MGF-Q1
 
Quarterly Report
February 28, 2026
MFS®  Government Markets Income Trust  
 
Portfolio of Investments
2/28/26 (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 – 99.1%
U.S. Bonds – 94.6%
Asset-Backed & Securitized – 4.3%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 0.991%, 11/15/2054 (i)
 
$
1,144,914
$39,197
ACREC 2021-FL1 Ltd., “AS”, FLR, 5.281% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n)
 
 
82,250
82,270
AREIT 2022-CRE6 Trust, “AS”, FLR, 5.31% (SOFR - 30 day + 1.65%), 1/20/2037 (n)
 
 
512,000
510,195
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)
 
 
24,947
25,109
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.191%, 7/15/2054 (i)
 
 
1,054,800
50,185
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.538%, 2/15/2054 (i)
 
 
935,623
56,319
BBCMS Mortgage Trust, 2022-C18, “XA”, 0.437%, 12/15/2055 (i)
 
 
1,194,466
39,222
BDS 2024-FL13 Ltd., “A”, FLR, 5.242% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n)
 
 
100,000
100,241
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.254%, 2/15/2054 (i)
 
 
1,943,911
85,975
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.128%, 3/15/2054 (i)
 
 
1,157,655
45,358
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.843%, 6/15/2054 (i)
 
 
1,545,141
47,768
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.232%, 7/15/2054 (i)
 
 
1,409,340
64,014
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.237%, 8/15/2054 (i)
 
 
2,136,831
101,000
Benchmark 2021-B29 Mortgage Trust, “XA”, 1.01%, 9/15/2054 (i)
 
 
1,858,201
62,264
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)
 
 
56,947
58,921
BXMT 2021-FL4 Ltd., “AS”, FLR, 5.078% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)
 
 
345,000
342,884
Chesapeake Funding II LLC, 2023-2A, “A2”, FLR, 4.758% (SOFR - 30 day + 1.1%), 10/15/2035 (n)
 
 
111,113
111,577
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.815%, 12/15/2072 (i)(n)
 
 
1,272,232
35,248
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.278%, 2/15/2054 (i)
 
 
1,464,335
72,287
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.757%, 4/15/2054 (i)
 
 
985,664
27,293
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.024%, 6/15/2064 (i)
 
 
977,409
38,375
GLS Auto Select Receivables Trust, 2026-1A, “A2”, 4.04%, 11/15/2028 (n)
 
 
126,000
125,996
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 5.524% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n)
 
 
74,405
74,312
LoanCore 2021-CRE6 Ltd., “AS”, FLR, 5.424% ((SOFR - 1mo. + 0.11448%) + 1.65%), 11/15/2038 (n)
 
 
500,000
500,297
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.806%, 12/15/2051 (i)
 
 
1,451,482
27,337
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.26%, 5/15/2054 (i)
 
 
719,776
30,778
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.141%, 6/15/2054 (i)
 
 
1,022,987
37,698
Morgan Stanley Capital I Trust, 2021-L7, “XA”, 0.995%, 10/15/2054 (i)
 
 
3,232,258
119,489
Morgan Stanley Residential Mortgage Loan Trust, 2026-INV1, “A9”, FLR, 4.807% (SOFR - 1mo. + 1.15%), 2/25/2061 (n)
 
 
106,472
106,511
New Residential Mortgage Loan Trust, 2026-NQM2, “A1”, 4.743%, 12/25/2065 (n)
 
 
197,028
197,105
New Residential Mortgage Loan Trust, 2026-NQM3, “A1”, 4.833%, 2/25/2066 (n)
 
 
391,268
391,574
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)
 
 
56,850
57,244
PFS Financing Corp., 2023-C, “B”, 5.91%, 10/15/2028 (n)
 
 
63,000
63,555
PMT Loan Trust, 2026-INV2, “A35”, FLR, 4.81% (SOFR - 1mo. + 1.15%), 1/25/2057 (n)
 
 
389,574
389,566
Provident Funding Mortgage Trust, 2024-1, “A3”, 5.5%, 12/25/2054 (n)
 
 
119,423
120,688
Santander Drive Auto Receivables Trust, 2026-1, “A2”, 4.04%, 3/15/2029
 
 
129,000
129,048
Verus Securitization Trust, 2024-1, “A2”, 5.915%, 1/25/2069 (n)
 
 
48,243
48,498
Verus Securitization Trust, 2024-4, “A1”, 6.218%, 6/25/2069 (n)
 
 
69,306
70,189
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 0.928%, 1/15/2052 (i)(n)
 
 
805,880
16,630
 
 
 
$4,502,217
Broadcasting – 0.5%
Walt Disney Co., 3.5%, 5/13/2040
 
$
612,000
$518,786
Cable TV – 0.1%
Time Warner Cable, Inc., 4.5%, 9/15/2042
 
$
100,000
$78,861
Consumer Products – 0.2%
Haleon US Capital LLC, 3.625%, 3/24/2032
 
$
250,000
$240,880
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029
 
$
159,000
$153,814
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Electronics – 0.6%
Broadcom, Inc., 3.187%, 11/15/2036 (n)
 
$
750,000
$647,006
Food & Beverages – 0.5%
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 3%, 2/02/2029
 
$
488,000
$474,041
Tyson Foods, Inc., 5.15%, 8/15/2044
 
 
38,000
36,507
 
 
 
$510,548
Insurance – 0.5%
Corebridge Financial, Inc., 3.85%, 4/05/2029
 
$
500,000
$494,279
Insurance - Health – 0.2%
Humana, Inc., 3.7%, 3/23/2029
 
$
167,000
$164,203
Insurance - Property & Casualty – 0.1%
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)
 
$
99,000
$74,078
Major Banks – 2.0%
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032
 
$
750,000
$694,441
JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032
 
 
750,000
692,186
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031
 
 
588,000
574,942
State Street Corp., 3.152% to 3/30/2030, FLR (SOFR + 2.65%) to 3/30/2031
 
 
138,000
133,782
 
 
 
$2,095,351
Medical & Health Technology & Services – 0.8%
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045
 
$
106,000
$96,546
Montefiore Obligated Group, AGM, 5.246%, 11/01/2048
 
 
614,000
571,040
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038
 
 
175,000
177,625
 
 
 
$845,211
Midstream – 0.1%
Targa Resources Corp., 4.95%, 4/15/2052
 
$
109,000
$94,463
Mortgage-Backed – 31.0%
Fannie Mae, 3%, 11/01/2028 - 11/01/2046
 
$
568,858
$537,900
Fannie Mae, 3.5%, 1/25/2030 - 7/01/2046
 
 
759,484
736,800
Fannie Mae, 6.5%, 5/01/2031 - 5/01/2036
 
 
92,094
96,349
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046
 
 
149,327
140,758
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)
 
 
35,638
2,405
Fannie Mae, 3%, 2/25/2033 (i)
 
 
57,162
3,767
Fannie Mae, 5.5%, 10/01/2033 - 1/01/2055
 
 
687,111
708,682
Fannie Mae, 6%, 8/01/2034 - 9/01/2054
 
 
466,005
481,050
Fannie Mae, 5%, 6/01/2035 - 3/25/2042
 
 
212,442
219,096
Fannie Mae, 4%, 9/01/2040 - 7/01/2047
 
 
1,453,737
1,445,756
Fannie Mae, 4.5%, 2/01/2041 - 11/01/2042
 
 
253,127
256,451
Fannie Mae, 2.25%, 4/25/2041
 
 
41,282
40,065
Fannie Mae, 1.75%, 9/25/2041
 
 
59,323
57,443
Fannie Mae, 2.75%, 9/25/2042
 
 
46,523
45,453
Fannie Mae, 4.031%, 2/25/2043
 
 
13,788
13,741
Fannie Mae, 4.082%, 12/25/2045
 
 
22,056
21,843
Fannie Mae, 2%, 4/25/2046
 
 
46,736
44,102
Fannie Mae, 2.218%, 9/25/2046 (i)
 
 
71,308
8,633
Fannie Mae, 4%, 9/25/2050 (i)
 
 
106,596
20,390
Fannie Mae, 2.5%, 2/25/2051 (i)
 
 
70,512
10,072
Fannie Mae, 6.667%, 7/25/2054
 
 
115,729
119,852
Fannie Mae, 6.107%, 3/25/2055
 
 
163,080
165,343
Fannie Mae, TBA, 4.5%, 3/12/2056
 
 
75,000
74,164
Fannie Mae, UMBS, 2%, 2/01/2042 - 3/01/2052
 
 
1,145,428
972,410
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Fannie Mae, UMBS, 2.5%, 3/01/2042 - 5/01/2052
 
$
2,874,315
$2,533,102
Fannie Mae, UMBS, 1.5%, 3/01/2051
 
 
106,102
84,451
Fannie Mae, UMBS, 3%, 5/01/2051 - 6/01/2052
 
 
1,087,358
989,878
Fannie Mae, UMBS, 4%, 8/01/2051
 
 
81,305
80,160
Fannie Mae, UMBS, 4.5%, 9/01/2052
 
 
67,093
66,849
Fannie Mae, UMBS, 5.5%, 11/01/2052
 
 
236,402
241,233
Fannie Mae, UMBS, 6%, 12/01/2052 - 11/01/2054
 
 
519,228
534,900
Fannie Mae, UMBS, 5%, 5/01/2053
 
 
261,007
263,831
Freddie Mac, 2.57%, 7/25/2026
 
 
608,761
605,222
Freddie Mac, 3.12%, 9/25/2026
 
 
188,603
187,589
Freddie Mac, 2.525%, 10/25/2026
 
 
97,187
96,396
Freddie Mac, 2.797%, 12/25/2026
 
 
21,362
21,305
Freddie Mac, 3.413%, 12/25/2026
 
 
297,200
295,870
Freddie Mac, 1.373%, 3/25/2027 (i)
 
 
391,000
4,893
Freddie Mac, 3.243%, 4/25/2027
 
 
390,961
388,525
Freddie Mac, 0.561%, 7/25/2027 (i)
 
 
7,943,324
48,839
Freddie Mac, 0.403%, 8/25/2027 (i)
 
 
6,081,769
33,279
Freddie Mac, 0.294%, 1/25/2028 (i)
 
 
10,923,544
56,641
Freddie Mac, 0.3%, 1/25/2028 (i)
 
 
4,577,384
23,907
Freddie Mac, 0.128%, 2/25/2028 (i)
 
 
13,147,824
35,936
Freddie Mac, 0.107%, 4/25/2028 (i)
 
 
8,504,985
23,722
Freddie Mac, 4.86%, 10/25/2028
 
 
52,609
54,056
Freddie Mac, 0.415%, 5/25/2029 (i)
 
 
2,157,981
28,035
Freddie Mac, 1.005%, 7/25/2029 (i)
 
 
1,648,656
43,223
Freddie Mac, 1.081%, 7/25/2029 (i)
 
 
1,214,328
39,297
Freddie Mac, 1.135%, 8/25/2029 (i)
 
 
2,477,527
86,541
Freddie Mac, 0.558%, 1/25/2030 (i)
 
 
759,439
15,747
Freddie Mac, 1.583%, 1/25/2030 (i)
 
 
249,914
13,228
Freddie Mac, 1.796%, 4/25/2030 (i)
 
 
600,527
39,599
Freddie Mac, 1.839%, 4/25/2030 (i)
 
 
1,277,474
87,690
Freddie Mac, 1.666%, 5/25/2030 (i)
 
 
612,877
38,971
Freddie Mac, 1.798%, 5/25/2030 (i)
 
 
1,389,954
96,021
Freddie Mac, 1.109%, 6/25/2030 (i)
 
 
877,014
35,712
Freddie Mac, 1.34%, 6/25/2030 (i)
 
 
559,633
28,992
Freddie Mac, 1.597%, 8/25/2030 (i)
 
 
633,757
40,130
Freddie Mac, 1.168%, 9/25/2030 (i)
 
 
314,905
15,062
Freddie Mac, 1.079%, 11/25/2030 (i)
 
 
789,331
36,205
Freddie Mac, 0.319%, 1/25/2031 (i)
 
 
2,830,161
34,435
Freddie Mac, 0.779%, 1/25/2031 (i)
 
 
873,865
31,255
Freddie Mac, 0.935%, 1/25/2031 (i)
 
 
663,744
26,998
Freddie Mac, 0.355%, 2/25/2031 (i)
 
 
734,976
14,607
Freddie Mac, 0.509%, 3/25/2031 (i)
 
 
2,250,508
47,465
Freddie Mac, 0.731%, 3/25/2031 (i)
 
 
973,113
32,868
Freddie Mac, 1.213%, 5/25/2031 (i)
 
 
399,402
22,129
Freddie Mac, 0.937%, 7/25/2031 (i)
 
 
489,989
22,541
Freddie Mac, 1.214%, 7/25/2031 (i)
 
 
984,709
57,929
Freddie Mac, 0.535%, 9/25/2031 (i)
 
 
2,619,786
70,035
Freddie Mac, 0.854%, 9/25/2031 (i)
 
 
2,591,485
106,710
Freddie Mac, 0.348%, 11/25/2031 (i)
 
 
3,899,181
70,794
Freddie Mac, 0.495%, 12/25/2031 (i)
 
 
3,898,081
97,196
Freddie Mac, 0.567%, 12/25/2031 (i)
 
 
644,718
17,930
Freddie Mac, 0.321%, 6/25/2032 (i)
 
 
4,502,658
86,490
Freddie Mac, 0.154%, 11/25/2032 (i)
 
 
3,670,222
45,267
Freddie Mac, 0.265%, 5/25/2033 (i)
 
 
700,000
14,276
Freddie Mac, 3.5%, 8/15/2033 - 10/25/2058
 
 
1,599,755
1,554,151
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 0.129%, 8/25/2033 (i)
 
$
2,899,969
$34,827
Freddie Mac, 0.176%, 10/25/2033 (i)
 
 
2,363,261
37,910
Freddie Mac, 0.905%, 9/25/2034 (i)
 
 
516,084
35,078
Freddie Mac, 0.055%, 1/25/2035 (i)
 
 
4,660,229
42,247
Freddie Mac, 0.246%, 1/25/2035 (i)
 
 
1,866,669
42,302
Freddie Mac, 3.972%, 4/15/2035
 
 
3,560
3,543
Freddie Mac, 6%, 5/01/2035 - 4/01/2055
 
 
560,164
579,277
Freddie Mac, 5.5%, 8/01/2035 - 6/01/2036
 
 
109,462
114,443
Freddie Mac, 5%, 2/15/2036 - 12/01/2044
 
 
485,065
499,747
Freddie Mac, 5.5%, 2/15/2036 (i)
 
 
16,850
2,532
Freddie Mac, 6.5%, 5/01/2037
 
 
18,127
18,976
Freddie Mac, 4%, 8/01/2037 - 4/01/2044
 
 
120,705
120,123
Freddie Mac, 3%, 1/01/2038 - 2/25/2059
 
 
962,885
904,405
Freddie Mac, 4.5%, 7/01/2039 - 7/01/2055
 
 
273,777
275,279
Freddie Mac, 4.5%, 12/15/2040 (i)
 
 
2,023
188
Freddie Mac, 2.5%, 3/25/2051 (i)
 
 
107,873
17,322
Freddie Mac, 5.117%, 10/25/2053
 
 
30,521
31,039
Freddie Mac, 5.897%, 12/25/2053
 
 
139,507
140,129
Freddie Mac, 5.167%, 12/25/2054
 
 
510,932
517,906
Freddie Mac, 3.25%, 11/25/2061
 
 
161,964
153,225
Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052
 
 
1,006,601
848,156
Freddie Mac, UMBS, 2.5%, 7/01/2051 - 9/01/2052
 
 
935,975
817,082
Freddie Mac, UMBS, 3.5%, 8/01/2051 - 5/01/2052
 
 
100,192
95,162
Freddie Mac, UMBS, 3%, 4/01/2052 - 6/01/2052
 
 
522,895
474,909
Freddie Mac, UMBS, 4%, 5/01/2052
 
 
147,959
144,841
Freddie Mac, UMBS, 5%, 7/01/2052
 
 
301,374
304,709
Freddie Mac, UMBS, 5.5%, 4/01/2053
 
 
56,405
58,321
Ginnie Mae, 3.5%, 8/20/2029 - 1/20/2043 (i)
 
 
196,157
22,581
Ginnie Mae, 5.5%, 7/15/2033 - 10/20/2053
 
 
600,129
616,741
Ginnie Mae, 5.649%, 8/20/2034
 
 
35,688
36,594
Ginnie Mae, 4%, 5/16/2039 - 7/20/2055
 
 
299,039
291,754
Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i)
 
 
47,019
6,520
Ginnie Mae, 1.618%, 5/20/2041 (i)
 
 
99,530
9,989
Ginnie Mae, 4.5%, 9/20/2041 - 9/20/2052
 
 
737,096
735,627
Ginnie Mae, 3.5%, 4/15/2042 - 7/20/2043
 
 
496,960
481,565
Ginnie Mae, 2.5%, 6/20/2042 - 8/20/2052
 
 
1,552,908
1,373,662
Ginnie Mae, 3%, 4/20/2045 - 6/20/2052
 
 
1,165,994
1,075,194
Ginnie Mae, 2.5%, 2/20/2051 (i)
 
 
83,746
11,582
Ginnie Mae, 2%, 1/20/2052 - 4/20/2052
 
 
1,131,514
958,752
Ginnie Mae, 5%, 1/20/2053 - 3/20/2053
 
 
184,545
186,352
Ginnie Mae, 5.062%, 9/20/2053
 
 
355,759
362,950
Ginnie Mae, 4.961%, 10/20/2053
 
 
354,526
358,671
Ginnie Mae, 5.012%, 10/20/2053
 
 
374,598
379,426
Ginnie Mae, 4.711%, 2/20/2054
 
 
411,004
413,915
Ginnie Mae, 6.083%, 6/20/2055
 
 
167,161
171,590
Ginnie Mae, 6.157%, 6/20/2055
 
 
103,667
104,096
Ginnie Mae, 1.688%, 7/20/2055 (i)
 
 
142,634
7,249
Ginnie Mae, 6%, 11/20/2055
 
 
136,473
141,131
Ginnie Mae, 4.811%, 3/20/2064
 
 
51,480
51,836
Ginnie Mae, 4.476%, 7/20/2064
 
 
18,521
18,558
Ginnie Mae, 4.391%, 2/20/2067
 
 
53,914
54,346
Ginnie Mae, 5.173%, 3/20/2067
 
 
120,896
121,950
Ginnie Mae, 5.281%, 7/20/2067
 
 
151,933
153,781
Ginnie Mae, TBA, 5%, 3/15/2056
 
 
125,000
125,424
UMBS, TBA, 2%, 3/12/2056 - 4/25/2056
 
 
1,975,000
1,635,965
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
UMBS, TBA, 5.5%, 3/12/2056
 
$
50,000
$50,802
 
 
 
$32,162,919
Municipals – 1.8%
Chicago, IL, General Obligation, Taxable, “C”, AGM, 6.207%, 1/01/2036
 
$
615,000
$665,014
Illinois Sales Tax Securitization Corp., Second Lien, Taxable, “B”, BAM, 3.411%, 1/01/2043
 
 
240,000
195,869
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040
 
 
32,000
39,189
Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036 (z)
 
 
1,215,000
924,491
 
 
 
$1,824,563
Telecommunications - Wireless – 0.6%
T-Mobile USA, Inc., 4.375%, 4/15/2040
 
$
650,000
$593,574
U.S. Government Agencies and Equivalents – 0.2%
Small Business Administration, 2.21%, 2/01/2033
 
$
35,860
$33,990
Small Business Administration, 2.22%, 3/01/2033
 
 
61,857
58,793
Small Business Administration, 3.15%, 7/01/2033
 
 
49,366
47,996
Small Business Administration, 3.62%, 9/01/2033
 
 
43,115
42,755
 
 
 
$183,534
U.S. Treasury Obligations – 50.0%
U.S. Treasury Bonds, 2.25%, 2/15/2027
 
$
1,921,000
$1,897,783
U.S. Treasury Bonds, 5.25%, 2/15/2029
 
 
572,000
603,036
U.S. Treasury Bonds, 0.625%, 5/15/2030
 
 
800,000
711,438
U.S. Treasury Bonds, 4.75%, 2/15/2037
 
 
336,000
358,851
U.S. Treasury Bonds, 4.375%, 2/15/2038
 
 
1,109,000
1,143,093
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)
 
 
4,503,100
4,621,131
U.S. Treasury Bonds, 3.25%, 5/15/2042
 
 
165,000
141,848
U.S. Treasury Bonds, 3.125%, 2/15/2043
 
 
453,700
378,946
U.S. Treasury Bonds, 2.875%, 5/15/2043
 
 
1,697,100
1,360,928
U.S. Treasury Bonds, 2.5%, 2/15/2045
 
 
4,017,000
2,948,415
U.S. Treasury Bonds, 5%, 5/15/2045
 
 
906,000
957,741
U.S. Treasury Bonds, 2.875%, 11/15/2046
 
 
3,470,000
2,659,023
U.S. Treasury Bonds, 4.25%, 8/15/2054
 
 
217,000
203,319
U.S. Treasury Bonds, 4.625%, 2/15/2055
 
 
899,000
896,577
U.S. Treasury Bonds, 4.75%, 8/15/2055
 
 
972,000
989,769
U.S. Treasury Notes, 0.75%, 5/31/2026
 
 
567,700
563,566
U.S. Treasury Notes, 0.875%, 6/30/2026
 
 
678,600
672,335
U.S. Treasury Notes, 2%, 11/15/2026 (f)
 
 
7,277,000
7,195,384
U.S. Treasury Notes, 3.875%, 3/31/2027
 
 
1,464,000
1,469,604
U.S. Treasury Notes, 3.875%, 5/31/2027
 
 
2,743,000
2,756,072
U.S. Treasury Notes, 3.875%, 7/31/2027
 
 
4,028,000
4,051,130
U.S. Treasury Notes, 3.75%, 8/15/2027
 
 
1,592,000
1,598,841
U.S. Treasury Notes, 3.625%, 8/31/2027
 
 
2,295,000
2,301,007
U.S. Treasury Notes, 3.375%, 12/31/2027
 
 
2,360,000
2,358,709
U.S. Treasury Notes, 4%, 2/29/2028
 
 
3,068,000
3,103,354
U.S. Treasury Notes, 3.625%, 9/30/2030
 
 
2,800,000
2,814,328
U.S. Treasury Notes, 4.625%, 4/30/2031
 
 
534,000
560,929
U.S. Treasury Notes, 4%, 4/30/2032
 
 
1,032,000
1,051,793
U.S. Treasury Notes, 4.25%, 5/15/2035
 
 
1,395,000
1,430,801
 
 
 
$51,799,751
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
U.S. Bonds – continued
Utilities - Electric Power – 1.0%
FirstEnergy Corp., 3.9%, 7/15/2027
 
$
694,000
$696,865
Pacific Gas & Electric Co., 5.45%, 6/15/2027
 
 
357,000
362,837
 
 
 
$1,059,702
Total U.S. Bonds
 
 
$98,043,740
Foreign Bonds – 4.5%
Bermuda – 0.4%
Government of Bermuda, 5%, 7/15/2032 (n)
 
$
400,000
$407,400
Chile – 0.7%
Chile Electricity Lux MPC II S.à r.l., 6.01%, 1/20/2033 (n)
 
$
172,000
$180,799
Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n)
 
 
195,501
201,931
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)
 
 
200,000
214,628
Republic of Chile, 2.55%, 1/27/2032
 
 
200,000
180,670
 
 
 
$778,028
China – 0.5%
Tencent Holdings Ltd., 2.88%, 4/22/2031 (n)
 
$
501,000
$478,629
India – 0.6%
Export-Import Bank of India, 2.25%, 1/13/2031 (n)
 
$
317,000
$288,965
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)
 
 
376,000
350,509
 
 
 
$639,474
Indonesia – 0.3%
PT Indofood Sukses Makmur Tbk, 4.805%, 4/27/2052
 
$
416,000
$352,530
Ireland – 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032
 
$
355,000
$331,748
Malaysia – 0.4%
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031
 
$
400,000
$373,758
Poland – 0.5%
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n)
 
$
264,000
$280,802
Republic of Poland, 5.5%, 3/18/2054
 
 
212,000
207,769
 
 
 
$488,571
United Kingdom – 0.7%
B.A.T. Capital Corp., 5.35%, 8/15/2032
 
$
500,000
$524,993
Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n)
 
 
200,000
205,474
 
 
 
$730,467
Uruguay – 0.1%
Oriental Republic of Uruguay, 5.75%, 10/28/2034
 
$
96,000
$103,147
Total Foreign Bonds
 
$4,683,752
Total Bonds
$102,727,492
 
6
Portfolio of Investments (unaudited) – continued
Underlying/Expiration Date/Exercise Price (Rate)
Put/Call
Counterparty
Notional
Amount
Value ($)
Purchased Options – 0.0%
OTC Swaptions – 0.0%
1 Year Interest Rate Swap with Fund to pay 3.085% annually and receive 1-day SOFR annually –
8/30/2027 @ 3.085%
Put
Merrill Lynch International
$1,000,000
$3,570
1 Year Interest Rate Swap with Fund to receive 3.085% annually and pay 1-day SOFR annually –
8/30/2027 @ 3.085%
Call
Merrill Lynch International
1,000,000
4,214
Total Purchased Options
$7,784
 
Issuer
 
 
Shares/Par
 
Mutual Funds (h) – 1.9%
Money Market Funds – 1.9%
MFS Institutional Money Market Portfolio, 3.7% (v)
 
 
1,935,024
$1,935,218
 
Other Assets, Less Liabilities – (1.0)%
(1,078,469
)
Net Assets – 100.0%
$103,592,025
 
(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 $1,935,218 and
$102,735,276, 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 $6,758,831,
representing 6.5% 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
Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036
4/23/2019
$1,179,678
$924,491
% of Net assets
 
 
0.9%
 
The following abbreviations are used in this report and are defined:
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
FLR
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate
reported may not be the current rate. All reference rates are USD unless otherwise noted.
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced
UMBS
Uniform Mortgage-Backed Security
 
Derivative Contracts at 2/28/26
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
56
$6,373,500
June - 2026
$56,296
U.S. Treasury Note 2 yr
Long
USD
99
20,718,070
June - 2026
24,397
U.S. Treasury Note 5 yr
Long
USD
147
16,190,672
June - 2026
91,356
 
 
$172,049
7
Portfolio of Investments (unaudited) – continued
 
Futures Contracts − continued
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Ultra Bond 30 yr
Short
USD
5
$607,969
June - 2026
$(8,691
)
U.S. Treasury Ultra Note 10 yr
Short
USD
35
4,085,703
June - 2026
(43,062
)
 
 
$(51,753
)
 
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 
11/26/27
USD
3,982,000
centrally cleared
1-day SOFR / Annually
3.2845% / Annually
$3,012
$—
$3,012
Liability Derivatives
Interest Rate Swaps 
11/03/27
USD
4,001,000
centrally cleared
1-day SOFR / Annually
3.389% / Annually
$(2,586
)
$—
$(2,586
)
11/05/27
USD
3,967,000
centrally cleared
1-day SOFR / Annually
3.387% / Annually
(2,683
)
—
(2,683
)
 
 
 
 
 
 
$(5,269
)
$—
$(5,269
)
At February 28, 2026, the fund had liquid securities collateral with an aggregate value of $556,464 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
2/28/26 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally
valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular
position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of
any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
9
Supplemental Information (unaudited) – continued
Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and swap agreements. The following is a summary of the levels used as of February 28, 2026 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
$—
$51,983,285
$—
$51,983,285
Non - U.S. Sovereign Debt
—
2,575,750
—
2,575,750
Municipal Bonds
—
1,824,563
—
1,824,563
U.S. Corporate Bonds
—
7,570,757
—
7,570,757
Residential Mortgage-Backed Securities
—
33,544,294
—
33,544,294
Commercial Mortgage-Backed Securities
—
1,949,757
—
1,949,757
Asset-Backed Securities (including CDOs)
—
1,171,085
—
1,171,085
Foreign Bonds
—
2,108,001
—
2,108,001
Purchased Options
—
7,784
—
7,784
Investment Companies
1,935,218
—
—
1,935,218
Total
$1,935,218
$102,735,276
$—
$104,670,494
Other Financial Instruments
Futures Contracts – Assets
$172,049
$—
$—
$172,049
Futures Contracts – Liabilities
(51,753
)
—
—
(51,753
)
Swap Agreements – Assets
—
3,012
—
3,012
Swap Agreements – Liabilities
—
(5,269
)
—
(5,269
)
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. The following were affiliated issuers for the period ended February 28, 2026:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$6,094,216
$4,068,456
$8,227,090
$499
$(863
)
$1,935,218
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$43,156
$—
10