Quarterly Report
February 29, 2024
MFS®  Global Opportunistic
Bond Fund
GLB-Q1

Portfolio of Investments
2/29/24 (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 – 94.9%
Aerospace & Defense – 0.6%
Boeing Co., 5.805%, 5/01/2050    $ 1,688,000 $1,627,030
HEICO Corp., 5.35%, 8/01/2033      942,000 937,192
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n)     1,147,000 1,228,846
Thales S.A., 3.625%, 6/14/2029    EUR 1,700,000 1,851,471
Thales S.A., 4.25%, 10/18/2031      600,000 676,650
        $6,321,189
Apparel Manufacturers – 0.0%
Tapestry, Inc., 3.05%, 3/15/2032    $ 616,000 $499,142
Asset-Backed & Securitized – 7.3%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.016%, 11/15/2054 (i)   $ 11,768,114 $560,115
ACREC 2021-FL1 Ltd., “C”, FLR, 7.585% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n)     2,557,500 2,468,317
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.432% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n)     204,000 198,478
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 7.032% ((SOFR - 1mo. + 0.11448%) + 1.6%), 5/15/2036 (n)     418,000 412,066
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 7.382% ((SOFR - 1mo. + 0.11448%) + 1.95%), 5/15/2036 (n)     1,359,500 1,333,913
Arbor Realty Trust, Inc., CLO, 2021-FL3, “B”, FLR, 7.032% ((SOFR - 1mo. + 0.11448%) + 1.6%), 8/15/2034 (n)     1,205,000 1,164,519
Arbor Realty Trust, Inc., CLO, 2021-FL3, “C”, FLR, 7.282% ((SOFR - 1mo. + 0.11448%) + 1.85%), 8/15/2034 (n)     1,049,500 1,006,519
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 7.625% (SOFR - 30 day + 2.3%), 1/15/2037 (n)     3,751,000 3,682,563
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 8.324% (SOFR - 30 day + 3%), 1/15/2037 (n)     2,400,000 2,282,230
AREIT 2022-CRE6 Trust, “C”, FLR, 7.474% (SOFR - 30 day + 2.15%), 1/20/2037 (n)     533,500 509,825
AREIT 2022-CRE6 Trust, “D”, FLR, 8.174% (SOFR - 30 day + 2.85%), 1/20/2037 (n)     569,500 537,642
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.613%, 4/15/2053 (i)     1,423,462 85,462
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.283%, 7/15/2054 (i)     9,672,670 621,167
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.606%, 2/15/2054 (i)     14,963,314 1,181,862
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.149%, 12/15/2055      1,004,922 1,068,456
Benchmark 2020-B18 Mortgage Trust, “XA”, 1.78%, 7/15/2053 (i)     12,619,604 784,499
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.146%, 3/15/2054 (i)     6,390,986 328,859
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.884%, 6/15/2054 (i)     19,801,586 848,702
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.259%, 7/15/2054 (i)     20,174,753 1,206,529
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.272%, 8/15/2054 (i)     20,853,910 1,327,900
Benchmark 2022-B37 Mortgage Trust, “AS”, 5.751%, 11/15/2055      394,000 400,130
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 7.482% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n)     632,000 619,412
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.732% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n)     572,500 558,856
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n)     128,926 124,980
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n)     274,051 256,386
BXMT 2021-FL4 Ltd., “AS”, FLR, 6.736% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n)     1,100,000 1,031,490
BXMT 2021-FL4 Ltd., “B”, FLR, 6.985% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/15/2038 (n)     2,995,500 2,763,625
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)     488,272 470,546
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)     381,350 354,635
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)     927,403 927,522
CNH Equipment Trust 2023-A, “A2”, 5.34%, 9/15/2026      431,580 430,923
Colt Funding LLC, 2024-1, “A1”, 5.835%, 2/25/2069 (n)     1,467,089 1,456,703
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.772%, 4/15/2054 (i)     7,783,448 289,698
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.974%, 6/15/2063 (i)     11,348,740 549,683
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.039%, 6/15/2064 (i)     9,436,868 496,266
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.79%, 4/15/2065      2,344,000 2,046,836
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “AS”, 6.385%, 8/15/2056      1,857,391 1,941,005
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n)     466,816 466,007
Empire District Bondco LLC, 4.943%, 1/01/2033      1,494,000 1,486,062
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 7.572% (SOFR - 30 day + 2.25%), 2/23/2039 (n)     990,500 962,766
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 6.985% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/16/2038 (n)     2,483,500 2,404,559
GreatAmerica Leasing Receivables Funding LLC, 2023-1, “A2”, 5.35%, 2/16/2026 (n)     559,612 558,522
KREF 2021-FL2 Ltd., “B”, FLR, 7.086% ((SOFR - 1mo. + 0.114%) + 1.65%), 2/15/2039 (n)     2,155,000 2,041,615
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.432% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n)     1,395,500 1,350,372
MF1 2021-FL5 Ltd., “C”, FLR, 7.132% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n)     645,000 620,477
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
MF1 2021-FL6 Ltd., “AS”, FLR, 6.886% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/16/2036 (n)   $ 2,500,000 $2,451,452
MF1 2021-FL6 Ltd., “B”, FLR, 7.086% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n)     3,800,000 3,695,971
MF1 2022-FL8 Ltd., “C”, FLR, 7.515% (SOFR - 30 day + 2.2%), 2/19/2037 (n)     1,130,366 1,087,124
MF1 2024-FL14 LLC, “A”, FLR, 7.055% (SOFR - 1mo. + 1.737%), 3/19/2039 (n)     2,073,000 2,072,239
MF1 2024-FL14 LLC, “AS”, FLR, 7.657% (SOFR - 1mo. + 2.24%), 3/19/2039 (n)     886,959 886,645
MF1 2024-FL14 LLC, “B”, FLR, 8.057% (SOFR - 1mo. + 2.689%), 3/19/2039 (n)     848,223 847,018
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.289%, 5/15/2054 (i)     5,695,721 336,818
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.206%, 6/15/2054 (i)     17,108,102 915,335
Navistar Financial Dealer Note Master Owner Trust, 2022-1, “A”, FLR, 6.574% (SOFR - 30 day + 1.25%), 5/25/2027 (n)     947,000 947,670
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)     1,133,847 1,131,405
OBX Trust, 2024-NQM2, “A1”, 5.878%, 12/25/2063 (n)     2,643,996 2,635,030
OBX Trust, 2024-NQM3, “A1”, 6.129%, 12/25/2063 (n)     582,010 581,329
RAC Bond Co. PLC, 4.87%, 5/06/2026    GBP 670,000 822,359
RAC Bond Co. PLC, 5.25%, 11/04/2027 (n)     1,950,000 2,287,748
Shelter Growth CRE 2021-FL3 Ltd., “C”, FLR, 7.582% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n)   $ 1,212,000 1,161,883
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 7.235% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n)     1,223,000 1,157,306
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 7.536% ((SOFR - 1mo. + 0.11448)% + 2.1%), 4/18/2038 (n)     238,000 215,349
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 6.836% ((SOFR - 1mo. + 0.11448%) + 1.4%), 3/15/2038 (n)     800,000 779,039
Verus Securitization Trust, 2014-1, “A1”, 5.712%, 1/25/2069 (n)     1,514,977 1,506,933
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.519%, 4/15/2054 (i)     9,272,819 674,478
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.521%, 8/15/2054 (i)     15,524,985 1,097,978
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 6.175% (SOFR - 30 day + 0.85%), 6/15/2026 (n)     251,995 252,169
        $73,761,977
Automotive – 0.5%
Ford Motor Credit Co. LLC, 4.445%, 2/14/2030    EUR 480,000 $518,954
Hyundai Capital America, 6.375%, 4/08/2030 (n)   $ 825,000 867,767
LKQ Corp., 6.25%, 6/15/2033      716,000 735,810
Mercedes-Benz International Finance B.V., 3.25%, 1/10/2032    EUR 1,160,000 1,235,968
Volkswagen International Finance N.V., 7.5% to 9/06/2028, FLR (EUR Swap Rate - 5yr. + 4.292%) to 9/06/2033, FLR (EUR Swap Rate - 5yr. + 4.542%) to 9/06/2048, FLR (EUR Swap Rate - 5yr. + 5.292%) to 9/06/2172      400,000 463,663
Volkswagen International Finance N.V., 7.875% to 9/06/2032, FLR (EUR Swap Rate - 9yr. + 4.783%) to 9/06/2033, FLR (EUR Swap Rate - 9yr. + 5.033%) to 9/06/2052, FLR (EUR Swap Rate - 9yr. + 5.783%) to 9/06/2172      100,000 120,110
Volkswagen Leasing GmbH, 4%, 4/11/2031      690,000 747,982
        $4,690,254
Broadcasting – 0.5%
Discovery Communications LLC, 4.125%, 5/15/2029    $ 647,000 $599,339
Prosus N.V., 3.061%, 7/13/2031 (n)     895,000 722,486
Prosus N.V., 4.027%, 8/03/2050      1,000,000 636,552
Ubisoft Entertainment S.A., 0.878%, 11/24/2027    EUR 2,700,000 2,496,031
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032    $ 539,000 475,499
        $4,929,907
Brokerage & Asset Managers – 0.5%
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029    $ 496,000 $502,266
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034      746,000 772,864
Low Income Investment Fund, 3.386%, 7/01/2026      310,000 291,036
Low Income Investment Fund, 3.711%, 7/01/2029      840,000 753,861
LPL Holdings, Inc., 4%, 3/15/2029 (n)     1,938,000 1,778,050
LSEG Netherlands B.V., 4.231%, 9/29/2030    EUR 720,000 805,043
        $4,903,120
Building – 0.9%
Foundation Building Materials LLC, 6%, 3/01/2029 (n)   $ 1,810,000 $1,579,372
Heidelberg Materials Finance Luxembourg S.A., 4.875%, 11/21/2033    EUR 690,000 786,494
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034    GBP 1,020,000 982,264
Imerys S.A., 4.75%, 11/29/2029    EUR 900,000 988,247
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)   $ 1,797,000 1,712,347
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Building – continued
Standard Industries, Inc., 4.75%, 1/15/2028 (n)   $ 1,792,000 $1,690,640
Vulcan Materials Co., 3.5%, 6/01/2030      1,112,000 1,012,816
        $8,752,180
Business Services – 0.5%
Corning, Inc., 4.125%, 5/15/2031    EUR 1,150,000 $1,271,763
Euronet Worldwide, Inc., 1.375%, 5/22/2026      770,000 773,606
Fiserv, Inc., 4.4%, 7/01/2049    $ 931,000 778,880
Mastercard, Inc., 3.3%, 3/26/2027      523,000 501,711
Mastercard, Inc., 3.85%, 3/26/2050      691,000 570,818
Visa, Inc., 3.65%, 9/15/2047      1,125,000 897,570
        $4,794,348
Cable TV – 0.9%
Cable One, Inc., 4%, 11/15/2030 (n)   $ 1,664,000 $1,257,319
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025      481,000 474,344
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050      499,000 361,087
Cox Communications, Inc., 5.45%, 9/15/2028 (n)     1,222,000 1,231,735
SES S.A., 3.5%, 1/14/2029    EUR 1,440,000 1,510,097
Summer BidCo B.V., 10%, 2/15/2029 (n)     1,380,000 1,529,590
Ziggo B.V., 3.375%, 2/28/2030      2,875,000 2,652,957
        $9,017,129
Chemicals – 0.4%
Arkema S.A., 4.25%, 5/20/2030    EUR 500,000 $557,904
Sasol Financing (USA) LLC, 4.375%, 9/18/2026    $ 500,000 466,850
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)     1,691,000 1,537,557
Synthos S.A., 2.5%, 6/07/2028 (n)   EUR 1,286,000 1,198,808
        $3,761,119
Computer Software – 0.1%
Microsoft Corp., 2.525%, 6/01/2050    $ 888,000 $571,777
Microsoft Corp., 2.675%, 6/01/2060      607,000 383,101
Oracle Corp., 4%, 7/15/2046      717,000 551,444
        $1,506,322
Computer Software - Systems – 0.2%
Apple, Inc., 3.2%, 5/11/2027 (f)   $ 1,023,000 $976,613
Apple, Inc., 4.5%, 2/23/2036 (f)     953,000 936,872
        $1,913,485
Conglomerates – 0.9%
nVent Finance S.à r.l., 5.65%, 5/15/2033    $ 749,000 $749,004
Regal Rexnord Corp., 6.05%, 4/15/2028 (n)     1,687,000 1,697,594
Siemens Financieringsmaatschappij N.V., 3.375%, 2/22/2037    EUR 700,000 744,281
Siemens Financieringsmaatschappij N.V., 3.625%, 2/24/2043      700,000 747,988
TriMas Corp., 4.125%, 4/15/2029 (n)   $ 3,027,000 2,759,231
Veralto Corp., 4.15%, 9/19/2031    EUR 649,000 710,972
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028    $ 886,000 864,291
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034 (w)     465,000 466,932
        $8,740,293
Consumer Cyclical – 0.1%
Pluxee N.V., 3.75%, 9/04/2032    EUR 600,000 $642,262
Consumer Products – 0.3%
JAB Holdings B.V., 2.25%, 12/19/2039    EUR 1,900,000 $1,548,247
Kenvue, Inc., 5.05%, 3/22/2053    $ 1,397,000 1,345,374
        $2,893,621
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Consumer Services – 0.8%
Booking Holdings, Inc., 3.75%, 3/01/2036    EUR 1,070,000 $1,142,297
Compass Group PLC, 3.25%, 2/06/2031      340,000 362,261
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)   $ 1,664,000 1,237,766
Securitas Treasury Ireland DAC, 3.875%, 2/23/2030    EUR 424,000 458,345
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n)   $ 1,754,000 1,394,937
TriNet Group, Inc., 3.5%, 3/01/2029 (n)     2,744,000 2,429,647
Verisure Midholding AB, 5.25%, 2/15/2029    EUR 1,090,000 1,137,165
        $8,162,418
Containers – 0.2%
Titan Holdings II B.V., 5.125%, 7/15/2029    EUR 1,902,000 $1,798,331
Electrical Equipment – 0.1%
Arrow Electronics, Inc., 2.95%, 2/15/2032    $ 899,000 $751,270
Electronics – 0.2%
Intel Corp., 5.7%, 2/10/2053    $ 816,000 $827,170
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030      415,000 371,984
NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033      191,000 184,446
SK hynix, Inc., 6.375%, 1/17/2028 (n)     459,000 472,848
        $1,856,448
Emerging Market Quasi-Sovereign – 1.9%
Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n)   $ 644,000 $527,754
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028      850,000 778,643
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031      3,445,000 2,936,725
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025      1,200,000 1,193,784
Indian Railway Finance Corp., 2.8%, 2/10/2031      1,850,000 1,559,712
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025      1,102,000 1,050,823
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048      1,097,000 996,899
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)     400,000 401,081
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 3.75%, 6/23/2031 (n)     677,000 573,270
Petroleos Mexicanos, 10%, 2/07/2033      748,000 726,461
Petroleos Mexicanos, 7.69%, 1/23/2050      2,090,000 1,438,647
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n)     955,000 956,954
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026      1,120,000 1,131,200
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031    EUR 2,800,000 2,275,706
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030    $ 1,000,000 1,023,932
Turkiye Ihracat Kredi Bankasi A.S., 7.5%, 2/06/2028 (n)     1,984,000 1,978,643
        $19,550,234
Emerging Market Sovereign – 19.0%
Arab Republic of Egypt, 8.875%, 5/29/2050    $ 1,050,000 $836,779
Czech Republic, 2.5%, 8/25/2028    CZK 211,180,000 8,575,069
Czech Republic, 2%, 10/13/2033      66,500,000 2,429,502
Dominican Republic, 7.05%, 2/03/2031 (n)   $ 789,000 813,459
Dominican Republic, 4.875%, 9/23/2032      1,300,000 1,154,705
Dominican Republic, 5.875%, 1/30/2060      1,500,000 1,263,759
Federative Republic of Brazil, 10%, 1/01/2027    BRL 15,800,000 3,174,439
Federative Republic of Brazil, 10%, 1/01/2029      46,050,000 9,119,534
Hellenic Republic (Republic of Greece), 3.375%, 6/15/2034    EUR 20,039,000 21,487,918
Hellenic Republic (Republic of Greece), 4.375%, 7/18/2038      4,455,000 5,140,456
Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n)   $ 700,000 461,083
Oriental Republic of Uruguay, 8.25%, 5/21/2031    UYU 272,588,000 6,618,308
Oriental Republic of Uruguay, 9.75%, 7/20/2033      99,594,000 2,663,812
People's Republic of China, 3.13%, 11/21/2029    CNY 60,000,000 8,703,965
People's Republic of China, 2.88%, 2/25/2033      95,020,000 13,688,479
Republic of Angola, 9.125%, 11/26/2049    $ 900,000 720,720
Republic of Benin, 6.875%, 1/19/2052    EUR 1,100,000 956,157
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Cote d'Ivoire, 6.875%, 10/17/2040    EUR 2,600,000 $2,323,093
Republic of Hungary, 6.125%, 5/22/2028 (n)   $ 1,031,000 1,051,620
Republic of Hungary, 5.5%, 6/16/2034 (n)     1,064,000 1,032,629
Republic of India, 7.18%, 8/14/2033    INR 402,000,000 4,865,584
Republic of Korea, 2.375%, 12/10/2027    KRW 7,000,000,000 5,074,556
Republic of Korea, 1.875%, 6/10/2029      37,064,110,000 25,757,357
Republic of Korea, 1.375%, 6/10/2030      28,332,080,000 18,805,039
Republic of Paraguay, 6%, 2/09/2036 (n)   $ 725,000 726,087
Republic of Paraguay, 6.1%, 8/11/2044 (n)     1,460,000 1,384,007
Republic of Paraguay, 5.6%, 3/13/2048      2,000,000 1,770,000
Republic of Romania, 5.875%, 1/30/2029 (n)     408,000 404,480
Republic of Romania, 2%, 1/28/2032    EUR 2,220,000 1,874,661
Republic of Serbia, 2.05%, 9/23/2036 (n)     696,000 517,133
Republic of Serbia, 2.05%, 9/23/2036      100,000 74,301
Republic of Turkey, 7.625%, 5/15/2034    $ 566,000 563,510
Sultanate of Oman, 7%, 1/25/2051      2,550,000 2,636,139
United Mexican States, 7.5%, 6/03/2027    MXN 258,100,000 14,344,904
United Mexican States, 7.75%, 5/29/2031      348,400,000 18,941,775
United Mexican States, 6.338%, 5/04/2053    $ 496,000 483,313
        $190,438,332
Energy - Independent – 0.4%
Medco Bell Pte. Ltd., 6.375%, 1/30/2027    $ 668,000 $648,766
Occidental Petroleum Corp., 6.45%, 9/15/2036      1,211,000 1,275,014
Pioneer Natural Resources Co., 2.15%, 1/15/2031      1,246,000 1,042,404
Santos Finance Ltd., 6.875%, 9/19/2033 (n)     955,000 994,474
        $3,960,658
Energy - Integrated – 0.4%
BP Capital Markets America, Inc., 4.812%, 2/13/2033    $ 621,000 $605,839
BP Capital Markets B.V., 4.323%, 5/12/2035    EUR 830,000 935,135
BP Capital Markets B.V., 0.933%, 12/04/2040      760,000 522,907
Eni S.p.A., 3.875%, 1/15/2034      1,160,000 1,240,336
Exxon Mobil Corp., 1.408%, 6/26/2039      1,010,000 775,644
        $4,079,861
Entertainment – 0.2%
Motion Finco S.à r.l., 7.375%, 6/15/2030 (n)   EUR 1,424,000 $1,598,944
Financial Institutions – 1.1%
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n)   $ 773,000 $767,223
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)     1,002,000 966,823
Citycon Treasury B.V., 6.5%, 3/08/2029    EUR 292,000 317,576
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027    $ 500,000 497,940
EXOR N.V., 3.75%, 2/14/2033    EUR 760,000 809,222
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p)   $ 955,593 907,813
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p)     1,253,862 1,191,169
Grand City Properties S.A., 1.5%, 12/09/2069    EUR 1,200,000 713,328
Heimstaden Bostad Treasury B.V., 1%, 4/13/2028      1,190,000 1,012,029
Samhallsbyggnadsbolaget i Norden AB, 3%, 1/14/2025      780,000 783,884
Samhallsbyggnadsbolaget i Norden AB, 2.375%, 9/04/2026      740,000 616,572
Samhallsbyggnadsbolaget i Norden AB, 2.875% to 1/30/2027, FLR (EUR Swap Rate - 5yr. + 3.223%) to 1/30/32, FLR (EUR Swap Rate - 5yr. + 3.473%) to 1/30/47, FLR (EUR Swap Rate - 5yr. + 4.473%) to 12/31/2164 (a)     2,600,000 519,691
SBB Treasury Oyj, 0.75%, 12/14/2028      730,000 485,225
VGP N.V., 1.5%, 4/08/2029      900,000 814,768
Vonovia SE, 5.5%, 1/18/2036    GBP 800,000 978,464
        $11,381,727
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Food & Beverages – 1.1%
Anheuser-Busch InBev S.A./N.V., 2%, 1/23/2035    EUR 810,000 $758,926
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038    $ 1,509,000 1,379,926
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049      697,000 714,537
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)     1,758,000 1,729,219
Central America Bottling Co., 5.25%, 4/27/2029 (n)     960,000 900,206
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032      578,000 494,768
Constellation Brands, Inc., 3.15%, 8/01/2029      403,000 365,664
Constellation Brands, Inc., 2.25%, 8/01/2031      635,000 518,131
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032      1,595,000 1,341,132
Kraft Heinz Foods Co., 3.5%, 3/15/2029    EUR 650,000 701,846
Kraft Heinz Foods Co., 4.375%, 6/01/2046    $ 1,054,000 873,218
United Natural Foods, Inc., 6.75%, 10/15/2028 (n)     1,419,000 1,181,644
        $10,959,217
Gaming & Lodging – 0.3%
IHG Finance LLC, 4.375%, 11/28/2029    EUR 250,000 $275,926
Las Vegas Sands Corp., 3.9%, 8/08/2029    $ 925,000 836,570
Marriott International, Inc., 2.85%, 4/15/2031      1,183,000 1,010,003
VICI Properties LP, REIT, 4.95%, 2/15/2030      525,000 499,809
        $2,622,308
Industrial – 0.2%
Arcadis N.V., 4.875%, 2/28/2028    EUR 909,000 $1,013,449
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050    $ 1,894,000 1,176,543
        $2,189,992
Insurance – 0.8%
Allianz SE, 4.851% to 7/26/2034, FLR (EURIBOR - 3mo. + 3.35%) to 7/26/2054    EUR 800,000 $874,974
Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n)   $ 1,800,000 1,425,575
ASR Nederland N.V., 7% to 12/07/2033, FLR (EUR Swap Rate - 5yr. + 5.3%) to 12/07/2043    EUR 920,000 1,115,478
Assicurazioni Generali S.p.A., 3.547%, 1/15/2034      1,850,000 1,952,188
Corebridge Financial, Inc., 4.35%, 4/05/2042    $ 1,425,000 1,176,026
Equitable Holdings, Inc., 5.594%, 1/11/2033      150,000 151,196
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042    EUR 1,800,000 1,557,558
Sogecap S.A., 6.5%, 5/16/2044      200,000 233,599
        $8,486,594
Insurance - Health – 0.1%
UnitedHealth Group, Inc., 4.625%, 7/15/2035    $ 1,025,000 $989,401
Insurance - Property & Casualty – 0.7%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n)   $ 1,387,000 $1,347,505
American International Group, Inc., 5.125%, 3/27/2033      758,000 747,671
Aon Corp./Aon Global Holdings PLC, 3.9%, 2/28/2052      984,000 744,853
Arthur J. Gallagher & Co., 6.5%, 2/15/2034      564,000 602,635
Arthur J. Gallagher & Co., 6.75%, 2/15/2054      693,000 781,203
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027    CAD 1,850,000 1,327,572
Hub International Ltd., 7.375%, 1/31/2032 (n)   $ 1,147,000 1,150,634
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038    GBP 685,000 727,892
        $7,429,965
International Market Quasi-Sovereign – 0.7%
Belfius Bank S.A. (Kingdom of Belgium), 3.75%, 1/22/2029    EUR 200,000 $213,311
Belfius Bank S.A. (Kingdom of Belgium), 4.125%, 9/12/2029      1,000,000 1,106,352
Deutsche Bahn Finance GmbH, 3.375%, 1/29/2038      240,000 254,495
EnBW International Finance B.V. (Federal Republic of Germany), 4.3%, 5/23/2034      650,000 724,642
La Banque Postale S.A. (Republlic of France), 3.5%, 6/13/2030      1,000,000 1,071,045
Logicor Financing S.à r.l. (Grand Duchy of Luxembourg), 4.625%, 7/25/2028      430,000 465,372
Logicor Financing S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/17/2030      1,100,000 1,011,594
6

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
International Market Quasi-Sovereign – continued
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)   $ 1,122,000 $1,155,031
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)     878,000 696,289
P3 Group S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/26/2029    EUR 870,000 824,651
        $7,522,782
International Market Sovereign – 17.0%
Commonwealth of Australia, 3.25%, 6/21/2039    AUD 14,702,000 $8,373,828
Commonwealth of Australia, 2.75%, 5/21/2041      10,795,000 5,603,311
Federal Republic of Germany, 2.6%, 8/15/2033    EUR 4,000,000 4,397,749
Government of Bermuda, 2.375%, 8/20/2030 (n)   $ 508,000 423,418
Government of Bermuda, 5%, 7/15/2032 (n)     1,933,000 1,853,360
Government of Canada, 1.25%, 6/01/2030    CAD 6,437,000 4,146,497
Government of Japan, 0.3%, 12/20/2039    JPY 2,341,000,000 13,601,441
Government of Japan, 1.7%, 6/20/2044      1,093,100,000 7,589,506
Government of Japan, 0.3%, 6/20/2046      861,250,000 4,407,702
Government of Japan, 0.4%, 3/20/2050      2,044,000,000 10,053,257
Government of Japan, 0.7%, 12/20/2051      1,172,000,000 6,113,287
Government of New Zealand, 3.5%, 4/14/2033    NZD 4,399,000 2,440,367
Kingdom of Belgium, 3%, 6/22/2033 (n)   EUR 4,521,000 4,928,290
Kingdom of Belgium, 0.4%, 6/22/2040      3,970,000 2,762,736
Kingdom of Spain, 3.25%, 4/30/2034      10,510,000 11,318,315
Kingdom of Spain, 3.9%, 7/30/2039 (n)     11,386,000 12,684,029
Kingdom of Spain, 4%, 10/31/2054      5,478,000 6,004,162
Republic of Finland, 2.95%, 4/15/2055 (n)     3,200,000 3,379,413
Republic of Iceland, 2.5%, 4/15/2024    ISK 330,000,000 2,362,664
Republic of Italy, 4.1%, 2/01/2029    EUR 24,978,000 27,916,578
Republic of Italy, 1.45%, 3/01/2036      5,468,000 4,506,884
Republic of Italy, 4.15%, 10/01/2039 (n)     3,271,000 3,517,267
United Kingdom Treasury, 0.375%, 10/22/2030    GBP 18,248,000 18,233,039
United Kingdom Treasury, 1.75%, 9/07/2037      2,813,000 2,627,538
United Kingdom Treasury, 1.25%, 10/22/2041      2,517,000 1,944,134
        $171,188,772
Local Authorities – 0.0%
Province of British Columbia, 2.95%, 6/18/2050    CAD 765,000 $443,409
Machinery & Tools – 0.3%
CNH Industrial Capital LLC, 5.5%, 1/12/2029    $ 843,000 $854,497
Sarens Finance Co. N.V., 5.75%, 2/21/2027    EUR 1,611,000 1,666,664
        $2,521,161
Major Banks – 3.2%
Banco BPM S.p.A., 4.625%, 11/29/2027    EUR 620,000 $684,424
Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029    $ 1,256,000 1,249,197
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032      1,691,000 1,416,089
BNP Paribas S.A., 4.75% to 11/13/2031, FLR (EURIBOR - 3mo. + 1.6%) to 11/13/2032    EUR 1,300,000 1,469,911
BNP Paribas S.A., FLR, 5.971% (LIBOR - 6mo. + 0.075%), 3/23/2172    $ 2,260,000 2,256,610
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.860%) to 6/08/2034      725,000 747,038
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)     1,696,000 1,394,339
Credit Agricole S.A., 6.316% to 10/03/2028, FLR (SOFR - 1 day + 1.86%) to 10/03/2029 (n)     1,214,000 1,251,177
Credit Agricole S.A., 3.75%, 1/22/2034    EUR 300,000 324,896
Danske Bank A.S., 1.549%, 9/10/2027 (n)   $ 771,000 700,173
HSBC Holdings PLC, 6.8%, 9/14/2031    GBP 600,000 801,120
HSBC Holdings PLC, 4.856% to 5/23/2032, FLR (EURIBOR - 3mo. + 1.942%) to 5/23/2033    EUR 1,070,000 1,213,444
JPMorgan Chase & Co., 1.47% to 9/22/2026, FLR (SOFR - 1 day + 0.765%) to 9/22/2027    $ 1,107,000 1,005,857
JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + 1.19%) to 1/23/2028      767,000 762,922
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032      1,254,000 1,008,494
JPMorgan Chase & Co., 3.328% to 4/22/2051, FLR (SOFR - 1 day + 1.58%) to 4/22/2052      1,034,000 734,042
Lloyds Banking Group PLC, 4.75%, 9/21/2031    EUR 630,000 703,883
7

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Major Banks – continued
mBank S.A., 0.966% to 9/21/2026, FLR (EURIBOR - 3mo. + 1.25%) to 9/21/2027    EUR 1,300,000 $1,243,893
Mitsubishi UFJ Financial Group, Inc., 1.412%, 7/17/2025    $ 800,000 757,703
Morgan Stanley, 3.125%, 7/27/2026      643,000 613,337
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031      1,682,000 1,528,051
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034      499,000 496,037
NatWest Markets PLC, 3.625%, 1/09/2029    EUR 930,000 998,972
PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028    $ 537,000 536,330
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035      774,000 776,231
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)     2,305,000 1,856,676
UBS Group AG, 4.125% to 6/09/2032, FLR (EUR ICE Swap Rate - 1yr. + 1.75%) to 6/09/2033    EUR 970,000 1,044,902
UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 5/13/2172 (n)   $ 611,000 652,304
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n)     1,350,000 1,278,664
UniCredit S.p.A., 4.3% to 1/23/2030, FLR (EURIBOR - 3mo. + 1.80%) to 1/23/2031    EUR 1,640,000 1,763,827
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028    $ 657,000 622,916
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033      709,000 608,546
        $32,502,005
Medical & Health Technology & Services – 0.8%
Becton, Dickinson and Co., 4.298%, 8/22/2032    $ 428,000 $401,127
CAB SELAS, 3.375%, 2/01/2028    EUR 1,090,000 1,069,100
CVS Health Corp., 5.625%, 2/21/2053    $ 630,000 605,257
HCA, Inc., 5.125%, 6/15/2039      1,208,000 1,122,574
IQVIA Holdings, Inc., 6.25%, 2/01/2029      714,000 734,614
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050      1,500,000 911,476
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048      675,000 697,334
Star Parent, Inc., 9%, 10/01/2030 (n)     1,419,000 1,497,569
Thermo Fisher Scientific Finance I B.V., 2%, 10/18/2051    EUR 920,000 687,448
        $7,726,499
Medical Equipment – 0.1%
American Medical Systems Europe B.V., 3.5%, 3/08/2032    EUR 730,000 $784,021
Metals & Mining – 0.5%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)   $ 451,000 $452,538
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)     1,419,000 1,270,215
Glencore Funding LLC, 2.85%, 4/27/2031 (n)     788,000 671,462
GrafTech Finance, Inc., 9.875%, 12/15/2028 (n)     1,110,000 881,340
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)     2,421,000 2,232,249
        $5,507,804
Midstream – 1.1%
Columbia Pipelines Operating Co. LLC, 5.927%, 8/15/2030 (n)   $ 988,000 $1,006,380
Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n)     521,000 534,964
DT Midstream, Inc., 4.125%, 6/15/2029 (n)     2,702,000 2,468,941
Enbridge, Inc., 5.7%, 3/08/2033      695,000 702,841
Enbridge, Inc., 8.5% to 1/15/2034, FLR (CMT - 5yr. + 4.431%) to 1/15/2054, FLR (CMT - 5yr. + 5.181%) to 1/15/2084      869,000 926,631
Energy Transfer LP, 5.95%, 5/15/2054      690,000 673,420
Plains All American Pipeline LP, 3.55%, 12/15/2029      839,000 761,207
Targa Resources Corp., 4.2%, 2/01/2033      423,000 380,746
Targa Resources Corp., 4.95%, 4/15/2052      716,000 612,572
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)     1,969,000 1,965,884
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)     874,000 887,902
        $10,921,488
Mortgage-Backed – 10.3%  
Fannie Mae, 5%, 8/01/2040    $ 273,656 $269,665
Fannie Mae, 4%, 9/01/2040 - 11/01/2044      177,464 166,984
Fannie Mae, 4.5%, 2/01/2041 - 4/01/2044      1,253,905 1,221,532
Fannie Mae, 3.5%, 9/01/2045 - 12/01/2047      606,364 551,438
8

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mortgage-Backed – continued  
Fannie Mae, UMBS, 5.5%, 4/01/2031 - 6/01/2053    $ 2,799,971 $2,778,033
Fannie Mae, UMBS, 2%, 3/01/2037 - 5/01/2052      8,033,630 6,470,521
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 5/01/2052      183,365 166,962
Fannie Mae, UMBS, 2.5%, 1/01/2050 - 2/01/2053      8,848,926 7,296,041
Fannie Mae, UMBS, 3%, 10/01/2051 - 8/01/2053      7,473,208 6,403,351
Fannie Mae, UMBS, 4%, 6/01/2052 - 12/01/2052      3,700,069 3,406,194
Fannie Mae, UMBS, 4.5%, 7/01/2052 - 10/01/2052      1,355,972 1,283,906
Fannie Mae, UMBS, 6%, 12/01/2052 - 8/01/2053      433,009 435,031
Fannie Mae, UMBS, 6.5%, 12/01/2053      275,001 279,891
Freddie Mac, 0.209%, 9/25/2026 (i)     62,189,000 348,277
Freddie Mac, 1.366%, 3/25/2027 (i)     1,517,000 56,741
Freddie Mac, 0.294%, 2/25/2028 (i)     46,151,000 535,864
Freddie Mac, 0.107%, 4/25/2028 (i)     46,683,000 265,528
Freddie Mac, 0.111%, 5/25/2028 (i)     47,225,000 290,344
Freddie Mac, 5%, 11/25/2028 - 7/01/2041      2,661,111 2,681,246
Freddie Mac, 5.976%, 3/25/2029      1,594,557 1,594,860
Freddie Mac, 5.966%, 7/25/2029 - 9/25/2029      4,564,845 4,565,823
Freddie Mac, 1.799%, 4/25/2030 (i)     2,395,024 222,172
Freddie Mac, 1.868%, 4/25/2030 (i)     2,589,254 245,929
Freddie Mac, 1.666%, 5/25/2030 (i)     3,408,930 293,731
Freddie Mac, 1.798%, 5/25/2030 (i)     7,523,890 700,251
Freddie Mac, 1.341%, 6/25/2030 (i)     3,170,959 223,430
Freddie Mac, 1.599%, 8/25/2030 (i)     2,931,170 250,862
Freddie Mac, 1.169%, 9/25/2030 (i)     1,901,519 120,685
Freddie Mac, 1.08%, 11/25/2030 (i)     3,948,102 238,156
Freddie Mac, 4.94%, 11/25/2030      2,063,394 2,080,457
Freddie Mac, 0.327%, 1/25/2031 (i)     15,702,330 268,356
Freddie Mac, 0.515%, 3/25/2031 (i)     20,405,227 574,207
Freddie Mac, 0.938%, 7/25/2031 (i)     5,068,698 295,166
Freddie Mac, 0.536%, 9/25/2031 (i)     21,590,988 704,492
Freddie Mac, 0.567%, 12/25/2031 (i)     5,486,706 192,428
Freddie Mac, 0.154%, 11/25/2032 (i)     33,028,344 475,489
Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042      569,799 556,573
Freddie Mac, 4%, 4/01/2044      27,722 26,136
Freddie Mac, UMBS, 6.5%, 11/01/2028 - 10/01/2053      519,919 529,131
Freddie Mac, UMBS, 2%, 9/01/2036 - 3/01/2052      8,351,493 6,683,146
Freddie Mac, UMBS, 4.5%, 6/01/2038 - 7/01/2052      1,874,044 1,816,230
Freddie Mac, UMBS, 3%, 6/01/2050 - 6/01/2053      2,153,687 1,846,478
Freddie Mac, UMBS, 2.5%, 8/01/2051 - 7/01/2053      7,539,578 6,203,936
Freddie Mac, UMBS, 5%, 8/01/2052 - 4/01/2053      3,171,711 3,078,094
Freddie Mac, UMBS, 4%, 10/01/2052 - 3/01/2053      1,963,032 1,806,752
Freddie Mac, UMBS, 5.5%, 12/01/2052 - 8/01/2053      1,564,059 1,550,463
Freddie Mac, UMBS, 6%, 12/01/2052 - 12/01/2053      2,297,165 2,312,105
Freddie Mac, UMBS, 3.5%, 1/01/2054      1,974,999 1,758,242
Ginnie Mae, 2.5%, 8/20/2051 - 10/20/2052      2,994,970 2,535,637
Ginnie Mae, 2%, 1/20/2052 - 3/20/2052      2,264,770 1,843,637
Ginnie Mae, 3%, 6/20/2052 - 10/20/2052      1,463,142 1,283,310
Ginnie Mae, 4%, 7/20/2052 - 11/20/2052      1,035,721 963,994
Ginnie Mae, 3.5%, 10/20/2052 - 12/20/2052      2,272,603 2,055,654
Ginnie Mae, 5%, 1/20/2053 - 9/20/2053      2,715,360 2,652,726
Ginnie Mae, 5.5%, 2/20/2053 - 4/20/2053      3,182,546 3,163,118
Ginnie Mae, 6%, 2/20/2054      500,000 502,756
Ginnie Mae, TBA, 6%, 3/15/2054      525,000 527,560
Ginnie Mae, TBA, 6.5%, 3/15/2054      525,000 532,120
Ginnie Mae, TBA, 3%, 3/20/2054      1,200,000 1,051,948
Ginnie Mae, TBA, 2%, 4/15/2054      2,975,000 2,423,578
UMBS, TBA, 2%, 3/13/2054 - 4/25/2054      5,050,000 3,970,418
UMBS, TBA, 5.5%, 3/13/2054      1,900,000 1,879,428
9

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mortgage-Backed – continued  
UMBS, TBA, 3.5%, 3/25/2054 - 4/25/2054    $ 2,025,000 $1,801,988
        $103,309,201
Municipals – 0.9%
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039    $ 1,035,000 $1,011,060
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037      1,025,000 886,421
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 4.949%, 7/01/2038      2,595,000 2,376,946
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052      1,830,000 1,814,436
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040      1,040,000 842,681
Minnesota Housing Finance Agency, Residential Housing, Taxable, “G”, 4.337%, 1/01/2047      1,730,000 1,684,608
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028      742,000 667,546
        $9,283,698
Natural Gas - Distribution – 0.2%
ENGIE S.A., 3.875%, 12/06/2033    EUR 500,000 $540,746
ENGIE S.A., 3.875%, 3/06/2036      400,000 428,663
ENGIE S.A., 4.5%, 9/06/2042      400,000 447,652
ENGIE S.A., 4.25%, 1/11/2043      900,000 974,850
        $2,391,911
Natural Gas - Pipeline – 0.3%
APA Infrastructure Ltd., 0.75%, 3/15/2029    EUR 1,700,000 $1,571,714
APA Infrastructure Ltd., 2.5%, 3/15/2036    GBP 1,750,000 1,559,510
        $3,131,224
Network & Telecom – 0.1%
Orange S.A., 3.875%, 9/11/2035    EUR 500,000 $556,587
Oil Services – 0.1%
EnBW Energie Baden-Wuerttemberg AG, 5.25%, 1/23/2084    EUR 200,000 $218,321
MV24 Capital B.V., 6.748%, 6/01/2034    $ 886,996 832,298
        $1,050,619
Oils – 0.4%
FS Luxembourg S.à r.l., 8.875%, 2/12/2031 (n)   $ 1,664,000 $1,647,360
Neste Oyj, 3.875%, 5/21/2031    EUR 300,000 328,149
Parkland Corp., 4.625%, 5/01/2030 (n)   $ 2,623,000 2,396,006
        $4,371,515
Other Banks & Diversified Financials – 2.6%
ABANCA Corp. Bancaria S.A., 5.875%, 4/02/2030    EUR 1,300,000 $1,496,949
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)   $ 1,891,000 1,962,160
AIB Group PLC, 5.25%, 10/23/2031    EUR 830,000 950,465
Banque Federative du Credit Mutuel S.A., 5%, 10/22/2029    GBP 500,000 626,830
Banque Federative du Credit Mutuel S.A., 4.375%, 1/11/2034    EUR 900,000 952,536
Banque Federative du Credit Mutuel S.A., 3.75%, 2/03/2034      900,000 967,181
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n)   $ 1,143,000 1,184,845
BPCE S.A., 4.5%, 3/15/2025 (n)     900,000 883,654
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n)     1,490,000 1,192,637
BPCE S.A., 4.125% to 3/08/2032, FLR (EURIBOR - 3mo. + 1.45%) to 3/08/2033    EUR 900,000 966,942
BPCE S.A., 4.75% to 6/14/2033, FLR (EURIBOR - 3mo. + 1.83%) to 6/14/2034      300,000 339,388
BPCE S.A., 4.25% to 1/11/2034, FLR (EURIBOR - 3mo. + 1.85%) to 1/11/2035      900,000 975,103
BPCE S.A., 4.875% to 2/26/2031, FLR (EUR ICE Swap Rate - 5yr. + 2.3%) to 2/26/2036      100,000 108,554
CaixaBank S.A., 5% to 7/19/2028, FLR (EURIBOR - 3mo. + 1.65%) to 7/19/2029      600,000 673,181
CaixaBank S.A., 4.25%, 9/06/2030      600,000 666,425
CaixaBank S.A., 4.125% to 2/09/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/09/2032      500,000 539,648
Commerzbank AG, 4.625%, 1/17/2031      100,000 108,792
Deutsche Bank AG, 3.75% to 1/15/2029, FLR (EURIBOR - 3mo. + 1.25%) to 1/15/2030      1,000,000 1,068,790
Deutsche Bank AG, 6.125% to 12/12/2029, FLR (SONIA + 2.621%) to 12/12/2030    GBP 1,000,000 1,247,488
10

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Other Banks & Diversified Financials – continued
Deutsche Bank AG, 1.375% to 2/17/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/17/2032    EUR 800,000 $707,613
Deutsche Bank AG, 4%, 6/24/2032      700,000 720,396
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)   $ 1,210,000 1,266,696
KBC Group N.V, 4.75%, 4/17/2035    EUR 1,100,000 1,183,055
M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + 1.78%) to 8/16/2028    $ 1,045,000 996,644
Macquarie Group Ltd., 4.747%, 1/23/2030    EUR 555,000 626,735
Macquarie Group Ltd., 6.255% to 12/07/2033, FLR (SOFR - 1 day + 2.303%) to 12/07/2034 (n)   $ 677,000 700,486
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035      456,000 451,453
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n)     800,000 729,671
Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024      1,230,000 1,209,115
Virgin Money UK PLC, 7.625% to 8/23/2028, FLR (GBP Government Yield - 1yr. + 3.05%) to 8/23/2029    GBP 790,000 1,047,914
        $26,551,346
Pharmaceuticals – 0.4%
AbbVie, Inc., 5.35%, 3/15/2044    $ 488,000 $492,487
AbbVie, Inc., 5.4%, 3/15/2054      611,000 620,239
Bristol-Myers Squibb Co., 5.5%, 2/22/2044      409,000 413,916
Bristol-Myers Squibb Co., 5.55%, 2/22/2054      499,000 504,916
Roche Holdings, Inc., 5.489%, 11/13/2030 (n)     1,491,000 1,535,840
        $3,567,398
Pollution Control – 0.1%
Waste Management, Inc., 4.625%, 2/15/2033    $ 1,012,000 $977,487
Precious Metals & Minerals – 0.2%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)   $ 1,446,000 $1,290,584
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)     897,000 896,760
        $2,187,344
Real Estate - Office – 0.3%
Boston Properties, Inc., REIT, 3.65%, 2/01/2026    $ 814,000 $782,746
Corporate Office Property LP, REIT, 2.25%, 3/15/2026      841,000 786,489
Corporate Office Property LP, REIT, 2%, 1/15/2029      382,000 316,390
Corporate Office Property LP, REIT, 2.75%, 4/15/2031      791,000 638,453
        $2,524,078
Real Estate - Other – 0.3%
EPR Properties, REIT, 3.6%, 11/15/2031    $ 1,227,000 $1,001,680
Extra Space Storage LP, 5.5%, 7/01/2030      1,058,000 1,062,921
Lexington Realty Trust Co., 2.7%, 9/15/2030      880,000 725,559
        $2,790,160
Real Estate - Retail – 0.2%
STORE Capital Corp., REIT, 2.75%, 11/18/2030    $ 1,370,000 $1,080,501
STORE Capital Corp., REIT, 2.7%, 12/01/2031      190,000 147,927
WEA Finance LLC, 2.875%, 1/15/2027 (n)     1,124,000 1,021,129
        $2,249,557
Retailers – 0.2%
Alimentation Couche-Tard, Inc., 4.011%, 2/12/2036    EUR 450,000 $482,503
AutoZone, Inc., 4.75%, 8/01/2032    $ 1,018,000 977,570
Home Depot, Inc., 3.625%, 4/15/2052      1,158,000 874,740
        $2,334,813
Specialty Chemicals – 0.4%
Covestro AG, 1.375%, 6/12/2030    EUR 950,000 $905,313
CTEC II GmbH, 5.25%, 2/15/2030 (n)     1,369,000 1,319,876
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)   $ 917,000 805,908
11

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Specialty Chemicals – continued
International Flavors & Fragrances, Inc., 4.375%, 6/01/2047    $ 715,000 $533,397
        $3,564,494
Specialty Stores – 0.3%
DICK'S Sporting Goods, 3.15%, 1/15/2032    $ 781,000 $654,478
Dufry One B.V., 3.375%, 4/15/2028    EUR 1,100,000 1,136,888
Michael Cos., Inc., 7.875%, 5/01/2029 (n)   $ 1,344,000 867,826
        $2,659,192
Supermarkets – 0.3%
Ocado Group PLC, 3.875%, 10/08/2026    GBP 1,660,000 $1,822,360
Picard Bondco S.A., 5.375%, 7/01/2027    EUR 1,090,000 1,149,327
        $2,971,687
Supranational – 2.8%
European Financial Stability Facility, 3%, 9/04/2034    EUR 4,992,000 $5,404,148
European Investment Bank, 3%, 2/15/2039      5,500,000 5,846,543
European Union, 3.25%, 7/04/2034      5,075,000 5,608,474
European Union, 2.625%, 2/04/2048      5,900,000 5,683,698
European Union, 3%, 3/04/2053      5,988,000 6,045,971
        $28,588,834
Telecommunications - Wireless – 0.5%
Millicom International Cellular S.A., 5.125%, 1/15/2028    $ 720,000 $686,459
Rogers Communications, Inc., 3.8%, 3/15/2032      1,128,000 1,002,473
T-Mobile USA, Inc., 3.875%, 4/15/2030      1,220,000 1,132,424
T-Mobile USA, Inc., 5.75%, 1/15/2034      600,000 617,589
Vodafone Group PLC, 3.375%, 8/08/2049    GBP 860,000 740,514
Vodafone Group PLC, 5.625%, 2/10/2053    $ 887,000 858,337
        $5,037,796
Telephone Services – 0.1%
TELUS Corp., 2.85%, 11/13/2031    CAD 1,475,000 $942,407
Transportation - Services – 1.0%
Aeroporti Di Roma S.p.A, 4.875%, 7/10/2033    EUR 1,170,000 $1,317,693
Autostrade per l'Italia S.p.A., 4.75%, 1/24/2031      910,000 1,008,045
Autostrade per l'Italia S.p.A., 5.125%, 6/14/2033      410,000 462,813
Autostrade per l'Italia S.p.A., 4.625%, 2/28/2036      910,000 979,521
Element Fleet Management Corp., 6.271%, 6/26/2026 (n)   $ 689,000 695,154
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)     1,197,000 1,227,699
Heathrow Funding Ltd., 6%, 3/05/2032    GBP 620,000 781,257
Transurban Finance Co. Pty Ltd., 4.225%, 4/26/2033    EUR 1,150,000 1,282,813
Triton International Ltd., 3.15%, 6/15/2031 (n)   $ 1,009,000 794,256
United Parcel Service, 5.05%, 3/03/2053      1,338,000 1,298,927
        $9,848,178
U.S. Treasury Obligations – 4.5%
U.S. Treasury Bonds, 3.875%, 5/15/2043 (f)   $ 9,170,000 $8,385,535
U.S. Treasury Bonds, 4.75%, 11/15/2053      11,287,000 12,008,310
U.S. Treasury Notes, 3.75%, 12/31/2028      6,686,000 6,533,998
U.S. Treasury Notes, 4.875%, 10/31/2030 (f)     17,659,000 18,254,991
        $45,182,834
Utilities - Electric Power – 3.1%
Adani Transmission Ltd., 4.25%, 5/21/2036    $ 1,020,500 $869,757
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)     1,316,000 1,080,679
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043      222,000 213,144
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053      185,000 157,955
12

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Utilities - Electric Power – continued
Bruce Power LP, 2.68%, 12/21/2028    CAD 1,650,000 $1,113,633
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)   $ 2,996,000 2,526,422
ContourGlobal Power Holdings S.A., 2.75%, 1/01/2026    EUR 2,300,000 2,371,293
Duke Energy Florida LLC, 6.2%, 11/15/2053    $ 643,000 696,333
E.ON International Finance B.V., 5.875%, 10/30/2037    GBP 1,150,000 1,478,590
EDP Servicios Financieros Espana S.A., 4.375%, 4/04/2032    EUR 540,000 609,493
Enel Finance International N.V., 3.5%, 4/06/2028 (n)   $ 505,000 470,765
Enel Finance International N.V., 2.25%, 7/12/2031 (n)     1,414,000 1,129,946
Enel Finance International N.V., 3.875%, 1/23/2035    EUR 1,030,000 1,097,617
Energuate Trust, 5.875%, 5/03/2027    $ 600,000 574,800
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n)     620,000 610,856
ENGIE Energía Chile S.A., 4.5%, 1/29/2025      858,000 845,346
EPH Financing International A.S., 6.651%, 11/13/2028    EUR 1,293,000 1,426,209
Eversource Energy, 5.5%, 1/01/2034    $ 685,000 677,992
Florida Power & Light Co., 2.875%, 12/04/2051      710,000 461,524
Georgia Power Co., 4.95%, 5/17/2033      1,276,000 1,249,304
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n)     620,000 592,100
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)     294,000 243,037
Listrindo Capital B.V., 4.95%, 9/14/2026      896,000 864,311
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029      1,337,322 1,276,393
National Grid Electricity Transmission PLC, 2%, 4/17/2040    GBP 1,000,000 788,655
National Grid PLC, 4.275%, 1/16/2035    EUR 490,000 533,786
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025    $ 487,000 488,751
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025      508,000 510,714
Pacific Gas & Electric Co., 6.1%, 1/15/2029      623,000 637,742
Pacific Gas & Electric Co., 6.4%, 6/15/2033      370,000 384,693
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053      1,142,000 1,109,550
Southern Co., 1.875%, 9/15/2081    EUR 100,000 93,511
SSE PLC, 4%, 9/05/2031      800,000 884,952
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033    $ 648,640 651,235
WEC Energy Group, Inc., 1.8%, 10/15/2030      930,000 752,496
Xcel Energy, Inc., 4.6%, 6/01/2032      515,000 480,210
Xcel Energy, Inc., 5.5%, 3/15/2034      1,047,000 1,029,096
        $30,982,890
Utilities - Gas – 0.3%
EP Infrastructure A.S., 2.045%, 10/09/2028    EUR 3,011,000 $2,789,967
Utilities - Other – 0.1%
United Utilities Water Finance PLC, 3.75%, 5/23/2034    EUR 590,000 $630,721
Total Bonds   $952,975,927
Investment Companies (h) – 4.8%
Money Market Funds – 4.8%  
MFS Institutional Money Market Portfolio, 5.37% (v)     48,489,957 $48,489,957
    
13

Portfolio of Investments (unaudited) – continued
Underlying/Expiration Date/Exercise Price Put/Call Counterparty Notional
Amount
Par Amount/
Number of
Contracts
Value ($)
Purchased Options – 0.3%  
Market Index Securities – 0.3%  
iTraxx Europe Series 40 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – May 2024 @ 3% Call Merrill Lynch International $ 216,928,578 EUR  184,330,000 $857,885
iTraxx Europe Series 40 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – May 2024 @ 3.5% Call Merrill Lynch International  105,739,883   89,850,000 1,640,789
iTraxx Europe Series 40 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – May 2024 @ 3.5% Call Barclays Bank PLC  52,240,327   44,390,000 810,625
Total Purchased Options   $3,309,299
Other Assets, Less Liabilities – 0.0%   88,093
Net Assets – 100.0% $1,004,863,276
(a) Non-income producing security.      
(f) All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements.      
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $48,489,957 and $956,285,226, 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 $184,289,050, representing 18.3% of net assets.      
(p) Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.      
(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.      
(w) When-issued security.      
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
BZDIOVRA Brazil Interbank Deposit Rate
CFRR China Fixing Repo Rate
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury
EURIBOR Euro Interbank Offered Rate
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.
ICE Intercontinental Exchange
LIBOR London Interbank Offered Rate
NPFG National Public Finance Guarantee Corp.
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Index Average
TBA To Be Announced
UMBS Uniform Mortgage-Backed Security
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CNH Chinese Yuan Renminbi (Offshore)
CNY China Yuan Renminbi
CZK Czech Koruna
EUR Euro
GBP British Pound
14

Portfolio of Investments (unaudited) – continued
HUF Hungarian Forint
INR Indian Rupee
ISK Iceland Krona
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
SGD Singapore Dollar
TWD Taiwan Dollar
UYU Uruguayan Peso
Derivative Contracts at 2/29/24
Forward Foreign Currency Exchange Contracts
Currency
Purchased
Currency
Sold
Counterparty Settlement
Date
Unrealized
Appreciation
(Depreciation)
Asset Derivatives
EUR 13,882,469 USD 14,984,678 HSBC Bank 4/19/2024 $48,908
EUR 414,142 USD 447,746 State Street Bank Corp. 4/19/2024 736
EUR 9,149,503 USD 9,888,297 UBS AG 4/19/2024 19,871
GBP 1,251,697 USD 1,580,097 Deutsche Bank AG 4/19/2024 373
JPY 60,090,815 USD 402,511 JPMorgan Chase Bank N.A. 4/19/2024 1,357
MXN 93,352,301 USD 5,323,121 Deutsche Bank AG 4/19/2024