Semiannual Report

April 30, 2025

MFS^®  Multimarket
Income Trust

MMT-SEM

MANAGED DISTRIBUTION POLICY DISCLOSURE

The MFS Multimarket 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^® Multimarket
Income Trust

New York Stock Exchange Symbol: MMT

Portfolio composition	1
Portfolio managers’ profiles	4
Other notes	5
Portfolio of investments	6
Statement of assets and liabilities	40
Statement of operations	42
Statements of changes in net assets	44
Statement of cash flows	45
Financial highlights	46
Notes to financial statements	48
Report of independent registered public accounting firm	63
Proxy voting policies and information	64
Quarterly portfolio disclosure	64
Further information	64
Information about fund contracts and legal claims	64

    

Contact information

back cover

    

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

Portfolio Composition

1

Portfolio Composition - continued

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

AAA	4.5%
AA	3.8%
A	16.0%
BBB	31.2%
BB	36.3%
B	26.3%
CCC	7.8%
CC	0.5%
C (o)	0.0%
U.S. Government	5.3%
Not Rated	(21.3)%
Non-Fixed Income	0.1%
Cash & Cash Equivalents  (Less Liabilities) (b)	(33.8)%
Other (q)	23.3%

(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. 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.

(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.

2

Portfolio Composition - continued

(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.

(o)	Less than 0.1%.

(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 April 30, 2025.

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 Portfolio Manager	2017	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.
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.

4

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.

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 distribution 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

4/30/25 (unaudited)

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

Issuer			Shares/Par	Value ($)
Bonds – 132.1%
Aerospace & Defense – 2.5%
Axon Enterprise, Inc., 6.125%, 3/15/2030 (n)		$	494,000	$502,597
Boeing Co., 6.388%, 5/01/2031			134,000	142,987
Boeing Co., 5.805%, 5/01/2050			1,213,000	1,136,961
Bombardier, Inc., 7.5%, 2/01/2029 (n)			314,000	323,449
Bombardier, Inc., 8.75%, 11/15/2030 (n)			238,000	255,020
Bombardier, Inc., 7.25%, 7/01/2031 (n)			252,000	258,011
Bombardier, Inc., 7%, 6/01/2032 (n)			253,000	255,968
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)			405,000	404,028
Huntington Ingalls Industries, Inc., 4.2%, 5/01/2030			230,000	221,965
Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035			286,000	291,429
Moog, Inc., 4.25%, 12/15/2027 (n)			459,000	442,775
TransDigm, Inc., 5.5%, 11/15/2027			464,000	461,791
TransDigm, Inc., 6.75%, 8/15/2028 (n)			309,000	315,209
TransDigm, Inc., 4.625%, 1/15/2029			554,000	532,855
TransDigm, Inc., 6.375%, 3/01/2029 (n)			302,000	307,651
TransDigm, Inc., 6.875%, 12/15/2030 (n)			861,000	887,134
				$6,739,830
Apparel Manufacturers – 0.2%
LVMH Moet Hennessy Louis Vuitton SE, 2.625%, 3/07/2029 (w)		EUR	400,000	$453,100
Asset-Backed & Securitized – 3.9%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.113%, 11/15/2054 (i)		$	3,666,126	$147,184
AA Bond Co. Ltd., 6.85%, 7/31/2050		GBP	220,000	300,824
AmeriCredit Automobile Receivables Trust, 2024-1, “A”, 5.61%, 1/12/2027 (n)		$	1,990	1,991
Angel Oak Mortgage Trust, 2024-13, “A1”, 5.464%, 12/26/2069 (n)			301,010	300,938
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 7.345% (SOFR - 30 day + 3%), 1/15/2037 (n)			600,000	599,399
AREIT 2022-CRE6 Trust, “D”, FLR, 7.2% (SOFR - 30 day + 2.85%), 1/20/2037 (n)			126,000	125,419
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)			60,775	61,252
Bain Capital Credit CLO Ltd., 2021-7A, “BR”, FLR, 5.772% (SOFR - 3mo. + 1.5%), 1/22/2035 (n)			390,025	384,819
Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.034% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)			223,448	435,218

6

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.711%, 4/15/2053 (i)		$	955,945	$48,120
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.334%, 7/15/2054 (i)			918,577	49,975
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.704%, 2/15/2054 (i)			6,411,165	447,351
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.363%, 2/15/2054 (i)			3,996,067	207,462
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.254%, 3/15/2054 (i)			2,028,680	89,303
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.994%, 6/15/2054 (i)			7,085,503	255,283
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.35%, 7/15/2054 (i)			6,933,296	376,865
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.809%, 7/15/2055 (i)			8,708,503	367,833
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 6.736% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n)			100,000	98,966
Business Jet Securities LLC, 2024-1A, “B”, 6.924%, 5/15/2039 (n)			85,093	86,153
Business Jet Securities LLC, 2024-2A, “A”, 5.364%, 9/15/2039 (n)			144,545	143,540
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			89,945	88,552
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)			99,305	99,879
Colt Funding LLC, 2024-1, “A2”, 5.987%, 2/25/2069 (n)			100,549	100,738
Colt Funding LLC, 2024-6, “A1”, 5.39%, 11/25/2069 (n)			252,796	253,258
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.872%, 4/15/2054 (i)			3,591,613	116,593
Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(p)			4,586,320	46
ELM Trust, 2024-ELM, “D10”, 6.626%, 6/10/2039 (n)			100,000	100,615
Enterprise Fleet Financing 2024-3 LLC, “A2”, 5.31%, 4/20/2027 (n)			94,843	95,157
EQT Trust, 2024-EXTR, “B”, 5.654%, 7/05/2041 (n)			169,941	172,068
LoanCore 2021-CRE5 Ltd., “B”, FLR, 6.436% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n)			464,500	462,367
LoanCore 2025-CRE8 Ltd., “B”, FLR, 6.169% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n)			300,000	294,742
M&T Bank Auto Receivables Trust, 2025-1, “A-2A”, 4.63%, 5/15/2028 (n)			176,000	176,158

7

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
MF1 2021-FL5 Ltd., “C”, FLR, 6.142% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n)		$	401,500	$399,928
MF1 2021-FL5 Ltd., “D”, FLR, 6.943% ((SOFR - 1mo. + 0.11448%) + 2.5%), 7/15/2036 (n)			745,000	741,833
MF1 2021-FL6 Ltd., “B”, FLR, 6.084% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n)			1,000,000	981,261
MF1 2024-FL14 LLC, “A”, FLR, 6.056% (SOFR - 1mo. + 1.737%), 3/19/2039 (n)			200,000	200,208
MF1 2024-FL14 LLC, “AS”, FLR, 6.56% (SOFR - 1mo. + 2.24%), 3/19/2039 (n)			100,000	100,124
MF1 2024-FL14 LLC, “B”, FLR, 7.009% (SOFR - 1mo. + 2.689%), 3/19/2039 (n)			328,594	329,334
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.402%, 5/15/2054 (i)			1,805,830	92,585
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.288%, 6/15/2054 (i)			2,656,390	119,919
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)			239,000	239,950
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)			56,000	56,222
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)			91,086	91,392
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)			75,802	76,157
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 6.292% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n)			340,000	338,467
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.628%, 4/15/2054 (i)			2,268,927	145,038
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.619%, 8/15/2054 (i)			1,926,535	130,069
				$10,530,555
Automotive – 1.3%
Adient Global Holdings Ltd., 7.5%, 2/15/2033 (n)		$	248,000	$234,999
Allison Transmission, Inc., 3.75%, 1/30/2031 (n)			906,000	813,939
Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n)			404,000	391,913
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			555,000	383,548
Ford Motor Co., 6.1%, 8/19/2032			65,000	62,344
Ford Motor Credit Co. LLC, 6.95%, 6/10/2026			281,000	283,947
Ford Motor Credit Co. LLC, 5.8%, 3/08/2029			400,000	392,721
Hyundai Capital America, 6.375%, 4/08/2030 (n)			228,000	238,381
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)			422,000	314,818
Wabash National Corp., 4.5%, 10/15/2028 (n)			543,000	457,280
				$3,573,890

8

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Broadcasting – 1.3%
Banijay Group S.A.S., 8.125%, 5/01/2029 (n)		$	600,000	$614,883
Discovery Communications LLC, 4.125%, 5/15/2029			127,000	118,743
Gray Media, Inc., 10.5%, 7/15/2029 (n)			197,000	202,217
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)			543,000	512,385
Prosus N.V., 3.061%, 7/13/2031 (n)			325,000	280,565
Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n)			448,000	443,457
Univision Communications, Inc., 8%, 8/15/2028 (n)			304,000	295,290
Univision Communications, Inc., 8.5%, 7/31/2031 (n)			548,000	517,464
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032			131,000	112,173
WMG Acquisition Corp., 3.75%, 12/01/2029 (n)			213,000	196,943
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)			236,000	217,020
				$3,511,140
Brokerage & Asset Managers – 2.2%
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)		$	620,000	$638,648
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)			505,000	543,760
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)			214,000	209,230
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034			576,000	612,025
Hightower Holding LLC, 6.75%, 4/15/2029 (n)			371,000	354,750
Hightower Holding LLC, 9.125%, 1/31/2030 (n)			224,000	229,040
Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n)			1,445,000	1,420,261
Low Income Investment Fund, 3.386%, 7/01/2026			185,000	181,509
Low Income Investment Fund, 3.711%, 7/01/2029			490,000	465,927
LPL Holdings, Inc., 4%, 3/15/2029 (n)			630,000	606,426
LPL Holdings, Inc., 5.65%, 3/15/2035			332,000	328,294
LSEG US Financial Corp., 5.297%, 3/28/2034 (n)			272,000	276,177
				$5,866,047
Building – 3.4%
ABC Supply Co., Inc., 3.875%, 11/15/2029 (n)		$	427,000	$394,160
AmeriTex Holdco Intermediate LLC, 10.25%, 10/15/2028 (n)			497,000	511,978
BCPE Ulysses Intermediate, Inc., 7.75% (7.75% Cash or 8.5% PIK), 4/01/2027 (n)(p)			197,000	191,121
Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n)			419,000	281,052
Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n)			197,000	171,393
Crh Finance (U.K.) PLC, 4.125%, 12/02/2029		GBP	370,000	481,467
Ferguson Enterprises, Inc., 5%, 10/03/2034		$	369,000	357,096
Foundation Building Materials LLC, 6%, 3/01/2029 (n)			610,000	514,162
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			795,000	747,609
Holcim Finance US LLC, 4.95%, 4/07/2030 (n)			169,000	170,754
Holcim Finance US LLC, 5.4%, 4/07/2035 (n)			112,000	111,944
Knife River Corp., 7.75%, 5/01/2031 (n)			604,000	631,794

9

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Building – continued
LBM Acquisition LLC, 6.25%, 1/15/2029 (n)		$	369,000	$323,348
Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n)			152,000	152,109
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			604,000	544,307
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)			363,000	352,374
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			193,000	193,040
Patrick Industries, Inc., 6.375%, 11/01/2032 (n)			735,000	713,559
Quikrete Holdings Inc., 6.375%, 3/01/2032 (n)			497,000	499,801
Standard Building Solutions, Inc., 6.5%, 8/15/2032 (n)			312,000	315,886
Standard Industries, Inc., 4.75%, 1/15/2028 (n)			338,000	330,781
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			522,000	486,825
Vulcan Materials Co., 5.7%, 12/01/2054			207,000	197,824
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)			669,000	651,840
				$9,326,224
Business Services – 2.7%
Accenture Capital, Inc., 4.25%, 10/04/2031		$	311,000	$307,674
Accenture Capital, Inc., 4.5%, 10/04/2034			288,000	277,584
ams OSRAM AG, 10.5%, 3/30/2029		EUR	360,000	404,768
athenahealth, Inc., 6.5%, 2/15/2030 (n)		$	547,000	522,851
Engineering Ingegneria Informatica S.p.A., 11.125%, 5/15/2028		EUR	180,000	215,240
Engineering Ingegneria Informatica S.p.A., 8.625%, 2/15/2030			100,000	117,037
Euronet Worldwide, Inc., 1.375%, 5/22/2026			420,000	466,614
Experian Finance PLC, 3.51%, 12/15/2033			350,000	397,338
Fiserv Funding ULC, 3.5%, 6/15/2032 (w)			370,000	417,624
Fiserv, Inc., 4.4%, 7/01/2049		$	508,000	398,933
Global Payments, Inc., 4.875%, 3/17/2031		EUR	310,000	367,236
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)		$	320,000	315,489
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)			460,000	452,912
Iron Mountain, Inc., 5.625%, 7/15/2032 (n)			421,000	408,295
Iron Mountain, Inc., 6.25%, 1/15/2033 (n)			346,000	345,367
Mastercard, Inc., 4.55%, 1/15/2035			308,000	300,857
Mastercard, Inc., 3.85%, 3/26/2050			150,000	117,111
Paychex, Inc., 5.1%, 4/15/2030			151,000	153,259
Paychex, Inc., 5.35%, 4/15/2032			239,000	242,771
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n)			449,000	455,397
Visa, Inc., 3.875%, 5/15/2044 (w)		EUR	210,000	235,046

10

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Business Services – continued
Wolters Kluwer N.V., 3.375%, 3/20/2032		EUR	300,000	$345,166
				$7,264,569
Cable TV – 3.9%
Cable One, Inc., 4%, 11/15/2030 (n)		$	683,000	$555,545
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			1,670,000	1,576,539
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,164,000	1,080,872
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032			344,000	305,637
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)			476,000	400,977
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029			581,000	601,673
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			233,000	173,556
CSC Holdings LLC, 5.375%, 2/01/2028 (n)			700,000	611,721
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			800,000	401,231
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			250,000	171,342
DIRECTV Financing LLC, 8.875%, 2/01/2030 (n)			227,000	216,599
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n)			149,000	141,102
DISH DBS Corp., 7.75%, 7/01/2026			330,000	286,837
DISH DBS Corp., 5.125%, 6/01/2029			316,000	197,852
DISH Network Corp., 11.75%, 11/15/2027 (n)			325,000	341,558
EchoStar Corp., 10.75%, 11/30/2029			497,194	525,799
Videotron Ltd., 3.625%, 6/15/2029 (n)			511,000	483,554
Videotron Ltd., 5.7%, 1/15/2035 (n)			183,000	182,054
Virgin Media Finance PLC, 5%, 7/15/2030 (n)			715,000	626,847
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			769,000	743,738
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)			1,095,000	970,743
				$10,595,776
Chemicals – 1.5%
Arkema S.A., 3.5%, 9/12/2034		EUR	300,000	$332,536
Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n)		$	437,000	439,731
Chemours Co., 4.625%, 11/15/2029 (n)			735,000	615,472
Chemours Co., 8%, 1/15/2033 (n)			199,000	179,323
Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n)			150,000	144,589
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)			550,000	428,032
DSM B.V., 3.375%, 2/25/2036		EUR	160,000	177,587
PPG Industries, Inc., 3.25%, 3/04/2032			280,000	314,324

11

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Chemicals – continued
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)		$	696,000	$676,010
SNF Group SACA, 3.375%, 3/15/2030 (n)			709,000	640,958
				$3,948,562
Computer Software – 0.8%
Amentum Escrow Corp., 7.25%, 8/01/2032 (n)		$	501,000	$509,636
Cloud Software Group, Inc., 8.25%, 6/30/2032 (n)			597,000	622,742
Microsoft Corp., 2.525%, 6/01/2050			529,000	327,715
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)			462,000	411,180
Oracle Corp., 4%, 7/15/2046			319,000	239,471
Sage Group PLC, 2.875%, 2/08/2034		GBP	100,000	109,158
				$2,219,902
Computer Software - Systems – 0.8%
Sabre GLBL, Inc., 8.625%, 6/01/2027 (n)		$	283,000	$270,973
Sabre GLBL, Inc., 10.75%, 11/15/2029 (n)			184,000	175,260
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			855,000	850,784
Virtusa Corp., 7.125%, 12/15/2028 (n)			317,000	302,204
Zebra Technologies Corp., “A”, 6.5%, 6/01/2032 (n)			475,000	477,209
				$2,076,430
Conglomerates – 2.0%
Amsted Industries, Inc., 6.375%, 3/15/2033 (n)		$	370,000	$371,666
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)			311,000	298,763
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			858,000	815,796
Emerald Debt Merger, 6.625%, 12/15/2030 (n)			688,000	697,707
Gates Corp., 6.875%, 7/01/2029 (n)			399,000	404,837
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n)			358,000	347,319
Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n)			404,000	410,113
Regal Rexnord Corp., 6.05%, 4/15/2028			667,000	684,185
Regal Rexnord Corp., 6.3%, 2/15/2030			224,000	231,352
SPX Flow, Inc., 8.75%, 4/01/2030 (n)			499,000	503,148
Veralto Corp., 4.15%, 9/19/2031		EUR	273,000	319,641
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034		$	215,000	220,850
				$5,305,377
Construction – 0.7%
Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n)		$	393,000	$379,708
Empire Communities Corp., 9.75%, 5/01/2029 (n)			556,000	542,489
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			108,000	104,909
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			391,000	357,685

12

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Construction – continued
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)		$	418,000	$390,954
				$1,775,745
Consumer Products – 1.9%
Acushnet Co., 7.375%, 10/15/2028 (n)		$	507,000	$524,635
Amer Sports Co., 6.75%, 2/16/2031 (n)			569,000	575,511
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n)			396,000	339,838
Champ Acquisition Corp., 8.375%, 12/01/2031 (n)			349,000	367,663
Kenvue, Inc., 5.05%, 3/22/2053			314,000	291,483
MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n)			99,000	72,829
Newell Brands, Inc., 6.375%, 5/15/2030			546,000	497,021
Newell Brands, Inc., 6.625%, 5/15/2032			299,000	268,048
Opal Bidco S.A.S., 5.5%, 3/31/2032 (n)		EUR	240,000	270,745
Opal Bidco S.A.S., 6.5%, 3/31/2032 (n)		$	254,000	254,064
Perrigo Finance Unlimited Co., 6.125%, 9/30/2032			698,000	692,865
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			529,000	524,597
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)			500,000	451,401
				$5,130,700
Consumer Services – 2.4%
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)		$	351,000	$352,246
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	375,110
Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n)			172,000	175,674
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			573,000	512,322
Emeria S.A.S.U., 7.75%, 3/31/2028		EUR	297,000	302,818
Garda World Security Corp., 8.375%, 11/15/2032 (n)		$	543,000	535,628
GoDaddy, Inc., 3.5%, 3/01/2029 (n)			726,000	676,286
Meituan, 4.5%, 4/02/2028 (n)			332,000	330,722
Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n)			498,000	485,722
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)			213,000	168,207
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			419,000	307,827
Securitas AB, 3.375%, 5/20/2032		EUR	190,000	213,808
Service Corp. International, 5.75%, 10/15/2032		$	832,000	821,383
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n)			353,000	316,510
TriNet Group, Inc., 3.5%, 3/01/2029 (n)			540,000	492,553
TriNet Group, Inc., 7.125%, 8/15/2031 (n)			100,000	101,784
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)			467,000	462,309
				$6,630,909

13

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Containers – 1.0%
Ball Corp., 6%, 6/15/2029		$	242,000	$246,936
Ball Corp., 2.875%, 8/15/2030			796,000	704,777
Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n)			508,000	523,404
Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/2032 (n)			146,000	149,285
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/2031 (n)			395,000	392,253
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)			611,000	603,902
				$2,620,557
Electrical Equipment – 0.2%
Arrow Electronics, Inc., 5.875%, 4/10/2034		$	238,000	$239,265
CommScope Technologies LLC, 5%, 3/15/2027 (n)			249,000	216,685
				$455,950
Electronics – 0.6%
Broadcom, Inc., 4.55%, 2/15/2032		$	502,000	$491,996
Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n)			299,000	311,295
Entegris, Inc., 4.375%, 4/15/2028 (n)			213,000	205,842
Entegris, Inc., 3.625%, 5/01/2029 (n)			227,000	209,006
Entegris, Inc., 5.95%, 6/15/2030 (n)			150,000	149,687
Intel Corp., 5.7%, 2/10/2053			258,000	229,804
Tyco Electronics Group S.A., 2.5%, 5/06/2028 (w)		EUR	110,000	124,398
				$1,722,028
Emerging Market Quasi-Sovereign – 5.7%
Abu Dhabi Developmental Holding Co. PJSC, 5.5%, 5/08/2034 (n)		$	944,000	$980,176
Bank Gospodarstwa Krajowego (Republic of Poland), 5.75%, 7/09/2034 (n)			940,000	960,746
CEZ A.S. (Czech Republic), 4.125%, 4/30/2033		EUR	370,000	418,761
Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n)		$	507,325	503,901
Corporacion Financiera de Desarrollo S.A. (Republic of Peru), 5.5%, 5/06/2030 (n)(w)			200,000	200,492
Development Bank of Kazakhstan JSC, 5.25%, 10/23/2029 (n)			200,000	197,908
Empresa Nacional del Petroleo (Republic of Chile), 5.95%, 7/30/2034 (n)			425,000	429,137
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n)			1,052,000	1,037,567
Export-Import Bank of India, 3.375%, 8/05/2026			1,366,000	1,345,041
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)			700,000	624,599
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			1,000,000	990,000
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)			490,000	498,755

14

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), 6.7%, 10/17/2028		$	268,000	$273,119
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n)			285,000	287,707
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n)			373,000	349,855
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)			600,000	439,500
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	883,304
Petroleos Mexicanos, 6.7%, 2/16/2032			499,000	427,723
Petroleos Mexicanos, 6.75%, 9/21/2047			634,000	425,810
PETRONAS Capital Ltd. (Federation of Malaysia), 4.95%, 1/03/2031 (n)			534,000	541,847
PETRONAS Capital Ltd. (Federation of Malaysia), 5.34%, 4/03/2035 (n)			462,000	469,352
PT Perusahaan Listrik Negara (Republic of Indonesia), 4%, 6/30/2050 (n)			488,000	338,115
Qatar Petroleum, 3.125%, 7/12/2041			355,000	260,780
Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n)			410,000	380,890
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026			767,000	774,670
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030			1,152,000	1,198,080
Uzbek Industrial and Construction Bank ATB (Republic of Uzbekistan), 8.95%, 7/24/2029 (n)			388,000	396,924
				$15,634,759
Emerging Market Sovereign – 8.3%
Dominican Republic, 5.5%, 2/22/2029 (n)		$	747,000	$735,608
Dominican Republic, 5.875%, 1/30/2060 (n)			927,000	762,040
Federal Republic of Nigeria, 7.875%, 2/16/2032			320,000	277,216
Kingdom of Morocco, 1.375%, 3/30/2026		EUR	758,000	843,090
Kingdom of Morocco, 3%, 12/15/2032 (n)		$	448,000	369,394
Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n)			363,000	368,607
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	11,700,000	260,232
Oriental Republic of Uruguay, 9.75%, 7/20/2033			10,000,000	238,605
Republic of Albania, 4.75%, 2/14/2035 (n)		EUR	171,000	184,620
Republic of Angola, 8.25%, 5/09/2028		$	491,000	416,417
Republic of Angola, 9.375%, 5/08/2048			400,000	280,336
Republic of Argentina, 4.125%, 7/09/2035			1,047,289	698,420
Republic of Bulgaria, 5%, 3/05/2037			408,000	394,685
Republic of Chile, 3.1%, 1/22/2061			672,000	396,816
Republic of Costa Rica, 7.3%, 11/13/2054			391,000	397,820

15

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Cote d'Ivoire, 5.25%, 3/22/2030		EUR	802,000	$849,945
Republic of Guatemala, 6.05%, 8/06/2031 (n)		$	420,000	417,547
Republic of Guatemala, 6.125%, 6/01/2050 (n)			564,000	499,845
Republic of Hungary, 5.5%, 6/16/2034 (n)			970,000	935,298
Republic of India, 7.18%, 8/14/2033		INR	58,000,000	720,046
Republic of Korea, 1.375%, 6/10/2030		KRW	8,300,000,000	5,537,180
Republic of Paraguay, 5.6%, 3/13/2048		$	1,049,000	919,365
Republic of Peru, 5.375%, 2/08/2035			422,000	415,485
Republic of Philippines, 3.556%, 9/29/2032			327,000	299,490
Republic of Serbia, 1.65%, 3/03/2033		EUR	115,000	103,437
Republic of Serbia, 6%, 6/12/2034 (n)		$	689,000	680,346
Republic of Serbia, 2.05%, 9/23/2036 (n)		EUR	456,000	376,452
Republic of South Africa, 7.1%, 11/19/2036 (n)		$	475,000	452,753
Republic of South Africa, 7.3%, 4/20/2052			396,000	339,620
Republic of Turkey, 4.75%, 1/26/2026			521,000	518,395
Republic of Turkey, 7.625%, 5/15/2034			540,000	537,837
Republic of Turkey, 6.5%, 1/03/2035			308,000	281,842
Sultanate of Oman, 6%, 8/01/2029			406,000	418,242
Sultanate of Oman, 7%, 1/25/2051			600,000	624,159
United Mexican States, 4.75%, 4/27/2032			736,000	688,873
United Mexican States, 3.771%, 5/24/2061			430,000	244,226
				$22,484,289
Energy - Independent – 3.7%
Chord Energy Corp., 6.75%, 3/15/2033 (n)		$	299,000	$291,043
Civitas Resources, Inc., 8.375%, 7/01/2028 (n)			307,000	301,610
Civitas Resources, Inc., 8.625%, 11/01/2030 (n)			177,000	170,592
Civitas Resources, Inc., 8.75%, 7/01/2031 (n)			390,000	370,706
CNX Resources Corp., 7.25%, 3/01/2032 (n)			399,000	398,775
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)			781,000	744,441
Diamondback Energy, Inc., 5.75%, 4/18/2054			178,000	159,052
Encino Acquisition Partners Holdings LLC, 8.75%, 5/01/2031 (n)			554,000	564,081
Gulfport Energy Corp., 6.75%, 9/01/2029 (n)			598,000	589,322
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n)			547,000	529,620
Matador Resources Co., 6.875%, 4/15/2028 (n)			561,000	557,881
Matador Resources Co., 6.5%, 4/15/2032 (n)			227,000	218,651
Occidental Petroleum Corp., 6.45%, 9/15/2036			351,000	341,937
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)			524,000	511,718
Permian Resources Operating LLC, 7%, 1/15/2032 (n)			333,000	335,228
Permian Resources Operating LLC, 6.25%, 2/01/2033 (n)			203,000	198,513
Pioneer Natural Resources Co., 2.15%, 1/15/2031			410,000	359,771

16

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Independent – continued
Santos Finance Ltd., 6.875%, 9/19/2033 (n)		$	276,000	$290,861
Sitio Royalties Operating Partnership LP, 7.875%, 11/01/2028 (n)			588,000	604,278
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n)			422,000	413,782
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			1,025,000	1,005,038
Viper Energy, Inc., 7.375%, 11/01/2031 (n)			198,000	205,550
Vital Energy, Inc., 7.875%, 4/15/2032 (n)			567,000	440,498
Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n)			499,000	456,585
				$10,059,533
Energy - Integrated – 0.8%
BP Capital Markets America, Inc., 4.812%, 2/13/2033		$	243,000	$238,494
BP Capital Markets B.V., 0.933%, 12/04/2040		EUR	190,000	135,423
BP Capital Markets PLC, 6%, 2/19/2173		GBP	280,000	369,517
Exxon Mobil Corp., 1.408%, 6/26/2039		EUR	450,000	368,519
Orlen S.A., 6%, 1/30/2035		$	542,000	547,703
TotalEnergies Capital International S.A., 3.16%, 3/03/2033		EUR	400,000	449,144
				$2,108,800
Entertainment – 2.6%
Carnival Corp., 5.75%, 1/15/2030		EUR	200,000	$237,899
Carnival Corp., 5.75%, 3/15/2030 (n)		$	498,000	494,496
Carnival Corp., 6.125%, 2/15/2033 (n)			249,000	246,894
Life Time, Inc., 6%, 11/15/2031 (n)			548,000	546,282
Lindblad Expeditions Holdings, Inc., 9%, 5/15/2028 (n)			501,000	514,884
Motion Bondco DAC, 6.625%, 11/15/2027 (n)			404,000	382,065
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)			49,000	48,750
NCL Corp. Ltd., 6.25%, 3/01/2030 (n)			505,000	492,602
NCL Corp. Ltd., 6.75%, 2/01/2032 (n)			325,000	317,343
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			430,000	429,498
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)			436,000	435,553
Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n)			253,000	251,055
Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n)			1,025,000	1,027,822
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)			692,000	698,207
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)			192,000	191,610
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)			656,000	649,421
				$6,964,381

17

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – 4.3%
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)		$	626,867	$609,628
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)			388,000	385,065
Azorra Finance Ltd., 7.75%, 4/15/2030 (n)			746,000	740,241
Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 5/13/2031			320,000	277,199
Credit Acceptance Corp., 9.25%, 12/15/2028 (n)			243,000	256,805
Credit Acceptance Corp., 6.625%, 3/15/2030 (n)			392,000	384,634
CTP N.V., 3.875%, 11/21/2032		EUR	230,000	255,428
Fastighets AB Balder, 4%, 2/19/2032			440,000	491,270
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)		$	387,000	385,965
Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n)			455,000	463,504
FTAI Aviation Ltd., 5.5%, 5/01/2028 (n)			568,000	557,808
FTAI Aviation Ltd., 7.875%, 12/01/2030 (n)			383,000	400,408
Heimstaden Bostad AB, 8.375%, 1/29/2030		EUR	270,000	303,270
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029		$	384,000	379,008
Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n)			199,000	194,587
Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n)(w)			394,000	396,504
Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n)			86,000	84,395
Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n)			381,000	391,362
Muthoot Finance Ltd., 7.125%, 2/14/2028 (n)			226,000	224,574
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)			615,000	615,269
Nationstar Mortgage Holdings, Inc., 6.5%, 8/01/2029 (n)			400,000	406,557
OneMain Finance Corp., 6.625%, 5/15/2029			497,000	498,449
OneMain Finance Corp., 5.375%, 11/15/2029			317,000	303,036
OneMain Finance Corp., 7.5%, 5/15/2031			187,000	189,639
PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n)			744,000	742,962
Shriram Finance Ltd., 6.15%, 4/03/2028 (n)			731,000	718,371
Shurgard Luxembourg S.à r.l., 3.625%, 10/22/2034		EUR	400,000	440,362
Truenoord Ltd., 8.75%, 3/01/2030 (n)		$	299,000	305,423
Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n)			395,000	401,778
				$11,803,501
Food & Beverages – 5.1%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038		$	260,000	$237,621
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049			331,000	327,533
B&G Foods, Inc., 8%, 9/15/2028 (n)			449,000	445,469
Bacardi Ltd., 5.15%, 5/15/2038 (n)			530,000	480,088
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)			325,000	315,620
Barry Callebaut Services N.V., 4.25%, 8/19/2031		EUR	200,000	226,394
Bunge Ltd. Finance Corp., 4.65%, 9/17/2034		$	187,000	181,379

18

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Food & Beverages – continued
Carlsberg Breweries A.S., 3.25%, 2/28/2032		EUR	350,000	$396,689
Central American Bottling Corp., 5.25%, 4/27/2029 (n)		$	691,000	661,261
Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n)			429,000	449,333
Constellation Brands, Inc., 2.25%, 8/01/2031			290,000	248,152
Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)			339,000	355,123
Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n)			317,000	331,465
Flora Food Management B.V., 6.875%, 7/02/2029		EUR	210,000	245,396
Flowers Foods, Inc., 5.75%, 3/15/2035		$	384,000	387,436
Flowers Foods, Inc., 6.2%, 3/15/2055			220,000	218,984
Gruma S.A.B. de C.V., 5.39%, 12/09/2034 (n)			200,000	197,600
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032			1,000,000	904,745
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.5%, 12/01/2052			241,000	248,113
Kraft Heinz Foods Co., 4.375%, 6/01/2046			549,000	444,756
Mars, Inc., 4.8%, 3/01/2030 (n)			251,000	254,064
Mars, Inc., 5.2%, 3/01/2035 (n)			577,000	579,264
Mars, Inc., 5.7%, 5/01/2055 (n)			387,000	381,451
Nestle Finance International Ltd., 3.5%, 1/14/2045		EUR	280,000	300,954
Performance Food Group Co., 5.5%, 10/15/2027 (n)		$	678,000	672,442
Performance Food Group Co., 6.125%, 9/15/2032 (n)			338,000	338,100
Pernod Ricard S.A., 3.25%, 3/03/2032		EUR	600,000	669,093
Post Holdings, Inc., 4.625%, 4/15/2030 (n)		$	788,000	742,773
Post Holdings, Inc., 6.25%, 10/15/2034 (n)			219,000	217,182
Primo Water Holdings Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n)			875,000	830,213
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			813,000	789,620
U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n)			131,000	128,316
Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n)			395,000	375,209
Viterra Finance B.V., 3.2%, 4/21/2031 (n)			263,000	238,547
				$13,820,385
Forest & Paper Products – 1.1%
Graphic Packaging International LLC, 1.512%, 4/15/2026 (n)		$	521,000	$503,224
Graphic Packaging International LLC, 6.375%, 7/15/2032 (n)			753,000	756,706
Mondi Finance PLC, 3.75%, 5/18/2033		EUR	390,000	443,358
Smurfit Kappa Treasury Co., 7.5%, 11/20/2025		$	350,000	353,860
Stora Enso Oyj, 7.25%, 4/15/2036 (n)			444,000	468,021
Veritiv Operating Co., 10.5%, 11/30/2030 (n)			448,000	467,958
				$2,993,127

19

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Gaming & Lodging – 3.1%
CCM Merger, Inc., 6.375%, 5/01/2026 (n)		$	541,000	$541,631
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)			1,025,000	1,002,430
Flutter Treasury DAC, 6.375%, 4/29/2029 (n)			514,000	525,189
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030			1,016,000	995,622
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)			585,000	517,482
Las Vegas Sands Corp., 6.2%, 8/15/2034			363,000	355,697
Marriott International, Inc., 2.85%, 4/15/2031			405,000	362,090
Melco Resorts Finance Limited, 5.375%, 12/04/2029			856,000	772,433
Sands China Ltd., 4.375%, 6/18/2030			520,000	481,484
Whitbread Group PLC, 5.5%, 5/31/2032		GBP	157,000	206,602
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)		$	788,000	756,890
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)			1,319,000	1,258,991
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			637,000	614,154
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n)			133,000	137,198
				$8,527,893
Industrial – 1.4%
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)		$	640,000	$646,015
APi Escrow Corp., 4.75%, 10/15/2029 (n)			874,000	821,894
Arcadis N.V., 4.875%, 2/28/2028		EUR	258,000	303,508
Booz Allen Hamilton, Inc., 5.95%, 4/15/2035		$	392,000	389,512
Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n)			199,000	194,192
Investor AB, 3.5%, 3/31/2034		EUR	120,000	137,080
Prysmian S.p.A., 3.625%, 11/28/2028			280,000	321,877
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050		$	966,000	549,754
WSP Global, Inc., 5.548%, 11/22/2030		CAD	695,000	540,372
				$3,904,204
Insurance – 0.9%
Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n)		$	600,000	$504,109
Corebridge Financial, Inc., 4.35%, 4/05/2042			351,000	286,411
Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052			236,000	238,618
MetLife, Inc., 5.3%, 12/15/2034			419,000	425,651
Nippon Life Insurance Co., 4.114% to 1/23/2035, FLR (EUR ICE Swap Rate - 5yr. + 2.6%) to 1/23/2055		EUR	170,000	188,024
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)		$	446,000	465,832

20

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Insurance – continued
Swiss Life Finance I AG, 3.75%, 3/24/2035		EUR	380,000	$431,360
				$2,540,005
Insurance - Health – 0.6%
Elevance Health, Inc., 5.375%, 6/15/2034		$	292,000	$295,719
Humana, Inc., 5.55%, 5/01/2035			531,000	526,888
UnitedHealth Group, Inc., 5.15%, 7/15/2034			573,000	574,836
UnitedHealth Group, Inc., 4.625%, 7/15/2035			294,000	283,459
				$1,680,902
Insurance - Property & Casualty – 3.0%
Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n)		$	397,000	$406,201
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)			447,000	423,480
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)			410,000	395,790
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n)			400,000	405,959
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n)			758,000	756,446
American International Group, Inc., 5.125%, 3/27/2033			356,000	355,644
AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n)			249,000	251,967
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)			357,000	340,838
Arthur J. Gallagher & Co., 5%, 2/15/2032			79,000	79,314
Arthur J. Gallagher & Co., 6.5%, 2/15/2034			109,000	118,217
Arthur J. Gallagher & Co., 5.75%, 3/02/2053			238,000	228,114
Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n)			729,000	741,752
Brown & Brown, Inc., 5.65%, 6/11/2034			104,000	105,173
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027		CAD	672,000	495,898
Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054		$	402,000	402,779
Hub International Ltd., 5.625%, 12/01/2029 (n)			255,000	249,103
Hub International Ltd., 7.25%, 6/15/2030 (n)			760,000	788,305
Hub International Ltd., 7.375%, 1/31/2032 (n)			208,000	214,290
Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031			302,000	305,323
Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055			319,000	303,658
Panther Escrow Issuer, 7.125%, 6/01/2031 (n)			772,000	790,910
				$8,159,161
Interactive Media Services – 0.1%
Snap, Inc., 6.875%, 3/01/2033 (n)		$	347,000	$346,561

21

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Quasi-Sovereign – 1.9%
Electricite de France S.A., 4.625%, 5/07/2045 (w)		EUR	100,000	$111,396
Electricite de France S.A., 6.5%, 11/08/2064		GBP	300,000	375,566
EnBW International Finance B.V. (Federal Republic of Germany), 4.3%, 5/23/2034		EUR	215,000	256,928
EnBW International Finance B.V. (Federal Republic of Germany), 3.75%, 11/20/2035			280,000	317,043
ESB Finance DAC (Republic of Ireland), 1.875%, 6/14/2031			305,000	323,509
Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027			510,000	552,395
Islandsbanki hf. (Republic of Iceland), 3.875%, 9/20/2030			310,000	353,989
Landsbankinn hf. (Republic of Iceland), 3.75%, 10/08/2029			435,000	498,536
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)		$	425,000	370,511
P3 Group S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/26/2029		EUR	270,000	286,009
P3 Group S.à r.l. (Grand Duchy of Luxembourg), 4%, 4/19/2032			280,000	316,053
RTE Reseau de Transport d'Electricite (Republic of France), 3.5%, 10/02/2036			500,000	566,233
Swisscom Finance, 3.5%, 11/29/2031			500,000	582,065
Wolf Midstream Canada LP, 6.4%, 7/18/2029 (n)		CAD	519,000	386,822
				$5,297,055
International Market Sovereign – 4.5%
Commonwealth of Australia, 3.75%, 4/21/2037		AUD	7,638,000	$4,653,816
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	239,000	207,399
Government of Bermuda, 5%, 7/15/2032 (n)			731,000	718,710
Government of Canada, 3.25%, 12/01/2034		CAD	4,313,000	3,173,775
Kingdom of Spain, 3.45%, 10/31/2034 (n)		EUR	1,400,000	1,634,197
Republic of Italy, 4.15%, 10/01/2039 (n)			1,585,000	1,839,915
				$12,227,812
Internet – 0.1%
Alphabet, Inc., 4%, 5/06/2054 (w)		EUR	199,000	$223,238
Local Authorities – 0.3%
Alliander N.V., 3.5%, 5/06/2037 (w)		EUR	290,000	$328,509
Province of Alberta, 1.65%, 6/01/2031		CAD	553,000	368,195
Province of British Columbia, 2.95%, 6/18/2050			405,000	227,609
				$924,313

22

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Machinery & Tools – 0.6%
AGCO Corp., 5.8%, 3/21/2034		$	219,000	$217,539
Manitowoc Co., Inc., 9.25%, 10/01/2031 (n)			354,000	358,867
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)			1,014,000	1,063,163
				$1,639,569
Major Banks – 6.4%
Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029		$	349,000	$356,490
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032			409,000	361,749
Bank of America Corp., 5.425% to 8/15/2034, FLR (SOFR - 1 day + 1.913%) to 8/15/2035			361,000	353,333
Barclays PLC, 5.746% to 7/31/2031, FLR (SONIA + 1.614%) to 7/31/2032		GBP	550,000	738,898
BNP Paribas S.A., 5.283% to 11/19/2029, FLR (SOFR - 1 day + 1.28%) to 11/19/2030 (n)		$	467,000	472,257
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)			688,000	605,777
Danske Bank A.S., 1.549%, 9/10/2027 (n)			361,000	346,983
Danske Bank A.S., 4.613% to 10/02/2029, FLR (CMT - 1yr. + 1.1%) to 10/02/2030 (n)			390,000	386,200
Danske Bank A.S., 3.25% to 1/14/2032, FLR (EUR ICE Swap Rate - 1yr. + 0.9%) to 1/14/2033		EUR	430,000	488,247
Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + 1.21%) to 1/10/2029		$	440,000	445,898
Erste Group Bank AG, 3.25% to 1/14/2032, FLR (EURIBOR - 3mo. +0.98%) to 1/14/2033		EUR	600,000	674,865
Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030		$	216,000	215,472
Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035			495,000	479,637
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026			271,000	270,275
HSBC Holdings PLC, 5.13% to 3/03/2030, FLR (SOFR - 1 day + 1.29%) to 3/03/2031			347,000	349,767
ING Groep N.V., 3.375%, 11/19/2032		EUR	300,000	338,522
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030		$	343,000	355,436
JPMorgan Chase & Co., 4.603% to 10/22/2029, FLR (SOFR - 1 day + 1.04%) to 10/22/2030			546,000	545,631
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032			639,000	548,625
JPMorgan Chase & Co., 3.588%, 1/23/2036		EUR	400,000	444,037

23

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
mBank S.A., 4.034% to 9/27/2029, FLR (EURIBOR - 3mo. + 1.75%) to 9/27/2030		EUR	400,000	$454,273
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032		$	550,000	477,087
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027			312,000	302,930
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031			550,000	521,925
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034			222,000	224,335
Morgan Stanley, 5.213%, 10/24/2035		GBP	560,000	727,434
Nationwide Building Society, 5.532% to 1/13/2032, FLR (BPISDS01 + 1.474%) to 1/13/2033			600,000	803,040
Nationwide Building Society, 4%, 7/30/2035		EUR	320,000	363,010
NatWest Group PLC, 3.673% to 8/05/2030, FLR (EURIBOR - 3mo. + 1.097%) to 8/05/2031			170,000	196,078
NatWest Markets PLC, 3.125%, 1/10/2030			510,000	581,030
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035		$	287,000	292,521
PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR (SOFR - 1 day + 1.394%) to 1/29/2036			176,000	178,146
Société Générale S.A., 3.75% to 7/15/2030, FLR (EURIBOR - 3mo. + 1.45%) to 7/15/2031		EUR	200,000	228,205
Société Générale S.A., 3.75%, 5/17/2035			300,000	334,064
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)		$	1,356,000	1,160,677
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n)			530,000	525,065
UniCredit S.p.A., 3.8% to 1/16/2032, FLR (EURIBOR - 3mo. +1.4%) to 1/16/2033		EUR	660,000	753,957
Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + 1.11%) to 1/24/2031		$	262,000	267,433
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033			268,000	240,631
				$17,409,940
Medical & Health Technology & Services – 3.7%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	765,000	$716,402
Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n)			395,000	394,657
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)			427,000	443,568
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)			525,000	480,610
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			356,000	356,177

24

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical & Health Technology & Services – continued
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)		$	295,000	$201,159
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			1,190,000	1,015,251
Concentra, Inc., 6.875%, 7/15/2032 (n)			531,000	543,636
Encompass Health Corp., 5.75%, 9/15/2025			52,000	51,875
Encompass Health Corp., 4.75%, 2/01/2030			643,000	624,780
Encompass Health Corp., 4.625%, 4/01/2031			202,000	192,301
HCA, Inc., 5.45%, 9/15/2034			131,000	129,984
HCA, Inc., 5.125%, 6/15/2039			235,000	216,722
IQVIA, Inc., 5%, 5/15/2027 (n)			654,000	648,785
IQVIA, Inc., 6.5%, 5/15/2030 (n)			400,000	406,411
Lifepoint Health, Inc., 9.875%, 8/15/2030 (n)			293,000	311,671
Lifepoint Health, Inc., 11%, 10/15/2030 (n)			322,000	352,476
Lifepoint Health, Inc., 10%, 6/01/2032 (n)			212,000	205,640
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			318,000	190,055
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			205,000	198,611
Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n)			408,000	407,074
Tenet Healthcare Corp., 6.125%, 10/01/2028			329,000	328,213
Tenet Healthcare Corp., 6.125%, 6/15/2030			888,000	891,045
Thermo Fisher Scientific Finance I B.V., 2%, 10/18/2051		EUR	330,000	242,083
U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n)		$	491,000	498,454
				$10,047,640
Medical Equipment – 0.8%
Insulet Corp., 6.5%, 4/01/2033 (n)		$	346,000	$352,991
Medline Borrower LP, 3.875%, 4/01/2029 (n)			256,000	238,802
Medline Borrower LP, 5.25%, 10/01/2029 (n)			727,000	690,386
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n)			354,000	356,709
Stryker Corp., 5.2%, 2/10/2035			468,000	471,656
				$2,110,544
Metals & Mining – 2.0%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)		$	371,000	$380,389
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)			533,000	468,351
Cleveland-Cliffs, Inc., 7%, 3/15/2032 (n)			348,000	326,941
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			1,511,000	1,367,503
Mineral Resources Ltd., 9.25%, 10/01/2028 (n)			199,000	188,197
Novelis, Inc., 4.75%, 1/30/2030 (n)			576,000	535,614
Novelis, Inc., 6.875%, 1/30/2030 (n)			300,000	304,322
Novelis, Inc., 3.875%, 8/15/2031 (n)			315,000	271,871

25

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Metals & Mining – continued
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)		$	263,919	$142,545
Rio Tinto Finance (USA) PLC, 5%, 3/14/2032			656,000	660,426
Samarco Mineracao S.A., 9% PIK to 12/30/2025, (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to 12/30/2029, 9.5% Cash to 6/30/2031 (p)			430,472	405,149
Taseko Mines Ltd., 8.25%, 5/01/2030 (n)			494,000	498,795
				$5,550,103
Midstream – 5.5%
Buckeye Partners LP, 6.75%, 2/01/2030 (n)		$	300,000	$305,252
Buckeye Partners LP, 5.85%, 11/15/2043			147,000	123,424
Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n)			169,000	174,624
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)			379,000	386,010
Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n)			602,000	617,991
DT Midstream, Inc., 4.125%, 6/15/2029 (n)			566,000	531,207
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			769,000	708,278
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054			396,000	372,583
Energy Transfer LP, 5.95%, 5/15/2054			250,000	227,277
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n)			388,462	342,046
Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029			548,000	556,938
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)			517,000	505,135
NFE Financing LLC, 12%, 11/15/2029 (n)			348,036	239,564
NuStar Logistics LP, 6.375%, 10/01/2030			599,000	608,166
Pembina Pipeline Corp., 4.81%, 3/25/2044		CAD	617,000	415,076
Peru LNG, 5.375%, 3/22/2030		$	872,570	789,035
Plains All American Pipeline LP, 5.7%, 9/15/2034			409,000	404,509
Prairie Acquiror LP, 9%, 8/01/2029 (n)			448,000	451,454
Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n)			59,000	56,399
Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n)			194,000	197,111
Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n)			203,000	199,188
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n)			581,000	548,473
Sunoco LP, 7.25%, 5/01/2032 (n)			612,000	634,653
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			849,000	825,427
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)			334,000	332,784
Targa Resources Corp., 4.2%, 2/01/2033			131,000	119,630
Targa Resources Corp., 4.95%, 4/15/2052			325,000	261,719
TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n)			298,000	299,933
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			242,000	221,630

26

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Midstream – continued
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)		$	945,000	$848,944
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)			441,000	437,946
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)			542,000	561,638
Venture Global LNG, Inc., 7%, 1/15/2030 (n)			254,000	239,268
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)			740,000	713,594
Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n)			622,000	534,631
Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n)			174,000	178,508
				$14,970,045
Municipals – 0.5%
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.641%, 7/01/2037		$	435,000	$403,807
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040			605,000	496,646
National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), “A”, 6.89%, 4/01/2034			355,000	368,308
				$1,268,761
Natural Gas - Distribution – 0.6%
Boston Gas Co., 5.843%, 1/10/2035 (n)		$	594,000	$611,699
Engie S.A., 1.375%, 2/28/2029		EUR	300,000	322,568
Vier Gas Transport GmbH, 3.375%, 11/11/2031			500,000	564,834
				$1,499,101
Natural Gas - Pipeline – 0.4%
APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)		$	362,000	$350,314
APA Infrastructure Ltd., 2.5%, 3/15/2036		GBP	740,000	716,417
APA Infrastructure Ltd., 5.75%, 9/16/2044 (n)		$	136,000	130,645
				$1,197,376
Network & Telecom – 0.8%
Altice Financing S.A., 5.75%, 8/15/2029 (n)		$	240,000	$177,005
Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n)			601,000	603,522
Iliad Holding S.A.S., 7%, 10/15/2028 (n)			640,000	647,803
Iliad Holding S.A.S., 5.375%, 4/15/2030 (n)		EUR	100,000	115,695
Iliad Holding S.A.S., 6.875%, 4/15/2031 (n)			233,000	281,455
Orange S.A., 1.375%, 9/04/2049			200,000	149,061
TDC Net A/S, 5%, 8/09/2032 (w)			100,000	114,132
Windstream Services, LLC / Windstream Escrow, 8.25%, 10/01/2031 (n)		$	199,000	203,720
				$2,292,393

27

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Oil Services – 0.4%
Nabors Industries, Inc., 8.875%, 8/15/2031 (n)		$	545,000	$369,640
U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n)			601,000	606,824
Valaris Ltd., 8.375%, 4/30/2030 (n)			247,000	231,436
				$1,207,900
Oils – 0.3%
Marathon Petroleum Corp., 5.7%, 3/01/2035		$	491,000	$480,122
Raizen Fuels Finance S.A., 6.45%, 3/05/2034 (n)			402,000	399,501
				$879,623
Other Banks & Diversified Financials – 2.4%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)		$	621,000	$656,630
AIB Group PLC, 3.75% to 3/20/2032, FLR (EUR ICE Swap Rate - 1yr. + 1.25%) to 3/20/2033		EUR	750,000	849,043
AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n)		$	400,000	407,964
AIB Group PLC, 6% to 1/14/2032, FLR (EUR ICE Swap Rate - 5yr. + 3.705%) to 7/14/2173		EUR	420,000	457,120
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n)		$	500,000	424,214
BPCE S.A., 3.875% to 2/26/2035, FLR (EURIBOR - 3mo. + 1.45%) to 2/26/2036		EUR	200,000	223,199
CaixaBank S.A., 3.75%, 1/27/2036			300,000	337,983
Commerzbank AG, 3.625%, 1/14/2032			300,000	340,535
Coventry Building Society, 3.125%, 10/29/2029			220,000	249,817
Deutsche Bank AG, 3.375% to 2/13/2030, FLR (EURIBOR - 3mo. + 1.25%) to 2/13/2031			200,000	225,115
Deutsche Bank AG, 7.125% to 4/30/2031, FLR (EUR ICE Swap Rate - 5yr. + 4.6%) to 4/30/2173			400,000	437,564
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)		$	318,000	352,522
Intesa Sanpaolo S.p.A., 7.8%, 11/28/2053 (n)			209,000	235,656
M&T Bank Corp., 6.082% to 3/13/2031, FLR (SOFR - 1 day + 2.26%) to 3/13/2032			172,000	178,973
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028			359,000	360,828
PKO Bank Polski S.A., 3.875% to 9/12/2026, FLR (EURIBOR - 3mo. + 1.4%) to 9/12/2027		EUR	340,000	388,196
Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030		$	239,000	244,194
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035			174,000	177,003
				$6,546,556

28

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Pharmaceuticals – 1.3%
1261229 B.C. Ltd., 10%, 4/15/2032 (n)		$	400,000	$391,670
AbbVie, Inc., 4.875%, 3/15/2030			243,000	248,349
AbbVie, Inc., 5.35%, 3/15/2044			226,000	218,587
AbbVie, Inc., 5.4%, 3/15/2054			282,000	270,200
Bausch Health Co., Inc., 4.875%, 6/01/2028 (n)			386,000	313,490
Bausch Health Co., Inc., 5.25%, 1/30/2030 (n)			214,000	125,275
Bristol-Myers Squibb Co., 5.5%, 2/22/2044			188,000	184,294
Eli Lilly & Co., 5.5%, 2/12/2055			418,000	419,090
Grifols S.A., 3.875%, 10/15/2028		EUR	250,000	265,512
Johnson & Johnson, 3.05%, 2/26/2033			220,000	249,649
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)		$	580,000	547,038
Sandoz Finance B.V., 4%, 3/26/2035		EUR	210,000	239,224
				$3,472,378
Pollution Control – 0.5%
GFL Environmental, Inc., 4%, 8/01/2028 (n)		$	530,000	$504,856
GFL Environmental, Inc., 3.5%, 9/01/2028 (n)			179,000	169,743
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)			349,000	362,786
Wrangler Holdco Corp., 6.625%, 4/01/2032 (n)			238,000	244,314
				$1,281,699
Precious Metals & Minerals – 0.8%
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)		$	198,000	$187,835
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)			608,000	599,308
IAMGOLD Corp., 5.75%, 10/15/2028 (n)			552,000	546,821
New Gold, Inc., 6.875%, 4/01/2032 (n)			394,000	402,968
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)			346,000	356,071
				$2,093,003
Printing & Publishing – 0.2%
News Corp., 3.875%, 5/15/2029 (n)		$	520,000	$489,250
Railroad & Shipping – 0.1%
Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055		$	397,000	$389,859
Real Estate - Healthcare – 0.2%
MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027		$	194,000	$171,401
MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n)			350,000	355,594
				$526,995

29

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Real Estate - Office – 0.8%
Alexandrite Monnet UK Holdco PLC, 10.5%, 5/15/2029		EUR	390,000	$484,877
Boston Properties LP, REIT, 3.65%, 2/01/2026		$	363,000	359,263
Boston Properties LP, REIT, 2.75%, 10/01/2026			204,000	197,784
Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.25%, 1/22/2030		EUR	200,000	227,685
Corporate Office Property LP, REIT, 2.25%, 3/15/2026		$	245,000	239,035
Corporate Office Property LP, REIT, 2%, 1/15/2029			95,000	85,022
Corporate Office Property LP, REIT, 2.75%, 4/15/2031			208,000	180,208
Cousins Properties, Inc., REIT, 5.875%, 10/01/2034			451,000	451,290
				$2,225,164
Real Estate - Other – 0.9%
EPR Properties, REIT, 3.6%, 11/15/2031		$	630,000	$556,966
Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n)			508,000	475,573
RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)			859,000	882,793
XHR LP, REIT, 4.875%, 6/01/2029 (n)			637,000	598,755
				$2,514,087
Real Estate - Retail – 0.7%
Choice Properties, REIT, 5.03%, 2/28/2031		CAD	639,000	$484,061
Hammerson PLC, 5.875%, 10/08/2036		GBP	138,000	176,150
STORE Capital Corp., REIT, 2.75%, 11/18/2030		$	347,000	304,632
STORE Capital Corp., REIT, 2.7%, 12/01/2031			266,000	225,166
WEA Finance LLC, 4.125%, 9/20/2028 (n)			322,000	315,237
WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n)			400,000	388,083
				$1,893,329
Restaurants – 0.5%
1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n)		$	383,000	$389,057
1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n)			358,000	325,792
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)			549,000	480,324
New Red Finance, Inc., 5.625%, 9/15/2029 (n)			251,000	250,169
				$1,445,342
Retailers – 1.5%
Hanesbrands, Inc., 9%, 2/15/2031 (n)		$	199,000	$206,163
Home Depot, Inc., 4.875%, 2/15/2044			129,000	117,941
Home Depot, Inc., 3.625%, 4/15/2052			379,000	274,100
L Brands, Inc., 6.625%, 10/01/2030 (n)			649,000	660,426
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n)			488,000	462,776
Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n)			351,000	323,648

30

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Retailers – continued
Maxeda DIY Holding B.V., 5.875%, 10/01/2026		EUR	310,000	$288,603
Parkland Corp., 4.625%, 5/01/2030 (n)		$	876,000	824,512
Parkland Corp., 6.625%, 8/15/2032 (n)			102,000	101,530
Penske Automotive Group Co., 3.75%, 6/15/2029			655,000	607,262
Saks Global Enterprises, 11%, 12/15/2029 (n)			250,000	151,634
				$4,018,595
Specialty Chemicals – 0.6%
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)		$	257,000	$240,125
International Flavors & Fragrances, Inc., 4.375%, 6/01/2047			448,000	337,638
International Flavors & Fragrances, Inc., 5%, 9/26/2048			411,000	341,937
Linde PLC, 1.625%, 3/31/2035		EUR	300,000	289,020
Linde PLC, 3.25%, 2/18/2037			500,000	554,062
				$1,762,782
Specialty Stores – 0.9%
Carvana Co., 9% (9% Cash or 12% PIK) to 8/15/2025, 9% Cash to 12/01/2028 (n)(p)		$	173,602	$178,471
Carvana Co., 14% (9% Cash or 14% PIK) to 8/15/2025, 9% Cash to 6/01/2031 (n)(p)			641,425	721,959
DICK'S Sporting Goods, 4.1%, 1/15/2052			427,000	292,570
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			287,000	149,550
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			322,000	110,662
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n)			815,000	759,071
Richemont International S.A., 1.625%, 5/26/2040		EUR	210,000	178,471
				$2,390,754
Supermarkets – 1.1%
Albertsons Cos., LLC / Safeway, Inc., 6.25%, 3/15/2033 (n)		$	986,000	$1,000,343
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)			677,000	692,572
Kroger Co., 5.5%, 9/15/2054			328,000	306,814
Ocado Group PLC, 10.5%, 8/08/2029		GBP	300,000	400,310
Tesco Corporate Treasury Services PLC, 3.375%, 5/06/2032 (w)		EUR	220,000	247,193
Tesco Corporate Treasury Services PLC, 5.125%, 5/22/2034		GBP	200,000	252,513
				$2,899,745

31

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Telecommunications - Wireless – 1.7%
Altice France S.A., 5.5%, 1/15/2028 (n)		$	683,000	$565,452
Altice France S.A., 5.125%, 7/15/2029 (n)			200,000	163,177
American Tower Corp., 5.45%, 2/15/2034			464,000	471,329
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n)			625,000	556,650
SBA Communications Corp., 3.125%, 2/01/2029			779,000	721,724
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n)			576,000	571,398
T-Mobile USA, Inc., 3.875%, 4/15/2030			126,000	121,578
T-Mobile USA, Inc., 5.75%, 1/15/2034			113,000	117,480
T-Mobile USA, Inc., 3.5%, 2/11/2037		EUR	350,000	378,745
Vodafone Group PLC, 5.625%, 2/10/2053		$	360,000	333,913
Zegona Finance PLC, 6.75%, 7/15/2029 (n)		EUR	100,000	119,686
Zegona Finance PLC, 8.625%, 7/15/2029 (n)		$	531,000	564,676
				$4,685,808
Telephone Services – 0.8%
Deutsche Telekom AG, 3.625%, 2/03/2045		EUR	220,000	$232,212
Koninklijke KPN N.V., 3.375%, 2/17/2035			400,000	445,076
Level 3 Financing, Inc., 11%, 11/15/2029 (n)		$	299,781	335,005
Level 3 Financing, Inc., 3.875%, 10/15/2030 (n)			324,763	256,141
TELUS Corp., 2.85%, 11/13/2031		CAD	912,000	616,860
Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n)		$	395,000	361,358
				$2,246,652
Tobacco – 0.9%
B.A.T. International Finance PLC, 4.125%, 4/12/2032		EUR	540,000	$624,467
Imperial Brands Finance PLC, 5.5%, 2/01/2030 (n)		$	445,000	457,304
Japan Tobacco, Inc., 5.25%, 6/15/2030 (n)			416,000	430,185
Philip Morris International, Inc., 4.75%, 11/01/2031			440,000	441,570
Turning Point Brands, Inc., 7.625%, 3/15/2032 (n)			395,000	410,469
				$2,363,995
Transportation - Services – 1.2%
Aeroporti Di Roma S.p.A, 3.625%, 6/15/2032 (w)		EUR	420,000	$473,737
Avis Budget Finance PLC, 7.25%, 7/31/2030 (n)			447,000	500,687
Cofiroute S.A., 3.125%, 3/06/2033			200,000	223,760
DSV Finance B.V., 3.25%, 11/06/2030			100,000	114,421
DSV Finance B.V., 3.375%, 11/06/2032			100,000	113,922
DSV Finance B.V., 3.375%, 11/06/2034			100,000	111,204
Element Fleet Management Corp., 6.271%, 6/26/2026 (n)		$	238,000	242,064
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)			111,000	116,761
Element Fleet Management Corp., 5.037%, 3/25/2030 (n)			409,000	406,993
Heathrow Funding Ltd., 6%, 3/05/2032		GBP	300,000	398,752

32

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Transportation - Services – continued
Heathrow Funding Ltd., 3.875%, 1/16/2038		EUR	420,000	$473,669
				$3,175,970
U.S. Treasury Obligations – 5.2%
U.S. Treasury Bonds, 2.375%, 2/15/2042 (f)		$	9,432,000	$6,915,203
U.S. Treasury Bonds, 4.625%, 5/15/2054 (f)			3,890,000	3,834,841
U.S. Treasury Notes, 4.625%, 2/15/2035			3,304,000	3,427,900
				$14,177,944
Utilities - Electric Power – 6.5%
Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 (n)		$	720,000	$622,700
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043			94,000	87,578
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053			79,000	64,510
Bruce Power LP, 2.68%, 12/21/2028		CAD	264,000	186,370
Bruce Power LP, 4.7%, 6/21/2031			238,000	179,845
Bruce Power LP, 4.27%, 12/21/2034			594,000	426,193
Calpine Corp., 4.5%, 2/15/2028 (n)		$	570,000	557,510
Centrais Eletricas Brasileiras S.A., 6.5%, 1/11/2035 (n)			207,000	203,218
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,153,000	1,026,485
Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n)			173,000	150,028
Duke Energy Florida LLC, 6.2%, 11/15/2053			366,000	384,006
E.ON International Finance B.V., 5.875%, 10/30/2037		GBP	300,000	400,690
Edison International, 4.7%, 8/15/2025		$	420,000	419,097
Enel Finance International N.V., 2.5%, 7/12/2031 (n)			284,000	246,823
Enel Finance International N.V., 3.875%, 1/23/2035		EUR	320,000	367,370
Enel Finance International N.V., 3.5%, 2/24/2036			320,000	352,036
Enel S.p.A., 4.5% to 1/14/2033, FLR (EUR ICE Swap Rate - 5yr. + 2.196%) to 1/14/2038, FLR (EUR ICE Swap Rate - 5yr. + 2.446%) to 1/14/2053, FLR (EUR ICE Swap Rate - 5yr. + 3.446%) to 1/14/2174			460,000	508,083
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)		$	200,000	206,221
Entergy Corp., 0.9%, 9/15/2025			561,000	553,027
Eversource Energy, 5.5%, 1/01/2034			472,000	472,052
Georgia Power Co., 4.95%, 5/17/2033			363,000	362,077
Hydro One, Inc., 4.25%, 1/04/2035		CAD	728,000	536,928
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)		$	186,000	160,479
Jersey Central Power & Light Co., 5.1%, 1/15/2035 (n)			519,000	511,515
National Grid PLC, 3.875%, 1/16/2029		EUR	560,000	658,970
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025		$	409,000	410,277
Northern States Power Co. of Minnesota, 5.05%, 5/15/2035 (w)			349,000	350,184
Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035 (n)			332,000	336,157
Pacific Gas & Electric Co., 6.1%, 1/15/2029			170,000	175,684
Pacific Gas & Electric Co., 6.4%, 6/15/2033			164,000	169,572

33

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Pacific Gas & Electric Co., 5.9%, 10/01/2054		$	229,000	$209,582
PG&E Corp., 5.25%, 7/01/2030			856,000	824,740
PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055			249,000	241,727
PPL Electric Utilities Corp. 1st Mortgage, 5.25%, 5/15/2053			512,000	483,400
Southern California Edison Co., 5.45%, 3/01/2035			261,000	253,375
SSE PLC, 3.5%, 3/18/2032		EUR	310,000	357,015
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033		$	587,986	587,995
Terna Rete Elettrica Nazionale S.p.A., 3.125%, 2/17/2032		EUR	460,000	516,525
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)		$	189,000	184,788
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)			687,000	669,139
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			541,000	509,906
Xcel Energy, Inc., 4.6%, 6/01/2032			237,000	228,279
Xcel Energy, Inc., 5.5%, 3/15/2034			184,000	184,386
Xcel Energy, Inc., 5.6%, 4/15/2035			58,000	58,565
XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n)			423,000	399,920
XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n)			561,000	555,213
XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n)			259,000	259,951
XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n)			122,000	121,743
				$17,731,934
Utilities - Gas – 0.4%
EP Infrastructure A.S., 2.045%, 10/09/2028		EUR	1,123,000	$1,194,358
Utilities - Water – 0.1%
Severn Trent Water Ltd., 3.875%, 8/04/2035		EUR	340,000	$383,827
Total Bonds (Identified Cost, $367,112,114)				$359,430,231
Common Stocks – 0.1%
Oil Services – 0.0%
LTRI Holdings LP (a)(u)			520	$142,100
Telecom Services – 0.1%
Intelsat Emergence S.A. (a)			5,426	$214,327
Total Common Stocks (Identified Cost, $632,367)				$356,427

    

34

Portfolio of Investments (unaudited) – continued

Issuer	Strike Price	First Exercise	Shares/Par	Value ($)
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	7,000	$3,218

    

Mutual Funds (h) – 0.5%
Money Market Funds – 0.5%
MFS Institutional Money Market Portfolio, 4.36% (v) (Identified Cost, $1,223,946)			1,223,949	$1,223,949

    

Underlying/Expiration Date/Exercise Price	Put/Call	Counterparty	Notional Amount	Par Amount/ Number of Contracts
Purchased Options – 0.0%
Market Index Securities – 0.0%
iTraxx Europe Crossover Series 43 Index Credit Default Swap - Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – June 2025 @ 4.25% (Premiums Paid, $70,841)	Put	Citibank N.A.	$ 6,802,123	EUR 5,610,000	$28,660

    

Other Assets, Less Liabilities – (32.7)%				(88,916,915)
Net Assets – 100.0%				$272,125,570

    

(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 $1,223,949 and $359,818,536, 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 $198,309,255, representing 72.9% 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. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.

35

Portfolio of Investments (unaudited) – continued

(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.

    

The following abbreviations are used in this report and are defined:
AGM	Assured Guaranty Municipal
BPISDS01	1-year SONIA linked ICE Swap Rate
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
ICE	Intercontinental Exchange
NPFG	National Public Finance Guarantee Corp.
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
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
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi (Offshore)
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
SEK	Swedish Krona
SGD	Singapore Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

36

Portfolio of Investments (unaudited) – continued

Derivative Contracts at 4/30/25

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
AUD	1,056,841	USD	673,456	Deutsche Bank AG	7/18/2025	$4,102
AUD	6,771,376	USD	4,286,800	State Street Corp.	7/18/2025	54,445
BRL	2,098,221	USD	356,241	Goldman Sachs International	6/02/2025	10,853
BRL	3,851,458	USD	669,237	JPMorgan Chase Bank N.A.	6/02/2025	4,594
CAD	4,141,768	USD	2,993,572	Citibank N.A.	7/18/2025	22,531
CAD	86,824	USD	62,905	State Street Corp.	7/18/2025	321
CAD	2,714,331	USD	1,964,914	UBS AG	7/18/2025	11,705
CNH	5,899,874	USD	815,661	JPMorgan Chase Bank N.A.	7/18/2025	471
CZK	16,183,771	USD	722,006	Citibank N.A.	7/18/2025	14,053
EUR	203,410	USD	225,790	HSBC Bank	7/18/2025	5,705
EUR	923,258	USD	1,022,724	State Street Corp.	7/18/2025	28,013
GBP	1,091,182	USD	1,424,554	Deutsche Bank AG	7/18/2025	30,090
JPY	619,585,752	USD	4,349,817	State Street Corp.	7/18/2025	20,910
MXN	27,717,876	USD	1,344,735	JPMorgan Chase Bank N.A.	7/18/2025	54,958
NOK	43,591,066	USD	4,096,411	Deutsche Bank AG	7/18/2025	93,690
NZD	153,817	USD	89,479	Citibank N.A.	7/18/2025	2,107
PEN	140,575	USD	37,872	Deutsche Bank AG	7/24/2025	377
SEK	7,174,513	USD	735,801	State Street Corp.	7/18/2025	9,810
SGD	925,891	USD	698,396	State Street Corp.	7/18/2025	13,426
USD	600,959	CHF	484,280	Deutsche Bank AG	7/18/2025	8,913
USD	633,047	CHF	510,346	State Street Corp.	7/18/2025	9,134
USD	1,040,043	EUR	906,530	HSBC Bank	7/18/2025	8,344
USD	1,114,189	EUR	972,997	JPMorgan Chase Bank N.A.	7/18/2025	6,846
USD	779,212	EUR	680,540	State Street Corp.	7/18/2025	4,707
USD	913,215	EUR	799,772	UBS AG	7/18/2025	3,014
USD	1,697,516	JPY	240,036,153	JPMorgan Chase Bank N.A.	7/18/2025	4,235
USD	627,526	NOK	6,521,331	JPMorgan Chase Bank N.A.	7/18/2025	677
USD	670,278	SEK	6,437,837	Goldman Sachs International	7/18/2025	1,226
						$429,257
Liability Derivatives
CHF	390,729	USD	485,059	HSBC Bank	7/18/2025	$(7,382)
CHF	594,562	USD	739,045	UBS AG	7/18/2025	(12,176)
CLP	634,207,011	USD	674,704	Goldman Sachs International	7/11/2025	(5,217)
EUR	336,885	USD	383,981	HSBC Bank	7/18/2025	(581)
EUR	1,802,927	USD	2,060,769	Merrill Lynch International	7/18/2025	(8,901)
EUR	414,084	USD	473,571	State Street Corp.	7/18/2025	(2,313)
IDR	106,020,558	USD	6,529	Citibank N.A.	5/05/2025	(142)
ZAR	7,604,596	USD	406,576	State Street Corp.	7/18/2025	(115)
USD	8,587,485	AUD	13,861,066	State Street Corp.	7/18/2025	(299,081)
USD	346,130	BRL	2,047,056	Goldman Sachs International	6/02/2025	(12,012)
USD	3,828,269	CAD	5,288,984	BNP Paribas S.A.	7/18/2025	(23,254)
USD	3,926,185	CAD	5,423,313	Goldman Sachs International	7/18/2025	(23,158)
USD	5,383,872	CAD	7,432,705	Merrill Lynch International	7/18/2025	(28,744)

37

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Liability Derivatives - continued
USD	1,316,672	CNH	9,579,706	Goldman Sachs International	7/18/2025	$(8,494)
USD	1,524,354	CNH	11,092,265	HSBC Bank	7/18/2025	(10,045)
USD	704,417	CZK	15,547,814	JPMorgan Chase Bank N.A.	7/18/2025	(2,718)
USD	10,285,348	EUR	9,064,451	Barclays Bank PLC	7/18/2025	(30,678)
USD	782,595	EUR	688,158	HSBC Bank	7/18/2025	(581)
USD	13,856,217	EUR	12,213,178	JPMorgan Chase Bank N.A.	7/18/2025	(43,297)
USD	19,200,945	EUR	16,907,701	State Street Corp.	7/18/2025	(41,288)
USD	6,925,493	GBP	5,298,411	JPMorgan Chase Bank N.A.	7/18/2025	(137,766)
USD	796,456	GBP	600,000	Merrill Lynch International	7/18/2025	(3,398)
USD	487,519	GBP	365,713	State Street Corp.	7/18/2025	(10)
USD	3,199	HUF	1,159,878	Goldman Sachs International	7/18/2025	(38)
USD	6,306	IDR	106,020,558	Citibank N.A.	5/05/2025	(80)
USD	682,828	INR	59,355,245	Citibank N.A.	8/07/2025	(15,339)
USD	4,289,725	KRW	6,072,866,222	Barclays Bank PLC	7/24/2025	(3,815)
USD	2,633,690	KRW	3,731,939,022	Goldman Sachs International	7/24/2025	(4,805)
USD	1,347,189	MXN	27,761,602	State Street Corp.	7/18/2025	(54,711)
USD	801,096	NOK	8,400,238	Deutsche Bank AG	7/18/2025	(6,360)
USD	1,342,926	NOK	14,378,208	Goldman Sachs International	7/18/2025	(39,150)
USD	82,374	NZD	141,584	State Street Corp.	7/18/2025	(1,927)
USD	749,174	SEK	7,296,951	Deutsche Bank AG	7/18/2025	(9,161)
USD	701,191	SGD	917,466	Goldman Sachs International	7/18/2025	(4,153)
USD	385,963	ZAR	7,565,269	Citibank N.A.	7/18/2025	(18,396)
						$(859,286)

    

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	5	$677,615	June – 2025	$15,678
U.S. Treasury Bond 30 yr	Long	USD	38	4,431,750	June – 2025	21,195
U.S. Treasury Note 2 yr	Long	USD	23	4,787,414	June – 2025	31,972
U.S. Treasury Ultra Bond 30 yr	Short	USD	27	3,267,844	June – 2025	52,022
						$120,867
Liability Derivatives
Interest Rate Futures
Canadian Treasury Bond 10 yr	Short	CAD	14	$1,255,796	June – 2025	$(5,119)
Euro-Bund 10 yr	Short	EUR	59	8,807,935	June – 2025	(47,592)
Euro-Buxl 30 yr	Short	EUR	12	1,687,041	June – 2025	(81,593)
Euro-Schatz 2 yr	Short	EUR	217	26,443,778	June – 2025	(179,183)
Long Gilt 10 yr	Short	GBP	5	623,171	June – 2025	(2,150)
U.S. Treasury Note 10 yr	Short	USD	48	5,386,500	June – 2025	(117,552)
U.S. Treasury Note 5 yr	Short	USD	175	19,109,180	June – 2025	(379,884)

38

Portfolio of Investments (unaudited) – continued

Futures Contracts - continued
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Liability Derivatives - continued
Interest Rate Futures - continued
U.S. Treasury Ultra Note 10 yr	Short	USD	48	$5,507,250	June – 2025	$(81,051)
						$(894,124)

At April 30, 2025, the fund had cash collateral of $840,000 and other liquid securities with an aggregate value of $1,171,643 to cover any collateral or margin obligations for certain derivative contracts. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

See Notes to Financial Statements

39

Financial Statements

Statement of Assets and Liabilities

At 4/30/25 (unaudited)

This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.

Assets
Investments in unaffiliated issuers, at value (identified cost, $367,815,322)	$359,818,536
Investments in affiliated issuers, at value (identified cost, $1,223,946)	1,223,949
Cash	8,294
Foreign currency, at value (identified cost, $3,498)	3,491
Restricted cash for
Forward foreign currency exchange contracts	840,000
Receivables for
Forward foreign currency exchange contracts	429,257
Investments sold	5,025,605
Interest	4,956,254
Other assets	36,767
Total assets	$372,342,153
Liabilities
Notes payable	$95,000,000
Payables for
Distributions	169,542
Forward foreign currency exchange contracts	859,286
Net daily variation margin on open futures contracts	71,576
Investments purchased	117,911
When-issued investments purchased	3,665,720
Payable to affiliates
Investment adviser	12,031
Administrative services fee	250
Transfer agent and dividend disbursing costs	4,526
Payable for independent Trustees' compensation	1,190
Accrued interest expense	42,117
Deferred foreign capital gains tax expense payable	121,861
Accrued expenses and other liabilities	150,573
Total liabilities	$100,216,583
Net assets	$272,125,570

40

Statement of Assets and Liabilities (unaudited) – continued

Net assets consist of
Paid-in capital	$327,051,394
Total distributable earnings (loss)	(54,925,824)
Net assets	$272,125,570
Shares of beneficial interest outstanding (unlimited number of shares authorized)	54,946,365
Net asset value per share (net assets of $272,125,570 / 54,946,365 shares of beneficial interest outstanding)	$4.95