NPORT-EX 2 edgar.htm
Quarterly Report
November 30, 2021
MFS®  Government    
Securities Fund
MFG-Q3
Portfolio of Investments
11/30/21 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Bonds – 96.4%
Asset-Backed & Securitized – 7.0%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.038%, 11/15/2054 (i)   $ 22,131,488 $1,625,447
ACREC Ltd., 2021-FL1, “AS”, FLR, 1.589% (LIBOR - 1mo. + 1.5%), 10/16/2036 (n)     7,778,000 7,768,932
ACREC Ltd., 2021-FL1, “B”, FLR, 1.888% (LIBOR - 1mo. + 1.8%), 10/16/2036 (n)     6,036,500 6,037,907
Allegro CLO Ltd., 2016-1A, “BR2”, FLR, 1.673% (LIBOR - 3mo. + 1.55%), 1/15/2030 (n)     6,215,880 6,216,185
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 1.589% (LIBOR - 1mo. + 1.5%), 12/15/2035 (n)     3,901,000 3,881,483
Arbor Realty Trust, Inc., CLO, 2021-FL3, “AS”, FLR, 1.489% (LIBOR - 1mo. + 1.4%), 8/15/2034 (n)     6,638,000 6,605,188
Bancorp Commercial Mortgage Trust, 2019-CRE6, “A”, FLR, 1.214% (LIBOR - 1mo. + 1.05%), 9/15/2036 (n)     362,654 362,376
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.431%, 7/15/2054 (i)     21,357,645 2,043,333
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.764%, 2/15/2054 (i)     13,963,136 1,660,859
BDS Ltd., 2021-FL9, “A”, 1.159%, 11/16/2038 (n)     5,974,500 5,960,000
Benchmark Mortgage Trust, 2021-B23, “XA”, 1.383%, 2/15/2054 (i)     44,014,168 3,992,045
Benchmark Mortgage Trust, 2021-B24, “XA”, 1.273%, 3/15/2054 (i)     26,371,503 2,176,053
Benchmark Mortgage Trust, 2021-B26, “XA”, 0.999%, 6/15/2054 (i)     38,181,600 2,510,872
Benchmark Mortgage Trust, 2021-B27, “XA”, 1.388%, 7/15/2054 (i)     33,821,835 3,199,119
Benchmark Mortgage Trust, 2021-B28, “XA”, 1.404%, 8/15/2054 (i)     40,484,781 3,850,912
Benchmark Mortgage Trust, 2021-B29, “XA”, 1.16%, 9/15/2054 (i)(n)     45,621,581 3,433,594
BPCRE Holder LLC, FLR, 0.938% (LIBOR - 1mo. + 0.85%), 2/15/2037 (n)     1,248,506 1,246,384
BPCRE Holder LLC, FLR, 1.638% (LIBOR - 1mo. + 1.55%), 2/15/2037 (n)     1,306,500 1,305,677
BSPDF 2021-FL1 Issuer Ltd., “A”, 1.289%, 10/15/2036 (n)     3,712,000 3,712,000
BSPDF 2021-FL1 Issuer Ltd., “AS”, FLR, 1.569% (LIBOR - 1mo. + 1.48%), 10/15/2036 (n)     4,700,500 4,700,500
BXMT Ltd., 2021-FL4, “AS”, FLR, 1.389% (LIBOR - 1mo. + 1.3%), 5/15/2038 (n)     7,779,500 7,779,726
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)     1,256,151 1,268,402
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 1.001%, 12/15/2072 (i)(n)     23,508,199 1,385,268
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.441%, 2/15/2054 (i)     33,858,101 3,348,847
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.892%, 4/15/2054 (i)     19,069,263 1,099,436
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.158%, 6/15/2064 (i)     13,405,799 1,066,276
Commercial Mortgage Trust, 2014-CR19, “A5”, 3.796%, 8/10/2047      1,000,000 1,059,349
Commercial Mortgage Trust, 2015-DC1, “A5”, 3.35%, 2/10/2048      4,990,000 5,251,956
Commercial Mortgage Trust, 2015-LC21, “A4”, 3.708%, 7/10/2048      3,135,000 3,356,154
Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050      5,300,000 5,684,663
CSAIL Commercial Mortgage Trust, 2015-C2, “A4”, 3.504%, 6/15/2057      5,341,994 5,654,074
GS Mortgage Securities Trust, 2015-GC30, “A4”, 3.382%, 5/10/2050      5,951,000 6,293,499
GS Mortgage Securities Trust, 2015-GC32, “A2”, 3.062%, 7/10/2048      507,807 514,756
KREF Ltd., 2018-FT1, “AS”, FLR, 1.389% (LIBOR - 1mo. + 1.3%), 2/15/2039 (n)     759,000 758,072
LoanCore Ltd., 2021-CRE5, “AS”, FLR, 1.839% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n)     6,508,500 6,510,469
LoanCore Ltd., 2021-CRE6, “AS”, FLR, 1.739% (LIBOR - 1mo. + 1.65%), 11/15/2038 (n)     10,000,000 10,000,000
Madison Park Funding Ltd., 2014-13A, “BR2”, FLR, 1.623% (LIBOR - 3mo. + 1.5%), 4/19/2030 (n)     5,711,934 5,737,341
MF1 CLO Ltd., 2021-FL5, “AS”, FLR, 1.362% (LIBOR - 1mo. + 1.2%), 7/15/2036 (n)     3,875,500 3,871,993
MF1 CLO Ltd., 2021-FL5, “B”, FLR, 1.612% (LIBOR - 1mo. + 1.45%), 7/15/2036 (n)     4,881,500 4,878,565
MF1 Multi-Family Housing Mortgage Loan Trust, 2020-FL4, “A”, FLR, 1.862% (LIBOR - 1mo. + 1.7%), 11/15/2035 (n)     4,790,500 4,809,853
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 1.023%, 12/15/2051 (i)     24,454,996 1,220,933
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.424%, 5/15/2054 (i)     16,826,645 1,569,992
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.354%, 6/15/2054 (i)     20,745,363 1,759,244
Morgan Stanley Capital I Trust, 2021-L7, “XA”, 1.222%, 10/15/2054 (i)     81,161,708 6,489,503
Palmer Square Loan Funding Ltd., 2020-1A, “A2”, FLR, 1.51% (LIBOR - 3mo. + 1.35%), 2/20/2028 (n)     3,163,115 3,149,004
PFP III Ltd., 2021-7, “AS”, FLR, 1.241% (LIBOR - 1mo. + 1.15%), 4/14/2038 (n)     5,441,728 5,414,988
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 1.28% (LIBOR - 1mo. + 1.2%), 11/25/2036 (z)     4,105,000 4,101,148
ReadyCap Commercial Mortgage Trust, 2021-FL7, “AS”, FLR, 1.58% (LIBOR - 1mo. + 1.5%), 11/25/2036 (z)     1,261,500 1,261,500
Symphony CLO Ltd., 2016-17A, “BR”, FLR, 1.324% (LIBOR - 3mo. + 1.2%), 4/15/2028 (n)     4,840,622 4,826,749
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 1.12%, 1/15/2052 (i)(n)     13,800,787 804,736
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.682%, 8/15/2054 (i)     20,967,573 2,459,928
        $185,675,290
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Automotive – 0.2%
Hyundai Capital America, 2.85%, 11/01/2022 (n)   $ 2,831,000 $2,884,241
Hyundai Capital America, 2.375%, 2/10/2023 (n)     1,899,000 1,930,378
        $4,814,619
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029    $ 2,018,000 $2,141,608
Industrial – 0.1%
Howard University, Washington D.C., 2.738%, 10/01/2022    $ 458,000 $461,883
Howard University, Washington D.C., 2.801%, 10/01/2023      505,000 517,116
Howard University, Washington D.C., AGM, 2.416%, 10/01/2024      556,000 563,392
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025      688,000 692,044
        $2,234,435
Major Banks – 0.2%
JPMorgan Chase & Co., 1.578% to 4/22/2026, FLR (SOFR + 0.885%) to 4/22/2027    $ 5,416,000 $5,350,588
Medical & Health Technology & Services – 0.3%
ProMedica Toledo Hospital, “B”, AGM, 5.325%, 11/15/2028    $ 4,139,000 $4,898,067
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038      1,992,000 2,347,629
        $7,245,696
Mortgage-Backed – 46.4%  
Fannie Mae, 2.152%, 1/25/2023    $ 1,450,006 $1,465,022
Fannie Mae, 2.41%, 5/01/2023      1,358,502 1,381,984
Fannie Mae, 2.55%, 5/01/2023      1,168,181 1,189,998
Fannie Mae, 5.5%, 6/01/2023 - 5/01/2044      10,867,229 12,475,809
Fannie Mae, 5%, 3/01/2024 - 3/01/2042      9,723,697 11,034,488
Fannie Mae, 4.5%, 5/01/2025 - 6/01/2044      23,679,286 26,199,977
Fannie Mae, 2.556%, 12/25/2026      4,554,848 4,789,915
Fannie Mae, 4%, 3/25/2028 - 7/01/2047      46,943,914 51,320,647
Fannie Mae, 3%, 11/01/2028 - 5/25/2053      29,191,758 30,585,909
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046      4,753,521 4,871,490
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)     1,894,026 188,281
Fannie Mae, 6.5%, 1/01/2032 - 10/01/2037      815,098 920,741
Fannie Mae, 6%, 1/01/2033 - 12/01/2037      2,479,442 2,849,115
Fannie Mae, 3%, 2/25/2033 (i)     1,939,179 190,027
Fannie Mae, 3.5%, 4/01/2038 - 5/01/2049      32,629,810 34,932,314
Fannie Mae, 2%, 10/25/2040 - 4/25/2046      2,562,583 2,595,640
Fannie Mae, 1.75%, 9/25/2041 - 10/25/2041      7,441,511 7,520,418
Fannie Mae, 2.75%, 9/25/2042      2,239,995 2,311,183
Fannie Mae, TBA, 3%, 12/25/2036      1,785,603 1,867,947
Fannie Mae, UMBS, 5.5%, 5/01/2044      1,639,772 1,893,427
Fannie Mae, UMBS, 2.5%, 2/01/2050 - 12/01/2051      18,698,689 19,317,123
Fannie Mae, UMBS, 2%, 1/01/2051 - 2/01/2051      4,374,088 4,402,110
Fannie Mae, UMBS, 3%, 12/01/2051      6,347,980 6,616,131
Freddie Mac, 5%, 12/01/2021 - 12/01/2044      10,564,259 11,954,071
Freddie Mac, 5.5%, 5/01/2022 - 9/01/2041      4,714,586 5,416,071
Freddie Mac, 4.5%, 11/01/2022 - 5/01/2042      4,092,050 4,514,289
Freddie Mac, 3.32%, 2/25/2023      4,570,623 4,699,867
Freddie Mac, 3.25%, 4/25/2023      8,989,611 9,255,370
Freddie Mac, 6%, 6/01/2023 - 10/01/2038      1,506,524 1,731,827
Freddie Mac, 3.06%, 7/25/2023      871,000 900,389
Freddie Mac, 3.531%, 7/25/2023      240,000 249,762
Freddie Mac, 3.458%, 8/25/2023      4,600,000 4,787,725
Freddie Mac, 1.031%, 4/25/2024 (i)     43,313,173 770,494
Freddie Mac, 0.732%, 7/25/2024 (i)     58,100,849 641,933
Freddie Mac, 3.303%, 7/25/2024      4,700,000 4,952,893
Freddie Mac, 3.064%, 8/25/2024      6,042,782 6,299,791
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mortgage-Backed – continued  
Freddie Mac, 2.67%, 12/25/2024    $ 10,948,000 $11,412,762
Freddie Mac, 3.062%, 12/25/2024      325,000 342,546
Freddie Mac, 2.811%, 1/25/2025      9,000,000 9,430,103
Freddie Mac, 3.329%, 5/25/2025      16,621,000 17,746,149
Freddie Mac, 3.284%, 6/25/2025      1,125,000 1,199,903
Freddie Mac, 4%, 7/01/2025 - 4/01/2044      3,607,980 3,945,848
Freddie Mac, 3.01%, 7/25/2025      2,651,000 2,808,451
Freddie Mac, 3.5%, 11/15/2025 - 10/25/2058      42,805,724 45,581,919
Freddie Mac, 3.3%, 10/25/2026      7,808,000 8,488,295
Freddie Mac, 1.481%, 3/25/2027 (i)     5,583,000 380,570
Freddie Mac, 3.117%, 6/25/2027      5,237,000 5,676,491
Freddie Mac, 0.711%, 7/25/2027 (i)     105,596,550 3,123,271
Freddie Mac, 0.429%, 8/25/2027 (i)     83,111,557 1,896,140
Freddie Mac, 0.427%, 1/25/2028 (i)     150,992,661 2,732,046
Freddie Mac, 0.434%, 1/25/2028 (i)     62,146,247 1,157,113
Freddie Mac, 0.269%, 2/25/2028 (i)     176,453,216 1,677,611
Freddie Mac, 2.5%, 3/15/2028      641,160 649,764
Freddie Mac, 0.263%, 4/25/2028 (i)     113,521,277 1,006,911
Freddie Mac, 3%, 6/15/2028 - 2/25/2059      30,701,517 32,276,765
Freddie Mac, 1.218%, 7/25/2029 (i)     19,373,967 1,442,671
Freddie Mac, 1.267%, 8/25/2029 (i)     33,864,896 2,645,383
Freddie Mac, 1.915%, 4/25/2030 (i)     14,430,646 1,986,150
Freddie Mac, 1.985%, 4/25/2030 (i)     20,077,463 2,869,680
Freddie Mac, 1.766%, 5/25/2030 (i)     12,033,779 1,552,506
Freddie Mac, 1.796%, 5/25/2030 (i)     26,880,424 3,731,820
Freddie Mac, 1.436%, 6/25/2030 (i)     11,124,134 1,169,268
Freddie Mac, 1.704%, 8/25/2030 (i)     10,235,210 1,297,318
Freddie Mac, 1.263%, 9/25/2030 (i)     6,568,138 622,140
Freddie Mac, 1.172%, 11/25/2030 (i)     13,158,725 1,170,336
Freddie Mac, 0.423%, 1/25/2031 (i)     50,226,559 1,317,322
Freddie Mac, 0.873%, 1/25/2031 (i)     19,512,958 1,294,220
Freddie Mac, 0.936%, 1/25/2031 (i)     14,681,587 1,151,517
Freddie Mac, 0.625%, 3/25/2031 (i)     40,544,491 1,741,735
Freddie Mac, 0.836%, 3/25/2031 (i)     17,260,719 1,105,112
Freddie Mac, 1.333%, 5/25/2031 (i)     7,120,528 749,216
Freddie Mac, 1.039%, 7/25/2031 (i)     11,674,001 976,038
Freddie Mac, 0.608%, 8/25/2031 (i)     14,903,849 667,590
Freddie Mac, 0.536%, 9/25/2031 (i)     50,149,699 2,466,442
Freddie Mac, 0.955%, 9/25/2031 (i)     14,983,637 1,143,707
Freddie Mac, 0.349%, 11/25/2031 (i)     73,361,326 2,389,356
Freddie Mac, 5.5%, 2/15/2036 (i)     472,872 85,216
Freddie Mac, 2%, 8/15/2036      3,617,890 3,654,176
Freddie Mac, 6.5%, 5/01/2037      176,441 202,659
Freddie Mac, 4.5%, 12/15/2040 (i)     171,116 16,437
Freddie Mac, 1.75%, 8/15/2041      1,730,105 1,760,814
Freddie Mac, UMBS, 2.5%, 8/01/2040 - 12/01/2051      10,107,096 10,436,316
Freddie Mac, UMBS, 3%, 2/01/2050 - 7/01/2050      3,556,511 3,740,478
Ginnie Mae, 5.5%, 3/15/2033 - 1/20/2042      2,155,976 2,472,515
Ginnie Mae, 4.5%, 7/20/2033 - 7/20/2049      6,162,036 6,889,893
Ginnie Mae, 5.699%, 8/20/2034      1,661,171 1,876,734
Ginnie Mae, 4%, 5/16/2039 - 7/20/2049      5,074,473 5,423,476
Ginnie Mae, 3.5%, 10/20/2041 (i)     748,044 51,179
Ginnie Mae, 3.5%, 12/15/2041 - 7/20/2043      9,609,397 10,385,556
Ginnie Mae, 2.5%, 6/20/2042 - 11/20/2051      29,626,837 30,477,443
Ginnie Mae, 4%, 8/16/2042 (i)     835,335 108,949
Ginnie Mae, 3%, 2/20/2043 - 11/20/2051      31,604,215 32,957,943
Ginnie Mae, 2.25%, 9/20/2043      1,601,844 1,618,465
Ginnie Mae, 5.87%, 4/20/2058      42,379 47,478
Ginnie Mae, 0.557%, 2/16/2059 (i)     3,494,520 144,791
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mortgage-Backed – continued  
Ginnie Mae, TBA, 2%, 12/15/2051 - 1/15/2052    $ 20,575,000 $20,834,405
Ginnie Mae, TBA, 3.5%, 12/15/2051      47,117,230 49,211,738
Ginnie Mae, TBA, 3%, 12/20/2051      10,625,000 11,015,967
Ginnie Mae, TBA, 4%, 12/20/2051      21,225,000 22,412,273
Ginnie Mae, TBA, 2.5%, 1/15/2052      20,925,000 21,456,299
UMBS, 3%, 8/01/2050 - 6/01/2051      2,201,423 2,288,209
UMBS, TBA, 2%, 12/16/2036 - 12/25/2051      281,350,000 282,431,080
UMBS, TBA, 1.5%, 12/25/2036      13,750,000 13,821,973
UMBS, TBA, 2.5%, 12/25/2036 - 12/25/2051      141,090,000 144,801,273
UMBS, TBA, 3.5%, 12/13/2051      9,550,000 10,040,184
UMBS, TBA, 3%, 12/25/2051 - 1/13/2052      74,775,000 77,592,310
        $1,240,372,592
Municipals – 1.6%
California Earthquake Authority Rev., “B”, 1.477%, 7/01/2023    $ 1,355,000 $1,370,834
Chicago, IL, Transit Authority Sales Tax Receipts Refunding Rev., Taxable, “B”, 1.838%, 12/01/2023      492,000 499,505
Chicago, IL, Transit Authority Sales Tax Receipts Refunding Rev., Taxable, “B”, 2.064%, 12/01/2024      985,000 1,004,604
Chicago, IL, Transit Authority Sales Tax Receipts Refunding Rev., Taxable, “B”, 2.214%, 12/01/2025      738,000 755,144
Chicago, IL, Transit Authority Sales Tax Receipts Refunding Rev., Taxable, “B”, 2.481%, 12/01/2026      1,723,000 1,780,644
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “B”, 3%, 6/01/2046      4,695,000 4,833,625
Massachusetts Educational Financing Authority, Education Loan Rev., “A”, 2.562%, 7/01/2026      445,000 461,071
Massachusetts Educational Financing Authority, Education Loan Rev., “A”, 2.682%, 7/01/2027      2,165,000 2,256,791
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030      1,780,286 1,836,972
New Jersey Economic Development Authority State Pension Funding Rev., Capital Appreciation, “B”, AGM, 0%, 2/15/2023      14,792,000 14,658,339
New York Transportation Development Corp., Special Facilities Taxable Rev. (Terminal 4 John F. Kennedy International Airport Project), “B”, 1.36%, 12/01/2021      810,000 810,000
New York Transportation Development Corp., Special Facilities Taxable Rev. (Terminal 4 John F. Kennedy International Airport Project), “B”, 1.61%, 12/01/2022      770,000 775,255
Philadelphia, PA, School District, “A”, AGM, 5.995%, 9/01/2030      3,280,000 4,222,612
Port Oakland, CA, Senior Lien Refunding Taxable Rev., “R”, 1.517%, 5/01/2026      1,680,000 1,688,561
Rhode Island Student Loan Authority, Education Loan Rev., “1”, 2.195%, 12/01/2039      385,000 392,618
Texas Transportation Commission, Central Texas Turnpike System First Tier Refunding Rev., Taxable, “B”, 1.98%, 8/15/2042      3,260,000 3,290,373
West Virginia Tobacco Settlement Financing Authority Asset-Backed Refunding, “A-1”, 1.497%, 6/01/2024      1,900,000 1,905,060
West Virginia Tobacco Settlement Financing Authority Asset-Backed Refunding, “A-1”, 1.647%, 6/01/2025      1,550,000 1,546,206
        $44,088,214
Supranational – 0.1%
Inter-American Development Bank, 4.375%, 1/24/2044    $ 2,796,000 $3,939,524
U.S. Government Agencies and Equivalents – 0.4%
Small Business Administration, 6.07%, 3/01/2022    $ 9,928 $9,957
Small Business Administration, 4.98%, 11/01/2023      33,056 34,169
Small Business Administration, 4.89%, 12/01/2023      97,020 99,304
Small Business Administration, 4.77%, 4/01/2024      117,239 120,965
Small Business Administration, 5.52%, 6/01/2024      57,428 59,404
Small Business Administration, 4.99%, 9/01/2024      121,724 125,194
Small Business Administration, 4.86%, 10/01/2024      70,604 73,081
Small Business Administration, 4.86%, 1/01/2025      164,010 169,900
Small Business Administration, 5.11%, 4/01/2025      97,712 101,905
Small Business Administration, 2.21%, 2/01/2033      1,073,237 1,090,509
Small Business Administration, 2.22%, 3/01/2033      1,691,544 1,720,068
Small Business Administration, 3.15%, 7/01/2033      1,643,460 1,726,567
Small Business Administration, 3.16%, 8/01/2033      635,131 667,038
Small Business Administration, 3.62%, 9/01/2033      686,397 729,504
Tennessee Valley Authority, 0.75%, 5/15/2025      3,827,000 3,795,877
        $10,523,442
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Treasury Obligations – 40.0%
U.S. Treasury Bonds, 6.25%, 8/15/2023    $ 1,445,000 $1,587,863
U.S. Treasury Bonds, 6%, 2/15/2026      5,933,000 7,142,776
U.S. Treasury Bonds, 6.75%, 8/15/2026      981,000 1,233,339
U.S. Treasury Bonds, 6.375%, 8/15/2027      2,309,000 2,965,802
U.S. Treasury Bonds, 1.625%, 5/15/2031      41,833,000 42,643,514
U.S. Treasury Bonds, 4.375%, 2/15/2038      2,078,000 2,907,982
U.S. Treasury Bonds, 4.5%, 8/15/2039      11,926,300 17,079,766
U.S. Treasury Bonds, 3.125%, 2/15/2043      9,748,800 11,908,769
U.S. Treasury Bonds, 2.875%, 5/15/2043      27,528,200 32,438,113
U.S. Treasury Bonds, 2.5%, 2/15/2045      97,983,000 109,775,407
U.S. Treasury Bonds, 2.875%, 11/15/2046      26,245,000 31,757,475
U.S. Treasury Notes, 1.5%, 9/15/2022      35,000,000 35,360,938
U.S. Treasury Notes, 0.125%, 9/30/2022      49,534,000 49,497,236
U.S. Treasury Notes, 0.125%, 2/28/2023      51,824,200 51,682,493
U.S. Treasury Notes, 2.5%, 3/31/2023      131,000,000 134,709,961
U.S. Treasury Notes, 0.125%, 5/31/2023      33,455,000 33,308,634
U.S. Treasury Notes, 0.125%, 6/30/2023      18,346,500 18,259,784
U.S. Treasury Notes, 2.5%, 8/15/2023 (f)     136,673,000 141,365,796
U.S. Treasury Notes, 0.375%, 10/31/2023      13,343,200 13,306,715
U.S. Treasury Notes, 0.125%, 12/15/2023      51,749,000 51,269,918
U.S. Treasury Notes, 2.875%, 7/31/2025      30,757,000 32,836,702
U.S. Treasury Notes, 0.25%, 9/30/2025      19,700,000 19,131,316
U.S. Treasury Notes, 2.625%, 12/31/2025      20,900,000 22,213,598
U.S. Treasury Notes, 2%, 11/15/2026      51,959,000 54,108,398
U.S. Treasury Notes, 2.75%, 2/15/2028      54,157,000 58,887,275
U.S. Treasury Notes, 1%, 7/31/2028      32,248,000 31,524,939
U.S. Treasury Notes, 2.375%, 5/15/2029      19,515,500 20,896,069
U.S. Treasury Notes, 1.625%, 8/15/2029      29,405,000 29,977,019
U.S. Treasury Notes, 1.75%, 11/15/2029      8,564,000 8,815,568
        $1,068,593,165
Total Bonds   $2,574,979,173
Investment Companies (h) – 28.6%
Money Market Funds – 28.6%  
MFS Institutional Money Market Portfolio, 0.05% (v)     762,735,267 $762,735,267
 
Other Assets, Less Liabilities – (25.0)%   (666,792,705)
Net Assets – 100.0% $2,670,921,735
(f) All or a portion of the security has been segregated as collateral for open futures contracts.
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $762,735,267 and $2,574,979,173, 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 $117,240,011, representing 4.4% 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.
5
Portfolio of Investments (unaudited) – continued
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
Restricted Securities Acquisition
Date 		Cost Value
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 1.28% (LIBOR - 1mo. + 1.2%), 11/25/2036 11/12/21 $4,105,000 $4,101,148
ReadyCap Commercial Mortgage Trust, 2021-FL7, “AS”, FLR, 1.58% (LIBOR - 1mo. + 1.5%), 11/25/2036 11/12/21 1,261,500 1,261,500
Total Restricted Securities     $5,362,648
% of Net assets     0.2%
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
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.
LIBOR London Interbank Offered Rate
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
TBA To Be Announced
UMBS Uniform Mortgage-Backed Security
Derivative Contracts at 11/30/21
Futures Contracts
Description Long/
Short 		Currency Contracts Notional
Amount 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures 
U.S. Treasury Bond Long USD 50 $8,106,250 March – 2022 $202,113
U.S. Treasury Note 10 yr Long USD 678 88,690,875 March – 2022 1,196,751
U.S. Treasury Note 5 yr Long USD 126 15,296,203 March – 2022 3,338
U.S. Treasury Ultra Bond Long USD 584 117,128,500 March – 2022 4,925,310
            $6,327,512
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Note 2 yr Short USD 482 $105,429,969 March – 2022 $(238,189)
U.S. Treasury Ultra Note 10 yr Short USD 142 20,858,469 March – 2022 (454,512)
            $(692,701)
At November 30, 2021, the fund had liquid securities with an aggregate value of $4,859,329 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
6
Supplemental Information
11/30/21 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
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. 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. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, The following is a summary of the levels used as of November 30, 2021 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents $— $1,079,116,607 $— $1,079,116,607
Non - U.S. Sovereign Debt — 3,939,524 — 3,939,524
Municipal Bonds — 44,088,214 — 44,088,214
U.S. Corporate Bonds — 21,786,946 — 21,786,946
Residential Mortgage-Backed Securities — 1,240,372,592 — 1,240,372,592
Commercial Mortgage-Backed Securities — 119,937,307 — 119,937,307
Asset-Backed Securities (including CDOs) — 65,737,983 — 65,737,983
Mutual Funds 762,735,267 — — 762,735,267
Total $762,735,267 $2,574,979,173 $— $3,337,714,440
Other Financial Instruments        
Futures Contracts – Assets $6,327,512 $— $— $6,327,512
Futures Contracts – Liabilities (692,701) — — (692,701)
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Supplemental Information (unaudited) – continued
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio $688,575,859 $644,596,335 $570,436,927 $— $— $762,735,267
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $215,029 $—
(3) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
8