NPORT-EX 4 NPORT_5250_6281018006.htm
Quarterly Report
February 28, 2021
MFS®  Government Markets Income Trust
MGF-Q1
Portfolio of Investments
2/28/21 (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 – 103.6%
U.S. Bonds – 96.9%
Aerospace – 0.5%
Boeing Co., 1.433%, 2/04/2024   $ 750,000 $751,482
Asset-Backed & Securitized – 4.2%
Arbor Realty Trust, Inc., 1.63%, 12/15/2035 (n)(w)   $ 175,500 $175,500
Bancorp Commercial Mortgage Trust, 2019-CRE6, “A”, FLR, 3.316% (LIBOR - 1mo. + 1.05%), 9/15/2036 (n)     212,168 212,168
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.77%, 2/15/2054 (i)(w)     1,000,000 128,370
Benchmark Mortgage Trust, 2021-B23, “XA”, 1.28%, 2/15/2054 (i)     1,991,097 195,892
BPCRE Holder LLC, 1.05%, 2/15/2037 (n)(w)     113,500 113,571
BPCRE Holder LLC, 1.75%, 2/15/2037 (n)(w)     100,000 100,093
Cantor Commercial Real Estate, 2019-CF3, “A4”, 3.006%, 1/15/2053     375,000 402,732
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)     99,917 103,622
Citigroup Commercial Mortgage Trust, 2019-C7, “A4”, 3.102%, 12/15/2072     134,582 145,234
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.877%, 12/15/2072 (i)(n)     1,439,095 90,139
COMM 2013-WWP Mortgage Trust, 3.897%, 3/10/2031 (n)     564,000 598,963
Commercial Mortgage Pass-Through Certificates, 2020-BN28, “A4”, 1.844%, 3/15/2063     71,681 70,151
Commercial Mortgage Pass-Through Certificates, 2020-BN29, “A4”, 1.997%, 11/15/2053     180,339 178,525
Commercial Mortgage Pass-Through Certificates, 2020-BN30, “A4”, 2.037%, 12/10/2053     134,000 132,160
Commercial Mortgage Pass-Through Certificates, 2021-BN31,“XA”, 1.34%, 2/15/2054 (i)     1,539,475 163,772
Commercial Mortgage Trust, 2015-DC1, “A5”, 3.35%, 2/10/2048     177,000 191,506
Commercial Mortgage Trust, 2017-COR2, “A3”, 3.51%, 9/10/2050     292,470 324,561
GS Mortgage Securities Trust, 2015-GC32, “A2”, 3.062%, 7/10/2048     33,103 33,109
GS Mortgage Securities Trust, 2020-GC45, “A5”, 2.95%, 2/13/2053     245,853 262,203
Madison Park Funding Ltd., 2014-13A, “BR2”, FLR, 1.723% (LIBOR - 3mo. + 1.5%), 4/19/2030 (n)     452,738 455,138
MF1 Multi-Family Housing Mortgage Loan Trust, 2020-FL4, “A”, FLR, 1.812% (LIBOR - 1mo. + 1.7%), 11/15/2035 (n)     229,000 230,931
Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C34, “A4”, 3.536%, 11/15/2052     59,686 66,509
Morgan Stanley Capital I Trust, 2014-MP, 3.693%, 8/11/2033 (n)     100,000 100,613
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.858%, 12/15/2051 (i)     1,669,674 89,607
Neuberger Berman CLO Ltd., 2015-20, “AR”, FLR, 1.041% (LIBOR - 3mo. + 0.8%), 1/15/2028 (n)     212,599 212,246
Symphony CLO Ltd., 2016-17A, “BR”, FLR, 1.441% (LIBOR - 3mo. + 1.2%), 4/15/2028 (n)     383,677 383,676
UBS Commercial Mortgage Trust, 2017-C1, “A4”, 3.544%, 11/15/2050     207,878 231,277
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 0.947%, 1/15/2052 (i)(n)     986,391 59,827
Wells Fargo Commercial Mortgage Trust, 2019-C54, “A4”, 3.146%, 12/15/2052     590,926 638,794
Wells Fargo Commercial Mortgage Trust, 2020-C58, “A4”, 2.092%, 7/15/2053     137,000 136,438
        $6,227,327
Automotive – 0.5%
Hyundai Capital America, 2.85%, 11/01/2022 (n)   $ 233,000 $240,893
Hyundai Capital America, 2.375%, 2/10/2023 (n)     115,000 118,555
Toyota Motor Credit Corp., 3.375%, 4/01/2030     320,000 353,703
        $713,151
Broadcasting – 0.6%
Discovery, Inc., 4.65%, 5/15/2050   $ 229,000 $262,387
Walt Disney Co., 3.5%, 5/13/2040     612,000 662,236
        $924,623
Brokerage & Asset Managers – 0.3%
Raymond James Financial, 4.65%, 4/01/2030   $ 374,000 $445,843
Building – 0.1%
Martin Marietta Materials, Inc., 4.25%, 7/02/2024   $ 82,000 $90,571
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Business Services – 0.6%
Fidelity National Information Services, Inc., 3.875%, 6/05/2024   $ 271,000 $297,028
Visa, Inc., 1.9%, 4/15/2027     620,000 640,050
        $937,078
Cable TV – 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025   $ 242,000 $275,413
Time Warner Cable, Inc., 4.5%, 9/15/2042     100,000 109,184
        $384,597
Computer Software - Systems – 0.1%
Apple, Inc., 4.375%, 5/13/2045   $ 121,000 $148,782
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029   $ 159,000 $168,414
Electronics – 0.6%
Broadcom, Inc., 4.75%, 4/15/2029   $ 750,000 $855,608
Energy - Integrated – 0.5%
Exxon Mobil Corp., 3.452%, 4/15/2051   $ 714,000 $726,516
Food & Beverages – 1.9%
Campbell Soup Co., 3.125%, 4/24/2050   $ 366,000 $346,128
Constellation Brands, Inc., 4.65%, 11/15/2028     1,500,000 1,774,717
Keurig Dr Pepper, Inc., 3.8%, 5/01/2050     650,000 700,344
Tyson Foods, Inc., 5.15%, 8/15/2044     38,000 48,786
        $2,869,975
Industrial – 0.1%
Howard University, Washington D.C., AGM, 2.638%, 10/01/2021   $ 26,000 $26,180
Howard University, Washington D.C., 2.738%, 10/01/2022     28,000 28,766
Howard University, Washington D.C., 2.801%, 10/01/2023     31,000 32,029
Howard University, Washington D.C., AGM, 2.416%, 10/01/2024     33,000 34,032
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025     42,000 43,011
        $164,018
Insurance - Health – 0.6%
UnitedHealth Group, Inc., 4.625%, 7/15/2035   $ 672,000 $841,834
Insurance - Property & Casualty – 0.2%
American International Group, Inc., 4.7%, 7/10/2035   $ 108,000 $132,158
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)     99,000 107,382
        $239,540
Machinery & Tools – 0.5%
CNH Industrial Capital LLC, 4.2%, 1/15/2024   $ 625,000 $684,268
Major Banks – 1.2%
Bank of America Corp., 3.004%, 12/20/2023   $ 183,000 $191,059
Goldman Sachs Group, Inc., 3.625%, 1/22/2023     241,000 255,400
JPMorgan Chase & Co., 3.109% to 4/22/2050, FLR (SOFR + 2.44%) to 4/22/2051     485,000 487,557
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR + 3.12%) to 4/01/2031     588,000 651,625
State Street Corp., 3.152% to 3/30/2030, FLR (SOFR + 2.65%) to 3/30/2031     138,000 151,249
        $1,736,890
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Medical & Health Technology & Services – 1.6%
Becton, Dickinson and Co., 4.685%, 12/15/2044   $ 140,000 $172,071
HCA, Inc., 4.125%, 6/15/2029     785,000 883,455
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045     106,000 128,865
Montefiore Obligated Group, AGM, 5.246%, 11/01/2048     614,000 758,092
ProMedica Toledo Hospital, “B”, AGM, 5.325%, 11/15/2028     250,000 291,599
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038     175,000 209,772
        $2,443,854
Mortgage-Backed – 44.4%
Fannie Mae, 6%, 7/01/2021 - 7/01/2037   $ 490,236 $586,177
Fannie Mae, 2.152%, 1/25/2023     209,498 213,999
Fannie Mae, 2.41%, 5/01/2023     117,399 121,197
Fannie Mae, 2.55%, 5/01/2023     100,822 104,327
Fannie Mae, 2.59%, 5/01/2023     64,113 66,388
Fannie Mae, 3.78%, 10/01/2023     59,637 64,098
Fannie Mae, 3.5%, 5/25/2025 - 7/01/2046     2,176,546 2,355,490
Fannie Mae, 2.7%, 7/01/2025     200,000 214,718
Fannie Mae, 3.43%, 6/01/2026     185,181 205,131
Fannie Mae, 3.59%, 9/01/2026     68,315 76,371
Fannie Mae, 2.28%, 11/01/2026     70,996 75,363
Fannie Mae, 4%, 3/25/2028 - 7/01/2047     4,485,378 4,923,750
Fannie Mae, 3%, 11/01/2028 - 5/25/2053     4,973,031 5,288,237
Fannie Mae, 4.96%, 6/01/2030     102,286 119,314
Fannie Mae, 6.5%, 5/01/2031 - 1/01/2037     296,549 340,658
Fannie Mae, 2.5%, 11/01/2031 - 2/01/2051     1,639,929 1,700,837
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)     132,222 14,345
Fannie Mae, 3%, 2/25/2033 (i)     168,638 19,202
Fannie Mae, 5.5%, 10/01/2033 - 3/01/2038     1,719,563 1,999,930
Fannie Mae, 5%, 6/01/2035 - 3/01/2042     445,908 516,582
Fannie Mae, 4.5%, 1/01/2040 - 4/01/2044     2,610,322 2,930,077
Fannie Mae, 2%, 10/25/2040 - 2/01/2051     491,572 501,262
Fannie Mae, 1.75%, 9/25/2041 - 10/25/2041     732,328 749,576
Fannie Mae, 2.75%, 9/25/2042     187,539 196,006
Fannie Mae, TBA, 1.5%, 3/01/2036     150,000 151,406
Fannie Mae, TBA, 2%, 3/01/2036 - 4/01/2051     6,225,000 6,266,211
Fannie Mae, TBA, 2.5%, 3/01/2036 - 4/01/2051     3,450,000 3,565,264
Fannie Mae, TBA, 3%, 3/01/2051 - 4/25/2051     100,000 104,571
Fannie Mae, TBA, 3.5%, 3/01/2051     50,000 52,980
Fannie Mae, TBA, 4%, 3/01/2051     400,000 429,341
Freddie Mac, 6%, 5/01/2021 - 10/01/2038     241,460 288,466
Freddie Mac, 2.355%, 7/25/2022     500,000 512,386
Freddie Mac, 2.51%, 11/25/2022     496,000 512,008
Freddie Mac, 3.32%, 2/25/2023     433,000 454,070
Freddie Mac, 3.06%, 7/25/2023     294,000 311,058
Freddie Mac, 3.458%, 8/25/2023     367,000 392,104
Freddie Mac, 0.88%, 4/25/2024 (i)     3,743,302 82,710
Freddie Mac, 0.604%, 7/25/2024 (i)     4,688,396 74,631
Freddie Mac, 3.064%, 8/25/2024     489,568 526,385
Freddie Mac, 4.5%, 9/01/2024 - 5/01/2042     474,035 530,210
Freddie Mac, 2.67%, 12/25/2024     827,000 884,250
Freddie Mac, 2.811%, 1/25/2025     642,000 690,675
Freddie Mac, 3.329%, 5/25/2025     928,000 1,021,038
Freddie Mac, 3.01%, 7/25/2025     225,000 245,231
Freddie Mac, 3.3%, 10/25/2026     605,000 676,804
Freddie Mac, 3.5%, 1/15/2027 - 10/25/2058     4,145,883 4,484,180
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 1.367%, 3/25/2027 (i)   $ 391,000 $30,520
Freddie Mac, 0.576%, 7/25/2027 (i)     8,539,747 290,397
Freddie Mac, 0.431%, 8/25/2027 (i)     6,685,283 173,583
Freddie Mac, 0.29%, 1/25/2028 (i)     12,195,736 250,199
Freddie Mac, 0.302%, 1/25/2028 (i)     5,023,095 106,020
Freddie Mac, 0.133%, 2/25/2028 (i)     14,158,756 154,131
Freddie Mac, 2.5%, 3/15/2028     47,897 49,496
Freddie Mac, 0.118%, 4/25/2028 (i)     9,062,444 92,353
Freddie Mac, 3%, 6/15/2028 - 2/25/2059     4,641,812 4,969,102
Freddie Mac, 1.089%, 7/25/2029 (i)     1,261,531 103,162
Freddie Mac, 1.144%, 8/25/2029 (i)     2,561,409 219,700
Freddie Mac, 1.799%, 4/25/2030 (i)     600,527 88,434
Freddie Mac, 1.868%, 4/25/2030 (i)     1,277,474 194,920
Freddie Mac, 1.662%, 5/25/2030 (i)     612,877 85,333
Freddie Mac, 1.796%, 5/25/2030 (i)     1,389,954 206,269
Freddie Mac, 1.341%, 6/25/2030 (i)     559,633 63,429
Freddie Mac, 1.169%, 9/25/2030 (i)     314,905 32,031
Freddie Mac, 1.6%, 9/25/2030 (i)     633,757 86,777
Freddie Mac, 1.081%, 11/25/2030 (i)     789,331 75,520
Freddie Mac, 0.936%, 1/25/2031 (i)     663,744 55,677
Freddie Mac, 0.781%, 2/25/2031 (i)     873,865 62,162
Freddie Mac, 5.5%, 8/01/2035 - 6/01/2036     271,031 316,435
Freddie Mac, 5%, 2/15/2036 - 12/01/2044     1,151,729 1,337,701
Freddie Mac, 5.5%, 2/15/2036 (i)     43,776 8,156
Freddie Mac, 2%, 8/15/2036     449,136 456,113
Freddie Mac, 6.5%, 5/01/2037     53,389 62,720
Freddie Mac, 4%, 8/01/2037 - 4/01/2044     298,554 329,346
Freddie Mac, 4.5%, 12/15/2040 (i)     14,577 1,384
Ginnie Mae, 5.5%, 7/15/2033 - 1/20/2042     526,912 611,303
Ginnie Mae, 5.701%, 8/20/2034     119,658 136,802
Ginnie Mae, 5.89%, 1/20/2039     161,011 187,907
Ginnie Mae, 4%, 5/16/2039 - 7/20/2049     429,370 464,172
Ginnie Mae, 4.5%, 9/20/2041     159,200 177,226
Ginnie Mae, 3.5%, 10/20/2041 (i)     70,156 5,741
Ginnie Mae, 3.5%, 4/15/2042 - 7/20/2043     1,122,963 1,222,467
Ginnie Mae, 2.5%, 6/20/2042 - 12/20/2050     1,062,215 1,100,821
Ginnie Mae, 4%, 8/16/2042 (i)     67,782 9,533
Ginnie Mae, 2.25%, 9/20/2043     89,060 90,663
Ginnie Mae, 3%, 4/20/2045 - 9/20/2050     2,966,830 3,105,393
Ginnie Mae, 5.87%, 4/20/2058     5,972 6,908
Ginnie Mae, 0.566%, 2/16/2059 (i)     259,900 11,563
Ginnie Mae, TBA, 2.5%, 2/20/2051 - 3/01/2051     1,025,000 1,061,242
Ginnie Mae, TBA, 2%, 3/01/2051 - 4/01/2051     550,000 556,427
Ginnie Mae, TBA, 3.5%, 3/01/2051 - 4/01/2051     1,325,000 1,401,626
Ginnie Mae, TBA, 4%, 3/01/2051     150,000 160,323
Ginnie Mae, TBA, 3%, 4/01/2051     300,000 312,422
        $66,162,623
Municipals – 4.0%
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.06%, 12/01/2025   $ 750,000 $747,847
California Earthquake Authority Rev., “B”, 1.227%, 7/01/2021     50,000 50,168
California Earthquake Authority Rev., “B”, 1.327%, 7/01/2022     155,000 157,178
California Earthquake Authority Rev., “B”, 1.477%, 7/01/2023     110,000 112,812
Chicago, IL, General Obligation, “C”, AGM, 6.207%, 1/01/2036     1,010,000 1,359,228
Florida State Board of Administration Finance Corp. Rev., “A”, 1.705%, 7/01/2027     291,000 297,760
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Municipals – continued
Illinois Sales Tax Securitization Corp., Second Lien, “B”, BAM, 3.411%, 1/01/2043   $ 240,000 $246,914
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030     25,000 25,885
New Jersey Economic Development Authority State Pension Funding Rev., Capital Appreciation, “B”, AGM, 0%, 2/15/2023     1,182,000 1,167,237
New Jersey Turnpike Authority Rev. (Build America Bonds), “F”, 7.414%, 1/01/2040     32,000 52,268
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “B”, 5%, 1/01/2036 (n)     1,215,000 1,144,445
Texas Transportation Commission, Central Texas Turnpike System First Tier Refunding Rev., Taxable, “B”, 1.98%, 8/15/2042     195,000 197,506
University of California, General Taxable Rev., “BG”, 1.614%, 5/15/2030     470,000 458,678
        $6,017,926
Oils – 0.1%
Valero Energy Corp., 4.9%, 3/15/2045   $ 130,000 $148,039
Pharmaceuticals – 0.1%
Gilead Sciences, Inc., 4.5%, 2/01/2045   $ 82,000 $96,654
Retailers – 0.5%
Home Depot, Inc., 2.7%, 4/15/2030   $ 700,000 $742,382
Specialty Stores – 0.4%
TJX Cos., Inc., 3.75%, 4/15/2027   $ 600,000 $676,682
Supranational – 0.2%
Inter-American Development Bank, 4.375%, 1/24/2044   $ 158,000 $211,782
West African Development Bank, 2.75%, 1/22/2033 (n)   EUR 100,000 124,159
        $335,941
Telecommunications - Wireless – 0.8%
Crown Castle International Corp., 3.25%, 1/15/2051   $ 464,000 $438,589
T-Mobile USA, Inc., 4.375%, 4/15/2040 (n)     650,000 719,199
        $1,157,788
Transportation - Services – 0.0%
ERAC USA Finance LLC, 3.85%, 11/15/2024 (n)   $ 34,000 $37,614
U.S. Government Agencies and Equivalents – 0.8%
AID Tunisia, 2.452%, 7/24/2021   $ 235,000 $232,831
Small Business Administration, 6.35%, 4/01/2021     2,850 2,858
Small Business Administration, 6.34%, 5/01/2021     4,318 4,342
Small Business Administration, 6.44%, 6/01/2021     3,409 3,441
Small Business Administration, 6.625%, 7/01/2021     4,046 4,087
Small Business Administration, 5.52%, 6/01/2024     30,829 32,493
Small Business Administration, 2.21%, 2/01/2033     124,281 125,829
Small Business Administration, 2.22%, 3/01/2033     216,296 219,431
Small Business Administration, 3.15%, 7/01/2033     165,041 172,200
Small Business Administration, 3.62%, 9/01/2033     170,291 182,706
Tennessee Valley Authority, 0.75%, 5/15/2025     268,000 267,603
        $1,247,821
U.S. Treasury Obligations – 30.6%
U.S. Treasury Bonds, 2.25%, 2/15/2027   $ 1,921,000 $2,062,224
U.S. Treasury Bonds, 5.25%, 2/15/2029     48,000 62,595
U.S. Treasury Bonds, 0.625%, 5/15/2030     800,000 745,281
U.S. Treasury Bonds, 4.75%, 2/15/2037     336,000 473,550
U.S. Treasury Bonds, 4.375%, 2/15/2038     1,109,000 1,515,691
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)     4,503,100 6,296,424
U.S. Treasury Bonds, 3.125%, 2/15/2043     453,700 535,650
U.S. Treasury Bonds, 2.875%, 5/15/2043     1,697,100 1,926,938
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
U.S. Treasury Obligations – continued
U.S. Treasury Bonds, 2.5%, 2/15/2045   $ 4,017,000 $4,267,278
U.S. Treasury Bonds, 2.875%, 11/15/2046     3,470,000 3,948,616
U.S. Treasury Bonds, 3%, 2/15/2048     804,400 940,551
U.S. Treasury Notes, 1.75%, 6/15/2022     1,500,000 1,531,582
U.S. Treasury Notes, 1.5%, 9/15/2022     4,459,000 4,551,838
U.S. Treasury Notes, 0.125%, 12/31/2022     1,530,000 1,529,402
U.S. Treasury Notes, 2.75%, 2/15/2024     577,000 618,427
U.S. Treasury Notes, 2.5%, 5/15/2024     2,955,000 3,157,925
U.S. Treasury Notes, 2.875%, 7/31/2025     3,100,000 3,400,676
U.S. Treasury Notes, 2%, 8/15/2025     98,000 103,765
U.S. Treasury Notes, 2%, 11/15/2026     6,071,000 6,430,043
U.S. Treasury Notes, 0.375%, 9/30/2027     1,500,000 1,429,746
        $45,528,202
Utilities - Electric Power – 0.5%
FirstEnergy Corp., 4.4%, 7/15/2027   $ 694,000 $763,469
Total U.S. Bonds       $144,269,512
Foreign Bonds – 6.7%
Australia – 0.0%
APT Pipelines Ltd., 4.25%, 7/15/2027 (n)   $ 16,000 $18,026
Chile – 0.5%
Banco del Estado de Chile, 2.704%, 1/09/2025 (n)   $ 241,000 $254,258
GNL Quintero S.A., 4.634%, 7/31/2029 (n)     200,000 217,250
Transelec S.A., 4.25%, 1/14/2025     200,000 219,000
        $690,508
China – 0.4%
Industrial and Commercial Bank of China, 4.875%, 9/21/2025   $ 294,000 $331,027
State Grid Overseas Investment (2014) Ltd. (People's Republic of China), 4.125%, 5/07/2024 (n)     240,000 264,197
        $595,224
Croatia – 0.2%
Republic of Croatia, 6.375%, 3/24/2021   $ 306,000 $307,032
Germany – 0.2%
Volkswagen Group of America Finance LLC, 2.7%, 9/26/2022 (n)   $ 260,000 $268,827
India – 0.7%
Export-Import Bank of India, 2.25%, 1/13/2031 (n)   $ 317,000 $294,658
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)     376,000 364,433
Power Finance Corp. Ltd. (Republic of India), 5.25%, 8/10/2028     370,000 413,501
        $1,072,592
Italy – 0.2%
Enel Finance International N.V., 2.875%, 5/25/2022 (n)   $ 366,000 $376,427
Kazakhstan – 0.3%
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027   $ 350,000 $389,410
Kuwait – 0.2%
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026   $ 253,000 $275,011
Malaysia – 0.3%
PETRONAS Capital Ltd. (Federation of Malaysia), 3.5%, 4/21/2030 (n)   $ 386,000 $423,705
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Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Foreign Bonds – continued
Mexico – 0.4%
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n)   $ 232,000 $228,462
United Mexican States, 4.75%, 4/27/2032     324,000 364,662
        $593,124
Morocco – 0.2%
Kingdom of Morocco, 3%, 12/15/2032 (n)   $ 377,000 $364,944
Netherlands – 0.2%
ING Groep N.V., 3.15%, 3/29/2022   $ 350,000 $360,775
Panama – 0.5%
Republic of Panama, 3.16%, 1/23/2030   $ 358,000 $373,219
Republic of Panama, 4.5%, 4/01/2056     297,000 327,148
        $700,367
Qatar – 0.3%
State of Qatar, 3.75%, 4/16/2030 (n)   $ 398,000 $448,930
Saudi Arabia – 0.4%
Kingdom of Saudi Arabia, 2.25%, 2/02/2033 (n)   $ 309,000 $295,868
Saudi Arabian Oil Co., 1.625%, 11/24/2025 (n)     305,000 307,601
        $603,469
Thailand – 0.3%
Thaioil Treasury Center Co. Ltd., 3.75%, 6/18/2050 (n)   $ 470,000 $440,583
United Arab Emirates – 0.3%
MDGH - GMTN B.V. (United Arab Emirates), 2.5%, 11/07/2024 (n)   $ 429,000 $450,896
United Kingdom – 0.8%
B.A.T. Capital Corp., 4.7%, 4/02/2027   $ 600,000 $685,080
Imperial Tobacco Finance PLC, 3.75%, 7/21/2022 (n)     266,000 275,820
Reckitt Benckiser Treasury Services PLC, 2.75%, 6/26/2024 (n)     267,000 283,099
        $1,243,999
Uruguay – 0.3%
Oriental Republic of Uruguay, 4.375%, 1/23/2031   $ 350,000 $403,816
Total Foreign Bonds     $10,027,665
Total Bonds   $154,297,177
Investment Companies (h) – 5.4%
Money Market Funds – 5.4%  
MFS Institutional Money Market Portfolio, 0.07% (v)     8,051,159 $8,051,159
 
Other Assets, Less Liabilities – (9.0)%   (13,391,830)
Net Assets – 100.0%   $148,956,506
(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 $8,051,159 and $154,297,177, 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 $10,906,718, representing 7.3% of net assets.
7
Portfolio of Investments (unaudited) – continued
(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
AID U.S. Agency for International Development
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.
LIBOR London Interbank Offered Rate
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
TBA To Be Announced
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
EUR Euro
Derivative Contracts at 2/28/21
Forward Foreign Currency Exchange Contracts
Currency
Purchased 		Currency
Sold 		Counterparty Settlement Date Unrealized
Appreciation
(Depreciation)
Asset Derivatives
USD 120,270 EUR 99,066 Goldman Sachs International 4/16/2021 $618
Futures Contracts
Description Long/
Short 		Currency Contracts Notional
Amount 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures 
U.S. Treasury Note 2 yr Long USD 26 $5,739,906 June - 2021 $275
U.S. Treasury Bond Short USD 65 10,349,219 June - 2021 92,550
U.S. Treasury Note 10 yr Short USD 17 2,256,219 June - 2021 24,110
U.S. Treasury Note 5 yr Short USD 4 495,875 June - 2021 3,496
U.S. Treasury Ultra Bond Short USD 1 189,062 June - 2021 763
            $121,194
At February 28, 2021, the fund had liquid securities with an aggregate value of $324,392 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.
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Supplemental Information
2/28/21 (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. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. 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 and forward foreign currency exchange contracts. The following is a summary of the levels used as of February 28, 2021 in valuing the fund's assets or liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents $— $46,776,023 $— $46,776,023
Non - U.S. Sovereign Debt — 7,218,720 — 7,218,720
Municipal Bonds — 6,017,926 — 6,017,926
U.S. Corporate Bonds — 18,749,672 — 18,749,672
Residential Mortgage-Backed Securities — 66,162,623 — 66,162,623
Commercial Mortgage-Backed Securities — 4,666,214 — 4,666,214
Asset-Backed Securities (including CDOs) — 1,561,113 — 1,561,113
Foreign Bonds — 3,144,886 — 3,144,886
Mutual Funds 8,051,159 — — 8,051,159
Total $8,051,159 $154,297,177 $— $162,348,336
Other Financial Instruments        
Futures Contracts – Assets $121,194 $— $— $121,194
Forward Foreign Currency Exchange Contracts – Assets — 618 — 618
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Supplemental Information (unaudited) – continued
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio $5,662,721 $12,826,774 $10,438,336 $— $— $8,051,159
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $1,629 $—
(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.
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