MMT MFS Multimarket Income Trust

Annual Report

October 31, 2024

MFS^®  Multimarket
Income Trust

MMT-ANN

MANAGED DISTRIBUTION POLICY DISCLOSURE

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

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

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

MFS^® Multimarket
Income Trust

New York Stock Exchange Symbol: MMT

Portfolio composition	1
Management review	4
Performance summary	7
Investment objective, principal investment strategies and principal risks	10
Effects of leverage	22
Portfolio managers’ profiles	23
Dividend reinvestment and cash purchase plan	24
Portfolio of investments	25
Statement of assets and liabilities	60
Statement of operations	62
Statements of changes in net assets	64
Statement of cash flows	65
Financial highlights	66
Notes to financial statements	68
Report of independent registered public accounting firm	83
Results of shareholder meeting	85
Trustees and officers	86
Board review of investment advisory agreement	90
Proxy voting policies and information	94
Quarterly portfolio disclosure	94
Further information	94
Information about fund contracts and legal claims	94
Federal tax information	94
MFS® privacy notice	95

    

Contact information

back cover

    

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

Portfolio Composition

1

Portfolio Composition - continued

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

AAA	6.2%
AA	3.8%
A	13.0%
BBB	29.3%
BB	36.8%
B	26.1%
CCC	8.1%
CC	0.2%
C	0.2%
D	0.4%
U.S. Government	4.8%
Not Rated	(14.5)%
Non-Fixed Income	0.7%
Cash & Cash Equivalents (Less Liabilities) (b)	(32.5)%
Other (q)	17.4%

(a)

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

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

(b)

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

(d)

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

2

Portfolio Composition - continued

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

(i)

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

(m)

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

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

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

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

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

Percentages are based on net assets as of October 31, 2024.

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

3

Management Review

Summary of Results

For the twelve months ended October 31, 2024, shares of the MFS Multimarket Income Trust (fund) provided a total return of 18.73%, at net asset value, and a total return of 22.85%, at market value. This compares with a return of 16.47% for the fund’s benchmark, the Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index. Over the same period, the fund’s other benchmark, the MFS Multimarket Income Trust Blended Index (Blended Index), generated a return of 15.10%. The Blended Index reflects the blended returns of various fixed income market indices, with percentage allocations to each index designed to resemble the fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

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

Market Environment

With inflation subsiding, global central banks in recent months have changed gears, focusing more on supporting economic growth. In the United States, the U.S. Federal Reserve has eased interest rates 0.75% since September after several months of softer labor market data. In the eurozone, the European Central Bank lowered rates a total of 0.75% beginning in June as inflation fell back to target and growth nearly stalled. China recently loosened monetary policy and ramped up fiscal stimulus after a period of subpar growth amid ongoing weakness in the country’s property market and flagging business and consumer sentiment. 

Global equity markets have performed strongly, with several themes playing out at once. The most prominent has been continued investment in artificial intelligence, helping boost the share prices of a handful of mega-cap technology stocks. Enormous demand for GLP-1 weight-loss medications is another trend. A renewed focus on corporate governance, and greater attention paid to shareholder returns, helped boost share prices in Japan. Corporate earnings have been strong, but tighter labor markets, the potential for higher input costs due to deglobalization, and the likelihood that interest rates and inflation will remain more elevated than in the pre-pandemic period, could weigh on margins in the future.

Heightened geopolitical uncertainty continues to linger as Russia and Ukraine fight a seeming war of attrition while Israel continues to do battle with Iranian-backed proxy groups as well as withstanding several missile attacks from Iran itself, leading to bouts of market volatility and fears of energy disruptions. Equity markets reacted favorably to the result of the U.S. presidential election, appearing to anticipate a low-tax, pro-growth, lighter regulatory touch from a second Trump administration, however, rates markets seem wary of a potential erosion of the U.S. government’s fiscal footing.

Factors Affecting Performance

Relative to the Blended Index, the fund’s yield curve positioning(y) benefited relative performance as interest rates generally declined over the reporting period.

4

Management Review - continued

Bond selection within the financial institutions, industrials, and government-related sovereign debt sectors also contributed to relative performance, particularly across “BBB”, “BB”, and “B” rated(r) bonds.

The fund employs leverage and, to the extent that investments are purchased through the use of leverage, the fund’s net asset value may increase or decrease at a greater rate than a comparable unleveraged fund. During the reporting period, the use of leverage strengthened relative returns.

Conversely, the fund’s underweight allocation to the treasury sector, and to “CC” rated bonds, detracted from relative performance. An overweight allocation to “CCC” and “BBB” rated bonds further weighed on the fund’s relative returns. 

The fund has a managed distribution policy, the primary purpose of which is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. This policy had no material impact on the fund's investment strategies during its most recent fiscal year. The level of distributions paid by the fund pursuant to its managed distribution policy may cause the fund's net asset value (NAV) per share to decline more so than if the policy were not in place, including if distributions are in excess of fund returns. However, the adviser believes the policy may benefit the fund’s market price and premium/discount to the fund’s NAV. For the twelve months ended October 31, 2024, the tax character of dividends paid pursuant to the managed distribution policy includes an ordinary income distribution of $12,663,993 and a tax return of capital distribution of $9,679,669. See “Managed Distribution Policy Disclosure” in the inside cover page of this Annual Report for additional details regarding the policy and related implications for the fund and shareholders.

Respectfully,

Portfolio Manager(s)

Robert Spector, Neeraj Arora, Ward Brown, David Cole, Pilar Gomez-Bravo, Andy Li, John Mitchell, and Michael Skatrud

Note to Shareholders: Effective April 30, 2024, Matt Ryan is no longer a Portfolio Manager of the fund.

(r)

Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.

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

The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These

5

Management Review - continued

views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.

6

Performance Summary THROUGH 10/31/24

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

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

Growth of a Hypothetical $10,000 Investment

Average Annual Total Returns through 10/31/24

	Inception Date	1-yr	5-yr	10-yr
Market Value (r)	3/12/1987	22.85%	3.90%	5.93%
Net Asset Value (r)	3/12/1987	18.73%	4.02%	5.05%

Comparative benchmark(s)

Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index (f)	16.47%	4.53%	4.86%
MFS Multimarket Income Trust Blended Index (f)(w)	15.10%	2.52%	3.63%
Bloomberg Global Aggregate Credit Index (USD Hedged) (f)	11.97%	0.64%	2.54%
Bloomberg U.S. Government/Mortgage Index (f)	9.53%	(0.62)%	1.03%
JPMorgan Emerging Markets Bond Index Global (f)	17.62%	0.75%	2.77%

    

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

7

Performance Summary  - continued

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

    

	10/31/24
Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index	50%
JPMorgan Emerging Markets Bond Index Global	20%
Bloomberg Global Aggregate Credit Index (USD Hedged)	20%
Bloomberg U.S. Government/Mortgage Index	10%

Benchmark Definition(s)

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

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

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

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

It is not possible to invest directly in an index.

(a)

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

Notes to Performance Summary

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

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

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

8

Performance Summary  - continued

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

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

9

Investment Objective, Principal Investment Strategies and Principal Risks

Investment Objective

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

Principal Investment Strategies

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

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

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

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

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

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

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

MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual issuers and/or instruments in light of the issuer’s financial condition and market, economic, political, and regulatory conditions. Factors considered for debt instruments may include the instrument’s credit quality, collateral characteristics, and indenture provisions, and the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations. Factors considered for equity securities may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability.  MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer or instrument. ESG factors considered may include, but are not limited to, climate change, resource depletion, an issuer's governance structure and practices, data protection and privacy issues, and

10

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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

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

Principal Investment Types

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

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

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

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

Foreign Government Securities: Foreign government securities are debt instruments issued, guaranteed, or supported, as to the payment of principal and interest, by foreign governments, foreign government agencies, foreign semi-governmental entities or supranational entities, or debt instruments issued by entities organized and operated for the purpose of restructuring outstanding foreign government securities. Foreign government securities may not be supported as to the payment of principal and interest by the full faith and credit of the foreign government.

11

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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

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

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

Principal Risks

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

The principal risks of investing in the fund are:

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

Debt Market Risk:  Debt markets can be volatile and can decline significantly in response to changes in, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. 

12

Investment Objective, Principal Investment Strategies and Principal Risks - continued

These conditions can affect a single instrument, issuer, or borrower, a particular type of instrument, issuer, or borrower, a segment of the debt markets, or debt markets generally.  Certain changes or events, such as political, social, or economic developments, including increasing and negative interest rates or the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan (which has in the past resulted and may in the future result in a government shutdown); market closures and/or trading halts; government or regulatory actions, including sanctions, the imposition of tariffs or other protectionist actions and changes in fiscal, monetary, or tax policies; natural disasters; outbreaks of pandemic and epidemic diseases; terrorist attacks; war; and other geopolitical changes or events can have a dramatic adverse effect on debt markets and may lead to periods of high volatility and reduced liquidity in a debt market or a segment of a debt market.

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

Credit Risk: The price of a debt instrument depends, in part, on the issuer's or borrower's credit quality or ability to pay principal and interest when due. The price of a debt instrument is likely to fall if an issuer or borrower defaults on its obligation to pay principal or interest, if the instrument's credit rating is downgraded by a credit rating agency, or based on other changes in, or perceptions of, the financial condition of the issuer or borrower. Debt instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could negatively affect the market value and liquidity of a debt instrument. For certain types of instruments, including derivatives, the price of the instrument depends in part on the credit quality of the counterparty to the transaction. For other types of debt instruments, including mortgage-backed securities and other securitized instruments, the price of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult.

13

Investment Objective, Principal Investment Strategies and Principal Risks - continued

Below investment grade quality debt instruments can involve a substantially greater risk of default or can already be in default, and their values can decline significantly over short periods of time. Below investment grade quality debt instruments are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and principal. Below investment grade quality debt instruments tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The market for below investment grade quality debt instruments can be less liquid, especially during periods of recession or general market decline.

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

Emerging Markets Risk: Investments tied economically to emerging markets, especially frontier markets (emerging markets that are early in their development), can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets typically have less developed economies and

14

Investment Objective, Principal Investment Strategies and Principal Risks - continued

markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, less trading volume, less stringent investor protection and disclosure standards, less reliable settlement practices, greater government involvement in the economy, and greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments than developed countries. Financial and other disclosures by emerging market issuers may be considerably less reliable than disclosures made by issuers in developed markets. In addition, the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, may not be able to inspect audit work papers in certain emerging market countries. Emerging markets can also be subject to greater political, social, geopolitical, and economic instability and more susceptible to environmental problems. In addition, many emerging market countries with less established health care systems have experienced outbreaks of pandemics or contagious diseases from time to time. These factors can make emerging market investments more volatile and less liquid than investments in developed markets.

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

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

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

15

Investment Objective, Principal Investment Strategies and Principal Risks - continued

Equity Market Risk: Equity markets are volatile and can decline significantly in response to changes in, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions.  These conditions can affect a single issuer or type of security, issuers within a broad market sector, industry or geographic region, or the equity markets in general. Different parts of the market and different types of securities can react differently to these conditions. For example, the stocks of growth companies can react differently from the stocks of value companies, and the stocks of large cap companies can react differently from the stocks of small cap companies. Certain changes or events, such as political, social, or economic developments, including political elections, increasing or negative interest rates or the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan (which has in the past resulted and may in the future result in a government shutdown); market closures and/or trading halts; government or regulatory actions, including sanctions, the imposition of tariffs or other protectionist actions and changes in fiscal, monetary, or tax policies; natural disasters; outbreaks of pandemic and epidemic diseases; terrorist attacks; war; and other geopolitical changes or events, can have a dramatic adverse effect on equity markets and may lead to periods of high volatility in an equity market or a segment of an equity market.

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

Managed Distribution Plan Risk: The fund may not be able to maintain a monthly distribution at an annual fixed rate of up to 8.00% of the fund’s average monthly net asset value due to many factors, including but not limited to, changes in market returns, fluctuations in market interest rates, and other factors. If income from the fund’s investments is less than the amount needed to make a monthly distribution, the fund may distribute a return of capital to pay the distribution.  In certain cases, the fund may sell portfolio investments at less opportune times in order to pay such distribution.  Distributions that are treated as tax return of capital will have the effect of reducing the fund’s assets and could increase the fund’s expense ratio.  If a portion of the fund’s distributions represents returns of capital over extended periods, the fund’s assets may be reduced over time to levels where the fund is no longer viable and might be liquidated.  Please see “Managed Distribution Policy Disclosure” in this report for additional information regarding the plan.

Market Discount/Premium Risk: The market price of shares of the fund will be based on factors such as the supply and demand for shares in the market and general market, economic, industry, political or regulatory conditions.  Whether shareholders will realize gains or losses upon the sale of shares of the fund will depend on the market price of

16

Investment Objective, Principal Investment Strategies and Principal Risks - continued

shares at the time of the sale, not on the fund’s net asset value.  The market price may be lower or higher than the fund’s net asset value. Shares of closed-end funds frequently trade at a discount to their net asset value.

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

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

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

17

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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

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

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

Liquidity Risk: Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market, or may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions, including trading halts, sanctions, or wars. Investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment may also adversely affect liquidity.  At times, all or a significant portion of a market may not have an active trading market. Without an active trading market, it may be difficult to value, and it may not be possible to sell, these investments and the fund could miss other investment opportunities and hold investments it would prefer to sell, resulting in losses for the fund.  In addition, the fund may have to sell certain of these investments at prices or times that are not advantageous in order to meet redemptions or other cash needs, which could result in dilution of remaining investors' interests in the fund.  The prices of illiquid securities may be more volatile than more liquid investments.

18

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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

Other Investment Strategies and Risks

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

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

Temporary Defensive Strategy: In response to adverse market, economic, industry, political, or other conditions, MFS may depart from the fund’s principal investment strategies by temporarily investing for defensive purposes. When MFS invests defensively, different factors could affect the fund’s performance and the fund may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

Investment Restrictions

The Fund has adopted the following policies which cannot be changed without the approval of a “majority of its outstanding voting securities” as such term is defined by the 1940 Act.  Under the 1940 Act, the vote of a “majority of its outstanding voting securities” means the vote of the lesser of (i) 67% or more of the voting securities present at a meeting at which holders of voting securities representing more than 50% of the outstanding voting securities are present or represented by proxy, or (ii) more

19

Investment Objective, Principal Investment Strategies and Principal Risks - continued

than 50% of the outstanding voting securities. Except for fundamental investment restriction (1), these investment restrictions are adhered to at the time of purchase or utilization of assets; a subsequent change in circumstances will not be considered to result in a violation of policy.

The Fund may not:

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

(2)

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

(3)

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

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

(5)

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

(6)

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

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

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

20

Investment Objective, Principal Investment Strategies and Principal Risks - continued

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

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

21

Effects of Leverage

The following table is furnished in response to requirements of the Securities and Exchange Commission (the “SEC”). It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the Investment Company Act of 1940 (the “1940 Act”), on fund total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a fund’s portfolio) of –10%, –5%, 0%, 5% and 10%. The table below assumes the fund’s continued use of line of credit borrowings (“leverage”), as applicable, as of October 31, 2024, as a percentage of total assets (including assets attributable to such leverage), the estimated annual effective interest expense rate payable by the fund on such line of credit borrowings (based on market conditions as of October 31, 2024), and the annual return that the fund’s portfolio would need to experience (net of expenses) in order to cover such costs. The information below does not reflect the fund’s possible use of certain other forms of economic leverage through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, if any.

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

Line of Credit Borrowings as a Percentage of Total Assets (Including Assets Attributable to Leverage)					25.29%
Estimated Annual Effective Rate of Interest Expense on Line of Credit Borrowings					5.72%
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense on Line of Credit Borrowings					1.45%
Assumed Return on Portfolio (Net of Expenses)	-10.00%	-5.00%	0.00%	5.00%	10.00%
Corresponding Return to Shareholder	-15.32%	-8.63%	-1.94%	4.76%	11.45%

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

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

22

Portfolio Managers' Profiles

Portfolio Manager	Primary Role	Since	Title and Five Year History
Robert Spector	Lead Portfolio Manager	2017	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Neeraj Arora	Emerging Markets Debt Instruments Portfolio Manager	2023	Investment Officer of MFS; employed in the investment management area of MFS since 2011.
Ward Brown	Emerging Markets Debt Instruments Portfolio Manager	2012	Investment Officer of MFS; employed in the investment management area of MFS since 2005.
David Cole	Below Investment Grade Debt Instruments Portfolio Manager	2006	Investment Officer of MFS; employed in the investment management area of MFS since 2004.
Pilar Gomez-Bravo	Debt Instruments Portfolio Manager	2013	Co-Chief Investment Officer-Global Fixed Income of MFS; employed in the investment management area of MFS since 2013.
Andy Li	Investment Grade Debt Instruments Portfolio Manager	2019	Investment Officer of MFS; employed in the investment management area of MFS since 2018.
John Mitchell	Investment Grade Debt Instruments Portfolio Manager	2023	Investment Officer of MFS; employed in the investment management area of MFS since 2007.
Michael Skatrud	Below Investment Grade Debt Instruments Portfolio Manager	2018	Investment Officer of MFS; employed in the investment management area of MFS since 2013.

The following information in this annual report is a summary of certain changes since October 31, 2023. This information may not reflect all of the changes that have occurred since you purchased this fund. 

Effective April 30, 2024, Matt Ryan is no longer a Portfolio Manager of the fund. 

23

Dividend Reinvestment And Cash Purchase Plan

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

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

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

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

24

Portfolio of Investments

10/31/24

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

Issuer			Shares/Par	Value ($)
Bonds – 129.9%
Aerospace & Defense – 2.5%
Boeing Co., 6.388%, 5/01/2031 (n)		$	171,000	$178,916
Boeing Co., 5.805%, 5/01/2050			681,000	642,294
Bombardier, Inc., 7.5%, 2/01/2029 (n)			291,000	303,003
Bombardier, Inc., 8.75%, 11/15/2030 (n)			185,000	200,450
Bombardier, Inc., 7.25%, 7/01/2031 (n)			252,000	260,356
Bombardier, Inc., 7%, 6/01/2032 (n)			358,000	366,521
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)			405,000	404,976
Moog, Inc., 4.25%, 12/15/2027 (n)			728,000	694,027
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n)			443,000	491,762
Thales S.A., 4.25%, 10/18/2031		EUR	300,000	341,868
TransDigm, Inc., 5.5%, 11/15/2027		$	613,000	607,638
TransDigm, Inc., 6.75%, 8/15/2028 (n)			476,000	486,215
TransDigm, Inc., 4.625%, 1/15/2029			554,000	526,093
TransDigm, Inc., 6.375%, 3/01/2029 (n)			302,000	306,542
TransDigm, Inc., 6.875%, 12/15/2030 (n)			1,252,000	1,283,399
				$7,094,060
Airlines – 0.5%
Air Canada, 3.875%, 8/15/2026 (n)		$	582,000	$563,018
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n)			764,116	756,656
				$1,319,674
Asset-Backed & Securitized – 3.9%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.008%, 11/15/2054 (i)		$	3,682,010	$158,746
AA Bond Co. Ltd., 6.85%, 7/31/2050		GBP	320,000	415,422
AmeriCredit Automobile Receivables Trust, 2024-1, “A”, 5.61%, 1/12/2027 (n)		$	56,548	56,609
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 6.918% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n)			100,000	99,062
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 8.01% (SOFR - 30 day + 3%), 1/15/2037 (n)			600,000	582,967
Arbor Realty Trust, Inc., CLO, 2022-FL2, “A”, FLR, 6.653% (SOFR - 1mo. + 1.85%), 5/15/2037 (n)			407,341	407,338
AREIT 2022-CRE6 Trust, “D”, FLR, 7.74% (SOFR - 30 day + 2.85%), 1/20/2037 (n)			126,000	123,873
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)			85,413	86,269

25

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Bayview Financial Revolving Mortgage Loan Trust, FLR, 6.432% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)		$	265,876	$451,363
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.608%, 4/15/2053 (i)			976,299	52,707
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.214%, 7/15/2054 (i)			938,644	55,201
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.592%, 2/15/2054 (i)			6,452,187	483,035
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.261%, 2/15/2054 (i)			4,008,091	216,659
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.141%, 3/15/2054 (i)			2,033,223	97,053
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.883%, 6/15/2054 (i)			7,089,942	276,704
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.253%, 7/15/2054 (i)			7,068,810	403,274
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.639%, 7/15/2055 (i)			8,710,564	380,694
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.218% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n)			100,000	98,607
Business Jet Securities LLC, 2024-1A, “B”, 6.924%, 5/15/2039 (n)			92,211	93,911
Business Jet Securities LLC, 2024-2A, “A”, 5.364%, 9/15/2039 (n)			150,875	148,270
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)			89,945	86,505
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)			136,061	136,816
Colt Funding LLC, 2024-1, “A2”, 5.987%, 2/25/2069 (n)			124,058	124,159
Colt Funding LLC, 2024-6, “A1”, 5.39%, 11/25/2069 (n)			270,938	270,099
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.767%, 4/15/2054 (i)			3,598,814	124,374
Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(p)			4,586,320	46
ELM Trust, 2024-ELM, “D10”, 6.847%, 6/10/2039 (n)			100,000	101,023
Enterprise Fleet Financing LLC, 2024-3, “A2”, 5.31%, 4/20/2027 (n)			101,000	101,549
EQT Trust, 2024-EXTR, “B”, 5.654%, 7/05/2041 (n)			169,941	170,328
LoanCore 2021-CRE5 Ltd., “B”, FLR, 6.918% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n)			464,500	459,597
MF1 2021-FL5 Ltd., “C”, FLR, 6.595% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n)			401,500	396,575

26

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
MF1 2021-FL5 Ltd., “D”, FLR, 7.395% ((SOFR - 1mo. + 0.11448%) + 2.5%), 7/15/2036 (n)		$	745,000	$726,119
MF1 2021-FL6 Ltd., “B”, FLR, 6.524% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n)			1,000,000	981,223
MF1 2024-FL14 LLC, “A”, FLR, 6.496% (SOFR - 1mo. + 1.737%), 3/19/2039 (n)			200,000	199,985
MF1 2024-FL14 LLC, “AS”, FLR, 6.999% (SOFR - 1mo. + 2.24%), 3/19/2039 (n)			100,000	99,999
MF1 2024-FL14 LLC, “B”, FLR, 7.448% (SOFR - 1mo. + 2.689%), 3/19/2039 (n)			328,594	329,352
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.283%, 5/15/2054 (i)			1,810,447	101,182
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.174%, 6/15/2054 (i)			2,670,678	130,872
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)			239,000	241,552
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)			56,000	56,578
OBX Trust, 2023-NQM5, “A1”, 5.988%, 1/25/2064 (n)			129,449	129,978
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)			103,611	103,998
OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)			86,225	86,493
RAC Bond Co. PLC, 4.87%, 5/06/2026		GBP	260,000	331,592
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 6.745% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n)		$	340,000	336,269
Verus Securitization Trust, 2024-4, “A1”, 6.218%, 6/25/2069 (n)			146,055	147,084
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.506%, 4/15/2054 (i)			2,279,719	156,207
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.498%, 8/15/2054 (i)			1,934,133	139,708
				$10,957,026
Automotive – 2.0%
Allison Transmission, Inc., 3.75%, 1/30/2031 (n)		$	966,000	$857,293
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n)			555,000	557,965
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n)			271,000	277,403
Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n)			404,000	398,435
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)			555,000	464,457
Ferrari N.V., 3.625%, 5/21/2030		EUR	740,000	815,335
Ford Motor Co., 6.1%, 8/19/2032		$	65,000	65,275
Ford Motor Credit Co. LLC, 6.95%, 6/10/2026			281,000	287,148

27

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Automotive – continued
Ford Motor Credit Co. LLC, 5.8%, 3/08/2029		$	400,000	$400,398
Hyundai Capital America, 6.375%, 4/08/2030 (n)			267,000	280,542
LKQ Corp., 6.25%, 6/15/2033			295,000	305,075
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)			422,000	368,564
Volkswagen Leasing GmbH, 4%, 4/11/2031		EUR	410,000	447,951
Wabash National Corp., 4.5%, 10/15/2028 (n)		$	248,000	225,724
				$5,751,565
Broadcasting – 1.3%
Banijay Group S.A.S., 8.125%, 5/01/2029 (n)		$	600,000	$622,128
Discovery Communications LLC, 4.125%, 5/15/2029			182,000	169,311
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)			560,000	532,515
Nexstar Broadcasting, Inc., 4.75%, 11/01/2028 (n)			173,000	162,643
Prosus N.V., 3.061%, 7/13/2031 (n)			325,000	277,821
Ubisoft Entertainment S.A., 0.878%, 11/24/2027		EUR	1,100,000	999,098
Univision Communications, Inc., 8%, 8/15/2028 (n)		$	202,000	205,282
Univision Communications, Inc., 8.5%, 7/31/2031 (n)			494,000	485,572
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032			157,000	137,584
				$3,591,954
Brokerage & Asset Managers – 1.8%
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)		$	612,000	$632,269
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)			533,000	580,759
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)			211,000	203,195
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034			275,000	291,779
Hightower Holding LLC, 6.75%, 4/15/2029 (n)			323,000	317,992
Hightower Holding LLC, 9.125%, 1/31/2030 (n)			128,000	134,953
Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n)			920,000	920,596
Low Income Investment Fund, 3.386%, 7/01/2026			185,000	178,823
Low Income Investment Fund, 3.711%, 7/01/2029			490,000	446,742
LPL Holdings, Inc., 4%, 3/15/2029 (n)			806,000	757,969
LSEG US Financial Corp., 5.297%, 3/28/2034 (n)			472,000	479,400
				$4,944,477
Building – 3.1%
ABC Supply Co., Inc., 3.875%, 11/15/2029 (n)		$	586,000	$532,894
AmeriTex Holdco Intermediate LLC, 10.25%, 10/15/2028 (n)			351,000	369,318
BCPE Ulysses Intermediate, Inc., 7.75% (7.75% Cash or 8.5% PIK), 4/01/2027 (n)(p)			197,000	191,933
Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n)			419,000	374,491
Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n)			197,000	202,803
Ferguson Enterprises, Inc., 5%, 10/03/2034			140,000	135,879

28

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Building – continued
Foundation Building Materials LLC, 6%, 3/01/2029 (n)		$	610,000	$538,956
GYP Holding III Corp., 4.625%, 5/01/2029 (n)			795,000	750,453
Knife River Corp., 7.75%, 5/01/2031 (n)			507,000	531,139
LBM Acquisition LLC, 6.25%, 1/15/2029 (n)			353,000	325,554
Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n)			152,000	154,622
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)			604,000	577,079
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)			627,000	606,726
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)			193,000	195,918
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)			690,000	688,705
Patrick Industries, Inc., 6.375%, 11/01/2032 (n)			745,000	736,776
Standard Building Solutions, Inc., 6.5%, 8/15/2032 (n)			295,000	296,835
Standard Industries, Inc., 4.75%, 1/15/2028 (n)			338,000	325,993
Standard Industries, Inc., 4.375%, 7/15/2030 (n)			755,000	693,813
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)			584,000	585,922
				$8,815,809
Business Services – 1.8%
athenahealth, Inc., 6.5%, 2/15/2030 (n)		$	247,000	$233,605
Engineering Ingegneria Informatica S.p.A., 11.125%, 5/15/2028		EUR	280,000	311,968
Euronet Worldwide, Inc., 1.375%, 5/22/2026			420,000	441,470
Experian Finance PLC, 3.375%, 10/10/2034			480,000	517,525
Fiserv, Inc., 4.4%, 7/01/2049		$	508,000	429,881
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)			492,000	483,556
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)			460,000	451,453
Iron Mountain, Inc., 5.625%, 7/15/2032 (n)			421,000	408,411
Mastercard, Inc., 4.55%, 1/15/2035			462,000	448,898
Mastercard, Inc., 3.85%, 3/26/2050			270,000	217,680
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n)			354,000	363,204
Tencent Holdings Ltd., 3.8%, 2/11/2025			700,000	697,170
				$5,004,821
Cable TV – 3.8%
Cable One, Inc., 4%, 11/15/2030 (n)		$	683,000	$538,300
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)			1,670,000	1,519,148
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)			1,164,000	1,039,613
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032			344,000	292,671

29

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Cable TV – continued
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)		$	476,000	$380,281
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029			461,000	470,822
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050			233,000	174,815
CSC Holdings LLC, 5.375%, 2/01/2028 (n)			700,000	599,095
CSC Holdings LLC, 5.75%, 1/15/2030 (n)			800,000	421,404
CSC Holdings LLC, 4.125%, 12/01/2030 (n)			250,000	184,533
DIRECTV Financing LLC, 8.875%, 2/01/2030 (n)			227,000	224,049
DISH DBS Corp., 7.75%, 7/01/2026			330,000	279,143
DISH DBS Corp., 5.125%, 6/01/2029			316,000	210,212
DISH Network Corp., 11.75%, 11/15/2027 (n)			325,000	342,101
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)			716,000	671,121
SES S.A., 2.875% to 8/27/2026, FLR (EUR Swap Rate - 5yr. + 3.19%) to 8/27/2031, FLR (EUR Swap Rate - 5yr. + 3.44%) to 8/27/2046, FLR (EUR Swap Rate - 5yr. + 4.19%) to 8/27/2171		EUR	440,000	447,022
Videotron Ltd., 3.625%, 6/15/2029 (n)		$	505,000	471,441
Virgin Media Finance PLC, 5%, 7/15/2030 (n)			715,000	614,653
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)			769,000	737,049
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)			1,095,000	991,092
				$10,608,565
Chemicals – 1.7%
Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n)		$	437,000	$449,433
Chemours Co., 4.625%, 11/15/2029 (n)			735,000	638,133
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)			395,000	321,897
DSM B.V., 3.625%, 7/02/2034		EUR	210,000	230,798
Element Solutions, Inc., 3.875%, 9/01/2028 (n)		$	782,000	753,309
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)			599,000	610,694
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)			696,000	675,699
SNF Group SACA, 3.375%, 3/15/2030 (n)			709,000	635,567
Sociedad Quimica y Minera de Chile S.A., 5.5%, 9/10/2034 (n)			238,000	228,230
Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n)			314,000	330,458
				$4,874,218
Computer Software – 0.9%
Accenture Capital, Inc., 4.25%, 10/04/2031		$	244,000	$236,492
Accenture Capital, Inc., 4.5%, 10/04/2034			163,000	157,559
Amentum Escrow Corp., 7.25%, 8/01/2032 (n)			354,000	366,662
Cloud Software Group, Inc., 8.25%, 6/30/2032 (n)			404,000	415,251

30

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Computer Software – continued
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)		$	336,000	$329,219
Microsoft Corp., 2.525%, 6/01/2050			529,000	338,657
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)			462,000	431,752
Oracle Corp., 4%, 7/15/2046			319,000	251,142
				$2,526,734
Computer Software - Systems – 0.7%
Sabre GLBL, Inc., 8.625%, 6/01/2027 (n)		$	283,000	$273,168
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n)			219,000	225,619
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)			1,050,000	1,045,827
Virtusa Corp., 7.125%, 12/15/2028 (n)			309,000	299,637
				$1,844,251
Conglomerates – 2.5%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)		$	479,000	$457,119
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)			913,000	864,875
Chart Industries, Inc., 9.5%, 1/01/2031 (n)			283,000	304,236
Emerald Debt Merger, 6.625%, 12/15/2030 (n)			688,000	699,712
Gates Corp., 6.875%, 7/01/2029 (n)			305,000	313,366
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n)			358,000	350,823
Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n)			404,000	415,659
Madison IAQ LLC, 5.875%, 6/30/2029 (n)			420,000	398,358
nVent Finance S.à r.l., 5.65%, 5/15/2033			467,000	476,672
Regal Rexnord Corp., 6.05%, 4/15/2028			667,000	682,963
Regal Rexnord Corp., 6.3%, 2/15/2030			224,000	231,961
TriMas Corp., 4.125%, 4/15/2029 (n)			767,000	715,739
Veralto Corp., 4.15%, 9/19/2031		EUR	273,000	305,748
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028		$	234,000	232,913
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034			215,000	221,005
Wurth Finance International B.V., 3%, 8/28/2031		EUR	220,000	236,925
				$6,908,074
Construction – 0.8%
Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n)		$	597,000	$613,732
Empire Communities Corp., 9.75%, 5/01/2029 (n)			554,000	578,832
Mattamy Group Corp., 5.25%, 12/15/2027 (n)			108,000	106,371
Mattamy Group Corp., 4.625%, 3/01/2030 (n)			490,000	459,139
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)			574,000	548,467
				$2,306,541

31

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Consumer Products – 2.0%
Acushnet Co., 7.375%, 10/15/2028 (n)		$	507,000	$528,690
Amer Sports Co., 6.75%, 2/16/2031 (n)			691,000	701,981
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n)			248,000	251,204
Haleon UK Capital PLC, 2.875%, 9/18/2028		EUR	480,000	520,507
HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n)		$	606,000	617,879
Kenvue, Inc., 5.05%, 3/22/2053			459,000	446,209
L'Oréal S.A., 2.875%, 11/06/2031 (w)		EUR	400,000	432,576
Newell Brands, Inc., 6.375%, 5/15/2030 (w)		$	352,000	353,609
Newell Brands, Inc., 6.625%, 5/15/2032 (w)			151,000	151,436
Perrigo Finance Unlimited Co., 6.125%, 9/30/2032			395,000	390,063
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)			729,000	713,820
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)			500,000	445,693
				$5,553,667
Consumer Services – 2.9%
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)		$	881,000	$883,122
Allied Universal Holdco LLC, 6%, 6/01/2029 (n)			400,000	366,001
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)			573,000	504,314
Emeria S.A.S.U., 3.375%, 3/31/2028		EUR	520,000	486,611
Garda World Security Corp., 8.375%, 11/15/2032 (n)		$	345,000	344,972
GoDaddy, Inc., 3.5%, 3/01/2029 (n)			874,000	806,607
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)			712,000	712,575
Match Group Holdings II LLC, 5%, 12/15/2027 (n)			252,000	246,043
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n)			601,000	578,029
Meituan, 4.5%, 4/02/2028 (n)			332,000	324,231
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)			213,000	175,456
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)			419,000	319,546
Service Corp. International, 5.75%, 10/15/2032			677,000	665,037
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n)			353,000	304,216
TriNet Group, Inc., 3.5%, 3/01/2029 (n)			802,000	729,266
TriNet Group, Inc., 7.125%, 8/15/2031 (n)			100,000	102,412
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)			532,000	530,687
				$8,079,125

32

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Containers – 1.3%
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)		$	725,000	$653,266
Ball Corp., 2.875%, 8/15/2030			796,000	692,769
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)			515,000	468,485
Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n)			395,000	401,122
Titan Holdings II B.V., 5.125%, 7/15/2029		EUR	333,000	366,785
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)		$	611,000	609,174
Verallia S.A., 3.875%, 11/04/2032 (w)		EUR	400,000	429,451
				$3,621,052
Electrical Equipment – 0.2%
Arrow Electronics, Inc., 5.875%, 4/10/2034		$	408,000	$413,110
CommScope Technologies LLC, 5%, 3/15/2027 (n)			126,000	111,442
				$524,552
Electronics – 0.7%
Entegris Escrow Corp., 5.95%, 6/15/2030 (n)		$	150,000	$149,836
Entegris, Inc., 4.375%, 4/15/2028 (n)			379,000	362,349
Entegris, Inc., 3.625%, 5/01/2029 (n)			487,000	445,622
Intel Corp., 5.7%, 2/10/2053			258,000	241,120
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030			188,000	173,219
NXP B.V./NXP Funding LLC/NXP USA, Inc., 5%, 1/15/2033			85,000	83,665
Sensata Technologies B.V., 5.875%, 9/01/2030 (n)			390,000	385,952
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)			167,000	155,494
				$1,997,257
Emerging Market Quasi-Sovereign – 5.7%
Abu Dhabi Development Holding Co. PJSC, 5.5%, 5/08/2034 (n)		$	944,000	$970,347
Abu Dhabi Development Holding Co. PJSC, 5.25%, 10/02/2054 (n)			213,000	200,538
Bank Gospodarstwa Krajowego (Republic of Poland), 5.75%, 7/09/2034 (n)			940,000	948,441
Centrais Eletricas Brasileiras S.A., 6.5%, 1/11/2035 (n)			434,000	425,754
CEZ A.S. (Czech Republic), 4.125%, 9/05/2031		EUR	323,000	354,192
CEZ A.S. (Czech Republic), 4.25%, 6/11/2032			667,000	733,927
Development Bank of Kazakhstan JSC, 5.25%, 10/23/2029 (n)		$	200,000	199,757
Empresa Nacional del Petroleo (Republic of Chile), 5.95%, 7/30/2034 (n)			425,000	428,811
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n)			1,052,000	1,052,102
Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027		EUR	640,000	648,863

33

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Export-Import Bank of India, 3.375%, 8/05/2026		$	1,366,000	$1,331,959
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)			700,000	612,287
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			1,000,000	980,252
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)			490,000	499,050
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n)			285,000	297,113
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n)			373,000	367,252
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)			600,000	459,886
Petroleos Mexicanos, 6.49%, 1/23/2027			904,000	890,990
Petroleos Mexicanos, 6.7%, 2/16/2032			499,000	443,732
Petroleos Mexicanos, 6.75%, 9/21/2047			634,000	453,919
Qatar Petroleum, 3.125%, 7/12/2041			355,000	268,999
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			547,000	523,088
Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n)			410,000	395,548
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026			767,000	781,719
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030			1,152,000	1,203,811
Uzbek Industrial and Construction Bank ATB (Republic of Uzbekistan), 8.95%, 7/24/2029 (n)			388,000	390,004
				$15,862,341
Emerging Market Sovereign – 8.9%
Dominican Republic, 5.5%, 2/22/2029 (n)		$	747,000	$732,620
Dominican Republic, 5.875%, 1/30/2060 (n)			927,000	819,519
Federal Republic of Nigeria, 7.875%, 2/16/2032			320,000	287,160
Kingdom of Morocco, 1.375%, 3/30/2026		EUR	758,000	794,239
Kingdom of Morocco, 3%, 12/15/2032 (n)		$	448,000	369,656
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	29,700,000	675,538
Oriental Republic of Uruguay, 9.75%, 7/20/2033			10,000,000	245,563
Republic of Albania, 5.9%, 6/09/2028		EUR	620,000	707,372
Republic of Angola, 8.25%, 5/09/2028		$	491,000	468,787
Republic of Angola, 9.375%, 5/08/2048			400,000	340,944
Republic of Argentina, 4.125%, 7/09/2035			1,047,289	578,009
Republic of Bulgaria, 5%, 3/05/2037			572,000	548,245
Republic of Chile, 3.1%, 1/22/2061			672,000	416,007
Republic of Costa Rica, 7.3%, 11/13/2054			391,000	412,701
Republic of Cote d'Ivoire, 5.25%, 3/22/2030		EUR	1,150,000	1,182,112
Republic of Guatemala, 6.05%, 8/06/2031 (n)		$	420,000	418,320
Republic of Guatemala, 6.125%, 6/01/2050 (n)			564,000	515,214

34

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Hungary, 5.5%, 6/16/2034 (n)		$	970,000	$947,981
Republic of India, 7.18%, 8/14/2033		INR	58,000,000	701,527
Republic of Korea, 1.375%, 6/10/2030		KRW	8,300,000,000	5,508,961
Republic of Paraguay, 5.6%, 3/13/2048		$	1,049,000	954,957
Republic of Peru, 5.375%, 2/08/2035			422,000	415,179
Republic of Philippines, 3.556%, 9/29/2032			327,000	297,550
Republic of Romania, 2.124%, 7/16/2031 (n)		EUR	1,200,000	1,094,664
Republic of Serbia, 1.65%, 3/03/2033			115,000	99,787
Republic of Serbia, 6%, 6/12/2034 (n)		$	689,000	691,280
Republic of Serbia, 2.05%, 9/23/2036 (n)		EUR	456,000	374,266
Republic of South Africa, 7.3%, 4/20/2052		$	596,000	562,386
Republic of Turkey, 4.75%, 1/26/2026			521,000	518,213
Republic of Turkey, 7.625%, 5/15/2034			540,000	556,538
Republic of Turkey, 6.5%, 1/03/2035			308,000	292,453
Sultanate of Oman, 6%, 8/01/2029			750,000	767,872
Sultanate of Oman, 7%, 1/25/2051			600,000	640,529
United Mexican States, 4.75%, 4/27/2032			736,000	683,464
United Mexican States, 3.771%, 5/24/2061			430,000	258,110
				$24,877,723
Energy - Independent – 3.6%
Civitas Resources, Inc., 8.375%, 7/01/2028 (n)		$	421,000	$435,091
Civitas Resources, Inc., 8.625%, 11/01/2030 (n)			177,000	185,950
Civitas Resources, Inc., 8.75%, 7/01/2031 (n)			390,000	408,470
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)			951,000	910,742
Diamondback Energy, Inc., 5.75%, 4/18/2054			418,000	406,015
Encino Acquisition Partners Holdings LLC, 8.75%, 5/01/2031 (n)			459,000	471,161
Gulfport Energy Corp., 6.75%, 9/01/2029 (n)			445,000	447,301
Matador Resources Co., 6.875%, 4/15/2028 (n)			561,000	571,141
Matador Resources Co., 6.5%, 4/15/2032 (n)			203,000	201,044
Occidental Petroleum Corp., 6.45%, 9/15/2036			456,000	471,573
Occidental Petroleum Corp., 6.05%, 10/01/2054			120,000	116,299
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)			606,000	597,398
Permian Resources Operating LLC, 7%, 1/15/2032 (n)			333,000	339,691
Permian Resources Operating LLC, 6.25%, 2/01/2033 (n)			190,000	188,631
Pioneer Natural Resources Co., 2.15%, 1/15/2031			410,000	351,489
Santos Finance Ltd., 6.875%, 9/19/2033 (n)			449,000	482,078
Sitio Royalties Operating Partnership LP, 7.875%, 11/01/2028 (n)			648,000	672,681
SM Energy Co., 6.5%, 7/15/2028			320,000	319,097
SM Energy Co., 7%, 8/01/2032 (n)			211,000	209,289

35

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Energy - Independent – continued
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n)		$	422,000	$408,596
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026			1,025,000	992,442
Vital Energy, Inc., 7.875%, 4/15/2032 (n)			515,000	494,924
Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n)			398,000	386,006
				$10,067,109
Energy - Integrated – 0.8%
BP Capital Markets America, Inc., 4.812%, 2/13/2033		$	243,000	$238,007
BP Capital Markets B.V., 4.323%, 5/12/2035		EUR	340,000	386,561
BP Capital Markets B.V., 0.933%, 12/04/2040			190,000	131,813
Citgo Petroleum Corp., 8.375%, 1/15/2029 (n)		$	514,000	534,672
Eni S.p.A., 3.875%, 1/15/2034		EUR	270,000	297,058
Exxon Mobil Corp., 1.408%, 6/26/2039			450,000	358,819
OMV AG, 3.25%, 9/04/2031			154,000	167,788
				$2,114,718
Entertainment – 2.1%
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)		$	625,000	$626,872
Life Time, Inc., 6%, 11/15/2031 (n)			452,000	450,081
Lindblad Expeditions Holdings, Inc., 9%, 5/15/2028 (n)			249,000	259,222
Motion Bondco DAC, 6.625%, 11/15/2027 (n)			404,000	382,281
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)			309,000	308,662
NCL Corp. Ltd., 6.25%, 3/01/2030 (n)			505,000	499,496
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)			430,000	429,211
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)			388,000	387,973
Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n)			253,000	251,967
Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n)			401,000	403,462
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)			454,000	436,023
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)			692,000	705,055
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)			192,000	190,758
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)			557,000	549,296
				$5,880,359
Financial Institutions – 4.0%
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)		$	626,867	$591,142
Azorra Finance Ltd., 7.75%, 4/15/2030 (n)			746,000	737,119
Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 5/13/2031			320,000	281,180
Credit Acceptance Corp., 9.25%, 12/15/2028 (n)			627,000	663,465
CTP N.V., 4.75%, 2/05/2030		EUR	410,000	461,920
Encore Capital Group, Inc., 9.25%, 4/01/2029 (n)		$	496,000	528,117

36

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – continued
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)		$	489,000	$490,761
Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n)			248,000	253,982
FTAI Aviation Ltd., 5.5%, 5/01/2028 (n)			568,000	556,845
FTAI Aviation Ltd., 7.875%, 12/01/2030 (n)			383,000	403,483
FTAI Aviation Ltd., 7%, 6/15/2032 (n)			204,000	209,305
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029			199,000	198,850
Jefferson Capital Holdings LLC, 9.5%, 2/15/2029 (n)			477,000	507,364
Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n)			86,000	84,175
Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n)			381,000	395,798
Muthoot Finance Ltd., 7.125%, 2/14/2028 (n)			226,000	230,030
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)			868,000	864,857
OneMain Finance Corp., 6.625%, 5/15/2029 (w)			489,000	489,000
OneMain Finance Corp., 5.375%, 11/15/2029			356,000	341,181
OneMain Finance Corp., 7.5%, 5/15/2031			317,000	324,180
Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n)			351,000	350,064
Samhallsbyggnadsbolaget i Norden AB, 2.375%, 9/04/2026		EUR	650,000	610,704
Samhallsbyggnadsbolaget i Norden AB, 2.875% to 1/30/2027, FLR (EUR Swap Rate - 5yr. + 3.223%) to 1/30/2032, FLR (EUR Swap Rate - 5yr. + 3.473%) to 1/30/2047, FLR (EUR Swap Rate - 5yr. + 4.473%) to 1/30/2171 (a)(d)			890,000	411,441
Shriram Finance Ltd., 6.15%, 4/03/2028 (n)		$	731,000	724,389
Shurgard Luxembourg Co., 3.625%, 10/22/2034		EUR	400,000	427,079
				$11,136,431
Food & Beverages – 4.8%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038		$	367,000	$338,202
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049			331,000	337,774
B&G Foods, Inc., 8%, 9/15/2028 (n)			599,000	622,301
Bacardi Ltd., 5.15%, 5/15/2038 (n)			530,000	496,458
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n)			325,000	323,125
Bunge Ltd. Finance Corp., 4.65%, 9/17/2034			533,000	511,200
Central American Bottling Corp., 5.25%, 4/27/2029 (n)			691,000	662,833
Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n)			404,000	421,178
Constellation Brands, Inc., 2.25%, 8/01/2031			290,000	244,274
Diageo Finance PLC, 3.375%, 8/30/2035		EUR	440,000	476,089
Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)		$	322,000	337,684
Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n)			317,000	331,345
Flora Food Management B.V., 6.875%, 7/02/2029		EUR	440,000	480,244
Heineken N.V., 3.812%, 7/04/2036			350,000	384,771
JBS USA Food Co., 6.5%, 12/01/2052		$	241,000	247,813

37

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Food & Beverages – continued
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029		$	439,000	$403,317
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032			1,000,000	882,712
Kerry Group Financial Services Co., 3.75%, 9/05/2036		EUR	330,000	360,199
Kraft Heinz Foods Co., 4.375%, 6/01/2046		$	549,000	460,104
Nestle Finance International Ltd., 3.125%, 10/28/2036		EUR	530,000	567,698
Performance Food Group Co., 5.5%, 10/15/2027 (n)		$	678,000	672,254
Performance Food Group, Inc., 6.125%, 9/15/2032 (n)			332,000	333,389
Post Holdings, Inc., 4.625%, 4/15/2030 (n)			924,000	863,558
Post Holdings, Inc., 6.25%, 10/15/2034 (n)			219,000	216,581
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)			875,000	824,363
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031			360,000	321,300
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)			813,000	783,191
U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n)			131,000	129,006
Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n)			247,000	246,214
Viterra Finance B.V., 3.2%, 4/21/2031 (n)			263,000	232,813
				$13,511,990
Forest & Paper Products – 0.2%
Graphic Packaging International LLC, 1.512%, 4/15/2026 (n)		$	206,000	$194,756
Graphic Packaging International LLC, 6.375%, 7/15/2032 (n)			497,000	501,436
				$696,192
Gaming & Lodging – 3.7%
Caesars Entertainment, Inc., 7%, 2/15/2030 (n)		$	717,000	$734,963
CCM Merger, Inc., 6.375%, 5/01/2026 (n)			541,000	539,256
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)			1,025,000	1,009,068
Flutter Treasury DAC, 5%, 4/29/2029 (n)		EUR	200,000	223,306
Flutter Treasury DAC, 6.375%, 4/29/2029 (n)		$	200,000	204,563
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030			1,016,000	984,449
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)			411,000	360,754
IHG Finance LLC, 3.625%, 9/27/2031		EUR	480,000	513,942
Las Vegas Sands Corp., 6.2%, 8/15/2034		$	465,000	473,951
Marriott International, Inc., 2.85%, 4/15/2031			543,000	477,230
Melco Resorts Finance Limited, 5.375%, 12/04/2029			358,000	327,049
Melco Resorts Finance Ltd., 7.625%, 4/17/2032 (n)			217,000	219,688
Sands China Ltd., 4.375%, 6/18/2030			520,000	488,895
Studio City Finance Ltd., 5%, 1/15/2029 (n)			304,000	274,428
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)			909,000	865,160
Wynn Macau Ltd., 5.5%, 10/01/2027 (n)			680,000	658,922

38

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Gaming & Lodging – continued
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)		$	1,319,000	$1,266,022
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)			637,000	618,413
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n)			253,000	266,152
				$10,506,211
Industrial – 1.3%
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n)		$	210,000	$210,166
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n)			640,000	655,767
APi Escrow Corp., 4.75%, 10/15/2029 (n)			874,000	829,423
Arcadis N.V., 4.875%, 2/28/2028		EUR	358,000	404,193
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050		$	966,000	597,397
Williams Scotsman, Inc., 4.625%, 8/15/2028 (n)			781,000	746,578
Williams Scotsman, Inc., 6.625%, 6/15/2029 (n)			255,000	258,869
				$3,702,393
Insurance – 1.0%
Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n)		$	400,000	$342,368
Aviva PLC, 6.125% to 9/12/2034, FLR (GBP Government Yield - 5yr. + 3.3%) to 9/12/2054		GBP	360,000	454,361
Corebridge Financial, Inc., 4.35%, 4/05/2042		$	476,000	404,396
Corebridge Financial, Inc., 6.875% to 12/15/2027, FLR (CMT - 5yr. + 3.846%) to 12/15/2052			236,000	241,561
Lincoln National Corp., 5.852%, 3/15/2034			351,000	360,703
MetLife, Inc., 5.3%, 12/15/2034			580,000	585,918
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n)			446,000	468,400
				$2,857,707
Insurance - Health – 0.5%
Elevance Health, Inc., 5.375%, 6/15/2034		$	404,000	$407,848
UnitedHealth Group, Inc., 5.15%, 7/15/2034			573,000	577,327
UnitedHealth Group, Inc., 4.625%, 7/15/2035			294,000	285,093
				$1,270,268
Insurance - Property & Casualty – 3.7%
Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n)		$	308,000	$313,014
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)			100,000	94,633
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)			410,000	387,252
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n)			400,000	402,693

39

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Insurance - Property & Casualty – continued
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n)		$	758,000	$750,574
American International Group, Inc., 5.125%, 3/27/2033			505,000	504,785
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)			609,000	573,191
Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n)			615,000	630,477
Arthur J. Gallagher & Co., 6.5%, 2/15/2034			165,000	178,787
Arthur J. Gallagher & Co., 5.75%, 3/02/2053			348,000	347,401
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)			455,000	430,531
Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n)			715,000	729,236
Brown & Brown, Inc., 5.65%, 6/11/2034			350,000	356,225
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027		CAD	790,000	572,856
Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054		$	402,000	418,203
Hub International Ltd., 5.625%, 12/01/2029 (n)			255,000	246,932
Hub International Ltd., 7.25%, 6/15/2030 (n)			760,000	785,401
Hub International Ltd., 7.375%, 1/31/2032 (n)			325,000	331,533
Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031 (w)			559,000	557,004
Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055 (w)			319,000	316,978
Panther Escrow Issuer, 7.125%, 6/01/2031 (n)			910,000	931,731
RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033			159,000	161,402
Ryan Specialty LLC, 5.875%, 8/01/2032 (n)			403,000	401,654
				$10,422,493
International Market Quasi-Sovereign – 2.1%
Electricite de France S.A., 6.5%, 11/08/2064 (w)		GBP	300,000	$380,360
EnBW International Finance B.V. (Federal Republic of Germany), 4.3%, 5/23/2034		EUR	215,000	245,731
EnBW International Finance B.V. (Federal Republic of Germany), 4%, 7/22/2036			440,000	488,579
ESB Finance DAC (Republic of Ireland), 1.875%, 6/14/2031			305,000	304,202
Landsbankinn hf. (Republic of Iceland), 3.75%, 10/08/2029			535,000	577,354
Logicor Financing S.à r.l. (Grand Duchy of Luxembourg), 4.25%, 7/18/2029			130,000	143,189
Logicor Financing S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/17/2030			400,000	391,329
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)		$	475,000	490,770
NBN Co. Ltd. (Commonwealth of Australia), 3.75%, 3/22/2034		EUR	520,000	580,059
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)		$	425,000	356,011
P3 Group S.à r.l. (Grand Duchy of Luxembourg), 1.625%, 1/26/2029		EUR	270,000	270,174

40

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
International Market Quasi-Sovereign – continued
P3 Group S.à.r.l. (Grand Duchy of Luxembourg), 4%, 4/19/2032		EUR	280,000	$304,867
RTE Reseau de Transport d'Electricite (Republic of France), 3.5%, 10/02/2036			500,000	543,264
Swisscom Finance, 3.5%, 11/29/2031			500,000	554,323
Wolf Midstream Canada LP, 6.4%, 7/18/2029 (n)		CAD	519,000	376,944
				$6,007,156
International Market Sovereign – 4.4%
Commonwealth of Australia, 3.75%, 4/21/2037		AUD	11,352,000	$6,869,355
Government of Bermuda, 2.375%, 8/20/2030 (n)		$	239,000	205,062
Government of Bermuda, 5%, 7/15/2032 (n)			731,000	712,725
Kingdom of Spain, 3.45%, 10/31/2034 (n)		EUR	1,400,000	1,568,505
Republic of Italy, 4.15%, 10/01/2039 (n)			2,700,000	3,010,377
				$12,366,024
Local Authorities – 0.2%
Province of Alberta, 1.65%, 6/01/2031		CAD	553,000	$353,907
Province of British Columbia, 2.95%, 6/18/2050			405,000	231,903
				$585,810
Machinery & Tools – 1.0%
AGCO Corp., 5.8%, 3/21/2034		$	294,000	$299,027
Ashtead Capital, Inc., 5.95%, 10/15/2033 (n)			308,000	314,995
CNH Industrial Capital LLC, 5.5%, 1/12/2029			435,000	444,953
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)			1,000,000	1,053,591
Terex Corp., 5%, 5/15/2029 (n)			37,000	35,566
The Manitowoc Co., Inc., 9.25%, 10/01/2031 (n)			354,000	359,451
United Rentals North America, Inc., 6.125%, 3/15/2034 (n)			251,000	253,095
				$2,760,678
Major Banks – 4.7%
Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day + 1.63%) to 4/25/2029		$	349,000	$352,427
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032			409,000	354,679
Bank of America Corp., 5.425% to 8/15/2034, FLR (SOFR - 1 day + 1.913%) to 8/15/2035			422,000	415,710
Bankinter S.A., 3.5%, 9/10/2032		EUR	300,000	326,108
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n)		$	688,000	593,967
Credit Agricole S.A., 6.316% to 10/03/2028, FLR (SOFR - 1 day + 1.86%) to 10/03/2029 (n)			545,000	569,894
Danske Bank A.S., 1.549%, 9/10/2027 (n)			361,000	340,215

41

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
Danske Bank A.S., 4.613% to 10/02/2029, FLR (CMT - 1yr. + 1.1%) to 10/02/2030 (n)		$	390,000	$380,764
Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - 1 day + 1.135%) to 10/23/2030			184,000	181,594
Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - 1 day + 1.42%) to 10/23/2035			245,000	239,219
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026			271,000	266,215
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030			343,000	351,839
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032			639,000	534,520
JPMorgan Chase & Co., 3.761% to 3/21/2033, FLR (EURIBOR - 3mo. + 0.98%) to 3/21/2034		EUR	310,000	340,608
mBank S.A., 4.034% to 9/27/2029, FLR (EURIBOR - 3mo. + 1.75%) to 9/27/2030			400,000	433,371
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032		$	550,000	469,376
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027			527,000	502,420
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031			462,000	432,371
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034			222,000	224,289
Morgan Stanley, 5.213%, 10/24/2035		GBP	560,000	700,420
National Bank of Greece S.A., 5.875% to 6/28/2030, FLR (EUR ICE Swap Rate - 5yr. + 3.154%) to 6/28/2035		EUR	260,000	295,243
Nationwide Building Society, 3.828% to 7/24/2031, FLR (EURIBOR - 3mo. + 1.15%) to 7/24/2032			440,000	482,703
NatWest Group PLC, 3.673% to 8/05/2030, FLR (EURIBOR - 3mo. + 1.097%) to 8/05/2031			170,000	186,227
NatWest Group PLC, 8.125% to 5/10/2034, FLR (CMT - 5yr. + 3.752%) to 6/30/2172		$	200,000	214,313
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035			287,000	294,815
Royal Bank of Canada, 4.875%, 11/01/2030 (w)		GBP	359,000	456,626
Toronto-Dominion Bank, 3.563%, 4/16/2031		EUR	480,000	523,925
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n)		$	1,156,000	979,559
UBS Group AG, 4.125% to 6/09/2032, FLR (EUR ICE Swap Rate - 1yr. + 1.75%) to 6/09/2033		EUR	350,000	391,174
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n)		$	530,000	516,752

42

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
UniCredit S.p.A., 4.2%, 6/11/2034		EUR	390,000	$429,588
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033		$	337,000	299,437
				$13,080,368
Medical & Health Technology & Services – 4.5%
180 Medical, Inc., 3.875%, 10/15/2029 (n)		$	765,000	$711,502
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)			710,000	686,514
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)			427,000	447,996
Becton, Dickinson and Co., 3.828%, 6/07/2032		EUR	370,000	410,028
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)		$	876,000	803,041
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)			356,000	355,418
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)			295,000	230,978
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)			1,190,000	1,038,552
Concentra, Inc., 6.875%, 7/15/2032 (n)			499,000	512,062
Encompass Health Corp., 5.75%, 9/15/2025			52,000	51,929
Encompass Health Corp., 4.75%, 2/01/2030			643,000	618,445
Encompass Health Corp., 4.625%, 4/01/2031			202,000	190,108
HCA, Inc., 5.45%, 9/15/2034			300,000	297,870
HCA, Inc., 5.125%, 6/15/2039			235,000	221,954
ICON Investments Six DAC, 5.809%, 5/08/2027			470,000	479,346
ICON Investments Six DAC, 5.849%, 5/08/2029			200,000	205,554
IQVIA, Inc., 5%, 5/15/2027 (n)			965,000	952,616
IQVIA, Inc., 6.5%, 5/15/2030 (n)			400,000	410,892
Lifepoint Health, Inc., 9.875%, 8/15/2030 (n)			293,000	320,507
Lifepoint Health, Inc., 11%, 10/15/2030 (n)			322,000	358,935
Lifepoint Health, Inc., 10%, 6/01/2032 (n)			400,000	426,784
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050			318,000	201,326
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048			205,000	208,047
Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n)			357,000	366,569
Tenet Healthcare Corp., 6.125%, 10/01/2028			329,000	328,687
Tenet Healthcare Corp., 4.375%, 1/15/2030			393,000	368,453
Tenet Healthcare Corp., 6.125%, 6/15/2030			837,000	840,919
Thermo Fisher Scientific (Finance I) B.V., 2%, 10/18/2051		EUR	330,000	252,215
U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n)		$	411,000	419,210
				$12,716,457

43

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Medical Equipment – 0.8%
Garden SpinCo Corp., 8.625%, 7/20/2030 (n)		$	429,000	$464,308
Medline Borrower LP, 3.875%, 4/01/2029 (n)			256,000	239,480
Medline Borrower LP, 5.25%, 10/01/2029 (n)			727,000	704,173
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n)			375,000	381,541
Medtronic, Inc., 4.15%, 10/15/2053		EUR	120,000	135,063
Stryker Corp., 3.625%, 9/11/2036			340,000	368,916
				$2,293,481
Metals & Mining – 1.6%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)		$	371,000	$380,787
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)			533,000	482,464
FMG Resources Ltd., 4.375%, 4/01/2031 (n)			1,563,000	1,422,886
Novelis Corp., 3.25%, 11/15/2026 (n)			444,000	427,181
Novelis Corp., 4.75%, 1/30/2030 (n)			598,000	560,244
Novelis Corp., 3.875%, 8/15/2031 (n)			315,000	276,639
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)			367,032	297,776
Taseko Mines Ltd., 8.25%, 5/01/2030 (n)			422,000	436,070
Vale Overseas Ltd., 6.4%, 6/28/2054			293,000	294,333
				$4,578,380
Midstream – 5.3%
Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n)		$	169,000	$175,010
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)			379,000	407,415
Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n)			495,000	507,890
DT Midstream, Inc., 4.125%, 6/15/2029 (n)			566,000	531,507
DT Midstream, Inc., 4.375%, 6/15/2031 (n)			769,000	707,417
Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054			215,000	210,088
Energy Transfer LP, 5.95%, 5/15/2054			359,000	353,616
EQM Midstream Partners LP, 5.5%, 7/15/2028			855,000	848,616
EQM Midstream Partners LP, 6.375%, 4/01/2029 (n)			204,000	207,175
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n)			408,051	353,635
Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029			198,000	202,218
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)			415,000	411,805
NuStar Logistics LP, 6.375%, 10/01/2030			599,000	605,760
Pembina Pipeline Corp., 4.81%, 3/25/2044		CAD	548,000	367,355
Peru LNG, 5.375%, 3/22/2030		$	959,785	861,331
Plains All American Pipeline LP, 5.7%, 9/15/2034			469,000	473,058
Prairie Acquiror LP, 9%, 8/01/2029 (n)			397,000	402,493

44

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Midstream – continued
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n)		$	405,000	$383,993
Sunoco LP, 7.25%, 5/01/2032 (n)			612,000	637,108
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)			849,000	815,359
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)			300,000	300,988
Targa Resources Corp., 4.2%, 2/01/2033			201,000	184,768
Targa Resources Corp., 4.95%, 4/15/2052			325,000	282,845
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)			551,000	508,047
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)			893,000	813,913
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)			441,000	457,662
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)			542,000	599,075
Venture Global LNG, Inc., 7%, 1/15/2030 (n)			254,000	255,568
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)			740,000	768,627
Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n)			622,000	621,954
Vier Gas Transport GmbH, 3.375%, 11/11/2031 (w)		EUR	500,000	539,268
				$14,795,564
Municipals – 0.5%
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037		$	475,000	$417,094
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040			605,000	496,337
National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), “A”, 6.89%, 4/01/2034			365,000	376,322
				$1,289,753
Natural Gas - Distribution – 0.2%
ENGIE S.A., 3.875%, 3/06/2036		EUR	200,000	$220,489
ENGIE S.A., 4.25%, 1/11/2043			200,000	220,764
Naturgy Finance Iberia S.A., 3.25%, 10/02/2030			200,000	215,240
				$656,493
Natural Gas - Pipeline – 0.4%
APA Infrastructure Ltd., 5.125%, 9/16/2034 (n)		$	362,000	$351,218
APA Infrastructure Ltd., 2.5%, 3/15/2036		GBP	740,000	690,905
APA Infrastructure Ltd., 5.75%, 9/16/2044 (n)		$	136,000	133,369
				$1,175,492
Network & Telecom – 0.6%
Altice Financing S.A., 5.75%, 8/15/2029 (n)		$	240,000	$196,830
Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n)			371,000	369,046
Iliad Holding S.A.S., 7%, 10/15/2028 (n)			854,000	865,034

45

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Network & Telecom – continued
Iliad Holding S.A.S., 6.875%, 4/15/2031 (n)		EUR	233,000	$269,622
Orange S.A., 1.375%, 9/04/2049			100,000	72,971
				$1,773,503
Oil Services – 0.5%
Nabors Industries, Inc., 8.875%, 8/15/2031 (n)		$	545,000	$515,256
U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n)			601,000	612,114
Valaris Ltd., 8.375%, 4/30/2030 (n)			247,000	250,606
				$1,377,976
Oils – 0.3%
Raizen Fuels Finance S.A., 6.45%, 3/05/2034 (n)		$	402,000	$410,071
Raizen Fuels Finance S.A., 5.7%, 1/17/2035 (n)			458,000	438,672
				$848,743
Other Banks & Diversified Financials – 2.3%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)		$	621,000	$652,842
AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + 1.91%) to 3/28/2035 (n)			400,000	408,855
Banque Federative du Credit Mutuel S.A., 3.75%, 2/03/2034		EUR	200,000	220,296
BPCE S.A., 4.5%, 3/15/2025 (n)		$	544,000	541,966
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n)			750,000	626,330
CaixaBank S.A., 4.375%, 8/08/2036		EUR	500,000	547,405
Commerzbank AG, 4% to 7/16/2031, FLR (EURIBOR - 3mo. + 1.25%) to 7/16/2032			300,000	328,774
Commerzbank AG, 3.875%, 10/15/2035			200,000	213,725
Coventry Building Society, 3.125%, 10/29/2029			220,000	236,681
Deutsche Bank AG, 6.125% to 12/12/2029, FLR (SONIA + 2.621%) to 12/12/2030		GBP	300,000	391,889
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)		$	529,000	583,532
M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + 1.78%) to 8/16/2028			180,000	177,936
Macquarie Group Ltd., 6.255% to 12/07/2033, FLR (SOFR - 1 day + 2.303%) to 12/07/2034 (n)			426,000	453,364
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028			359,000	355,686
PKO Bank Polski S.A., 3.875% to 9/12/2026, FLR (EURIBOR - 3mo. + 1.4%) to 9/12/2027		EUR	340,000	369,859
Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030		$	239,000	241,867

46

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – continued
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035		$	174,000	$177,151
				$6,528,158
Pharmaceuticals – 0.8%
1375209 B.C. Ltd., 9%, 1/30/2028 (n)		$	254,000	$253,534
AbbVie, Inc., 5.35%, 3/15/2044			226,000	226,677
AbbVie, Inc., 5.4%, 3/15/2054			282,000	284,133
Bausch Health Co., Inc., 4.875%, 6/01/2028 (n)			240,000	185,450
Bausch Health Co., Inc., 5.25%, 1/30/2030 (n)			214,000	117,720
Bristol-Myers Squibb Co., 5.5%, 2/22/2044			188,000	191,278
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)			380,000	360,055
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)			715,000	652,085
				$2,270,932
Pollution Control – 0.7%
GFL Environmental, Inc., 4%, 8/01/2028 (n)		$	641,000	$606,231
GFL Environmental, Inc., 3.5%, 9/01/2028 (n)			179,000	167,824
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)			248,000	255,345
Stericycle, Inc., 3.875%, 1/15/2029 (n)			530,000	520,750
Waste Management, Inc., 4.625%, 2/15/2033			290,000	285,477
Wrangler Holdco Corp., 6.625%, 4/01/2032 (n)			129,000	131,667
				$1,967,294
Precious Metals & Minerals – 0.7%
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)		$	198,000	$188,791
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)			608,000	598,174
IAMGOLD Corp., 5.75%, 10/15/2028 (n)			711,000	693,199
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)			459,000	476,047
				$1,956,211
Railroad & Shipping – 0.1%
Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055		$	397,000	$405,894
Real Estate - Healthcare – 0.1%
MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027		$	242,000	$213,575
Real Estate - Office – 0.6%
Alexandrite Monnet UK Holdco PLC, 10.5%, 5/15/2029		EUR	520,000	$612,917
Boston Properties LP, REIT, 3.65%, 2/01/2026		$	363,000	356,209
Boston Properties LP, REIT, 2.75%, 10/01/2026			204,000	195,531
Corporate Office Property LP, REIT, 2.25%, 3/15/2026			245,000	235,643
Corporate Office Property LP, REIT, 2%, 1/15/2029			95,000	83,336

47

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Real Estate - Office – continued
Corporate Office Property LP, REIT, 2.75%, 4/15/2031		$	208,000	$177,730
				$1,661,366
Real Estate - Other – 1.1%
Cousins Properties, Inc., REIT, 5.875%, 10/01/2034		$	245,000	$247,158
EPR Properties, REIT, 3.6%, 11/15/2031			630,000	555,442
Lexington Realty Trust Co., 2.7%, 9/15/2030			249,000	215,520
Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n)			508,000	483,868
RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)			859,000	890,968
XHR LP, REIT, 4.875%, 6/01/2029 (n)			637,000	597,922
				$2,990,878
Real Estate - Retail – 0.5%
Hammerson PLC, 5.875%, 10/08/2036		GBP	138,000	$171,035
STORE Capital Corp., REIT, 2.75%, 11/18/2030		$	316,000	270,182
STORE Capital Corp., REIT, 2.7%, 12/01/2031			371,000	306,262
Unibail-Rodamco-Westfield SE, 3.875%, 9/11/2034		EUR	300,000	323,355
WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n)		$	400,000	379,930
				$1,450,764
Restaurants – 0.5%
1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n)		$	301,000	$306,255
1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n)			358,000	323,327
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)			549,000	499,305
New Red Finance, Inc., 5.625%, 9/15/2029 (n)			251,000	250,366
				$1,379,253
Retailers – 1.2%
Alimentation Couche-Tard, Inc., 4.011%, 2/12/2036		EUR	130,000	$140,239
Home Depot, Inc., 4.85%, 6/25/2031		$	111,000	111,638
Home Depot, Inc., 4.875%, 2/15/2044			129,000	121,657
Home Depot, Inc., 3.625%, 4/15/2052			379,000	287,466
L Brands, Inc., 6.625%, 10/01/2030 (n)			444,000	444,575
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n)			387,000	378,147
Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n)			247,000	236,713
Maxeda DIY Holding B.V., 5.875%, 10/01/2026		EUR	310,000	264,704
Parkland Corp., 4.625%, 5/01/2030 (n)		$	876,000	805,160
Parkland Corp., 6.625%, 8/15/2032 (n)			102,000	101,787
Penske Automotive Group Co., 3.75%, 6/15/2029			655,000	599,355
				$3,491,441

48

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Specialty Chemicals – 0.3%
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)		$	356,000	$326,051
International Flavors & Fragrances, Inc., 4.375%, 6/01/2047			320,000	256,493
International Flavors & Fragrances, Inc., 5%, 9/26/2048			201,000	178,704
				$761,248
Specialty Stores – 1.0%
Carvana Co., 12% (9% Cash or 12% PIK) to 8/15/2025, 9% Cash to 12/01/2028 (n)(p)		$	202,000	$213,648
Carvana Co., 14% (9% Cash or 14% PIK) to 8/15/2025, 9% Cash to 6/01/2031 (n)(p)			395,340	471,335
DICK'S Sporting Goods, 4.1%, 1/15/2052			642,000	471,404
Michael Cos., Inc., 5.25%, 5/01/2028 (n)			287,000	206,522
Michael Cos., Inc., 7.875%, 5/01/2029 (n)			322,000	169,813
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n)			815,000	791,032
Richemont International S.A., 1.5%, 3/26/2030		EUR	410,000	413,075
				$2,736,829
Supermarkets – 0.6%
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)		$	671,000	$694,794
Kroger Co., 5%, 9/15/2034			182,000	179,017
Kroger Co., 5.5%, 9/15/2054			328,000	318,524
Ocado Group PLC, 10.5%, 8/08/2029		GBP	300,000	386,787
Tesco Corporate Treasury Services PLC, 5.125%, 5/22/2034			200,000	245,757
				$1,824,879
Supranational – 2.1%
European Investment Bank, 2.25%, 12/14/2029		EUR	2,267,000	$2,421,863
European Union, 1.625%, 12/04/2029			2,870,000	2,966,132
European Union, 2.5%, 10/04/2052			460,000	422,768
				$5,810,763
Telecommunications - Wireless – 2.0%
Altice France S.A., 5.5%, 1/15/2028 (n)		$	483,000	$374,808
Altice France S.A., 5.125%, 7/15/2029 (n)			200,000	149,591
American Tower Corp., 5.45%, 2/15/2034			464,000	470,068
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n)			625,000	563,854
SBA Communications Corp., 3.875%, 2/15/2027			476,000	460,693
SBA Communications Corp., 3.125%, 2/01/2029			929,000	845,429
TDF Infrastructure S.A.S., 4.125%, 10/23/2031		EUR	300,000	322,244
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n)		$	576,000	574,560

49

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Telecommunications - Wireless – continued
T-Mobile USA, Inc., 3.875%, 4/15/2030		$	181,000	$171,899
T-Mobile USA, Inc., 5.75%, 1/15/2034			164,000	170,850
Vodafone Group PLC, 5.625%, 2/10/2053			360,000	350,828
Zegona Finance PLC, 6.75%, 7/15/2029 (n)		EUR	100,000	114,350
Zegona Finance PLC, 6.75%, 7/15/2029			361,000	412,802
Zegona Finance PLC, 8.625%, 7/15/2029 (n)		$	531,000	560,869
				$5,542,845
Telephone Services – 0.4%
Level 3 Financing, Inc., 11%, 11/15/2029 (n)		$	252,359	$284,765
Level 3 Financing, Inc., 3.875%, 10/15/2030 (n)			277,594	210,969
TELUS Corp., 2.85%, 11/13/2031		CAD	912,000	594,387
Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n)		$	150,000	129,136
				$1,219,257
Tobacco – 0.4%
B.A.T. International Finance PLC, 4.125%, 4/12/2032		EUR	640,000	$701,255
Imperial Brands Finance PLC, 5.5%, 2/01/2030 (n)		$	445,000	449,953
				$1,151,208
Transportation - Services – 1.0%
Autostrade per l’Italia S.p.A., 5.125%, 6/14/2033		EUR	170,000	$197,652
Avis Budget Finance PLC, 7.25%, 7/31/2030 (n)			447,000	488,777
DSV Finance B.V., 3.25%, 11/06/2030 (w)			100,000	108,789
DSV Finance B.V., 3.375%, 11/06/2032 (w)			100,000	108,942
DSV Finance B.V., 3.375%, 11/06/2034 (w)			100,000	107,931
Element Fleet Management Corp., 6.271%, 6/26/2026 (n)		$	306,000	312,022
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)			224,000	234,208
Heathrow Funding Ltd., 6%, 3/05/2032		GBP	300,000	380,211
Transurban Finance Co Pty Ltd., 3.974%, 3/12/2036		EUR	200,000	219,063
Triton International Ltd., 3.15%, 6/15/2031 (n)		$	486,000	414,314
United Parcel Service, 5.05%, 3/03/2053			252,000	239,806
				$2,811,715
U.S. Treasury Obligations – 4.8%
U.S. Treasury Bonds, 2.375%, 2/15/2042 (f)		$	8,032,000	$5,917,325
U.S. Treasury Bonds, 4.375%, 8/15/2043			178,000	173,585
U.S. Treasury Bonds, 4.625%, 5/15/2044			185,000	185,925
U.S. Treasury Bonds, 4.625%, 5/15/2054			2,990,000	3,059,611
U.S. Treasury Notes, 4.125%, 8/31/2030 (f)			4,180,000	4,163,835
				$13,500,281

50

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – 6.0%
Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 (n)		$	720,000	$634,609
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			86,000	73,530
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043			94,000	91,525
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053			79,000	67,890
Bruce Power LP, 2.68%, 12/21/2028		CAD	750,000	513,481
Bruce Power LP, 4.7%, 6/21/2031			238,000	174,411
Calpine Corp., 4.5%, 2/15/2028 (n)		$	911,000	877,433
Calpine Corp., 5.125%, 3/15/2028 (n)			417,000	407,549
Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n)			519,000	515,886
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)			278,000	269,660
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)			1,153,000	1,029,275
Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n)			173,000	153,303
Duke Energy Corp., 3.75%, 4/01/2031		EUR	430,000	469,035
Duke Energy Florida LLC, 6.2%, 11/15/2053		$	366,000	401,455
E.ON International Finance B.V., 5.875%, 10/30/2037		GBP	300,000	391,385
Enel Finance International N.V., 2.5%, 7/12/2031 (n)		$	484,000	410,220
Enel Finance International N.V., 3.875%, 1/23/2035		EUR	320,000	353,313
Enel Finance International N.V., 4.5%, 2/20/2043			230,000	261,361
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n)		$	200,000	204,300
EPH Financing International A.S., 6.651%, 11/13/2028		EUR	474,000	554,263
EPH Financing International A.S., 5.875%, 11/30/2029			417,000	475,925
Eversource Energy, 5.5%, 1/01/2034		$	472,000	475,314
Georgia Power Co., 4.95%, 5/17/2033			593,000	591,365
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)			186,000	158,839
Listrindo Capital B.V., 4.95%, 9/14/2026			910,000	901,007
Mercury Chile Holdco LLC, 6.5%, 1/24/2027			448,000	444,678
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)			720,000	691,203
NextEra Energy, Inc., 7.25%, 1/15/2029 (n)			272,000	279,781
Oncor Electric Delivery, 3.5%, 5/15/2031		EUR	300,000	328,706
Pacific Gas & Electric Co., 6.1%, 1/15/2029		$	266,000	276,197
Pacific Gas & Electric Co., 6.4%, 6/15/2033			218,000	231,997
Pacific Gas & Electric Co., 5.9%, 10/01/2054			229,000	228,929
PG&E Corp., 5.25%, 7/01/2030			606,000	590,574
PPL Electric Utilities Corp. 1st Mortgage, 5.25%, 5/15/2053			512,000	505,305
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033			639,955	649,498
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)			565,000	563,655
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)			659,000	643,853
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)			541,000	504,772
Xcel Energy, Inc., 4.6%, 6/01/2032			237,000	227,495
Xcel Energy, Inc., 5.5%, 3/15/2034			184,000	185,558
				$16,808,535

51

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Gas – 0.7%
EP Infrastructure A.S., 1.698%, 7/30/2026		EUR	560,000	$587,186
EP Infrastructure A.S., 2.045%, 10/09/2028			1,291,000	1,298,262
EP Infrastructure A.S., 1.816%, 3/02/2031			168,000	156,705
				$2,042,153
Utilities - Other – 0.2%
Aegea Finance S.à r.l., 9%, 1/20/2031 (n)		$	448,000	$477,644
Total Bonds (Identified Cost, $371,353,968)				$364,538,358
Exchange-Traded Funds – 0.6%
Special Products & Services – 0.6%
Invesco Senior Loan Fund ETF (Identified Cost, $1,689,725)			79,900	$1,677,101
Common Stocks – 0.1%
Cable TV – 0.1%
Intelsat Emergence S.A. (a)			5,426	$157,355
Oil Services – 0.0%
LTRI Holdings LP (a)(u)			520	$118,336
Total Common Stocks (Identified Cost, $632,367)				$275,691

    

	Strike Price	First Exercise
Warrants – 0.0%
Other Banks & Diversified Financials – 0.0%
Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) (Identified Cost, $0)	GBP 1.14	N/A	7,000	$4,919

    

Investment Companies (h) – 2.6%
Money Market Funds – 2.6%
MFS Institutional Money Market Portfolio, 4.87% (v) (Identified Cost, $7,218,193)			7,217,520	$7,218,242

    

52

Portfolio of Investments – continued

Underlying/Expiration Date/Exercise Price	Put/Call	Counterparty	Notional Amount	Par Amount/ Number of Contracts	Value ($)
Purchased Options – 0.0%
Market Index Securities – 0.0%
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – November 2024 @ 3.375%	Put	Citibank N.A.	$ 13,395,830	EUR  11,230,000	$13,403
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – November 2024 @ 3.375%	Put	Citibank N.A.	17,892,916	15,000,000	17,902
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – November 2024 @ 3.375%	Put	Goldman Sachs International	8,946,458	7,500,000	8,951
iTraxx Europe Crossover Series 42 Index Credit Default Swap - Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – December 2024 @ 3.5%	Put	Goldman Sachs International	7,335,976	6,210,000	32,874

53

Portfolio of Investments – continued

Underlying/Expiration Date/Exercise Price	Put/Call	Counterparty	Notional Amount	Par Amount/ Number of Contracts	Value ($)
Purchased Options – continued
Market Index Securities – continued
iTraxx Europe Crossover Series 42 Index Credit Default Swap - Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – December 2024 @ 3.5%	Put	Barclays Bank PLC	$ 6,650,812	EUR  5,630,000	$29,803
Total Purchased Options (Premiums Paid, $295,840)					$102,933

    

Written Options (see table below) – (0.0)%
(Premiums Received, $71,792)				$(12,303)
Other Assets, Less Liabilities – (33.2)%				(93,184,957)
Net Assets – 100.0%				$280,619,984

    

(a)	Non-income producing security.
(d)	In default.
(f)	All or a portion of the security has been segregated as collateral for open futures contracts.
(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 $7,218,242 and $366,599,002, 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 $202,508,324, representing 72.2% of net assets.
(p)	Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.
(u)	The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.

    

The following abbreviations are used in this report and are defined:
AGM	Assured Guaranty Municipal
CDI	Interbank Deposit Certificates
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation

54

Portfolio of Investments – continued

CMT	Constant Maturity Treasury
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
ICE	Intercontinental Exchange
NPFG	National Public Finance Guarantee Corp.
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Index Average
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Yuan Renminbi (Offshore)
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
SEK	Swedish Krona
SGD	Singapore Dollar
UYU	Uruguayan Peso

55

Portfolio of Investments – continued

Derivative Contracts at 10/31/24

Written Options
Underlying	Put/ Call	Counterparty	Par Amount/ Number of Contracts	Notional Amount	Exercise Price	Expiration Date	Value
Liability Derivatives
Market Index Securities
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent	Put	Citibank N.A.	EUR (7,100,000)	$(8,469,313)	4%	November – 2024	$(3,382)
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent	Put	Goldman Sachs International	(7,500,000)	(8,946,458)	4%	November – 2024	(3,572)
iTraxx Europe Crossover Series 41 Index Credit Default Swap – Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent	Put	Citibank N.A.	(11,230,000)	(13,395,830)	4%	November – 2024	(5,349)
							$(12,303)

    

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives
CHF	1,215,776	USD	1,417,557	Merrill Lynch International	1/17/2025	$2,148
EUR	487,933	USD	528,757	HSBC Bank	1/17/2025	3,706
EUR	1,628,173	USD	1,765,712	Merrill Lynch International	1/17/2025	11,048
EUR	983,011	USD	1,070,763	State Street Bank Corp.	1/17/2025	1,957
IDR	22,027,321,257	USD	1,395,327	Citibank N.A.	2/03/2025	4,001

56

Portfolio of Investments – continued

Forward Foreign Currency Exchange Contracts - continued
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Asset Derivatives - continued
IDR	22,027,321,257	USD	1,400,160	Citibank N.A.	11/01/2024	$3,301
INR	118,518,034	USD	1,406,175	Citibank N.A.	12/12/2024	1,236
KRW	6,136,982,040	USD	4,422,754	Citibank N.A.	11/01/2024	24,334
KRW	7,270,218,133	USD	5,255,706	JPMorgan Chase Bank N.A.	11/01/2024	12,568
USD	1,766,938	AUD	2,597,475	HSBC Bank	1/17/2025	56,488
USD	5,839,623	AUD	8,664,077	State Street Bank Corp.	1/17/2025	134,285
USD	6,244,371	CAD	8,488,894	State Street Bank Corp.	1/17/2025	131,176
USD	1,897,967	CHF	1,613,102	HSBC Bank	1/17/2025	14,291
USD	1,493,748	CNH	10,510,533	HSBC Bank	1/17/2025	10,643
USD	1,389,052	CZK	31,947,330	Merrill Lynch International	1/17/2025	13,650
USD	713,916	CZK	16,459,300	UBS AG	1/17/2025	5,307
USD	28,581,993	EUR	25,999,395	BNP Paribas S.A.	1/17/2025	209,884
USD	327,290	EUR	299,847	Citibank N.A.	1/17/2025	79
USD	219,340	EUR	198,992	HSBC Bank	1/17/2025	2,188
USD	28,625,193	EUR	26,036,512	JPMorgan Chase Bank N.A.	1/17/2025	212,580
USD	1,132,093	EUR	1,030,290	State Street Bank Corp.	1/17/2025	7,779
USD	424,054	EUR	387,031	UBS AG	1/17/2025	1,702
USD	724,041	GBP	557,995	Barclays Bank PLC	1/17/2025	4,675
USD	1,323,255	GBP	1,014,421	JPMorgan Chase Bank N.A.	1/17/2025	15,467
USD	1,505,900	GBP	1,155,441	State Street Bank Corp.	1/17/2025	16,310
USD	1,400,722	IDR	21,921,300,699	Barclays Bank PLC	2/03/2025	8,130
USD	714,346	INR	59,983,785	Citibank N.A.	12/12/2024	2,034
USD	2,866,074	JPY	421,176,396	Goldman Sachs International	1/17/2025	66,805
USD	1,282,457	JPY	192,719,388	State Street Bank Corp.	1/17/2025	1,584
USD	1,413,589	KRW	1,939,586,020	Barclays Bank PLC	2/03/2025	1,615
USD	290,528	KRW	383,540,494	Citibank N.A.	11/01/2024	12,600
USD	5,278,448	KRW	7,270,218,133	JPMorgan Chase Bank N.A.	11/01/2024	10,174
USD	6,380	MXN	126,152	Barclays Bank PLC	1/17/2025	153
USD	6,377	MXN	126,152	HSBC Bank	1/17/2025	150
USD	708,729	MYR	3,026,273	Barclays Bank PLC	12/12/2024	16,265
USD	60,449	NZD	98,609	State Street Bank Corp.	1/17/2025	1,464
USD	4,290,208	SEK	44,312,911	State Street Bank Corp.	1/17/2025	114,284
USD	706,246	SGD	928,182	State Street Bank Corp.	1/17/2025	1,004
						$1,137,065
Liability Derivatives
AUD	2,198,321	USD	1,481,677	State Street Bank Corp.	1/17/2025	$(34,072)
BRL	2,342,471	USD	426,336	Goldman Sachs International	12/20/2024	(23,253)
CAD	1,943,941	USD	1,435,563	NatWest Markets PLC	1/17/2025	(35,653)
CHF	390,729	USD	459,534	State Street Bank Corp.	1/17/2025	(3,266)
EUR	292,397	USD	322,281	Deutsche Bank AG	1/17/2025	(3,200)
EUR	1,176,253	USD	1,286,261	HSBC Bank	1/17/2025	(2,663)
EUR	821,586	USD	903,352	State Street Bank Corp.	1/17/2025	(6,788)
GBP	467,438	USD	610,835	HSBC Bank	1/17/2025	(8,216)
GBP	475,641	USD	619,909	State Street Bank Corp.	1/17/2025	(6,714)
IDR	22,027,321,257	USD	1,422,669	Barclays Bank PLC	11/01/2024	(19,208)