RBF-Q1
 
Quarterly Report
July 31, 2026
MFS®  Total Return
Bond Fund  
 
Portfolio of Investments
7/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
 
Issuer
 
 
Shares/Par
Value ($)
Bonds – 98.5%
Aerospace & Defense – 1.0%
Boeing Co., 5.15%, 5/01/2030 
 
$
7,084,000
$7,119,285
Boeing Co., 6.528%, 5/01/2034 
 
 
20,794,000
22,269,382
Boeing Co., 5.705%, 5/01/2040 
 
 
6,632,000
6,552,902
Boeing Co., 5.805%, 5/01/2050 
 
 
14,572,000
13,764,680
TransDigm, Inc., 4.625%, 1/15/2029 
 
 
33,133,000
32,478,630
 
 
 
$82,184,879
Asset-Backed & Securitized – 25.0%
ACORE Issuer LLC, 2026-FL1, “AS”, FLR, 5.369% (SOFR - 1mo. + 1.7%), 8/20/2043 (n)
 
$
14,778,000
$14,777,976
ACORE Issuer LLC, 2026-FL1, “B”, 5.569%, 8/20/2043 (n)
 
 
12,922,500
12,935,969
ACREC 2021-FL1 Ltd., “C”, FLR, 5.943% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n)
 
 
10,841,500
10,845,661
ACREC 2021-FL1 Ltd., “D”, FLR, 6.444% ((SOFR - 1mo. + 0.11448%) + 2.65%), 10/16/2036 (n)
 
 
13,074,500
13,069,788
ACREC 2025-FL3 LLC, “AS”, FLR, 5.309% (SOFR - 1mo. + 1.64%), 8/18/2042 (n)
 
 
23,763,500
23,763,381
ACREC 2026-FL5 LLC, “AS”, FLR, 5.1% (SOFR - 1mo. + 1.5%), 7/18/2043 (n)
 
 
14,856,569
14,866,508
Acres PLC, 2026-FL4, “AS”, FLR, 5.37% (SOFR - 1mo. + 1.7%), 8/18/2044 (n)
 
 
20,973,000
21,020,437
American Credit Acceptance Receivables Trust, 2025-4, “A”, 4.42%, 5/14/2029 (n)
 
 
15,273,389
15,286,402
Angel Oak Mortgage Trust, 2024-10, “A1”, 5.348%, 10/25/2069 (n)
 
 
18,299,826
18,239,032
Angel Oak Mortgage Trust, 2024-12, “A1”, 5.653%, 10/25/2069 (n)
 
 
16,010,924
16,016,671
Angel Oak Mortgage Trust, 2024-9, “A1”, 5.138%, 9/25/2069 (n)
 
 
9,566,845
9,545,468
Angel Oak Mortgage Trust, 2025-10, “A1”, 4.96%, 9/25/2070 (n)
 
 
6,395,585
6,325,148
Angel Oak Mortgage Trust, 2026-3, “A1”, 5.512%, 6/25/2071 (n)
 
 
29,320,939
29,218,137
Arbor Realty Commercial Real Estate, 2026-FL1, “AS”, FLR, 5.42% (SOFR - 1mo. + 1.75%), 9/20/2043 (n)
 
 
2,472,305
2,480,755
Arbor Realty Commercial Real Estate, 2026-FL1, “B”, FLR, 5.669% (SOFR - 1mo. + 2%), 9/20/2043 (n)
 
 
12,737,383
12,776,962
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 6.625% (SOFR - 30 day + 3%), 1/15/2037 (n)
 
 
40,620,500
40,351,754
ARDN Mortgage Trust, 2025-ARCP, “B”, FLR, 5.676% (SOFR - 1mo. + 2%), 6/15/2035 (n)
 
 
28,383,000
28,409,578
AREIT 2022-CRE6 Trust, “B”, FLR, 5.471% (SOFR - 30 day + 1.85%), 1/20/2037 (n)
 
 
4,924,000
4,915,673
AREIT 2022-CRE6 Trust, “C”, FLR, 5.771% (SOFR - 30 day + 2.15%), 1/20/2037 (n)
 
 
10,134,500
10,143,852
AREIT 2022-CRE6 Trust, “D”, FLR, 6.471% (SOFR - 30 day + 2.85%), 1/20/2037 (n)
 
 
4,313,500
4,317,053
AREIT 2025-CRE10 Ltd., “AS”, FLR, 5.222% (SOFR - 1mo. + 1.5421%), 1/17/2030 (n)
 
 
21,646,489
21,659,040
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)
 
 
403,269
404,312
Aspire Mortgage Trust, 2026-3, “A1”, 5.459%, 5/25/2066 (n)
 
 
33,136,894
33,011,210
Bain Capital Credit CLO Ltd., 2020-3A, “BR3”, FLR, 5.202% (SOFR - 3mo. + 1.45%), 10/23/2034 (n)
 
 
6,400,000
6,400,531
Bain Capital Credit CLO Ltd., 2021-6A, “BR”, FLR, 5.284% (SOFR - 3mo. + 1.55%), 10/21/2034 (n)
 
 
18,243,515
18,270,059
Bayview Commercial Asset Trust, 0%, 12/25/2036 (i)(n)
 
 
1,039,219
104
Bayview Commercial Asset Trust, FLR, 4.304% ((SOFR - 1mo. + 0.11448%) + 0.4658%), 8/25/2035 (n)
 
 
56,973
55,634
Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.457% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)
 
 
180,140
482,056
BBCMS Mortgage Trust, 2019-C5, “A4”, 3.063%, 11/15/2052 
 
 
9,055,000
8,519,782
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.369%, 12/15/2055 
 
 
10,215,909
10,556,762
BDS 2024-FL13 Ltd., “A”, FLR, 5.245% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n)
 
 
5,768,007
5,770,764
BDS 2025-FL14 Ltd., “B”, FLR, 5.36% (SOFR - 1mo. + 1.6926%), 10/17/2042 (n)
 
 
13,272,979
13,270,723
BDS 2025-FL16 Ltd., “AS”, FLR, 5.269% (SOFR - 1mo. + 1.6%), 6/19/2043 (n)
 
 
11,852,185
11,852,170
Benchmark 2023-V3 Mortgage Trust, “A3”, 6.363%, 7/15/2056 
 
 
4,675,254
4,775,282
Benchmark 2025-V18 Mortgage Trust, “A3”, 5.183%, 10/15/2058 
 
 
12,840,932
12,862,343
Black Diamond CLO Ltd., 2019-2A, “A2R”, FLR, 5.952% (SOFR - 3mo. + 2.2%), 7/23/2032 (n)
 
 
23,878,452
23,911,571
Black Diamond CLO Ltd., 2021-1A, “A2R”, FLR, 5.583% (SOFR - 3mo. + 1.85%), 11/22/2034 (n)
 
 
34,041,667
34,050,790
BofA Auto Trust, 2026-A, “A2A”, 4.1%, 11/15/2028 (n)
 
 
4,380,000
4,376,239
Brazos Securitization LLC, 5.413%, 9/01/2050 (n)
 
 
15,634,000
14,185,065
BRSP 2026-FL3 Ltd., “AS”, FLR, 5.37%, 8/19/2043 (n)
 
 
22,343,500
22,417,846
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)
 
 
2,890,103
2,916,310
Business Jet Securities LLC, 2024-1A, “B”, 6.924%, 5/15/2039 (n)
 
 
403,042
410,122
Business Jet Securities LLC, 2026-1A, “A”, 5.464%, 6/15/2041 (n)
 
 
9,188,480
9,140,541
Business Jet Securities LLC, 2026-1A, “C”, 6.099%, 6/15/2041 (n)
 
 
676,200
673,824
BX Trust, 2025-BCAT, “B”, FLR, 5.226% (SOFR - 1mo. + 1.55%), 8/15/2042 (n)
 
 
6,068,300
6,079,682
BX Trust, 2026-CLS, “B”, 5.376%, 5/15/2043 (n)
 
 
7,825,000
7,841,681
BX Trust, 2026-ORBT, “C”, FLR, 5.426% (SOFR - 1mo. + 1.75%), 7/15/2043 (n)
 
 
4,845,079
4,854,170
BXMT 2020-FL2 Ltd., “B”, FLR, 5.443% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n)
 
 
6,104,500
6,076,462
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
BXMT 2021-FL4 Ltd., “AS”, FLR, 5.343% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)
 
$
17,470,500
$17,376,701
BXMT 2021-FL4 Ltd., “B”, FLR, 5.594% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/15/2038 (n)
 
 
38,262,000
38,228,528
Cantor Commercial Real Estate, 2019-CF2, “A5”, 2.874%, 11/15/2052 
 
 
20,960,656
19,631,631
CarMax Select Receivables Trust, 2025-B, “A2”, 4.19%, 3/15/2029 
 
 
7,455,005
7,451,845
CarMax Select Receivables Trust, 2026-B, “A2”, 4.35%, 4/16/2029 
 
 
2,590,000
2,589,256
C-BASS Mortgage Loan Trust, 2007-CB1, “AF3”, 6.237%, 1/25/2037 (d)(q)
 
 
1,022,283
268,591
C-BASS Mortgage Loan Trust, 2007-CB3, “A3”, 6.231%, 3/25/2037 (d)(q)
 
 
1,045,628
361,090
CIP Commercial Mortgage Trust, 2025-SBAY, “A”, FLR, 5.076% (SOFR - 1mo. + 1.4%), 10/15/2037 (n)
 
 
9,851,000
9,875,608
Citigroup Commercial Mortgage Trust, 2016-P6, “A5”, 3.72%, 12/10/2049 
 
 
5,948,000
5,912,129
Colt Funding LLC, 2024-5, “A1”, 5.123%, 8/25/2069 (n)
 
 
11,172,927
11,111,261
Columbia Cent CLO Ltd., 2020-30A, “B1R2”, FLR, 5.279% (SOFR - 3mo. + 1.55%), 1/20/2034 (n)
 
 
12,863,116
12,876,236
Columbia Cent CLO Ltd., 2020-30A, “CR2”, FLR, 5.629% (SOFR - 3mo. + 1.9%), 1/20/2034 (n)
 
 
17,216,327
17,024,847
Columbia Cent CLO Ltd., 2021-31A, “CR”, FLR, 5.579% (SOFR - 3mo. + 1.85%), 4/20/2034 (n)
 
 
13,263,241
13,159,682
Commercial Mortgage Pass-Through Certificates, 2019-BNK17, “AS”, 3.976%, 4/15/2052 
 
 
5,000,000
4,809,375
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “A4”, 5.745%, 8/15/2056 
 
 
21,951,777
22,476,025
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “AS”, 6.385%, 8/15/2056 
 
 
12,725,671
13,128,852
Commercial Mortgage Pass-Through Certificates, 2025-5YR17, “A3”, 5.225%, 11/15/2058 
 
 
18,557,866
18,631,247
Commercial Mortgage Pass-Through Certificates, 2026-5YR20, “A3”, 5.104%, 2/15/2059 
 
 
4,450,800
4,444,579
Commercial Mortgage Pass-Through Certificates, 2026-BNK52, “A5”, 5.586%, 5/15/2069 
 
 
4,429,568
4,502,033
Commercial Mortgage Trust, 2017-COR2, “A3”, 3.51%, 9/10/2050 
 
 
26,790,000
26,457,322
Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028 
 
 
3,148,193
3,158,449
Deephaven Residential Mortgage Trust, 2024-1A, “A”, 5.735%, 7/25/2069 (n)
 
 
21,903,306
21,949,189
Dryden Senior Loan Fund, 2017-49A, “CR”, CLO, FLR, 6.041% ((SOFR - 3mo. + 0.26161%) + 2.05%), 7/18/2030 (n)
 
 
16,500,000
16,549,566
Dryden Senior Loan Fund, 2022-98A, “CR”, FLR, 5.629% (SOFR - 3mo. + 1.9%), 4/20/2035 (n)
 
 
10,576,923
10,477,955
ELM Trust, 2024-ELM, “C10”, 6.189%, 6/10/2039 (n)
 
 
3,802,054
3,798,141
ELM Trust, 2024-ELM, “C15”, 6.189%, 6/10/2039 (n)
 
 
5,182,790
5,180,522
Elmwood CLO Ltd., 2021-1A, “CRR”, FLR, 5.529% (SOFR - 3mo. + 1.8%), 4/20/2037 (n)
 
 
31,350,000
31,434,645
Empire District Bondco LLC, 4.943%, 1/01/2033 
 
 
6,228,311
6,210,257
Enterprise Fleet Financing 2023-3 LLC, “A2”, 6.4%, 3/20/2030 (n)
 
 
2,194,433
2,209,748
Enterprise Fleet Financing 2024-4 LLC, “A2”, 4.69%, 7/20/2027 (n)
 
 
2,004,600
2,007,131
Enterprise Fleet Financing 2025-4 LLC, “A2”, 4.05%, 8/20/2028 (n)
 
 
9,677,666
9,655,145
Enterprise Fleet Financing 2026-1 LLC, “A2”, 4%, 10/20/2028 (n)
 
 
18,885,000
18,815,057
GLS Auto Select Receivables Trust, 2025-2A, “A2”, 4.75%, 3/15/2028 (n)
 
 
93,242
93,257
GMAC Mortgage Corp. Loan Trust, FGIC, 5.805%, 10/25/2036 
 
 
42,834
42,368
Hyundai Auto Lease Securitization Trust, 2025-B, “A2A”, 4.58%, 9/15/2027 (n)
 
 
5,142,670
5,148,200
ILPT Commercial Mortgage Trust, 2025-LPF2, “A”, 5.292%, 7/13/2042 (n)
 
 
19,885,000
19,841,810
IMPAC Secured Assets Corp., FLR, 4.539% ((SOFR - 1mo. + 0.11448%) + 0.7%), 5/25/2036 
 
 
26,652
25,234
JPMDB Commercial Mortgage Securities Trust, 2017-C7, “A5”, 3.409%, 10/15/2050 
 
 
11,500,000
11,313,173
JPMorgan Mortgage Trust, 2026-NQM1, “A1”, 4.745%, 6/25/2066 (n)
 
 
4,476,254
4,407,825
KKR Static CLO Ltd., 2022-1A, “BR2”, FLR, 5.179% (SOFR - 3mo. + 1.45%), 7/20/2031 (n)
 
 
18,455,587
18,446,618
LoanCore 2021-CRE6 Ltd., “B”, FLR, 5.69% ((SOFR - 1mo. + 0.11448%) + 1.9%), 11/15/2038 (n)
 
 
33,314,213
33,368,649
LoanCore 2025-CRE8 Ltd., “AS”, FLR, 5.27% (SOFR - 1mo. + 1.5909%), 8/17/2042 (n)
 
 
39,804,000
39,810,894
Man US CLO, 2023-1AR, “BR”, FLR, 5.226% (SOFR - 3mo. + 1.6%), 7/20/2039 (n)
 
 
16,070,750
16,073,112
Merrill Lynch Mortgage Investors, Inc., 5.95%, 2/25/2037 (a)(d)
 
 
1,710,205
186,611
MF1 2021-FL7 Ltd., “AS”, FLR, 5.234% ((SOFR - 1mo. + 0.11448%) + 1.45%), 10/16/2036 (n)
 
 
7,000,000
6,996,346
MF1 2022-FL8 Ltd., “C”, FLR, 5.867% (SOFR - 30 day + 2.2%), 2/19/2037 (n)
 
 
10,626,099
10,602,817
MF1 2022-FL8 Ltd., “D”, FLR, 6.318% (SOFR - 30 day + 2.65%), 2/19/2037 (n)
 
 
6,141,972
6,148,559
MF1 2024-FL15 LLC, “AS”, FLR, 5.709% (SOFR - 1mo. + 2.04%), 8/18/2041 (n)
 
 
20,521,000
20,591,962
MF1 2024-FL16 LLC, “AS”, FLR, 5.611% (SOFR - 1mo. + 1.942%), 11/18/2039 (n)
 
 
22,975,592
23,052,043
MF1 2025-FL17 LLC, “A”, FLR, 4.989% (SOFR - 1mo. + 1.32%), 2/18/2040 (n)
 
 
9,500,000
9,501,349
MF1 2025-FL17 LLC, “B”, FLR, 5.462% (SOFR - 1mo. + 1.792%), 2/18/2040 (n)
 
 
12,903,700
12,910,229
MF1 2025-FL19 LLC, “A”, FLR, 5.241% (SOFR - 1mo. + 1.572%), 2/18/2040 (n)
 
 
20,396,684
20,402,191
MF1 2025-FL19 LLC, “A”, FLR, 5.158% (SOFR - 1mo. + 1.4881%), 5/18/2042 (n)
 
 
20,709,139
20,754,210
MF1 2025-FL19 LLC, “B”, FLR, 5.661% (SOFR - 1mo. + 1.9917%), 5/18/2042 (n)
 
 
8,000,000
8,024,990
MF1 2025-FL20 LLC, “B”, FLR, 5.619% (SOFR - 1mo. + 1.95%), 2/18/2043 (n)
 
 
23,334,433
23,399,678
MF1 2026-FL21 LLC, “B”, FLR, 5.419% (SOFR - 1mo. + 1.75%), 2/18/2041 (n)
 
 
5,480,957
5,480,930
MF1 2026-FL22 LLC, “B”, FLR, 5.47% (SOFR - 1mo. + 1.8%), 11/18/2043 (n)
 
 
34,173,635
34,194,925
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM1, “A1”, 4.809%, 12/25/2070 (n)
 
 
5,019,063
4,938,440
Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, “A1”, 6.152%, 12/25/2068 (n)
 
 
7,702,633
7,713,364
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM4, “A1”, 5.588%, 6/25/2070 (n)
 
$
12,272,806
$12,245,181
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM2, “A1”, 4.734%, 1/26/2071 (n)
 
 
13,925,240
13,712,181
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM3, “A1”, 5.209%, 3/25/2071 (n)
 
 
18,479,318
18,348,908
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM8, “A1”, 5.508%, 6/25/2071 (n)
 
 
13,527,498
13,498,413
MSWF Commercial Mortgage Trust, 2023-2, “A5”, 6.014%, 12/15/2056 
 
 
16,089,120
16,754,830
Neuberger Berman CLO Ltd., 2017-165A, “A1R2”, FLR, 4.933% (SOFR - 3mo. + 1.18%), 4/15/2039 (n)
 
 
4,047,000
4,045,879
Neuberger Berman CLO Ltd., 2017-165A, “BR2”, FLR, 5.353% (SOFR - 3mo. + 1.6%), 4/15/2039 (n)
 
 
20,000,000
20,048,600
Neuberger Berman Loan Advisers CLO Ltd., 2021-44A, “CR”, FLR, 5.493% (SOFR - 3mo. + 1.7%), 10/16/2035 (n)
 
 
7,678,917
7,690,896
New Residential Mortgage Loan Trust, 2024-NQM3, “A1”, 5.53%, 5/25/2065 (n)
 
 
1,723,582
1,718,231
New Residential Mortgage Loan Trust, 2025-NQM4, “A1”, 5.35%, 7/25/2065 (n)
 
 
31,870,978
31,698,372
New Residential Mortgage Loan Trust, 2026-NQM2, “A1”, 4.743%, 12/25/2065 (n)
 
 
13,866,366
13,619,078
New Residential Mortgage Loan Trust, 2026-NQM4, “A1”, 5.003%, 2/25/2066 (n)
 
 
15,064,408
14,909,330
New Residential Mortgage Loan Trust, 2026-NQM6, “A1”, 5.293%, 5/25/2066 (n)
 
 
21,859,977
21,698,855
New Residential Mortgage Loan Trust, 2026-NQM9, “A1”, 4.833%, 2/25/2066 (n)
 
 
20,087,114
19,777,899
New Residential Mortgage Loan Trust, 2026-NQM9, “A1”, 5.674%, 8/25/2066 (n)
 
 
24,467,992
24,469,989
Northwoods Capital Ltd., 2018-14BA, “BR”, FLR, 5.494% (SOFR - 3mo. + 1.85%), 11/13/2031 (n)
 
 
16,960,213
16,969,083
OBX Trust, 2024-NQM15, “A1”, 5.316%, 10/25/2064 (n)
 
 
6,142,601
6,135,570
OBX Trust, 2024-NQM9, “A1”, 6.03%, 1/25/2064 (n)
 
 
8,495,644
8,521,966
OBX Trust, 2025-NQM14, “A1”, 5.162%, 7/25/2065 (n)
 
 
6,175,510
6,142,283
OBX Trust, 2025-NQM15, “A1”, 5.143%, 7/27/2065 (n)
 
 
5,915,313
5,875,976
OBX Trust, 2025-NQM16, “A1”, 4.905%, 8/25/2065 (n)
 
 
8,702,296
8,610,902
OBX Trust, 2025-NQM18, “A1”, 5.057%, 9/25/2065 (n)
 
 
6,252,795
6,207,019
OBX Trust, 2026-NQM8, “A1”, 5.297%, 5/25/2066 (n)
 
 
5,930,899
5,904,512
Ownit Mortgage Loan Asset-Backed Certificates, 5.79%, 10/25/2035 
 
 
390,211
209,113
Palmer Square Loan Funding 2025-1A Ltd., “B”, FLR, 5.251% (SOFR - 3mo. + 1.6%), 2/15/2033 (n)
 
 
17,000,000
17,015,674
Palmer Square Loan Funding 2025-2A Ltd., “B”, FLR, 5.453% (SOFR - 3mo. + 1.7%), 7/15/2033 (n)
 
 
11,000,000
10,990,342
PFP III 2024-11 Ltd., “11A”, FLR, 5.501% (SOFR - 1mo. + 1.83239%), 9/17/2039 (n)
 
 
13,042,511
13,055,292
PFP III 2025-12 Ltd., “B”, FLR, 5.712% (SOFR - 1mo. + 2.0421%), 12/18/2042 (n)
 
 
5,911,000
5,925,216
PLYM Commercial Mortgage Trust, 2026-IND, “B”, FLR, 5.126% (SOFR - 1mo. + 1.45%), 3/15/2043 (n)
 
 
7,436,000
7,440,650
PMT Loan Trust, 2025-CNF2, “A26”, FLR, 5.016% (SOFR - 1mo. + 1.4%), 1/25/2057 (n)
 
 
13,607,683
13,656,139
PMT Loan Trust, 2026-INV4, “A36”, FLR, 5.066% (SOFR - 1mo. + 1.45%), 3/25/2057 (n)
 
 
8,519,097
8,517,553
Preferred Term Securities XIX Ltd., CDO, FLR, 4.276% ((SOFR - 3mo. + 0.26161%) + 0.35%), 12/22/2035 (n)
 
 
1,209,134
1,187,975
Rate Mortgage Trust, 2025-J3, “A27”, FLR, 5.166% (SOFR - 1mo. + 1.55%), 11/25/2055 (n)
 
 
18,632,769
18,687,263
Residential Funding Mortgage Securities, Inc., FGIC, 3.421%, 12/25/2035 (d)(q)
 
 
137,728
1,434
Rockford Tower CLO 2020-1A Ltd., “BRR”, FLR, 5.279% (SOFR - 3mo. + 1.55%), 1/20/2036 (n)
 
 
16,776,809
16,789,157
Sammons Financial Group, Inc., FLR, 5.534% (SOFR - 3mo. + 1.8%), 10/21/2034 (n)
 
 
14,464,716
14,484,345
Santander Drive Auto Receivables Trust, 2025-1, “A3”, 4.74%, 1/16/2029 
 
 
5,002,414
5,007,474
Santander Drive Auto Receivables Trust, 2026-1, “A2”, 4.04%, 3/15/2029 
 
 
11,411,162
11,401,704
Sequoia Mortgage Trust, 2026-Med2, “A1A”, 5.614%, 8/25/2056 (n)
 
 
17,878,265
17,773,818
Speak CLO Ltd., 2014-1A, “CR4”, FLR, 5.7% (SOFR - 3mo. + 1.95%), 4/17/2034 (n)
 
 
18,500,000
18,462,963
Starwood Commercial Mortgage, 2025-FL4, “AS”, FLR, 5.369% (SOFR - 1mo. + 1.7%), 11/19/2042 (n)
 
 
17,599,555
17,621,563
Stellantis Finance U.S., Inc., 4.63%, 7/20/2027 (n)
 
 
6,407,916
6,413,834
STORE Master Funding LLC, 2014-1A, “A1”, 5.69%, 5/20/2054 (n)
 
 
2,187,834
2,200,195
STORE Master Funding LLC, 2014-1A, “A2”, 5.7%, 5/20/2054 (n)
 
 
4,569,960
4,609,231
STORE Master Funding LLC, 2026-1A, “A2”, 5.31%, 6/20/2056 (n)
 
 
21,188,595
21,084,707
TPG Real Estate Finance, 2025-FL7, “AS”, FLR, 5.37% (SOFR - 1mo. + 1.7%), 6/18/2043 (n)
 
 
13,315,989
13,340,924
UBS Commercial Mortgage Trust, 2017-C7, “A4”, 3.679%, 12/15/2050 
 
 
33,000,000
32,452,642
UBS Commercial Mortgage Trust, 2017-C8, “A4”, 3.983%, 2/15/2051 
 
 
18,388,578
18,043,172
Venture CLO 43 Ltd., 2021-43A, “BRR”, FLR, 5.253% (SOFR - 3mo. + 1.5%), 4/15/2034 (n)
 
 
28,707,969
28,628,333
Verus Securitization Trust, 2024-1, “A1”, 5.712%, 1/25/2069 (n)
 
 
3,917,253
3,925,679
Verus Securitization Trust, 2024-8, “A1”, 5.364%, 10/25/2069 (n)
 
 
3,944,381
3,943,390
Verus Securitization Trust, 2025-9, “A1”, 4.935%, 10/27/2070 (n)
 
 
4,241,708
4,192,391
Voya CLO 2012-4A Ltd., “A2R3”, FLR, 5.465% ((SOFR - 3mo. + 0.26161%) + 1.45%), 10/15/2030 (n)
 
 
822,738
823,287
Voya CLO 2012-4A Ltd., “BR3”, FLR, 5.965% ((SOFR - 3mo. + 0.26161%) + 1.95%), 10/15/2030 (n)
 
 
3,474,736
3,488,916
Voya CLO 2012-4A Ltd., “C1R3”, FLR, 7.315% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n)
 
 
4,942,894
4,971,859
Wells Fargo Commercial Mortgage Trust, 2016-LC25, “A4”, 3.64%, 12/15/2059 
 
 
25,027,917
24,957,211
Wells Fargo Commercial Mortgage Trust, 2017-C42, “A5”, 3.589%, 12/15/2050 
 
 
13,470,000
13,190,511
 
 
 
$2,022,461,617
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Auto & Auto Components – 0.3%
Hyundai Capital America, 5.25%, 6/21/2033 (n)
 
$
9,466,000
$9,309,286
Stellantis Finance U.S., Inc., 2.691%, 9/15/2031 (n)
 
 
14,723,000
12,433,885
 
 
 
$21,743,171
Brokerage & Asset Managers – 1.9%
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034 
 
$
22,528,000
$23,528,370
Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170 
 
 
26,796,000
26,746,079
Charles Schwab Corp., 6.1% to 6/01/2031, FLR (CMT - 1yr. + 2.25%) to 9/01/2174 
 
 
11,696,000
11,537,048
Intercontinental Exchange, Inc., 5.25%, 6/15/2031 
 
 
8,977,000
9,087,902
Jane Street Group/JSG Finance, Inc., 6.75%, 5/01/2033 (n)
 
 
19,750,000
20,127,600
Jefferies Financial Group, Inc., 5.125%, 4/28/2031 
 
 
21,576,000
21,119,582
LPL Holdings, Inc., 6.75%, 11/17/2028 
 
 
6,057,000
6,281,414
LPL Holdings, Inc., 4%, 3/15/2029 (n)
 
 
21,696,000
21,068,557
LPL Holdings, Inc., 6%, 5/20/2034 
 
 
13,107,000
13,207,058
 
 
 
$152,703,610
Building – 0.8%
Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n)
 
$
28,731,000
$29,081,633
QXO Building Products, Inc., 6.5%, 7/15/2031 (n)
 
 
28,416,000
28,531,217
Vulcan Materials Co., 3.5%, 6/01/2030 
 
 
9,570,000
9,076,260
 
 
 
$66,689,110
Business Services – 2.0%
Equinix, Inc., 1.8%, 7/15/2027 
 
$
9,219,000
$8,990,596
Equinix, Inc., 2.15%, 7/15/2030 
 
 
21,402,000
19,120,736
Fiserv, Inc., 3.5%, 7/01/2029 
 
 
17,324,000
16,616,768
Fiserv, Inc., 5.6%, 3/02/2033 
 
 
10,033,000
9,996,037
Global Payments, Inc., 2.9%, 5/15/2030 
 
 
23,523,000
21,486,361
Global Payments, Inc., 2.9%, 11/15/2031 
 
 
6,885,000
6,014,580
Iron Mountain, Inc., 4.5%, 2/15/2031 (n)
 
 
35,950,000
34,024,651
Paychex, Inc., 5.6%, 4/15/2035 
 
 
29,169,000
28,987,826
QTS Fayetteville I Dc1-2 LLC, 5.7%, 4/15/2036 (n)
 
 
21,011,000
19,212,834
 
 
 
$164,450,389
Conglomerates – 0.9%
Regal Rexnord Corp., 6.05%, 4/15/2028 
 
$
6,853,000
$6,981,214
Regal Rexnord Corp., 6.3%, 2/15/2030 
 
 
24,925,000
25,768,790
Regal Rexnord Corp., 6.4%, 4/15/2033 
 
 
16,170,000
16,861,556
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028 
 
 
21,336,000
21,306,125
 
 
 
$70,917,685
Consumer Products – 0.2%
Haleon US Capital LLC, 3.625%, 3/24/2032 
 
$
15,416,000
$14,296,304
Consumer Services – 0.2%
CBRE Group, Inc., 5.95%, 8/15/2034 
 
$
13,799,000
$14,118,664
Diversified Financial Services – 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3%, 10/29/2028 
 
$
10,175,000
$9,781,293
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032 
 
 
5,012,000
4,534,367
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n)
 
 
7,098,000
7,048,398
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n)
 
 
2,226,000
2,162,848
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n)
 
 
2,074,000
2,008,410
Bridge Housing Corp., 5.321%, 7/15/2035 
 
 
17,055,000
16,618,492
SMBC Aviation Capital Finance DAC, 5.2%, 7/23/2031 (n)
 
 
8,432,000
8,396,823
SMBC Aviation Capital Finance DAC, 5.7%, 7/23/2036 (n)
 
 
2,280,000
2,255,576
 
 
 
$52,806,207
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Electrical Equipment – 0.4%
Arrow Electronics, Inc., 5.15%, 8/21/2029 
 
$
11,500,000
$11,536,956
Arrow Electronics, Inc., 2.95%, 2/15/2032 
 
 
21,913,000
19,244,361
 
 
 
$30,781,317
Energy - Independent – 0.5%
EQT Corp., 3.9%, 10/01/2027 
 
$
3,059,000
$3,030,471
EQT Corp., 5%, 1/15/2029 
 
 
5,901,000
5,916,717
EQT Corp., 3.625%, 5/15/2031 (n)
 
 
6,884,000
6,389,539
Santos Finance Ltd., 6.875%, 9/19/2033 (n)
 
 
19,092,000
20,396,117
Santos Finance Ltd., 5.75%, 11/13/2035 (n)
 
 
5,930,000
5,858,082
 
 
 
$41,590,926
Energy - Integrated – 0.5%
Eni S.p.A., 4.25%, 5/09/2029 (n)
 
$
13,598,000
$13,414,657
Eni S.p.A., 5.5%, 5/15/2034 (n)
 
 
27,138,000
27,089,896
 
 
 
$40,504,553
Entertainment & Leisure – 0.3%
Oak-EagleAcquireCo., Inc., 7.25%, 7/01/2033 (n)
 
$
23,624,000
$24,478,551
Food & Beverages – 0.4%
Performance Food Group Co., 6.125%, 9/15/2032 (n)
 
$
19,280,000
$19,334,466
Post Holdings, Inc., 4.625%, 4/15/2030 (n)
 
 
10,755,000
10,359,805
Post Holdings, Inc., 4.5%, 9/15/2031 (n)
 
 
4,815,000
4,462,481
 
 
 
$34,156,752
Global Systemically Important Banks – 5.9%
Bank of America Corp., 3.419% to 12/20/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.04%) to 12/20/2028 
 
$
7,070,000
$6,950,418
Bank of America Corp., 3.97% to 3/05/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.07%) to 3/05/2029 
 
 
8,931,000
8,825,243
Bank of America Corp., 2.496% to 2/13/2030, FLR ((SOFR - 3mo. + 0.26161%) + 0.99%) to 2/13/2031 
 
 
39,891,000
36,645,485
Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032 
 
 
45,881,000
40,448,344
Bank of America Corp., 5.875% to 3/15/2028, FLR ((SOFR - 3mo. + 0.26161%) + 2.931%) to 9/15/2171 
 
 
13,771,000
13,816,568
Barclays PLC, 4.972% to 5/16/2028, FLR (LIBOR - 3mo. + 1.902%) to 5/16/2029 
 
 
7,802,000
7,809,107
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032 
 
 
16,966,000
15,041,994
Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173 
 
 
13,201,000
13,328,508
Goldman Sachs Group, Inc., 2.6%, 2/07/2030 
 
 
15,968,000
14,746,821
Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032 
 
 
26,935,000
23,664,035
HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169 
 
 
25,500,000
23,595,293
JPMorgan Chase & Co., 3.509%, 1/23/2029 
 
 
18,395,000
18,084,596
JPMorgan Chase & Co., 4.005%, 4/23/2029 
 
 
28,117,000
27,784,195
JPMorgan Chase & Co., 4.203% to 7/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.26%) to 7/23/2029 
 
 
9,246,000
9,148,749
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031 
 
 
7,484,000
6,938,013
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032 
 
 
29,061,000
25,547,525
Mitsubishi UFJ Financial Group, Inc., 2.048%, 7/17/2030 
 
 
31,223,000
27,933,914
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029 
 
 
5,819,000
5,880,102
Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031 
 
 
7,037,000
6,501,627
Morgan Stanley, 2.511% to 10/20/2031, FLR (SOFR - 1 day + 1.2%) to 10/20/2032 
 
 
19,284,000
16,857,874
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034 
 
 
13,809,000
13,782,498
Sumitomo Mitsui Financial Group, Inc., 2.13%, 7/08/2030 
 
 
38,002,000
34,055,228
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n)
 
 
30,010,000
27,285,431
UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n)
 
 
10,491,000
10,422,525
Wells Fargo & Co., 2.572% to 2/11/2030, FLR ((SOFR - 3mo. + 0.26161%) + 1%) to 2/11/2031 
 
 
45,462,000
41,864,536
 
 
 
$476,958,629
Hardware, Peripherals, & Assembly – 0.3%
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)
 
$
24,371,000
$24,337,463
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Insurance – 0.8%
Corebridge Financial, Inc., 3.9%, 4/05/2032 
 
$
15,987,000
$14,826,872
Corebridge Financial, Inc., 5.75%, 1/15/2034 
 
 
13,944,000
14,091,821
Corebridge Financial, Inc., 4.35%, 4/05/2042 
 
 
1,846,000
1,511,141
Corebridge Financial, Inc., 4.4%, 4/05/2052 
 
 
5,568,000
4,229,384
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)
 
 
26,615,000
28,152,941
 
 
 
$62,812,159
Insurance - Health – 0.2%
Humana, Inc., 5.875%, 3/01/2033 
 
$
19,625,000
$19,956,504
Insurance - Property & Casualty – 1.4%
Ambac Assurance Corp., 5.1%, 6/07/2172 (n)
 
$
13,854
$18,425
Asurion LLC, 8%, 12/31/2032 (n)
 
 
18,875,000
19,094,441
Brown & Brown, Inc., 4.2%, 3/17/2032 
 
 
15,616,000
14,669,364
Brown & Brown, Inc., 5.55%, 6/23/2035 
 
 
5,137,000
5,037,176
Brown & Brown, Inc., 4.95%, 3/17/2052 
 
 
5,548,000
4,483,287
Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028 
 
 
15,409,000
15,416,136
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031 
 
 
7,257,000
6,724,242
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 
 
 
16,523,000
16,730,731
Hub International Ltd., 7.25%, 6/15/2030 (n)
 
 
22,651,000
23,323,032
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n)
 
 
6,950,000
4,941,421
 
 
 
$110,438,255
International Market Quasi-Sovereign – 0.1%
Electricite de France S.A., 6.9%, 5/23/2053 (n)
 
$
8,776,000
$9,067,035
Machinery & Tools – 0.4%
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n)
 
$
24,388,000
$24,288,550
Ashtead Capital, Inc., 5.8%, 4/15/2034 (n)
 
 
8,473,000
8,512,077
 
 
 
$32,800,627
Media – 0.1%
WMG Acquisition Corp., 3%, 2/15/2031 (n)
 
$
9,294,000
$8,512,510
Medical & Health Technology & Services – 1.7%
Adventist Health System/West, 5.43%, 3/01/2032 
 
$
21,168,000
$21,334,787
Alcon Finance Corp., 2.75%, 9/23/2026 (n)
 
 
4,432,000
4,421,161
Alcon Finance Corp., 3%, 9/23/2029 (n)
 
 
7,500,000
7,096,895
Alcon Finance Corp., 2.6%, 5/27/2030 (n)
 
 
7,998,000
7,355,822
Alcon Finance Corp., 5.375%, 12/06/2032 (n)
 
 
6,013,000
6,074,539
HCA, Inc., 4.125%, 6/15/2029 
 
 
10,042,000
9,849,852
HCA, Inc., 4.375%, 3/15/2042 
 
 
14,385,000
11,822,741
ICON Investments Six DAC, 6%, 5/08/2034 
 
 
13,573,000
13,714,180
Marin General Hospital, 7.242%, 8/01/2045 
 
 
10,530,000
10,894,334
Northwell Healthcare, Inc., 3.979%, 11/01/2046 
 
 
3,110,000
2,331,921
Northwell Healthcare, Inc., 4.26%, 11/01/2047 
 
 
9,132,000
7,093,414
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 
 
 
23,983,000
23,990,571
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038 
 
 
9,026,000
8,878,093
 
 
 
$134,858,310
Medical Equipment – 0.1%
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n)
 
$
9,046,000
$9,199,176
Metals & Mining – 0.9%
Anglo American Capital PLC, 3.875%, 3/16/2029 (n)
 
$
16,098,000
$15,730,529
Anglo American Capital PLC, 2.875%, 3/17/2031 (n)
 
 
12,521,000
11,370,385
Anglo American Capital PLC, 4.75%, 3/16/2052 (n)
 
 
20,205,000
16,337,506
Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n)
 
 
15,339,000
14,456,436
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Metals & Mining – continued
Glencore Funding LLC, 2.85%, 4/27/2031 (n)
 
$
17,296,000
$15,653,923
 
 
 
$73,548,779
Midstream – 3.0%
Cheniere Corpus Christi Holdings LLC, 2.742%, 12/31/2039 
 
$
8,291,000
$6,955,784
Cheniere Energy Partners LP, 5.55%, 10/30/2035 
 
 
44,143,000
43,852,968
Enbridge, Inc., 4.25%, 12/01/2026 
 
 
9,961,000
9,955,538
Enbridge, Inc., 5.7%, 3/08/2033 
 
 
8,233,000
8,396,720
Energy Transfer LP, 5.55%, 2/15/2028 
 
 
5,763,000
5,833,783
Energy Transfer LP, 5.75%, 2/15/2033 
 
 
26,373,000
26,926,158
Energy Transfer LP, 5.35%, 1/15/2036 
 
 
5,960,000
5,823,234
Kinder Morgan (Delaware), Inc., 7.75%, 1/15/2032 
 
 
7,347,000
8,247,781
Kinder Morgan Energy Partners LP, 6.375%, 3/01/2041 
 
 
6,112,000
6,293,023
Kinder Morgan Energy Partners LP, 5.4%, 9/01/2044 
 
 
7,661,000
6,919,612
MPLX LP, 4.95%, 3/14/2052 
 
 
27,389,000
22,167,556
Plains All American Pipeline LP, 3.55%, 12/15/2029 
 
 
33,187,000
31,846,273
Targa Resources Corp., 4.2%, 2/01/2033 
 
 
4,099,000
3,824,522
Targa Resources Corp., 6.125%, 3/15/2033 
 
 
24,189,000
25,120,774
Targa Resources Corp., 4.95%, 4/15/2052 
 
 
8,758,000
7,120,090
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)
 
 
24,120,000
24,550,976
 
 
 
$243,834,792
Mortgage-Backed – 14.3%
Fannie Mae, 2.656%, 12/25/2026 
 
$
3,749,328
$3,721,122
Fannie Mae, 3.95%, 1/01/2027 
 
 
522,742
521,136
Fannie Mae, 3.5%, 1/01/2028 - 12/01/2047 
 
 
20,721,028
19,008,897
Fannie Mae, 3%, 11/01/2028 - 11/01/2048 
 
 
19,368,665
17,185,635
Fannie Mae, 2.5%, 11/01/2031 - 11/01/2046 
 
 
2,013,733
1,710,095
Fannie Mae, 6.5%, 11/01/2031 - 1/01/2033 
 
 
21,667
22,338
Fannie Mae, 3%, 2/25/2033 (i)
 
 
563,773
36,045
Fannie Mae, 5.5%, 3/01/2033 - 12/01/2038 
 
 
2,579,871
2,605,594
Fannie Mae, 5%, 11/01/2033 - 3/01/2042 
 
 
3,035,655
3,013,659
Fannie Mae, 4.5%, 3/01/2034 - 6/01/2044 
 
 
14,829,850
14,390,820
Fannie Mae, 6%, 5/01/2034 - 10/01/2038 
 
 
1,073,469
1,108,232
Fannie Mae, 3.25%, 5/25/2040 
 
 
178,084
165,468
Fannie Mae, 4%, 9/01/2040 - 12/01/2048 
 
 
26,058,534
24,704,059
Fannie Mae, 2%, 4/25/2046 
 
 
393,932
362,420
Fannie Mae, 4%, 7/25/2046 (i)
 
 
879,545
154,585
Fannie Mae, UMBS, 2.5%, 7/01/2036 - 5/01/2053 
 
 
147,383,536
123,443,234
Fannie Mae, UMBS, 3%, 8/01/2036 - 10/01/2053 
 
 
44,838,491
38,659,796
Fannie Mae, UMBS, 2%, 7/01/2037 - 10/01/2052 
 
 
71,165,397
57,946,157
Fannie Mae, UMBS, 1.5%, 9/01/2041 - 2/01/2042 
 
 
819,944
680,107
Fannie Mae, UMBS, 5.5%, 5/01/2044 - 5/01/2055 
 
 
22,498,803
22,436,663
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 5/01/2052 
 
 
1,886,497
1,713,865
Fannie Mae, UMBS, 4.5%, 7/01/2052 - 3/01/2055 
 
 
18,935,854
17,873,154
Fannie Mae, UMBS, 5%, 8/01/2052 - 8/01/2056 
 
 
49,171,938
47,689,146
Fannie Mae, UMBS, 6.5%, 8/01/2053 - 12/01/2053 
 
 
764,159
788,655
Fannie Mae, UMBS, 6%, 11/01/2053 - 1/01/2055 
 
 
10,862,872
11,016,123
Freddie Mac, 3.3%, 10/25/2026 
 
 
4,724,001
4,706,021
Freddie Mac, 3.117%, 6/25/2027 
 
 
16,887,377
16,718,054
Freddie Mac, 1.079%, 7/25/2029 (i)
 
 
12,138,943
333,503
Freddie Mac, 1.132%, 8/25/2029 (i)
 
 
21,566,120
622,985
Freddie Mac, 1.838%, 4/25/2030 (i)
 
 
6,415,004
389,418
Freddie Mac, 5.5%, 8/01/2033 - 1/01/2038 
 
 
593,814
598,921
Freddie Mac, 6%, 11/01/2033 - 7/01/2038 
 
 
356,125
364,254
Freddie Mac, 5%, 11/01/2035 - 7/01/2041 
 
 
1,379,977
1,372,909
Freddie Mac, 5.5%, 2/15/2036 (i)
 
 
141,147
21,220
Freddie Mac, 4%, 8/01/2037 - 4/01/2044 
 
 
2,679,845
2,545,345
Freddie Mac, 3.5%, 11/01/2037 - 10/25/2058 
 
 
12,922,586
11,884,822
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 3%, 1/01/2038 - 2/25/2059 
 
$
16,945,686
$15,045,002
Freddie Mac, 4.5%, 7/01/2040 - 5/01/2042 
 
 
3,375,931
3,281,548
Freddie Mac, 4.5%, 12/15/2040 (i)
 
 
45,144
4,096
Freddie Mac, 4%, 8/15/2044 (i)
 
 
124,576
9,825
Freddie Mac, UMBS, 3%, 11/01/2034 - 12/01/2052 
 
 
41,874,914
36,551,634
Freddie Mac, UMBS, 2%, 9/01/2036 - 8/01/2052 
 
 
144,300,685
113,664,345
Freddie Mac, UMBS, 2.5%, 9/01/2036 - 10/01/2053 
 
 
49,483,463
40,760,095
Freddie Mac, UMBS, 5%, 8/01/2037 - 8/01/2056 
 
 
24,826,757
24,015,204
Freddie Mac, UMBS, 3.5%, 12/01/2046 - 7/01/2052 
 
 
5,284,227
4,755,776
Freddie Mac, UMBS, 4.5%, 7/01/2052 - 3/01/2055 
 
 
11,982,192
11,320,880
Freddie Mac, UMBS, 5.5%, 11/01/2052 - 9/01/2055 
 
 
38,036,978
37,742,257
Freddie Mac, UMBS, 6%, 9/01/2053 - 8/01/2054 
 
 
15,619,635
15,850,459
Freddie Mac, UMBS, 6.5%, 9/01/2053 - 12/01/2054 
 
 
5,680,500
5,880,250
Freddie Mac, UMBS, 4%, 5/01/2056 
 
 
10,699,004
9,770,127
Ginnie Mae, 5.5%, 11/15/2032 - 4/20/2055 
 
 
31,506,491
31,406,519
Ginnie Mae, 6%, 2/15/2034 - 1/15/2038 
 
 
377,172
389,866
Ginnie Mae, 4.5%, 4/15/2039 - 12/20/2052 
 
 
50,192,404
47,636,582
Ginnie Mae, 4%, 10/20/2040 - 10/20/2052 
 
 
31,943,917
29,398,393
Ginnie Mae, 3.5%, 11/15/2040 - 5/20/2056 
 
 
37,537,695
33,117,058
Ginnie Mae, 3%, 11/20/2044 - 11/20/2052 
 
 
52,114,680
45,425,939
Ginnie Mae, 2.5%, 8/20/2051 - 6/20/2052 
 
 
63,299,612
52,883,987
Ginnie Mae, 2%, 1/20/2052 - 10/20/2053 
 
 
45,308,433
36,349,784
Ginnie Mae, 5%, 12/20/2052 - 9/20/2054 
 
 
37,825,345
36,784,771
UMBS, TBA, 6%, 8/13/2056 
 
 
60,725,000
61,393,687
UMBS, TBA, 5.5%, 8/25/2056 
 
 
11,075,000
10,959,878
 
 
 
$1,154,912,419
Municipals – 1.0%
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-4”, 7%, 6/30/2039 
 
$
15,461,000
$12,743,207
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), Convertible Capital Appreciation, “B-2”, 0% to
11/15/2029, 8% to 6/30/2044 
 
 
8,128,000
4,825,949
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
 
24,325,000
22,446,358
Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), “B”, AGM, 3.607%, 8/15/2040 
 
 
4,565,000
3,615,399
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028 
 
 
9,234,000
9,125,520
Philadelphia, PA, School District, Taxable, “B”, AGM, 6.615%, 6/01/2030 
 
 
5,160,000
5,318,320
State of Florida, Taxable, “A”, 2.154%, 7/01/2030 
 
 
21,024,000
19,088,430
 
 
 
$77,163,183
Natural Gas - Distribution – 0.6%
Boston Gas Co., 3.15%, 8/01/2027 (n)
 
$
18,261,000
$18,000,515
KeySpan Gas East Corp., 2.742%, 8/15/2026 (n)
 
 
13,855,000
13,844,881
NiSource, Inc., 3.6%, 5/01/2030 
 
 
16,331,000
15,582,252
 
 
 
$47,427,648
Natural Gas - Pipeline – 0.1%
APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)
 
$
8,531,000
$8,293,327
Network & Telecom – 0.3%
NTT Finance Corp., 5.502%, 7/16/2035 (n)
 
$
24,588,000
$24,358,032
Non-Global Systemically Important Banks – 2.6%
Capital One Financial Corp., 6.7%, 11/29/2032 
 
$
34,164,000
$36,669,539
Capital One Financial Corp., 5.817% to 2/01/2033, FLR (SOFR - 1 day + 2.6%) to 2/01/2034 
 
 
11,000,000
11,133,521
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.86%) to 6/08/2034 
 
 
17,390,000
18,116,218
Capital One Financial Corp., 6.051% to 2/01/2034, FLR (SOFR - 1 day + 2.26%) to 2/01/2035 
 
 
16,122,000
16,474,961
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 
 
 
23,182,000
23,024,570
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029 
 
 
24,629,000
25,279,550
Lloyds Bank PLC, 3.75%, 1/11/2027 
 
 
3,975,000
3,965,236
Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n)
 
 
23,323,000
23,439,452
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Non-Global Systemically Important Banks – continued
Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n)
 
$
47,217,000
$45,086,604
NatWest Group PLC, 6.016% to 3/02/2033, FLR (CMT - 1yr. + 2.1%) to 3/02/2034 
 
 
3,536,000
3,651,806
 
 
 
$206,841,457
Pharmaceuticals & Biotechnology – 0.3%
Genmab A.S., 6.25%, 12/15/2032 (n)
 
$
24,393,000
$24,616,269
Real Estate - Retail – 0.3%
Brixmor Operating Partnership LP, REIT, 5.75%, 2/15/2035 
 
$
24,974,000
$25,322,251
Real Estate - Storage & Office – 0.8%
Boston Properties LP, REIT, 2.55%, 4/01/2032 
 
$
29,885,000
$25,793,967
Boston Properties LP, REIT, 2.45%, 10/01/2033 
 
 
27,176,000
22,085,047
Boston Properties LP, REIT, 5.75%, 1/15/2035 
 
 
14,052,000
13,948,848
 
 
 
$61,827,862
Refining – 0.0%
Marathon Petroleum Corp., 5.85%, 12/15/2045 
 
$
4,349,000
$4,027,944
Restaurants – 0.2%
1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n)
 
$
18,567,000
$18,760,567
Retail & E-commerce – 1.0%
Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p)
 
$
23,886,000
$25,641,836
DICK'S Sporting Goods, 3.15%, 1/15/2032 
 
 
23,293,000
21,062,261
Penske Automotive Group Co., 3.75%, 6/15/2029 
 
 
34,558,000
32,998,812
 
 
 
$79,702,909
Semiconductor & Electronic Components – 0.1%
Broadcom, Inc., 3.137%, 11/15/2035 
 
$
9,859,000
$8,014,005
Software – 1.1%
Dell International LLC/EMC Corp., 5.3%, 10/01/2029 
 
$
24,675,000
$24,950,420
Oracle Corp., 5.2%, 9/26/2035 
 
 
11,041,000
9,906,196
Oracle Corp., 5.7%, 2/04/2036 
 
 
11,378,000
10,533,387
Oracle Corp., 5.95%, 9/26/2055 
 
 
8,149,000
6,474,700
Salesforce, Inc., 5.2%, 3/15/2033 
 
 
16,838,000
16,631,141
Salesforce, Inc., 5.55%, 3/15/2036 
 
 
16,098,000
15,697,648
Salesforce, Inc., 6.4%, 3/15/2046 
 
 
8,419,000
8,103,684
 
 
 
$92,297,176
Telecommunications - Wireless – 1.4%
Rogers Communications, Inc., 4.5%, 3/15/2042 
 
$
27,147,000
$22,167,521
Rogers Communications, Inc., 4.55%, 3/15/2052 
 
 
27,147,000
20,423,075
SBA Communications Corp., 3.125%, 2/01/2029 
 
 
17,490,000
16,699,555
T-Mobile USA, Inc., 2.55%, 2/15/2031 
 
 
28,722,000
25,755,793
T-Mobile USA, Inc., 4.375%, 4/15/2040 
 
 
2,343,000
1,978,992
Vodafone Group PLC, 5.35%, 6/18/2036 
 
 
24,618,000
23,821,879
Vodafone Group PLC, 5.625%, 2/10/2053 
 
 
6,121,000
5,400,447
 
 
 
$116,247,262
Tobacco – 1.0%
B.A.T. Capital Corp., 4.906%, 4/02/2030 
 
$
2,485,000
$2,478,047
B.A.T. Capital Corp., 4.742%, 3/16/2032 
 
 
26,499,000
26,047,073
B.A.T. International Finance PLC, 4.448%, 3/16/2028 
 
 
23,935,000
23,861,103
Philip Morris International, Inc., 5.125%, 11/17/2027 
 
 
9,958,000
10,029,248
Philip Morris International, Inc., 5.625%, 11/17/2029 
 
 
4,291,000
4,395,047
9
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Tobacco – continued
Philip Morris International, Inc., 5.125%, 2/15/2030 
 
$
17,478,000
$17,612,096
 
 
 
$84,422,614
Transportation & Logistics – 0.4%
ERAC USA Finance LLC, 7%, 10/15/2037 (n)
 
$
9,094,000
$10,074,695
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n)
 
 
15,190,000
12,771,088
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n)
 
 
5,237,000
3,801,200
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2043 (n)
 
 
8,302,680
2,916,316
 
 
 
$29,563,299
Travel, Gaming, & Lodging – 0.6%
Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n)
 
$
20,412,000
$20,406,159
Marriott International, Inc., 3.5%, 10/15/2032 
 
 
12,991,000
11,818,970
Marriott International, Inc., 2.75%, 10/15/2033 
 
 
18,167,000
15,516,615
 
 
 
$47,741,744
U.S. Government Agencies and Equivalents – 0.1%
Small Business Administration, 3.25%, 11/01/2030 
 
$
299,375
$289,465
Small Business Administration, 2.85%, 9/01/2031 
 
 
538,653
509,983
Small Business Administration, 2.37%, 8/01/2032 
 
 
331,845
311,822
Small Business Administration, 2.13%, 1/01/2033 
 
 
636,747
592,363
Small Business Administration, 2.21%, 2/01/2033 
 
 
153,666
142,318
Small Business Administration, 2.22%, 3/01/2033 
 
 
601,426
560,462
Small Business Administration, 2.08%, 4/01/2033 
 
 
1,194,280
1,106,131
Small Business Administration, 2.45%, 6/01/2033 
 
 
1,132,578
1,056,395
Small Business Administration, 3.15%, 7/01/2033 
 
 
1,422,711
1,353,957
Small Business Administration, 3.16%, 8/01/2033 
 
 
1,486,614
1,412,001
Small Business Administration, 3.62%, 9/01/2033 
 
 
711,331
686,456
 
 
 
$8,021,353
U.S. Treasury Obligations – 20.8%
U.S. Treasury Bonds, 1.125%, 8/15/2040 
 
$
27,300,000
$16,477,043
U.S. Treasury Bonds, 1.375%, 11/15/2040 
 
 
74,100,000
46,121,461
U.S. Treasury Bonds, 1.75%, 8/15/2041 
 
 
67,500,000
43,490,039
U.S. Treasury Bonds, 2.375%, 2/15/2042 
 
 
61,700,000
43,243,024
U.S. Treasury Bonds, 2.875%, 5/15/2043 
 
 
58,777,000
43,304,414
U.S. Treasury Bonds, 4.375%, 8/15/2043 
 
 
101,800,000
92,025,610
U.S. Treasury Bonds, 4.75%, 11/15/2043 
 
 
177,950,000
168,267,018
U.S. Treasury Bonds, 4.5%, 2/15/2044 
 
 
90,700,000
82,983,415
U.S. Treasury Bonds, 2.5%, 2/15/2045 (f)
 
 
29,323,000
19,646,410
U.S. Treasury Bonds, 4.875%, 8/15/2045 
 
 
64,500,000
61,466,484
U.S. Treasury Bonds, 2.25%, 8/15/2046 
 
 
36,800,000
22,899,375
U.S. Treasury Bonds, 2.875%, 11/15/2046 
 
 
27,653,000
19,293,368
U.S. Treasury Bonds, 3%, 2/15/2048 
 
 
19,900,000
13,973,531
U.S. Treasury Bonds, 1.625%, 11/15/2050 
 
 
132,800,000
65,699,687
U.S. Treasury Bonds, 4.75%, 11/15/2053 
 
 
30,800,000
28,381,719
U.S. Treasury Bonds, 4.25%, 2/15/2054 
 
 
183,300,000
155,633,156
U.S. Treasury Bonds, 4.5%, 11/15/2054 
 
 
100,050,000
88,626,322
U.S. Treasury Bonds, 4.75%, 8/15/2055 
 
 
27,500,000
25,393,457
U.S. Treasury Notes, 4.125%, 2/15/2027 (f)
 
 
63,100,000
63,134,385
U.S. Treasury Notes, 4.125%, 7/31/2028 
 
 
64,200,000
64,014,422
U.S. Treasury Notes, 4.875%, 10/31/2028 
 
 
90,926,000
92,016,402
U.S. Treasury Notes, 4.625%, 4/30/2029 
 
 
38,000,000
38,289,453
U.S. Treasury Notes, 4.25%, 6/30/2029 
 
 
167,000,000
166,589,023
U.S. Treasury Notes, 3.625%, 8/31/2030 
 
 
57,000,000
55,352,344
U.S. Treasury Notes, 3.875%, 8/15/2034 
 
 
74,000,000
70,262,422
U.S. Treasury Notes, 4.25%, 11/15/2034 
 
 
102,500,000
99,709,278
 
 
 
$1,686,293,262
10
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Utilities – 1.5%
American Electric Power Co., Inc., 5.95%, 11/01/2032 
 
$
13,723,000
$14,266,591
Constellation Energy Generation LLC, 3.75%, 3/01/2031 
 
 
19,925,000
18,841,833
Enel Finance International N.V., 3.5%, 4/06/2028 (n)
 
 
30,284,000
29,688,575
Enel Finance International N.V., 7.5%, 10/14/2032 (n)
 
 
3,444,000
3,823,461
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)
 
 
21,954,000
19,333,961
Pacific Gas & Electric Co., 3%, 6/15/2028 
 
 
11,170,000
10,810,549
Pacific Gas & Electric Co., 3.3%, 8/01/2040 
 
 
34,169,000
24,993,494
 
 
 
$121,758,464
Total Bonds
$7,967,821,021
Mutual Funds (h) – 2.2%
Money Market Funds – 2.2%
MFS Institutional Money Market Portfolio, 3.73% (v)
 
 
176,218,855
$176,254,098
 
Other Assets, Less Liabilities – (0.7)%
(54,762,714
)
Net Assets – 100.0%
$8,089,312,405
 
(a)
Non-income producing security.
(d)
In default.
(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 $176,254,098 and
$7,967,821,021, 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 $2,664,634,739,
representing 32.9% of net assets.
(p)
Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.
(q)
Interest received was less than stated coupon rate.
(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:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
CDO
Collateralized Debt Obligation
CLO
Collateralized Loan Obligation
CMT
Constant Maturity Treasury
FGIC
Financial Guaranty Insurance Co.
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
NPFG
National Public Finance Guarantee Corp.
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced
UMBS
Uniform Mortgage-Backed Security
 
11
Portfolio of Investments (unaudited) – continued
Derivative Contracts at 7/31/26
Futures Contracts
Description
Long/
Short
Currency
Contracts
Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Note 2 yr
Long
USD
2,231
$458,714,518
September – 2026
$(1,193,103
)
U.S. Treasury Note 5 yr
Long
USD
4,207
445,843,401
September – 2026
(2,956,541
)
U.S. Treasury Ultra Bond 30 yr
Long
USD
1,737
190,527,187
September – 2026
(5,389,285
)
U.S. Treasury Ultra Note 10 yr
Long
USD
1,362
149,415,656
September – 2026
(2,367,727
)
 
 
$(11,906,656
)
At July 31, 2026, the fund had liquid securities collateral with an aggregate value of $21,421,750 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.
12
Supplemental Information
7/31/26 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. 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. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
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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 July 31, 2026 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents
$—
$1,694,314,615
$—
$1,694,314,615
Non - U.S. Sovereign Debt
—
9,067,035
—
9,067,035
Municipal Bonds
—
77,163,183
—
77,163,183
U.S. Corporate Bonds
—
2,239,052,826
—
2,239,052,826
Residential Mortgage-Backed Securities
—
1,622,755,559
—
1,622,755,559
Commercial Mortgage-Backed Securities
—
466,680,806
—
466,680,806
Asset-Backed Securities (including CDOs)
—
1,087,937,671
—
1,087,937,671
Foreign Bonds
—
770,849,326
—
770,849,326
Investment Companies
176,254,098
—
—
176,254,098
Total
$176,254,098
$7,967,821,021
$—
$8,144,075,119
Other Financial Instruments
Futures Contracts – Liabilities
$(11,906,656
)
$—
$—
$(11,906,656
)
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the period ended July 31, 2026:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$126,795,313
$472,442,095
$423,002,271
$(4,894
)
$23,855
$176,254,098
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$1,550,011
$—
14