conflicts of interest. In addition, each Covered Officer should
not place his or her personal interests ahead of the Funds' interests and should
endeavor to act honestly and ethically.  In  furtherance of the foregoing,  each
Covered Officer must:

o             not use his or her personal  influence  or personal  relationships
              improperly   to  influence   investment   decisions  or  financial
              reporting  for any Fund whereby the Covered  Officer would benefit
              personally to the detriment of the Fund; and

o             not cause a Fund to take action,  or fail to take action,  for the
              individual personal benefit of the Covered Officer rather than the
              benefit the Fund.

         The  following  activities,  which  could  create the  appearance  of a
conflict of interest,  are permitted  only with the approval of the Funds' Chief
Legal Officer ("CLO"):

o        service as a director on the board of any "for profit" company;

o        running for political office;

o        the receipt of any Fund business-related gift in excess of $300;

o             the receipt of any  entertainment  from any  company  with which a
              Fund has  current or  prospective  business  dealings  unless such
              entertainment is business-related, reasonable in cost, appropriate
              as to time and place, and not so frequent as to raise any question
              of impropriety;

o             any  material   ownership   interest  in,  or  any  consulting  or
              employment  relationship  with, any Fund service  providers (e.g.,
              custodian banks,  audit firms),  other than the Funds'  investment
              adviser,  principal  underwriter,  administrator or any affiliated
              person thereof;

o             a  direct  or  indirect   financial   interest   in   commissions,
              transaction  charges  or  spreads  paid  by a Fund  for  effecting
              portfolio  transactions or for selling or redeeming shares,  other
              than an interest arising from the Covered Officer's  employment or
              securities ownership.

III.     Disclosure and Compliance

o Each Covered Officer should familiarize himself or herself with the disclosure
requirements generally applicable to the Funds;

o             each Covered Officer should not knowingly  misrepresent,  or cause
              others to  misrepresent,  facts  about a Fund to  others,  whether
              within or outside the Fund,  including to the Fund's  trustees and
              auditors,  and  to  governmental  regulators  and  self-regulatory
              organizations;

o             each Covered Officer should, to the extent  appropriate within his
              or her area of Fund  responsibility,  consult with other  officers
              and  employees  of the  Funds  and the  adviser  with  the goal of
              promoting  full,  fair,   accurate,   timely  and   understandable
              disclosure  in the reports and  documents  the Funds file with, or
              submit to, the SEC and in other public  communications made by the
              Funds; and

o             it is the  responsibility  of  each  Covered  Officer  to  promote
              compliance within his or her area of Fund  responsibility with the
              standards and  restrictions  imposed by applicable laws, rules and
              regulations.

IV.      Reporting and Accountability

         Each Covered Officer must:

o             upon  adoption  of the Code (or  thereafter  as  applicable,  upon
              becoming a Covered Officer),  affirm in writing to the Boards that
              he or she has received, read, and understands the Code;

o annually  thereafter affirm to the Boards that he or she has complied with the
requirements of the Code;

o             annually report to the CLO  affiliations and  relationships  which
              are or may raise the appearance of a conflict of interest with the
              Covered Officer's duties to the Funds, as identified in the annual
              Trustee and Officer Questionnaire;

o             not retaliate  against any other Covered Officer or any officer or
              employee of the Funds or their  affiliated  persons for reports of
              potential violations that are made in good faith; and

o notify  the CLO  promptly  if he or she knows of any  violation  of this Code.
Failure to do so is itself a violation of this Code.


         The CLO is responsible for applying this Code to specific situations in
which questions are presented under it, granting waivers upon  consultation with
the appropriate  Board or its designee,  investigating  violations,  and has the
authority  to  interpret  this Code in any  particular  situation.  The CLO will
report  requests for waivers to the  appropriate  Board (or a designee  thereof)
promptly upon receipt of a waiver  request and will  periodically  report to the
appropriate Board any approvals granted since the last report.

     The CLO will take all  appropriate  action  to  investigate  any  potential
     violations  reported  to him or her and to  report  any  violations  to the
     appropriate  Board. If the Board concurs that a violation has occurred,  it
     will  consider  appropriate  action,  which  may  include  review  of,  and
     appropriate   modifications   to,   applicable   policies  and  procedures;
     notification  to  appropriate  personnel of the  investment  adviser or its
     board; or a recommendation to dismiss the Covered Officer.

         Any changes to or waivers of this Code will, to the extent required, be
disclosed as provided by SEC rules.

V.       Other Policies and Procedures

         This Code  shall be the sole code of  ethics  adopted  by the Funds for
purposes  of  Section  406 of the  Sarbanes-Oxley  Act and the  rules  and forms
applicable  to  registered  investment  companies  thereunder.  Insofar as other
policies or procedures of the Funds, the Funds' adviser,  principal underwriter,
or other  service  providers  govern  or  purport  to  govern  the  behavior  or
activities  of the  Covered  Officers  who are  subject to this  Code,  they are
superseded  by this Code to the extent that they  overlap or  conflict  with the
provisions  of this Code.  The Funds' and their  investment  adviser's  codes of
ethics under Rule 17j-1 under the Investment  Company Act and any other codes or
policies or procedures adopted by the Funds or their investment adviser or other
service providers are separate requirements and are not part of this Code.

VI.      Amendments

         Any amendments to this Code,  other than  amendments to Exhibit A, must
be approved or ratified by a majority  vote of each Board,  including a majority
of independent trustees.

VII.     Confidentiality

         All reports and records  prepared or  maintained  pursuant to this Code
and under the direction of the CLO will be considered  confidential and shall be
maintained  and protected  accordingly.  Except as otherwise  required by law or
this  Code,  such  matters  shall  not be  disclosed  to anyone  other  than the
appropriate  Funds'  Board,  its  counsel,  counsel to the  Board's  independent
trustees  and  senior  management  and the  board  of  directors  of the  Fund's
investment adviser and its counsel.

VIII.    Internal Use

         The Code is intended  solely for the internal use by the Funds and does
not  constitute  an  admission,  by or on behalf  of any  Fund,  as to any fact,
circumstance, or legal conclusion.

                                    Exhibit A

            Persons Covered by this Code of Ethics

Funds' Principal Executive Officer:  John W. Ballen
Funds' Principal Financial Officer:   Richard M. Hisey




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.102P3 CERT
<SEQUENCE>6
<FILENAME>p3b77.txt
<TEXT>


                                SUB-ITEM 102P3(b)

                          MFS Multimarket Income Trust

Messrs. J. Atwood Ives and Ward Smith, members of the Audit Committee, have been
determined  by the Board of Trustees in their  reasonable  business  judgment to
meet the  definition  of  "audit  committee  financial  expert"  as such term is
defined in the instructions to Form N-SAR. In addition,  Messrs.  Ives and Smith
are  both  "independent"  members  of the  Audit  Committee  as  defined  in the
instructions to Form N-SAR.




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>7
<FILENAME>q177.txt
<TEXT>

                                  SUB-ITEM 77Q1

                              AMENDED AND RESTATED

                              DECLARATION OF TRUST

                                       OF

                          MFS MULTIMARKET INCOME TRUST

                           Dated as of August 12, 2003

                                      -iii-

                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I--Name and Definitions                                              1

         Section 1.1         Name                                           1
         Section 1.2         Definitions                                   1

ARTICLE II--Trustees       3

         Section 2.1         Number of Trustees                            3
         Section 2.2         Term of Office of Trustees                    3
         Section 2.3         Resignation and Appointment of Trustees       4
         Section 2.4         Vacancies                                     5
         Section 2.5         Delegation of Power to Other Trustees         5

ARTICLE III--Powers of Trustees                                            5

         Section 3.1         General                                      5
         Section 3.2         Investments                                 6
         Section 3.3         Legal Title                                 7
         Section 3.4         Issuance and Repurchase of Securities       8
         Section 3.5         Borrowing Money; Lending Trust Property     8
         Section 3.6         Delegation                                  8
         Section 3.7         Collection and Payment                      8
         Section 3.8         Expenses                                   8
         Section 3.9         Manner of Acting; By-Laws                  8
         Section 3.10        Miscellaneous Powers                       9

ARTICLE IV--Investment Adviser, Distributor, Custodian and

                    Transfer Agent                                     10

         Section 4.1         Investment Adviser                        10
         Section 4.2         Distributor                               10
         Section 4.3         Custodian                                 11
         Section 4.4         Transfer Agent                            11
         Section 4.5         Parties to Contract                       11







ARTICLE V--Limitations of Liability of Shareholders, Trustees and
                  Others  11

         Section 5.1         No Personal Liability of Shareholders        11
         Section 5.2         Limitation of Liability of Trustees and Others 12
         Section 5.3         Mandatory Indemnification                   13
         Section 5.4         No Bond Required                            15
         Section 5.5         No Duty of Investigation; Notice in Trust
                             Instruments                                 15
         Section 5.6         Good Faith Action; Reliance on Experts      16
         Section 5.7         Derivative Actions                          16

ARTICLE VI--Shares of Beneficial Interest                               17


         Section 6.1         Beneficial Interest                       17
         Section 6.2         Rights of Shareholders                  17
         Section 6.3         Trust Only                             17
         Section 6.4         Issuance of Shares                17
         Section 6.5         Register of Shares                     18
         Section 6.6         Transfer of Shares                     18
         Section 6.7         Notices                                19
         Section 6.8         Voting Powers                        19

ARTICLE VII--Determination of Net Asset Value, Net Income and
                      Distributions                                20

ARTICLE VIII--Duration; Termination of Trust; Amendment;
                    Mergers, etc.                                 20

         Section 8.1         Duration                            20
         Section 8.2         Termination of Trust               20
         Section 8.3         Amendment Procedure               21
         Section 8.4         Merger, Consolidation and Sale of Assets    22
         Section 8.5         Incorporation, Reorganization          22
         Section 8.6         Conversion                           23
         Section 8.7         Certain Transactions                  23

ARTICLE IX--Miscellaneous  25

         Section 9.1         Filing                                   25
         Section 9.2         Governing Law                             25
         Section 9.3         Principal Office                           26
         Section 9.4         Counterparts                               26
         Section 9.5         Reliance by Third Parties                     26
         Section 9.6         Provisions in Conflict with Law or Regulations  26

Signature Page                                                             27


                              AMENDED AND RESTATED

                              DECLARATION OF TRUST

                                       OF

                          MFS MULTIMARKET INCOME TRUST

                           Dated as of August 12, 2003

         WHEREAS,  MFS Multimarket  Income Trust was  established  pursuant to a
Declaration   of  Trust  dated  January  9,  1987,  as  amended  (the  "Original
Declaration"), for the investment and reinvestment of funds contributed thereto;

         WHEREAS,  the Trustees desire that the beneficial interest in the Trust
assets continue to be divided into  transferable  Shares of Beneficial  Interest
(without par value), as hereinafter provided;

         WHEREAS,   the  Trustees   wish  to  amend  and  restate  the  Original
Declaration  in its entirety,  and hereby certify that this Amended and Restated
Declaration  of Trust has been  amended  and  restated  in  accordance  with the
provisions of the Original Declaration;

         NOW THEREFORE,  the Trustees hereby confirm that all money and property
contributed  to the Trust  hereunder  shall be held and managed in trust for the
benefit of  holders,  from time to time,  of the Shares of  Beneficial  Interest
(without par value) issued hereunder and subject to the provisions  hereof,  and
that the Original Declaration, including all appendices, is amended and restated
in its entirety as follows.

                                    ARTICLE I

                              NAME AND DEFINITIONS

Section 1.1. Name. The name of the Trust is MFS Multimarket Income Trust.

Section 1.2.  Definitions.  Wherever they are used herein,  the following  terms
have the following respective meanings:

(a) "By-Laws" means the By-laws referred to in Section 3.9 hereof,  as from time
to time amended.

         (b)      "Commission" has the meaning given that term in the 1940 Act.

         (c) "Declaration" means this Amended and Restated Declaration of Trust,
as  amended  from  time to  time.  Reference  in this  Declaration  of  Trust to
"Declaration,"  "hereof,"  "herein" and "hereunder"  shall be deemed to refer to
this Declaration rather than the article or section in which such words appear.

(d) "Distributor" means a party furnishing services to the Trust pursuant to any
contract described in Section 4.2

hereof.

(e) "Interested Person" has the meaning given that term in the 1940 Act.

(f) "Investment Adviser" means a party furnishing services to the Trust pursuant
to any contract described in Section 4.1 hereof.

         (g)  "Majority  Shareholder  Vote" has the same  meaning  as the phrase
"vote of a majority of the outstanding voting securities" as defined in the 1940
Act.

         (h) "1940 Act" means the  Investment  Company Act of 1940 and the Rules
and Regulations thereunder, as amended from time to time, and as such Act or the
Rules  and  Regulations  thereunder  may  apply  to the  Trust  pursuant  to any
exemptive  order or similar  relief or  interpretation  issued by the Commission
under such Act.

         (i) "Person"  means and  includes  individuals,  corporations,  limited
liability  companies,  partnerships,  trusts,  associations,  joint ventures and
other entities,  whether or not legal entities, and governments and agencies and
political subdivisions thereof, whether domestic or foreign.

         (j)      "Shareholder" means a record owner of outstanding Shares.

         (k) "Shares"  means the Shares of  Beneficial  Interest  into which the
beneficial  interest in the Trust shall be divided  from time to time.  The term
"Shares" includes fractions of Shares as well as whole Shares.

         (l)  "Transfer  Agent" means a party  furnishing  services to the Trust
pursuant to any transfer agency contract described in Section 4.4 hereof.

         (m)      "Trust" means the trust hereunder.

         (n) "Trust  Property"  means any and all  property,  real or  personal,
tangible  or  intangible,  which is owned or held by or for the  account  of the
Trust or the Trustees.

         (o) "Trustees"  means the persons who have signed the  Declaration,  so
long as they shall continue in office in accordance  with the terms hereof,  and
all  other  persons  who may from  time to time be duly  elected  or  appointed,
qualified and serving as Trustees in accordance with the provisions  hereof, and
reference  herein to a Trustee or the  Trustees  shall  refer to such  person or
persons in their capacity as trustees hereunder.

         (p)  "Trustees  Emeritus"  means any former  Trustees who, from time to
time,  are appointed by the Trustees to serve as trustees  emeritus of the Trust
in accordance with the guidelines and conditions for such service adopted by the
Trustees from time to time, for so long as they serve in that capacity. Trustees
Emeritus,  in their  capacity  as such,  are not  Trustees  of the Trust for any
purpose, and shall not have any powers or obligations of Trustees hereunder.

                                   ARTICLE II

                                    TRUSTEES

         Section 2.1.  Number of Trustees.  The number of Trustees shall be such
number  as shall be  fixed  from  time to time by a  majority  of the  Trustees,
provided,  however,  that the number of Trustees  shall in no event be less than
three (3) nor more than  fifteen  (15).  No  reduction in the number of Trustees
shall  have  the  effect  of  removing  any  Trustee  from  office  prior to the
expiration  of his or her  term  unless  the  Trustee  is  specifically  removed
pursuant to Section 2.2 hereof at the time of the decrease.

         Section 2.2. Term of Office of Trustees. The Board of Trustees shall be
divided into three  classes.  Within the limits above  specified,  the number of
Trustees  in each  class  shall be  determined  by  resolution  of the  Board of
Trustees.  The term of office of the first class shall expire on the date of the
first  annual  meeting  of  Shareholders  or  special  meeting  in lieu  thereof
following  January 1, 2002.  The term of office of the second class shall expire
on the date of the second annual meeting of  Shareholders  or special meeting in
lieu thereof.  The term of office of the third class shall expire on the date of
the third annual  meeting of  Shareholders  or special  meeting in lieu thereof.
Upon  expiration  of the term of office of each  class as set forth  above,  the
number of Trustees in such class, as determined by the Board of Trustees,  shall
be  elected  for a term  expiring  on the date of the third  annual  meeting  of
Shareholders  or special  meeting in lieu thereof  following such  expiration to
succeed the Trustees whose terms of office expire. The Trustees shall be elected
at an annual  meeting of the  Shareholders  or special  meeting in lieu  thereof
called for that purpose, except as provided in Section 2.3 hereof.

         Each Trustee shall hold office until the earlier of his or her death or
the election and qualification of his or her successor; except that:

         (a) any Trustee may resign his or her trust  (without need for prior or
subsequent  accounting)  by an instrument in writing  signed by that Trustee and
delivered to the Trust,  which shall take effect upon such delivery or upon such
later date as is specified therein;

         (b) any Trustee may be removed at any time,  with or without cause,  by
written instrument signed by at least three-quarters of the Trustees, specifying
the date when such removal shall become effective;

         (c) any Trustee who has attained a mandatory retirement age established
pursuant to any written policy adopted from time to time by at least  two-thirds
of the Trustees shall,  automatically  and without action of such Trustee or the
remaining  Trustees,  be deemed to have retired in accordance  with the terms of
such policy, effective as of the date determined in accordance with such policy;
and

         (d) a Trustee may be removed at any meeting of  Shareholders  by a vote
of  Shares  representing  two-thirds  of the  outstanding  Shares  of the  Trust
entitled to vote for the election of such Trustee.

Upon  the  resignation,  retirement  or  removal  of a  Trustee,  or  his or her
otherwise  ceasing to be a Trustee,  that  individual  shall execute and deliver
such  documents  as the  remaining  Trustees  shall  require  for the purpose of
conveying to the Trust or the remaining  Trustees any Trust Property held in the
name of the resigning, retiring or removed Trustee. Upon the incapacity or death
of any Trustee, that Trustee's legal representative shall execute and deliver on
his or her behalf such  documents as the  remaining  Trustees  shall  require as
provided in the preceding sentence.

         Except to the extent expressly provided in a written agreement to which
the  Trust  is a party  or in a  written  policy  adopted  by the  Trustees,  no
resigning or removed  Trustee shall have any right to any  compensation  for any
period  following his or her resignation or removal,  or any right to damages on
account of such removal.

         Section 2.3.  Resignation and  Appointment of Trustees.  In case of the
declination,  death, resignation,  retirement or removal of any of the Trustees,
or in case a vacancy shall,  by reason of an increase in number of Trustees,  or
for any other reason,  exist, a majority of the remaining Trustees may fill such
vacancy by appointing such other  individual as they in their  discretion  shall
see fit. Any such appointment  shall not become  effective,  however,  until the
person  appointed shall have accepted in writing such  appointment and agreed in
writing to be bound by the terms of the Declaration. An appointment of a Trustee
may be made by the Trustees then in office in anticipation of a vacancy to occur
by reason of retirement,  resignation, removal or increase in number of Trustees
effective at a later date, provided that said appointment shall become effective
only at or after the effective date of said retirement,  resignation, removal or
increase  in number of  Trustees.  The power of  appointment  is  subject to all
applicable provisions of the 1940 Act.

         Section   2.4.   Vacancies.   The  death,   declination,   resignation,
retirement,  removal or incapacity of the  Trustees,  or any of them,  shall not
operate to annul the Trust or to revoke any existing agency created  pursuant to
the terms of the Declaration. Whenever a vacancy in the number of Trustees shall
occur,  until such  vacancy is filled as provided  in Section  2.3, or while any
Trustee is  incapacitated,  the other  Trustees in office,  regardless  of their
number,  shall have all the powers  granted to the Trustees and shall  discharge
all the duties imposed upon the Trustees by the Declaration, and only such other
Trustees  shall be counted for the purposes of the  existence of a quorum or the
taking  of  any  action  to be  taken  by the  Trustees.  A  written  instrument
certifying  the existence of such vacancy or incapacity  signed by a majority of
the Trustees shall be conclusive evidence of the existence thereof.

         Section  2.5.  Delegation  of  Power  to  Other  Trustees.  Subject  to
requirements  imposed by the 1940 Act and other applicable law, any Trustee may,
by power of attorney,  delegate his power for a period not  exceeding six months
at any one time to any other Trustee or Trustees; provided that in no case shall
fewer than two Trustees  personally  exercise the powers granted to the Trustees
under the Declaration except as otherwise expressly provided herein.

                                   ARTICLE III

                               POWERS OF TRUSTEES

         Section 3.1. General. Subject to the provisions of the Declaration, the
Trustees shall have  exclusive and absolute  control over the Trust Property and
over the  business of the Trust to the same extent as if the  Trustees  were the
sole owners of the Trust Property and business in their own right, but with such
powers of delegation as may be permitted by the Declaration.  The Trustees shall
have power to conduct the business of the Trust and carry on its  operations  in
any and all of its  branches  and  maintain  offices both within and without The
Commonwealth  of  Massachusetts,  in any and all states of the United  States of
America,  in  the  District  of  Columbia,  and in any  and  all  commonwealths,
territories,  dependencies, colonies, possessions, agencies or instrumentalities
of the United States of America and of foreign  governments,  and to do all such
other things and execute all such  instruments  as the Trustees deem  necessary,
proper or desirable in order to promote the interests of the Trust although such
things are not herein specifically mentioned. Any determination as to what is in
the  interests  of the  Trust  made by the  Trustees  in  good  faith  shall  be
conclusive.  In construing the provisions of the  Declaration,  the  presumption
shall be in favor of a grant of power to the Trustees.

         The  enumeration of any specific power herein shall not be construed as
limiting the aforesaid power or any other power of the Trustees hereunder.  Such
powers of the Trustees may be exercised without order of or resort to any court.

         Section 3.2.  Investments.  (a) The Trustees shall have the power:

(i) to conduct, operate and carry on the business of an investment company;

         (ii) to subscribe for,  invest in,  reinvest in,  purchase or otherwise
acquire, own, hold, pledge, sell, assign, transfer,  exchange,  distribute, lend
or otherwise deal in or dispose of securities of every nature and kind, U.S. and
foreign  currencies,  any  form of  gold  or  other  precious  metal,  commodity
contracts, any form of option contract,  contracts for the future acquisition or
delivery of fixed income or other  securities,  derivative  instruments of every
kind,  "when-issued"  or  standby  contracts,  and all types of  obligations  or
financial  instruments,  including,  without  limitation,  all  types of  bonds,
debentures,  stocks,  negotiable  or  non-negotiable  instruments,  obligations,
evidences of indebtedness,  certificates of deposit or indebtedness,  commercial
paper, repurchase agreements,  bankers' acceptances, and other securities of any
kind,  issued,  created,  guaranteed  or  sponsored  by  any  and  all  Persons,
including, without limitation,

(A) states, territories and possessions of the United States and the District of
Columbia and any political  subdivision,  agency or  instrumentality of any such
Person,

(B) the U.S. Government, any foreign government, or any political subdivision or
any agency or instrumentality of the U.S. Government or any foreign government,

         (C)      any international instrumentality,

         (D)      any bank or savings institution, or

         (E) any  corporation or  organization  organized  under the laws of the
United  States or of any state,  territory or possession  thereof,  or under any
foreign law;

to retain Trust  assets in cash and from time to time to change the  investments
in which  the  assets of the Trust are  invested;  and to  exercise  any and all
rights, powers and privileges of ownership or interest in respect of any and all
such investments of every kind and description,  including,  without limitation,
the right to consent  and  otherwise  act with  respect  thereto,  with power to
designate  one or more  Persons  to  exercise  any of said  rights,  powers  and
privileges in respect of any of said investments; and

         (iii) to carry on any other  business in connection  with or incidental
to any of the foregoing powers, to do everything necessary,  proper or desirable
for the  accomplishment  of any purpose or the  attainment  of any object or the
furtherance of any power  hereinbefore  set forth,  and to do every other act or
thing  incidental or appurtenant  to or connected  with the aforesaid  purposes,
objects or powers.

         (b) The Trustees  shall not be limited to investing  in  securities  or
obligations maturing before the possible termination of the Trust, nor shall the
Trustees be limited by any law  limiting  the  investments  which may be made by
fiduciaries.

         (c)  Notwithstanding  any other  provision  of the  Declaration  to the
contrary,  the  Trustees  shall have the power in their  discretion  without any
requirement of approval by Shareholders to either invest all or a portion of the
Trust  Property,  or sell all or a portion of such Trust Property and invest the
proceeds of such sales, in one or more other investment  companies to the extent
not prohibited by the 1940 Act.

         Section 3.3.  Legal Title.  Legal title to all Trust  Property shall be
vested in the  Trustees as joint  tenants  except that the  Trustees  shall have
power to cause legal title to any Trust Property to be held by or in the name of
one or more of the Trustees,  or in the name of the Trust, or in the name of any
other Person or nominee, on such terms as the Trustees may determine. The right,
title  and  interest  of  the  Trustees  in  the  Trust   Property   shall  vest
automatically  in each  person  who may  hereafter  become a  Trustee.  Upon the
resignation,  retirement,  removal or death of a  Trustee,  such  Trustee  shall
automatically  cease to have any right,  title or  interest  in any of the Trust
Property,  and the  right,  title  and  interest  of such  Trustee  in the Trust
Property shall vest  automatically in the remaining  Trustees.  Such vesting and
cessation of title shall be effective whether or not conveyancing documents have
been executed and delivered.

         Section 3.4. Issuance and Repurchase of Securities.  The Trustees shall
have the power to issue, sell,  repurchase,  redeem,  retire,  cancel,  acquire,
hold, resell,  reissue,  dispose of, transfer, and otherwise deal in Shares and,
subject to the provisions set forth in Articles VII and VIII hereof, to apply to
any such  repurchase,  redemption,  retirement,  cancellation  or acquisition of
Shares  any funds of the  Trust or other  Trust  Property,  whether  capital  or
surplus or otherwise.

         Section 3.5.  Borrowing  Money;  Lending Trust  Property.  The Trustees
shall have power to borrow  money or otherwise  obtain  credit and to secure the
same by  mortgaging,  pledging or  otherwise  subjecting  as security  the Trust
Property, to endorse, guarantee, or undertake the performance of any obligation,
contract or engagement of any other Person and to lend Trust Property.

         Section 3.6. Delegation. The Trustees shall have power to delegate from
time to time to such of their number or to officers,  employees,  any Investment
Adviser,  Distributor,  custodian,  agent or independent contractor of the Trust
the doing of such things and the  execution  of such  instruments  either in the
name of the Trust or the names of the  Trustees or otherwise as the Trustees may
deem appropriate or expedient.

         Section 3.7.  Collection and Payment.  The Trustees shall have power to
collect  all  property  due to the Trust;  to pay all claims,  including  taxes,
against the Trust  Property;  to  prosecute,  defend,  compromise or abandon any
claims  relating to the Trust  Property;  to  foreclose  any  security  interest
securing any obligations,  by virtue of which any property is owed to the Trust;
and to enter into releases, agreements and other instruments.

         Section 3.8.  Expenses.  The Trustees shall have the power to incur and
pay  any  expenses  which  in the  opinion  of the  Trustees  are  necessary  or
incidental  to carry  out any of the  purposes  of the  Declaration,  and to pay
reasonable  compensation  from the funds of the Trust to themselves as Trustees.
The Trustees shall fix the compensation of all officers, employees, Trustees and
Trustees Emeritus.

         Section 3.9. Manner of Acting;  By-Laws.  Except as otherwise  provided
herein,  in the  1940  Act or in the  By-Laws,  any  action  to be  taken by the
Trustees  may be taken by a  majority  of the  Trustees  present at a meeting of
Trustees at which a quorum is present,  including any meeting held by means of a
conference  telephone  circuit or similar  communications  equipment by means of
which all  persons  participating  in the  meeting  can hear each  other,  or by
written  consents of two-thirds of the Trustees.  The Trustees may adopt By-Laws
not inconsistent with the Declaration to provide for the conduct of the business
of the Trust  and may  amend or repeal  such  By-Laws  to the  extent  permitted
therein at any time.

Section 3.10. Miscellaneous Powers. Without limiting the foregoing, the Trustees
shall have the power to:

(a) employ or contract with such Persons as the Trustees may deem  desirable for
the transaction of the business of the Trust;

(b) enter  into  joint  ventures,  partnerships  and any other  combinations  or
associations;

         (c) elect and remove  such  officers  and appoint  and  terminate  such
agents or employees as they consider  appropriate,  in each case with or without
cause,  and appoint and terminate any one or more committees  which may exercise
some or all of the power and  authority  of the  Trustees  as the  Trustees  may
determine;

         (d) purchase, and pay for out of Trust Property, such insurance as they
may deem necessary or appropriate  for the conduct of the business of the Trust,
including,  without  limitation,  insurance  policies insuring the assets of the
Trust and payment of distributions  and principal on its portfolio  investments,
and insurance  policies  insuring  Shareholders,  any  administrator,  Trustees,
Trustees Emeritus,  officers,  employees,  agents, any Investment  Adviser,  any
Distributor,  selected  dealers or independent  contractors of the Trust against
all claims  arising by reason of holding  any such  position or by reason of any
action  taken or omitted  by any such  Person in such  capacity,  whether or not
constituting  negligence,  or whether  or not the Trust  would have the power to
indemnify such Person against such liability;

         (e)  establish  pension,   profit-sharing,   Share  purchase,  deferred
compensation,  and  other  retirement,  incentive  and  benefit  plans  for  any
Trustees, officers, employees or agents of the Trust;

         (f) to the extent permitted by law,  indemnify any person with whom the
Trust has dealings, including any Investment Adviser, administrator,  custodian,
Distributor, Transfer Agent, shareholder servicing agent and any dealer, to such
extent as the Trustees shall determine;

         (g)      guarantee indebtedness or contractual obligations of others;

(h)  determine  and change the fiscal  year of the Trust and the method by which
its accounts shall be kept; and

         (i) adopt a seal for the Trust,  provided that the absence of such seal
shall not impair the validity of any instrument executed on behalf of the Trust.

                                   ARTICLE IV

          INVESTMENT ADVISER, DISTRIBUTOR, CUSTODIAN AND TRANSFER AGENT

         Section 4.1. Investment Adviser.  Subject to applicable requirements of
the 1940 Act, the Trustees may in their  discretion from time to time enter into
one or more investment advisory or management  contracts whereby the other party
to each such  contract  shall  undertake  to furnish the Trust such  management,
investment   advisory,   statistical  and  research   facilities  and  services,
promotional  activities,  and such other facilities and services, if any, as the
Trustees shall from time to time consider  desirable and all upon such terms and
conditions as the Trustees may in their  discretion  determine.  Notwithstanding
any provision of the  Declaration,  the Trustees may delegate to the  Investment
Adviser  authority  (subject  to such  general or specific  instructions  as the
Trustees  may from  time to time  adopt) to effect  purchases,  sales,  loans or
exchanges of assets of the Trust on behalf of the Trustees or may  authorize any
officer, employee or Trustee to effect such purchases, sales, loans or exchanges
pursuant to  recommendations  of the Investment Adviser (and all without further
action by the Trustees). Any of such purchases,  sales, loans or exchanges shall
be deemed to have been  authorized  by all the  Trustees.  Such  services may be
provided by one or more Persons.

         Section 4.2.  Distributor.  Subject to applicable  requirements  of the
1940 Act, the Trustees may in their  discretion from time to time enter into one
or more exclusive or non-exclusive distribution contracts providing for the sale
of Shares,  whereby  the Trust may either  agree to sell the Shares to the other
party to any such  contract  or appoint any such other party its sales agent for
such  Shares.  In either  case,  any such  contract  shall be on such  terms and
conditions as the Trustees may in their discretion determine, provided that such
terms and conditions are not inconsistent with the provisions of the Declaration
or the By-Laws; and such contract may also provide for the repurchase or sale of
Shares by such other party as principal or as agent of the Trust and may provide
that such  other  party may enter  into  selected  dealer  agreements  or agency
agreements  with  securities  dealers or other Persons to further the purpose of
the  distribution or repurchase of the Shares.  Such services may be provided by
one or more Persons.

         Section 4.3. Custodian.  The Trustees may in their discretion from time
to time enter into one or more  contracts  whereby  the other party to each such
contract  shall  undertake to furnish such custody  services to the Trust as the
Trustees shall from time to time consider  desirable and all upon such terms and
conditions as the Trustees may in their discretion determine, provided that such
terms and conditions are not  inconsistent  with the provisions of the 1940 Act,
the  Declaration  or the By-Laws.  The Trustees may  authorize  any custodian to
employ  one or more  sub-custodians  from  time to time to  perform  such of the
services  of the  custodian  as the  Trustees  shall from time to time  consider
desirable.  Services  described  in this  Section may be provided by one or more
Persons.

         Section 4.4.  Transfer Agent. The Trustees may in their discretion from
time to time enter into one or more transfer agency or  sub-transfer  agency and
shareholder  servicing  contracts  whereby the other party to each such contract
shall undertake to furnish such transfer agency and/or  shareholder  services to
the Trust as the Trustees  shall from time to time  consider  desirable  and all
upon  such  terms  and  conditions  as  the  Trustees  may in  their  discretion
determine, provided that such terms and conditions are not inconsistent with the
provisions of the  Declaration or the By-Laws.  Such services may be provided by
one or more Persons.

         Section  4.5.  Parties  to  Contract.  Any  contract  of the  character
described in any Section of this Article IV may be entered into with any Person,
although one or more of the Trustees or officers of the Trust may be an officer,
partner, director,  trustee,  shareholder,  or member of such other party to the
contract,  and no such contract  shall be  invalidated  or rendered  voidable by
reason of the existence of any such  relationship;  nor shall any Person holding
such  relationship be liable merely by reason of such  relationship for any loss
or expense to the Trust under or by reason of any such  contract or  accountable
for any profit  realized  directly or  indirectly  therefrom,  provided that the
contract  when entered into was not  inconsistent  with the  provisions  of this
Article IV or the  By-Laws.  The same Person may be the other party to contracts
entered  into  pursuant  to  Sections  4.1,  4.2,  4.3  and 4.4  above,  and any
individual may be financially  interested or otherwise  affiliated  with Persons
who are parties to any or all of the contracts mentioned in this Section 4.5.

                                    ARTICLE V

                    LIMITATIONS OF LIABILITY OF SHAREHOLDERS,

                               TRUSTEES AND OTHERS

         Section 5.1. No Personal  Liability of Shareholders.  No Shareholder or
former Shareholder shall be subject to any personal liability  whatsoever to any
Person in connection with Trust Property or the acts,  obligations or affairs of
the Trust  solely by reason  of being or having  been a  Shareholder.  The Trust
shall indemnify and hold each Shareholder and former  Shareholder  harmless from
and  against all claims and  liabilities  to which such  Shareholder  may become
subject solely by reason of his or her being or having been a Shareholder (other
than  taxes  payable  by virtue  of owning  Shares),  and shall  reimburse  such
Shareholder  for all legal  and other  expenses  reasonably  incurred  by him in
connection  with  any  such  claim  or  liability.  The  rights  accruing  to  a
Shareholder or former  Shareholder  under this Section 5.1 shall not exclude any
other  right to which  such  Shareholder  may be  lawfully  entitled,  nor shall
anything  herein  contained  restrict  the  right of the Trust to  indemnify  or
reimburse a Shareholder or former Shareholder in any appropriate  situation even
though not  specifically  provided  herein.  The Trust shall,  upon request by a
Shareholder or former Shareholder,  assume the defense of any claim made against
such Shareholder for any act or obligation of the Trust and satisfy any judgment
thereon from the assets of the Trust.

         Section 5.2.  Limitation  of  Liability of Trustees and Others.  (a) No
Trustee,  Trustee  Emeritus,  officer or employee or agent of the Trust shall be
subject  to any  liability  whatsoever  to any Person in  connection  with Trust
Property or the affairs of the Trust,  and no Trustee or Trustee  Emeritus shall
be  responsible  or liable in any event for any  neglect  or  wrongdoing  of any
officer,  employee or agent of the Trust or for the act or omission of any other
Trustee or Trustee Emeritus.  For the sake of clarification and without limiting
the foregoing,  the appointment,  designation or  identification of a Trustee as
the chairperson of the Board, the lead or assistant lead independent  Trustee, a
member or chairperson of a committee of the Trustees,  an expert on any topic or
in any area (including an audit committee financial expert) or any other special
appointment,  designation or  identification  given to a Trustee,  shall not (a)
impose on that person any duty, obligation or liability that is greater than the
duties,  obligations and liabilities  imposed on that person as a Trustee in the
absence of the appointment,  designation or  identification or (b) affect in any
way such Trustee's rights or entitlement to indemnification,  and no Trustee who
has special  skills or expertise,  or is appointed,  designated or identified as
aforesaid,  shall (x) be held to a higher  standard of care by virtue thereof or
(y) be limited with respect to any  indemnification  to which such Trustee would
otherwise be entitled.  Notwithstanding anything to the contrary in this Section
5.2(a) or  otherwise,  nothing in the  Declaration  shall  protect any  Trustee,
Trustee Emeritus,  officer, employee or agent of the Trust against any liability
to the Trust or its  Shareholders  to which  he,  she or it would  otherwise  be
subject  by reason of  willful  misfeasance,  bad  faith,  gross  negligence  or
reckless  disregard  of the duties  involved in the  conduct of his,  her or its
office or position with or on behalf of the Trust.

         (b) All persons  extending credit to,  contracting with or having claim
against the Trust shall look solely to the assets of the Trust for payment under
such credit, contract or claim; and neither any Trustee or Trustee Emeritus, nor
any of the Trust's  officers,  employees  or agents,  whether  past,  present or
future, shall be personally liable therefor.

Section  5.3.  Mandatory  Indemnification.  (a)  Subject to the  exceptions  and
limitations contained in paragraph (b) below:

         (i) every  person who is or has been a  Trustee,  Trustee  Emeritus  or
officer of the Trust  (hereinafter  referred to as a "Covered  Person") shall be
indemnified  by the  Trust  against  all  liability  and  against  all  expenses
reasonably incurred or paid by him or her in connection with any claim,  action,
suit or  proceeding  in which that  individual  becomes  involved  as a party or
otherwise  by virtue of being or having  been a  Trustee,  Trustee  Emeritus  or
officer  and  against  amounts  paid  or  incurred  by  that  individual  in the
settlement thereof;

         (ii) the words "claim," "action," "suit" or "proceeding" shall apply to
all claims,  actions, suits or proceedings (civil,  criminal,  administrative or
other, including appeals),  actual or threatened;  and the words "liability" and
"expenses" shall include, without limitation, attorneys' fees, costs, judgments,
amounts  paid  in  settlement  or   compromise,   fines,   penalties  and  other
liabilities.

(b) No indemnification shall be provided hereunder to a Covered Person:

         (i) against any liability to the Trust or the Shareholders by reason of
a final  adjudication by the court or other body before which the proceeding was
brought that the Covered Person engaged in willful misfeasance, bad faith, gross
negligence or reckless  disregard of the duties  involved in the conduct of that
individual's office;

         (ii) with  respect to any matter as to which the Covered  Person  shall
have been finally  adjudicated not to have acted in good faith in the reasonable
belief that that individual's action was in the best interest of the Trust; or

         (iii) in the event of a  settlement  involving  a payment by a Trustee,
Trustee  Emeritus  or  officer  or  other  disposition  not  involving  a  final
adjudication  as provided in paragraph  (b)(i) or (b)(ii)  above  resulting in a
payment by a Covered Person,  unless there has been either a determination  that
such  Covered  Person did not engage in willful  misfeasance,  bad faith,  gross
negligence or reckless  disregard of the duties  involved in the conduct of that
individual's office by the court or other body approving the settlement or other
disposition  or by a  reasonable  determination,  based upon a review of readily
available facts (as opposed to a full  trial-type  inquiry) that that individual
did not engage in such conduct:

                  (A) by vote of a majority of the  Disinterested  Trustees  (as
defined  below)  acting  on  the  matter   (provided  that  a  majority  of  the
Disinterested Trustees then in office act on the matter); or

                  (B) by written opinion of (i) the  then-current  legal counsel
to the Trustees who are not Interested  Persons of the Trust or (ii) other legal
counsel chosen by a majority of the  Disinterested  Trustees (or if there are no
Disinterested  Trustees with respect to the matter in question, by a majority of
the Trustees who are not Interested Persons of the Trust) and determined by them
in their reasonable judgment to be independent.

         (c) The  rights  of  indemnification  herein  provided  may be  insured
against by  policies  maintained  by the Trust,  shall be  severable,  shall not
affect any other  rights to which any  Covered  Person may now or  hereafter  be
entitled,  shall  continue as to a person who has ceased to be a Covered  Person
and shall inure to the benefit of the heirs,  executors  and  administrators  of
such person.  Nothing  contained herein shall limit the Trust from entering into
other insurance  arrangements or affect any rights to  indemnification  to which
Trust  personnel,  including  Covered  Persons,  may be  entitled by contract or
otherwise under law.

         (d) Expenses of preparation and presentation of a defense to any claim,
action,  suit, or proceeding of the character described in paragraph (a) of this
Section 5.3 shall be advanced  by the Trust prior to final  disposition  thereof
upon receipt of an  undertaking  by or on behalf of the Covered  Person to repay
such  amount  if it is  ultimately  determined  that the  Covered  Person is not
entitled to indemnification under this Section 5.3, provided that either:

         (i)  such  undertaking  is  secured  by a  surety  bond or  some  other
appropriate security or the Trust shall be insured against losses arising out of
any such advances; or

         (ii) a  majority  of the  Disinterested  Trustees  acting on the matter
(provided  that a majority of the  Disinterested  Trustees then in office act on
the matter) or legal counsel meeting the  requirement in Section  5.3(b)(iii)(B)
above in a written  opinion,  shall  determine,  based  upon a review of readily
available facts (as opposed to a full trial-type inquiry),  that there is reason
to  believe  that  the  Covered  Person  ultimately  will be found  entitled  to
indemnification.

         As used in this Section 5.3 a "Disinterested Trustee" is one (i) who is
not an "Interested  Person" of the Trust (including anyone who has been exempted
from  being an  "Interested  Person"  by any  rule,  regulation  or order of the
Commission),  and  (ii)  against  whom  none of such  actions,  suits  or  other
proceedings or another action,  suit or other  proceeding on the same or similar
grounds is then or had been pending.

         (e) With respect to any such  determination  or opinion  referred to in
clause (b)(iii) above or clause (d)(ii) above, a rebuttable presumption shall be
afforded  that the Covered  Person has not engaged in willful  misfeasance,  bad
faith,  gross  negligence  or reckless  disregard of the duties  involved in the
conduct of such Covered Person's office in accordance with pronouncements of the
Commission.

Section 5.4. No Bond Required. No Trustee,  Trustee Emeritus or officer shall be
obligated to give any bond or other

security for the performance of any of his or her duties hereunder.

         Section 5.5. No Duty of Investigation;  Notice in Trust Instruments. No
purchaser,  lender,  shareholder servicing agent, Transfer Agent or other Person
dealing with the  Trustees or any officer,  employee or agent of the Trust shall
be  bound  to make  any  inquiry  concerning  the  validity  of any  transaction
purporting to be made by the Trustees or by said  officer,  employee or agent or
be liable for the application of money or property paid, loaned, or delivered to
or on the order of the  Trustees or of said  officer,  employee or agent.  Every
obligation,  contract,  instrument,  certificate,  Share,  other security of the
Trust or  undertaking,  and every  other  act or thing  whatsoever  executed  in
connection with the Trust shall be  conclusively  presumed to have been executed
or done by the executors  thereof only in their  capacity as Trustees  under the
Declaration or in their capacity as officers,  employees or agents of the Trust.
Every  written  obligation,  contract,  instrument,  certificate,  Share,  other
security of the Trust or undertaking  made or issued by the Trustees or officers
shall recite that the same is executed or made by them not individually,  but as
or on behalf of Trustees under the Declaration,  and that the obligations of any
such  instrument  are  not  binding  upon  any  of  the  Trustees,  officers  or
Shareholders  individually,  but bind only the Trust estate, and may contain any
further recital deemed  appropriate,  but the omission of such recital shall not
operate to bind any of the Trustees, officers or Shareholders individually.  The
Trustees  may  maintain  insurance  for the  protection  of the Trust  Property,
Shareholders,  Trustees,  Trustees Emeritus,  officers,  employees and agents in
such  amount  as the  Trustees  shall  deem  adequate  to  cover  possible  tort
liability, and such other insurance as the Trustees in their sole judgment shall
deem advisable.

         Section 5.6.  Good Faith Action;  Reliance on Experts.  The exercise by
the  Trustees  or the  officers  of the Trust of their  powers  and  discretions
hereunder in good faith and with  reasonable care under the  circumstances  then
prevailing  shall be binding  upon  everyone  interested.  The  Trustees  or the
officers  of the Trust shall not be liable for errors of judgment or mistakes of
fact or law.  Each  Trustee and officer or employee of the Trust  shall,  in the
performance of his or her duties, be under no liability and fully and completely
justified and  protected  with regard to any act or any failure to act resulting
from  reliance  in good faith upon the books of account or other  records of the
Trust,  upon advice of counsel,  or upon reports made to the Trust by any of its
officers or employees or by the Investment  Adviser,  the Distributor,  Transfer
Agent,   custodian,   any  shareholder   servicing  agent,   selected   dealers,
accountants, appraisers or other experts or consultants selected with reasonable
care by the Trustees,  officers or employees of the Trust, regardless of whether
such counsel or expert may also be a Trustee.

         Section 5.7. Derivative Actions. No Shareholder shall have the right to
bring or maintain any court  action,  proceeding or claim on behalf of the Trust
without first making demand on the Trustees  requesting the Trustees to bring or
maintain  such action,  proceeding  or claim.  Such demand shall be excused only
when the plaintiff makes a specific showing that irreparable injury to the Trust
would otherwise result, or if a majority of the Board of Trustees, or a majority
of any  committee  established  to  consider  the merits of such  action,  has a
material personal financial interest in the action at issue. A Trustee shall not
be deemed to have a personal  financial  interest in an action or  otherwise  be
disqualified from ruling on a Shareholder demand by virtue of the fact that such
Trustee receives  remuneration  from his or her service on the Board of Trustees
of the Trust or on the boards of one or more investment  companies with the same
or an  affiliated  investment  adviser  or  underwriter,  or the  amount of such
remuneration.

         Such demand  shall be mailed to the  Secretary or Clerk of the Trust at
the Trust's principal office and shall set forth in reasonable detail the nature
of the proposed court action, proceeding or claim and the essential facts relied
upon by the  Shareholder  to support the  allegations  made in the  demand.  The
Trustees  shall consider such demand within 45 days of its receipt by the Trust.
In their  sole  discretion,  the  Trustees  may  submit  the matter to a vote of
Shareholders  of the Trust,  as  appropriate.  Any  decision by the  Trustees to
bring,  maintain  or settle (or not to bring,  maintain  or  settle)  such court
action,  proceeding or claim, or to submit the matter to a vote of Shareholders,
shall be made by the  Trustees in their  business  judgment and shall be binding
upon the Shareholders. Any decision by the Trustees to bring or maintain a court
action,  proceeding or suit on behalf of the Trust shall be subject to the right
of the  Shareholders  under Section 6.8 of the Declaration to vote on whether or
not such court  action,  proceeding  or suit  should or should not be brought or
maintained.

                                   ARTICLE VI

                          SHARES OF BENEFICIAL INTEREST

         Section 6.1.  Beneficial  Interest.  The interest of the  beneficiaries
hereunder  may be  divided  into  transferable  Shares  of  Beneficial  Interest
(without par value). The number of Shares authorized hereunder is unlimited. All
Shares  issued  hereunder  including,  without  limitation,   Shares  issued  in
connection  with a dividend in Shares or a split of Shares,  shall be fully paid
and non-assessable.

         Section  6.2.  Rights  of  Shareholders.  The  ownership  of the  Trust
Property of every description and the right to conduct any business hereinbefore
described are vested  exclusively in the Trustees,  and the  Shareholders  shall
have no interest therein other than the beneficial  interest  conferred by their
Shares,  and they shall have no right to call for any  partition  or division of
any property,  profits,  rights or interests of the Trust nor can they be called
upon to assume  any losses of the Trust or suffer an  assessment  of any kind by
virtue of their  ownership  of Shares.  The Shares  shall be  personal  property
giving only the rights  specifically  set forth in the  Declaration.  The Shares
shall not entitle the holder to preference, preemptive, appraisal, conversion or
exchange  rights.  By  becoming a  Shareholder  each  Shareholder  shall be held
expressly to have  assented to and agreed to be bound by the  provisions  of the
Declaration.

         Section 6.3.  Trust Only. It is the intention of the Trustees to create
only the  relationship of Trustee and beneficiary  between the Trustees and each
Shareholder from time to time. It is not the intention of the Trustees to create
a  general   partnership,   limited   partnership,   joint  stock   association,
corporation,  bailment  or any form of legal  relationship  other  than a trust.
Nothing in the Declaration shall be construed to make the  Shareholders,  either
by  themselves  or with the  Trustees,  partners  or  members  of a joint  stock
association.

         Section 6.4. Issuance of Shares. The Trustees, in their discretion may,
from time to time without vote of the Shareholders, issue Shares, in addition to
the then issued and outstanding Shares and Shares held in the treasury,  to such
party or parties and for such amount and type of  consideration,  including cash
or property,  at such time or times,  and on such terms as the Trustees may deem
best, and may in such manner acquire other assets  (including the acquisition of
assets subject to, and in connection  with, the assumption of  liabilities)  and
businesses.  In connection  with any issuance of Shares,  the Trustees may issue
fractional  Shares.  The  Trustees  may from time to time  divide or combine the
Shares  into  a  greater  or  lesser  number  without  thereby   changing  their
proportionate beneficial interests in Trust Property. Contributions to the Trust
may be  accepted  for whole  Shares  and/or  1/1,000ths  of a Share or  integral
multiples thereof.

         Section 6.5.  Register of Shares. A register or registers shall be kept
at the principal office of the Trust or at an office of the Transfer Agent which
shall  contain the names and addresses  (which may be addresses  for  electronic
delivery) of the Shareholders and the number of Shares held by them respectively
and a record of all transfers  thereof.  Such register shall be conclusive as to
who are the holders of the Shares and who shall be entitled to receive dividends
or  distributions  or otherwise to exercise or enjoy the rights of Shareholders.
No  Shareholder  shall  be  entitled  to  receive  payment  of any  dividend  or
distribution, nor to have notice given to that Shareholder as provided herein or
in the  By-Laws,  until the  Shareholder  has given  his or her  address  to the
Transfer  Agent or such other officer or agent of the Trustees as shall keep the
said  register  for  entry  thereon.  The  Trustees,  in their  discretion,  may
authorize the issuance of Share  certificates and promulgate  appropriate  rules
and regulations as to their use.

         Section 6.6.  Transfer of Shares.  Shares shall be  transferable on the
records of the Trust only by the record holder thereof or by the record holder's
agent  thereunto  authorized  in writing,  upon  delivery to the Trustees or, if
there is a Transfer  Agent with respect to such Shares,  the Transfer Agent of a
duly  executed   instrument  of  transfer   together  with  any  certificate  or
certificates (if issued) for such Shares and such evidence of the genuineness of
each such execution and  authorization and of other matters as may reasonably be
required.  Upon such delivery the transfer  shall be recorded on the register of
the Trust.  Until such record is made, the Shareholder of record shall be deemed
to be the holder of such  Shares for all  purposes  hereunder  and  neither  the
Trustees nor any Transfer Agent or registrar nor any officer,  employee or agent
of the Trust shall be affected by any notice of the proposed transfer.

         Any Person becoming entitled to any Shares in consequence of the death,
bankruptcy,  or  incompetence of any  Shareholder,  or otherwise by operation of
law,  shall be recorded  on the  register of Shares as the holder of such Shares
upon production of the proper  evidence  thereof to the Trustees or the Transfer
Agent;  but until such record is made, the Shareholder of record shall be deemed
to be the holder of such  Shares for all  purposes  hereunder  and  neither  the
Trustees  nor any Transfer  Agent or  registrar  nor any officer or agent of the
Trust shall be affected by any notice of such death, bankruptcy or incompetence,
or other operation of law.

         Section 6.7. Notices.  Any and all notices to which any Shareholder may
be entitled and any and all communications  shall be deemed duly served or given
(i) if mailed,  postage  prepaid,  addressed to any Shareholder of record at the
Shareholder's  last known address as recorded on the register of the Trust, (ii)
if  sent  by  electronic  transmission  to  the  Shareholder  of  record  at the
Shareholder's  last known  address  for  electronic  delivery as recorded on the
register of the Trust, (iii) if mailed or sent by electronic  delivery to one or
more members of the Shareholder's household in accordance with applicable law or
regulation,  or (iv) if otherwise  sent in  accordance  with  applicable  law or
regulation.

         Section 6.8. Voting Powers.  The Shareholders  shall have power to vote
only  (i) for  the  election  of  Trustees  when  that  issue  is  submitted  to
Shareholders, and for the removal of Trustees as provided in Section 2.2 hereof,
(ii) with respect to any investment  advisory or management  contract on which a
shareholder  vote is required by the 1940 Act, (iii) with respect to termination
of the Trust to the extent and as  provided  in Section  8.2  hereof,  (iv) with
respect to any  amendment  of the  Declaration  to the extent and as provided in
Section 8.3 hereof,  (v) with respect to any merger,  consolidation,  or sale of
assets to the extent and as provided in Sections  8.4 and 8.7 hereof,  (vi) with
respect to any  conversion  of the Trust to an "open-end  company" to the extent
and as  provided  in  Section  8.6  hereof,  (vii)  to the  same  extent  as the
stockholders  of a  Massachusetts  business  corporation  as to whether or not a
court action,  proceeding or claim should or should not be brought or maintained
derivatively  or as a class  action on behalf of the Trust or the  Shareholders,
and (viii) with respect to such additional  matters relating to the Trust as may
be required by the  Declaration,  the By-Laws,  or any registration of the Trust
with the  Commission  (or any successor  agency) or any other  regulator  having
jurisdiction  over the Trust,  or as the  Trustees  may  consider  necessary  or
desirable.

         A  Shareholder  shall be  entitled  to one vote for each Share owned by
such  Shareholder  on each matter on which such  Shareholder is entitled to vote
and each fractional Share shall be entitled to a proportionate  fractional vote.
Shares held in the treasury of the Trust shall not be voted.

         Except  when a larger  vote is  required  by  applicable  law or by any
provision of the  Declaration  or the By-Laws,  if any,  Shares  representing  a
majority of the Shares  voted in person or by proxy shall  decide any  questions
and a plurality  shall elect a Trustee,  provided  that  abstentions  and broker
non-votes  shall not be  counted  as votes  cast but shall be  counted  as being
present for purposes of determining the existence of a quorum.

         There shall be no cumulative voting in the election of Trustees.  Until
Shares are issued and  during  any period  when no Shares are  outstanding,  the
Trustees  may  exercise  all  rights  of  Shareholders  and may take any  action
required by law, the Declaration or the By-Laws to be taken by Shareholders. The
By-Laws may include further  provisions for  Shareholder  votes and meetings and
related matters.

                                   ARTICLE VII

                        DETERMINATION OF NET ASSET VALUE,

                          NET INCOME AND DISTRIBUTIONS

         The Trustees, in their absolute discretion, may prescribe and shall set
forth in the By-Laws or in a duly adopted  vote of the  Trustees  such bases and
times for determining the per Share net asset value of the Shares or net income,
or the declaration and payment of dividends and distributions,  as they may deem
necessary or desirable.

                                  ARTICLE VIII

                         DURATION; TERMINATION OF TRUST;

                            AMENDMENT; MERGERS, ETC.

Section 8.1.  Duration.  The Trust shall continue without limitation of time but
subject to the provisions of this Article

VIII.

Section 8.2.  Termination of Trust.  (a) The Trust may be terminated at any time
(i) by the affirmative vote of the holders

of not less than  two-thirds of the Shares  outstanding  and entitled to vote at
any meeting of  Shareholders,  or (ii) by the Trustees by written  notice to the
Shareholders. Upon the termination of the Trust:

(i) The Trust shall  carry on no  business  except for the purpose of winding up
its affairs;

         (ii) The Trustees shall proceed to wind up the affairs of the Trust and
all the powers of the Trustees  under the  Declaration  shall continue until the
affairs of the Trust shall have been wound up, including the power to fulfill or
discharge the contracts of the Trust, collect its assets, sell, convey,  assign,
exchange,  transfer  or  otherwise  dispose of all or any part of the  remaining
Trust   Property  to  one  or  more  Persons  at  public  or  private  sale  for
consideration which may consist in whole or in part of cash, securities or other
property of any kind, discharge or pay its liabilities, and to do all other acts
appropriate to liquidate its business; and

         (iii)  After  paying or  adequately  providing  for the  payment of all
liabilities,  and upon  receipt  of such  releases,  indemnities  and  refunding
agreements  as they  deem  necessary  for their  protection,  the  Trustees  may
distribute the remaining  Trust  Property,  in cash or in kind or partly in cash
and  partly in kind,  among the  Shareholders  of the Trust  according  to their
respective rights.

         (b) After termination of the Trust and distribution to the Shareholders
of the Trust as herein  provided,  a majority of the Trustees  shall execute and
lodge among the records of the Trust an instrument in writing  setting forth the
fact of such  termination,  and the Trustees shall  thereupon be discharged from
all further  liabilities and duties hereunder with respect to the Trust, and the
rights and interests of all Shareholders of the Trust shall thereupon cease.

         Section 8.3. Amendment Procedure.  (a) Except as specifically  provided
herein,  the Trustees  may,  without any  Shareholder  vote,  amend or otherwise
supplement  the  Declaration  by making an  amendment,  a  Declaration  of Trust
supplemental hereto or an amended and restated Declaration. Without limiting the
foregoing  power  reserved  to the  Trustees,  the  Trustees  may,  without  any
Shareholder  vote,  amend the Declaration to change the name or principal office
of the Trust,  to supply  any  omission,  to cure,  correct  or  supplement  any
ambiguous,  defective  or  inconsistent  provision  hereof,  or if they  deem it
necessary  or  advisable,  to conform the  Declaration  to the  requirements  of
applicable law, including the 1940 Act and the Internal Revenue Code of 1986, as
amended, but the Trustees shall not be liable for failing to do so. Shareholders
shall have the right to vote on (i) any amendment  that would affect their right
to vote granted in Section  6.8;  (ii) any  amendment to Section  8.3(a) or (b);
(iii) any  amendment  as may be required  by law or by the Trust's  registration
statement to be approved by  Shareholders;  and (iv) any amendment  submitted to
them by the  Trustees.  Except as  otherwise  provided  in Section  8.3(c),  any
amendment on which  Shareholders have the right to vote shall require a Majority
Shareholder  Vote of the  Shareholders  of the Trust,  or the  written  consent,
without  a  meeting,  of the  holders  of  Shares  representing  not less than a
majority of the voting power of the Shares of the Trust.

         (b) Nothing  contained in the Declaration shall permit the amendment of
the  Declaration  to  impair  the  exemption  from  personal  liability  of  the
Shareholders,  former  Shareholders,   Trustees,  Trustees  Emeritus,  officers,
employees and agents of the Trust or to permit  assessments upon Shareholders or
former  Shareholders.  Notwithstanding  anything  else herein,  any amendment to
Section 5.3 shall not limit the rights to  indemnification or insurance provided
therein  with   respect  to  actions  or   omissions  of  persons   entitled  to
indemnification under such Section prior to such amendment.

         (c) No amendment may be made which shall amend, alter, change or repeal
any of the provisions of Section 2.2, Section 8.2, this Section 8.3(c),  Section
8.4, Section 8.6 and Section 8.7 unless the amendment  effecting such amendment,
alteration,  change or repeal shall receive the  affirmative  vote or consent of
sixty-six  and  two-thirds  percent  (66  2/3%) of the  Shares  outstanding  and
entitled to vote. Such  affirmative  vote or consent shall be in addition to the
vote or consent of the  holders of Shares  otherwise  required  by law or by the
terms of any  class or series  of  preferred  stock,  whether  now or  hereafter
authorized,  or any  agreement  between  the Trust and any  national  securities
exchange.

         (d) A certificate signed by a majority of the Trustees setting forth an
amendment  and  reciting  that  it was  duly  adopted  by the  Shareholders  (if
applicable)  or by the Trustees as aforesaid  or a copy of the  Declaration,  as
amended,  and  executed  by a  majority  of the  Trustees,  shall be  conclusive
evidence of such amendment when lodged among the records of the Trust.

         Section  8.4.  Merger,  Consolidation  and Sale of  Assets.  Subject to
applicable law and except as otherwise provided in Section 8.5 hereof, the Trust
may merge or consolidate with any other corporation, association, trust or other
organization  or may sell,  lease or exchange  all or  substantially  all of the
Trust Property  including its good will,  upon such terms and conditions and for
such  consideration  when and as authorized  (a) at any meeting of  Shareholders
called for the purpose by the  affirmative  vote of the holders of not less than
two-thirds of the Shares outstanding and entitled to vote, or (b) by the written
consent,  without a meeting,  of the holders of not less than two-thirds of such
Shares, provided,  however, that if such merger,  consolidation,  sale, lease or
exchange is  recommended  by the  Trustees,  the vote or written  consent of the
holders of a majority  of Shares  outstanding  and  entitled  to vote,  shall be
sufficient  authorization.  Any  such  merger,  consolidation,  sale,  lease  or
exchange  shall be deemed for all purposes to have been  accomplished  under and
pursuant to the statutes of The Commonwealth of Massachusetts. Such transactions
may be effected through share-for-share exchanges, transfers or sales of assets,
in-kind redemptions and purchases, exchange offers, or any other method approved
by the  Trustees.  Nothing  contained  herein  shall be  construed  as requiring
approval of  Shareholders  for any sale of assets in the ordinary  course of the
business  of the  Trust,  or for  any  transaction,  whether  deemed  a  merger,
consolidation,  reorganization  or exchange of shares or otherwise,  whereby the
Trust issues  shares in connection  with the  acquisition  of assets  (including
those  subject  to  liabilities)  from any other  investment  company or similar
entity.

         Section 8.5. Incorporation,  Reorganization.  The Trustees may, without
the  vote or  consent  of  Shareholders,  cause to be  organized  or  assist  in
organizing a corporation or corporations under the laws of any jurisdiction,  or
any  other  trust  (or  series  or class of a  trust),  unit  investment  trust,
partnership,  limited liability  company,  association or other  organization to
acquire all or a portion of the Trust  Property  or to carry on any  business in
which the Trust shall  directly or indirectly  have any  interest,  and to sell,
convey and  transfer  such Trust  Property  to any such  corporation,  trust (or
series or class of a trust), partnership, limited liability company, association
or organization  in exchange for the shares or securities  thereof or otherwise,
and to lend money to,  subscribe for the shares or securities of, and enter into
any contracts  with any such  corporation,  trust,  partnership,  association or
organization in which the Trust holds or is about to acquire shares or any other
interest.  The Trustees may also,  without the vote or consent of  Shareholders,
cause a merger or consolidation  between the Trust or any successor  thereto and
any such  corporation,  trust  (or  series  or class of a  trust),  partnership,
association  or other  organization  if and to the extent  permitted by law. The
Trustees  shall  provide  written  notice  to  affected   Shareholders  of  each
transaction  pursuant to this Section  8.5.  Such  transactions  may be effected
through  share-for-share  exchanges,  transfers  or  sales  of  assets,  in-kind
redemptions and purchases,  exchange offers, or any other method approved by the
Trustees.

         Section 8.6.  Conversion.  Notwithstanding  any other provision of this
Declaration,  the  conversion  of the Trust from a  "closed-end  company"  to an
"open-end  company," as those terms are defined in the 1940 Act,  shall  require
the  affirmative  vote or consent of the  holders of  sixty-six  and  two-thirds
percent  (66  2/3%)  of the  Shares  outstanding  and  entitled  to  vote.  Such
affirmative  vote or consent  shall be in addition to the vote or consent of the
holders of the Shares otherwise  required by law or by the terms of any class or
series of preferred stock, whether now or hereafter authorized, or any agreement
between the Trust and any national securities exchange.

         Section  8.7.  Certain  Transactions.  (a)  Notwithstanding  any  other
provision  of  this  Declaration  and  subject  to the  exceptions  provided  in
paragraph (d) of this Section, the types of transactions  described in paragraph
(c) of this Section shall require the affirmative vote or consent of the holders
of sixty-six  and  two-thirds  percent (66 2/3%) of the Shares  outstanding  and
entitled to vote,  when a Principal  Shareholder (as defined in paragraph (b) of
this Section) is a party to the  transaction.  Such  affirmative vote or consent
shall  be in  addition  to the vote or  consent  of the  Shareholders  otherwise
required  by law or by the  terms of any class or  series  of  preferred  stock,
whether now or hereafter authorized,  or any agreement between the Trust and any
national securities exchange.

         (b) The term "Principal Shareholder" shall mean any corporation, person
or other entity which is the beneficial owner,  directly or indirectly,  of more
than five percent (5%) of the outstanding Shares and shall include any affiliate
or  associate,  as such terms are defined in clause  (ii) below,  of a Principal
Shareholder. For the purposes of this Section, in addition to the Shares which a
corporation,  person  or  other  entity  beneficially  owns  directly,  (a)  any
corporation,  person or other entity shall be deemed to be the beneficial  owner
of any Shares (i) which it has the right to acquire pursuant to any agreement or
upon  exercise of conversion  rights or warrants,  or otherwise  (but  excluding
share  options  granted  by the  Trust) or (ii)  which are  beneficially  owned,
directly or indirectly  (including  Shares deemed owned through  application  of
clause (i)  above),  by any other  corporation,  person or entity with which its
"affiliate" or "associate" (as defined below) has any agreement,  arrangement or
understanding  for the purpose of  acquiring,  holding,  voting or  disposing of
Shares, or which is its "affiliate" or "associate" as those terms are defined in
Rule 12b-2 of the General Rules and  Regulations  under the Securities  Exchange
Act of 1934 as in effect on December  1, 1986,  and (b) the  outstanding  Shares
shall include  Shares deemed owned through  application  of clauses (i) and (ii)
above but shall not include any other shares  which may be issuable  pursuant to
any agreement, or upon exercise of conversion rights or warrants, or otherwise.

(c) This Section shall apply to the following transactions:

(i) the merger or consolidation of the Trust or any subsidiary of the Trust with
or into any Principal Shareholder;

(ii) the issuance of any  securities of the Trust to any  Principal  Shareholder
for cash;

         (iii) the sale, lease or exchange of all or any substantial part of the
assets  of the  Trust to any  Principal  Shareholder  (except  assets  having an
aggregate fair market value of less than $1,000,000, aggregating for the purpose
of such  computation  all  assets  sold,  leased or  exchanged  in any series of
similar transactions within a twelve-month period);

         (iv)  the  sale,  lease or  exchange  to the  Trust  or any  subsidiary
thereof,  in exchange for securities of the Trust of any assets of any Principal
Shareholder  (except  assets having an aggregate  fair market value of less than
$1,000,000,  aggregating  for the purposes of such  computation all assets sold,
leased or exchanged in any series of similar  transactions within a twelve-month
period).

         (d) The  provisions  of this Section shall not be applicable to (i) any
of the  transactions  described in paragraph (c) of this Section if the Board of
Trustees  of the  Trust  shall by  resolution  have  approved  a  memorandum  of
understanding with such Principal  Shareholder with respect to and substantially
consistent  with  such  transaction,  or (ii)  any  such  transaction  with  any
corporation  of which a majority  of the  outstanding  shares of all  classes of
stock normally  entitled to vote in elections of directors is owned of record or
beneficially by the Trust and its subsidiaries.

         (e) The Board of  Trustees  shall have the power and duty to  determine
for the purposes of this Section on the basis of information known to the Trust,
whether (i) a  corporation,  person or entity  beneficially  owns more than five
percent (5%) of the outstanding Shares, (ii) a corporation,  person or entity is
an "affiliate" or  "associate"  (as defined above) of another,  (iii) the assets
being  acquired  or  leased  to or by  the  Trust  or  any  subsidiary  thereof,
constitute a  substantial  part of the assets of the Trust and have an aggregate
fair  market  value  of  less  than  $1,000,000,  and  (iv)  the  memorandum  of
understanding  referred to in paragraph (d) hereof is  substantially  consistent
with the transaction covered thereby. Any such determination shall be conclusive
and binding for all purposes of this Section.

                                   ARTICLE IX

                                  MISCELLANEOUS

         Section 9.1.  Filing.  The  Declaration  and any  subsequent  amendment
hereto  shall be filed in the office of the  Secretary  of The  Commonwealth  of
Massachusetts  and in such other  place or places as may be  required  under the
laws of The Commonwealth of  Massachusetts  and may also be filed or recorded in
such other places as the Trustees deem appropriate, provided that the failure to
so  file  shall  not  invalidate  this  instrument  or any  properly  authorized
amendment hereto.  Each amendment so filed shall be accompanied by a certificate
signed and  acknowledged  by an officer or Trustee  stating that such action was
duly taken in a manner  provided  herein,  and  unless  such  amendment  or such
certificate sets forth some other time for the  effectiveness of such amendment,
such  amendment  shall be  effective  upon its filing.  A restated  Declaration,
integrating  into a single  instrument all of the provisions of the  Declaration
which are then in effect and  operative,  may be executed from time to time by a
majority  of the  Trustees  and shall,  upon filing  with the  Secretary  of The
Commonwealth  of  Massachusetts,   be  conclusive  evidence  of  all  amendments
contained  therein and may  thereafter  be  referred to in lieu of the  original
Declaration and the various amendments thereto.

         Section 9.2. Governing Law. The Declaration is executed by the Trustees
and delivered in The  Commonwealth  of  Massachusetts  and with reference to the
laws thereof, and the rights of all parties and the validity and construction of
every provision  hereof shall be subject to and construed  according to the laws
of  said  Commonwealth.  The  Trust  shall  be of the  type  commonly  called  a
Massachusetts  business trust, and without limiting the provisions  hereof,  the
Trust may exercise all powers  which are  ordinarily  exercised by such a trust,
and the absence of a specific reference herein to any such power,  privilege, or
action shall not imply that the Trust may not  exercise  such power or privilege
or take such action.

Section 9.3. Principal Office. The principal office of the Trust is 500 Boylston
Street, Boston, Massachusetts. The

Trustees, without a vote of Shareholders, may change the principal office of the
Trust.

         Section  9.4.  Counterparts.  The  Declaration  may  be  simultaneously
executed  in  several  counterparts,  each of  which  shall be  deemed  to be an
original,  and such  counterparts,  together,  shall constitute one and the same
instrument,   which  shall  be  sufficiently  evidenced  by  any  such  original
counterpart.

         Section 9.5. Reliance by Third Parties.  Any certificate executed by an
individual who, according to the records of the Trust,  appears to be an officer
or Trustee  hereunder,  certifying to: (i) the number or identity of Trustees or
Shareholders,  (ii) the due  authorization of the execution of any instrument or
writing,  (iii)  the  form of any  vote  passed  at a  meeting  of  Trustees  or
Shareholders,  (iv) the fact that the number of Trustees or Shareholders present
at any meeting or executing any written instrument satisfies the requirements of
the  Declaration,  (v) the form of any By-Laws adopted by or the identity of any
officers  elected by the  Trustees,  or (vi) the  existence of any fact or facts
which in any manner  relates to the  affairs of the Trust,  shall be  conclusive
evidence as to the matters so certified in favor of any Person  dealing with the
Trustees and their successors.

         Section 9.6.  Provisions in Conflict with Law or Regulations.

         (a)  The  provisions  of  the  Declaration  are  severable,  and if the
Trustees  shall  determine,  with  the  advice  of  counsel,  that  any of  such
provisions is in conflict with the 1940 Act, the regulated investment company or
other provisions of the Internal Revenue Code of 1986, as amended, or with other
applicable laws and regulations, the conflicting provision shall be deemed never
to have  constituted a part of the  Declaration;  provided,  however,  that such
determination  shall  not  affect  any  of  the  remaining   provisions  of  the
Declaration  or render  invalid or improper any action taken or omitted prior to
such determination.

         (b) If any  provision  of the  Declaration  shall  be held  invalid  or
unenforceable in any  jurisdiction,  such invalidity or  unenforceability  shall
attach only to such provision in such  jurisdiction  and shall not in any manner
affect such provision in any other  jurisdiction  or any other  provision of the
Declaration in any jurisdiction.


         IN WITNESS WHEREOF, the undersigned have executed this instrument as of
the day and year first written above.



JOHN W. BALLEN

John W. Ballen
As Trustee and Not Individually
8 Orchard Road
Southborough MA  01772

LAWRENCE H. COHN

Lawrence H. Cohn
As Trustee and Not Individually
45 Singletree Road
Chestnut Hill MA  02467

WILLIAM R. GUTOW

William R. Gutow
As Trustee and Not Individually
3 Rue Dulac

Dallas TX  75230


J. ATWOOD IVES

J. Atwood Ives
As Trustee and Not Individually
17 West Cedar Street

Boston MA  02108


ABBY M. O'NEILL

Abby M. O'Neill
As Trustee and Not Individually
200 Sunset Road

Oyster Bay NY  11771


KEVIN R. PARKE

Kevin R. Parke
As Trustee and Not Individually
33 Liberty Street

Concord MA  01742

LAWRENCE T. PERERA

Lawrence T. Perera
As Trustee and Not Individually
18 Marlborough Street

Boston MA  02116


WILLIAM J. POORVU

William J. Poorvu
As Trustee and Not Individually
975 Memorial Drive  Apt. 710

Cambridge MA  02138


JEFFREY L. SHAMES

Jeffrey L. Shames
As Trustee and Not Individually
38 Lake Avenue

Newton MA  02459


J. DALE SHERRATT

J. Dale Sherratt
As Trustee and Not Individually
86 Farm Road

Sherborn MA  01770


ELAINE R. SMITH

Elaine R. Smith
As Trustee and Not Individually
75 Scotch Pine Road

Weston MA  02493


WARD SMITH

Ward Smith

As Trustee and Not Individually
36080 Shaker Blvd.
Hunting Valley OH  44022


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.102P3 CERT
<SEQUENCE>8
<FILENAME>p3a177.txt
<TEXT>
                              SUB-ITEM 102P3(a)(1)

                          MFS Multimarket Income Trust

                            CODE OF ETHICS DISCLOSURE

The  Registrant  has  adopted a Code of Ethics  pursuant  to Section  406 of the
Sarbanes-Oxley Act and as defined in the instructions to Form N-SAR that applies
to the  Registrant's  principal  executive  officer and principal  financial and
accounting officer.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
