NPORT-EX 3 NPORT_5250_50794948_0822.htm
Quarterly Report
August 31, 2022
MFS®  Government Markets Income Trust
MGF-Q3
Portfolio of Investments
8/31/22 (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 – 104.5%
U.S. Bonds – 98.1%
Aerospace & Defense – 0.6%
Boeing Co., 1.433%, 2/04/2024   $ 750,000 $718,994
Asset-Backed & Securitized – 5.4%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.144%, 11/15/2054 (i)   $ 1,178,160 $74,461
ACREC 2021-FL1 Ltd., “AS”, FLR, 3.877% (LIBOR - 1mo. + 1.5%), 10/16/2036 (n)     323,500 311,764
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 3.891% (LIBOR - 1mo. + 1.5%), 12/15/2035 (n)     175,500 165,738
Arbor Realty Trust, Inc., CLO, 2021-FL3, “AS”, FLR, 3.791% (LIBOR - 1mo. + 1.4%), 8/15/2034 (n)     374,500 356,126
AREIT 2022-CRE6 Trust, “AS”, FLR, 3.657% (SOFR - 30 day + 1.65%), 11/17/2024 (n)     512,000 491,520
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.424%, 7/15/2054 (i)     1,181,394 91,625
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.754%, 2/15/2054 (i)     990,137 95,952
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.38%, 2/15/2054 (i)     1,980,137 143,296
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.27%, 3/15/2054 (i)     1,171,247 76,380
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.998%, 6/15/2054 (i)     1,597,426 84,117
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.384%, 7/15/2054 (i)     1,458,588 111,642
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.398%, 8/15/2054 (i)     2,211,374 171,543
Benchmark 2021-B29 Mortgage Trust, “XA”, 1.155%, 9/15/2054 (i)     1,894,256 112,581
BSPDF 2021-FL1 Issuer Ltd., “A”, FLR, 3.591% (LIBOR - 1mo. + 1.2%), 10/15/2036 (n)     200,500 195,210
BSPDF 2021-FL1 Issuer Ltd., “AS”, FLR, 3.871% (LIBOR - 1mo. + 1.48%), 10/15/2036 (n)     253,500 244,922
BXMT 2021-FL4 Ltd., “AS”, FLR, 3.299% (LIBOR - 1mo. + 1.3%), 5/15/2038 (n)     345,000 337,767
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)     99,396 94,009
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.997%, 12/15/2072 (i)(n)     1,429,276 67,819
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.435%, 2/15/2054 (i)     1,524,232 122,516
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.889%, 4/15/2054 (i)     997,409 46,443
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.154%, 6/15/2064 (i)     995,466 63,299
Commercial Mortgage Trust, 2015-DC1, “A5”, 3.35%, 2/10/2048     177,000 171,902
LAD Auto Receivables Trust, 2022-1A, “A”, 5.21%, 6/15/2027 (n)     147,000 146,643
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 4.141% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n)     283,500 272,617
LoanCore 2021-CRE6 Ltd., “AS”, FLR, 4.041% (LIBOR - 1mo. + 1.65%), 11/15/2038 (n)     500,000 479,834
Madison Park Funding Ltd., 2014-13A, “BR2”, FLR, 4.238% (LIBOR - 3mo. + 1.5%), 4/19/2030 (n)     452,738 441,840
MF1 2021-FL5 Ltd., “AS”, FLR, 3.611% (LIBOR - 1mo. + 1.2%), 7/15/2036 (n)     173,500 169,086
MF1 2021-FL5 Ltd., “B”, FLR, 3.861% (LIBOR - 1mo. + 1.45%), 7/15/2036 (n)     279,500 273,967
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 1.001%, 12/15/2051 (i)     1,625,414 63,596
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.421%, 5/15/2054 (i)     737,706 55,523
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.347%, 6/15/2054 (i)     1,146,937 78,118
Morgan Stanley Capital I Trust, 2021-L7, “XA”, 1.217%, 10/15/2054 (i)     3,371,981 217,809
PFP III 2021-7 Ltd., “AS”, FLR, 3.541% (LIBOR - 1mo. + 1.15%), 4/14/2038 (n)     311,484 296,772
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 3.643% (LIBOR - 1mo. + 1.2%), 11/25/2036 (z)     219,498 213,866
ReadyCap Commercial Mortgage Trust, 2021-FL7, “AS”, FLR, 3.944% (LIBOR - 1mo. + 1.5%), 11/25/2036 (z)     100,000 96,994
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 1.119%, 1/15/2052 (i)(n)     904,928 41,114
        $6,478,411
Automotive – 0.3%
Hyundai Capital America, 2.85%, 11/01/2022 (n)   $ 233,000 $232,626
Hyundai Capital America, 2.375%, 2/10/2023 (n)     115,000 114,101
        $346,727
Broadcasting – 0.9%
Discovery, Inc., 4.65%, 5/15/2050   $ 229,000 $173,970
Magallanes, Inc., 4.279%, 3/15/2032 (n)     379,000 330,236
Walt Disney Co., 3.5%, 5/13/2040     612,000 521,457
        $1,025,663
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Cable TV – 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025   $ 242,000 $241,170
Time Warner Cable, Inc., 4.5%, 9/15/2042     100,000 75,585
        $316,755
Consumer Products – 0.2%
GSK Consumer Healthcare Capital US LLC, 3.625%, 3/24/2032 (n)   $ 250,000 $222,918
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029   $ 159,000 $143,729
Electronics – 0.5%
Broadcom, Inc., 3.187%, 11/15/2036 (n)   $ 750,000 $557,390
Energy - Integrated – 0.5%
Exxon Mobil Corp., 3.452%, 4/15/2051   $ 714,000 $589,205
Food & Beverages – 2.0%
Constellation Brands, Inc., 4.65%, 11/15/2028   $ 1,500,000 $1,487,896
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 (n)     488,000 424,123
Keurig Dr Pepper, Inc., 3.8%, 5/01/2050     650,000 505,431
Tyson Foods, Inc., 5.15%, 8/15/2044     38,000 37,111
        $2,454,561
Industrial – 0.1%
Howard University, Washington D.C., 2.738%, 10/01/2022   $ 28,000 $27,953
Howard University, Washington D.C., 2.801%, 10/01/2023     31,000 30,463
Howard University, Washington D.C., AGM, 2.416%, 10/01/2024     33,000 31,508
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025     42,000 39,502
        $129,426
Insurance – 0.4%
Corebridge Financial, Inc., 3.85%, 4/05/2029 (n)   $ 500,000 $460,200
Insurance - Health – 0.7%
Humana, Inc., 3.7%, 3/23/2029   $ 167,000 $157,693
UnitedHealth Group, Inc., 4.625%, 7/15/2035     672,000 669,604
        $827,297
Insurance - Property & Casualty – 0.1%
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)   $ 99,000 $76,213
Machinery & Tools – 0.5%
CNH Industrial Capital LLC, 4.2%, 1/15/2024   $ 625,000 $621,933
Major Banks – 2.0%
Bank of America Corp., 3.004%, 12/20/2023   $ 183,000 $182,324
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032     750,000 621,748
JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032     750,000 619,583
JPMorgan Chase & Co., 3.109% to 4/22/2050, FLR (SOFR + 2.44%) to 4/22/2051     485,000 350,046
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031     588,000 538,781
State Street Corp., 3.152% to 3/30/2030, FLR (SOFR + 2.65%) to 3/30/2031     138,000 125,255
        $2,437,737
Medical & Health Technology & Services – 1.0%
Becton, Dickinson and Co., 4.685%, 12/15/2044   $ 123,000 $116,594
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045     106,000 96,141
Montefiore Obligated Group, 5.246%, 11/01/2048     614,000 616,483
ProMedica Toledo Hospital, “B”, AGM, 5.325%, 11/15/2028     250,000 241,146
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Medical & Health Technology & Services – continued
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038   $ 175,000 $171,451
        $1,241,815
Midstream – 0.1%
Targa Resources Corp., 4.95%, 4/15/2052   $ 109,000 $93,988
Mortgage-Backed – 38.6%
Fannie Mae, 2.152%, 1/25/2023   $ 63,545 $63,260
Fannie Mae, 2.41%, 5/01/2023     112,555 112,057
Fannie Mae, 4%, 3/25/2028 - 7/01/2047     2,264,462 2,263,225
Fannie Mae, 3%, 11/01/2028 - 5/25/2053     1,749,245 1,692,443
Fannie Mae, 6.5%, 5/01/2031 - 1/01/2037     195,866 207,439
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046     253,757 237,010
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)     81,604 8,116
Fannie Mae, 3%, 2/25/2033 (i)     121,835 11,619
Fannie Mae, 5.5%, 10/01/2033 - 3/01/2038     1,064,077 1,123,149
Fannie Mae, 6%, 8/01/2034 - 7/01/2037     315,578 333,655
Fannie Mae, 5%, 6/01/2035 - 3/01/2042     256,279 267,092
Fannie Mae, 3.5%, 4/01/2038 - 7/01/2046     1,052,827 1,026,418
Fannie Mae, 2%, 10/25/2040 - 4/25/2046     120,976 114,698
Fannie Mae, 4.5%, 2/01/2041 - 11/01/2042     392,202 400,264
Fannie Mae, 1.75%, 9/25/2041 - 10/25/2041     343,070 324,447
Fannie Mae, 2.75%, 9/25/2042     102,781 99,312
Fannie Mae, UMBS, 2%, 5/01/2037 - 3/01/2052     6,425,016 5,607,532
Fannie Mae, UMBS, 2.5%, 3/01/2042 - 4/01/2052     2,826,870 2,541,405
Fannie Mae, UMBS, 3%, 6/01/2051 - 6/01/2052     1,085,605 1,009,762
Fannie Mae, UMBS, 3.5%, 5/01/2052     74,351 70,949
Freddie Mac, 3.06%, 7/25/2023     294,000 291,875
Freddie Mac, 3.458%, 8/25/2023     364,782 363,022
Freddie Mac, 1.048%, 4/25/2024 (i)     2,981,508 35,944
Freddie Mac, 0.714%, 7/25/2024 (i)     4,221,906 30,735
Freddie Mac, 3.064%, 8/25/2024     479,843 472,586
Freddie Mac, 4.5%, 9/01/2024 - 5/01/2042     290,271 296,296
Freddie Mac, 2.67%, 12/25/2024     827,000 806,383
Freddie Mac, 2.811%, 1/25/2025     535,994 523,570
Freddie Mac, 3.5%, 1/15/2027 - 10/25/2058     2,624,082 2,557,976
Freddie Mac, 1.481%, 3/25/2027 (i)     391,000 21,084
Freddie Mac, 0.711%, 7/25/2027 (i)     8,437,610 199,298
Freddie Mac, 0.558%, 8/25/2027 (i)     6,564,568 119,541
Freddie Mac, 0.428%, 1/25/2028 (i)     12,108,370 177,659
Freddie Mac, 0.436%, 1/25/2028 (i)     4,988,623 75,589
Freddie Mac, 0.271%, 2/25/2028 (i)     14,039,940 108,115
Freddie Mac, 2.5%, 3/15/2028     28,393 28,186
Freddie Mac, 0.264%, 4/25/2028 (i)     9,020,590 64,549
Freddie Mac, 3%, 6/15/2028 - 2/25/2059     1,929,996 1,838,048
Freddie Mac, 1.218%, 7/25/2029 (i)     1,258,809 77,216
Freddie Mac, 1.269%, 8/25/2029 (i)     2,550,382 163,268
Freddie Mac, 1.916%, 4/25/2030 (i)     600,527 67,594
Freddie Mac, 1.985%, 4/25/2030 (i)     1,277,474 150,285
Freddie Mac, 1.766%, 5/25/2030 (i)     612,877 64,866
Freddie Mac, 1.906%, 5/25/2030 (i)     1,389,954 158,460
Freddie Mac, 1.436%, 6/25/2030 (i)     559,633 47,701
Freddie Mac, 1.704%, 8/25/2030 (i)     633,757 65,961
Freddie Mac, 1.263%, 9/25/2030 (i)     314,905 24,381
Freddie Mac, 1.172%, 11/25/2030 (i)     789,331 57,818
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 0.422%, 1/25/2031 (i)   $ 2,861,758 $61,496
Freddie Mac, 0.873%, 1/25/2031 (i)     873,865 47,837
Freddie Mac, 1.027%, 1/25/2031 (i)     663,744 42,787
Freddie Mac, 0.613%, 3/25/2031 (i)     2,273,007 79,018
Freddie Mac, 0.829%, 3/25/2031 (i)     973,113 50,787
Freddie Mac, 1.333%, 5/25/2031 (i)     399,402 34,384
Freddie Mac, 1.039%, 7/25/2031 (i)     489,989 33,531
Freddie Mac, 0.955%, 9/25/2031 (i)     808,717 50,873
Freddie Mac, 0.441%, 11/25/2031 (i)     3,899,181 106,037
Freddie Mac, 0.597%, 12/25/2031 (i)     3,898,081 146,415
Freddie Mac, 0.664%, 12/25/2031 (i)     644,718 27,162
Freddie Mac, 3.71%, 11/25/2032     418,781 413,295
Freddie Mac, 6%, 5/01/2035 - 10/01/2038     162,358 174,500
Freddie Mac, 5.5%, 8/01/2035 - 6/01/2036     189,092 200,571
Freddie Mac, 5%, 2/15/2036 - 12/01/2044     725,047 757,111
Freddie Mac, 5.5%, 2/15/2036 (i)     29,472 4,987
Freddie Mac, 2%, 8/15/2036     114,551 113,254
Freddie Mac, 6.5%, 5/01/2037     33,017 34,875
Freddie Mac, 4%, 8/01/2037 - 4/01/2044     187,140 187,187
Freddie Mac, 4.5%, 12/15/2040 (i)     8,128 752
Freddie Mac, 0.632%, 9/25/2049 (i)     2,619,786 96,552
Freddie Mac, 3.25%, 11/25/2061     396,235 377,042
Freddie Mac, UMBS, 2%, 2/01/2042 - 5/01/2052     1,120,802 971,063
Freddie Mac, UMBS, 3.5%, 8/01/2051 - 5/01/2052     158,969 152,029
Freddie Mac, UMBS, 2.5%, 10/01/2051 - 9/01/2052     1,791,613 1,603,219
Freddie Mac, UMBS, 3%, 1/01/2052 - 4/01/2052     343,868 319,036
Freddie Mac, UMBS, 4%, 5/01/2052     197,426 194,675
Ginnie Mae, 5.5%, 7/15/2033 - 1/20/2042     367,068 394,102
Ginnie Mae, 5.687%, 8/20/2034     85,421 89,175
Ginnie Mae, 4%, 5/16/2039 - 7/20/2041     173,882 174,312
Ginnie Mae, 4.5%, 9/20/2041     107,035 108,965
Ginnie Mae, 3.5%, 10/20/2041 (i)     42,058 2,479
Ginnie Mae, 3.5%, 4/15/2042 - 7/20/2043     721,408 707,927
Ginnie Mae, 2.5%, 6/20/2042 - 11/20/2051     1,317,133 1,204,099
Ginnie Mae, 4%, 8/16/2042 (i)     44,770 6,729
Ginnie Mae, 2.25%, 9/20/2043     29,415 28,815
Ginnie Mae, 3%, 4/20/2045 - 2/20/2052     995,819 943,043
Ginnie Mae, 2%, 1/20/2052     436,291 386,520
Ginnie Mae, 0.586%, 2/16/2059 (i)     180,448 6,732
Ginnie Mae, TBA, 2.5%, 9/21/2052     461,596 420,575
Ginnie Mae, TBA, 3%, 9/21/2052     1,075,000 1,008,946
Ginnie Mae, TBA, 3.5%, 9/21/2052     775,000 747,239
Ginnie Mae, TBA, 4%, 9/21/2052 - 10/20/2052     1,094,799 1,077,903
Ginnie Mae, TBA, 4.5%, 9/21/2052 - 10/20/2052     775,000 774,687
Ginnie Mae, TBA, 5%, 9/21/2052 - 10/20/2052     375,000 379,423
UMBS, TBA, 2%, 9/19/2037 - 9/25/2052     2,350,000 2,073,916
UMBS, TBA, 2.5%, 9/19/2037 - 9/25/2052     2,425,000 2,186,320
UMBS, TBA, 5.5%, 9/14/2052 - 10/25/2052     300,000 306,393
UMBS, TBA, 4%, 9/25/2052     275,000 268,404
UMBS, TBA, 4.5%, 9/25/2052     350,000 347,867
        $46,326,904
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
Municipals – 3.0%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025   $ 630,000 $617,319
California Earthquake Authority Rev., Taxable, “B”, 1.477%, 7/01/2023     110,000 107,571
Chicago, IL, General Obligation, Taxable, “C”, AGM, 6.207%, 1/01/2036     1,010,000 1,114,765
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 3%, 6/01/2046     175,000 153,743
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043     5,000 4,215
Illinois Sales Tax Securitization Corp., Second Lien, Taxable, “B”, BAM, 3.411%, 1/01/2043     240,000 198,128
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., Taxable, “A”, 2.641%, 7/01/2037     535,000 450,483
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030     12,445 11,427
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040     32,000 41,768
Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036 (n)     1,215,000 855,156
        $3,554,575
Pharmaceuticals – 0.1%
Gilead Sciences, Inc., 4.5%, 2/01/2045   $ 82,000 $74,617
Telecommunications - Wireless – 0.7%
Crown Castle International Corp., REIT, 3.25%, 1/15/2051   $ 464,000 $329,440
T-Mobile USA, Inc., 4.375%, 4/15/2040     650,000 573,338
        $902,778
Transportation - Services – 0.0%
ERAC USA Finance LLC, 3.85%, 11/15/2024 (n)   $ 34,000 $33,428
U.S. Government Agencies and Equivalents – 0.3%
Small Business Administration, 5.52%, 6/01/2024   $ 11,552 $11,478
Small Business Administration, 2.21%, 2/01/2033     79,307 73,662
Small Business Administration, 2.22%, 3/01/2033     129,061 120,177
Small Business Administration, 3.15%, 7/01/2033     104,649 101,532
Small Business Administration, 3.62%, 9/01/2033     114,198 112,873
        $419,722
U.S. Treasury Obligations – 38.5%
U.S. Treasury Bonds, 2.25%, 2/15/2027   $ 1,921,000 $1,829,227
U.S. Treasury Bonds, 5.25%, 2/15/2029     48,000 53,304
U.S. Treasury Bonds, 0.625%, 5/15/2030     800,000 659,438
U.S. Treasury Bonds, 4.75%, 2/15/2037     336,000 397,753
U.S. Treasury Bonds, 4.375%, 2/15/2038     1,109,000 1,265,733
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)     4,503,100 5,200,729
U.S. Treasury Bonds, 3.125%, 2/15/2043     453,700 421,693
U.S. Treasury Bonds, 2.875%, 5/15/2043     1,697,100 1,512,540
U.S. Treasury Bonds, 2.5%, 2/15/2045     4,017,000 3,320,615
U.S. Treasury Bonds, 2.875%, 11/15/2046     3,470,000 3,075,559
U.S. Treasury Bonds, 3%, 2/15/2048     804,400 736,749
U.S. Treasury Bonds, 2.375%, 5/15/2051     638,000 525,253
U.S. Treasury Bonds, 1.875%, 11/15/2051     1,090,500 794,106
U.S. Treasury Notes, 1.5%, 9/15/2022     2,331,000 2,330,405
U.S. Treasury Notes, 0.125%, 12/31/2022     1,530,000 1,515,364
U.S. Treasury Notes, 0.125%, 2/28/2023     1,171,500 1,153,516
U.S. Treasury Notes, 0.125%, 4/30/2023     3,940,200 3,857,548
U.S. Treasury Notes, 0.125%, 5/31/2023     2,400,000 2,342,906
U.S. Treasury Notes, 2.75%, 2/15/2024     577,000 571,027
U.S. Treasury Notes, 2.5%, 5/15/2024     2,955,000 2,907,789
U.S. Treasury Notes, 2.875%, 7/31/2025     4,700,000 4,620,504
U.S. Treasury Notes, 2%, 8/15/2025     98,000 93,900
U.S. Treasury Notes, 0.75%, 5/31/2026     567,700 513,879
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Bonds – continued
U.S. Treasury Obligations – continued
U.S. Treasury Notes, 0.875%, 6/30/2026   $ 678,600 $616,148
U.S. Treasury Notes, 2%, 11/15/2026     6,071,000 5,731,878
U.S. Treasury Notes, 3.25%, 5/15/2042     165,000 157,833
        $46,205,396
Utilities - Electric Power – 1.2%
FirstEnergy Corp., 4.4%, 7/15/2027   $ 694,000 $657,565
Pacific Gas & Electric Co., 5.45%, 6/15/2027     357,000 350,948
Vistra Operations Co. LLC, 4.875%, 5/13/2024 (n)     500,000 493,493
        $1,502,006
Total U.S. Bonds       $117,762,388
Foreign Bonds – 6.4%
Australia – 0.0%
APT Pipelines Ltd., 4.25%, 7/15/2027 (n)   $ 16,000 $15,450
Bermuda – 0.3%
Government of Bermuda, 5%, 7/15/2032 (n)   $ 400,000 $402,664
Chile – 0.2%
Banco del Estado de Chile, 2.704%, 1/09/2025 (n)   $ 241,000 $228,789
China – 0.4%
Tencent Holdings Ltd., 2.88%, 4/22/2031 (n)   $ 501,000 $426,812
Hungary – 0.2%
Republic of Hungary, 5.25%, 6/16/2029 (n)   $ 200,000 $192,460
India – 0.8%
Export-Import Bank of India, 2.25%, 1/13/2031 (n)   $ 317,000 $258,318
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)     376,000 310,240
Power Finance Corp. Ltd. (Republic of India), 5.25%, 8/10/2028     370,000 365,795
        $934,353
Indonesia – 0.6%
PT Freeport Indonesia, 5.315%, 4/14/2032 (n)   $ 451,000 $417,066
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052     416,000 307,304
        $724,370
Ireland – 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032   $ 355,000 $286,496
Israel – 0.4%
Bank Hapoalim B.M., 3.255% to 1/21/2027, FLR (CMT - 5yr. + 2.155%) to 1/21/2032 (n)   $ 200,000 $173,959
Bank Leumi le-Israel B.M., 3.275%, 1/29/2031 (n)     354,000 313,732
        $487,691
Kuwait – 0.2%
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026   $ 253,000 $248,330
Malaysia – 0.3%
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031   $ 400,000 $326,309
Mexico – 0.4%
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n)   $ 232,000 $183,280
United Mexican States, 4.75%, 4/27/2032     324,000 314,272
        $497,552
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Foreign Bonds – continued
Morocco – 0.2%
Kingdom of Morocco, 3%, 12/15/2032 (n)   $ 377,000 $281,808
Romania – 0.2%
Republic of Romania, 2%, 4/14/2033   EUR 367,000 $242,497
Saudi Arabia – 0.5%
Kingdom of Saudi Arabia, 2.25%, 2/02/2033 (n)   $ 309,000 $265,074
Saudi Arabian Oil Co., 1.625%, 11/24/2025 (n)     305,000 282,644
        $547,718
South Korea – 0.2%
Shinhan Bank Co., Ltd., 4.375%, 4/13/2032 (n)   $ 300,000 $288,590
Thailand – 0.3%
Thaioil Treasury Center Co. Ltd., 3.75%, 6/18/2050 (n)   $ 470,000 $314,717
United Arab Emirates – 0.3%
United Arab Emirates, 4.951%, 7/07/2052 (n)   $ 400,000 $421,580
United Kingdom – 0.7%
B.A.T. Capital Corp., 4.7%, 4/02/2027   $ 600,000 $583,824
Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n)     200,000 203,022
        $786,846
Total Foreign Bonds     $7,655,032
Total Bonds   $125,417,420
Investment Companies (h) – 3.3%
Money Market Funds – 3.3%  
MFS Institutional Money Market Portfolio, 2.21% (v)     3,936,879 $3,936,879
 
Other Assets, Less Liabilities – (7.8)%   (9,374,960)
Net Assets – 100.0%   $119,979,339
(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 $3,936,879 and $125,417,420, 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 $13,166,837, representing 11.0% 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, 3.643% (LIBOR - 1mo. + 1.2%), 11/25/2036 11/12/2021 $219,498 $213,866
ReadyCap Commercial Mortgage Trust, 2021-FL7, “AS”, FLR, 3.944% (LIBOR - 1mo. + 1.5%), 11/25/2036 11/12/2021 100,000 96,994
Total Restricted Securities     $310,860
% of Net assets     0.3%
The following abbreviations are used in this report and are defined:
AAC Ambac Assurance Corp.
AGM Assured Guaranty Municipal
7
Portfolio of Investments (unaudited) – continued
BAM Build America Mutual
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
LIBOR London Interbank Offered Rate
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
TBA To Be Announced
UMBS Uniform Mortgage-Backed Security
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 8/31/22
Forward Foreign Currency Exchange Contracts
Currency
Purchased 		Currency
Sold 		Counterparty Settlement Date Unrealized
Appreciation
(Depreciation)
Asset Derivatives
USD 373,589 EUR 367,738 HSBC Bank 10/21/2022 $2,816
Liability Derivatives
EUR 61,990 USD 63,168 State Street Bank Corp. 9/21/2022 $(793)
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 Short USD 69 $14,374,641 December - 2022 $18,835
U.S. Treasury Note 5 yr Short USD 36 3,989,531 December - 2022 14,593
U.S. Treasury Ultra Bond Long USD 11 1,644,500 December - 2022 18,785
            $52,213
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Bond Short USD 45 $6,112,969 December - 2022 $(12,822)
U.S. Treasury Note 10 yr Long USD 92 10,755,375 December - 2022 (34,074)
U.S. Treasury Ultra Note 10 yr Long USD 14 1,752,625 December - 2022 (2,081)
            $(48,977)
At August 31, 2022, the fund had liquid securities with an aggregate value of $173,238 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
8/31/22 (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).
9
Supplemental Information (unaudited) – continued
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 August 31, 2022 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 $— $46,625,118 $— $46,625,118
Non - U.S. Sovereign Debt — 4,741,126 — 4,741,126
Municipal Bonds — 3,554,575 — 3,554,575
U.S. Corporate Bonds — 14,777,380 — 14,777,380
Residential Mortgage-Backed Securities — 46,326,904 — 46,326,904
Commercial Mortgage-Backed Securities — 4,080,010 — 4,080,010
Asset-Backed Securities (including CDOs) — 2,398,401 — 2,398,401
Foreign Bonds — 2,913,906 — 2,913,906
Mutual Funds 3,936,879 — — 3,936,879
Total $3,936,879 $125,417,420 $— $129,354,299
Other Financial Instruments        
Futures Contracts – Assets $52,213 $— $— $52,213
Futures Contracts – Liabilities (48,977) — — (48,977)
Forward Foreign Currency Exchange Contracts – Assets — 2,816 — 2,816
Forward Foreign Currency Exchange Contracts – Liabilities — (793) — (793)
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 $12,202,488 $32,735,706 $41,001,212 $(218) $115 $3,936,879
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $15,406 $—
(3) Russia and Ukraine Conflict
The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund’s assets and thus the fund’s performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.
10