NPORT-EX 4 NPORT_3410414643454449.htm
Quarterly Report
August 31, 2020
MFS®  Charter Income Trust
MCR-Q3

Portfolio of Investments
8/31/20 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Bonds – 120.7%
Aerospace – 2.0%
Bombardier, Inc., 7.5%, 3/15/2025 (n)   $ 993,000 $729,855
Bombardier, Inc., 7.875%, 4/15/2027 (n)     765,000 554,395
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)     525,000 418,688
Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025 (n)     112,000 122,728
Huntington Ingalls Industries, Inc., 3.483%, 12/01/2027      140,000 152,789
L3Harris Technologies, Inc., 3.85%, 6/15/2023      213,000 231,373
Lockheed Martin Corp., 2.8%, 6/15/2050      256,000 270,742
Moog, Inc., 4.25%, 12/15/2027 (n)     1,685,000 1,739,762
TransDigm, Inc., 6.5%, 7/15/2024      1,320,000 1,326,600
TransDigm, Inc., 6.25%, 3/15/2026 (n)     15,000 15,836
TransDigm, Inc., 6.375%, 6/15/2026      1,165,000 1,179,562
TransDigm, Inc., 5.5%, 11/15/2027      1,000,000 976,200
        $7,718,530
Apparel Manufacturers – 0.0%
Tapestry, Inc., 4.125%, 7/15/2027    $ 132,000 $128,956
Asset-Backed & Securitized – 3.0%
AA Bond Co. Ltd., 2.75%, 7/31/2023    GBP 100,000 $130,924
AA Bond Co. Ltd., 6.269%, 7/31/2025      100,000 143,153
ALM Loan Funding, CLO, 2015-16A, “BR2”, FLR, 2.175% (LIBOR - 3mo. + 1.9%), 7/15/2027 (n)   $ 1,120,000 1,100,644
Bancorp Commercial Mortgage Trust, 2019-CRE6, “A”, FLR, 7% (LIBOR - 1mo. + 1.05%), 9/15/2036 (n)     138,413 136,249
Barclays Commercial Mortgage Securities LLC, 2020-C7, “XA”, 1.632%, 4/15/2053 (i)     1,998,854 221,162
Bayview Financial Revolving Mortgage Loan Trust, FLR, 1.756% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n)     249,540 257,575
Benchmark Mortgage Trust, 2019-B12, “A5”, 3.115%, 8/15/2052      327,000 366,449
Benchmark Mortgage Trust, 2020-B18, “XA”, 1.919%, 7/15/2053 (i)     3,396,253 417,901
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)     145,449 146,154
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n)     437,500 427,375
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n)     100,000 101,286
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n)     100,000 101,582
Commercial Mortgage Pass-Through Certificates, 2019-BN24, “A3”, 2.96%, 11/15/2062      453,066 505,946
Crest Ltd., CDO, 0.001%, (0.001% cash or 7% PIK) 1/28/2040 (a)(p)     3,201,269 55,091
Drive Auto Receivables Trust, 2020-2, “C”, 2.28%, 8/17/2026      85,000 87,521
Fort CRE LLC, 2018-1A, “A1”, FLR, 1.533% (LIBOR - 1mo. + 1.35%), 11/16/2035 (n)     290,500 284,690
GS Mortgage Securities Trust, 2019-GSA1, “A4”, 3.047%, 11/10/2052      2,000,000 2,220,063
HarbourView CLO VII Ltd., 7RA, “B”, FLR, 1.972% (LIBOR - 3mo. + 1.7%), 7/18/2031 (n)     940,000 903,737
KKR Real Estate Financial Trust, Inc., 2018-FL1, “A”, FLR, 1.262% (LIBOR - 1mo. + 1.1%), 6/15/2036 (n)     385,000 380,187
Loomis, Sayles & Co., CLO, 2015-2A, “A1R”, FLR, 1.175% (LIBOR - 3mo. + 0.9%), 4/15/2028 (n)     1,166,801 1,155,302
MF1 CLO Ltd., 2019-FL2, “A”, FLR, 1.305% (LIBOR - 1mo. + 1.13%), 12/25/2034 (n)     288,000 282,240
MF1 CLO Ltd., 2020-FL3, “AS”, FLR, 3.011% (LIBOR - 1mo. + 2.85%), 7/15/2035 (z)     428,000 430,140
Morgan Stanley Capital I Trust, “2019-H7, ”A4“, 3.261%, 7/15/2052      1,217,392 1,364,114
Securitized Term Auto Receivable Trust, 2019-CRTA, ”B“, 2.453%, 3/25/2026 (n)     281,651 286,187
Securitized Term Auto Receivable Trust, 2019-CRTA, ”C“, 2.849%, 3/25/2026 (n)     361,729 368,676
        $11,874,348
Automotive – 2.4%
Adient Global Holdings Ltd., 4.875%, 8/15/2026 (n)   $ 615,000 $576,562
Adient U.S. LLC, 7%, 5/15/2026 (n)     80,000 85,938
Allison Transmission, Inc., 5%, 10/01/2024 (n)     1,681,000 1,693,658
Allison Transmission, Inc., 4.75%, 10/01/2027 (n)     170,000 177,650
Allison Transmission, Inc., 5.875%, 6/01/2029 (n)     365,000 399,675
American Axle & Manufacturing, Inc., 6.25%, 3/15/2026      320,000 326,153
Conti Gummi Finance B.V., 1.125%, 9/25/2024    EUR 78,000 94,684
Dana, Inc., 5.5%, 12/15/2024    $ 80,000 81,600
Dana, Inc., 5.375%, 11/15/2027      484,000 508,200
Dana, Inc., 5.625%, 6/15/2028      166,000 174,715
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Automotive – continued
Delphi Automotive PLC, 1.5%, 3/10/2025    EUR 225,000 $276,720
Ferrari N.V., 1.5%, 5/27/2025      162,000 194,573
Hyundai Capital America, 6.375%, 4/08/2030 (n)   $ 450,000 580,950
IAA Spinco, Inc., 5.5%, 6/15/2027 (n)     1,420,000 1,496,297
KAR Auction Services, Inc., 5.125%, 6/01/2025 (n)     860,000 866,450
Lear Corp., 3.8%, 9/15/2027      162,000 173,117
Panther BR Aggregator 2 LP/Panther Finance Co., Inc., 8.5%, 5/15/2027 (n)     1,060,000 1,125,495
Volkswagen Financial Services AG, 1.5%, 10/01/2024    EUR 165,000 201,235
Volkswagen International Finance N.V., 1.625%, 2/10/2024    GBP 100,000 135,197
Volkswagen International Finance N.V., 3.5% to 6/17/2025, FLR (EUR Swap Rate - 5yr. + 3.746%) to 6/17/2030, FLR (EUR Swap Rate - 5yr. + 3.996%) to 6/17/2045, FLR (EUR Swap Rate - 5yr. + 4.746%) to 12/31/2164    EUR 100,000 120,772
        $9,289,641
Broadcasting – 2.3%
Discovery, Inc., 4.125%, 5/15/2029    $ 78,000 $89,244
iHeartCommunications, Inc., 6.375%, 5/01/2026 (n)     390,000 407,550
iHeartCommunications, Inc., 8.375%, 5/01/2027      490,000 496,125
iHeartCommunications, Inc., 5.25%, 8/15/2027 (n)     165,000 164,175
MMS USA Financing, Inc., 1.75%, 6/13/2031    EUR 400,000 490,075
Netflix, Inc., 5.875%, 2/15/2025    $ 1,525,000 1,761,375
Netflix, Inc., 3.625%, 6/15/2025 (n)     805,000 849,275
Netflix, Inc., 5.875%, 11/15/2028      375,000 459,375
Netflix, Inc., 5.375%, 11/15/2029 (n)     190,000 228,475
Nexstar Escrow Corp., 5.625%, 7/15/2027 (n)     950,000 1,002,250
Prosus N.V., 1.539%, 8/03/2028    EUR 150,000 180,793
Prosus N.V., 3.68%, 1/21/2030 (n)   $ 413,000 449,454
RELX Finance B.V., 0.5%, 3/10/2028    EUR 100,000 118,831
Terrier Media Buyer, Inc., 8.875%, 12/15/2027 (n)   $ 285,000 295,060
WMG Acquisition Corp., 2.75%, 7/15/2028 (n)   EUR 550,000 668,102
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)   $ 1,389,000 1,451,505
        $9,111,664
Brokerage & Asset Managers – 0.7%
Deutsche Boerse AG, 1.25% to 6/17/2027, FLR (EUR Swap Rate - 5yr. + 1.681%) to 6/16/2047    EUR 100,000 $119,782
Euroclear Bank S.A., 0.125%, 7/07/2025      100,000 120,008
Euroclear Investments S.A., 2.625%, 4/11/2048      100,000 129,369
Intercontinental Exchange, 1.85%, 9/15/2032    $ 108,000 109,666
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)     1,785,000 1,856,400
Raymond James Financial, 4.65%, 4/01/2030      227,000 276,445
Vivion Investments, 3%, 8/08/2024    EUR 200,000 212,941
        $2,824,611
Building – 3.9%
ABC Supply Co., Inc., 5.875%, 5/15/2026 (n)   $ 1,265,000 $1,325,087
ABC Supply Co., Inc., 4%, 1/15/2028 (n)     1,200,000 1,234,944
Beacon Escrow Corp., 4.875%, 11/01/2025 (n)     1,092,000 1,082,576
Beacon Roofing Supply, Inc., 4.5%, 11/15/2026 (n)     415,000 427,450
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 (n)     200,000 216,750
Core & Main LP, 8.625%, (8.625% cash or 9.375% PIK) 9/15/2024 (n)(p)     305,000 310,338
Core & Main LP, 6.125%, 8/15/2025 (n)     1,082,000 1,111,961
Cornerstone Building Brands, Inc., 8%, 4/15/2026 (n)     545,000 574,942
CRH America Finance, Inc., 4.5%, 4/04/2048 (n)     205,000 229,211
HD Supply, Inc., 5.375%, 10/15/2026 (n)     875,000 920,049
Holcim Finance (Luxembourg) S.A., 2.375%, 4/09/2025    EUR 230,000 297,900
James Hardie International Finance Ltd., 4.75%, 1/15/2025 (n)   $ 405,000 417,444
James Hardie International Finance Ltd., 5%, 1/15/2028 (n)     730,000 775,610
Mohawk Capital Finance S.A., 1.75%, 6/12/2027    EUR 100,000 111,352
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026 (n)   $ 1,016,000 1,058,296
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)     407,000 440,923
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Building – continued
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)   $ 655,000 $723,369
PriSo Acquisition Corp., 9%, 5/15/2023 (n)     652,000 619,400
SRS Distribution, Inc., 8.25%, 7/01/2026 (n)     455,000 484,575
Standard Industries, Inc., 6%, 10/15/2025 (n)     505,000 523,433
Standard Industries, Inc., 2.25%, 11/21/2026 (n)   EUR 370,000 437,490
Standard Industries, Inc., 2.25%, 11/21/2026      255,000 301,513
Standard Industries, Inc., 4.375%, 7/15/2030 (n)   $ 600,000 635,751
Standard Industries, Inc., 3.375%, 1/15/2031 (n)     334,000 331,806
Summit Materials LLC/Summit Materials Finance Co., 5.25%, 1/15/2029 (n)     315,000 329,988
Vulcan Materials Co., 3.5%, 6/01/2030      137,000 155,203
        $15,077,361
Business Services – 1.8%
Ascend Learning LLC, 6.875%, 8/01/2025 (n)   $ 905,000 $927,625
CDK Global, Inc., 4.875%, 6/01/2027      960,000 1,012,800
Euronet Worldwide, Inc., 1.375%, 5/22/2026    EUR 350,000 407,398
Fidelity National Information Services, Inc., 3.875%, 6/05/2024    $ 146,000 161,261
Fiserv, Inc., 4.4%, 7/01/2049      95,000 119,445
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n)     425,000 440,937
Iron Mountain, Inc., REIT, 5.25%, 7/15/2030 (n)     323,000 342,797
MSCI, Inc., 4.75%, 8/01/2026 (n)     845,000 878,800
NXP Semiconductors N.V., 3.4%, 5/01/2030 (n)     331,000 366,942
QualityTech LP/QTS Finance Corp., 4.75%, 11/15/2025 (n)     270,000 279,787
Refinitiv U.S. Holdings, Inc., 8.25%, 11/15/2026 (n)     280,000 308,700
Tencent Holdings Ltd., 3.8%, 2/11/2025      700,000 774,900
Tencent Holdings Ltd., 2.39%, 6/03/2030 (n)     200,000 207,494
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)     865,000 938,525
        $7,167,411
Cable TV – 5.8%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025 (n)   $ 270,000 $277,763
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 (n)     1,600,000 1,676,896
CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027 (n)     2,030,000 2,134,037
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)     1,780,000 1,912,343
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)     210,000 222,863
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035      135,000 186,933
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050      101,000 115,413
Comcast Corp., 3.75%, 4/01/2040      212,000 251,107
CSC Holdings LLC, 5.5%, 5/15/2026 (n)     1,275,000 1,337,424
CSC Holdings LLC, 5.5%, 4/15/2027 (n)     2,665,000 2,842,116
DISH DBS Corp., 5.875%, 11/15/2024      680,000 718,741
DISH DBS Corp., 7.75%, 7/01/2026      685,000 784,325
Eutelsat S.A., 2.25%, 7/13/2027    EUR 300,000 372,733
Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 (a)(d)   $ 495,000 329,175
Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 (a)(d)(n)     295,000 203,550
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)     570,000 611,325
SES S.A., 1.625%, 3/22/2026    EUR 100,000 121,241
SES S.A., 2%, 7/02/2028      111,000 134,140
Sirius XM Holdings, Inc., 4.625%, 7/15/2024 (n)   $ 1,290,000 1,338,375
Sirius XM Holdings, Inc., 5.5%, 7/01/2029 (n)     815,000 895,098
Telenet Finance Luxembourg S.A., 3.5%, 3/01/2028    EUR 400,000 497,490
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)   $ 1,000,000 1,063,000
Telesat Holdings, Inc., 6.5%, 10/15/2027 (n)     725,000 744,720
Time Warner Cable, Inc., 4.5%, 9/15/2042      119,000 133,349
Videotron Ltd., 5.375%, 6/15/2024 (n)     380,000 413,670
Videotron Ltd., 5.125%, 4/15/2027 (n)     1,760,000 1,861,200
Ziggo Bond Finance B.V., 4.25%, 1/15/2027    EUR 360,000 446,667
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)   $ 915,000 969,900
        $22,595,594
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Chemicals – 1.3%
Axalta Coating Systems Ltd., 4.25%, 8/15/2024    EUR 415,000 $502,650
Axalta Coating Systems Ltd., 4.875%, 8/15/2024 (n)   $ 790,000 809,260
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)     300,000 314,250
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n)     610,000 564,250
Element Solutions, Inc., 5.875%, 12/01/2025 (n)     565,000 586,894
Element Solutions, Inc., 3.875%, 9/01/2028 (n)     540,000 551,178
Sasol Financing (USA) LLC, 6.5%, 9/27/2028      200,000 195,000
Sherwin-Williams Co., 3.8%, 8/15/2049      127,000 146,382
SPCM S.A., 4.875%, 9/15/2025 (n)     710,000 737,527
Starfruit Finance Co./Starfruit U.S. Holding Co. LLC, 8%, 10/01/2026 (n)     575,000 615,934
Symrise AG, 1.25%, 11/29/2025    EUR 140,000 171,079
        $5,194,404
Computer Software – 1.0%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)   $ 885,000 $915,727
Dassault Systemes S.A., 0.125%, 9/16/2026    EUR 100,000 119,105
Dell International LLC/EMC Corp., 5.85%, 7/15/2025 (n)   $ 135,000 158,122
Dell International LLC/EMC Corp., 4.9%, 10/01/2026 (n)     421,000 476,531
Microsoft Corp., 4.1%, 2/06/2037      274,000 352,994
Microsoft Corp., 2.525%, 6/01/2050      162,000 170,176
PTC, Inc., 3.625%, 2/15/2025 (n)     705,000 724,388
PTC, Inc., 4%, 2/15/2028 (n)     190,000 196,707
VeriSign, Inc., 5.25%, 4/01/2025      360,000 403,200
VeriSign, Inc., 4.75%, 7/15/2027      245,000 260,925
        $3,777,875
Computer Software - Systems – 1.6%
Apple, Inc., 4.5%, 2/23/2036    $ 409,000 $543,259
BY Crown Parent LLC, 4.25%, 1/31/2026 (n)     219,000 223,632
Capgemini SE, 2%, 4/15/2029    EUR 100,000 132,504
Capgemini SE, 1.125%, 6/23/2030      100,000 122,772
Fair Isaac Corp., 5.25%, 5/15/2026 (n)   $ 1,955,000 2,244,926
Fair Isaac Corp., 4%, 6/15/2028 (n)     151,000 156,670
JDA Software Group, Inc., 7.375%, 10/15/2024 (n)     625,000 635,938
Sabre GLBL, Inc., 5.375%, 4/15/2023 (n)     565,000 570,650
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)     1,415,000 1,515,607
        $6,145,958
Conglomerates – 3.7%
Amsted Industries Co., 5.625%, 7/01/2027 (n)   $ 1,285,000 $1,365,313
BWX Technologies, Inc., 5.375%, 7/15/2026 (n)     1,600,000 1,676,000
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)     500,000 521,250
CFX Escrow Corp., 6.375%, 2/15/2026 (n)     745,000 804,600
Colfax Corp., 3.25%, 5/15/2025    EUR 320,000 386,224
EnerSys, 5%, 4/30/2023 (n)   $ 1,255,000 1,302,326
EnerSys, 4.375%, 12/15/2027 (n)     425,000 437,219
Gates Global LLC, 6.25%, 1/15/2026 (n)     1,230,000 1,266,900
General Electric Co., 0.875%, 5/17/2025    EUR 100,000 117,805
Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n)   $ 415,000 435,750
Griffon Corp., 5.75%, 3/01/2028      778,000 825,653
MTS Systems Corp., 5.75%, 8/15/2027 (n)     740,000 749,531
Roper Technologies, Inc., 4.2%, 9/15/2028      152,000 182,039
Roper Technologies, Inc., 2%, 6/30/2030      252,000 258,148
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)     775,000 835,063
TriMas Corp., 4.875%, 10/15/2025 (n)     2,365,000 2,403,431
WESCO Distribution, Inc., 7.125%, 6/15/2025 (n)     280,000 308,000
WESCO Distribution, Inc., 7.25%, 6/15/2028 (n)     279,000 311,220
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028      140,000 160,988
        $14,347,460
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Construction – 1.2%
Mattamy Group Corp., 5.25%, 12/15/2027 (n)   $ 255,000 $266,475
Mattamy Group Corp., 4.625%, 3/01/2030 (n)     930,000 950,925
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 2/15/2028 (n)     1,005,000 1,027,613
Taylor Morrison Communities, Inc., 5.875%, 6/15/2027 (n)     110,000 123,200
Taylor Morrison Communities, Inc., 5.125%, 8/01/2030 (n)     210,000 228,050
Toll Brothers Finance Corp., 4.875%, 11/15/2025      585,000 652,503
Toll Brothers Finance Corp., 4.35%, 2/15/2028      1,435,000 1,553,387
        $4,802,153
Consumer Products – 1.0%
CD&R Smokey Buyer, Inc., 6.75%, 7/15/2025 (n)   $ 435,000 $465,450
Coty, Inc., 6.5%, 4/15/2026 (n)     670,000 554,425
Energizer Holdings, Inc., 6.375%, 7/15/2026 (n)     735,000 779,100
LVMH Moet Hennessy Louis Vuitton SE, 0.375%, 2/11/2031    EUR 100,000 118,650
Mattel, Inc., 6.75%, 12/31/2025 (n)   $ 720,000 764,100
Mattel, Inc., 5.875%, 12/15/2027 (n)     304,000 330,630
Prestige Brands, Inc., 5.125%, 1/15/2028 (n)     360,000 377,597
Reckitt Benckiser Treasury Services PLC, 0.375%, 5/19/2026    EUR 112,000 135,727
Reckitt Benckiser Treasury Services PLC, 3%, 6/26/2027 (n)   $ 272,000 301,000
Reckitt Benckiser Treasury Services PLC, 1.75%, 5/19/2032    GBP 100,000 137,175
        $3,963,854
Consumer Services – 1.9%
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)   $ 216,000 $231,660
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)     575,000 636,813
ANGI Group LLC, 3.875%, 8/15/2028 (n)     277,000 280,595
Booking Holdings, Inc., 4.5%, 4/13/2027      167,000 196,734
Experian Finance PLC, 4.25%, 2/01/2029 (n)     296,000 350,182
Frontdoor, Inc., 6.75%, 8/15/2026 (n)     580,000 623,500
Garda World Security Corp., 4.625%, 2/15/2027 (n)     480,000 493,200
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)     312,000 338,520
Mastercard, Inc., 3.85%, 3/26/2050      100,000 125,802
Match Group, Inc., 5%, 12/15/2027 (n)     555,000 591,769
Match Group, Inc., 4.625%, 6/01/2028 (n)     1,015,000 1,068,805
Realogy Group LLC, 9.375%, 4/01/2027 (n)     960,000 998,400
Service Corp. International, 3.375%, 8/15/2030      429,000 437,142
ServiceMaster Co. LLC, 5.125%, 11/15/2024 (n)     605,000 617,100
Toll Road Investors Partnership II LP, Capital Appreciation, 0%, 2/15/2043 (n)     2,000,000 596,081
        $7,586,303
Containers – 2.6%
ARD Finance S.A., 5%, (5% cash or 5.75% PIK) 6/30/2027 (p)   EUR 300,000 $357,275
ARD Finance S.A., 6.5%, (6.5% cash or 7.25% PIK) 6/30/2027 (n)(p)   $ 645,000 662,738
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)     880,000 915,534
Berry Global Group, Inc., 4.875%, 7/15/2026 (n)     490,000 520,625
Berry Global Group, Inc., 5.625%, 7/15/2027 (n)     345,000 363,841
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.5%, 1/15/2023      690,000 724,500
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026      1,295,000 1,376,740
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026      810,000 844,385
DS Smith PLC, 0.875%, 9/12/2026    EUR 150,000 177,481
Flex Acquisition Co., Inc., 6.875%, 1/15/2025 (n)   $ 600,000 611,580
LABL Escrow Issuer LLC, 6.75%, 7/15/2026 (n)     270,000 289,575
Reynolds Group, 5.125%, 7/15/2023 (n)     395,000 400,807
Reynolds Group, 7%, 7/15/2024 (n)     297,000 304,609
Silgan Holdings, Inc., 4.75%, 3/15/2025      855,000 872,100
Silgan Holdings, Inc., 4.125%, 2/01/2028      665,000 689,106
Trivium Packaging Finance B.V., 3.75%, 8/15/2026    EUR 365,000 447,812
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)   $ 600,000 660,000
        $10,218,708
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Electrical Equipment – 0.4%
Arrow Electronics, Inc., 3.25%, 9/08/2024    $ 400,000 $430,059
CommScope Technologies LLC, 6%, 6/15/2025 (n)     462,000 473,647
CommScope Technologies LLC, 5%, 3/15/2027 (n)     695,000 689,788
        $1,593,494
Electronics – 1.4%
ASML Holding N.V., 0.625%, 5/07/2029    EUR 100,000 $122,016
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/2027    $ 355,000 393,740
Broadcom, Inc., 4.7%, 4/15/2025      133,000 152,025
Broadcom, Inc., 3.15%, 11/15/2025      250,000 270,853
Broadcom, Inc., 4.15%, 11/15/2030      83,000 93,568
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n)     269,000 289,848
Entegris, Inc., 4.625%, 2/10/2026 (n)     1,250,000 1,291,012
Intel Corp., 3.7%, 7/29/2025      105,000 119,657
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)     800,000 876,000
Sensata Technologies B.V., 5%, 10/01/2025 (n)     1,480,000 1,609,189
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)     210,000 221,550
        $5,439,458
Emerging Market Quasi-Sovereign – 5.4%
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 6%, 11/18/2048 (n)   $ 746,684 $833,494
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023      1,074,000 1,086,083
Banco del Estado de Chile, 3.875%, 2/08/2022      600,000 623,971
Centrais Eletricas Brasileiras S.A., 3.625%, 2/04/2025 (n)     207,000 207,261
CEZ A.S. (Czech Republic), 0.875%, 12/02/2026    EUR 250,000 301,590
China Construction Bank Corp., 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029    $ 960,000 1,034,854
China Construction Bank Corp., Hong Kong Branch, 1.25%, 8/04/2025      400,000 400,459
China Development Bank, 3.45%, 9/20/2029    CNY 32,910,000 4,710,274
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026    $ 600,000 641,215
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026      1,022,000 1,093,148
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028      624,000 638,676
Industrial and Commercial Bank of China, 4.875%, 9/21/2025      359,000 409,035
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027      500,000 551,910
MDGH - GMTN B.V. (United Arab Emirates), 2.5%, 11/07/2024      200,000 210,008
MDGH - GMTN B.V. (United Arab Emirates), 2.875%, 11/07/2029 (n)     1,086,000 1,168,990
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (n)     1,316,000 1,286,017
Petrobras Global Finance B.V. (Federative Republic of Brazil), 5.75%, 2/01/2029      1,007,000 1,106,693
Petroleos del Peru S.A., 4.75%, 6/19/2032 (n)     1,062,000 1,192,095
Petroleos Mexicanos, 6.49%, 1/23/2027 (n)     904,000 890,530
PT Pertamina (Persero) (Republic of Indonesia), 3.65%, 7/30/2029      250,000 266,250
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027      554,000 584,834
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026      1,065,000 1,270,226
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030      500,000 621,258
        $21,128,871
Emerging Market Sovereign – 8.2%
Arab Republic of Egypt, 6.375%, 4/11/2031 (n)   EUR 539,000 $616,741
Arab Republic of Egypt, 7.052%, 1/15/2032 (n)   $ 320,000 317,658
Arab Republic of Egypt, 8.5%, 1/31/2047      1,025,000 1,050,440
Dominican Republic, 5.95%, 1/25/2027      489,000 523,963
Dominican Republic, 5.875%, 1/30/2060 (n)     1,155,000 1,105,335
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n)     798,000 857,930
Government of Jamaica, 7.875%, 7/28/2045      279,000 366,048
Government of Ukraine, 7.75%, 9/01/2026      700,000 738,416
Government of Ukraine, 7.253%, 3/15/2033 (n)     495,000 494,089
Hellenic Republic (Republic of Greece), 3.875%, 3/12/2029    EUR 3,449,000 5,080,237
Oriental Republic of Uruguay, 4.375%, 1/23/2031    $ 350,000 419,128
Republic of Angola, 9.375%, 5/08/2048      454,000 373,306
Republic of Argentina, 5.875%, 1/11/2028 (a)     1,000,000 443,510
6

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Colombia, 3%, 1/30/2030    $ 819,000 $843,570
Republic of Cote d'Ivoire, 5.25%, 3/22/2030    EUR 929,000 1,050,907
Republic of Croatia, 1.125%, 6/19/2029      727,000 883,321
Republic of Croatia, 1.5%, 6/17/2031      773,000 952,163
Republic of Estonia, 0.125%, 6/10/2030      458,000 551,473
Republic of Ghana, 8.125%, 3/26/2032 (n)   $ 305,000 288,835
Republic of Guatemala, 5.375%, 4/24/2032 (n)     200,000 234,500
Republic of Guatemala, 6.125%, 6/01/2050 (n)     777,000 960,760
Republic of Hungary, 7.625%, 3/29/2041      470,000 838,057
Republic of Indonesia, 4.35%, 1/11/2048      800,000 947,600
Republic of Kenya, 8%, 5/22/2032 (n)     778,000 797,738
Republic of Panama, 4.5%, 4/01/2056      203,000 263,598
Republic of Paraguay, 4.95%, 4/28/2031 (n)     280,000 323,400
Republic of Paraguay, 6.1%, 8/11/2044 (n)     300,000 400,200
Republic of Paraguay, 5.4%, 3/30/2050 (n)     900,000 1,133,109
Republic of Peru, 2.392%, 1/23/2026      33,000 34,716
Republic of Romania, 2%, 12/08/2026 (n)   EUR 989,000 1,202,246
Republic of South Africa, 8%, 1/31/2030    ZAR 26,950,000 1,463,941
Republic of Sri Lanka, 7.55%, 3/28/2030 (n)   $ 446,000 365,720
Republic of Turkey, 4.25%, 3/13/2025      695,000 641,110
Republic of Turkey, 4.875%, 10/09/2026      516,000 474,075
Russian Federation, 4.75%, 5/27/2026      800,000 919,907
Russian Federation, 4.375%, 3/21/2029      1,000,000 1,148,300
Russian Federation, 5.1%, 3/28/2035 (n)     200,000 248,725
State of Qatar, 4%, 3/14/2029 (n)     200,000 233,898
State of Qatar, 3.75%, 4/16/2030 (n)     390,000 454,147
State of Qatar, 4.817%, 3/14/2049 (n)     683,000 933,951
United Mexican States, 4.5%, 4/22/2029      800,000 902,000
United Mexican States, 4.75%, 4/27/2032      271,000 310,566
        $32,189,334
Energy - Independent – 2.0%
Afren PLC, 10.25%, 4/08/2019 (a)(d)(z)   $ 451,812 $226
Apache Corp., 4.875%, 11/15/2027      215,000 219,812
Apache Corp., 4.375%, 10/15/2028      870,000 863,440
CrownRock LP/CrownRock Finance, Inc., 5.625%, 10/15/2025 (n)     690,000 681,168
Jagged Peak Energy LLC, 5.875%, 5/01/2026      420,000 428,400
Laredo Petroleum, Inc., 10.125%, 1/15/2028      130,000 92,625
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n)     1,007,000 1,047,411
Leviathan Bond Ltd., 6.5%, 6/30/2027 (n)     552,000 575,178
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6%, 8/01/2026 (n)     535,000 530,988
Matador Resources Co., 5.875%, 9/15/2026      310,000 269,700
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)     492,000 462,480
Noble Energy, Inc., 4.2%, 10/15/2049      220,000 267,854
Parsley Energy LLC/Parsley Finance Corp., 5.625%, 10/15/2027 (n)     425,000 439,875
Southwestern Energy Co., 6.45%, 1/23/2025      271,200 270,522
Southwestern Energy Co., 7.5%, 4/01/2026      307,600 313,752
Southwestern Energy Co., 7.75%, 10/01/2027      45,000 46,017
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026      987,000 1,059,000
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n)     323,000 332,554
        $7,901,002
Energy - Integrated – 0.5%
BP Capital Markets America, Inc., 3.41%, 2/11/2026    $ 487,000 $545,115
Eni S.p.A., 1.25%, 5/18/2026    EUR 100,000 125,107
Eni S.p.A., 4.25%, 5/09/2029 (n)   $ 200,000 224,699
Exxon Mobil Corp., 2.61%, 10/15/2030      242,000 263,234
Galp Energia SGPS S.A., 2%, 1/15/2026    EUR 100,000 120,318
OMV AG, 0.75%, 6/16/2030      82,000 98,172
7

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Energy - Integrated – continued
OMV AG, 2.5%, 12/31/2099    EUR 100,000 $119,216
Shell International Finance B.V., 3.75%, 9/12/2046    $ 236,000 270,674
        $1,766,535
Entertainment – 0.8%
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.375%, 4/15/2027    $ 215,000 $213,925
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)     605,000 595,925
NCL Corp. Ltd., 3.625%, 12/15/2024 (n)     280,000 191,800
NCL Corp. Ltd., 10.25%, 2/01/2026 (n)     330,000 331,650
Royal Caribbean Cruises Ltd., 10.875%, 6/01/2023 (n)     320,000 352,581
Royal Caribbean Cruises Ltd., 3.7%, 3/15/2028      130,000 98,150
Six Flags Entertainment Corp., 4.875%, 7/31/2024 (n)     690,000 669,093
Six Flags Entertainment Corp., 7%, 7/01/2025 (n)     420,000 454,524
Six Flags Entertainment Corp., 5.5%, 4/15/2027 (n)     320,000 312,000
        $3,219,648
Financial Institutions – 2.3%
AerCap Ireland Capital DAC, 3.65%, 7/21/2027    $ 375,000 $349,893
Arrow Global Finance PLC, 5.125%, 9/15/2024    GBP 320,000 412,943
Avation Capital S.A., 6.5%, 5/15/2021 (n)   $ 350,000 242,375
Avolon Holdings Funding Ltd., 5.125%, 10/01/2023      415,000 403,460
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n)     576,000 532,254
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)     134,000 123,466
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)     750,000 772,500
GE Capital International Funding Co., 3.373%, 11/15/2025      382,000 405,382
Global Aircraft Leasing Co. Ltd., 6.5%, (6.5% cash or 7.25% PIK) 9/15/2024 (n)(p)     2,060,000 1,194,800
Grand City Properties S.A., 1.375%, 8/03/2026    EUR 300,000 372,211
Grand City Properties S.A., 2.5%, 10/24/2069      100,000 119,415
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)   $ 415,000 440,029
Nationstar Mortgage Holdings, Inc., 5.5%, 8/15/2028 (n)     268,000 282,124
Navient Corp., 5.5%, 1/25/2023      450,000 462,964
Navient Corp., 5%, 3/15/2027      425,000 409,063
OneMain Financial Corp., 6.875%, 3/15/2025      550,000 616,000
OneMain Financial Corp., 7.125%, 3/15/2026      340,000 390,148
Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n)     1,000,000 986,089
Springleaf Finance Corp., 8.875%, 6/01/2025      332,000 374,330
Springleaf Finance Corp., 5.375%, 11/15/2029      125,000 132,969
        $9,022,415
Food & Beverages – 2.2%
Anheuser-Busch InBev S.A., 1.65%, 3/28/2031    EUR 100,000 $128,094
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038    $ 189,000 218,010
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049      110,000 148,020
Aramark Services, Inc., 6.375%, 5/01/2025 (n)     430,000 450,425
Bacardi Ltd., 5.15%, 5/15/2038 (n)     153,000 186,024
Constellation Brands, Inc., 4.4%, 11/15/2025      177,000 206,549
Constellation Brands, Inc., 3.15%, 8/01/2029      204,000 222,033
Cott Holdings, Inc., 5.5%, 4/01/2025 (n)     745,000 770,144
Danone S.A., 2.589%, 11/02/2023 (n)     353,000 372,671
Diageo Finance PLC, 1.875%, 3/27/2027    EUR 100,000 132,889
JBS USA LLC/JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)   $ 1,500,000 1,661,250
JBS USA Lux S.A./JBS USA Finance, Inc., 5.875%, 7/15/2024 (n)     171,000 174,420
JBS USA Lux S.A./JBS USA Finance, Inc., 5.5%, 1/15/2030 (n)     475,000 527,687
Lamb Weston Holdings, Inc., 4.625%, 11/01/2024 (n)     1,130,000 1,179,200
Lamb Weston Holdings, Inc., 4.875%, 5/15/2028 (n)     113,000 124,347
PepsiCo, Inc., 3.875%, 3/19/2060      236,000 301,023
Performance Food Group Co., 5.5%, 10/15/2027 (n)     625,000 651,563
Pilgrim's Pride Corp., 5.875%, 9/30/2027 (n)     510,000 541,875
U.S. Foods Holding Corp., 5.875%, 6/15/2024 (n)     305,000 309,575
8

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Food & Beverages – continued
U.S. Foods Holding Corp., 6.25%, 4/15/2025 (n)   $ 280,000 $296,100
        $8,601,899
Forest & Paper Products – 0.1%
Graphic Packaging International LLC, 3.5%, 3/15/2028 (n)   $ 265,000 $269,637
Mondi Finance Europe GmbH, 2.375%, 4/01/2028    EUR 100,000 132,257
        $401,894
Gaming & Lodging – 3.2%
Boyd Gaming Corp., 6.375%, 4/01/2026    $ 470,000 $489,980
Boyd Gaming Corp., 4.75%, 12/01/2027      465,000 462,735
Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/2025 (n)     535,000 512,193
CCM Merger, Inc., 6%, 3/15/2022 (n)     725,000 721,375
Churchill Downs, Inc., 5.5%, 4/01/2027 (n)     160,000 168,000
Colt Merger Sub, Inc., 5.75%, 7/01/2025 (n)     269,000 281,778
Colt Merger Sub, Inc., 8.125%, 7/01/2027 (n)     574,000 608,440
Hilton Domestic Operating Co., Inc., 5.125%, 5/01/2026      640,000 659,200
Hilton Worldwide Finance LLC, 4.625%, 4/01/2025      1,400,000 1,414,000
Las Vegas Sands Corp., 3.9%, 8/08/2029      101,000 102,165
Marriott International, Inc., 5.75%, 5/01/2025      91,000 102,194
Marriott International, Inc., 4.625%, 6/15/2030      74,000 81,107
MGM Growth Properties LLC, 4.625%, 6/15/2025 (n)     645,000 677,250
MGM Resorts International, 6.75%, 5/01/2025      640,000 684,800
Scientific Games Corp., 8.25%, 3/15/2026 (n)     235,000 240,875
Scientific Games International, Inc., 7%, 5/15/2028 (n)     235,000 230,352
VICI Properties LP, REIT, 4.25%, 12/01/2026 (n)     1,085,000 1,109,412
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)     730,000 728,175
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)     133,000 134,024
Wyndham Hotels Group LLC, 5.375%, 4/15/2026 (n)     1,390,000 1,442,125
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.5%, 3/01/2025 (n)     940,000 930,600
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027 (n)     260,000 253,240
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)     375,000 379,313
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)     300,000 292,500
        $12,705,833
Industrial – 0.4%
CPI Property Group S.A., 2.75%, 5/12/2026    EUR 100,000 $122,637
CPI Property Group S.A., 2.75%, 1/22/2028    GBP 100,000 129,051
Grainger PLC, 3%, 7/03/2030      100,000 137,143
Investor AB, 1.5%, 6/20/2039    EUR 100,000 130,548
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050    $ 365,000 366,673
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)     537,000 543,498
        $1,429,550
Insurance – 0.4%
Aflac, Inc., 3.6%, 4/01/2030    $ 227,000 $266,137
American International Group, Inc., 3.875%, 1/15/2035      225,000 261,659
Argentum Zurich Insurance, 3.5%, 10/01/2046    EUR 100,000 135,739
Aviva PLC, 3.875% to 7/03/2024, FLR (EUR Swap Rate - 5yr. + 3.48%) to 7/03/2044      150,000 194,307
Bupa Finance PLC, 4.125%, 6/14/2035    GBP 100,000 142,202
CNP Assurances S.A., 2% to 7/27/2030, FLR (EURIBOR - 3mo. + 3%) to 7/27/2050    EUR 100,000 119,256
Credit Agricole Assurances S.A., 2%, 7/17/2030      100,000 121,668
La Mondiale, 4.375% to 10/24/2029, FLR (EUR Swap Rate - 5yr. + 4.411%) to 10/24/2060      100,000 120,566
Zurich Finance (Ireland) DAC, 1.875% to 9/17/2030, FLR (EURIBOR - 3mo. + 2.95%) to 9/17/2050      205,000 250,721
        $1,612,255
9

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Insurance - Health – 0.4%
Centene Corp., 5.375%, 6/01/2026 (n)   $ 745,000 $785,975
Centene Corp., 4.25%, 12/15/2027      460,000 480,700
UnitedHealth Group, Inc., 3.5%, 8/15/2039      100,000 116,354
        $1,383,029
Insurance - Property & Casualty – 1.2%
Acrisure LLC/Acrisure Finance, Inc., 7%, 11/15/2025 (n)   $ 375,000 $380,625
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)     920,000 975,200
AssuredPartners, Inc., 7%, 8/15/2025 (n)     215,000 220,913
Berkshire Hathaway, Inc., 2.75%, 3/15/2023      234,000 247,478
Fairfax Financial Holdings Ltd., 4.625%, 4/29/2030 (n)     406,000 447,484
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)     140,000 149,100
Hartford Financial Services Group, Inc., 3.6%, 8/19/2049      202,000 226,791
Hub International Ltd., 7%, 5/01/2026 (n)     1,280,000 1,328,000
Marsh & McLennan Cos., Inc., 1.979%, 3/21/2030    EUR 100,000 134,450
Progressive Corp., 4.125%, 4/15/2047    $ 111,000 144,036
QBE Capital Funding III Ltd., 7.5% to 5/24/2021, FLR (GBP Swap Rate - 10yr. + 4.003%) to 5/24/2041    GBP 200,000 275,622
Willis North America, Inc., 3.875%, 9/15/2049    $ 250,000 288,842
        $4,818,541
International Market Quasi-Sovereign – 0.3%
Aeroports de Paris, 1%, 1/05/2029    EUR 100,000 $119,243
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 0.875%, 6/23/2039      100,000 118,106
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 1.375%, 4/16/2040      45,000 57,396
Electricite de France S.A., 2%, 10/02/2030      100,000 133,941
Electricite de France S.A., 5.875% to 1/22/2029, FLR (GBP Swap Rate - 15yr. + 3.046%) to 1/22/2049, FLR (GBP Swap Rate - 15yr. + 3.796%) to 7/22/2049    GBP 100,000 144,369
Groupe ADP (Republic of France), 2.125%, 10/02/2026    EUR 100,000 129,574
Islandsbanki (Republic of Iceland), 1.125%, 1/19/2024      125,000 148,984
La Banque Postale (Republic of France), 0.5% to 6/17/2025, FLR (EURIBOR - 3mo. + 0.88%) to 6/17/2026      100,000 119,292
Ontario Teachers' Finance Trust, 0.5%, 5/06/2025      140,000 170,835
        $1,141,740
International Market Sovereign – 12.7%
Belgium Kingdom, 1.45%, 6/22/2037    EUR 515,000 $735,653
Commonwealth of Australia, 2.5%, 5/21/2030    AUD 949,000 797,910
Commonwealth of Australia, 2.75%, 6/21/2035      3,208,000 2,821,641
Commonwealth of Australia, 3.25%, 6/21/2039      713,000 666,951
Government of Bermuda, 2.375%, 8/20/2030 (n)   $ 200,000 203,500
Government of France, 0.75%, 5/25/2052 (n)   EUR 346,024 428,132
Government of Japan, 2.4%, 3/20/2037    JPY 467,850,000 5,868,058
Government of Japan, 0.5%, 6/20/2038      79,500,000 764,691
Government of Japan, 0.4%, 3/20/2039      52,700,000 496,778
Government of Japan, 2.3%, 3/20/2040      61,000,000 778,645
Government of New Zealand, 1.5%, 5/15/2031    NZD 3,237,000 2,374,262
Government of New Zealand, 2.75%, 4/15/2037      1,111,000 943,170
Kingdom of Spain, 1.85%, 7/30/2035    EUR 1,534,000 2,119,145
Kingdom of Sweden, 0.75%, 11/12/2029    SEK 8,440,000 1,039,959
Kingdom of Sweden, 0.125%, 5/12/2031 (n)     10,195,000 1,173,672
Republic of Cyprus, 1.5%, 4/16/2027    EUR 1,281,000 1,616,119
Republic of Cyprus, 0.625%, 1/21/2030      2,323,000 2,705,704
Republic of Cyprus, 2.75%, 2/26/2034      1,217,000 1,708,384
Republic of France, 1.25%, 5/25/2036      1,048,000 1,456,880
Republic of France, 1.5%, 5/25/2050      1,586,000 2,372,509
Republic of Iceland, 8%, 6/12/2025    ISK 68,182,000 625,745
Republic of Iceland, 0.625%, 6/03/2026    EUR 100,000 122,024
Republic of Iceland, 5%, 11/15/2028    ISK 30,450,000 258,068
Republic of Italy, 0.35%, 2/01/2025    EUR 6,655,000 7,919,810
Republic of Italy, 0.95%, 8/01/2030      862,000 1,014,987
10

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
International Market Sovereign – continued
Republic of Italy, 1.45%, 3/01/2036    EUR 850,000 $1,008,316
Republic of Portugal, 2.25%, 4/18/2034      275,000 395,705
Republic of Portugal, 4.1%, 4/15/2037      367,000 659,527
United Kingdom Treasury, 0.875%, 10/22/2029    GBP 400,000 564,310
United Kingdom Treasury, 1.75%, 9/07/2037      3,231,000 5,015,269
United Kingdom Treasury, 1.75%, 1/22/2049      679,000 1,104,069
        $49,759,593
Local Authorities – 0.7%
Province of Alberta, 0.5%, 4/16/2025    EUR 190,000 $233,039
Province of Alberta, 4.5%, 12/01/2040    CAD 255,000 267,704
Province of British Columbia, 2.3%, 6/18/2026      370,000 306,266
Province of British Columbia, 2.2%, 6/18/2030      555,000 460,250
Province of Ontario, 2.05%, 6/02/2030      1,358,000 1,106,358
Province of Saskatchewan, 3.05%, 12/02/2028      550,000 480,480
        $2,854,097
Machinery & Tools – 0.1%
Clark Equipment Co., 5.875%, 6/01/2025 (n)   $ 540,000 $567,675
Major Banks – 2.2%
Bank of America Corp., 3.5%, 4/19/2026    $ 400,000 $453,825
Bank of New York Mellon Corp., 2.95%, 1/29/2023      414,000 438,750
Bankinter S.A., 0.875%, 7/08/2026    EUR 100,000 117,953
Barclays PLC, 7.875%, 12/29/2049    $ 800,000 836,978
CaixaBank S.A., 2.75% to 7/14/2023, FLR (EUR Swap Rate - 5yr. + 2.35%) to 7/14/2028    EUR 200,000 245,598
Credit Agricole S.A., 1% to 4/22/2025, FLR (EURIBOR - 3mo. + 1.25%) to 4/22/2026      100,000 122,332
Credit Agricole S.A., 1.625% to 6/05/2025, FLR (EUR Swap Rate - 5yr. + 1.9%) to 6/05/2030      100,000 122,776
Credit Suisse Group AG, 1.25%, 7/17/2025      150,000 184,342
Credit Suisse Group AG, 2.25% to 6/09/2027, FLR (GBP Government Yield - 1yr. + 2.23%) to 6/09/2028    GBP 100,000 137,890
Credit Suisse Group AG, 7.25%, 12/29/2049 (n)   $ 800,000 880,960
Erste Group Bank AG, 0.875%, 5/13/2027    EUR 100,000 123,601
Erste Group Bank AG, 1% to 6/10/2025, FLR (EUR ICE Swap Rate - 5yr. + 1.3%) to 6/10/2030      100,000 115,044
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR + 1.929%) to 6/04/2026    $ 238,000 244,255
HSBC Holdings PLC, 4.375%, 11/23/2026      269,000 304,345
JPMorgan Chase & Co., 2.95%, 10/01/2026      201,000 222,735
JPMorgan Chase & Co., 3.54%, 5/01/2028      291,000 328,593
Mitsubishi UFJ Financial Group, Inc., 1.412%, 7/17/2025      350,000 357,227
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR + 3.12%) to 4/01/2031      119,000 138,251
Nationwide Building Society, 1.5%, 3/08/2026    EUR 200,000 251,007
NatWest Markets PLC, 2.75%, 4/02/2025      200,000 260,839
Royal Bank of Scotland Group PLC, 3.622% to 8/14/2025, FLR (GBP Government Yield - 5yr. + 3.55%) to 8/14/2030    GBP 100,000 141,096
Sumitomo Mitsui Financial Group, Inc., 3.544%, 1/17/2028    $ 439,000 497,018
Svenska Handelsbanken AB, 0.5%, 2/18/2030    EUR 200,000 238,304
Svenska Handelsbanken AB, 5.25%, 12/29/2049    $ 239,000 241,689
UBS Group AG, 6.875% to 8/07/2025, FLR (Swap Rate - 5yr. + 4.59%) to 12/29/2049      740,000 818,780
UBS Group Funding (Switzerland) AG, 2.859%, 8/15/2023 (n)     350,000 364,157
UniCredit S.p.A., 1.25% to 6/16/2025, FLR (EURIBOR - 3mo. + 1.6%) to 6/16/2026    EUR 147,000 176,395
UniCredit S.p.A., 2.2% to 7/22/2026, FLR (EURIBOR - 3mo. + 2.55%) to 7/22/2027      250,000 302,186
        $8,666,926
Medical & Health Technology & Services – 4.4%
Alcon, Inc., 3.8%, 9/23/2049 (n)   $ 200,000 $230,209
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)     1,174,000 1,241,740
BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/2027 (n)     400,000 431,000
Change Healthcare Holdings, Inc./Change Healthcare Finance, Inc., 5.75%, 3/01/2025 (n)     215,000 218,225
CHS/Community Health Systems, Inc., 6.625%, 2/15/2025 (n)     1,020,000 1,042,950
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)     105,000 107,100
Cigna Corp., 4.125%, 11/15/2025      201,000 232,462
11

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Medical & Health Technology & Services – continued
DaVita, Inc., 4.625%, 6/01/2030 (n)   $ 433,000 $455,191
DaVita, Inc., 3.75%, 2/15/2031 (n)     918,000 909,463
Encompass Health Corp., 5.75%, 9/15/2025      425,000 439,577
HCA, Inc., 5.375%, 2/01/2025      2,175,000 2,448,528
HCA, Inc., 5.875%, 2/15/2026      1,060,000 1,213,700
HCA, Inc., 5.625%, 9/01/2028      125,000 148,664
HCA, Inc., 3.5%, 9/01/2030      840,000 884,225
HCA, Inc., 5.125%, 6/15/2039      103,000 128,036
HealthSouth Corp., 5.125%, 3/15/2023      910,000 916,825
Heartland Dental LLC, 8.5%, 5/01/2026 (n)     585,000 561,969
IQVIA Holdings, Inc., 5%, 10/15/2026 (n)     710,000 741,950
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)     1,410,000 1,484,173
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045      135,000 172,903
LifePoint Health, Inc., 4.375%, 2/15/2027 (n)     210,000 209,475
Memorial Sloan-Kettering Cancer Center, 2.955%, 1/01/2050      155,000 167,056
MPH Acquisition Holdings LLC, 7.125%, 6/01/2024 (n)     625,000 634,562
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050      300,000 282,663
ProMedica Toledo Hospital, ”B“, 6.015%, 11/15/2048      142,000 203,783
Radiology Partners, Inc., 9.25%, 2/01/2028 (n)     400,000 426,000
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)     815,000 880,200
Thermo Fisher Scientific, Inc., 0.875%, 10/01/2031    EUR 100,000 121,847
West Street Merger Sub, Inc., 6.375%, 9/01/2025 (n)   $ 455,000 466,375
        $17,400,851
Medical Equipment – 0.8%
Abbott Ireland Financing DAC, 1.5%, 9/27/2026    EUR 150,000 $192,589
Boston Scientific Corp., 0.625%, 12/01/2027      100,000 117,845
Hill-Rom Holdings, Inc., 4.375%, 9/15/2027 (n)   $ 940,000 982,831
Hologic, Inc., 4.375%, 10/15/2025 (n)     260,000 265,369
Teleflex, Inc., 4.875%, 6/01/2026      380,000 397,100
Teleflex, Inc., 4.625%, 11/15/2027      1,075,000 1,142,188
        $3,097,922
Metals & Mining – 2.8%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)   $ 209,000 $260,137
Arconic Corp., 6%, 5/15/2025 (n)     375,000 397,500
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)     520,000 535,600
Cleveland-Cliffs, Inc., 6.75%, 3/15/2026 (n)     490,000 500,412
Cleveland-Cliffs, Inc., 5.875%, 6/01/2027      465,000 426,638
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)     645,000 705,069
Constellium N.V., 5.875%, 2/15/2026 (n)     275,000 281,515
Constellium SE, 5.625%, 6/15/2028 (n)     250,000 258,125
First Quantum Minerals Ltd., 7.25%, 4/01/2023 (n)     200,000 203,250
First Quantum Minerals Ltd., 6.875%, 3/01/2026 (n)     200,000 200,000
Freeport-McMoRan Copper & Gold, Inc., 5.4%, 11/14/2034      470,000 529,925
Freeport-McMoRan, Inc., 5%, 9/01/2027      755,000 798,884
Freeport-McMoRan, Inc., 4.375%, 8/01/2028      435,000 457,837
Freeport-McMoRan, Inc., 5.25%, 9/01/2029      580,000 635,100
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375%, 12/15/2023 (n)     905,000 923,118
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)     1,689,000 1,670,624
Novelis Corp., 5.875%, 9/30/2026 (n)     1,110,000 1,159,728
Petra Diamonds U.S. Treasury PLC, 7.25%, 5/01/2022 (a)(d)(n)     245,000 89,425
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/2025 (n)     285,000 255,431
TMS International Corp., 7.25%, 8/15/2025 (n)     935,000 793,207
        $11,081,525
12

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Midstream – 3.4%
AI Candelaria Spain SLU, 7.5%, 12/15/2028 (n)   $ 982,000 $1,077,755
Cheniere Energy Partners LP, 5.25%, 10/01/2025      2,140,000 2,166,750
Cheniere Energy Partners LP, 4.5%, 10/01/2029      415,000 432,637
Cosan Ltd., 5.5%, 9/20/2029 (n)     907,000 927,870
DCP Midstream Operating LP, 5.125%, 5/15/2029      335,000 352,588
EnLink Midstream Partners LP, 4.85%, 7/15/2026      160,000 140,800
EQM Midstream Partners LP, 6%, 7/01/2025 (n)     167,000 177,229
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)     161,000 176,295
EQM Midstream Partners LP, 5.5%, 7/15/2028      1,415,000 1,465,572
Genesis Energy LP/Genesis Energy Finance Corp., 5.625%, 6/15/2024      160,000 141,200
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026      640,700 541,635
MPLX LP, 4.5%, 4/15/2038      170,000 180,616
Peru LNG, 5.375%, 3/22/2030      1,358,000 1,041,355
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/2029      166,000 165,432
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028      183,000 201,256
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 (n)     193,000 220,829
Targa Resources Partners LP/Targa Resources Finance Corp., 5.25%, 5/01/2023      570,000 572,964
Targa Resources Partners LP/Targa Resources Finance Corp., 5.875%, 4/15/2026      450,000 473,625
Targa Resources Partners LP/Targa Resources Finance Corp., 5.375%, 2/01/2027      1,000,000 1,032,500
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029      365,000 403,325
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031 (n)     260,000 262,959
Western Midstream Operating LP, 5.05%, 2/01/2030      930,000 952,087
        $13,107,279
Mortgage-Backed – 5.9%  
Fannie Mae, 6.5%, 4/01/2032 - 1/01/2033   $ 29,944 $34,068
Fannie Mae, 5.5%, 7/01/2033 - 7/01/2035     110,217 127,051
Fannie Mae, 6%, 8/01/2034 - 2/01/2037     50,514 59,140
Fannie Mae, 3.5%, 12/01/2047 - 5/01/2049     195,299 214,256
Fannie Mae, 2.5%, 3/01/2050 - 7/01/2050     222,497 236,912
Fannie Mae, 3%, 7/01/2050 - 9/01/2050     694,933 735,216
Fannie Mae, TBA, 2%, 1/11/2028 - 10/01/2050     975,000 1,008,805
Fannie Mae, TBA, 2.5%, 9/01/2035 - 10/01/2050     2,575,000 2,701,988
Fannie Mae, TBA, 3%, 9/01/2035 - 9/01/2050     1,750,000 1,839,652
Fannie Mae, TBA, 1.5%, 8/01/2050     225,000 230,304
Fannie Mae, TBA, 3.5%, 9/01/2050     1,371,574 1,446,850
Fannie Mae, TBA, 4%, 9/01/2050     1,775,000 1,891,831
Freddie Mac, 0.263%, 2/25/2025 (i)     38,000,000 277,518
Freddie Mac, 1.482%, 3/25/2027 (i)     448,000 36,737
Freddie Mac, 3.117%, 6/25/2027     338,000 384,928
Freddie Mac, 0.26%, 2/25/2028 (i)     36,576,000 429,088
Freddie Mac, 0.426%, 2/25/2028 (i)     15,572,000 361,565
Freddie Mac, 0.248%, 4/25/2028 (i)     15,983,000 174,827
Freddie Mac, 3.9%, 4/25/2028     340,000 408,922
Freddie Mac, 3.926%, 7/25/2028     3,400,000 4,103,162
Freddie Mac, 4.06%, 10/25/2028     1,738,000 2,118,980
Freddie Mac, 1.218%, 7/25/2029 (i)     1,890,371 160,225