UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5440
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MFS INTERMEDIATE INCOME TRUST
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: October 31
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Date of reporting period: July 31, 2005
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) Mutual Funds
QUARTERLY PORTFOLIO HOLDINGS 07/31/05
MFS(R) INTERMEDIATE
INCOME TRUST
[graphic omitted]
[logo] M F S(R)
INVESTMENT MANAGEMENT
MFS(R) INTERMEDIATE INCOME TRUST
PORTFOLIO OF INVESTMENTS (Unaudited) 07/31/2005
ISSUER PAR AMOUNT $ VALUE
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BONDS - 95.6%
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AGENCY - OTHER - 0.3%
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Small Business Administration, 7.64%, 2010 $ 2,092,700 $ 2,357,658
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ASSET BACKED & SECURITIZED - 1.6%
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Commercial Mortgage Acceptance Corp., 6.04%, 2030 $ 6,000,000 $ 6,220,511
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Commercial Mortgage Acceptance Corp., FRN, 1.0142%, 2030^ 83,317,027 2,898,949
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Falcon Franchise Loan LLC, FRN, 3.4002%, 2023#^ 14,747,614 1,823,924
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Multi-Family Capital Access One, Inc., 6.65%, 2024 2,591,749 2,712,549
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$ 13,655,933
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BANKS & CREDIT COMPANIES - 0.1%
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SG Capital Trust I, 7.875%, 2010 EUR 375,000 $ 544,357
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EMERGING MARKET QUASI-SOVEREIGN - 0.7%
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Korea Development Bank, 4.75%, 2009 $ 1,700,000 $ 1,699,604
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Petroleos Mexicanos, 9.375%, 2008 2,318,000 2,619,340
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Petronas Capital Ltd., 7.875%, 2022 1,158,000 1,448,124
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$ 5,767,068
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EMERGING MARKET SOVEREIGN - 3.1%
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Federal Republic of Brazil, 8%, 2014 $ 1,859,773 $ 1,885,345
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Republic of Chile, FRN, 4.069%, 2008 2,321,000 2,332,605
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Republic of Panama, 9.375%, 2023 74,000 92,130
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Republic of Panama, 9.375%, 2029 1,486,000 1,862,701
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Republic of South Africa, 9.125%, 2009 1,935,000 2,213,156
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Russian Federation, 3%, 2008 3,277,000 3,081,691
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Russian Federation, 11%, 2018 1,706,000 2,526,927
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Russian Ministry of Finance, 12.75%, 2028 1,006,000 1,809,392
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State of Israel, 5.125%, 2014 5,000,000 4,975,303
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State of Qatar, 9.75%, 2030 2,165,000 3,263,738
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United Mexican States, 8.125%, 2019 2,205,000 2,665,845
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United Mexican States, 8.3%, 2031 279,000 344,844
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$ 27,053,677
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INTERNATIONAL MARKET QUASI-SOVEREIGN - 1.8%
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KFW International Finance, Inc., 2.375%, 2006 $ 4,120,000 $ 4,035,552
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KFW International Finance, Inc., 3.25%, 2007 4,200,000 4,121,426
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Landesbank Baden-Wurttemberg, 5.125%, 2007 7,700,000 7,804,682
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$ 15,961,660
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INTERNATIONAL MARKET SOVEREIGN - 32.4%
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Canada Housing Trust, 4.65%, 2009 CAD 1,935,000 $ 1,654,274
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Federal Republic of Germany, 3.5%, 2008 EUR 20,150,000 25,260,914
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Federal Republic of Germany, 3.75%, 2015 EUR 6,013,000 7,605,121
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Government of Australia, 6.25%, 2015 AUD 5,234,000 4,306,196
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Government of Canada, 5.25%, 2012 CAD 4,012,000 3,580,879
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Government of Canada, 4.5%, 2015 CAD 518,000 442,998
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Government of New Zealand, 7%, 2009 NZD 3,964,000 2,827,174
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Government of New Zealand, 6.5%, 2013 NZD 31,391,000 22,516,599
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Government of New Zealand, 6%, 2015 NZD 6,665,000 4,647,413
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Kingdom of Denmark, 6%, 2011 DKK 1,000 192
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Kingdom of Netherlands, 5.75%, 2007 EUR 12,606,000 16,113,152
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Kingdom of Netherlands, 3.75%, 2009 EUR 14,880,000 18,881,341
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Kingdom of Norway, 6.5%, 2013 NOK 14,860,000 2,761,920
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Kingdom of Spain, 6%, 2008 EUR 16,450,000 21,707,489
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Kingdom of Spain, 5.35%, 2011 EUR 14,223,000 19,657,142
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Republic of Austria, 5.5%, 2007 EUR 10,678,000 13,838,122
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Republic of Finland, 3%, 2008 EUR 12,752,000 15,742,137
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Republic of Finland, 5.375%, 2013 EUR 10,509,000 14,794,802
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Republic of France, 4.75%, 2007 EUR 18,446,000 23,426,876
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Republic of Ireland, 4.25%, 2007 EUR 21,039,000 26,599,748
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Republic of Ireland, 4.6%, 2016 EUR 2,846,000 3,860,586
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United Kingdom Treasury, 5.75%, 2009 GBP 5,812,000 10,841,205
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United Kingdom Treasury, 8%, 2015 GBP 8,027,000 18,470,132
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$ 279,536,412
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MORTGAGE BACKED - 24.7%
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Fannie Mae, 5.669%, 2006 $ 6,650,773 $ 6,685,186
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Fannie Mae, 6.984%, 2007 4,078,823 4,229,661
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Fannie Mae, 6.022%, 2010 6,800,000 7,230,503
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Fannie Mae, 4.556%, 2011 9,083,694 9,053,533
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Fannie Mae, 6.8%, 2011 3,500,000 3,832,637
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Fannie Mae, 4.845%, 2013 2,135,286 2,148,882
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Fannie Mae, 4.667%, 2014 4,753,486 4,729,184
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Fannie Mae, 4.846%, 2014 4,252,666 4,278,593
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Fannie Mae, 5.412%, 2014 2,081,301 2,190,329
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Fannie Mae, 4.62%, 2015 993,082 981,361
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Fannie Mae, 4.925%, 2015 2,123,003 2,145,943
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Fannie Mae, 6%, 2016 - 2034 21,498,200 22,010,361
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Fannie Mae, 5.5%, 2017 - 2025 15,597,742 15,878,587
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Fannie Mae, 5%, 2018 - 2019 8,373,991 8,399,710
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Fannie Mae, 4.5%, 2019 12,697,162 12,497,324
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Fannie Mae, 6.5%, 2031 9,863,168 10,221,413
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Fannie Mae, TBA, 5.5%, 2033 13,987,000 14,056,935
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Freddie Mac, 4.125%, 2010 18,994,000 18,748,104
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Freddie Mac, 5.5%, 2017 - 2019 11,627,179 11,861,852
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Freddie Mac, 6%, 2017 - 2034 3,007,339 3,101,616
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Freddie Mac, 5%, 2019 - 2023 33,406,766 33,550,621
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Freddie Mac, 3%, 2021 4,700,000 4,598,036
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Ginnie Mae, 8.5%, 2005 - 2009 1,561,580 1,655,061
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Ginnie Mae, 7.5%, 2022 - 2023 294,188 315,951
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Ginnie Mae, 6.5%, 2028 3,921,797 4,102,158
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Ginnie Mae, 6%, 2033 4,119,651 4,237,826
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$ 212,741,367
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OIL SERVICES - 0%
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Petroleum Export Peloil, 5.265%, 2011# $ 309,000 $ 309,247
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U.S. GOVERNMENT AGENCIES - 15.9%
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Fannie Mae, 4.75%, 2007 $ 4,000,000 $ 4,025,800
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Fannie Mae, 6.625%, 2007 5,000,000 5,251,880
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Fannie Mae, 3.375%, 2008 17,000,000 16,505,198
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Fannie Mae, 6%, 2008 10,000,000 10,447,020
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Fannie Mae, 4.25%, 2009 5,000,000 4,979,375
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Federal Home Loan Bank, 2.25%, 2006 10,415,000 10,270,919
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Freddie Mac, 4.25%, 2009 7,000,000 6,967,723
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Freddie Mac, 6.875%, 2010 6,337,000 7,050,343
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Freddie Mac, 5.125%, 2012 27,600,000 28,655,728
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Small Business Administration, 5.34%, 2021 7,263,842 7,485,959
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Small Business Administration, 6.34%, 2021 3,164,716 3,363,121
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Small Business Administration, 6.35%, 2021 4,322,118 4,592,094
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Small Business Administration, 6.44%, 2021 2,770,687 2,954,032
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Small Business Administration, 6.625%, 2021 3,270,881 3,530,164
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Small Business Administration, 4.93%, 2024 2,724,452 2,749,606
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U.S. Department of Housing & Urban Development, 5.53%, 2008 11,000,000 11,370,546
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U.S. Department of Housing & Urban Development, 7.198%, 2009 6,000,000 6,613,932
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$ 136,813,440
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U.S. TREASURY OBLIGATIONS - 14.9%
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U.S. Treasury Bonds, 13.875%, 2011 $ 25,500,000 $ 27,449,348
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U.S. Treasury Bonds, 10.375%, 2012 32,600,000 37,054,497
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U.S. Treasury Bonds, 12%, 2013 32,500,000 39,757,900
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U.S. Treasury Notes, 6.125%, 2007## 5,000,000 5,205,470
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U.S. Treasury Notes, 6.5%, 2010 4,500,000 4,932,599
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U.S. Treasury Notes, 4.875%, 2012 5,000,000 5,200,780
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U.S. Treasury Notes, 4.25%, 2013 4,220,000 4,225,275
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U.S. Treasury Notes, 4.75%, 2014 4,700,000 4,864,133
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$ 128,690,002
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UTILITIES - ELECTRIC POWER - 0.1%
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HQI Transelec Chile S.A., 7.875%, 2011 $ 686,000 $ 774,217
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Total Bonds (Identified Cost, $834,324,428) $ 824,205,038
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PAR AMOUNT
ISSUER/EXPIRATION/STRIKE PRICE OF CONTRACTS $ VALUE
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CALL OPTIONS PURCHASED
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Japanese Yen August 2005 @ $111.90 (Premiums Paid, $75,760) JPY 895,200,000 $ 67,140
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ISSUER PAR AMOUNT
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REPURCHASE AGREEMENT - 2.4%
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Goldman Sachs, 3.30%, dated 7/29/05, due 8/01/05, total to be received
$21,190,826 (secured by various U.S. Treasury and Federal Agency obligations
in a jointly traded account), at Cost $ 21,185,000 $ 21,185,000
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Total Investments (Identified Cost, $855,585,188) $ 845,457,178
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OTHER ASSETS, LESS LIABILITIES - 2.0% 16,937,794
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Net Assets - 100.0% $ 862,394,972
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^ Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the
notional principal and does not reflect the cost of the security.
# SEC Rule 144A restriction.
## All or a portion of the security has been segregated as collateral for an
open futures contract.
FRN = Floating Rate Notes. The interest rate is the rate in effect as of the period end.
TBA = To Be Announced.
Country weighting percentages of portfolio holdings based on total net assets as of July 31, 2005, are as follows:
United States 61.1%
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Germany 5.8%
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Spain 4.9%
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Netherlands 4.1%
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Ireland 3.6%
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Finland 3.6%
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New Zealand 3.5%
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United Kingdom 3.4%
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France 2.8%
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Other 7.2%
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Abbreviations have been used throughout this report to indicate amounts shown in currencies other than the U.S. dollar. All amounts
are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD= Australian Dollar CAD= Canadian Dollar
CHF= Swiss Franc
DKK= Danish Krone
EUR= Euro
GBP= British Pound
JPY= Japanese Yen
NOK= Norwegian Krone
NZD= New Zealand Dollar
SEK= Swedish Krona
See attached schedules. For more information see notes to financial statements as disclosed in the most recent semiannual or
annual report.
MFS INTERMEDIATE INCOME TRUST
SUPPLEMENTAL SCHEDULES (UNAUDITED) 07/31/2005
(1) Portfolio Securities
The cost and unrealized appreciation and depreciation in the value of the
investments owned by the trust, as computed on a federal income tax basis, are
as follows:
Aggregate Cost $ 875,352,258
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Gross unrealized appreciation $ 6,356,047
Gross unrealized depreciation (36,251,127)
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Net unrealized appreciation(depreciation) $ (29,895,080)
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(2) Financial Instruments
The trust trades financial instruments with off-balance-sheet risk in the normal
course of its investing activities in order to manage exposure to market risks
such as interest rates and foreign currency exchange rates. These financial
instruments include forward foreign currency exchange contracts and futures
contracts. The notional or contractual amounts of these instruments represent
the investment the trust has in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
Forward Foreign Currency Exchange Contracts
NET UNREALIZED
CONTRACTS TO CONTRACTS APPRECIATION
SETTLEMENT DATE DELIVER/RECEIVE IN EXCHANGE FOR AT VALUE (DEPRECIATION)
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SALES
8/8/05 AUD 5,475,658 $ 4,121,175 $ 4,151,030 $ (29,855)
8/8/05 CAD 2,840,039 2,313,994 2,321,778 (7,784)
8/8/05-8/24/05 EUR 175,501,142 214,068,638 213,047,080 1,021,558
9/1/05-9/6/05 GBP 16,608,091 29,664,755 29,181,715 483,040
8/24/05 NOK 4,650,705 712,605 717,971 (5,366)
8/8/05 NZD 35,804,796 24,815,653 24,431,296 384,357
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$ 275,696,820 $ 273,850,870 $ 1,845,950
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PURCHASES
9/7/05 CHF 2,584,813 $ 2,073,157 $ 2,012,749 $ (60,408)
8/15/05 DKK 733,546 117,697 119,369 1,672
8/8/05-8/24/05 EUR 4,965,160 6,012,610 6,027,364 14,754
9/7/05 NOK 69,561 10,508 10,745 237
8/15/05 SEK 1,631,962 216,478 210,425 (6,053)
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$ 8,430,450 $ 8,380,652 $ (49,798)
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At July 31, 2005, forward foreign currency purchases and sales under master netting agreements excluded above amounted to a net
payable of $996,360 with Merrill Lynch International.
At July 31, 2005, the trust had sufficient cash and/or securities to cover any commitments under these contracts.
Futures Contracts
Unrealized
Appreciation
Description Expiration Contracts Position (Depreciation)
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U.S. Treasury Notes 10 Year Futures September 2005 240 Long $ (583,195)
U.S. Treasury Notes 5 Year Futures September 2005 60 Short 92,565
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$ (490,630)
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At July 31, 2005, the trust had sufficient cash and/or securities to cover any
margin requirements under these contracts.
The Trust is a closed-end investment product. Shares of the Trust are only
available for purchase/sale on the NYSE at the current market price. Shares may
trade at a premium or discount to NAV.
(C)2005 MFS Investment Management
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and
procedures as conducted within 90 days of the filing date of this Form N-Q,
the registrant's principal financial officer and principal executive
officer have concluded that those disclosure controls and procedures
provide reasonable assurance that the material information required to be
disclosed by the registrant on this report is recorded, processed,
summarized and reported within the time periods specified in the Securities
and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940 (the "Act")) that occurred during the registrant's last fiscal quarter
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
File as exhibits as part of this Form a separate certification for each
principal executive officer and principal financial officer of the registrant
as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS INTERMEDIATE INCOME TRUST
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By (Signature and Title)* ROBERT J. MANNING
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Robert J. Manning, President
Date: September 20, 2005
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* ROBERT J. MANNING
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Robert J. Manning, President (Principal Executive
Officer)
Date: September 20, 2005
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By (Signature and Title)* TRACY ATKINSON
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Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: September 20, 2005
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* Print name and title of each signing officer under his or her signature.