SEC Form N-CSR filed by MFS Multimarket Income Trust

Annual Report

October 31, 2023

MFS^®  Multimarket
Income Trust

MMT-ANN

MANAGED DISTRIBUTION POLICY DISCLOSURE

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

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

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

MFS^® Multimarket
Income Trust

New York Stock Exchange Symbol: MMT

Portfolio composition	1
Management review	4
Performance summary	7
Investment objective, principal investment strategies and principal risks	10
Effects of leverage	22
Portfolio managers’ profiles	23
Dividend reinvestment and cash purchase plan	24
Portfolio of investments	25
Statement of assets and liabilities	58
Statement of operations	60
Statements of changes in net assets	62
Statement of cash flows	63
Financial highlights	64
Notes to financial statements	66
Report of independent registered public accounting firm	83
Results of shareholder meeting	85
Trustees and officers	86
Board review of investment advisory agreement	90
Proxy voting policies and information	94
Quarterly portfolio disclosure	94
Further information	94
Information about fund contracts and legal claims	94
Federal tax information	94
MFS® privacy notice	95

    

Contact information

back cover

    

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

Portfolio Composition

1

Portfolio Composition - continued

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

AAA	6.3%
AA	3.5%
A	9.8%
BBB	30.9%
BB	38.9%
B	30.6%
CCC	8.9%
CC	0.1%
C	0.2%
D	0.2%
U.S. Government	2.9%
Not Rated	(23.9)%
Non-Fixed Income	0.2%
Cash & Cash Equivalents (Less Liabilities) (b)	(34.7)%
Other (q)	26.1%

(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. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency.

Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives), ETFs and Options on ETFs, and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(b)

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

(d)

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

2

Portfolio Composition - continued

(i)

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

(m)

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

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

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

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

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

Percentages are based on net assets as of October 31, 2023.

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

3

Management Review

Summary of Results

For the twelve months ended October 31, 2023, shares of the MFS Multimarket Income Trust (fund) provided a total return of 7.44%, at net asset value, and a total return of 6.53%, at market value. This compares with a return of 6.23% 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 Multimarket Income Trust Blended Index (Blended Index), generated a return of 5.45%. 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, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and the dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of a tighter monetary policy may not have been fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional US banks, which suffered from deposit flight as depositors sought higher yields on their savings. Additionally, activity in the US housing sector has slowed as a result of higher mortgage rates. China’s abandonment of its Zero-COVID policy ushered in a brief uptick in economic activity in the world’s second-largest economy in early 2023, although its momentum soon stalled as the focus turned to the country’s highly indebted property development sector. In developed markets, consumer demand for services remained stronger than the demand for goods.

Policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks remained focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using macroprudential tools to keep banking systems liquid, a potentially difficult balancing act, and one that suggested that we may be nearing a peak in policy rates.

Against an environment of relatively 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, signs that supply chains have generally normalized, coupled with low levels of unemployment across developed markets and hopes that inflation levels have peaked, were supportive factors for the macroeconomic backdrop.

4

Management Review - continued

Factors Affecting Performance

Relative to the Blended Index, bond selection within both the industrials sector, primarily within “CCC” and “B” rated(r) bonds, and the financial institutions sector, mainly within “BBB” rated bonds, contributed to the fund’s relative performance. Yield curve positioning(y) and not owning agency mortgage backed securities also aided the fund’s relative results.

The fund employs leverage and, 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. During the reporting period, the use of leverage strengthened relative returns.

Conversely, the fund’s longer duration(d) stance detracted from relative performance as interest rates rose during the reporting period. The fund’s lesser-than-benchmark exposure to the government-related sovereign sector also weakened relative returns. A greater exposure to “C” rated bonds and a lesser exposure to “CC” rated bonds further weighed on 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 October 31, 2023, the tax character of dividends paid pursuant to the managed distribution policy includes an ordinary income distribution of $13,436,563 and a tax return of capital distribution of $9,565,816. 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, Neeraj Arora, Ward Brown, David Cole, Pilar Gomez-Bravo, Andy Li, John Mitchell, Matt Ryan, and Michael Skatrud

Note to Shareholders: Effective January 20, 2023, John Mitchell was added as a Portfolio Manager and Henry Peabody is no longer a Portfolio Manager of the fund. Effective March 31, 2023, Neeraj Arora was added as a Portfolio Manager of the fund. Effective April 30, 2024, Matt Ryan will no longer be a Portfolio Manager of the fund.

(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.

(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

5

Management Review - continued

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). 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.

6

Performance Summary THROUGH 10/31/23

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 10/31/23

	Inception Date	1-yr	5-yr	10-yr
Market Value (r)	3/12/1987	6.53%	4.27%	4.29%
Net Asset Value (r)	3/12/1987	7.44%	3.31%	3.98%

Comparative benchmark(s)

Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index (f)	6.23%	3.04%	3.86%
MFS Multimarket Income Trust Blended Index (f)(w)	5.45%	1.46%	2.48%
Bloomberg Global Aggregate Credit Index (f)	4.93%	(0.33)%	0.53%
Bloomberg U.S. Government/Mortgage Index (f)	(0.64)%	(0.51)%	0.44%
JPMorgan Emerging Markets Bond Index Global (f)	6.94%	0.07%	1.82%

    

(f)	Source: FactSet Research Systems Inc.
(r)	Includes reinvestment of all distributions. Market value references New York Stock Exchange Price.

7

Performance Summary  - continued

(w)	The MFS Multimarket Income Trust Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period:

    

	10/31/23
Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index	50%
JPMorgan Emerging Markets Bond Index Global	20%
Bloomberg Global Aggregate Credit Index	20%
Bloomberg U.S. Government/Mortgage Index	10%

Benchmark Definition(s)

Bloomberg Global Aggregate Credit Index^(a) – a subset of the Global Aggregate Index, and contains investment grade credit securities from the U.S. Aggregate, Pan-European Aggregate, Asian-Pacific Aggregate, Eurodollar, 144A, and Euro-Yen indices. Credit securities are publicly issued corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

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. 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).

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.

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.

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.

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.

8

Performance Summary  - continued

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.

9

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

The fund normally invests at least 80% of its net assets in fixed income securities. This policy may not be changed without shareholder approval.

MFS (Massachusetts Financial Services Company, the fund's investment adviser) considers debt instruments of all types to be fixed income securities.

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 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 also invest the fund’s assets in equity securities.

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 issuers and/or instruments in light of the issuer’s financial condition and market, economic, political, and regulatory conditions. Factors considered for debt instruments may include the instrument’s credit quality, collateral characteristics, and indenture provisions, and the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations. Factors considered for equity securities may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability.  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

10

Investment Objective, Principal Investment Strategies and Principal Risks - continued

diversity and labor practices.  Quantitative screening tools that systematically evaluate the structure of a debt instrument and its features or the valuation, price and earnings momentum, earnings quality, and other factors of the issuer of an equity security may also be considered.

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.

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 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.

11

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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.

Equity Securities: Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer. Different types of equity securities provide different voting and dividend rights and priorities in the event of bankruptcy of the issuer. Equity securities include common stocks, preferred stocks, securities convertible into stocks, equity interests in real estate investment trusts (REITs), and depositary receipts for such securities.

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, to the extent MFS considers quantitative tools in managing the fund, such tools may not work as expected or produce the intended results. 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. 

12

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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 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. Inflationary price movements may cause fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. The risks associated with rising interest rates may be particularly acute in the current market environment because the Federal Reserve Board recently raised interest rates and may continue to do so.  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.

13

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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 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. Sanctions, or the threat of sanctions, may cause volatility in regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the fund. 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. Civil unrest, geopolitical tensions, wars, and acts of terrorism are other potential risks that could adversely affect an investment in a foreign security or in foreign markets or issuers generally. 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

14

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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, may not be able 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 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 United States 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.

15

Investment Objective, Principal Investment Strategies and Principal Risks - continued

Equity Market Risk:  Equity 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 issuer or type of security, issuers within a broad market sector, industry or geographic region, or the equity markets in general. Different parts of the market and different types of securities can react differently to these conditions. For example, the stocks of growth companies can react differently from the stocks of value companies, and the stocks of large cap companies can react differently from the stocks of small cap companies. Certain changes or events, such as political, social, or economic developments, including increasing or negative interest rates or the U.S. government's inability at times to agree on a long-term budget and deficit reduction 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 sanctions, 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 equity markets and may lead to periods of high volatility in an equity market or a segment of an equity market.

Company Risk:  Changes in the financial condition of a company or other issuer, changes in specific market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions that affect a particular type of investment or issuer, and changes in general market, economic, political, regulatory, geopolitical, environmental, public health, and other conditions can adversely affect the prices of investments. The value of an investment held by the fund may decline due to factors directly related to the issuer, such as competitive pressures, cybersecurity incidents, financial leverage, historical and/or prospective earnings, management performance, labor and supply shortages, investor perceptions, and other factors. The prices of securities of smaller, less well-known issuers can be more volatile than the prices of securities of larger issuers or the market in general.

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 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

16

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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.

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.

17

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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 trading halts, sanctions, or wars. 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 may also adversely affect liquidity.  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 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.

18

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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.

Other Investment Strategies and Risks

Active and Frequent Trading: MFS may engage in active and frequent trading in pursuing the fund's principal investment strategies. Frequent trading may increase transaction costs, which can reduce the fund's return. Frequent trading can also increase the possibility of capital gain and ordinary distributions. 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.

Operational and Cybersecurity Risk: The fund and its service providers, and your ability to transact in fund shares, may be negatively impacted due to operational matters arising from, among other issues, human errors, systems and technology disruptions or failures, fraudulent activities, or cybersecurity incidents.  Operational issues and cybersecurity incidents may cause the fund or its service providers, as well as securities trading venues and other market participants, to suffer data corruption and/or lose operational functionality, and could, among other things, impair the ability to calculate the fund's net asset value per share, impede trading of portfolio securities, and result in the theft, misuse, and/or improper release of confidential information relating to the fund or its shareholders.  Such operational issues and cybersecurity incidents may result in losses to the fund and its shareholders. Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the fund and its service providers to plan for or respond to a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

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

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

19

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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.

(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.

20

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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.

21

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 October 31, 2023, 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 October 31, 2023), 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)					26.43%
Estimated Annual Effective Rate of Interest Expense on Line of Credit Borrowings					6.33%
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense on Line of Credit Borrowings					1.67%
Assumed Return on Portfolio (Net of Expenses)	-10.00%	-5.00%	0.00%	5.00%	10.00%
Corresponding Return to Shareholder	-15.87%	-9.07%	-2.27%	4.52%	11.32%

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.

22

Portfolio Managers' Profiles

Portfolio Manager	Primary Role	Since	Title and Five Year History
Robert Spector	Lead Portfolio Manager	2017	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Neeraj Arora	Emerging Markets Debt Instruments Portfolio Manager	March 2023	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Ward Brown	Emerging Markets Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2005.
David Cole	Below Investment Grade Debt Instruments Portfolio Manager	2006	Investment Officer of MFS; employed in the investment management area of MFS since 2004.
Pilar Gomez-Bravo	Debt Instruments Portfolio Manager	2013	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.
John Mitchell	Investment Grade Debt Instruments Portfolio Manager	January 2023	Investment Officer of MFS; employed in the investment management area of MFS since 2007.
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.

The following information in this annual report is a summary of certain changes since October 31, 2022. This information may not reflect all of the changes that have occurred since you purchased this fund.

Effective January 20, 2023, John Mitchell was added as a Portfolio Manager and Henry Peabody is no longer a Portfolio Manager of the fund. Effective March 31, 2023, Neeraj Arora was added as a Portfolio Manager of the fund. Effective April 30, 2024, Matt Ryan will no longer be a Portfolio Manager of the fund.

23

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.

24

Portfolio of Investments

10/31/23

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

Issuer			Shares/Par	Value ($)
Bonds – 132.2%
Aerospace & Defense – 2.9%
Boeing Co., 5.805%, 5/01/2050		$	453,000	$389,988
Bombardier, Inc., 7.5%, 3/15/2025 (n)			136,000	135,849
Bombardier, Inc., 7.125%, 6/15/2026 (n)			375,000	360,820
Bombardier, Inc., 7.5%, 2/01/2029 (n)			271,000	251,017
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)			805,000	747,850
HEICO Corp., 5.35%, 8/01/2033			496,000	455,256
Moog, Inc., 4.25%, 12/15/2027 (n)			645,000	574,217
Spirit AeroSystems, Inc., 4.6%, 6/15/2028			706,000	558,556
Thales S.A., 3.625%, 6/14/2029		EUR	400,000	412,151
Thales S.A., 4.25%, 10/18/2031			400,000	420,853
TransDigm, Inc., 6.25%, 3/15/2026 (n)		$	568,000	554,629
TransDigm, Inc., 5.5%, 11/15/2027			613,000	570,675
TransDigm, Inc., 6.75%, 8/15/2028 (n)			516,000	501,027
TransDigm, Inc., 4.625%, 1/15/2029			554,000	477,681
TransDigm, Inc., 6.875%, 12/15/2030 (n)			1,386,000	1,338,266
				$7,748,835
Airlines – 0.4%
Air Canada, 3.875%, 8/15/2026 (n)		$	903,000	$821,606
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n)			385,946	348,144
				$1,169,750
Apparel Manufacturers – 0.1%
Tapestry, Inc., 3.05%, 3/15/2032		$	257,000	$184,393
Asset-Backed & Securitized – 3.7%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.02%, 11/15/2054 (i)		$	3,712,735	$181,568
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.449% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n)			100,000	96,917
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 7.398% ((SOFR - 1mo. + 0.11448%) + 1.95%), 5/15/2036 (n)			471,500	445,843
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 8.32% (SOFR - 30 day + 3%), 1/15/2037 (n)			600,000	570,540
AREIT 2022-CRE6 Trust, “D”, FLR, 8.171% (SOFR - 30 day + 2.85%), 1/20/2037 (n)			126,000	118,467
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)			100,000	100,012
Bayview Financial Revolving Mortgage Loan Trust, FLR, 7.041% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)			344,475	475,455

25

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.616%, 4/15/2053 (i)		$	984,765	$62,072
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.287%, 7/15/2054 (i)			985,871	60,690
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.612%, 2/15/2054 (i)			6,525,750	527,014
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.267%, 2/15/2054 (i)			4,028,831	242,733
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.147%, 3/15/2054 (i)			2,040,164	111,298
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.885%, 6/15/2054 (i)			7,097,363	310,670
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.262%, 7/15/2054 (i)			7,106,651	457,855
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.638%, 7/15/2055 (i)			8,711,547	387,751
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.748% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n)			100,000	97,368
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n)			116,951	110,276
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n)			57,597	51,320
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)			143,722	136,143
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n)			437,500	414,104
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			89,945	79,398
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)			190,547	189,113
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.774%, 4/15/2054 (i)			3,611,661	138,195
Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/27/2040 (a)(p)			4,586,320	46
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.449% (LIBOR - 1mo. + 2%), 7/15/2036 (n)			464,500	447,158
MF1 2021-FL5 Ltd., “C”, FLR, 7.149% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n)			401,500	384,117
MF1 2021-FL5 Ltd., “D”, FLR, 7.95% ((SOFR - 1mo. + 0.11448%) + 2.5%), 7/15/2036 (n)			745,000	710,465
MF1 2021-FL6 Ltd., “B”, FLR, 7.099% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n)			1,000,000	960,145

26

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.291%, 5/15/2054 (i)		$	1,818,039	$110,615
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.211%, 6/15/2054 (i)			2,740,955	151,228
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)			239,000	238,154
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)			56,000	55,858
PFP III 2021-7 Ltd., “B”, FLR, 6.848% ((SOFR - 1mo. + 0.11448%) + 1.4%), 4/14/2038 (n)			163,992	159,388
PFP III 2021-7 Ltd., “C”, FLR, 7.098% ((SOFR - 1mo. + 0.11448%) + 1.65%), 4/14/2038 (n)			199,990	193,375
RAC Bond Co. PLC, 4.87%, 5/06/2026		GBP	260,000	295,984
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 7.3% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n)		$	340,000	328,131
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.523%, 4/15/2054 (i)			2,299,590	171,332
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.527%, 8/15/2054 (i)			1,960,002	146,816
				$9,717,614
Automotive – 1.4%
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n)		$	583,000	$574,007
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n)			271,000	264,187
Dana, Inc., 5.375%, 11/15/2027			536,000	493,120
Dana, Inc., 4.25%, 9/01/2030			296,000	234,278
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			547,000	430,229
Hyundai Capital America, 6.375%, 4/08/2030 (n)			197,000	193,927
LKQ Corp., 6.25%, 6/15/2033			213,000	198,907
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)			449,000	357,166
Volkswagen International Finance N.V., 7.5%, 9/06/2172		EUR	200,000	213,916
Volkswagen International Finance N.V., 7.875%, 9/06/2172			200,000	213,757
Wabash National Corp., 4.5%, 10/15/2028 (n)		$	542,000	448,505
				$3,621,999
Broadcasting – 1.5%
Banijay Group S.A.S., 8.125%, 5/01/2029 (n)		$	400,000	$389,995
Discovery Communications LLC, 4.125%, 5/15/2029			580,000	510,559
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)			695,000	574,411
Prosus N.V., 3.68%, 1/21/2030 (n)			281,000	222,772
Prosus N.V., 3.061%, 7/13/2031 (n)			325,000	234,115
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n)			765,000	666,200

27

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Broadcasting – continued
Ubisoft Entertainment S.A., 0.878%, 11/24/2027		EUR	1,100,000	$936,068
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032		$	502,000	416,216
				$3,950,336
Brokerage & Asset Managers – 2.2%
AG Issuer LLC, 6.25%, 3/01/2028 (n)		$	111,000	$102,189
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)			586,000	588,657
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)(w)			533,000	538,996
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)			667,000	565,880
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029			316,000	304,197
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day+ 2.01%) to 8/24/2034			224,000	209,799
Low Income Investment Fund, 3.386%, 7/01/2026			185,000	170,318
Low Income Investment Fund, 3.711%, 7/01/2029			490,000	424,818
LPL Holdings, Inc., 4%, 3/15/2029 (n)			1,100,000	945,853
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)			429,000	359,300
LSEG Netherlands B.V., 4.231%, 9/29/2030		EUR	310,000	328,441
NFP Corp., 4.875%, 8/15/2028 (n)		$	577,000	505,203
NFP Corp., 6.875%, 8/15/2028 (n)			612,000	522,593
NFP Corp., 8.5%, 10/01/2031 (n)			161,000	158,303
				$5,724,547
Building – 2.6%
CEMEX S.A.B. de C.V., 3.125%, 3/19/2026		EUR	510,000	$514,031
Foundation Building Materials LLC, 6%, 3/01/2029 (n)		$	659,000	543,603
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			819,000	671,580
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034		GBP	380,000	315,661
Interface, Inc., 5.5%, 12/01/2028 (n)		$	778,000	654,072
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			552,000	438,150
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)			346,000	305,342
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			218,000	217,455
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)			756,000	720,090
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)			402,000	336,675
Standard Industries, Inc., 2.25%, 11/21/2026		EUR	210,000	194,424
Standard Industries, Inc., 4.75%, 1/15/2028 (n)		$	355,000	317,689
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			647,000	528,614
Vulcan Materials Co., 3.5%, 6/01/2030			550,000	469,313

28

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Building – continued
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)		$	649,000	$566,363
				$6,793,062
Business Services – 1.4%
Corning, Inc., 4.125%, 5/15/2031		EUR	350,000	$359,963
Entegris Escrow Corp., 5.95%, 6/15/2030 (n)		$	291,000	266,219
Euronet Worldwide, Inc., 1.375%, 5/22/2026		EUR	420,000	401,187
Fiserv, Inc., 4.4%, 7/01/2049		$	408,000	296,018
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)			471,000	430,554
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)			497,000	454,577
Mastercard, Inc., 3.85%, 3/26/2050			270,000	197,278
Tencent Holdings Ltd., 3.8%, 2/11/2025			700,000	682,713
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)			744,000	738,521
				$3,827,030
Cable TV – 6.0%
Cable One, Inc., 4%, 11/15/2030 (n)		$	964,000	$718,180
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)			498,000	458,507
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			2,135,000	1,761,210
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,146,000	918,903
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)			800,000	622,558
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)			547,000	395,099
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035			432,000	390,446
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			235,000	154,910
Cox Communications, Inc., 5.45%, 9/15/2028 (n)			620,000	603,942
CSC Holdings LLC, 5.375%, 2/01/2028 (n)			700,000	557,435
CSC Holdings LLC, 7.5%, 4/01/2028 (n)			450,000	288,418
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			800,000	418,536
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			250,000	167,490
DISH DBS Corp., 7.75%, 7/01/2026			378,000	253,287
DISH DBS Corp., 5.25%, 12/01/2026 (n)			590,000	475,924
DISH DBS Corp., 5.125%, 6/01/2029			292,000	150,380
DISH Network Corp., 11.75%, 11/15/2027 (n)			260,000	257,546
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)			716,000	647,980
LCPR Senior Secured Financing DAC, 5.125%, 7/15/2029 (n)			220,000	171,342

29

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Cable TV – continued
SES S.A., 2.875% to 8/27/2026, FLR (EUR Swap Rate - 5yr. + 3.19%) to 8/27/2031, FLR (EUR Swap Rate - 5yr. + 3.44%) to 8/27/2046, FLR (EUR Swap Rate - 5yr. + 4.19%) to 8/27/2171		EUR	830,000	$770,641
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)		$	495,000	420,964
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)			1,226,000	1,086,326
Sirius XM Radio, Inc., 3.875%, 9/01/2031 (n)			293,000	220,684
Summer BidCo B.V., 9% (9% Cash or 9.75% PIK), 11/15/2025 (p)		EUR	663,277	682,163
Videotron Ltd., 5.125%, 4/15/2027 (n)		$	418,000	389,033
Videotron Ltd., 3.625%, 6/15/2029 (n)			384,000	323,635
Virgin Media Finance PLC, 5%, 7/15/2030 (n)			1,015,000	797,976
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			769,000	652,931
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)			1,420,000	1,034,604
				$15,791,050
Chemicals – 2.5%
Alpek SAB de C.V., 3.25%, 2/25/2031 (n)		$	400,000	$305,350
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)			412,000	379,427
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n)			624,000	512,907
Chemours Co., 4.625%, 11/15/2029 (n)			167,000	128,987
Element Solutions, Inc., 3.875%, 9/01/2028 (n)			575,000	489,241
Ingevity Corp., 3.875%, 11/01/2028 (n)			907,000	736,334
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)			662,000	537,054
S.P.C.M. S.A., 3.375%, 3/15/2030 (n)			709,000	567,008
Sasol Financing (USA) LLC, 4.375%, 9/18/2026			558,000	489,031
Sasol Financing (USA) LLC, 8.75%, 5/03/2029 (n)			356,000	338,200
Sasol Financing (USA) LLC, 5.5%, 3/18/2031			600,000	459,371
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)			543,000	455,156
SCIL IV LLC/SCIL USA Holdings LLC, 9.5%, 7/15/2028 (n)		EUR	484,000	517,861
Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n)		$	816,000	794,349
				$6,710,276
Computer Software – 0.9%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)		$	465,000	$429,841
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8%, 6/15/2029 (n)			326,000	322,001
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n)			210,000	180,307
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)			607,000	522,202
Microsoft Corp., 2.525%, 6/01/2050			529,000	302,811
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)			651,000	574,539
				$2,331,701

30

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Computer Software - Systems – 1.2%
Apple, Inc., 4.5%, 2/23/2036		$	263,000	$243,205
Fair Isaac Corp., 5.25%, 5/15/2026 (n)			1,080,000	1,039,295
Sabre GLBL, Inc., 8.625%, 6/01/2027 (n)			275,000	228,072
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n)			285,000	253,789
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			1,081,000	1,014,272
Virtusa Corp., 7.125%, 12/15/2028 (n)			448,000	354,502
				$3,133,135
Conglomerates – 3.2%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)		$	490,000	$431,193
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			1,064,000	909,720
Chart Industries, Inc., 9.5%, 1/01/2031 (n)			653,000	672,567
Emerald Debt Merger, 6.625%, 12/15/2030 (n)			973,000	925,566
Gates Global LLC, 6.25%, 1/15/2026 (n)			457,000	447,586
Griffon Corp., 5.75%, 3/01/2028			650,000	586,994
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n)			358,000	301,422
Madison IAQ LLC, 5.875%, 6/30/2029 (n)			571,000	442,317
nVent Finance S.à r.l., 5.65%, 5/15/2033			534,000	484,789
Regal Rexnord Corp., 6.05%, 4/15/2028 (n)			685,000	655,266
Regal Rexnord Corp., 6.3%, 2/15/2030 (n)			454,000	427,207
TriMas Corp., 4.125%, 4/15/2029 (n)			1,181,000	980,865
Veralto Corp., 4.15%, 9/19/2031		EUR	273,000	281,782
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028		$	1,000,000	932,397
				$8,479,671
Construction – 0.7%
Dream Finders Homes, Inc., 8.25%, 8/15/2028 (n)		$	422,000	$417,501
Empire Communities Corp., 7%, 12/15/2025 (n)			341,000	316,929
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			240,000	215,631
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			508,000	414,761
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)			634,000	544,447
				$1,909,269
Consumer Products – 1.3%
Energizer Gamma Acquisition B.V., 3.5%, 6/30/2029		EUR	335,000	$278,331
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)		$	643,000	524,895
HFC Prestige Products, Inc. / HFC Prestige International US LLC, 6.625%, 7/15/2030 (n)			649,000	618,317
Kenvue, Inc., 5.05%, 3/22/2053			613,000	526,686
Newell Brands, Inc., 6.375%, 9/15/2027			508,000	475,749
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			760,000	700,697
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)			268,000	212,859

31

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Consumer Products – continued
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n)		$	355,000	$210,293
				$3,547,827
Consumer Services – 3.0%
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)		$	784,000	$681,003
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	289,000
ANGI Group LLC, 3.875%, 8/15/2028 (n)			657,000	492,745
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			601,000	485,440
Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n)			498,000	454,211
GoDaddy, Inc., 3.5%, 3/01/2029 (n)			1,069,000	897,373
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)			532,000	483,427
Match Group Holdings II LLC, 5%, 12/15/2027 (n)			383,000	353,254
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n)			965,000	866,464
Match Group Holdings II LLC, 4.125%, 8/01/2030 (n)			225,000	182,819
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)			55,000	42,212
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)			508,000	320,138
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			420,000	261,507
Securitas Treasury Ireland DAC, 4.375%, 3/06/2029		EUR	225,000	236,586
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n)		$	753,000	585,226
TriNet Group, Inc., 3.5%, 3/01/2029 (n)			967,000	798,495
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)			538,000	497,650
				$7,927,550
Containers – 2.0%
ARD Finance S.A., 6.5% (6.5% Cash or 7.25% PIK), 6/30/2027 (n)(p)		$	224,000	$130,408
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)			375,000	305,409
Ardagh Metal Packaging Finance USA LLC, 4%, 9/01/2029 (n)			1,065,000	798,824
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)			789,000	573,508
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)			1,176,000	923,160
Crown Americas LLC, 5.25%, 4/01/2030			316,000	285,585
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026			729,000	689,200
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026			349,000	335,604
DS Smith PLC, 4.5%, 7/27/2030		EUR	290,000	299,423
LABL, Inc., 5.875%, 11/01/2028 (n)		$	548,000	463,743

32

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Containers – continued
Mauser Packaging Solutions, 7.875%, 8/15/2026 (n)		$	272,000	$254,761
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)			411,000	342,943
				$5,402,568
Electronics – 1.1%
Entegris, Inc., 4.375%, 4/15/2028 (n)		$	359,000	$320,300
Entegris, Inc., 3.625%, 5/01/2029 (n)			487,000	407,276
Intel Corp., 5.7%, 2/10/2053			332,000	297,117
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)			245,000	242,557
Sensata Technologies B.V., 5%, 10/01/2025 (n)			805,000	782,676
Sensata Technologies B.V., 5.875%, 9/01/2030 (n)			390,000	356,200
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)			134,000	113,259
Synaptics, Inc., 4%, 6/15/2029 (n)			598,000	493,350
				$3,012,735
Emerging Market Quasi-Sovereign – 5.7%
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n)		$	200,000	$185,750
Corporación Nacional del Cobre de Chile, 5.95%, 1/08/2034 (n)			333,000	309,322
Emirates NBD Bank PJSC, 5.875%, 10/11/2028			441,000	436,590
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 (n)			423,000	390,352
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026			806,000	743,792
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026			534,000	502,594
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n)			1,052,000	950,798
Export-Import Bank of India, 3.375%, 8/05/2026			1,366,000	1,285,075
First Abu Dhabi Bank PJSC, 6.32% to 4/04/2029, FLR (CMT - 5yr. + 1.7%) to 4/04/2034			416,000	407,160
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)			700,000	553,938
Industrial & Commercial Bank of China Macau, 2.875% to 9/12/2024, FLR (CMT - 5yr. + 1.65%) to 9/12/2029			700,000	680,603
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			1,000,000	894,780
Korea Development Bank, 4.25%, 9/08/2032			771,000	689,050
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)			200,000	195,621
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2028 (a)(n)			869,000	412,775
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n)			373,000	304,927

33

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)		$	600,000	$383,856
Petroleos Mexicanos, 6.875%, 8/04/2026			460,000	424,736
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	800,605
Petroleos Mexicanos, 6.7%, 2/16/2032			907,000	668,745
Petroleos Mexicanos, 6.75%, 9/21/2047			1,593,000	902,280
Qatar Petroleum, 3.125%, 7/12/2041			355,000	233,129
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			547,000	494,488
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n)			336,000	326,764
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026			767,000	755,802
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030			1,152,000	1,121,357
				$15,054,889
Emerging Market Sovereign – 13.6%
Arab Republic of Egypt, 6.588%, 2/21/2028		$	487,000	$310,462
Arab Republic of Egypt, 7.903%, 2/21/2048			920,000	465,847
Czech Republic, 2%, 10/13/2033		CZK	17,000,000	578,909
Dominican Republic, 5.5%, 2/22/2029 (n)		$	747,000	679,808
Dominican Republic, 5.875%, 1/30/2060 (n)			2,006,000	1,422,228
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n)			920,000	788,937
Federative Republic of Brazil, 10%, 1/01/2029		BRL	3,000,000	559,621
Hellenic Republic (Republic of Greece), 1.75%, 6/18/2032 (n)		EUR	4,371,000	3,885,620
Hellenic Republic (Republic of Greece), 4.25%, 6/15/2033 (n)			1,300,000	1,383,492
Kingdom of Morocco, 1.375%, 3/30/2026			758,000	731,509
Kingdom of Morocco, 3%, 12/15/2032 (n)		$	448,000	333,760
Kingdom of Saudi Arabia, 5%, 1/18/2053			291,000	230,118
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	42,100,000	957,020
Oriental Republic of Uruguay, 9.75%, 7/20/2033			10,000,000	247,834
Republic of Angola, 8.25%, 5/09/2028		$	491,000	414,895
Republic of Angola, 9.375%, 5/08/2048			400,000	284,148
Republic of Argentina, 3.625%, 7/09/2035			1,047,289	256,962
Republic of Benin, 6.875%, 1/19/2052		EUR	800,000	551,922
Republic of Chile, 3.1%, 1/22/2061		$	672,000	360,681
Republic of Cote d'Ivoire, 5.25%, 3/22/2030		EUR	1,150,000	1,003,873
Republic of Ghana, 8.125%, 3/26/2032 (a)(n)		$	593,000	247,234
Republic of Guatemala, 6.125%, 6/01/2050 (n)			564,000	448,732
Republic of Hungary, 5.5%, 6/16/2034 (n)			970,000	863,106
Republic of Kenya, 8%, 5/22/2032 (n)			776,000	606,785
Republic of Korea, 1.375%, 6/10/2030		KRW	6,300,000,000	3,896,716

34

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Paraguay, 5.6%, 3/13/2048		$	1,049,000	$808,234
Republic of Peru, 7.3%, 8/12/2033		PEN	3,140,000	800,326
Republic of Philippines, 3.556%, 9/29/2032		$	327,000	275,313
Republic of Romania, 2.124%, 7/16/2031 (n)		EUR	1,200,000	939,923
Republic of Romania, 6.375%, 9/18/2033			550,000	573,519
Republic of Serbia, 2.05%, 9/23/2036 (n)			456,000	289,400
Republic of Sri Lanka, 6.125%, 6/03/2025 (a)(d)		$	668,000	344,665
Republic of Turkey, 4.75%, 1/26/2026			521,000	486,614
Sultanate of Oman, 6%, 8/01/2029			750,000	726,214
Sultanate of Oman, 7%, 1/25/2051			600,000	550,500
United Mexican States, 7.5%, 6/03/2027		MXN	87,500,000	4,441,053
United Mexican States, 7.75%, 5/29/2031			42,500,000	2,052,725
United Mexican States, 4.75%, 4/27/2032		$	736,000	651,981
United Mexican States, 4.875%, 5/19/2033			645,000	565,522
United Mexican States, 6.338%, 5/04/2053			463,000	404,765
United Mexican States, 3.771%, 5/24/2061			753,000	424,439
				$35,845,412
Energy - Independent – 3.9%
Callon Petroleum Co., 8%, 8/01/2028 (n)		$	492,000	$486,178
Callon Petroleum Co., 7.5%, 6/15/2030 (n)			164,000	158,844
Civitas Resources, Inc., 8.375%, 7/01/2028 (n)			518,000	521,191
Civitas Resources, Inc., 8.625%, 11/01/2030 (n)			160,000	162,852
Civitas Resources, Inc., 8.75%, 7/01/2031 (n)			325,000	328,012
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)			788,000	717,098
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)			837,000	789,458
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)			500,000	487,500
Energean Israel Finance Ltd., 4.875%, 3/30/2026			622,000	547,360
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n)			670,000	620,287
Matador Resources Co., 6.875%, 4/15/2028 (n)			619,000	606,606
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)			498,000	466,386
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)			485,000	463,275
Occidental Petroleum Corp., 6.45%, 9/15/2036			426,000	413,765
Permian Resources Operating LLC, 7.75%, 2/15/2026 (n)			115,000	114,897
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)			809,000	752,962
Permian Resources Operating LLC, 7%, 1/15/2032 (n)			189,000	183,215
Santos Finance Ltd., 6.875%, 9/19/2033 (n)			333,000	317,208
Sitio Royalties Operating Partnership, LP, 7.875%, 11/01/2028 (n)			430,000	424,152
SM Energy Co., 6.5%, 7/15/2028			433,000	416,856

35

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Independent – continued
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n)		$	422,000	$376,078
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			1,025,000	913,460
				$10,267,640
Energy - Integrated – 0.4%
BP Capital Markets America, Inc., 4.812%, 2/13/2033		$	336,000	$307,000
BP Capital Markets B.V., 4.323%, 5/12/2035		EUR	340,000	346,544
BP Capital Markets B.V., 0.933%, 12/04/2040			190,000	112,166
Citgo Petroleum Corp., 8.375%, 1/15/2029 (n)		$	332,000	328,800
				$1,094,510
Engineering - Construction – 0.1%
John Deere Bank S.A., 5.125%, 10/18/2028		GBP	305,000	$367,861
Entertainment – 1.7%
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)		$	511,000	$496,893
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)			943,000	841,969
Carnival Corp. PLC, 4%, 8/01/2028 (n)			164,000	142,650
Carnival Corp. PLC, 6%, 5/01/2029 (n)			190,000	160,511
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)			504,000	452,340
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			416,000	383,376
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)			713,000	650,150
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)			647,000	563,556
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)			378,000	340,540
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)			218,000	193,203
VOC Escrow Ltd., 5%, 2/15/2028 (n)			341,000	306,362
				$4,531,550
Financial Institutions – 4.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/06/2028		$	345,000	$331,209
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)			619,128	527,807
Avolon Holdings Funding Ltd., 5.25%, 5/15/2024 (n)			640,000	633,981
Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 5/13/2031			254,000	202,838
CPI Property Group S.A., 3.75% to 7/27/2028, FLR (EUR Swap Rate - 5yr. + 4.338%) to 7/27/2033, FLR (EUR Swap Rate - 5yr. + 4.588%) to 7/27/2048, FLR (EUR Swap Rate - 5yr. + 5.338%) to 1/27/2170		EUR	420,000	116,433
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)		$	707,000	683,531
Credit Acceptance Corp., 6.625%, 3/15/2026			78,000	74,061

36

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – continued
CTP N.V., 0.875%, 1/20/2026		EUR	360,000	$338,638
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027		$	754,000	718,716
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)			378,000	347,868
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p)			1,704,623	1,540,493
Globalworth Ltd., REIT, 2.95%, 7/29/2026		EUR	770,000	625,534
Grand City Properties S.A., 5.901% to 10/24/2023, FLR (EUR Swap Rate - 5yr. + 2.432%) to 10/24/2028, FLR (EUR Swap Rate - 5yr. + 2.682%) to 10/24/2043, FLR (EUR Swap Rate - 5yr. + 3.432%) to 10/24/2169			500,000	302,892
Howard Hughes Corp., 4.125%, 2/01/2029 (n)		$	883,000	708,608
Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n)			429,000	422,587
Macquarie AirFinance Ltd., 8.375%, 5/01/2028 (n)			695,000	692,741
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)			958,000	890,480
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031 (n)			137,000	114,100
OneMain Finance Corp., 6.875%, 3/15/2025			490,000	483,431
OneMain Finance Corp., 7.125%, 3/15/2026			792,000	769,189
OneMain Finance Corp., 5.375%, 11/15/2029			267,000	219,537
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n)			456,000	370,588
Samhallsbyggnadsbolaget i Norden AB, 1.75%, 1/14/2025		EUR	610,000	555,630
Samhallsbyggnadsbolaget i Norden AB, 2.375%, 9/04/2026			100,000	76,015
Samhallsbyggnadsbolaget i Norden AB, 2.875% to 1/30/2027, FLR (EUR Swap Rate - 5yr. + 3.223%) to 1/30/2032, FLR (EUR Swap Rate - 5yr. + 3.473%) to 1/30/2047, FLR (EUR Swap Rate - 5yr. + 4.473%) to 1/30/2171			1,160,000	196,383
SLM Corp., 3.125%, 11/02/2026		$	724,000	629,404
VGP N.V., 1.5%, 4/08/2029		EUR	300,000	234,585
				$12,807,279
Food & Beverages – 4.0%
Anheuser-Busch InBev S.A./N.V., 2%, 1/23/2035		EUR	340,000	$292,590
Anheuser-Busch InBev Worldwide, Inc., 4%, 4/13/2028		$	325,000	305,634
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038			534,000	441,722
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049			331,000	300,289
B&G Foods, Inc., 5.25%, 9/15/2027			170,000	139,912
B&G Foods, Inc., 8%, 9/15/2028 (n)			303,000	295,271
Bacardi Ltd., 5.15%, 5/15/2038 (n)			530,000	444,701
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)			325,000	296,962
Carlsberg Breweries A.S., 4.25%, 10/05/2033		EUR	192,000	201,701
Central America Bottling Co., 5.25%, 4/27/2029 (n)		$	691,000	608,080
Constellation Brands, Inc., 3.15%, 8/01/2029			466,000	402,362
Constellation Brands, Inc., 2.25%, 8/01/2031			393,000	298,645

37

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Food & Beverages – continued
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029		$	439,000	$361,435
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032			1,000,000	768,698
JM Smucker Co., 6.5%, 11/15/2053			390,000	367,720
Kraft Heinz Foods Co., 3.875%, 5/15/2027			505,000	473,418
Performance Food Group Co., 5.5%, 10/15/2027 (n)			783,000	732,163
Pernod Ricard S.A., 3.75%, 9/15/2033		EUR	200,000	204,138
Post Holdings, Inc., 5.625%, 1/15/2028 (n)		$	502,000	466,544
Post Holdings, Inc., 4.625%, 4/15/2030 (n)			901,000	754,487
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)			961,000	810,805
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031			560,000	444,072
TreeHouse Foods, Inc., 4%, 9/01/2028			483,000	392,924
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			756,000	666,911
United Natural Foods, Inc., 6.75%, 10/15/2028 (n)			272,000	214,031
				$10,685,215
Gaming & Lodging – 2.3%
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)		$	135,000	$110,947
Caesars Entertainment, Inc., 7%, 2/15/2030 (n)			560,000	540,452
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)			593,000	587,588
CCM Merger, Inc., 6.375%, 5/01/2026 (n)			613,000	580,252
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)			540,000	482,439
Marriott International, Inc., 2.85%, 4/15/2031			623,000	489,577
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n)			541,000	420,335
VICI Properties LP, REIT, 4.95%, 2/15/2030			443,000	394,926
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)			700,000	617,785
Wynn Macau Ltd., 5.5%, 10/01/2027 (n)			680,000	591,682
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)			850,000	713,110
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			688,000	586,730
				$6,115,823
Industrial – 1.3%
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n)		$	210,000	$194,250
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)			640,000	584,633
APi Escrow Corp., 4.75%, 10/15/2029 (n)			924,000	790,234
Arcadis N.V., 4.875%, 2/28/2028		EUR	478,000	503,289
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050		$	966,000	516,617

38

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Industrial – continued
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)		$	824,000	$732,021
				$3,321,044
Insurance – 1.0%
AIA Group Ltd., 0.88% to 9/09/2028, FLR (EUR Swap Rate - 5yr. + 1.1%) to 9/09/2033		EUR	360,000	$306,388
Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n)		$	400,000	284,470
ASR Nederland N.V., 7% to 12/07/2033, FLR (EUR Swap Rate - 5yr. + 5.3%) to 12/07/2043		EUR	370,000	400,775
AXA S.A., 5.5% to 7/11/2033, FLR (EURIBOR - 3mo. + 3.6%) to 7/11/2043			490,000	508,597
Corebridge Financial, Inc., 4.35%, 4/05/2042		$	636,000	461,136
Equitable Holdings, Inc., 5.594%, 1/11/2033			431,000	396,860
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042		EUR	300,000	230,549
				$2,588,775
Insurance - Health – 0.1%
UnitedHealth Group, Inc., 4.625%, 7/15/2035		$	339,000	$301,375
Insurance - Property & Casualty – 2.5%
Acrisure LLC/Acrisure Finance, Inc., 7%, 11/15/2025 (n)		$	333,000	$322,855
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/2029 (n)			272,000	223,032
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)			599,000	483,186
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n)			441,000	402,748
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)			807,000	670,002
American International Group, Inc., 5.125%, 3/27/2033			317,000	288,267
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)			548,000	469,111
Aon Corp./Aon Global Holdings PLC, 3.9%, 2/28/2052			387,000	260,200
Arthur J. Gallagher & Co., 6.5%, 2/15/2034 (w)			229,000	227,287
Arthur J. Gallagher & Co., 6.75%, 2/15/2054 (w)			252,000	247,615
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)			530,000	449,615
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027		CAD	790,000	533,133
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)		$	397,000	386,561
Hub International Ltd., 5.625%, 12/01/2029 (n)			652,000	561,516
Hub International Ltd., 7.25%, 6/15/2030 (n)			450,000	438,957
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038		GBP	335,000	325,405
RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033		$	444,000	408,464
				$6,697,954

39

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Quasi-Sovereign – 1.2%
Belfius Bank S.A., 4.125%, 9/12/2029		EUR	400,000	$419,657
Electricite de France S.A., 6.25%, 5/23/2033 (n)		$	600,000	583,189
Landsbankinn hf., 6.375%, 3/12/2027		EUR	290,000	309,369
Logicor Financing S.à r.l., 1.625%, 1/17/2030			400,000	316,549
Logicor Financing S.à r.l., 0.875%, 1/14/2031			175,000	124,883
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)		$	475,000	475,218
NBN Co. Ltd. (Commonwealth of Australia), 4.375%, 3/15/2033		EUR	369,000	386,089
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)		$	425,000	313,956
P3 Group S.à r.l., 1.625%, 1/26/2029		EUR	370,000	310,559
				$3,239,469
International Market Sovereign – 5.8%
Commonwealth of Australia, 3.75%, 4/21/2037		AUD	7,502,000	$4,144,782
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	239,000	189,145
Government of Bermuda, 5%, 7/15/2032 (n)			731,000	665,261
Government of New Zealand, 1.5%, 5/15/2031		NZD	5,557,000	2,445,969
Government of New Zealand, 3.5%, 4/14/2033			10,300,000	5,101,322
Kingdom of Sweden, 1.75%, 11/11/2033		SEK	10,000,000	804,124
United Kingdom Treasury, 0.375%, 10/22/2030		GBP	2,000,000	1,855,140
				$15,205,743
Local Authorities – 0.1%
Province of British Columbia, 2.95%, 6/18/2050		CAD	315,000	$161,504
Machinery & Tools – 1.0%
Ashtead Capital, Inc., 5.95%, 10/15/2033 (n)		$	508,000	$463,481
CNH Industrial Capital LLC, 1.875%, 1/15/2026			401,000	368,007
CNH Industrial Capital LLC, 5.5%, 1/12/2029			435,000	421,641
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)			881,000	883,203
Terex Corp., 5%, 5/15/2029 (n)			644,000	563,723
				$2,700,055
Major Banks – 5.3%
Banco de Sabadell S.A., 5%, 6/07/2029		EUR	400,000	$425,896
Banco de Sabadell S.A., 9.375% to 1/18/2029, FLR (EUR Swap Rate - 5yr. + 6.83%) to 4/18/2172			200,000	207,328
Bank of America Corp., 5.202% to 4/25/2033, FLR (SOFR - 1 day + 1.63%) to 4/25/2029		$	528,000	502,004
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032			775,000	594,230

40

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
Bank of Ireland Group PLC, 5% to 7/04/2030, FLR (EUR ICE Swap Rate - 1yr. + 2.05%) to 7/04/2031		EUR	340,000	$358,799
BNP Paribas S.A., 5.97%, 3/23/2172		$	970,000	889,490
BPER Banca S.p.A., 5.75% to 9/11/2028, FLR (EURIBOR - 3mo. + 2.6%) to 9/11/2029		EUR	500,000	512,780
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.860%) to 6/08/2034		$	319,000	290,906
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)			688,000	510,408
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032			336,000	249,396
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043			210,000	138,723
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026			674,000	628,040
HSBC Holdings PLC, 6.8% to 9/14/2030, FLR (SONIA + 2.124%) to 9/14/2031		GBP	250,000	305,646
HSBC Holdings PLC, 4.787% to 3/10/2031, FLR (EURIBOR - 3mo. + 1.55%) to 3/10/2032		EUR	370,000	386,313
HSBC Holdings PLC, 4.856% to 5/23/2032, FLR (EURIBOR - 3mo. + 1.942%) to 5/23/2033			355,000	370,289
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032		$	810,000	601,747
JPMorgan Chase & Co., 3.109% to 4/22/2050, FLR (SOFR - 1 day + 2.44%) to 4/22/2051			623,000	366,965
Lloyds Banking Group PLC, 4.75% to 9/21/2030, FLR (EUR Swap Rate - 1yr. + 1.6%) to 9/21/2031		EUR	270,000	280,722
mBank S.A., 8.375% to 9/11/2026, FLR (EURIBOR - 3mo. + 4.901%) to 9/11/2027			500,000	535,610
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032		$	550,000	413,728
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027			527,000	468,279
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031			462,000	391,164
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034			222,000	202,615
Société Générale S.A., 5.625%, 6/02/2033		EUR	400,000	408,632
Toronto-Dominion Bank, 4.108%, 6/08/2027		$	719,000	674,086
Toronto-Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082			770,000	755,418
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)			956,000	700,004

41

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
Unicaja Banco S.A., 1% to 12/01/2025, FLR (EUR ICE Swap Rate - 1yr. + 1.15%) to 12/01/2026		EUR	400,000	$387,499
Unicaja Banco S.A., 5.13% to 2/21/2028, FLR (EUR Swap Rate - 1yr. + 2.15%) to 2/20/2029			300,000	310,056
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n)		$	530,000	485,761
UniCredit S.p.A., 7.5% to 6/03/2026, FLR (EUR ICE Swap Rate - 5yr. + 7.334%) to 6/03/2171		EUR	290,000	298,411
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033		$	430,000	338,568
				$13,989,513
Medical & Health Technology & Services – 4.0%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	765,000	$635,544
Alcon Finance Corp., 3.8%, 9/23/2049 (n)			200,000	135,523
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)			918,000	817,121
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)			406,000	403,259
Becton, Dickinson and Co., 4.298%, 8/22/2032			166,000	145,802
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)			954,000	805,243
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			383,000	324,849
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)			759,000	294,113
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			658,000	467,281
CVS Health Corp., 5.25%, 1/30/2031			215,000	202,350
CVS Health Corp., 5.625%, 2/21/2053			403,000	341,513
Encompass Health Corp., 5.75%, 9/15/2025			184,000	178,868
Encompass Health Corp., 4.75%, 2/01/2030			728,000	629,119
Encompass Health Corp., 4.625%, 4/01/2031			115,000	95,730
HCA, Inc., 5.25%, 6/15/2026			209,000	204,059
HCA, Inc., 5.125%, 6/15/2039			298,000	245,138
IQVIA, Inc., 5%, 5/15/2027 (n)			965,000	907,856
IQVIA, Inc., 6.5%, 5/15/2030 (n)			400,000	388,000
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)			255,000	210,862
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			318,000	167,600
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			205,000	187,209
Star Parent, Inc., 9%, 10/01/2030 (n)			162,000	160,766
Tenet Healthcare Corp., 6.125%, 10/01/2028			411,000	381,202
Tenet Healthcare Corp., 4.375%, 1/15/2030			393,000	332,442
Tenet Healthcare Corp., 6.125%, 6/15/2030			645,000	596,961
Tenet Healthcare Corp., 6.75%, 5/15/2031 (n)			271,000	257,351

42

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical & Health Technology & Services – continued
Thermo Fisher Scientific (Finance I) B.V., 2%, 10/18/2051		EUR	330,000	$202,859
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028		$	238,000	199,021
Thermo Fisher Scientific, Inc., 4.977%, 8/10/2030			315,000	300,474
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)			543,000	461,965
				$10,680,080
Medical Equipment – 0.9%
Embecta Corp., 5%, 2/15/2030 (n)		$	653,000	$518,528
Fresenius Se & Co. KGaA, 5.125%, 10/05/2030		EUR	540,000	583,813
Garden SpinCo Corp., 8.625%, 7/20/2030 (n)		$	569,000	587,077
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/2029 (n)			400,000	340,489
Teleflex, Inc., 4.625%, 11/15/2027			321,000	293,715
				$2,323,622
Metals & Mining – 2.5%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)		$	371,000	$351,942
Anglo American Capital PLC, 4.75%, 9/21/2032		EUR	490,000	505,498
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)		$	564,000	542,132
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			1,282,000	1,033,189
Glencore Funding LLC, 2.85%, 4/27/2031 (n)			435,000	337,685
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)			811,000	594,495
GrafTech Finance, Inc., 9.875%, 12/15/2028 (n)			138,000	123,577
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)			871,000	725,776
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)			441,000	325,857
Novelis Corp., 3.25%, 11/15/2026 (n)			444,000	395,223
Novelis Corp., 4.75%, 1/30/2030 (n)			656,000	556,599
Novelis Corp., 3.875%, 8/15/2031 (n)			358,000	279,598
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)			367,032	311,977
Taseko Mines Ltd., 7%, 2/15/2026 (n)			537,000	487,116
				$6,570,664
Midstream – 4.5%
Columbia Pipelines Operating Co. LLC, 5.927%, 8/15/2030 (n)		$	414,000	$399,748
Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n)			219,000	207,972
DT Midstream, Inc., 4.125%, 6/15/2029 (n)			582,000	500,409
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			860,000	714,195
Enbridge, Inc., 5.7%, 3/08/2033			289,000	270,225
Enbridge, Inc., 8.5% to 1/15/2034, FLR (CMT - 5yr. + 4.431%) to 1/15/2054, FLR (CMT - 5yr. + 5.181%) to 1/15/2084			369,000	353,490
Energy Transfer LP, 5.55%, 2/15/2028			221,000	214,547

43

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Midstream – continued
Energy Transfer LP, 7.125% to 5/15/2030, FLR (CMT - 5yr. + 5.306%) to 5/15/2171		$	330,000	$274,041
EQM Midstream Partners LP, 5.5%, 7/15/2028			1,317,000	1,229,106
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n)			447,655	362,404
Genesis Energy LP/Genesis Energy Finance Corp., 8%, 1/15/2027			227,000	217,977
Genesis Energy LP/Genesis Energy Finance Corp., 8.875%, 4/15/2030			265,000	256,177
GNL Quintero S.A., 4.634%, 7/31/2029 (n)			374,180	354,870
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)			587,000	538,602
NuStar Logistics, LP, 6.375%, 10/01/2030			548,000	506,900
Peru LNG, 5.375%, 3/22/2030			1,047,000	802,049
Sabine Pass Liquefaction LLC, 5%, 3/15/2027			285,000	274,473
Tallgrass Energy Partners LP, 6%, 3/01/2027 (n)			227,000	207,681
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			896,000	784,941
Targa Resources Corp., 4.2%, 2/01/2033			201,000	166,601
Targa Resources Corp., 4.95%, 4/15/2052			290,000	211,604
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			839,000	698,198
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)			218,000	205,652
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)			932,000	749,334
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)			559,000	542,689
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)			479,000	486,635
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)			522,000	498,121
				$12,028,641
Municipals – 0.4%
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037		$	565,000	$478,218
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040			605,000	439,711
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028			209,000	179,653
				$1,097,582
Natural Gas - Distribution – 0.3%
ENGIE S.A., 4.5%, 9/06/2042		EUR	200,000	$200,252
ENGIE S.A., 4.25%, 1/11/2043			200,000	194,447
Eustream A.S., 1.625%, 6/25/2027			510,000	430,637
				$825,336

44

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Natural Gas - Pipeline – 0.3%
APA Infrastructure Ltd., 0.75%, 3/15/2029		EUR	340,000	$291,935
APA Infrastructure Ltd., 2.5%, 3/15/2036		GBP	740,000	576,547
				$868,482
Network & Telecom – 0.5%
Iliad Holding S.A.S., 6.5%, 10/15/2026 (n)		$	200,000	$186,891
Iliad Holding S.A.S., 7%, 10/15/2028 (n)			854,000	772,829
Total Play Telecomunicaciones S.A. de C.V., 7.5%, 11/12/2025 (n)			358,000	258,435
				$1,218,155
Oil Services – 0.6%
MV24 Capital B.V., 6.748%, 6/01/2034		$	840,590	$730,429
Nabors Industries Ltd., 7.25%, 1/15/2026 (n)			668,000	627,566
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)			267,000	254,705
				$1,612,700
Oils – 1.2%
Parkland Corp., 4.625%, 5/01/2030 (n)		$	1,187,000	$1,011,918
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028			562,000	516,648
Puma International Financing S.A., 5%, 1/24/2026			1,416,000	1,272,304
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n)			359,000	272,241
				$3,073,111
Other Banks & Diversified Financials – 2.7%
Abanca Corp. Bancaria S.A., 5.875% to 4/02/2029, FLR (EUR Swap Rate - 1yr. + 2.6%) to 4/02/2030		EUR	500,000	$520,911
ABANCA Corp. Bancaria S.A., 8.375% to 9/23/2028, FLR (EUR ICE Swap Rate - 5yr. + 5.245%) to 9/23/2033			500,000	523,865
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)		$	421,000	411,757
AIB Group PLC, 5.25%, 10/23/2031		EUR	350,000	372,855
Alpha Bank, 4.25%, 2/13/2030			260,000	257,059
BBVA Bancomer S.A., 8.45%, 6/29/2038 (n)		$	425,000	405,433
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n)			500,000	361,971
BPCE S.A., 4.75% to 6/14/2033, FLR (EURIBOR - 3mo. + 1.83%) to 6/14/2034		EUR	300,000	311,976
CaixaBank S.A., 5% to 7/19/2028, FLR (EURIBOR - 3mo. + 1.65%) to 7/19/2029			300,000	317,464
CaixaBank S.A., 4.25%, 9/06/2030			300,000	313,457
CaixaBank S.A., 8.25% to 9/13/2029, FLR (EUR ICE Swap Rate - 5yr. + 5.142%) to 6/13/2172			400,000	411,567

45

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – continued
Deutsche Bank AG, 6.125% to 12/12/2029, FLR (SONIA + 2.621%) to 12/12/2030		GBP	300,000	$340,474
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032		EUR	300,000	285,687
Deutsche Bank AG, 10% to 4/30/2028, FLR (EUR ICE Swap Rate - 1yr. + 6.94%) to 11/14/2171			200,000	211,155
Groupe BPCE S.A., 4.5%, 3/15/2025 (n)		$	544,000	524,781
Intesa Sanpaolo S.p.A., 4.875%, 5/19/2030		EUR	405,000	425,059
Intesa Sanpaolo S.p.A., 5.125%, 8/29/2031			480,000	505,874
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028		$	359,000	325,318
Virgin Money UK PLC, 7.625%, 8/23/2029		GBP	330,000	402,319
				$7,228,982
Personal Computers & Peripherals – 0.4%
NCR Corp., 5%, 10/01/2028 (n)		$	707,000	$610,424
NCR Corp., 5.125%, 4/15/2029 (n)			397,000	341,387
				$951,811
Pharmaceuticals – 1.0%
1375209 BC Ltd., 9%, 1/30/2028 (n)		$	395,000	$382,907
Bausch Health Co., Inc., 11%, 9/30/2028 (n)			416,000	253,760
Bausch Health Co., Inc., 14%, 10/15/2030 (n)			89,000	47,932
Bayer AG, 6.625% to 12/25/2028, FLR (EUR Swap Rate - 5yr. + 3.432%) to 12/25/2033, FLR (EUR Swap Rate - 5yr. + 3.682%) to 12/25/2048, FLR (EUR Swap Rate - 5yr. + 4.432%) to 9/25/2083		EUR	500,000	524,297
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)		$	580,000	500,981
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)			715,000	558,356
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/2033			452,000	415,389
				$2,683,622
Pollution Control – 1.0%
GFL Environmental, Inc., 4.25%, 6/01/2025 (n)		$	255,000	$245,121
GFL Environmental, Inc., 4%, 8/01/2028 (n)			628,000	540,450
GFL Environmental, Inc., 3.5%, 9/01/2028 (n)			179,000	153,266
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)			235,000	205,719
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)			285,000	243,049
Stericycle, Inc., 3.875%, 1/15/2029 (n)			817,000	694,166
Waste Management, Inc., 4.625%, 2/15/2033			539,000	488,833
				$2,570,604

46

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Precious Metals & Minerals – 0.6%
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)		$	577,000	$480,353
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)			289,000	247,814
IAMGOLD Corp., 5.75%, 10/15/2028 (n)			711,000	560,076
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)			431,000	393,957
				$1,682,200
Printing & Publishing – 0.3%
Cimpress PLC, 7%, 6/15/2026		$	920,000	$851,386
Real Estate - Office – 0.3%
Corporate Office Property LP, REIT, 2.25%, 3/15/2026		$	298,000	$269,474
Corporate Office Property LP, REIT, 2%, 1/15/2029			197,000	149,678
Corporate Office Property LP, REIT, 2.75%, 4/15/2031			346,000	253,598
				$672,750
Real Estate - Other – 0.9%
EPR Properties, REIT, 3.6%, 11/15/2031		$	412,000	$296,561
Extra Space Storage LP, 5.5%, 7/01/2030			452,000	427,539
Lexington Realty Trust Co., 2.7%, 9/15/2030			395,000	299,944
RHP Hotel Properties, LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)			688,000	666,919
XHR LP, REIT, 4.875%, 6/01/2029 (n)			719,000	608,323
				$2,299,286
Real Estate - Retail – 0.2%
STORE Capital Corp., REIT, 2.75%, 11/18/2030		$	316,000	$221,829
WEA Finance LLC, 2.875%, 1/15/2027 (n)			400,000	342,206
				$564,035
Restaurants – 0.2%
Fertitta Entertainment LLC, 4.625%, 1/15/2029 (n)		$	163,000	$136,974
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)			549,000	436,318
				$573,292
Retailers – 1.8%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)		$	730,000	$617,501
AutoZone, Inc., 4.75%, 8/01/2032			383,000	340,090
Bath & Body Works, Inc., 5.25%, 2/01/2028			1,064,000	975,633
Home Depot, Inc., 4.875%, 2/15/2044			129,000	108,551
Home Depot, Inc., 3.625%, 4/15/2052			376,000	250,401
Lithia Motors, Inc., 3.875%, 6/01/2029 (n)			544,000	449,942
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n)			638,000	562,461
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026 (n)			354,000	331,137
Penske Automotive Group Co., 3.75%, 6/15/2029			761,000	627,854

47

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Retailers – continued
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)		$	753,000	$553,565
				$4,817,135
Specialty Chemicals – 0.3%
Covestro AG, 1.375%, 6/12/2030		EUR	400,000	$363,090
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)		$	356,000	295,173
				$658,263
Specialty Stores – 0.6%
DICK'S Sporting Goods, 3.15%, 1/15/2032		$	327,000	$246,771
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			390,000	282,578
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			365,000	203,488
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n)			815,000	750,324
				$1,483,161
Supranational – 0.1%
International Bank for Reconstruction and Development, 4.25%, 6/24/2025		AUD	405,000	$254,728
Telecommunications - Wireless – 2.3%
Altice France S.A., 5.5%, 1/15/2028 (n)		$	275,000	$204,332
Altice France S.A., 6%, 2/15/2028 (n)			615,000	269,712
Cellnex Finance Co. S.A., 2%, 2/15/2033		EUR	700,000	562,887
Crown Castle, Inc., REIT, 3.7%, 6/15/2026		$	441,000	414,516
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n)			625,000	471,422
Rogers Communications, Inc., 3.8%, 3/15/2032			486,000	394,123
SBA Communications Corp., 3.875%, 2/15/2027			512,000	466,276
SBA Communications Corp., 3.125%, 2/01/2029			1,049,000	867,317
TDF Infrastructure S.A.S., 5.625%, 7/21/2028		EUR	300,000	316,932
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n)		$	900,000	812,250
T-Mobile USA, Inc., 3.875%, 4/15/2030			517,000	450,153
T-Mobile USA, Inc., 5.75%, 1/15/2034			375,000	355,779
Vodafone Group PLC, 3.375%, 8/08/2049		GBP	360,000	266,458
Vodafone Group PLC, 5.625%, 2/10/2053		$	299,000	251,481
				$6,103,638
Telephone Services – 0.2%
Deutsche Telekom AG, 1.375%, 7/05/2034		EUR	70,000	$58,200
TELUS Corp., 2.85%, 11/13/2031		CAD	825,000	476,415
				$534,615

48

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Tobacco – 0.5%
B.A.T. International Finance PLC, 2.25%, 1/16/2030		EUR	350,000	$312,832
Philip Morris International, Inc., 5.125%, 11/17/2027		$	623,000	607,277
Vector Group Ltd., 5.75%, 2/01/2029 (n)			330,000	279,648
				$1,199,757
Transportation - Services – 1.0%
Aeroporti di Roma S.p.A., 4.875%, 7/10/2033		EUR	490,000	$498,471
Autostrade per L’Italia S.p.A., 5.125%, 6/14/2033			170,000	173,220
Autostrade per L'Italia S.p.A., 4.75%, 1/24/2031			280,000	285,945
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031			300,000	252,268
Sydney Airport Finance Co. Pty Ltd., 4.375%, 5/03/2033			486,000	503,897
Transurban Finance Co. Pty Ltd., 4.225%, 4/26/2033			170,000	174,089
Triton International Ltd., 3.15%, 6/15/2031 (n)		$	486,000	354,115
United Parcel Service, 5.05%, 3/03/2053			571,000	490,213
				$2,732,218
U.S. Treasury Obligations – 2.9%
U.S. Treasury Bonds, 2.375%, 2/15/2042 (f)		$	5,085,000	$3,357,689
U.S. Treasury Bonds, 3.625%, 5/15/2053 (f)			595,000	463,821
U.S. Treasury Notes, 4.125%, 8/31/2030			4,000,000	3,815,625
				$7,637,135
Utilities - Electric Power – 6.2%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)		$	1,096,000	$1,049,990
American Electric Power Co., Inc., 5.699%, 8/15/2025			192,000	190,423
American Electric Power Co., Inc., 5.625%, 3/01/2033			257,000	241,226
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			86,000	66,193
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043			94,000	79,153
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053			79,000	58,531
Bruce Power LP, 2.68%, 12/21/2028		CAD	750,000	473,375
Calpine Corp., 4.5%, 2/15/2028 (n)		$	854,000	770,051
Calpine Corp., 5.125%, 3/15/2028 (n)			702,000	628,242
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)			533,000	475,781
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,195,000	931,799
E.ON International Finance B.V., 5.875%, 10/30/2037		GBP	550,000	630,442
EDP Servicios Financieros Espana S.A., 4.375%, 4/04/2032		EUR	230,000	241,640
Enel Finance International N.V., 2.25%, 7/12/2031 (n)		$	684,000	501,119
Enel Finance International N.V., 4.5%, 2/20/2043		EUR	230,000	220,586
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			315,000	240,394
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n)		$	1,023,000	983,227

49

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Georgia Power Co., 4.95%, 5/17/2033		$	530,000	$483,763
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)			186,000	142,639
Listrindo Capital B.V., 4.95%, 9/14/2026			910,000	861,710
Mercury Chile Holdco LLC, 6.5%, 1/24/2027			448,000	401,230
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029			594,000	536,976
National Grid Electricity Transmission PLC, 2%, 4/17/2040		GBP	420,000	287,934
National Grid PLC, 4.275%, 1/16/2035		EUR	200,000	200,401
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025		$	214,000	213,877
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025			212,000	211,003
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)			107,000	101,115
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)			735,000	658,115
Pacific Gas & Electric Co., 6.1%, 1/15/2029			521,000	501,275
Pacific Gas & Electric Co., 6.4%, 6/15/2033			533,000	500,190
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053			437,000	376,095
SSE PLC, 4%, 9/05/2031		EUR	220,000	229,092
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033		$	696,477	660,007
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)			565,000	543,149
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)			731,000	669,684
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			541,000	457,145
Virginia Electric & Power Co., 3.5%, 3/15/2027			225,000	209,076
Virginia Electric & Power Co., 2.875%, 7/15/2029			116,000	99,673
Xcel Energy, Inc., 4.6%, 6/01/2032			330,000	291,721
				$16,418,042
Utilities - Gas – 0.4%
EP Infrastructure A.S., 1.698%, 7/30/2026		EUR	560,000	$515,989
EP Infrastructure A.S., 2.045%, 10/09/2028			650,000	553,722
				$1,069,711
Utilities - Other – 0.2%
Aegea Finance S.à r.l., 9%, 1/20/2031 (n)		$	448,000	$446,880
Total Bonds (Identified Cost, $393,537,468)				$349,690,583
Common Stocks – 0.1%
Cable TV – 0.0%
Intelsat Emergence S.A. (a)			7,354	$169,142
Oil Services – 0.1%
LTRI Holdings LP (a)(u)			520	$185,208
Total Common Stocks (Identified Cost, $805,739)				$354,350

50

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Convertible Bonds – 0.1%
Energy - Renewables – 0.1%
NextEra Energy Partners LP, 0%, 11/15/2025 (Identified Cost, $197,244)(n)		$	236,000	$200,246
Contingent Value Rights – 0.0%
Cable TV – 0.0%
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a)			768	$5,383
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a)			768	4,614
Total Contingent Value Rights (Identified Cost, $0)				$9,997

    

	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	6/24/22	7,000	$1,276

    

Investment Companies (h) – 2.2%
Money Market Funds – 2.2%
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $5,745,306)			5,744,707	$5,745,282

    

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 40 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – November 2023 @ 4.375% (Premiums Paid, $55,145)	Put	Goldman Sachs International	$ 5,240,476	EUR 4,830,000	$51,099

    

Other Assets, Less Liabilities – (34.6)%				(91,597,962)
Net Assets – 100.0%				$264,454,871

    

(a)	Non-income producing security.
(d)	In default.
(f)	All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements.

51

Portfolio of Investments – continued

(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 $5,745,282 and $350,307,551, respectively.
(i)	Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(n)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $185,321,186, representing 70.1% 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
BZDIOVRA	Brazil Interbank Deposit Rate
CDI	Interbank Deposit Certificates
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
ICE	Intercontinental Exchange
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
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Yuan Renminbi (Offshore)
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso

52

Portfolio of Investments – continued

NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TWD	Taiwan Dollar
UYU	Uruguayan Peso

Derivative Contracts at 10/31/23

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
AUD	828,986	USD	525,454	JPMorgan Chase Bank N.A.	1/19/2024	$1,775
AUD	1,270,696	USD	806,193	State Street Bank Corp.	1/19/2024	1,961
EUR	1,242,211	USD	1,317,005	HSBC Bank	1/19/2024	2,307
EUR	99,920	USD	105,671	JPMorgan Chase Bank N.A.	1/19/2024	452
EUR	1,305,471	USD	1,380,332	UBS AG	1/19/2024	6,165
GBP	562,611	USD	683,766	HSBC Bank	1/19/2024	502
HUF	4,188,129	USD	11,360	Goldman Sachs International	1/19/2024	102
NOK	3,547,921	USD	316,634	Merrill Lynch International	1/19/2024	1,680
SGD	9,939	USD	7,278	State Street Bank Corp.	1/19/2024	7
TWD	404,836	USD	12,481	Citibank N.A.	11/02/2023	0
USD	262,885	AUD	411,363	JPMorgan Chase Bank N.A.	1/19/2024	1,261
USD	413,101	BRL	2,028,648	JPMorgan Chase Bank N.A.	12/04/2023	12,250
USD	1,231,584	CAD	1,678,334	State Street Bank Corp.	1/19/2024	19,604
USD	425,958	CHF	379,592	Deutsche Bank AG	1/19/2024	4,927
USD	2,830,389	CNH	20,632,971	Barclays Bank PLC	1/19/2024	4,706
USD	47,984	EUR	45,110	Merrill Lynch International	1/19/2024	74
USD	46,950,882	EUR	44,185,966	State Street Bank Corp.	1/19/2024	22,416
USD	9,149,432	GBP	7,506,290	Deutsche Bank AG	1/19/2024	20,008
USD	1,864,443	GBP	1,530,257	HSBC Bank	1/19/2024	3,288
USD	13,174	IDR	199,289,571	Citibank N.A.	11/09/2023	629
USD	792,655	JPY	116,841,842	Barclays Bank PLC	1/19/2024	11,696
USD	158,306	JPY	23,638,056	Deutsche Bank AG	1/19/2024	312
USD	627,323	KRW	845,500,000	Barclays Bank PLC	11/09/2023	1,073
USD	6,091,138	KRW	7,732,759,964	Citibank N.A.	11/09/2023	363,591
USD	13,519,316	NZD	22,830,898	State Street Bank Corp.	1/19/2024	214,468
USD	889,652	SEK	9,663,846	UBS AG	1/19/2024	20,542
USD	12,481	TWD	404,836	Barclays Bank PLC	11/02/2023	0
USD	12,972	TWD	404,836	Citibank N.A.	11/02/2023	490
						$716,286
Liability Derivatives
BRL	7,281,714	USD	1,467,712	Barclays Bank PLC	12/04/2023	$(28,880)
CAD	364,436	USD	263,983	Merrill Lynch International	1/19/2024	(812)
CAD	274,787	USD	199,067	State Street Bank Corp.	1/19/2024	(634)
CAD	1,179,799	USD	865,549	UBS AG	1/19/2024	(13,578)
CHF	390,729	USD	438,363	State Street Bank Corp.	1/19/2024	(4,980)

53

Portfolio of Investments – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Liability Derivatives - continued
EUR	1,981,010	USD	2,110,977	HSBC Bank	1/19/2024	$(7,012)
GBP	326,901	USD	398,127	Deutsche Bank AG	1/19/2024	(539)
GBP	87,392	USD	106,558	UBS AG	1/19/2024	(268)
JPY	115,817,591	USD	785,707	Barclays Bank PLC	1/19/2024	(11,593)
JPY	23,390,614	USD	158,949	Merrill Lynch International	1/19/2024	(2,608)
KRW	3,162,671,505	USD	2,389,645	JPMorgan Chase Bank N.A.	1/26/2024	(36,074)
NOK	868,248	USD	79,420	Merrill Lynch International	1/19/2024	(1,522)
NZD	449,718	USD	267,953	HSBC Bank	1/19/2024	(5,878)
NZD	2,115,550	USD	1,258,802	State Street Bank Corp.	1/19/2024	(25,952)
SEK	590,731	USD	54,413	State Street Bank Corp.	1/19/2024	(1,286)
THB	5,495,668	USD	155,070	JPMorgan Chase Bank N.A.	11/13/2023	(2,028)
TWD	404,836	USD	12,483	Barclays Bank PLC	11/02/2023	(2)
USD	10,801,555	AUD	17,025,068	State Street Bank Corp.	1/19/2024	(26,268)
USD	531,234	BRL	2,744,932	Citibank N.A.	12/04/2023	(11,151)
USD	557,230	CZK	13,014,399	HSBC Bank	1/19/2024	(2,473)
USD	216,457	EUR	204,101	Brown Brothers Harriman	1/19/2024	(311)
USD	619,897	EUR	584,968	Citibank N.A.	1/19/2024	(1,379)
USD	520,951	EUR	490,739	HSBC Bank	1/19/2024	(247)
USD	1,056,991	EUR	1,000,033	Merrill Lynch International	1/19/2024	(5,111)
USD	58,562	EUR	55,259	State Street Bank Corp.	1/19/2024	(126)
USD	369,237	EUR	348,400	UBS AG	1/19/2024	(788)
USD	1,187,505	KRW	1,604,591,991	Barclays Bank PLC	1/26/2024	(6,587)
USD	1,365,684	KRW	1,845,537,360	Goldman Sachs International	11/09/2023	(1,280)
USD	2,892,724	MXN	53,400,549	HSBC Bank	1/19/2024	(31,475)
USD	827,479	PEN	3,214,425	Deutsche Bank AG	1/29/2024	(6,474)
USD	143,480	THB	5,170,301	Barclays Bank PLC	1/16/2024	(1,345)
USD	12,559	TWD	404,836	Barclays Bank PLC	1/30/2024	(61)
						$(238,722)

    

Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
Australian Bond 10 yr	Short	AUD	130	$8,926,451	December – 2023	$546,430
Euro-Bobl 5 yr	Short	EUR	24	2,953,116	December – 2023	11,883
Euro-Bund 10 yr	Short	EUR	1	136,484	December – 2023	537
Euro-Buxl 30 yr	Short	EUR	5	637,082	December – 2023	57,349
Euro-Schatz 2 yr	Short	EUR	228	25,373,132	December – 2023	62,230
Long Gilt 10 yr	Short	GBP	8	905,850	December – 2023	11,060
U.S. Treasury Note 10 yr	Short	USD	53	5,627,109	December – 2023	152,305
U.S. Treasury Note 2 yr	Short	USD	66	13,359,844	December – 2023	52,884

54

Portfolio of Investments – continued

Futures Contracts - continued
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
Interest Rate Futures - continued
U.S. Treasury Note 5 yr	Short	USD	200	$20,895,313	December – 2023	$294,335
						$1,189,013
Liability Derivatives
Interest Rate Futures
U.S. Treasury Bond 30 yr	Long	USD	48	$5,253,000	December – 2023	$(494,283)
U.S. Treasury Ultra Bond 30 yr	Long	USD	10	1,125,625	December – 2023	(67,819)
U.S. Treasury Ultra Note 10 yr	Long	USD	47	5,114,922	December – 2023	(222,324)
						$(784,426)

55

Portfolio of Investments – continued

Cleared Swap Agreements
Maturity Date		Notional Amount	Counterparty	Cash Flows to Receive/ Frequency	Cash Flows to Pay/ Frequency	Unrealized Appreciation (Depreciation)		Net Unamortized Upfront Payments (Receipts)		Value
Liability Derivatives
Interest Rate Swaps
1/02/26	BRL	4,700,000	centrally cleared	11.095% / At Maturity	Average Daily BZDIOVRA / At Maturity	$(6,318)		$—		$(6,318)
1/02/26	BRL	4,700,000	centrally cleared	10.48% / At Maturity	Average Daily BZDIOVRA / At Maturity	(16,238)		—		(16,238)
1/04/27	BRL	4,800,000	centrally cleared	10.3625% / At Maturity	Average Daily BZDIOVRA / At Maturity	(23,952)		—		(23,952)
						$(46,508)		$—		$(46,508)

    

Uncleared Swap Agreements
Maturity Date		Notional Amount	Counterparty	Cash Flows to Receive/ Frequency	Cash Flows to Pay/ Frequency	Unrealized Appreciation (Depreciation)		Net Unamortized Upfront Payments (Receipts)		Value
Asset Derivatives
Credit Default Swaps
6/20/28	EUR	560,000	Barclays Bank PLC	5.00%/Quarterly	1	$8,808		$76,186		$84,994

(1)	Fund, as protection seller, to pay notional amount upon a defined credit event by Glencore PLC, 1.75%, 3/17/25, a BBB+ rated bond. The fund entered into the contract to gain issuer exposure.

56

Portfolio of Investments – continued

The credit ratings presented here are an indicator of the current payment/performance risk of the related swap agreement, the reference obligation for which may be either a single security or, in the case of a credit default swap index, a basket of securities issued by corporate or sovereign issuers. Ratings are assigned to each reference security, including each individual security within a reference basket of securities, utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). The ratings for a credit default swap index are calculated by MFS as a weighted average of the external credit ratings of the individual securities that compose the index's reference basket of securities.

At October 31, 2023, the fund had cash collateral of $30,000 and other liquid securities with an aggregate value of $1,097,234 to cover any collateral or margin obligations for certain derivative contracts.  Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

See Notes to Financial Statements

57

Financial Statements

Statement of Assets and Liabilities

At 10/31/23

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

Assets
Investments in unaffiliated issuers, at value (identified cost, $394,595,596)	$350,307,551
Investments in affiliated issuers, at value (identified cost, $5,745,306)	5,745,282
Foreign currency, at value (identified cost, $8)	13
Restricted cash for
Forward foreign currency exchange contracts	30,000
Receivables for
Forward foreign currency exchange contracts	716,286
Net daily variation margin on open futures contracts	68,662
Investments sold	5,817,486
Interest	5,206,463
Uncleared swaps, at value (net of unamortized premiums paid, $76,186)	84,994
Other assets	73,705
Total assets	$368,050,442
Liabilities
Payable to custodian	$3,024
Notes payable	95,000,000
Payables for
Distributions	165,082
Net daily variation margin on open cleared swap agreements	3,640
Forward foreign currency exchange contracts	238,722
Investments purchased	6,121,511
When-issued investments purchased	1,010,419
Capital shares reacquired	444,807
Payable to affiliates
Investment adviser	11,532
Administrative services fee	264
Transfer agent and dividend disbursing costs	2,361
Payable for independent Trustees' compensation	2,178
Accrued interest expense	234,033
Deferred foreign capital gains tax expense payable	135,619
Accrued expenses and other liabilities	222,379
Total liabilities	$103,595,571
Net assets	$264,454,871