Quarterly Report
August 31, 2024
MFS®  Charter Income Trust
MCR-Q3

Portfolio of Investments
8/31/24 (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 – 126.9%
Aerospace & Defense – 3.0%
Boeing Co., 6.298%, 5/01/2029 (n)   $ 613,000 $640,189
Boeing Co., 6.388%, 5/01/2031 (n)     29,000 30,548
Boeing Co., 5.805%, 5/01/2050      138,000 130,251
Bombardier, Inc., 7.5%, 2/01/2029 (n)     481,000 505,328
Bombardier, Inc., 8.75%, 11/15/2030 (n)     202,000 220,282
Bombardier, Inc., 7.25%, 7/01/2031 (n)     311,000 326,454
Bombardier, Inc., 7%, 6/01/2032 (n)     406,000 422,642
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)     525,000 523,451
Moog, Inc., 4.25%, 12/15/2027 (n)     852,000 820,634
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n)     1,014,000 1,134,811
TransDigm, Inc., 5.5%, 11/15/2027      1,235,000 1,227,739
TransDigm, Inc., 6.75%, 8/15/2028 (n)     117,000 120,293
TransDigm, Inc., 4.625%, 1/15/2029      566,000 544,526
TransDigm, Inc., 6.375%, 3/01/2029 (n)     457,000 470,966
TransDigm, Inc., 6.875%, 12/15/2030 (n)     1,129,000 1,178,938
Triumph Group, Inc., 9%, 3/15/2028 (n)     289,000 305,205
        $8,602,257
Airlines – 0.7%
Air Canada, 3.875%, 8/15/2026 (n)   $ 955,000 $921,511
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n)     880,123 862,723
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 11%, 4/15/2029 (n)     238,425 242,669
        $2,026,903
Asset-Backed & Securitized – 3.9%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.122%, 11/15/2054 (i)   $ 3,737,403 $167,447
ACREC 2021-FL1 Ltd., “C”, FLR, 7.603% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n)     229,500 222,670
AmeriCredit Automobile Receivables Trust, 2024-1, “A”, 5.61%, 1/12/2027 (n)     79,837 79,845
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.451% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n)     200,000 197,314
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 7.653% (SOFR - 30 day + 2.3%), 1/15/2037 (n)     327,000 322,361
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 8.354% (SOFR - 30 day + 3%), 1/15/2037 (n)     208,000 197,538
Arbor Realty Trust, Inc., CLO, 2022-FL2, “A”, FLR, 7.186% (SOFR - 1mo. + 1.85%), 5/15/2037 (n)     422,773 422,769
AREIT 2022-CRE6 Trust, “C”, FLR, 7.503% (SOFR - 30 day + 2.15%), 1/20/2037 (n)     100,000 97,834
AREIT 2022-CRE6 Trust, “D”, FLR, 8.203% (SOFR - 30 day + 2.85%), 1/20/2037 (n)     100,000 97,261
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)     96,259 97,082
Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.966% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)     80,085 135,119
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.722%, 4/15/2053 (i)     1,955,465 107,518
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.399%, 7/15/2054 (i)     940,280 56,636
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.719%, 2/15/2054 (i)     2,241,254 171,861
Benchmark 2020-B18 Mortgage Trust, “XA”, 1.908%, 7/15/2053 (i)     3,261,955 186,072
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.368%, 2/15/2054 (i)     3,592,157 199,887
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.259%, 3/15/2054 (i)     1,986,592 97,662
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.995%, 6/15/2054 (i)     5,518,216 221,788
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.371%, 7/15/2054 (i)     6,901,656 389,039
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.378%, 8/15/2054 (i)     2,315,131 141,180
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.809%, 7/15/2055 (i)     8,926,051 396,119
BMP Commercial Mortgage Trust, 2024-MF23, “C”, FLR, 7.178% (SOFR - 1mo. + 1.8413%), 6/15/2041 (n)     100,000 99,125
BMP Commercial Mortgage Trust, 2024-MF23, “D”, FLR, 7.727% (SOFR - 1mo. + 2.3905%), 6/15/2041 (n)     100,000 99,125
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 7.501% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n)     100,000 98,389
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.751% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n)     100,000 98,047
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)     93,547 96,138
Business Jet Securities LLC, 2024-1A, “B”, 6.924%, 5/15/2039 (n)     93,547 96,415
BXMT 2021-FL4 Ltd., “B”, FLR, 7.003% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/15/2038 (n)     549,000 490,739
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)     143,116 141,159
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)     89,945 86,477
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)     89,945 85,329
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)   $ 91,416 $91,983
CNH Equipment Trust 2023-A, “A2”, 5.34%, 9/15/2026      29,978 29,982
Colt Funding LLC, 2024-1, “A1”, 5.835%, 2/25/2069 (n)     139,273 139,787
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.877%, 4/15/2054 (i)     1,569,214 55,789
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 1.082%, 6/15/2063 (i)     995,914 46,551
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.141%, 6/15/2064 (i)     1,292,185 65,356
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.916%, 4/15/2065      257,000 232,880
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)     20,398 20,395
ELM Trust, 2024-ELM, “B10”, 6.195%, 6/10/2039 (n)     100,000 100,930
ELM Trust, 2024-ELM, “C10”, 6.396%, 6/10/2039 (n)     100,000 100,800
ELM Trust, 2024-ELM, “D10”, 6.847%, 6/10/2039 (n)     100,000 100,792
Empire District Bondco LLC, 4.943%, 1/01/2033      165,000 167,432
Enterprise Fleet Financing LLC, 2024-3, “A2”, 5.31%, 4/20/2027 (n)     56,000 56,385
EQT Trust, 2024-EXTR, “B”, 5.654%, 7/05/2041 (n)     100,000 101,864
EQT Trust, 2024-EXTR, “C”, 6.046%, 7/05/2041 (n)     100,000 101,633
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 7.599% (SOFR - 30 day + 2.25%), 2/23/2039 (n)     114,000 111,212
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 7.003% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/16/2038 (n)     297,500 290,154
GreatAmerica Leasing Receivables Funding LLC, 2023-1, “A2”, 5.35%, 2/16/2026 (n)     41,858 41,865
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.451% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n)     100,000 98,100
MF1 2021-FL5 Ltd., “C”, FLR, 7.151% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n)     213,000 210,074
MF1 2021-FL5 Ltd., “D”, FLR, 7.951% ((SOFR - 1mo. + 0.11448%) + 2.5%), 7/15/2036 (n)     755,000 733,652
MF1 2022-FL8 Ltd., “C”, FLR, 7.535% (SOFR - 30 day + 2.2%), 2/19/2037 (n)     110,841 107,238
MF1 2024-FL14 LLC, “A”, FLR, 7.079% (SOFR - 1mo. + 1.737%), 3/19/2039 (n)     229,000 228,926
MF1 2024-FL14 LLC, “AS”, FLR, 7.581% (SOFR - 1mo. + 2.24%), 3/19/2039 (n)     100,000 99,968
MF1 2024-FL14 LLC, “B”, FLR, 8.031% (SOFR - 1mo. + 2.689%), 3/19/2039 (n)     349,917 349,795
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.408%, 5/15/2054 (i)     1,026,036 58,664
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.314%, 6/15/2054 (i)     3,005,029 151,704
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)     244,000 246,718
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)     57,000 57,368
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)     113,312 113,835
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)     89,554 89,996
OBX Trust, 2024-NQM2, “A1”, 5.878%, 12/25/2063 (n)     268,284 269,905
RAC Bond Co. PLC, 4.87%, 5/06/2026    GBP 100,000 130,246
Shelter Growth CRE 2021-FL3 Ltd., “C”, FLR, 7.601% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n)   $ 157,500 152,593
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 7.253% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n)     190,000 185,057
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 7.553% ((SOFR - 1mo. + 0.11448)% + 2.1%), 4/18/2038 (n)     100,000 96,000
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 6.853% ((SOFR - 1mo. + 0.11448%) + 1.4%), 3/15/2038 (n)     150,000 147,481
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 7.303% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n)     310,000 297,755
Verus Securitization Trust, 2014-1, “A1”, 5.712%, 1/25/2069 (n)     149,526 149,879
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.625%, 8/15/2054 (i)     1,936,601 137,470
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 6.204% (SOFR - 30 day + 0.85%), 6/15/2026 (n)     8,844 8,848
        $11,373,053
Automotive – 1.5%
Allison Transmission, Inc., 3.75%, 1/30/2031 (n)   $ 1,105,000 $1,004,187
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n)     651,000 657,388
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n)     290,000 298,159
Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n)     405,000 405,496
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)     645,000 544,859
Ferrari N.V., 3.625%, 5/21/2030    EUR 130,000 146,416
Ford Motor Co., 6.1%, 8/19/2032    $ 48,000 49,321
Garrett Motion Holdings, Inc./Garrett LX I S.à r.l., 7.75%, 5/31/2032 (n)     503,000 520,548
Hyundai Capital America, 6.375%, 4/08/2030 (n)     72,000 77,185
LKQ Corp., 6.25%, 6/15/2033      34,000 35,708
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)     500,000 431,665
Volkswagen Financial Services AG, 3.875%, 9/10/2030    EUR 40,000 44,581
Volkswagen Leasing GmbH, 4%, 4/11/2031      70,000 78,586
        $4,294,099
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Broadcasting – 0.6%
Banijay Group S.A.S., 8.125%, 5/01/2029 (n)   $ 600,000 $621,559
Discovery Communications LLC, 4.125%, 5/15/2029      32,000 29,872
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)     584,000 553,616
Prosus N.V., 3.061%, 7/13/2031 (n)     329,000 281,623
Ubisoft Entertainment S.A., 0.878%, 11/24/2027    EUR 200,000 194,550
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032    $ 26,000 22,728
        $1,703,948
Brokerage & Asset Managers – 1.0%
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)   $ 704,000 $727,020
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)     585,000 631,518
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)     274,000 259,197
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029      43,000 44,489
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034      42,000 45,118
Hightower Holding LLC, 6.75%, 4/15/2029 (n)     369,000 352,292
LPL Holdings, Inc., 4%, 3/15/2029 (n)     366,000 348,204
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)     388,000 362,253
LSEG Netherlands B.V., 4.231%, 9/29/2030    EUR 100,000 115,735
        $2,885,826
Building – 3.3%
ABC Supply Co., Inc., 3.875%, 11/15/2029 (n)   $ 670,000 $619,625
BCPE Ulysses Intermediate, Inc., 7.75% (7.75% Cash or 8.5% PIK), 4/01/2027 (n)(p)     116,000 112,357
Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n)     479,000 399,553
Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n)     174,000 172,279
CRH SMW Finance DAC, 4%, 7/11/2031    EUR 110,000 125,308
Foundation Building Materials LLC, 6%, 3/01/2029 (n)   $ 828,000 742,827
GYP Holding III Corp., 4.625%, 5/01/2029 (n)     929,000 867,182
Heidelberg Materials AG, 3.95%, 7/19/2034    EUR 80,000 89,542
Knife River Corp., 7.75%, 5/01/2031 (n)   $ 579,000 612,979
LBM Acquisition LLC, 6.25%, 1/15/2029 (n)     406,000 367,009
Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n)     171,000 175,728
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)     716,000 678,846
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)     722,000 699,636
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)     240,000 244,839
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)     767,000 769,740
SRM Concrete, 8.875%, 11/15/2031 (n)     452,000 485,176
Standard Building Solutions, Inc., 6.5%, 8/15/2032 (n)     290,000 298,790
Standard Industries, Inc., 4.75%, 1/15/2028 (n)     586,000 569,822
Standard Industries, Inc., 4.375%, 7/15/2030 (n)     871,000 814,363
Vulcan Materials Co., 3.5%, 6/01/2030      75,000 71,002
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)     666,000 659,563
        $9,576,166
Business Services – 1.1%
Euronet Worldwide, Inc., 1.375%, 5/22/2026    EUR 100,000 $106,136
Fiserv, Inc., 4.4%, 7/01/2049    $ 84,000 72,011
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)     571,000 560,646
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)     644,000 636,891
Iron Mountain, Inc., 5.625%, 7/15/2032 (n)     491,000 483,797
Mastercard, Inc., 3.3%, 3/26/2027      45,000 44,112
Mastercard, Inc., 3.85%, 3/26/2050      77,000 63,920
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n)     405,000 417,824
Tencent Holdings Ltd., 3.8%, 2/11/2025      700,000 696,027
Visa, Inc., 3.65%, 9/15/2047      118,000 96,367
        $3,177,731
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Cable TV – 4.0%
Cable One, Inc., 4%, 11/15/2030 (n)   $ 875,000 $671,510
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)     597,000 585,108
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)     2,040,000 1,859,519
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)     1,130,000 1,007,742
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)     535,000 431,430
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029      110,000 113,650
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050      27,000 20,541
CSC Holdings LLC, 5.375%, 2/01/2028 (n)     800,000 615,112
CSC Holdings LLC, 5.75%, 1/15/2030 (n)     825,000 326,349
CSC Holdings LLC, 4.125%, 12/01/2030 (n)     250,000 164,864
DIRECTV Financing LLC, 8.875%, 2/01/2030 (n)     253,000 256,673
DISH DBS Corp., 7.75%, 7/01/2026      392,000 263,754
DISH DBS Corp., 5.125%, 6/01/2029      370,000 168,464
DISH Network Corp., 11.75%, 11/15/2027 (n)     255,000 259,275
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)     893,000 816,437
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)     738,000 718,261
Summer BidCo B.V., 10% (10% Cash or 10.75% PIK), 2/15/2029 (n)(p)   EUR 123,584 140,696
Videotron Ltd., 3.625%, 6/15/2029 (n)   $ 86,000 81,043
Virgin Media Finance PLC, 5%, 7/15/2030 (n)     800,000 693,150
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)     891,000 844,953
Ziggo Bond Finance B.V., 3.375%, 2/28/2030    EUR 170,000 166,998
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)   $ 1,715,000 1,547,691
        $11,753,220
Chemicals – 1.6%
Chemours Co., 4.625%, 11/15/2029 (n)   $ 838,000 $737,197
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)     447,000 362,598
Element Solutions, Inc., 3.875%, 9/01/2028 (n)     900,000 850,963
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)     680,000 650,108
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)     793,000 758,881
SNF Group SACA, 3.375%, 3/15/2030 (n)     1,105,000 962,373
Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n)     358,000 383,478
        $4,705,598
Computer Software – 0.5%
Amentum Escrow Corp., 7.25%, 8/01/2032 (n)   $ 405,000 $423,467
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)     448,000 443,618
Microsoft Corp., 2.525%, 6/01/2050      101,000 67,270
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)     480,000 479,218
Oracle Corp., 4%, 7/15/2046      62,000 49,339
        $1,462,912
Computer Software - Systems – 0.7%
Sabre GLBL, Inc., 8.625%, 6/01/2027 (n)   $ 337,000 $323,962
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n)     180,000 182,319
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)     1,213,000 1,211,747
Virtusa Corp., 7.125%, 12/15/2028 (n)     361,000 339,774
        $2,057,802
Conglomerates – 2.0%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)   $ 528,000 $509,519
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)     1,096,000 1,048,213
Chart Industries, Inc., 9.5%, 1/01/2031 (n)     448,000 486,581
Emerald Debt Merger, 6.625%, 12/15/2030 (n)     1,026,000 1,050,659
Gates Corp., 6.875%, 7/01/2029 (n)     348,000 356,959
Madison IAQ LLC, 5.875%, 6/30/2029 (n)     670,000 638,449
nVent Finance S.à r.l., 5.65%, 5/15/2033      58,000 59,500
Regal Rexnord Corp., 6.05%, 4/15/2028      126,000 130,201
TriMas Corp., 4.125%, 4/15/2029 (n)     1,361,000 1,268,484
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Conglomerates – continued
Veralto Corp., 4.15%, 9/19/2031    EUR 100,000 $114,403
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028    $ 39,000 39,115
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034      39,000 40,615
        $5,742,698
Construction – 0.9%
Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n)   $ 693,000 $705,483
Empire Communities Corp., 9.75%, 5/01/2029 (n)     528,000 556,380
Mattamy Group Corp., 5.25%, 12/15/2027 (n)     249,000 245,682
Mattamy Group Corp., 4.625%, 3/01/2030 (n)     506,000 477,126
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)     684,000 663,304
        $2,647,975
Consumer Products – 1.4%
Acushnet Co., 7.375%, 10/15/2028 (n)   $ 707,000 $741,478
Amer Sports Co., 6.75%, 2/16/2031 (n)     803,000 816,037
GSK Consumer Healthcare Capital US LLC, 2.125%, 3/29/2034    EUR 100,000 97,904
HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n)   $ 992,000 1,027,378
Kenvue, Inc., 5.05%, 3/22/2053      100,000 99,615
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)     885,000 872,073
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)     572,000 518,407
        $4,172,892
Consumer Services – 2.7%
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)   $ 1,085,000 $1,087,550
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)     400,000 356,032
Amber Finco PLC, 6.625%, 7/15/2029 (n)   EUR 100,000 114,436
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)   $ 659,000 559,249
Compass Group PLC, 3.25%, 2/06/2031    EUR 100,000 110,352
GoDaddy, Inc., 3.5%, 3/01/2029 (n)   $ 1,017,000 945,615
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)     832,000 836,777
Match Group Holdings II LLC, 5%, 12/15/2027 (n)     584,000 572,543
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n)     532,000 511,507
Pachelbel Bidco Spa, 7.125%, 5/17/2031 (n)   EUR 100,000 116,185
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)   $ 667,000 478,732
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)     436,000 303,998
TriNet Group, Inc., 3.5%, 3/01/2029 (n)     1,070,000 989,833
TriNet Group, Inc., 7.125%, 8/15/2031 (n)     174,000 180,455
Verisure Midholding AB, 5.25%, 2/15/2029    EUR 100,000 109,862
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)   $ 605,000 602,221
        $7,875,347
Containers – 1.3%
ARD Finance S.A., 6.5% (6.5% Cash or 7.25% PIK), 6/30/2027 (n)(p)   $ 238,000 $54,830
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)     765,000 694,083
Ball Corp., 2.875%, 8/15/2030      580,000 512,628
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)     1,069,000 977,897
Crown Americas LLC, 5.25%, 4/01/2030      342,000 341,785
Titan Holdings II B.V., 5.125%, 7/15/2029    EUR 531,000 594,598
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)   $ 601,000 600,224
        $3,776,045
Electrical Equipment – 0.1%
Arrow Electronics, Inc., 2.95%, 2/15/2032    $ 48,000 $41,627
Arrow Electronics, Inc., 5.875%, 4/10/2034      69,000 70,587
CommScope Technologies LLC, 5%, 3/15/2027 (n)     145,000 110,797
        $223,011
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Electronics – 0.7%
Entegris Escrow Corp., 5.95%, 6/15/2030 (n)   $ 480,000 $486,509
Entegris, Inc., 4.375%, 4/15/2028 (n)     457,000 438,969
Entegris, Inc., 3.625%, 5/01/2029 (n)     499,000 459,438
Intel Corp., 5.7%, 2/10/2053      45,000 43,036
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030      36,000 33,707
NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033      17,000 17,007
Sensata Technologies B.V., 5.875%, 9/01/2030 (n)     385,000 384,549
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)     254,000 239,857
        $2,103,072
Emerging Market Quasi-Sovereign – 4.4%
Abu Dhabi Development Holding Co. PJSC, 5.5%, 5/08/2034 (n)   $ 855,000 $900,956
Bank Gospodarstwa Krajowego (Republic of Poland), 5.75%, 7/09/2034 (n)     909,000 951,258
CEZ A.S. (Czech Republic), 4.25%, 6/11/2032    EUR 110,000 122,782
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029    $ 400,000 400,586
Empresa Nacional del Petroleo (Republic of Chile), 5.95%, 7/30/2034 (n)     635,000 659,790
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026      522,000 512,907
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028      624,000 624,349
Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027    EUR 146,000 145,878
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)   $ 299,000 263,363
Indian Railway Finance Corp., 2.8%, 2/10/2031      800,000 704,650
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025      700,000 676,438
Korea Development Bank, 4.25%, 9/08/2032      531,000 518,596
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)     200,000 203,716
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n)     493,000 525,058
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)     650,000 519,158
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)     200,000 203,720
Petroleos Mexicanos, 6.49%, 1/23/2027      904,000 877,000
Petroleos Mexicanos, 5.95%, 1/28/2031      100,000 83,149
Petroleos Mexicanos, 10%, 2/07/2033      60,000 61,638
Petroleos Mexicanos, 6.75%, 9/21/2047      866,000 592,763
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027      352,000 336,501
Saudi Arabian Oil Co., 5.25%, 7/17/2034 (n)     632,000 645,601
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026      1,065,000 1,082,136
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031    EUR 180,000 157,685
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030    $ 500,000 525,664
Uzbek Industrial and Construction Bank ATB, 8.95%, 7/24/2029 (n)     597,000 591,030
        $12,886,372
Emerging Market Sovereign – 9.7%
Republic of India, 7.18%, 8/14/2033    INR 51,100,000 $618,342
Arab Republic of Egypt, 8.5%, 1/31/2047    $ 965,000 745,192
Dominican Republic, 5.5%, 2/22/2029 (n)     761,000 759,203
Dominican Republic, 7.05%, 2/03/2031 (n)     150,000 160,761
Dominican Republic, 5.875%, 1/30/2060 (n)     1,360,000 1,249,962
Hellenic Republic (Republic of Greece), 3.375%, 6/15/2034    EUR 631,000 700,456
Kingdom of Morocco, 1.375%, 3/30/2026      428,000 454,364
Kingdom of Morocco, 3%, 12/15/2032 (n)   $ 459,000 387,346
Oriental Republic of Uruguay, 8.25%, 5/21/2031    UYU 23,377,000 536,519
Oriental Republic of Uruguay, 9.75%, 7/20/2033      8,914,000 220,876
People's Republic of China, 3.13%, 11/21/2029    CNY 8,200,000 1,229,922
People's Republic of China, 2.88%, 2/25/2033      9,820,000 1,465,588
Republic of Albania, 5.9%, 6/09/2028    EUR 682,000 785,780
Republic of Angola, 9.375%, 5/08/2048    $ 870,000 747,082
Republic of Angola, 9.125%, 11/26/2049      200,000 168,036
Republic of Argentina, 4.125%, 7/09/2035      768,494 341,024
Republic of Benin, 6.875%, 1/19/2052 (n)   EUR 114,000 102,152
Republic of Benin, 6.875%, 1/19/2052      400,000 358,428
Republic of Bulgaria, 5%, 3/05/2037    $ 568,000 563,655
6

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Costa Rica, 7.3%, 11/13/2054    $ 600,000 $648,790
Republic of Cote d'Ivoire, 5.25%, 3/22/2030    EUR 929,000 964,993
Republic of Cote d'Ivoire, 6.875%, 10/17/2040      200,000 190,137
Republic of Guatemala, 6.05%, 8/06/2031 (n)   $ 630,000 642,310
Republic of Guatemala, 6.125%, 6/01/2050 (n)     382,000 362,350
Republic of Hungary, 2%, 5/23/2029    HUF 242,000,000 573,909
Republic of Hungary, 5.5%, 6/16/2034 (n)   $ 650,000 657,333
Republic of Hungary, 7%, 10/24/2035    HUF 74,000,000 218,311
Republic of Korea, 2.375%, 12/10/2027    KRW 325,000,000 238,772
Republic of Korea, 1.875%, 6/10/2029      3,274,250,000 2,333,259
Republic of Korea, 1.375%, 6/10/2030      2,721,670,000 1,862,736
Republic of Paraguay, 6%, 2/09/2036 (n)   $ 200,000 207,187
Republic of Paraguay, 5.4%, 3/30/2050 (n)     1,150,000 1,045,627
Republic of Peru, 5.375%, 2/08/2035      556,000 563,300
Republic of Philippines, 3.556%, 9/29/2032      334,000 309,188
Republic of Romania, 1.75%, 7/13/2030 (n)   EUR 247,000 228,848
Republic of Romania, 2%, 1/28/2032      350,000 309,628
Republic of Serbia, 1.65%, 3/03/2033      428,000 365,620
Republic of Serbia, 6%, 6/12/2034 (n)   $ 329,000 334,178
Republic of Serbia, 2.05%, 9/23/2036 (n)   EUR 452,000 363,489
Republic of South Africa, 7.3%, 4/20/2052    $ 611,000 589,921
Republic of Turkey, 7.625%, 5/15/2034      830,000 865,026
Sultanate of Oman, 7%, 1/25/2051      800,000 892,880
United Mexican States, 7.75%, 5/29/2031    MXN 5,900,000 270,428
United Mexican States, 4.75%, 4/27/2032    $ 727,000 691,997
United Mexican States, 4.875%, 5/19/2033      441,000 417,535
United Mexican States, 3.771%, 5/24/2061      774,000 497,414
        $28,239,854
Energy - Independent – 3.5%
Civitas Resources, Inc., 8.375%, 7/01/2028 (n)   $ 526,000 $554,543
Civitas Resources, Inc., 8.625%, 11/01/2030 (n)     192,000 208,704
Civitas Resources, Inc., 8.75%, 7/01/2031 (n)     432,000 466,204
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)     1,169,000 1,149,875
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)     651,000 659,978
Diamondback Energy, Inc., 5.75%, 4/18/2054      77,000 77,031
Encino Acquisition Partners Holdings LLC, 8.75%, 5/01/2031 (n)     523,000 555,554
Matador Resources Co., 6.875%, 4/15/2028 (n)     665,000 682,281
Matador Resources Co., 6.5%, 4/15/2032 (n)     228,000 231,394
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)     492,000 489,796
Occidental Petroleum Corp., 6.45%, 9/15/2036      82,000 88,869
Occidental Petroleum Corp., 6.05%, 10/01/2054      28,000 28,476
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)     886,000 886,101
Permian Resources Operating LLC, 7%, 1/15/2032 (n)     465,000 487,790
Permian Resources Operating LLC, 6.25%, 2/01/2033 (n)     190,000 194,827
Pioneer Natural Resources Co., 2.15%, 1/15/2031      95,000 82,634
Santos Finance Ltd., 6.875%, 9/19/2033 (n)     82,000 89,941
Sitio Royalties Operating Partnership LP, 7.875%, 11/01/2028 (n)     858,000 903,665
SM Energy Co., 6.5%, 7/15/2028      432,000 434,379
SM Energy Co., 7%, 8/01/2032 (n)     407,000 416,960
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026      987,000 955,633
Vital Energy, Inc., 7.875%, 4/15/2032 (n)     543,000 555,918
        $10,200,553
Energy - Integrated – 0.4%
BP Capital Markets America, Inc., 4.812%, 2/13/2033    $ 54,000 $54,015
BP Capital Markets B.V., 4.323%, 5/12/2035    EUR 100,000 116,216
Citgo Petroleum Corp., 8.375%, 1/15/2029 (n)   $ 599,000 622,188
Eni S.p.A., 3.875%, 1/15/2034    EUR 100,000 112,123
7

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Energy - Integrated – continued
Exxon Mobil Corp., 1.408%, 6/26/2039    EUR 100,000 $82,117
OMV AG, 3.25%, 9/04/2031      50,000 55,046
        $1,041,705
Engineering - Construction – 0.0%
John Deere Bank S.A., 3.3%, 10/15/2029    EUR 100,000 $111,297
Entertainment – 2.4%
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)   $ 525,000 $530,318
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)     844,000 846,795
Carnival Corp. PLC, 6%, 5/01/2029 (n)     367,000 368,641
Carnival Corp. PLC, 5.75%, 1/15/2030 (n)   EUR 260,000 302,434
Cinemark USA, Inc., 7%, 8/01/2032 (n)   $ 348,000 361,212
Merlin Entertainments, 7.375%, 2/15/2031 (n)     447,000 445,347
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)     659,000 658,641
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)     587,000 588,003
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)     360,000 362,780
Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n)     474,000 485,560
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)     520,000 502,973
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)     747,000 768,871
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)     228,000 227,730
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)     644,000 638,643
        $7,087,948
Financial Institutions – 3.1%
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)   $ 574,138 $522,466
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)     69,000 67,966
Ayvens S.A., 3.875%, 7/16/2029    EUR 100,000 112,119
Citycon Treasury B.V., 6.5%, 3/08/2029      100,000 113,473
Credit Acceptance Corp., 9.25%, 12/15/2028 (n)   $ 695,000 747,113
Encore Capital Group, Inc., 9.25%, 4/01/2029 (n)     558,000 593,992
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)     591,000 593,516
Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n)     283,000 289,893
FTAI Aviation Ltd., 5.5%, 5/01/2028 (n)     657,000 652,705
FTAI Aviation Ltd., 7.875%, 12/01/2030 (n)     435,000 466,837
FTAI Aviation Ltd., 7%, 6/15/2032 (n)     231,000 241,670
Heimstaden Bostad Treasury B.V., 1%, 4/13/2028    EUR 100,000 96,128
Jefferson Capital Holdings LLC, 9.5%, 2/15/2029 (n)   $ 544,000 579,014
Macquarie AirFinance Holdings Ltd., 8.375%, 5/01/2028 (n)     649,000 687,638
Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n)     107,000 111,356
Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n)     126,000 133,903
Muthoot Finance Ltd., 7.125%, 2/14/2028 (n)     231,000 235,444
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)     1,012,000 1,010,177
OneMain Finance Corp., 7.125%, 3/15/2026      763,000 777,446
OneMain Finance Corp., 5.375%, 11/15/2029      403,000 387,590
OneMain Finance Corp., 7.5%, 5/15/2031      416,000 429,388
Samhallsbyggnadsbolaget i Norden AB, 2.375%, 9/04/2026    EUR 200,000 185,431
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      280,000 112,098
        $9,147,363
Food & Beverages – 2.9%
Anheuser-Busch InBev S.A/N.V., 3.95%, 3/22/2044    EUR 100,000 $110,836
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038    $ 144,000 136,490
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049      42,000 44,014
B&G Foods, Inc., 8%, 9/15/2028 (n)     682,000 709,032
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)     129,000 129,983
Central American Bottling Corp., 5.25%, 4/27/2029 (n)     755,000 727,194
Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n)     463,000 485,161
8

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Food & Beverages – continued
Constellation Brands, Inc., 3.15%, 8/01/2029    $ 32,000 $29,989
Constellation Brands, Inc., 2.25%, 8/01/2031      53,000 45,171
Diageo Finance PLC, 3.375%, 8/30/2035    EUR 100,000 109,770
Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)   $ 480,000 504,961
Heineken N.V., 3.812%, 7/04/2036    EUR 100,000 111,550
JBS USA Food Co., 6.5%, 12/01/2052    $ 50,000 52,672
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032      781,000 701,795
Kraft Heinz Foods Co., 4.375%, 6/01/2046      94,000 80,310
Performance Food Group Co., 5.5%, 10/15/2027 (n)     773,000 768,595
Post Holdings, Inc., 5.625%, 1/15/2028 (n)     209,000 208,460
Post Holdings, Inc., 4.625%, 4/15/2030 (n)     993,000 943,756
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)     1,148,000 1,089,959
TreeHouse Foods, Inc., 4%, 9/01/2028      461,000 426,148
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)     982,000 957,495
        $8,373,341
Gaming & Lodging – 3.3%
Allwyn Entertainment Finance, 7.25%, 4/30/2030    EUR 114,000 $133,595
Caesars Entertainment, Inc., 7%, 2/15/2030 (n)   $ 647,000 670,012
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)     497,000 507,556
CCM Merger, Inc., 6.375%, 5/01/2026 (n)     617,000 616,463
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)     1,171,000 1,163,963
Flutter Treasury DAC, 5%, 4/29/2029 (n)   EUR 203,000 229,782
Flutter Treasury DAC, 6.375%, 4/29/2029 (n)   $ 200,000 206,339
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030      1,213,000 1,190,301
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)     475,000 425,758
Las Vegas Sands Corp., 3.9%, 8/08/2029      89,000 83,531
Las Vegas Sands Corp., 6.2%, 8/15/2034      298,000 305,191
Marriott International, Inc., 2.85%, 4/15/2031      90,000 79,849
Studio City Finance Ltd., 5%, 1/15/2029 (n)     342,000 305,505
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)     1,040,000 995,430
Wynn Macau Ltd., 5.5%, 10/01/2027 (n)     705,000 683,233
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)     1,083,000 1,034,685
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)     727,000 711,303
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n)     286,000 303,542
        $9,646,038
Industrial – 1.3%
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n)   $ 200,000 $199,403
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)     635,000 648,930
APi Escrow Corp., 4.75%, 10/15/2029 (n)     1,016,000 971,655
Arcadis N.V., 4.875%, 2/28/2028    EUR 100,000 114,830
Artera Services LLC, 8.5%, 2/15/2031 (n)   $ 483,000 483,549
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050      35,000 22,197
Williams Scotsman, Inc., 4.625%, 8/15/2028 (n)     992,000 956,558
Williams Scotsman, Inc., 6.625%, 6/15/2029 (n)     291,000 300,439
        $3,697,561
Insurance – 0.1%
Corebridge Financial, Inc., 4.35%, 4/05/2042    $ 101,000 $86,897
Lincoln National Corp., 5.852%, 3/15/2034      76,000 79,218
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)     62,000 65,556
        $231,671
Insurance - Health – 0.1%
Bupa Finance PLC, 4% to 3/24/2032, FLR (GBP Government Yield - 5yr. + 3.17%) to 3/24/2172    GBP 200,000 $195,639
Elevance Health, Inc., 5.375%, 6/15/2034    $ 68,000 70,466
UnitedHealth Group, Inc., 5.15%, 7/15/2034      98,000 100,697
        $366,802
9

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Insurance - Property & Casualty – 2.8%
Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n)   $ 344,000 $354,060
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)     116,000 110,782
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n)     470,000 467,709
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)     692,000 673,691
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n)     478,000 494,037
American International Group, Inc., 5.125%, 3/27/2033      87,000 88,722
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)     698,000 665,380
Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n)     701,000 723,622
Arthur J. Gallagher & Co., 6.5%, 2/15/2034      45,000 49,484
Arthur J. Gallagher & Co., 5.75%, 3/02/2053      60,000 60,867
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)     459,000 438,650
Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n)     813,000 850,700
Brown & Brown, Inc., 5.65%, 6/11/2034      60,000 61,848
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027    CAD 175,000 130,005
Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054 (n)   $ 71,000 74,107
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)     484,000 485,861
Hub International Ltd., 5.625%, 12/01/2029 (n)     287,000 280,170
Hub International Ltd., 7.25%, 6/15/2030 (n)     866,000 904,318
Hub International Ltd., 7.375%, 1/31/2032 (n)     390,000 404,327
Panther Escrow Issuer, 7.125%, 6/01/2031 (n)     729,000 759,335
        $8,077,675
International Market Quasi-Sovereign – 0.4%
CNP Assurances SACA, 4.875% to 7/16/2034, FLR (EURIBOR - 3mo. + 3.374%) to 7/16/2054    EUR 100,000 $113,025
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 3.375%, 1/29/2038      20,000 21,996
EnBW International Finance B.V. (Federal Republic of Germany), 3.5%, 7/24/2028      90,000 101,292
EnBW International Finance B.V. (Federal Republic of Germany), 4%, 7/22/2036      70,000 78,712
La Banque Postale (Republic of France), 3.5%, 6/13/2030      100,000 111,045
Logicor Financing S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/17/2030      110,000 107,050
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)   $ 200,000 210,129
NBN Co. Ltd. (Commonwealth of Australia), 3.75%, 3/22/2034    EUR 100,000 113,371
P3 Group S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/26/2029      100,000 100,583
Swisscom Finance, 3.5%, 11/29/2031      100,000 112,638
        $1,069,841
International Market Sovereign – 10.5%
Commonwealth of Australia, 3.25%, 6/21/2039    AUD 15,526,000 $9,399,573
Commonwealth of Australia, 2.75%, 5/21/2041      960,000 529,516
Government of Bermuda, 2.375%, 8/20/2030 (n)   $ 200,000 174,620
Government of Bermuda, 5%, 7/15/2032 (n)     560,000 556,808
Government of Canada, 1.5%, 6/01/2031    CAD 4,684,000 3,145,456
Government of Canada, 2%, 6/01/2032      1,037,000 711,445
Government of Japan, 1.2%, 12/20/2034    JPY 99,000,000 693,149
Government of Japan, 2.4%, 12/20/2034      440,000,000 3,432,295
Government of Japan, 0.3%, 12/20/2039      183,250,000 1,058,072
Government of Japan, 0.4%, 3/20/2050      192,900,000 902,060
Government of Japan, 0.7%, 12/20/2051      295,000,000 1,451,935
Kingdom of Belgium, 2.85%, 10/22/2034 (n)   EUR 375,000 414,142
Kingdom of Spain, 3.45%, 10/31/2034 (n)     1,671,000 1,902,260
Kingdom of Spain, 3.9%, 7/30/2039 (n)     1,045,000 1,216,125
Kingdom of Spain, 4%, 10/31/2054      256,000 293,540
Republic of Italy, 4.1%, 2/01/2029      1,767,000 2,040,395
Republic of Italy, 1.45%, 3/01/2036      949,000 826,345
Republic of Italy, 4.15%, 10/01/2039 (n)     377,000 423,134
United Kingdom Treasury, 0.375%, 10/22/2030    GBP 162,000 173,676
United Kingdom Treasury, 1.25%, 10/22/2041      506,000 418,654
United Kingdom Treasury, 1.5%, 7/22/2047      130,000 98,664
United Kingdom Treasury, 3.75%, 7/22/2052      604,000 699,314
        $30,561,178
10

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Local Authorities – 0.0%
Province of Alberta, 1.65%, 6/01/2031    CAD 95,000 $62,636
Province of British Columbia, 2.95%, 6/18/2050      115,000 67,891
        $130,527
Machinery & Tools – 0.8%
AGCO Corp., 5.8%, 3/21/2034    $ 85,000 $87,422
CNH Industrial Capital LLC, 5.5%, 1/12/2029      71,000 73,432
CNH Industrial N.V., 3.75%, 6/11/2031    EUR 100,000 110,622
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)   $ 1,322,000 1,405,230
Sarens Finance Co. N.V., 5.75%, 2/21/2027    EUR 110,000 120,491
Terex Corp., 5%, 5/15/2029 (n)   $ 474,000 460,209
        $2,257,406
Major Banks – 1.3%
Banca Popolare Sondrio, 4.125%, 6/04/2030    EUR 100,000 $112,035
Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029    $ 59,000 60,271
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032      69,000 60,607
Bank of America Corp., 5.425% to 8/15/2034, FLR (SOFR - 1 day + 1.913%) to 8/15/2035      104,000 104,225
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)     221,000 191,546
Credit Agricole S.A., 3.75% to 1/23/2030, FLR (EURIBOR - 3mo. + 1.1%) to 1/23/2031    EUR 100,000 111,523
ING Groep N.V., 4.25%, 8/26/2035      100,000 110,601
JPMorgan Chase & Co., 1.47% to 9/22/2026, FLR (SOFR - 1 day + 0.765%) to 9/22/2027    $ 44,000 41,331
JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + 1.19%) to 1/23/2028      66,000 66,793
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030      59,000 61,428
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032      108,000 91,215
JPMorgan Chase & Co., 3.761% to 3/21/2033, FLR (EURIBOR - 3mo. + 0.98%) to 3/21/2034    EUR 100,000 111,772
JPMorgan Chase & Co., 3.328% to 4/22/2051, FLR (SOFR - 1 day + 1.58%) to 4/22/2052    $ 28,000 20,869
Lloyds Banking Group PLC, 4.75% to 9/21/2030, FLR (EUR Swap Rate - 1yr. + 1.6%) to 9/21/2031    EUR 100,000 117,240
Lloyds Banking Group PLC, 3.875%, 5/14/2032      100,000 112,391
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031    $ 154,000 146,119
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034      43,000 44,173
Morgan Stanley, 3.955% to 3/21/2034, FLR (EURIBOR - 3mo. + 1.242%) to 3/21/2035    EUR 100,000 112,009
Nationwide Building Society, 3.828% to 7/24/2031, FLR (EURIBOR - 3mo. + 1.15%) to 7/24/2032      100,000 111,513
NatWest Group PLC, 3.673% to 8/05/2030, FLR (EURIBOR - 3mo. + 1.097%) to 8/05/2031      100,000 111,153
NatWest Group PLC, 8.125% to 5/10/2034, FLR (CMT - 5yr. + 3.752%) to 6/30/2172    $ 200,000 211,875
PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028      46,000 46,798
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035      55,000 57,399
Toronto-Dominion Bank, 3.563%, 4/16/2031    EUR 100,000 110,822
Toronto-Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082    $ 985,000 1,049,515
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)     200,000 170,434
UniCredit S.p.A., 4.2%, 6/11/2034    EUR 150,000 166,251
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028    $ 45,000 43,818
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033      56,000 50,387
        $3,806,113
Medical & Health Technology & Services – 4.5%
180 Medical, Inc., 3.875%, 10/15/2029 (n)   $ 965,000 $904,925
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)     1,108,000 1,078,271
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)     486,000 510,405
Becton, Dickinson and Co., 3.828%, 6/07/2032    EUR 100,000 112,264
CAB SELAS, 3.375%, 2/01/2028      100,000 102,265
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)   $ 1,070,000 1,002,649
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)     426,000 426,731
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)     454,000 359,525
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)     1,146,000 1,027,543
Concentra, Inc., 6.875%, 7/15/2032 (n)     522,000 546,060
Encompass Health Corp., 5.75%, 9/15/2025      139,000 138,735
Encompass Health Corp., 4.75%, 2/01/2030      688,000 667,047
Encompass Health Corp., 4.625%, 4/01/2031      231,000 218,731
11

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Medical & Health Technology & Services – continued
HCA, Inc., 5.45%, 9/15/2034    $ 45,000 $45,580
HCA, Inc., 5.125%, 6/15/2039      54,000 52,151
IQVIA, Inc., 5%, 5/15/2027 (n)     1,010,000 1,002,697
IQVIA, Inc., 6.5%, 5/15/2030 (n)     600,000 622,486
Lifepoint Health, Inc., 9.875%, 8/15/2030 (n)     300,000 329,004
Lifepoint Health, Inc., 11%, 10/15/2030 (n)     367,000 413,607
Lifepoint Health, Inc., 10%, 6/01/2032 (n)     464,000 503,590
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050      179,000 117,058
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048      142,000 147,892
Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n)     527,000 553,518
Tenet Healthcare Corp., 6.125%, 10/01/2028      484,000 484,890
Tenet Healthcare Corp., 4.375%, 1/15/2030      416,000 397,719
Tenet Healthcare Corp., 6.125%, 6/15/2030      910,000 923,825
U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n)     465,000 475,699
        $13,164,867
Medical Equipment – 0.9%
American Medical Systems Europe B.V., 3.5%, 3/08/2032    EUR 100,000 $110,957
Garden SpinCo Corp., 8.625%, 7/20/2030 (n)   $ 620,000 676,552
Medline Borrower LP, 3.875%, 4/01/2029 (n)     290,000 273,925
Medline Borrower LP, 5.25%, 10/01/2029 (n)     848,000 832,852
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n)     593,000 611,279
        $2,505,565
Metals & Mining – 1.7%
Anglo American Capital PLC, 4.125%, 3/15/2032    EUR 100,000 $112,527
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)   $ 742,000 666,531
FMG Resources Ltd., 5.875%, 4/15/2030 (n)     128,000 127,789
FMG Resources Ltd., 4.375%, 4/01/2031 (n)     1,790,000 1,642,282
Glencore Capital Finance DAC, 4.154%, 4/29/2031    EUR 110,000 123,867
Novelis Corp., 3.25%, 11/15/2026 (n)   $ 486,000 467,748
Novelis Corp., 4.75%, 1/30/2030 (n)     803,000 766,869
Novelis Corp., 3.875%, 8/15/2031 (n)     296,000 265,397
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)     373,170 275,414
Taseko Mines Ltd., 8.25%, 5/01/2030 (n)     481,000 499,806
        $4,948,230
Midstream – 4.5%
Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n)   $ 45,000 $47,512
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)     72,000 79,850
Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n)     233,000 244,994
DT Midstream, Inc., 4.125%, 6/15/2029 (n)     857,000 814,141
DT Midstream, Inc., 4.375%, 6/15/2031 (n)     853,000 801,509
Enbridge, Inc., 5.7%, 3/08/2033      42,000 43,793
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 81,105
Energy Transfer LP, 5.95%, 5/15/2054      60,000 60,583
EQM Midstream Partners LP, 5.5%, 7/15/2028      980,000 986,540
EQM Midstream Partners LP, 6.375%, 4/01/2029 (n)     229,000 235,425
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)     793,000 795,547
NuStar Logistics LP, 6.375%, 10/01/2030      698,000 729,223
Peru LNG, 5.375%, 3/22/2030      518,000 449,730
Plains All American Pipeline LP, 5.7%, 9/15/2034      70,000 71,593
Prairie Acquiror LP, 9%, 8/01/2029 (n)     405,000 423,606
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n)     465,000 450,721
Sunoco LP, 7.25%, 5/01/2032 (n)     697,000 737,185
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)     977,000 942,683
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)     458,000 468,082
Targa Resources Corp., 4.2%, 2/01/2033      11,000 10,231
Targa Resources Corp., 5.5%, 2/15/2035      28,000 28,428
12

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Midstream – continued
Targa Resources Corp., 4.95%, 4/15/2052    $ 79,000 $69,908
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)     632,000 597,483
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)     387,000 402,369
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)     650,000 602,541
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)     836,000 875,503
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)     706,000 795,619
Venture Global LNG, Inc., 7%, 1/15/2030 (n)     289,000 295,459
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)     886,000 940,492
        $13,081,855
Mortgage-Backed – 2.5%  
Fannie Mae, 6.5%, 4/01/2032 - 1/01/2033    $ 11,377 $11,812
Fannie Mae, 5.5%, 7/01/2033 - 7/01/2035      45,716 46,864
Fannie Mae, 6%, 8/01/2034 - 2/01/2037      22,819 23,852
Fannie Mae, 3.5%, 12/01/2047      35,865 33,722
Fannie Mae, UMBS, 2%, 4/01/2042 - 5/01/2052      520,764 434,309
Fannie Mae, UMBS, 6.5%, 2/01/2043      36,221 37,294
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 7/01/2050      114,393 106,653
Fannie Mae, UMBS, 2.5%, 1/01/2050 - 4/01/2052      772,777 662,220
Fannie Mae, UMBS, 3%, 5/01/2051 - 8/01/2053      794,066 707,978
Fannie Mae, UMBS, 5%, 8/01/2052      162,894 162,048
Fannie Mae, UMBS, 4%, 10/01/2052      463,807 440,428
Fannie Mae, UMBS, 5.5%, 11/01/2052      105,799 106,793
Freddie Mac, 0.257%, 2/25/2025 (i)     38,000,000 25,901
Freddie Mac, 1.479%, 3/25/2027 (i)     448,000 13,749
Freddie Mac, 0.26%, 2/25/2028 (i)     36,576,000 180,762
Freddie Mac, 0.43%, 2/25/2028 (i)     15,572,000 160,326
Freddie Mac, 0.251%, 4/25/2028 (i)     15,983,000 80,853
Freddie Mac, 5.995%, 3/25/2029      175,527 176,244
Freddie Mac, 5.901%, 4/25/2029      223,731 223,730
Freddie Mac, 1.218%, 7/25/2029 (i)     1,871,476 83,481
Freddie Mac, 1.914%, 4/25/2030 (i)     845,640 73,472
Freddie Mac, 1.985%, 4/25/2030 (i)     731,897 65,531
Freddie Mac, 1.769%, 5/25/2030 (i)     896,340 74,478
Freddie Mac, 1.906%, 5/25/2030 (i)     2,034,877 180,616
Freddie Mac, 1.435%, 6/25/2030 (i)     821,458 54,935
Freddie Mac, 1.703%, 8/25/2030 (i)     719,995 58,481
Freddie Mac, 1.262%, 9/25/2030 (i)     455,646 27,607
Freddie Mac, 1.172%, 11/25/2030 (i)     901,677 51,453
Freddie Mac, 0.417%, 1/25/2031 (i)     3,174,280 51,055
Freddie Mac, 0.609%, 3/25/2031 (i)     3,725,083 99,391
Freddie Mac, 1.039%, 7/25/2031 (i)     670,491 37,114
Freddie Mac, 0.632%, 9/25/2031 (i)     2,699,427 85,261
Freddie Mac, 0.665%, 12/25/2031 (i)     659,754 22,428
Freddie Mac, 6%, 8/01/2034      18,110 18,853
Freddie Mac, UMBS, 4.5%, 7/01/2038 - 11/01/2053      203,529 200,015
Freddie Mac, UMBS, 2.5%, 4/01/2051 - 7/01/2051      519,807 446,707
Freddie Mac, UMBS, 2%, 8/01/2051 - 9/01/2051      66,823 55,025
Freddie Mac, UMBS, 3%, 4/01/2052      21,871 19,450
Freddie Mac, UMBS, 5%, 11/01/2052      207,364 206,132
Freddie Mac, UMBS, 6%, 8/01/2053      67,130 68,752
Ginnie Mae, 2.5%, 8/20/2051 - 10/20/2052      413,006 360,970
Ginnie Mae, 2%, 2/20/2052 - 3/20/2052      24,826 20,914
Ginnie Mae, 3%, 4/20/2052 - 11/20/2052      115,556 104,614
Ginnie Mae, 3.5%, 7/20/2052      74,626 69,478
Ginnie Mae, 4%, 7/20/2052 - 11/20/2052      100,288 95,844
Ginnie Mae, 5.5%, 2/20/2053      66,092 66,562
Ginnie Mae, 5%, 3/20/2053 - 4/20/2053      184,987 184,850
Ginnie Mae, 6%, 4/20/2054 - 6/20/2054      49,848 50,597
13

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mortgage-Backed – continued  
Ginnie Mae, 6.503%, 3/20/2064    $ 135,024 $135,767
Ginnie Mae, TBA, 5.5%, 9/15/2054      125,000 125,820
Ginnie Mae, TBA, 6%, 9/15/2054      100,000 101,477
Ginnie Mae, TBA, 6.5%, 9/15/2054      75,000 76,600
Ginnie Mae, TBA, 2%, 9/23/2054      79,323 66,822
UMBS, TBA, 6%, 9/25/2054      150,000 152,753
        $7,228,843
Municipals – 0.4%
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039    $ 100,000 $98,118
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037      125,000 114,911
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 4.949%, 7/01/2038      160,000 157,727
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052      150,000 153,141
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040      70,000 59,278
Minnesota Housing Finance Agency, Residential Housing, Taxable, “G”, 4.337%, 1/01/2047      180,000 176,468
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028      246,000 236,809
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030      221,000 216,129
        $1,212,581
Natural Gas - Distribution – 0.0%
ENGIE S.A., 4.25%, 1/11/2043    EUR 100,000 $111,109
Natural Gas - Pipeline – 0.1%
APA Infrastructure Ltd., 3.125%, 7/18/2031    GBP 100,000 $115,009
APA Infrastructure Ltd., 2.5%, 3/15/2036      100,000 96,624
        $211,633
Network & Telecom – 0.5%
Iliad Holding S.A.S., 7%, 10/15/2028 (n)   $ 1,012,000 $1,027,033
Iliad Holding S.A.S., 6.875%, 4/15/2031 (n)   EUR 366,000 421,923
TDC Net A/S, 5.186%, 8/02/2029      100,000 114,899
        $1,563,855
Oil Services – 0.4%
Nabors Industries, Inc., 8.875%, 8/15/2031 (n)   $ 579,000 $580,166
U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n)     683,000 701,552
        $1,281,718
Other Banks & Diversified Financials – 0.6%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)   $ 200,000 $212,038
Banque Federative du Credit Mutuel S.A., 3.75%, 2/03/2034    EUR 100,000 112,213
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n)   $ 200,000 210,432
BPCE S.A., 4.5%, 3/15/2025 (n)     250,000 248,290
CaixaBank S.A., 4.375%, 8/08/2036    EUR 100,000 110,304
Commerzbank AG, 4% to 7/16/2031, FLR (EURIBOR - 3mo. + 1.25%) to 7/16/2032      100,000 111,141
Deutsche Bank AG, 3.75% to 1/15/2029, FLR (EURIBOR - 3mo. + 1.25%) to 1/15/2030      100,000 111,887
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032      100,000 109,670
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)   $ 200,000 223,636
KBC Group N.V., 6.151% to 3/19/2029, FLR (GBP Government Yield - 5yr. + 2.25%) to 3/19/2034    GBP 100,000 133,306
M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + 1.78%) to 8/16/2028    $ 88,000 87,736
M&T Bank Corp., 6.082% to 3/13/2031, FLR (SOFR - 1 day + 2.26%) to 3/13/2032      30,000 31,161
Macquarie Group Ltd., 6.255% to 12/07/2033, FLR (SOFR - 1 day + 2.303%) to 12/07/2034 (n)     74,000 79,525
Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030      41,000 42,055
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035      49,000 50,749
        $1,874,143
14

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Pharmaceuticals – 0.8%
1375209 B.C. Ltd., 9%, 1/30/2028 (n)   $ 287,000 $278,921
AbbVie, Inc., 5.35%, 3/15/2044      41,000 42,281
AbbVie, Inc., 5.4%, 3/15/2054      51,000 52,852
Bausch Health Co., Inc., 4.875%, 6/01/2028 (n)     272,000 203,184
Bausch Health Co., Inc., 5.25%, 1/30/2030 (n)     244,000 122,000
Bristol-Myers Squibb Co., 5.5%, 2/22/2044      34,000 35,086
Bristol-Myers Squibb Co., 5.55%, 2/22/2054      29,000 29,938
Johnson & Johnson, 3.55%, 6/01/2044    EUR 100,000 111,664
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)   $ 454,000 434,032
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)     825,000 772,649
Roche Finance Europe B.V., 3.564%, 5/03/2044    EUR 100,000 110,976
        $2,193,583
Pollution Control – 0.6%
GFL Environmental, Inc., 4%, 8/01/2028 (n)   $ 758,000 $722,563
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)     186,000 194,292
Stericycle, Inc., 3.875%, 1/15/2029 (n)     601,000 583,578
Waste Management, Inc., 4.625%, 2/15/2033      49,000 49,082
Wrangler Holdco Corp., 6.625%, 4/01/2032 (n)     86,000 88,791
        $1,638,306
Precious Metals & Minerals – 0.7%
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)   $ 290,000 $274,180
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)     707,000 698,189
IAMGOLD Corp., 5.75%, 10/15/2028 (n)     931,000 902,281
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)     78,000 81,495
        $1,956,145
Printing & Publishing – 0.2%
Cimpress PLC, 7%, 6/15/2026    $ 468,000 $466,512
Railroad & Shipping – 0.0%
Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055    $ 49,000 $51,286
Real Estate - Office – 0.1%
Boston Properties LP, REIT, 3.65%, 2/01/2026    $ 71,000 $69,425
Boston Properties LP, REIT, 2.75%, 10/01/2026      23,000 21,913
Corporate Office Property LP, REIT, 2.25%, 3/15/2026      49,000 46,980
Corporate Office Property LP, REIT, 2%, 1/15/2029      52,000 45,734
Corporate Office Property LP, REIT, 2.75%, 4/15/2031      23,000 19,728
        $203,780
Real Estate - Other – 0.9%
Cousins Properties, Inc., REIT, 5.875%, 10/01/2034    $ 42,000 $42,240
EPR Properties, REIT, 3.6%, 11/15/2031      104,000 91,531
Lexington Realty Trust Co., 2.7%, 9/15/2030      47,000 41,210
Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n)     579,000 552,366
RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)     1,099,000 1,142,824
XHR LP, REIT, 4.875%, 6/01/2029 (n)     722,000 687,084
        $2,557,255
Real Estate - Retail – 0.1%
STORE Capital Corp., REIT, 2.75%, 11/18/2030    $ 113,000 $97,709
STORE Capital Corp., REIT, 2.7%, 12/01/2031      18,000 15,105
WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n)     100,000 95,077
        $207,891
15

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Restaurants – 0.4%
1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n)   $ 347,000 $354,382
1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n)     406,000 371,888
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)     582,000 523,194
        $1,249,464
Retailers – 1.2%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)   $ 479,000 $456,039
Home Depot, Inc., 4.85%, 6/25/2031      19,000 19,456
Home Depot, Inc., 3.625%, 4/15/2052      122,000 94,873
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n)     682,000 667,965
Maxeda DIY Holding B.V., 5.875%, 10/01/2026    EUR 345,000 298,321
Parkland Corp., 4.625%, 5/01/2030 (n)   $ 1,055,000 986,724
Parkland Corp., 6.625%, 8/15/2032 (n)     116,000 117,215
Penske Automotive Group Co., 3.75%, 6/15/2029      809,000 752,982
Walgreens Boots Alliance, Inc., 8.125%, 8/15/2029      203,000 203,350
        $3,596,925
Specialty Chemicals – 0.1%
CTEC II GmbH, 5.25%, 2/15/2030 (n)   EUR 100,000 $103,065
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)   $ 53,000 48,621
International Flavors & Fragrances, Inc., 4.375%, 6/01/2047      62,000 50,835
International Flavors & Fragrances, Inc., 5%, 9/26/2048      35,000 31,437
        $233,958
Specialty Stores – 0.6%
Carvana Co., 9% (9% Cash or 12% PIK) to 8/15/2025, 9% Cash to 12/01/2028 (n)(p)   $ 232,000 $240,808
DICK'S Sporting Goods, 4.1%, 1/15/2052      111,000 83,279
Michael Cos., Inc., 5.25%, 5/01/2028 (n)     328,000 257,527
Michael Cos., Inc., 7.875%, 5/01/2029 (n)     493,000 288,612
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n)     870,000 856,623
        $1,726,849
Supermarkets – 0.4%
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)   $ 771,000 $804,366
Kroger Co., 5%, 9/15/2034      56,000 55,826
Kroger Co., 5.5%, 9/15/2054      56,000 54,891
Tesco Corporate Treasury Services PLC, 5.125%, 5/22/2034    GBP 100,000 128,575
        $1,043,658
Supranational – 1.1%
European Union, 3.25%, 7/04/2034    EUR 985,000 $1,127,617
European Union, 3.375%, 11/04/2042      350,000 394,597
European Union, 2.625%, 2/04/2048      475,000 471,692
European Union, 3.375%, 10/05/2054      983,433 1,085,405
        $3,079,311
Telecommunications - Wireless – 1.3%
Altice France S.A., 5.5%, 1/15/2028 (n)   $ 534,000 $379,994
Altice France S.A., 5.125%, 7/15/2029 (n)     200,000 139,537
American Tower Corp., 3.9%, 5/16/2030    EUR 100,000 112,235
American Tower Corp., 5.45%, 2/15/2034    $ 82,000 84,682
Millicom International Cellular S.A., 5.125%, 1/15/2028      635,400 614,857
SBA Communications Corp., 3.875%, 2/15/2027      618,000 597,844
SBA Communications Corp., 3.125%, 2/01/2029      1,029,000 946,903
T-Mobile USA, Inc., 3.875%, 4/15/2030      54,000 51,953
T-Mobile USA, Inc., 5.75%, 1/15/2034      26,000 27,562
Vodafone Group PLC, 5.625%, 2/10/2053      47,000 46,882
Zegona Finance PLC, 6.75%, 7/15/2029 (n)   EUR 100,000 113,165
16

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Telecommunications - Wireless – continued
Zegona Finance PLC, 8.625%, 7/15/2029 (n)   $ 598,000 $621,172
        $3,736,786
Telephone Services – 0.2%
Level 3 Financing, Inc., 11%, 11/15/2029 (n)   $ 173,938 $190,690
Level 3 Financing, Inc., 3.875%, 10/15/2030 (n)     202,927 138,085
TELUS Corp., 2.85%, 11/13/2031    CAD 151,000 100,569
        $429,344
Tobacco – 0.0%
B.A.T. International Finance PLC, 4.125%, 4/12/2032    EUR 100,000 $110,949
Transportation - Services – 0.5%
Autostrade per l’Italia S.p.A., 5.125%, 6/14/2033    EUR 100,000 $117,975
Avis Budget Finance PLC, 7.25%, 7/31/2030 (n)     517,000 568,738
CMA CGM S.A., 5.5%, 7/15/2029 (n)     100,000 113,210
Element Fleet Management Corp., 6.271%, 6/26/2026 (n)   $ 60,000 61,368
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)     38,000 40,183
GXO Logistics, Inc., 6.25%, 5/06/2029      6,000 6,260
Heathrow Funding Ltd., 6%, 3/05/2032    GBP 100,000 132,391
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)   $ 818,284 253,259
Transurban Finance Co Pty Ltd., 3.974%, 3/12/2036    EUR 100,000 111,394
Triton International Ltd., 3.15%, 6/15/2031 (n)   $ 104,000 89,574
United Parcel Service, 5.05%, 3/03/2053      52,000 50,895
        $1,545,247
U.S. Treasury Obligations – 19.3%
U.S. Treasury Bonds, 1.125%, 8/15/2040 (f)   $ 13,919,000 $8,929,908
U.S. Treasury Bonds, 3.875%, 5/15/2043      4,957,000 4,680,299
U.S. Treasury Bonds, 4.625%, 5/15/2044      36,000 37,490
U.S. Treasury Bonds, 4.75%, 11/15/2053      2,848,000 3,102,540
U.S. Treasury Bonds, TIPS, 2.375%, 1/15/2025      621,687 615,715
U.S. Treasury Notes, 4%, 6/30/2028      7,400,000 7,463,305
U.S. Treasury Notes, 4.125%, 8/31/2030      7,000,000 7,125,508
U.S. Treasury Notes, 4.875%, 10/31/2030      4,700,000 4,977,594
U.S. Treasury Notes, 2.75%, 8/15/2032      16,124,000 14,911,551
U.S. Treasury Notes, 4%, 2/15/2034      4,200,000 4,226,250
        $56,070,160
Utilities - Electric Power – 3.9%
Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031    $ 1,440,000 $1,240,094
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026      28,000 28,201
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)     86,000 74,310
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043      20,000 19,711
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053      17,000 14,846
Bruce Power LP, 2.68%, 12/21/2028    CAD 200,000 140,458
Calpine Corp., 4.5%, 2/15/2028 (n)   $ 999,000 968,880
Calpine Corp., 5.125%, 3/15/2028 (n)     546,000 532,784
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)     504,000 489,638
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)     1,502,000 1,362,880
Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n)     142,000 126,129
Duke Energy Corp., 3.75%, 4/01/2031    EUR 100,000 110,684
Duke Energy Florida LLC, 6.2%, 11/15/2053    $ 63,000 70,431
E.ON International Finance B.V., 5.875%, 10/30/2037    GBP 50,000 68,574
Enel Finance International N.V., 2.5%, 7/12/2031 (n)   $ 200,000 170,715
Enel Finance International N.V., 3.875%, 1/23/2035    EUR 100,000 111,449
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)   $ 400,000 421,246
EPH Financing International A.S., 6.651%, 11/13/2028    EUR 107,000 125,419
Eversource Energy, 5.5%, 1/01/2034    $ 55,000 56,144
17

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Utilities - Electric Power – continued
Florida Power & Light Co., 2.875%, 12/04/2051    $ 75,000 $50,278
Georgia Power Co., 4.95%, 5/17/2033      103,000 104,119
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)     28,000 24,174
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025      31,000 31,133
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)     102,000 101,126
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)     726,000 701,191
NextEra Energy, Inc., 7.25%, 1/15/2029 (n)     428,000 448,103
Oncor Electric Delivery, 3.5%, 5/15/2031    EUR 100,000 111,587
Pacific Gas & Electric Co., 6.1%, 1/15/2029    $ 58,000 60,648
Pacific Gas & Electric Co., 6.4%, 6/15/2033      28,000 29,919
PG&E Corp., 5.25%, 7/01/2030      522,000 511,082
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053      97,000 97,342
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n)     707,832 721,604
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)     610,000 609,890
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)     925,000 907,488
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)     438,000 413,624
WEC Energy Group, Inc., 1.8%, 10/15/2030      67,000 57,109
Xcel Energy, Inc., 4.6%, 6/01/2032      43,000 41,908
Xcel Energy, Inc., 5.5%, 3/15/2034      49,000 50,175
        $11,205,093
Utilities - Gas – 0.4%
EP Infrastructure A.S., 2.045%, 10/09/2028    EUR 996,000 $984,000
EP Infrastructure A.S., 1.816%, 3/02/2031      187,000 171,052
        $1,155,052
Total Bonds   $368,735,753
Exchange-Traded Funds – 0.7%
Special Products & Services – 0.7%  
iShares iBoxx $ High Yield Corporate Bond ETF   24,700 $1,959,698
Common Stocks – 0.1%
Cable TV – 0.1%  
Intelsat Emergence S.A. (a)   6,129 $223,708
Oil Services – 0.0%  
LTRI Holdings LP (a)(u)   615 $139,956
Total Common Stocks   $363,664
  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) GBP 1.14 N/A 6,125 $2,212
         
Investment Companies (h) – 4.6%
Money Market Funds – 4.6%  
MFS Institutional Money Market Portfolio, 5.35% (v)     13,394,928 $13,398,947
    
18

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. $ 4,595,291 EUR  3,790,000 $2,358
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  4,595,291   3,790,000 2,357
Total Purchased Options   $4,715
Other Assets, Less Liabilities – (32.3)%   (93,763,269)
Net Assets – 100.0% $290,701,720
(a) Non-income producing security.      
(f) All or a portion of the security has been segregated as collateral for open futures contracts.      
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $13,398,947 and $371,066,042, 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 $203,337,781, representing 69.9% 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.      
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.      
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
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
COP Colombian Peso
CZK Czech Koruna
EUR Euro
GBP British Pound
HUF Hungarian Forint
19

Portfolio of Investments (unaudited) – continued
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
UYU Uruguayan Peso
Derivative Contracts at 8/31/24
Forward Foreign Currency Exchange Contracts
Currency
Purchased
Currency
Sold
Counterparty Settlement
Date
Unrealized
Appreciation
(Depreciation)
Asset Derivatives
AUD 78,518 USD 52,981 HSBC Bank 10/18/2024 $219
AUD 883,740 USD 581,871 State Street Bank Corp. 10/18/2024 16,909
CAD 990,153 USD 721,790 Citibank N.A. 10/18/2024 13,958
CAD 284,408 USD 208,135 Deutsche Bank AG 10/18/2024 3,198
CAD 3,429,339 USD 2,525,807 HSBC Bank 10/18/2024 22,417
CAD 394,883 USD 292,863 JPMorgan Chase Bank N.A. 10/18/2024 561
CAD 808,257 USD 592,469 State Street Bank Corp. 10/18/2024 8,120
CHF 729,847 USD 842,001 Citibank N.A. 10/18/2024 21,122
EUR 193,403 USD 210,375 Citibank N.A. 10/18/2024 3,851
EUR 1,778,495 USD 1,944,597 HSBC Bank 10/18/2024 25,370
EUR 142,875 USD 156,824 JPMorgan Chase Bank N.A. 10/18/2024 1,433
EUR 4,971,399 USD 5,438,838 State Street Bank Corp. 10/18/2024 67,784
EUR 408,519 USD 450,094 UBS AG 10/18/2024 2,405
GBP 564,135 USD 731,691 HSBC Bank 10/18/2024 9,448
GBP 441,065 USD 566,098 JPMorgan Chase Bank N.A. 10/18/2024 13,356
GBP 719,382 USD 921,704 Merrill Lynch International 10/18/2024 23,395
GBP 1,347,392 USD 1,747,380 State Street Bank Corp. 10/18/2024 22,774
GBP 167,452 USD 215,366 UBS AG 10/18/2024 4,627
IDR 11,212,649,881 USD 722,651 Barclays Bank PLC 11/01/2024 1,098
IDR 6,767,997,964 USD 413,394 Citibank N.A. 11/01/2024 23,464
JPY 121,552,043 USD 788,974 JPMorgan Chase Bank N.A. 10/18/2024 47,811
JPY 70,787,419 USD 458,593 Merrill Lynch International 10/18/2024 28,721
JPY 56,405,927 USD 361,815 State Street Bank Corp. 10/18/2024 26,494
NOK 61,730,883 USD 5,761,597 State Street Bank Corp. 10/18/2024 64,107
NZD 128,690 USD 77,760 NatWest Markets PLC 10/18/2024 2,702
SEK 448,000 USD 42,689 Barclays Bank PLC 10/18/2024 1,045
USD 726,660 AUD 1,070,000 JPMorgan Chase Bank N.A. 10/18/2024 1,679
USD 8,498,030 AUD 12,508,563 State Street Bank Corp. 10/18/2024 22,821
USD 732,577 CNH 5,161,783 State Street Bank Corp. 10/18/2024 1,066
USD 604,710 COP 2,446,049,922 Goldman Sachs International 10/15/2024 23,031
USD 368,071 EUR 330,703 HSBC Bank 10/18/2024 1,763
USD 55,212 EUR 49,720 JPMorgan Chase Bank N.A. 10/18/2024 139
USD 348,000 JPY 50,460,727 UBS AG 10/18/2024 620
USD 622,473 MXN 11,221,464 State Street Bank Corp. 10/18/2024 56,547
USD 1,454,801 NZD 2,325,216 JPMorgan Chase Bank N.A. 10/18/2024 981
            $565,036
Liability Derivatives
AUD 300,292 USD 203,786 Deutsche Bank AG 10/18/2024 $(322)
AUD 1,913,321 USD 1,301,898 JPMorgan Chase Bank N.A. 10/18/2024 (5,522)
AUD 649,184 USD 441,669 Merrill Lynch International 10/18/2024 (1,812)
AUD 453,861 USD 308,343 State Street Bank Corp. 10/18/2024 (828)
BRL 133,265 USD 23,990 Citibank N.A. 9/27/2024 (407)
20

Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts − continued
Currency
Purchased
Currency
Sold
Counterparty Settlement
Date
Unrealized
Appreciation
(Depreciation)
Liability Derivatives − continued
COP 2,446,049,922 USD 603,070 Citibank N.A. 10/15/2024 $(21,391)
CZK 6,550,602 USD 293,207 UBS AG 10/18/2024 (3,648)
EUR 145,444 USD 162,412 HSBC Bank 10/18/2024 (1,310)
EUR 283,072 USD 314,588 UBS AG 10/18/2024 (1,041)
GBP 886,880 USD 1,172,433 Barclays Bank PLC 10/18/2024 (7,283)
GBP 156,249 USD 206,595 JPMorgan Chase Bank N.A. 10/18/2024 (1,321)
GBP 220,955 USD 290,618 Merrill Lynch International 10/18/2024 (335)
IDR 8,146,583,835 USD 527,267 Barclays Bank PLC 11/01/2024 (1,425)
IDR 3,189,458,264 USD 206,011 Goldman Sachs International 11/01/2024 (139)
INR 68,198,773 USD 813,539 Barclays Bank PLC 9/12/2024 (575)
JPY 29,913,438 USD 208,070 Citibank N.A. 10/18/2024 (2,141)
JPY 105,409,092 USD 729,722 JPMorgan Chase Bank N.A. 10/18/2024 (4,067)
JPY 39,253,204 USD 272,466 State Street Bank Corp. 10/18/2024 (2,240)
MXN 7,561,850 USD 417,987 Merrill Lynch International 10/18/2024 (36,624)
NZD 2,222,040 USD 1,390,973 State Street Bank Corp. 10/18/2024 (1,663)
SEK 2,095,965 USD 206,677 Merrill Lynch International 10/18/2024 (2,065)
SEK 2,379,359 USD 234,472 State Street Bank Corp. 10/18/2024 (2,194)
USD 778,924 AUD 1,191,819 Citibank N.A. 10/18/2024 (28,596)
USD 41,033 AUD 62,500 UBS AG 10/18/2024 (1,313)
USD 719,413 CAD 994,240 Merrill Lynch International 10/18/2024 (19,372)
USD 10,141,213 CAD 13,809,235 State Street Bank Corp. 10/18/2024 (119,954)
USD 2,600 CHF 2,303 JPMorgan Chase Bank N.A. 10/18/2024 (123)
USD 825,871 CHF 708,341 State Street Bank Corp. 10/18/2024 (11,819)
USD 4,550,560 CNH 32,857,319 Citibank N.A. 10/18/2024 (105,876)
USD 868,509 CNH 6,197,963 Merrill Lynch International 10/18/2024 (9,846)
USD 1,790,071 CNH 12,836,660 State Street Bank Corp. 10/18/2024 (29,100)
USD 1,492,681 CZK 34,718,549 Citibank N.A. 10/18/2024 (41,999)
USD 205,301 CZK 4,743,316 HSBC Bank 10/18/2024 (4,370)
USD 108,237 EUR 99,611 Citibank N.A. 10/18/2024 (2,099)
USD 435,745 EUR 399,201 HSBC Bank 10/18/2024 (6,436)
USD 760,765 EUR 698,872 JPMorgan Chase Bank N.A. 10/18/2024 (13,349)
USD 38,320,149 EUR 35,060,998 State Street Bank Corp. 10/18/2024 (515,526)
USD 4,371,939 GBP 3,364,164 Merrill Lynch International 10/18/2024 (47,774)
USD 194,345 GBP 150,414 State Street Bank Corp. 10/18/2024 (3,263)
USD 754,084 HUF 272,616,438 State Street Bank Corp. 10/18/2024 (11,570)
USD 417,081 IDR 6,828,450,841 Citibank N.A. 11/01/2024 (23,678)
USD 6,893,834 JPY 1,080,207,890 Merrill Lynch International 10/18/2024 (542,509)
USD 550,560 JPY 82,311,241 State Street Bank Corp. 10/18/2024 (16,086)
USD 4,203,101 KRW 5,789,099,255 JPMorgan Chase Bank N.A. 11/01/2024 (146,688)
USD 114,508 NZD 189,503 Deutsche Bank AG 10/18/2024 (3,977)
USD 720,493 NZD 1,201,130 HSBC Bank 10/18/2024 (30,502)
USD 1,334,381 NZD 2,188,765 State Street Bank Corp. 10/18/2024 (34,124)
USD 3,310,810 SEK 34,732,971 State Street Bank Corp. 10/18/2024 (79,895)
            $(1,948,197)
Futures Contracts
Description Long/
Short
Currency Contracts Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures 
Euro-Bobl 5 yr Long EUR 109 $14,177,892 September – 2024 $178,421
Long Gilt 10 yr Long GBP 7 907,359 December – 2024 1,093
21

Portfolio of Investments (unaudited) – continued
Futures Contracts − continued
Description Long/
Short
Currency Contracts Notional
Amount
Expiration
Date
Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives − continued
Interest Rate Futures  − continued
U.S. Treasury Note 10 yr Short USD 112 $12,719,000 December – 2024 $67,969
U.S. Treasury Note 5 yr Short USD 254 27,787,203 December – 2024 79,422
U.S. Treasury Ultra Note 10 yr Short USD 13 1,526,688 December – 2024 10,225
            $337,130
Liability Derivatives
Interest Rate Futures 
Australian Bond 10 yr Short AUD 70 $5,523,304 September – 2024 $(91,638)
Canadian Treasury Bond 5 yr Long CAD 30 2,538,196 December – 2024 (8,893)
Euro-Bund 10 yr Short EUR 19 2,812,458 September – 2024 (53,478)
Euro-Buxl 30 yr Short EUR 2 297,397 September – 2024 (14,596)
Euro-Schatz 2 yr Short EUR 196 23,015,619 September – 2024 (232,269)
U.S. Treasury Bond Long USD 6 738,750 December – 2024 (9,423)
U.S. Treasury Note 2 yr Long USD 61 12,660,359 December – 2024 (12,865)
            $(423,162)
Uncleared Swap Agreements
Maturity
Date
Notional
Amount
Counterparty Cash Flows
to Receive/
Frequency
Cash Flows
to Pay/
Frequency
Unrealized
Appreciation
(Depreciation)
  Net Unamortized
Upfront Payments
(Receipts)
  Value
Asset Derivatives          
Credit Default Swaps           
6/20/28 EUR 130,000 Barclays Bank PLC 5.00% / Quarterly (1) $8,518   $14,565   $23,083
(1) Fund, as protection seller, to pay notional amount upon a defined credit event by Glencore PLC, 1.75%, 3/17/25, a BBB+ rated bond. The fund entered into the contract to gain issuer exposure. 
The credit ratings presented here are an indicator of the current payment/performance risk of the related swap agreement, the reference obligation for which may be either a single security or, in the case of a credit default swap index, a basket of securities issued by corporate or sovereign issuers. Ratings are assigned to each reference security, including each individual security within a reference basket of 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). The ratings for a credit default swap index are calculated by MFS as a weighted average of the external credit ratings of the individual securities that compose the index's reference basket of securities.
Although contract-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium, each as defined in the 2003 International Swaps and Derivatives Association (ISDA) Credit Derivatives Definitions as amended by the relevant contract.   Restructuring is generally not applicable when the reference obligation is issued by a North American corporation and obligation acceleration, obligation default, or repudiation/moratorium are generally only applicable when the reference obligation is issued by a sovereign entity or an entity in an emerging country.  The maximum amount of future, undiscounted payments that the fund, as protection seller, could be required to make is equal to the swap agreement’s notional amount.                                                                                                    
At August 31, 2024, the fund had cash collateral of $620,000 and other liquid securities with an aggregate value of $949,509 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.
22

Supplemental Information
8/31/24 (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, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. 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. 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. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. 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).
23

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 August 31, 2024 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities:        
United States $1,959,698 $— $139,956 $2,099,654
Luxembourg 223,708 223,708
United Kingdom 2,212 2,212
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents 56,070,160 56,070,160
Non - U.S. Sovereign Debt 75,836,556 75,836,556
Municipal Bonds 1,212,581 1,212,581
U.S. Corporate Bonds 164,161,214 164,161,214
Residential Mortgage-Backed Securities 7,992,245 7,992,245
Commercial Mortgage-Backed Securities 5,370,091 5,370,091
Asset-Backed Securities (including CDOs) 5,239,560 5,239,560
Foreign Bonds 52,858,061 52,858,061
Mutual Funds 13,398,947 13,398,947
Total $15,358,645 $368,966,388 $139,956 $384,464,989
Other Financial Instruments        
Futures Contracts – Assets $337,130 $— $— $337,130
Futures Contracts – Liabilities (423,162) (423,162)
Forward Foreign Currency Exchange Contracts – Assets 565,036 565,036
Forward Foreign Currency Exchange Contracts – Liabilities (1,948,197) (1,948,197)
Swap Agreements – Assets 23,083 23,083
For further information regarding security characteristics, see the Portfolio of Investments.
The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.
  Equity
Securities
Balance as of 11/30/23 $219,045
Change in unrealized appreciation or depreciation (79,089)
Balance as of 8/31/24 $139,956
At August 31, 2024, the fund held one level 3 security.
(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:
Affiliated Issuers Beginning
Value
Purchases Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio $4,523,758 $112,603,656 $103,730,146 $(317) $1,996 $13,398,947
Affiliated Issuers Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio $392,584 $—
24

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