MMT MFS Multimarket Income Trust

Semiannual Report

April 30, 2022

MFS^®  Multimarket
Income Trust

MMT-SEM

MANAGED DISTRIBUTION POLICY DISCLOSURE

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

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

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

MFS^® Multimarket
Income Trust

New York Stock Exchange Symbol: MMT

Letter from the Chair and CEO	1
Portfolio composition	2
Portfolio managers’ profiles	5
Other notes	6
Portfolio of investments	7
Statement of assets and liabilities	38
Statement of operations	40
Statements of changes in net assets	42
Statement of cash flows	43
Financial highlights	44
Notes to financial statements	46
Report of independent registered public accounting firm	62
Proxy voting policies and information	63
Quarterly portfolio disclosure	63
Further information	63
Information about fund contracts and legal claims	63

    

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. The US Federal Reserve has hiked rates at consecutive meetings for the first time since 2006 and raised rates by more than 0.25% for the first time since 2000. Additional half-point hikes are expected at the Fed’s next two meetings as it seeks to adopt a neutral monetary policy stance before the end of the year. Richly valued 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 number of coronavirus cases outside of Asia remains 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 lockdowns 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 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, guided by a commitment to long-term fundamental investing, seeks to uncover what we believe are the best, most durable investment ideas in markets around the world. The result — combining collective expertise, long-term discipline, and thoughtful risk management — is what we consider to be a unique global investment platform that enables us to create value for investors.

Respectfully,

Michael W. Roberge

Chair and Chief Executive Officer

MFS Investment Management

June 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

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

(a)

For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency.

Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives) 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.

3

Portfolio Composition - continued

(i)

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

(m)

In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening 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 April 30, 2022.

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

4

Other Notes

The fund’s shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value 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.

6

Portfolio of Investments

4/30/22 (unaudited)

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

7

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n)		$	309,187	$ 294,974
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n)			80,711	74,393
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)			144,813	139,788
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n)			437,500	426,018
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			92,050	85,707
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.89%, 4/15/2054 (i)			3,624,436	183,788
Crest Ltd., CDO, 7%, (0.001% cash or 7% PIK) 1/28/2040 (a)(p)			3,372,294	34
HarbourView CLO VII Ltd., 7RA, “B”, FLR, 2.744% (LIBOR - 3mo. + 1.7%), 7/18/2031 (n)			2,500,000	2,452,115
Lehman Brothers Commercial Conduit Mortgage Trust, 1.073%, 2/18/2030 (i)			20,977	1
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 2.304% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n)			938,000	920,837
LoanCore 2021-CRE5 Ltd., “B”, FLR, 2.554% (LIBOR - 1mo. + 2%), 7/15/2036 (n)			464,500	452,986
MF1 2020-FL3 Ltd., “AS”, FLR, 3.473% (LIBOR - 1mo. + 2.85%), 7/15/2035 (z)			571,500	572,052
MF1 2021-FL5 Ltd., “C”, FLR, 2.323% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n)			401,500	395,742
MF1 2021-FL5 Ltd., “D”, FLR, 3.123% (LIBOR - 1mo. + 2.5%), 7/15/2036 (n)			745,000	733,005
MF1 2021-FL6 Ltd., “B”, FLR, 2.204% (LIBOR - 1mo. + 1.65%), 7/16/2036 (n)			1,000,000	974,256
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.422%, 5/15/2054 (i)			1,825,399	149,105
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.35%, 6/15/2054 (i)			2,783,775	206,424
PFP III 2021-7 Ltd., “B”, FLR, 1.954% (LIBOR - 1mo. + 1.4%), 4/14/2038 (n)			163,992	159,605
PFP III 2021-7 Ltd., “C”, FLR, 2.204% (LIBOR - 1mo. + 1.65%), 4/14/2038 (n)			199,990	196,366
Securitized Term Auto Receivable Trust, 2019-CRTA, “C”, 2.849%, 3/25/2026 (n)			153,869	154,055
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 2.404% (LIBOR - 1mo. + 1.85%), 3/15/2038 (n)			340,000	337,018
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.677%, 4/15/2054 (i)			2,325,441	225,117
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.679%, 8/15/2054 (i)			1,992,173	204,619
				$ 14,290,679

8

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Automotive – 2.4%
Clarios Global LP/Clarios U.S. Finance Cois, 8.5%, 5/15/2027 (n)		$	930,000	$ 929,424
Daimler Finance North America LLC, 1.45%, 3/02/2026 (n)			377,000	344,548
Daimler Trucks Finance North America LLC, 2.5%, 12/14/2031 (n)			163,000	136,043
Dana, Inc., 5.375%, 11/15/2027			513,000	484,785
Dana, Inc., 5.625%, 6/15/2028			176,000	167,860
Dana, Inc., 4.25%, 9/01/2030			325,000	278,590
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			495,000	405,900
Ford Motor Co., 5.113%, 5/03/2029			480,000	454,800
Ford Motor Co., 4.75%, 1/15/2043			535,000	430,675
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025			725,000	696,000
Hyundai Capital America, 2%, 6/15/2028 (n)			325,000	279,904
Hyundai Capital America, 6.375%, 4/08/2030 (n)			479,000	524,868
IAA Spinco, Inc., 5.5%, 6/15/2027 (n)			720,000	703,800
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)			490,000	397,415
RENK AG, 5.75%, 7/15/2025		EUR	240,000	250,150
Stellantis N.V., 2.75%, 4/01/2032			330,000	329,818
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			400,000	387,694
Wheel Pros, Inc., 6.5%, 5/15/2029 (n)		$	445,000	338,200
				$ 7,540,474
Broadcasting – 2.2%
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n)		$	714,000	$ 648,848
Discovery, Inc., 4.125%, 5/15/2029			219,000	209,228
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n)			885,000	762,835
iHeartCommunications, Inc., 8.375%, 5/01/2027			170,000	168,300
Magallanes, Inc., 4.279%, 3/15/2032 (n)			591,000	548,977
Prosus N.V., 1.539%, 8/03/2028		EUR	150,000	133,955
Prosus N.V., 2.085%, 1/19/2030			300,000	261,739
Prosus N.V., 3.68%, 1/21/2030 (n)		$	481,000	405,598
Prosus N.V., 3.061%, 7/13/2031 (n)			325,000	256,475
Prosus N.V., 3.832%, 2/08/2051 (n)			290,000	191,856
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n)			535,000	510,925
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n)			565,000	542,513
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027		EUR	207,242	216,642
Ubisoft Entertainment S.A., 0.878%, 11/24/2027			500,000	479,911
Univision Communications, Inc., 4.5%, 5/01/2029 (n)		$	787,000	706,333
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)			1,192,000	1,066,840
				$ 7,110,975

9

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Brokerage & Asset Managers – 1.6%
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)		$	495,000	$ 460,969
Banco BTG Pactual S.A. (Cayman Islands Branch), 4.5%, 1/10/2025 (n)			894,000	880,769
Intercontinental Exchange, Inc., 3%, 9/15/2060			342,000	246,344
Low Income Investment Fund, 3.386%, 7/01/2026			185,000	181,407
Low Income Investment Fund, 3.711%, 7/01/2029			490,000	487,124
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)			1,105,000	1,048,369
LPL Holdings, Inc., 4%, 3/15/2029 (n)			611,000	556,010
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)			445,000	406,285
NFP Corp., 4.875%, 8/15/2028 (n)			545,000	495,950
NFP Corp., 6.875%, 8/15/2028 (n)			559,000	496,699
				$ 5,259,926
Building – 2.7%
ABC Supply Co., Inc., 4%, 1/15/2028 (n)		$	1,490,000	$ 1,389,425
Foundation Building Materials LLC, 6%, 3/01/2029 (n)			165,000	134,269
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			865,000	766,606
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034		GBP	380,000	399,753
Imerys S.A., 1%, 7/15/2031		EUR	400,000	346,397
Interface, Inc., 5.5%, 12/01/2028 (n)		$	760,000	688,583
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			425,000	367,625
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			496,000	487,320
Park River Holdings, Inc., 5.625%, 2/01/2029 (n)			350,000	268,661
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)			715,000	722,150
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n)			555,000	532,800
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)			600,000	529,488
Standard Industries, Inc., 4.75%, 1/15/2028 (n)			326,000	299,920
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			855,000	712,946
Standard Industries, Inc., 3.375%, 1/15/2031 (n)			165,000	131,779
Vulcan Materials Co., 3.5%, 6/01/2030			550,000	521,816
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)			480,000	439,800
				$ 8,739,338
Business Services – 2.1%
Equinix, Inc., REIT, 1%, 3/15/2033		EUR	435,000	$ 367,341
Euronet Worldwide, Inc., 1.375%, 5/22/2026			420,000	416,289
Experian Europe DAC Co., 1.56%, 5/16/2031			100,000	99,332
Fiserv, Inc., 4.4%, 7/01/2049		$	299,000	269,413
HealthEquity, Inc., 4.5%, 10/01/2029 (n)			780,000	712,725
IPD 3 B.V., 5.5%, 12/01/2025		EUR	240,000	248,012
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)		$	375,000	357,199
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n)			495,000	472,725
Nielsen Finance LLC, 4.5%, 7/15/2029 (n)			445,000	420,547
Paysafe Finance PLC, 4%, 6/15/2029 (z)			670,000	546,050
Switch Ltd., 3.75%, 9/15/2028 (n)			896,000	840,000

10

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Business Services – continued
Switch Ltd., 4.125%, 6/15/2029 (n)		$	255,000	$ 243,525
Tencent Holdings Ltd., 3.8%, 2/11/2025			700,000	697,151
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)			530,000	545,900
Visa, Inc., 4.15%, 12/14/2035			465,000	469,948
				$ 6,706,157
Cable TV – 5.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)		$	450,000	$ 438,651
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			1,876,000	1,676,675
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,150,000	1,003,375
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)			1,170,000	986,076
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)			295,000	234,525
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035			347,000	365,576
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			271,000	222,021
CSC Holdings LLC, 5.375%, 2/01/2028 (n)			200,000	183,627
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			1,300,000	1,079,000
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			530,000	437,250
DISH DBS Corp., 7.75%, 7/01/2026			285,000	268,090
DISH DBS Corp., 5.25%, 12/01/2026 (n)			540,000	495,801
DISH DBS Corp., 5.125%, 6/01/2029			465,000	363,216
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)			716,000	711,543
LCPR Senior Secured Financing DAC, 5.125%, 7/15/2029 (n)			220,000	200,267
Sirius XM Holdings, Inc., 3.875%, 9/01/2031 (n)			830,000	700,943
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)			860,000	777,225
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)			1,410,000	1,355,941
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)			1,200,000	1,146,000
Time Warner Cable, Inc., 4.5%, 9/15/2042			210,000	173,609
United Group B.V., 4.875%, 7/01/2024		EUR	250,000	254,957
Videotron Ltd., 5.125%, 4/15/2027 (n)		$	395,000	387,100
Virgin Media Finance PLC, 5%, 7/15/2030 (n)			815,000	709,050
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			1,220,000	1,108,321
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)			1,220,000	1,058,350
				$ 16,337,189
Chemicals – 2.1%
Alpek SAB de C.V., 3.25%, 2/25/2031 (n)		$	400,000	$ 339,000
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)			562,000	533,900
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n)			1,010,000	873,882
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)			536,000	495,800
Element Solutions, Inc., 3.875%, 9/01/2028 (n)			874,000	781,137
Herens Holdco S.à r.l., 4.75%, 5/15/2028 (n)			605,000	530,888
Ingevity Corp., 3.875%, 11/01/2028 (n)			876,000	784,020

11

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Chemicals – continued
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)		$	450,000	$ 391,500
S.P.C.M. S.A., 3.125%, 3/15/2027 (n)			210,000	185,325
S.P.C.M. S.A., 3.375%, 3/15/2030 (n)			709,000	600,878
Sasol Financing (USA) LLC, 4.375%, 9/18/2026			558,000	522,455
Sasol Financing (USA) LLC, 5.5%, 3/18/2031			600,000	540,000
				$ 6,578,785
Computer Software – 1.2%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)		$	420,000	$ 394,800
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n)			170,000	151,300
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n)			785,000	691,805
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)			615,000	571,950
Microsoft Corp., 2.525%, 6/01/2050			529,000	396,638
Microsoft Corp., 2.675%, 6/01/2060			61,000	44,687
Microsoft Corp., 3.041%, 3/17/2062			293,000	232,771
PTC, Inc., 3.625%, 2/15/2025 (n)			310,000	300,312
PTC, Inc., 4%, 2/15/2028 (n)			580,000	537,550
VeriSign, Inc., 4.75%, 7/15/2027			405,000	406,861
				$ 3,728,674
Computer Software - Systems – 1.2%
Apple, Inc., 4.5%, 2/23/2036		$	263,000	$ 279,330
Fair Isaac Corp., 5.25%, 5/15/2026 (n)			1,455,000	1,462,275
Fair Isaac Corp., 4%, 6/15/2028 (n)			56,000	51,163
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			975,000	955,539
Viavi Solutions, Inc., 3.75%, 10/01/2029 (n)			835,000	751,275
Virtusa Corp., 7.125%, 12/15/2028 (n)			425,000	382,500
				$ 3,882,082
Conglomerates – 2.1%
Amsted Industries Co., 5.625%, 7/01/2027 (n)		$	775,000	$ 769,188
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)			220,000	204,050
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			1,187,000	1,097,975
Carrier Global Corp., 3.577%, 4/05/2050			342,000	274,333
Gates Global LLC, 6.25%, 1/15/2026 (n)			585,000	570,375
Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n)			60,000	61,950
Griffon Corp., 5.75%, 3/01/2028			839,000	748,808
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n)			558,000	537,075
Highland Holdings S.á r.l. Co., 0.318%, 12/15/2026		EUR	144,000	140,354
Madison IAQ LLC, 5.875%, 6/30/2029 (n)		$	663,000	540,345
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)			490,000	491,225
TriMas Corp., 4.125%, 4/15/2029 (n)			1,358,000	1,212,015
				$ 6,647,693

12

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Construction – 0.8%
Empire Communities Corp., 7%, 12/15/2025 (n)		$	520,000	$ 492,700
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			230,000	215,050
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			645,000	548,788
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n)			590,000	576,725
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)			659,000	582,078
				$ 2,415,341
Consumer Products – 1.1%
GSK Consumer Healthcare Capital US LLC, 2.125%, 3/29/2034		EUR	130,000	$ 131,188
JAB Holdings B.V., 2.25%, 12/19/2039			600,000	506,862
L'Oréal S.A., 0.875%, 6/29/2026			300,000	312,402
Mattel, Inc., 3.375%, 4/01/2026 (n)		$	570,000	554,325
Mattel, Inc., 5.875%, 12/15/2027 (n)			342,000	349,866
Mattel, Inc., 5.45%, 11/01/2041			220,000	220,825
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			655,000	622,250
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)			120,000	101,730
Reckitt Benckiser Treasury Services PLC, 3%, 6/26/2027 (n)			396,000	380,766
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n)			555,000	428,738
				$ 3,608,952
Consumer Services – 2.7%
AA Bond Co. Ltd., 3.25%, 7/31/2028		GBP	460,000	$ 521,769
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)		$	228,000	220,348
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)			590,000	572,651
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	331,000
ANGI Group LLC, 3.875%, 8/15/2028 (n)			817,000	646,966
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			650,000	565,500
GoDaddy, Inc., 3.5%, 3/01/2029 (n)			1,167,000	1,035,584
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)			436,000	428,370
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)			55,000	45,755
Match Group, Inc., 5%, 12/15/2027 (n)			445,000	433,875
Match Group, Inc., 4.625%, 6/01/2028 (n)			965,000	899,544
Match Group, Inc., 4.125%, 8/01/2030 (n)			270,000	241,312
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)			470,000	393,987
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			420,000	340,280
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n)			753,000	578,693
TriNet Group, Inc., 3.5%, 3/01/2029 (n)			1,037,000	939,781
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/2026 (n)			484,000	470,690
				$ 8,666,105

13

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Containers – 1.6%
ARD Finance S.A., 6.5%, (6.5% cash or 7.25% PIK) 6/30/2027 (n)(p)		$	220,000	$ 184,800
Ardagh Metal Packaging, 3.25%, 9/01/2028 (n)			375,000	327,187
Ardagh Metal Packaging, 4%, 9/01/2029 (n)			865,000	741,331
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)			940,000	807,225
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)			1,176,000	1,009,925
Crown Americas LLC, 5.25%, 4/01/2030 (n)			555,000	550,144
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026			1,025,000	992,554
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026			240,000	239,100
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)			440,000	434,500
				$ 5,286,766
Electrical Equipment – 0.5%
CommScope Technologies LLC, 5%, 3/15/2027 (n)		$	1,040,000	$ 816,400
Telefonaktiebolaget LM Ericsson, 1.125%, 2/08/2027		EUR	510,000	473,834
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029			420,000	361,198
				$ 1,651,432
Electronics – 1.5%
Broadcom, Inc., 4.15%, 11/15/2030		$	86,000	$ 81,476
Broadcom, Inc., 3.469%, 4/15/2034 (n)			197,000	167,212
Broadcom, Inc., 3.137%, 11/15/2035 (n)			363,000	293,203
Broadcom, Inc., 3.187%, 11/15/2036 (n)			10,000	7,895
Broadcom, Inc., 4.926%, 5/15/2037 (n)			114,000	106,573
Diebold Nixdorf, Inc., 8.5%, 4/15/2024			250,000	164,298
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n)			309,000	273,465
Entegris, Inc., 4.375%, 4/15/2028 (n)			285,000	264,338
Entegris, Inc., 3.625%, 5/01/2029 (n)			387,000	340,452
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030 (n)			598,000	544,823
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)			670,000	677,537
Sensata Technologies B.V., 5%, 10/01/2025 (n)			655,000	650,088
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)			625,000	568,556
Synaptics, Inc., 4%, 6/15/2029 (n)			655,000	577,461
				$ 4,717,377
Emerging Market Quasi-Sovereign – 7.8%
Abu Dhabi Crude Oil Pipeline, 3.65%, 11/02/2029		$	1,100,000	$ 1,082,761
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n)			946,000	955,696
CEZ A.S. (Czech Republic), 2.462%, 4/06/2027		EUR	190,000	197,626
China Construction Bank Corp., Hong Kong Branch, 1.25%, 8/04/2025		$	1,050,000	985,958

14

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
China Construction Bank Corp., Hong Kong Branch, 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029		$	964,000	$ 972,496
Emirates Development Bank PJSC, 1.639%, 6/15/2026			800,000	738,000
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 (n)			423,000	401,884
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026			806,000	765,764
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026			1,034,000	1,029,248
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n)			1,052,000	1,037,175
Export-Import Bank of India, 3.375%, 8/05/2026			1,366,000	1,311,675
First Abu Dhabi Bank PJSC, 0.125%, 2/16/2026		EUR	435,000	426,924
First Abu Dhabi Bank PJSC, 1.625%, 4/07/2027			660,000	676,827
Huarong Finance 2017 Co. Ltd. (People's Republic of China), 4.95%, 11/07/2047		$	380,000	282,150
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)			700,000	580,027
Industrial & Commercial Bank of China Macau, 2.875% to 9/12/2024, FLR (CMT - 5yr. + 1.65%) to 9/12/2029			700,000	682,655
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			1,000,000	902,500
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 11/07/2024			508,000	497,401
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.875%, 11/07/2029 (n)			1,091,000	1,021,067
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 6/03/2031			660,000	589,875
MDGH - GMTN RSC Ltd. (United Arab Emirates), 1%, 3/10/2034		EUR	410,000	387,005
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (n)		$	869,000	243,320
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n)			373,000	359,013
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)			600,000	463,656
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031			370,000	332,244
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	867,569
Petroleos Mexicanos, 6.7%, 2/16/2032			907,000	781,544
Petroleos Mexicanos, 6.75%, 9/21/2047			1,593,000	1,151,102
PT Pertamina (Persero) (Republic of Indonesia), 3.65%, 7/30/2029			376,000	357,092
PT Pertamina (Persero) (Republic of Indonesia), 6.5%, 11/07/2048 (n)			900,000	971,730
Qatar Petroleum, 2.25%, 7/12/2031			544,000	474,640
Qatar Petroleum, 3.125%, 7/12/2041			355,000	296,510
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			547,000	521,291
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026			1,367,000	1,456,478
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030			1,152,000	1,242,778
				$ 25,043,681

15

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – 10.3%
Arab Republic of Egypt, 6.588%, 2/21/2028		$	1,087,000	$ 902,914
Arab Republic of Egypt, 6.375%, 4/11/2031 (n)		EUR	1,011,000	801,623
Arab Republic of Egypt, 7.903%, 2/21/2048		$	1,120,000	765,184
Dominican Republic, 5.5%, 2/22/2029 (n)			747,000	698,072
Dominican Republic, 5.875%, 1/30/2060 (n)			2,234,000	1,693,122
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n)			920,000	831,091
Federative Republic of Brazil, 10%, 1/01/2023		BRL	13,499,000	2,679,058
Kingdom of Morocco, 1.375%, 3/30/2026		EUR	758,000	742,077
Kingdom of Morocco, 3%, 12/15/2032 (n)		$	448,000	354,498
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	40,000,000	873,867
People's Republic of China, 2.68%, 5/21/2030		CNY	24,000,000	3,585,717
Republic of Angola, 8.25%, 5/09/2028		$	491,000	471,065
Republic of Argentina, 1.125%, 7/09/2035			1,047,289	298,844
Republic of Benin, 6.875%, 1/19/2052		EUR	800,000	692,832
Republic of Chile, 3.1%, 1/22/2061		$	672,000	464,090
Republic of Cote d'Ivoire, 5.25%, 3/22/2030		EUR	1,150,000	1,084,692
Republic of Ghana, 8.125%, 3/26/2032 (n)		$	593,000	362,738
Republic of Guatemala, 6.125%, 6/01/2050 (n)			1,592,000	1,519,950
Republic of Hungary, 7.625%, 3/29/2041			488,000	613,868
Republic of Kenya, 8%, 5/22/2032 (n)			776,000	666,126
Republic of Paraguay, 5.6%, 3/13/2048			1,049,000	947,040
Republic of Peru, 1.95%, 11/17/2036		EUR	664,000	553,677
Republic of Philippines, 3.556%, 9/29/2032		$	327,000	311,667
Republic of Romania, 2%, 12/08/2026 (n)		EUR	1,011,000	1,021,181
Republic of Romania, 2.124%, 7/16/2031 (n)			1,200,000	1,000,093
Republic of Serbia, 2.05%, 9/23/2036 (n)			800,000	546,262
Republic of South Africa, 8.25%, 3/31/2032		ZAR	40,000,000	2,204,844
Republic of Sri Lanka, 6.125%, 6/03/2025 (a)		$	668,000	301,435
Republic of Turkey, 4.75%, 1/26/2026			521,000	469,452
State of Qatar, 4%, 3/14/2029 (n)			533,000	546,328
State of Qatar, 4.817%, 3/14/2049 (n)			1,404,000	1,507,657
State of Qatar, 4.4%, 4/16/2050			203,000	205,567
Sultanate of Oman, 6%, 8/01/2029			750,000	758,157
Sultanate of Oman, 7%, 1/25/2051			600,000	576,300
United Mexican States, 2.659%, 5/24/2031			1,021,000	855,516
United Mexican States, 4.75%, 4/27/2032			736,000	719,727
United Mexican States, 3.771%, 5/24/2061			753,000	527,040
				$ 33,153,371
Energy - Independent – 3.5%
Antero Resources Corp., 7.625%, 2/01/2029 (n)		$	335,000	$ 354,966
Callon Petroleum Co., 6.125%, 10/01/2024			330,000	325,796
Callon Petroleum Co., 8%, 8/01/2028 (n)			220,000	227,550

16

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Independent – continued
CNX Resources Corp., 6%, 1/15/2029 (n)		$	559,000	$ 551,493
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)			760,000	768,497
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)			455,000	445,268
Diamondback Energy, Inc., 4.4%, 3/24/2051			530,000	475,861
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)			430,000	431,075
Energean Israel Finance Ltd., 4.875%, 3/30/2026			846,000	784,242
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n)			1,270,000	1,257,300
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)			498,000	465,879
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)			335,000	307,192
Occidental Petroleum Corp., 5.875%, 9/01/2025			575,000	590,565
Occidental Petroleum Corp., 6.625%, 9/01/2030			998,000	1,081,582
Occidental Petroleum Corp., 6.6%, 3/15/2046			405,000	441,450
SM Energy Co., 5.625%, 6/01/2025			340,000	332,350
SM Energy Co., 6.5%, 7/15/2028			370,000	364,764
Southwestern Energy Co., 5.95%, 1/23/2025			44,800	45,444
Southwestern Energy Co., 8.375%, 9/15/2028			310,000	335,188
Southwestern Energy Co., 5.375%, 3/15/2030			350,000	345,573
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n)			422,000	382,065
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			1,025,000	928,002
				$ 11,242,102
Energy - Integrated – 0.7%
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	510,000	$ 500,343
Cenovus Energy, Inc., 2.65%, 1/15/2032		$	428,000	364,339
Eni S.p.A., 4.25%, 5/09/2029 (n)			379,000	375,581
Galp Energia SGPS S.A., 2%, 1/15/2026		EUR	700,000	734,758
MOL PLC, 1.5%, 10/08/2027			190,000	179,787
				$ 2,154,808
Entertainment – 2.2%
AMC Entertainment Holdings, Inc., 10%, (10% cash or 12% PIK) 6/15/2026 (n)(p)		$	230,000	$ 192,641
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)			1,465,000	1,433,869
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)			545,000	493,506
Carnival Corp. PLC, 6%, 5/01/2029 (n)			165,000	148,088
Life Time, Inc., 5.75%, 1/15/2026 (n)			570,000	553,071
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)			507,000	500,662
Motion Bondco DAC, 6.625%, 11/15/2027 (n)			450,000	412,875
NCL Corp. Ltd., 3.625%, 12/15/2024 (n)			400,000	372,000
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)			410,000	378,762
Royal Caribbean Cruises Ltd., 4.25%, 7/01/2026 (n)			592,000	535,875
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			275,000	252,710

17

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Entertainment – continued
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)		$	1,030,000	$ 939,875
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)			695,000	632,394
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)			325,000	275,324
				$ 7,121,652
Financial Institutions – 4.0%
Adler Group S.A., 2.25%, 4/27/2027		EUR	200,000	$ 137,278
Adler Group S.A., 2.25%, 1/14/2029			400,000	271,995
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027		$	1,230,000	1,152,705
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032			182,000	151,429
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/2041			150,000	115,927
Air Lease Corp., 2.875%, 1/15/2032			486,000	400,732
Atrium European Real Estate Ltd., 3.625% to 11/4/2026, FLR (EUR Swap Rate - 5yr. + 3.625%) to 11/04/2031, FLR (EUR Swap Rate - 5yr. + 4.625%) to 5/04/2170		EUR	250,000	207,034
Avation Capital S.A., 8.25%, (8.25% cash or 9% PIK) 10/31/2026 (n)(p)		$	406,405	337,385
Avolon Holdings Funding Ltd., 5.25%, 5/15/2024 (n)			640,000	644,753
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)			363,000	349,562
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n)			309,000	265,726
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)			635,000	627,386
Crédit Logement S.A., 1.081%, 2/15/2034		EUR	500,000	461,176
CTP N.V., 0.942%, 1/20/2026			360,000	343,977
CTP N.V., 1.5%, 9/27/2031			550,000	455,583
EXOR N.V., 0.875%, 1/19/2031			275,000	244,773
Garfunkelux Holdco 3 S.A., 6.75%, 11/01/2025			240,000	247,175
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p)		$	1,713,509	1,477,867
Howard Hughes Corp., 4.125%, 2/01/2029 (n)			875,000	787,836
Logicor Financing S.à r.l., 1.625%, 1/17/2030		EUR	400,000	365,405
Logicor Financing S.à r.l., 0.875%, 1/14/2031			175,000	144,654
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)		$	730,000	708,100
OneMain Finance Corp., 6.875%, 3/15/2025			395,000	396,975
OneMain Finance Corp., 8.875%, 6/01/2025			359,000	376,771
OneMain Finance Corp., 7.125%, 3/15/2026			285,000	288,563
P3 Group S.à r.l., 0.875%, 1/26/2026		EUR	500,000	487,626
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n)		$	755,000	645,525
Samhallsbyggnadsbolaget i Norden AB, 2.625% to 3/14/2026, FLR (EUR Swap Rate - 5yr. + 3.227%) to 3/14/2031, FLR (EUR Swap Rate - 5yr. + 3.227%) to 3/14/2170		EUR	200,000	174,067

18

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – continued
VGP N.V., 1.5%, 4/08/2029		EUR	500,000	$ 433,263
Vonovia SE, 2.375%, 3/25/2032			100,000	100,072
Vonovia SE, 1.625%, 9/01/2051			200,000	137,606
				$ 12,938,926
Food & Beverages – 3.8%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038		$	209,000	$ 199,636
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049			331,000	353,213
Aramark Services, Inc., 6.375%, 5/01/2025 (n)			1,304,000	1,327,954
Bacardi Ltd., 5.15%, 5/15/2038 (n)			425,000	424,478
BellRing Brands, Inc., 7%, 3/15/2030 (n)			420,000	410,550
Central America Bottling Co., 5.25%, 4/27/2029 (n)			691,000	656,498
Constellation Brands, Inc., 3.15%, 8/01/2029			638,000	585,409
Constellation Brands, Inc., 2.25%, 8/01/2031			393,000	325,853
Diageo Capital PLC, 1.875%, 6/08/2034		EUR	200,000	200,192
JBS Finance Luxembourg S.à r.l., 3.625%, 1/15/2032 (n)		$	1,000,000	853,450
JBS USA Lux S.A./JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)			605,000	624,669
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 (n)			270,000	240,300
Kraft Heinz Foods Co., 3.875%, 5/15/2027			505,000	493,828
Lamb Weston Holdings, Inc., 4.125%, 1/31/2030 (n)			1,200,000	1,070,856
Performance Food Group Co., 5.5%, 10/15/2027 (n)			860,000	834,565
Post Holdings, Inc., 5.625%, 1/15/2028 (n)			624,000	589,992
Post Holdings, Inc., 4.625%, 4/15/2030 (n)			915,000	782,325
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)			807,000	702,425
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031			760,000	637,623
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			825,000	762,052
				$ 12,075,868
Gaming & Lodging – 5.1%
Boyd Gaming Corp., 4.75%, 12/01/2027		$	400,000	$ 378,056
Boyd Gaming Corp., 4.75%, 6/15/2031 (n)			280,000	253,204
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)			450,000	385,875
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/2025 (n)			442,000	451,392
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)			610,000	637,450
CCM Merger, Inc., 6.375%, 5/01/2026 (n)			419,000	417,953
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n)			970,000	878,839
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)			1,202,000	1,017,938
InterContinental Hotels Group PLC, 3.375%, 10/08/2028		GBP	350,000	426,808
International Game Technology PLC, 4.125%, 4/15/2026 (n)		$	1,040,000	980,740
International Game Technology PLC, 6.25%, 1/15/2027 (n)			230,000	233,535
Las Vegas Sands Corp., 3.9%, 8/08/2029			449,000	385,981
Marriott International, Inc., 2.85%, 4/15/2031			282,000	242,528
Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n)			675,000	594,000

19

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Gaming & Lodging – continued
MGM China Holdings Ltd., 5.375%, 5/15/2024 (n)		$	205,000	$ 191,946
MGM China Holdings Ltd., 5.875%, 5/15/2026 (n)			370,000	326,525
MGM China Holdings Ltd., 4.75%, 2/01/2027 (n)			245,000	205,800
MGM Growth Properties LLC, 5.75%, 2/01/2027			275,000	283,250
MGM Resorts International Co., 4.75%, 10/15/2028			551,000	506,121
Scientific Games Corp., 8.625%, 7/01/2025 (n)			170,000	178,075
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/01/2030 (n)			389,000	369,550
Scientific Games International, Inc., 7%, 5/15/2028 (n)			470,000	481,180
VICI Properties LP / VICI Note Co., Inc., 4.625%, 6/15/2025 (n)			675,000	671,625
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (n)			645,000	611,221
VICI Properties LP / VICI Note Co., Inc., 3.875%, 2/15/2029 (n)			388,000	368,600
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/2030 (n)			165,000	148,231
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)			790,000	728,538
VICI Properties LP, REIT, 4.95%, 2/15/2030			716,000	710,591
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)			1,048,000	976,778
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027 (n)			330,000	303,491
Wynn Macau Ltd., 4.875%, 10/01/2024 (n)			400,000	357,152
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)			395,000	338,713
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)			1,104,000	880,440
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			385,000	337,114
				$ 16,259,240
Industrial – 1.3%
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)		$	240,000	$ 226,200
APi Escrow Corp., 4.75%, 10/15/2029 (n)			780,000	702,000
CPI Property Group S.A., 3.75% to 7/27/2028, FLR (EUR Swap Rate - 5yr. + 4.338%) to 7/27/2033, FLR (EUR Swap Rate - 5yr. + 4.588%) to 7/27/2048, FLR (EUR Swap Rate - 5yr. + 5.338%) to 1/27/2170		EUR	420,000	351,581
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027		$	1,000,000	1,005,000
Dycom Industries, Inc., 4.5%, 4/15/2029 (n)			445,000	406,062
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050			966,000	715,438
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)			860,000	813,947
				$ 4,220,228
Insurance – 0.5%
AIA Group Ltd., 0.88% to 9/09/2028, FLR (EUR Swap Rate - 5yr. + 1.1%) to 9/09/2033		EUR	270,000	$ 246,674
Argentum Netherlands B.V., 5.125%, 6/01/2048		$	290,000	290,725
Aviva PLC, 4% to 6/03/2035, FLR (GBP Government Yield - 5yr. + 4.7%) to 6/03/2055		GBP	392,000	451,057
Corebridge Financial, Inc., 4.35%, 4/05/2042 (n)		$	109,000	98,571

20

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Insurance – continued
Credit Agricole Assurances S.A., 2%, 7/17/2030		EUR	100,000	$ 92,865
Zurich Finance (Ireland) DAC, 3% to 4/19/2031, FLR (CMT - 5yr. + 2.777%) to 4/19/2051		$	360,000	304,200
				$ 1,484,092
Insurance - Health – 0.3%
Centene Corp., 3%, 10/15/2030		$	540,000	$ 469,800
UnitedHealth Group, Inc., 4.625%, 7/15/2035			509,000	521,320
				$ 991,120
Insurance - Property & Casualty – 1.0%
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)		$	1,025,000	$ 969,271
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031			107,000	92,544
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)			475,000	417,744
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)			215,000	214,184
Hub International Ltd., 5.625%, 12/01/2029 (n)			469,000	430,307
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030			316,000	273,730
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038		GBP	335,000	366,997
Ryan Specialty Group, 4.375%, 2/01/2030 (n)		$	544,000	496,144
				$ 3,260,921
International Market Quasi-Sovereign – 0.8%
Airport Authority Hong Kong, 3.25%, 1/12/2052 (n)		$	376,000	$ 311,290
Electricite de France S.A., 2.625% to 6/01/2028, FLR (EUR Swap Rate - 5yr. + 2.86%) to 6/01/2033, FLR (EUR Swap Rate - 5yr. + 3.11%) to 6/01/2048, FLR (EUR Swap Rate - 5yr. + 3.86%) to 12/29/2049		EUR	400,000	355,688
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			400,000	373,980
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	300,000	355,037
ESB Finance DAC, 1%, 7/19/2034		EUR	400,000	370,083
Islandsbanki, 0.75%, 3/25/2025			340,000	343,395
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)		$	425,000	368,469
RTE Reseau de Transport d'Electricite, 0.75%, 1/12/2034		EUR	200,000	181,041
				$ 2,658,983
International Market Sovereign – 2.1%
Commonwealth of Australia, 1.75%, 6/21/2051		AUD	4,127,000	$ 2,006,032
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	239,000	212,113
Government of New Zealand , 2%, 5/15/2032		NZD	6,000,000	3,340,708

21

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Sovereign – continued
Republic of Iceland, 6.5%, 1/24/2031		ISK	122,000,000	$ 1,015,110
				$ 6,573,963
Local Authorities – 0.2%
Province of Alberta, 4.5%, 12/01/2040		CAD	410,000	$ 347,468
Province of British Columbia, 2.95%, 6/18/2050			315,000	211,154
				$ 558,622
Machinery & Tools – 0.7%
CNH Industrial Capital LLC, 1.875%, 1/15/2026		$	255,000	$ 237,058
Ritchie Bros. Holdings Ltd., 4.75%, 12/15/2031 (n)			725,000	725,000
Sarens Finance Co. N.V., 5.75%, 2/21/2027		EUR	531,000	471,166
Terex Corp., 5%, 5/15/2029 (n)		$	835,000	767,315
				$ 2,200,539
Major Banks – 2.6%
Australia and New Zealand Banking Group Ltd., 2.57% to 11/25/2030, FLR (CMT - 5yr. + 1.7%) to 11/25/2035 (n)		$	563,000	$ 463,416
Banco de Sabadell S.A., 5% to 11/19/2027, FLR (EUR Swap Rate - 5yr. + 5.171%) to 2/19/2170		EUR	400,000	361,105
Bank of America Corp., 0.694% to 3/22/2030, FLR (EURIBOR - 3mo. + 0.79%) to 3/22/2031			230,000	209,097
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032		$	721,000	618,538
BNP Paribas S.A., 2.1%, 4/07/2032		EUR	300,000	296,556
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)		$	688,000	575,645
Credit Suisse Group AG, 3.091% to 5/14/2031, FLR (SOFR - 1 day + 1.73%) to 5/14/2032 (n)			250,000	209,077
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032			506,000	418,182
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043			399,000	330,653
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026			298,000	278,284
JPMorgan Chase & Co., 1.963% to 3/23/2029, FLR (EURIBOR - 3mo. + 1.13%) to 3/23/2030		EUR	380,000	389,106
JPMorgan Chase & Co., 4.26%, 2/22/2048		$	300,000	278,625
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027			902,000	811,088
NatWest Group PLC, 3.619% to 3/29/2028, FLR (GBP Swap Rate - 5yr. + 2.1%) to 3/29/2029		GBP	180,000	223,380
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029		EUR	300,000	277,085
Toronto Dominion Bank, 1.952%, 4/08/2030			280,000	284,125

22

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)		$	749,000	$ 628,789
Unicaja Banco S.A., 1% to 12/01/2025, FLR (EUR ICE Swap Rate - 1yr. + 1.15%) to 12/01/2026		EUR	400,000	392,631
UniCredit S.p.A., 0.925% to 1/28/2027, FLR (EURIBOR - 3mo. + 0.85%) to 1/18/2028			410,000	395,810
Wells Fargo & Co., 2.125%, 9/24/2031		GBP	470,000	513,346
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033		$	508,000	461,570
				$ 8,416,108
Medical & Health Technology & Services – 4.6%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	765,000	$ 680,850
Alcon, Inc., 3.8%, 9/23/2049 (n)			200,000	163,732
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)			914,000	869,479
Becton Dickinson Euro Finance S.à r.l., 1.336%, 8/13/2041		EUR	160,000	125,189
Catalent, Inc., 3.125%, 2/15/2029 (n)		$	1,320,000	1,145,417
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)			1,614,000	1,460,670
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			385,000	398,845
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)			1,155,000	949,987
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			170,000	149,031
DaVita, Inc., 4.625%, 6/01/2030 (n)			475,000	413,250
DaVita, Inc., 3.75%, 2/15/2031 (n)			632,000	515,080
Encompass Health Corp., 5.75%, 9/15/2025			235,000	239,113
HCA, Inc., 5.875%, 2/15/2026			570,000	590,235
HCA, Inc., 5.25%, 6/15/2026			471,000	485,394
HCA, Inc., 5.125%, 6/15/2039			287,000	276,357
IQVIA Holdings, Inc., 5%, 10/15/2026 (n)			835,000	830,825
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)			965,000	956,141
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)			115,000	106,375
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			318,000	234,696
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			205,000	244,674
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)			470,000	482,958
Syneos Health, Inc., 3.625%, 1/15/2029 (n)			910,000	805,031
Tenet Healthcare Corp., 6.125%, 10/01/2028 (n)			995,000	955,150
Thermo Fisher Scientific (Finance I) Co., 1.125%, 10/18/2033		EUR	210,000	190,647
Thermo Fisher Scientific (Finance I) Co., 2%, 10/18/2051			170,000	141,644
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028		$	519,000	457,366
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)			530,000	514,762
U.S. Renal Care, Inc., 10.625%, 7/15/2027 (n)			490,000	422,625
				$ 14,805,523

23

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical Equipment – 0.3%
American Medical Systems Europe B.V., 1.875%, 3/08/2034		EUR	110,000	$ 106,192
Teleflex, Inc., 4.625%, 11/15/2027		$	950,000	931,000
				$ 1,037,192
Metals & Mining – 3.0%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)		$	371,000	$ 388,885
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)			790,000	802,838
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)			730,000	585,825
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)			675,000	683,350
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)			540,000	522,450
Ero Copper Corp., 6.5%, 2/15/2030 (n)			295,000	264,706
First Quantum Minerals Ltd., 6.875%, 3/01/2026 (n)			400,000	401,000
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n)			463,000	465,315
First Quantum Minerals Ltd., 6.875%, 10/15/2027			600,000	603,000
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			920,000	814,126
Glencore Funding LLC, 2.85%, 4/27/2031 (n)			465,000	397,231
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)			596,000	543,999
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)			1,297,000	1,189,997
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)			400,000	345,000
Novelis Corp., 3.25%, 11/15/2026 (n)			386,000	352,206
Novelis Corp., 4.75%, 1/30/2030 (n)			645,000	593,226
Novelis Corp., 3.875%, 8/15/2031 (n)			338,000	289,835
Petra Diamonds US$ Treasury PLC, 10.5% PIK to 12/31/2022, 10.5% PIK/9.75% Cash to 6/30/2023, 9.75% Cash to 3/08/2026 (n)(p)			308,587	324,788
				$ 9,567,777
Midstream – 4.5%
AI Candelaria Spain SLU, 7.5%, 12/15/2028 (n)		$	457,000	$ 442,742
Cheniere Energy Partners LP, 4.5%, 10/01/2029			465,000	445,237
Cheniere Energy Partners LP, 4%, 3/01/2031			975,000	882,477
DT Midstream, Inc., 4.125%, 6/15/2029 (n)			583,000	530,530
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			908,000	813,459
Enbridge, Inc., 5.375%, 9/27/2077		CAD	570,000	425,150
Enterprise Products Partners LP, 3.125%, 7/31/2029		$	328,000	304,204
EQM Midstream Partners LP, 6%, 7/01/2025 (n)			176,000	174,425
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)			60,000	60,600
EQM Midstream Partners LP, 5.5%, 7/15/2028			1,357,000	1,295,935
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)			525,000	472,615
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n)			506,373	445,227
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026			271,500	253,174
GNL Quintero S.A., 4.634%, 7/31/2029 (n)			467,672	456,448
Northriver Midstream Finance LP, 5.625%, 2/15/2026 (n)			320,000	312,000
Peru LNG, 5.375%, 3/22/2030			1,047,000	900,420

24

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Midstream – continued
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/2029		$	744,000	$ 677,748
Sabine Pass Liquefaction LLC, 5%, 3/15/2027			285,000	291,469
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030			507,000	503,061
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			1,000,000	932,160
Targa Resources Corp., 4.2%, 2/01/2033			48,000	45,493
Targa Resources Corp., 4.95%, 4/15/2052			290,000	264,864
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029			925,000	975,551
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031			718,000	690,177
Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032			265,000	240,313
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			545,000	497,312
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)			595,000	539,962
Western Midstream Operating LP, 4.55%, 2/01/2030			299,000	274,688
Western Midstream Operation LP, 4.65%, 7/01/2026			220,000	216,975
Western Midstream Operation LP, 5.5%, 8/15/2048			180,000	160,200
				$ 14,524,616
Municipals – 0.5%
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., Taxable, “A”, 2.641%, 7/01/2037		$	565,000	$ 494,063
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), Taxable, 3.384%, 12/01/2040			605,000	533,987
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028			209,000	213,294
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022			95,000	97,375
State of Florida, Taxable, “A”, 2.154%, 7/01/2030			364,000	318,693
				$ 1,657,412
Natural Gas - Distribution – 0.1%
National Grid PLC, 1.125%, 1/14/2033		GBP	487,000	$ 468,770
Natural Gas - Pipeline – 0.2%
APT Pipelines Ltd., 0.75%, 3/15/2029		EUR	340,000	$ 315,840
APT Pipelines Ltd., 2.5%, 3/15/2036		GBP	390,000	401,298
				$ 717,138

25

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Network & Telecom – 0.6%
AT&T, Inc., 3.5%, 9/15/2053		$	348,000	$ 272,451
Iliad Holding S.A.S., 7%, 10/15/2028 (n)			854,000	807,030
Verizon Communications, Inc., 2.1%, 3/22/2028			273,000	244,482
Verizon Communications, Inc., 2.55%, 3/21/2031			637,000	554,516
				$ 1,878,479
Oil Services – 0.4%
MV24 Capital B.V., 6.748%, 6/01/2034		$	903,070	$ 855,794
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)			370,000	379,250
				$ 1,235,044
Oils – 1.2%
Neste Oyj, 0.75%, 3/25/2028		EUR	600,000	$ 577,619
Parkland Corp., 4.625%, 5/01/2030 (n)		$	990,000	866,250
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025			425,000	410,359
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028			340,000	299,200
Puma International Financing S.A., 5%, 1/24/2026			1,338,000	1,247,685
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n)			359,000	328,116
Valero Energy Corp., 2.8%, 12/01/2031			122,000	105,464
				$ 3,834,693
Other Banks & Diversified Financials – 2.3%
AIB Group PLC, 2.25%, 4/04/2028		EUR	250,000	$ 257,070
Alpha Bank, 4.25%, 2/13/2030			490,000	468,955
Bangkok Bank (Hong Kong), 4.05%, 3/19/2024 (n)		$	1,046,000	1,056,585
Bank Hapoalim B.M., 3.255% to 1/21/2027, FLR (CMT - 5yr. + 2.155%) to 1/21/2032 (n)			343,000	308,700
Bank of Cyprus PCL, 2.5% to 6/24/2026, FLR (EUR Swap Rate - 5yr. + 2.785%) to 6/24/2027		EUR	550,000	492,475
Banque Federative du Credit Mutuel S.A., 1.125%, 11/19/2031			300,000	257,790
Belfius Bank S.A., 1.25% to 4/06/2029, FLR (EUR Swap Rate - 5yr. + 1.3%) to 4/06/2034			300,000	271,199
Belfius Bank S.A., 3.625% to 4/16/2025, FLR (EUR Swap Rate - 5yr. + 2.938%) to  4/16/2068			400,000	365,013
Deutsche Bank AG, 4.296% to 5/24/2023, FLR (Swap Rate - 5yr. + 2.248%) to 5/24/2028		$	550,000	539,525
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032		EUR	400,000	402,991
Deutsche Bank AG, 4.5% to 4/30/2027, FLR (EUR Swap Rate - 5yr. + 4.552%) to 4/30/2170			400,000	364,063
Deutsche Bank AG, 6.75% to 4/30/2029, FLR (EUR Swap Rate - 5yr. + 5.692%) to 4/04/2171			200,000	205,768
Groupe BPCE S.A., 4.5%, 3/15/2025 (n)		$	278,000	277,680
Groupe des Assurances du Credit Mutuel, 1.85%, 4/21/2042		EUR	300,000	265,848

26

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – continued
Intesa Sanpaolo S.p.A., 2.625%, 3/11/2036		GBP	570,000	$ 574,356
UBS AG, 5.125%, 5/15/2024		$	981,000	997,389
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030		GBP	275,000	348,650
				$ 7,454,057
Personal Computers & Peripherals – 0.4%
NCR Corp., 5%, 10/01/2028 (n)		$	840,000	$ 802,200
NCR Corp., 5.125%, 4/15/2029 (n)			405,000	385,763
				$ 1,187,963
Pharmaceuticals – 1.5%
Bausch Health Companies, Inc., 6.125%, 4/15/2025 (n)		$	1,341,000	$ 1,344,943
Bausch Health Companies, Inc., 5%, 1/30/2028 (n)			1,355,000	999,543
Bausch Health Companies, Inc., 5%, 2/15/2029 (n)			415,000	291,851
Jazz Securities DAC, 4.375%, 1/15/2029 (n)			1,185,000	1,091,681
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)			540,000	502,362
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)			715,000	646,181
				$ 4,876,561
Pollution Control – 0.5%
GFL Environmental, Inc., 4.25%, 6/01/2025 (n)		$	255,000	$ 247,322
GFL Environmental, Inc., 4%, 8/01/2028 (n)			635,000	558,800
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)			220,000	199,650
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)			285,000	252,852
Stericycle, Inc., 3.875%, 1/15/2029 (n)			472,000	416,233
				$ 1,674,857
Precious Metals & Minerals – 0.3%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)		$	570,000	$ 484,922
Taseko Mines Ltd., 7%, 2/15/2026 (n)			425,000	421,812
				$ 906,734
Printing & Publishing – 0.3%
Cimpress N.V., 7%, 6/15/2026 (n)		$	770,000	$ 718,025
Informa PLC, 3.125%, 7/05/2026		GBP	192,000	238,056
				$ 956,081
Railroad & Shipping – 0.3%
Canadian Pacific Railway Co., 2.45%, 12/02/2031		$	404,000	$ 351,404
Wabtec Transportation Netherlands B.V., 1.25%, 12/03/2027		EUR	516,000	504,568
				$ 855,972

27

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Real Estate - Office – 0.2%
Corporate Office Property LP, REIT, 2.25%, 3/15/2026		$	298,000	$ 276,390
Corporate Office Property LP, REIT, 2%, 1/15/2029			197,000	164,253
Corporate Office Property LP, REIT, 2.75%, 4/15/2031			393,000	333,433
				$ 774,076
Real Estate - Other – 1.0%
EPR Properties, REIT, 3.6%, 11/15/2031		$	333,000	$ 282,081
Lexington Realty Trust Co., 2.7%, 9/15/2030			506,000	435,003
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, REIT, 5.875%, 10/01/2028 (n)			835,000	809,950
SEGRO Capital S.à r.l., 1.875%, 3/23/2030		EUR	480,000	482,205
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031		$	756,000	641,874
XHR LP, REIT, 4.875%, 6/01/2029 (n)			665,000	612,372
				$ 3,263,485
Real Estate - Retail – 0.3%
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030		$	473,000	$ 446,742
Hammerson Ireland Finance DAC, 1.75%, 6/03/2027		EUR	252,000	236,972
Regency Centers Corp., 3.7%, 6/15/2030		$	152,000	142,038
STORE Capital Corp., REIT, 2.75%, 11/18/2030			316,000	269,340
				$ 1,095,092
Restaurants – 0.3%
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)		$	455,000	$ 393,629
Starbucks Corp., 3%, 2/14/2032			566,000	500,309
				$ 893,938
Retailers – 1.1%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)		$	481,000	$ 432,962
Bath & Body Works, Inc., 5.25%, 2/01/2028			1,450,000	1,392,000
Home Depot, Inc., 4.875%, 2/15/2044			248,000	260,428
Kohl's Corp., 3.375%, 5/01/2031			428,000	405,448
MercadoLibre, Inc., 3.125%, 1/14/2031			480,000	388,200
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)			675,000	553,743
				$ 3,432,781
Specialty Chemicals – 0.3%
Akzo Nobel N.V., 2%, 3/28/2032		EUR	340,000	$ 342,251
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n)		$	657,000	629,787
				$ 972,038

28

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Specialty Stores – 0.8%
DICK'S Sporting Goods, 3.15%, 1/15/2032		$	459,000	$ 383,271
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)			625,000	562,331
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			385,000	330,877
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			455,000	358,313
Penske Automotive Group Co., 3.75%, 6/15/2029			914,000	779,468
				$ 2,414,260
Supermarkets – 0.6%
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)		$	975,000	$ 913,258
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n)			560,000	471,744
Iceland Bondco PLC, 4.375%, 5/15/2028		GBP	570,000	564,824
				$ 1,949,826
Supranational – 0.3%
International Bank for Reconstruction and Development, 4.25%, 6/24/2025		AUD	405,000	$ 294,397
West African Development Bank, 4.7%, 10/22/2031 (n)		$	806,000	797,344
				$ 1,091,741
Telecommunications - Wireless – 2.7%
Altice France S.A., 6%, 2/15/2028 (n)		$	585,000	$ 483,111
Crown Castle International Corp., REIT, 3.7%, 6/15/2026			314,000	308,743
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n)			1,025,000	887,163
Rogers Communications, Inc., 3.8%, 3/15/2032 (n)			336,000	309,402
Rogers Communications, Inc., 3.7%, 11/15/2049			339,000	268,546
SBA Communications Corp., 3.875%, 2/15/2027			675,000	640,710
SBA Communications Corp., 3.125%, 2/01/2029			1,090,000	934,948
Sprint Capital Corp., 6.875%, 11/15/2028			800,000	878,072
Sprint Corp., 7.125%, 6/15/2024			245,000	257,863
Sprint Corp., 7.625%, 3/01/2026			1,585,000	1,721,595
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n)			900,000	901,818
T-Mobile USA, Inc., 2.625%, 4/15/2026			560,000	519,400
T-Mobile USA, Inc., 3.875%, 4/15/2030			664,000	628,435
				$ 8,739,806
Telephone Services – 0.2%
TELUS Corp., 2.85%, 11/13/2031		CAD	825,000	$ 546,421

29

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Tobacco – 0.3%
British American Tobacco PLC, 3% to 12/27/2026, FLR (EUR Swap Rate - 5yr. + 3.372%) to 12/27/2031, FLR (EUR Swap Rate - 5yr. + 3.622%) to 12/27/2046, FLR (EUR Swap Rate - 5yr. + 4.372%) to 9/27/2170		EUR	315,000	$ 284,955
Vector Group Ltd., 10.5%, 11/01/2026 (n)		$	245,000	250,067
Vector Group Ltd., 5.75%, 2/01/2029 (n)			370,000	324,675
				$ 859,697
Transportation - Services – 0.2%
ERAC USA Finance LLC, 7%, 10/15/2037 (n)		$	175,000	$ 212,719
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031		EUR	500,000	452,863
				$ 665,582
U.S. Treasury Obligations – 4.2%
U.S. Treasury Bonds, 1.75%, 8/15/2041		$	534,000	$ 423,028
U.S. Treasury Bonds, 2.375%, 11/15/2049 (f)			14,670,000	12,900,431
				$ 13,323,459
Utilities - Electric Power – 4.8%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)		$	1,096,000	$ 1,107,398
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			86,000	74,799
Bruce Power LP, 2.68%, 12/21/2028		CAD	750,000	527,782
Calpine Corp., 4.5%, 2/15/2028 (n)		$	898,000	831,297
Calpine Corp., 5.125%, 3/15/2028 (n)			810,000	735,784
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)			395,000	373,275
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,350,000	1,161,000
Enel Finance International N.V., 2.875%, 4/11/2029		GBP	250,000	303,320
Enel Finance International N.V., 4.75%, 5/25/2047 (n)		$	271,000	260,858
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	325,000	317,144
Enel S.p.A., 8.75% to 9/24/2023, FLR (Swap Rate - 5yr. + 5.88%) to 9/24/2043, FLR (Swap Rate - 5yr. + 6.63%) to 9/24/2073 (n)		$	500,000	528,750
Enel S.p.A., 1.875% to 9/08/2030, FLR (EUR Swap Rate - 5yr. + 2.011%) to 9/08/2035, FLR (EUR Swap Rate - 5yr. + 2.261%) to 9/08/2050, FLR (EUR Swap Rate - 5yr. + 3.011%) to 3/08/2170		EUR	315,000	265,432
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n)		$	1,023,000	1,030,683
Evergy, Inc., 2.9%, 9/15/2029			418,000	383,201
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)			186,000	163,350
Listrindo Capital B.V., 4.95%, 9/14/2026			910,000	892,255
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029			594,000	530,145
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)			313,000	310,712
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)			107,000	105,128
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)			1,085,000	1,027,745

30

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Pacific Gas & Electric Co., 4.95%, 7/01/2050		$	310,000	$ 258,486
ReNew Power Private Ltd., 5.875%, 3/05/2027			632,000	597,556
Southern California Edison Co., 3.65%, 2/01/2050			277,000	222,151
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033			706,699	734,967
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)			460,000	451,950
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)			1,015,000	947,914
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			550,000	495,000
Virginia Electric & Power Co., 3.5%, 3/15/2027			279,000	276,087
Virginia Electric & Power Co., 2.875%, 7/15/2029			348,000	322,389
				$ 15,236,558
Total Bonds (Identified Cost, $436,345,580)				$ 392,002,815
Common Stocks – 0.8%
Cable TV – 0.1%
Intelsat Emergence S.A. (a)			7,339	$ 223,840
Construction – 0.0%
ICA Tenedora, S.A. de C.V. (u)			127,848	$ 106,506
Energy - Independent – 0.1%
Frontera Energy Corp. (a)			20,290	$ 218,525
Oil Services – 0.0%
LTRI Holdings LP (a)(u)			520	$ 149,547
Special Products & Services – 0.6%
iShares iBoxx $ Investment Grade Corporate Bond ETF			16,500	$ 1,857,900
Total Common Stocks (Identified Cost, $4,592,580)				$ 2,556,318

    

Contingent Value Rights – 0.0%
Cable TV – 0.0%
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a)			768	$ 4,032
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a)			768	3,648
Total Contingent Value Rights (Identified Cost, $0)				$ 7,680

    

	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	7,000	$ 782

    

31

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Investment Companies (h) – 4.6%
Money Market Funds – 4.6%
MFS Institutional Money Market Portfolio, 0.28% (v) (Identified Cost, $14,917,283)			14,917,283	$ 14,917,283
Other Assets, Less Liabilities – (27.8)%				(89,138,595)
Net Assets – 100.0%				$320,346,283

    

(a)	Non-income producing security.
(f)	All or a portion of the security has been segregated as collateral for open futures contracts.
(h)	An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $14,917,283 and $394,567,595, 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 $219,413,560, representing 68.5% 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.
(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
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury

32

Portfolio of Investments (unaudited) – continued

ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NPFG	National Public Finance Guarantee Corp.
PCL	Public Company Limited
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi (Offshore)
CNY	China Yuan Renminbi
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
ISK	Iceland Krona
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar
TWD	Taiwan Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

33

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	310,525	EUR	283,570	HSBC Bank	7/15/2022	$10,270
USD	53,232,069	EUR	47,862,322	JPMorgan Chase Bank N.A.	6/15/2022	2,640,304
USD	311,272	EUR	280,000	JPMorgan Chase Bank N.A.	7/15/2022	14,796
USD	139,969	EUR	127,136	Merrill Lynch International	7/15/2022	5,352
USD	1,064,767	EUR	957,738	UBS AG	7/15/2022	50,674
USD	327,582	GBP	249,867	HSBC Bank	7/15/2022	13,306
USD	12,278,065	GBP	9,376,226	JPMorgan Chase Bank N.A.	6/15/2022	487,521
USD	2,199,273	KRW	2,678,385,000	Merrill Lynch International	7/08/2022	66,049
USD	4,366,500	NZD	6,284,000	Goldman Sachs International	6/15/2022	309,897
USD	3,620,705	NZD	5,337,460	HSBC Bank	7/15/2022	176,497
USD	3,321,539	TWD	94,623,000	Citibank N.A.	5/17/2022	111,121
USD	2,469,952	ZAR	36,373,084	Citibank N.A.	7/15/2022	184,560
						$4,328,153
Liability Derivatives
AUD	3,171,490	USD	2,423,542	State Street Bank Corp.	7/15/2022	$(179,847)
BRL	4,374,966	USD	889,383	Goldman Sachs International	5/03/2022	(4,470)
CAD	5,522,480	USD	4,422,580	JPMorgan Chase Bank N.A.	6/15/2022	(124,178)
CLP	600,774,000	USD	725,748	Barclays Bank PLC	6/29/2022	(29,086)
CZK	26,026,000	USD	1,172,250	Morgan Stanley Capital Services, Inc.	7/15/2022	(65,599)
EUR	1,814,674	USD	1,982,386	HSBC Bank	7/15/2022	(60,934)
EUR	100,973	USD	110,312	JPMorgan Chase Bank N.A.	7/15/2022	(3,398)
EUR	453,938	USD	481,018	UBS AG	7/15/2022	(369)
GBP	8,964	USD	11,778	Brown Brothers Harriman	7/15/2022	(504)
GBP	300,272	USD	392,476	Deutsche Bank AG	7/15/2022	(14,803)
GBP	275,627	USD	361,278	HSBC Bank	7/15/2022	(14,603)
GBP	18,639	USD	24,471	JPMorgan Chase Bank N.A.	7/15/2022	(1,027)
GBP	4,804	USD	6,295	State Street Bank Corp.	7/15/2022	(252)
JPY	354	USD	3	JPMorgan Chase Bank N.A.	7/15/2022	(0)
NOK	62,878,000	USD	7,211,564	JPMorgan Chase Bank N.A.	6/15/2022	(506,912)
SGD	2,251,000	USD	1,651,148	JPMorgan Chase Bank N.A.	7/15/2022	(23,421)
USD	860,130	BRL	4,374,967	Goldman Sachs International	5/03/2022	(24,783)
USD	848,454	BRL	4,374,966	Morgan Stanley Capital Services, Inc.	8/02/2022	(12,402)
						$(1,066,588)

    

Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
Canadian Treasury Bond 10 yr	Short	CAD	83	$8,163,998	June – 2022	$532,737
Canadian Treasury Bond 5 yr	Short	CAD	212	19,093,450	June – 2022	597,177

34

Portfolio of Investments (unaudited) – continued

Futures Contracts - continued
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
Interest Rate Futures - continued
Euro-Bobl 5 yr	Short	EUR	76	$10,196,811	June – 2022	$430,384
Euro-Bund 10 yr	Short	EUR	4	648,119	June – 2022	50,756
Long Gilt 10 yr	Short	GBP	51	7,595,554	June – 2022	244,285
U.S. Treasury Note 10 yr	Short	USD	413	49,211,531	June – 2022	2,835,391
U.S. Treasury Note 2 yr	Short	USD	70	14,756,875	June – 2022	267,253
U.S. Treasury Note 5 yr	Short	USD	146	16,450,094	June – 2022	225,758
U.S. Treasury Ultra Bond	Short	USD	23	3,690,062	June – 2022	92,633
U.S. Treasury Ultra Note 10 yr	Short	USD	92	11,868,000	June – 2022	735,747
						$6,012,121
Liability Derivatives
Interest Rate Futures
U.S. Treasury Bond	Long	USD	114	$16,038,375	June – 2022	$(1,503,999)

35

Portfolio of Investments (unaudited) – continued

Uncleared Swap Agreements
Maturity Date		Notional Amount	Counterparty	Cash Flows to Receive/ Frequency	Cash Flows to Pay/ Frequency	Unrealized Appreciation (Depreciation)		Net Unamortized Upfront Payments (Receipts)		Value
Asset Derivatives
Credit Default Swaps
12/20/26	EUR	468,000	Goldman Sachs International	5.00%/Quarterly	1	$(20,446)		$95,188		$74,742
12/20/28	EUR	500,000	Barclays Bank PLC	5.00%/Quarterly	2	(49,179)		104,087		54,908
						$(69,625)		$199,275		$129,650
Liability Derivatives
Credit Default Swaps
12/20/31	EUR	550,000	Barclays Bank PLC	1.00%/Quarterly	3	$(20,363)		$5,804		$(14,559)

(1)	Fund, as protection seller, to pay notional amount upon a defined credit event by Glencore International AG, 1.875%, 9/13/23, a BBB+ rated bond. The fund entered into the contract to gain issuer exposure.

(2)	Fund, as protection seller, to pay notional amount upon a defined credit event by Cellnex Telecom S.A., 3.125%, 7/27/22, a BB+ rated bond. The fund entered into the contract to gain issuer exposure.

(3)	Fund, as protection seller, to pay notional amount upon a defined credit event by Daimler AG, 1.4%, 1/12/24, a A- rated bond. The fund entered into the contract to gain issuer exposure.

36

Portfolio of Investments (unaudited) – continued

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

At April 30, 2022, the fund had liquid securities with an aggregate value of $2,052,473 to cover any collateral or margin obligations for certain derivative contracts.

See Notes to Financial Statements

37

Statement of Assets and Liabilities (unaudited) – continued

Net assets consist of
Paid-in capital	$375,307,398
Total distributable earnings (loss)	(54,961,115)
Net assets	$320,346,283
Shares of beneficial interest outstanding	60,486,676
Net asset value per share (net assets of $320,346,283 / 60,486,676 shares of beneficial interest outstanding)	$5.30

See Notes to Financial Statements

39

Statement of Operations (unaudited) – continued

Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers	$(5,123,857)
Written options	21,007
Futures contracts	4,987,880
Swap agreements	22,221
Forward foreign currency exchange contracts	1,842,407
Foreign currency	57,037
Net realized gain (loss)	$1,806,695
Change in unrealized appreciation or depreciation
Unaffiliated issuers (net of $22,805 decrease in deferred country tax)	$(50,606,435)
Futures contracts	2,328,877
Swap agreements	(89,988)
Forward foreign currency exchange contracts	3,465,827
Translation of assets and liabilities in foreign currencies	(8,119)
Net unrealized gain (loss)	$(44,909,838)
Net realized and unrealized gain (loss)	$(43,103,143)
Change in net assets from operations	$(35,542,802)

See Notes to Financial Statements

41