MCR MFS Charter Income Trust

Semiannual Report

May 31, 2022

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

Letter from the Chair and CEO	1
Portfolio composition	2
Portfolio managers’ profiles	4
Other notes	4
Portfolio of investments	6
Statement of assets and liabilities	44
Statement of operations	46
Statements of changes in net assets	48
Statement of cash flows	49
Financial highlights	50
Notes to financial statements	52
Report of independent registered public accounting firm	69
Proxy voting policies and information	70
Quarterly portfolio disclosure	70
Further information	70
Information about fund contracts and legal claims	70

    

Contact information

back cover

    

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

LETTER FROM THE CHAIR AND CEO

Dear Shareholders:

Global markets have recently been buffeted by a series of crosscurrents, including rising inflation, tighter financial conditions, the continued spread of the coronavirus (particularly in Asia), and the evolving geopolitical landscape in the wake of Russia’s invasion of Ukraine. Consequently, at a time when global growth faces multiple headwinds, central banks have been presented with the challenge of reining in rising prices without tipping economies into recession. At its June meeting, the US Federal Reserve undertook a 0.75% rate hike, its largest since 1994. Additional larger-than-normal hikes are expected in coming meetings as the Fed seeks to move policy into restrictive territory by year-end to slow the economy and dampen inflation. Richly valued, rate-sensitive growth equities have been hit particularly hard by higher interest rates, and volatility in credit markets has picked up too.

There are, however, encouraging signs for the markets. The latest wave of COVID-19 cases appears to be receding in Asia, cases outside of Asia remain well below prior peaks, and fewer are seriously ill. Meanwhile, unemployment is low and there are signs that some global supply chain bottlenecks are beginning to ease, though lingering coronavirus restrictions in China and disruptions stemming from Russia’s invasion of Ukraine could hamper these advances. Additionally, easier Chinese monetary and regulatory policies and the record pace of corporate stock buybacks are supportive elements, albeit in an otherwise turbulent investment environment.

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

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

Respectfully,

Michael W. Roberge

Chair and Chief Executive Officer

MFS Investment Management

July 15, 2022

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

1

Portfolio Composition - 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) 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.

(i)

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

(m)

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

(o)	Less than 0.1%.

(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.

Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

Percentages are based on net assets as of May 31, 2022.

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

3

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 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.

4

Other Notes – continued

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

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

5/31/22 (unaudited)

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

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, 3.398% (SOFR - 30 day + 3%), 1/15/2037 (n)		$	208,000	$ 205,903
AREIT 2022-CRE6 Trust, “C”, FLR, 2.615% (SOFR - 30 day + 2.15%), 1/16/2037 (n)			100,000	98,079
AREIT 2022-CRE6 Trust, “D”, FLR, 3.315% (SOFR - 30 day + 2.85%), 12/17/2024 (n)			100,000	98,078
Bayview Financial Revolving Mortgage Loan Trust, FLR, 2.661% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n)			153,832	175,010
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.625%, 4/15/2053 (i)			1,985,820	168,264
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.304%, 7/15/2054 (i)			995,320	81,962
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.633%, 2/15/2054 (i)			2,288,915	237,099
Benchmark 2019-B12 Mortgage Trust, “A5”, 3.115%, 8/15/2052			227,000	213,148
Benchmark 2020-B18 Mortgage Trust, “XA”, 1.79%, 7/15/2053 (i)			3,386,905	309,321
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.275%, 2/15/2054 (i)			3,626,833	279,532
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.153%, 3/15/2054 (i)			1,996,684	139,081
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.999%, 6/15/2054 (i)			5,529,735	309,764
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.27%, 7/15/2054 (i)			6,971,227	566,899
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.288%, 8/15/2054 (i)			2,347,075	193,425
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 2.925% (LIBOR - 1mo. + 2.05%), 12/15/2038 (n)			100,000	96,676
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 3.174% (LIBOR - 1mo. + 2.3%), 12/15/2038 (n)			100,000	97,283
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n)			267,709	248,370
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n)			93,681	84,221
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n)			80,118	71,966
BXMT 2021-FL4 Ltd., “B”, FLR, 2.424% (LIBOR - 1mo. + 1.55%), 5/15/2038 (n)			549,000	529,549
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)			144,752	138,655

7

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n)		$	437,500	$ 417,635
CarMax Auto Owner Trust, 2022-2, “A4”, 3.62%, 9/15/2027			155,000	154,201
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)			92,050	84,435
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			92,050	83,866
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.782%, 4/15/2054 (i)			1,579,101	78,492
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.978%, 6/15/2063 (i)			998,872	63,670
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.051%, 6/15/2064 (i)			1,306,266	88,049
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.916%, 4/15/2065			257,000	242,900
Crest Ltd., CDO, 7%, (0.001% cash or 7% PIK) 1/28/2040 (a)(p)			3,372,294	34
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 2.766% (SOFR - 30 day + 2.25%), 2/23/2039 (n)			114,000	113,261
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 2.424% (LIBOR - 1mo. + 1.6%), 5/16/2038 (n)			297,500	289,842
HarbourView CLO VII Ltd., 7RA, “B”, FLR, 2.744% (LIBOR - 3mo. + 1.7%), 7/18/2031 (n)			440,000	416,126
Harley-Davidson Motorcycle Trust, 2022-A, “A3”, 3.06%, 2/15/2027			282,000	280,300
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 2.625% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n)			375,000	357,644
LoanCore 2021-CRE5 Ltd., “B”, FLR, 2.874% (LIBOR - 1mo. + 2%), 7/15/2036 (n)			258,000	243,669
MF1 2020-FL3 Ltd., “AS”, FLR, 3.746% (LIBOR - 1mo. + 2.85%), 7/15/2035 (z)			428,000	422,866
MF1 2020-FL4 Ltd., “AS”, FLR, 3.01% (LIBOR - 1mo. + 2.1%), 11/15/2035 (n)			154,000	151,116
MF1 2021-FL5 Ltd., “B”, FLR, 2.36% (LIBOR - 1mo. + 1.45%), 7/15/2036 (n)			423,500	417,144
MF1 2021-FL5 Ltd., “C”, FLR, 2.61% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n)			213,000	205,536
MF1 2021-FL5 Ltd., “D”, FLR, 3.41% (LIBOR - 1mo. + 2.5%), 7/15/2036 (n)			755,000	724,873
MF1 2021-FL6 Ltd., “B”, FLR, 2.585% (LIBOR - 1mo. + 1.65%), 7/16/2036 (n)			450,000	429,471

8

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
MF1 2022-FL8 Ltd., “C”, FLR, 2.682% (SOFR - 30 day + 2.2%), 2/19/2037 (n)		$	110,841	$ 107,699
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.298%, 5/15/2054 (i)			1,033,449	82,764
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.234%, 6/15/2054 (i)			3,125,951	227,216
Navistar Financial Dealer Note Master Trust, 2022-1, “A”, FLR, 1.538% (SOFR - 30 day + 1.25%), 5/25/2027 (n)			103,000	102,873
PFP III 2021-7 Ltd., “B”, FLR, 2.274% (LIBOR - 1mo. + 1.4%), 4/14/2038 (n)			212,489	198,968
PFP III 2021-7 Ltd., “C”, FLR, 2.525% (LIBOR - 1mo. + 1.65%), 4/14/2038 (n)			199,990	192,376
PFP III 2021-8 Ltd., “B”, FLR, 2.375% (LIBOR - 1mo. + 1.5%), 8/09/2037 (n)			105,000	100,964
Securitized Term Auto Receivable Trust, 2019-CRTA, “C”, 2.849%, 3/25/2026 (n)			112,870	112,760
Shelter Growth CRE 2021-FL3 Ltd., “C”, FLR, 3.024% (LIBOR - 1mo. + 2.15%), 9/15/2036 (n)			157,500	147,382
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 2.736% (LIBOR - 1mo. + 1.8%), 4/18/2038 (n)			190,000	182,649
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 3.035% (LIBOR - 1mo. + 2.1%), 4/18/2038 (n)			100,000	96,155
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 2.286% (LIBOR - 1mo. + 1.4%), 3/15/2038 (n)			150,000	146,868
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 2.736% (LIBOR - 1mo. + 1.85%), 3/15/2038 (n)			310,000	302,384
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.553%, 8/15/2054 (i)			1,991,168	200,637
				$ 14,578,550
Automotive – 1.9%
Clarios Global LP/Clarios U.S. Finance Cois, 8.5%, 5/15/2027 (n)		$	890,000	$ 887,018
Daimler Finance North America LLC, 1.45%, 3/02/2026 (n)			150,000	137,830
Dana, Inc., 5.375%, 11/15/2027			434,000	412,034
Dana, Inc., 4.25%, 9/01/2030			315,000	274,540
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			475,000	378,812
Ford Motor Co., 5.113%, 5/03/2029			485,000	472,691
Ford Motor Co., 4.75%, 1/15/2043			535,000	441,375
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025			665,000	648,142
Hyundai Capital America, 6.375%, 4/08/2030 (n)			315,000	341,749
IAA Spinco, Inc., 5.5%, 6/15/2027 (n)			715,000	692,835
RAC Bond Co. PLC, 5.25%, 11/04/2027 (n)		GBP	250,000	271,283

9

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Automotive – continued
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)		$	470,000	$ 369,729
Stellantis N.V., 2.75%, 4/01/2032		EUR	100,000	98,012
TI Automotive Finance PLC, 3.75%, 4/15/2029 (n)			380,000	324,733
Volkswagen International Finance N.V., 4.375% to 3/28/2031, FLR (EUR Swap Rate - 9yr. + 3.36%) to 3/28/2032, FLR (EUR Swap Rate - 9yr. + 3.61%) to 3/28/2051, FLR (EUR Swap Rate - 9yr. + 4.11%) to 3/28/2071			100,000	97,136
Wheel Pros, Inc., 6.5%, 5/15/2029 (n)		$	430,000	306,548
				$ 6,154,467
Broadcasting – 2.0%
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n)		$	587,000	$ 522,841
Discovery, Inc., 4.125%, 5/15/2029			78,000	74,454
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n)			845,000	769,554
iHeartCommunications, Inc., 8.375%, 5/01/2027			160,000	150,080
Magallanes, Inc., 4.279%, 3/15/2032 (n)			200,000	186,929
Netflix, Inc., 5.875%, 11/15/2028			570,000	590,338
Prosus N.V., 1.539%, 8/03/2028		EUR	150,000	132,876
Prosus N.V., 2.085%, 1/19/2030			100,000	86,215
Prosus N.V., 3.061%, 7/13/2031 (n)		$	329,000	254,400
Prosus N.V., 2.031%, 8/03/2032		EUR	100,000	79,651
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n)		$	635,000	601,104
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n)			540,000	502,740
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027		EUR	423,495	425,359
Univision Communications, Inc., 4.5%, 5/01/2029 (n)		$	763,000	699,099
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)			1,209,000	1,111,277
WMG Acquisition Corp., 2.25%, 8/31/2031 (n)		EUR	242,000	214,334
WMG Acquisition Corp., 2.25%, 8/31/2031			140,000	123,995
				$ 6,525,246
Brokerage & Asset Managers – 1.6%
Ameriprise Financial, Inc., 4.5%, 5/13/2032		$	59,000	$ 59,736
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)			475,000	423,563
Banco BTG Pactual S.A. (Cayman Islands Branch), 4.5%, 1/10/2025 (n)			906,000	897,964
Intercontinental Exchange, Inc., 3.75%, 12/01/2025			151,000	152,675
Intercontinental Exchange, Inc., 3%, 9/15/2060			151,000	107,265
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)			1,330,000	1,296,750
LPL Holdings, Inc., 4%, 3/15/2029 (n)			905,000	838,256
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)			435,000	390,956
NFP Corp., 4.875%, 8/15/2028 (n)			540,000	501,261

10

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Brokerage & Asset Managers – continued
NFP Corp., 6.875%, 8/15/2028 (n)		$	580,000	$ 505,580
				$ 5,174,006
Building – 2.4%
ABC Supply Co., Inc., 4%, 1/15/2028 (n)		$	1,230,000	$ 1,156,926
Foundation Building Materials LLC, 6%, 3/01/2029 (n)			325,000	264,875
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			855,000	713,962
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034		GBP	100,000	102,718
Imerys S.A., 1%, 7/15/2031		EUR	100,000	83,994
Interface, Inc., 5.5%, 12/01/2028 (n)		$	815,000	723,015
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			415,000	352,797
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)			270,000	238,942
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			481,000	461,331
Park River Holdings, Inc., 5.625%, 2/01/2029 (n)			330,000	234,262
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)			695,000	688,050
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n)			460,000	429,474
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)			580,000	497,350
Standard Industries, Inc., 4.75%, 1/15/2028 (n)			316,000	299,735
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			880,000	792,796
Standard Industries, Inc., 3.375%, 1/15/2031 (n)			160,000	134,290
Vulcan Materials Co., 3.5%, 6/01/2030			137,000	128,466
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)			460,000	409,400
				$ 7,712,383
Business Services – 1.6%
Equinix, Inc., REIT, 1%, 3/15/2033		EUR	200,000	$ 166,772
Euronet Worldwide, Inc., 1.375%, 5/22/2026			200,000	196,469
Fiserv, Inc., 4.4%, 7/01/2049		$	95,000	85,099
HealthEquity, Inc., 4.5%, 10/01/2029 (n)			740,000	690,050
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)			360,000	350,093
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n)			480,000	472,997
Mastercard, Inc., 3.3%, 3/26/2027			212,000	211,927
Mastercard, Inc., 3.85%, 3/26/2050			77,000	72,122
Nielsen Finance LLC, 4.5%, 7/15/2029 (n)			425,000	401,605
Paysafe Finance PLC, 4%, 6/15/2029 (n)			595,000	464,100
Switch Ltd., 3.75%, 9/15/2028 (n)			601,000	601,176
Tencent Holdings Ltd., 3.8%, 2/11/2025			700,000	702,121
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)			510,000	525,098
Visa, Inc., 2%, 6/15/2029 (w)		EUR	120,000	127,559

11

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Business Services – continued
Visa, Inc., 3.65%, 9/15/2047		$	63,000	$ 57,759
				$ 5,124,947
Cable TV – 5.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)		$	425,000	$ 418,880
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			1,960,000	1,808,100
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,420,000	1,282,402
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)			1,055,000	930,721
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)			450,000	372,764
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			101,000	86,830
Comcast Corp., 3.75%, 4/01/2040			143,000	130,834
CSC Holdings LLC, 5.375%, 2/01/2028 (n)			200,000	190,000
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			1,350,000	1,128,276
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			405,000	347,692
DISH DBS Corp., 7.75%, 7/01/2026			375,000	320,625
DISH DBS Corp., 5.25%, 12/01/2026 (n)			535,000	452,637
DISH DBS Corp., 5.125%, 6/01/2029			450,000	317,592
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)			693,000	698,197
LCPR Senior Secured Financing DAC, 5.125%, 7/15/2029 (n)			210,000	191,047
Sirius XM Holdings, Inc., 3.875%, 9/01/2031 (n)			835,000	734,149
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)			542,000	502,624
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)			1,345,000	1,335,982
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)			1,200,000	1,122,000
Videotron Ltd., 5.125%, 4/15/2027 (n)			375,000	365,156
Virgin Media Finance PLC, 3.75%, 7/15/2030		EUR	255,000	223,631
Virgin Media Finance PLC, 5%, 7/15/2030 (n)		$	1,000,000	892,700
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			1,200,000	1,099,038
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028			267,000	217,373
Ziggo Bond Finance B.V., 3.375%, 2/28/2030		EUR	370,000	320,790
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)		$	1,115,000	990,527
				$ 16,480,567
Chemicals – 1.9%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)		$	540,000	$ 514,350
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n)			1,340,000	1,178,255
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)			500,000	457,500
Element Solutions, Inc., 3.875%, 9/01/2028 (n)			650,000	581,750

12

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Chemicals – continued
Herens Holdco S.à r.l., 4.75%, 5/15/2028 (n)		$	500,000	$ 432,240
Ingevity Corp., 3.875%, 11/01/2028 (n)			763,000	684,793
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)			425,000	363,375
LYB International Finance III, LLC, 4.2%, 5/01/2050			139,000	122,726
S.P.C.M. S.A., 3.125%, 3/15/2027 (n)			405,000	352,350
S.P.C.M. S.A., 3.375%, 3/15/2030 (n)			705,000	578,100
Sasol Financing (USA) LLC, 4.375%, 9/18/2026			200,000	183,300
Sasol Financing (USA) LLC, 5.5%, 3/18/2031			550,000	479,600
Sherwin-Williams Co., 3.8%, 8/15/2049			38,000	32,385
Synthos S.A., 2.5%, 6/07/2028 (n)		EUR	147,000	132,415
				$ 6,093,139
Computer Software – 0.9%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)		$	410,000	$ 388,500
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n)			160,000	145,112
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n)			770,000	689,535
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)			590,000	536,528
Microsoft Corp., 3.3%, 2/06/2027			145,000	146,726
Microsoft Corp., 2.525%, 6/01/2050			214,000	165,436
PTC, Inc., 3.625%, 2/15/2025 (n)			385,000	382,401
PTC, Inc., 4%, 2/15/2028 (n)			305,000	290,993
				$ 2,745,231
Computer Software - Systems – 1.1%
Fair Isaac Corp., 5.25%, 5/15/2026 (n)		$	1,295,000	$ 1,293,381
Fair Isaac Corp., 4%, 6/15/2028 (n)			66,000	62,685
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			930,000	929,396
Viavi Solutions, Inc., 3.75%, 10/01/2029 (n)			830,000	748,096
Virtusa Corp., 7.125%, 12/15/2028 (n)			410,000	344,400
				$ 3,377,958
Conglomerates – 1.6%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)		$	210,000	$ 190,033
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			1,130,000	1,011,350
Carrier Global Corp., 3.577%, 4/05/2050			129,000	103,337
Gates Global LLC, 6.25%, 1/15/2026 (n)			560,000	546,689
Griffon Corp., 5.75%, 3/01/2028			816,000	787,440
Madison IAQ LLC, 5.875%, 6/30/2029 (n)			643,000	503,148
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)			460,000	456,550
TriMas Corp., 4.125%, 4/15/2029 (n)			1,776,000	1,598,400
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028			87,000	87,557
				$ 5,284,504

13

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Construction – 0.8%
Empire Communities Corp., 7%, 12/15/2025 (n)		$	490,000	$ 439,163
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			255,000	235,323
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			615,000	514,781
Meritage Homes Corp., 3.875%, 4/15/2029 (n)			320,000	282,723
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n)			585,000	578,309
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)			638,000	565,415
				$ 2,615,714
Consumer Products – 0.8%
GSK Consumer Healthcare Capital US LLC, 2.125%, 3/29/2034		EUR	100,000	$ 99,469
JAB Holdings B.V., 2.25%, 12/19/2039			200,000	159,925
L'Oréal S.A., 0.875%, 6/29/2026			100,000	105,059
Mattel, Inc., 3.375%, 4/01/2026 (n)		$	572,000	554,726
Mattel, Inc., 5.875%, 12/15/2027 (n)			304,000	309,320
Mattel, Inc., 5.45%, 11/01/2041			210,000	201,779
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			630,000	604,800
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)			250,000	211,202
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n)			550,000	418,126
				$ 2,664,406
Consumer Services – 2.6%
AA Bond Co. Ltd., 3.25%, 7/31/2028		GBP	100,000	$ 112,419
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)		$	216,000	214,068
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)			560,000	526,282
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	323,640
ANGI Group LLC, 3.875%, 8/15/2028 (n)			791,000	662,763
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			625,000	524,769
GoDaddy, Inc., 3.5%, 3/01/2029 (n)			1,228,000	1,133,598
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)			422,000	396,779
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)			55,000	46,734
Match Group, Inc., 5%, 12/15/2027 (n)			460,000	447,596
Match Group, Inc., 4.625%, 6/01/2028 (n)			910,000	847,638
Match Group, Inc., 4.125%, 8/01/2030 (n)			225,000	200,198
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)			440,000	392,128
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			415,000	360,911
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)			1,968,329	524,550
TriNet Group, Inc., 3.5%, 3/01/2029 (n)			1,395,000	1,243,656

14

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Consumer Services – continued
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/2026 (n)		$	468,000	$ 464,191
				$ 8,421,920
Containers – 2.0%
ARD Finance S.A., 5%, (5% cash or 5.75% PIK) 6/30/2027 (p)		EUR	235,000	$ 198,989
ARD Finance S.A., 6.5%, (6.5% cash or 7.25% PIK) 6/30/2027 (n)(p)		$	455,000	357,175
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)			565,000	502,737
Ardagh Metal Packaging Finance USA LLC, 3%, 9/01/2029 (n)		EUR	320,000	273,582
Ardagh Metal Packaging Finance USA LLC, 4%, 9/01/2029 (n)		$	646,000	559,762
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)			880,000	734,800
Ball Corp., 3.125%, 9/15/2031			330,000	288,272
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n)			350,000	324,625
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)			976,000	856,050
Crown Americas LLC, 5.25%, 4/01/2030 (n)			525,000	525,956
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026			920,000	903,656
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026			440,000	433,400
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)			625,000	615,272
				$ 6,574,276
Electrical Equipment – 0.4%
Arrow Electronics, Inc., 3.25%, 9/08/2024		$	86,000	$ 85,154
Arrow Electronics, Inc., 2.95%, 2/15/2032			182,000	156,395
CommScope Technologies LLC, 5%, 3/15/2027 (n)			875,000	729,531
Telefonaktiebolaget LM Ericsson, 1.125%, 2/08/2027		EUR	140,000	130,292
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029			140,000	117,876
				$ 1,219,248
Electronics – 1.2%
ASML Holding N.V., 2.25%, 5/17/2032		EUR	100,000	$ 106,611
Broadcom, Inc., 3.419%, 4/15/2033 (n)		$	133,000	114,503
Broadcom, Inc., 3.137%, 11/15/2035 (n)			168,000	137,175
Broadcom, Inc., 3.187%, 11/15/2036 (n)			4,000	3,207
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n)			299,000	227,240
Entegris, Inc., 4.375%, 4/15/2028 (n)			290,000	270,425

15

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Electronics – continued
Entegris, Inc., 3.625%, 5/01/2029 (n)		$	380,000	$ 335,968
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030			331,000	306,187
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)			480,000	488,072
Sensata Technologies B.V., 5%, 10/01/2025 (n)			1,010,000	1,018,585
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)			410,000	389,294
Synaptics, Inc., 4%, 6/15/2029 (n)			625,000	562,500
				$ 3,959,767
Emerging Market Quasi-Sovereign – 4.3%
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023		$	1,074,000	$ 1,079,648
CEZ A.S. (Czech Republic), 2.462%, 4/06/2027		EUR	100,000	104,440
China Construction Bank Corp., Hong Kong Branch, 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029		$	960,000	972,099
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n)			202,000	162,006
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n)			200,000	178,500
Emirates NBD Bank PJSC, 6.125% to 7/09/2026, FLR (Swap Rate - 6yr. + 5.702%) to 1/09/2170			238,000	238,000
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026			600,000	568,245
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026			1,022,000	1,014,971
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028			624,000	612,799
Export-Import Bank of India, 2.25%, 1/13/2031 (n)			300,000	244,809
First Abu Dhabi Bank PJSC, 1.625%, 4/07/2027		EUR	180,000	186,333
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)		$	299,000	250,215
Indian Railway Finance Corp., 2.8%, 2/10/2031			800,000	669,471
Industrial and Commercial Bank of China, 4.875%, 9/21/2025			359,000	372,502
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			700,000	625,625
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.875%, 11/07/2029 (n)			1,086,000	1,007,265
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (n)			1,116,000	374,418
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 3.75%, 6/23/2031 (n)			200,000	165,860
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)			650,000	482,950
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031			200,000	177,475

16

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)		$	200,000	$ 193,887
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	868,021
Petroleos Mexicanos, 5.95%, 1/28/2031			200,000	167,380
Petroleos Mexicanos, 6.75%, 9/21/2047			980,000	704,816
Petroleos Mexicanos, 7.69%, 1/23/2050			200,000	155,480
PT Freeport Indonesia, 5.315%, 4/14/2032 (n)			200,000	194,360
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			554,000	527,661
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026			1,065,000	1,102,198
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030			500,000	517,500
				$ 13,918,934
Emerging Market Sovereign – 13.8%
Arab Republic of Egypt, 6.375%, 4/11/2031 (n)		EUR	539,000	$ 439,801
Arab Republic of Egypt, 7.052%, 1/15/2032 (n)		$	320,000	250,773
Arab Republic of Egypt, 8.5%, 1/31/2047			1,265,000	919,781
Arab Republic of Egypt, 8.875%, 5/29/2050			200,000	146,908
Dominican Republic, 5.5%, 2/22/2029 (n)			761,000	719,101
Dominican Republic, 5.3%, 1/21/2041 (n)			181,000	142,436
Dominican Republic, 5.875%, 1/30/2060 (n)			2,249,000	1,748,770
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n)			519,000	451,530
Federative Republic of Brazil, 10%, 1/01/2023		BRL	2,970,000	613,534
Federative Republic of Brazil, 10%, 1/01/2025			11,250,000	2,244,378
Federative Republic of Brazil, 3.875%, 6/12/2030		$	500,000	447,939
Hellenic Republic (Republic of Greece), 0%, 2/12/2026 (n)		EUR	885,000	867,092
Hellenic Republic (Republic of Greece), 2%, 4/22/2027 (n)			1,470,000	1,551,167
Hellenic Republic (Republic of Greece), 1.75%, 6/18/2032 (n)			3,489,000	3,175,908
Hellenic Republic (Republic of Greece), 1.875%, 1/24/2052 (n)			245,000	166,775
Kingdom of Morocco, 1.375%, 3/30/2026			428,000	420,699
Kingdom of Morocco, 2%, 9/30/2030			100,000	86,668
Kingdom of Morocco, 3%, 12/15/2032 (n)		$	459,000	358,594
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	42,475,000	931,969
People's Republic of China, 3.03%, 3/11/2026		CNY	44,260,000	6,776,182
People's Republic of China, 3.13%, 11/21/2029			11,200,000	1,720,258
Republic of Angola, 9.375%, 5/08/2048		$	454,000	405,767
Republic of Argentina, 1.125%, 7/09/2035			627,494	170,340
Republic of Benin, 6.875%, 1/19/2052 (n)		EUR	214,000	176,968
Republic of Benin, 6.875%, 1/19/2052			400,000	330,782
Republic of Cote d'Ivoire, 5.25%, 3/22/2030			929,000	873,161
Republic of Cote d'Ivoire, 6.875%, 10/17/2040			300,000	264,718

17

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Ghana, 8.125%, 3/26/2032 (n)		$	305,000	$ 161,986
Republic of Guatemala, 6.125%, 6/01/2050 (n)			777,000	719,110
Republic of Guatemala, 6.125%, 6/01/2050			300,000	277,649
Republic of Hungary, 2.125%, 9/22/2031 (n)			200,000	161,120
Republic of Hungary, 7.625%, 3/29/2041			470,000	579,649
Republic of Indonesia, 3.55%, 3/31/2032			200,000	190,828
Republic of Indonesia, 4.35%, 1/11/2048			400,000	372,444
Republic of Kenya, 8%, 5/22/2032 (n)			478,000	412,944
Republic of Korea, 1.875%, 6/10/2029		KRW	4,363,250,000	3,210,743
Republic of Korea, 1.375%, 6/10/2030			2,561,600,000	1,788,032
Republic of Paraguay, 4.95%, 4/28/2031 (n)		$	280,000	272,495
Republic of Paraguay, 5.6%, 3/13/2048			200,000	174,054
Republic of Paraguay, 5.4%, 3/30/2050 (n)			1,150,000	980,667
Republic of Philippines, 3.556%, 9/29/2032			534,000	513,682
Republic of Romania, 2%, 12/08/2026 (n)		EUR	989,000	997,529
Republic of Romania, 1.75%, 7/13/2030 (n)			247,000	208,114
Republic of Romania, 2%, 4/14/2033			250,000	194,443
Republic of Senegal, 6.25%, 5/23/2033		$	247,000	216,248
Republic of Serbia, 2.05%, 9/23/2036 (n)		EUR	647,000	473,908
Republic of South Africa, 8.25%, 3/31/2032		ZAR	36,545,000	2,045,702
Republic of South Africa, 5.875%, 4/20/2032		$	200,000	189,800
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(n)			446,000	171,706
State of Qatar, 4.817%, 3/14/2049 (n)			683,000	735,017
Sultanate of Oman, 7%, 1/25/2051			800,000	764,208
United Mexican States, 7.5%, 6/03/2027		MXN	24,400,000	1,179,551
United Mexican States, 4.75%, 4/27/2032		$	727,000	730,770
United Mexican States, 3.771%, 5/24/2061			774,000	555,258
				$ 44,679,656
Energy - Independent – 2.6%
Antero Resources Corp., 7.625%, 2/01/2029 (n)		$	490,000	$ 531,135
CNX Resources Corp., 6%, 1/15/2029 (n)			542,000	538,396
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)			725,000	723,981
Diamondback Energy, Inc., 4.4%, 3/24/2051			141,000	127,324
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)			410,000	410,000
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n)			679,000	675,116
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)			492,000	455,346
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)			315,000	284,288
Occidental Petroleum Corp., 5.875%, 9/01/2025			570,000	595,570
Occidental Petroleum Corp., 6.625%, 9/01/2030			953,000	1,068,318
Occidental Petroleum Corp., 6.6%, 3/15/2046			400,000	452,000
SM Energy Co., 5.625%, 6/01/2025			330,000	328,713

18

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Independent – continued
SM Energy Co., 6.5%, 7/15/2028		$	365,000	$ 362,505
Southwestern Energy Co., 5.95%, 1/23/2025			44,200	45,658
Southwestern Energy Co., 8.375%, 9/15/2028			305,000	334,216
Southwestern Energy Co., 5.375%, 3/15/2030			420,000	425,250
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			987,000	878,430
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n)			323,000	258,558
				$ 8,494,804
Energy - Integrated – 0.3%
BP Capital Markets PLC, 3.625% to 6/22/2029, FLR (EUR Swap Rate - 5yr. + 4.12%) to 6/22/2034, FLR (EUR Swap Rate - 5yr. + 4.37%) to 6/22/2049, FLR (EUR Swap Rate - 5yr. + 5.12%) to 6/22/2170		EUR	280,000	$ 279,552
Cenovus Energy, Inc., 2.65%, 1/15/2032		$	91,000	78,325
Eni S.p.A., 4.25%, 5/09/2029 (n)			200,000	199,354
Galp Energia SGPS S.A., 2%, 1/15/2026		EUR	200,000	210,923
MOL PLC, 1.5%, 10/08/2027			110,000	100,020
				$ 868,174
Engineering - Construction – 0.0%
Bouygues S.A., 2.25%, 6/24/2029		EUR	100,000	$ 106,405
Entertainment – 1.8%
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)		$	1,370,000	$ 1,284,649
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)			520,000	461,331
Carnival Corp. PLC, 6%, 5/01/2029 (n)			160,000	135,200
Life Time, Inc., 5.75%, 1/15/2026 (n)			550,000	528,858
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)			483,000	478,170
Motion Bondco DAC, 6.625%, 11/15/2027 (n)			630,000	567,000
NCL Corp. Ltd., 3.625%, 12/15/2024 (n)			380,000	340,926
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)			400,000	360,400
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			340,000	288,736
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)			800,000	675,128
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)			670,000	599,650
				$ 5,720,048
Financial Institutions – 2.2%
Adler Group S.A., 2.25%, 1/14/2029		EUR	300,000	$ 162,643
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032		$	150,000	126,570
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/2041			150,000	117,155

19

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – continued
Air Lease Corp., 2.875%, 1/15/2032		$	121,000	$ 100,256
Avation Capital S.A., 8.25%, (8.25% cash or 9% PIK) 10/31/2026 (n)(p)			355,605	284,599
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n)			77,000	75,271
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)			134,000	128,971
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)			610,000	600,850
Crédit Logement S.A., 1.081%, 2/15/2034		EUR	100,000	91,554
CTP N.V., 1.5%, 9/27/2031			100,000	74,049
EXOR N.V., 2.25%, 4/29/2030			100,000	102,794
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p)		$	2,008,613	1,621,955
Grand City Properties S.A., 1.5% to 6/9/2026, FLR (EUR Swap Rate - 5yr. + 2.184%) to 6/9/2031, FLR (EUR Swap Rate - 5yr. + 2.434%) to 6/9/2046, FLR (EUR Swap Rate - 5yr. + 3.184%) to 12/09/2069		EUR	100,000	87,741
Howard Hughes Corp., 4.125%, 2/01/2029 (n)		$	839,000	770,051
Logicor Financing S.à r.l., 1.625%, 1/17/2030		EUR	110,000	98,563
Logicor Financing S.à r.l., 0.875%, 1/14/2031			100,000	80,519
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)		$	705,000	683,779
OneMain Finance Corp., 6.875%, 3/15/2025			480,000	487,834
OneMain Finance Corp., 7.125%, 3/15/2026			215,000	220,160
P3 Group S.à r.l., 0.875%, 1/26/2026		EUR	130,000	123,368
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n)		$	720,000	623,259
SBB Treasury Oyj, 1.125%, 11/26/2029		EUR	100,000	73,446
VGP N.V., 1.5%, 4/08/2029			100,000	76,768
Vonovia SE, 2.375%, 3/25/2032			100,000	98,384
Vonovia SE, 1.625%, 9/01/2051			100,000	65,254
				$ 6,975,793
Food & Beverages – 2.9%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038		$	189,000	$ 181,193
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049			60,000	65,024
Aramark Services, Inc., 6.375%, 5/01/2025 (n)			930,000	953,134
Bacardi Ltd., 5.15%, 5/15/2038 (n)			153,000	150,581
BellRing Brands, Inc., 7%, 3/15/2030 (n)			770,000	767,852
Central America Bottling Co., 5.25%, 4/27/2029 (n)			755,000	720,804
Constellation Brands, Inc., 4.75%, 12/01/2025			44,000	45,543
Constellation Brands, Inc., 3.15%, 8/01/2029			149,000	136,693
Constellation Brands, Inc., 2.25%, 8/01/2031			104,000	86,597
Diageo Capital PLC, 1.875%, 6/08/2034		EUR	100,000	99,208
JBS Finance Luxembourg S.à r.l., 3.625%, 1/15/2032 (n)		$	781,000	661,577
JBS USA Lux S.A./JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)			595,000	614,154

20

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Food & Beverages – continued
Kraft Heinz Foods Co., 3.875%, 5/15/2027		$	137,000	$ 135,415
Lamb Weston Holdings, Inc., 4.125%, 1/31/2030 (n)			1,170,000	1,083,712
Performance Food Group Co., 5.5%, 10/15/2027 (n)			820,000	806,503
Post Holdings, Inc., 5.625%, 1/15/2028 (n)			588,000	582,864
Post Holdings, Inc., 4.625%, 4/15/2030 (n)			955,000	856,664
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)			887,000	776,329
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			800,000	750,940
				$ 9,474,787
Gaming & Lodging – 3.9%
Boyd Gaming Corp., 4.75%, 12/01/2027		$	375,000	$ 364,688
Boyd Gaming Corp., 4.75%, 6/15/2031 (n)			270,000	247,050
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)			435,000	371,142
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/2025 (n)			434,000	435,693
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)			574,000	583,873
CCM Merger, Inc., 6.375%, 5/01/2026 (n)			406,000	391,766
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n)			974,000	891,940
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)			761,000	660,168
InterContinental Hotels Group PLC, 3.375%, 10/08/2028		GBP	100,000	121,214
International Game Technology PLC, 4.125%, 4/15/2026 (n)		$	1,000,000	963,250
International Game Technology PLC, 6.25%, 1/15/2027 (n)			225,000	231,829
Las Vegas Sands Corp., 3.9%, 8/08/2029			119,000	103,691
Marriott International, Inc., 2.85%, 4/15/2031			90,000	77,968
Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n)			665,000	590,819
MGM China Holdings Ltd., 5.375%, 5/15/2024 (n)			220,000	204,600
MGM China Holdings Ltd., 5.875%, 5/15/2026 (n)			345,000	300,795
MGM China Holdings Ltd., 4.75%, 2/01/2027 (n)			234,000	188,046
Scientific Games Holdings LP/Scientific Games US Finco, Inc., 6.625%, 3/01/2030 (n)			376,000	348,793
VICI Properties LP / VICI Note Co., Inc., 4.625%, 6/15/2025 (n)			645,000	629,655
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (n)			855,000	811,925
VICI Properties LP / VICI Note Co., Inc., 5.75%, 2/01/2027 (n)			285,000	284,077
VICI Properties LP / VICI Note Co., Inc., 3.875%, 2/15/2029 (n)			359,000	322,265
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/2030 (n)			155,000	142,171
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)			515,000	478,631
VICI Properties LP, REIT, 4.95%, 2/15/2030			192,000	188,728

21

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Gaming & Lodging – continued
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)		$	778,000	$ 734,136
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027 (n)			320,000	294,426
Wynn Macau Ltd., 4.875%, 10/01/2024 (n)			200,000	170,578
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)			375,000	307,886
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)			1,083,000	808,724
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			365,000	323,755
				$ 12,574,282
Industrial – 1.2%
Albion Financing 1 S.à r.l., 5.25%, 10/15/2026		EUR	250,000	$ 251,619
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)		$	435,000	403,462
APi Escrow Corp., 4.75%, 10/15/2029 (n)			855,000	752,400
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027			850,000	835,354
Dycom Industries, Inc., 4.5%, 4/15/2029 (n)			445,000	408,425
Peach Property Finance GmbH, 4.375%, 11/15/2025		EUR	100,000	100,941
Peach Property Group, 4.375%, 11/15/2025 (n)			225,000	227,117
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050		$	35,000	26,012
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)			833,000	787,577
				$ 3,792,907
Insurance – 0.3%
AIA Group Ltd., 0.88% to 9/09/2028, FLR (EUR Swap Rate - 5yr. + 1.1%) to 9/09/2033		EUR	100,000	$ 91,012
Argentum Netherlands B.V., 5.125%, 6/01/2048		$	200,000	198,766
Aviva PLC, 3.875% to 7/03/2024, FLR (EUR Swap Rate - 5yr. + 3.48%) to 7/03/2044		EUR	150,000	164,656
Aviva PLC, 4% to 6/03/2035, FLR (GBP Government Yield - 5yr. + 4.7%) to 6/03/2055		GBP	175,000	197,521
Corebridge Financial, Inc., 4.35%, 4/05/2042 (n)		$	30,000	27,238
Credit Agricole Assurances S.A., 2%, 7/17/2030		EUR	100,000	92,570
La Mondiale, 4.375% to 10/24/2029, FLR (EUR Swap Rate - 5yr. + 4.411%) to 4/24/2069			100,000	100,934
				$ 872,697
Insurance - Health – 0.2%
Centene Corp., 3%, 10/15/2030		$	695,000	$ 618,230
UnitedHealth Group, Inc., 3.5%, 8/15/2039			38,000	34,394
UnitedHealth Group, Inc., 3.25%, 5/15/2051			108,000	90,077
				$ 742,701

22

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Insurance - Property & Casualty – 0.9%
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)		$	1,015,000	$ 979,678
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031			25,000	21,570
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)			500,000	435,270
Berkshire Hathaway, Inc., 0.5%, 1/15/2041		EUR	100,000	68,325
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)		$	220,000	219,646
Hub International Ltd., 5.625%, 12/01/2029 (n)			566,000	527,795
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038		GBP	100,000	109,261
Ryan Specialty Group, 4.375%, 2/01/2030 (n)		$	531,000	477,945
				$ 2,839,490
International Market Quasi-Sovereign – 0.4%
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 0.625%, 12/08/2050		EUR	75,000	$ 47,997
Electricite de France S.A., 2.875% to 3/15/2027, FLR (EUR Swap Rate - 5yr. + 3.373%) to 3/15/2031, FLR (EUR Swap Rate - 5yr. + 3.623%) to 3/15/2047, FLR (EUR Swap Rate - 5yr. + 4.373%) to 3/15/2070			200,000	185,993
Electricite de France S.A., 5.875% to 1/22/2029, FLR (GBP Swap Rate - 15yr. + 3.046%) to 1/22/2049, FLR (GBP Swap Rate - 15yr. + 3.796%) to 12/31/2165		GBP	100,000	116,002
ESB Finance DAC, 1%, 7/19/2034		EUR	100,000	90,845
Islandsbanki, 0.75%, 3/25/2025			100,000	102,126
KFW German Government Development Bank, 1.125%, 3/31/2037			580,000	558,449
Landsbankinn Bank (Republic of Iceland), 0.375%, 5/23/2025			100,000	100,731
RTE Reseau de Transport d'Electricite, 0.75%, 1/12/2034			100,000	89,236
				$ 1,291,379
International Market Sovereign – 10.9%
Commonwealth of Australia, 3.25%, 6/21/2039		AUD	9,822,000	$ 6,707,045
Commonwealth of Australia, 1.75%, 6/21/2051			1,416,000	666,979
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	200,000	175,287
Government of Canada, 4%, 6/01/2041		CAD	647,000	587,111
Government of Japan, 1.7%, 6/20/2032		JPY	191,950,000	1,702,970
Government of Japan, 0.4%, 3/20/2036			218,100,000	1,678,236
Government of Japan, 2.3%, 3/20/2040			230,700,000	2,277,843
Government of New Zealand, 1.5%, 5/15/2031		NZD	14,059,000	7,715,812
Government of New Zealand , 0.25%, 5/15/2028			6,661,000	3,587,872
Kingdom of Belgium, 0%, 10/22/2031 (n)		EUR	1,375,000	1,268,859
Republic of Cyprus, 0%, 2/09/2026			384,000	385,942
Republic of Cyprus, 0.625%, 1/21/2030			541,000	502,956
Republic of Cyprus, 0.95%, 1/20/2032			653,000	594,191

23

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Sovereign – continued
Republic of Iceland, 5%, 11/15/2028		ISK	119,300,000	$ 914,400
Republic of Iceland, 6.5%, 1/24/2031			54,000,000	456,872
Republic of Italy, 1.65%, 3/01/2032		EUR	3,597,000	3,412,622
United Kingdom Treasury, 1.25%, 7/22/2027		GBP	1,232,000	1,518,910
United Kingdom Treasury, 1.75%, 9/07/2037			925,000	1,069,513
United Kingdom Treasury, 1.75%, 1/22/2049			89,000	97,549
				$ 35,320,969
Local Authorities – 0.2%
Oslo kommune, 2.17%, 5/18/2029		NOK	3,000,000	$ 296,631
Province of Alberta, 4.5%, 12/01/2040		CAD	125,000	106,902
Province of British Columbia, 2.95%, 6/18/2050			115,000	77,568
Province of Ontario, 1.9%, 12/02/2051			537,000	280,704
				$ 761,805
Machinery & Tools – 0.3%
Sarens Finance Co. N.V., 5.75%, 2/21/2027		EUR	210,000	$ 179,191
Terex Corp., 5%, 5/15/2029 (n)		$	855,000	795,834
				$ 975,025
Major Banks – 1.3%
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	$ 124,637
Bank of America Corp., 3.5%, 4/19/2026			301,000	298,743
Bank of America Corp., 0.694% to 3/22/2030, FLR (EURIBOR - 3mo. + 0.79%) to 3/22/2031		EUR	110,000	101,340
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032		$	259,000	225,719
BNP Paribas S.A., 2.1%, 4/07/2032		EUR	100,000	98,692
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)		$	221,000	185,155
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032			80,000	67,208
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043			111,000	93,518
HSBC Holdings PLC, 4.375%, 11/23/2026			269,000	269,534
JPMorgan Chase & Co., 0.563%, 2/16/2025			56,000	53,361
JPMorgan Chase & Co., 1.47%, 9/22/2027			455,000	409,814
JPMorgan Chase & Co., 1.963% to 3/23/2029, FLR (EURIBOR - 3mo. + 1.13%) to 3/23/2030		EUR	100,000	103,067
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032		$	94,000	77,968
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032			200,000	169,071

24

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027		$	183,000	$ 166,541
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031			214,000	203,837
Morgan Stanley, 2.943% to 1/21/2032, FLR (SOFR - 1 day + 1.29%) to 1/21/2033			200,000	178,084
NatWest Group PLC, 3.619% to 3/29/2028, FLR (GBP Swap Rate - 5yr. + 2.1%) to 3/29/2029		GBP	100,000	123,607
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029		EUR	100,000	92,793
Toronto Dominion Bank, 1.952%, 4/08/2030			100,000	102,041
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)		$	218,000	185,503
Unicaja Banco S.A., 1% to 12/01/2025, FLR (EUR ICE Swap Rate - 1yr. + 1.15%) to 12/01/2026		EUR	100,000	99,023
UniCredit S.p.A., 0.925% to 1/28/2027, FLR (EURIBOR - 3mo. + 0.85%) to 1/18/2028			180,000	174,995
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028		$	293,000	284,853
Wells Fargo & Co., 2.572% to 2/11/2030, FLR (LIBOR - 3mo. +1%) to 2/11/2031			219,000	194,582
Wells Fargo & Co., 2.125%, 9/24/2031		GBP	120,000	130,422
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033		$	139,000	128,229
				$ 4,342,337
Medical & Health Technology & Services – 4.1%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	765,000	$ 696,107
Alcon Finance B.V., 2.375%, 5/31/2028		EUR	100,000	106,793
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)		$	886,000	862,548
Becton Dickinson Euro Finance S.à r.l., 1.336%, 8/13/2041		EUR	100,000	74,228
Catalent, Inc., 3.125%, 2/15/2029 (n)		$	1,297,000	1,163,675
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)			1,984,000	1,838,326
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			380,000	379,955
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)			945,000	688,244
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			255,000	219,662
DaVita, Inc., 4.625%, 6/01/2030 (n)			435,000	377,906
Encompass Health Corp., 5.75%, 9/15/2025			410,000	414,146
Encompass Health Corp., 4.75%, 2/01/2030			540,000	494,100
HCA, Inc., 5.125%, 6/15/2039			103,000	100,057
IQVIA Holdings, Inc., 5%, 10/15/2026 (n)			710,000	707,950

25

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical & Health Technology & Services – continued
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)		$	1,010,000	$ 1,010,707
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)			210,000	195,686
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			179,000	124,241
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			142,000	165,183
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)			455,000	462,394
Syneos Health, Inc., 3.625%, 1/15/2029 (n)			881,000	775,104
Tenet Healthcare Corp., 4.875%, 1/01/2026 (n)			270,000	269,395
Tenet Healthcare Corp., 6.125%, 10/01/2028 (n)			983,000	959,600
Thermo Fisher Scientific (Finance I) Co., 1.125%, 10/18/2033		EUR	100,000	91,095
Thermo Fisher Scientific (Finance I) Co., 2%, 10/18/2051			100,000	81,800
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028		$	137,000	121,459
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)			505,000	479,149
U.S. Renal Care, Inc., 10.625%, 7/15/2027 (n)			480,000	350,938
				$ 13,210,448
Medical Equipment – 0.3%
American Medical Systems Europe B.V., 1.875%, 3/08/2034		EUR	100,000	$ 95,175
Teleflex, Inc., 4.625%, 11/15/2027		$	905,000	894,501
				$ 989,676
Metals & Mining – 2.8%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)		$	209,000	$ 218,493
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)			760,000	683,035
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)			1,015,000	822,150
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)			645,000	609,557
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)			445,000	398,540
Ero Copper Corp., 6.5%, 2/15/2030 (n)			293,000	253,591
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n)			759,000	757,410
First Quantum Minerals Ltd., 6.875%, 10/15/2027			350,000	349,267
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			945,000	842,231
Glencore Funding LLC, 2.85%, 4/27/2031 (n)			144,000	123,703
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)			578,000	529,026
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)			1,608,000	1,478,440
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)			415,000	362,374
Novelis Corp., 3.25%, 11/15/2026 (n)			375,000	343,999
Novelis Corp., 4.75%, 1/30/2030 (n)			735,000	697,331
Novelis Corp., 3.875%, 8/15/2031 (n)			330,000	287,925

26

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Metals & Mining – continued
Petra Diamonds US$ Treasury PLC, 10.5% PIK to 12/31/2022, 10.5% PIK/9.75% Cash to 6/30/2023, 9.75% Cash to 3/08/2026 (n)		$	297,721	$ 308,142
				$ 9,065,214
Midstream – 3.3%
AI Candelaria Spain SLU, 7.5%, 12/15/2028 (n)		$	360,000	$ 350,100
Cheniere Energy Partners LP, 4.5%, 10/01/2029			445,000	434,124
Cheniere Energy Partners LP, 4%, 3/01/2031			930,000	859,087
DT Midstream, Inc., 4.125%, 6/15/2029 (n)			869,000	813,710
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			899,000	836,070
EQM Midstream Partners LP, 6%, 7/01/2025 (n)			167,000	168,670
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)			111,000	111,000
EQM Midstream Partners LP, 5.5%, 7/15/2028			1,405,000	1,334,792
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)			510,000	452,263
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026			171,700	159,252
Peru LNG, 5.375%, 3/22/2030			518,000	454,545
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/2029			227,000	209,987
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030			193,000	192,343
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			960,000	890,822
Targa Resources Corp., 4.2%, 2/01/2033			13,000	12,310
Targa Resources Corp., 4.95%, 4/15/2052			79,000	72,335
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029			880,000	925,179
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031			721,000	691,209
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			830,000	785,246
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)			555,000	520,313
Western Midstream Operating LP, 4.55%, 2/01/2030			287,000	274,335
Western Midstream Operation LP, 4.65%, 7/01/2026			215,000	214,463
				$ 10,762,155
Mortgage-Backed – 2.1%
Fannie Mae, 6.5%, 4/01/2032 - 1/01/2033		$	16,258	$ 17,587
Fannie Mae, 5.5%, 7/01/2033 - 7/01/2035			65,335	69,733
Fannie Mae, 6%, 8/01/2034 - 2/01/2037			38,763	42,476
Fannie Mae, 3.5%, 12/01/2047			45,528	45,665
Fannie Mae, UMBS, 2%, 4/01/2042 - 12/01/2051			271,989	245,447
Fannie Mae, UMBS, 3.5%, 5/01/2049			55,644	55,503
Fannie Mae, UMBS, 2.5%, 7/01/2050 - 4/01/2052			173,456	160,452
Fannie Mae, UMBS, 3%, 12/01/2051			24,062	23,034
Freddie Mac, 0.139%, 2/25/2025 (i)			38,000,000	169,978

27

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 1.367%, 3/25/2027 (i)		$	448,000	$ 26,053
Freddie Mac, 0.126%, 2/25/2028 (i)			36,576,000	314,784
Freddie Mac, 0.291%, 2/25/2028 (i)			15,572,000	266,395
Freddie Mac, 0.106%, 4/25/2028 (i)			15,983,000	129,544
Freddie Mac, 1.09%, 7/25/2029 (i)			1,886,607	122,784
Freddie Mac, 1.798%, 4/25/2030 (i)			845,640	100,962
Freddie Mac, 1.868%, 4/25/2030 (i)			731,897	89,917
Freddie Mac, 1.663%, 5/25/2030 (i)			896,340	100,277
Freddie Mac, 1.797%, 5/25/2030 (i)			2,034,877	245,221
Freddie Mac, 1.342%, 6/25/2030 (i)			821,458	74,321
Freddie Mac, 1.6%, 8/25/2030 (i)			719,995	79,200
Freddie Mac, 1.17%, 9/25/2030 (i)			455,646	37,352
Freddie Mac, 1.081%, 11/25/2030 (i)			901,677	69,493
Freddie Mac, 0.33%, 1/25/2031 (i)			3,188,385	72,300
Freddie Mac, 0.517%, 3/25/2031 (i)			3,741,865	135,787
Freddie Mac, 0.938%, 7/25/2031 (i)			670,491	47,828
Freddie Mac, 0.536%, 9/25/2031 (i)			2,699,427	108,547
Freddie Mac, 0.567%, 12/25/2031 (i)			659,754	29,300
Freddie Mac, 3%, 8/25/2032 (i)			197,632	188,656
Freddie Mac, 6%, 8/01/2034			24,861	26,835
Freddie Mac, UMBS, 2%, 3/01/2052			49,792	44,224
Ginnie Mae, 2.5%, 8/20/2051			139,470	131,078
Ginnie Mae, TBA, 3%, 6/15/2052			300,000	289,383
Ginnie Mae, TBA, 3.5%, 6/15/2052			300,000	297,187
Ginnie Mae, TBA, 4%, 6/15/2052 - 8/15/2052			125,000	125,654
UMBS, TBA, 2%, 6/16/2037 - 6/13/2052			400,000	376,490
UMBS, TBA, 2.5%, 6/16/2037 - 7/14/2052			775,000	724,706
UMBS, TBA, 3%, 6/13/2052			900,000	857,004
UMBS, TBA, 3.5%, 6/13/2052			700,000	685,781
UMBS, TBA, 4%, 6/13/2052			200,000	199,875
				$ 6,826,813
Municipals – 0.5%
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., Taxable, “A”, 2.641%, 7/01/2037		$	150,000	$ 130,895
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040			215,000	185,109
New Jersey Economic Development Authority State Pension Funding Rev., Taxable, “A”, NPFG, 7.425%, 2/15/2029			499,000	566,348
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028			346,000	351,891

28

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Municipals – continued
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030		$	221,000	$ 224,347
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022			85,000	85,000
				$ 1,543,590
Natural Gas - Distribution – 0.1%
Boston Gas Co., 3.15%, 8/01/2027 (n)		$	198,000	$ 187,446
National Grid PLC, 1.125%, 1/14/2033		GBP	100,000	94,330
NiSource, Inc., 3.6%, 5/01/2030		$	92,000	86,183
				$ 367,959
Natural Gas - Pipeline – 0.1%
APT Pipelines Ltd., 0.75%, 3/15/2029		EUR	110,000	$ 100,245
APT Pipelines Ltd., 2.5%, 3/15/2036		GBP	100,000	99,373
				$ 199,618
Network & Telecom – 0.4%
AT&T, Inc., 3.5%, 9/15/2053		$	184,000	$ 148,344
Iliad Holding S.A.S., 7%, 10/15/2028 (n)			812,000	782,630
Orange S.A., 2.375%, 5/18/2032		EUR	100,000	106,473
Verizon Communications, Inc., 2.1%, 3/22/2028		$	86,000	78,222
Verizon Communications, Inc., 2.355%, 3/15/2032			135,000	116,270
Verizon Communications, Inc., 3.875%, 3/01/2052			149,000	133,519
				$ 1,365,458
Oil Services – 0.3%
Guara Norte S.à r.l., 5.198%, 6/15/2034 (n)		$	191,908	$ 163,506
MV24 Capital B.V., 6.748%, 6/01/2034			510,235	466,808
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)			355,000	355,000
				$ 985,314
Oils – 0.8%
Neste Oyj, 0.75%, 3/25/2028		EUR	200,000	$ 193,877
Parkland Corp., 4.625%, 5/01/2030 (n)		$	1,350,000	1,217,444
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025			415,000	402,550
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028			335,000	297,004
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n)			355,000	315,055
				$ 2,425,930

29

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – 1.1%
AIB Group PLC, 2.25%, 4/04/2028		EUR	100,000	$ 103,470
Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034		$	750,000	672,802
Bank Hapoalim B.M., 3.255% to 1/21/2027, FLR (CMT - 5yr. + 2.155%) to 1/21/2032 (n)			200,000	175,750
Banque Federative du Credit Mutuel S.A., 1.125%, 11/19/2031		EUR	100,000	85,158
Belfius Bank S.A., 1.25% to 4/06/2029, FLR (EUR Swap Rate - 5yr. + 1.3%) to 4/06/2034			100,000	89,836
BPCE S.A., 0.75%, 3/03/2031			100,000	89,414
Commercial Bank P.S.Q.C., 4.5% to 9/03/2026, FLR (CMT - 5yr. + 3.874%) to 9/03/2169		$	272,000	253,640
Deutsche Bank AG, 1.875% to 2/23/2027, FLR (EURIBOR - 3mo. + 1.38%) to 2/23/2028		EUR	100,000	100,851
Deutsche Bank AG, 3.25% to 5/24/2027, FLR (EURIBOR - 3mo. + 1.93%) to 5/24/2028			100,000	106,878
Deutsche Bank AG, 1.375% to 2/17/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/17/2032			100,000	88,030
Groupe BPCE S.A., 4.5%, 3/15/2025 (n)		$	250,000	250,134
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042		EUR	100,000	87,390
Intesa Sanpaolo S.p.A., 2.625%, 3/11/2036		GBP	150,000	143,680
Macquarie Group Ltd., 4.08%, 5/31/2029			130,000	163,572
Shinhan Bank Co., Ltd., 4.375%, 4/13/2032 (n)		$	227,000	221,670
UBS AG, 5.125%, 5/15/2024			447,000	453,616
Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024			269,000	245,463
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030		GBP	100,000	126,415
				$ 3,457,769
Personal Computers & Peripherals – 0.3%
NCR Corp., 5%, 10/01/2028 (n)		$	775,000	$ 730,507
NCR Corp., 5.125%, 4/15/2029 (n)			390,000	371,937
				$ 1,102,444
Pharmaceuticals – 1.1%
Bausch Health Companies, Inc., 5%, 1/30/2028 (n)		$	1,095,000	$ 698,823
Bausch Health Companies, Inc., 5%, 2/15/2029 (n)			335,000	200,188
Jazz Securities DAC, 4.375%, 1/15/2029 (n)			1,160,000	1,119,400
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)			755,000	723,879
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)			675,000	648,928
				$ 3,391,218

30

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Pollution Control – 0.6%
GFL Environmental, Inc., 4.25%, 6/01/2025 (n)		$	215,000	$ 210,700
GFL Environmental, Inc., 4%, 8/01/2028 (n)			945,000	850,075
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)			215,000	195,860
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)			280,000	249,900
Stericycle, Inc., 3.875%, 1/15/2029 (n)			627,000	569,253
				$ 2,075,788
Precious Metals & Minerals – 0.2%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)		$	515,000	$ 361,782
Taseko Mines Ltd., 7%, 2/15/2026 (n)			420,000	403,385
				$ 765,167
Printing & Publishing – 0.2%
Cimpress N.V., 7%, 6/15/2026 (n)		$	740,000	$ 629,000
Informa PLC, 3.125%, 7/05/2026		GBP	110,000	136,208
				$ 765,208
Railroad & Shipping – 0.1%
Canadian Pacific Railway Co., 2.45%, 12/02/2031		$	111,000	$ 97,791
Wabtec Transportation Netherlands B.V., 1.25%, 12/03/2027		EUR	200,000	192,599
				$ 290,390
Real Estate - Office – 0.1%
Corporate Office Property LP, REIT, 2.25%, 3/15/2026		$	149,000	$ 137,363
Corporate Office Property LP, REIT, 2%, 1/15/2029			52,000	43,477
Corporate Office Property LP, REIT, 2.75%, 4/15/2031			109,000	91,625
				$ 272,465
Real Estate - Other – 0.6%
EPR Properties, REIT, 3.6%, 11/15/2031		$	89,000	$ 74,850
Lexington Realty Trust Co., 2.7%, 9/15/2030			195,000	164,943
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, REIT, 5.875%, 10/01/2028 (n)			930,000	918,096
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031			282,000	236,880
XHR LP, REIT, 4.875%, 6/01/2029 (n)			640,000	600,000
				$ 1,994,769
Real Estate - Retail – 0.1%
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030		$	3,000	$ 2,819
Hammerson Ireland Finance DAC, 1.75%, 6/03/2027		EUR	100,000	92,969
Regency Centers Corp., 3.7%, 6/15/2030		$	71,000	66,644

31

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Real Estate - Retail – continued
STORE Capital Corp., REIT, 2.75%, 11/18/2030		$	313,000	$ 266,158
				$ 428,590
Restaurants – 0.2%
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)		$	490,000	$ 424,634
McDonald's Corp., 2.375%, 5/31/2029		EUR	100,000	106,440
				$ 531,074
Retailers – 0.8%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)		$	469,000	$ 432,364
Bath & Body Works, Inc., 5.25%, 2/01/2028			1,525,000	1,456,375
Nordstrom, Inc., 4.25%, 8/01/2031			106,000	89,359
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)			650,000	534,625
				$ 2,512,723
Specialty Chemicals – 0.3%
Akzo Nobel N.V., 2%, 3/28/2032		EUR	100,000	$ 99,033
Ctec II GmbH, 5.25%, 2/15/2030 (n)			200,000	177,887
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n)		$	637,000	623,362
				$ 900,282
Specialty Stores – 0.7%
DICK'S Sporting Goods, 3.15%, 1/15/2032		$	124,000	$ 103,388
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)			604,000	550,093
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			370,000	304,325
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			745,000	533,859
Penske Automotive Group Co., 3.75%, 6/15/2029			886,000	794,512
				$ 2,286,177
Supermarkets – 0.5%
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)		$	930,000	$ 903,435
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n)			540,000	469,967
Auchan Holding S.A., 3.25%, 7/23/2027		EUR	100,000	99,737
Iceland Bondco PLC, 4.625%, 3/15/2025		GBP	190,000	200,486
				$ 1,673,625
Supranational – 0.4%
International Bank for Reconstruction and Development, 4.25%, 6/24/2025		AUD	210,000	$ 154,640
West African Development Bank, 4.7%, 10/22/2031 (n)		$	1,055,000	968,828
				$ 1,123,468

32

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Telecommunications - Wireless – 2.4%
Altice France S.A., 6%, 2/15/2028 (n)		$	955,000	$ 797,902
American Tower Corp., REIT, 2.75%, 1/15/2027			81,000	75,598
Cellnex Finance Co. S.A., 2%, 2/15/2033		EUR	400,000	319,188
Crown Castle International Corp., REIT, 3.7%, 6/15/2026		$	220,000	217,323
Millicom International Cellular S.A., 5.125%, 1/15/2028			635,400	601,406
Rogers Communications, Inc., 3.8%, 3/15/2032 (n)			92,000	87,261
Rogers Communications, Inc., 3.7%, 11/15/2049			106,000	85,348
SBA Communications Corp., 3.875%, 2/15/2027			643,000	628,613
SBA Communications Corp., 3.125%, 2/01/2029			1,060,000	942,764
Sprint Capital Corp., 6.875%, 11/15/2028			1,250,000	1,414,100
Sprint Corp., 7.125%, 6/15/2024			240,000	254,998
Sprint Corp., 7.625%, 3/01/2026			1,435,000	1,588,201
T-Mobile USA, Inc., 2.625%, 4/15/2026			535,000	504,965
T-Mobile USA, Inc., 3.875%, 4/15/2030			181,000	174,059
				$ 7,691,726
Telephone Services – 0.1%
TELUS Corp., 2.85%, 11/13/2031		CAD	225,000	$ 150,588
Tobacco – 0.2%
Vector Group Ltd., 10.5%, 11/01/2026 (n)		$	235,000	$ 234,060
Vector Group Ltd., 5.75%, 2/01/2029 (n)			355,000	319,500
				$ 553,560
Transportation - Services – 0.2%
ERAC USA Finance LLC, 7%, 10/15/2037 (n)		$	120,000	$ 145,111
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031		EUR	100,000	90,332
Q-Park Holding I B.V., 2%, 3/01/2027			380,000	347,208
				$ 582,651
U.S. Treasury Obligations – 16.8%
U.S. Treasury Bonds, 1.125%, 8/15/2040 (f)		$	36,620,000	$ 25,804,226
U.S. Treasury Bonds, 2.25%, 8/15/2049			115,500	96,257
U.S. Treasury Bonds, 2.375%, 11/15/2049			15,487,000	13,268,608
U.S. Treasury Notes, 2.375%, 5/15/2029			15,590,000	15,096,723
				$ 54,265,814
Utilities - Electric Power – 3.5%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)		$	1,081,000	$ 1,075,595
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			146,000	127,102
Bruce Power LP, 2.68%, 12/21/2028		CAD	200,000	142,445
Calpine Corp., 4.5%, 2/15/2028 (n)		$	902,000	862,267
Calpine Corp., 5.125%, 3/15/2028 (n)			755,000	704,604

33

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)		$	320,000	$ 305,600
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,775,000	1,566,437
ContourGlobal Power Holdings S.A., 2.75%, 1/01/2026 (n)		EUR	280,000	268,551
Duke Energy Corp., 2.55%, 6/15/2031		$	204,000	174,663
E.CL S.A., 4.5%, 1/29/2025			300,000	299,850
Enel Finance International N.V., 3.5%, 4/06/2028 (n)			200,000	192,529
Enel Finance International N.V., 2.875%, 4/11/2029		GBP	100,000	119,639
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	200,000	196,782
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	125,762
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)		$	98,000	85,477
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
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)			503,000	503,272
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)			102,000	100,470
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)			490,000	475,413
Southern California Edison Co., 3.65%, 2/01/2050			104,000	83,108
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n)			743,721	736,655
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)			545,000	534,100
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)			1,060,000	1,016,148
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			295,000	279,513
Virginia Electric & Power Co., 3.5%, 3/15/2027			375,000	372,092
WEC Energy Group, Inc., 1.8%, 10/15/2030			37,000	30,302
Xcel Energy, Inc., 4.6%, 6/01/2032			46,000	47,194
				$ 11,184,210
Total Bonds (Identified Cost, $452,857,649)				$ 408,898,874
Common Stocks – 0.7%
Cable TV – 0.1%
Intelsat Emergence S.A. (a)			7,057	$ 201,124
Construction – 0.0%
ICA Tenedora, S.A. de C.V. (u)			110,829	$ 95,734
Energy - Independent – 0.1%
Frontera Energy Corp. (a)			16,354	$ 178,913

34

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Oil Services – 0.0%
LTRI Holdings LP (a)(u)			615	$ 176,868
Special Products & Services – 0.5%
iShares iBoxx $ High Yield Corporate Bond ETF			20,600	$ 1,637,700
Total Common Stocks (Identified Cost, $3,829,241)				$ 2,290,339
Contingent Value Rights – 0.0%
Cable TV – 0.0%
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a)			738	$ 3,321
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a)			738	3,137
Total Contingent Value Rights (Identified Cost, $0)				$ 6,458

    

	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)(u) (Identified Cost, $0)	GBP 1.14	3/16/21	6,125	$ 668

    

35

Portfolio of Investments (unaudited) – continued

				Value ($)
Written Options (see table below) – (0.0)%
(Premiums Received, $60,449)				$ (31,419)
Other Assets, Less Liabilities – (29.7)%				(95,818,098)
Net Assets – 100.0%				$ 322,986,265

    

(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 $7,555,332 and $411,280,450, 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 $205,225,624, representing 63.5% 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.
(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:

    

    

The following abbreviations are used in this report and are defined:
AGM	Assured Guaranty Municipal
BBSW	Bank Bill Swap Reference Rate
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate

36

Portfolio of Investments (unaudited) – continued

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
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi (Offshore)
CNY	China Yuan Renminbi
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
ISK	Iceland Krona
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

37

Portfolio of Investments (unaudited) – continued

38

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
NZD	1,477,046	USD	955,224	HSBC Bank	7/15/2022	$6,610
NZD	616,000	USD	395,799	State Street Bank Corp.	7/15/2022	5,332
SEK	1,699,000	USD	171,884	Brown Brothers Harriman	7/15/2022	2,325
ZAR	1,147,118	USD	70,807	UBS AG	7/15/2022	2,139
USD	4,015,050	AUD	5,374,499	JPMorgan Chase Bank N.A.	6/15/2022	157,318
USD	671,270	AUD	904,000	State Street Bank Corp.	7/15/2022	22,099
USD	125,301	CNH	804,000	HSBC Bank	7/15/2022	5,020
USD	9,407,486	CNH	60,165,000	JPMorgan Chase Bank N.A.	6/15/2022	398,394
USD	207,211	EUR	189,287	HSBC Bank	7/15/2022	3,547
USD	55,016,644	EUR	49,690,898	JPMorgan Chase Bank N.A.	6/15/2022	1,638,785
USD	106,665	EUR	96,683	JPMorgan Chase Bank N.A.	7/15/2022	2,639
USD	75,768	EUR	70,000	UBS AG	7/15/2022	451
USD	398,090	GBP	310,000	Deutsche Bank AG	7/15/2022	7,367
USD	131,033	GBP	99,947	HSBC Bank	7/15/2022	5,060
USD	9,526,380	GBP	7,278,324	JPMorgan Chase Bank N.A.	6/15/2022	354,954
USD	176,358	JPY	21,759,896	Deutsche Bank AG	7/15/2022	7,032
USD	7,377,137	JPY	903,151,216	JPMorgan Chase Bank N.A.	6/15/2022	358,405
USD	38,633	JPY	4,963,510	UBS AG	6/15/2022	59
USD	1,633,039	KRW	2,002,513,800	Goldman Sachs International	6/30/2022	14,624
USD	861,721	KRW	1,056,487,280	JPMorgan Chase Bank N.A.	6/30/2022	7,877
USD	4,697,284	KRW	5,720,587,250	Merrill Lynch International	7/08/2022	74,007
USD	9,425,930	NZD	13,676,289	Goldman Sachs International	6/15/2022	516,504
USD	353,100	TWD	10,188,000	Barclays Bank PLC	7/18/2022	1,822
USD	1,091,795	TWD	31,578,000	Merrill Lynch International	7/18/2022	2,998
USD	2,750,125	ZAR	40,711,101	JPMorgan Chase Bank N.A.	7/15/2022	161,261
						$4,126,487
Liability Derivatives
AUD	2,893,226	USD	2,177,753	State Street Bank Corp.	7/15/2022	$(100,101)
CAD	4,266,283	USD	3,418,688	Goldman Sachs International	6/15/2022	(46,083)
CAD	2,509,733	USD	2,009,934	Merrill Lynch International	7/15/2022	(26,167)
CAD	238,000	USD	188,645	State Street Bank Corp.	7/15/2022	(522)
CNH	128,000	USD	19,974	BNP Paribas S.A.	7/15/2022	(825)
CZK	2,766,000	USD	123,491	BNP Paribas S.A.	7/15/2022	(4,004)
CZK	26,361,000	USD	1,193,205	JPMorgan Chase Bank N.A.	6/15/2022	(50,089)
EUR	225,000	USD	246,582	Deutsche Bank AG	7/15/2022	(4,494)
EUR	191,484	USD	205,745	HSBC Bank	6/15/2022	(53)
EUR	1,602,559	USD	1,733,565	HSBC Bank	7/15/2022	(9,291)
EUR	2,463,364	USD	2,725,715	JPMorgan Chase Bank N.A.	6/15/2022	(79,574)
GBP	8,863	USD	11,645	Brown Brothers Harriman	7/15/2022	(475)
GBP	146,921	USD	192,561	HSBC Bank	7/15/2022	(7,382)
GBP	18,428	USD	24,194	JPMorgan Chase Bank N.A.	7/15/2022	(967)
GBP	4,749	USD	6,222	State Street Bank Corp.	7/15/2022	(237)
JPY	5,170,954	USD	40,417	Deutsche Bank AG	7/15/2022	(179)
JPY	74,831,457	USD	589,269	HSBC Bank	7/15/2022	(6,963)
JPY	94,845,324	USD	738,621	JPMorgan Chase Bank N.A.	6/15/2022	(1,542)