NPORT-EX 2 NPORT_5250_76682758_0224.htm
Quarterly Report
February 29, 2024
MFS®  Government Markets Income Trust
MGF-Q1
Portfolio of Investments
2/29/24 (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 – 101.8%
U.S. Bonds – 96.6%
Asset-Backed & Securitized – 6.3%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.016%, 11/15/2054 (i)   $ 1,164,895 $55,444
ACREC 2021-FL1 Ltd., “AS”, FLR, 6.935% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n)     323,500 316,624
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 6.932% ((SOFR - 1mo. + 0.11448%) + 1.5%), 12/15/2035 (n)     175,500 171,026
Arbor Realty Trust, Inc., CLO, 2021-FL3, “AS”, FLR, 6.832% ((SOFR - 1mo. + 0.11448%) + 1.4%), 8/15/2034 (n)     374,500 365,305
AREIT 2022-CRE6 Trust, “AS”, FLR, 6.974% (SOFR - 30 day + 1.65%), 1/20/2037 (n)     512,000 502,794
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)     100,000 100,728
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.283%, 7/15/2054 (i)     1,168,805 75,059
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.606%, 2/15/2054 (i)     977,258 77,188
BBCMS Mortgage Trust, 2022-C18, “XA”, 0.461%, 12/15/2055 (i)     1,230,496 43,865
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.266%, 2/15/2054 (i)     1,968,591 115,129
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.146%, 3/15/2054 (i)     1,168,082 60,106
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.884%, 6/15/2054 (i)     1,595,306 68,375
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.259%, 7/15/2054 (i)     1,449,263 86,672
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.272%, 8/15/2054 (i)     2,191,732 139,561
Benchmark 2021-B29 Mortgage Trust, “XA”, 1.032%, 9/15/2054 (i)     1,880,381 92,197
BSPDF 2021-FL1 Issuer Ltd., “A”, FLR, 6.632% ((SOFR - 1mo. + 0.11448%) + 1.2%), 10/15/2036 (n)     197,061 193,576
BSPDF 2021-FL1 Issuer Ltd., “AS”, FLR, 6.912% ((SOFR - 1mo. + 0.11448%) + 1.48%), 10/15/2036 (n)     253,500 244,513
BXMT 2021-FL4 Ltd., “AS”, FLR, 6.736% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)     345,000 323,513
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)     98,646 95,065
Chesapeake Funding II LLC, 2023-2A, “A2”, FLR, 6.425% (SOFR - 30 day + 1.1%), 10/15/2035 (n)     328,465 329,088
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.857%, 12/15/2072 (i)(n)     1,412,892 52,546
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.298%, 2/15/2054 (i)     1,496,079 99,580
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.772%, 4/15/2054 (i)     993,551 36,980
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.039%, 6/15/2064 (i)     988,405 51,978
Dell Equipment Finance Trust, 2023-1, “A2”, 5.65%, 9/22/2028 (n)     192,313 192,303
Dell Equipment Finance Trust, 2023-3, “A2”, 6.1%, 4/23/2029 (n)     100,000 100,390
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n)     114,970 115,810
LAD Auto Receivables Trust, 2022-1A, “A”, 5.21%, 6/15/2027 (n)     56,117 55,969
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 7.182% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n)     283,500 279,831
LoanCore 2021-CRE6 Ltd., “AS”, FLR, 7.082% ((SOFR - 1mo. + 0.11448%) + 1.65%), 11/15/2038 (n)     500,000 490,763
MF1 2021-FL5 Ltd., “AS”, FLR, 6.632% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n)     173,500 170,489
MF1 2021-FL5 Ltd., “B”, FLR, 6.882% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n)     279,500 274,533
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.806%, 12/15/2051 (i)     1,500,626 47,442
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.289%, 5/15/2054 (i)     734,482 43,434
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.206%, 6/15/2054 (i)     1,128,415 60,374
Morgan Stanley Capital I Trust, 2021-L7, “XA”, 1.092%, 10/15/2054 (i)     3,348,384 171,728
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)     121,000 121,669
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)     50,000 50,164
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)     113,460 113,216
Onslow Bay Financial LLC OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)     98,422 98,266
PFS Financing Corp., 2023-C, “B”, 5.91%, 10/15/2028 (n)     63,000 62,547
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 6.635% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (z)     152,158 150,847
Santander Drive Auto Receivables Trust, 2024-1, “A2”, 5.71%, 2/16/2027     92,000 92,030
Verus Securitization Trust, 2014-1, “A1”, 5.712%, 1/25/2069 (n)     235,309 234,059
Verus Securitization Trust, 2024-1, “A2”, 5.915%, 1/25/2069 (n)     99,170 98,447
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 0.934%, 1/15/2052 (i)(n)     854,545 29,388
        $6,750,611
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Broadcasting – 0.9%
Discovery Communications LLC, 4.65%, 5/15/2050   $ 229,000 $173,658
Walt Disney Co., 3.5%, 5/13/2040     612,000 491,044
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032     379,000 334,349
        $999,051
Cable TV – 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025   $ 242,000 $238,651
Time Warner Cable, Inc., 4.5%, 9/15/2042     100,000 73,226
        $311,877
Consumer Products – 0.2%
Haleon US Capital LLC, 3.625%, 3/24/2032   $ 250,000 $223,951
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029   $ 159,000 $143,865
Electrical Equipment – 0.2%
Arrow Electronics, Inc., 6.125%, 3/01/2026   $ 171,000 $170,842
Electronics – 0.6%
Broadcom, Inc., 3.187%, 11/15/2036 (n)   $ 750,000 $587,968
Food & Beverages – 0.4%
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029   $ 488,000 $427,781
Tyson Foods, Inc., 5.15%, 8/15/2044     38,000 34,199
        $461,980
Industrial – 0.0%
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025   $ 42,000 $40,356
Insurance – 0.4%
Corebridge Financial, Inc., 3.85%, 4/05/2029   $ 500,000 $463,675
Insurance - Health – 0.2%
Humana, Inc., 3.7%, 3/23/2029   $ 167,000 $156,182
Insurance - Property & Casualty – 0.1%
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)   $ 99,000 $74,092
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 $628,071
JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032     750,000 627,529
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031     588,000 534,182
State Street Corp., 3.152% to 3/30/2030, FLR (SOFR + 2.65%) to 3/30/2031     138,000 122,731
        $1,912,513
Medical & Health Technology & Services – 1.0%
Becton, Dickinson and Co., 4.685%, 12/15/2044   $ 123,000 $110,083
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045     106,000 94,609
Montefiore Obligated Group, AGM, 5.246%, 11/01/2048     614,000 586,024
ProMedica Toledo Hospital, “B”, AGM, 5.325%, 11/15/2028     106,000 106,793
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038     175,000 174,803
        $1,072,312
Midstream – 0.1%
Targa Resources Corp., 4.95%, 4/15/2052   $ 109,000 $93,255
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – 42.8%
Fannie Mae, 3%, 11/01/2028 - 5/25/2053   $ 2,556,097 $2,342,880
Fannie Mae, 3.5%, 1/25/2030 - 6/25/2048     1,273,842 1,159,241
Fannie Mae, 6.5%, 5/01/2031 - 1/01/2037     146,288 150,510
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046     202,802 181,776
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)     59,923 5,116
Fannie Mae, 2%, 1/25/2033 - 4/25/2046     128,503 117,000
Fannie Mae, 3%, 2/25/2033 (i)     92,178 7,570
Fannie Mae, 5.5%, 10/01/2033 - 3/01/2038     844,036 856,948
Fannie Mae, 6%, 8/01/2034 - 7/01/2037     238,088 244,371
Fannie Mae, 5%, 6/01/2035 - 3/25/2042     267,868 265,344
Fannie Mae, 4%, 9/01/2040 - 7/01/2047     1,827,616 1,719,421
Fannie Mae, 4.5%, 2/01/2041 - 11/01/2042     340,827 332,426
Fannie Mae, 2.25%, 4/25/2041     71,640 66,298
Fannie Mae, 1.75%, 9/25/2041 - 10/25/2041     256,864 235,470
Fannie Mae, 2.75%, 9/25/2042     75,517 70,599
Fannie Mae, 5.736%, 12/25/2045     31,030 29,919
Fannie Mae, UMBS, 2.5%, 7/01/2037 - 7/01/2052     4,706,382 3,922,559
Fannie Mae, UMBS, 5.5%, 8/01/2038 - 11/01/2052     390,563 388,320
Fannie Mae, UMBS, 2%, 2/01/2042 - 3/01/2052     3,964,561 3,172,626
Fannie Mae, UMBS, 1.5%, 3/01/2051     119,704 89,601
Fannie Mae, UMBS, 3%, 6/01/2051 - 8/01/2053     1,474,586 1,267,631
Fannie Mae, UMBS, 4%, 8/01/2051     98,165 91,478
Fannie Mae, UMBS, 3.5%, 5/01/2052     69,291 61,928
Fannie Mae, UMBS, 4.5%, 9/01/2052     86,433 82,574
Fannie Mae, UMBS, 6%, 12/01/2052 - 12/01/2053     721,277 726,719
Freddie Mac, 0.941%, 4/25/2024 (i)     1,654,408 377
Freddie Mac, 0.643%, 7/25/2024 (i)     3,171,203 3,493
Freddie Mac, 3.064%, 8/25/2024     413,956 409,041
Freddie Mac, 4.5%, 9/01/2024 - 5/01/2042     364,955 356,008
Freddie Mac, 2.67%, 12/25/2024     827,000 810,656
Freddie Mac, 0.069%, 5/25/2025 (i)     21,790,570 27,809
Freddie Mac, 3.208%, 2/25/2026     170,404 165,255
Freddie Mac, 1.366%, 3/25/2027 (i)     391,000 14,625
Freddie Mac, 5.686%, 3/25/2027     121,979 120,821
Freddie Mac, 3.117%, 6/25/2027     200,000 190,547
Freddie Mac, 0.569%, 7/25/2027 (i)     8,237,499 132,867
Freddie Mac, 0.417%, 8/25/2027 (i)     6,370,288 80,426
Freddie Mac, 0.294%, 1/25/2028 (i)     11,365,898 121,415
Freddie Mac, 0.304%, 1/25/2028 (i)     4,882,450 53,846
Freddie Mac, 0.134%, 2/25/2028 (i)     13,599,550 74,270
Freddie Mac, 0.118%, 4/25/2028 (i)     8,890,759 47,847
Freddie Mac, 3%, 6/15/2028 - 2/25/2059     2,324,644 2,102,018
Freddie Mac, 3.5%, 6/15/2028 - 10/25/2058     2,320,819 2,139,314
Freddie Mac, 4.86%, 10/25/2028     52,609 52,774
Freddie Mac, 5.976%, 3/25/2029     292,666 292,721
Freddie Mac, 1.09%, 7/25/2029 (i)     1,253,020 59,614
Freddie Mac, 5.966%, 7/25/2029 - 9/25/2029     846,570 847,129
Freddie Mac, 1.142%, 8/25/2029 (i)     2,533,345 127,258
Freddie Mac, 6.006%, 9/25/2029     324,115 324,527
Freddie Mac, 5.816%, 12/25/2029     137,500 136,724
Freddie Mac, 1.799%, 4/25/2030 (i)     600,527 55,707
Freddie Mac, 1.868%, 4/25/2030 (i)     1,277,474 121,335
Freddie Mac, 1.666%, 5/25/2030 (i)     612,877 52,809
Freddie Mac, 1.798%, 5/25/2030 (i)     1,389,954 129,364
Freddie Mac, 1.115%, 6/25/2030 (i)     887,038 49,866
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 1.341%, 6/25/2030 (i)   $ 559,633 $39,432
Freddie Mac, 5.711%, 6/25/2030     105,167 104,783
Freddie Mac, 5.751%, 6/25/2030     77,175 76,696
Freddie Mac, 1.599%, 8/25/2030 (i)     633,757 54,240
Freddie Mac, 1.169%, 9/25/2030 (i)     314,905 19,986
Freddie Mac, 1.08%, 11/25/2030 (i)     789,331 47,614
Freddie Mac, 4.94%, 11/25/2030     169,740 171,144
Freddie Mac, 0.327%, 1/25/2031 (i)     2,855,327 48,798
Freddie Mac, 0.781%, 1/25/2031 (i)     873,865 39,348
Freddie Mac, 0.935%, 1/25/2031 (i)     663,744 35,074
Freddie Mac, 0.515%, 3/25/2031 (i)     2,266,485 63,779
Freddie Mac, 0.732%, 3/25/2031 (i)     973,113 42,007
Freddie Mac, 1.215%, 5/25/2031 (i)     399,402 28,325
Freddie Mac, 0.938%, 7/25/2031 (i)     489,989 28,534
Freddie Mac, 0.536%, 9/25/2031 (i)     2,619,786 85,481
Freddie Mac, 0.856%, 9/25/2031 (i)     2,591,485 133,503
Freddie Mac, 0.349%, 11/25/2031 (i)     3,899,181 88,395
Freddie Mac, 0.498%, 12/25/2031 (i)     3,898,081 121,799
Freddie Mac, 0.567%, 12/25/2031 (i)     644,718 22,611
Freddie Mac, 0.154%, 11/25/2032 (i)     3,670,222 52,838
Freddie Mac, 6.051%, 7/25/2033     527,584 528,673
Freddie Mac, 0.128%, 8/25/2033 (i)     2,899,969 41,177
Freddie Mac, 5.639%, 4/15/2035     9,187 9,091
Freddie Mac, 6%, 5/01/2035 - 10/01/2038     209,831 216,208
Freddie Mac, 5.5%, 8/01/2035 - 6/01/2036     153,259 155,831
Freddie Mac, 5%, 2/15/2036 - 12/01/2044     664,242 660,586
Freddie Mac, 5.5%, 2/15/2036 (i)     23,901 4,230
Freddie Mac, 6.5%, 5/01/2037     29,037 30,438
Freddie Mac, 4%, 8/01/2037 - 4/01/2044     153,151 144,708
Freddie Mac, 5.689%, 3/15/2039     128,038 123,879
Freddie Mac, 4.5%, 12/15/2040 (i)     4,503 357
Freddie Mac, 6.772%, 10/25/2053     50,602 51,478
Freddie Mac, 3.25%, 11/25/2061     353,314 310,147
Freddie Mac, UMBS, 2.5%, 4/01/2037 - 9/01/2052     2,252,068 1,867,264
Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052     2,541,867 2,015,394
Freddie Mac, UMBS, 1.5%, 6/01/2051     436,413 326,361
Freddie Mac, UMBS, 3.5%, 8/01/2051 - 5/01/2052     129,851 116,521
Freddie Mac, UMBS, 3%, 1/01/2052 - 6/01/2052     397,695 340,848
Freddie Mac, UMBS, 4%, 5/01/2052     179,412 166,420
Freddie Mac, UMBS, 5%, 7/01/2052 - 2/01/2054     690,737 670,991
Freddie Mac, UMBS, 5.5%, 4/01/2053     71,066 71,187
Freddie Mac, UMBS, 6%, 11/01/2053     381,162 382,851
Ginnie Mae, 5.5%, 7/15/2033 - 1/20/2042     269,874 275,307
Ginnie Mae, 5.673%, 8/20/2034     62,785 63,724
Ginnie Mae, 4%, 5/16/2039 - 8/20/2052     295,110 278,720
Ginnie Mae, 4.5%, 9/20/2041 - 9/20/2052     916,228 877,911
Ginnie Mae, 3.5%, 10/20/2041 - 1/20/2043 (i)     202,754 29,514
Ginnie Mae, 3.5%, 4/15/2042 - 7/20/2043     609,581 561,470
Ginnie Mae, 2.5%, 6/20/2042 - 8/20/2052     1,899,983 1,609,064
Ginnie Mae, 4%, 8/16/2042 (i)     38,841 5,534
Ginnie Mae, 2.25%, 9/20/2043     16,210 15,657
Ginnie Mae, 3%, 4/20/2045 - 11/20/2051     723,843 641,217
Ginnie Mae, 2%, 1/20/2052 - 5/20/2052     474,658 386,374
Ginnie Mae, 5%, 1/20/2053 - 1/20/2054     663,535 648,325
Ginnie Mae, 6%, 2/20/2054 - 11/20/2055     1,121,850 1,131,041
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Ginnie Mae, 0.584%, 2/16/2059 (i)   $ 170,914 $5,153
Ginnie Mae, TBA, 6.5%, 3/15/2054     300,000 304,069
Ginnie Mae, TBA, 3%, 3/20/2054     675,000 591,721
Ginnie Mae, TBA, 5%, 3/20/2054     400,000 390,681
Ginnie Mae, TBA, 5.5%, 3/20/2054     625,000 620,825
Ginnie Mae, TBA, 2%, 4/15/2054     620,008 505,088
Ginnie Mae, TBA , 7%, 3/20/2054     25,000 25,499
UMBS, TBA, 2%, 3/13/2054 - 4/25/2054     911,626 716,724
UMBS, TBA, 2.5%, 3/25/2054     250,000 205,377
        $46,116,810
Municipals – 2.5%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025   $ 345,000 $339,290
Chicago, IL, General Obligation, Taxable, “C”, AGM, 6.207%, 1/01/2036     615,000 648,591
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 3%, 6/01/2046     155,000 142,853
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043     5,000 4,005
Illinois Sales Tax Securitization Corp., Second Lien, Taxable, “B”, BAM, 3.411%, 1/01/2043     240,000 189,100
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037     515,000 445,372
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030     6,280 6,103
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040     32,000 38,543
Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036 (n)     1,215,000 918,696
        $2,732,553
Telecommunications - Wireless – 0.5%
T-Mobile USA, Inc., 4.375%, 4/15/2040   $ 650,000 $569,823
U.S. Government Agencies and Equivalents – 0.3%
Small Business Administration, 5.52%, 6/01/2024   $ 2,175 $2,172
Small Business Administration, 2.21%, 2/01/2033     56,565 51,159
Small Business Administration, 2.22%, 3/01/2033     89,233 81,118
Small Business Administration, 3.15%, 7/01/2033     73,736 68,792
Small Business Administration, 3.62%, 9/01/2033     74,276 70,679
        $273,920
U.S. Treasury Obligations – 36.5%
U.S. Treasury Bonds, 2.25%, 2/15/2027   $ 1,921,000 $1,806,190
U.S. Treasury Bonds, 5.25%, 2/15/2029     48,000 50,138
U.S. Treasury Bonds, 0.625%, 5/15/2030     800,000 642,219
U.S. Treasury Bonds, 4.75%, 2/15/2037     336,000 354,913
U.S. Treasury Bonds, 4.375%, 2/15/2038     1,109,000 1,121,996
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)     4,503,100 4,573,813
U.S. Treasury Bonds, 3.125%, 2/15/2043     453,700 372,353
U.S. Treasury Bonds, 2.875%, 5/15/2043     1,697,100 1,335,737
U.S. Treasury Bonds, 2.5%, 2/15/2045     4,017,000 2,911,697
U.S. Treasury Bonds, 2.875%, 11/15/2046     3,470,000 2,654,821
U.S. Treasury Bonds, 2.375%, 5/15/2051     638,000 430,525
U.S. Treasury Notes, 2.5%, 5/15/2024     705,000 700,842
U.S. Treasury Notes, 4.125%, 1/31/2025     232,000 229,988
U.S. Treasury Notes, 3.875%, 4/30/2025     2,507,000 2,476,544
U.S. Treasury Notes, 4.25%, 5/31/2025     1,898,000 1,882,430
U.S. Treasury Notes, 2.875%, 7/31/2025     4,700,000 4,574,789
U.S. Treasury Notes, 5%, 9/30/2025     3,216,000 3,226,301
U.S. Treasury Notes, 0.75%, 5/31/2026     567,700 521,885
U.S. Treasury Notes, 0.875%, 6/30/2026     678,600 624,392
U.S. Treasury Notes, 2%, 11/15/2026     6,071,000 5,694,171
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
U.S. Treasury Obligations – continued
U.S. Treasury Notes, 4%, 2/29/2028   $ 3,068,000 $3,030,249
U.S. Treasury Notes, 3.25%, 5/15/2042     165,000 138,755
        $39,354,748
Utilities - Electric Power – 1.4%
FirstEnergy Corp., 4.15%, 7/15/2027   $ 694,000 $659,125
Pacific Gas & Electric Co., 5.45%, 6/15/2027     357,000 356,434
Vistra Operations Co. LLC, 4.875%, 5/13/2024 (n)     500,000 498,475
        $1,514,034
Total U.S. Bonds       $104,024,418
Foreign Bonds – 5.2%
Australia – 0.0%
APA Infrastructure Ltd., 4.25%, 7/15/2027 (n)   $ 16,000 $15,614
Bermuda – 0.4%
Government of Bermuda, 5%, 7/15/2032 (n)   $ 400,000 $383,520
Chile – 0.7%
Banco del Estado de Chile, 2.704%, 1/09/2025 (n)   $ 241,000 $234,177
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 (n)     200,000 202,856
Corporación Nacional del Cobre de Chile, 5.95%, 1/08/2034 (n)     200,000 197,365
Republic of Chile, 2.55%, 1/27/2032     200,000 168,127
        $802,525
China – 0.4%
Tencent Holdings Ltd., 2.88%, 4/22/2031 (n)   $ 501,000 $434,331
India – 0.9%
Export-Import Bank of India, 2.25%, 1/13/2031 (n)   $ 317,000 $260,569
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)     376,000 317,001
Power Finance Corp. Ltd. (Republic of India), 5.25%, 8/10/2028     370,000 365,871
        $943,441
Indonesia – 0.3%
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052   $ 416,000 $333,962
Ireland – 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032   $ 355,000 $300,218
Malaysia – 0.3%
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031   $ 400,000 $340,984
Mexico – 0.5%
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n)   $ 232,000 $195,607
United Mexican States, 4.75%, 4/27/2032     324,000 304,681
        $500,288
Philippines – 0.2%
Republic of Philippines, 5.5%, 1/17/2048   $ 200,000 $201,443
Poland – 0.2%
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n)   $ 264,000 $274,105
United Arab Emirates – 0.2%
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n)   $ 200,000 $194,692
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Foreign Bonds – continued
United Kingdom – 0.7%
B.A.T. Capital Corp., 4.7%, 4/02/2027   $ 600,000 $587,211
Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n)     200,000 203,598
        $790,809
Uruguay – 0.1%
Oriental Republic of Uruguay, 5.75%, 10/28/2034   $ 96,000 $100,850
Total Foreign Bonds     $5,616,782
Total Bonds   $109,641,200
Investment Companies (h) – 0.2%
Money Market Funds – 0.2%  
MFS Institutional Money Market Portfolio, 5.37% (v)     268,999 $268,999
 
Other Assets, Less Liabilities – (2.0)%   (2,176,359)
Net Assets – 100.0%   $107,733,840
(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 $268,999 and $109,641,200, 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 $10,175,288, 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.
(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, 6.635% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 11/12/21 $152,158 $150,847
% of Net assets     0.1%
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.
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
TBA To Be Announced
UMBS Uniform Mortgage-Backed Security
    
7
Portfolio of Investments (unaudited) – continued
Derivative Contracts at 2/29/24
Futures Contracts
Description Long/
Short 		Currency Contracts Notional
Amount 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures 
U.S. Treasury Note 10 yr Long USD 213 $23,523,188 June - 2024 $71,531
U.S. Treasury Note 5 yr Long USD 40 4,276,250 June - 2024 3,124
U.S. Treasury Ultra Bond 30 yr Long USD 20 2,557,500 June - 2024 14,462
            $89,117
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Bond 30 yr Short USD 44 $5,247,000 June - 2024 $(23,861)
U.S. Treasury Note 2 yr Short USD 35 7,166,250 June - 2024 (5,747)
U.S. Treasury Ultra Note 10 yr Short USD 74 8,448,719 June - 2024 (41,355)
            $(70,963)
At February 29, 2024, the fund had liquid securities with an aggregate value of $360,574 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
8
Supplemental Information
2/29/24 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. 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. 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).
9
Supplemental Information (unaudited) – continued
Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of February 29, 2024 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 $— $39,628,668 $— $39,628,668
Non - U.S. Sovereign Debt — 3,741,849 — 3,741,849
Municipal Bonds — 2,732,553 — 2,732,553
U.S. Corporate Bonds — 8,795,777 — 8,795,777
Residential Mortgage-Backed Securities — 46,660,798 — 46,660,798
Commercial Mortgage-Backed Securities — 3,320,571 — 3,320,571
Asset-Backed Securities (including CDOs) — 2,886,052 — 2,886,052
Foreign Bonds — 1,874,932 — 1,874,932
Mutual Funds 268,999 — — 268,999
Total $268,999 $109,641,200 $— $109,910,199
Other Financial Instruments        
Futures Contracts – Assets $89,117 $— $— $89,117
Futures Contracts – Liabilities (70,963) — — (70,963)
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 $1,282,508 $10,063,473 $11,077,247 $301 $(36) $268,999
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $12,928 $—
10