MFS Government Markets Income Trust (MGF) details 7.25% payout policy and 2025 returns

Q: What is the investment objective of MFS Government Markets Income Trust (MGF)?

The fund’s objective is to seek high current income , while also considering capital appreciation. It normally invests at least 80% of net assets in U.S. and foreign government securities, including mortgage-backed and other securitized instruments.

Q: What are the key portfolio characteristics of MGF?

As of November 30, 2025, the portfolio had an average duration of 6.0 years and an average effective maturity of 7.3 years . The fund was heavily invested in U.S. Treasury and agency mortgage-backed securities , with additional exposure to investment grade corporates, municipals, emerging markets bonds, and securitized assets.

Q: What are the main risks highlighted for MGF investors?

Key risks include interest rate risk , credit risk , debt market and liquidity risk , foreign and emerging markets risk , prepayment/extension risk , derivatives and leverage risk , and specific managed distribution plan risk , since distributions can include return of capital and may cause NAV to decline faster than it otherwise would.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

N-CSR

Rhea-AI Filing Summary

MFS Government Markets Income Trust (MGF) is a closed-end fund seeking high current income, primarily by investing in U.S. and foreign government-related bonds. The Board maintains a managed distribution policy targeting an annual rate of 7.25% of average monthly net asset value (NAV), paid monthly, which can include return of capital.

For the year ended November 30, 2025, the fund returned 5.40% at NAV and 7.37% at market price, compared with 5.56% for the Bloomberg U.S. Government/Mortgage Index and 5.65% for its blended benchmark. Net assets were about $103.9 million, with a NAV of $3.19 per share and a market price of $3.13.

The portfolio is heavily focused on interest-rate-sensitive securities, with U.S. Treasury and agency mortgage-backed securities dominating fixed income exposure and an average duration of 6.0 years. Over the period, distributions under the managed policy included roughly $3.57 million of ordinary income and $3.98 million classified as tax return of capital, which reduces the asset base over time.

01/23/2026 - 10:33 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05078

MFS GOVERNMENT MARKETS INCOME TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111Huntington Avenue Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: November 30

Date of reporting period: November 30, 2025

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):

Annual Report

November 30, 2025

MFS® Government Markets

Income Trust

MGF-ANN

MANAGED DISTRIBUTION POLICY DISCLOSURE

The MFS Government Markets Income Trust’s (the fund) Board of Trustees adopted a managed distribution policy. The fund seeks to pay monthly distributions based on an annual rate of 7.25% of the fund’s average monthly net asset value. The primary purpose of the managed distribution policy is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. You should not draw any conclusions about the fund’s investment performance from the amount of the current distribution or from the terms of the fund’s managed distribution policy. The Board may amend or terminate the managed distribution policy at any time without prior notice to fund shareholders. The amendment or termination of the managed distribution policy could have an adverse effect on the market price of the fund’s shares.

With each distribution, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Please refer to “Tax Matters and Distributions” under Note 2 of the Notes to Financial Statements for information regarding the tax character of the fund’s distributions.

Under a managed distribution policy the fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. Any such returns of capital will decrease the fund’s total assets and, therefore, could have the effect of increasing the fund’s expense ratio. In addition, in order to make the level of distributions called for under its managed distribution policy, the fund may have to sell portfolio securities at a less than opportune time. A return of capital does not necessarily reflect the fund’s investment performance and should not be confused with ‘yield’ or ‘income’. The fund’s total return in relation to changes in net asset value is presented in the Financial Highlights.

MFS® Government Markets Income Trust

New York Stock Exchange Symbol: MGF

Portfolio composition	1
Management review	3
Performance summary	5
Investment objective, principal investment strategies and principal risks	7
Portfolio managers’ profiles	19
Dividend reinvestment and cash purchase plan	20
Portfolio of investments	21
Statement of assets and liabilities	32
Statement of operations	33
Statements of changes in net assets	34
Financial highlights	35
Notes to financial statements	37
Report of independent registered public accounting firm	50
Results of shareholder meeting	52
Trustees and officers	53
Board review of investment advisory agreement	58
Proxy voting policies and information	62
Quarterly portfolio disclosure	62
Further information	62
Information about fund contracts and legal claims	62
Federal tax information	62
MFS® privacy notice	63

Contact information

back cover

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Portfolio Composition

Portfolio structure at value (v)

Portfolio structure reflecting equivalent exposure of derivative positions (i)

Fixed income sectors (i)

U.S. Treasury Securities	88.3%
Mortgage-Backed Securities	30.0%
Investment Grade Corporates	8.4%
Emerging Markets Bonds	3.5%
Commercial Mortgage-Backed Securities	2.3%
Municipal Bonds	2.0%
Collateralized Loan Obligations	1.0%
Non-U.S. Government Bonds	0.4%
Asset-Backed Securities	0.3%
Residential Mortgage-Backed Securities	0.3%
U.S. Government Agencies	0.2%

Composition including fixed income credit quality (a)(i)

AAA	3.3%
AA	0.8%
A	6.9%
BBB	6.1%
BB	0.2%
CC	0.9%
U.S. Government	47.6%
Federal Agencies	30.2%
Not Rated	40.7%
Cash & Cash Equivalents	4.0%
Other (q)	(40.7)%

Portfolio facts

Average Duration (d)	6.0
Average Effective Maturity (m)	7.3 yrs.

Portfolio Composition - continued

(a)

For all securities other than those specifically described below, ratings are assigned to

underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating

agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or

higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed

securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. Not Rated includes fixed income securities and fixed income derivatives that have not been

rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(d)

Duration is a measure of how much a bond’s price is likely to fluctuate with general changes

in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about

5.00% of its value due to the interest rate move. The Average Duration calculation reflects the

impact of the equivalent exposure of derivative positions, if any.

(i)

For purposes of this presentation, the components include the value of securities, and reflect

the impact of the equivalent exposure of derivative positions, if any. These amounts may be

negative from time to time. Equivalent exposure is a calculated amount that translates the

derivative position into a reasonable approximation of the amount of the underlying asset that

the portfolio would have to hold at a given point in time to have the same price sensitivity

that results from the portfolio’s ownership of the derivative contract. When dealing with

derivatives, equivalent exposure is a more representative measure of the potential impact of a

position on portfolio performance than value. The bond component will include any accrued

interest amounts.

(m)

In determining each instrument’s effective maturity for purposes of calculating the fund’s

dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid.

Such an earlier date can be substantially shorter than the instrument’s stated maturity.

(q)

For purposes of this presentation, Other includes equivalent exposure from currency

derivatives and/or any offsets to derivative positions and may be negative.

(v)

For purposes of this presentation, market value of fixed income and/or equity derivatives, if

any, is included in Cash & Cash Equivalents.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.

Percentages are based on net assets as of November 30, 2025.

The portfolio is actively managed and current holdings may be different.

Management Review

Summary of Results

For the twelve months ended November 30, 2025, the MFS Government Markets Income Trust (fund) provided a total return of 5.40%, at net asset value, and a total return of 7.37%, at market value. This compares with a return of 5.56% for the fund’s benchmark, the Bloomberg U.S. Government/Mortgage Index. Over the same period, the fund’s other benchmark, the MFS Government Markets Income Trust Blended Index (Blended Index), generated a return of 5.65%. The Blended Index reflects the blended returns of various fixed income market indices, with percentage allocations to each index designed to resemble the fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

The performance commentary below is based on the net asset value performance of the fund, which reflects the performance of the underlying pool of assets held by the fund. The total return at market value represents the return earned by owners of the shares of the fund, which are traded publicly on the exchange.

Market Environment

Over the past year, investors embraced a pro-growth US policy mix, easier global monetary policy and generally moderating inflation. At the same time, the buildout of infrastructure related to artificial intelligence has accelerated rapidly, boosting markets in the US and in Asian countries that contribute to the AI supply chain. While uncertainty surrounding US trade policy has added to volatility, progress toward trade deals with many of the US’s largest trading partners has helped soothe investors’ nerves. However, trade tensions with China remained high and are a source of ongoing volatility.

With rare exceptions, such as Japan, which has been slowly normalizing extremely low interest rates, central banks around the world have been lowering interest rates over the past year. The US Federal Reserve lowered interest rates in September and October. The European Central Bank halted its cutting cycle after reaching its 2% inflation target. While rates at the short end of most yield curves have fallen, curves have generally steepened as inflation stays above target in nearly all economies and investors take heed of elevated debt and fiscal deficit levels in the US, parts of Europe and Japan.

The geopolitical backdrop has improved modestly, with European nations and Japan committing larger percentages of their gross domestic product to defense and Israel and Hamas agreeing to a ceasefire, although there has been little progress toward an end to the war in Ukraine. Despite that ongoing conflict, oil markets remained well supplied, and at the end of the period, prices fell to their lowest levels since before the war began.

In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

Management Review - continued

Factors Affecting Performance

Relative to the Blended Index, the fund’s exposure to the municipal sector, for which the benchmark has no exposure, detracted from relative performance.

Conversely, yield curve positioning(y), particularly the fund’s lesser exposure to shifts in the long end (centered around 30-year maturities) of the yield curve, contributed to relative performance. The fund’s longer duration(d) stance also benefited relative returns as interest rates generally declined over the reporting period. An out-of-benchmark exposure to the collateralized loan obligations (CLOs) sector further lifted relative performance.

The fund has a managed distribution policy, the primary purpose of which is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. This policy had no material impact on the fund's investment strategies during its most recent fiscal year. The level of distributions paid by the fund pursuant to its managed distribution policy may cause the fund's net asset value (NAV) per share to decline more so than if the policy were not in place, including if distributions are in excess of fund returns. However, the adviser believes the policy may benefit the fund’s market price and premium/discount to the fund’s NAV. For the twelve months ended November 30, 2025, the tax character of dividends paid pursuant to the managed distribution policy includes an ordinary income distribution of $3,568,959 and a tax return of capital distribution of $3,980,561. See “Managed Distribution Policy Disclosure” in the inside cover page of this Annual Report for additional details regarding the policy and related implications for the fund and shareholders.

Respectfully,

Portfolio Manager(s)

Neeraj Arora, Alexander Mackey, and Jake Stone

Note to Shareholders: Effective September 30, 2025, Geoffrey Schechter is no longer a Portfolio Manager of the fund.

(d)

Duration is a measure of how much a bond’s price is likely to fluctuate with general changes

in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about

5.00% of its value.

(y)

A yield curve graphically depicts the yields of different maturity bonds of the same credit

quality and type; a normal yield curve is upward sloping, with short-term rates lower than

long-term rates.

The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.

Performance Summary THROUGH 11/30/25

The following chart illustrates the fund’s historical performance in comparison to its benchmark(s). Performance results reflect the percentage change in net asset value and market value, including reinvestment of fund distributions. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect commissions or expenses. (See Notes to Performance Summary.)

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the sale of fund shares.

Growth of a Hypothetical $10,000 Investment

Average Annual Total Returns through 11/30/25

	Inception Date	1-yr	5-yr	10-yr
Market Value (r)	5/28/1987	7.37%	(0.29)%	2.43%
Net Asset Value (r)	5/28/1987	5.40%	(0.38)%	1.86%

Comparative benchmark(s)


Bloomberg U.S. Government/Mortgage Index (f)	5.56%	(0.51)%	1.46%
MFS Government Markets Income Trust Blended Index (f)(w)	5.65%	(0.39)%	1.79%
Bloomberg U.S. Credit Index (f)	6.00%	0.08%	3.09%

(f)	Source: FactSet Research Systems Inc.
(r)	Includes reinvestment of all distributions. Market value references New York Stock Exchange Price.

Performance Summary - continued

(w)	The MFS Government Markets Income Trust Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period:

	11/30/25
Bloomberg U.S. Government/Mortgage Bond Index	80%
Bloomberg U.S. Credit Index	20%

Benchmark Definition(s)

Bloomberg U.S. Credit Index(a) – a market capitalization-weighted index that measures the performance of publicly issued, SEC-registered, U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

Bloomberg U.S. Government/Mortgage Index(a) – measures the performance of debt issued by the U.S. Government, and its agencies, as well as mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

It is not possible to invest directly in an index.

(a)

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of

Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's

licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or

endorses this material, or guarantees the accuracy or completeness of any information herein,

or makes any warranty, express or implied, as to the results to be obtained therefrom and, to

the maximum extent allowed by law, neither shall have any liability or responsibility for injury

or damages arising in connection therewith.

Notes to Performance Summary

The fund’s shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value of the underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund’s concurrent liquidation.

The fund's target annual distribution rate is calculated based on an annual rate of 7.25% of the fund's average monthly net asset value, not a fixed share price, and the fund's distribution amount will fluctuate with changes in the fund's average monthly net assets.

Performance results based on net asset value per share do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.

Investment Objective, Principal Investment Strategies and

Principal Risks

Investment Objective

The fund’s investment objective is to seek high current income, but may also consider capital appreciation. The fund’s objective may be changed without shareholder approval.

Principal Investment Strategies

MFS normally invests at least 80% of the fund’s net assets, including borrowings for investment purposes, in U.S. and foreign government securities. U.S. Government securities are securities issued or guaranteed by the U.S. Treasury, by an agency or instrumentality of the U.S. Government, or by a U.S. Government-sponsored entity, including mortgage-backed securities and other types of securitized instruments issued or guaranteed by such entities.

Foreign government securities are debt instruments issued, guaranteed, or supported, as to the payment of principal and interest, by foreign governments, foreign government agencies, foreign semi-governmental entities or supranational entities, or debt instruments issued by entities organized and operated for the purpose of restructuring outstanding foreign government securities.

MFS may invest the fund’s assets in other types of debt instruments.

MFS generally invests substantially all of the fund’s assets in investment grade quality debt instruments.

MFS may purchase or sell securities for the fund on a when-issued, delayed delivery, or forward commitment basis where payment and delivery take place at a future settlement date, including mortgage-backed securities purchased or sold in the to be announced (TBA) market. When MFS sells securities for the fund on a when-issued, delayed delivery, or forward commitment basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the deliverable securities.

MFS invests the fund’s assets in U.S. and foreign securities, including emerging market securities.

MFS normally invests the fund's assets across different countries and regions, but MFS may invest a significant percentage of the fund's assets in issuers in a single country or region.

MFS may invest a significant percentage of the fund’s assets in a single issuer or a small number of issuers.

The fund seeks to make a monthly distribution at an annual fixed rate of 7.25% of the fund’s average monthly net asset value.

While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments.

Investment Objective, Principal Investment Strategies and Principal Risks - continued

MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual instruments and their issuers in light of the issuers’ financial condition and market, economic, political, and regulatory conditions. Factors considered may include the instrument’s credit quality and terms, any underlying assets and their credit quality, and the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations. MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer or instrument. Quantitative screening tools that systematically evaluate the structure of a debt instrument and its features may also be considered. In structuring the fund, MFS also considers top-down factors, including sector allocations, yield curve positioning, duration, macroeconomic factors, and risk management factors.

If approved by the fund’s Board of Trustees, the fund may use leverage through the issuance of preferred shares, borrowing from banks, and/or other methods of creating leverage, and investing the proceeds pursuant to its investment strategies.

Principal Investment Types

The principal investment types in which the fund may invest are:

Debt Instruments: Debt instruments represent obligations of corporations, governments, and other entities to repay money borrowed, or other instruments believed to have debt-like characteristics. The issuer or borrower usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the instrument. Debt instruments generally trade in the over-the-counter market and can be less liquid than other types of investments, particularly during adverse market and economic conditions. During certain market conditions, debt instruments in some or many segments of the debt market can trade at a negative interest rate (i.e., the price to purchase the debt instrument is more than the present value of expected interest payments and principal due at the maturity of the instrument). Some debt instruments, such as zero coupon bonds or payment-in-kind bonds, do not pay current interest. Other debt instruments, such as certain mortgage-backed securities and other securitized instruments, make periodic payments of interest and/or principal. Some debt instruments are partially or fully secured by collateral supporting the payment of interest and principal.

U.S. Government Securities: U.S. Government securities are debt instruments issued or guaranteed as to the payment of principal and interest by the U.S. Treasury, by an agency or instrumentality of the U.S. Government, or by a U.S. Government-sponsored entity, including mortgage-backed securities and other types of securitized instruments issued or guaranteed by such entities. Certain U.S. Government securities are not supported as to the payment of principal and interest by the full faith and credit of the U.S. Treasury or the ability to borrow from the U.S. Treasury. Some U.S. Government securities are supported as to the payment of principal and interest only by the credit of the entity issuing or guaranteeing the security.

Foreign Government Securities: Foreign government securities are debt instruments issued, guaranteed, or supported, as to the payment of principal and interest, by foreign governments, foreign government agencies, foreign semi-governmental entities or supranational entities, or debt instruments issued by entities organized and operated

Investment Objective, Principal Investment Strategies and Principal Risks - continued

for the purpose of restructuring outstanding foreign government securities. Foreign government securities may not be supported as to the payment of principal and interest by the full faith and credit of the foreign government.

Securitized Instruments: Securitized instruments are debt instruments that generally provide payments of principal and interest based on the terms of the instrument and cash flows generated by the underlying assets. Underlying assets include residential and commercial mortgages, debt instruments, loans, leases, and receivables. Securitized instruments are issued by trusts or other special purpose entities that hold the underlying assets. Certain securitized instruments offer multiple classes that differ in terms of their priority to receive principal and/or interest payments under the terms of the instrument. Securitized instruments include mortgage-backed securities, collateralized debt obligations, and other asset-backed securities. Certain mortgage-backed securities are issued on a delayed delivery or forward commitment basis where payment and delivery take place at a future date.

When-Issued, Delayed Delivery, and Forward Commitment Transactions: When-issued, delayed delivery, and forward commitment transactions, including securities purchased or sold in the TBA market, involve a commitment to purchase or sell a security at a predetermined price or yield at which payment and delivery take place at a scheduled future date after an extended settlement period that is longer than the customary settlement period for the type of security to be purchased or sold in the transaction. Typically, no interest accrues to the purchaser until the security is delivered. When purchasing or selling securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. In the TBA market, mortgage-backed securities are purchased and sold at predetermined prices on a delayed delivery or forward commitment basis with the underlying securities to be announced at a future date.

Corporate Debt Instruments: Corporate debt instruments are debt instruments issued by corporations or similar entities.

Inflation-Adjusted Debt Instruments: Inflation-adjusted debt instruments are debt instruments whose principal and/or interest are adjusted for inflation. Inflation-adjusted debt instruments issued by the U.S. Treasury pay a fixed rate of interest that is applied to an inflation-adjusted principal amount. The principal amount is adjusted based on changes in the Consumer Price Index. The principal due at maturity is typically equal to the inflation-adjusted principal amount, or to the instrument’s original par value, whichever is greater. Other types of inflation-adjusted debt instruments may use other methods of adjusting for inflation, and other measures of inflation. Other issuers of inflation-adjusted debt instruments include U.S. Government agencies, instrumentalities and sponsored entities, U.S. and foreign corporations, and foreign governments.

Derivatives: Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators. Underlying indicators may include a security or other financial instrument, asset, currency, interest rate, credit rating, commodity, volatility measure, or index. Derivatives involve a counterparty to the transaction. Derivatives include futures, forward contracts, options, swaps, and certain complex structured securities.

Investment Objective, Principal Investment Strategies and Principal Risks - continued

Principal Risks

The share price of the fund will change daily based on changes in market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. As with any mutual fund, the fund may not achieve its objective and/or you could lose money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The significance of any specific risk to an investment in the fund will vary over time depending on the composition of the fund's portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more of these risks may result in losses to the fund.

The principal risks of investing in the fund are:

Investment Selection Risk: MFS' investment analysis and its selection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests. In addition, to the extent MFS considers quantitative tools in managing the fund, such tools may not work as expected or produce the intended results. In addition, MFS or the fund's other service providers may experience disruptions or operating errors that could negatively impact the fund.

Debt Market Risk: Debt markets can be volatile and can decline significantly in response to changes in, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. These conditions can affect a single instrument, issuer, or borrower, a particular type of instrument, issuer, or borrower, a segment of the debt markets, or debt markets generally. Certain changes or events, such as political, social, or economic developments, including increasing and negative interest rates or the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan (which has in the past resulted and may in the future result in a government shutdown); market closures and/or trading halts; government or regulatory actions, including sanctions, the imposition of tariffs or other protectionist actions and changes in fiscal, monetary, or tax policies; rapid technological developments or widespread adoption of new technologies (such as artificial intelligence); natural disasters; outbreaks of pandemic and epidemic diseases; terrorist attacks; war; and other geopolitical changes or events can have a dramatic adverse effect on debt markets and may lead to periods of high volatility and reduced liquidity in a debt market or a segment of a debt market.

Interest Rate Risk: The price of a debt instrument typically changes in response to interest rate changes. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, general economic and market conditions, and other factors. In general, the price of a debt instrument falls when interest rates rise and rises when interest rates fall. Inflationary price movements may cause fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. Potential future changes in government and/or central bank monetary policy and action may also affect the level of interest rates. Monetary policy measures have in the past, and may in the future, exacerbate risks associated with rising interest rates. Interest rate risk is generally

Investment Objective, Principal Investment Strategies and Principal Risks - continued

greater for fixed-rate instruments than floating-rate instruments and for instruments with longer maturities or durations, or that do not pay current interest. In addition, short-term and long-term interest rates do not necessarily move in the same direction or by the same amount. An instrument’s reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. Fluctuations in the market price of fixed-rate instruments held by the fund may not affect interest income derived from those instruments, but may nonetheless affect the fund's share price, especially if an instrument has a longer maturity or duration and is therefore more sensitive to changes in interest rates.

Inflation-adjusted debt instruments tend to react to changes in “real” interest rates. “Real” interest rates represent nominal interest rates reduced by the inflation rate.

Credit Risk: The price of a debt instrument depends, in part, on the issuer's or borrower's credit quality or ability to pay principal and interest when due. The price of a debt instrument is likely to fall if an issuer or borrower defaults on its obligation to pay principal or interest, if the instrument's credit rating is downgraded by a credit rating agency, or based on other changes in, or perceptions of, the financial condition of the issuer or borrower. Debt instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could negatively affect the market value and liquidity of a debt instrument. For certain types of instruments, including derivatives, the price of the instrument depends in part on the credit quality of the counterparty to the transaction. For other types of debt instruments, including mortgage-backed securities and other securitized instruments, the price of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult.

Government securities not supported as to the payment of principal or interest by the full faith and credit of the government are subject to greater credit risk than are government securities supported by the full faith and credit of the government.

Foreign Risk: Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or the threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. Sanctions, or the threat of sanctions, may cause volatility in regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the fund. In the event of nationalization, expropriation, confiscation or other government action, intervention, or restriction, the fund could lose its entire investment in a particular foreign issuer or country. Civil

Investment Objective, Principal Investment Strategies and Principal Risks - continued

unrest, geopolitical tensions, armed conflicts, wars, and acts of terrorism are other potential risks that could adversely affect an investment in a foreign security or in foreign markets or issuers generally. Economies and financial markets are interconnected, which increases the likelihood that conditions in one country or region can adversely impact issuers in different countries and regions. Less stringent regulatory, accounting, auditing, and disclosure requirements for issuers and markets are more common in certain foreign countries. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Changes in currency exchange rates can significantly impact the financial condition of a company or other issuer with exposure to multiple countries as well as affect the U.S. dollar value of foreign currency investments and investments denominated in foreign currencies. Additional risks of foreign investments include trading, settlement, custodial, and other operational risks, and withholding and other taxes. These factors can make foreign investments, especially those tied economically to emerging markets, more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions than the U.S. market.

Emerging Markets Risk: Investments tied economically to emerging markets, especially frontier markets (emerging markets that are early in their development), can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets typically have less developed economies and markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, less trading volume, less stringent investor protection and disclosure standards, less reliable settlement practices, greater government involvement in the economy, and greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments than developed countries. Financial and other disclosures by emerging market issuers may be considerably less reliable than disclosures made by issuers in developed markets. In addition, the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may not be able to inspect audit work papers in certain emerging market countries. Emerging markets can also be subject to greater political, social, geopolitical, and economic instability and more susceptible to environmental problems. In addition, many emerging market countries with less established health care systems have experienced outbreaks of pandemics or contagious diseases from time to time. These factors can make emerging market investments more volatile and less liquid than investments in developed markets.

Currency Risk: Changes in currency exchange rates can significantly impact the financial condition of a company or other issuer with exposure to multiple countries. In addition, a decline in the value of a foreign currency relative to the U.S. dollar reduces the value of the foreign currency and investments denominated in that currency. In addition, the use of foreign exchange contracts to reduce foreign currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. The value of foreign currencies relative to the U.S. dollar fluctuates in response to, among other factors, interest rate changes, intervention (or failure to intervene) by the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls,

Investment Objective, Principal Investment Strategies and Principal Risks - continued

and other political or regulatory conditions in the United States or abroad. Foreign currency values can decrease significantly both in the short term and over the long term in response to these and other conditions.

Focus Risk: Issuers in a single country or region can react similarly to market, currency, political, economic, regulatory, geopolitical, environmental, public health, and other conditions. These conditions include business environment changes; economic factors such as fiscal, monetary, and tax policies; inflation and unemployment rates; and government and regulatory changes. The fund's performance will be affected by the conditions in the countries and regions to which the fund is exposed. Furthermore, investments in particular countries or regions may be more volatile than the broader market as a whole. If MFS invests a significant percentage of the fund’s assets in a single issuer or small number of issuers, the fund’s performance will be affected by economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions that impact that one issuer or issuers, could be closely tied to the value of that issuer or issuers, and could be more volatile than the performance of more diversified funds.

Prepayment/Extension Risk: Many types of debt instruments, including mortgage-backed securities, securitized instruments, certain corporate debt instruments, and municipal housing bonds, and certain derivatives, are subject to the risk of prepayment and/or extension. Prepayment occurs when unscheduled payments of principal are made or the instrument is called or redeemed prior to an instrument’s maturity. When interest rates decline, the instrument is called, or for other reasons, these debt instruments may be repaid more quickly than expected. As a result, the holder of the debt instrument may not be able to reinvest the proceeds at the same interest rate or on the same terms, reducing the potential for gain. When interest rates increase or for other reasons, these debt instruments may be repaid more slowly than expected, increasing the potential for loss. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt instrument depends on the terms of the instrument.

Inflation-Adjusted Debt Instruments Risk: Interest payments on inflation-adjusted debt instruments can be unpredictable and vary based on the level of inflation. If inflation is negative, principal and income both can decline. In addition, the measure of inflation used may not correspond to the actual rate of inflation experienced by a particular individual.

Managed Distribution Plan Risk: The fund may not be able to maintain a monthly distribution at an annual fixed rate of up to 7.25% of the fund’s average monthly net asset value due to many factors, including but not limited to, changes in market returns, fluctuations in market interest rates, and other factors. If income from the fund’s investments is less than the amount needed to make a monthly distribution, the fund may distribute a return of capital to pay the distribution. In certain cases, the fund may sell portfolio investments at less opportune times in order to pay such distribution. Distributions that are treated as tax return of capital will have the effect of reducing the fund’s assets and could increase the fund’s expense ratio. If a portion of the fund’s distributions represents returns of capital over extended periods, the fund’s assets may be reduced over time to levels where the fund is no longer viable and might be liquidated. Please see “Managed Distribution Policy Disclosure” in this report for additional information regarding the plan.

Investment Objective, Principal Investment Strategies and Principal Risks - continued

Market Discount/Premium Risk: The market price of shares of the fund will be based on factors such as the supply and demand for shares in the market and general market, economic, industry, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of shares of the fund will depend on the market price of shares at the time of the sale, not on the fund’s net asset value. The market price may be lower or higher than the fund’s net asset value. Shares of closed-end funds frequently trade at a discount to their net asset value.

Leveraging Risk: If the fund utilizes investment leverage, there can be no assurance that such a leveraging strategy will be successful during any period in which it is employed. The use of leverage is a speculative investment technique that results in greater volatility in the fund’s net asset value. To the extent that investments are purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender option bonds, the fund’s net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. If the investment income or gains earned from the investments purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender option bonds, fails to cover the expenses of leveraging, the fund’s net asset value is likely to decrease more quickly than if the fund was not leveraged. In addition, the fund’s distributions could be reduced. The fund is currently required under the Investment Company Act of 1940 (“1940 Act”) to maintain asset coverage of at least 200% on outstanding preferred shares and at least 300% on outstanding indebtedness; however, the fund may be required to abide by asset coverage or other requirements that are more stringent than those imposed by the 1940 Act. The fund may be required to sell a portion of its investments at a time when it may be disadvantageous to do so in order to redeem preferred shares or to reduce outstanding indebtedness to comply with asset coverage or other restrictions including those imposed by the 1940 Act, any applicable loan agreement, any applicable offering documents for preferred shares issued by the fund, and the rating agencies that rate the preferred shares. The fund may be prohibited from declaring and paying common share dividends and distributions if the fund fails to satisfy the 1940 Act’s asset coverage requirements or other agreed upon asset coverage requirements. In these situations, the fund may choose to repurchase or redeem any outstanding leverage to the extent necessary in order to maintain compliance with such asset coverage requirements. The expenses of leveraging are paid by the holders of common shares. Borrowings from a bank or preferred shares may have a stated maturity. If this leverage is not extended prior to maturity or replaced with the same or a different form of leverage, distributions to common shareholders may be decreased.

Certain transactions and investment strategies can result in leverage. Because movements in a fund’s share price generally correlate over time with the fund’s net asset value, the market price of a leveraged fund will also tend to be more volatile than that of a comparable unleveraged fund. The costs of an offering of preferred shares and/or borrowing program would be borne by shareholders.

Under the terms of any loan agreement or of a purchase agreement between the fund and the investor in the preferred shares, as the case may be, the fund may be required to, among other things, limit its ability to pay dividends and distributions on common shares in certain circumstances, incur additional debts, engage in certain transactions,

Investment Objective, Principal Investment Strategies and Principal Risks - continued

and pledge some or all of its assets at an inopportune time. Such agreements could limit the fund’s ability to pursue its investment strategies. The terms of any loan agreement or purchase agreement could be more or less restrictive than those described.

Under guidelines generally required by a rating agency providing a rating for any preferred shares, the fund may be required to, among other things, maintain certain asset coverage requirements, restrict certain investments and practices, and adopt certain redemption requirements relating to preferred shares. Such guidelines or the terms of a purchase agreement between a fund and the investor in the preferred shares could limit the fund’s ability to pursue its investment strategies. The guidelines imposed with respect to preferred shares by a rating agency or an investor in the preferred shares could be more or less restrictive than those described.

When-Issued, Delayed Delivery, and Forward Commitment Transaction Risk: The purchaser in a when-issued, delayed delivery or forward commitment transaction assumes the rights and risks of ownership, including the risks of price and yield fluctuations and the risk that the security will not be issued or delivered as anticipated, and the seller loses the opportunity to benefit if the price of the security rises. When-issued, delayed delivery, and forward commitment transactions, including TBA transactions, can involve leverage.

Derivatives Risk: Derivatives can be highly volatile and involve risks in addition to, and potentially greater than, the risks of the underlying indicator(s). Gains or losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. Derivatives can involve leverage. Derivatives can be complex instruments and can involve analysis and processing that differs from that required for other investment types used by the fund. If the value of a derivative does not change as expected relative to the value of the market or other indicator to which the derivative is intended to provide exposure, the derivative may not have the effect intended. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments.

Counterparty and Third Party Risk: Transactions involving a counterparty other than the issuer of the instrument, including clearing organizations, or a third party responsible for servicing the instrument or effecting the transaction, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability or willingness to perform in accordance with the terms of the transaction. If a counterparty or third party fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, the fund could miss investment opportunities, lose value on its investments, or otherwise hold investments it would prefer to sell, resulting in losses for the fund.

Liquidity Risk: Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market, or may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions, including trading halts, sanctions, or wars. Investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment may also adversely affect liquidity. At times, all or a significant portion of a market may not have an active trading market. Without an active trading

Investment Objective, Principal Investment Strategies and Principal Risks - continued

market, it may be difficult to value, and it may not be possible to sell, these investments and the fund could miss other investment opportunities and hold investments it would prefer to sell, resulting in losses for the fund. In addition, the fund may have to sell certain of these investments at prices or times that are not advantageous in order to meet redemptions or other cash needs, which could result in dilution of remaining investors' interests in the fund. The prices of illiquid securities may be more volatile than more liquid investments.

Anti-Takeover Provisions Risk: The fund’s declaration of trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund, to convert the fund to an open-end fund, or to change the composition of the fund’s Board of Trustees. These provisions could reduce the opportunities for shareholders to sell their shares at a premium over the then-current market price.

Other Investment Strategies and Risks

Active and Frequent Trading: MFS may engage in active and frequent trading in pursuing the fund's principal investment strategies. Frequent trading may increase transaction costs, which can reduce the fund's return. Frequent trading can also increase the possibility of capital gain and ordinary distributions. Frequent trading can also result in the realization of a higher percentage of short-term capital gains and a lower percentage of long-term capital gains as compared to a fund that trades less frequently. Because short-term capital gains are distributed as ordinary income, this would generally increase your tax liability unless you hold your shares through a tax-advantaged or tax-exempt vehicle.

Operational and Cybersecurity Risk: The fund and its service providers, and your ability to transact in fund shares, may be negatively impacted due to operational matters arising from, among other issues, human errors, systems and technology disruptions or failures, fraudulent activities, or cybersecurity incidents. Operational issues and cybersecurity incidents may cause the fund or its service providers, as well as securities trading venues and other market participants, to suffer data corruption and/or lose operational functionality, and could, among other things, impair the ability to calculate the fund's net asset value per share, impede trading of portfolio securities, and result in the theft, misuse, and/or improper release of confidential information relating to the fund or its shareholders. Such operational issues and cybersecurity incidents may result in losses to the fund and its shareholders. Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. In addition, the rapid development and increasingly widespread use of new technologies, including machine learning technology and generative models could exacerbate these risks. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the fund and its service providers to plan for or respond to a cyberattack. Information relating to the Fund’s investments is delivered electronically, which can give rise to a number of risks, including, but not limited to, the risks that such communications may not be secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with, without the knowledge of the sender or the intended recipient. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

Investment Objective, Principal Investment Strategies and Principal Risks - continued

Temporary Defensive Strategy: In response to adverse market, economic, industry, political, or other conditions, MFS may depart from the fund’s principal investment strategies by temporarily investing for defensive purposes. When MFS invests defensively, different factors could affect the fund’s performance and the fund may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

Investment Restrictions

The Fund has adopted the following policies which cannot be changed without the approval of a “majority of its outstanding voting securities” as such term is defined by the 1940 Act. Under the 1940 Act, the vote of a “majority of its outstanding voting securities” means the vote of the lesser of (i) 67% or more of the voting securities present at a meeting at which holders of voting securities representing more than 50% of the outstanding voting securities are present or represented by proxy, or (ii) more than 50% of the outstanding voting securities. Except for fundamental investment restriction (1), these investment restrictions are adhered to at the time of purchase or utilization of assets; a subsequent change in circumstances will not be considered to result in a violation of policy.

The Fund may not:

(1)

borrow money or issue any senior security except to the extent permitted by the

1940 Act or exemptive orders granted under such Act, or otherwise permitted

from time to time by regulatory authority having jurisdiction.

(2)

underwrite securities issued by other persons, except that all or any portion of the

assets of the Fund may be invested in one or more investment companies, to the

extent not prohibited by the 1940 Act and exemptive orders granted under such

Act, and except insofar as the Fund may technically be deemed an underwriter

under the Securities Act of 1933, as amended, in selling a portfolio security.

(3)

issue any senior securities except to the extent not prohibited by the 1940 Act and

exemptive orders granted under such Act. For purposes of this restriction, collateral

arrangements with respect to any type of swap, option, Forward Contracts and

Futures Contracts and collateral arrangements with respect to initial and variation

margin are not deemed to be the issuance of a senior security.

(4)

make loans except to the extent not prohibited by the 1940 Act and exemptive

orders granted under such Act.

(5)

purchase or sell real estate (excluding securities secured by real estate or interests

therein and securities of companies, such as real estate investment trusts, which

deal in real estate or interests therein), interests in oil, gas or mineral leases,

commodities or commodity contracts (excluding currencies and any type of option,

Futures Contracts and Forward Contracts) in the ordinary course of its business.

The Fund reserves the freedom of action to hold and to sell real estate, mineral

leases, commodities or commodity contracts (including currencies and any type of

option, Futures Contracts and Forward Contracts) acquired as a result of the

ownership of securities.

Investment Objective, Principal Investment Strategies and Principal Risks - continued

(6)

purchase any securities of an issuer in a particular industry if as a result 25% or

more of its total assets (taken at market value at the time of purchase) would be

invested in securities of issuers whose principal business activities are in the same

industry.

For purposes of investment restriction (5), investments in certain types of derivative instruments whose value is related to commodities or commodity contracts, including swaps and structured notes, are not considered commodities or commodity contracts.

For purposes of fundamental investment restriction (6), investments in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities and tax-exempt obligations issued or guaranteed by a U.S. territory or possession, a state or local government, or a political subdivision of any of the foregoing, are not considered an investment in any particular industry.

For purposes of fundamental investment restriction (6), investments in other investment companies are not considered an investment in any particular industry and portfolio securities held by an underlying fund in which the Fund may invest are not considered to be securities purchased by the Fund.

For purposes of fundamental investment restriction (6), MFS uses a customized set of industry groups for classifying securities based on classifications developed by third party providers.

Portfolio Managers' Profiles

Portfolio Manager	Primary Role	Since	Title and Five Year History
Neeraj Arora	Emerging Markets Debt Instruments Portfolio Manager	2021	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Alexander Mackey	Investment Grade Debt Instruments Portfolio Manager	2021	Co-Chief Investment Officer-Global Fixed Income of MFS; employed in the investment management area of MFS since 2001.
Jake Stone	U.S. Government Securities Portfolio Manager	2023	Investment Officer of MFS; employed in the investment management area of MFS since 2018.

The following information in this annual report is a summary of certain changes since November 30, 2024. This information may not reflect all of the changes that have occurred since you purchased this fund.

Effective September 30, 2025, Geoffrey Schechter is no longer a Portfolio Manager of the fund.

Dividend Reinvestment And Cash Purchase Plan

The fund offers a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) that allows common shareholders to reinvest either all of the distributions paid by the fund or only the long-term capital gains. Generally, purchases are made at the market price unless that price exceeds the net asset value (the shares are trading at a premium). If the shares are trading at a premium, the fund will issue shares at a price of either the net asset value or 95% of the market price, whichever is greater. You can also buy shares on a quarterly basis in any amount $100 and over. Computershare Trust Company, N.A. (the Transfer Agent for the fund) (the “Plan Agent”) will purchase shares under the Plan on the 15th of January, April, July, and October or shortly thereafter. You may obtain a copy of the Plan by contacting the Plan Agent at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time or by visiting the Plan Agent's Web site at www.computershare.com/investor.

If shares are registered in your own name, new shareholders will automatically participate in the Plan, unless you have indicated that you do not wish to participate. If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you may wish to request that your shares be re-registered in your own name so that you can participate. There is no service charge to reinvest distributions, nor are there brokerage charges for shares issued directly by the fund. However, when shares are bought on the New York Stock Exchange or otherwise on the open market, each participant pays a pro rata share of the transaction expenses, including commissions. The tax status of dividends and capital gain distributions does not change whether received in cash or reinvested in additional shares – the automatic reinvestment of distributions does not relieve you of any income tax that may be payable (or required to be withheld) on the distributions.

If your shares are held directly with the Plan Agent, you may withdraw from the Plan at any time by contacting the Plan Agent. Please have available the name of the fund and your account number. For certain types of registrations, such as corporate accounts, instructions must be submitted in writing. Please call for additional details. When you withdraw from the Plan, you can receive the value of the reinvested shares in one of three ways: your full shares will be held in your account, the Plan Agent will sell your shares and send the proceeds to you, or you may transfer your full shares to your investment professional who can hold or sell them. Additionally, the Plan Agent will sell your fractional shares and send the proceeds to you.

If you have any questions, contact the Plan Agent by calling 1-800-637-2304, visit the Plan Agent’s Web site at www.computershare.com/investor, or by writing to the Plan Agent at P.O. Box 43078, Providence, RI 02940-3078.

Portfolio of Investments

11/30/25

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 – 95.3%
U.S. Bonds – 90.5%
Asset-Backed & Securitized – 3.8%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.106%, 11/15/2054 (i)	$	1,147,479	$41,334
ACREC 2021-FL1 Ltd., “AS”, FLR, 5.577% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n)		323,500	323,537
AREIT 2022-CRE6 Trust, “AS”, FLR, 5.755% (SOFR - 30 day + 1.65%), 1/20/2037 (n)		512,000	510,189
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)		35,104	35,375
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.329%, 7/15/2054 (i)		1,084,086	53,344
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.679%, 2/15/2054 (i)		943,394	59,070
BBCMS Mortgage Trust, 2022-C18, “XA”, 0.656%, 12/15/2055 (i)		1,197,215	40,003
BDS 2024-FL13 Ltd., “A”, FLR, 5.535% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n)		100,000	100,216
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.362%, 2/15/2054 (i)		1,947,891	90,132
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.248%, 3/15/2054 (i)		1,159,244	44,857
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.956%, 6/15/2054 (i)		1,545,998	50,287
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.349%, 7/15/2054 (i)		1,411,444	67,105
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.35%, 8/15/2054 (i)		2,141,581	106,086
Benchmark 2021-B29 Mortgage Trust, “XA”, 1.122%, 9/15/2054 (i)		1,861,057	65,841
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)		77,211	78,890
BXMT 2021-FL4 Ltd., “AS”, FLR, 5.377% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)		345,000	342,296
Chesapeake Funding II LLC, 2023-2A, “A2”, FLR, 5.242% (SOFR - 30 day + 1.1%), 10/15/2035 (n)		136,554	137,109
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.944%, 12/15/2072 (i)(n)		1,282,078	36,582
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.385%, 2/15/2054 (i)		1,468,190	75,939
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.868%, 4/15/2054 (i)		986,672	28,212
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.132%, 6/15/2064 (i)		978,834	40,337
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 5.823% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n)		192,774	192,800
LoanCore 2021-CRE6 Ltd., “AS”, FLR, 5.723% ((SOFR - 1mo. + 0.11448%) + 1.65%), 11/15/2038 (n)		500,000	500,131
MF1 2021-FL5 Ltd., “AS”, FLR, 5.273% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n)		7,168	7,168
MF1 2021-FL5 Ltd., “B”, FLR, 5.523% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n)		279,500	278,973

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Asset-Backed & Securitized – continued
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.967%, 12/15/2051 (i)	$	1,451,482	$29,624
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.385%, 5/15/2054 (i)		720,693	31,527
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.255%, 6/15/2054 (i)		1,059,374	40,175
Morgan Stanley Capital I Trust, 2021-L7, “XA”, 1.187%, 10/15/2054 (i)		3,306,650	131,623
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)		62,000	62,370
PFS Financing Corp., 2023-C, “B”, 5.91%, 10/15/2028 (n)		63,000	63,743
Provident Funding Mortgage Trust, 2024-1, “A3”, 5.5%, 12/25/2054 (n)		128,530	129,294
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 5.269% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n)		40,598	40,581
SBNA Auto Receivables Trust, 2025-SF1, “B”, 5.12%, 3/17/2031 (n)		18,720	18,734
Verus Securitization Trust, 2024-1, “A2”, 5.915%, 1/25/2069 (n)		54,709	54,915
Verus Securitization Trust, 2024-4, “A1”, 6.218%, 6/25/2069 (n)		75,150	75,963
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 1.099%, 1/15/2052 (i)(n)		809,083	18,202
			$4,002,564
Broadcasting – 0.5%
Walt Disney Co., 3.5%, 5/13/2040	$	612,000	$517,634
Cable TV – 0.1%
Time Warner Cable, Inc., 4.5%, 9/15/2042	$	100,000	$78,006
Consumer Products – 0.2%
Haleon US Capital LLC, 3.625%, 3/24/2032	$	250,000	$238,378
Consumer Services – 0.1%
Conservation Fund, 3.474%, 12/15/2029	$	159,000	$153,058
Electronics – 0.6%
Broadcom, Inc., 3.187%, 11/15/2036 (n)	$	750,000	$647,696
Food & Beverages – 0.5%
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029	$	488,000	$470,310
Tyson Foods, Inc., 5.15%, 8/15/2044		38,000	36,089
			$506,399

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Insurance – 0.5%
Corebridge Financial, Inc., 3.85%, 4/05/2029	$	500,000	$492,402
Insurance - Health – 0.2%
Humana, Inc., 3.7%, 3/23/2029	$	167,000	$163,907
Insurance - Property & Casualty – 0.1%
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)	$	99,000	$75,012
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	$690,495
JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032		750,000	688,757
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031		588,000	573,326
State Street Corp., 3.152% to 3/30/2030, FLR (SOFR + 2.65%) to 3/30/2031		138,000	133,030
			$2,085,608
Medical & Health Technology & Services – 0.9%
Becton, Dickinson and Co., 4.685%, 12/15/2044	$	123,000	$110,261
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045		106,000	95,877
Montefiore Obligated Group, AGM, 5.246%, 11/01/2048		614,000	557,364
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038		175,000	176,406
			$939,908
Midstream – 0.1%
Targa Resources Corp., 4.95%, 4/15/2052	$	109,000	$93,475
Mortgage-Backed – 29.9%
Fannie Mae, 3%, 11/01/2028 - 11/01/2046	$	586,612	$548,592
Fannie Mae, 3.5%, 1/25/2030 - 7/01/2046		784,209	750,770
Fannie Mae, 6.5%, 5/01/2031 - 1/01/2037		101,352	105,925
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046		154,147	143,766
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)		38,689	2,699
Fannie Mae, 3%, 2/25/2033 (i)		61,140	4,174
Fannie Mae, 5.5%, 10/01/2033 - 1/01/2055		721,505	742,439
Fannie Mae, 6%, 8/01/2034 - 9/01/2054		954,814	981,037
Fannie Mae, 5%, 6/01/2035 - 3/25/2042		218,816	225,721
Fannie Mae, 4%, 9/01/2040 - 7/01/2047		1,497,899	1,468,186
Fannie Mae, 4.5%, 2/01/2041 - 11/01/2042		260,296	262,898
Fannie Mae, 2.25%, 4/25/2041		45,092	43,547

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Fannie Mae, 1.75%, 9/25/2041	$	64,688	$62,352
Fannie Mae, 2.75%, 9/25/2042		49,845	48,451
Fannie Mae, 4.436%, 2/25/2043		15,352	15,281
Fannie Mae, 4.486%, 12/25/2045		23,049	22,782
Fannie Mae, 2%, 4/25/2046		49,370	46,304
Fannie Mae, 1.813%, 9/25/2046 (i)		73,958	8,677
Fannie Mae, 4%, 9/25/2050 (i)		109,490	21,231
Fannie Mae, 7.072%, 7/25/2054		124,828	129,466
Fannie Mae, 6.512%, 3/25/2055		178,657	178,874
Fannie Mae, UMBS, 2%, 2/01/2042 - 3/01/2052		1,165,435	976,557
Fannie Mae, UMBS, 2.5%, 3/01/2042 - 5/01/2052		2,931,676	2,535,610
Fannie Mae, UMBS, 1.5%, 3/01/2051		107,757	83,836
Fannie Mae, UMBS, 3%, 5/01/2051 - 6/01/2052		1,113,473	996,024
Fannie Mae, UMBS, 4%, 8/01/2051		83,299	80,833
Fannie Mae, UMBS, 4.5%, 9/01/2052		68,991	68,382
Fannie Mae, UMBS, 5.5%, 11/01/2052		258,159	262,654
Fannie Mae, UMBS, 6%, 12/01/2052 - 11/01/2054		546,900	561,692
Fannie Mae, UMBS, 5%, 5/01/2053		270,940	272,312
Freddie Mac, 3.208%, 2/25/2026		48,812	48,632
Freddie Mac, 2.57%, 7/25/2026		686,625	680,506
Freddie Mac, 3.12%, 9/25/2026		199,129	197,660
Freddie Mac, 2.525%, 10/25/2026		97,187	96,053
Freddie Mac, 2.797%, 12/25/2026		28,819	28,673
Freddie Mac, 3.413%, 12/25/2026		299,132	297,374
Freddie Mac, 1.487%, 3/25/2027 (i)		391,000	6,139
Freddie Mac, 3.243%, 4/25/2027		390,961	387,650
Freddie Mac, 0.697%, 7/25/2027 (i)		7,980,952	58,491
Freddie Mac, 0.536%, 8/25/2027 (i)		6,118,686	36,051
Freddie Mac, 0.43%, 1/25/2028 (i)		10,982,967	63,756
Freddie Mac, 0.432%, 1/25/2028 (i)		4,601,187	26,909
Freddie Mac, 0.264%, 2/25/2028 (i)		13,205,651	39,106
Freddie Mac, 0.257%, 4/25/2028 (i)		8,661,433	26,282
Freddie Mac, 4.86%, 10/25/2028		52,609	54,000
Freddie Mac, 0.598%, 5/25/2029 (i)		2,158,720	29,933
Freddie Mac, 1.005%, 7/25/2029 (i)		1,648,656	46,132
Freddie Mac, 1.212%, 7/25/2029 (i)		1,219,835	40,732
Freddie Mac, 1.259%, 8/25/2029 (i)		2,486,824	89,457
Freddie Mac, 0.734%, 1/25/2030 (i)		759,906	16,636
Freddie Mac, 1.701%, 1/25/2030 - 8/25/2030 (i)		884,432	56,116
Freddie Mac, 1.913%, 4/25/2030 (i)		600,527	41,647
Freddie Mac, 1.954%, 4/25/2030 (i)		1,277,474	92,017
Freddie Mac, 1.769%, 5/25/2030 (i)		612,877	40,997

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 1.907%, 5/25/2030 (i)	$	1,389,954	$100,824
Freddie Mac, 1.205%, 6/25/2030 (i)		879,606	37,736
Freddie Mac, 1.435%, 6/25/2030 (i)		559,633	30,535
Freddie Mac, 1.262%, 9/25/2030 (i)		314,905	15,803
Freddie Mac, 1.171%, 11/25/2030 (i)		789,331	37,905
Freddie Mac, 0.412%, 1/25/2031 (i)		2,835,445	36,213
Freddie Mac, 0.871%, 1/25/2031 (i)		873,865	31,691
Freddie Mac, 1.026%, 1/25/2031 (i)		663,744	28,232
Freddie Mac, 0.546%, 2/25/2031 (i)		734,976	15,082
Freddie Mac, 0.605%, 3/25/2031 (i)		2,253,183	49,738
Freddie Mac, 0.827%, 3/25/2031 (i)		973,113	34,241
Freddie Mac, 1.322%, 5/25/2031 (i)		399,402	23,046
Freddie Mac, 1.039%, 7/25/2031 (i)		489,989	23,399
Freddie Mac, 1.321%, 7/25/2031 (i)		984,709	59,421
Freddie Mac, 0.632%, 9/25/2031 (i)		2,619,786	72,565
Freddie Mac, 0.954%, 9/25/2031 (i)		2,591,485	110,640
Freddie Mac, 0.441%, 11/25/2031 (i)		3,899,181	73,053
Freddie Mac, 0.595%, 12/25/2031 (i)		3,898,081	100,455
Freddie Mac, 0.664%, 12/25/2031 (i)		644,718	18,539
Freddie Mac, 0.434%, 6/25/2032 (i)		4,502,658	88,684
Freddie Mac, 0.302%, 11/25/2032 (i)		3,670,222	45,949
Freddie Mac, 0.431%, 5/25/2033 (i)		700,000	14,524
Freddie Mac, 3.5%, 8/15/2033 - 10/25/2058		1,647,815	1,582,186
Freddie Mac, 0.299%, 8/25/2033 (i)		2,899,969	35,242
Freddie Mac, 0.362%, 10/25/2033 (i)		2,363,261	38,344
Freddie Mac, 1.092%, 9/25/2034 (i)		516,084	35,718
Freddie Mac, 0.22%, 1/25/2035 (i)		4,660,229	42,222
Freddie Mac, 0.427%, 1/25/2035 (i)		1,866,669	42,776
Freddie Mac, 4.456%, 4/15/2035		4,123	4,099
Freddie Mac, 6%, 5/01/2035 - 10/01/2038		166,175	174,886
Freddie Mac, 5.5%, 8/01/2035 - 6/01/2036		116,173	121,315
Freddie Mac, 5%, 2/15/2036 - 12/01/2044		507,413	522,874
Freddie Mac, 5.5%, 2/15/2036 (i)		17,931	2,745
Freddie Mac, 6.5%, 5/01/2037		18,423	19,210
Freddie Mac, 4%, 8/01/2037 - 4/01/2044		122,686	120,254
Freddie Mac, 3%, 1/01/2038 - 2/25/2059		995,191	923,347
Freddie Mac, 4.5%, 7/01/2039 - 7/01/2055		280,575	280,702
Freddie Mac, 4.5%, 12/15/2040 (i)		2,238	208
Freddie Mac, 2.5%, 3/25/2051 (i)		109,046	17,964
Freddie Mac, 5.522%, 10/25/2053		33,568	33,983
Freddie Mac, 6.301%, 12/25/2053		153,050	153,524
Freddie Mac, 3.25%, 11/25/2061		165,824	156,278

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Mortgage-Backed – continued
Freddie Mac, UMBS, 2%, 2/01/2042 - 3/01/2052	$	1,024,352	$851,027
Freddie Mac, UMBS, 2.5%, 7/01/2051 - 9/01/2052		950,087	813,529
Freddie Mac, UMBS, 3.5%, 8/01/2051 - 5/01/2052		104,832	97,726
Freddie Mac, UMBS, 3%, 4/01/2052 - 6/01/2052		530,109	473,310
Freddie Mac, UMBS, 4%, 5/01/2052		151,764	145,859
Freddie Mac, UMBS, 5%, 7/01/2052		303,191	304,347
Freddie Mac, UMBS, 5.5%, 4/01/2053		58,218	59,905
Ginnie Mae, 3.5%, 8/20/2029 - 1/20/2043 (i)		206,416	23,921
Ginnie Mae, 5.5%, 7/15/2033 - 10/20/2053		631,814	646,215
Ginnie Mae, 5.659%, 8/20/2034		38,505	39,394
Ginnie Mae, 4%, 5/16/2039 - 7/20/2055		305,994	295,089
Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i)		48,120	6,811
Ginnie Mae, 1.326%, 5/20/2041 (i)		102,591	10,001
Ginnie Mae, 4.5%, 9/20/2041 - 7/20/2055		830,122	819,312
Ginnie Mae, 3.5%, 4/15/2042 - 7/20/2043		510,105	483,646
Ginnie Mae, 2.5%, 6/20/2042 - 8/20/2052		1,593,078	1,385,750
Ginnie Mae, 3%, 4/20/2045 - 6/20/2052		1,192,548	1,082,596
Ginnie Mae, 4.374%, 10/20/2045		138,614	136,041
Ginnie Mae, 2.5%, 2/20/2051 (i)		84,982	11,772
Ginnie Mae, 2%, 1/20/2052 - 4/20/2052		1,153,796	960,841
Ginnie Mae, 5%, 1/20/2053 - 3/20/2053		190,608	191,392
Ginnie Mae, 5.427%, 6/20/2055		181,707	185,370
Ginnie Mae, 5.502%, 6/20/2055		147,941	147,873
Ginnie Mae, 6%, 11/20/2055		142,225	147,132
Ginnie Mae, 5.248%, 3/20/2064		53,993	54,199
Ginnie Mae, 4.9%, 7/20/2064		18,814	18,827
Ginnie Mae, 5.127%, 2/20/2067		64,780	65,137
Ginnie Mae, 5.173%, 3/20/2067		144,073	145,008
Ginnie Mae, 5.281%, 7/20/2067		173,298	175,054
Ginnie Mae, TBA, 5%, 12/18/2055		125,000	124,850
UMBS, TBA, 2%, 12/25/2055		1,975,000	1,606,592
UMBS, TBA, 2.5%, 12/25/2055		50,000	42,533
			$31,059,232
Municipals – 1.9%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025	$	175,000	$175,000
Chicago, IL, General Obligation, Taxable, “C”, AGM, 6.207%, 1/01/2036		615,000	650,464
Illinois Sales Tax Securitization Corp., Second Lien, Taxable, “B”, BAM, 3.411%, 1/01/2043		240,000	191,329

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
Municipals – continued
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040	$	32,000	$38,592
Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036 (z)		1,215,000	920,490
			$1,975,875
Telecommunications - Wireless – 0.6%
T-Mobile USA, Inc., 4.375%, 4/15/2040	$	650,000	$592,382
U.S. Government Agencies and Equivalents – 0.2%
Small Business Administration, 2.21%, 2/01/2033	$	42,612	$40,307
Small Business Administration, 2.22%, 3/01/2033		61,857	58,351
Small Business Administration, 3.15%, 7/01/2033		56,863	55,142
Small Business Administration, 3.62%, 9/01/2033		43,114	42,393
			$196,193
U.S. Treasury Obligations – 47.3%
U.S. Treasury Bonds, 2.25%, 2/15/2027	$	1,921,000	$1,890,759
U.S. Treasury Bonds, 5.25%, 2/15/2029		572,000	603,125
U.S. Treasury Bonds, 0.625%, 5/15/2030		800,000	703,281
U.S. Treasury Bonds, 4.75%, 2/15/2037		336,000	356,672
U.S. Treasury Bonds, 4.375%, 2/15/2038		1,109,000	1,133,909
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)		4,503,100	4,581,904
U.S. Treasury Bonds, 3.25%, 5/15/2042		165,000	140,256
U.S. Treasury Bonds, 3.125%, 2/15/2043		453,700	374,533
U.S. Treasury Bonds, 2.875%, 5/15/2043		1,697,100	1,344,620
U.S. Treasury Bonds, 2.5%, 2/15/2045		4,017,000	2,911,384
U.S. Treasury Bonds, 5%, 5/15/2045		906,000	949,743
U.S. Treasury Bonds, 2.875%, 11/15/2046		3,470,000	2,628,389
U.S. Treasury Bonds, 4.25%, 8/15/2054		217,000	202,090
U.S. Treasury Bonds, 4.625%, 2/15/2055		899,000	891,415
U.S. Treasury Bonds, 4.75%, 8/15/2055		972,000	984,150
U.S. Treasury Notes, 0.75%, 5/31/2026		567,700	559,326
U.S. Treasury Notes, 0.875%, 6/30/2026		678,600	667,483
U.S. Treasury Notes, 2%, 11/15/2026 (f)		7,277,000	7,164,491
U.S. Treasury Notes, 3.875%, 3/31/2027		1,464,000	1,469,318
U.S. Treasury Notes, 3.875%, 5/31/2027		2,743,000	2,755,644
U.S. Treasury Notes, 3.875%, 7/31/2027		4,028,000	4,049,556
U.S. Treasury Notes, 3.75%, 8/15/2027		1,592,000	1,597,659
U.S. Treasury Notes, 3.625%, 8/31/2027		2,295,000	2,298,676
U.S. Treasury Notes, 4%, 2/29/2028		3,068,000	3,101,077
U.S. Treasury Notes, 3.625%, 9/30/2030		2,800,000	2,802,625

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
U.S. Bonds – continued
U.S. Treasury Obligations – continued
U.S. Treasury Notes, 4.625%, 4/30/2031	$	534,000	$559,448
U.S. Treasury Notes, 4%, 4/30/2032		1,032,000	1,047,158
U.S. Treasury Notes, 4.25%, 5/15/2035		1,395,000	1,423,772
			$49,192,463
Utilities - Electric Power – 1.0%
FirstEnergy Corp., 3.9%, 7/15/2027	$	694,000	$690,370
Pacific Gas & Electric Co., 5.45%, 6/15/2027		357,000	362,262
			$1,052,632
Total U.S. Bonds			$94,062,824
Foreign Bonds – 4.8%
Bermuda – 0.4%
Government of Bermuda, 5%, 7/15/2032 (n)	$	400,000	$407,524
Chile – 0.7%
Chile Electricity Lux MPC II S.à r.l., 6.01%, 1/20/2033 (n)	$	179,000	$187,508
Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n)		195,501	201,366
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)		200,000	213,422
Republic of Chile, 2.55%, 1/27/2032		200,000	179,200
			$781,496
China – 0.4%
Tencent Holdings Ltd., 2.88%, 4/22/2031 (n)	$	501,000	$474,391
India – 1.0%
Export-Import Bank of India, 2.25%, 1/13/2031 (n)	$	317,000	$286,685
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)		376,000	346,413
Power Finance Corp. Ltd. (Republic of India), 5.25%, 8/10/2028		370,000	378,212
			$1,011,310
Indonesia – 0.3%
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052	$	416,000	$363,501
Ireland – 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032	$	355,000	$328,849
Malaysia – 0.4%
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031	$	400,000	$370,872

Portfolio of Investments – continued

Issuer		Shares/Par	Value ($)
Bonds – continued
Foreign Bonds – continued
Poland – 0.5%
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n)	$	264,000	$280,222
Republic of Poland, 5.5%, 3/18/2054		212,000	206,881
			$487,103
United Kingdom – 0.7%
B.A.T. Capital Corp., 5.35%, 8/15/2032	$	500,000	$521,649
Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n)		200,000	205,810
			$727,459
Uruguay – 0.1%
Oriental Republic of Uruguay, 5.75%, 10/28/2034	$	96,000	$102,432
Total Foreign Bonds			$5,054,937
Total Bonds (Identified Cost, $103,214,524)			$99,117,761

Underlying/Expiration Date/Exercise Price (Rate)	Put/Call	Counterparty	Notional Amount
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	$4,296
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	3,892
Total Purchased Options (Identified Cost, $9,375)				$8,188

Issuer	Shares/Par
Mutual Funds (h) – 5.9%
Money Market Funds – 5.9%
MFS Institutional Money Market Portfolio, 4.01% (v) (Identified Cost, $6,093,160)	6,092,997	$6,094,216


Other Assets, Less Liabilities – (1.2)%		(1,279,832 )
Net Assets – 100.0%		$103,940,333

(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 $6,094,216 and $99,125,949, respectively.

Portfolio of Investments – continued

(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 $6,333,117, representing 6.1% 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	$1,179,010	$920,490
% of Net assets			0.9%

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
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 11/30/25

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	$6,347,250	March - 2026	$1,565
U.S. Treasury Note 5 yr	Long	USD	160	17,562,500	March - 2026	4,435
						$6,000
Liability Derivatives
Interest Rate Futures
U.S. Treasury Note 2 yr	Long	USD	142	$29,658,031	March - 2026	$(10,600 )
U.S. Treasury Ultra Note 10 yr	Short	USD	35	4,067,109	March - 2026	(6,830 )
						$(17,430 )

Portfolio of Investments – continued

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	$1,603	$—	$1,603
5/08/27	USD	3,119,000	centrally cleared	1-day SOFR / Annually	3.5595% / Annually	5,609	—	5,609
						$7,212	$—	$7,212
Liability Derivatives
Interest Rate Swaps
11/03/27	USD	4,001,000	centrally cleared	1-day SOFR / Annually	3.389% / Annually	$(4,100 )	$—	$(4,100 )
11/05/27	USD	3,967,000	centrally cleared	1-day SOFR / Annually	3.387% / Annually	(4,171 )	—	(4,171 )
						$(8,271 )	$—	$(8,271 )

At November 30, 2025, the fund had liquid securities with an aggregate value of $701,777 to cover any collateral or margin obligations for certain derivative contracts.

See Notes to Financial Statements

Financial Statements

Statement of Assets and Liabilities

At 11/30/25

This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.

Assets
Investments in unaffiliated issuers, at value (identified cost, $103,223,899)	$99,125,949
Investments in affiliated issuers, at value (identified cost, $6,093,160)	6,094,216
Receivables for
Net daily variation margin on open cleared swap agreements	6,139
Interest	726,902
Receivable from investment adviser	1,825
Other assets	2,707
Total assets	$105,957,738
Liabilities
Payable to custodian	$1,554
Payables for
Distributions	36,021
Net daily variation margin on open futures contracts	33,956
TBA purchase commitments	1,784,052
Payable to affiliates
Administrative services fee	333
Transfer agent and dividend disbursing costs	3,326
Payable for independent Trustees' compensation	8
Deferred foreign capital gains tax expense payable	27,028
Accrued expenses and other liabilities	131,127
Total liabilities	$2,017,405
Net assets	$103,940,333
Net assets consist of
Paid-in capital	$121,456,852
Total distributable earnings (loss)	(17,516,519 )
Net assets	$103,940,333
Shares of beneficial interest outstanding (unlimited number of shares authorized)	32,590,193
Net asset value per share (net assets of $103,940,333 / 32,590,193 shares of beneficial interest outstanding)	$3.19

See Notes to Financial Statements

Financial Statements

Statement of Operations

Year ended 11/30/25

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

Net investment income (loss)
Income
Interest	$4,045,872
Dividends from affiliated issuers	184,090
Other	25
Total investment income	$4,229,987
Expenses
Management fee	$562,201
Transfer agent and dividend disbursing costs	58,244
Administrative services fee	24,529
Independent Trustees' compensation	16,339
Stock exchange fee	31,721
Custodian fee	28,319
Shareholder communications	57,808
Audit and tax fees	99,893
Legal fees	2,672
Miscellaneous	49,253
Total expenses	$930,979
Reduction of expenses by investment adviser	(97,241 )
Net expenses	$833,738
Net investment income (loss)	$3,396,249
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers	$(346,545 )
Affiliated issuers	241
Futures contracts	672,070
Swap agreements	(72,795 )
Net realized gain (loss)	$252,971
Change in unrealized appreciation or depreciation
Unaffiliated issuers (includes $918 increase in deferred foreign capital gains tax)	$1,832,562
Affiliated issuers	1,056
Futures contracts	(166,926 )
Swap agreements	(2,288 )
Net unrealized gain (loss)	$1,664,404
Net realized and unrealized gain (loss)	$1,917,375
Change in net assets from operations	$5,313,624

See Notes to Financial Statements

Financial Statements

Statements of Changes in Net Assets

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

	Year ended
	11/30/25	11/30/24
Change in net assets
From operations
Net investment income (loss)	$3,396,249	$3,586,458
Net realized gain (loss)	252,971	(1,886,067 )
Net unrealized gain (loss)	1,664,404	4,758,259
Change in net assets from operations	$5,313,624	$6,458,650
Distributions to shareholders	$(3,568,959 )	$(3,786,125 )
Tax return of capital distributions to shareholders	$(3,980,561 )	$(4,031,289 )
Total change in net assets	$(2,235,896 )	$(1,358,764 )
Net assets
At beginning of period	106,176,229	107,534,993
At end of period	$103,940,333	$106,176,229

See Notes to Financial Statements

Financial Statements

Financial Highlights

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

	Year ended
	11/30/25	11/30/24	11/30/23	11/30/22	11/30/21
Net asset value, beginning of period	$3.26	$3.30	$3.53	$4.35	$4.75
Income (loss) from investment operations
Net investment income (loss) (d)	$0.10	$0.11	$0.10	$0.06	$0.08
Net realized and unrealized gain (loss)	0.06	0.09	(0.08 )	(0.60 )	(0.15 )
Total from investment operations	$0.16	$0.20	$0.02	$(0.54 )	$(0.07 )
Less distributions declared to shareholders
From net investment income	$(0.11 )	$(0.12 )	$(0.11 )	$(0.06 )	$(0.09 )
From tax return of capital	(0.12 )	(0.12 )	(0.14 )	(0.22 )	(0.24 )
Total distributions declared to shareholders	$(0.23 )	$(0.24 )	$(0.25 )	$(0.28 )	$(0.33 )
Net increase from repurchase of capital shares	$—	$—	$0.00 (w)	$—	$—
Net asset value, end of period (x)	$3.19	$3.26	$3.30	$3.53	$4.35
Market value, end of period	$3.13	$3.14	$3.08	$3.39	$4.27
Total return at market value (%)	7.37	9.96	(1.85 )	(14.23 )	(0.84 )
Total return at net asset value (%) (j)(r)(s)(x)	5.40	6.55	0.99	(12.33 )	(1.32 )
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions	0.90	0.86	0.82	0.74	0.70
Expenses after expense reductions	0.80	0.80	0.80	N/A	N/A
Net investment income (loss)	3.27	3.33	2.95	1.59	1.78
Portfolio turnover rate	84	135	90	146	201
Net assets at end of period (000 omitted)	$103,940	$106,176	$107,535	$115,215	$141,852
Supplemental Rate:
Portfolio turnover rate (excluding TBA transactions) (e)	32	35	36	N/A	N/A

See Notes to Financial Statements

Financial Highlights – continued

(d)	Per share data is based on average shares outstanding.
(e)	Portfolio turnover rate (excluding TBA transactions) is disclosed beginning with the period ending November 30, 2023. Refer to Note 2 for more information on TBA transactions and mortgage dollar rolls.
(j)	Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value.
(r)	Certain expenses have been reduced without which performance would have been lower.
(s)	From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(w)	Per share amount was less than $0.01.
(x)	The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

Notes to Financial Statements

(1) Business and Organization

MFS Government Markets Income Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.

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.

(2) Significant Accounting Policies

General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.

Operating Segments — In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund’s financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.

Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.

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

Notes to Financial Statements - continued

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

Notes to Financial Statements - continued

value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes 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 November 30, 2025 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	$—	$49,388,656	$—	$49,388,656
Non - U.S. Sovereign Debt	—	2,947,315	—	2,947,315
Municipal Bonds	—	1,975,875	—	1,975,875
U.S. Corporate Bonds	—	7,636,498	—	7,636,498
Residential Mortgage-Backed Securities	—	31,381,774	—	31,381,774
Commercial Mortgage-Backed Securities	—	2,329,703	—	2,329,703
Asset-Backed Securities (including CDOs)	—	1,350,319	—	1,350,319
Foreign Bonds	—	2,107,621	—	2,107,621
Purchased Options	—	8,188	—	8,188
Investment Companies	6,094,216	—	—	6,094,216
Total	$6,094,216	$99,125,949	$—	$105,220,165
Other Financial Instruments
Futures Contracts – Assets	$6,000	$—	$—	$6,000
Futures Contracts – Liabilities	(17,430 )	—	—	(17,430 )
Swap Agreements – Assets	—	7,212	—	7,212
Swap Agreements – Liabilities	—	(8,271 )	—	(8,271 )

Notes to Financial Statements - continued

For further information regarding security characteristics, see the Portfolio of Investments.

Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.

The derivative instruments used by the fund during the period were purchased options, futures contracts, and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at November 30, 2025 as reported in the Statement of Assets and Liabilities:

		Fair Value (a)
Risk	Derivative Contracts	Asset Derivatives	Liability Derivatives
Credit	Purchased Option Contracts	$8,188	$—
Interest Rate	Futures Contracts	6,000	(17,430 )
Interest Rate	Cleared Swap Agreements	7,212	(8,271 )
Total		$21,400	$(25,701 )

(a)

The value of purchased options outstanding is included in investments in unaffiliated issuers,

at value, within the Statement of Assets and Liabilities. Values presented in this table for

futures contracts and cleared swap agreements correspond to the values reported in the

Portfolio of Investments. Only the current day net variation margin for futures contracts and

cleared swap agreements is reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended November 30, 2025 as reported in the Statement of Operations:

Risk	Futures Contracts	Swap Agreements
Interest Rate	$672,070	$(72,795 )

Notes to Financial Statements - continued

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended November 30, 2025 as reported in the Statement of Operations:

Risk	Futures Contracts	Swap Agreements	Unaffiliated Issuers (Purchased Options)
Interest Rate	$(166,926 )	$(2,288 )	$(1,187 )

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.

Purchased Options — The fund purchased call and put options for a premium. Purchased call and put options entitle the holder to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing call options may hedge against an anticipated increase in the dollar cost of securities or currency to be acquired or increase the fund’s exposure to an underlying instrument. Purchasing put options may hedge against an anticipated decline in the value of portfolio securities or currency or decrease the fund's exposure to an underlying instrument.

Notes to Financial Statements - continued

A purchased swaption represents an option that gives the fund as purchaser the right, but not the obligation, to enter into a pre-defined interest rate swap agreement with the counterparty at a specified rate at a specified date or within a specified period of time. The fund enters into swaptions primarily to preserve a return or spread on a particular investment or portion of the fund’s investments, to adjust the fund’s sensitivity to underlying risk factors or to protect against an increase or decrease in the price of securities.

The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments.

Whether or not the option is exercised, the fund's maximum risk of loss from purchasing an option is the amount of premium paid. All option contracts involve credit risk if the counterparty to the option contract fails to perform. For uncleared options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

Notes to Financial Statements - continued

Swap Agreements — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract (“uncleared swaps”) while others are required to be centrally cleared (“cleared swaps”).

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as “Uncleared swaps, at value” which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement (“ISDA”) between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into interest rate swap agreements in order to manage its exposure to interest rate fluctuations. Interest rate swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two interest rates applied to a notional principal amount. The two interest rates exchanged may either be a fixed rate and a floating rate or two floating rates based on different indices.

The fund entered into inflation swap agreements in order to manage its exposure to inflation risk. Inflation swap agreements involve the periodic exchange of cash flows, between the fund and a counterparty, based on the difference between two rates applied to a notional principal amount. The two rates exchanged are generally a fixed rate and a floating rate based on an inflation index.

Notes to Financial Statements - continued

Mortgage-Backed/Asset-Backed Securities — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

Investment Transactions and Income — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell mortgage-backed securities on a To Be Announced (“TBA”) basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales

Notes to Financial Statements - continued

and realizes gains and losses on these transactions. As such, these transactions may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates including and excluding TBA transactions are presented in the Financial Highlights. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.

To mitigate the counterparty credit risk on To Be Announced (“TBA”) transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. The fund employs a managed distribution policy whereby the fund seeks to pay monthly distributions based on an annual rate of 7.25% of the fund’s average monthly net asset value. As a result, distributions may exceed actual earnings which may result in a tax return of capital. Distributions in any year may include a substantial return of capital component. Please refer to the Financial Highlights for distributions of tax returns of capital made during the prior five years. Income and capital gain distributions are determined in accordance

Notes to Financial Statements - continued

with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

	Year ended 11/30/25	Year ended 11/30/24
Ordinary income (including any short-term capital gains)	$3,568,959	$3,786,125
Tax return of capital (b)	3,980,561	4,031,289
Total distributions	$7,549,520	$7,817,414

(b)	Distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital.

The federal tax cost and the tax basis components of distributable earnings were as follows:

As of 11/30/25
Cost of investments	$109,921,107
Gross appreciation	782,784
Gross depreciation	(5,496,215)
Net unrealized appreciation (depreciation)	$(4,713,431)
Capital loss carryforwards	(12,740,039)
Other temporary differences	(63,049)
Total distributable earnings (loss)	$(17,516,519)

As of November 30, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

Short-Term	$(2,051,070 )
Long-Term	(10,688,969 )
Total	$(12,740,039 )

(3) Transactions with Affiliates

Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.32% of the fund’s average daily net assets and 5.33% of gross income. Gross income is calculated based on tax elections that generally include the accretion of discount and exclude the amortization of premium, which may differ from investment income reported in the Statement of Operations. MFS has agreed to reduce

Notes to Financial Statements - continued

its management fee to the lesser of the contractual management fee as set forth above or 0.85% of the fund's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until November 30, 2026. For the year ended November 30, 2025, the fund’s average daily net assets and gross income fees did not meet the threshold required to waive the management fee under this agreement. The management fee, from net assets and gross income, incurred for the year ended November 30, 2025 was equivalent to an annual effective rate of 0.54% of the fund’s average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed 0.80% annually of the fund’s average daily net assets. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until November 30, 2027. For the year ended November 30, 2025, this reduction amounted to $97,241, which is included in the reduction of total expenses in the Statement of Operations.

Transfer Agent — The fund engages Computershare Trust Company, N.A. (“Computershare”) as the sole transfer agent for the fund. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the year ended November 30, 2025, fees paid to MFSC amounted to $20,191.

Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended November 30, 2025 was equivalent to an annual effective rate of 0.0236% of the fund's average daily net assets.

Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.

Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

Notes to Financial Statements - continued

(4) Portfolio Securities

For the year ended November 30, 2025, purchases and sales of investments, other than short-term obligations and purchased options with an expiration date of less than one year from the time of purchase, were as follows:

	Purchases	Sales
U.S. Government securities	$84,366,147	$89,088,578
Non-U.S. Government securities	770,394	4,492,819

(5) Shares of Beneficial Interest

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The Trustees have authorized the repurchase by the fund of up to 10% annually of its own shares of beneficial interest. During the years ended November 30, 2025 and November 30, 2024, there were no transactions in fund shares.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended November 30, 2025, the fund’s commitment fee and interest expense were $488 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.

(7) 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 year ended November 30, 2025:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$2,061,024	$37,860,001	$33,828,106	$241	$1,056	$6,094,216

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$184,090	$—

Notes to Financial Statements - continued

(8) Subsequent Event

On December 10, 2025, the Board of Trustees of the fund approved a proposal to reorganize the fund into MFS Multimarket Income Trust (“MMT”) (the “Reorganization”), subject to the approval of the fund’s shareholders. MMT’s Board of Trustees also approved a proposal to appoint abrdn Inc. (“Aberdeen”) as MMT’s new investment adviser and nominated five new trustees to form a new board for MMT (the “Aberdeen Proposals”); both proposals are subject to the approval of MMT’s shareholders and the satisfaction of certain other conditions agreed to between MFS and Aberdeen. In the event that the fund’s shareholders approve the Reorganization, but MMT’s shareholders do not approve the Aberdeen Proposals, the Reorganization may proceed with MFS remaining MMT’s investment adviser and MMT’s current Board of Trustees remaining in place.

The anticipated date of the special meeting of shareholders to vote on the above proposals is March 11, 2026. Shareholders of the fund as of close of business on December 11, 2025, will receive proxy materials providing further details on the proposals and instructions on how to vote their shares.

For more information about this Reorganization, please see the press release issued by MFS on December 11, 2025 available on www.mfs.com.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees and the Shareholders of MFS Government Markets Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of MFS Government Markets Income Trust (the “Fund”), including portfolio of investments, as of November 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the ”financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.

Report of Independent Registered Public Accounting Firm – continued

Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 14, 2026

We have served as the auditor of one or more of the MFS investment companies since 1924.

Results of Shareholder Meeting (unaudited)

At the annual meeting of shareholders of MFS Government Markets Income Trust, which was held on October 2, 2025, the following action was taken:

Item 1: To elect the following individuals as Trustees:

	Number of Shares
Nominee	For	Against/Withheld
Maureen R. Goldfarb	23,076,144.947	2,201,495.150
Maryanne L. Roepke	23,091,109.947	2,186,530.150
Paula E. Smith	22,658,599.947	2,619,040.150
Laurie J. Thomsen	20,879,170.947	4,398,469.150

Trustees and Officers — Identification

and Background

The Trustees and Officers of the Trust, as of January 1, 2026, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.

Name, Age	Position(s) Held with Fund	Trustee/ Officer Since(h)	Term Expiring	Number of MFS Funds overseen by the Trustee	Principal Occupations During the Past Five Years	Other Directorships During the Past Five Years (j)
INTERESTED TRUSTEE
Michael W. Roberge (k) (age 59)	Trustee	January 2021	2026	142	Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (until 2024); Director; Chairman of the Board (since January 2022)	N/A
INDEPENDENT TRUSTEES
John P. Kavanaugh (age 71)	Trustee and Chair of Trustees	January 2009	2026	142	Private investor	N/A
Steven E. Buller (age 74)	Trustee	February 2014	2026	142	Private investor	N/A
John A. Caroselli (age 71)	Trustee	March 2017	2027	142	Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)	N/A
Maureen R. Goldfarb (age 70)	Trustee	January 2009	2028	142	Private investor	N/A
Peter D. Jones (age 70)	Trustee	January 2019	2026	142	Private investor	N/A
James W. Kilman, Jr. (age 64)	Trustee	January 2019	2027	142	Burford Capital Limited (finance and investment management), Senior Advisor (since 2021), Chief Financial Officer (2019 - 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)	N/A

Trustees and Officers - continued

Name, Age	Position(s) Held with Fund	Trustee/ Officer Since(h)	Term Expiring	Number of MFS Funds overseen by the Trustee	Principal Occupations During the Past Five Years	Other Directorships During the Past Five Years (j)
Clarence Otis, Jr. (age 69)	Trustee	March 2017	2027	142	Private investor	VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke (age 69)	Trustee	May 2014	2028	142	Private investor	N/A
Paula E. Smith (age 62)	Trustee	January 2025	2028	142	PricewaterhouseCoopers LLP (accounting), Partner (until June 2023)	N/A
Darrell A. Williams (age 66)	Trustee	January 2025	2026	142	DuSable Group, LLC (financial advisory and consulting services), Founder & Managing Member (since June 2023), Loop Capital LLC (investment banking, brokerage and advisory services), Managing Director (2020 – March 2023)	N/A

Name, Age	Position(s) Held with Fund	Trustee/ Officer Since(h)	Term Expiring	Number of MFS Funds for which the Person is an Officer	Principal Occupations During the Past Five Years
OFFICERS
William T. Allen (k) (age 58)	Deputy Assistant Treasurer	April 2024	N/A	142	Massachusetts Financial Services Company, Vice President
Brian Balasco (k) (age 48)	Assistant Treasurer	April 2024	N/A	142	Massachusetts Financial Services Company, Vice President
Christopher R. Bohane (k) (age 51)	Assistant Secretary and Assistant Clerk	July 2005	N/A	142	Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel
James L. Byrne (k) (age 49)	Assistant Treasurer	April 2024	N/A	142	Massachusetts Financial Services Company, Vice President

Trustees and Officers - continued

Name, Age	Position(s) Held with Fund	Trustee/ Officer Since(h)	Term Expiring	Number of MFS Funds for which the Person is an Officer	Principal Occupations During the Past Five Years
John W. Clark, Jr. (k) (age 58)	Deputy Treasurer	April 2017	N/A	142	Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k) (age 57)	President	July 2005	N/A	142	Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k) (age 58)	Secretary and Clerk	April 2017	N/A	142	Massachusetts Financial Services Company, Director (since 2026), Executive Vice President, General Counsel and Secretary
Brian E. Langenfeld (k) (age 52)	Assistant Secretary and Assistant Clerk	June 2006	N/A	142	Massachusetts Financial Services Company, Vice President and Managing Counsel
Rosa E. Licea-Mailloux (k) (age 49)	Chief Compliance Officer	March 2022	N/A	142	Massachusetts Financial Services Company, Senior Vice President (since March 2025), Vice President (2018-2025), Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022)
Amanda S. Mooradian (k) (age 46)	Assistant Secretary and Assistant Clerk	September 2018	N/A	142	Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k) (age 55)	Assistant Secretary and Assistant Clerk	July 2005	N/A	142	Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k) (age 55)	Treasurer	September 2012	N/A	142	Massachusetts Financial Services Company, Senior Vice President
Michael D. Refkofsky (k) (age 46)	Assistant Treasurer	October 2025	N/A	142	Massachusetts Financial Services Company, Vice President

Trustees and Officers - continued

Name, Age	Position(s) Held with Fund	Trustee/ Officer Since(h)	Term Expiring	Number of MFS Funds for which the Person is an Officer	Principal Occupations During the Past Five Years
Matthew A. Stowe (k) (age 51)	Assistant Secretary and Assistant Clerk	October 2014	N/A	142	Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel
William B. Wilson (k) (age 43)	Assistant Secretary and Assistant Clerk	October 2022	N/A	142	Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel

(h)

Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.

(j)

Directorships or trusteeships of companies required to report to the Securities and Exchange

Commission (i.e., “public companies”).

(k)

“Interested person” of the Trust within the meaning of the Investment Company Act of 1940

(referred to as the 1940 Act), which is the principal federal law governing investment

companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.

The Trust holds annual shareholder meetings for the purpose of electing Trustees, and Trustees are elected for fixed terms. The Board of Trustees is currently divided into three classes, each having a term of three years which term expires on the date of the third annual meeting following the election to office of the Trustee’s class. Each year the term of one class expires. Each Trustee and officer will serve until next elected or his or her earlier death, resignation, retirement or removal. Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).

Effective January 1, 2026, Messrs. Buller, Caroselli, Jones, Otis, and Ms. Smith are members of the Trust’s Audit Committee.

Trustees and Officers - continued

Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.

Investment Adviser	Custodian
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618	State Street Bank and Trust Company 1 Congress Street, Suite 1 Boston, MA 02114-2016

Portfolio Manager(s)	Independent Registered Public Accounting Firm
Neeraj Arora Alexander Mackey Jake Stone	Deloitte & Touche LLP 115 Federal Street Boston, MA 02110

Board Review of Investment Advisory

Agreement

MFS Government Markets Income Trust

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance (based on net asset value) of the Fund for various time periods ended December 31, 2024 and the investment performance (based on net asset value) of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Fund, (v) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of

Board Review of Investment Advisory Agreement - continued

MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees’ conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s common shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s common shares ranked 2nd out of a total of 2 funds in the Broadridge performance universe for this five-year period (a ranking of first place out of the total number of funds in the performance universe indicating the best performer and a ranking of last place out of the total number of funds in the performance universe indicating the worst performer). The total return performance of the Fund’s common shares ranked 2nd out of a total of 2 funds for each of the one- and three-year periods ended December 31, 2024. Given the size of the Broadridge performance universe and information previously provided by MFS regarding differences between the Fund and the other funds in its Broadridge performance universe, the Trustees also reviewed the Fund’s performance in comparison to a custom benchmark developed by MFS. The Fund outperformed its custom benchmark for each of the one-, three-, and five-year periods ended December 31, 2024 (one-year: 1.2% total return for the Fund versus 1.1% total return for the benchmark; three-year: -2.3% total return for the Fund versus -2.5% total return for the benchmark; five-year: -0.2% total return for the Fund versus -0.5% total return for the benchmark). Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. The Trustees observed that there were significant limitations to the usefulness of the comparative data provided by Broadridge, noting that the applicable Broadridge performance universe for the Fund included funds that pursue substantially different investment programs as compared to

Board Review of Investment Advisory Agreement - continued

that pursued by the Fund. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered, among other information, the Fund’s advisory fee and the total expense ratio of the Fund’s common shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS has agreed in writing to reduce its advisory fee, and that MFS currently observes an expense limitation for the Fund, each of which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds.

The Trustees considered that, as a closed-end fund, the Fund is unlikely to experience meaningful asset growth. As a result, the Trustees did not view the potential for realization of economies of scale as the Fund’s assets grow to be a material factor in their deliberations. The Trustees noted that they would consider economies of scale in the future in the event the Fund experiences significant asset growth, such as through an offering of preferred shares (which is not currently contemplated) or a material increase in the market value of the Fund’s portfolio securities.

The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the

Board Review of Investment Advisory Agreement - continued

Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative services provided to the Fund by MFS under agreements other than the investment advisory agreement. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

Proxy Voting Policies and Information

MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.

Quarterly Portfolio Disclosure

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s Web site at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Reports and Other Documents” tab.

Further Information

From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.

Additional information about the fund (e.g., performance, dividends and the fund’s price history) is also available at mfs.com/closedendfunds by choosing the fund's name, if any.

INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS

The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

rev. 3/16

FACTS

WHAT DOES MFS DO WITH YOUR

PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal

information. Federal law gives consumers the right to limit some but

not all sharing. Federal law also requires us to tell you how we

collect, share, and protect your personal information. Please read this

notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	• Social Security number and account balances
	• Account transactions and transaction history
	• Checking account information and wire transfer instructions
	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MFS share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don't share
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes – information about your transactions and experiences	No	We don't share
For our affiliates' everyday business purposes – information about your creditworthiness	No	We don't share
For nonaffiliates to market to you	No	We don't share

Questions?

Call 800-225-2606 or go to mfs.com.

Page 2

Who we are
Who is providing this notice?	MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.

What we do
How does MFS protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS collect my personal information?	We collect your personal information, for example, when you
	• open an account or provide account information
	• direct us to buy securities or direct us to sell your securities
	• make a wire transfer
	We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only
	• sharing for affiliates' everyday business purposes – information about your creditworthiness
	• affiliates from using your information to market to you
	• sharing for nonaffiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
	• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
	• MFS does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
	• MFS doesn't jointly market.

Other important information

If you own an MFS product or receive an MFS service in the name of a third party such as

a bank or broker-dealer, their privacy policy may apply to you instead of ours.

COMPUTERSHARE TRUST COMPANY, N.A.
TRANSFER AGENT, REGISTRAR, AND
DIVIDEND DISBURSING AGENT

CALL

1-800-637-2304

9 a.m. to 5 p.m. Eastern time

WRITE

Computershare Trust Company, N.A.

P.O. Box 43078

Providence, RI 02940-3078

New York Stock Exchange Symbol: MGF

Item 1(b):

A copy of the notice transmitted to the Registrant’s shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition enumerated in paragraph

(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code. A copy of the Code is attached hereto as EX-99.COE.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Messrs. Steven E. Buller, Clarence Otis, Jr., and Paula E. Smith, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of “audit committee financial expert” as such term is defined in Form N-CSR. In addition, Messrs. Buller, Otis, and Smith are “independent” members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Items 4(a) through 4(d) and 4(g):

The Board of Trustees has appointed Deloitte & Touche LLP (“Deloitte”) to serve as independent accountants to the Registrant (hereinafter the “Registrant” or the “Fund”). The tables below set forth the audit fees billed to the Fund as well as fees for non-audit services provided to the Fund and/or to the Fund’s investment adviser, Massachusetts Financial Services Company (“MFS”), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).

For the fiscal years ended November 30, 2025 and 2024, audit fees billed to the Fund by Deloitte were as follows:

Fees billed by Deloitte:		Audit Fees
	2025		2024
MFS Government Markets Income Trust	75,630		73,642

For the fiscal years ended November 30, 2025 and 2024, fees billed by Deloitte for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

Fees billed by Deloitte:	Audit-Related Fees1			Tax Fees2		All Other Fees3
	2025	2024		2025	2024	2025	2024
To MFS Government Markets	10,000	10,000		0	0	0	0
Income Trust

Fees billed by Deloitte:	Audit-Related Fees1			Tax Fees2		All Other Fees3
	2025	2024		2025	2024	2025	2024
To MFS and MFS Related	0	0		0	0	452,513	0
Entities of MFS Government
Markets Income Trust*

Fees Billed by Deloitte:			Aggregate Fees for Non-audit Services
			2025			2024
To MFS Government Markets Income Trust,			462,513			27,927
MFS and MFS Related Entities#

*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by Deloitte for non-audit services rendered to the Fund and for non- audit services rendered to MFS and the MFS Related Entities. If applicable the fees are converted to USD as of the payment date.

1 The fees included under “Audit-Related Fees” are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ‘‘Audit Fees,’’ including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

2 The fees included under “Tax Fees” are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

3 The fees included under “All Other Fees” are fees for products and services provided by Deloitte other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees”.

Item 4(e)(1):

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre- approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

Item 4(e)(2):

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

Item 4(f):

Not applicable.

Item 4(h):

The Registrant’s Audit Committee has considered whether the provision by a Registrant’s independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services were provided prior to the effectiveness of SEC rules requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant’s principal auditors.

Item 4(i):

Not applicable.

Item 4(j):

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. Effective January 1, 2026, the members of the Audit Committee are Messrs. Steven E. Buller, John A. Caroselli, Peter D. Jones, Clarence Otis, Jr, and Paula E. Smith.

ITEM 6. INVESTMENTS

A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 10. RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

This information is disclosed as part of the financial statements included in Item 1 above.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A copy of the proxy voting policies and procedures are attached hereto as Ex-99.PROXYPOL.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Portfolio Manager(s)

Information regarding the portfolio manager(s) of the MFS Government Markets Income Trust (the "Fund"), is set forth below. Each portfolio manager is primarily responsible for the day-to-day management of the Fund.

As of September 30, 2025, Geoffrey Schechter was no longer a portfolio manager of the fund.

Portfolio Manager	Primary Role	Since	Title and Five Year History
Neeraj Arora	Emerging Markets Debt Instruments	2021	Investment Officer of MFS; employed in the investment area of
	Portfolio Manager		MFS since 2011
Alexander Mackey	Investment Grade Debt Instruments	2021	Co-Chief Investment Officer-Global Fixed Income of MFS;
	Portfolio Manager		employed in the investment area of MFS since 2001
Jake Stone	U.S. Government Securities Portfolio	2023	Investment Officer of MFS; employed in the investment area of
	Manager		MFS since 2018

Compensation

MFS’ philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2024, portfolio manager total cash compensation is a combination of base salary and performance bonus:

Base Salary – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus. Performance Bonus – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

With respect to each portfolio manager except Mr. Alexander Mackey, the performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed- length time periods include the portfolio manager's full tenure on each Fund/strategy and, when available, 10-, 5-, and 3-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices (“benchmarks”). As of December 31, 2024, the following benchmarks were used to measure the following portfolio manager's performance for the Fund:

Fund	Portfolio Manager	Benchmark(s)
MFS Government Markets Income Trust	Neeraj Arora	JPMorgan Emerging Markets Bond Index Global
	Jake Stone	Bloomberg U.S. Government/Mortgage Index

Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management’s assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

With respect to Mr. Alexander Mackey, his compensation reflects his broader role within MFS as Co-Chief Investment Officer-Global Fixed Income in addition to being a portfolio manager. His performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is based on overall group investment performance and business performance metrics. The qualitative portion is based on the results of an annual internal review process conducted by the Chief Investment Officer which takes into account his broad leadership responsibilities. This performance bonus is in the form of cash and/or a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the

unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

MFS Equity Plan – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager’s compensation depends upon the length of the individual’s tenure at MFS and salary level, as well as other factors.

Ownership of Fund Shares

The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund’s portfolio manager(s) as of the Fund's fiscal year ended November 30, 2025. The following dollar ranges apply:

N. None

A. $1 – $10,000

B. $10,001 – $50,000

C. $50,001 – $100,000

D. $100,001 – $500,000

E. $500,001 – $1,000,000

F. Over $1,000,000

Name of Portfolio Manager	Dollar Range of Equity Securities in Fund
Neeraj Arora	N
Alexander Mackey	N
Jake Stone	N

Other Accounts

In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub- advised by MFS or an affiliate. The number and assets of these accounts were as follows as of the Fund's fiscal year ended November 30, 2025:

	Registered Investment				Other Pooled
		Companies*		Investment Vehicles			Other Accounts
	Number of			Number of			Number of
Name	Accounts		Total Assets	Accounts		Total Assets	Accounts	Total Assets
Neeraj Arora	11		$20.1 billion	10		$5.2 billion	8	$3.5 billion
Alexander Mackey	19		$41.3 billion	8		$3.5 billion	20	$2.4 billion
Jake Stone	6		$6.1 billion	5		$554.6 million	0	N/A
*Includes the Fund

Advisory fees are not based upon performance of any of the accounts identified in the table above.

Potential Conflicts of Interest

MFS seeks to identify potential conflicts of interest resulting from a portfolio manager’s management of both the Fund and other accounts, and has adopted policies and procedures reasonably designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.

The management of multiple funds and accounts (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund’s portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest). MFS' trade allocation policies could have a detrimental effect on the Fund if the Fund’s orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund’s investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.

When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a

security with respect to the Fund.

MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its affiliates, its employees, its officers, and/or its directors own or have an interest.

To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

MFS Government Markets Income Trust

			(c) Total	(d) Maximum
			Number of	Number (or
	(a) Total number	(b)	Shares	Approximate
Period	of Shares	Average	Purchased as	Dollar Value) of
	Purchased	Price	Part of Publicly	Shares that May
		Paid per	Announced	Yet Be Purchased
		Share	Plans or	under the Plans
			Programs	or Programs

12/01/24-12/31/24	0	N/A	0	3,259,019
01/01/25-01/31/25	0	N/A	0	3,259,019
02/01/25-02/28/25	0	N/A	0	3,259,019
03/01/25-03/31/25	0	N/A	0	3,259,019
04/01/25-04/30/25	0	N/A	0	3,259,019
05/01/25-05/31/25	0	N/A	0	3,259,019
06/01/25-06/30/25	0	N/A	0	3,259,019
07/01/25-07/31/25	0	N/A	0	3,259,019
08/01/25-08/31/25	0	N/A	0	3,259,019
09/01/25-09/30/25	0	N/A	0	3,259,019
10/01/25-10/31/25	0	N/A	0	3,259,019
11/01/25-11/30/25	0	N/A	0	3,259,019

Total	0	N/A	0

Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant’s outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2025, plan year is 3,259,019.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

ITEM 16. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

During the fiscal year ended November 30, 2025, there were no fees or income related to securities lending activities of the Registrant.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.

(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.

(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(4)Change in the registrant’s independent public accountant. Not applicable.

(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.

(c)Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.

(d)Proxy Voting Policies and Procedures pursuant to Item 7 of Form N-CSR. Attached hereto as EX-99.PROXYPOL.

(e) Notices to Trust’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1. Attached hereto as

EX-99.19a-1.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS GOVERNMENT MARKETS INCOME TRUST

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: January 14, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: January 14, 2026

By (Signature and Title)*

/S/ KASEY L. PHILLIPS

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: January 14, 2026

* Print name and title of each signing officer under his or her signature.

Source: View Original Filing on SEC EDGAR

FAQ

What is the investment objective of MFS Government Markets Income Trust (MGF)?

The fund’s objective is to seek high current income, while also considering capital appreciation. It normally invests at least 80% of net assets in U.S. and foreign government securities, including mortgage-backed and other securitized instruments.

How did MGF perform for the year ended November 30, 2025?

For the twelve months ended November 30, 2025, MGF delivered a total return of 5.40% based on NAV and 7.37% based on market price. This compared with 5.56% for the Bloomberg U.S. Government/Mortgage Index and 5.65% for the fund’s blended benchmark.

What is MGF’s managed distribution policy and target rate?

The Board has adopted a managed distribution policy under which the fund seeks to pay monthly distributions at an annual rate of 7.25% of the fund’s average monthly NAV. Distributions can include net investment income, realized gains, and return of capital, and the Board may amend or terminate the policy at any time.

How much of MGF’s 2025 distributions were return of capital?

For the twelve months ended November 30, 2025, distributions under the managed policy included an ordinary income distribution of $3,568,959 and a tax return of capital distribution of $3,980,561. Return of capital reduces the fund’s total assets and can increase the expense ratio over time.

What are the key portfolio characteristics of MGF?

As of November 30, 2025, the portfolio had an average duration of 6.0 years and an average effective maturity of 7.3 years. The fund was heavily invested in U.S. Treasury and agency mortgage-backed securities, with additional exposure to investment grade corporates, municipals, emerging markets bonds, and securitized assets.

What is MGF’s NAV, market price, and asset size?

At November 30, 2025, the fund reported net assets of approximately $103,940,333. The NAV per share was $3.19, while the market price on the New York Stock Exchange was $3.13, indicating that shares traded slightly below NAV.

What are the main risks highlighted for MGF investors?

Key risks include interest rate risk, credit risk, debt market and liquidity risk, foreign and emerging markets risk, prepayment/extension risk, derivatives and leverage risk, and specific managed distribution plan risk, since distributions can include return of capital and may cause NAV to decline faster than it otherwise would.

MFS Government Markets Income Trust (MGF) details 7.25% payout policy and 2025 returns

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FAQ

What is the investment objective of MFS Government Markets Income Trust (MGF)?

How did MGF perform for the year ended November 30, 2025?

What is MGF’s managed distribution policy and target rate?

How much of MGF’s 2025 distributions were return of capital?

What are the key portfolio characteristics of MGF?

What is MGF’s NAV, market price, and asset size?

What are the main risks highlighted for MGF investors?

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MFS Government Markets Income Trust (MGF) details 7.25% payout policy and 2025 returns

Rhea-AI Filing Summary

Positive

Negative

FAQ

What is the investment objective of MFS Government Markets Income Trust (MGF)?

How did MGF perform for the year ended November 30, 2025?

What is MGF’s managed distribution policy and target rate?

How much of MGF’s 2025 distributions were return of capital?

What are the key portfolio characteristics of MGF?

What is MGF’s NAV, market price, and asset size?

What are the main risks highlighted for MGF investors?

NYSE:MGF

MGF Rankings

MGF Latest News

MGF Latest SEC Filings

MGF Stock Data