MCR MFS Charter Income Trust

Semiannual Report

May 31, 2024

MFS^®  Charter Income Trust

MCR-SEM

MANAGED DISTRIBUTION POLICY DISCLOSURE

The MFS Charter Income Trust’s (the fund) Board of Trustees adopted a managed distribution policy. The fund seeks to pay monthly distributions based on an annual rate of 8.00% of the fund’s average monthly net asset value. The primary purpose of the managed distribution policy is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. You should not draw any conclusions about the fund’s investment performance from the amount of the current distribution or from the terms of the fund’s managed distribution policy. The Board may amend or terminate the managed distribution policy at any time without prior notice to fund shareholders. The amendment or termination of the managed distribution policy could have an adverse effect on the market price of the fund’s shares.

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

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

MFS^® Charter Income Trust

New York Stock Exchange Symbol: MCR

Portfolio composition	1
Portfolio managers’ profiles	4
Other notes	4
Portfolio of investments	6
Statement of assets and liabilities	42
Statement of operations	44
Statements of changes in net assets	46
Statement of cash flows	47
Financial highlights	48
Notes to financial statements	50
Report of independent registered public accounting firm	66
Proxy voting policies and information	67
Quarterly portfolio disclosure	67
Further information	67
Information about fund contracts and legal claims	67

    

Contact information

back cover

    

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

Portfolio Composition

Fixed income sectors (i)

High Yield Corporates	62.0%
Emerging Markets Bonds	20.1%
Investment Grade Corporates	7.5%
Non-U.S. Government Bonds	4.8%
U.S. Treasury Securities	4.8%
Mortgage-Backed Securities	3.0%
Commercial Mortgage-Backed Securities	1.9%
Collateralized Debt Obligations	1.2%
Asset-Backed Securities	0.7%
Municipal Bonds	0.4%
Residential Mortgage-Backed Securities	0.3%

Portfolio facts

Average Duration (d)	5.8
Average Effective Maturity (m)	7.8 yrs.

1

Portfolio Composition - continued

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

AAA	6.8%
AA	3.0%
A	7.4%
BBB	12.3%
BB	35.4%
B	29.7%
CCC	9.4%
CC	0.2%
C	0.1%
D	0.1%
U.S. Government	21.4%
Federal Agencies	3.0%
Not Rated	(22.1)%
Non-Fixed Income	1.2%
Cash & Cash Equivalents (Less Liabilities) (b)	(31.9)%
Other (q)	24.0%

(a)

For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities.

Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives), ETFs and Options on ETFs, and/or commodity-linked derivatives.

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

(b)

Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of outstanding borrowings made by the fund for leverage transactions. Cash & Cash Equivalents (Less Liabilities) is negative due to these borrowings. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 6 in the Notes to Financial Statements for more information on the fund's outstanding borrowings.

2

Portfolio Composition - continued

(d)

Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.

(f)	The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

(i)

For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.

(m)

In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.

(p)	For purposes of the presentation of Portfolio structure at value, Other includes market value from currency derivatives and may be negative.

(q)	For purposes of this presentation, Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

(v)	For purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents (Less Liabilities).

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

Percentages are based on net assets as of May 31, 2024.

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

3

Portfolio Managers' Profiles

Portfolio Manager	Primary Role	Since	Title and Five Year History
Robert Spector	Lead and Debt Instruments Portfolio Manager	2015	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Neeraj Arora	Emerging Markets Debt Instruments Portfolio Manager	2023	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Ward Brown	Emerging Markets Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2005.
Philipp Burgener	Structured Securities Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2003.
David Cole	Below Investment Grade Debt Instruments Portfolio Manager	2006	Investment Officer of MFS; employed in the investment management area of MFS since 2004.
Pilar Gomez-Bravo	Debt Instruments Portfolio Manager	2013	Co-Chief Investment Officer-Global Fixed Income of MFS; employed in the investment management area of MFS since 2013.
Andy Li	Investment Grade Debt Instruments Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2018.
John Mitchell	Investment Grade Debt Instruments Portfolio Manager	2023	Investment Officer of MFS; employed in the investment management area of MFS since 2003.
Michael Skatrud	Below Investment Grade Debt Instruments Portfolio Manager	2018	Investment Officer of MFS; employed in the investment management area of MFS since 2013.
Erik Weisman	Sovereign Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2002.

Effective April 30, 2024, Matt Ryan is no longer a Portfolio Manager of the fund. 

Other Notes

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

4

Other Notes – continued

The fund's target annual distribution rate is calculated based on an annual rate of 8.00% of the fund's average monthly net asset value, not a fixed share price, and the fund's dividend amount will fluctuate with changes in the fund's average monthly net assets.

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

5

Portfolio of Investments

5/31/24 (unaudited)

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

Issuer			Shares/Par	Value ($)
Bonds – 129.2%
Aerospace & Defense – 3.1%
Boeing Co., 6.298%, 5/01/2029 (n)		$	613,000	$617,968
Boeing Co., 6.388%, 5/01/2031 (n)			29,000	29,335
Boeing Co., 5.805%, 5/01/2050			138,000	123,569
Bombardier, Inc., 7.5%, 2/01/2029 (n)			481,000	497,575
Bombardier, Inc., 8.75%, 11/15/2030 (n)			202,000	216,744
Bombardier, Inc., 7.25%, 7/01/2031 (n)			278,000	283,799
Bombardier, Inc., 7%, 6/01/2032 (n)			406,000	407,480
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)			525,000	525,063
Moog, Inc., 4.25%, 12/15/2027 (n)			848,000	793,994
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n)			1,015,000	1,108,916
TransDigm, Inc., 5.5%, 11/15/2027			1,235,000	1,205,693
TransDigm, Inc., 6.75%, 8/15/2028 (n)			498,000	503,648
TransDigm, Inc., 4.625%, 1/15/2029			566,000	521,210
TransDigm, Inc., 6.375%, 3/01/2029 (n)			459,000	458,004
TransDigm, Inc., 6.875%, 12/15/2030 (n)			1,129,000	1,143,209
Triumph Group, Inc., 9%, 3/15/2028 (n)			289,000	298,336
				$8,734,543
Airlines – 0.7%
Air Canada, 3.875%, 8/15/2026 (n)		$	941,000	$893,294
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n)			759,080	734,080
easyJet PLC, 3.75%, 3/20/2031		EUR	100,000	105,871
Hawaiian Brand Intellectual Property Ltd., 5.75%, 1/20/2026 (n)		$	289,000	266,488
				$1,999,733
Apparel Manufacturers – 0.2%
Tapestry, Inc., 3.05%, 3/15/2032		$	57,000	$45,830
Wolverine World Wide, Inc., 4%, 8/15/2029 (n)			460,000	383,097
				$428,927
Asset-Backed & Securitized – 4.1%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.013%, 11/15/2054 (i)		$	3,745,206	$170,800
ACREC 2021-FL1 Ltd., “C”, FLR, 7.585% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n)			229,500	222,335
AmeriCredit Automobile Receivables Trust, 2024-1, “A”, 5.61%, 1/12/2027 (n)			114,751	114,577

6

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.431% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n)		$	200,000	$195,172
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 7.031% ((SOFR - 1mo. + 0.11448%) + 1.6%), 5/15/2036 (n)			100,000	98,770
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 7.381% ((SOFR - 1mo. + 0.11448%) + 1.95%), 5/15/2036 (n)			275,500	270,986
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 7.623% (SOFR - 30 day + 2.3%), 1/15/2037 (n)			327,000	321,517
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 8.324% (SOFR - 30 day + 3%), 1/15/2037 (n)			208,000	196,332
AREIT 2022-CRE6 Trust, “C”, FLR, 7.473% (SOFR - 30 day + 2.15%), 1/20/2037 (n)			100,000	95,922
AREIT 2022-CRE6 Trust, “D”, FLR, 8.173% (SOFR - 30 day + 2.85%), 1/20/2037 (n)			100,000	94,849
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)			100,000	100,329
Bayview Financial Revolving Mortgage Loan Trust, FLR, 7.039% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)			85,181	131,655
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.611%, 4/15/2053 (i)			1,959,688	112,811
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.402%, 7/15/2054 (i)			981,168	61,163
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.601%, 2/15/2054 (i)			2,248,065	175,100
Benchmark 2020-B18 Mortgage Trust, “XA”, 1.783%, 7/15/2053 (i)			3,264,418	194,695
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.264%, 2/15/2054 (i)			3,597,195	204,605
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.144%, 3/15/2054 (i)			1,988,710	100,072
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.996%, 6/15/2054 (i)			5,519,876	228,251
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.257%, 7/15/2054 (i)			6,911,144	395,756
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.268%, 8/15/2054 (i)			2,319,144	143,773
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.809%, 7/15/2055 (i)			8,926,377	396,921
BMP Commercial Mortgage Trust, 2024-MF23, “C”, 7.161% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n)(w)			100,000	99,781
BMP Commercial Mortgage Trust, 2024-MF23, “D”, 7.71% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n)(w)			100,000	99,781

7

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 7.481% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n)		$	100,000	$98,235
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.731% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n)			100,000	97,938
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)			97,917	98,327
Business Jet Securities LLC, 2024-1A, “B”, 6.924%, 5/15/2039 (n)			97,917	98,673
BXMT 2021-FL4 Ltd., “B”, FLR, 6.985% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/15/2038 (n)			549,000	484,063
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)			143,298	139,474
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n)			437,500	426,092
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)			89,945	84,851
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			89,945	83,439
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)			99,444	99,395
CNH Equipment Trust 2023-A, “A2”, 5.34%, 9/15/2026			36,553	36,487
Colt Funding LLC, 2024-1, “A1”, 5.835%, 2/25/2069 (n)			147,955	147,002
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.771%, 4/15/2054 (i)			1,570,723	57,103
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 1.082%, 6/15/2063 (i)			996,295	47,448
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.143%, 6/15/2064 (i)			1,293,896	66,132
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.79%, 4/15/2065			257,000	223,189
Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(p)			4,586,320	46
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n)			37,407	37,373
ELM Trust, 2024-ELM, “B10”, 5.995%, 6/10/2027 (n)(w)			100,000	100,000
ELM Trust, 2024-ELM, “C10”, 1%, 6/10/2027 (n)(w)			100,000	100,000
ELM Trust, 2024-ELM, “D10”, 6.626%, 6/10/2027 (n)(w)			100,000	100,000
Empire District Bondco LLC, 4.943%, 1/01/2033			165,000	162,384
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 7.574% (SOFR - 30 day + 2.25%), 2/23/2039 (n)			114,000	110,968
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 6.984% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/16/2038 (n)			297,500	288,830
GreatAmerica Leasing Receivables Funding LLC, 2023-1, “A2”, 5.35%, 2/16/2026 (n)			52,593	52,583

8

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.431% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n)		$	100,000	$97,750
MF1 2021-FL5 Ltd., “C”, FLR, 7.134% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n)			213,000	209,626
MF1 2021-FL5 Ltd., “D”, FLR, 7.934% ((SOFR - 1mo. + 0.11448%) + 2.5%), 7/15/2036 (n)			755,000	730,409
MF1 2022-FL8 Ltd., “C”, FLR, 7.519% (SOFR - 30 day + 2.2%), 2/19/2037 (n)			110,841	106,948
MF1 2024-FL14 LLC, “A”, FLR, 7.057% (SOFR - 1mo. + 1.737%), 3/19/2039 (n)			229,000	228,921
MF1 2024-FL14 LLC, “AS”, FLR, 7.56% (SOFR - 1mo. + 2.24%), 3/19/2039 (n)			100,000	99,806
MF1 2024-FL14 LLC, “B”, FLR, 8.009% (SOFR - 1mo. + 2.689%), 3/19/2039 (n)			349,917	349,789
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.287%, 5/15/2054 (i)			1,027,288	59,520
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.317%, 6/15/2054 (i)			3,063,796	159,871
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)			244,000	245,416
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)			57,000	56,988
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)			120,567	119,875
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)			95,288	94,701
OBX Trust, 2024-NQM2, “A1”, 5.878%, 12/25/2063 (n)			283,174	281,644
RAC Bond Co. PLC, 4.87%, 5/06/2026		GBP	100,000	124,646
Shelter Growth CRE 2021-FL3 Ltd., “C”, FLR, 7.581% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n)		$	157,500	151,627
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 7.235% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n)			190,000	179,890
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 7.535% ((SOFR - 1mo. + 0.11448)% + 2.1%), 4/18/2038 (n)			100,000	91,220
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 6.835% ((SOFR - 1mo. + 0.11448%) + 1.4%), 3/15/2038 (n)			150,000	146,602
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 7.285% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n)			310,000	295,546
Verus Securitization Trust, 2014-1, “A1”, 5.712%, 1/25/2069 (n)			161,164	159,790
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.52%, 8/15/2054 (i)			1,951,958	141,455
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 6.173% (SOFR - 30 day + 0.85%), 6/15/2026 (n)			18,622	18,637
				$11,616,662

9

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Automotive – 0.9%
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n)		$	621,000	$624,979
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n)			290,000	293,049
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			631,000	545,069
Ferrari N.V., 3.625%, 5/21/2030		EUR	130,000	140,273
Garrett Motion Holdings, Inc./Garrett LX I S.à r.l., 7.75%, 5/31/2032 (n)		$	406,000	408,664
Hyundai Capital America, 6.375%, 4/08/2030 (n)			72,000	74,748
LKQ Corp., 6.25%, 6/15/2033			34,000	34,938
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)			480,000	413,500
Volkswagen Leasing GmbH, 4%, 4/11/2031		EUR	70,000	75,665
				$2,610,885
Broadcasting – 0.7%
AMC Networks, Inc., 10.25%, 1/15/2029 (n)		$	232,000	$231,478
Banijay Group S.A.S., 8.125%, 5/01/2029 (n)			600,000	613,373
Discovery Communications LLC, 4.125%, 5/15/2029			32,000	29,502
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)			584,000	534,563
Prosus N.V., 3.061%, 7/13/2031 (n)			329,000	266,623
Ubisoft Entertainment S.A., 0.878%, 11/24/2027		EUR	200,000	184,932
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032		$	34,000	29,757
				$1,890,228
Brokerage & Asset Managers – 1.0%
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)		$	704,000	$731,661
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)			585,000	639,869
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)			274,000	264,708
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029			43,000	43,407
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034			42,000	43,438
Hightower Holding LLC, 6.75%, 4/15/2029 (n)			343,000	321,558
LPL Holdings, Inc., 4%, 3/15/2029 (n)			375,000	347,637
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)			388,000	353,482
LSEG Netherlands B.V., 4.231%, 9/29/2030		EUR	100,000	111,409
				$2,857,169
Building – 2.9%
ABC Supply Co., Inc., 3.875%, 11/15/2029 (n)		$	572,000	$505,186
Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n)			405,000	329,408
CRH SMW Finance DAC, 4%, 7/11/2031		EUR	110,000	120,543
Foundation Building Materials LLC, 6%, 3/01/2029 (n)		$	812,000	719,720
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			871,000	804,724

10

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Building – continued
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034		GBP	100,000	$96,071
LBM Acquisition LLC, 6.25%, 1/15/2029 (n)		$	289,000	260,962
Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n)			171,000	169,865
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			716,000	652,601
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)			726,000	682,427
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			240,000	245,705
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)			767,000	778,085
SRM Concrete, 8.875%, 11/15/2031 (n)			853,000	898,144
Standard Industries, Inc., 4.75%, 1/15/2028 (n)			522,000	497,281
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			871,000	777,264
Vulcan Materials Co., 3.5%, 6/01/2030			75,000	68,044
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)			779,000	743,171
				$8,349,201
Business Services – 0.7%
Euronet Worldwide, Inc., 1.375%, 5/22/2026		EUR	100,000	$102,658
Fiserv, Inc., 4.4%, 7/01/2049		$	84,000	68,398
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)			454,000	437,911
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)			530,000	510,226
Mastercard, Inc., 3.3%, 3/26/2027			45,000	43,095
Mastercard, Inc., 3.85%, 3/26/2050			77,000	60,861
Tencent Holdings Ltd., 3.8%, 2/11/2025			700,000	691,177
Visa, Inc., 3.65%, 9/15/2047			118,000	91,514
Wolters Kluwer N.V., 3.25%, 3/18/2029		EUR	100,000	106,882
				$2,112,722
Cable TV – 4.6%
Cable One, Inc., 4%, 11/15/2030 (n)		$	1,184,000	$883,440
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)			570,000	544,777
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			1,852,000	1,577,634
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,143,000	949,725
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)			535,000	398,623
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029			110,000	110,120
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			27,000	19,910

11

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Cable TV – continued
CSC Holdings LLC, 5.375%, 2/01/2028 (n)		$	800,000	$561,838
CSC Holdings LLC, 7.5%, 4/01/2028 (n)			250,000	139,565
CSC Holdings LLC, 11.75%, 1/31/2029 (n)			417,000	331,393
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			825,000	356,488
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			250,000	154,165
DIRECTV Financing LLC, 8.875%, 2/01/2030 (n)			253,000	243,756
DISH DBS Corp., 7.75%, 7/01/2026			392,000	249,279
DISH DBS Corp., 5.25%, 12/01/2026 (n)			488,000	388,608
DISH DBS Corp., 5.125%, 6/01/2029			370,000	147,338
DISH Network Corp., 11.75%, 11/15/2027 (n)			255,000	255,845
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)			893,000	845,854
SES S.A., 3.5%, 1/14/2029		EUR	100,000	104,056
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)		$	571,000	511,138
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)			738,000	685,429
Summer BidCo B.V., 10% (10% Cash or 10.75% PIK), 2/15/2029 (p)		EUR	123,584	135,599
Videotron Ltd., 5.125%, 4/15/2027 (n)		$	406,000	396,939
Virgin Media Finance PLC, 5%, 7/15/2030 (n)			600,000	498,509
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			891,000	803,518
Ziggo Bond Finance B.V., 3.375%, 2/28/2030		EUR	170,000	153,792
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)		$	1,715,000	1,464,777
				$12,912,115
Chemicals – 1.8%
Chemours Co., 4.625%, 11/15/2029 (n)		$	722,000	$615,723
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)			447,000	384,693
Element Solutions, Inc., 3.875%, 9/01/2028 (n)			900,000	818,967
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)			691,000	651,498
Sasol Financing (USA) LLC, 5.5%, 3/18/2031			550,000	453,848
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)			766,000	721,453
SNF Group SACA, 3.375%, 3/15/2030 (n)			1,105,000	950,438
Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n)			502,000	524,493
				$5,121,113
Computer Software – 0.6%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8%, 6/15/2029 (n)		$	568,000	$583,136
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)			606,000	563,559
Microsoft Corp., 2.525%, 6/01/2050			101,000	63,417
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)			407,000	388,743
Oracle Corp., 4%, 7/15/2046			62,000	47,433
				$1,646,288

12

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Computer Software - Systems – 0.7%
Sabre GLBL, Inc., 8.625%, 6/01/2027 (n)		$	337,000	$310,253
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n)			180,000	174,967
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			1,213,000	1,187,962
Virtusa Corp., 7.125%, 12/15/2028 (n)			361,000	328,319
				$2,001,501
Conglomerates – 2.2%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)		$	500,000	$460,740
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			1,098,000	1,004,831
Chart Industries, Inc., 9.5%, 1/01/2031 (n)			549,000	592,817
Emerald Debt Merger, 6.625%, 12/15/2030 (n)			1,046,000	1,047,822
Gates Corp., 6.875%, 7/01/2029 (n)			230,000	232,209
Gates Global LLC, 6.25%, 1/15/2026 (n)			484,000	483,722
Illinois Tool Works, Inc., 3.375%, 5/17/2032		EUR	100,000	106,847
Madison IAQ LLC, 5.875%, 6/30/2029 (n)		$	657,000	608,959
nVent Finance S.à r.l., 5.65%, 5/15/2033			69,000	68,776
Regal Rexnord Corp., 6.05%, 4/15/2028			138,000	140,091
TriMas Corp., 4.125%, 4/15/2029 (n)			1,442,000	1,305,145
Veralto Corp., 4.15%, 9/19/2031		EUR	100,000	108,733
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028		$	75,000	73,352
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034			39,000	39,119
				$6,273,163
Construction – 0.9%
Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n)		$	693,000	$691,773
Empire Communities Corp., 9.75%, 5/01/2029 (n)			464,000	473,340
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			249,000	240,863
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			516,000	471,519
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)			684,000	626,443
				$2,503,938
Consumer Products – 1.2%
Amer Sports Co., 6.75%, 2/16/2031 (n)		$	803,000	$800,017
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)			382,000	339,577
HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n)			974,000	980,919
Kenvue, Inc., 5.05%, 3/22/2053			100,000	93,999
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			857,000	825,699
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)			415,000	355,842
				$3,396,053

13

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Consumer Services – 2.9%
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)		$	1,062,000	$1,052,991
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	341,413
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			659,000	530,862
Compass Group PLC, 3.25%, 2/06/2031		EUR	100,000	106,087
Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n)		$	350,000	348,034
GoDaddy, Inc., 3.5%, 3/01/2029 (n)			1,013,000	905,031
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)			804,000	804,680
Match Group Holdings II LLC, 5%, 12/15/2027 (n)			584,000	553,026
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n)			704,000	654,748
Pachelbel Bidco Spa, 7.125%, 5/17/2031 (n)		EUR	100,000	111,218
Pluxee N.V., 3.75%, 9/04/2032			100,000	106,154
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)		$	665,000	456,308
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			436,000	284,538
TriNet Group, Inc., 3.5%, 3/01/2029 (n)			1,125,000	993,026
Velocity Vehicle Group LLC, 8%, 6/01/2029 (n)(w)			174,000	176,828
Verisure Midholding AB, 5.25%, 2/15/2029		EUR	100,000	105,358
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)		$	595,000	578,398
				$8,108,700
Containers – 1.5%
ARD Finance S.A., 6.5% (6.5% Cash or 7.25% PIK), 6/30/2027 (n)(p)		$	238,000	$55,330
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)			765,000	670,832
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)			1,069,000	938,734
Crown Americas LLC, 5.25%, 4/01/2030			342,000	328,722
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026			604,000	580,480
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026			490,000	480,983
Titan Holdings II B.V., 5.125%, 7/15/2029		EUR	531,000	521,048
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)		$	601,000	599,659
				$4,175,788
Electrical Equipment – 0.0%
Arrow Electronics, Inc., 2.95%, 2/15/2032		$	48,000	$40,110
Arrow Electronics, Inc., 5.875%, 4/10/2034			88,000	86,374
				$126,484

14

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Electronics – 1.0%
Entegris Escrow Corp., 5.95%, 6/15/2030 (n)		$	418,000	$411,455
Entegris, Inc., 4.375%, 4/15/2028 (n)			430,000	402,231
Entegris, Inc., 3.625%, 5/01/2029 (n)			499,000	443,367
Intel Corp., 5.7%, 2/10/2053			70,000	68,482
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030			36,000	32,467
NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033			17,000	16,502
Sensata Technologies B.V., 5%, 10/01/2025 (n)			847,000	853,164
Sensata Technologies B.V., 5.875%, 9/01/2030 (n)			385,000	374,221
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)			209,000	190,646
				$2,792,535
Emerging Market Quasi-Sovereign – 4.0%
Abu Dhabi Development Holding Co. PJSC, 5.5%, 5/08/2034 (n)		$	855,000	$866,773
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031			404,000	342,590
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026			600,000	574,511
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029			400,000	390,304
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026			522,000	500,484
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028			624,000	596,100
Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027		EUR	146,000	138,429
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)		$	299,000	252,685
Indian Railway Finance Corp., 2.8%, 2/10/2031			800,000	676,080
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			700,000	672,000
Korea Development Bank, 4.25%, 9/08/2032			531,000	501,130
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)			200,000	200,542
NBK SPC Ltd. (State of Kuwait), 5.5% to 6/06/2029, FLR (SOFR - 1 day + 1.16%) to 6/06/2030 (n)(w)			642,000	642,565
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n)			493,000	496,867
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)			650,000	479,960
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)			200,000	196,610
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	859,373
Petroleos Mexicanos, 5.95%, 1/28/2031			100,000	81,155
Petroleos Mexicanos, 10%, 2/07/2033			60,000	60,556
Petroleos Mexicanos, 6.75%, 9/21/2047			866,000	581,664
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			352,000	327,888

15

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026		$	1,065,000	$1,069,154
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031		EUR	180,000	149,167
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030		$	500,000	509,930
Turkiye Ihracat Kredi Bankasi A.S., 7.5%, 2/06/2028 (n)			200,000	200,500
				$11,367,017
Emerging Market Sovereign – 9.6%
Republic of India, 7.18%, 8/14/2033		INR	51,100,000	$616,633
Arab Republic of Egypt, 8.5%, 1/31/2047		$	965,000	752,023
Dominican Republic, 5.5%, 2/22/2029 (n)			761,000	732,001
Dominican Republic, 7.05%, 2/03/2031 (n)			150,000	154,121
Dominican Republic, 5.3%, 1/21/2041 (n)			181,000	153,029
Dominican Republic, 5.875%, 1/30/2060 (n)			1,360,000	1,149,968
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n)			519,000	488,057
Federative Republic of Brazil, 10%, 1/01/2027		BRL	1,375,000	255,723
Federative Republic of Brazil, 10%, 1/01/2029			16,500,000	2,981,176
Hellenic Republic (Republic of Greece), 3.375%, 6/15/2034		EUR	385,000	407,727
Kingdom of Morocco, 1.375%, 3/30/2026			428,000	438,593
Kingdom of Morocco, 3%, 12/15/2032 (n)		$	459,000	365,594
Kingdom of Saudi Arabia, 5%, 1/18/2053			200,000	174,580
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	23,377,000	570,383
Oriental Republic of Uruguay, 9.75%, 7/20/2033			8,914,000	237,197
People's Republic of China, 3.13%, 11/21/2029		CNY	3,100,000	451,214
People's Republic of China, 2.88%, 2/25/2033			8,520,000	1,228,279
Republic of Albania, 5.9%, 6/09/2028		EUR	682,000	765,048
Republic of Angola, 9.375%, 5/08/2048		$	870,000	741,943
Republic of Angola, 9.125%, 11/26/2049			200,000	166,500
Republic of Argentina, 3.625%, 7/09/2035			768,494	337,265
Republic of Benin, 6.875%, 1/19/2052 (n)		EUR	114,000	99,437
Republic of Benin, 6.875%, 1/19/2052			400,000	348,902
Republic of Costa Rica, 7.3%, 11/13/2054		$	600,000	621,356
Republic of Cote d'Ivoire, 5.25%, 3/22/2030		EUR	929,000	921,312
Republic of Cote d'Ivoire, 6.875%, 10/17/2040			200,000	183,786
Republic of Guatemala, 6.125%, 6/01/2050 (n)		$	382,000	343,322
Republic of Hungary, 5.5%, 6/16/2034 (n)			650,000	625,764
Republic of Korea, 2.375%, 12/10/2027		KRW	325,000,000	226,312
Republic of Korea, 1.875%, 6/10/2029			3,174,250,000	2,122,088
Republic of Korea, 1.375%, 6/10/2030			2,721,670,000	1,738,833
Republic of Paraguay, 6%, 2/09/2036 (n)		$	200,000	198,260
Republic of Paraguay, 5.4%, 3/30/2050 (n)			1,150,000	985,256
Republic of Philippines, 3.556%, 9/29/2032			334,000	293,748

16

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Poland, 5.125%, 9/18/2034		$	379,000	$368,577
Republic of Romania, 1.75%, 7/13/2030 (n)		EUR	247,000	219,268
Republic of Romania, 2%, 1/28/2032			350,000	299,067
Republic of Romania, 2%, 4/14/2033			250,000	205,904
Republic of Serbia, 1.65%, 3/03/2033			428,000	347,948
Republic of Serbia, 2.05%, 9/23/2036 (n)			452,000	348,091
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d)(n)		$	446,000	257,569
Republic of Turkey, 7.625%, 5/15/2034			566,000	567,551
Sultanate of Oman, 7%, 1/25/2051			800,000	830,200
United Mexican States, 7.75%, 5/29/2031		MXN	5,900,000	310,828
United Mexican States, 4.75%, 4/27/2032		$	727,000	674,292
United Mexican States, 4.875%, 5/19/2033			441,000	408,623
United Mexican States, 3.771%, 5/24/2061			774,000	479,932
				$27,193,280
Energy - Independent – 3.3%
Civitas Resources, Inc., 8.375%, 7/01/2028 (n)		$	526,000	$552,030
Civitas Resources, Inc., 8.625%, 11/01/2030 (n)			173,000	185,055
Civitas Resources, Inc., 8.75%, 7/01/2031 (n)			349,000	372,597
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)			1,167,000	1,128,822
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)			651,000	642,049
Diamondback Energy, Inc., 5.75%, 4/18/2054			77,000	74,231
Encino Acquisition partners Holdings LLC, 8.75%, 5/01/2031 (n)			464,000	479,840
Matador Resources Co., 6.875%, 4/15/2028 (n)			635,000	640,789
Matador Resources Co., 6.5%, 4/15/2032 (n)			228,000	227,556
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)			492,000	481,211
Occidental Petroleum Corp., 6.45%, 9/15/2036			103,000	107,289
Permian Resources Operating LLC, 7.75%, 2/15/2026 (n)			110,000	110,954
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)			886,000	868,261
Permian Resources Operating LLC, 7%, 1/15/2032 (n)			463,000	473,005
Pioneer Natural Resources Co., 2.15%, 1/15/2031			95,000	79,743
Santos Finance Ltd., 6.875%, 9/19/2033 (n)			82,000	85,846
Sitio Royalties Operating Partnership, LP, 7.875%, 11/01/2028 (n)			841,000	872,558
SM Energy Co., 6.5%, 7/15/2028			664,000	661,795
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			987,000	940,019
Vital Energy, Inc., 7.875%, 4/15/2032 (n)			457,000	464,018
				$9,447,668

17

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Integrated – 0.3%
BP Capital Markets America, Inc., 4.812%, 2/13/2033		$	54,000	$52,228
BP Capital Markets B.V., 4.323%, 5/12/2035		EUR	100,000	111,549
Citgo Petroleum Corp., 8.375%, 1/15/2029 (n)		$	585,000	605,568
Eni S.p.A., 3.875%, 1/15/2034		EUR	100,000	107,052
Exxon Mobil Corp., 1.408%, 6/26/2039			100,000	76,479
				$952,876
Entertainment – 2.4%
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)		$	642,000	$645,481
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)			989,000	970,785
Carnival Corp. PLC, 4%, 8/01/2028 (n)			366,000	337,823
Carnival Corp. PLC, 6%, 5/01/2029 (n)			367,000	358,688
Carnival Corp. PLC, 5.75%, 1/15/2030 (n)		EUR	260,000	286,683
Merlin Entertainments, 7.375%, 2/15/2031 (n)		$	734,000	743,924
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)			659,000	647,950
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			566,000	554,557
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)			360,000	351,689
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)			403,000	376,847
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)			747,000	747,544
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)			228,000	222,617
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)			625,000	599,388
				$6,843,976
Financial Institutions – 3.7%
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)		$	574,138	$506,625
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)			69,000	67,014
Citycon Treasury B.V., 6.5%, 3/08/2029		EUR	100,000	108,184
Credit Acceptance Corp., 9.25%, 12/15/2028 (n)		$	690,000	728,452
Encore Capital Group, Inc., 9.25%, 4/01/2029 (n)			558,000	580,707
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)			570,000	566,351
Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n)			143,000	144,442
FTAI Aviation Ltd., 5.5%, 5/01/2028 (n)			657,000	634,993
FTAI Aviation Ltd., 7.875%, 12/01/2030 (n)			407,000	425,296
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p)			1,590,325	1,512,827
Heimstaden Bostad Treasury B.V., 1%, 4/13/2028		EUR	100,000	87,581
Jefferson Capital Holdings LLC, 9.5%, 2/15/2029 (n)		$	509,000	523,488
Macquarie AirFinance Holdings Ltd., 8.375%, 5/01/2028 (n)			762,000	801,282
Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n)			107,000	108,125
Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n)			126,000	132,674
Muthoot Finance Ltd., 7.125%, 2/14/2028 (n)			231,000	232,000
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)			991,000	977,444
OneMain Finance Corp., 6.875%, 3/15/2025			566,000	570,037

18

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – continued
OneMain Finance Corp., 7.125%, 3/15/2026		$	763,000	$774,200
OneMain Finance Corp., 5.375%, 11/15/2029			403,000	374,796
OneMain Finance Corp., 7.5%, 5/15/2031			416,000	416,135
Samhallsbyggnadsbolaget i Norden AB, 3%, 1/14/2025		EUR	100,000	100,402
Samhallsbyggnadsbolaget i Norden AB, 2.375%, 9/04/2026			100,000	83,549
Samhallsbyggnadsbolaget i Norden AB, 2.875% to 1/30/2027, FLR (EUR Swap Rate - 5yr. + 3.223%) to 1/30/2032, FLR (EUR Swap Rate - 5yr. + 3.473%) to 1/30/2047, FLR (EUR Swap Rate - 5yr. + 4.473%) to 1/30/2171			280,000	96,230
				$10,552,834
Food & Beverages – 2.8%
Anheuser-Busch InBev S.A/N.V., 3.95%, 3/22/2044		EUR	100,000	$105,936
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038		$	144,000	130,066
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049			42,000	42,067
B&G Foods, Inc., 5.25%, 9/15/2027			406,000	372,607
B&G Foods, Inc., 8%, 9/15/2028 (n)			216,000	219,222
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)			129,000	125,296
Central American Bottling Corp., 5.25%, 4/27/2029 (n)			755,000	710,062
Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n)			285,000	290,333
Coca-Cola Co., 3.125%, 5/14/2032		EUR	100,000	105,922
Constellation Brands, Inc., 3.15%, 8/01/2029		$	32,000	28,905
Constellation Brands, Inc., 2.25%, 8/01/2031			53,000	43,262
Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)			460,000	472,641
JBS USA Food Co., 6.5%, 12/01/2052			43,000	43,138
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032			781,000	669,657
Kraft Heinz Foods Co., 4.375%, 6/01/2046			94,000	77,053
Performance Food Group Co., 5.5%, 10/15/2027 (n)			781,000	761,198
Pernod Ricard S.A., 3.375%, 11/07/2030		EUR	100,000	106,346
Post Holdings, Inc., 5.625%, 1/15/2028 (n)		$	555,000	542,268
Post Holdings, Inc., 4.625%, 4/15/2030 (n)			935,000	849,038
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)			1,014,000	929,777
TreeHouse Foods, Inc., 4%, 9/01/2028			461,000	410,521
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			783,000	734,956
United Natural Foods, Inc., 6.75%, 10/15/2028 (n)			267,000	220,359
				$7,990,630
Gaming & Lodging – 3.2%
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)		$	310,000	$280,059
Caesars Entertainment, Inc., 7%, 2/15/2030 (n)			643,000	649,945
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)			497,000	506,687

19

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Gaming & Lodging – continued
CCM Merger, Inc., 6.375%, 5/01/2026 (n)		$	591,000	$586,640
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)			991,000	950,540
Flutter Treasury DAC, 5%, 4/29/2029 (n)		EUR	203,000	223,079
Flutter Treasury DAC, 6.375%, 4/29/2029 (n)		$	200,000	201,022
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030			1,038,000	981,397
Las Vegas Sands Corp., 3.9%, 8/08/2029			89,000	80,850
Las Vegas Sands Corp., 6.2%, 8/15/2034			298,000	300,292
Marriott International, Inc., 2.85%, 4/15/2031			90,000	76,473
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n)			509,000	424,786
Studio City Finance Ltd., 5%, 1/15/2029 (n)			342,000	297,882
VICI Properties LP, REIT, 4.95%, 2/15/2030			47,000	45,025
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)			1,040,000	964,771
Wynn Macau Ltd., 5.5%, 10/01/2027 (n)			705,000	670,143
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)			883,000	825,161
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			727,000	683,702
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n)			286,000	293,661
				$9,042,115
Industrial – 1.1%
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n)		$	200,000	$196,793
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)			635,000	640,590
APi Escrow Corp., 4.75%, 10/15/2029 (n)			1,016,000	931,807
Arcadis N.V., 4.875%, 2/28/2028		EUR	100,000	111,166
Artera Services LLC, 8.5%, 2/15/2031 (n)		$	459,000	468,997
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050			35,000	20,860
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)			887,000	828,210
				$3,198,423
Insurance – 0.1%
Corebridge Financial, Inc., 4.35%, 4/05/2042		$	101,000	$83,265
Lincoln National Corp., 5.852%, 3/15/2034			109,000	108,424
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)			62,000	63,026
				$254,715
Insurance - Health – 0.1%
Elevance Health, Inc., 5.375%, 6/15/2034		$	80,000	$79,766
UnitedHealth Group, Inc., 3.25%, 5/15/2051			74,000	50,694
				$130,460

20

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Insurance - Property & Casualty – 2.7%
Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n)		$	344,000	$345,661
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)			116,000	105,735
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n)			470,000	460,671
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)			692,000	643,704
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n)			450,000	451,176
American International Group, Inc., 5.125%, 3/27/2033			87,000	85,383
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)			576,000	529,455
Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n)			701,000	696,124
Arthur J. Gallagher & Co., 6.5%, 2/15/2034			45,000	47,574
Arthur J. Gallagher & Co., 6.75%, 2/15/2054			60,000	66,021
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)			459,000	427,138
Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n)			637,000	643,254
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027		CAD	175,000	125,307
Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054 (n)		$	71,000	71,378
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)			484,000	484,527
Hub International Ltd., 5.625%, 12/01/2029 (n)			287,000	266,277
Hub International Ltd., 7.25%, 6/15/2030 (n)			866,000	879,881
Hub International Ltd., 7.375%, 1/31/2032 (n)			390,000	391,384
Panther Escrow Issuer, 7.125%, 6/01/2031 (n)			836,000	842,957
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038		GBP	100,000	108,868
				$7,672,475
International Market Quasi-Sovereign – 0.3%
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 3.375%, 1/29/2038		EUR	20,000	$21,026
EnBW International Finance B.V. (Federal Republic of Germany), 3.5%, 7/24/2028			90,000	97,283
La Banque Postale (Republic of France), 3.5%, 6/13/2030			100,000	106,975
Landsbankinn hf. (Republic of Iceland), 5%, 5/13/2028			100,000	109,809
Logicor Financing S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/17/2030			110,000	101,225
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)		$	200,000	204,800
NBN Co. Ltd. (Commonwealth of Australia), 3.75%, 3/22/2034		EUR	100,000	107,311
P3 Group S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/26/2029			100,000	95,258

21

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Quasi-Sovereign – continued
Swisscom Finance, 3.5%, 11/29/2031		EUR	100,000	$107,711
				$951,398
International Market Sovereign – 10.6%
Commonwealth of Australia, 3.25%, 6/21/2039		AUD	14,422,000	$8,185,910
Commonwealth of Australia, 2.75%, 5/21/2041			960,000	494,882
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	200,000	166,400
Government of Bermuda, 5%, 7/15/2032 (n)			560,000	535,528
Government of Canada, 1.25%, 6/01/2030		CAD	882,000	565,141
Government of Canada, 1.5%, 6/01/2031			2,484,000	1,583,968
Government of Canada, 2%, 6/01/2032			1,037,000	674,691
Government of Japan, 2.4%, 12/20/2034		JPY	407,000,000	2,911,021
Government of Japan, 0.3%, 12/20/2039			196,350,000	1,027,640
Government of Japan, 0.4%, 3/20/2050			159,900,000	679,355
Government of Japan, 0.7%, 12/20/2051			308,500,000	1,387,205
Government of New Zealand, 3.5%, 4/14/2033		NZD	372,000	207,654
Kingdom of Belgium, 2.85%, 10/22/2034 (n)		EUR	375,000	394,807
Kingdom of Belgium, 0.4%, 6/22/2040			347,000	237,127
Kingdom of Spain, 3.25%, 4/30/2034			1,075,000	1,153,521
Kingdom of Spain, 3.45%, 10/31/2034 (n)(w)			477,000	518,771
Kingdom of Spain, 3.9%, 7/30/2039 (n)			1,075,000	1,192,680
Kingdom of Spain, 1%, 10/31/2050			650,000	375,676
Kingdom of Spain, 4%, 10/31/2054			462,000	501,854
Republic of Italy, 4.1%, 2/01/2029			2,571,000	2,864,704
Republic of Italy, 1.45%, 3/01/2036			1,295,000	1,070,626
Republic of Italy, 4.15%, 10/01/2039 (n)			1,736,000	1,865,676
United Kingdom Treasury, 0.375%, 10/22/2030		GBP	398,000	401,027
United Kingdom Treasury, 1.25%, 10/22/2041			506,000	386,927
United Kingdom Treasury, 1.5%, 7/22/2047			130,000	90,993
United Kingdom Treasury, 3.75%, 7/22/2052			515,000	556,491
				$30,030,275
Local Authorities – 0.0%
Province of Alberta, 1.65%, 6/01/2031		CAD	95,000	$59,346
Province of British Columbia, 2.95%, 6/18/2050			115,000	64,473
				$123,819
Machinery & Tools – 0.8%
AGCO Corp., 5.8%, 3/21/2034		$	102,000	$101,821
CNH Industrial Capital LLC, 5.5%, 1/12/2029			71,000	71,519
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)			1,288,000	1,344,412
Sarens Finance Co. N.V., 5.75%, 2/21/2027		EUR	110,000	116,169

22

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Machinery & Tools – continued
Terex Corp., 5%, 5/15/2029 (n)		$	682,000	$641,422
				$2,275,343
Major Banks – 1.3%
Banca Popolare Sondrio, 4.125%, 6/04/2030 (w)		EUR	100,000	$107,711
Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029		$	100,000	99,460
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032			92,000	77,320
BPER Banca S.p.A., 4%, 5/22/2031		EUR	100,000	107,247
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)		$	221,000	182,317
ING Groep N.V., 4.375%, 8/15/2034		EUR	100,000	107,515
JPMorgan Chase & Co., 1.47% to 9/22/2026, FLR (SOFR - 1 day + 0.765%) to 9/22/2027		$	44,000	40,265
JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + 1.19%) to 1/23/2028			66,000	65,439
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030			59,000	59,642
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032			108,000	87,423
JPMorgan Chase & Co., 3.761% to 3/21/2033, FLR (EURIBOR - 3mo. + 0.98%) to 3/21/2034		EUR	100,000	107,309
JPMorgan Chase & Co., 3.328% to 4/22/2051, FLR (SOFR - 1 day + 1.58%) to 4/22/2052		$	28,000	19,782
Lloyds Banking Group PLC, 4.75% to 9/21/2030, FLR (EUR Swap Rate - 1yr. + 1.6%) to 9/21/2031		EUR	100,000	112,818
Lloyds Banking Group PLC, 3.875%, 5/14/2032			100,000	107,418
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031		$	154,000	140,570
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034			43,000	42,555
Morgan Stanley, 3.955% to 3/21/2034, FLR (EURIBOR - 3mo. + 1.242%) to 3/21/2035		EUR	100,000	107,629
Nationwide Building Soceity, 4.015%, 5/02/2027			100,000	108,559
NatWest Group PLC, 8.125% to 5/10/2034, FLR (CMT - 5yr. + 3.752%) to 6/30/2172		$	200,000	202,806
NatWest Markets PLC, 3.625%, 1/09/2029		EUR	100,000	107,820
PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028		$	46,000	45,868
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035			55,000	55,002
Toronto-Dominion Bank, 3.563%, 4/16/2031		EUR	100,000	106,622

23

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
Toronto-Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082		$	985,000	$1,020,891
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)			200,000	163,457
UniCredit S.p.A., 4.3%, 1/23/2031		EUR	150,000	163,415
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028		$	45,000	42,786
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033			69,000	59,501
				$3,649,147
Medical & Health Technology & Services – 4.2%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	965,000	$867,945
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)			1,108,000	1,042,645
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)			486,000	494,505
CAB SELAS, 3.375%, 2/01/2028		EUR	100,000	97,540
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)		$	1,070,000	967,870
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			426,000	426,162
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)			454,000	323,738
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			1,146,000	951,297
CVS Health Corp., 5.625%, 2/21/2053			16,000	14,838
Encompass Health Corp., 5.75%, 9/15/2025			244,000	243,013
Encompass Health Corp., 4.75%, 2/01/2030			680,000	629,371
Encompass Health Corp., 4.625%, 4/01/2031			120,000	108,463
HCA, Inc., 5.125%, 6/15/2039			54,000	50,132
ICON Investments Six DAC, 5.809%, 5/08/2027			200,000	201,535
IQVIA, Inc., 5%, 5/15/2027 (n)			1,010,000	981,120
IQVIA, Inc., 6.5%, 5/15/2030 (n)			600,000	605,942
Lifepoint Health, Inc., 9.875%, 8/15/2030 (n)			286,000	306,016
Lifepoint Health, Inc., 11%, 10/15/2030 (n)			341,000	375,661
Lifepoint Health, Inc., 10%, 6/01/2032 (n)			464,000	465,684
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			179,000	111,194
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			142,000	141,020
Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n)			512,000	515,842
Tenet Healthcare Corp., 6.125%, 10/01/2028			484,000	479,450
Tenet Healthcare Corp., 4.375%, 1/15/2030			416,000	382,553
Tenet Healthcare Corp., 6.125%, 6/15/2030			726,000	719,583
U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n)			465,000	448,306
				$11,951,425

24

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical Equipment – 0.7%
American Medical Systems Europe B.V., 3.5%, 3/08/2032		EUR	100,000	$106,353
Garden SpinCo Corp., 8.625%, 7/20/2030 (n)		$	620,000	662,415
Medline Borrower LP, 3.875%, 4/01/2029 (n)			290,000	263,951
Medline Borrower LP, 5.25%, 10/01/2029 (n)			848,000	799,390
				$1,832,109
Metals & Mining – 2.0%
Anglo American Capital PLC, 4.125%, 3/15/2032		EUR	100,000	$107,420
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)		$	742,000	674,686
FMG Resources Ltd., 5.875%, 4/15/2030 (n)			130,000	126,097
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			1,766,000	1,567,838
Glencore Capital Finance DAC, 4.154%, 4/29/2031		EUR	110,000	118,183
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)		$	797,000	516,116
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)			514,000	478,175
Novelis Corp., 3.25%, 11/15/2026 (n)			486,000	453,757
Novelis Corp., 4.75%, 1/30/2030 (n)			784,000	724,350
Novelis Corp., 3.875%, 8/15/2031 (n)			248,000	212,330
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)			373,170	271,339
Taseko Mines Ltd., 8.25%, 5/01/2030 (n)			457,000	468,466
				$5,718,757
Midstream – 4.0%
Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n)		$	45,000	$45,868
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)			72,000	76,288
DT Midstream, Inc., 4.125%, 6/15/2029 (n)			863,000	789,172
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			862,000	774,281
Enbridge, Inc., 5.7%, 3/08/2033			42,000	42,146
Enbridge, Inc., 8.5% to 1/15/2034, FLR (CMT - 5yr. + 4.431%) to 1/15/2054, FLR (CMT - 5yr. + 5.181%) to 1/15/2084			74,000	79,528
Energy Transfer LP, 5.95%, 5/15/2054			60,000	57,726
EQM Midstream Partners LP, 5.5%, 7/15/2028			961,000	942,317
EQM Midstream Partners LP, 6.375%, 4/01/2029 (n)			229,000	228,578
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)			793,000	772,769
NuStar Logistics, LP, 6.375%, 10/01/2030			683,000	680,929
Peru LNG, 5.375%, 3/22/2030			518,000	438,415
Prairie Acquiror LP, 9%, 8/01/2029 (n)			290,000	298,025
Sunoco LP, 7.25%, 5/01/2032 (n)			580,000	593,795
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			953,000	908,986
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)			444,000	445,179
Targa Resources Corp., 4.2%, 2/01/2033			11,000	9,871

25

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Midstream – continued
Targa Resources Corp., 4.95%, 4/15/2052		$	79,000	$67,191
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			632,000	569,183
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)			410,000	410,986
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)			627,000	553,747
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)			833,000	851,321
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)			706,000	765,672
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)			886,000	913,643
				$11,315,616
Mortgage-Backed – 3.0%
Fannie Mae, 6.5%, 4/01/2032 - 1/01/2033		$	11,891	$12,122
Fannie Mae, 5.5%, 7/01/2033 - 7/01/2035			47,642	47,854
Fannie Mae, 6%, 8/01/2034 - 2/01/2037			23,252	23,716
Fannie Mae, 3.5%, 12/01/2047			36,727	33,172
Fannie Mae, UMBS, 2%, 4/01/2042 - 5/01/2052			531,340	419,506
Fannie Mae, UMBS, 6.5%, 2/01/2043			38,486	39,119
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 7/01/2050			116,489	104,200
Fannie Mae, UMBS, 2.5%, 1/01/2050 - 4/01/2052			797,161	646,362
Fannie Mae, UMBS, 3%, 12/01/2051			19,560	16,660
Fannie Mae, UMBS, 5%, 8/01/2052			167,968	161,908
Fannie Mae, UMBS, 4%, 10/01/2052			470,443	427,493
Fannie Mae, UMBS, 5.5%, 11/01/2052			111,920	110,434
Fannie Mae, UMBS, 6%, 11/01/2053			95,462	95,608
Freddie Mac, 0.181%, 2/25/2025 (i)			38,000,000	46,793
Freddie Mac, 1.366%, 3/25/2027 (i)			448,000	15,127
Freddie Mac, 0.124%, 2/25/2028 (i)			36,576,000	194,742
Freddie Mac, 0.293%, 2/25/2028 (i)			15,572,000	170,521
Freddie Mac, 0.107%, 4/25/2028 (i)			15,983,000	86,065
Freddie Mac, 5.972%, 3/25/2029			175,747	176,501
Freddie Mac, 1.09%, 7/25/2029 (i)			1,875,185	85,401
Freddie Mac, 5.961%, 7/25/2029 - 9/25/2029			321,010	321,858
Freddie Mac, 5.962%, 8/25/2029			159,221	159,577
Freddie Mac, 1.798%, 4/25/2030 (i)			845,640	75,034
Freddie Mac, 1.868%, 4/25/2030 (i)			731,897	67,058
Freddie Mac, 1.666%, 5/25/2030 (i)			896,340	75,761
Freddie Mac, 1.797%, 5/25/2030 (i)			2,034,877	182,732
Freddie Mac, 1.341%, 6/25/2030 (i)			821,458	55,841
Freddie Mac, 1.599%, 8/25/2030 (i)			719,995	59,305
Freddie Mac, 1.169%, 9/25/2030 (i)			455,646	27,846
Freddie Mac, 1.081%, 11/25/2030 (i)			901,677	52,187
Freddie Mac, 4.94%, 11/25/2030			227,690	227,582
Freddie Mac, 0.326%, 1/25/2031 (i)			3,177,178	52,343
Freddie Mac, 0.514%, 3/25/2031 (i)			3,727,599	100,848

26

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 0.938%, 7/25/2031 (i)		$	670,491	$37,558
Freddie Mac, 0.536%, 9/25/2031 (i)			2,699,427	85,845
Freddie Mac, 0.568%, 12/25/2031 (i)			659,754	22,651
Freddie Mac, 6%, 8/01/2034			18,559	18,937
Freddie Mac, UMBS, 4.5%, 7/01/2038 - 11/01/2053			207,272	197,412
Freddie Mac, UMBS, 2.5%, 4/01/2051 - 7/01/2051			542,017	438,863
Freddie Mac, UMBS, 2%, 8/01/2051 - 9/01/2051			68,500	53,258
Freddie Mac, UMBS, 3%, 4/01/2052			22,273	18,793
Freddie Mac, UMBS, 5%, 11/01/2052			211,881	204,163
Freddie Mac, UMBS, 6%, 8/01/2053			68,505	68,990
Freddie Mac, UMBS, 5.5%, 11/01/2053			96,619	95,106
Ginnie Mae, 2.5%, 8/20/2051 - 10/20/2052			424,058	353,624
Ginnie Mae, 2%, 3/20/2052			29,968	24,044
Ginnie Mae, 3%, 6/20/2052 - 11/20/2052			66,823	57,760
Ginnie Mae, 3.5%, 7/20/2052			76,625	68,385
Ginnie Mae, 4%, 7/20/2052 - 11/20/2052			102,652	94,367
Ginnie Mae, 5.5%, 2/20/2053			68,252	67,758
Ginnie Mae, 5%, 3/20/2053 - 4/20/2053			189,276	183,780
Ginnie Mae, 6.473%, 3/20/2064			149,298	149,743
Ginnie Mae, TBA, 2%, 6/15/2054 - 7/15/2054			75,000	60,132
Ginnie Mae, TBA, 3%, 6/15/2054			50,000	43,187
Ginnie Mae, TBA, 5.5%, 6/15/2054			25,000	24,798
Ginnie Mae, TBA, 6%, 6/15/2054			50,000	50,306
Ginnie Mae, TBA, 6.5%, 6/15/2054			75,000	76,129
UMBS, TBA, 4.5%, 6/15/2039			75,000	73,151
UMBS, TBA, 3%, 6/25/2054 - 7/25/2054			775,000	651,833
UMBS, TBA, 2%, 7/25/2054			1,275,000	984,472
				$8,576,321
Municipals – 0.4%
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039		$	100,000	$96,228
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037			145,000	129,419
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 4.949%, 7/01/2038			185,000	176,055
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052			150,000	148,568
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040			70,000	56,468
Minnesota Housing Finance Agency, Residential Housing, Taxable, “G”, 4.337%, 1/01/2047			190,000	181,142

27

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Municipals – continued
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028		$	246,000	$231,309
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030			221,000	206,578
				$1,225,767
Natural Gas - Distribution – 0.1%
ENGIE S.A., 3.875%, 3/06/2036		EUR	100,000	$107,577
ENGIE S.A., 4.25%, 1/11/2043			100,000	107,436
				$215,013
Natural Gas - Pipeline – 0.1%
APA Infrastructure Ltd., 3.125%, 7/18/2031		GBP	100,000	$107,727
APA Infrastructure Ltd., 2.5%, 3/15/2036			100,000	89,471
				$197,198
Network & Telecom – 0.5%
Iliad Holding S.A.S., 7%, 10/15/2028 (n)		$	1,012,000	$1,002,163
Iliad Holding S.A.S., 6.875%, 4/15/2031 (n)		EUR	366,000	403,701
TDC Net A/S, 5.186%, 8/02/2029			100,000	108,728
				$1,514,592
Oil Services – 0.5%
Nabors Industries Ltd., 7.25%, 1/15/2026 (n)		$	346,000	$346,849
Nabors Industries Ltd., 7.5%, 1/15/2028 (n)			172,000	163,666
Nabors Industries Ltd., 9.125%, 1/31/2030 (n)			275,000	283,963
U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n)			557,000	557,630
				$1,352,108
Oils – 0.5%
FS Luxembourg S.à r.l., 8.875%, 2/12/2031 (n)		$	200,000	$195,448
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028			766,000	748,493
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n)			355,000	323,372
				$1,267,313

28

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – 0.7%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)		$	200,000	$205,633
Banque Federative du Credit Mutuel S.A., 4.375%, 1/11/2034		EUR	100,000	107,126
Banque Federative du Credit Mutuel S.A., 3.75%, 2/03/2034			100,000	108,221
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n)		$	200,000	205,107
BPCE S.A., 4.5%, 3/15/2025 (n)			250,000	246,769
BPCE S.A., 4.125%, 3/08/2033		EUR	100,000	108,762
Credit Mutuel Arkea S.A., 3.625%, 10/03/2033			100,000	106,971
Deutsche Bank AG, 3.75% to 1/15/2029, FLR (EURIBOR - 3mo. + 1.25%) to 1/15/2030			100,000	107,991
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032			100,000	105,450
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)		$	200,000	215,062
KBC Group N.V., 3.75%, 3/27/2032		EUR	100,000	107,980
KBC Group N.V., 6.151% to 3/19/2029, FLR (GBP Government Yield - 5yr. + 2.25%) to 3/19/2034		GBP	100,000	127,279
M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + 1.78%) to 8/16/2028		$	88,000	84,104
M&T Bank Corp., 6.082% to 3/13/2031, FLR (SOFR - 1 day + 2.26%) to 3/13/2032			30,000	29,755
Macquarie Group Ltd., 6.255% to 12/07/2033, FLR (SOFR - 1 day + 2.303%) to 12/07/2034 (n)			47,000	48,566
Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030			41,000	40,768
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035			49,000	48,688
				$2,004,232
Pharmaceuticals – 0.8%
1375209 B.C. Ltd., 9%, 1/30/2028 (n)		$	456,000	$440,572
AbbVie, Inc., 5.35%, 3/15/2044			41,000	40,365
AbbVie, Inc., 5.4%, 3/15/2054			51,000	50,275
Bausch Health Co., Inc., 11%, 9/30/2028 (n)			462,000	403,095
Bausch Health Co., Inc., 14%, 10/15/2030 (n)			90,000	68,400
Bristol-Myers Squibb Co., 5.5%, 2/22/2044			34,000	33,649
Bristol-Myers Squibb Co., 5.55%, 2/22/2054			29,000	28,552
Johnson & Johnson, 3.55%, 6/01/2044		EUR	100,000	106,649
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)		$	454,000	419,352
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)			625,000	552,317
Roche Finance Europe B.V., 3.564%, 5/03/2044		EUR	100,000	105,320
				$2,248,546

29

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Pollution Control – 0.8%
GFL Environmental, Inc., 4.25%, 6/01/2025 (n)		$	54,000	$53,382
GFL Environmental, Inc., 4%, 8/01/2028 (n)			758,000	693,115
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)			200,000	186,157
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)			345,000	314,838
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)			127,000	129,542
Stericycle, Inc., 3.875%, 1/15/2029 (n)			888,000	806,272
Waste Management, Inc., 4.625%, 2/15/2033			72,000	69,227
				$2,252,533
Precious Metals & Minerals – 0.6%
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)		$	707,000	$673,421
IAMGOLD Corp., 5.75%, 10/15/2028 (n)			923,000	866,214
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)			78,000	78,365
				$1,618,000
Printing & Publishing – 0.2%
Cimpress PLC, 7%, 6/15/2026		$	468,000	$466,966
Real Estate - Office – 0.1%
Boston Properties LP, REIT, 3.65%, 2/01/2026		$	71,000	$68,361
Corporate Office Property LP, REIT, 2.25%, 3/15/2026			149,000	140,245
Corporate Office Property LP, REIT, 2%, 1/15/2029			52,000	43,985
Corporate Office Property LP, REIT, 2.75%, 4/15/2031			39,000	32,091
				$284,682
Real Estate - Other – 0.6%
EPR Properties, REIT, 3.6%, 11/15/2031		$	104,000	$86,357
Lexington Realty Trust Co., 2.7%, 9/15/2030			47,000	39,119
RHP Hotel Properties, LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)			1,099,000	1,122,744
XHR LP, REIT, 4.875%, 6/01/2029 (n)			597,000	550,018
				$1,798,238
Real Estate - Retail – 0.1%
STORE Capital Corp., REIT, 2.75%, 11/18/2030		$	113,000	$92,250
STORE Capital Corp., REIT, 2.7%, 12/01/2031			18,000	14,374
WEA Finance LLC, 2.875%, 1/15/2027 (n)			100,000	92,434
				$199,058
Restaurants – 0.3%
1011778 B.C. ULC / New Red Finance, Inc., 4%, 10/15/2030 (n)		$	406,000	$353,278
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)			692,000	611,653
				$964,931

30

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Retailers – 1.5%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)		$	531,000	$488,529
Home Depot, Inc., 3.625%, 4/15/2052			122,000	89,528
Lithia Motors, Inc., 3.875%, 6/01/2029 (n)			626,000	557,558
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n)			503,000	484,341
Maxeda DIY Holding B.V., 5.875%, 10/01/2026		EUR	345,000	301,196
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026 (n)		$	487,000	484,250
Parkland Corp., 4.625%, 5/01/2030 (n)			935,000	849,836
Penske Automotive Group Co., 3.75%, 6/15/2029			809,000	719,444
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)			419,000	341,691
				$4,316,373
Specialty Chemicals – 0.1%
Covestro AG, 1.375%, 6/12/2030		EUR	80,000	$76,177
CTEC II GmbH, 5.25%, 2/15/2030 (n)			100,000	100,361
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)		$	53,000	46,990
International Flavors & Fragrances, Inc., 4.375%, 6/01/2047			62,000	47,626
International Flavors & Fragrances, Inc., 5%, 9/26/2048			35,000	29,725
				$300,879
Specialty Stores – 0.6%
DICK'S Sporting Goods, 4.1%, 1/15/2052		$	111,000	$78,749
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			383,000	310,659
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			543,000	369,292
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n)			870,000	832,911
Richemont International S.A., 1.5%, 3/26/2030		EUR	100,000	97,574
				$1,689,185
Supermarkets – 0.7%
ELO SACA, 4.875%, 12/08/2028		EUR	100,000	$103,631
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)		$	771,000	780,966
Ocado Group PLC, 3.875%, 10/08/2026		GBP	500,000	550,317
Picard Bondco S.A., 5.375%, 7/01/2027		EUR	416,000	438,403
Tesco Corporate Treasury Services PLC, 5.125%, 5/22/2034		GBP	100,000	122,392
				$1,995,709
Supranational – 0.9%
European Union, 3.25%, 7/04/2034		EUR	675,000	$741,659
European Union, 3.375%, 11/04/2042			350,000	377,941
European Union, 2.625%, 2/04/2048			475,000	451,663

31

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Supranational – continued
European Union, 3%, 3/04/2053		EUR	834,000	$829,749
European Union, 3.375%, 10/05/2054			56,811	60,367
				$2,461,379
Telecommunications - Wireless – 1.0%
Altice France S.A., 5.5%, 1/15/2028 (n)		$	534,000	$373,896
Altice France S.A., 5.125%, 7/15/2029 (n)			200,000	134,131
American Tower Corp., 3.9%, 5/16/2030		EUR	100,000	107,695
American Tower Corp., 5.45%, 2/15/2034		$	82,000	80,979
Millicom International Cellular S.A., 5.125%, 1/15/2028			635,400	601,686
SBA Communications Corp., 3.875%, 2/15/2027			618,000	584,945
SBA Communications Corp., 3.125%, 2/01/2029			1,094,000	962,517
T-Mobile USA, Inc., 3.875%, 4/15/2030			54,000	50,191
T-Mobile USA, Inc., 5.75%, 1/15/2034			26,000	26,617
Vodafone Group PLC, 5.625%, 2/10/2053			47,000	45,340
				$2,967,997
Telephone Services – 0.0%
TELUS Corp., 2.85%, 11/13/2031		CAD	151,000	$95,778
Tobacco – 0.0%
B.A.T. International Finance PLC, 4.125%, 4/12/2032		EUR	100,000	$105,801
Transportation - Services – 0.6%
Autostrade per l’Italia S.p.A., 5.125%, 6/14/2033		EUR	100,000	$112,880
Avis Budget Finance PLC, 7.25%, 7/31/2030 (n)			697,000	749,620
Element Fleet Management Corp., 6.271%, 6/26/2026 (n)		$	60,000	60,539
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)			72,000	74,198
GXO Logistics, Inc., 6.25%, 5/06/2029			57,000	57,793
Heathrow Funding Ltd., 6%, 3/05/2032		GBP	100,000	126,168
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)		$	818,284	240,575
Transurban Finance Co Pty Ltd., 3.974%, 3/12/2036		EUR	100,000	106,592
Triton International Ltd., 3.15%, 6/15/2031 (n)		$	104,000	85,981
United Parcel Service, 5.05%, 3/03/2053			52,000	48,527
				$1,662,873
U.S. Treasury Obligations – 21.3%
U.S. Treasury Bonds, 1.125%, 8/15/2040 (f)		$	17,919,000	$10,747,200
U.S. Treasury Bonds, 3.875%, 5/15/2043			4,998,000	4,460,715
U.S. Treasury Bonds, 2.375%, 11/15/2049			19,586,000	12,815,059
U.S. Treasury Bonds, 4.75%, 11/15/2053			767,000	781,381
U.S. Treasury Bonds, TIPS, 2.375%, 1/15/2025			618,206	614,278
U.S. Treasury Notes, 4%, 6/30/2028			3,400,000	3,329,078
U.S. Treasury Notes, 4.125%, 8/31/2030			7,000,000	6,851,797

32

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
U.S. Treasury Obligations – continued
U.S. Treasury Notes, 4.875%, 10/31/2030		$	4,700,000	$4,793,266
U.S. Treasury Notes, 2.75%, 8/15/2032 (f)			16,124,000	14,202,286
U.S. Treasury Notes, 4%, 2/15/2034			2,000,000	1,922,812
				$60,517,872
Utilities - Electric Power – 4.0%
Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031		$	1,440,000	$1,154,163
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026			28,000	27,808
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			86,000	70,994
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043			20,000	18,794
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053			17,000	14,091
Bruce Power LP, 2.68%, 12/21/2028		CAD	200,000	134,680
Calpine Corp., 4.5%, 2/15/2028 (n)		$	918,000	863,241
Calpine Corp., 5.125%, 3/15/2028 (n)			546,000	520,314
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)			504,000	479,146
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,590,000	1,387,464
Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n)			142,000	120,849
Duke Energy Corp., 3.75%, 4/01/2031		EUR	100,000	106,073
Duke Energy Florida LLC, 6.2%, 11/15/2053		$	63,000	67,102
E.ON International Finance B.V., 5.875%, 10/30/2037		GBP	50,000	64,738
Enel Finance International N.V., 2.25%, 7/12/2031 (n)		$	200,000	162,949
Enel Finance International N.V., 3.875%, 1/23/2035		EUR	100,000	105,818
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)		$	400,000	404,942
EPH Fin International A.S., 5.875%, 11/30/2029		EUR	100,000	109,130
EPH Financing International A.S., 6.651%, 11/13/2028			107,000	119,737
Eversource Energy, 5.5%, 1/01/2034		$	55,000	53,837
Florida Power & Light Co., 2.875%, 12/04/2051			75,000	47,724
Georgia Power Co., 4.95%, 5/17/2033			103,000	100,210
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)			28,000	23,041
Mercury Chile Holdco LLC, 6.5%, 1/24/2027			200,000	195,634
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025			31,000	31,064
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)			161,000	160,431
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)			102,000	100,334
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)			702,000	660,562
NextEra Energy, Inc., 7.25%, 1/15/2029 (n)			698,000	714,540
Oncor Electric Delivery, 3.5%, 5/15/2031		EUR	100,000	107,181
Pacific Gas & Electric Co., 6.1%, 1/15/2029		$	58,000	59,196
Pacific Gas & Electric Co., 6.4%, 6/15/2033			28,000	29,065
PG&E Corp., 5.25%, 7/01/2030			464,000	441,991
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053			97,000	92,502
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n)			707,832	703,586
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)			577,000	568,740

33

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)		$	913,000	$871,389
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			438,000	397,897
WEC Energy Group, Inc., 1.8%, 10/15/2030			67,000	54,356
Xcel Energy, Inc., 4.6%, 6/01/2032			43,000	40,010
Xcel Energy, Inc., 5.5%, 3/15/2034			70,000	68,870
				$11,454,193
Utilities - Gas – 0.3%
EP Infrastructure A.S., 2.045%, 10/09/2028		EUR	862,000	$810,449
EP Infrastructure A.S., 1.816%, 3/02/2031			187,000	161,187
				$971,636
Utilities - Other – 0.0%
United Utilities Water Finance PLC, 3.75%, 5/23/2034		EUR	100,000	$104,522
Total Bonds (Identified Cost, $384,847,368)				$366,981,801
Exchange-Traded Funds – 1.0%
Special Products & Services – 1.0%
Invesco Senior Loan Fund ETF (Identified Cost, $2,845,553)			134,484	$2,840,302
Common Stocks – 0.2%
Cable TV – 0.1%
Intelsat Emergence S.A. (a)			6,129	$214,515
Oil Services – 0.1%
LTRI Holdings LP (a)(u)			615	$222,353
Total Common Stocks (Identified Cost, $730,966)				$436,868

    

	Strike Price	First Exercise
Warrants – 0.0%
Other Banks & Diversified Financials – 0.0%
Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0)	GBP 1.14	N/A	6,125	$1,561

    

Investment Companies (h) – 3.1%
Money Market Funds – 3.1%
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $8,820,337)			8,820,332	$8,821,214

    

34

Portfolio of Investments (unaudited) – continued

Underlying/Expiration Date/Exercise Price	Put/Call	Counterparty	Notional Amount	Par Amount/ Number of Contracts	Value ($)
Purchased Options – 0.0%
Market Index Securities – 0.0%
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – September 2024 @ 3.75%	Put	BNP Paribas S.A.	$ 4,506,850	EUR  3,790,000	$21,166
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – September 2024 @ 3.75%	Put	Goldman Sachs International	4,506,850	3,790,000	21,166
Total Purchased Options (Premiums Paid, $100,769)					$42,332

    

Other Assets, Less Liabilities – (33.5)%				(95,105,421)
Net Assets – 100.0%				$284,018,657

    

(a)	Non-income producing security.
(d)	In default.
(f)	All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements.
(h)	An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $8,821,214 and $370,302,864, respectively.
(i)	Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(n)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $194,265,621, representing 68.4% of net assets.
(p)	Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.
(u)	The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.
(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.

35

Portfolio of Investments (unaudited) – continued

(w)

When-issued security.

    

The following abbreviations are used in this report and are defined:
AGM	Assured Guaranty Municipal
BZDIOVRA	Brazil Interbank Deposit Rate
CDI	Interbank Deposit Certificates
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
ICE	Intercontinental Exchange
NPFG	National Public Finance Guarantee Corp.
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced
TIPS	Treasury Inflation Protected Security
UMBS	Uniform Mortgage-Backed Security
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Yuan Renminbi (Offshore)
CNY	China Yuan Renminbi
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
THB	Thai Baht
UYU	Uruguayan Peso

Derivative Contracts at 5/31/24

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
AUD	3,492,918	USD	2,314,980	HSBC Bank	7/19/2024	$12,046

36

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
AUD	1,061,538	USD	694,926	Merrill Lynch International	7/19/2024	$12,284
CAD	1,377,575	USD	1,008,631	Goldman Sachs International	7/19/2024	3,035
CAD	899,813	USD	653,910	State Street Bank Corp.	7/19/2024	6,896
CZK	14,077,642	USD	591,635	Deutsche Bank AG	7/19/2024	27,325
CZK	10,484,555	USD	450,727	Goldman Sachs International	7/19/2024	10,254
CZK	956,715	USD	40,870	HSBC Bank	7/19/2024	1,194
CZK	24,730,348	USD	1,048,938	State Street Bank Corp.	7/19/2024	38,397
EUR	701,902	USD	759,406	Barclays Bank PLC	7/19/2024	3,728
EUR	656,676	USD	710,208	Citibank N.A.	7/19/2024	3,754
EUR	691,791	USD	741,345	Deutsche Bank AG	7/19/2024	10,797
EUR	4,910,500	USD	5,246,699	HSBC Bank	7/19/2024	92,178
EUR	1,031,013	USD	1,115,532	JPMorgan Chase Bank N.A.	7/19/2024	5,424
EUR	21,600	USD	23,066	Merrill Lynch International	7/19/2024	418
EUR	375,268	USD	400,682	NatWest Markets PLC	7/19/2024	7,323
EUR	833,293	USD	894,454	State Street Bank Corp.	7/19/2024	11,532
EUR	308,564	USD	332,871	UBS AG	7/19/2024	2,612
GBP	1,178,468	USD	1,472,038	Barclays Bank PLC	7/19/2024	29,960
GBP	890,906	USD	1,107,690	Brown Brothers Harriman	7/19/2024	27,801
GBP	76,048	USD	96,912	Merrill Lynch International	7/19/2024	14
GBP	132,247	USD	165,391	State Street Bank Corp.	7/19/2024	3,163
MXN	35,257,079	USD	2,038,100	Barclays Bank PLC	7/19/2024	25,289
MXN	118,156,830	USD	6,840,920	UBS AG	7/19/2024	74,097
NOK	8,706,664	USD	806,083	Brown Brothers Harriman	7/19/2024	24,339
NOK	16,818,231	USD	1,547,659	HSBC Bank	7/19/2024	56,426
NOK	4,053,561	USD	377,282	State Street Bank Corp.	7/19/2024	9,337
NOK	13,331,321	USD	1,226,990	UBS AG	7/19/2024	44,521
NZD	8,231,428	USD	5,036,819	Brown Brothers Harriman	7/19/2024	23,026
NZD	3,559,940	USD	2,135,483	Deutsche Bank AG	7/19/2024	52,806
NZD	1,411,209	USD	846,697	JPMorgan Chase Bank N.A.	7/19/2024	20,771
NZD	1,005,357	USD	612,924	State Street Bank Corp.	7/19/2024	5,067
SEK	4,594,101	USD	430,159	Brown Brothers Harriman	7/19/2024	7,355
SEK	448,000	USD	41,706	State Street Bank Corp.	7/19/2024	959
USD	861,813	AUD	1,286,120	Merrill Lynch International	7/19/2024	4,984
USD	280,503	BRL	1,473,560	Barclays Bank PLC	7/02/2024	703
USD	1,309,001	BRL	6,837,671	Citibank N.A.	7/02/2024	10,662
USD	1,425,259	BRL	7,397,891	Goldman Sachs International	7/02/2024	20,545
USD	1,024,135	BRL	5,370,000	JPMorgan Chase Bank N.A.	7/02/2024	4,477
USD	182,508	CAD	247,610	State Street Bank Corp.	7/19/2024	668
USD	1,443,860	CNH	10,428,970	BNP Paribas S.A.	7/19/2024	3,317
USD	408,402	CNH	2,924,846	State Street Bank Corp.	7/19/2024	4,396
USD	109,018	EUR	100,000	Brown Brothers Harriman	7/19/2024	294
USD	217,408	EUR	199,393	JPMorgan Chase Bank N.A.	7/19/2024	621
USD	108,862	EUR	99,859	NatWest Markets PLC	7/19/2024	292
USD	888,510	EUR	814,141	State Street Bank Corp.	7/19/2024	3,345
USD	4,010,788	JPY	606,000,566	JPMorgan Chase Bank N.A.	7/19/2024	131,066

37

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
USD	510,663	JPY	79,578,625	Merrill Lynch International	7/19/2024	$1,186
USD	708,460	JPY	110,212,934	NatWest Markets PLC	7/19/2024	2,858
USD	1,346,271	JPY	207,201,441	State Street Bank Corp.	7/19/2024	19,730
USD	205,609	JPY	31,025,712	UBS AG	7/19/2024	6,977
USD	1,208,282	KRW	1,624,632,119	Barclays Bank PLC	6/28/2024	33,345
USD	4,445,980	KRW	6,091,348,792	Citibank N.A.	7/26/2024	34,120
USD	8,350,520	MXN	141,142,688	State Street Bank Corp.	7/19/2024	90,278
USD	852,866	THB	30,898,482	Barclays Bank PLC	6/28/2024	13,423
USD	1,899,627	THB	68,943,037	JPMorgan Chase Bank N.A.	6/28/2024	26,600
						$1,068,015
Liability Derivatives
BRL	1,457,577	USD	282,670	Citibank N.A.	7/02/2024	$(5,905)
BRL	2,076,209	USD	407,260	JPMorgan Chase Bank N.A.	7/02/2024	(13,028)
CNH	293,117	USD	40,768	HSBC Bank	7/19/2024	(280)
CNH	2,891,675	USD	401,686	State Street Bank Corp.	7/19/2024	(2,262)
CZK	6,513,801	USD	286,955	State Street Bank Corp.	7/19/2024	(559)
EUR	394,733	USD	430,116	Brown Brothers Harriman	7/19/2024	(948)
EUR	1,305,345	USD	1,423,710	HSBC Bank	7/19/2024	(4,491)
EUR	1,856,413	USD	2,024,948	JPMorgan Chase Bank N.A.	7/19/2024	(6,586)
EUR	382,766	USD	417,297	State Street Bank Corp.	7/19/2024	(1,139)
EUR	31,315	USD	34,112	UBS AG	7/19/2024	(64)
IDR	16,982,355,385	USD	1,065,080	Citibank N.A.	8/06/2024	(21,124)
IDR	6,572,801,661	USD	410,723	JPMorgan Chase Bank N.A.	8/06/2024	(6,673)
JPY	25,385,406	USD	163,119	Citibank N.A.	7/19/2024	(597)
JPY	62,589,344	USD	413,560	JPMorgan Chase Bank N.A.	7/19/2024	(12,852)
KRW	1,614,162,341	USD	1,176,323	Barclays Bank PLC	6/28/2024	(8,958)
KRW	405,839,315	USD	301,793	Citibank N.A.	6/28/2024	(8,289)
THB	83,328,813	USD	2,301,074	Barclays Bank PLC	6/28/2024	(37,217)
THB	16,018,062	USD	442,499	JPMorgan Chase Bank N.A.	6/28/2024	(7,325)
USD	2,168,283	AUD	3,306,828	Barclays Bank PLC	7/19/2024	(34,768)
USD	832,583	AUD	1,269,571	Goldman Sachs International	7/19/2024	(13,221)
USD	11,982,445	AUD	18,337,484	HSBC Bank	7/19/2024	(234,218)
USD	1,409,034	CAD	1,935,867	Brown Brothers Harriman	7/19/2024	(12,632)
USD	60,009	CAD	81,829	JPMorgan Chase Bank N.A.	7/19/2024	(84)
USD	6,349,868	CAD	8,714,955	State Street Bank Corp.	7/19/2024	(50,237)
USD	582,557	CHF	524,478	Citibank N.A.	7/19/2024	(1,661)
USD	828,774	CHF	749,676	HSBC Bank	7/19/2024	(6,293)
USD	3,133,526	CNH	22,688,294	State Street Bank Corp.	7/19/2024	(385)
USD	3,796,459	CZK	89,715,267	Barclays Bank PLC	7/19/2024	(148,105)
USD	107,476	EUR	99,997	BNP Paribas S.A.	7/19/2024	(1,244)
USD	208,952	EUR	194,181	Brown Brothers Harriman	7/19/2024	(2,170)
USD	61,523	EUR	56,712	Citibank N.A.	7/19/2024	(136)
USD	1,146,280	EUR	1,064,784	HSBC Bank	7/19/2024	(11,393)
USD	38,730,638	EUR	36,249,618	JPMorgan Chase Bank N.A.	7/19/2024	(681,301)
USD	277,899	EUR	260,000	NatWest Markets PLC	7/19/2024	(4,783)