SEC Form N-CSR filed by MFS Charter Income Trust

Annual Report

November 30, 2022

MFS^®  Charter Income Trust

MCR-ANN

MANAGED DISTRIBUTION POLICY DISCLOSURE

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

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

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

MFS^® Charter Income Trust

New York Stock Exchange Symbol: MCR

Letter from the Chair and CEO	1
Portfolio composition	2
Management review	5
Performance summary	8
Investment objective, principal investment strategies and principal risks	11
Effects of leverage	21
Portfolio managers’ profiles	22
Dividend reinvestment and cash purchase plan	23
Portfolio of investments	24
Statement of assets and liabilities	62
Statement of operations	64
Statements of changes in net assets	66
Statement of cash flows	67
Financial highlights	68
Notes to financial statements	70
Report of independent registered public accounting firm	87
Results of shareholder meeting	89
Trustees and officers	90
Board review of investment advisory agreement	95
Proxy voting policies and information	99
Quarterly portfolio disclosure	99
Further information	99
Information about fund contracts and legal claims	99
Federal tax information	99
MFS® privacy notice	100

    

Contact information

back cover

    

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

LETTER FROM THE CHAIR AND CEO

Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, and evolving geopolitical tensions. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. The U.S. Federal Reserve has made it clear that rates must move higher and tighter policy must be sustained to restore price stability and that this will likely bring some pain to households and businesses. Against that backdrop, richly valued, interest rate–sensitive growth equities have been hit particularly hard by rising interest rates. Volatility has ebbed and flowed, driven largely by the market’s focus on the potential for shifts in the trajectory of central bank policy.

There are, however, encouraging signs for the markets. China recently significantly relaxed its zero-COVID policy, and while cases there have increased dramatically, the hope is that an earlier economic reopening may be achieved once the current wave of infections subsides. Meanwhile, unemployment is low and global supply chain bottlenecks are easing. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

It is important to have a deep understanding of company fundamentals during times of market transition, and we have built our unique global research platform to do just that.

At MFS^®, we put our clients’ assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

Michael W. Roberge

Chair and Chief Executive Officer

MFS Investment Management

January 13, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

1

Portfolio Composition

Fixed income sectors (i)

High Yield Corporates	62.5%
Emerging Markets Bonds	24.4%
Investment Grade Corporates	9.4%
Mortgage-Backed Securities	2.9%
Commercial Mortgage-Backed Securities	2.0%
Collateralized Debt Obligations	1.9%
Municipal Bonds	0.7%
Asset-Backed Securities	0.6%
U.S. Treasury Securities	(5.9)%
Non-U.S. Government Bonds	(8.9)%

Portfolio facts

Average Duration (d)	6.3
Average Effective Maturity (m)	9.0 yrs.

2

Portfolio Composition - continued

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

AAA	6.0%
AA	5.8%
A	7.0%
BBB	13.9%
BB	41.2%
B	26.8%
CCC	8.8%
CC (o)	0.0%
C	0.1%
D (o)	0.0%
U.S. Government	16.5%
Federal Agencies	2.9%
Not Rated	(39.4)%
Non-Fixed Income	1.2%
Cash & Cash Equivalents (Less Liabilities) (b)	(30.9)%
Other (q)	40.1%

(a)

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

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

3

Portfolio Composition - continued

(d)

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

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

(i)

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

(m)

In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (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 equivalent exposure 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.

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 November 30, 2022.

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

4

Management Review

Summary of Results

For the twelve months ended November 30, 2022, shares of the MFS Charter Income Trust (fund) provided a total return of -10.36%, at net asset value and a total return of -11.33%, at market value. This compares with a return of -8.95% for the fund’s benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index. Over the same period, the fund’s other benchmark, the MFS Charter Income Trust Blended Index (Blended Index), generated a return of -11.31%. The Blended Index reflects the blended returns of various fixed income market indices, with percentage allocations to each index designed to resemble the fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

The performance commentary below is based on the net asset value performance of the fund which reflects the performance of the underlying pool of assets held by the fund. The total return at market value represents the return earned by owners of the shares of the fund which are traded publicly on the exchange.

Market Environment

During the reporting period, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent coronavirus flareups, particularly in China, where home-grown vaccines have proved less effective than elsewhere, kept supply chains stretched for a considerable period. At the same time, the reopening of the economy in the parts of the world where the virus has been better contained has led to a shift in consumption patterns in favor of services, straining already tight labor markets in most developed economies, while reducing demand for manufactured goods, primarily from Asia. As a result of Russia’s invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain disruptions and volatile global energy prices. Taken together, these factors have contributed to market volatility.

The ripple effects from the Russian invasion further complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on controlling inflation, although investors appeared to have expected varying degrees of action from the central banks. Among the developed market central banks, the Fed was expected to have the most aggressive monetary policy for curbing inflation and the European Central Bank less so, given the growth-depleting effects on Europe's economy stemming from the invasion, while the Bank of Japan remained on the monetary sidelines, leading to a dramatic weakening of the yen.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that supply chain bottlenecks (particularly semiconductors) may be easing, low levels of unemployment across developed markets and hopes that inflation levels may be near a peak were supportive factors for the macroeconomic backdrop.

5

Management Review - continued

Factors Affecting Performance

During the reporting period, the fund's use of leverage significantly detracted from performance relative to the Blended Index. The fund employs leverage that has been created through the use of a loan agreement with a bank. To the extent that investments are purchased through the use of leverage, the fund's net asset value may increase or decrease at a greater rate than a comparable unleveraged fund.

Bond selection within government-related sovereign bonds held back relative returns. Additionally, bond selection within “BBB” and “B” rated(r) securities detracted from the fund’s relative returns.

Conversely, the fund’s yield curve(y) positioning, particularly along the US, Canadian and United Kingdom yield curves, benefited relative results.

Foreign currency exposure, notably the fund’s underweight exposure to the euro, British pound and New Zealand dollar, also strengthened relative returns as these currencies depreciated against the US dollar over the reporting period.

The fund's asset allocation decisions supported relative results, particularly its overweight exposure to “not rated“ and “BB” rated bonds. Additionally, favorable security selection within “BB” rated bonds further contributed to the fund’s relative performance.

The fund has a managed distribution policy, the primary purpose of which is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. This policy had no material impact on the fund's investment strategies during its most recent fiscal year. The level of distributions paid by the fund pursuant to its managed distribution policy may cause the fund's net asset value (NAV) per share to decline more so than if the policy were not in place, including if distributions are in excess of fund returns. However, the adviser believes the policy may benefit the fund’s market price and premium/discount to the fund’s NAV. For the twelve months ended November 30, 2022, the tax character of dividends paid pursuant to the managed distribution policy includes an ordinary income distribution of $18,849,582 and a tax return of capital distribution of $7,693,993. See ”Managed Distribution Policy Disclosure“ in the inside cover page of this Annual Report for additional details regarding the policy and related implications for the fund and shareholders.

Respectfully,

Portfolio Manager(s)
Robert Spector, Ward Brown, Philipp Burgener, David Cole, Pilar Gomez-Bravo, Andy Li, Henry Peabody, Matt Ryan, Michael Skatrud, and Erik Weisman

(r)

Securities rated ”BBB“, ”Baa“, or higher are considered investment grade; securities rated ”BB“, ”Ba“, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's 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

6

Management Review - continued

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). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.

(y)	A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates.

The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.

7

Performance Summary THROUGH 11/30/22

The following chart illustrates the fund’s historical performance in comparison to its benchmark(s). Performance results reflect the percentage change in net asset value and market value, including reinvestment of fund distributions. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect commissions or expenses. (See Notes to Performance Summary.)

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the sale of fund shares.

Growth of a Hypothetical $10,000 Investment

Average Annual Total Returns through 11/30/22

	Inception Date	1-yr	5-yr	10-yr
Market Value (r)	7/20/89	(11.33)%	4.62%	4.39%
Net Asset Value (r)	7/20/89	(10.36)%	2.48%	4.11%

Comparative benchmark(s)

Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index (f)	(8.95)%	2.49%	4.25%
MFS Charter Income Trust Blended Index (f)(w)	(11.31)%	1.14%	2.69%
Bloomberg U.S. Government/Mortgage Index (f)	(11.99)%	(0.08)%	0.71%
FTSE World Government Bond Non-Dollar Hedged Index (f)	(11.33)%	0.47%	2.22%
JPMorgan Emerging Markets Bond Index Global (f)	(15.58)%	(0.95)%	1.40%
Bloomberg U.S. Credit Index (f)	(14.96)%	0.67%	1.85%

    

(f)	Source: FactSet Research Systems Inc.

8

Performance Summary  - continued

(r)	Includes reinvestment of all distributions. Market value references New York Stock Exchange Price.
(w)	The MFS Charter Income Trust Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period:

    

	11/30/22
Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index	42.0%
Bloomberg U.S. Government/Mortgage Index	20.0%
FTSE World Government Bond Non-Dollar Hedged Index	15.2%
JPMorgan Emerging Markets Bond Index Global	12.8%
Bloomberg U.S. Credit Index	10.0%

Benchmark Definition(s)

Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index^(a) – a component of the Bloomberg U.S. Corporate High-Yield Bond Index, which measures performance of non-investment grade, fixed rate debt. The index limits the maximum exposure to any one issuer to 2%.

Bloomberg U.S. Credit Index^(a) – a market capitalization-weighted index that measures the performance of publicly issued, SEC-registered, U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

Bloomberg U.S. Government/Mortgage Index^(a) – measures the performance of debt issued by the U.S. Government, and its agencies, as well as mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

FTSE World Government Bond Non-Dollar Hedged Index^(b) – a market capitalization-weighted index that is designed to represent the currency-hedged performance of the international developed government bond markets, excluding the United States.

JPMorgan Emerging Markets Bond Index Global – measures the performance of U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds.

It is not possible to invest directly in an index.

(a)

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

(b)	©2018 FTSE Fixed Income LLC. All rights reserved.

Notes to Performance Summary

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.

9

Performance Summary  - continued

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

Net asset values and performance results based on net asset value per share do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Statement of Assets and Liabilities or the Financial Highlights.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

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.

10

Investment Objective, Principal Investment Strategies and Principal Risks

Investment Objective

The fund’s investment objective is to seek high current income, but may also consider capital appreciation. The fund’s objective may be changed without shareholder approval.

Principal Investment Strategies

MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests the fund’s assets primarily in debt instruments.

MFS normally invests the fund’s assets in corporate bonds of U.S. and/or foreign issuers, U.S. Government securities, foreign government securities, mortgage-backed securities and other securitized instruments of U.S. and/or foreign issuers, and/or debt instruments of issuers located in emerging market countries. MFS allocates the fund’s assets across these categories with a view toward broad diversification across and within these categories.

MFS may invest up to 100% of the fund’s assets in below investment grade quality debt instruments.

MFS normally invests the fund's assets across different industries, sectors, countries, and regions, but MFS may invest a significant percentage of the fund’s assets in issuers in a single industry, sector, country, or region.

The fund seeks to make a monthly distribution at an annual fixed rate of 8.00% of the fund’s average monthly net asset value.

While MFS may use derivatives for any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments.

MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual instruments and their issuers in light of the issuers’ financial condition and market, economic, political, and regulatory conditions. Factors considered may include the instrument’s credit quality and terms, any underlying assets and their credit quality, and the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations. MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer or instrument. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer's governance structure and practices, data protection and privacy issues, and diversity and labor practices. Quantitative screening tools that systematically evaluate the structure of a debt instrument and its features may also be considered. In structuring the fund, MFS also considers top-down factors, including sector allocations, yield curve positioning, duration, macroeconomic factors, and risk management factors.

11

Investment Objective, Principal Investment Strategies and Principal Risks - continued

The fund may use leverage by borrowing up to 33 1/3% of the fund’s assets, including borrowings for investment purposes, and investing the proceeds pursuant to its investment strategies. If approved by the fund’s Board of Trustees, the fund may use leverage by other methods.

MFS may engage in active and frequent trading in pursuing the fund's principal investment strategies.

In response to market, economic, political, or other conditions, MFS may depart from the fund’s principal investment strategies by temporarily investing for defensive purposes.

Principal Investment Types

The principal investment types in which the fund may invest are:

Debt Instruments: Debt instruments represent obligations of corporations, governments, and other entities to repay money borrowed, or other instruments believed to have debt-like characteristics. The issuer or borrower usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the instrument. Debt instruments generally trade in the over-the-counter market and can be less liquid than other types of investments, particularly during adverse market and economic conditions. During certain market conditions, debt instruments in some or many segments of the debt market can trade at a negative interest rate (i.e., the price to purchase the debt instrument is more than the present value of expected interest payments and principal due at the maturity of the instrument). Some debt instruments, such as zero coupon bonds or payment-in-kind bonds, do not pay current interest. Other debt instruments, such as certain mortgage-backed securities and other securitized instruments, make periodic payments of interest and/or principal. Some debt instruments are partially or fully secured by collateral supporting the payment of interest and principal.

Corporate Bonds: Corporate bonds are debt instruments issued by corporations or similar entities.

U.S. Government Securities: U.S. Government securities are securities issued or guaranteed as to the payment of principal and interest by the U.S. Treasury, by an agency or instrumentality of the U.S. Government, or by a U.S. Government-sponsored entity. Certain U.S. Government securities are not supported as to the payment of principal and interest by the full faith and credit of the U.S. Treasury or the ability to borrow from the U.S. Treasury. Some U.S. Government securities are supported as to the payment of principal and interest only by the credit of the entity issuing or guaranteeing the security. U.S. Government securities include mortgage-backed securities and other types of securitized instruments guaranteed by the U.S. Treasury, by an agency or instrumentality of the U.S. Government, or by a U.S. Government-sponsored entity.

Foreign Government Securities: Foreign government securities are debt instruments issued, guaranteed, or supported, as to the payment of principal and interest, by foreign governments, foreign government agencies, foreign semi-governmental entities or supranational entities, or debt instruments issued by entities organized and operated

12

Investment Objective, Principal Investment Strategies and Principal Risks - continued

for the purpose of restructuring outstanding foreign government securities. Foreign government securities may not be supported as to the payment of principal and interest by the full faith and credit of the foreign government.

Securitized Instruments: Securitized instruments are debt instruments that generally provide payments of principal and interest based on the terms of the instrument and cash flows generated by the underlying assets. Underlying assets include residential and commercial mortgages, debt instruments, loans, leases, and receivables. Securitized instruments are issued by trusts or other special purpose entities that hold the underlying assets. Certain securitized instruments offer multiple classes that differ in terms of their priority to receive principal and/or interest payments under the terms of the instrument. Securitized instruments include mortgage-backed securities, collateralized debt obligations, and other asset-backed securities. Certain mortgage-backed securities are issued on a delayed delivery or forward commitment basis where payment and delivery take place at a future date.

Derivatives: Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators. Underlying indicators may include a security or other financial instrument, asset, currency, interest rate, credit rating, commodity, volatility measure, or index. Derivatives often involve a counterparty to the transaction. Derivatives include futures, forward contracts, options, swaps, and certain complex structured securities.

Principal Risks

The share price of the fund will change daily based on changes in market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. As with any mutual fund, the fund may not achieve its objective and/or you could lose money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The significance of any specific risk to an investment in the fund will vary over time depending on the composition of the fund's portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more of these risks may result in losses to the fund.

The principal risks of investing in the fund are:

Investment Selection Risk: MFS' investment analysis and its selection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests. In addition, MFS or the fund's other service providers may experience disruptions or operating errors that could negatively impact the fund.

Debt Market Risk: Debt markets can be volatile and can decline significantly in response to changes in, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. These conditions can affect a single instrument, issuer, or borrower, a particular type of instrument, issuer, or borrower, a segment of the debt markets, or debt markets generally. Certain changes or events, such as political, social, or economic developments, including increasing and negative interest rates or the U.S. government's inability at times to agree on a long-term budget and deficit reduction

13

Investment Objective, Principal Investment Strategies and Principal Risks - continued

plan (which has in the past resulted and may in the future result in a government shutdown); market closures and/or trading halts; government or regulatory actions, including the imposition of tariffs or other protectionist actions and changes in fiscal, monetary, or tax policies; natural disasters; outbreaks of pandemic and epidemic diseases; terrorist attacks; war; and other geopolitical changes or events can have a dramatic adverse effect on debt markets and may lead to periods of high volatility and reduced liquidity in a debt market or a segment of a debt market.

Interest Rate Risk: The price of a debt instrument typically changes in response to interest rate changes. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. In general, the price of a debt instrument falls when interest rates rise and rises when interest rates fall. The current period of historically low interest rates may heighten the risks associated with rising interest rates because there may be a greater likelihood of interest rates increasing and interest rates may increase rapidly. Interest rate risk is generally greater for fixed-rate instruments than floating-rate instruments and for instruments with longer maturities or durations, or that do not pay current interest. In addition, short-term and long-term interest rates, and interest rates in different countries, do not necessarily move in the same direction or by the same amount. An instrument’s reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. Changes in government and/or central bank monetary policy may affect the level of interest rates. Fluctuations in the market price of fixed-rate instruments held by the fund may not affect interest income derived from those instruments, but may nonetheless affect the fund's share price, especially if an instrument has a longer maturity or duration and is therefore more sensitive to changes in interest rates.

Credit Risk: The price of a debt instrument depends, in part, on the issuer's or borrower's credit quality or ability to pay principal and interest when due. The price of a debt instrument is likely to fall if an issuer or borrower defaults on its obligation to pay principal or interest, if the instrument's credit rating is downgraded by a credit rating agency, or based on other changes in, or perceptions of, the financial condition of the issuer or borrower. For certain types of instruments, including derivatives, the price of the instrument depends in part on the credit quality of the counterparty to the transaction. For other types of debt instruments, including securitized instruments, the price of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult.

Below investment grade quality debt instruments can involve a substantially greater risk of default or can already be in default, and their values can decline significantly over short periods of time. Below investment grade quality debt instruments are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and principal. Below investment grade quality debt instruments tend to be more

14

Investment Objective, Principal Investment Strategies and Principal Risks - continued

sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The market for below investment grade quality debt instruments can be less liquid, especially during periods of recession or general market decline.

Foreign Risk: Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or the threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation or other government action, intervention, or restriction, the fund could lose its entire investment in a particular foreign issuer or country. Economies and financial markets are interconnected, which increases the likelihood that conditions in one country or region can adversely impact issuers in different countries and regions. Less stringent regulatory, accounting, auditing, and disclosure requirements for issuers and markets are more common in certain foreign countries. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Changes in currency exchange rates can significantly impact the financial condition of a company or other issuer with exposure to multiple countries as well as affect the U.S. dollar value of foreign currency investments and investments denominated in foreign currencies. Additional risks of foreign investments include trading, settlement, custodial, and other operational risks, and withholding and other taxes. These factors can make foreign investments, especially those tied economically to emerging markets, more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions than the U.S. market.

Emerging Markets Risk: Investments tied economically to emerging markets, especially frontier markets (emerging markets that are early in their development), can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets typically have less developed economies and markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, less trading volume, less stringent investor protection and disclosure standards, less reliable settlement practices, greater government involvement in the economy, and greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments than developed countries. Financial and other disclosures by emerging market issuers may be considerably less reliable than disclosures made by issuers in developed markets. In addition, the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain emerging market countries. Emerging markets can also be subject to greater political, social, geopolitical, and economic instability and more susceptible to environmental problems. In addition, many

15

Investment Objective, Principal Investment Strategies and Principal Risks - continued

emerging market countries with less established health care systems have experienced outbreaks of pandemics or contagious diseases from time to time. These factors can make emerging market investments more volatile and less liquid than investments in developed markets.

Currency Risk: Changes in currency exchange rates can significantly impact the financial condition of a company or other issuer with exposure to multiple countries. In addition, a decline in the value of a foreign currency relative to the U.S. dollar reduces the value of the foreign currency and investments denominated in that currency. In addition, the use of foreign exchange contracts to reduce foreign currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. The value of foreign currencies relative to the U.S. dollar fluctuates in response to, among other factors, interest rate changes, intervention (or failure to intervene) by the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory conditions in the U.S. or abroad. Foreign currency values can decrease significantly both in the short term and over the long term in response to these and other conditions.

Focus Risk: Issuers in a single industry, sector, country, or region can react similarly to market, currency, political, economic, regulatory, geopolitical, environmental, public health, and other conditions. These conditions include business environment changes; economic factors such as fiscal, monetary, and tax policies; inflation and unemployment rates; and government and regulatory changes. The fund's performance will be affected by the conditions in the industries, sectors, countries, and regions to which the fund is exposed.

Prepayment/Extension Risk: Many types of debt instruments, including mortgage-backed securities, securitized instruments, certain corporate bonds, and municipal housing bonds, and certain derivatives, are subject to the risk of prepayment and/or extension. Prepayment occurs when unscheduled payments of principal are made or the instrument is called or redeemed prior to an instrument’s maturity. When interest rates decline, the instrument is called, or for other reasons, these debt instruments may be repaid more quickly than expected. As a result, the holder of the debt instrument may not be able to reinvest the proceeds at the same interest rate or on the same terms, reducing the potential for gain. When interest rates increase or for other reasons, these debt instruments may be repaid more slowly than expected, increasing the potential for loss. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt instrument depends on the terms of the instrument.

Managed Distribution Plan Risk: The fund may not be able to maintain a monthly distribution at an annual fixed rate of up to 8.00% of the fund’s average monthly net asset value due to many factors, including but not limited to, changes in market returns, fluctuations in market interest rates, and other factors. If income from the fund’s investments is less than the amount needed to make a monthly distribution, the fund may distribute a return of capital to pay the distribution. In certain cases, the fund may sell portfolio investments at less opportune times in order to pay such distribution. Distributions that are treated as tax return of capital will have the effect of reducing the fund’s assets and could increase the fund’s expense ratio. If a portion of the fund’s

16

Investment Objective, Principal Investment Strategies and Principal Risks - continued

distributions represents returns of capital over extended periods, the fund’s assets may be reduced over time to levels where the fund is no longer viable and might be liquidated. Please see “Managed Distribution Policy Disclosure” in this report for additional information regarding the plan.

Market Discount/Premium Risk: The market price of shares of the fund will be based on factors such as the supply and demand for shares in the market and general market, economic, industry, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of shares of the fund will depend on the market price of shares at the time of the sale, not on the fund’s net asset value. The market price may be lower or higher than the fund’s net asset value. Shares of closed-end funds frequently trade at a discount to their net asset value.

Leveraging Risk: If the fund utilizes investment leverage, there can be no assurance that such a leveraging strategy will be successful during any period in which it is employed. The use of leverage is a speculative investment technique that results in greater volatility in the fund’s net asset value. To the extent that investments are purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender option bonds, the fund’s net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. If the investment income or gains earned from the investments purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender option bonds, fails to cover the expenses of leveraging, the fund’s net asset value is likely to decrease more quickly than if the fund was not leveraged. In addition, the fund’s distributions could be reduced. The fund is currently required under the 1940 Act to maintain asset coverage of at least 200% on outstanding preferred shares and at least 300% on outstanding indebtedness; however, the fund may be required to abide by asset coverage or other requirements that are more stringent than those imposed by the 1940 Act. The fund may be required to sell a portion of its investments at a time when it may be disadvantageous to do so in order to redeem preferred shares or to reduce outstanding indebtedness to comply with asset coverage or other restrictions including those imposed by the 1940 Act, any applicable loan agreement, any applicable offering documents for preferred shares issued by the fund, and the rating agencies that rate the preferred shares. The fund may be prohibited from declaring and paying common share dividends and distributions if the fund fails to satisfy the 1940 Act’s asset coverage requirements or other agreed upon asset coverage requirements. In these situations, the fund may choose to repurchase or redeem any outstanding leverage to the extent necessary in order to maintain compliance with such asset coverage requirements. The expenses of leveraging are paid by the holders of common shares. Borrowings from a bank or preferred shares may have a stated maturity. If this leverage is not extended prior to maturity or replaced with the same or a different form of leverage, distributions to common shareholders may be decreased.

Certain transactions and investment strategies can result in leverage. Because movements in a fund’s share price generally correlate over time with the fund’s net asset value, the market price of a leveraged fund will also tend to be more volatile than that of a comparable unleveraged fund. The costs of an offering of preferred shares and/or borrowing program would be borne by shareholders.

17

Investment Objective, Principal Investment Strategies and Principal Risks - continued

Under the terms of any loan agreement or of a purchase agreement between the fund and the investor in the preferred shares, as the case may be, the fund may be required to, among other things, limit its ability to pay dividends and distributions on common shares in certain circumstances, incur additional debts, engage in certain transactions, and pledge some or all of its assets at an inopportune time. Such agreements could limit the fund’s ability to pursue its investment strategies. The terms of any loan agreement or purchase agreement could be more or less restrictive than those described.

Under guidelines generally required by a rating agency providing a rating for any preferred shares, the fund may be required to, among other things, maintain certain asset coverage requirements, restrict certain investments and practices, and adopt certain redemption requirements relating to preferred shares. Such guidelines or the terms of a purchase agreement between a fund and the investor in the preferred shares could limit the fund’s ability to pursue its investment strategies. The guidelines imposed with respect to preferred shares by a rating agency or an investor in the preferred shares could be more or less restrictive than those described.

Derivatives Risk: Derivatives can be highly volatile and involve risks in addition to, and potentially greater than, the risks of the underlying indicator(s). Gains or losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. Derivatives can involve leverage. Derivatives can be complex instruments and can involve analysis and processing that differs from that required for other investment types used by the fund. If the value of a derivative does not change as expected relative to the value of the market or other indicator to which the derivative is intended to provide exposure, the derivative may not have the effect intended. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments.

Counterparty and Third Party Risk: Transactions involving a counterparty other than the issuer of the instrument, including clearing organizations, or a third party responsible for servicing the instrument or effecting the transaction, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability or willingness to perform in accordance with the terms of the transaction. If a counterparty or third party fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, the fund could miss investment opportunities, lose value on its investments, or otherwise hold investments it would prefer to sell, resulting in losses for the fund.

Liquidity Risk: Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market, or may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions, including investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment. At times, all or a significant portion of a market may not have an active trading market. Without an active trading market, it may be difficult to value, and it may not be possible to sell, these investments and the fund could miss other investment opportunities and hold investments it would prefer to sell, resulting in losses for the fund. In addition, the fund may have to sell certain of these investments at prices or times that are not

18

Investment Objective, Principal Investment Strategies and Principal Risks - continued

advantageous in order to meet redemptions or other cash needs, which could result in dilution of remaining investors' interests in the fund. The prices of illiquid securities may be more volatile than more liquid investments.

Anti-Takeover Provisions Risk: The fund’s declaration of trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund, to convert the fund to an open-end fund, or to change the composition of the fund’s Board of Trustees. These provisions could reduce the opportunities for shareholders to sell their shares at a premium over the then-current market price.

Defensive Investing Risk: When MFS invests defensively, different factors could affect the fund’s performance and the fund may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

Frequent Trading Risk: Frequent trading increases transaction costs, which may reduce the Fund's return. Frequent trading can also result in the realization of a higher percentage of short-term capital gains and a lower percentage of long-term capital gains as compared to a fund that trades less frequently. Because short-term capital gains are distributed as ordinary income, this would generally increase your tax liability unless you hold your shares through a tax-advantaged or tax-exempt vehicle.

Investment Restrictions

The Fund has adopted the following policies which cannot be changed without the approval of the holders of a majority of its shares as defined currently in the 1940 Act to be the lesser of (i) 67% or more of the voting securities present at a meeting at which holders of voting securities representing more than 50% of the outstanding voting securities are present or represented by proxy, or (ii) more than 50% of the outstanding voting securities (“Majority Shareholder Vote”). Except for fundamental investment restriction (1), these investment restrictions are adhered to at the time of purchase or utilization of assets; a subsequent change in circumstances will not be considered to result in a violation of policy.

The Fund may not:

(1)	borrow money except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act.

(2)

underwrite securities issued by other persons, except that all or any portion of the assets of the Fund may be invested in one or more investment companies, to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act, and except insofar as the Fund may technically be deemed an underwriter under the Securities Act of 1933, as amended, in selling a portfolio security.

(3)

issue any senior securities except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. For purposes of this restriction, collateral arrangements with respect to any type of swap, option, Forward Contracts and Futures Contracts and collateral arrangements with respect to initial and variation margin are not deemed to be the issuance of a senior security.

(4)	make loans except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act.

19

Investment Objective, Principal Investment Strategies and Principal Risks - continued

(5)

purchase or sell real estate (excluding securities secured by real estate or interests therein and securities of companies, such as real estate investment trusts, which deal in real estate or interests therein), interests in oil, gas or mineral leases, commodities or commodity contacts (excluding currencies and any type of option, Futures Contracts and Forward Contracts) in the ordinary course of its business. The Fund reserves the freedom of action to hold and to sell real estate, mineral leases, commodities or commodity contracts (including currencies and any type of option, Futures Contracts and Forward Contracts) acquired as a result of the ownership of securities.

(6)

purchase any securities of an issuer in a particular industry if as a result 25% or more of its total assets (taken at market value at the time of purchase) would be invested in securities of issuers whose principal business activities are in the same industry, except that the Fund may invest up to 40% of the value of its assets in each of the electric utility and telephone industries.

For purposes of investment restriction (5), investments in certain types of derivative instruments whose value is related to commodities or commodity contracts, including swaps and structured notes, are not considered commodities or commodity contracts.

For purposes of fundamental investment restriction (6), investments in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities and tax-exempt obligations issued or guaranteed by a U.S. territory or possession, a state or local government, or a political subdivision of any of the foregoing, are not considered an investment in any particular industry.

For purposes of fundamental investment restriction (6), investments in other investment companies are not considered an investment in any particular industry and portfolio securities held by an underlying fund in which the Fund may invest are not considered to be securities purchased by the Fund.

For purposes of fundamental investment restriction (6), MFS uses a customized set of industry groups for classifying securities based on classifications developed by third party providers.

20

Effects of Leverage

The following table is furnished in response to requirements of the Securities and Exchange Commission (the “SEC”). It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the Investment Company Act of 1940 (the “1940 Act”), on fund total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a fund’s portfolio) of –10%, –5%, 0%, 5% and 10%. The table below assumes the fund’s continued use of line of credit borrowings (“leverage”), as applicable, as of November 30, 2022, as a percentage of total assets (including assets attributable to such leverage), the estimated annual effective interest expense rate payable by the fund on such line of credit borrowings (based on market conditions as of November 30, 2022), and the annual return that the fund’s portfolio would need to experience (net of expenses) in order to cover such costs. The information below does not reflect the fund’s possible use of certain other forms of economic leverage through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, if any.

The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the fund. Your actual returns may be greater or less than those appearing below. In addition, actual borrowing expenses associated with line of credit borrowings used by the fund may vary frequently and may be significantly higher or lower than the rate used for the example below.

Line of Credit Borrowings as a Percentage of Total Assets (Including Assets Attributable to Leverage)					24.96%
Estimated Annual Effective Rate of Interest Expense on Line of Credit Borrowings					4.69%
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense on Line of Credit Borrowings					1.17%
Assumed Return on Portfolio (Net of Expenses)	-10.00%	-5.00%	0.00%	5.00%	10.00%
Corresponding Return to Shareholder	-14.89%	-8.22%	-1.56%	5.10%	11.77%

The table reflects hypothetical performance of the fund’s portfolio and not the actual performance of the fund’s shares, the value of which is determined by market forces and other factors.

Should the fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the fund and invested in accordance with the fund’s investment objectives and policies. The fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.

21

Portfolio Managers' Profiles

Portfolio Manager	Primary Role	Since	Title and Five Year History
Robert Spector	Lead and Debt Instruments Portfolio Manager	2015	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Ward Brown	Emerging Markets Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2005.
Philipp Burgener	Structured Securities Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2003.
David Cole	Below Investment Grade Debt Instruments Portfolio Manager	2006	Investment Officer of MFS; employed in the investment management area of MFS since 2004.
Pilar Gomez-Bravo	Debt Instruments Portfolio Manager	2013	Investment Officer 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; Portfolio Manager of Man GLG from 2014 to 2018.
Henry Peabody	Investment Grade Debt Instruments Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2019; Portfolio Manager and Analyst at Eaton Vance Management from 2014 to 2019.
Matt Ryan	Emerging Markets Debt Instruments Portfolio Manager	2004	Investment Officer of MFS; employed in the investment management area of MFS since 1997.
Michael Skatrud	Below Investment Grade Debt Instruments Portfolio Manager	2018	Investment Officer of MFS; employed in the investment management area of MFS since 2013.
Erik Weisman	Sovereign Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2002.

22

Dividend Reinvestment And Cash Purchase Plan

The fund offers a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) that allows common shareholders to reinvest either all of the distributions paid by the fund or only the long-term capital gains. Generally, purchases are made at the market price unless that price exceeds the net asset value (the shares are trading at a premium). If the shares are trading at a premium, the fund will issue shares at a price of either the net asset value or 95% of the market price, whichever is greater. You can also buy shares on a quarterly basis in any amount $100 and over. Computershare Trust Company, N.A. (the Transfer Agent for the fund) (the “Plan Agent”) will purchase shares under the Plan on the 15th of January, April, July, and October or shortly thereafter. You may obtain a copy of the Plan by contacting the Plan Agent at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time or by visiting the Plan Agent's Web site at www.computershare.com/investor.

If shares are registered in your own name, new shareholders will automatically participate in the Plan, unless you have indicated that you do not wish to participate. If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you may wish to request that your shares be re-registered in your own name so that you can participate. There is no service charge to reinvest distributions, nor are there brokerage charges for shares issued directly by the fund. However, when shares are bought on the New York Stock Exchange or otherwise on the open market, each participant pays a pro rata share of the transaction expenses, including commissions. The tax status of dividends and capital gain distributions does not change whether received in cash or reinvested in additional shares – the automatic reinvestment of distributions does not relieve you of any income tax that may be payable (or required to be withheld) on the distributions.

If your shares are held directly with the Plan Agent, you may withdraw from the Plan at any time by contacting the Plan Agent. Please have available the name of the fund and your account number. For certain types of registrations, such as corporate accounts, instructions must be submitted in writing. Please call for additional details. When you withdraw from the Plan, you can receive the value of the reinvested shares in one of three ways: your full shares will be held in your account, the Plan Agent will sell your shares and send the proceeds to you, or you may transfer your full shares to your investment professional who can hold or sell them. Additionally, the Plan Agent will sell your fractional shares and send the proceeds to you.

If you have any questions, contact the Plan Agent by calling 1-800-637-2304, visit the Plan Agent’s Web site at www.computershare.com/investor, or by writing to the Plan Agent at P.O. Box 43078, Providence, RI 02940-3078.

23

Portfolio of Investments

11/30/22

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

Issuer			Shares/Par	Value ($)
Bonds – 129.7%
Aerospace & Defense – 1.6%
Boeing Co., 5.805%, 5/01/2050		$	151,000	$142,462
Bombardier, Inc., 7.5%, 3/15/2025 (n)			301,000	301,451
Bombardier, Inc., 7.125%, 6/15/2026 (n)			427,000	419,523
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)			725,000	589,062
Moog, Inc., 4.25%, 12/15/2027 (n)			885,000	794,287
Raytheon Technologies Corp., 2.82%, 9/01/2051			166,000	113,810
TransDigm, Inc., 6.25%, 3/15/2026 (n)			275,000	273,664
TransDigm, Inc., 6.375%, 6/15/2026			535,000	525,440
TransDigm, Inc., 5.5%, 11/15/2027			1,235,000	1,163,987
TransDigm, Inc., 4.625%, 1/15/2029			510,000	448,734
				$4,772,420
Airlines – 0.0%
EasyJet Finco B.V., 1.875%, 3/03/2028		EUR	140,000	$122,437
Alcoholic Beverages – 0.0%
Pernod Ricard S.A., 3.75%, 11/02/2032		EUR	100,000	$107,467
Apparel Manufacturers – 0.0%
Tapestry, Inc., 3.05%, 3/15/2032		$	157,000	$121,485
Asset-Backed & Securitized – 4.4%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.142%, 11/15/2054 (i)		$	3,789,104	$225,914
AA Bond Co. Ltd., 3.25%, 7/31/2028		GBP	100,000	90,871
ACREC 2021-FL1 Ltd., “C”, FLR, 6.061% (LIBOR - 1mo. + 2.15%), 10/16/2036 (n)		$	229,500	215,007
ACRES 2021-FL2 Issuer Ltd., “AS”, FLR, 5.66% (LIBOR - 1mo. + 1.75%), 1/15/2037 (n)			154,500	145,569
ACRES 2021-FL2 Issuer Ltd., “B”, FLR, 6.161% (LIBOR - 1mo. + 2.25%), 1/15/2037 (n)			261,500	247,455
Allegro CLO Ltd., 2016-1A, “BR2”, FLR, 5.629% (LIBOR - 3mo. + 1.55%), 1/15/2030 (n)			250,000	242,516
Arbor Realty Trust, Inc., CLO, 2020-FL1, “C”, FLR, 5.958% (LIBOR - 1mo. + 2.05%), 2/15/2035 (n)			300,000	286,296
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 5.879% (LIBOR - 1mo. + 2%), 12/15/2035 (n)			200,000	186,247
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 5.475% (LIBOR - 1mo. + 1.6%), 5/15/2036 (n)			100,000	93,535
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 5.825% (LIBOR - 1mo. + 1.95%), 5/15/2036 (n)			275,500	255,140

24

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 5.518% (SOFR - 30 day + 2.3%), 1/15/2037 (n)		$	327,000	$314,135
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 6.217% (SOFR - 30 day + 3%), 1/15/2037 (n)			208,000	190,710
AREIT 2022-CRE6 Trust, “C”, FLR, 5.542% (SOFR - 30 day + 2.15%), 1/16/2037 (n)			100,000	92,777
AREIT 2022-CRE6 Trust, “D”, FLR, 6.242% (SOFR - 30 day + 2.85%), 12/17/2024 (n)			100,000	92,200
Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.629% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n)			130,711	158,991
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.736%, 4/15/2053 (i)			1,981,939	146,133
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.422%, 7/15/2054 (i)			992,301	73,006
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.751%, 2/15/2054 (i)			2,280,686	209,758
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.148%, 12/15/2055 (w)			118,289	124,356
Benchmark 2020-B18 Mortgage Trust, “XA”, 1.79%, 7/15/2053 (i)			3,382,974	270,552
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.379%, 2/15/2054 (i)			3,620,101	248,248
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.15%, 3/15/2054 (i)			1,995,239	123,608
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.998%, 6/15/2054 (i)			5,527,378	275,796
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.383%, 7/15/2054 (i)			6,958,584	498,387
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.396%, 8/15/2054 (i)			2,340,836	167,638
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.809%, 7/15/2055 (i)			8,926,377	441,244
Benchmark 2022-B37 Mortgage Trust, “AS”, 5.943%, 11/15/2055			46,000	46,198
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 5.925% (LIBOR - 1mo. + 2.05%), 12/15/2038 (n)			100,000	92,678
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 6.175% (LIBOR - 1mo. + 2.3%), 12/15/2038 (n)			100,000	91,922
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n)			229,481	207,987
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n)			86,884	75,626

25

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n)		$	75,501	$61,316
BXMT 2021-FL4 Ltd., “B”, FLR, 5.425% (LIBOR - 1mo. + 1.55%), 5/15/2038 (n)			549,000	512,970
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)			144,389	134,986
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n)			437,500	398,753
CarMax Auto Owner Trust, 2022-2, “A4”, 3.62%, 9/15/2027			155,000	148,596
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)			91,436	80,932
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			91,436	79,793
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.78%, 4/15/2054 (i)			1,577,616	69,593
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.98%, 6/15/2063 (i)			998,253	56,760
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.152%, 6/15/2064 (i)			1,303,287	78,062
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.916%, 4/15/2065			257,000	218,950
Crest Ltd., CDO, 7%, (0.001% cash or 7% PIK) 1/28/2040 (a)(p)			4,324,931	43
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 5.745% (SOFR - 30 day + 2.25%), 2/23/2039 (n)			114,000	108,905
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 5.436% (LIBOR - 1mo. + 1.6%), 5/16/2038 (n)			297,500	282,990
HarbourView CLO VII Ltd., 7RA, “B”, FLR, 5.894% (LIBOR - 3mo. + 1.7%), 7/18/2031 (n)			440,000	412,994
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 5.625% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n)			375,000	347,704
LoanCore 2021-CRE5 Ltd., “B”, FLR, 5.875% (LIBOR - 1mo. + 2%), 7/15/2036 (n)			258,000	238,369
MF1 2020-FL4 Ltd., “AS”, FLR, 6.078% (LIBOR - 1mo. + 2.1%), 11/15/2035 (n)			154,000	147,636
MF1 2021-FL5 Ltd., “B”, FLR, 5.428% (LIBOR - 1mo. + 1.45%), 7/15/2036 (n)			423,500	400,258
MF1 2021-FL5 Ltd., “C”, FLR, 5.678% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n)			213,000	198,036
MF1 2021-FL5 Ltd., “D”, FLR, 6.478% (LIBOR - 1mo. + 2.5%), 7/15/2036 (n)			755,000	703,896

26

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
MF1 2021-FL6 Ltd., “B”, FLR, 5.56% (LIBOR - 1mo. + 1.65%), 7/16/2036 (n)		$	450,000	$423,538
MF1 2022-FL8 Ltd., “C”, FLR, 5.617% (SOFR - 30 day + 2.2%), 2/19/2037 (n)			110,841	104,152
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.419%, 5/15/2054 (i)			1,032,272	72,441
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.345%, 6/15/2054 (i)			3,116,012	200,764
Navistar Financial Dealer Note Master Owner Trust, 2022-1, “A”, FLR, 4.642% (SOFR - 30 day + 1.25%), 5/25/2027 (n)			103,000	103,135
PFP III 2021-7 Ltd., “B”, FLR, 5.303% (LIBOR - 1mo. + 1.4%), 4/14/2038 (n)			212,489	198,023
PFP III 2021-7 Ltd., “C”, FLR, 5.554% (LIBOR - 1mo. + 1.65%), 4/14/2038 (n)			199,990	185,172
PFP III 2021-8 Ltd., “B”, FLR, 5.403% (LIBOR - 1mo. + 1.5%), 8/09/2037 (n)			105,000	94,360
RAC Bond Co. PLC, 4.87%, 5/06/2026		GBP	100,000	109,819
Securitized Term Auto Receivable Trust, 2019-CRTA, “C”, 2.849%, 3/25/2026 (n)		$	74,210	73,712
Shelter Growth CRE 2021-FL3 Ltd., “C”, FLR, 6.025% (LIBOR - 1mo. + 2.15%), 9/15/2036 (n)			157,500	147,632
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 5.711% (LIBOR - 1mo. + 1.8%), 4/18/2038 (n)			190,000	181,689
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 6.01% (LIBOR - 1mo. + 2.1%), 4/18/2038 (n)			100,000	92,554
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 5.31% (LIBOR - 1mo. + 1.4%), 3/15/2038 (n)			150,000	142,517
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 5.76% (LIBOR - 1mo. + 1.85%), 3/15/2038 (n)			310,000	292,993
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.672%, 8/15/2054 (i)			1,984,971	177,948
				$13,212,491
Automotive – 2.0%
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n)		$	1,115,000	$1,091,147
Dana, Inc., 5.375%, 11/15/2027			544,000	498,478
Dana, Inc., 4.25%, 9/01/2030			315,000	252,006
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			704,000	468,489
Ford Motor Co., 5.113%, 5/03/2029			885,000	825,077
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025			1,370,000	1,296,362
Hyundai Capital America, 6.375%, 4/08/2030 (n)			177,000	180,773
Mercedes-Benz Financial Services (Canada), 3%, 2/23/2027		EUR	60,000	62,258

27

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Automotive – continued
RAC Bond Co. PLC, 5.25%, 11/04/2027 (n)		GBP	250,000	$232,851
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)		$	560,000	386,400
Stellantis N.V., 2.75%, 4/01/2032		EUR	100,000	91,567
TI Automotive Finance PLC, 3.75%, 4/15/2029 (n)			380,000	305,468
Volkswagen International Finance N.V., 4.375% to 3/28/2031, FLR (EUR Swap Rate - 9yr. + 3.36%) to 3/28/2032, FLR (EUR Swap Rate - 9yr. + 3.61%) to 3/28/2051, FLR (EUR Swap Rate - 9yr. + 4.11%) to 3/28/2168			100,000	86,878
Wheel Pros, Inc., 6.5%, 5/15/2029 (n)		$	318,000	117,029
				$5,894,783
Broadcasting – 2.1%
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n)		$	587,000	$459,515
Discovery, Inc., 4.125%, 5/15/2029			78,000	68,669
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n)			1,161,000	885,808
iHeartCommunications, Inc., 8.375%, 5/01/2027			781,000	695,090
Prosus N.V., 1.539%, 8/03/2028		EUR	150,000	122,612
Prosus N.V., 2.085%, 1/19/2030			100,000	78,436
Prosus N.V., 3.061%, 7/13/2031 (n)		$	329,000	245,603
Prosus N.V., 2.031%, 8/03/2032		EUR	100,000	71,283
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n)		$	790,000	703,100
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n)			740,000	595,700
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027		EUR	423,495	341,569
Ubisoft Entertainment S.A., 0.878%, 11/24/2027			100,000	79,406
Univision Communications, Inc., 4.5%, 5/01/2029 (n)		$	508,000	432,435
Warnermedia Holdings, Inc., 4.279%, 3/15/2032 (n)			200,000	169,800
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)			1,129,000	978,470
WMG Acquisition Corp., 2.25%, 8/31/2031 (n)		EUR	242,000	194,283
WMG Acquisition Corp., 2.25%, 8/31/2031			140,000	112,395
				$6,234,174
Brokerage & Asset Managers – 1.6%
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)		$	686,000	$693,059
Ameriprise Financial, Inc., 4.5%, 5/13/2032			59,000	57,731
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)			650,000	527,058
Banco BTG Pactual S.A. (Cayman Islands Branch), 4.5%, 1/10/2025 (n)			906,000	875,196
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)			860,000	794,476
LPL Holdings, Inc., 4%, 3/15/2029 (n)			559,000	487,635
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)			260,000	223,526
NFP Corp., 4.875%, 8/15/2028 (n)			540,000	467,873

28

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Brokerage & Asset Managers – continued
NFP Corp., 6.875%, 8/15/2028 (n)		$	730,000	$617,456
				$4,744,010
Building – 3.0%
ABC Supply Co., Inc., 4%, 1/15/2028 (n)		$	1,475,000	$1,334,890
Foundation Building Materials LLC, 6%, 3/01/2029 (n)			593,000	442,587
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			1,050,000	850,468
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034		GBP	100,000	85,088
Imerys S.A., 1%, 7/15/2031		EUR	100,000	73,128
Interface, Inc., 5.5%, 12/01/2028 (n)		$	995,000	803,223
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			500,000	410,000
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)			260,000	235,300
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			556,000	512,454
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)			830,000	790,027
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n)			550,000	489,500
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)			685,000	568,152
Standard Industries, Inc., 2.25%, 11/21/2026		EUR	225,000	196,156
Standard Industries, Inc., 4.75%, 1/15/2028 (n)		$	731,000	662,516
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			880,000	721,600
Standard Industries, Inc., 3.375%, 1/15/2031 (n)			160,000	122,662
Vulcan Materials Co., 3.5%, 6/01/2030			137,000	122,052
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)			625,000	538,724
				$8,958,527
Business Services – 1.6%
Entegris Escrow Corp., 5.95%, 6/15/2030 (n)		$	550,000	$513,727
Euronet Worldwide, Inc., 1.375%, 5/22/2026		EUR	200,000	187,079
Fiserv, Inc., 4.4%, 7/01/2049		$	95,000	78,300
HealthEquity, Inc., 4.5%, 10/01/2029 (n)			630,000	551,943
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)			520,000	488,951
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)			570,000	532,950
Mastercard, Inc., 3.3%, 3/26/2027			212,000	204,151
Mastercard, Inc., 3.85%, 3/26/2050			77,000	67,172
Switch Ltd., 3.75%, 9/15/2028 (n)			601,000	605,870
Tencent Holdings Ltd., 3.8%, 2/11/2025			700,000	674,595
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)			700,000	700,161
Visa, Inc., 3.65%, 9/15/2047			118,000	100,410
				$4,705,309

29

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Cable TV – 5.7%
Cable One, Inc., 4%, 11/15/2030 (n)		$	679,000	$547,077
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)			425,000	402,258
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			1,960,000	1,685,057
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,425,000	1,200,562
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)			820,000	665,676
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)			450,000	350,550
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			101,000	75,780
Comcast Corp., 3.75%, 4/01/2040			143,000	119,491
CSC Holdings LLC, 5.375%, 2/01/2028 (n)			200,000	179,029
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			1,350,000	919,350
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			605,000	464,338
DISH DBS Corp., 7.75%, 7/01/2026			470,000	393,672
DISH DBS Corp., 5.25%, 12/01/2026 (n)			650,000	558,025
DISH DBS Corp., 5.125%, 6/01/2029			450,000	296,460
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)			893,000	844,715
LCPR Senior Secured Financing DAC, 5.125%, 7/15/2029 (n)			210,000	173,573
SES S.A., 3.5%, 1/14/2029		EUR	100,000	96,810
Sirius XM Holdings, Inc., 3.875%, 9/01/2031 (n)		$	815,000	666,263
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)			642,000	567,412
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)			1,395,000	1,298,884
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)			1,400,000	1,253,700
Videotron Ltd., 5.125%, 4/15/2027 (n)			473,000	452,188
Videotron Ltd., 3.625%, 6/15/2029 (n)			283,000	239,066
Virgin Media Finance PLC, 3.75%, 7/15/2030		EUR	255,000	210,637
Virgin Media Finance PLC, 5%, 7/15/2030 (n)		$	1,000,000	832,100
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			1,200,000	1,028,712
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028			267,000	152,190
Ziggo Bond Finance B.V., 3.375%, 2/28/2030		EUR	370,000	294,061
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)		$	1,315,000	1,066,820
				$17,034,456
Chemicals – 2.0%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)		$	540,000	$495,108
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n)			1,340,000	1,096,850
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)			700,000	611,625
Element Solutions, Inc., 3.875%, 9/01/2028 (n)			925,000	790,561

30

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Chemicals – continued
Herens Holdco S.à r.l., 4.75%, 5/15/2028 (n)		$	500,000	$400,000
Ingevity Corp., 3.875%, 11/01/2028 (n)			923,000	786,858
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)			678,000	558,204
LYB International Finance III, LLC, 4.2%, 5/01/2050			139,000	104,148
S.P.C.M. S.A., 3.375%, 3/15/2030 (n)			705,000	561,356
Sasol Financing (USA) LLC, 5.5%, 3/18/2031			550,000	456,398
Sherwin-Williams Co., 3.8%, 8/15/2049			38,000	28,844
				$5,889,952
Computer Software – 1.0%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)		$	410,000	$388,565
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n)			200,000	179,756
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n)			770,000	659,313
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)			705,000	606,547
Microsoft Corp., 3.3%, 2/06/2027			145,000	140,249
Microsoft Corp., 2.525%, 6/01/2050			214,000	147,379
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)			467,000	449,735
PTC, Inc., 3.625%, 2/15/2025 (n)			305,000	290,745
				$2,862,289
Computer Software - Systems – 1.3%
Fair Isaac Corp., 5.25%, 5/15/2026 (n)		$	1,330,000	$1,318,236
Fair Isaac Corp., 4%, 6/15/2028 (n)			131,000	119,865
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n)			292,000	299,300
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			1,055,000	1,008,334
Viavi Solutions, Inc., 3.75%, 10/01/2029 (n)			830,000	684,750
Virtusa Corp., 7.125%, 12/15/2028 (n)			525,000	393,750
				$3,824,235
Conglomerates – 2.0%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)		$	500,000	$445,000
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			1,265,000	1,113,200
Gates Global LLC, 6.25%, 1/15/2026 (n)			805,000	776,189
Griffon Corp., 5.75%, 3/01/2028			751,000	698,543
Madison IAQ LLC, 5.875%, 6/30/2029 (n)			882,000	652,442
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)			520,000	524,373
TriMas Corp., 4.125%, 4/15/2029 (n)			1,926,000	1,641,915
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028			207,000	198,835
				$6,050,497

31

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Construction – 1.0%
Empire Communities Corp., 7%, 12/15/2025 (n)		$	545,000	$479,291
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			280,000	251,272
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			615,000	506,443
Meritage Homes Corp., 3.875%, 4/15/2029 (n)			620,000	525,450
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n)			821,000	762,783
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)			543,000	440,091
				$2,965,330
Consumer Products – 1.4%
Energizer Gamma Acquisition B.V., 3.5%, 6/30/2029		EUR	340,000	$282,218
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)		$	472,000	401,540
JAB Holdings B.V., 2.25%, 12/19/2039		EUR	100,000	74,311
Mattel, Inc., 3.375%, 4/01/2026 (n)		$	572,000	525,273
Mattel, Inc., 5.875%, 12/15/2027 (n)			304,000	297,264
Mattel, Inc., 6.2%, 10/01/2040			135,000	115,536
Mattel, Inc., 5.45%, 11/01/2041			210,000	165,375
Newell Brands, Inc., 6.375%, 9/15/2027			392,000	388,609
Newell Brands, Inc., 6.625%, 9/15/2029			474,000	465,705
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			630,000	593,775
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)			250,000	211,230
Spectrum Brands, Inc., 3.875%, 3/15/2031 (n)			295,000	220,513
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n)			575,000	338,531
				$4,079,880
Consumer Services – 2.9%
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)		$	216,000	$205,200
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)			670,000	604,608
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	286,726
ANGI Group LLC, 3.875%, 8/15/2028 (n)			891,000	669,364
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			830,000	666,980
Booking Holdings, Inc., 4.75%, 11/15/2034		EUR	100,000	110,699
GoDaddy, Inc., 3.5%, 3/01/2029 (n)		$	1,263,000	1,067,334
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)			522,000	482,899
Match Group Holdings II LLC, 5%, 12/15/2027 (n)			660,000	613,320
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n)			910,000	813,903
Match Group Holdings II LLC, 4.125%, 8/01/2030 (n)			275,000	229,625
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)			55,000	42,029
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)			570,000	436,004
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			430,000	316,050
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)			1,968,329	481,038

32

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Consumer Services – continued
TriNet Group, Inc., 3.5%, 3/01/2029 (n)		$	1,575,000	$1,309,219
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)			458,000	429,293
				$8,764,291
Containers – 2.3%
ARD Finance S.A., 5%, (5% cash or 5.75% PIK) 6/30/2027 (p)		EUR	235,000	$171,528
ARD Finance S.A., 6.5% (6.5% cash or 7.25% PIK), 6/30/2027 (n)(p)		$	655,000	484,700
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)			565,000	476,455
Ardagh Metal Packaging Finance USA LLC, 3%, 9/01/2029 (n)		EUR	220,000	170,554
Ardagh Metal Packaging Finance USA LLC, 4%, 9/01/2029 (n)		$	646,000	516,800
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)			1,080,000	816,804
Ball Corp., 3.125%, 9/15/2031			590,000	468,755
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n)			350,000	301,000
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)			1,176,000	926,100
Crown Americas LLC, 5.25%, 4/01/2030 (n)			550,000	508,750
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026			920,000	879,437
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026			490,000	474,521
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)			625,000	585,140
				$6,780,544
Electrical Equipment – 0.4%
Arrow Electronics, Inc., 2.95%, 2/15/2032		$	182,000	$145,105
CommScope Technologies LLC, 5%, 3/15/2027 (n)			937,000	714,762
Telefonaktiebolaget LM Ericsson, 1.125%, 2/08/2027		EUR	140,000	125,796
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029			140,000	110,852
				$1,096,515
Electronics – 1.2%
Broadcom, Inc., 3.419%, 4/15/2033 (n)		$	133,000	$108,067
Broadcom, Inc., 3.137%, 11/15/2035 (n)			168,000	124,501
Broadcom, Inc., 3.187%, 11/15/2036 (n)			4,000	2,913
Entegris, Inc., 4.375%, 4/15/2028 (n)			290,000	256,270
Entegris, Inc., 3.625%, 5/01/2029 (n)			480,000	398,400
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)			350,000	349,244

33

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Electronics – continued
Sensata Technologies B.V., 5%, 10/01/2025 (n)		$	1,160,000	$1,133,494
Sensata Technologies B.V., 5.875%, 9/01/2030 (n)			385,000	365,609
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)			410,000	363,098
Synaptics, Inc., 4%, 6/15/2029 (n)			710,000	591,578
				$3,693,174
Emerging Market Quasi-Sovereign – 4.5%
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023		$	1,074,000	$1,071,315
CEZ A.S. (Czech Republic), 2.375%, 4/06/2027		EUR	100,000	95,433
China Construction Bank Corp., Hong Kong Branch, 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029		$	960,000	946,313
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n)			202,000	155,239
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031			404,000	319,976
Emirates NBD Bank PJSC, 6.125% to 7/09/2026, FLR (Swap Rate - 6yr. + 5.702%) to 1/09/2170			238,000	228,065
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026			600,000	563,619
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026			1,022,000	966,563
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028			624,000	584,220
Export-Import Bank of India, 2.25%, 1/13/2031 (n)			300,000	238,878
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)			299,000	245,816
Indian Railway Finance Corp., 2.8%, 2/10/2031			800,000	657,700
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			700,000	598,500
Korea Development Bank, 4.25%, 9/08/2032			531,000	510,599
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.875%, 11/07/2029 (n)			1,086,000	969,255
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (a)(n)			1,116,000	200,880
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 3.75%, 6/23/2031 (n)			200,000	163,398
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)			650,000	469,162
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)			200,000	188,600
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	819,024
Petroleos Mexicanos, 5.95%, 1/28/2031			200,000	149,793
Petroleos Mexicanos, 6.75%, 9/21/2047			980,000	622,067
Petroleos Mexicanos, 7.69%, 1/23/2050			200,000	137,632
PT Freeport Indonesia, 5.315%, 4/14/2032 (n)			200,000	185,000

34

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
PT Pertamina (Persero) (Republic of Indonesia), 5.625%, 5/20/2043		$	200,000	$187,845
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			554,000	501,813
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026			1,265,000	1,293,336
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031		EUR	150,000	101,855
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030		$	500,000	505,904
				$13,677,800
Emerging Market Sovereign – 12.0%
Arab Republic of Egypt, 7.052%, 1/15/2032 (n)		$	320,000	$237,056
Arab Republic of Egypt, 8.5%, 1/31/2047			1,265,000	844,084
Dominican Republic, 5.5%, 2/22/2029 (n)			761,000	696,914
Dominican Republic, 5.3%, 1/21/2041 (n)			181,000	137,906
Dominican Republic, 5.875%, 1/30/2060 (n)			2,249,000	1,667,071
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n)			519,000	431,367
Federative Republic of Brazil, 3.875%, 6/12/2030			500,000	435,989
Hellenic Republic (Republic of Greece), 0%, 2/12/2026		EUR	885,000	829,061
Hellenic Republic (Republic of Greece), 2%, 4/22/2027 (n)			1,470,000	1,452,569
Hellenic Republic (Republic of Greece), 1.75%, 6/18/2032 (n)			2,912,000	2,463,029
Hellenic Republic (Republic of Greece), 1.875%, 1/24/2052			245,000	157,460
Kingdom of Morocco, 1.375%, 3/30/2026			428,000	403,522
Kingdom of Morocco, 2%, 9/30/2030			100,000	81,000
Kingdom of Morocco, 3%, 12/15/2032 (n)		$	459,000	363,611
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	49,975,000	1,084,388
People's Republic of China, 3.03%, 3/11/2026		CNY	13,370,000	1,903,790
People's Republic of China, 3.13%, 11/21/2029			8,280,000	1,184,893
Republic of Angola, 9.375%, 5/08/2048		$	670,000	558,277
Republic of Argentina, 1.5%, 7/09/2035			627,494	146,684
Republic of Benin, 6.875%, 1/19/2052 (n)		EUR	214,000	161,543
Republic of Benin, 6.875%, 1/19/2052			400,000	301,949
Republic of Cote d'Ivoire, 5.25%, 3/22/2030			929,000	813,299
Republic of Cote d'Ivoire, 6.875%, 10/17/2040			300,000	238,043
Republic of Croatia, 1.125%, 3/04/2033			344,000	280,876
Republic of Ghana, 8.125%, 3/26/2032 (n)		$	305,000	107,592
Republic of Guatemala, 6.125%, 6/01/2050 (n)			777,000	713,350
Republic of Guatemala, 6.125%, 6/01/2050			300,000	275,425
Republic of Hungary, 5.5%, 6/16/2034 (n)			850,000	812,430
Republic of Indonesia, 4.65%, 9/20/2032			796,000	781,564
Republic of Indonesia, 4.35%, 1/11/2048			400,000	341,883
Republic of Kenya, 8%, 5/22/2032 (n)			478,000	417,198

35

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Korea, 2.125%, 6/10/2027		KRW	970,000,000	$688,383
Republic of Korea, 1.875%, 6/10/2029			4,549,250,000	3,113,073
Republic of Korea, 1.375%, 6/10/2030			3,343,670,000	2,166,976
Republic of Paraguay, 5.6%, 3/13/2048		$	200,000	170,400
Republic of Paraguay, 5.4%, 3/30/2050 (n)			1,150,000	966,000
Republic of Philippines, 3.556%, 9/29/2032			334,000	300,957
Republic of Poland, 5.75%, 11/16/2032			72,000	75,917
Republic of Romania, 1.75%, 7/13/2030 (n)		EUR	247,000	186,423
Republic of Romania, 2%, 4/14/2033			250,000	175,616
Republic of Senegal, 6.25%, 5/23/2033		$	247,000	206,245
Republic of Serbia, 2.05%, 9/23/2036 (n)		EUR	647,000	406,024
Republic of South Africa, 5.875%, 4/20/2032		$	200,000	184,725
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(n)			446,000	136,832
State of Qatar, 4.817%, 3/14/2049 (n)			683,000	662,510
Sultanate of Oman, 7%, 1/25/2051			800,000	746,082
United Arab Emirates, 4.951%, 7/07/2052 (n)			579,000	572,650
United Mexican States, 7.5%, 6/03/2027		MXN	67,100,000	3,235,956
United Mexican States, 4.75%, 4/27/2032		$	727,000	697,579
United Mexican States, 4.875%, 5/19/2033			641,000	602,054
United Mexican States, 3.771%, 5/24/2061			774,000	521,421
				$36,139,646
Energy - Independent – 2.6%
Antero Resources Corp., 7.625%, 2/01/2029 (n)		$	500,000	$510,171
CNX Resources Corp., 6%, 1/15/2029 (n)			572,000	540,672
CNX Resources Corp., 7.375%, 1/15/2031 (n)			192,000	192,104
Colgate Energy Partners III LLC, 7.75%, 2/15/2026 (n)			110,000	109,045
Colgate Energy Partners III LLC, 5.875%, 7/01/2029 (n)			574,000	528,080
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)			750,000	732,487
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)			630,000	580,010
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)			430,000	411,480
Energean Israel Finance Ltd., 5.875%, 3/30/2031			500,000	443,750
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n)			679,000	666,271
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)			492,000	437,038
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)			400,000	372,160
SM Energy Co., 6.5%, 7/15/2028			410,000	400,943
Southwestern Energy Co., 5.7%, 1/23/2025			44,200	43,758
Southwestern Energy Co., 8.375%, 9/15/2028			305,000	316,722
Southwestern Energy Co., 5.375%, 3/15/2030			630,000	592,326
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			987,000	838,950

36

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Independent – continued
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n)		$	323,000	$226,100
				$7,942,067
Energy - Integrated – 0.2%
BP Capital Markets PLC, 3.625% to 6/22/2029, FLR (EUR Swap Rate - 5yr. + 4.12%) to 6/22/2034, FLR (EUR Swap Rate - 5yr. + 4.37%) to 6/22/2049, FLR (EUR Swap Rate - 5yr. + 5.12%) to 6/22/2170		EUR	400,000	$357,612
Eni S.p.A., 4.25%, 5/09/2029 (n)		$	200,000	185,609
Galp Energia SGPS S.A., 2%, 1/15/2026		EUR	100,000	96,697
MOL PLC, 1.5%, 10/08/2027			110,000	94,572
				$734,490
Engineering - Construction – 0.0%
Bouygues S.A., 4.625%, 6/07/2032		EUR	100,000	$110,336
Entertainment – 1.5%
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)		$	1,244,000	$1,048,070
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)			530,000	394,100
Life Time, Inc., 5.75%, 1/15/2026 (n)			565,000	543,287
Life Time, Inc., 8%, 4/15/2026 (n)			170,000	153,518
Motion Bondco DAC, 6.625%, 11/15/2027 (n)			630,000	542,183
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)			539,000	442,132
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			340,000	281,724
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)			690,000	563,213
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)			495,000	426,566
				$4,394,793
Financial Institutions – 2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032		$	150,000	$119,545
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/2041			150,000	110,034
Avation Capital S.A., 8.25% (8.25% cash or 9% PIK), 10/31/2026 (n)(p)			360,050	288,040
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n)			77,000	73,331
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)			134,000	121,807
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)			640,000	602,297
Crédit Logement S.A., 1.081%, 2/15/2034		EUR	100,000	84,112
CTP N.V., 1.5%, 9/27/2031			100,000	62,506
EXOR N.V., 2.25%, 4/29/2030			100,000	90,858
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p)		$	2,167,693	1,809,947

37

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – continued
Grand City Properties S.A., 1.5% to 6/9/2026, FLR (EUR Swap Rate - 5yr. + 2.184%) to 6/9/2031, FLR (EUR Swap Rate - 5yr. + 2.434%) to 6/9/2046, FLR (EUR Swap Rate - 5yr. + 3.184%) to 12/09/2069		EUR	100,000	$45,795
Howard Hughes Corp., 4.125%, 2/01/2029 (n)		$	939,000	774,328
Logicor Financing S.à r.l., 1.625%, 1/17/2030		EUR	110,000	87,038
Logicor Financing S.à r.l., 0.875%, 1/14/2031			100,000	71,987
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)		$	1,180,000	1,072,750
OneMain Finance Corp., 6.875%, 3/15/2025			430,000	417,657
OneMain Finance Corp., 7.125%, 3/15/2026			580,000	561,901
P3 Group S.à r.l., 0.875%, 1/26/2026		EUR	130,000	111,686
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n)		$	880,000	708,400
Samhallsbyggnadsbolaget i Norden AB, 1.75%, 1/14/2025		EUR	100,000	87,132
Samhallsbyggnadsbolaget i Norden AB, 2.875%, 1/30/2171			280,000	114,420
SBB Treasury Oyj, 1.125%, 11/26/2029			100,000	62,734
SLM Corp., 3.125%, 11/02/2026		$	35,000	30,100
VGP N.V., 1.5%, 4/08/2029		EUR	100,000	69,245
Vonovia SE, REIT, 1.625%, 9/01/2051			100,000	58,025
				$7,635,675
Food & Beverages – 2.7%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038		$	189,000	$173,043
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049			60,000	61,430
B&G Foods, Inc., 5.25%, 4/01/2025			470,000	414,686
BellRing Brands, Inc., 7%, 3/15/2030 (n)			870,000	840,498
Central America Bottling Co., 5.25%, 4/27/2029 (n)			755,000	680,678
Constellation Brands, Inc., 4.75%, 12/01/2025			44,000	44,028
Constellation Brands, Inc., 3.15%, 8/01/2029			72,000	63,823
Constellation Brands, Inc., 2.25%, 8/01/2031			104,000	83,218
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 (n)			781,000	644,325
Kraft Heinz Foods Co., 3.875%, 5/15/2027			137,000	132,117
Lamb Weston Holdings, Inc., 4.125%, 1/31/2030 (n)			1,080,000	955,130
Performance Food Group Co., 5.5%, 10/15/2027 (n)			850,000	820,250
Post Holdings, Inc., 5.625%, 1/15/2028 (n)			788,000	751,776
Post Holdings, Inc., 4.625%, 4/15/2030 (n)			1,000,000	877,350
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)			912,000	788,114
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			855,000	761,908
				$8,092,374
Gaming & Lodging – 4.3%
Boyd Gaming Corp., 4.75%, 12/01/2027		$	395,000	$367,350
Boyd Gaming Corp., 4.75%, 6/15/2031 (n)			270,000	235,575
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)			545,000	456,437

38

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Gaming & Lodging – continued
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)		$	689,000	$691,618
CCM Merger, Inc., 6.375%, 5/01/2026 (n)			541,000	500,820
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n)			989,000	877,648
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)			921,000	758,269
International Game Technology PLC, 4.125%, 4/15/2026 (n)			1,000,000	941,210
International Game Technology PLC, 6.25%, 1/15/2027 (n)			225,000	223,594
Las Vegas Sands Corp., 3.9%, 8/08/2029			119,000	102,196
Marriott International, Inc., 2.85%, 4/15/2031			90,000	73,536
Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n)			365,000	307,506
MGM China Holdings Ltd., 5.375%, 5/15/2024 (n)			420,000	411,600
MGM China Holdings Ltd., 4.75%, 2/01/2027 (n)			234,000	204,820
Sands China Ltd., 4.3%, 1/08/2026			600,000	549,978
Sands China Ltd., 4.875%, 6/18/2030			505,000	435,563
Scientific Games Holdings LP/Scientific Games US Finco, Inc., 6.625%, 3/01/2030 (n)			596,000	501,369
VICI Properties LP / VICI Note Co., Inc., 4.625%, 6/15/2025 (n)			685,000	655,519
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (n)			855,000	795,305
VICI Properties LP / VICI Note Co., Inc., 5.75%, 2/01/2027 (n)			285,000	276,170
VICI Properties LP / VICI Note Co., Inc., 3.875%, 2/15/2029 (n)			389,000	341,436
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/2030 (n)			155,000	134,301
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)			515,000	464,566
VICI Properties LP, REIT, 4.95%, 2/15/2030			192,000	181,508
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)			813,000	727,035
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)			375,000	337,500
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)			788,000	652,653
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			800,000	695,286
				$12,900,368
Industrial – 1.2%
Albion Financing 1 S.à r.l., 5.25%, 10/15/2026		EUR	250,000	$231,887
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n)		$	200,000	177,310
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)			635,000	539,677
APi Escrow Corp., 4.75%, 10/15/2029 (n)			1,010,000	866,830
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027			850,000	791,136
Peach Property Group, 4.375%, 11/15/2025 (n)		EUR	225,000	168,816

39

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Industrial – continued
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050		$	35,000	$22,380
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)			1,013,000	921,019
				$3,719,055
Insurance – 0.5%
AIA Group Ltd., 0.88% to 9/09/2028, FLR (EUR Swap Rate - 5yr. + 1.1%) to 9/09/2033		EUR	320,000	$258,011
Allianz SE, 3.5% to 4/30/2026, FLR (CMT - 5yr. + 2.973%) to 4/30/2171 (n)		$	200,000	169,750
Argentum Netherlands B.V., 5.125%, 6/01/2048			200,000	178,446
Argentum Zurich Insurance, 2.75% to 2/19/2029, FLR (EURIBOR - 3mo. + 3.2%) to 2/19/2049		EUR	100,000	91,799
ASR Nederland N.V., 7% to 12/07/2033, FLR (EUR Swap Rate - 5yr. + 5.3%) to 12/07/2043			100,000	108,455
Aviva PLC, 4% to 6/03/2035, FLR (GBP Government Yield - 5yr. + 4.7%) to 6/03/2055		GBP	175,000	164,426
Corebridge Financial, Inc., 4.35%, 4/05/2042 (n)		$	30,000	24,562
Credit Agricole Assurances S.A., 2%, 7/17/2030		EUR	200,000	169,243
NN Group N.V., 4.625%, 1/13/2048			200,000	199,575
				$1,364,267
Insurance - Health – 0.0%
UnitedHealth Group, Inc., 3.5%, 8/15/2039		$	38,000	$31,459
UnitedHealth Group, Inc., 3.25%, 5/15/2051			108,000	79,251
				$110,710
Insurance - Property & Casualty – 0.9%
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)		$	465,000	$428,309
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031			25,000	20,465
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)			500,000	425,000
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)			360,000	347,349
Hub International Ltd., 5.625%, 12/01/2029 (n)			1,316,000	1,152,329
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038		GBP	100,000	91,692
Ryan Specialty Group, 4.375%, 2/01/2030 (n)		$	361,000	308,655
				$2,773,799

40

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Quasi-Sovereign – 0.5%
Caixa Geral de Depositos S.A. (Republic of Portugal), 5.75%, 10/31/2028		EUR	100,000	$106,293
Electricite de France S.A., 2.875% to 3/15/2027, FLR (EUR Swap Rate - 5yr. + 3.373%) to 3/15/2031, FLR (EUR Swap Rate - 5yr. + 3.623%) to 3/15/2047, FLR (EUR Swap Rate - 5yr. + 4.373%) to 3/15/2070			200,000	172,740
Electricite de France S.A., 5.875% to 1/22/2029, FLR (GBP Swap Rate - 15yr. + 3.046%) to 1/22/2049, FLR (GBP Swap Rate - 15yr. + 3.796%) to 12/31/2165		GBP	100,000	98,831
EnBW International Finance B.V., 4.049%, 11/22/2029		EUR	30,000	31,831
ESB Finance DAC, 1%, 7/19/2034			100,000	78,764
Islandsbanki, 0.75%, 3/25/2025			100,000	89,024
KFW German Government Development Bank, 1.125%, 3/31/2037			748,000	631,106
La Banque Postale S.A., 5.5% to 3/05/2029, FLR (EUR Swap Rate - 5yr. + 2.85%) to 3/05/2034 (w)			100,000	104,390
Landsbankinn Bank (Republic of Iceland), 0.375%, 5/23/2025			100,000	89,063
RTE Reseau de Transport d'Electricite, 0.75%, 1/12/2034			100,000	78,154
				$1,480,196
International Market Sovereign – 8.3%
Commonwealth of Australia, 3.25%, 6/21/2039		AUD	14,241,000	$8,946,994
Federal Republic of Germany, 1.7%, 8/15/2032		EUR	1,879,000	1,913,601
Federal Republic of Germany, 0%, 8/15/2052			942,449	587,555
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	200,000	162,875
Government of Bermuda, 5%, 7/15/2032 (n)			560,000	539,033
Government of France, 0.75%, 5/25/2053		EUR	691,500	445,768
Government of Japan, 1.7%, 6/20/2033		JPY	127,600,000	1,044,307
Government of Japan, 1.7%, 6/20/2044			337,300,000	2,671,678
Government of Japan, 0.3%, 6/20/2046			150,100,000	870,241
Kingdom of Belgium, 0.4%, 6/22/2040		EUR	1,240,000	872,291
Kingdom of Spain, 2.55%, 10/31/2032			569,000	571,824
Kingdom of Spain, 1%, 10/31/2050			951,000	592,781
Republic of Cyprus, 0.625%, 1/21/2030			353,000	291,368
Republic of France, 0%, 5/25/2032			1,280,000	1,066,461
United Kingdom Treasury, 1.25%, 7/22/2027		GBP	3,214,000	3,537,750
United Kingdom Treasury, 1.25%, 10/22/2041			497,000	413,932
United Kingdom Treasury, 1.25%, 7/31/2051			538,000	391,862
				$24,920,321

41

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Local Authorities – 0.8%
Oslo kommune, 2.17%, 5/18/2029		NOK	3,000,000	$273,283
Province of Alberta, 4.5%, 12/01/2040		CAD	125,000	97,784
Province of British Columbia, 2.95%, 6/18/2050			115,000	70,531
Province of Ontario, 1.9%, 12/02/2051			4,346,000	2,068,724
				$2,510,322
Machinery & Tools – 0.3%
Sarens Finance Co. N.V., 5.75%, 2/21/2027		EUR	210,000	$165,075
Terex Corp., 5%, 5/15/2029 (n)		$	960,000	868,022
				$1,033,097
Major Banks – 1.8%
Australia and New Zealand Banking Group Ltd., 2.57% to 11/25/2030, FLR (CMT - 5yr. + 1.7%) to 11/25/2035 (n)		$	152,000	$110,862
Bank of America Corp., 3.5%, 4/19/2026			301,000	288,608
Bank of America Corp., 0.694% to 3/22/2030, FLR (EURIBOR - 3mo. + 0.79%) to 3/22/2031		EUR	110,000	90,500
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032		$	236,000	191,193
Barclays Bank PLC, 8.407% to 11/14/2027, FLR (GBP Swap Rate - 5yr. + 4.75%) to 11/14/2032		GBP	100,000	124,721
BNP Paribas S.A., 4.625% to 1/12/2027, FLR (CMT - 5yr. + 3.196%) to 1/12/2027 (n)		$	200,000	162,223
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)			221,000	168,530
Crédit Agricole Group, 3.875%, 11/28/2034		EUR	100,000	105,380
Credit Suisse AG (London), 2.125%, 5/31/2024			100,000	99,057
Credit Suisse Group AG, 7.75% to 3/01/2028, FLR (EUR ICE Swap Rate - 1yr. + 4.95%) to 3/01/2029			100,000	102,551
Deutsche Bank AG, 3.729% to 1/14/2031, FLR (SOFR - 1 day + 2.757%) to 1/14/2032		$	290,000	213,205
Deutsche Bank AG (New York), 3.742%, 1/07/2033			306,000	218,444
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032			80,000	63,191
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043			111,000	84,087
HSBC Holdings PLC, 4.375%, 11/23/2026			269,000	258,117
HSBC Holdings PLC, 6.364% to 11/16/2027, FLR (EUR Swap Rate - 5yr. + 3.3%) to 11/16/2032		EUR	100,000	107,330
JPMorgan Chase & Co., 1.47%, 9/22/2027		$	455,000	394,945
JPMorgan Chase & Co., 3.328% to 4/22/2051, FLR (SOFR - 1 day + 1.58%) to 4/22/2052			218,000	157,680
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027			183,000	161,220

42

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031		$	214,000	$190,708
Nationwide Building Society, 6.18% to 12/07/2026, FLR (SONIA + 2.213%) to 12/07/2027 (w)		GBP	100,000	120,883
NatWest Group PLC, 7.42%, 6/06/2033 (w)			100,000	120,775
Société Générale S.A., 4%, 11/16/2027		EUR	100,000	105,797
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029			100,000	83,428
Toronto Dominion Bank, 4.108%, 6/08/2027		$	153,000	147,743
Toronto Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082			585,000	599,625
Unicaja Banco S.A., 1% to 12/01/2025, FLR (EUR ICE Swap Rate - 1yr. + 1.15%) to 12/01/2026		EUR	100,000	91,547
UniCredit S.p.A., 5.85% to 11/15/2026, FLR (EURIBOR - 3mo. + 2.85%) to 11/15/2027			150,000	160,364
UniCredit S.p.A., 0.925% to 1/28/2027, FLR (EURIBOR - 3mo. + 0.85%) to 1/18/2028			180,000	162,162
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028		$	293,000	272,167
Wells Fargo & Co., 2.572% to 2/11/2030, FLR (LIBOR - 3mo. +1%) to 2/11/2031			69,000	57,732
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033			139,000	118,904
				$5,333,679
Medical & Health Technology & Services – 4.4%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	765,000	$650,179
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)			1,006,000	925,520
Becton, Dickinson and Co., 4.298%, 8/22/2032			45,000	42,844
Catalent Pharma Solutions, Inc., 2.375%, 3/01/2028		EUR	220,000	189,460
Catalent, Inc., 3.125%, 2/15/2029 (n)		$	1,643,000	1,343,152
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)			1,381,000	1,201,637
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			485,000	429,567
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)			965,000	492,150
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			460,000	350,796
DaVita, Inc., 4.625%, 6/01/2030 (n)			805,000	651,631
Encompass Health Corp., 5.75%, 9/15/2025			445,000	440,309
Encompass Health Corp., 4.75%, 2/01/2030			555,000	492,563
Encompass Health Corp., 4.625%, 4/01/2031			120,000	103,563
HCA, Inc., 5.125%, 6/15/2039			103,000	91,807
IQVIA Holdings, Inc., 5%, 10/15/2026 (n)			455,000	437,938

43

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical & Health Technology & Services – continued
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)		$	1,010,000	$964,458
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)			255,000	211,384
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			179,000	111,317
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			142,000	137,300
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)			485,000	390,444
Syneos Health, Inc., 3.625%, 1/15/2029 (n)			1,131,000	894,191
Tenet Healthcare Corp., 6.125%, 10/01/2028 (n)			1,278,000	1,127,835
Tenet Healthcare Corp., 4.375%, 1/15/2030 (n)			226,000	196,862
Tenet Healthcare Corp., 6.125%, 6/15/2030 (n)			360,000	341,129
Thermo Fisher Scientific (Finance I) Co., 2%, 10/18/2051		EUR	100,000	73,977
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028		$	137,000	117,186
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)			535,000	485,164
U.S. Renal Care, Inc., 10.625%, 7/15/2027 (n)			480,000	191,112
				$13,085,475
Medical Equipment – 0.5%
Garden SpinCo Corp., 8.625%, 7/20/2030 (n)		$	453,000	$480,924
Teleflex, Inc., 4.625%, 11/15/2027			995,000	940,613
				$1,421,537
Metals & Mining – 3.0%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)		$	209,000	$207,874
Anglo American Capital PLC, 4.75%, 9/21/2032		EUR	100,000	105,948
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)		$	655,000	610,269
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)			1,150,000	895,540
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)			695,000	655,406
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)			550,000	449,064
Ero Copper Corp., 6.5%, 2/15/2030 (n)			333,000	255,025
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n)			314,000	299,092
First Quantum Minerals Ltd., 6.875%, 10/15/2027			350,000	333,382
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			1,255,000	1,057,337
Glencore Capital Finance DAC, 1.125%, 3/10/2028		EUR	140,000	125,571
Glencore Funding LLC, 2.85%, 4/27/2031 (n)		$	144,000	118,589
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)			838,000	698,683
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)			928,000	816,092
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)			455,000	384,188
Novelis Corp., 3.25%, 11/15/2026 (n)			520,000	464,653
Novelis Corp., 4.75%, 1/30/2030 (n)			735,000	653,487
Novelis Corp., 3.875%, 8/15/2031 (n)			380,000	311,600
Novelis Sheet Ingot GmbH, 3.375%, 4/15/2029		EUR	250,000	225,444

44

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Metals & Mining – continued
Petra Diamonds US$ Treasury PLC, 10.5% PIK to 12/31/2022, 10.5% PIK/9.75% Cash to 6/30/2023, 9.75% Cash to 3/08/2026 (n)(p)		$	347,660	$347,660
TMS International Corp., 6.25%, 4/15/2029 (n)			170,000	121,617
				$9,136,521
Midstream – 3.8%
Cheniere Energy Partners LP, 4.5%, 10/01/2029		$	515,000	$472,770
Cheniere Energy Partners LP, 4%, 3/01/2031			975,000	851,906
DT Midstream, Inc., 4.125%, 6/15/2029 (n)			1,064,000	937,490
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			949,000	818,712
Energy Transfer LP, 5%, 5/15/2050			31,000	25,549
EnLink Midstream LLC, 6.5%, 9/01/2030 (n)			790,000	802,340
EQM Midstream Partners LP, 6%, 7/01/2025 (n)			62,000	60,760
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)			111,000	107,670
EQM Midstream Partners LP, 5.5%, 7/15/2028			1,585,000	1,468,629
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)			560,000	492,184
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)			803,000	754,587
Peru LNG, 5.375%, 3/22/2030			518,000	427,998
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/2029			227,000	197,820
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030			193,000	182,361
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			1,080,000	980,100
Targa Resources Corp., 4.2%, 2/01/2033			13,000	11,368
Targa Resources Corp., 4.95%, 4/15/2052			79,000	64,213
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029			785,000	806,478
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031			721,000	656,701
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			870,000	751,463
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)			625,000	539,063
				$11,410,162
Mortgage-Backed – 2.8%
Fannie Mae, 6.5%, 4/01/2032 - 1/01/2033		$	14,899	$15,434
Fannie Mae, 5.5%, 7/01/2033 - 7/01/2035			58,007	60,130
Fannie Mae, 6%, 8/01/2034 - 2/01/2037			32,773	34,431
Fannie Mae, 3.5%, 12/01/2047			42,358	39,625
Fannie Mae, 2.5%, 2/01/2052 - 10/01/2052			299,307	256,245
Fannie Mae, UMBS, 2%, 4/01/2042 - 5/01/2052			888,903	738,193
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 6/01/2052			595,387	550,058
Fannie Mae, UMBS, 2.5%, 7/01/2050 - 7/01/2052			1,251,088	1,072,452
Fannie Mae, UMBS, 3%, 12/01/2051 - 6/01/2052			661,381	585,474
Fannie Mae, UMBS, 4%, 6/01/2052			124,999	118,268

45

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 0.276%, 2/25/2025 (i)		$	38,000,000	$142,758
Freddie Mac, 1.482%, 3/25/2027 (i)			448,000	22,453
Freddie Mac, 0.263%, 2/25/2028 (i)			36,576,000	275,706
Freddie Mac, 0.467%, 2/25/2028 (i)			15,572,000	233,628
Freddie Mac, 0.251%, 4/25/2028 (i)			15,983,000	114,990
Freddie Mac, 1.22%, 7/25/2029 (i)			1,884,347	109,139
Freddie Mac, 1.917%, 4/25/2030 (i)			845,640	90,537
Freddie Mac, 1.985%, 4/25/2030 (i)			731,897	79,262
Freddie Mac, 1.768%, 5/25/2030 (i)			896,340	89,788
Freddie Mac, 1.907%, 5/25/2030 (i)			2,034,877	219,337
Freddie Mac, 1.436%, 6/25/2030 (i)			821,458	67,523
Freddie Mac, 1.704%, 8/25/2030 (i)			719,995	71,655
Freddie Mac, 1.263%, 9/25/2030 (i)			455,646	33,347
Freddie Mac, 1.172%, 11/25/2030 (i)			901,677	62,275
Freddie Mac, 0.422%, 1/25/2031 (i)			3,186,249	64,603
Freddie Mac, 0.613%, 3/25/2031 (i)			3,739,954	122,312
Freddie Mac, 1.039%, 7/25/2031 (i)			670,491	43,122
Freddie Mac, 0.632%, 9/25/2031 (i)			2,699,427	104,259
Freddie Mac, 0.664%, 12/25/2031 (i)			659,754	26,406
Freddie Mac, 6%, 8/01/2034			23,870	24,708
Freddie Mac, UMBS, 2.5%, 11/01/2051 - 9/01/2052			656,520	562,062
Freddie Mac, UMBS, 2%, 1/01/2052 - 3/01/2052			73,376	60,540
Freddie Mac, UMBS, 3%, 4/01/2052			24,311	21,584
Freddie Mac, UMBS, 4%, 8/01/2052			299,999	283,874
Freddie Mac, UMBS, 5%, 9/01/2052			49,069	48,864
Ginnie Mae, 2.5%, 8/20/2051 - 5/20/2052			230,226	202,723
Ginnie Mae, 3%, 5/20/2052 - 11/20/2052			124,307	112,329
Ginnie Mae, 4.5%, 8/20/2052 - 9/20/2052			223,874	219,393
Ginnie Mae, 5%, 9/20/2052 - 11/20/2052			199,890	199,833
Ginnie Mae, 4%, 10/20/2052 - 11/20/2052			99,872	95,377
Ginnie Mae, TBA, 5.5%, 12/15/2052			100,000	101,186
Ginnie Mae, TBA, 2%, 12/20/2052			100,000	85,094
UMBS, TBA, 4.5%, 12/13/2052			300,000	291,984
UMBS, TBA, 5.5%, 12/25/2052			650,000	657,379
UMBS, TBA, 6%, 12/25/2052			150,000	153,362
				$8,563,702

46

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Municipals – 0.7%
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039		$	200,000	$184,690
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 4.949%, 7/01/2038			290,000	279,228
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., Taxable, “A”, 2.641%, 7/01/2037			150,000	136,255
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052 (w)			190,000	191,501
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040			215,000	170,813
Minnesota Housing Finance Agency, Residential Housing, Taxable, “G”, 4.337%, 1/01/2047			195,000	186,887
New Jersey Economic Development Authority State Pension Funding Rev., Taxable, “A”, NPFG, 7.425%, 2/15/2029			499,000	539,300
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028			346,000	303,838
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030			221,000	196,257
				$2,188,769
Natural Gas - Distribution – 0.1%
Boston Gas Co., 3.15%, 8/01/2027 (n)		$	198,000	$178,946
NiSource, Inc., 3.6%, 5/01/2030			92,000	82,709
				$261,655
Natural Gas - Pipeline – 0.1%
APT Pipelines Ltd., 0.75%, 3/15/2029		EUR	110,000	$93,633
APT Pipelines Ltd., 2.5%, 3/15/2036		GBP	100,000	80,722
				$174,355
Network & Telecom – 0.4%
AT&T, Inc., 3.5%, 9/15/2053		$	84,000	$59,314
Iliad Holding S.A.S., 7%, 10/15/2028 (n)			1,012,000	955,338
Verizon Communications, Inc., 2.1%, 3/22/2028			86,000	75,244
Verizon Communications, Inc., 2.355%, 3/15/2032			36,000	28,898
Verizon Communications, Inc., 3.875%, 3/01/2052			149,000	115,668
				$1,234,462
Oil Services – 0.4%
Guara Norte S.à r.l., 5.198%, 6/15/2034 (n)		$	187,230	$154,933
MV24 Capital B.V., 6.748%, 6/01/2034			502,229	445,260
Nabors Industries Ltd., 7.25%, 1/15/2026 (n)			234,000	224,932

47

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Oil Services – continued
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)		$	420,000	$413,700
				$1,238,825
Oils – 0.7%
Neste Oyj, 0.75%, 3/25/2028		EUR	100,000	$89,819
Parkland Corp., 4.625%, 5/01/2030 (n)		$	1,535,000	1,287,098
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028			355,000	324,030
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n)			355,000	283,764
				$1,984,711
Other Banks & Diversified Financials – 1.5%
AIB Group PLC, 5.75% to 2/16/2028, FLR (EUR Swap Rate - 1yr. + 2.85%) to 2/16/2029		EUR	100,000	$107,594
Arion Banki HF, 4.875%, 12/21/2024			140,000	140,787
Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034		$	750,000	608,845
Bank Hapoalim B.M., 3.255% to 1/21/2027, FLR (CMT - 5yr. + 2.155%) to 1/21/2032 (n)			200,000	170,644
Bank Leumi le-Israel B.M., 5.125%, 7/27/2027 (n)			846,000	836,457
Belfius Bank S.A., 1.25% to 4/06/2029, FLR (EUR Swap Rate - 5yr. + 1.3%) to 4/06/2034		EUR	200,000	163,828
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n)		$	250,000	186,411
CaixaBank S.A., 5.375% to 11/14/2029, FLR (EURIBOR - 3mo. + 2.4%) to 11/14/2030		EUR	100,000	107,740
CaixaBank S.A., 6.25%, 2/23/2033			100,000	105,774
Commercial Bank P.S.Q.C., 4.5% to 9/03/2026, FLR (CMT - 5yr. + 3.874%) to 9/03/2169		$	272,000	242,434
Commerzbank AG, 4.625% to 3/21/2027, FLR (EURIBOR - 3mo. + 2.2%) to 3/21/2027		EUR	200,000	204,522
Deutsche Bank AG, 1.875% to 2/23/2027, FLR (EURIBOR - 3mo. + 1.38%) to 2/23/2028			100,000	91,306
Deutsche Bank AG, 3.25% to 5/24/2027, FLR (EURIBOR - 3mo. + 1.93%) to 5/24/2028			100,000	96,443
Deutsche Bank AG, 1.375% to 2/17/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/17/2032			100,000	76,403
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032			100,000	93,956
Groupe BPCE S.A., 4.5%, 3/15/2025 (n)		$	250,000	239,506
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042		EUR	200,000	154,658
Intesa Sanpaolo S.p.A., 2.625%, 3/11/2036		GBP	150,000	118,027
Macquarie Group Ltd., 4.08%, 5/31/2029			130,000	140,726
Shinhan Bank Co., Ltd., 4.375%, 4/13/2032 (n)		$	227,000	201,889

48

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – continued
Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024		$	269,000	$246,807
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030		GBP	100,000	111,239
				$4,445,996
Personal Computers & Peripherals – 0.3%
NCR Corp., 5%, 10/01/2028 (n)		$	790,000	$687,300
NCR Corp., 5.125%, 4/15/2029 (n)			410,000	352,686
				$1,039,986
Pharmaceuticals – 1.0%
13752090 BC Ltd., 9%, 1/30/2028 (n)		$	255,000	$250,537
Bausch Health Co., Inc., 11%, 9/30/2028 (n)			454,000	348,445
Bausch Health Co., Inc., 14%, 10/15/2030 (n)			90,000	49,932
Jazz Securities DAC, 4.375%, 1/15/2029 (n)			1,160,000	1,052,723
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)			955,000	859,481
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)			675,000	599,002
				$3,160,120
Pollution Control – 0.8%
GFL Environmental, Inc., 4.25%, 6/01/2025 (n)		$	215,000	$204,763
GFL Environmental, Inc., 4%, 8/01/2028 (n)			985,000	845,036
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)			255,000	223,337
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)			345,000	296,045
Stericycle, Inc., 3.875%, 1/15/2029 (n)			757,000	658,590
Waste Connections, Inc., 4.2%, 1/15/2033			49,000	46,276
				$2,274,047
Precious Metals & Minerals – 0.3%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)		$	565,000	$400,688
Taseko Mines Ltd., 7%, 2/15/2026 (n)			510,000	427,892
				$828,580
Printing & Publishing – 0.2%
Cimpress N.V., 7%, 6/15/2026 (n)		$	890,000	$621,069
Informa PLC, 3.125%, 7/05/2026		GBP	110,000	120,424
				$741,493
Railroad & Shipping – 0.1%
Canadian Pacific Railway Co., 2.45%, 12/02/2031		$	111,000	$92,505
Wabtec Transportation Netherlands B.V., 1.25%, 12/03/2027		EUR	100,000	90,126
				$182,631

49

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Real Estate - Healthcare – 0.2%
MPT Operating Partnership LP/MPT Finance Corp., 0.993%, 10/15/2026		EUR	225,000	$176,732
MPT Operating Partnership LP/MPT Financial Co., REIT, 5%, 10/15/2027		$	624,000	532,771
				$709,503
Real Estate - Office – 0.1%
Corporate Office Property LP, REIT, 2.25%, 3/15/2026		$	149,000	$130,866
Corporate Office Property LP, REIT, 2%, 1/15/2029			52,000	40,243
				$171,109
Real Estate - Other – 0.4%
EPR Properties, REIT, 3.6%, 11/15/2031		$	89,000	$65,254
Lexington Realty Trust Co., 2.7%, 9/15/2030			195,000	156,036
SEGRO Capital S.a.r.l. , 0.5%, 9/22/2031		EUR	100,000	75,345
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031		$	282,000	224,226
XHR LP, REIT, 4.875%, 6/01/2029 (n)			655,000	559,848
				$1,080,709
Real Estate - Retail – 0.2%
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030		$	3,000	$2,622
Hammerson Ireland Finance DAC, 1.75%, 6/03/2027		EUR	100,000	81,905
Regency Centers Corp., 3.7%, 6/15/2030		$	71,000	62,062
STORE Capital Corp., REIT, 2.75%, 11/18/2030			313,000	244,079
Unibail-Rodamco-Westfield SE, REIT, 2.125% to 10/25/2023, FLR (EUR Swap Rate - 5yr. + 1.675%) to 10/25/2028, FLR (EUR Swap Rate - 5yr. + 1.925%) to 10/25/2043, FLR (EUR Swap Rate - 5yr. + 2.675%) to 10/25/2070		EUR	100,000	89,502
				$480,170
Restaurants – 0.2%
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)		$	645,000	$543,284
Retailers – 1.0%
Asbury Automotive Group, Inc., 4.5%, 3/01/2028		$	65,000	$58,806
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)			939,000	819,278
AutoZone, Inc., 4.75%, 8/01/2032			48,000	47,075
Bath & Body Works, Inc., 5.25%, 2/01/2028			1,580,000	1,454,076
Nordstrom, Inc., 4.25%, 8/01/2031			106,000	82,313
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)			650,000	548,600
				$3,010,148

50

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Specialty Chemicals – 0.2%
Covestro AG, 4.75%, 11/15/2028		EUR	100,000	$105,470
Ctec II GmbH, 5.25%, 2/15/2030 (n)			200,000	173,728
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)		$	96,000	80,229
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n)			342,000	328,905
				$688,332
Specialty Stores – 0.7%
DICK'S Sporting Goods, 3.15%, 1/15/2032		$	124,000	$98,691
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)			719,000	609,891
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			410,000	300,298
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			755,000	446,394
Penske Automotive Group Co., 3.75%, 6/15/2029			726,000	610,907
				$2,066,181
Supermarkets – 0.5%
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)		$	690,000	$638,312
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n)			540,000	449,832
Auchan Holding S.A., 3.25%, 7/23/2027		EUR	100,000	97,847
Iceland Bondco PLC, 4.625%, 3/15/2025		GBP	190,000	189,496
				$1,375,487
Supranational – 0.5%
European Stability Mechanism, 0.01%, 10/15/2031		EUR	548,000	$454,705
European Stability Mechanism, 3.375%, 4/03/2037			143,000	158,572
International Bank for Reconstruction and Development, 4.25%, 6/24/2025		AUD	210,000	144,033
West African Development Bank, 4.7%, 10/22/2031 (n)		$	1,055,000	865,628
				$1,622,938
Telecommunications - Wireless – 2.0%
Altice France S.A., 6%, 2/15/2028 (n)		$	1,255,000	$841,591
American Tower Corp., REIT, 2.75%, 1/15/2027			81,000	73,318
Cellnex Finance Co. S.A., 2%, 2/15/2033		EUR	400,000	318,324
Crown Castle, Inc., REIT, 3.7%, 6/15/2026		$	220,000	209,548
Millicom International Cellular S.A., 5.125%, 1/15/2028			635,400	574,586
Rogers Communications, Inc., 3.8%, 3/15/2032 (n)			92,000	81,447
Rogers Communications, Inc., 3.7%, 11/15/2049			106,000	75,006
SBA Communications Corp., 3.875%, 2/15/2027			753,000	695,201
SBA Communications Corp., 3.125%, 2/01/2029			1,060,000	884,948
Sprint Capital Corp., 6.875%, 11/15/2028			1,065,000	1,128,485
Sprint Corp., 7.625%, 3/01/2026			838,000	881,351
T-Mobile USA, Inc., 3.875%, 4/15/2030			181,000	166,237
				$5,930,042

51

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Telephone Services – 0.0%
TELUS Corp., 2.85%, 11/13/2031		CAD	225,000	$142,878
Tobacco – 0.2%
B.A.T. Capital Corp., 2.125%, 8/15/2025		GBP	110,000	$121,029
Philip Morris International, Inc., 5.125%, 11/17/2027		$	49,000	49,104
Vector Group Ltd., 5.75%, 2/01/2029 (n)			425,000	369,142
				$539,275
Transportation - Services – 0.2%
ERAC USA Finance LLC, 7%, 10/15/2037 (n)		$	120,000	$130,531
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031		EUR	100,000	83,324
Q-Park Holding I B.V., 2%, 3/01/2027			380,000	332,852
Triton International Ltd., 3.15%, 6/15/2031 (n)		$	104,000	82,022
				$628,729
U.S. Treasury Obligations – 16.4%
U.S. Treasury Bill, 0%, 8/10/2023		$	555,000	$537,921
U.S. Treasury Bonds, 1.125%, 8/15/2040 (f)			28,088,000	17,839,172
U.S. Treasury Bonds, 2.25%, 8/15/2049			115,500	83,913
U.S. Treasury Bonds, 2.375%, 11/15/2049 (f)			26,583,000	19,868,716
U.S. Treasury Notes, 2.375%, 5/15/2029			12,006,000	11,045,989
				$49,375,711
Utilities - Electric Power – 3.7%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)		$	1,081,000	$1,033,760
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			146,000	119,225
Bruce Power LP, 2.68%, 12/21/2028		CAD	200,000	133,893
Calpine Corp., 4.5%, 2/15/2028 (n)		$	927,000	847,976
Calpine Corp., 5.125%, 3/15/2028 (n)			890,000	797,129
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)			455,000	420,313
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,830,000	1,550,358
ContourGlobal Power Holdings S.A., 2.75%, 1/01/2026 (n)		EUR	280,000	254,947
Duke Energy Corp., 2.55%, 6/15/2031		$	204,000	167,783
E.CL S.A., 4.5%, 1/29/2025			300,000	287,250
Enel Finance International N.V., 3.5%, 4/06/2028 (n)			200,000	176,126
Enel Finance International N.V., 2.25%, 7/12/2031 (n)			200,000	149,129
Enel S.p.A., 2.25% to 3/10/2027, FLR (EUR Swap Rate - 5yr. + 2.679%) to 3/10/2032, FLR (EUR Swap Rate - 5yr. + 2.929%) to 3/10/2047, FLR (EUR Swap Rate - 5yr. + 3.679%) to 3/10/2070		EUR	100,000	89,407

52

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Enel S.p.A., 1.875% to 9/08/2030, FLR (EUR Swap Rate - 5yr. + 2.011%) to 9/08/2035, FLR (EUR Swap Rate - 5yr. + 2.261%) to 9/08/2050, FLR (EUR Swap Rate - 5yr. + 3.011%) to 3/08/2170		EUR	150,000	$111,809
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)		$	98,000	79,694
Listrindo Capital B.V., 4.95%, 9/14/2026			200,000	184,307
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n)			280,000	238,000
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029			592,000	503,200
National Grid Electricity Transmission PLC, 2%, 4/17/2040		GBP	100,000	76,652
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)		$	528,000	510,202
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)			102,000	95,985
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)			490,000	461,212
Southern California Edison Co., 3.65%, 2/01/2050			104,000	77,601
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n)			732,963	686,595
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)			545,000	509,973
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)			1,060,000	983,150
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			445,000	400,500
Virginia Electric & Power Co., 3.5%, 3/15/2027			200,000	190,167
WEC Energy Group, Inc., 1.8%, 10/15/2030			37,000	29,216
Xcel Energy, Inc., 4.6%, 6/01/2032			46,000	44,218
				$11,209,777
Total Bonds (Identified Cost, $440,534,443)				$389,734,561
Exchange-Traded Funds – 1.0%
Fixed Income ETFs – 1.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF (Identified Cost, $2,878,165)			28,549	$3,076,440
Common Stocks – 0.2%
Cable TV – 0.1%
Intelsat Emergence S.A. (a)			7,057	$155,254
Construction – 0.0%
ICA Tenedora, S.A. de C.V. (u)			110,829	$97,652
Oil Services – 0.1%
LTRI Holdings LP (a)(u)			615	$252,931
Total Common Stocks (Identified Cost, $815,792)				$505,837

53

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Contingent Value Rights – 0.0%
Cable TV – 0.0%
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a)			738	$4,797
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a)			738	4,244
Total Contingent Value Rights (Identified Cost, $0)				$9,041

    

	Strike Price	First Exercise
Warrants – 0.0%
Other Banks & Diversified Financials – 0.0%
Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0)	GBP 1.14	3/16/21	6,125	$1,476

    

Investment Companies (h) – 2.2%
Money Market Funds – 2.2%
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $6,670,045)			6,670,335	$6,670,335

    

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 38 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – February 2023 @ EUR 90 (Premiums Paid, $18,224)	Call	Merrill Lynch International	$ 12,593,441	EUR 12,030,000	$36,143

    

Other Assets, Less Liabilities – (33.1)%				(99,455,938)
Net Assets – 100.0%				$300,577,895

    

(a)	Non-income producing security.
(f)	All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements.
(h)	An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $6,670,335 and $393,363,498, 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.

54

Portfolio of Investments – continued

(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 $204,321,503, representing 68.0% of net assets.
(p)	Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.
(u)	The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.

    

The following abbreviations are used in this report and are defined:
AGM	Assured Guaranty Municipal
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
LIBOR	London Interbank Offered Rate
NPFG	National Public Finance Guarantee Corp.
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
TBA	To Be Announced
UMBS	Uniform Mortgage-Backed Security
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Chinese Yuan Renminbi (Offshore)
CNY	China Yuan Renminbi
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TWD	Taiwan Dollar
UYU	Uruguayan Peso

55

Portfolio of Investments – continued

Derivative Contracts at 11/30/22

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
AUD	5,919,770	USD	3,854,291	Brown Brothers Harriman	1/20/2023	$172,177
AUD	784,833	USD	514,290	Goldman Sachs International	1/20/2023	19,533
AUD	1,615,537	USD	1,048,374	Merrill Lynch International	1/20/2023	50,470
AUD	1,033,178	USD	650,378	State Street Bank Corp.	1/20/2023	52,361
BRL	3,082,312	USD	567,840	Goldman Sachs International	2/02/2023	19,105
BRL	18,009,919	USD	3,412,446	JPMorgan Chase Bank N.A.	2/02/2023	17,068
CAD	2,001,130	USD	1,457,038	Deutsche Bank AG	1/20/2023	31,801
CAD	3,523,374	USD	2,559,097	HSBC Bank	1/20/2023	62,290
CAD	407,231	USD	302,561	JPMorgan Chase Bank N.A.	1/20/2023	418
CNH	4,197,000	USD	585,356	Citibank N.A.	1/20/2023	12,610
CNH	2,510,663	USD	348,994	HSBC Bank	1/20/2023	8,712
CNH	4,271,685	USD	608,463	State Street Bank Corp.	1/20/2023	143
CZK	2,916,543	USD	117,938	Brown Brothers Harriman	1/20/2023	6,433
CZK	13,424,119	USD	549,182	Goldman Sachs International	1/20/2023	23,267
CZK	23,886,067	USD	1,012,700	JPMorgan Chase Bank N.A.	1/20/2023	5,882
EUR	152,485	USD	154,486	Brown Brothers Harriman	1/20/2023	4,828
EUR	1,265,437	USD	1,283,896	Deutsche Bank AG	1/20/2023	38,201
EUR	5,907,493	USD	5,952,660	HSBC Bank	1/20/2023	219,337
EUR	515,788	USD	505,158	HSBC Bank	1/30/2023	34,096
EUR	4,234,567	USD	4,302,727	JPMorgan Chase Bank N.A.	1/20/2023	121,441
EUR	618,935	USD	644,582	NatWest Markets PLC	1/20/2023	2,065
EUR	2,421,533	USD	2,466,483	State Street Bank Corp.	1/20/2023	63,472
EUR	734,432	USD	745,224	UBS AG	1/20/2023	22,094
GBP	1,346,185	USD	1,531,128	Goldman Sachs International	1/20/2023	94,115
GBP	524,954	USD	618,573	HSBC Bank	1/20/2023	15,201
GBP	4,878,686	USD	5,591,127	JPMorgan Chase Bank N.A.	1/20/2023	298,890
GBP	85,280	USD	95,988	NatWest Markets PLC	1/20/2023	6,971
GBP	686,547	USD	801,475	State Street Bank Corp.	1/20/2023	27,391
GBP	173,852	USD	199,843	UBS AG	1/20/2023	10,048
JPY	18,750,216	USD	129,282	Citibank N.A.	1/20/2023	7,385
JPY	56,254,746	USD	380,268	Deutsche Bank AG	1/20/2023	29,763
JPY	3,599,460	USD	24,558	HSBC Bank	1/20/2023	1,678
JPY	235,301,782	USD	1,673,188	JPMorgan Chase Bank N.A.	1/20/2023	41,884
KRW	411,370,733	USD	289,317	Barclays Bank PLC	1/20/2023	22,943
KRW	744,800,030	USD	545,881	Citibank N.A.	1/13/2023	19,325
KRW	1,734,733,335	USD	1,296,318	JPMorgan Chase Bank N.A.	1/25/2023	20,717
MXN	8,728,201	USD	428,763	Goldman Sachs International	1/20/2023	19,781
MXN	7,552,909	USD	371,029	HSBC Bank	1/20/2023	17,117
MXN	1,631,642	USD	79,170	JPMorgan Chase Bank N.A.	3/15/2023	3,861
NZD	4,599,167	USD	2,608,562	BNP Paribas S.A.	1/20/2023	291,609
NZD	952,182	USD	567,235	Brown Brothers Harriman	1/20/2023	33,197
NZD	6,696,853	USD	3,833,085	Citibank N.A.	1/20/2023	389,859
NZD	12,816,397	USD	7,472,634	Goldman Sachs International	1/20/2023	609,212
NZD	1,828,107	USD	1,064,153	HSBC Bank	1/20/2023	88,626