MFS GOVERNMENT MARKETS INCOME TRUST Form N-CSRS Filed 2024-07-22

MANAGED DISTRIBUTION POLICY DISCLOSURE

The MFS Government Markets Income Trust’s (the fund) Board of Trustees adopted a managed distribution policy. The fund seeks to pay monthly distributions based on an annual rate of 7.25% of the fund’s average monthly net asset value. The primary purpose of the managed distribution policy is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. You should not draw any conclusions about the fund’s investment performance from the amount of the current distribution or from the terms of the fund’s managed distribution policy. The Board may amend or terminate the managed distribution policy at any time without prior notice to fund shareholders. The amendment or termination of the managed distribution policy could have an adverse effect on the market price of the fund’s shares.

With each distribution, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Please refer to “Tax Matters and Distributions” under Note 2 of the Notes to Financial Statements for information regarding the tax character of the fund’s distributions.

Under a managed distribution policy the fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. Any such returns of capital will decrease the fund’s total assets and, therefore, could have the effect of increasing the fund’s expense ratio. In addition, in order to make the level of distributions called for under its managed distribution policy, the fund may have to sell portfolio securities at a less than opportune time. A return of capital does not necessarily reflect the fund’s investment performance and should not be confused with ‘yield’ or ‘income’. The fund’s total return in relation to changes in net asset value is presented in the Financial Highlights.

Table of Contents

Portfolio Composition - continued

(a)

For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities.

Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(d)

Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.

(i)

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

(m)

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

(q)	For purposes of this presentation, Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

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

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

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

From time to time Cash & Cash Equivalents may be negative due to the timing of cash receipts and disbursements.

Percentages are based on net assets as of May 31, 2024.

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

Table of Contents

Portfolio of Investments

5/31/24 (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 – 103.3%
U.S. Bonds – 97.8%
Asset-Backed & Securitized – 6.4%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.013%, 11/15/2054 (i)	$	1,162,442	$53,013
ACREC 2021-FL1 Ltd., “AS”, FLR, 6.935% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n)		323,500	320,820
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 6.931% ((SOFR - 1mo. + 0.11448%) + 1.5%), 12/15/2035 (n)		175,500	171,593
Arbor Realty Trust, Inc., CLO, 2021-FL3, “AS”, FLR, 6.831% ((SOFR - 1mo. + 0.11448%) + 1.4%), 8/15/2034 (n)		374,500	367,789
AREIT 2022-CRE6 Trust, “AS”, FLR, 6.973% (SOFR - 30 day + 1.65%), 1/20/2037 (n)		512,000	504,172
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)		100,000	100,329
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.402%, 7/15/2054 (i)		1,166,335	72,705
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.601%, 2/15/2054 (i)		974,208	75,880
BBCMS Mortgage Trust, 2022-C18, “XA”, 0.462%, 12/15/2055 (i)		1,229,532	44,070
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.264%, 2/15/2054 (i)		1,965,773	111,811
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.144%, 3/15/2054 (i)		1,166,989	58,723
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.996%, 6/15/2054 (i)		1,594,916	65,951
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.257%, 7/15/2054 (i)		1,447,320	82,878
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.268%, 8/15/2054 (i)		2,187,933	135,638
Benchmark 2021-B29 Mortgage Trust, “XA”, 1.028%, 9/15/2054 (i)		1,877,685	88,296
BSPDF 2021-FL1 Issuer Ltd., “A”, FLR, 6.631% ((SOFR - 1mo. + 0.11448%) + 1.2%), 10/15/2036 (n)		144,818	142,952
BSPDF 2021-FL1 Issuer Ltd., “AS”, FLR, 6.911% ((SOFR - 1mo. + 0.11448%) + 1.48%), 10/15/2036 (n)		253,500	245,577
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)		97,917	98,327
BXMT 2021-FL4 Ltd., “AS”, FLR, 6.735% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)		345,000	317,879
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)		98,521	95,892
Chesapeake Funding II LLC, 2023-2A, “A2”, FLR, 6.423% (SOFR - 30 day + 1.1%), 10/15/2035 (n)		305,135	306,581
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.981%, 12/15/2072 (i)(n)		1,409,796	51,335
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.294%, 2/15/2054 (i)		1,492,470	95,444
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.771%, 4/15/2054 (i)		992,582	36,085
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.143%, 6/15/2064 (i)		987,161	50,455
Dell Equipment Finance Trust, 2023-1, “A2”, 5.65%, 9/22/2028 (n)		115,546	115,531

Table of Contents

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Asset-Backed & Securitized – continued
Dell Equipment Finance Trust, 2023-3, “A2”, 6.1%, 4/23/2029 (n)	$	99,828	$99,968
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n)		100,800	101,351
LAD Auto Receivables Trust, 2022-1A, “A”, 5.21%, 6/15/2027 (n)		45,783	45,650
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 7.181% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n)		283,500	282,109
LoanCore 2021-CRE6 Ltd., “AS”, FLR, 7.081% ((SOFR - 1mo. + 0.11448%) + 1.65%), 11/15/2038 (n)		500,000	491,629
MF1 2021-FL5 Ltd., “AS”, FLR, 6.634% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n)		173,500	172,413
MF1 2021-FL5 Ltd., “B”, FLR, 6.884% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n)		279,500	277,112
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.974%, 12/15/2051 (i)		1,495,593	45,422
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.287%, 5/15/2054 (i)		733,723	42,511
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.317%, 6/15/2054 (i)		1,125,875	58,749
Morgan Stanley Capital I Trust, 2021-L7, “XA”, 1.09%, 10/15/2054 (i)		3,343,901	169,100
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)		121,000	121,702
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)		50,000	49,990
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)		109,848	109,217
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)		95,288	94,701
PFS Financing Corp., 2023-C, “B”, 5.91%, 10/15/2028 (n)		63,000	63,049
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 6.639% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036		146,057	144,984
Santander Drive Auto Receivables Trust, 2024-1, “A2”, 5.71%, 2/16/2027		80,226	80,228
Verus Securitization Trust, 2014-1, “A1”, 5.712%, 1/25/2069 (n)		226,919	224,983
Verus Securitization Trust, 2024-1, “A2”, 5.915%, 1/25/2069 (n)		95,634	94,847
Verus Securitization Trust, 2024-4, “A1”, 6.218%, 6/25/2069 (n)		114,530	114,360
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 0.934%, 1/15/2052 (i)(n)		852,011	28,403
			$6,722,204
Broadcasting – 0.9%
Discovery Communications LLC, 4.65%, 5/15/2050	$	229,000	$169,804
Walt Disney Co., 3.5%, 5/13/2040		612,000	486,177
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032		379,000	331,704
			$987,685

Table of Contents

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Medical & Health Technology & Services – 0.9%
Becton, Dickinson and Co., 4.685%, 12/15/2044	$	123,000	$108,473
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045		106,000	93,179
Montefiore Obligated Group, AGM, 5.246%, 11/01/2048		614,000	566,737
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038		175,000	172,685
			$941,074
Midstream – 0.1%
Targa Resources Corp., 4.95%, 4/15/2052	$	109,000	$92,706
Mortgage-Backed – 44.7%
Fannie Mae, 3%, 11/01/2028 - 5/25/2053	$	2,453,856	$2,259,080
Fannie Mae, 3.5%, 1/25/2030 - 6/25/2048		1,466,696	1,335,651
Fannie Mae, 6.5%, 5/01/2031 - 1/01/2037		139,376	142,629
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046		196,800	175,334
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)		56,231	4,662
Fannie Mae, 2%, 1/25/2033 - 4/25/2046		119,880	108,637
Fannie Mae, 3%, 2/25/2033 (i)		88,222	7,029
Fannie Mae, 5.5%, 10/01/2033 - 3/01/2038		816,559	819,463
Fannie Mae, 6%, 8/01/2034 - 7/01/2037		226,696	230,703
Fannie Mae, 5%, 6/01/2035 - 3/25/2042		252,712	249,145
Fannie Mae, 4%, 9/01/2040 - 7/01/2047		1,779,986	1,662,740
Fannie Mae, 4.5%, 2/01/2041 - 11/01/2042		330,281	318,735
Fannie Mae, 2.25%, 4/25/2041		67,972	62,698
Fannie Mae, 1.75%, 9/25/2041 - 10/25/2041		243,274	223,505
Fannie Mae, 2.75%, 9/25/2042		72,275	67,274
Fannie Mae, 5.688%, 2/25/2043		29,203	28,956
Fannie Mae, 5.738%, 12/25/2045		29,820	28,655
Fannie Mae, UMBS, 2.5%, 7/01/2037 - 7/01/2052		4,347,194	3,570,048
Fannie Mae, UMBS, 2%, 2/01/2042 - 3/01/2052		2,054,929	1,643,862
Fannie Mae, UMBS, 1.5%, 3/01/2051		118,061	87,044
Fannie Mae, UMBS, 3%, 6/01/2051 - 6/01/2052		959,114	813,277
Fannie Mae, UMBS, 4%, 8/01/2051		96,065	88,250
Fannie Mae, UMBS, 4.5%, 9/01/2052		83,907	79,309
Fannie Mae, UMBS, 5.5%, 11/01/2052		313,378	309,215
Fannie Mae, UMBS, 6%, 12/01/2052 - 12/01/2053		658,983	662,211
Fannie Mae, UMBS, 6.5%, 4/01/2054		99,016	100,644
Freddie Mac, 0.615%, 7/25/2024 (i)		2,268,152	75
Freddie Mac, 3.064%, 8/25/2024		378,254	375,736
Freddie Mac, 4.5%, 9/01/2024 - 5/01/2042		350,711	339,958
Freddie Mac, 2.67%, 12/25/2024		827,000	815,174
Freddie Mac, 0.069%, 5/25/2025 (i)		21,790,570	20,914
Freddie Mac, 3.208%, 2/25/2026		170,404	165,223

Table of Contents

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 2.57%, 7/25/2026	$	750,000	$713,739
Freddie Mac, 3.12%, 9/25/2026		200,000	191,425
Freddie Mac, 2.525%, 10/25/2026		97,187	91,770
Freddie Mac, 2.797%, 12/25/2026		106,910	103,119
Freddie Mac, 3.413%, 12/25/2026		300,000	288,048
Freddie Mac, 1.366%, 3/25/2027 (i)		391,000	13,202
Freddie Mac, 5.682%, 3/25/2027		121,152	120,234
Freddie Mac, 3.243%, 4/25/2027		390,961	372,328
Freddie Mac, 3.117%, 6/25/2027		400,000	379,147
Freddie Mac, 0.567%, 7/25/2027 (i)		8,200,880	122,751
Freddie Mac, 0.416%, 8/25/2027 (i)		6,334,440	75,016
Freddie Mac, 0.294%, 1/25/2028 (i)		11,314,209	113,575
Freddie Mac, 0.304%, 1/25/2028 (i)		4,740,464	48,214
Freddie Mac, 0.13%, 2/25/2028 (i)		13,543,712	68,722
Freddie Mac, 0.117%, 4/25/2028 (i)		8,857,907	44,898
Freddie Mac, 3%, 6/15/2028 - 2/25/2059		1,899,775	1,705,180
Freddie Mac, 3.5%, 6/15/2028 - 10/25/2058		1,937,274	1,770,332
Freddie Mac, 4.86%, 10/25/2028		52,609	52,339
Freddie Mac, 5.807%, 3/25/2029		263,339	264,210
Freddie Mac, 1.09%, 7/25/2029 (i)		1,251,827	57,012
Freddie Mac, 1.141%, 8/25/2029 (i)		2,529,992	121,659
Freddie Mac, 5.811%, 12/25/2029		137,500	137,076
Freddie Mac, 1.59%, 1/25/2030 (i)		254,089	18,314
Freddie Mac, 1.798%, 4/25/2030 (i)		600,527	53,285
Freddie Mac, 1.868%, 4/25/2030 (i)		1,277,474	117,045
Freddie Mac, 1.666%, 5/25/2030 (i)		612,877	51,802
Freddie Mac, 1.797%, 5/25/2030 (i)		1,389,954	124,818
Freddie Mac, 1.115%, 6/25/2030 (i)		886,499	47,976
Freddie Mac, 1.341%, 6/25/2030 (i)		559,633	38,042
Freddie Mac, 5.707%, 6/25/2030		105,100	105,045
Freddie Mac, 5.747%, 6/25/2030		77,175	76,905
Freddie Mac, 1.599%, 8/25/2030 (i)		633,757	52,202
Freddie Mac, 1.169%, 9/25/2030 (i)		314,905	19,245
Freddie Mac, 1.081%, 11/25/2030 (i)		789,331	45,685
Freddie Mac, 5.878%, 11/25/2030		261,301	261,300
Freddie Mac, 0.326%, 1/25/2031 (i)		2,852,650	46,997
Freddie Mac, 0.78%, 1/25/2031 (i)		873,865	38,010
Freddie Mac, 0.935%, 1/25/2031 (i)		663,744	33,933
Freddie Mac, 0.514%, 3/25/2031 (i)		2,264,917	61,276
Freddie Mac, 0.732%, 3/25/2031 (i)		973,113	40,572
Freddie Mac, 1.216%, 5/25/2031 (i)		399,402	27,508
Freddie Mac, 0.938%, 7/25/2031 (i)		489,989	27,447

Table of Contents

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 1.215%, 7/25/2031 (i)	$	984,709	$70,016
Freddie Mac, 0.536%, 9/25/2031 (i)		2,619,786	83,312
Freddie Mac, 0.856%, 9/25/2031 (i)		2,591,485	128,546
Freddie Mac, 0.349%, 11/25/2031 (i)		3,899,181	86,483
Freddie Mac, 0.497%, 12/25/2031 (i)		3,898,081	119,182
Freddie Mac, 0.568%, 12/25/2031 (i)		644,718	22,135
Freddie Mac, 0.154%, 11/25/2032 (i)		3,670,222	52,244
Freddie Mac, 0.128%, 8/25/2033 (i)		2,899,969	39,636
Freddie Mac, 0.176%, 10/25/2033 (i)		2,363,261	42,644
Freddie Mac, 5.638%, 4/15/2035		8,150	8,063
Freddie Mac, 6%, 5/01/2035 - 10/01/2038		201,745	205,864
Freddie Mac, 5.5%, 8/01/2035 - 6/01/2036		144,862	145,576
Freddie Mac, 5%, 2/15/2036 - 12/01/2044		643,985	636,328
Freddie Mac, 5.5%, 2/15/2036 (i)		22,958	3,993
Freddie Mac, 6.5%, 5/01/2037		21,645	22,025
Freddie Mac, 4%, 8/01/2037 - 4/01/2044		151,075	141,384
Freddie Mac, 5.688%, 3/15/2039		124,602	120,183
Freddie Mac, 4.5%, 12/15/2040 (i)		4,216	366
Freddie Mac, 6.774%, 10/25/2053		48,677	49,717
Freddie Mac, 0.321%, 6/25/2055 (i)		4,502,658	102,170
Freddie Mac, 3.25%, 11/25/2061		193,145	170,295
Freddie Mac, UMBS, 2.5%, 4/01/2037 - 9/01/2052		2,222,592	1,813,144
Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052		2,404,779	1,874,914
Freddie Mac, UMBS, 1.5%, 6/01/2051		433,468	319,407
Freddie Mac, UMBS, 3.5%, 8/01/2051 - 5/01/2052		124,657	110,352
Freddie Mac, UMBS, 3%, 4/01/2052 - 6/01/2052		257,617	217,224
Freddie Mac, UMBS, 4%, 5/01/2052		175,300	160,680
Freddie Mac, UMBS, 5%, 7/01/2052		365,025	352,416
Freddie Mac, UMBS, 5.5%, 4/01/2053		69,395	68,957
Freddie Mac, UMBS, 6%, 11/01/2053		372,510	373,075
Ginnie Mae, 5.5%, 7/15/2033 - 1/20/2042		258,050	262,185
Ginnie Mae, 5.669%, 8/20/2034		59,021	59,100
Ginnie Mae, 4%, 5/16/2039 - 8/20/2052		286,833	267,664
Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i)		57,844	8,698
Ginnie Mae, 4.5%, 9/20/2041 - 5/20/2054		1,295,035	1,233,558
Ginnie Mae, 3.5%, 10/20/2041 - 1/20/2043 (i)		197,592	28,061
Ginnie Mae, 3.5%, 4/15/2042 - 7/20/2043		595,944	543,636
Ginnie Mae, 2.5%, 6/20/2042 - 8/20/2052		1,856,542	1,548,483
Ginnie Mae, 2.25%, 9/20/2043		14,519	14,035
Ginnie Mae, 3%, 4/20/2045 - 11/20/2051		707,583	618,120
Ginnie Mae, 2.5%, 2/20/2051 (i)		96,570	11,949
Ginnie Mae, 2%, 1/20/2052 - 3/20/2052		465,489	373,518

Table of Contents

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
Foreign Bonds – continued
United Arab Emirates – 0.2%
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n)	$	200,000	$191,626
United Kingdom – 0.7%
B.A.T. Capital Corp., 4.7%, 4/02/2027	$	600,000	$589,578
Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n)		200,000	202,968
			$792,546
Uruguay – 0.1%
Oriental Republic of Uruguay, 5.75%, 10/28/2034	$	96,000	$98,982
Total Foreign Bonds			$5,805,668
Total Bonds (Identified Cost, $117,679,079)			$109,193,033
Investment Companies (h) – 3.9%
Money Market Funds – 3.9%
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $4,143,762)		4,143,760	$4,144,174


Other Assets, Less Liabilities – (7.2)%			(7,610,489)
Net Assets – 100.0%			$105,726,718

(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 $4,144,174 and $109,193,033, 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 $9,897,818, representing 9.4% 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.
(w)	When-issued security.

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
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.

Table of Contents

Notes to Financial Statements

(unaudited)

(1) Business and Organization

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

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

(2) Significant Accounting Policies

General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.

Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.

Investment Valuations — 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. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service.

Table of Contents

Notes to Financial Statements (unaudited) - continued

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. 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). 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 May 31, 2024 in valuing the fund's assets and liabilities:

Table of Contents

Notes to Financial Statements (unaudited) - continued

Financial Instruments	Level 1	Level 2	Level 3	Total
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents	$—	$38,921,093	$—	$38,921,093
Non - U.S. Sovereign Debt	—	3,723,947	—	3,723,947
Municipal Bonds	—	2,717,955	—	2,717,955
U.S. Corporate Bonds	—	7,806,449	—	7,806,449
Residential Mortgage-Backed Securities	—	47,857,773	—	47,857,773
Commercial Mortgage-Backed Securities	—	2,610,616	—	2,610,616
Asset-Backed Securities (including CDOs)	—	3,473,480	—	3,473,480
Foreign Bonds	—	2,081,720	—	2,081,720
Mutual Funds	4,144,174	—	—	4,144,174
Total	$4,144,174	$109,193,033	$—	$113,337,207
Other Financial Instruments
Futures Contracts – Assets	$50,754	$—	$—	$50,754
Futures Contracts – Liabilities	(102,240)	—	—	(102,240)
Swap Agreements – Assets	—	12,390	—	12,390
Swap Agreements – Liabilities	—	(5,828)	—	(5,828)

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

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

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

Table of Contents

Notes to Financial Statements (unaudited) - continued

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at May 31, 2024 as reported in the Statement of Assets and Liabilities:

		Fair Value (a)
Risk	Derivative Contracts	Asset Derivatives	Liability Derivatives
Interest Rate	Futures Contracts	$50,754	$(102,240)
Interest Rate	Cleared Swap Agreements	12,390	(5,828)
Total		$63,144	$(108,068)

(a) Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended May 31, 2024 as reported in the Statement of Operations:

Risk	Futures Contracts
Interest Rate	$(133,668)

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended May 31, 2024 as reported in the Statement of Operations:

Risk	Futures Contracts	Swap Agreements
Interest Rate	$(101,379)	$6,562

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For

Table of Contents

Notes to Financial Statements (unaudited) - continued

derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.

Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

Swap Agreements — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract (“uncleared swaps”) while others are required to be centrally cleared (“cleared swaps”).

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as “Uncleared swaps, at value” which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the

Table of Contents

Notes to Financial Statements (unaudited) - continued

Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement (“ISDA”) between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the true counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into interest rate swap agreements in order to manage its exposure to interest rate fluctuations. Interest rate swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two interest rates applied to a notional principal amount. The two interest rates exchanged may either be a fixed rate and a floating rate or two floating rates based on different indices.

Mortgage-Backed/Asset-Backed Securities — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

Investment Transactions and Income — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

Table of Contents

Notes to Financial Statements (unaudited) - continued

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell mortgage-backed securities on a “To Be Announced” (TBA) basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. As such, these transactions may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates including and excluding TBA transactions are presented in the Financial Highlights. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

Table of Contents

Notes to Financial Statements (unaudited) - continued

To mitigate the counterparty credit risk on TBA transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. The fund employs a managed distribution policy whereby the fund seeks to pay monthly distributions based on an annual rate of 7.25% of the fund’s average monthly net asset value. As a result, distributions may exceed actual earnings which may result in a tax return of capital. Distributions in any year may include a substantial return of capital component. For the six months ended May 31, 2024, the amount of distributions estimated to be a tax return of capital was approximately $2,067,400 which is reported as distributions from other sources in the Statements of Changes in Net Assets. All or a portion of this amount may be redesignated as ordinary income and/or capital gains at fiscal year end. Please refer to the Financial Highlights for distributions of tax returns of capital made during the prior five years. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character.

Table of Contents

Notes to Financial Statements (unaudited) - continued

These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

	Year ended 11/30/23
Ordinary income (including any short-term capital gains)	$3,465,689
Tax return of capital (b)	4,684,173
Total distributions	$8,149,862

(b)	Distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital.

The federal tax cost and the tax basis components of distributable earnings were as follows:

As of 5/31/24
Cost of investments	$122,332,346
Gross appreciation	113,723
Gross depreciation	(9,108,862)
Net unrealized appreciation (depreciation)	$(8,995,139)
As of 11/30/23
Capital loss carryforwards	(10,760,090)
Other temporary differences	(75,964)
Net unrealized appreciation (depreciation)	(11,097,655)

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

As of November 30, 2023, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

Short-Term	$(2,599,429)
Long-Term	(8,160,661)
Total	$(10,760,090)

(3) Transactions with Affiliates

Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.32% of the fund’s average daily net assets and 5.33% of gross income. Gross income is calculated based on tax elections that generally include the accretion of discount and exclude the amortization of premium, which may differ from

Table of Contents

Notes to Financial Statements (unaudited) - continued

investment income reported in the Statement of Operations. MFS has agreed to reduce its management fee to the lesser of the contractual management fee as set forth above or 0.85% of the fund's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until November 30, 2024. For the six months ended May 31, 2024, the fund’s average daily net assets and gross income fees did not meet the thresholds required to waive the management fee under this agreement. The management fee, from net assets and gross income, incurred for the six months ended May 31, 2024 was equivalent to an annual effective rate of 0.54% of the fund’s average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed 0.80% annually of the fund’s average daily net assets. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until November 30, 2024. For the six months ended May 31, 2024, this reduction amounted to $31,201, which is included in the reduction of total expenses in the Statement of Operations.

Transfer Agent — The fund engages Computershare Trust Company, N.A. (“Computershare”) as the sole transfer agent for the fund. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the six months ended May 31, 2024, fees paid to MFSC amounted to $9,367.

Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended May 31, 2024 was equivalent to an annual effective rate of 0.0238% of the fund's average daily net assets.

Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.

Prior to December 31, 2001, the fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense of $533 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the six months ended May 31, 2024. The liability for deferred retirement benefits payable to those former independent Trustees under the

Table of Contents

Notes to Financial Statements (unaudited) - continued

DB plan amounted to $11,111 at May 31, 2024, and is included in “Payable for independent Trustees’ compensation” in the Statement of Assets and Liabilities. The deferred retirement benefits compensation fee is accrued daily and paid monthly.

Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

(4) Portfolio Securities

For the six months ended May 31, 2024, purchases and sales of investments, other than short-term obligations, were as follows:

	Purchases	Sales
U.S. Government securities	$79,110,024	$75,506,620
Non-U.S. Government securities	1,256,784	5,088,696

(5) Shares of Beneficial Interest

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The Trustees have authorized the repurchase by the fund of up to 10% annually of its own shares of beneficial interest.

The fund did not repurchase any shares for the six months ended May 31, 2024. The fund repurchased 7,200 shares of beneficial interest during the year ended November 30, 2023 at an average price per share of $2.95 and a weighted average discount of 7.68% per share. Transactions in fund shares were as follows:

	Six months ended 5/31/24		Year ended 11/30/23
	Shares	Amount	Shares	Amount
Capital shares repurchased	—	$—	(7,200)	$(21,205)

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended May 31, 2024, the fund’s commitment fee and interest expense were $276 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of MFS Government Markets Income Trust:

Results of Review of Interim Financial Statements

We have reviewed the accompanying statement of assets and liabilities of MFS Government Markets Income Trust (the “Trust”), including the portfolio of investments, as of May 31, 2024, and the related statements of operations, and changes in net assets and the financial highlights for the six-month period ended May 31, 2024, and the related notes. Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets and liabilities, including the portfolio of investments, as of November 30, 2023 (not presented herein), the related statements of operations for the year ended November 30, 2023 (not presented herein), the statements of changes in net assets for the years ended November 30, 2023 and November 30, 2022 (2022 not presented herein) and the financial highlights for each of the five years in the period ended November 30, 2023, and in our report dated January 12, 2024, we expressed an unqualified opinion on those financial statements.

Basis for Review Results

These interim financial statements and financial highlights are the responsibility of the Trust's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
July 16, 2024

We have served as the auditor of one or more of the MFS investment companies since 1924.

Table of Contents

Proxy Voting Policies and Information

MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.

Quarterly Portfolio Disclosure

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s Web site at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Reports and Other Documents” tab.

Further Information

From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.

Additional information about the fund (e.g., performance, dividends and the fund’s price history) is also available at mfs.com/closedendfunds by choosing the fund's name, if any.

INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS

The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Portfolio Manager(s)

Information regarding the portfolio manager(s) of the MFS Government Markets Income Trust (the "Fund") is set forth below. Each portfolio manager is primarily responsible for the day-to-day management of the Fund.

Geoffrey Schechter has announced his intention to retire effective September 30, 2025, and he will no longer be a portfolio manager of the fund as of that date.

Portfolio Manager	Primary Role	Since	Title and Five Year History
Geoffrey Schechter	Lead and U.S. Government Securities	2006	Investment Officer of MFS; employed in the investment area of
	Portfolio Manager		MFS since 1993
Neeraj Arora	Emerging Markets Debt Instruments Portfolio	2021	Investment Officer of MFS; employed in the investment area of
	Manager		MFS since 2011

Alexander Mackey	Investment Grade Debt Instruments	2021	Co-Chief Investment Officer-Global Fixed Income of MFS;
	Portfolio Manager		employed in the investment area of MFS since 2001
Jake Stone	U.S. Government Securities Portfolio	2023	Investment Officer of MFS; employed in the investment area of
	Manager		MFS since 2018

Compensation

MFS’ philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2023, portfolio manager total cash compensation is a combination of base salary and performance bonus:

Base Salary – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus. Performance Bonus – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each Fund/strategy and, when available, 10-, 5-, and 3-year periods. For portfolio managers who have served for less than three years, shorter- term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices (“benchmarks”). As of December 31, 2023, the following benchmarks were used to measure the following portfolio manager's performance for the Fund, unless otherwise indicated:

Fund	Portfolio Manager	Benchmark(s)
MFS Government Markets Income Trust	Geoffrey Schechter	Bloomberg U.S. Credit Index
		Bloomberg U.S. Government/Mortgage Index
	Neeraj Arora	JPMorgan Emerging Markets Bond Index Global
	Jake Stone	Bloomberg U.S. Government/Mortgage Index

Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management’s assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

With respect to Mr. Alexander Mackey, his compensation reflects his broader role within MFS as Co-Chief Investment Officer-Global Fixed Income in addition to being a portfolio manager. His performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is based on overall group investment performance and business performance metrics. The qualitative portion is based on the results of an annual internal review

process conducted by the Chief Investment Officer which takes into account his broad leadership responsibilities. This performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates.

During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

MFS Equity Plan – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager’s compensation depends upon the length of the individual’s tenure at MFS and salary level, as well as other factors.

Ownership of Fund Shares

The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund’s portfolio manager(s) as of the Fund's fiscal year ended November 30, 2023. The following dollar ranges apply:

N. None

A. $1 – $10,000

B. $10,001 – $50,000

C. $50,001 – $100,000

D. $100,001 – $500,000

E. $500,001 – $1,000,000

F. Over $1,000,000

Name of Portfolio Manager	Dollar Range of Equity Securities in Fund
Geoffrey Schechter	N
Neeraj Arora	N
Alexander Mackey	N
Jake Stone	N

Other Accounts

In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub- advised by MFS or an affiliate. The number and assets of these accounts were as follows as of the Fund's fiscal year ended November 30, 2023:

	Registered Investment				Other Pooled
		Companies*		Investment Vehicles			Other Accounts
	Number of			Number of			Number of
Name	Accounts		Total Assets	Accounts		Total Assets	Accounts	Total Assets
Geoffrey Schechter	15		$20.6 billion	4		$739.7 million	5	$863.8 million

Neeraj Arora	9		$13.9 billion	9		$3.0 billion	7	$2.2 billion

Alexander Mackey	18		$34.3 billion	5		$2.8 billion	6	$500.8 million

Jake Stone	5		$5.2 billion	2		$444.1 million	0	N/A

*Includes the Fund

Advisory fees are not based upon performance of any of the accounts identified in the table above.

Potential Conflicts of Interest

MFS seeks to identify potential conflicts of interest resulting from a portfolio manager’s management of both the Fund and other accounts, and has adopted policies and procedures designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.

The management of multiple funds and accounts (including accounts in which MFS or an affiliate has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund’s portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS or an affiliate has an interest) with similar investment objectives. MFS' trade allocation policies could have a detrimental effect on the Fund if the

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

MFS Government Markets Income Trust

			(c) Total Number of	(d) Maximum Number
			Shares Purchased as	(or Approximate
	(a) Total number of	(b) Average	Part of Publicly	Dollar Value) of
Period	Shares Purchased	Price Paid	Announced Plans or	Shares that May Yet
		per Share	Programs	Be Purchased under
				the Plans or Programs

12/01/23-12/31/23	0	N/A	0	3,252,539
01/01/24-01/31/24	0	N/A	0	3,252,539
02/01/24-02/28/24	0	N/A	0	3,252,539
03/01/24-03/31/24	0	N/A	0	3,252,539
04/01/24-04/30/24	0	N/A	0	3,252,539
05/01/24-05/31/24	0	N/A	0	3,252,539
Total	0	N/A	0

Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant’s outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2023 plan year is 3,259,739.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

ITEM 16. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for semi-annual reports.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.

(2)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 as EX-99.302CERT.

(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(4)Change in the registrant’s independent public accountant. Not applicable.

(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.

(c)Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.

(d)Notices to Trust’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1. Attached hereto as Ex-99.19a-1.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS GOVERNMENT MARKETS INCOME TRUST

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: July 16, 2024

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)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: July 16, 2024

By (Signature and Title)*

/S/ KASEY L. PHILLIPS

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: July 16, 2024

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

EX-99.COE

Code of Ethics for Principal Executive and Principal Financial Officers

Effective April 1, 2024

Policy Purpose and Summary

Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.

I.Overview

A. 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 (the “Board”) 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:

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

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

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

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

•accountability for adherence to the Code.

B. 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:

•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

•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 of 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”):

•service as a director on the board of any “for profit” company other than the board of the Funds' investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds' investment adviser or its subsidiaries;

•running for political office;

•the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds' investment adviser;

•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;

•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.

C.Disclosure and Compliance

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

•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;

•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

•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.

D.Reporting and Accountability

Each Covered Officer must:

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

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

•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;

•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

•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 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 Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the 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 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.

E. 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 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.

F. 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.

II.Supervision

The Board of Trustees of the Funds, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this Code.

III.Interpretation and Escalation

Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.

IV. Authority

Section 406 of the Sarbanes-Oxley Act.

V.Monitoring

Adherence to this policy is monitored by the CLO.

VI.	Related Policies
	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.
VII.	Amendment
	Any amendments to this Code, other than amendments to Exhibit A, must be
	approved or ratified by a majority vote of the Board, including a majority of
	independent trustees.
VIII.	Recordkeeping
	All required books, records and other documentation shall be retained in accordance
	with MFS’ related record retention policy.

Additional procedures may need to be implemented by departments to properly comply with this policy.

EX-99.302CERT

MFS GOVERNMENT MARKETS INCOME TRUST

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Kasey L. Phillips, certify that:

1.I have reviewed this report on Form N-CSR of MFS Government Markets Income Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 16, 2024

/S/ KASEY L. PHILLIPS

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

EX-99.302CERT

MFS GOVERNMENT MARKETS INCOME TRUST

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, David L. DiLorenzo, certify that:

1.I have reviewed this report on Form N-CSR of MFS Government Markets Income Trust;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 16, 2024

/S/ DAVID L. DILORENZO

David L. DiLorenzo

President (Principal Executive Officer)

MFS Government Markets Income Trust

Thank you for being a shareholder. You are encouraged to access and review this important report containing information about the fund, including portfolio holdings and ﬁnancial statements.

The report is available at:

closedendfunds.mfs.com

This report is available by mail or email upon request free of charge. Reports for the prior reporting period and the fund’s portfolio holdings for its most recent ﬁ rst and third ﬁscal quarters are also available online and in print by request.

Current and future report delivery requests can be submitted at any time using the options in the right panel.

Why am I receiving this Notice?

The Securities and Exchange Commission adopted new rule 30e-3, which, among other things, allows mutual fund companies to deliver shareholder reports by making such reports accessible at a website address. You still may elect to receive a paper copy of the current report and/or any future reports by following the instructions on the panel on the right-hand side.

001CD80003 : CCS-Letter-75GSM-Plain-white-20/50#

An Important Report to Shareholders is Now Available Online and In Print by Request

Scan this code with your

smartphone to access your report:

Or download your report

using the link in the left panel.

Prefer a copy by mail or email?

Within USA, US Territories & Canada

800-637-2304

Outside USA, US Territories & Canada

(781) 575-2879

Fund Reports by email

Select My Proﬁle >

Communications Preferences

and choose your preferred method

MFS® Government Markets Income Trust

P.O. Box 43078

Providence, RI 02940-3078

Notice to shareholders — Source of distribution

Distribution period	May-2024
Distribution amount per share	$0.01961

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.

	Current	% Breakdown of	Total cumulative	% Breakdown of the total
	Current	% Breakdown of	distributions for the	cumulative distributions
	distribution	current distribution	fiscal year to date	for the fiscal year to date
Net Investment Income	0.00922	47%	0.05644		47%
Net Realized ST Cap Gains	0.00000	0%	0.00000		0%
Net Realized LT Cap Gains	0.00000	0%	0.00000		0%
Return of Capital or	0.01039	53%	0.06365		53%
Other Capital Source	0.01039	53%	0.06365		53%
Total (per common share)	0.01961	100%	0.12009		100%
Average annual total return (in relation to NAV) for the five years ended 4-30-2024						-0.08%
Annualized current distribution rate expressed as a percentage of month end NAV as of 4-30-2024						7.33%
Cumulative total return (in relation to NAV) for the fiscal year through 4-30-2024						0.40%
Cumulative fiscal year distributions as a percentage of NAV as of 4-30-2024						3.74%

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax- reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MGFSN-0524

MFS® Government Markets Income Trust

P.O. Box 43078

Providence, RI 02940-3078

Notice to shareholders — Source of distribution

Distribution period	April-2024
Distribution amount per share	$0.02002

	Current	% Breakdown of	Total cumulative	% Breakdown of the total
	Current	% Breakdown of	distributions for the	cumulative distributions
	distribution	current distribution	fiscal year to date	for the fiscal year to date
Net Investment Income	0.01121	56%	0.04723		47%
Net Realized ST Cap Gains	0.00000	0%	0.00000		0%
Net Realized LT Cap Gains	0.00000	0%	0.00000		0%
Return of Capital or	0.00881	44%	0.05325		53%
Other Capital Source	0.00881	44%	0.05325		53%
Total (per common share)	0.02002	100%	0.10048		100%
Average annual total return (in relation to NAV) for the five years ended 3-31-2024						0.36%
Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2024						7.26%
Cumulative total return (in relation to NAV) for the fiscal year through 3-31-2024						2.87%
Cumulative fiscal year distributions as a percentage of NAV as of 3-31-2024						3.04%

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MGFSN-0424

MFS® Government Markets Income Trust

P.O. Box 43078

Providence, RI 02940-3078

Notice to shareholders — Source of distribution

Distribution period	March-2024
Distribution amount per share	$0.02006

	Current	% Breakdown of	Total cumulative	% Breakdown of the total
	Current	% Breakdown of	distributions for the	cumulative distributions
	distribution	current distribution	fiscal year to date	for the fiscal year to date
Net Investment Income	0.00722	36%	0.03540		44%
Net Realized ST Cap Gains	0.00000	0%	0.00000		0%
Net Realized LT Cap Gains	0.00000	0%	0.00000		0%
Return of Capital or	0.01284	64%	0.04506		56%
Other Capital Source	0.01284	64%	0.04506		56%
Total (per common share)	0.02006	100%	0.08046		100%
Average annual total return (in relation to NAV) for the five years ended 2-29-2024						0.62%
Annualized current distribution rate expressed as a percentage of month end NAV as of 2-29-2024						7.27%
Cumulative total return (in relation to NAV) for the fiscal year through 2-29-2024						2.23%
Cumulative fiscal year distributions as a percentage of NAV as of 2-29-2024						2.43%

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MGFSN-0324

MFS® Government Markets Income Trust

P.O. Box 43078

Providence, RI 02940-3078

Notice to shareholders — Source of distribution

Distribution period	February-2024
Distribution amount per share	$0.02032

	Current	% Breakdown of	Total cumulative	% Breakdown of the total
	Current	% Breakdown of	distributions for the	cumulative distributions
	distribution	current distribution	fiscal year to date	for the fiscal year to date
Net Investment Income	0.00955	47%	0.02899		48%
Net Realized ST Cap Gains	0.00000	0%	0.00000		0%
Net Realized LT Cap Gains	0.00000	0%	0.00000		0%
Return of Capital or	0.01077	53%	0.03141		52%
Other Capital Source	0.01077	53%	0.03141		52%
Total (per common share)	0.02032	100%	0.06040		100%
Average annual total return (in relation to NAV) for the five years ended 1-31-2024						0.91%
Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2024						7.21%
Cumulative total return (in relation to NAV) for the fiscal year through 1-31-2024						3.40%
Cumulative fiscal year distributions as a percentage of NAV as of 1-31-2024						1.79%

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MGFSN-0224

MFS® Government Markets Income Trust

P.O. Box 43078

Providence, RI 02940-3078

Notice to shareholders — Source of distribution

Distribution period	January-2024
Distribution amount per share	$0.02039

	Current	% Breakdown of	Total cumulative	% Breakdown of the total
	Current	% Breakdown of	distributions for the	cumulative distributions
	distribution	current distribution	fiscal year to date	for the fiscal year to date
Net Investment Income	0.01020	50%	0.02004	50%
Net Realized ST Cap Gains	0.00000	0%	0.00000	0%
Net Realized LT Cap Gains	0.00000	0%	0.00000	0%
Return of Capital or	0.01019	50%	0.02004	50%
Other Capital Source	0.01019	50%	0.02004	50%
Total (per common share)	0.02039	100%	0.04008	100%
Average annual total return (in relation to NAV) for the five years ended 12-31-2023					1.07%
Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2023					7.20%
Cumulative total return (in relation to NAV) for the fiscal year through 12-31-2023					3.68%
Cumulative fiscal year distributions as a percentage of NAV as of 12-31-2023					1.18%

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MGFSN-0124

MFS® Government Markets Income Trust

P.O. Box 43078

Providence, RI 02940-3078

Notice to shareholders — Source of distribution

Distribution period	December-2023
Distribution amount per share	$0.01969

	Current	% Breakdown of	Total cumulative	% Breakdown of the total
	Current	% Breakdown of	distributions for the	cumulative distributions
	distribution	current distribution	fiscal year to date	for the fiscal year to date
Net Investment Income	0.01969	100%	0.01969	100%
Net Realized ST Cap Gains	0.00000	0%	0.00000	0%
Net Realized LT Cap Gains	0.00000	0%	0.00000	0%
Return of Capital or	0.00000	0%	0.00000	0%
Other Capital Source	0.00000	0%	0.00000	0%
Total (per common share)	0.01969	100%	0.01969	100%
Average annual total return (in relation to NAV) for the five years ended 11-30-2023					0.73%
Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2023					7.16%
Cumulative total return (in relation to NAV) for the fiscal year through 11-30-2023					0.71%
Cumulative fiscal year distributions as a percentage of NAV as of 11-30-2023					0.60%

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MGFSN-1223

Portfolio composition	1
Portfolio managers’ profiles	3
Other notes	3
Portfolio of investments	4
Statement of assets and liabilities	16
Statement of operations	17
Statements of changes in net assets	18
Financial highlights	19
Notes to financial statements	21
Report of independent registered public accounting firm	33
Proxy voting policies and information	34
Quarterly portfolio disclosure	34
Further information	34
Information about fund contracts and legal claims	34

U.S. Treasury Securities	56.7%
Mortgage-Backed Securities	44.8%
Investment Grade Corporates	8.5%
Emerging Markets Bonds	4.1%
Municipal Bonds	2.6%
Commercial Mortgage-Backed Securities	2.5%
Collateralized Debt Obligations	2.1%
Asset-Backed Securities	1.2%
Residential Mortgage-Backed Securities	0.6%
Non-U.S. Government Bonds	0.4%
U.S. Government Agencies	0.2%

AAA	5.3%
AA	1.7%
A	6.2%
BBB	7.6%
BB	0.3%
CC	0.9%
U.S. Government	36.8%
Federal Agencies	45.0%
Not Rated	19.9%
Cash & Cash Equivalents	(3.8)%
Other (q)	(19.9)%

Average Duration (d)	6.2
Average Effective Maturity (m)	7.3 yrs.

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Cable TV – 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025	$	56,000	$55,429
Time Warner Cable, Inc., 4.5%, 9/15/2042		100,000	73,523
			$128,952
Consumer Products – 0.2%
Haleon US Capital LLC, 3.625%, 3/24/2032	$	250,000	$223,062
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029	$	159,000	$142,449
Electronics – 0.6%
Broadcom, Inc., 3.187%, 11/15/2036 (n)	$	750,000	$588,665
Food & Beverages – 0.4%
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029	$	488,000	$431,481
Tyson Foods, Inc., 5.15%, 8/15/2044		38,000	33,520
			$465,001
Industrial – 0.0%
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025	$	42,000	$40,202
Insurance – 0.4%
Corebridge Financial, Inc., 3.85%, 4/05/2029	$	500,000	$466,148
Insurance - Health – 0.2%
Humana, Inc., 3.7%, 3/23/2029	$	167,000	$155,714
Insurance - Property & Casualty – 0.1%
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)	$	99,000	$72,042
Major Banks – 1.8%
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032	$	750,000	$630,325
JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032		750,000	629,535
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031		588,000	536,724
State Street Corp., 3.152% to 3/30/2030, FLR (SOFR + 2.65%) to 3/30/2031		138,000	123,997
			$1,920,581

REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced
UMBS	Uniform Mortgage-Backed Security
USA-CPI-U	Consumer Price Index - Urban Consumers

Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
U.S. Treasury Bond 30 yr	Short	USD	40	$4,642,500	September - 2024	$38,010
U.S. Treasury Note 2 yr	Long	USD	1	203,703	September - 2024	43
U.S. Treasury Ultra Note 10 yr	Short	USD	69	7,730,156	September - 2024	12,701
						$50,754
Liability Derivatives
Interest Rate Futures
U.S. Treasury Note 10 yr	Long	USD	208	$22,629,750	September - 2024	$(62,202)
U.S. Treasury Note 5 yr	Long	USD	5	528,984	September - 2024	(430)
U.S. Treasury Ultra Bond 30 yr	Long	USD	23	2,816,063	September - 2024	(39,608)
						$(102,240)

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
3/17/32	USD	1,400,000	centrally cleared	3.960% / Annually	Daily SOFR / Annually	$4,695	$—	$4,695
3/15/33	USD	1,100,000	centrally cleared	4.044% / Annually	Daily SOFR / Annually	5,948	—	5,948
4/15/26	USD	2,300,000	centrally cleared	USA-CPI-U / At Maturity	2.637% / At Maturity	1,747	—	1,747
						$12,390	$—	$12,390
Liability Derivatives
Interest Rate Swaps
3/21/57	USD	300,000	centrally cleared	Daily SOFR / Annually	3.718% / Annually	$(608)	$—	$(608)
4/18/26	USD	4,600,000	centrally cleared	USA-CPI-U / At Maturity	2.680% / At Maturity	(718)	—	(718)
3/15/58	USD	300,000	centrally cleared	Daily SOFR / Annually	3.757% / Annually	(3,690)	—	(3,690)
5/24/26	USD	1,600,000	centrally cleared	Daily SOFR / Annually	4.759% / Annually	(812)	—	(812)
						$(5,828)	$—	$(5,828)

Assets
Investments in unaffiliated issuers, at value (identified cost, $117,679,079)	$109,193,033
Investments in affiliated issuers, at value (identified cost, $4,143,762)	4,144,174
Receivables for
Net daily variation margin on open futures contracts	21,706
Investments sold	323,967
TBA sale commitments	3,845,373
Interest	656,078
Receivable from investment adviser	3,037
Other assets	18,909
Total assets	$118,206,277
Liabilities
Payable to custodian	$1,577
Payables for
Distributions	36,827
Net daily variation margin on open cleared swap agreements	629
Investments purchased	333,040
When-issued investments purchased	199,810
TBA purchase commitments	11,783,469
Payable to affiliates
Administrative services fee	139
Transfer agent and dividend disbursing costs	1,724
Payable for independent Trustees' compensation	11,220
Deferred foreign capital gains tax expense payable	31,048
Accrued expenses and other liabilities	80,076
Total liabilities	$12,479,559
Net assets	$105,726,718
Net assets consist of
Paid-in capital	$129,468,702
Total distributable earnings (loss)	(23,741,984)
Net assets	$105,726,718
Shares of beneficial interest outstanding	32,590,193
Net asset value per share (net assets of $105,726,718 / 32,590,193 shares of beneficial interest outstanding)	$3.24

Net investment income (loss)
Income
Interest	$2,142,581
Dividends from affiliated issuers	52,881
Foreign taxes withheld	(62)
Total investment income	$2,195,400
Expenses
Management fee	$291,275
Transfer agent and dividend disbursing costs	27,564
Administrative services fee	12,854
Independent Trustees' compensation	4,178
Stock exchange fee	15,895
Custodian fee	5,915
Shareholder communications	32,184
Audit and tax fees	49,127
Legal fees	2,123
Miscellaneous	22,739
Total expenses	$463,854
Reduction of expenses by investment adviser	(31,201)
Net expenses	$432,653
Net investment income (loss)	$1,762,747
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers	$(1,528,791)
Affiliated issuers	1,068
Futures contracts	(133,668)
Net realized gain (loss)	$(1,661,391)
Change in unrealized appreciation or depreciation
Unaffiliated issuers (includes $1,613 increase in deferred foreign capital gains tax)	$2,098,566
Affiliated issuers	376
Futures contracts	(101,379)
Swap agreements	6,562
Net unrealized gain (loss)	$2,004,125
Net realized and unrealized gain (loss)	$342,734
Change in net assets from operations	$2,105,481

	Six months ended	Year ended
	5/31/24 (unaudited)	11/30/23
Change in net assets
From operations
Net investment income (loss)	$1,762,747	$3,298,553
Net realized gain (loss)	(1,661,391)	(2,424,465)
Net unrealized gain (loss)	2,004,125	(383,178)
Change in net assets from operations	$2,105,481	$490,910
Distributions to shareholders	$(1,846,356)	$(3,465,689)
Tax return of capital distributions to shareholders	$—	$(4,684,173)
Distributions from other sources	$(2,067,400)(a)	$—
Change in net assets from fund share transactions	$—	$(21,205)
Total change in net assets	$(1,808,275)	$(7,680,157)
Net assets
At beginning of period	107,534,993	115,215,150
At end of period	$105,726,718	$107,534,993

	_{Six months} _ended	Year ended
	5/31/24 (unaudited)	11/30/23	11/30/22	11/30/21	11/30/20	11/30/19
Net asset value, beginning of period	$3.30	$3.53	$4.35	$4.75	$4.75	$4.65
Income (loss) from investment operations
Net investment income (loss) (d)	$0.05	$0.10	$0.06	$0.08	$0.10	$0.12
Net realized and unrealized gain (loss)	0.01	(0.08)	(0.60)	(0.15)	0.25	0.32
Total from investment operations	$0.06	$0.02	$(0.54)	$(0.07)	$0.35	$0.44
Less distributions declared to shareholders
From net investment income	$(0.06)	$(0.11)	$(0.06)	$(0.09)	$(0.11)	$(0.13)
From tax return of capital	—	(0.14)	(0.22)	(0.24)	(0.24)	(0.21)
From other sources	(0.06)(b)	—	—	—	—	—
Total distributions declared to shareholders	$(0.12)	$(0.25)	$(0.28)	$(0.33)	$(0.35)	$(0.34)
Net increase from repurchase of capital shares	$—	$0.00(w)	$—	$—	$0.00(w)	$—
Net asset value, end of period (x)	$3.24	$3.30	$3.53	$4.35	$4.75	$4.75
Market value, end of period	$3.07	$3.08	$3.39	$4.27	$4.64	$4.56
Total return at market value (%)	3.55(n)	(1.85)	(14.23)	(0.84)	9.64	12.76
Total return at net asset value (%) (j)(r)(s)(x)	1.99(n)	0.99	(12.33)	(1.32)	7.75	10.13
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.86(a)	0.82	0.74	0.70	0.72	0.74
Expenses after expense reductions	0.80(a)	0.80	N/A	N/A	N/A	N/A
Net investment income (loss)	3.26(a)	2.95	1.59	1.78	2.19	2.45
Portfolio turnover	73(n)	90	146	201	142	48
Net assets at end of period (000 omitted)	$105,727	$107,535	$115,215	$141,852	$154,678	$154,836
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) (e)	17(n)	36	N/A	N/A	N/A	N/A

(a)	Annualized.
(b)	Estimated tax return of capital. All or a portion of this amount may be redesignated as ordinary income and/or capital gains at fiscal year end when the tax character of distributions is determined. Please refer to “Tax Matters and Distributions” under Note 2 of the Notes to Financial Statements for additional information regarding the tax character of the fund’s distributions.
(d)	Per share data is based on average shares outstanding.
(e)	Beginning with the period ending November 30, 2023, portfolio turnover rates excluding TBA transactions are being added as supplemental ratios. Refer to Note 2 for more information on TBA transactions and mortgage dollar rolls.
(j)	Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value.
(n)	Not annualized.
(r)	Certain expenses have been reduced without which performance would have been lower.
(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(w)	Per share amount was less than $0.01.
(x)	The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$1,282,508	$25,510,891	$22,650,669	$1,068	$376	$4,144,174

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$52,881	$—

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Ginnie Mae, 5%, 1/20/2053 - 3/20/2053	$	233,245	$226,559
Ginnie Mae, 7%, 12/20/2053		24,793	25,317
Ginnie Mae, 6%, 2/20/2054 - 11/20/2055		1,058,671	1,066,820
Ginnie Mae, 6.473%, 3/20/2064		523,088	524,787
Ginnie Mae, TBA, 2%, 6/15/2054 - 7/15/2054		620,008	497,176
Ginnie Mae, TBA, 3%, 6/15/2054		675,000	583,025
Ginnie Mae, TBA, 5%, 6/15/2054		425,000	412,472
Ginnie Mae, TBA, 5.5%, 6/15/2054		625,000	619,954
Ginnie Mae, TBA, 6.5%, 6/15/2054		300,000	304,516
UMBS, TBA, 3%, 6/25/2054 - 7/25/2054		1,825,000	1,534,971
UMBS, TBA, 3.5%, 6/25/2054 - 7/25/2054		75,000	65,770
UMBS, TBA, 5.5%, 6/25/2054		700,000	688,645
UMBS, TBA, 6%, 6/25/2054		425,000	425,584
UMBS, TBA, 6.5%, 6/25/2054		275,000	279,502
UMBS, TBA, 2%, 7/25/2054		2,711,626	2,093,742
UMBS, TBA, 2.5%, 7/25/2054		525,000	424,248
			$47,219,665
Municipals – 2.6%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025	$	345,000	$339,743
Chicago, IL, General Obligation, Taxable, “C”, AGM, 6.207%, 1/01/2036		615,000	644,933
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 3%, 6/01/2046		140,000	129,033
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043		5,000	4,034
Illinois Sales Tax Securitization Corp., Second Lien, Taxable, “B”, BAM, 3.411%, 1/01/2043		240,000	184,302
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037		515,000	459,660
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030		6,280	6,153
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040		32,000	37,294
Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036 (n)		1,215,000	912,803
			$2,717,955
Telecommunications - Wireless – 0.5%
T-Mobile USA, Inc., 4.375%, 4/15/2040	$	650,000	$565,111

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
U.S. Government Agencies and Equivalents – 0.2%
Small Business Administration, 5.52%, 6/01/2024	$	2,175	$2,175
Small Business Administration, 2.21%, 2/01/2033		56,565	50,983
Small Business Administration, 2.22%, 3/01/2033		82,267	74,007
Small Business Administration, 3.15%, 7/01/2033		73,736	68,396
Small Business Administration, 3.62%, 9/01/2033		66,449	62,602
			$258,163
U.S. Treasury Obligations – 36.6%
U.S. Treasury Bonds, 2.25%, 2/15/2027	$	1,921,000	$1,802,513
U.S. Treasury Bonds, 5.25%, 2/15/2029		48,000	49,536
U.S. Treasury Bonds, 0.625%, 5/15/2030		800,000	639,687
U.S. Treasury Bonds, 4.75%, 2/15/2037		336,000	345,739
U.S. Treasury Bonds, 4.375%, 2/15/2038		1,109,000	1,095,571
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)		4,503,100	4,467,744
U.S. Treasury Bonds, 3.125%, 2/15/2043		453,700	363,385
U.S. Treasury Bonds, 2.875%, 5/15/2043		1,697,100	1,303,253
U.S. Treasury Bonds, 2.5%, 2/15/2045		4,017,000	2,830,416
U.S. Treasury Bonds, 2.875%, 11/15/2046		3,470,000	2,574,713
U.S. Treasury Bonds, 2.375%, 5/15/2051		449,000	291,061
U.S. Treasury Notes, 4.125%, 1/31/2025		232,000	230,255
U.S. Treasury Notes, 3.875%, 4/30/2025		2,507,000	2,477,058
U.S. Treasury Notes, 4.25%, 5/31/2025		1,898,000	1,880,540
U.S. Treasury Notes, 2.875%, 7/31/2025		4,700,000	4,582,500
U.S. Treasury Notes, 5%, 9/30/2025		3,216,000	3,212,357
U.S. Treasury Notes, 0.75%, 5/31/2026		567,700	523,725
U.S. Treasury Notes, 0.875%, 6/30/2026		678,600	626,141
U.S. Treasury Notes, 2%, 11/15/2026 (f)		6,071,000	5,687,294
U.S. Treasury Notes, 4%, 2/29/2028		3,068,000	3,005,801
U.S. Treasury Notes, 4.625%, 4/30/2031		534,000	537,922
U.S. Treasury Notes, 3.25%, 5/15/2042		165,000	135,719
			$38,662,930
Utilities - Electric Power – 1.0%
FirstEnergy Corp., 4.15%, 7/15/2027	$	694,000	$660,943
Pacific Gas & Electric Co., 5.45%, 6/15/2027		357,000	356,113
			$1,017,056
Total U.S. Bonds			$103,387,365
Foreign Bonds – 5.5%

Issuer		Shares/Par	Value ($)
Bonds – continued
Foreign Bonds – continued
Bermuda – 0.4%
Government of Bermuda, 5%, 7/15/2032 (n)	$	400,000	$382,520
Chile – 0.9%
Banco del Estado de Chile, 2.704%, 1/09/2025 (n)	$	241,000	$235,859
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 (n)		200,000	201,400
Corporación Nacional del Cobre de Chile, 5.95%, 1/08/2034 (n)		200,000	197,606
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)		200,000	202,471
Republic of Chile, 2.55%, 1/27/2032		200,000	166,138
			$1,003,474
China – 0.4%
Tencent Holdings Ltd., 2.88%, 4/22/2031 (n)	$	501,000	$433,923
India – 0.9%
Export-Import Bank of India, 2.25%, 1/13/2031 (n)	$	317,000	$260,214
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)		376,000	317,758
Power Finance Corp. Ltd. (Republic of India), 5.25%, 8/10/2028		370,000	363,267
			$941,239
Indonesia – 0.3%
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052	$	416,000	$334,880
Ireland – 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032	$	355,000	$302,376
Kuwait – 0.2%
NBK SPC Ltd. (State of Kuwait), 5.5% to 6/06/2029, FLR (SOFR - 1 day + 1.16%) to 6/06/2030 (n)(w)	$	200,000	$200,176
Malaysia – 0.3%
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031	$	400,000	$339,198
Mexico – 0.3%
United Mexican States, 4.75%, 4/27/2032	$	324,000	$300,510
Philippines – 0.2%
Republic of Philippines, 5.5%, 1/17/2048	$	200,000	$196,692
Poland – 0.3%
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n)	$	264,000	$272,002