MGF-Q3
 
Quarterly Report
August 31, 2025
MFS®  Government Markets Income Trust
 
Portfolio of Investments
8/31/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes. 
Issuer
 
 
Shares/Par
Value ($)
Bonds – 97.0%
U.S. Bonds – 92.2%
Asset-Backed & Securitized – 4.6%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.109%, 11/15/2054 (i)
 
$
1,150,019
$43,379
ACREC 2021-FL1 Ltd., “AS”, FLR, 5.974% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n)
 
 
323,500
323,490
Arbor Realty Trust, Inc., CLO, 2021-FL3, “AS”, FLR, 5.878% ((SOFR - 1mo. + 0.11448%) + 1.4%), 8/15/2034 (n)
 
 
374,500
374,355
AREIT 2022-CRE6 Trust, “AS”, FLR, 5.991% (SOFR - 30 day + 1.65%), 1/20/2037 (n)
 
 
512,000
510,115
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)
 
 
45,408
45,786
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.329%, 7/15/2054 (i)
 
 
1,087,609
56,134
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.696%, 2/15/2054 (i)
 
 
958,952
63,037
BBCMS Mortgage Trust, 2022-C18, “XA”, 0.641%, 12/15/2055 (i)
 
 
1,222,182
40,806
BDS 2024-FL13 Ltd., “A”, FLR, 5.929% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n)
 
 
100,000
100,234
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.362%, 2/15/2054 (i)
 
 
1,951,058
94,403
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.25%, 3/15/2054 (i)
 
 
1,160,553
47,400
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.956%, 6/15/2054 (i)
 
 
1,546,846
52,966
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.349%, 7/15/2054 (i)
 
 
1,413,529
72,251
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.351%, 8/15/2054 (i)
 
 
2,146,288
111,337
Benchmark 2021-B29 Mortgage Trust, “XA”, 1.125%, 9/15/2054 (i)
 
 
1,863,886
69,545
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)
 
 
79,065
81,597
BXMT 2021-FL4 Ltd., “AS”, FLR, 5.778% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)
 
 
345,000
341,818
Chesapeake Funding II LLC, 2023-2A, “A2”, FLR, 5.443% (SOFR - 30 day + 1.1%), 10/15/2035 (n)
 
 
164,204
164,955
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.944%, 12/15/2072 (i)(n)
 
 
1,296,299
39,269
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.386%, 2/15/2054 (i)
 
 
1,471,883
79,669
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.87%, 4/15/2054 (i)
 
 
987,670
29,804
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.134%, 6/15/2064 (i)
 
 
980,247
42,361
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n)
 
 
31,415
31,632
LAD Auto Receivables Trust, 2022-1A, “A”, 5.21%, 6/15/2027 (n)
 
 
3,471
3,473
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 6.228% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n)
 
 
283,500
283,491
LoanCore 2021-CRE6 Ltd., “AS”, FLR, 6.128% ((SOFR - 1mo. + 0.11448%) + 1.65%), 11/15/2038 (n)
 
 
500,000
500,038
MF1 2021-FL5 Ltd., “AS”, FLR, 5.678% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n)
 
 
90,700
90,677
MF1 2021-FL5 Ltd., “B”, FLR, 5.928% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n)
 
 
279,500
279,491
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.968%, 12/15/2051 (i)
 
 
1,454,604
32,152
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.398%, 5/15/2054 (i)
 
 
721,600
33,307
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.288%, 6/15/2054 (i)
 
 
1,061,739
42,702
Morgan Stanley Capital I Trust, 2021-L7, “XA”, 1.19%, 10/15/2054 (i)
 
 
3,313,503
138,764
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)
 
 
67,313
67,755
PFS Financing Corp., 2023-C, “B”, 5.91%, 10/15/2028 (n)
 
 
63,000
63,833
Provident Funding Mortgage Trust, 2024-1, “A3”, 5.5%, 12/25/2054 (n)
 
 
145,677
146,455
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 5.637% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n)
 
 
48,441
48,425
SBNA Auto Receivables Trust, 2025-SF1, “B”, 5.12%, 3/17/2031 (n)
 
 
40,222
40,262
Verus Securitization Trust, 2024-1, “A2”, 5.915%, 1/25/2069 (n)
 
 
60,973
61,375
Verus Securitization Trust, 2024-4, “A1”, 6.218%, 6/25/2069 (n)
 
 
84,352
85,331
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 1.101%, 1/15/2052 (i)(n)
 
 
828,207
19,883
 
 
 
$4,753,757
Broadcasting – 0.5%
Walt Disney Co., 3.5%, 5/13/2040
 
$
612,000
$505,315
Cable TV – 0.1%
Time Warner Cable, Inc., 4.5%, 9/15/2042
 
$
100,000
$79,307
Consumer Products – 0.2%
Haleon US Capital LLC, 3.625%, 3/24/2032
 
$
250,000
$235,728
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029
 
$
159,000
$149,957
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Electronics – 0.6%
Broadcom, Inc., 3.187%, 11/15/2036 (n)
 
$
750,000
$626,053
Food & Beverages – 0.5%
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029
 
$
488,000
$466,773
Tyson Foods, Inc., 5.15%, 8/15/2044
 
 
38,000
34,734
 
 
 
$501,507
Industrial – 0.0%
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025
 
$
42,000
$41,899
Insurance – 0.5%
Corebridge Financial, Inc., 3.85%, 4/05/2029
 
$
500,000
$492,855
Insurance - Health – 0.2%
Humana, Inc., 3.7%, 3/23/2029
 
$
167,000
$163,676
Insurance - Property & Casualty – 0.1%
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)
 
$
99,000
$73,530
Major Banks – 2.0%
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032
 
$
750,000
$680,390
JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032
 
 
750,000
678,178
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031
 
 
588,000
568,927
State Street Corp., 3.152% to 3/30/2030, FLR (SOFR + 2.65%) to 3/30/2031
 
 
138,000
132,043
 
 
 
$2,059,538
Medical & Health Technology & Services – 0.9%
Becton, Dickinson and Co., 4.685%, 12/15/2044
 
$
123,000
$107,488
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045
 
 
106,000
92,625
Montefiore Obligated Group, AGM, 5.246%, 11/01/2048
 
 
614,000
541,476
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038
 
 
175,000
175,516
 
 
 
$917,105
Midstream – 0.1%
Targa Resources Corp., 4.95%, 4/15/2052
 
$
109,000
$90,168
Mortgage-Backed – 33.6%
Fannie Mae, 3%, 11/01/2028 - 11/01/2046
 
$
725,520
$674,835
Fannie Mae, 3.5%, 1/25/2030 - 7/01/2046
 
 
812,788
765,006
Fannie Mae, 6.5%, 5/01/2031 - 1/01/2037
 
 
106,859
111,685
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046
 
 
161,857
149,059
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)
 
 
41,379
2,985
Fannie Mae, 3%, 2/25/2033 (i)
 
 
65,314
4,613
Fannie Mae, 5.5%, 10/01/2033 - 3/01/2038
 
 
656,900
676,004
Fannie Mae, 6%, 8/01/2034 - 9/01/2054
 
 
1,060,614
1,086,295
Fannie Mae, 5%, 6/01/2035 - 3/25/2042
 
 
223,993
228,630
Fannie Mae, 4%, 9/01/2040 - 7/01/2047
 
 
1,534,655
1,486,907
Fannie Mae, 4.5%, 2/01/2041 - 11/01/2042
 
 
275,689
275,442
Fannie Mae, 2.25%, 4/25/2041
 
 
48,177
46,149
Fannie Mae, 1.75%, 9/25/2041
 
 
71,163
68,191
Fannie Mae, 2.75%, 9/25/2042
 
 
52,865
51,113
Fannie Mae, 4.712%, 2/25/2043
 
 
17,519
17,419
Fannie Mae, 4.763%, 12/25/2045
 
 
24,194
23,904
Fannie Mae, 2%, 4/25/2046
 
 
51,905
48,400
Fannie Mae, 1.537%, 9/25/2046 (i)
 
 
76,298
8,647
Fannie Mae, 4%, 9/25/2050 (i)
 
 
112,718
22,045
Fannie Mae, 7.348%, 7/25/2054
 
 
136,310
137,289
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Fannie Mae, 6.788%, 3/25/2055
 
$
192,701
$191,804
Fannie Mae, UMBS, 2.5%, 7/01/2037 - 5/01/2052
 
 
3,190,840
2,704,094
Fannie Mae, UMBS, 2%, 2/01/2042 - 3/01/2052
 
 
1,719,029
1,427,596
Fannie Mae, UMBS, 1.5%, 3/01/2051
 
 
109,423
82,670
Fannie Mae, UMBS, 3%, 5/01/2051 - 6/01/2052
 
 
1,141,064
995,388
Fannie Mae, UMBS, 4%, 8/01/2051
 
 
85,265
81,090
Fannie Mae, UMBS, 4.5%, 9/01/2052
 
 
70,678
68,525
Fannie Mae, UMBS, 5.5%, 11/01/2052
 
 
260,099
262,808
Fannie Mae, UMBS, 6%, 12/01/2052 - 11/01/2054
 
 
591,400
605,819
Fannie Mae, UMBS, 5%, 5/01/2053
 
 
277,823
275,315
Freddie Mac, 3.208%, 2/25/2026
 
 
137,266
136,570
Freddie Mac, 2.57%, 7/25/2026
 
 
690,493
681,082
Freddie Mac, 3.12%, 9/25/2026
 
 
200,000
197,819
Freddie Mac, 2.525%, 10/25/2026
 
 
97,187
95,536
Freddie Mac, 2.797%, 12/25/2026
 
 
36,193
35,894
Freddie Mac, 3.413%, 12/25/2026
 
 
300,000
297,124
Freddie Mac, 1.486%, 3/25/2027 (i)
 
 
391,000
7,391
Freddie Mac, 3.243%, 4/25/2027
 
 
390,961
385,924
Freddie Mac, 0.695%, 7/25/2027 (i)
 
 
8,018,171
68,576
Freddie Mac, 0.538%, 8/25/2027 (i)
 
 
6,155,211
42,216
Freddie Mac, 0.43%, 1/25/2028 (i)
 
 
11,041,740
71,874
Freddie Mac, 0.432%, 1/25/2028 (i)
 
 
4,624,740
30,416
Freddie Mac, 0.264%, 2/25/2028 (i)
 
 
13,262,840
43,915
Freddie Mac, 0.258%, 4/25/2028 (i)
 
 
8,694,673
29,754
Freddie Mac, 4.86%, 10/25/2028
 
 
52,609
53,840
Freddie Mac, 0.598%, 5/25/2029 (i)
 
 
2,159,398
31,994
Freddie Mac, 1.005%, 7/25/2029 (i)
 
 
1,648,656
48,941
Freddie Mac, 1.212%, 7/25/2029 (i)
 
 
1,225,285
43,287
Freddie Mac, 1.261%, 8/25/2029 (i)
 
 
2,496,029
95,273
Freddie Mac, 0.734%, 1/25/2030 (i)
 
 
760,184
17,519
Freddie Mac, 1.703%, 1/25/2030 (i)
 
 
251,428
14,595
Freddie Mac, 1.913%, 4/25/2030 (i)
 
 
600,527
43,575
Freddie Mac, 1.954%, 4/25/2030 (i)
 
 
1,277,474
95,467
Freddie Mac, 1.769%, 5/25/2030 (i)
 
 
612,877
42,770
Freddie Mac, 1.906%, 5/25/2030 (i)
 
 
1,389,954
103,416
Freddie Mac, 1.206%, 6/25/2030 (i)
 
 
882,178
39,290
Freddie Mac, 1.435%, 6/25/2030 (i)
 
 
559,633
31,667
Freddie Mac, 1.701%, 8/25/2030 (i)
 
 
633,757
43,951
Freddie Mac, 1.262%, 9/25/2030 (i)
 
 
314,905
16,304
Freddie Mac, 1.17%, 11/25/2030 (i)
 
 
789,331
39,152
Freddie Mac, 0.413%, 1/25/2031 (i)
 
 
2,838,490
38,362
Freddie Mac, 0.871%, 1/25/2031 (i)
 
 
873,865
32,797
Freddie Mac, 1.026%, 1/25/2031 (i)
 
 
663,744
29,191
Freddie Mac, 0.546%, 2/25/2031 (i)
 
 
734,976
15,533
Freddie Mac, 0.606%, 3/25/2031 (i)
 
 
2,255,479
51,595
Freddie Mac, 0.828%, 3/25/2031 (i)
 
 
973,113
35,234
Freddie Mac, 1.323%, 5/25/2031 (i)
 
 
399,402
23,781
Freddie Mac, 1.039%, 7/25/2031 (i)
 
 
489,989
24,069
Freddie Mac, 1.321%, 7/25/2031 (i)
 
 
984,709
61,126
Freddie Mac, 0.632%, 9/25/2031 (i)
 
 
2,619,786
74,934
Freddie Mac, 0.954%, 9/25/2031 (i)
 
 
2,591,485
113,672
Freddie Mac, 0.441%, 11/25/2031 (i)
 
 
3,899,181
75,674
Freddie Mac, 0.596%, 12/25/2031 (i)
 
 
3,898,081
104,138
Freddie Mac, 0.664%, 12/25/2031 (i)
 
 
644,718
19,134
Freddie Mac, 0.434%, 6/25/2032 (i)
 
 
4,502,658
91,455
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 0.301%, 11/25/2032 (i)
 
$
3,670,222
$47,243
Freddie Mac, 0.431%, 5/25/2033 (i)
 
 
700,000
14,670
Freddie Mac, 3.5%, 8/15/2033 - 10/25/2058
 
 
1,697,275
1,604,403
Freddie Mac, 0.299%, 8/25/2033 (i)
 
 
2,899,969
36,253
Freddie Mac, 0.362%, 10/25/2033 (i)
 
 
2,363,261
39,311
Freddie Mac, 1.092%, 9/25/2034 (i)
 
 
516,084
35,809
Freddie Mac, 0.22%, 1/25/2035 (i)
 
 
4,660,229
43,038
Freddie Mac, 0.427%, 1/25/2035 (i)
 
 
1,866,669
43,799
Freddie Mac, 4.657%, 4/15/2035
 
 
4,614
4,588
Freddie Mac, 6%, 5/01/2035 - 10/01/2038
 
 
171,808
180,560
Freddie Mac, 5.5%, 8/01/2035 - 6/01/2036
 
 
120,148
124,770
Freddie Mac, 5%, 2/15/2036 - 12/01/2044
 
 
526,953
537,893
Freddie Mac, 5.5%, 2/15/2036 (i)
 
 
18,756
2,960
Freddie Mac, 6.5%, 5/01/2037
 
 
18,824
19,709
Freddie Mac, 4%, 8/01/2037 - 4/01/2044
 
 
127,359
123,044
Freddie Mac, 3%, 1/01/2038 - 2/25/2059
 
 
1,023,458
935,121
Freddie Mac, 4.5%, 7/01/2039 - 5/01/2042
 
 
186,382
186,375
Freddie Mac, 4.5%, 12/15/2040 (i)
 
 
2,475
230
Freddie Mac, 2.5%, 3/25/2051 (i)
 
 
111,973
18,518
Freddie Mac, 5.798%, 10/25/2053
 
 
36,839
37,464
Freddie Mac, 6.578%, 12/25/2053
 
 
167,778
167,635
Freddie Mac, 5.748%, 2/25/2055 - 6/25/2055
 
 
505,554
509,726
Freddie Mac, 3.25%, 11/25/2061
 
 
170,091
156,006
Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052
 
 
1,046,239
847,279
Freddie Mac, UMBS, 2.5%, 7/01/2051 - 9/01/2052
 
 
975,478
814,162
Freddie Mac, UMBS, 3.5%, 8/01/2051 - 5/01/2052
 
 
107,887
98,249
Freddie Mac, UMBS, 3%, 4/01/2052 - 6/01/2052
 
 
539,075
469,015
Freddie Mac, UMBS, 4%, 5/01/2052
 
 
156,090
147,429
Freddie Mac, UMBS, 5%, 7/01/2052
 
 
355,554
352,268
Freddie Mac, UMBS, 5.5%, 4/01/2053
 
 
60,238
61,378
Ginnie Mae, 3.5%, 8/20/2029 - 1/20/2043 (i)
 
 
219,501
25,589
Ginnie Mae, 5.5%, 7/15/2033 - 4/20/2055
 
 
886,875
902,108
Ginnie Mae, 5.658%, 8/20/2034
 
 
41,478
42,324
Ginnie Mae, 4%, 5/16/2039 - 8/20/2052
 
 
240,206
229,490
Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i)
 
 
50,352
7,235
Ginnie Mae, 0.945%, 5/20/2041 (i)
 
 
106,255
9,564
Ginnie Mae, 4.5%, 9/20/2041 - 9/20/2052
 
 
779,901
759,501
Ginnie Mae, 3.5%, 4/15/2042 - 7/20/2043
 
 
523,626
489,082
Ginnie Mae, 2.5%, 6/20/2042 - 8/20/2052
 
 
1,637,247
1,398,541
Ginnie Mae, 3%, 4/20/2045 - 6/20/2052
 
 
1,225,802
1,091,785
Ginnie Mae, 4.754%, 10/20/2045
 
 
141,738
137,739
Ginnie Mae, 2.5%, 2/20/2051 (i)
 
 
87,411
12,119
Ginnie Mae, 2%, 1/20/2052 - 4/20/2052
 
 
1,180,814
967,652
Ginnie Mae, 5%, 1/20/2053 - 12/20/2054
 
 
319,279
317,028
Ginnie Mae, 6%, 2/20/2054 - 11/20/2055
 
 
441,695
454,106
Ginnie Mae, 5.057%, 6/20/2055
 
 
197,955
200,800
Ginnie Mae, 5.132%, 6/20/2055
 
 
149,658
148,030
Ginnie Mae, 5.495%, 3/20/2064
 
 
60,902
61,247
Ginnie Mae, 5.122%, 7/20/2064
 
 
32,882
32,913
Ginnie Mae, 5.127%, 2/20/2067
 
 
74,381
74,894
Ginnie Mae, 5.173%, 3/20/2067
 
 
166,474
167,767
Ginnie Mae, 5.281%, 7/20/2067
 
 
205,444
207,662
Ginnie Mae, 4.945%, 2/20/2075
 
 
258,934
257,842
Ginnie Mae, TBA, 6%, 9/15/2055
 
 
975,000
994,332
Ginnie Mae, TBA, 6.5%, 9/15/2055
 
 
200,000
205,777
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
UMBS, TBA, 2.5%, 9/25/2040
 
$
125,000
$117,272
UMBS, TBA, 6.5%, 9/01/2055
 
 
25,000
25,907
UMBS, TBA, 2%, 9/25/2055 - 10/14/2055
 
 
1,975,000
1,568,248
 
 
 
$34,821,013
Municipals – 2.2%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025
 
$
175,000
$174,841
Chicago, IL, General Obligation, Taxable, “C”, AGM, 6.207%, 1/01/2036
 
 
615,000
654,102
Illinois Sales Tax Securitization Corp., Second Lien, Taxable, “B”, BAM, 3.411%, 1/01/2043
 
 
240,000
182,747
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.641%, 7/01/2037
 
 
415,000
387,551
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040
 
 
32,000
38,420
Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036 (n)
 
 
1,215,000
899,652
 
 
 
$2,337,313
Telecommunications - Wireless – 0.5%
T-Mobile USA, Inc., 4.375%, 4/15/2040
 
$
650,000
$577,469
U.S. Government Agencies and Equivalents – 0.2%
Small Business Administration, 2.21%, 2/01/2033
 
$
42,612
$40,012
Small Business Administration, 2.22%, 3/01/2033
 
 
67,509
63,588
Small Business Administration, 3.15%, 7/01/2033
 
 
56,862
54,747
Small Business Administration, 3.62%, 9/01/2033
 
 
52,477
51,308
 
 
 
$209,655
U.S. Treasury Obligations – 44.3%
U.S. Treasury Bonds, 2.25%, 2/15/2027
 
$
1,921,000
$1,881,154
U.S. Treasury Bonds, 5.25%, 2/15/2029
 
 
572,000
603,862
U.S. Treasury Bonds, 0.625%, 5/15/2030
 
 
800,000
695,219
U.S. Treasury Bonds, 4.75%, 2/15/2037
 
 
336,000
349,611
U.S. Treasury Bonds, 4.375%, 2/15/2038
 
 
1,109,000
1,106,141
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)
 
 
4,503,100
4,471,086
U.S. Treasury Bonds, 3.25%, 5/15/2042
 
 
165,000
135,680
U.S. Treasury Bonds, 3.125%, 2/15/2043
 
 
453,700
361,843
U.S. Treasury Bonds, 2.875%, 5/15/2043
 
 
1,697,100
1,297,884
U.S. Treasury Bonds, 2.5%, 2/15/2045
 
 
4,017,000
2,798,719
U.S. Treasury Bonds, 5%, 5/15/2045
 
 
906,000
921,147
U.S. Treasury Bonds, 2.875%, 11/15/2046
 
 
3,470,000
2,526,594
U.S. Treasury Bonds, 4.25%, 8/15/2054
 
 
217,000
194,147
U.S. Treasury Bonds, 4.625%, 2/15/2055
 
 
899,000
856,859
U.S. Treasury Notes, 5%, 9/30/2025
 
 
3,216,000
3,217,322
U.S. Treasury Notes, 0.75%, 5/31/2026
 
 
567,700
554,386
U.S. Treasury Notes, 0.875%, 6/30/2026
 
 
678,600
661,927
U.S. Treasury Notes, 2%, 11/15/2026 (f)
 
 
7,277,000
7,123,785
U.S. Treasury Notes, 3.875%, 3/31/2027
 
 
1,464,000
1,467,774
U.S. Treasury Notes, 3.875%, 5/31/2027
 
 
2,743,000
2,752,215
U.S. Treasury Notes, 3.875%, 7/31/2027
 
 
3,832,000
3,847,867
U.S. Treasury Notes, 3.75%, 8/15/2027
 
 
1,592,000
1,595,172
U.S. Treasury Notes, 3.625%, 8/31/2027
 
 
395,000
395,077
U.S. Treasury Notes, 4%, 2/29/2028
 
 
3,068,000
3,097,482
U.S. Treasury Notes, 4.625%, 4/30/2031
 
 
534,000
556,716
U.S. Treasury Notes, 4%, 4/30/2032
 
 
1,032,000
1,037,966
U.S. Treasury Notes, 4.625%, 2/15/2035
 
 
1,368,000
1,414,811
 
 
 
$45,922,446
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Utilities - Electric Power – 1.0%
FirstEnergy Corp., 3.9%, 7/15/2027
 
$
694,000
$688,933
Pacific Gas & Electric Co., 5.45%, 6/15/2027
 
 
357,000
362,353
 
 
 
$1,051,286
Total U.S. Bonds
 
 
$95,609,577
Foreign Bonds – 4.8%
Australia – 0.0%
APA Infrastructure Ltd., 4.25%, 7/15/2027 (n)
 
$
16,000
$15,988
Bermuda – 0.4%
Government of Bermuda, 5%, 7/15/2032 (n)
 
$
400,000
$402,956
Chile – 0.7%
Chile Electricity Lux MPC II S.à r.l., 6.01%, 1/20/2033 (n)
 
$
179,000
$186,504
Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n)
 
 
195,501
197,476
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)
 
 
200,000
210,183
Republic of Chile, 2.55%, 1/27/2032
 
 
200,000
177,540
 
 
 
$771,703
China – 0.4%
Tencent Holdings Ltd., 2.88%, 4/22/2031 (n)
 
$
501,000
$468,423
India – 1.0%
Export-Import Bank of India, 2.25%, 1/13/2031 (n)
 
$
317,000
$284,422
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)
 
 
376,000
345,240
Power Finance Corp. Ltd. (Republic of India), 5.25%, 8/10/2028
 
 
370,000
378,201
 
 
 
$1,007,863
Indonesia – 0.3%
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052
 
$
416,000
$357,464
Ireland – 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032
 
$
355,000
$325,014
Malaysia – 0.4%
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031
 
$
400,000
$366,948
Philippines – 0.2%
Republic of Philippines, 5.5%, 1/17/2048
 
$
200,000
$199,868
Poland – 0.3%
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n)
 
$
264,000
$279,782
United Kingdom – 0.7%
B.A.T. Capital Corp., 5.35%, 8/15/2032
 
$
500,000
$514,655
Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n)
 
 
200,000
206,511
 
 
 
$721,166
Uruguay – 0.1%
Oriental Republic of Uruguay, 5.75%, 10/28/2034
 
$
96,000
$101,682
Total Foreign Bonds
 
$5,018,857
Total Bonds
$100,628,434
 
6
Portfolio of Investments (unaudited) – continued
Underlying/Expiration Date/Exercise Price (Rate)
Put/Call
Counterparty
Notional
Amount
Value ($)
Purchased Options – 0.0%
OTC Swaptions – 0.0%
1 Year Interest Rate Swap with Fund to pay 3.085% annually and receive 1-day SOFR annually –
8/30/2027 @ 3.085%
Put
Merrill Lynch International
$1,000,000
$4,696
1 Year Interest Rate Swap with Fund to receive 3.085% annually and pay 1-day SOFR annually –
8/30/2027 @ 3.085%
Call
Merrill Lynch International
1,000,000
4,615
Total Purchased Options
$9,311
 
Issuer
 
 
Shares/Par
 
Mutual Funds (h) – 5.8%
Money Market Funds – 5.8%
MFS Institutional Money Market Portfolio, 4.33% (v)
 
 
6,054,495
$6,055,101
 
Other Assets, Less Liabilities – (2.8)%
(2,943,332
)
Net Assets – 100.0%
$103,749,514
 
(f)
All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements.
(h)
An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under
common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $6,055,101 and
$100,637,745, respectively.
(i)
Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect
the cost of the security.
(n)
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $7,900,460,
representing 7.6% of net assets.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
CLO
Collateralized Loan Obligation
CPI-U
Consumer Price Index - Urban Consumers
FLR
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise noted.
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced
UMBS
Uniform Mortgage-Backed Security
 
Derivative Contracts at 8/31/25
Futures Contracts
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures 
U.S. Treasury Note 10 yr
Long
USD
49
$5,512,500
December - 2025
$17,351
U.S. Treasury Note 2 yr
Long
USD
42
8,758,641
December - 2025
11,388
U.S. Treasury Note 5 yr
Long
USD
241
26,381,969
December - 2025
50,201
 
 
$78,940
7
Portfolio of Investments (unaudited) – continued
 
Futures Contracts − continued
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Ultra Bond 30 yr
Short
USD
5
$582,813
December - 2025
$(2,729
)
U.S. Treasury Ultra Note 10 yr
Short
USD
41
4,690,656
December - 2025
(11,028
)
 
 
$(13,757
)
 
Cleared Swap Agreements
Maturity
Date
Notional
Amount
Counterparty
Cash Flows
to Receive/
Frequency
Cash Flows
to Pay/
Frequency
Unrealized
Appreciation
(Depreciation)
Net Unamortized
Upfront Payments
(Receipts)
Value
Asset Derivatives
Interest Rate Swaps 
5/08/27
USD
3,119,000
centrally cleared
1-day SOFR / Annually
3.5595% / Annually
$3,726
$—
$3,726
9/19/35
USD
2,700,000
centrally cleared
4.196% / Annually
1-day SOFR / Annually
7,240
—
7,240
 
 
 
 
 
 
$10,966
$—
$10,966
Inflation Swaps 
5/14/30
USD
3,400,000
centrally cleared
CPI-U / At Maturity
2.539% / At Maturity
$26,676
$—
$26,676
 
 
 
 
 
 
$37,642
$—
$37,642
Liability Derivatives
Interest Rate Swaps 
5/24/26
USD
1,600,000
centrally cleared
1-day SOFR / Annually
4.7585% / Annually
$(11,358
)
$—
$(11,358
)
12/26/26
USD
2,000,000
centrally cleared
1-day SOFR / Annually
4.1635% / Annually
(11,766
)
—
(11,766
)
12/26/29
USD
2,300,000
centrally cleared
1-day SOFR / Annually
4.085% / Annually
(67,779
)
—
(67,779
)
 
 
 
 
 
 
$(90,903
)
$—
$(90,903
)
At August 31, 2025, the fund had liquid securities with an aggregate value of $505,809 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
8
Supplemental Information
8/31/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally
valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular
position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of
any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
9
Supplemental Information (unaudited) – continued
Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and swap agreements. The following is a summary of the levels used as of August 31, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents
$—
$46,141,412
$—
$46,141,412
Non - U.S. Sovereign Debt
—
2,920,619
—
2,920,619
Municipal Bonds
—
2,337,313
—
2,337,313
U.S. Corporate Bonds
—
7,565,393
—
7,565,393
Residential Mortgage-Backed Securities
—
35,181,929
—
35,181,929
Commercial Mortgage-Backed Securities
—
2,479,929
—
2,479,929
Asset-Backed Securities (including CDOs)
—
1,912,912
—
1,912,912
Foreign Bonds
—
2,098,238
—
2,098,238
Investment Companies
6,055,101
—
—
6,055,101
Total
$6,055,101
$100,637,745
$—
$106,692,846
Other Financial Instruments
Futures Contracts – Assets
$78,940
$—
$—
$78,940
Futures Contracts – Liabilities
(13,757
)
—
—
(13,757
)
Swap Agreements – Assets
—
37,642
—
37,642
Swap Agreements – Liabilities
—
(90,903
)
—
(90,903
)
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended August 31, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$2,061,024
$29,724,631
$25,730,986
$(137
)
$569
$6,055,101
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$127,508
$—
10