# EDGAR Filing Document

**Accession Number:** 0001065698
**File Stem:** 0001410368-25-028921
**Filing Date:** 2025-11
**Character Count:** 131991
**Document Hash:** 08bdb9fe798fdf9e409b04f46943e537
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-028921.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-028921

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST III
- **CENTRAL INDEX KEY:** 0001065698

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08879
- **FILM NUMBER:** 251509805

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUN CAPITAL ADVISERS TRUST
- **DATE OF NAME CHANGE:** 19980709

## Series and Classes Contracts Data

### MFS Inflation-Adjusted Bond Portfolio (Series ID: S000023378)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000068454 | Initial Class |  |
| C000068455 | Service Class |  |

## Nport-Ex

VIA-Q3

![](img5d9a94661.gif)

**Quarterly Report**

September 30, 2025

MFS<sup>®</sup> Inflation-Adjusted <br>

Bond Portfolio

![](img808c3b332.gif)

MFS<sup>®</sup> Variable Insurance Trust III

------

**Portfolio of Investments**

9/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 97.9%  | Bonds – 97.9%  | Bonds – 97.9%  |
| Asset-Backed & Securitized – 2.3% | Asset-Backed & Securitized – 2.3% | Asset-Backed & Securitized – 2.3% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.108%, 11/15/2054 (i) | $2057191 | &nbsp;&nbsp;&nbsp; $76453 |
| Alinea CLO Ltd., 2018-1A, "AR", FLR, 5.225% (SOFR - 3mo. + 0.9%), 7/20/2031 (n) | 100287 | &nbsp;&nbsp;&nbsp; 100312 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-B", FLR, 4.942% (SOFR - 1mo. + 0.6%), 2/18/2028  | 101716 | &nbsp;&nbsp;&nbsp; 101749 |
| Babson CLO Ltd., 2021-3A, "B1R", FLR, 5.959% (SOFR - 3mo. + 1.63%), 1/18/2035 (n) | 300000 | &nbsp;&nbsp;&nbsp; 300132 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.329%, 7/15/2054 (i) | 1917127 | &nbsp;&nbsp;&nbsp; 97349 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.694%, 2/15/2054 (i) | 1292722 | &nbsp;&nbsp;&nbsp; 83588 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.361%, 2/15/2054 (i) | 4214077 | &nbsp;&nbsp;&nbsp; 200535 |
| Benchmark 2021-B24 Mortgage Trust, "XA", 1.249%, 3/15/2054 (i) | 2497701 | &nbsp;&nbsp;&nbsp; 100059 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.349%, 7/15/2054 (i) | 3190968 | &nbsp;&nbsp;&nbsp; 160384 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.351%, 8/15/2054 (i) | 3834614 | &nbsp;&nbsp;&nbsp; 195550 |
| Bridgecrest Lending Auto Securitization Trust, 2025-1, "A2", 4.71%, 9/15/2027  | 146162 | &nbsp;&nbsp;&nbsp; 146192 |
| Chase Auto Owner Trust, 2024-5A, "A2", 4.4%, 11/26/2027 (n) | 73864 | &nbsp;&nbsp;&nbsp; 73912 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.385%, 2/15/2054 (i) | 3190716 | &nbsp;&nbsp;&nbsp; 169843 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.132%, 6/15/2064 (i) | 1281668 | &nbsp;&nbsp;&nbsp; 54426 |
| Enterprise Fleet Financing 2025-1 LLC, "A2", 4.65%, 10/20/2027 (n) | 66000 | &nbsp;&nbsp;&nbsp; 66297 |
| LAD Auto Receivables Trust, 2024-3A, "A2", 4.64%, 11/15/2027 (n) | 81503 | &nbsp;&nbsp;&nbsp; 81558 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.385%, 5/15/2054 (i) | 1618487 | &nbsp;&nbsp;&nbsp; 73275 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.255%, 6/15/2054 (i) | 1862184 | &nbsp;&nbsp;&nbsp; 73332 |
| Palmer Square Loan Funding, 2025-2A Ltd., "A2", FLR, 5.687% (SOFR - 3mo. + 1.4%), 7/15/2033 (n) | 625000 | &nbsp;&nbsp;&nbsp; 626956 |
| Santander Drive Auto Receivables Trust, 2025-1, 4.74%, 1/16/2029  | 125000 | &nbsp;&nbsp;&nbsp; 125547 |
| Santander Drive Auto Receivables Trust, 2025-1, "A2", 4.76%, 8/16/2027  | 199989 | &nbsp;&nbsp;&nbsp; 200114 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 63630 | &nbsp;&nbsp;&nbsp; 63706 |
| Shackleton 2019-14A CLO Ltd., "BRR", FLR, 5.875% (SOFR - 3mo. + 1.55%), 7/20/2034 (n) | 406375 | &nbsp;&nbsp;&nbsp; 406532 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.616%, 8/15/2054 (i) | 1413670 | &nbsp;&nbsp;&nbsp; 88648 |
|  |  | &nbsp;&nbsp;&nbsp; $3666449 |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Conservation Fund, 3.474%, 12/15/2029  | $312000 | &nbsp;&nbsp;&nbsp; $294026 |
| Emerging Market Sovereign – 1.2% | Emerging Market Sovereign – 1.2% | Emerging Market Sovereign – 1.2% |
| Oriental Republic of Uruguay, 3.7%, 6/26/2037  | 45331592 | &nbsp;&nbsp;&nbsp; $1183068 |
| Republic of South Africa, 8.875%, 2/28/2035  | 13000000 | &nbsp;&nbsp;&nbsp; 738352 |
|  |  | &nbsp;&nbsp;&nbsp; $1921420 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |
| Howard University, Washington D.C., AGM, 2.516%, 10/01/2025  | $82000 | &nbsp;&nbsp;&nbsp; $82000 |
| International Market Sovereign – 47.2% | International Market Sovereign – 47.2% | International Market Sovereign – 47.2% |
| Commonwealth of Australia, Inflation Linked Bond, 0.25%, 11/21/2032  | 1712235 | &nbsp;&nbsp;&nbsp; $1021958 |
| Commonwealth of Australia, Inflation Linked Bond, 1.25%, 8/21/2040  | 191661 | &nbsp;&nbsp;&nbsp; 110209 |
| Government of Canada, Inflation Linked Bond, 4%, 12/01/2031  | 5657108 | &nbsp;&nbsp;&nbsp; 4797383 |
| Government of Canada, Inflation Linked Bond, 1.25%, 12/01/2047  | 1283990 | &nbsp;&nbsp;&nbsp; 853540 |
| Government of Japan, Inflation Linked Bond, 0.1%, 3/10/2026  | 432831400 | &nbsp;&nbsp;&nbsp; 2948681 |
| Government of Japan, Inflation Linked Bond, 0.005%, 3/10/2031  | 242446900 | &nbsp;&nbsp;&nbsp; 1686864 |
| Government of New Zealand, Inflation Linked Bond, 2.5%, 9/20/2035  | 1171247 | &nbsp;&nbsp;&nbsp; 683791 |
| Kingdom of Spain, Inflation Linked Bond, 1%, 11/30/2030  | 859303 | &nbsp;&nbsp;&nbsp; 1016073 |
| Kingdom of Spain, Inflation Linked Bond, 0.7%, 11/30/2033 (n) | 1871454 | &nbsp;&nbsp;&nbsp; 2110707 |
| Kingdom of Spain, Inflation Linked Bond, 2.05%, 11/30/2039 (n) | 2052513 | &nbsp;&nbsp;&nbsp; 2507667 |
| Kingdom of Sweden, Inflation Linked Bond, 0.125%, 6/01/2032  | 16175402 | &nbsp;&nbsp;&nbsp; 1651748 |
| Republic of France, Inflation Linked Bond, 0.7%, 7/25/2030  | 630140 | &nbsp;&nbsp;&nbsp; 734186 |
| Republic of France, Inflation Linked Bond, 0.6%, 7/25/2034 (n) | 5427731 | &nbsp;&nbsp;&nbsp; 5939272 |
| Republic of France, Inflation Linked Bond, 0.1%, 7/25/2047  | 499169 | &nbsp;&nbsp;&nbsp; 387046 |
| Republic of France, Inflation Linked Bond, 0.1%, 7/25/2053 (n) | 336529 | &nbsp;&nbsp;&nbsp; 232056 |
| Republic of Italy, Inflation Linked Bond, 1.25%, 9/15/2032  | 9975381 | &nbsp;&nbsp;&nbsp; 11718863 |
| Republic of Italy, Inflation Linked Bond, 2.55%, 9/15/2041  | 3086248 | &nbsp;&nbsp;&nbsp; 3865390 |
| Republic of Italy, Inflation Linked Bond, 0.15%, 5/15/2051 (n) | 1026766 | &nbsp;&nbsp;&nbsp; 715586 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| International Market Sovereign – continued | International Market Sovereign – continued | International Market Sovereign – continued |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2029  | 1491896 | &nbsp;&nbsp;&nbsp; $1962146 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 8/10/2031  | 5457908 | &nbsp;&nbsp;&nbsp; 6984524 |
| United Kingdom Treasury, Inflation Linked Bond, 2%, 1/26/2035  | 2146789 | &nbsp;&nbsp;&nbsp; 2954142 |
| United Kingdom Treasury, Inflation Linked Bond, 1.125%, 11/22/2037  | 2580897 | &nbsp;&nbsp;&nbsp; 3193189 |
| United Kingdom Treasury, Inflation Linked Bond, 0.625%, 3/22/2040  | 3964030 | &nbsp;&nbsp;&nbsp; 4357475 |
| United Kingdom Treasury, Inflation Linked Bond, 0.625%, 11/22/2042  | 2370694 | &nbsp;&nbsp;&nbsp; 2478141 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2044  | 501001 | &nbsp;&nbsp;&nbsp; 454355 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2046  | 1154988 | &nbsp;&nbsp;&nbsp; 991998 |
| United Kingdom Treasury, Inflation Linked Bond, 0.75%, 11/22/2047  | 2136902 | &nbsp;&nbsp;&nbsp; 2087370 |
| United Kingdom Treasury, Inflation Linked Bond, 0.5%, 3/22/2050  | 380694 | &nbsp;&nbsp;&nbsp; 333295 |
| United Kingdom Treasury, Inflation Linked Bond, 0.25%, 3/22/2052  | 2072540 | &nbsp;&nbsp;&nbsp; 1621879 |
| United Kingdom Treasury, Inflation Linked Bond, 1.25%, 11/22/2055  | 779852 | &nbsp;&nbsp;&nbsp; 796405 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2058  | 2253645 | &nbsp;&nbsp;&nbsp; 1533648 |
| United Kingdom Treasury, Inflation Linked Bond, 0.375%, 3/22/2062  | 1247039 | &nbsp;&nbsp;&nbsp; 900206 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 11/22/2065  | 592686 | &nbsp;&nbsp;&nbsp; 361247 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2068  | 1106190 | &nbsp;&nbsp;&nbsp; 660065 |
| United Kingdom Treasury, Inflation Linked Bond, 0.125%, 3/22/2073  | 223968 | &nbsp;&nbsp;&nbsp; 143800 |
|  |  | &nbsp;&nbsp;&nbsp; $74794905 |
| Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% | Medical & Health Technology & Services – 0.3% |
| ProMedica Toledo Hospital, "B", AGM, 5.325%, 11/15/2028  | $487000 | &nbsp;&nbsp;&nbsp; $504010 |
| Mortgage-Backed – 1.8% | Mortgage-Backed – 1.8% |  |
| Fannie Mae, 4%, 9/25/2050 (i) | $225882 | &nbsp;&nbsp;&nbsp; $43998 |
| Fannie Mae, 5.806%, 11/25/2053  | 203250 | &nbsp;&nbsp;&nbsp; 206104 |
| Fannie Mae, 5.756%, 12/25/2054  | 293483 | &nbsp;&nbsp;&nbsp; 295500 |
| Freddie Mac, 0.598%, 5/25/2029 (i) | 2540447 | &nbsp;&nbsp;&nbsp; 37003 |
| Freddie Mac, 1.005%, 7/25/2029 (i) | 1264362 | &nbsp;&nbsp;&nbsp; 36934 |
| Freddie Mac, 0.734%, 1/25/2030 (i) | 742672 | &nbsp;&nbsp;&nbsp; 16892 |
| Freddie Mac, 1.913%, 4/25/2030 (i) | 564669 | &nbsp;&nbsp;&nbsp; 40472 |
| Freddie Mac, 1.769%, 5/25/2030 (i) | 1221668 | &nbsp;&nbsp;&nbsp; 84301 |
| Freddie Mac, 1.261%, 9/25/2030 (i) | 646322 | &nbsp;&nbsp;&nbsp; 33403 |
| Freddie Mac, 0.805%, 12/25/2030 (i) | 185002 | &nbsp;&nbsp;&nbsp; 5776 |
| Freddie Mac, 0.412%, 1/25/2031 (i) | 4838139 | &nbsp;&nbsp;&nbsp; 64676 |
| Freddie Mac, 0.871%, 1/25/2031 (i) | 1882263 | &nbsp;&nbsp;&nbsp; 70001 |
| Freddie Mac, 1.025%, 1/25/2031 (i) | 1425035 | &nbsp;&nbsp;&nbsp; 62213 |
| Freddie Mac, 0.606%, 3/25/2031 (i) | 5880156 | &nbsp;&nbsp;&nbsp; 133583 |
| Freddie Mac, 1.322%, 5/25/2031 (i) | 709327 | &nbsp;&nbsp;&nbsp; 41947 |
| Freddie Mac, 1.039%, 7/25/2031 (i) | 1133380 | &nbsp;&nbsp;&nbsp; 55372 |
| Freddie Mac, 0.632%, 9/25/2031 (i) | 4635695 | &nbsp;&nbsp;&nbsp; 131079 |
| Freddie Mac, 0.954%, 9/25/2031 (i) | 1417400 | &nbsp;&nbsp;&nbsp; 61861 |
| Freddie Mac, 0.441%, 11/25/2031 (i) | 6965967 | &nbsp;&nbsp;&nbsp; 133581 |
| Freddie Mac, 0.596%, 12/25/2031 (i) | 6916623 | &nbsp;&nbsp;&nbsp; 182498 |
| Freddie Mac, 0.664%, 12/25/2031 (i) | 1130491 | &nbsp;&nbsp;&nbsp; 33253 |
| Freddie Mac, 0.431%, 5/25/2033 (i) | 3200000 | &nbsp;&nbsp;&nbsp; 67322 |
| Freddie Mac, 1.091%, 9/25/2034 (i) | 789814 | &nbsp;&nbsp;&nbsp; 55198 |
| Freddie Mac, 5.176%, 9/25/2052  | 301158 | &nbsp;&nbsp;&nbsp; 297389 |
| Freddie Mac, 5.656%, 8/25/2054  | 429696 | &nbsp;&nbsp;&nbsp; 431444 |
| Freddie Mac, 5.256%, 10/25/2054  | 216142 | &nbsp;&nbsp;&nbsp; 216272 |
|  |  | &nbsp;&nbsp;&nbsp; $2838072 |
| U.S. Treasury Inflation Protected Securities – 44.8% | U.S. Treasury Inflation Protected Securities – 44.8% | U.S. Treasury Inflation Protected Securities – 44.8% |
| U.S. Treasury Bonds, 0.375%, 1/15/2027 (f) | $688735 | &nbsp;&nbsp;&nbsp; $683350 |
| U.S. Treasury Bonds, 1.75%, 1/15/2034  | 10463159 | &nbsp;&nbsp;&nbsp; 10511876 |
| U.S. Treasury Bonds, 2.125%, 2/15/2040  | 1688932 | &nbsp;&nbsp;&nbsp; 1701150 |
| U.S. Treasury Bonds, 0.75%, 2/15/2042  | 10152087 | &nbsp;&nbsp;&nbsp; 8045167 |
| U.S. Treasury Bonds, 0.75%, 2/15/2045  | 4149876 | &nbsp;&nbsp;&nbsp; 3092169 |
| U.S. Treasury Bonds, 0.125%, 2/15/2052  | 4345998 | &nbsp;&nbsp;&nbsp; 2353061 |
| U.S. Treasury Bonds, 2.125%, 2/15/2054  | 1095757 | &nbsp;&nbsp;&nbsp; 1011207 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| U.S. Treasury Inflation Protected Securities – continued | U.S. Treasury Inflation Protected Securities – continued | U.S. Treasury Inflation Protected Securities – continued |
| U.S. Treasury Notes, 0.5%, 1/15/2028  | 9285489 | &nbsp;&nbsp;&nbsp; $9177554 |
| U.S. Treasury Notes, 0.875%, 1/15/2029  | 11092311 | &nbsp;&nbsp;&nbsp; 11007300 |
| U.S. Treasury Notes, 0.125%, 1/15/2031 (f) | 15714530 | &nbsp;&nbsp;&nbsp; 14754835 |
| U.S. Treasury Notes, 0.125%, 1/15/2032  | 9416351 | &nbsp;&nbsp;&nbsp; 8669652 |
|  |  | &nbsp;&nbsp;&nbsp; $71007321 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$155108203** |
| Mutual Funds (h) – 2.1%  | Mutual Funds (h) – 2.1%  | Mutual Funds (h) – 2.1%  |
| Money Market Funds – 2.1% | Money Market Funds – 2.1% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v)  | 3388712 | &nbsp;&nbsp;&nbsp; $3389051 |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp;&nbsp; (61946)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$158435308** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts and cleared swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $3,389,051 and $155,108,203, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $13,224,693, representing 8.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| CPI-U | Consumer Price Index - Urban Consumers |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| SOFR | Secured Overnight Financing Rate |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise <br> indicated. A list of abbreviations is shown below: | Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise <br> indicated. A list of abbreviations is shown below: |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** |
| **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp; **Settlement** <br>**Date**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| AUD | &nbsp;&nbsp; 49458 | USD | &nbsp;&nbsp; 32021 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; $712 |
| AUD | &nbsp;&nbsp; 42285 | USD | &nbsp;&nbsp; 27872 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp; 114 |
| AUD | &nbsp;&nbsp; 55038 | USD | &nbsp;&nbsp; 36326 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; 101 |
| AUD | &nbsp;&nbsp; 841448 | USD | &nbsp;&nbsp; 555290 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; 1619 |
| AUD | &nbsp;&nbsp; 1517964 | USD | &nbsp;&nbsp; 988320 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; 16338 |
| CZK | &nbsp;&nbsp; 9828968 | USD | &nbsp;&nbsp; 470333 | UBS AG | 10/17/2025 | &nbsp;&nbsp; 3870 |
| EUR | &nbsp;&nbsp; 538889 | USD | &nbsp;&nbsp; 633186 | Citibank N.A. | 10/17/2025 | &nbsp;&nbsp; 76 |
| EUR | &nbsp;&nbsp; 305505 | USD | &nbsp;&nbsp; 354767 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp; 4240 |
| EUR | &nbsp;&nbsp; 4806237 | USD | &nbsp;&nbsp; 5617199 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; 30729 |
| GBP | &nbsp;&nbsp; 248352 | USD | &nbsp;&nbsp; 329694 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; 4342 |
| GBP | &nbsp;&nbsp; 551041 | USD | &nbsp;&nbsp; 740104 | UBS AG | 10/17/2025 | &nbsp;&nbsp; 1055 |
| HUF | &nbsp;&nbsp; 105881212 | USD | &nbsp;&nbsp; 313633 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; 4818 |
| NOK | &nbsp;&nbsp; 3873871 | USD | &nbsp;&nbsp; 382902 | Citibank N.A. | 10/17/2025 | &nbsp;&nbsp; 5319 |
| SEK | &nbsp;&nbsp; 3700419 | USD | &nbsp;&nbsp; 390917 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; 2532 |
| USD | &nbsp;&nbsp; 99439 | CAD | &nbsp;&nbsp; 136963 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; 949 |
| USD | &nbsp;&nbsp; 391006 | CAD | &nbsp;&nbsp; 530051 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; 9848 |
| USD | &nbsp;&nbsp; 4158819 | CAD | &nbsp;&nbsp; 5694449 | Merrill Lynch International | 10/17/2025 | &nbsp;&nbsp; 63952 |
| USD | &nbsp;&nbsp; 858317 | EUR | &nbsp;&nbsp; 726924 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; 4090 |
| USD | &nbsp;&nbsp; 238053 | EUR | &nbsp;&nbsp; 202223 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; 416 |
| USD | &nbsp;&nbsp; 513929 | EUR | &nbsp;&nbsp; 437109 | Merrill Lynch International | 10/17/2025 | &nbsp;&nbsp; 271 |
| USD | &nbsp;&nbsp; 413218 | GBP | &nbsp;&nbsp; 306669 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp; 744 |
| USD | &nbsp;&nbsp; 584214 | GBP | &nbsp;&nbsp; 433679 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp; 909 |
| USD | &nbsp;&nbsp; 43265 | GBP | &nbsp;&nbsp; 31860 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; 413 |
| USD | &nbsp;&nbsp; 1151580 | GBP | &nbsp;&nbsp; 848936 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; 9750 |
| USD | &nbsp;&nbsp; 1777726 | GBP | &nbsp;&nbsp; 1315811 | UBS AG | 10/17/2025 | &nbsp;&nbsp; 7942 |
| USD | &nbsp;&nbsp; 777425 | JPY | &nbsp;&nbsp; 113425520 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp; 9226 |
| USD | &nbsp;&nbsp; 1770859 | JPY | &nbsp;&nbsp; 259583000 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; 12778 |
| USD | &nbsp;&nbsp; 48329 | NZD | &nbsp;&nbsp; 80390 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; 1697 |
| USD | &nbsp;&nbsp; 901470 | NZD | &nbsp;&nbsp; 1489231 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; 37605 |
| USD | &nbsp;&nbsp; 602646 | SGD | &nbsp;&nbsp; 765301 | Merrill Lynch International | 10/17/2025 | &nbsp;&nbsp; 8646 |
|  |  |  |  |  |  | &nbsp;&nbsp; $245101 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| AUD | &nbsp;&nbsp; 1188852 | USD | &nbsp;&nbsp; 792004 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; $(5167)<br>|
| CAD | &nbsp;&nbsp; 716634 | USD | &nbsp;&nbsp; 526384 | Merrill Lynch International | 10/17/2025 | &nbsp;&nbsp; (11054)<br>|
| CAD | &nbsp;&nbsp; 71123 | USD | &nbsp;&nbsp; 52311 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; (1166)<br>|
| DKK | &nbsp;&nbsp; 2083888 | USD | &nbsp;&nbsp; 328497 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; (394)<br>|
| EUR | &nbsp;&nbsp; 369249 | USD | &nbsp;&nbsp; 434417 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; (504)<br>|
| EUR | &nbsp;&nbsp; 828795 | USD | &nbsp;&nbsp; 977187 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp; (3250)<br>|
| EUR | &nbsp;&nbsp; 75044 | USD | &nbsp;&nbsp; 88286 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; (100)<br>|
| GBP | &nbsp;&nbsp; 353722 | USD | &nbsp;&nbsp; 476598 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; (837)<br>|
| GBP | &nbsp;&nbsp; 992607 | USD | &nbsp;&nbsp; 1342580 | Citibank N.A. | 10/17/2025 | &nbsp;&nbsp; (7511)<br>|
| GBP | &nbsp;&nbsp; 1750902 | USD | &nbsp;&nbsp; 2378465 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; (23476)<br>|
| GBP | &nbsp;&nbsp; 91028 | USD | &nbsp;&nbsp; 123580 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; (1146)<br>|
| GBP | &nbsp;&nbsp; 126598 | USD | &nbsp;&nbsp; 171681 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; (1405)<br>|
| GBP | &nbsp;&nbsp; 1189307 | USD | &nbsp;&nbsp; 1611243 | UBS AG | 10/17/2025 | &nbsp;&nbsp; (11609)<br>|
| JPY | &nbsp;&nbsp; 250529500 | USD | &nbsp;&nbsp; 1717347 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; (20583)<br>|
| JPY | &nbsp;&nbsp; 3966019 | USD | &nbsp;&nbsp; 27415 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; (554)<br>|
| NZD | &nbsp;&nbsp; 1330544 | USD | &nbsp;&nbsp; 778095 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp; (6280)<br>|
| NZD | &nbsp;&nbsp; 1540015 | USD | &nbsp;&nbsp; 913831 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; (20507)<br>|
| SGD | &nbsp;&nbsp; 765301 | USD | &nbsp;&nbsp; 595283 | UBS AG | 10/17/2025 | &nbsp;&nbsp; (1282)<br>|
| USD | &nbsp;&nbsp; 1210135 | AUD | &nbsp;&nbsp; 1859013 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; (20245)<br>|

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts - continued**  | **Forward Foreign Currency Exchange Contracts - continued**  | **Forward Foreign Currency Exchange Contracts - continued**  | **Forward Foreign Currency Exchange Contracts - continued**  | **Forward Foreign Currency Exchange Contracts - continued**  | **Forward Foreign Currency Exchange Contracts - continued**  | **Forward Foreign Currency Exchange Contracts - continued**  |
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | &nbsp;&nbsp; **Currency**<br> **Sold** | &nbsp;&nbsp; **Currency**<br> **Sold** | **Counterparty** | &nbsp;&nbsp; **Settlement**<br> **Date**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| USD | &nbsp;&nbsp; 32377 | AUD | &nbsp;&nbsp; 49124 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; $(136)<br>|
| USD | &nbsp;&nbsp; 110548 | EUR | &nbsp;&nbsp; 94433 | Goldman Sachs International | 10/17/2025 | &nbsp;&nbsp; (423)<br>|
| USD | &nbsp;&nbsp; 126438 | EUR | &nbsp;&nbsp; 108828 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp; (1449)<br>|
| USD | &nbsp;&nbsp; 102745 | EUR | &nbsp;&nbsp; 87829 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; (465)<br>|
| USD | &nbsp;&nbsp; 608616 | EUR | &nbsp;&nbsp; 519658 | Merrill Lynch International | 10/17/2025 | &nbsp;&nbsp; (2046)<br>|
| USD | &nbsp;&nbsp; 232399 | GBP | &nbsp;&nbsp; 173378 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; (797)<br>|
| USD | &nbsp;&nbsp; 543701 | GBP | &nbsp;&nbsp; 410045 | HSBC Bank | 10/17/2025 | &nbsp;&nbsp; (7815)<br>|
| USD | &nbsp;&nbsp; 171053 | GBP | &nbsp;&nbsp; 127586 | JPMorgan Chase Bank N.A. | 10/17/2025 | &nbsp;&nbsp; (552)<br>|
| USD | &nbsp;&nbsp; 1083780 | GBP | &nbsp;&nbsp; 815045 | Morgan Stanley Capital Services LLC | 10/17/2025 | &nbsp;&nbsp; (12466)<br>|
| USD | &nbsp;&nbsp; 1583286 | SEK | &nbsp;&nbsp; 15178431 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; (30571)<br>|
| USD | &nbsp;&nbsp; 371202 | ZAR | &nbsp;&nbsp; 6443358 | Merrill Lynch International | 10/17/2025 | &nbsp;&nbsp; (1509)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(195299)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| Canadian Treasury Bond 5 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 20 | $1657254 | December – 2025 | &nbsp;&nbsp; $4972 |
| Euro-BTP 10 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 10 | 1406982 | December – 2025 | &nbsp;&nbsp; 9603 |
| Euro-Oat 10 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 17 | 2422008 | December – 2025 | &nbsp;&nbsp; 25507 |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 34 | 3825000 | December – 2025 | &nbsp;&nbsp; 15015 |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 28 | 5835156 | December – 2025 | &nbsp;&nbsp; 3655 |
|  |  |  |  |  |  | &nbsp;&nbsp; $58752 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| Australian Bond 10 yr  | &nbsp;&nbsp; Long | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 19 | $1425091 | December – 2025 | &nbsp;&nbsp; $(4535)<br>|
| Canadian Treasury Bond 10 yr | &nbsp;&nbsp; Short | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 6 | 527959 | December – 2025 | &nbsp;&nbsp; (10580)<br>|
| Euro-Bobl 5 yr | &nbsp;&nbsp; Short | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 31 | 4287760 | December – 2025 | &nbsp;&nbsp; (1895)<br>|
| Euro-Buxl 30 yr | &nbsp;&nbsp; Short | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 10 | 1344053 | December – 2025 | &nbsp;&nbsp; (26182)<br>|
| Euro-Schatz 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 5 | 628000 | December – 2025 | &nbsp;&nbsp; (717)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(43909)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Counterparty** | &nbsp;&nbsp; **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| &nbsp;&nbsp; **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  |  |  |  |
| 4/15/26 | USD | 4600000  | centrally cleared | CPI-U / At Maturity  | 2.6365% / At Maturity  | &nbsp;&nbsp; $32350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32350 |
| 2/05/27 | USD | 8400000  | centrally cleared | CPI-U / At Maturity  | 2.755% / At Maturity  | &nbsp;&nbsp; 35727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35727 |
|  |  |  |  |  |  | &nbsp;&nbsp; $68077 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Counterparty** | &nbsp;&nbsp; **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| &nbsp;&nbsp; **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  | ***Inflation Swaps***  |  |  |  |
| 3/19/26 | USD | 4500000  | &nbsp;&nbsp; Morgan Stanley Capital <br> Services, Inc.<br>| CPI-U / At Maturity  | 2.482% / At Maturity  | &nbsp;&nbsp; $49570 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49570 |

---

At September 30, 2025, the fund had other liquid securities with an aggregate value of $465,250 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.

------

**Supplemental Information**

9/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a

third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the

time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the

clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset 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).

------

*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, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of September 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $71007321 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $71007321 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76716325 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 76716325 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 880036 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 880036 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2838072 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2838072 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1373442 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1373442 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2293007 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2293007 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 3389051 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3389051 |
| Total | &nbsp;&nbsp;&nbsp; $3389051 | &nbsp;&nbsp;&nbsp; $155108203 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $158497254 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp; $58752 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $58752 |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp; (43909)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (43909)<br>|
| Forward Foreign Currency Exchange Contracts – Assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 245101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 245101 |
| Forward Foreign Currency Exchange Contracts – Liabilities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (195299)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (195299)<br>|
| Swap Agreements – Assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 117647 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 117647 |

---

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

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $5637659 | &nbsp;&nbsp; $45616065 | &nbsp;&nbsp; $47863466 | &nbsp;&nbsp; $(931)<br>| &nbsp;&nbsp; $(276)<br>| &nbsp;&nbsp; $3389051<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $97061 | &nbsp;&nbsp; $— |

---

**(3) Issuer Country Weightings**

Issuer country weighting percentages of portfolio holdings based on net assets, as of September 30, 2025, are as follows:

---

| | |
|:---|:---|
| United States | 50.7% |
| United Kingdom | 20.1% |
| Italy | 11.2% |
| France | 6.1% |
| Canada | 4.3% |
| Spain | 3.6% |
| Japan | 2.9% |
| Australia | 1.6% |
| Germany | (3.2)% |
| Other Countries | 2.7% |

---

The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MFS VARIABLE INSURANCE TRUST III

- **b. Investment Company Act file number:** 811-08879

- **c. CIK number of Registrant:** 0001065698

- **d. LEI of Registrant:** 549300QPPZUNGK3D0K61

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

**Item A.2. Information about the Series.**

- **a. Name of Series:** MFS Inflation-Adjusted Bond Portfolio

- **b. EDGAR series identifier (if any):** S000023378

- **c. LEI of Series:** 5493008RHGZT7FZTCC74

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $158824595.97

**Total Liabilities:** $403375.62

**Net Assets:** $158421220.35

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -26.77000000 | **1-Year:** -533.26000000 | **5-Year:** -2561.61000000 | **10-Year:** -1656.44000000 | **30-Year:** -95.02000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -6.33000000 | **1-Year:** -98.52000000 | **5-Year:** -172.81000000 | **10-Year:** -15.12000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000068454 | -1.92%               | 1.24%                | 0.63%                |
| Class ID C000068455 | -1.83%               | 1.24%                | 0.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $158434.54               | $-3354567.81                               |
| Month 2  | $-103701.41              | $1191517.78                                |
| Month 3  | $-282650.29              | $841758.48                                 |

**Designated Index Information**

- **Index Name:** Barclays Capital World Government Inflation Linked

- **Index Identifier:** LF94TRUU

### Schedule of Portfolio Investments

| Name                                             | Title                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State Street Bank & Trust Co.                    | PURCHASED HUF / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | HU        |         1 | NC      | $4817.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137F9ZC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1882263 | PA      | $70000.61     | 0.04%             | 2031-01-25      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BOBL FUTURE DEC25                                                                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -31 | NC      | $-1895.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                                                                                  | CUSIP: 912810TE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4345998 | PA      | $2353061.13   | 1.49%             | 2052-02-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |         1 | NC      | $-32.82       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   2253645 | PA      | $1533648.24   | 0.97%             | 2058-03-22      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136BBTT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    225882 | PA      | $43998.55     | 0.03%             | 2050-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |         1 | NC      | $-7510.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |   3086248 | PA      | $3865390.30   | 2.44%             | 2041-09-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136BT7D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    293483 | PA      | $295499.58    | 0.19%             | 2054-12-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| SPAIN I/L BOND                                   | Spain Government Inflation Linked Bond                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |   2052513 | PA      | $2507667.38   | 1.58%             | 2039-11-30      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B24 Mortgage Trust                                                                                                      | CUSIP: 08163CBE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2497702 | PA      | $100058.92    | 0.06%             | 2054-03-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: BM11746   IRS USD R V 12MUSCPI SM11746_FLO CCPINFLATIONZERO / Short: BM11746   IRS USD P F  2.75500 SM11746_FIX CCPINFLATIONZERO | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8400000 | OU      | $35727.05     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | NZ        |         1 | NC      | $-6279.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                                                  | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9021269 | PA      | $9063272.89   | 5.72%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $-59.14       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BTP FUTURE DEC25                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        10 | NC      | $9602.91      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Trust 2021-C10                                                                                                                   | CUSIP: 05551VBK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1917127 | PA      | $97348.81     | 0.06%             | 2054-07-15      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137HFDN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    429696 | PA      | $431444.22    | 0.27%             | 2054-08-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-422.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NZ        |         1 | NC      | $-20249.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |         1 | NC      | $-23476.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                                                    | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    630140 | PA      | $734186.28    | 0.46%             | 2030-07-25      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust         | AmeriCredit Automobile Receivables Trust 2024-1                                                                                        | CUSIP: 023947AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101716 | PA      | $101749.25    | 0.06%             | 2028-02-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |         1 | NC      | $270.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | AU        |         1 | NC      | $1618.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $185.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN GOVT CPI LINKED                            | Japanese Government CPI Linked Bond                                                                                                    | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 242446900 | PA      | $1686863.84   | 1.06%             | 2031-03-10      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   3964030 | PA      | $4357474.45   | 2.75%             | 2040-03-22      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |         1 | NC      | $-554.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $387.23       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing 2025-1 LLC                                                                                                  | CUSIP: 29390HAB5<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |     66000 | PA      | $66297.53     | 0.04%             | 2027-10-20      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust 2025-1                                                                                          | CUSIP: 80288DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199989 | PA      | $200113.74    | 0.13%             | 2027-08-16      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137FXZ50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4838139 | PA      | $64675.76     | 0.04%             | 2031-01-25      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | PURCHASED USD / SOLD ZAR                                                                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |         1 | NC      | $-1509.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        28 | NC      | $3654.72      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | GB        |         1 | NC      | $-1146.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    380694 | PA      | $333294.71    | 0.21%             | 2050-03-22      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |   1026766 | PA      | $715585.87    | 0.45%             | 2051-05-15      | Fixed         | 0.15%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch International                      | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |         1 | NC      | $58884.62     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2021-C9                                                                                                           | CUSIP: 05493EAZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1292722 | PA      | $83588.54     | 0.05%             | 2054-02-15      | Variable      | 1.69%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-OAT FUTURE DEC25                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        17 | NC      | $25507.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $-135.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED NOK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NO        |         1 | NC      | $5319.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | AU        |         1 | NC      | $104.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW ZEALAND GVT ILB                              | New Zealand Government Inflation Linked Bond                                                                                           | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |   1171247 | PA      | $683790.97    | 0.43%             | 2035-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |         1 | NC      | $-8938.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | CAN 5YR BOND FUT DEC25                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        20 | NC      | $4971.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2021-C60                                                                                         | CUSIP: 95003DBP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1413670 | PA      | $88648.13     | 0.06%             | 2054-08-15      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                       | LAD Auto Receivables Trust 2024-3                                                                                                      | CUSIP: 505709AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81503 | PA      | $81557.55     | 0.05%             | 2027-11-15      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |         1 | NC      | $-5426.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN GOVERNMENT RRB                          | Canadian Government Real Return Bond                                                                                                   | CUSIP: 135087B94<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |   1283990 | PA      | $853539.47    | 0.54%             | 2047-12-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    501001 | PA      | $454355.13    | 0.29%             | 2044-03-22      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137HAAL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3200000 | PA      | $67322.56     | 0.04%             | 2033-05-25      | Variable      | 0.43%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CA        |         1 | NC      | $-1166.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   2072540 | PA      | $1621879.25   | 1.02%             | 2052-03-22      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                         | Uruguay Government International Bond                                                                                                  | CUSIP: 760942AV4<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |  45331592 | PA      | $1183067.56   | 0.75%             | 2037-06-26      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |         1 | NC      | $-836.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPAIN I/L BOND                                   | Spain Government Inflation Linked Bond                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    859303 | PA      | $1016073.28   | 0.64%             | 2030-11-30      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                                                                                  | CUSIP: 912810RL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4149876 | PA      | $3092169.01   | 1.95%             | 2045-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H3EZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1417400 | PA      | $61861.43     | 0.04%             | 2031-09-25      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust    | Bridgecrest Lending Auto Securitization Trust 2025-1                                                                                   | CUSIP: 10806HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    146162 | PA      | $146191.83    | 0.09%             | 2027-09-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-SCHATZ FUT DEC25                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         5 | NC      | $-716.58      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED SEK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | SE        |         1 | NC      | $2531.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137F9Z38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1425035 | PA      | $62212.90     | 0.04%             | 2031-01-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK31                                                                                                                        | CUSIP: 06541ABM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3190716 | PA      | $169842.78    | 0.11%             | 2054-02-15      | Variable      | 1.39%                 | No            |                  2 | On Loan: No      |
| SWEDEN I/L BOND                                  | Sweden Inflation Linked Bond                                                                                                           | CUSIP: 000000000<br>LEI: ERE94C0BSULG2RM19605 | Long             | DBT              | NUSS              | SE        |  16175402 | PA      | $1651747.70   | 1.04%             | 2032-06-01      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B23 Mortgage Trust                                                                                                      | CUSIP: 08162RAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4214077 | PA      | $200534.86    | 0.13%             | 2054-02-15      | Variable      | 1.36%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                               | Shackleton 2019-XIV Clo Ltd                                                                                                            | CUSIP: 81880XAY8<br>LEI: 549300HOHPZON6E4VH77 | Long             | ABS-CBDO         | CORP              | KY        |    406375 | PA      | $406531.86    | 0.26%             | 2034-07-20      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-7815.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $37604.61     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD SEK                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-30570.90    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | AU        |         1 | NC      | $712.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD AUD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-20244.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                         | Republic of South Africa Government Bond                                                                                               | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  13000000 | PA      | $738352.33    | 0.47%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                              | AUST 10Y BOND FUT DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |        19 | NC      | $-4534.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank                                             | BANK 2021-BNK35                                                                                                                        | CUSIP: 06540CBL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1281668 | PA      | $54426.18     | 0.03%             | 2064-06-15      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |         1 | NC      | $4342.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                                 | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $908.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: BM11591   IRS USD R V 12MUSCPI SM11591_FLO CCPINFLATIONZERO / Short: BM11591   IRS USD P F  2.63650 SM11591_FIX CCPINFLATIONZERO | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   4600000 | OU      | $32350.42     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US ULTRA BOND CBT DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -6 | NC      | $-22522.98    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   5457908 | PA      | $6984524.12   | 4.41%             | 2031-08-10      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $11544.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | AU        |         1 | NC      | $16234.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED SGD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | SG        |         1 | NC      | $-1282.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $-404.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137FUZZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1221668 | PA      | $84300.83     | 0.05%             | 2030-05-25      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $7942.02      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137FYUL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5880156 | PA      | $133583.02    | 0.08%             | 2031-03-25      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B28 Mortgage Trust                                                                                                      | CUSIP: 08163GAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3834614 | PA      | $195549.97    | 0.12%             | 2054-08-15      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |         1 | NC      | $100.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    592686 | PA      | $361247.13    | 0.23%             | 2065-11-22      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                                                  | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    688735 | PA      | $683349.47    | 0.43%             | 2027-01-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |         1 | NC      | $5067.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    223968 | PA      | $143799.91    | 0.09%             | 2073-03-22      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                                                    | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    336529 | PA      | $232055.46    | 0.15%             | 2053-07-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                                                                                  | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10152087 | PA      | $8045167.07   | 5.08%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137HHJ44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    789814 | PA      | $55197.57     | 0.03%             | 2034-09-25      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |         1 | NC      | $-2670.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H2NA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1133380 | PA      | $55371.73     | 0.03%             | 2031-07-25      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   2146789 | PA      | $2954142.38   | 1.86%             | 2035-01-26      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED CZK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CZ        |         1 | NC      | $3869.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |         1 | NC      | $-2046.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                         | Italy Buoni Poliennali Del Tesoro                                                                                                      | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |   9975381 | PA      | $11718863.41  | 7.40%             | 2032-09-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                                                    | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |   5427731 | PA      | $5939271.76   | 3.75%             | 2034-07-25      | Fixed         | 0.60%                 | Yes           |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   1154988 | PA      | $991997.89    | 0.63%             | 2046-03-22      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| SPAIN I/L BOND                                   | Spain Government Inflation Linked Bond                                                                                                 | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |   1871454 | PA      | $2110706.80   | 1.33%             | 2033-11-30      | Fixed         | 0.70%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137F9YZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    185002 | PA      | $5775.68      | 0.00%             | 2030-12-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: SM11576   IRS USD R V 12MUSCPI SM11576_FLO INFLATIONZERO / Short: SM11576   IRS USD P F  2.48200 SM11576_FIX INFLATIONZERO       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |   4500000 | OU      | $49569.62     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN GOVT CPI LINKED                            | Japanese Government CPI Linked Bond                                                                                                    | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 432831400 | PA      | $2948681.29   | 1.86%             | 2026-03-10      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| Alinea CLO LTD                                   | Alinea CLO 2018-1 Ltd                                                                                                                  | CUSIP: 016269AE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100287 | PA      | $100312.17    | 0.06%             | 2031-07-20      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 5YR NOTE (CBT) DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        40 | NC      | $-29108.55    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    779852 | PA      | $796404.47    | 0.50%             | 2055-11-22      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | PURCHASED USD / SOLD SGD                                                                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |         1 | NC      | $8646.06      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   1106190 | PA      | $660064.51    | 0.42%             | 2068-03-22      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H4BT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4635695 | PA      | $131078.91    | 0.08%             | 2031-09-25      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                  | 3650R 2021-PF1 Commercial Mortgage Trust                                                                                               | CUSIP: 88581EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2057191 | PA      | $76453.44     | 0.05%             | 2054-11-15      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $412.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio         | MFS Institutional Money Market Portfolio                                                                                               | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |   3372728 | NS      | $3373065.53   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H13T1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    709327 | PA      | $41946.90     | 0.03%             | 2031-05-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust                           | Chase Auto Owner Trust 2024-5                                                                                                          | CUSIP: 16144QAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73864 | PA      | $73911.91     | 0.05%             | 2027-11-26      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $415.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                                      | CUSIP: 3136BQRD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203250 | PA      | $206103.81    | 0.13%             | 2053-11-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   2580897 | PA      | $3193189.44   | 2.02%             | 2037-11-22      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| HOWARD UNIVERSITY                                | Howard University                                                                                                                      | CUSIP: 442851AG6<br>LEI: 5493000EDHIQDJSTOF89 | Long             | DBT              | CORP              | US        |     82000 | PA      | $82000.00     | 0.05%             | 2025-10-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| CANADIAN GOVERNMENT RRB                          | Canadian Government Real Return Bond                                                                                                   | CUSIP: 135087WV2<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |   5657108 | PA      | $4797383.25   | 3.03%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                            | Australia Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    191661 | PA      | $110209.25    | 0.07%             | 2040-08-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                                                  | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16806592 | PA      | $15780204.65  | 9.96%             | 2031-01-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-797.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137HDJK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2540447 | PA      | $37003.39     | 0.02%             | 2029-05-25      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                      | SBNA Auto Receivables Trust 2025-SF1                                                                                                   | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63630 | PA      | $63705.85     | 0.04%             | 2031-03-17      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-465.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L6                                                                                                 | CUSIP: 61692CBK3<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   1862184 | PA      | $73331.71     | 0.05%             | 2054-06-15      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137H9AD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    301158 | PA      | $297389.23    | 0.19%             | 2052-09-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                      | PURCHASED CAD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | CA        |         1 | NC      | $-11054.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L5                                                                                                 | CUSIP: 61691YAP6<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   1618487 | PA      | $73274.73     | 0.05%             | 2054-05-15      | Variable      | 1.39%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | N/A       |         1 | NC      | $-99.94       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        34 | NC      | $15015.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |         1 | NC      | $-15012.32    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $-11907.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                                     | CUSIP: 3137HJBF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    216142 | PA      | $216271.86    | 0.14%             | 2054-10-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $743.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137FTG43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    564669 | PA      | $40472.54     | 0.03%             | 2030-04-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                                                  | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9285489 | PA      | $9177553.76   | 5.79%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $764.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                                                  | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11092311 | PA      | $11007299.94  | 6.95%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| TOLEDO HOSPITAL/THE                              | Toledo Hospital/The                                                                                                                    | CUSIP: 889184AF4<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |    487000 | PA      | $504010.25    | 0.32%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1449.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                                                                                  | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1095757 | PA      | $1011207.12   | 0.64%             | 2054-02-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust 2025-1                                                                                          | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $125547.25    | 0.08%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   2136902 | PA      | $2087370.41   | 1.32%             | 2047-11-22      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H4SM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1130491 | PA      | $33252.83     | 0.02%             | 2031-12-25      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                   | Palmer Square Loan Funding 2025-2 Ltd                                                                                                  | CUSIP: 69704AAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    625000 | PA      | $626955.63    | 0.40%             | 2033-07-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED JPY / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |         1 | NC      | $-111.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                                 | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $9226.26      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137F62R7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    646322 | PA      | $33402.63     | 0.02%             | 2030-09-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | N/A       |         1 | NC      | $30728.56     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | N/A       |         1 | NC      | $-503.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD CAD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $9847.57      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                                 | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | AU        |         1 | NC      | $114.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H4CH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6965967 | PA      | $133581.47    | 0.08%             | 2031-11-25      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal       | CAN 10YR BOND FUT DEC25                                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        -6 | NC      | $-10580.04    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $9362.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $-369.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   2370694 | PA      | $2478141.23   | 1.56%             | 2042-11-22      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                            | Australia Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |   1712235 | PA      | $1021957.92   | 0.65%             | 2032-11-21      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $4090.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | N/A       |         1 | NC      | $4240.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   1491896 | PA      | $1962145.52   | 1.24%             | 2029-03-22      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-552.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |         1 | NC      | $1054.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Notes                                                                                                  | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9416351 | PA      | $8669652.16   | 5.47%             | 2032-01-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137HFP33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1264362 | PA      | $36933.66     | 0.02%             | 2029-07-25      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Inflation-Indexed Bonds                                                                                                  | CUSIP: 912810QF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1688932 | PA      | $1701150.14   | 1.07%             | 2040-02-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED GBP / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $-1035.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC              | PURCHASED USD / SOLD GBP                                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $-94.03       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED NZD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NZ        |         1 | NC      | $-257.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED DKK / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | DK        |         1 | NC      | $-394.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137H5DT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6916623 | PA      | $182497.86    | 0.12%             | 2031-12-25      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                           | CUSIP: 3137HKSB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    742672 | PA      | $16892.22     | 0.01%             | 2030-01-25      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED AUD / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |         1 | NC      | $-5167.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B27 Mortgage Trust                                                                                                      | CUSIP: 08163HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3190968 | PA      | $160384.44    | 0.10%             | 2054-07-15      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUXL 30Y BND DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -10 | NC      | $-26182.15    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD NZD                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $1696.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)                                 | French Republic Government Bond OAT                                                                                                    | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    499169 | PA      | $387045.82    | 0.24%             | 2047-07-25      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | N/A       |         1 | NC      | $75.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                   | Barings Clo Ltd 2021-III                                                                                                               | CUSIP: 06762TAN1<br>LEI: 549300V1VT2NXKFG0H98 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300131.70    | 0.19%             | 2035-01-18      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                          | United Kingdom Inflation-Linked Gilt                                                                                                   | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   1247039 | PA      | $900206.25    | 0.57%             | 2062-03-22      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| CONSERVATION FUND                                | Conservation Fund A Nonprofit Corp/The                                                                                                 | CUSIP: 20848FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312000 | PA      | $294026.60    | 0.19%             | 2029-12-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                                 | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | N/A       |         1 | NC      | $-3249.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD JPY                                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $1234.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** MFS VARIABLE INSURANCE TRUST III

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer