NPORT-EX 2 edgar.htm NPORT PART F
Quarterly Report
January 31, 2025
MFS®  Corporate Bond Fund
MFB-Q3
Portfolio of Investments
1/31/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Bonds – 97.6%
Aerospace & Defense – 2.1%
Boeing Co., 2.196%, 2/04/2026    $ 8,727,000 $8,501,750
Boeing Co., 5.15%, 5/01/2030      15,298,000 15,200,841
Boeing Co., 6.388%, 5/01/2031      6,580,000 6,923,476
Boeing Co., 5.805%, 5/01/2050      33,463,000 31,495,317
Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035      4,416,000 4,417,193
L3 Harris Technologies, Inc., 5.4%, 7/31/2033      9,532,000 9,543,053
TransDigm, Inc., 6.875%, 12/15/2030 (n)     19,815,000 20,296,802
        $96,378,432
Asset-Backed & Securitized – 3.2%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.004%, 11/15/2054 (i)   $ 111,078,438 $4,590,428
ACREC 2021-FL1 Ltd., “A”, FLR, 5.566% ((SOFR - 1mo. + 0.11448%) + 1.15%), 10/16/2036 (n)     7,899,048 7,895,462
Angel Oak Mortgage Trust, 2024-13, “A1”, 5.464%, 12/26/2069 (n)     12,714,263 12,678,000
Arbor Realty Trust, Inc., CLO, 2021-FL4, “AS”, FLR, 6.121% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n)     4,841,000 4,850,096
ARI Fleet Lease Trust, 2023-A, “A2”, 5.41%, 2/17/2032 (n)     1,907,357 1,913,369
Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.03% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)     175,823 309,272
BDS 2021-FL7 Ltd., “B”, FLR, 5.913% ((SOFR - 1mo. + 0.11448%) + 1.5%), 6/16/2036 (n)     4,505,000 4,481,398
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.25%, 7/15/2054 (i)     194,685,063 10,851,025
Colt Funding LLC, 2024-6, “A1”, 5.39%, 11/25/2069 (n)     9,922,401 9,876,791
ELM Trust, 2024-ELM, “A10”, 5.994%, 6/10/2039 (n)     5,091,611 5,157,745
ELM Trust, 2024-ELM, “D10”, 6.847%, 6/10/2039 (n)     4,848,307 4,906,769
KREF 2018-FT1 Ltd., “A”, FLR, 5.485% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n)     5,556,138 5,556,466
KREF 2018-FT1 Ltd., “AS”, FLR, 5.716% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n)     9,074,500 9,075,480
LAD Auto Receivables Trust, 2023-2A, “A2”, 5.93%, 6/15/2027 (n)     2,611,570 2,616,834
MF1 2022-FL8 Ltd., “A”, FLR, 5.65% (SOFR - 1mo. + 1.35%), 2/19/2037 (n)     11,997,445 11,997,793
MF1 Multi-Family Housing Mortgage Loan Trust, 2024-FL5, “A”, FLR, 5.987% (SOFR - 1mo. + 1.688%), 8/18/2041 (n)     14,356,000 14,358,642
Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, “A-1”, 5.044%, 7/25/2069 (n)     5,309,431 5,265,428
OBX Trust, 2023-NQM5, “A1”, 5.988%, 1/25/2064 (n)     4,499,213 4,518,924
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)     3,746,229 3,757,817
OBX Trust, 2024-NQM15, “A1”, 5.316%, 10/25/2064 (n)     2,912,678 2,896,890
OBX Trust, 2024-NQM3, “A1”, 6.129%, 12/25/2063 (n)     4,795,195 4,824,356
SBNA Auto Lease Trust, 2023-A, “A2”, 6.27%, 4/20/2026 (n)     3,134,536 3,142,572
Verus Securitization Trust, 2024-4, “A1”, 6.218%, 6/25/2069 (n)     5,199,001 5,236,190
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027      4,707,094 4,726,442
        $145,484,189
Automotive – 1.6%
Cummins, Inc., 5.45%, 2/20/2054    $ 7,545,000 $7,298,715
Ford Motor Credit Co. LLC, 5.8%, 3/05/2027      8,394,000 8,471,159
Ford Motor Credit Co. LLC, 4.95%, 5/28/2027      10,040,000 9,967,095
Ford Motor Credit Co. LLC, 5.8%, 3/08/2029      9,607,000 9,624,496
Ford Motor Credit Co. LLC, 5.113%, 5/03/2029      11,273,000 11,004,803
Ford Motor Credit Co. LLC, 3.25%, 2/12/2032      7,976,000 6,674,363
Hyundai Capital America, 5.45%, 6/24/2026 (n)     12,869,000 12,969,100
Volkswagen Group of America Finance LLC, 6.2%, 11/16/2028 (n)     8,166,000 8,410,982
        $74,420,713
Broadcasting – 1.1%
Walt Disney Co., 3.5%, 5/13/2040    $ 25,879,000 $20,801,444
Walt Disney Co., 4.75%, 9/15/2044      2,217,000 1,991,464
Walt Disney Co., 3.6%, 1/13/2051      9,908,000 7,268,718
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032      10,210,000 9,015,497
WMG Acquisition Corp., 3.75%, 12/01/2029 (n)     826,000 762,061
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)     10,874,000 9,938,091
        $49,777,275
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Brokerage & Asset Managers – 1.5%
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029    $ 6,874,000 $7,042,579
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034      12,497,000 13,133,912
Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n)     8,959,000 8,915,783
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)     12,968,000 12,736,550
LPL Holdings, Inc., 6.75%, 11/17/2028      3,337,000 3,519,491
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)     16,854,000 15,724,552
LSEG US Financial Corp., 5.297%, 3/28/2034 (n)     6,298,000 6,282,688
        $67,355,555
Building – 0.8%
Ferguson Enterprises, Inc., 5%, 10/03/2034    $ 14,236,000 $13,708,561
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 1/15/2029 (n)     1,714,000 1,734,134
Vulcan Materials Co., 3.5%, 6/01/2030      4,932,000 4,578,759
Vulcan Materials Co., 4.5%, 6/15/2047      10,514,000 8,829,564
Vulcan Materials Co., 5.7%, 12/01/2054      7,935,000 7,750,764
        $36,601,782
Business Services – 1.2%
Fiserv, Inc., 2.25%, 6/01/2027    $ 11,840,000 $11,211,213
Fiserv, Inc., 4.4%, 7/01/2049      13,643,000 11,104,038
Mastercard, Inc., 4.35%, 1/15/2032      15,972,000 15,462,057
Mastercard, Inc., 4.55%, 1/15/2035      11,064,000 10,573,556
Visa, Inc., 3.65%, 9/15/2047      9,718,000 7,477,461
        $55,828,325
Cable TV – 1.6%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029    $ 23,716,000 $24,256,189
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047      14,026,000 11,525,624
Comcast Corp., 2.887%, 11/01/2051      13,896,000 8,365,546
Videotron Ltd., 3.625%, 6/15/2029 (n)     19,934,000 18,557,122
Videotron Ltd., 5.7%, 1/15/2035 (n)     12,004,000 11,790,868
        $74,495,349
Chemicals – 0.4%
SCIH Salt Holdings, Inc., 4.875%, 5/01/2028 (n)   $ 18,888,000 $18,324,310
Computer Software – 1.0%
Accenture Capital, Inc., 4.25%, 10/04/2031    $ 9,441,000 $9,110,975
Accenture Capital, Inc., 4.5%, 10/04/2034      6,291,000 5,986,241
Cisco Systems, Inc., 5.5%, 1/15/2040      7,722,000 7,810,625
Microsoft Corp., 2.525%, 6/01/2050      5,450,000 3,342,793
Microsoft Corp., 2.5%, 9/15/2050      14,610,000 8,826,503
Oracle Corp., 5.55%, 2/06/2053      12,451,000 11,679,475
        $46,756,612
Computer Software - Systems – 0.1%
Apple, Inc., 2.7%, 8/05/2051    $ 6,683,000 $4,149,862
Conglomerates – 1.5%
nVent Finance S.à r.l., 5.65%, 5/15/2033    $ 5,067,000 $5,046,990
Regal Rexnord Corp., 6.05%, 4/15/2028      10,547,000 10,755,430
Regal Rexnord Corp., 6.3%, 2/15/2030      14,860,000 15,324,788
Regal Rexnord Corp., 6.4%, 4/15/2033      12,090,000 12,510,843
Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025      5,611,000 5,578,301
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028      10,836,000 10,752,591
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034      8,326,000 8,417,356
        $68,386,299
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Consumer Products – 1.6%
Haleon US Capital LLC, 3.625%, 3/24/2032    $ 11,835,000 $10,755,653
HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 1/15/2029 (n)     13,979,000 13,470,346
HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n)     5,144,000 5,253,750
Kenvue, Inc., 5%, 3/22/2030      11,408,000 11,518,395
Kenvue, Inc., 5.1%, 3/22/2043      10,021,000 9,610,045
Kenvue, Inc., 5.05%, 3/22/2053      9,133,000 8,451,386
Mattel, Inc., 3.75%, 4/01/2029 (n)     15,859,000 14,920,326
        $73,979,901
Consumer Services – 0.7%
CBRE Group, Inc., 5.95%, 8/15/2034    $ 22,765,000 $23,418,895
Service Corp. International, 5.75%, 10/15/2032      10,556,000 10,372,451
        $33,791,346
Electrical Equipment – 0.5%
Arrow Electronics, Inc., 5.875%, 4/10/2034    $ 20,675,000 $20,703,874
Electronics – 0.8%
Broadcom, Inc., 5.05%, 7/12/2029    $ 8,807,000 $8,842,152
Intel Corp., 5.7%, 2/10/2053      12,543,000 11,168,231
Lam Research Corp., 4.875%, 3/15/2049      7,791,000 7,021,999
NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033      3,324,000 3,247,345
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.125%, 2/15/2042      12,491,000 8,759,086
        $39,038,813
Emerging Market Quasi-Sovereign – 0.3%
GACI First Investment Co. (Kingdom of Saudi Arabia), 5.125%, 2/14/2053    $ 8,025,000 $6,785,298
Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n)     6,810,000 6,367,350
        $13,152,648
Emerging Market Sovereign – 0.4%
Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n)   $ 13,484,000 $13,590,254
United Mexican States, 6.338%, 5/04/2053      4,838,000 4,314,705
        $17,904,959
Energy - Independent – 2.2%
Canada National Resources Ltd., 5.4%, 12/15/2034 (n)   $ 5,768,000 $5,576,084
Diamondback Energy, Inc., 5.75%, 4/18/2054      11,900,000 11,173,197
EQT Corp., 3.625%, 5/15/2031 (n)     10,474,000 9,424,372
Occidental Petroleum Corp., 6.125%, 1/01/2031      7,894,000 8,098,329
Occidental Petroleum Corp., 4.4%, 4/15/2046      18,060,000 13,640,393
Permian Resources Operating LLC, 7%, 1/15/2032 (n)     6,932,000 7,115,504
Permian Resources Operating LLC, 6.25%, 2/01/2033 (n)     4,824,000 4,835,669
Pioneer Natural Resources Co., 1.9%, 8/15/2030      2,906,000 2,485,967
Pioneer Natural Resources Co., 2.15%, 1/15/2031      21,285,000 18,199,878
Santos Finance Ltd., 6.875%, 9/19/2033 (n)     20,387,000 21,572,932
        $102,122,325
Energy - Integrated – 0.4%
BP Capital Markets America, Inc., 1.749%, 8/10/2030    $ 6,943,000 $5,895,586
BP Capital Markets America, Inc., 4.812%, 2/13/2033      4,600,000 4,457,986
BP Capital Markets America, Inc., 3.001%, 3/17/2052      10,654,000 6,672,357
        $17,025,929
Entertainment – 0.9%
Royal Caribbean Cruises Ltd., 4.25%, 7/01/2026 (n)   $ 18,053,000 $17,804,954
Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n)     6,700,000 6,650,314
Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n)     5,052,000 5,092,012
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Entertainment – continued
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)   $ 12,829,000 $13,106,404
        $42,653,684
Financial Institutions – 1.8%
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)   $ 4,843,000 $4,803,700
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n)     9,024,000 8,709,097
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n)     5,143,000 4,794,383
Fortress Transportation and Infrastructure Investors LLC, 7%, 5/01/2031 (n)     13,702,000 13,886,607
Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n)     5,642,000 5,946,493
Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n)     4,283,000 4,213,187
Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n)     7,609,000 7,886,713
SLM Corp., 6.5%, 1/31/2030      10,924,000 11,026,413
SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n)     23,119,000 23,198,611
        $84,465,204
Food & Beverages – 4.0%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038    $ 4,622,000 $4,166,904
Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048      17,135,000 14,381,463
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)     21,513,000 20,998,613
Bunge Ltd. Finance Corp., 4.65%, 9/17/2034      21,983,000 20,827,817
Constellation Brands, Inc., 4.75%, 5/09/2032      1,724,000 1,657,258
Constellation Brands, Inc., 4.1%, 2/15/2048      12,844,000 9,910,496
Constellation Brands, Inc., 3.75%, 5/01/2050      5,973,000 4,297,567
Diageo Capital PLC, 5.625%, 10/05/2033      6,595,000 6,776,520
JBS USA Food Co., 6.5%, 12/01/2052      11,976,000 12,209,867
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.5%, 1/15/2030      4,282,000 4,289,522
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031      12,802,000 11,459,587
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032      8,055,000 7,127,027
Kraft Heinz Foods Co., 4.875%, 10/01/2049      12,944,000 11,152,827
Kraft Heinz Foods Co., 5.5%, 6/01/2050      12,522,000 11,764,475
Mars, Inc., 4.55%, 4/20/2028 (n)     9,306,000 9,246,127
Mars, Inc., 3.95%, 4/01/2049 (n)     10,409,000 7,993,215
SYSCO Corp., 4.45%, 3/15/2048      9,063,000 7,444,741
U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n)     9,882,000 9,606,696
Viterra Finance B.V., 3.2%, 4/21/2031 (n)     5,281,000 4,631,395
Viterra Finance B.V., 5.25%, 4/21/2032 (n)     3,134,000 3,063,440
        $183,005,557
Gaming & Lodging – 2.2%
Flutter Treasury DAC, 6.375%, 4/29/2029 (n)   $ 14,904,000 $15,149,663
Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n)     13,927,000 13,835,979
Las Vegas Sands Corp., 5.9%, 6/01/2027      7,130,000 7,226,975
Las Vegas Sands Corp., 6.2%, 8/15/2034      11,021,000 11,097,791
Marriott International, Inc., 2.85%, 4/15/2031      12,565,000 11,048,559
Melco Resorts Finance Ltd., 7.625%, 4/17/2032 (n)     8,328,000 8,313,678
Sands China Ltd., 2.85%, 3/08/2029      15,270,000 13,693,020
VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n)     7,044,000 6,932,506
Wynn Macau Ltd., 5.5%, 10/01/2027 (n)     14,957,000 14,639,268
        $101,937,439
Insurance – 1.7%
Corebridge Financial, Inc., 3.9%, 4/05/2032    $ 22,135,000 $20,161,342
Corebridge Financial, Inc., 4.35%, 4/05/2042      2,707,000 2,258,029
Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052      8,970,000 9,224,862
Lincoln National Corp., 5.852%, 3/15/2034      13,260,000 13,475,645
MetLife, Inc., 5.3%, 12/15/2034      15,082,000 15,007,199
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)     17,496,000 18,353,558
        $78,480,635
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Insurance - Health – 1.7%
Elevance Health, Inc., 5.375%, 6/15/2034    $ 11,192,000 $11,141,408
Elevance Health, Inc., 5.65%, 6/15/2054      15,203,000 14,529,713
Humana, Inc., 4.95%, 10/01/2044      7,759,000 6,645,645
UnitedHealth Group, Inc., 5.3%, 2/15/2030      8,423,000 8,587,361
UnitedHealth Group, Inc., 4.625%, 7/15/2035      4,745,000 4,493,237
UnitedHealth Group, Inc., 5.5%, 7/15/2044      11,960,000 11,606,008
UnitedHealth Group, Inc., 5.875%, 2/15/2053      19,945,000 20,008,599
        $77,011,971
Insurance - Property & Casualty – 3.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 4/15/2028 (n)   $ 7,004,000 $7,077,948
American International Group, Inc., 5.125%, 3/27/2033      19,304,000 19,127,322
Arthur J. Gallagher & Co., 5%, 2/15/2032      3,153,000 3,097,889
Arthur J. Gallagher & Co., 6.5%, 2/15/2034      14,386,000 15,452,470
Arthur J. Gallagher & Co., 6.75%, 2/15/2054      11,784,000 12,992,915
Brown & Brown, Inc., 5.65%, 6/11/2034      13,304,000 13,294,575
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031      11,222,000 10,030,421
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032      4,771,000 4,818,553
Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054      11,191,000 11,438,651
Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031      21,665,000 21,380,724
Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055      12,177,000 11,579,745
Panther Escrow Issuer, 7.125%, 6/01/2031 (n)     9,743,000 9,977,504
        $140,268,717
International Market Quasi-Sovereign – 0.7%
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)   $ 16,054,000 $16,533,669
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)     20,295,000 17,035,558
        $33,569,227
International Market Sovereign – 0.5%
Government of Bermuda, 5%, 7/15/2032 (n)   $ 25,609,000 $24,712,685
Machinery & Tools – 1.4%
AGCO Corp., 5.8%, 3/21/2034    $ 7,879,000 $7,909,517
Ashtead Capital, Inc., 4.375%, 8/15/2027 (n)     3,228,000 3,175,169
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n)     9,885,000 9,760,655
Ashtead Capital, Inc., 5.95%, 10/15/2033 (n)     3,902,000 3,947,873
CNH Industrial Capital LLC, 5.45%, 10/14/2025      17,462,000 17,552,207
CNH Industrial Capital LLC, 5.5%, 1/12/2029      15,194,000 15,469,597
CNH Industrial N.V., 3.85%, 11/15/2027      5,323,000 5,191,176
        $63,006,194
Major Banks – 16.5%
Bank of America Corp., 4.376% to 4/27/2027, FLR (SOFR - 1 day + 1.58%) to 4/27/2028    $ 25,565,000 $25,317,033
Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029      9,904,000 10,178,700
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032      8,035,000 6,971,498
Bank of America Corp., 5.872% to 9/15/2033, FLR (SOFR - 1 day + 1.84%) to 9/15/2034      8,451,000 8,711,575
Bank of America Corp., 5.425% to 8/15/2034, FLR (SOFR - 1 day + 1.913%) to 8/15/2035      9,737,000 9,490,362
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032      13,347,000 11,361,372
BNP Paribas S.A., 5.283% to 11/19/2029, FLR (SOFR - 1 day + 1.28%) to 11/19/2030 (n)     10,468,000 10,431,328
Comerica, Inc., 5.982% to 1/30/2029, FLR (SOFR - 1 day + 2.155%) to 1/30/2030      14,075,000 14,213,079
Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n)     12,534,000 11,574,541
Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n)     18,459,000 13,597,191
Credit Agricole S.A., 1.247% to 1/26/2026, FLR (SOFR - 1 day + 0.89162%) to 1/26/2027 (n)     24,068,000 23,239,769
Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n)     16,262,000 16,579,314
Danske Bank A.S., 4.613% to 10/02/2029, FLR (CMT - 1yr. + 1.1%) to 10/02/2030 (n)     6,859,000 6,684,133
Deutsche Bank AG, 5.706% to 2/08/2027, FLR (SOFR - 1 day + 1.594%) to 2/08/2028      11,827,000 11,972,634
Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029      14,717,000 14,757,237
Deutsche Bank AG, 7.079% to 2/10/2033, FLR (SOFR - 1 day + 3.65%) to 2/10/2034      14,155,000 14,742,438
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Major Banks – continued
Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030    $ 9,426,000 $9,262,156
Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035      24,675,000 23,706,279
HSBC Holdings PLC, 2.357% to 8/18/2030, FLR (SOFR - 1 day + 1.947%) to 8/18/2031      21,465,000 18,383,389
HSBC Holdings PLC, 2.871% to 11/22/2031, FLR (SOFR - 1 day + 1.41%) to 11/22/2032      8,263,000 7,038,568
JPMorgan Chase & Co., 6.07% to 10/22/2026, FLR (SOFR - 1 day + 1.33%) to 10/22/2027      25,493,000 26,074,329
JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028      4,363,000 4,317,517
JPMorgan Chase & Co., 3.54%, 5/01/2028      13,887,000 13,524,171
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030      9,529,000 9,730,701
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032      37,249,000 31,684,119
JPMorgan Chase & Co., 5.336% to 1/23/2034, FLR (SOFR - 1 day + 1.62%) to 1/23/2035      5,407,000 5,394,203
JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035      6,662,000 6,427,711
Mitsubishi UFJ Financial Group, Inc., 5.719% to 2/20/2025, FLR (CMT - 1yr. + 1.08%) to 2/20/2026      24,317,000 24,327,145
Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027      14,185,000 13,452,593
Morgan Stanley, 0.985% to 12/10/2025, FLR (SOFR - 1 day + 0.72%) to 12/10/2026      17,246,000 16,696,900
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029      4,781,000 4,853,464
Morgan Stanley, 4.431% to 1/23/2029, FLR ((SOFR - 3mo. + 0.26161%) + 1.628%) to 1/23/2030      3,224,000 3,153,833
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031      23,279,000 21,731,578
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034      11,137,000 11,137,318
National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n)     21,704,000 18,738,004
NatWest Group PLC, 5.847% to 3/02/2026, FLR (CMT - 1yr. + 1.35%) to 3/02/2027      10,295,000 10,405,738
NatWest Group PLC, 5.583%, 3/01/2028      8,696,000 8,811,008
Nordea Bank Abp, 1.5%, 9/30/2026 (n)     16,788,000 15,940,877
PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028      6,731,000 6,803,705
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035      11,131,000 11,306,970
PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036      10,145,000 10,195,328
Regions Financial Corp., 5.502%, 9/06/2035      18,856,000 18,502,966
Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031      28,730,000 23,682,128
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 3/09/2026 (n)     19,569,000 19,768,984
Toronto-Dominion Bank, 4.108%, 6/08/2027      12,741,000 12,563,318
Toronto-Dominion Bank, 4.693%, 9/15/2027      16,991,000 16,996,396
UBS Group AG, 3.126% to 8/13/2029, FLR (LIBOR - 3mo. + 1.468%) to 8/13/2030 (n)     35,561,000 32,670,134
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n)     22,649,000 19,781,564
UBS Group AG, 9.25% to 11/13/2033, FLR (CMT - 5yr. + 4.758%) to 5/13/2172 (n)     5,754,000 6,645,939
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n)     18,700,000 18,393,107
UniCredit S.p.A., 1.982% to 6/03/2026, FLR (CMT - 1yr. + 1.2%) to 6/03/2027 (n)     10,140,000 9,742,098
Wells Fargo & Co., 3.908% to 4/25/2025, FLR (SOFR - 1 day + 1.32%) to 4/25/2026      13,408,000 13,379,548
Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029      13,754,000 14,013,160
Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + 1.11%) to 1/24/2031      12,007,000 12,068,043
        $761,127,193
Medical & Health Technology & Services – 1.9%
Alcon Finance Corp., 2.6%, 5/27/2030 (n)   $ 20,216,000 $17,945,070
Alcon Finance Corp., 3.8%, 9/23/2049 (n)     6,904,000 5,073,146
Becton, Dickinson and Co., 4.685%, 12/15/2044      6,838,000 5,961,748
HCA, Inc., 5.45%, 9/15/2034      17,868,000 17,503,212
ICON Investments Six DAC, 5.809%, 5/08/2027      17,938,000 18,255,590
IQVIA, Inc., 6.25%, 2/01/2029      8,252,000 8,539,780
Marin General Hospital, 7.242%, 8/01/2045      8,685,000 9,797,587
Thermo Fisher Scientific, Inc., 2.8%, 10/15/2041      7,023,000 4,969,621
        $88,045,754
Medical Equipment – 0.5%
Danaher Corp., 2.6%, 10/01/2050    $ 16,527,000 $9,818,825
Stryker Corp., 4.625%, 9/11/2034      15,607,000 14,909,178
        $24,728,003
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Metals & Mining – 1.5%
Anglo American Capital PLC, 2.25%, 3/17/2028 (n)   $ 11,184,000 $10,266,669
Anglo American Capital PLC, 2.625%, 9/10/2030 (n)     4,570,000 3,988,779
FMG Resources Ltd., 4.375%, 4/01/2031 (n)     17,960,000 16,387,309
Glencore Funding LLC, 3.875%, 10/27/2027 (n)     8,624,000 8,402,562
Novelis Corp., 4.75%, 1/30/2030 (n)     19,774,000 18,579,468
Vale Overseas Ltd., 6.4%, 6/28/2054      10,476,000 10,387,341
        $68,012,128
Midstream – 5.3%
Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n)   $ 3,370,000 $3,417,421
Columbia Pipelines Operating Co. LLC, 6.497%, 8/15/2043 (n)     8,216,000 8,526,019
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)     11,227,000 11,765,768
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054      22,118,000 20,972,503
Enbridge, Inc., 5.95%, 4/05/2054      9,370,000 9,219,092
Energy Transfer LP, 4%, 10/01/2027      8,335,000 8,160,817
Energy Transfer LP, 5.95%, 5/15/2054      8,347,000 8,031,000
Energy Transfer LP, 7.125% to 5/15/2030, FLR (CMT - 5yr. + 5.306%) to 5/15/2171      11,586,000 11,749,953
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)     8,793,000 8,476,539
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n)     15,920,470 15,283,335
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n)     3,311,638 2,875,881
Plains All American Pipeline LP, 4.65%, 10/15/2025      15,024,000 15,014,889
Plains All American Pipeline LP, 3.55%, 12/15/2029      11,859,000 11,068,488
Plains All American Pipeline LP, 5.95%, 6/15/2035      16,054,000 16,246,448
Plains All American Pipeline LP, 4.9%, 2/15/2045      13,471,000 11,463,981
Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n)     15,327,000 14,694,001
Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n)     6,372,000 6,374,855
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n)     3,106,000 3,021,376
Targa Resources Corp., 4.2%, 2/01/2033      12,131,000 11,064,561
Targa Resources Corp., 4.95%, 4/15/2052      20,769,000 17,528,407
Targa Resources Corp., 6.25%, 7/01/2052      3,900,000 3,913,541
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)     4,378,000 4,458,192
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)     10,823,000 9,784,581
Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n)     10,044,000 10,466,581
        $243,578,229
Municipals – 0.7%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 2.746%, 6/01/2034    $ 9,830,000 $8,308,591
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 6.352%, 7/01/2049      9,330,000 9,395,123
National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), “A”, 6.89%, 4/01/2034      13,505,000 13,722,219
        $31,425,933
Natural Gas - Distribution – 0.2%
Boston Gas Co., 5.843%, 1/10/2035 (n)   $ 9,178,000 $9,290,125
Natural Gas - Pipeline – 0.6%
APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)   $ 3,350,000 $3,212,936
APA Infrastructure Ltd., 5%, 3/23/2035 (n)     12,850,000 12,112,284
APA Infrastructure Ltd., 5.75%, 9/16/2044 (n)     14,050,000 13,789,762
        $29,114,982
Oils – 0.4%
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031    $ 19,661,317 $16,631,103
Other Banks & Diversified Financials – 3.5%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)   $ 24,810,000 $26,002,246
AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n)     6,142,000 6,193,539
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n)     17,196,000 17,419,943
BPCE S.A., 5.716% to 1/18/2029, FLR (CMT - 1yr. + 1.959%) to 1/18/2030 (n)     12,906,000 13,026,898
CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n)     8,800,000 8,938,776
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Other Banks & Diversified Financials – continued
CaixaBank S.A., 6.84% to 9/13/2033, FLR (SOFR - 1 day + 2.77%) to 9/13/2034 (n)   $ 21,476,000 $22,901,290
Intesa Sanpaolo S.p.A., 7.8%, 11/28/2053 (n)     11,906,000 13,618,586
M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029      4,193,000 4,505,116
M&T Bank Corp., 5.053% to 1/27/2033, FLR (SOFR - 1 day + 1.850%) to 1/27/2034      9,528,000 9,157,255
Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n)     3,736,000 3,763,676
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028      11,201,000 11,133,561
Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/30/2029      12,447,000 13,326,375
Truist Financial Corp., 5.153% to 8/05/2031, FLR (SOFR - 1 day + 1.571%) to 8/05/2032      9,118,000 9,045,374
        $159,032,635
Pharmaceuticals – 1.6%
AbbVie, Inc., 5.35%, 3/15/2044    $ 14,936,000 $14,623,442
AbbVie, Inc., 5.4%, 3/15/2054      8,759,000 8,450,115
Bristol-Myers Squibb Co., 5.5%, 2/22/2044      7,453,000 7,354,549
Bristol-Myers Squibb Co., 5.55%, 2/22/2054      4,595,000 4,460,578
Merck & Co., Inc., 2.75%, 12/10/2051      7,976,000 4,840,920
Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053      8,900,000 8,333,398
Pfizer, Inc., 2.55%, 5/28/2040      7,976,000 5,560,303
Roche Holdings, Inc., 5.338%, 11/13/2028 (n)     8,944,000 9,155,392
Roche Holdings, Inc., 5.489%, 11/13/2030 (n)     8,859,000 9,150,007
        $71,928,704
Pollution Control – 0.2%
GFL Environmental, Inc., 3.5%, 9/01/2028 (n)   $ 7,073,000 $6,667,295
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)     4,300,000 4,460,837
        $11,128,132
Precious Metals & Minerals – 0.6%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)   $ 13,761,000 $13,479,698
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)     13,609,000 13,842,773
        $27,322,471
Railroad & Shipping – 0.8%
Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054    $ 15,724,000 $14,839,970
Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055      8,973,000 8,806,208
Canadian Pacific Railway Co., 3.1%, 12/02/2051      21,527,000 14,036,429
        $37,682,607
Real Estate - Apartment – 0.4%
American Homes 4 Rent LP, REIT, 5.25%, 3/15/2035    $ 19,234,000 $18,678,153
Real Estate - Office – 1.3%
Boston Properties LP, REIT, 3.65%, 2/01/2026    $ 11,718,000 $11,544,365
Boston Properties LP, REIT, 2.75%, 10/01/2026      9,750,000 9,411,956
Corporate Office Property LP, REIT, 2%, 1/15/2029      15,034,000 13,354,840
Corporate Office Property LP, REIT, 2.75%, 4/15/2031      17,594,000 15,188,408
Cousins Properties, Inc., REIT, 5.875%, 10/01/2034      10,580,000 10,633,718
        $60,133,287
Real Estate - Other – 1.4%
EPR Properties, REIT, 3.6%, 11/15/2031    $ 21,022,000 $18,525,607
Lexington Realty Trust Co., 2.375%, 10/01/2031      16,265,000 13,367,586
Prologis LP, REIT, 5.125%, 1/15/2034      17,925,000 17,691,784
W.P. Carey, Inc., REIT, 2.45%, 2/01/2032      15,391,000 12,779,517
        $62,364,494
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Real Estate - Retail – 0.9%
NNN REIT, Inc., 5.6%, 10/15/2033    $ 13,247,000 $13,355,975
STORE Capital Corp., REIT, 4.625%, 3/15/2029      3,986,000 3,849,066
STORE Capital Corp., REIT, 2.75%, 11/18/2030      3,448,000 2,965,999
STORE Capital Corp., REIT, 2.7%, 12/01/2031      26,269,000 21,789,832
        $41,960,872
Retailers – 1.4%
Alimentation Couche-Tard, Inc., 3.8%, 1/25/2050 (n)   $ 17,786,000 $12,729,283
Amazon.com, Inc., 3.6%, 4/13/2032      12,124,000 11,211,153
Home Depot, Inc., 4.85%, 6/25/2031      4,354,000 4,357,157
Home Depot, Inc., 3.3%, 4/15/2040      15,616,000 12,175,637
Home Depot, Inc., 3.9%, 6/15/2047      2,382,000 1,867,794
Parkland Corp., 6.625%, 8/15/2032 (n)     20,048,000 20,094,872
        $62,435,896
Specialty Chemicals – 0.7%
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (n)   $ 8,252,000 $8,051,310
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)     3,953,000 3,638,397
International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n)     4,867,000 4,149,851
International Flavors & Fragrances, Inc., 5%, 9/26/2048      15,194,000 12,981,250
International Flavors & Fragrances, Inc., 3.468%, 12/01/2050 (n)     7,402,000 4,836,807
        $33,657,615
Specialty Stores – 0.4%
DICK'S Sporting Goods, 4.1%, 1/15/2052    $ 27,612,000 $20,086,333
Supermarkets – 0.5%
Kroger Co., 5%, 9/15/2034    $ 12,325,000 $11,959,086
Kroger Co., 5.5%, 9/15/2054      12,325,000 11,548,561
        $23,507,647
Telecommunications - Wireless – 2.6%
American Tower Corp., 5.2%, 2/15/2029    $ 11,727,000 $11,793,492
American Tower Corp., 5.45%, 2/15/2034      11,654,000 11,673,939
American Tower Corp., 3.7%, 10/15/2049      2,001,000 1,450,713
Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n)     18,925,000 14,451,709
Crown Castle, Inc., REIT, 4.45%, 2/15/2026      8,755,000 8,734,351
Crown Castle, Inc., REIT, 3.65%, 9/01/2027      8,862,000 8,600,870
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n)     13,604,000 12,052,375
Rogers Communications, Inc., 4.5%, 3/15/2042      8,577,000 7,198,098
Rogers Communications, Inc., 4.55%, 3/15/2052      3,085,000 2,439,381
T-Mobile USA, Inc., 5.05%, 7/15/2033      8,401,000 8,228,345
T-Mobile USA, Inc., 3%, 2/15/2041      17,961,000 12,829,942
Vodafone Group PLC, 5.625%, 2/10/2053      19,986,000 18,841,022
        $118,294,237
Tobacco – 1.1%
B.A.T. Capital Corp., 6.343%, 8/02/2030    $ 12,025,000 $12,700,701
B.A.T. Capital Corp., 5.834%, 2/20/2031      8,594,000 8,850,046
Imperial Brands Finance PLC, 5.5%, 2/01/2030 (n)     16,674,000 16,846,466
Philip Morris International, Inc., 5.625%, 11/17/2029      5,491,000 5,664,790
Philip Morris International, Inc., 5.125%, 2/15/2030      7,490,000 7,555,085
        $51,617,088
Transportation - Services – 0.7%
Element Fleet Management Corp., 6.271%, 6/26/2026 (n)   $ 12,315,000 $12,532,474
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)     19,070,000 19,941,458
        $32,473,932
9
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Treasury Obligations – 2.6%
U.S. Treasury Bonds, 2.375%, 2/15/2042 (f)   $ 31,965,000 $22,861,218
U.S. Treasury Bonds, 3.875%, 5/15/2043      30,418,000 26,861,708
U.S. Treasury Bonds, 4.375%, 8/15/2043      4,748,000 4,481,296
U.S. Treasury Bonds, 4.75%, 11/15/2043      8,368,000 8,285,301
U.S. Treasury Bonds, 4.5%, 2/15/2044      9,509,000 9,097,067
U.S. Treasury Bonds, 4.625%, 5/15/2044      16,164,000 15,706,862
U.S. Treasury Bonds, 4.125%, 8/15/2044      27,075,000 24,562,101
U.S. Treasury Bonds, 4.625%, 11/15/2044      3,599,000 3,493,842
U.S. Treasury Bonds, 2.875%, 5/15/2052      5,654,600 3,954,023
        $119,303,418
Utilities - Electric Power – 8.3%
Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031 (n)   $ 4,802,000 $3,787,613
Adani Transmission Ltd., 4.25%, 5/21/2036      4,974,950 4,001,218
Adani Transmission Step-One Ltd., 4%, 8/03/2026      14,632,000 13,978,763
AEP Transmission Co. LLC, 5.4%, 3/15/2053      5,852,000 5,563,466
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026      5,767,000 5,795,883
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)     4,691,000 3,987,133
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043      3,795,000 3,581,576
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053      3,159,000 2,609,372
DTE Energy Co., 4.95%, 7/01/2027      11,963,000 12,011,391
Duke Energy Carolinas LLC, 2.45%, 2/01/2030      21,816,000 19,515,786
Duke Energy Florida LLC, 3.4%, 10/01/2046      5,361,000 3,819,198
Duke Energy Florida LLC, 6.2%, 11/15/2053      8,443,000 8,843,649
Enel Finance International N.V., 4.625%, 6/15/2027 (n)     13,065,000 12,976,155
Enel Finance International N.V., 2.5%, 7/12/2031 (n)     7,340,000 6,192,460
Enel Finance International N.V., 5.5%, 6/15/2052 (n)     4,500,000 4,145,253
Enel Finance International N.V., 7.75%, 10/14/2052 (n)     9,393,000 11,039,323
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)     16,327,000 16,537,994
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n)     3,638,000 3,261,423
Eversource Energy, 5.5%, 1/01/2034      11,861,000 11,791,449
FirstEnergy Corp., 3.9%, 7/15/2027      16,631,000 16,246,195
FirstEnergy Corp., 3.4%, 3/01/2050      16,280,000 10,907,524
Florida Power & Light Co., 2.45%, 2/03/2032      6,909,000 5,839,761
Florida Power & Light Co., 3.95%, 3/01/2048      8,281,000 6,472,037
Georgia Power Co., 4.7%, 5/15/2032      9,603,000 9,339,689
Georgia Power Co., 4.95%, 5/17/2033      12,724,000 12,447,242
Georgia Power Co., 5.125%, 5/15/2052      13,035,000 12,018,786
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)     22,679,000 19,320,658
Jersey Central Power & Light Co., 5.1%, 1/15/2035 (n)     3,866,000 3,765,956
MidAmerican Energy Co., 5.85%, 9/15/2054      14,824,000 14,979,317
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025      8,412,000 8,456,506
NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/2032      2,720,000 2,269,650
Pacific Gas & Electric Co., 5.45%, 6/15/2027      10,156,000 10,149,247
Pacific Gas & Electric Co., 2.5%, 2/01/2031      27,538,000 23,158,477
Pacific Gas & Electric Co., 6.4%, 6/15/2033      4,889,000 5,036,077
Pacific Gas & Electric Co., 4%, 12/01/2046      11,946,000 8,661,125
PPL Electric Utilities Corp., 4.85%, 2/15/2034      11,696,000 11,419,655
Southern California Edison Co., 4.5%, 9/01/2040      7,827,000 6,571,543
WEC Energy Group, Inc., 4.75%, 1/09/2026      22,326,000 22,351,501
Xcel Energy, Inc., 5.5%, 3/15/2034      17,216,000 17,074,224
        $379,924,275
Total Bonds   $4,488,275,057
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Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Mutual Funds (h) – 1.5%
Money Market Funds – 1.5%  
MFS Institutional Money Market Portfolio, 4.41% (v)     67,071,626 $67,085,040
 
Other Assets, Less Liabilities – 0.9%   43,667,277
Net Assets – 100.0% $4,599,027,374
(f) All or a portion of the security has been segregated as collateral for open futures contracts.      
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $67,085,040 and $4,488,275,057, respectively.      
(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.      
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,539,903,166, representing 33.5% of net assets.      
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.      
The following abbreviations are used in this report and are defined:
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
LIBOR London Interbank Offered Rate
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
Derivative Contracts at 1/31/25
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 Short USD 144 $15,673,500 March – 2025 $341,467
U.S. Treasury Note 2 yr Long USD 943 193,904,375 March – 2025 66,991
U.S. Treasury Note 5 yr Short USD 516 54,897,562 March – 2025 131,004
U.S. Treasury Ultra Note 10 yr Short USD 929 103,467,375 March – 2025 1,963,276
            $2,502,738
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Bond 30 yr Long USD 902 $102,743,437 March – 2025 $(2,139,474)
U.S. Treasury Ultra Bond 30 yr Long USD 478 56,628,063 March – 2025 (2,289,487)
            $(4,428,961)
At January 31, 2025, the fund had liquid securities with an aggregate value of $5,315,366 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
11
Supplemental Information
1/31/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. 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. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
12
Supplemental Information (unaudited) – continued
Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of January 31, 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 $— $119,303,418 $— $119,303,418
Non - U.S. Sovereign Debt — 89,339,519 — 89,339,519
Municipal Bonds — 31,425,933 — 31,425,933
U.S. Corporate Bonds — 2,876,484,607 — 2,876,484,607
Residential Mortgage-Backed Securities — 49,363,668 — 49,363,668
Commercial Mortgage-Backed Securities — 25,505,967 — 25,505,967
Asset-Backed Securities (including CDOs) — 70,614,554 — 70,614,554
Foreign Bonds — 1,226,237,391 — 1,226,237,391
Investment Companies 67,085,040 — — 67,085,040
Total $67,085,040 $4,488,275,057 $— $4,555,360,097
Other Financial Instruments        
Futures Contracts – Assets $2,502,738 $— $— $2,502,738
Futures Contracts – Liabilities (4,428,961) — — (4,428,961)
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended January 31, 2025:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio $125,256,423 $806,709,152 $864,891,101 $2,628 $7,938 $67,085,040
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $3,352,871 $—
(3) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of January 31, 2025, are as follows:
United States 71.0%
Canada 4.7%
United Kingdom 4.0%
Australia 3.4%
Ireland 2.0%
Japan 1.8%
Italy 1.7%
Switzerland 1.3%
Germany 1.1%
Other Countries 9.0%
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.
13