SEC Form N-CSRS filed by MFS Charter Income Trust

Semiannual Report

May 31, 2023

MFS^®  Charter Income Trust

MCR-SEM

MANAGED DISTRIBUTION POLICY DISCLOSURE

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

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

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

MFS^® Charter Income Trust

New York Stock Exchange Symbol: MCR

Portfolio composition	1
Portfolio managers’ profiles	4
Other notes	5
Portfolio of investments	6
Statement of assets and liabilities	42
Statement of operations	44
Statements of changes in net assets	46
Statement of cash flows	47
Financial highlights	48
Notes to financial statements	50
Report of independent registered public accounting firm	66
Proxy voting policies and information	67
Quarterly portfolio disclosure	67
Further information	67
Information about fund contracts and legal claims	67

    

Contact information

back cover

    

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

Portfolio Composition

Portfolio Composition - continued

(a)

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

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

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

(b)

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

(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.

(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.

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

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

2

Portfolio Composition - continued

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

3

Portfolio Managers' Profiles

Portfolio Manager	Primary Role	Since	Title and Five Year History
Robert Spector	Lead and Debt Instruments Portfolio Manager	2015	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Neeraj Arora	Emerging Markets Debt Instruments Portfolio Manager	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.
Philipp Burgener	Structured Securities Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2003.
David Cole	Below Investment Grade Debt Instruments Portfolio Manager	2006	Investment Officer of MFS; employed in the investment management area of MFS since 2004.
Pilar Gomez-Bravo	Debt Instruments Portfolio Manager	2013	Investment Officer of MFS; employed in the investment management area of MFS since 2013.
Andy Li	Investment Grade Debt Instruments Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2018.
John Mitchell	Investment Grade Debt Instruments Portfolio Manager	January 2023	Investment Officer of MFS; employed in the investment management area of MFS since 2003.
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.

4

Portfolio Managers' Profiles – continued

Portfolio Manager	Primary Role	Since	Title and Five Year History
Erik Weisman	Sovereign Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2002.

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.

Other Notes

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

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

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

5

Portfolio of Investments

5/31/23 (unaudited)

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

Issuer			Shares/Par	Value ($)
Bonds – 128.9%
Aerospace & Defense – 1.9%
Boeing Co., 5.805%, 5/01/2050		$	47,000	$46,013
Bombardier, Inc., 7.5%, 3/15/2025 (n)			130,000	130,119
Bombardier, Inc., 7.125%, 6/15/2026 (n)			412,000	404,037
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)			725,000	652,964
Moog, Inc., 4.25%, 12/15/2027 (n)			885,000	825,223
Raytheon Technologies Corp., 2.82%, 9/01/2051			175,000	115,064
Spirit AeroSystems, Inc., 4.6%, 6/15/2028			640,000	526,583
TransDigm, Inc., 6.25%, 3/15/2026 (n)			275,000	273,117
TransDigm, Inc., 6.375%, 6/15/2026			535,000	528,488
TransDigm, Inc., 5.5%, 11/15/2027			1,235,000	1,161,037
TransDigm, Inc., 6.75%, 8/15/2028 (n)			474,000	474,546
TransDigm, Inc., 4.625%, 1/15/2029			598,000	530,013
				$5,667,204
Airlines – 0.4%
Air Canada, 3.875%, 8/15/2026 (n)		$	680,000	$631,235
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n)			410,042	392,899
				$1,024,134
Apparel Manufacturers – 0.0%
Tapestry, Inc., 3.05%, 3/15/2032		$	89,000	$71,621
Asset-Backed & Securitized – 3.8%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.025%, 11/15/2054 (i)		$	3,775,192	$201,225
ACREC 2021-FL1 Ltd., “C”, FLR, 7.261% (LIBOR - 1mo. + 2.15%), 10/16/2036 (n)			229,500	217,262
ACRES 2021-FL2 Issuer Ltd., “AS”, FLR, 6.858% (LIBOR - 1mo. + 1.75%), 1/15/2037 (n)			154,500	149,847
ACRES 2021-FL2 Issuer Ltd., “B”, FLR, 7.357% (LIBOR - 1mo. + 2.25%), 1/15/2037 (n)			261,500	252,432
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.105% (LIBOR - 1mo. + 2%), 12/15/2035 (n)			200,000	187,423
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 6.707% (LIBOR - 1mo. + 1.6%), 5/15/2036 (n)			100,000	94,480
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 7.057% (LIBOR - 1mo. + 1.95%), 5/15/2036 (n)			275,500	258,095
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 7.172% (SOFR - 30 day + 2.3%), 1/15/2037 (n)			327,000	303,751

6

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 7.872% (SOFR - 30 day + 3%), 1/15/2037 (n)		$	208,000	$193,390
AREIT 2022-CRE6 Trust, “C”, FLR, 7.064% (SOFR - 30 day + 2.15%), 1/20/2037 (n)			100,000	93,234
AREIT 2022-CRE6 Trust, “D”, FLR, 7.764% (SOFR - 30 day + 2.85%), 1/20/2037 (n)			100,000	90,455
Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.76% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n)			115,531	150,837
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.62%, 4/15/2053 (i)			1,976,345	137,489
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.293%, 7/15/2054 (i)			989,039	66,041
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.619%, 2/15/2054 (i)			2,270,795	199,201
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.148%, 12/15/2055			118,289	124,050
Benchmark 2020-B18 Mortgage Trust, “XA”, 1.788%, 7/15/2053 (i)			3,378,659	249,772
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.269%, 2/15/2054 (i)			3,613,113	237,969
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.15%, 3/15/2054 (i)			1,993,554	118,990
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.885%, 6/15/2054 (i)			5,524,905	264,428
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.264%, 7/15/2054 (i)			6,945,356	487,900
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.279%, 8/15/2054 (i)			2,334,258	165,753
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.638%, 7/15/2055 (i)			8,926,377	429,489
Benchmark 2022-B37 Mortgage Trust, “AS”, 5.751%, 11/15/2055			46,000	46,449
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 7.157% (LIBOR - 1mo. + 2.05%), 12/15/2038 (n)			100,000	97,392
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.407% (LIBOR - 1mo. + 2.3%), 12/15/2038 (n)			100,000	93,938
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n)			133,941	126,668
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n)			73,829	67,924
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n)			66,480	58,922

7

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
BXMT 2021-FL4 Ltd., “B”, FLR, 6.657% (LIBOR - 1mo. + 1.55%), 5/15/2038 (n)		$	549,000	$513,813
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)			144,025	134,693
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n)			437,500	408,356
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)			89,945	81,219
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			89,945	80,765
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)			135,836	135,304
CNH Equipment Trust 2023-A, “A2”, 5.34%, 9/15/2026			68,632	68,374
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.777%, 4/15/2054 (i)			1,575,696	65,887
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.975%, 6/15/2063 (i)			997,603	53,987
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.044%, 6/15/2064 (i)			1,300,191	75,872
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.79%, 4/15/2065			257,000	220,511
Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(p)			4,413,047	44
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n)			123,172	122,491
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 7.19% (SOFR - 30 day + 2.25%), 2/23/2039 (n)			114,000	110,203
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 6.655% (LIBOR - 1mo. + 1.6%), 5/16/2038 (n)			297,500	279,014
GreatAmerica Leasing Receivables Funding LLC, 2023-1, “A2”, 5.35%, 2/16/2026 (n)			64,000	63,745
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.107% (LIBOR - 1mo. + 2%), 7/15/2036 (n)			258,000	241,421
MF1 2021-FL5 Ltd., “B”, FLR, 6.631% (LIBOR - 1mo. + 1.45%), 7/15/2036 (n)			423,500	408,990
MF1 2021-FL5 Ltd., “C”, FLR, 6.88% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n)			213,000	199,487
MF1 2021-FL5 Ltd., “D”, FLR, 7.68% (LIBOR - 1mo. + 2.5%), 7/15/2036 (n)			755,000	713,911
MF1 2022-FL8 Ltd., “C”, FLR, 7.122% (SOFR - 30 day + 2.2%), 2/19/2037 (n)			110,841	103,239
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.294%, 5/15/2054 (i)			1,030,831	68,541

8

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.224%, 6/15/2054 (i)		$	3,105,376	$188,946
Navistar Financial Dealer Note Master Owner Trust, 2022-1, “A”, FLR, 6.181% (SOFR - 30 day + 1.25%), 5/25/2027 (n)			103,000	103,110
PFP III 2021-7 Ltd., “B”, FLR, 6.505% (LIBOR - 1mo. + 1.4%), 4/14/2038 (n)			99,995	94,157
PFP III 2021-7 Ltd., “C”, FLR, 6.755% (LIBOR - 1mo. + 1.65%), 4/14/2038 (n)			99,995	92,157
RAC Bond Co. PLC, 4.87%, 5/06/2026		GBP	100,000	113,361
Shelter Growth CRE 2021-FL3 Ltd., “C”, FLR, 7.257% (LIBOR - 1mo. + 2.15%), 9/15/2036 (n)		$	157,500	147,180
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 6.911% (LIBOR - 1mo. + 1.8%), 4/18/2038 (n)			190,000	177,573
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 7.211% (LIBOR - 1mo. + 2.1%), 4/18/2038 (n)			100,000	92,112
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 6.508% (LIBOR - 1mo. + 1.4%), 3/15/2038 (n)			150,000	146,280
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 6.957% (LIBOR - 1mo. + 1.85%), 3/15/2038 (n)			310,000	301,195
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.532%, 8/15/2054 (i)			1,965,542	159,644
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 5.722% (SOFR - 1mo. + 0.85%), 6/15/2026 (n)			56,000	55,967
				$10,986,355
Automotive – 2.0%
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n)		$	621,000	$622,598
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n)			448,000	448,000
Dana, Inc., 5.375%, 11/15/2027			544,000	509,516
Dana, Inc., 4.25%, 9/01/2030			375,000	300,460
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			704,000	528,463
Ford Motor Co., 5.113%, 5/03/2029			885,000	810,239
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025			1,785,000	1,689,986
Hyundai Capital America, 6.375%, 4/08/2030 (n)			93,000	96,993
LKQ Corp., 6.25%, 6/15/2033 (n)			65,000	65,417
RAC Bond Co. PLC, 5.25%, 11/04/2027 (n)		GBP	150,000	148,256
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)		$	560,000	424,340
TI Automotive Finance PLC, 3.75%, 4/15/2029 (n)		EUR	280,000	237,217
Volkswagen Financial Services N.V., 5.875%, 5/23/2029		GBP	100,000	121,864
				$6,003,349

9

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Broadcasting – 1.1%
Discovery Communications LLC, 4.125%, 5/15/2029		$	78,000	$71,127
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n)			985,000	626,750
Gray Television, Inc., 5.875%, 7/15/2026 (n)			116,000	99,705
iHeartCommunications, Inc., 8.375%, 5/01/2027			388,000	218,894
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)			681,000	584,452
Prosus N.V., 3.061%, 7/13/2031 (n)			329,000	252,437
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n)			740,000	629,740
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027		EUR	423,495	358,468
Ubisoft Entertainment S.A., 0.878%, 11/24/2027			200,000	151,538
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032		$	181,000	158,129
WMG Acquisition Corp., 2.25%, 8/15/2031 (n)		EUR	242,000	198,575
				$3,349,815
Brokerage & Asset Managers – 1.1%
AG Issuer LLC, 6.25%, 3/01/2028 (n)		$	118,000	$108,798
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)			757,000	766,614
Ameriprise Financial, Inc., 4.5%, 5/13/2032			36,000	34,434
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)			716,000	611,696
LPL Holdings, Inc., 4%, 3/15/2029 (n)			84,000	73,760
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)			456,000	396,402
NFP Corp., 4.875%, 8/15/2028 (n)			614,000	548,124
NFP Corp., 6.875%, 8/15/2028 (n)			730,000	605,412
				$3,145,240
Building – 2.3%
Foundation Building Materials LLC, 6%, 3/01/2029 (n)		$	650,000	$522,412
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			1,050,000	910,875
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034		GBP	100,000	86,968
Interface, Inc., 5.5%, 12/01/2028 (n)		$	1,042,000	812,760
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			586,000	471,730
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)			201,000	177,885
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			556,000	528,200
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)			830,000	800,950
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)			425,000	351,934
Standard Industries, Inc., 2.25%, 11/21/2026		EUR	225,000	213,138
Standard Industries, Inc., 4.75%, 1/15/2028 (n)		$	569,000	521,650
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			682,000	575,858
Vulcan Materials Co., 3.5%, 6/01/2030			159,000	143,572

10

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Building – continued
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)		$	694,000	$600,166
				$6,718,098
Business Services – 1.4%
Corning, Inc., 4.125%, 5/15/2031		EUR	100,000	$107,371
Entegris Escrow Corp., 5.95%, 6/15/2030 (n)		$	514,000	495,162
Euronet Worldwide, Inc., 1.375%, 5/22/2026		EUR	100,000	95,051
Fiserv, Inc., 4.4%, 7/01/2049		$	95,000	78,498
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)			520,000	486,573
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)			425,000	397,610
Mastercard, Inc., 3.3%, 3/26/2027			123,000	118,369
Mastercard, Inc., 3.85%, 3/26/2050			77,000	65,589
Tencent Holdings Ltd., 3.8%, 2/11/2025			700,000	684,309
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)			832,000	833,816
Visa, Inc., 3.65%, 9/15/2047			118,000	100,329
ZI Technologies LLC/ZI Finance Corp. Co., 3.875%, 2/01/2029 (n)			697,000	603,739
				$4,066,416
Cable TV – 5.9%
Cable One, Inc., 4%, 11/15/2030 (n)		$	1,023,000	$800,497
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)			528,000	489,098
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			2,386,000	2,012,277
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,500,000	1,234,728
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)			850,000	680,884
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)			581,000	429,829
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			101,000	73,943
Comcast Corp., 3.75%, 4/01/2040			55,000	45,950
CSC Holdings LLC, 5.375%, 2/01/2028 (n)			800,000	629,391
CSC Holdings LLC, 7.5%, 4/01/2028 (n)			450,000	243,813
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			825,000	363,355
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			250,000	173,540
DISH DBS Corp., 7.75%, 7/01/2026			441,000	253,032
DISH DBS Corp., 5.25%, 12/01/2026 (n)			650,000	513,448
DISH DBS Corp., 5.125%, 6/01/2029			450,000	204,088
DISH Network Corp., 11.75%, 11/15/2027 (n)			255,000	244,062
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)			893,000	828,606
LCPR Senior Secured Financing DAC, 5.125%, 7/15/2029 (n)			210,000	174,068

11

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Cable TV – continued
SES S.A., 3.5%, 1/14/2029		EUR	100,000	$97,368
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)		$	592,000	495,712
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)			1,512,000	1,319,821
Sirius XM Radio, Inc., 3.875%, 9/01/2031 (n)			355,000	261,968
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)			1,400,000	1,295,000
Videotron Ltd., 5.125%, 4/15/2027 (n)			473,000	456,265
Videotron Ltd., 3.625%, 6/15/2029 (n)			407,000	350,138
Virgin Media Finance PLC, 3.75%, 7/15/2030		EUR	255,000	209,590
Virgin Media Finance PLC, 5%, 7/15/2030 (n)		$	1,000,000	791,571
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			1,200,000	1,042,450
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028			267,000	125,490
Ziggo Bond Finance B.V., 3.375%, 2/28/2030		EUR	270,000	206,648
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)		$	1,515,000	1,161,715
				$17,208,345
Chemicals – 1.9%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)		$	540,000	$510,284
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n)			1,340,000	1,148,005
Element Solutions, Inc., 3.875%, 9/01/2028 (n)			914,000	799,929
Ingevity Corp., 3.875%, 11/01/2028 (n)			994,000	820,348
Lonza Finance International N.V., 3.875%, 5/25/2033		EUR	100,000	107,633
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)		$	678,000	579,168
LYB International Finance III, LLC, 4.2%, 5/01/2050			139,000	104,302
Nutrien Ltd., 4.9%, 3/27/2028			44,000	43,616
S.P.C.M. S.A., 3.375%, 3/15/2030 (n)			905,000	750,972
Sasol Financing (USA) LLC, 5.5%, 3/18/2031			550,000	427,137
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)			465,000	385,194
				$5,676,588
Computer Software – 0.9%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)		$	493,000	$462,620
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n)			200,000	176,715
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n)			639,000	548,799
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)			646,000	562,795
Microsoft Corp., 3.3%, 2/06/2027			145,000	141,782
Microsoft Corp., 2.525%, 6/01/2050			101,000	69,523
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)			649,000	593,835
				$2,556,069
Computer Software - Systems – 1.1%
Fair Isaac Corp., 5.25%, 5/15/2026 (n)		$	1,073,000	$1,055,564
Fair Isaac Corp., 4%, 6/15/2028 (n)			131,000	120,513
Sabre GLBL, Inc., 7.375%, 9/01/2025 (n)			299,000	252,844

12

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Computer Software - Systems – continued
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n)		$	292,000	$224,460
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			1,210,000	1,154,935
Virtusa Corp., 7.125%, 12/15/2028 (n)			574,000	457,765
				$3,266,081
Conglomerates – 2.7%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)		$	500,000	$451,893
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			1,240,000	1,097,374
Chart Industries, Inc., 9.5%, 1/01/2031 (n)			693,000	724,781
Emerald Debt Merger, 6.625%, 12/15/2030 (n)			995,000	987,040
Gates Global LLC, 6.25%, 1/15/2026 (n)			854,000	836,920
Griffon Corp., 5.75%, 3/01/2028			751,000	692,374
Johnson Controls International PLC, 4.25%, 5/23/2035		EUR	100,000	107,982
Madison IAQ LLC, 5.875%, 6/30/2029 (n)		$	732,000	557,203
nVent Finance S.à r.l., 5.65%, 5/15/2033			58,000	56,855
Regal Rexnord Corp., 6.05%, 4/15/2028 (n)			132,000	130,447
Regal Rexnord Corp., 6.3%, 2/15/2030 (n)			482,000	480,866
Siemens Financieringsmaatschappij N.V., 3.625%, 2/24/2043		EUR	100,000	103,182
TriMas Corp., 4.125%, 4/15/2029 (n)		$	1,593,000	1,414,329
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028			186,000	181,002
				$7,822,248
Construction – 0.9%
Empire Communities Corp., 7%, 12/15/2025 (n)		$	608,000	$553,280
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			280,000	258,376
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			610,000	524,236
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n)			821,000	796,370
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)			427,000	374,338
				$2,506,600
Consumer Products – 1.6%
Energizer Gamma Acquisition B.V., 3.5%, 6/30/2029		EUR	340,000	$288,649
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)		$	755,000	646,469
JAB Holdings B.V., 2.25%, 12/19/2039		EUR	100,000	74,699
Kenvue, Inc., 5.05%, 3/22/2053 (n)		$	118,000	118,780
Mattel, Inc., 3.375%, 4/01/2026 (n)			626,000	574,205
Mattel, Inc., 5.875%, 12/15/2027 (n)			304,000	296,223
Mattel, Inc., 6.2%, 10/01/2040			59,000	51,841
Newell Brands, Inc., 6.375%, 9/15/2027			678,000	644,839
Newell Brands, Inc., 6.625%, 9/15/2029			474,000	447,337
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			630,000	601,650

13

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Consumer Products – continued
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)		$	227,000	$186,810
Spectrum Brands, Inc., 3.875%, 3/15/2031 (n)			591,000	482,735
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n)			575,000	342,844
				$4,757,081
Consumer Services – 3.1%
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)		$	764,000	$670,296
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	296,000
ANGI Group LLC, 3.875%, 8/15/2028 (n)			891,000	725,410
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			830,000	718,274
Booking Holdings, Inc., 4.125%, 5/12/2033		EUR	100,000	108,055
Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n)		$	459,000	409,657
GoDaddy, Inc., 3.5%, 3/01/2029 (n)			1,185,000	1,024,983
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)			569,000	532,190
Match Group Holdings II LLC, 5%, 12/15/2027 (n)			587,000	551,966
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n)			910,000	830,375
Match Group Holdings II LLC, 4.125%, 8/01/2030 (n)			275,000	233,401
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)			55,000	44,804
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)			753,000	543,993
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			430,000	298,280
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)			1,134,593	312,079
TriNet Group, Inc., 3.5%, 3/01/2029 (n)			1,482,000	1,269,536
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)			571,000	509,399
				$9,078,698
Containers – 2.2%
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)		$	565,000	$482,382
Ardagh Metal Packaging Finance USA LLC, 3%, 9/01/2029 (n)		EUR	220,000	172,521
Ardagh Metal Packaging Finance USA LLC, 4%, 9/01/2029 (n)		$	1,046,000	820,283
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)			1,080,000	906,714
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)			1,376,000	1,105,182
Crown Americas LLC, 5.25%, 4/01/2030			550,000	524,948
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026			920,000	872,874
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026			490,000	476,667

14

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Containers – continued
LABL, Inc., 5.875%, 11/01/2028 (n)		$	583,000	$523,971
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)			625,000	588,500
				$6,474,042
Electrical Equipment – 0.2%
Arrow Electronics, Inc., 2.95%, 2/15/2032		$	131,000	$107,818
CommScope Technologies LLC, 5%, 3/15/2027 (n)			692,000	465,435
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029		EUR	140,000	117,951
				$691,204
Electronics – 1.1%
Broadcom, Inc., 3.419%, 4/15/2033 (n)		$	101,000	$83,884
Entegris, Inc., 4.375%, 4/15/2028 (n)			270,000	248,141
Entegris, Inc., 3.625%, 5/01/2029 (n)			480,000	414,197
Intel Corp., 5.7%, 2/10/2053			48,000	47,417
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)			255,000	255,127
Sensata Technologies B.V., 5%, 10/01/2025 (n)			990,000	973,042
Sensata Technologies B.V., 5.875%, 9/01/2030 (n)			385,000	371,815
SK Hynix, Inc., 6.375%, 1/17/2028 (n)			200,000	202,444
Synaptics, Inc., 4%, 6/15/2029 (n)			773,000	647,387
				$3,243,454
Emerging Market Quasi-Sovereign – 4.1%
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n)		$	200,000	$199,664
CEZ A.S. (Czech Republic), 2.375%, 4/06/2027		EUR	100,000	99,643
China Construction Bank Corp., Hong Kong Branch, 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029		$	510,000	504,421
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n)			202,000	159,178
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031			404,000	346,852
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026			600,000	567,878
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029			400,000	390,000
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026			522,000	504,640
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028			624,000	563,310
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)			299,000	249,754
Indian Railway Finance Corp., 2.8%, 2/10/2031			800,000	668,237
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			700,000	633,500
Korea Development Bank, 4.25%, 9/08/2032			531,000	516,885

15

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)		$	200,000	$198,464
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.875%, 11/07/2029 (n)			1,086,000	985,660
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.084%, 5/22/2053 (n)			200,000	199,208
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2026 (a)(z)			1,116,000	267,840
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)			650,000	468,455
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)			200,000	193,040
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	782,428
Petroleos Mexicanos, 5.95%, 1/28/2031			100,000	71,773
Petroleos Mexicanos, 10%, 2/07/2033 (n)			60,000	53,815
Petroleos Mexicanos, 6.75%, 9/21/2047			980,000	591,469
Petroleos Mexicanos, 7.69%, 1/23/2050			100,000	64,814
PT Freeport Indonesia, 5.315%, 4/14/2032 (n)			200,000	187,226
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			554,000	513,835
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n)			200,000	200,027
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026			1,065,000	1,087,180
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031		EUR	180,000	133,221
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030		$	500,000	514,080
				$11,916,497
Emerging Market Sovereign – 14.2%
Arab Republic of Egypt, 8.5%, 1/31/2047		$	1,265,000	$634,451
Dominican Republic, 5.5%, 2/22/2029 (n)			761,000	705,831
Dominican Republic, 7.05%, 2/03/2031 (n)			150,000	148,827
Dominican Republic, 5.3%, 1/21/2041 (n)			181,000	140,089
Dominican Republic, 5.875%, 1/30/2060 (n)			2,249,000	1,664,853
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n)			519,000	433,469
Hellenic Republic (Republic of Greece), 3.875%, 6/15/2028 (n)		EUR	1,020,000	1,117,208
Hellenic Republic (Republic of Greece), 1.75%, 6/18/2032 (n)			3,429,000	3,134,295
Hellenic Republic (Republic of Greece), 4.25%, 6/15/2033 (n)			1,081,000	1,201,635
Kingdom of Morocco, 1.375%, 3/30/2026			428,000	418,186
Kingdom of Morocco, 5.95%, 3/08/2028 (n)		$	200,000	202,305
Kingdom of Morocco, 3%, 12/15/2032 (n)			459,000	361,463
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	44,975,000	1,046,672

16

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
People's Republic of China, 3.13%, 11/21/2029		CNY	1,180,000	$170,967
People's Republic of China, 2.88%, 2/25/2033			10,550,000	1,504,157
Republic of Angola, 9.375%, 5/08/2048		$	670,000	513,461
Republic of Angola, 9.125%, 11/26/2049			200,000	148,954
Republic of Argentina, 1.5%, 7/09/2035			627,494	145,664
Republic of Benin, 6.875%, 1/19/2052 (n)		EUR	214,000	156,315
Republic of Benin, 6.875%, 1/19/2052			400,000	292,177
Republic of Cote d'Ivoire, 5.25%, 3/22/2030			929,000	810,394
Republic of Cote d'Ivoire, 6.875%, 10/17/2040			200,000	155,312
Republic of Ghana, 8.125%, 3/26/2032 (a)(n)		$	305,000	122,275
Republic of Guatemala, 6.125%, 6/01/2050 (n)			777,000	700,567
Republic of Guatemala, 6.125%, 6/01/2050			300,000	270,489
Republic of Hungary, 5.5%, 6/16/2034 (n)			850,000	810,965
Republic of Indonesia, 4.65%, 9/20/2032			796,000	788,694
Republic of Kenya, 8%, 5/22/2032 (n)			478,000	384,262
Republic of Korea, 2.125%, 6/10/2027		KRW	1,570,000,000	1,122,865
Republic of Korea, 2.375%, 12/10/2027			650,000,000	467,011
Republic of Korea, 1.875%, 6/10/2029			4,874,250,000	3,352,802
Republic of Korea, 1.375%, 6/10/2030			3,751,670,000	2,456,376
Republic of Paraguay, 5.6%, 3/13/2048		$	200,000	171,702
Republic of Paraguay, 5.4%, 3/30/2050 (n)			1,150,000	962,895
Republic of Philippines, 3.556%, 9/29/2032			334,000	307,521
Republic of Poland, 5.75%, 11/16/2032			72,000	76,395
Republic of Romania, 1.75%, 7/13/2030 (n)		EUR	247,000	197,455
Republic of Romania, 2%, 1/28/2032			350,000	268,615
Republic of Romania, 2%, 4/14/2033			250,000	184,385
Republic of Senegal, 6.25%, 5/23/2033		$	247,000	196,434
Republic of Serbia, 2.05%, 9/23/2036 (n)		EUR	647,000	406,302
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(n)		$	446,000	162,913
State of Qatar, 4.817%, 3/14/2049 (n)			683,000	648,916
Sultanate of Oman, 7%, 1/25/2051			800,000	774,008
United Arab Emirates, 4.951%, 7/07/2052 (n)			379,000	374,217
United Mexican States, 7.5%, 6/03/2027		MXN	168,000,000	8,970,890
United Mexican States, 7.75%, 5/29/2031			10,500,000	557,024
United Mexican States, 4.75%, 4/27/2032		$	727,000	694,724
United Mexican States, 4.875%, 5/19/2033			641,000	612,188
United Mexican States, 3.771%, 5/24/2061			774,000	514,349
				$41,663,924
Energy - Independent – 2.9%
Callon Petroleum Co., 8%, 8/01/2028 (n)		$	524,000	$512,397
CNX Resources Corp., 6%, 1/15/2029 (n)			396,000	365,687
CNX Resources Corp., 7.375%, 1/15/2031 (n)			192,000	184,805

17

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Independent – continued
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)		$	895,000	$782,234
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)			815,000	764,063
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)			525,000	482,344
Energean Israel Finance Ltd., 5.875%, 3/30/2031			500,000	434,927
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n)			679,000	658,630
Matador Resources Co., 6.875%, 4/15/2028 (n)			374,000	370,941
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)			492,000	443,713
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)			515,000	474,558
Permian Resources Operating LLC, 7.75%, 2/15/2026 (n)			110,000	110,643
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)			658,000	616,024
SM Energy Co., 6.75%, 9/15/2026			177,000	170,893
SM Energy Co., 6.5%, 7/15/2028			458,000	429,439
Southwestern Energy Co., 8.375%, 9/15/2028			185,000	192,829
Southwestern Energy Co., 5.375%, 3/15/2030			387,000	355,711
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			987,000	868,560
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n)			323,000	242,018
				$8,460,416
Energy - Integrated – 0.2%
BP Capital Markets America, Inc., 4.812%, 2/13/2033		$	63,000	$62,294
BP Capital Markets B.V., 4.323%, 5/12/2035		EUR	100,000	107,668
BP Capital Markets PLC, 3.625% to 6/22/2029, FLR (EUR Swap Rate - 5yr. + 4.12%) to 6/22/2034, FLR (EUR Swap Rate - 5yr. + 4.37%) to 6/22/2049, FLR (EUR Swap Rate - 5yr. + 5.12%) to 6/22/2170			130,000	120,199
Eni S.p.A., 3.625%, 5/19/2027			100,000	106,521
Eni S.p.A., 4.25%, 5/09/2029 (n)		$	200,000	191,323
Galp Energia SGPS S.A., 2%, 1/15/2026		EUR	100,000	100,901
				$688,906
Engineering - Construction – 0.0%
Arcadis N.V., 4.875%, 2/28/2028		EUR	100,000	$107,968
Entertainment – 1.6%
Carnival Corp., 4%, 8/01/2028 (n)		$	174,000	$151,739
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)			542,000	513,876
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)			825,000	706,230
Carnival Corp. PLC, 9.875%, 8/01/2027 (n)			432,000	445,875
Merlin Entertainments, 5.75%, 6/15/2026 (n)			435,000	415,830
Motion Bondco DAC, 6.625%, 11/15/2027 (n)			429,000	390,678

18

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Entertainment – continued
Motion Finco S.à r.l., 7.375%, 6/15/2030 (n)		EUR	100,000	$106,326
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)		$	423,000	383,723
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			566,000	521,545
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)			690,000	633,881
VOC Escrow Ltd., 5%, 2/15/2028 (n)			358,000	322,248
				$4,591,951
Financial Institutions – 3.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/06/2028 (w)		$	150,000	$148,732
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)			567,050	490,623
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n)			77,000	74,478
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)			134,000	123,748
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)			795,000	779,804
Credit Acceptance Corp., 6.625%, 3/15/2026			82,000	78,238
EXOR N.V., 2.25%, 4/29/2030		EUR	100,000	94,503
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p)		$	1,824,693	1,628,538
Grand City Properties S.A., 1.5% to 6/9/2026, FLR (EUR Swap Rate - 5yr. + 2.184%) to 6/9/2031, FLR (EUR Swap Rate - 5yr. + 2.434%) to 6/09/2046, FLR (EUR Swap Rate - 5yr. + 3.184%) to 12/09/2069		EUR	100,000	39,015
Howard Hughes Corp., 4.125%, 2/01/2029 (n)		$	989,000	808,725
Logicor Financing S.à r.l., 1.625%, 1/17/2030		EUR	110,000	84,707
Logicor Financing S.à r.l., 0.875%, 1/14/2031			100,000	69,004
Macquarie AirFinance Ltd., 8.375%, 5/01/2028 (n)		$	563,000	554,628
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)			1,204,000	1,098,048
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031 (n)			145,000	117,750
OneMain Finance Corp., 6.875%, 3/15/2025			588,000	566,569
OneMain Finance Corp., 7.125%, 3/15/2026			805,000	769,717
P3 Group S.à r.l., 1.625%, 1/26/2029		EUR	100,000	82,297
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n)		$	715,000	589,632
Samhallsbyggnadsbolaget i Norden AB, 1.75%, 1/14/2025		EUR	100,000	85,149
Samhallsbyggnadsbolaget i Norden AB, 2.875% to 1/30/2027, FLR (EUR Swap Rate - 5yr. + 3.223%) to 1/30/2032, FLR (EUR Swap Rate - 5yr. + 3.473%) to 1/30/2047, FLR (EUR Swap Rate - 5yr. + 4.473%) to 1/30/2171			280,000	61,588
SBB Treasury Oyj, 1.125%, 11/26/2029			100,000	65,866
SLM Corp., 3.125%, 11/02/2026		$	827,000	708,971
VGP N.V., 1.5%, 4/08/2029		EUR	100,000	72,418
				$9,192,748

19

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Food & Beverages – 2.5%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038		$	189,000	$177,150
B&G Foods, Inc., 5.25%, 4/01/2025			470,000	442,882
B&G Foods, Inc., 5.25%, 9/15/2027			175,000	148,790
BellRing Brands, Inc., 7%, 3/15/2030 (n)			840,000	851,651
Carlsberg Breweries A/S, 3.5%, 11/26/2026		EUR	100,000	106,544
Central America Bottling Co., 5.25%, 4/27/2029 (n)		$	755,000	702,150
Constellation Brands, Inc., 4.75%, 12/01/2025			44,000	43,624
Constellation Brands, Inc., 3.15%, 8/01/2029			72,000	64,975
Constellation Brands, Inc., 2.25%, 8/01/2031			104,000	84,911
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 (n)			781,000	631,912
Kraft Heinz Foods Co., 3.875%, 5/15/2027			137,000	132,696
Performance Food Group Co., 5.5%, 10/15/2027 (n)			884,000	849,973
Post Holdings, Inc., 5.625%, 1/15/2028 (n)			618,000	595,876
Post Holdings, Inc., 4.625%, 4/15/2030 (n)			1,050,000	919,479
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)			1,072,000	922,081
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			855,000	779,796
				$7,454,490
Forest & Paper Products – 0.0%
Stora Enso Oyj, 4.25%, 9/01/2029 (w)		EUR	100,000	$107,893
Gaming & Lodging – 2.7%
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)		$	319,000	$275,012
Caesars Entertainment, Inc., 7%, 2/15/2030 (n)			495,000	497,270
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)			683,000	695,970
CCM Merger, Inc., 6.375%, 5/01/2026 (n)			633,000	611,399
International Game Technology PLC, 4.125%, 4/15/2026 (n)			1,000,000	947,087
International Game Technology PLC, 6.25%, 1/15/2027 (n)			225,000	224,559
Las Vegas Sands Corp., 3.9%, 8/08/2029			69,000	61,034
Marriott International, Inc., 2.85%, 4/15/2031			90,000	75,682
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n)			581,000	468,547
Sands China Ltd., 4.3%, 1/08/2026			600,000	559,901
Sands China Ltd., 4.875%, 6/18/2030			505,000	442,558
Scientific Games Holdings LP/Scientific Games US Finco, Inc., 6.625%, 3/01/2030 (n)			596,000	523,932
VICI Properties LP, REIT, 4.95%, 2/15/2030			97,000	90,238
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)			813,000	745,928
Wynn Macau Ltd., 5.5%, 10/01/2027 (n)			705,000	611,729
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)			674,000	567,845
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			731,000	652,314
				$8,051,005

20

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Industrial – 1.1%
Albion Financing 1 S.à r.l., 5.25%, 10/15/2026		EUR	250,000	$246,852
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n)		$	200,000	179,346
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)			635,000	549,115
APi Escrow Corp., 4.75%, 10/15/2029 (n)			1,010,000	907,449
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027			550,000	535,947
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050			35,000	22,643
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)			928,000	847,682
				$3,289,034
Insurance – 0.2%
AIA Group Ltd., 0.88% to 9/09/2028, FLR (EUR Swap Rate - 5yr. + 1.1%) to 9/09/2033		EUR	180,000	$152,500
ASR Nederland N.V., 7% to 12/07/2033, FLR (EUR Swap Rate - 5yr. + 5.3%) to 12/07/2043			100,000	111,203
AXA S.A., 5.5% to 7/11/2033, FLR (EURIBOR - 3mo. + 3.6%) to 7/11/2043			100,000	106,798
Corebridge Financial, Inc., 4.35%, 4/05/2042		$	149,000	119,158
Equitable Holdings, Inc., 5.594%, 1/11/2033			115,000	112,744
NN Group N.V., 6.367% to 11/03/2033, FLR (EURIBOR - 3mo. + 4%) to 11/03/2043		EUR	100,000	106,969
				$709,372
Insurance - Health – 0.0%
Humana, Inc., 5.5%, 3/15/2053		$	24,000	$23,497
UnitedHealth Group, Inc., 3.5%, 8/15/2039			38,000	31,656
UnitedHealth Group, Inc., 3.25%, 5/15/2051			108,000	78,790
				$133,943
Insurance - Property & Casualty – 1.4%
Acrisure LLC/Acrisure Finance, Inc., 7%, 11/15/2025 (n)		$	399,000	$378,062
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/2029 (n)			448,000	376,889
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)			466,000	389,805
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n)			295,000	274,944
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)			637,000	546,426
American International Group, Inc., 5.125%, 3/27/2033			74,000	72,509
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)			165,000	147,270
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031			25,000	20,717
Aon Corp./Aon Global Holdings PLC, 3.9%, 2/28/2052			92,000	70,966
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)			500,000	432,607
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)			360,000	350,307

21

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Insurance - Property & Casualty – continued
Hub International Ltd., 5.625%, 12/01/2029 (n)		$	997,000	$894,469
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038		GBP	100,000	96,583
				$4,051,554
International Market Quasi-Sovereign – 0.2%
Electricite de France S.A., 2.875% to 3/15/2027, FLR (EUR Swap Rate - 5yr. + 3.373%) to 3/15/2031, FLR (EUR Swap Rate - 5yr. + 3.623%) to 3/15/2047, FLR (EUR Swap Rate - 5yr. + 4.373%) to 3/15/2070		EUR	200,000	$180,110
Electricite de France S.A., 5.875% to 1/22/2029, FLR (GBP Swap Rate - 15yr. + 3.323%) to 1/22/2049, FLR (GBP Swap Rate - 15yr. + 4.073%) to 12/31/2165		GBP	100,000	102,004
EnBW International Finance B.V., 3.5%, 7/24/2028		EUR	50,000	52,992
La Banque Postale S.A., 4%, 5/03/2028			100,000	106,420
Landsbankinn Bank (Republic of Iceland), 0.375%, 5/23/2025			100,000	93,898
				$535,424
International Market Sovereign – 9.8%
Commonwealth of Australia, 2.75%, 11/21/2028		AUD	814,000	$512,380
Commonwealth of Australia, 1%, 11/21/2031			3,662,000	1,935,549
Commonwealth of Australia, 3.25%, 6/21/2039			13,387,000	7,988,512
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	200,000	168,580
Government of Bermuda, 5%, 7/15/2032 (n)			560,000	550,247
Government of Finland, 3%, 9/15/2033		EUR	370,000	398,787
Government of Japan, 0.1%, 12/20/2026		JPY	231,000,000	1,665,074
Government of Japan, 2.1%, 12/20/2027			137,800,000	1,080,769
Government of Japan, 1.7%, 6/20/2044			105,350,000	847,118
Government of Japan, 0.3%, 6/20/2046			129,700,000	777,157
Government of Japan, 1.6%, 12/20/2052			105,500,000	817,035
Government of New Zealand, 1.5%, 5/15/2031		NZD	748,000	367,664
Government of New Zealand, 2%, 5/15/2032			1,766,000	885,236
Kingdom of Belgium, 3%, 6/22/2033 (n)		EUR	1,458,000	1,563,799
Kingdom of Belgium, 0.4%, 6/22/2040			425,000	283,291
Kingdom of Spain, 2.55%, 10/31/2032			440,000	443,249
Kingdom of Spain, 3.15%, 4/30/2033			1,490,000	1,568,950
Kingdom of Spain, 3.9%, 7/30/2039 (n)			411,000	447,286
Kingdom of Spain, 1%, 10/31/2050			1,180,000	658,291
Kingdom of Sweden, 1.75%, 11/11/2033		SEK	23,705,000	2,079,949
Republic of Italy, 0.5%, 7/15/2028		EUR	987,000	906,346
United Kingdom Treasury, 1.25%, 7/22/2027		GBP	2,275,000	2,516,140
United Kingdom Treasury, 1.25%, 10/22/2041			255,000	190,500

22

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Sovereign – continued
United Kingdom Treasury, 1.25%, 7/31/2051		GBP	231,526	$140,510
				$28,792,419
Local Authorities – 0.3%
Oslo kommune, 2.17%, 5/18/2029		NOK	3,000,000	$242,488
Province of Alberta, 4.5%, 12/01/2040		CAD	125,000	95,041
Province of British Columbia, 2.95%, 6/18/2050			115,000	68,570
Province of Ontario, 1.9%, 12/02/2051			1,287,000	602,022
				$1,008,121
Machinery & Tools – 0.8%
Ritchie Bros Holdings, Inc., 6.75%, 3/15/2028 (n)		$	524,000	$530,230
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)			988,000	1,029,763
Sarens Finance Co. N.V., 5.75%, 2/21/2027		EUR	110,000	99,431
Terex Corp., 5%, 5/15/2029 (n)		$	685,000	634,762
				$2,294,186
Major Banks – 1.7%
Australia and New Zealand Banking Group Ltd., 2.57% to 11/25/2030, FLR (CMT - 5yr. + 1.7%) to 11/25/2035 (n)		$	152,000	$115,773
Banco de Sabadell S.A., 5%, 6/07/2029 (w)		EUR	100,000	106,658
Bank of America Corp., 5.202% to 4/25/2033, FLR (SOFR - 1 day + 1.63%) to 4/25/2029		$	117,000	116,590
Bank of America Corp., 0.694% to 3/22/2030, FLR (EURIBOR - 3mo. + 0.79%) to 3/22/2031		EUR	105,000	89,180
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032		$	201,000	166,104
Barclays Bank PLC, FLR, 5.235% (LIBOR - 6mo.), 8/14/2171			110,000	97,240
BNP Paribas S.A., 5.284%, 3/23/2172			90,000	75,319
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)			221,000	174,158
Credit Suisse AG (London), 2.125%, 5/31/2024		EUR	100,000	103,687
Credit Suisse Group AG, 7.75% to 3/01/2028, FLR (EUR ICE Swap Rate - 1yr. + 4.95%) to 3/01/2029			150,000	177,411
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032		$	118,000	95,010
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043			80,000	59,872
HSBC Bank PLC, FLR, 5.251% (LIBOR - 6mo. + 0.10%), 6/11/2171			30,000	29,888
HSBC Bank PLC, FLR, 5.401% (LIBOR - 6mo. + 0.25%), 12/19/2171			60,000	59,550
HSBC Holdings PLC, 4.375%, 11/23/2026			269,000	258,018
HSBC Holdings PLC, 4.787% to 3/10/2031, FLR (EURIBOR - 3mo. + 1.55%) to 3/10/2032		EUR	100,000	108,017

23

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
HSBC Holdings PLC, 4.856% to 5/23/2032, FLR (EURIBOR - 3mo. + 1.942%) to 5/23/2033		EUR	100,000	$108,194
HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 9/09/2170		$	200,000	169,009
HSBC Holdings PLC, FLR, 5.459% (LIBOR - 6mo. + 0.25%), 3/18/2171			40,000	39,700
ING Groep N.V., 1% to 11/16/2027, FLR (EUR Swap Rate - 5yr. + 1.15%) to 11/16/2032		EUR	100,000	89,108
ING Groep N.V., 6.25%, 5/20/2033		GBP	100,000	118,395
JPMorgan Chase & Co., 1.47% to 9/22/2026, FLR (SOFR - 1 day + 0.765%) to 9/22/2027		$	88,000	77,989
JPMorgan Chase & Co., 3.328% to 4/22/2051, FLR (SOFR - 1 day + 1.58%) to 4/22/2052			218,000	156,124
mBank S.A., 0.966% to 9/21/2026, FLR (EURIBOR - 3mo. + 1.25%) to 9/21/2027		EUR	100,000	82,776
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027		$	107,000	96,232
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031			227,000	205,176
NatWest Group PLC, 4.771%, 2/16/2029		EUR	100,000	107,235
NatWest Group PLC, 5.763% to 2/28/2029, FLR (EUR Swap Rate - 5yr. + 2.6%) to 2/28/2034			100,000	107,382
NatWest Group PLC, 4.5% to 9/30/2028, FLR (GBP Swap Rate - 5yr. + 3.992%) to 3/31/2171		GBP	200,000	189,018
Société Générale S.A., 5.625%, 6/02/2033 (w)		EUR	100,000	106,370
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029			100,000	87,790
Standard Chartered PLC, 4.874%, 5/10/2031			130,000	139,587
Toronto Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082		$	785,000	804,484
Toronto-Dominion Bank, 4.108%, 6/08/2027			153,000	147,275
Unicaja Banco S.A., 1% to 12/01/2025, FLR (EUR ICE Swap Rate - 1yr. + 1.15%) to 12/01/2026		EUR	100,000	95,497
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028		$	73,000	68,421
Wells Fargo & Co., 2.572% to 2/11/2030, FLR (LIBOR - 3mo. +1%) to 2/11/2031			69,000	58,249
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033			69,000	59,269
				$4,945,755

24

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical & Health Technology & Services – 3.6%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	765,000	$669,040
AdaptHealth LLC, 4.625%, 8/01/2029 (n)			264,000	203,383
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)			1,024,000	947,168
Becton, Dickinson and Co., 4.298%, 8/22/2032			45,000	42,783
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)			1,028,000	902,276
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			450,000	418,825
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)			806,000	435,361
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			699,000	525,031
CVS Health Corp., 5.25%, 1/30/2031 (w)			30,000	30,114
CVS Health Corp., 5.625%, 2/21/2053			87,000	84,840
DaVita, Inc., 4.625%, 6/01/2030 (n)			618,000	529,283
Encompass Health Corp., 5.75%, 9/15/2025			270,000	267,662
Encompass Health Corp., 4.75%, 2/01/2030			726,000	661,319
Encompass Health Corp., 4.625%, 4/01/2031			120,000	104,791
HCA, Inc., 5.125%, 6/15/2039			103,000	94,259
IQVIA, Inc., 5%, 5/15/2027 (n)			1,010,000	971,281
IQVIA, Inc., 6.5%, 5/15/2030 (n)			400,000	406,764
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)			329,000	247,865
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			179,000	111,609
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			142,000	134,260
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)			485,000	363,450
Tenet Healthcare Corp., 6.125%, 10/01/2028			499,000	472,954
Tenet Healthcare Corp., 4.375%, 1/15/2030			226,000	201,367
Tenet Healthcare Corp., 6.125%, 6/15/2030 (n)			723,000	698,765
Tenet Healthcare Corp., 6.75%, 5/15/2031 (n)			287,000	286,716
Thermo Fisher Scientific (Finance I) B.V., 2%, 10/18/2051		EUR	100,000	70,158
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028		$	52,000	45,444
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)			575,000	487,312
				$10,414,080
Medical Equipment – 0.8%
Embecta Corp., 5%, 2/15/2030 (n)		$	580,000	$485,612
Garden SpinCo Corp., 8.625%, 7/20/2030 (n)			797,000	862,490
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/2029 (n)			410,000	350,805
Teleflex, Inc., 4.625%, 11/15/2027			705,000	666,852
				$2,365,759

25

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Metals & Mining – 2.5%
Anglo American Capital PLC, 4.75%, 9/21/2032		EUR	100,000	$106,970
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)		$	788,000	756,857
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)			878,000	739,715
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)			307,000	275,532
Ero Copper Corp., 6.5%, 2/15/2030 (n)			483,000	417,795
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			1,194,000	1,009,102
Glencore Funding LLC, 2.85%, 4/27/2031 (n)			101,000	83,010
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)			838,000	668,336
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)			1,086,000	949,153
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)			524,000	411,733
Novelis Corp., 3.25%, 11/15/2026 (n)			430,000	388,401
Novelis Corp., 4.75%, 1/30/2030 (n)			697,000	618,583
Novelis Corp., 3.875%, 8/15/2031 (n)			380,000	312,043
Novelis Sheet Ingot GmbH, 3.375%, 4/15/2029		EUR	150,000	139,054
Petra Diamonds US$ Treasury PLC, 10.5% (10.5% PIK/9.75% Cash to 6/30/2023), 9.75% Cash to 3/08/2026 (n)(p)		$	365,912	343,907
TMS International Corp., 6.25%, 4/15/2029 (n)			170,000	134,382
				$7,354,573
Midstream – 3.7%
DT Midstream, Inc., 4.125%, 6/15/2029 (n)		$	984,000	$853,326
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			959,000	806,547
Enbridge, Inc., 5.7%, 3/08/2033			69,000	70,167
EQM Midstream Partners LP, 5.5%, 7/15/2028			1,384,000	1,297,326
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)			307,000	268,217
EQM Midstream Partners LP, 7.5%, 6/01/2030 (n)			125,000	125,625
Genesis Energy LP/Genesis Energy Finance Corp., 8%, 1/15/2027			238,000	231,819
Genesis Energy LP/Genesis Energy Finance Corp., 8.875%, 4/15/2030			580,000	570,373
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)			1,165,000	1,103,837
NuStar Logistics, LP, 6.375%, 10/01/2030			583,000	561,137
Peru LNG, 5.375%, 3/22/2030			518,000	412,154
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/2029			82,000	72,545
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030			193,000	182,487
Tallgrass Energy Partners LP, 6%, 3/01/2027 (n)			203,000	189,812
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			1,080,000	975,100
Targa Resources Corp., 4.2%, 2/01/2033			28,000	24,713
Targa Resources Corp., 4.95%, 4/15/2052			79,000	62,763

26

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Midstream – continued
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029		$	785,000	$794,843
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			870,000	756,925
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)			423,000	419,353
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)			625,000	538,800
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)			193,000	193,965
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)			386,000	388,019
				$10,899,853
Mortgage-Backed – 1.8%
Fannie Mae, 6.5%, 4/01/2032 - 1/01/2033		$	13,873	$14,320
Fannie Mae, 5.5%, 7/01/2033 - 7/01/2035			54,715	55,775
Fannie Mae, 6%, 8/01/2034 - 2/01/2037			30,063	31,246
Fannie Mae, 3.5%, 12/01/2047			40,492	38,060
Fannie Mae, UMBS, 2%, 4/01/2042 - 5/01/2052			430,715	360,273
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 7/01/2050			130,463	121,803
Fannie Mae, UMBS, 2.5%, 7/01/2050 - 4/01/2052			765,039	655,418
Fannie Mae, UMBS, 3%, 12/01/2051 - 6/01/2052			54,516	48,543
Fannie Mae, UMBS, 5.5%, 11/01/2052			120,155	120,482
Freddie Mac, 0.137%, 2/25/2025 (i)			38,000,000	121,608
Freddie Mac, 1.367%, 3/25/2027 (i)			448,000	20,494
Freddie Mac, 0.127%, 2/25/2028 (i)			36,576,000	253,603
Freddie Mac, 0.293%, 2/25/2028 (i)			15,572,000	215,021
Freddie Mac, 0.108%, 4/25/2028 (i)			15,983,000	107,299
Freddie Mac, 1.091%, 7/25/2029 (i)			1,881,616	102,612
Freddie Mac, 1.799%, 4/25/2030 (i)			845,640	87,400
Freddie Mac, 1.868%, 4/25/2030 (i)			731,897	76,518
Freddie Mac, 1.665%, 5/25/2030 (i)			896,340	86,193
Freddie Mac, 1.798%, 5/25/2030 (i)			2,034,877	210,508
Freddie Mac, 1.342%, 6/25/2030 (i)			821,458	64,851
Freddie Mac, 1.6%, 8/25/2030 (i)			719,995	68,068
Freddie Mac, 1.17%, 9/25/2030 (i)			455,646	32,197
Freddie Mac, 1.08%, 11/25/2030 (i)			901,677	59,837
Freddie Mac, 0.329%, 1/25/2031 (i)			3,183,939	61,216
Freddie Mac, 0.516%, 3/25/2031 (i)			3,736,992	117,670
Freddie Mac, 0.938%, 7/25/2031 (i)			670,491	41,611
Freddie Mac, 0.536%, 9/25/2031 (i)			2,699,427	92,974
Freddie Mac, 0.568%, 12/25/2031 (i)			659,754	25,653
Freddie Mac, 6%, 8/01/2034			22,855	23,370
Freddie Mac, UMBS, 2.5%, 4/01/2051 - 7/01/2051			579,833	496,354
Freddie Mac, UMBS, 3%, 4/01/2052			23,340	20,808
Ginnie Mae, 2.5%, 8/20/2051			126,284	110,468
Ginnie Mae, 2%, 3/20/2052 - 4/20/2052			346,664	293,788

27

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Mortgage-Backed – continued
Ginnie Mae, 3%, 5/20/2052 - 11/20/2052		$	120,924	$108,867
Ginnie Mae, 4.5%, 8/20/2052 - 9/20/2052			90,635	88,091
Ginnie Mae, 4%, 10/20/2052 - 11/20/2052			98,289	93,385
Ginnie Mae, 5.5%, 2/20/2053 - 4/20/2053			99,994	99,949
Ginnie Mae, 5%, 3/20/2053 - 4/20/2053			199,795	197,338
UMBS, TBA, 2%, 6/15/2038			175,000	156,803
UMBS, TBA, 4.5%, 6/13/2053			325,000	314,787
UMBS, TBA, 5.5%, 6/25/2053			75,000	74,953
				$5,370,214
Municipals – 0.6%
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039		$	125,000	$116,655
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “M-A”, 2.641%, 7/01/2037			150,000	137,839
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “M-A”, 4.949%, 7/01/2038			290,000	283,204
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052			190,000	192,374
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040			70,000	57,445
Minnesota Housing Finance Agency, Residential Housing, Taxable, “G”, 4.337%, 1/01/2047			195,000	188,806
New Jersey Economic Development Authority State Pension Funding Rev., Taxable, “A”, NPFG, 7.425%, 2/15/2029			249,000	270,795
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028			346,000	294,658
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030			221,000	204,847
				$1,746,623
Natural Gas - Distribution – 0.1%
ENGIE S.A., 4.25%, 1/11/2043		EUR	100,000	$105,966
NiSource, Inc., 3.6%, 5/01/2030		$	92,000	83,770
				$189,736
Natural Gas - Pipeline – 0.1%
APA Infrastructure Ltd., 0.75%, 3/15/2029		EUR	110,000	$95,671
APA Infrastructure Ltd., 2.5%, 3/15/2036		GBP	100,000	82,068
				$177,739

28

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Network & Telecom – 0.4%
AT&T, Inc., 3.5%, 9/15/2053		$	66,000	$45,818
Iliad Holding S.A.S., 6.5%, 10/15/2026 (n)			200,000	188,292
Iliad Holding S.A.S., 7%, 10/15/2028 (n)			1,012,000	943,464
				$1,177,574
Oil Services – 0.6%
MV24 Capital B.V., 6.748%, 6/01/2034		$	483,922	$428,901
Nabors Industries Ltd., 7.25%, 1/15/2026 (n)			760,000	692,390
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)			520,000	504,400
				$1,625,691
Oils – 0.8%
Parkland Corp., 4.625%, 5/01/2030 (n)		$	1,566,000	$1,353,807
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028			545,000	506,850
Puma International Financing S.A., 5%, 1/24/2026			289,000	264,419
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n)			355,000	298,022
				$2,423,098
Other Banks & Diversified Financials – 0.9%
AIB Group PLC, 5.75% to 2/16/2028, FLR (EUR Swap Rate - 1yr. + 2.85%) to 2/16/2029		EUR	100,000	$110,671
Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034		$	750,000	635,700
Bank Leumi le-Israel B.M., 5.125%, 7/27/2027 (n)			546,000	540,540
Banque Federative du Credit Mutuel S.A., 4.375%, 5/02/2030		EUR	100,000	106,973
Deutsche Bank AG, 3.25% to 5/24/2027, FLR (EURIBOR - 3mo. + 1.93%) to 5/24/2028			100,000	98,669
Deutsche Bank AG, 6.125% to 12/12/2029, FLR (SONIA + 2.621%) to 12/12/2030		GBP	100,000	117,008
Deutsche Bank AG, 1.375% to 2/17/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/17/2032		EUR	100,000	79,295
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032			100,000	94,798
Groupe BPCE S.A., 4.5%, 3/15/2025 (n)		$	250,000	241,149
Groupe BPCE S.A., 1.75% to 2/02/2029, FLR (EUR Swap Rate - 5yr. + 1.57%) to 2/02/2034		EUR	100,000	87,270
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042			200,000	156,778
Intesa Sanpaolo S.p.A., 4.875%, 5/19/2030			100,000	107,292
M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + 1.78%) to 8/16/2028		$	74,000	69,035
Skipton Building Society, 6.25%, 4/25/2029		GBP	100,000	120,464

29

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – continued
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030		GBP	100,000	$113,542
				$2,679,184
Personal Computers & Peripherals – 0.4%
NCR Corp., 5%, 10/01/2028 (n)		$	744,000	$654,083
NCR Corp., 5.125%, 4/15/2029 (n)			565,000	494,232
				$1,148,315
Pharmaceuticals – 1.1%
1375209 BC Ltd., 9%, 1/30/2028 (n)		$	416,000	$414,907
Amgen, Inc., 5.25%, 3/02/2030			33,000	33,256
Amgen, Inc., 5.6%, 3/02/2043			34,000	33,676
Bausch Health Co., Inc., 11%, 9/30/2028 (n)			454,000	342,770
Bausch Health Co., Inc., 14%, 10/15/2030 (n)			90,000	56,145
Bayer AG, 4.25%, 8/26/2029		EUR	30,000	32,764
Bayer AG, 4.625%, 5/26/2033			90,000	98,243
Jazz Securities DAC, 4.375%, 1/15/2029 (n)		$	1,114,000	998,122
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)			754,000	671,242
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)			675,000	572,773
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/2033			100,000	100,401
				$3,354,299
Pollution Control – 0.8%
GFL Environmental, Inc., 4.25%, 6/01/2025 (n)		$	215,000	$206,890
GFL Environmental, Inc., 4%, 8/01/2028 (n)			630,000	562,562
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)			255,000	231,529
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)			345,000	306,227
Stericycle, Inc., 3.875%, 1/15/2029 (n)			866,000	763,760
Waste Connections, Inc., 4.2%, 1/15/2033			49,000	46,210
Waste Management, Inc., 4.625%, 2/15/2033			105,000	103,773
				$2,220,951
Precious Metals & Minerals – 0.4%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)		$	755,000	$589,323
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)			114,000	111,617
Taseko Mines Ltd., 7%, 2/15/2026 (n)			569,000	510,066
				$1,211,006
Printing & Publishing – 0.3%
Cimpress PLC, 7%, 6/15/2026		$	890,000	$767,625

30

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Real Estate - Healthcare – 0.3%
MPT Operating Partnership LP/MPT Finance Corp., REIT, 0.993%, 10/15/2026		EUR	225,000	$173,155
MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027		$	704,000	578,183
				$751,338
Real Estate - Office – 0.1%
Corporate Office Property LP, REIT, 2.25%, 3/15/2026		$	149,000	$131,834
Corporate Office Property LP, REIT, 2%, 1/15/2029			52,000	39,863
				$171,697
Real Estate - Other – 0.3%
EPR Properties, REIT, 3.6%, 11/15/2031		$	89,000	$68,018
Lexington Realty Trust Co., 2.7%, 9/15/2030			195,000	156,359
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031			88,000	70,452
XHR LP, REIT, 4.875%, 6/01/2029 (n)			819,000	701,269
				$996,098
Real Estate - Retail – 0.1%
Regency Centers Corp., 3.7%, 6/15/2030		$	71,000	$63,883
STORE Capital Corp., REIT, 2.75%, 11/18/2030			313,000	226,826
WEA Finance LLC, 2.875%, 1/15/2027 (n)			100,000	86,427
				$377,136
Restaurants – 0.2%
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)		$	645,000	$524,835
McDonald's Corp., 4.25%, 3/07/2035		EUR	100,000	108,564
				$633,399
Retailers – 1.2%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)		$	801,000	$706,039
AutoZone, Inc., 4.75%, 8/01/2032			48,000	46,732
Bath & Body Works, Inc., 5.25%, 2/01/2028			1,168,000	1,111,388
BK LC Lux Finco 1 S.à r.l., 5.25%, 4/30/2029		EUR	170,000	164,973
Hanesbrands, Inc., 9%, 2/15/2031 (n)		$	296,000	296,032
Home Depot, Inc., 3.625%, 4/15/2052			122,000	94,982
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n)			462,000	408,407
Nordstrom, Inc., 4.25%, 8/01/2031			106,000	80,581
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)			805,000	617,695
				$3,526,829

31

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Specialty Chemicals – 0.1%
Ctec II GmbH, 5.25%, 2/15/2030 (n)		EUR	200,000	$175,002
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)		$	96,000	81,151
				$256,153
Specialty Stores – 1.0%
DICK'S Sporting Goods, 3.15%, 1/15/2032		$	74,000	$59,860
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)			590,000	516,634
Lithia Motors, Inc., 3.875%, 6/01/2029 (n)			234,000	201,599
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			410,000	315,700
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			675,000	414,747
Penske Automotive Group Co., 3.75%, 6/15/2029			809,000	692,962
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n)			620,000	601,905
				$2,803,407
Supermarkets – 0.3%
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)		$	274,000	$260,528
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n)			540,000	469,518
				$730,046
Supranational – 0.3%
International Bank for Reconstruction and Development, 4.25%, 6/24/2025		AUD	210,000	$137,241
West African Development Bank, 4.7%, 10/22/2031 (n)		$	1,055,000	854,550
				$991,791
Telecommunications - Wireless – 1.1%
Altice France S.A., 6%, 2/15/2028 (n)		$	1,255,000	$621,206
American Tower Corp., REIT, 2.75%, 1/15/2027			81,000	74,483
Crown Castle, Inc., REIT, 3.7%, 6/15/2026			100,000	95,813
Millicom International Cellular S.A., 5.125%, 1/15/2028			635,400	547,287
Rogers Communications, Inc., 3.8%, 3/15/2032 (n)			92,000	81,303
Rogers Communications, Inc., 3.7%, 11/15/2049			33,000	23,185
SBA Communications Corp., 3.875%, 2/15/2027			618,000	569,616
SBA Communications Corp., 3.125%, 2/01/2029			1,060,000	892,877
Tele2 AB Co., 3.75%, 11/22/2029		EUR	100,000	106,496
T-Mobile USA, Inc., 3.875%, 4/15/2030		$	135,000	125,253
Vodafone Group PLC, 3.375%, 8/08/2049		GBP	100,000	78,606
Vodafone Group PLC, 5.625%, 2/10/2053		$	76,000	72,579
				$3,288,704

32

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Telephone Services – 0.1%
Telstra Group Ltd., 3.75%, 5/04/2031		EUR	110,000	$118,828
TELUS Corp., 2.85%, 11/13/2031		CAD	151,000	94,156
				$212,984
Tobacco – 0.2%
B.A.T. International Finance PLC, 2.25%, 1/16/2030		EUR	100,000	$89,213
Philip Morris International, Inc., 5.125%, 11/17/2027		$	121,000	122,245
Vector Group Ltd., 5.75%, 2/01/2029 (n)			425,000	369,301
				$580,759
Transportation - Services – 0.3%
Autostrade per L'Italia S.p.A., 4.75%, 1/24/2031		EUR	100,000	$106,213
Q-Park Holding I B.V., 2%, 3/01/2027			280,000	252,902
Sydney Airport Finance Co. Pty Ltd., 4.375%, 5/03/2033			100,000	108,106
Transurban Finance Co. Pty Ltd., 4.225%, 4/26/2033			100,000	108,053
Triton International Ltd., 3.15%, 6/15/2031 (n)		$	104,000	80,582
United Parcel Service, 5.05%, 3/03/2053			154,000	153,832
				$809,688
U.S. Treasury Obligations – 18.2%
U.S. Treasury Bonds, 1.125%, 8/15/2040 (f)		$	25,546,000	$16,456,214
U.S. Treasury Bonds, 2.375%, 11/15/2049			22,898,000	17,095,683
U.S. Treasury Notes, 2.375%, 5/15/2029			2,906,000	2,691,796
U.S. Treasury Notes, 2.75%, 8/15/2032 (f)			18,224,000	16,946,184
				$53,189,877
Utilities - Electric Power – 3.8%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)		$	1,081,000	$1,039,111
American Electric Power Co., Inc., 5.699%, 8/15/2025 (w)			54,000	49,353
American Electric Power Co., Inc., 5.625%, 3/01/2033			116,000	118,318
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			86,000	71,345
Bruce Power LP, 2.68%, 12/21/2028		CAD	200,000	131,627
Calpine Corp., 4.5%, 2/15/2028 (n)		$	927,000	843,573
Calpine Corp., 5.125%, 3/15/2028 (n)			864,000	773,976
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)			557,000	518,414
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,770,000	1,484,742
ContourGlobal Power Holdings S.A., 2.75%, 1/01/2026 (n)		EUR	180,000	174,211
Duke Energy Corp., 2.55%, 6/15/2031		$	120,000	99,298
E.CL S.A., 4.5%, 1/29/2025			300,000	288,101
E.ON International Finance B.V., 5.875%, 10/30/2037		GBP	100,000	120,697
Enel Finance International N.V., 2.25%, 7/12/2031 (n)		$	200,000	156,336
Enel Finance International N.V., 4.5%, 2/20/2043		EUR	100,000	103,385

33

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Enel S.p.A., 2.25% to 3/10/2027, FLR (EUR Swap Rate - 5yr. + 2.679%) to 3/10/2032, FLR (EUR Swap Rate - 5yr. + 2.929%) to 3/10/2047, FLR (EUR Swap Rate - 5yr. + 3.679%) to 3/10/2070		EUR	100,000	$92,481
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			150,000	115,715
Florida Power & Light Co., 2.875%, 12/04/2051		$	75,000	50,798
Georgia Power Co., 4.95%, 5/17/2033			120,000	118,308
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)			28,000	23,277
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n)			280,000	243,600
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029			592,000	515,040
National Grid Electricity Transmission PLC, 2%, 4/17/2040		GBP	100,000	73,622
National Grid PLC, 4.275%, 1/16/2035		EUR	100,000	106,050
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025		$	51,000	51,564
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)			161,000	157,965
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)			102,000	97,793
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)			490,000	456,313
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053			118,000	118,266
Southern California Edison Co., 3.65%, 2/01/2050			104,000	77,232
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n)			732,963	715,366
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)			545,000	523,200
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)			947,000	887,813
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			438,000	393,210
Virginia Electric & Power Co., 3.5%, 3/15/2027			126,000	120,575
WEC Energy Group, Inc., 1.8%, 10/15/2030			89,000	71,368
Xcel Energy, Inc., 4.6%, 6/01/2032			46,000	44,272
				$11,026,315
Total Bonds (Identified Cost, $414,625,990)				$377,780,789
Common Stocks – 0.2%
Cable TV – 0.1%
Intelsat Emergence S.A. (a)			7,057	$172,896
Oil Services – 0.1%
LTRI Holdings LP (a)(u)			615	$206,050
Total Common Stocks (Identified Cost, $815,792)				$378,946

34

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Contingent Value Rights – 0.0%
Cable TV – 0.0%
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a)			738	$4,797
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a)			738	3,137
Total Contingent Value Rights (Identified Cost, $0)				$7,934

    

	Strike Price	First Exercise
Warrants – 0.0%
Other Banks & Diversified Financials – 0.0%
Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0)	GBP 1.14	3/16/21	6,125	$4,038

    

Investment Companies (h) – 0.0%
Money Market Funds – 0.0%
MFS Institutional Money Market Portfolio, 4.88% (v) (Identified Cost, $26,833)			26,836	$26,833
Other Assets, Less Liabilities – (29.1)%				(85,176,769)
Net Assets – 100.0%				$293,021,771

    

(a)	Non-income producing security.
(f)	All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements.
(h)	An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $26,833 and $378,171,707, 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 $195,922,280, representing 66.9% of net assets.
(p)	Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.
(u)	The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.
(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.

35

Portfolio of Investments (unaudited) – continued

(z)

Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:

    

Restricted Securities	Acquisition Date	Cost	Value
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2026	11/04/2019	$1,116,000	$267,840
% of Net assets			0.1%

    

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

36

Portfolio of Investments (unaudited) – continued

Derivative Contracts at 5/31/23

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
BRL	2,231,197	USD	437,842	Goldman Sachs International	6/02/2023	$1,950
CAD	3,913,043	USD	2,881,616	Merrill Lynch International	7/21/2023	4,276
EUR	518,595	USD	553,227	State Street Bank Corp.	7/21/2023	2,647
GBP	656,058	USD	814,811	Merrill Lynch International	7/21/2023	2,085
GBP	484,457	USD	600,247	State Street Bank Corp.	7/21/2023	2,978
KRW	607,907,881	USD	454,161	Barclays Bank PLC	6/15/2023	4,152
USD	281,139	AUD	417,394	Brown Brothers Harriman	7/21/2023	9,151
USD	154,685	AUD	230,334	Deutsche Bank AG	7/21/2023	4,592
USD	56,269	AUD	82,983	Goldman Sachs International	7/21/2023	2,194
USD	685,377	AUD	1,025,890	HSBC Bank	7/21/2023	16,874
USD	827,259	AUD	1,247,735	JPMorgan Chase Bank N.A.	7/21/2023	14,193
USD	1,173,203	AUD	1,765,008	Merrill Lynch International	7/21/2023	23,065
USD	15,626,186	AUD	23,136,376	State Street Bank Corp.	7/21/2023	549,752
USD	440,970	BRL	2,231,197	Goldman Sachs International	6/02/2023	1,178
USD	90,811	CAD	122,316	Deutsche Bank AG	7/21/2023	602
USD	227,722	CAD	305,785	Goldman Sachs International	7/21/2023	2,204
USD	6,265,887	CAD	8,400,073	HSBC Bank	7/21/2023	70,782
USD	1,670,045	CAD	2,239,826	State Street Bank Corp.	7/21/2023	18,159
USD	4,704,811	CNH	32,116,995	Barclays Bank PLC	7/21/2023	172,641
USD	1,860,903	CNH	13,024,374	State Street Bank Corp.	7/21/2023	22,975
USD	6,182	EUR	5,564	Barclays Bank PLC	7/21/2023	218
USD	251,624	EUR	230,000	Citibank N.A.	7/21/2023	5,090
USD	763,678	EUR	706,971	Deutsche Bank AG	7/21/2023	5,886
USD	30,238,092	EUR	27,446,108	HSBC Bank	7/21/2023	819,027
USD	1,328,042	EUR	1,217,092	JPMorgan Chase Bank N.A.	7/21/2023	23,460
USD	3,004,563	EUR	2,723,190	Merrill Lynch International	7/21/2023	85,619
USD	5,615,966	EUR	5,095,607	State Street Bank Corp.	7/21/2023	154,064
USD	327,456	EUR	299,206	UBS AG	7/21/2023	6,741
USD	72,725	GBP	58,038	Barclays Bank PLC	7/21/2023	459
USD	85,285	GBP	68,187	JPMorgan Chase Bank N.A.	7/21/2023	381
USD	14,818,294	GBP	11,841,983	State Street Bank Corp.	7/21/2023	73,160
USD	124,883	GBP	99,859	UBS AG	7/21/2023	543
USD	414,265	JPY	55,094,685	Barclays Bank PLC	7/21/2023	15,818
USD	75,932	JPY	10,033,834	Brown Brothers Harriman	7/21/2023	3,367
USD	3,728,427	JPY	490,015,474	JPMorgan Chase Bank N.A.	7/21/2023	184,614
USD	1,147,320	JPY	152,502,580	Merrill Lynch International	7/21/2023	44,414
USD	304,309	JPY	40,134,852	State Street Bank Corp.	7/21/2023	14,052
USD	199,614	JPY	26,397,103	UBS AG	7/21/2023	8,709
USD	599,479	KRW	790,747,000	Barclays Bank PLC	6/15/2023	3,320
USD	3,363,908	KRW	4,416,878,151	Citibank N.A.	7/10/2023	29,093
USD	1,544,294	KRW	2,036,090,035	JPMorgan Chase Bank N.A.	8/04/2023	4,810
USD	1,554,465	KRW	2,020,183,077	Merrill Lynch International	6/15/2023	31,411
USD	159,281	MXN	2,842,180	State Street Bank Corp.	7/21/2023	219
USD	459,235	NOK	4,891,408	Brown Brothers Harriman	7/21/2023	17,557

37

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
USD	3,859,339	NOK	42,000,951	Deutsche Bank AG	7/21/2023	$66,789
USD	595,463	NOK	6,269,462	State Street Bank Corp.	7/21/2023	29,351
USD	236,054	NOK	2,486,436	UBS AG	7/21/2023	11,537
USD	227,861	NZD	376,940	HSBC Bank	7/21/2023	887
USD	443,227	NZD	731,480	JPMorgan Chase Bank N.A.	7/21/2023	2,768
USD	883,205	NZD	1,441,124	State Street Bank Corp.	7/21/2023	15,437
USD	664,767	NZD	1,088,828	UBS AG	7/21/2023	9,133
USD	254,217	SEK	2,613,812	Citibank N.A.	7/21/2023	12,717
USD	76,326	SEK	779,509	Deutsche Bank AG	7/21/2023	4,304
USD	205,063	SEK	2,111,883	HSBC Bank	7/21/2023	9,938
USD	1,597,708	SEK	16,791,244	JPMorgan Chase Bank N.A.	7/21/2023	46,302
USD	1,612,822	SEK	16,601,294	State Street Bank Corp.	7/21/2023	78,966
USD	512,487	SGD	681,660	Merrill Lynch International	7/21/2023	7,579
USD	924,363	SGD	1,223,245	State Street Bank Corp.	7/21/2023	18,300
USD	2,381,020	THB	80,145,979	Barclays Bank PLC	7/19/2023	67,104
USD	893,950	THB	30,154,738	JPMorgan Chase Bank N.A.	6/13/2023	26,490
						$2,866,084
Liability Derivatives
AUD	575,495	USD	384,042	HSBC Bank	7/21/2023	$(9,030)
AUD	607,420	USD	412,468	Merrill Lynch International	7/21/2023	(16,653)
AUD	484,229	USD	327,772	UBS AG	7/21/2023	(12,232)
BRL	2,231,197	USD	450,065	Barclays Bank PLC	6/02/2023	(10,273)
BRL	2,231,197	USD	433,758	Goldman Sachs International	9/01/2023	(1,029)
CAD	124,444	USD	93,389	HSBC Bank	7/21/2023	(1,611)
CAD	1,883,931	USD	1,406,614	Merrill Lynch International	7/21/2023	(17,204)
CNH	506,766	USD	73,642	State Street Bank Corp.	7/21/2023	(2,130)
EUR	166,509	USD	182,507	Barclays Bank PLC	7/21/2023	(4,029)
EUR	2,290,428	USD	2,519,271	Brown Brothers Harriman	7/21/2023	(64,197)
EUR	625,500	USD	682,134	Deutsche Bank AG	7/21/2023	(11,669)
EUR	3,216,030	USD	3,543,853	HSBC Bank	7/21/2023	(96,640)
EUR	168,477	USD	187,226	JPMorgan Chase Bank N.A.	7/21/2023	(6,638)
EUR	1,291,704	USD	1,398,389	Merrill Lynch International	7/21/2023	(13,831)
EUR	855,955	USD	940,680	State Street Bank Corp.	7/21/2023	(23,197)
EUR	7,178,494	USD	7,907,608	UBS AG	7/21/2023	(213,090)
GBP	330,476	USD	413,542	Brown Brothers Harriman	7/21/2023	(2,047)
GBP	2,657,811	USD	3,316,482	HSBC Bank	7/21/2023	(7,089)
GBP	101,267	USD	126,451	JPMorgan Chase Bank N.A.	7/21/2023	(357)
GBP	133,753	USD	167,714	Merrill Lynch International	7/21/2023	(1,170)
GBP	4,215,363	USD	5,252,770	State Street Bank Corp.	7/21/2023	(3,979)
GBP	121,386	USD	151,430	UBS AG	7/21/2023	(285)
IDR	10,400,395,587	USD	703,379	Barclays Bank PLC	8/07/2023	(9,996)
IDR	6,823,508,360	USD	461,672	JPMorgan Chase Bank N.A.	7/17/2023	(6,666)
IDR	15,610,820,455	USD	1,062,394	Merrill Lynch International	8/07/2023	(21,638)
JPY	5,289,991	USD	38,739	Brown Brothers Harriman	7/21/2023	(482)
JPY	20,960,311	USD	160,599	Deutsche Bank AG	7/21/2023	(9,013)

38

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Liability Derivatives - continued
JPY	3,312,604	USD	24,927	HSBC Bank	7/21/2023	$(970)
JPY	200,066,627	USD	1,501,532	Merrill Lynch International	7/21/2023	(54,641)
JPY	24,560,189	USD	187,164	State Street Bank Corp.	7/21/2023	(9,544)
JPY	803,848,118	USD	6,117,687	UBS AG	7/21/2023	(304,222)
KRW	2,329,616,237	USD	1,759,396	Merrill Lynch International	7/10/2023	(498)
NOK	43,713,441	USD	4,164,780	HSBC Bank	7/21/2023	(217,598)
NOK	9,349,439	USD	904,879	Merrill Lynch International	7/21/2023	(60,655)
NZD	695,876	USD	436,061	Merrill Lynch International	7/21/2023	(17,042)
NZD	136,814	USD	84,899	UBS AG	7/21/2023	(2,517)
SEK	448,000	USD	43,530	State Street Bank Corp.	7/21/2023	(2,137)
SGD	1,977,562	USD	1,486,930	BNP Paribas S.A.	7/21/2023	(22,140)
THB	93,874,432	USD	2,757,004	Barclays Bank PLC	7/19/2023	(46,729)
THB	16,018,062	USD	468,693	JPMorgan Chase Bank N.A.	6/13/2023	(7,902)
TWD	7,735,985	USD	254,725	Barclays Bank PLC	8/03/2023	(1,218)
USD	874,670	AUD	1,348,831	Goldman Sachs International	7/21/2023	(4,273)
USD	437,842	BRL	2,231,197	Barclays Bank PLC	6/02/2023	(1,950)
USD	181,893	CAD	247,453	JPMorgan Chase Bank N.A.	7/21/2023	(605)
USD	175,019	EUR	163,866	Brown Brothers Harriman	7/21/2023	(627)
USD	401,233	EUR	374,861	JPMorgan Chase Bank N.A.	7/21/2023	(575)
USD	234,421	GBP	188,940	Brown Brothers Harriman	7/21/2023	(838)
USD	44,666	GBP	36,018	Deutsche Bank AG	7/21/2023	(182)
USD	90,085	GBP	72,543	HSBC Bank	7/21/2023	(242)
USD	123,968	GBP	99,607	JPMorgan Chase Bank N.A.	7/21/2023	(58)
USD	6,505,835	KRW	8,643,706,291	Barclays Bank PLC	7/10/2023	(20,304)
USD	109,736	KRW	145,663,836	Citibank N.A.	7/10/2023	(242)
USD	444,094	KRW	591,391,754	JPMorgan Chase Bank N.A.	8/04/2023	(3,056)
USD	866,169	MXN	15,545,256	Goldman Sachs International	7/21/2023	(3,816)
USD	2,858,396	MXN	52,628,992	HSBC Bank	7/21/2023	(86,968)
USD	441,307	MXN	8,017,609	State Street Bank Corp.	7/21/2023	(7,396)
USD	784,252	NZD	1,308,618	JPMorgan Chase Bank N.A.	7/21/2023	(3,729)
USD	221,540	NZD	369,581	Merrill Lynch International	7/21/2023	(1,002)
USD	2,030,968	TWD	61,995,305	Barclays Bank PLC	8/03/2023	(601)
USD	2,715,813	TWD	83,099,266	Citibank N.A.	8/03/2023	(7,327)
						$(1,457,779)