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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MFS Multimarket Income Trust | NYSE:MMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.70 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04975
MFS MULTIMARKET INCOME TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrants telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
Income Trust
1
2
5
6
7
38
40
42
43
44
46
62
63
63
63
63
back
cover
AAA
3.4%
AA
5.7%
A
7.0%
BBB
24.9%
BB
41.0%
B
29.9%
CCC
7.2%
CC
0.1%
C
(o)
0.0%
D
(o)
0.0%
U.S.
Government
4.2%
Not
Rated
(38.1)%
Non-Fixed
Income
0.8%
Cash
& Cash Equivalents
(Less Liabilities) (b) (25.8)%
Other
39.7%
(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.
(b)
Cash
& Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of outstanding borrowings made by the fund for leverage
transactions. Cash & Cash Equivalents (Less Liabilities) is negative due to these borrowings. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and
liabilities. Please see Note 6 in the Notes to Financial Statements for more information on the fund's outstanding borrowings.
(d)
Duration is
a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.
(i)
For
purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated
amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the
portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include
any accrued interest amounts.
(m)
In
determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes
it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o)
Less than 0.1%.
(v)
For
purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents.
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.
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
Investment
Officer of MFS; employed in the investment management area of MFS since 2013.
Andy
Li
Investment
Grade Debt Instruments Portfolio Manager
2019
Investment
Officer of MFS; employed in the investment management area of MFS since 2018; Portfolio Manager of Man GLG from 2014 to 2018.
Henry
Peabody
Investment
Grade Debt Instruments Portfolio Manager
2019
Investment
Officer of MFS; employed in the investment management area of MFS since 2019; Portfolio Manager and Analyst at Eaton Vance Management from 2014 to 2019.
Matt
Ryan
Emerging
Markets Debt Instruments Portfolio Manager
2004
Investment
Officer of MFS; employed in the investment management area of MFS since 1997.
Michael
Skatrud
Below
Investment Grade Debt Instruments Portfolio Manager
2018
Investment
Officer of MFS; employed in the investment management area of MFS since 2013.
Issuer | Shares/Par | Value ($) | ||
Bonds – 122.4% | ||||
Aerospace & Defense – 1.5% | ||||
Bombardier, Inc., 7.5%, 3/15/2025 (n) | $ | 314,000 | $ 304,580 | |
Bombardier, Inc., 7.125%, 6/15/2026 (n) | 332,000 | 305,440 | ||
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n) | 805,000 | 710,412 | ||
Moog, Inc., 4.25%, 12/15/2027 (n) | 860,000 | 800,875 | ||
Raytheon Technologies Corp., 2.82%, 9/01/2051 | 620,000 | 458,800 | ||
TransDigm, Inc., 6.25%, 3/15/2026 (n) | 675,000 | 671,625 | ||
TransDigm, Inc., 6.375%, 6/15/2026 | 570,000 | 562,847 | ||
TransDigm, Inc., 5.5%, 11/15/2027 | 535,000 | 490,590 | ||
TransDigm, Inc., 4.625%, 1/15/2029 | 493,000 | 428,999 | ||
$ 4,734,168 | ||||
Airlines – 0.2% | ||||
EasyJet FinCo B.V., 1.875%, 3/03/2028 | EUR | 520,000 | $ 488,170 | |
Apparel Manufacturers – 0.1% | ||||
Tapestry, Inc., 3.05%, 3/15/2032 | $ | 424,000 | $ 360,679 | |
Asset-Backed & Securitized – 4.5% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.147%, 11/15/2054 (i) | $ | 3,753,392 | $ 249,469 | |
ACRES 2021-FL2 Issuer Ltd., “B”, FLR, 2.804% (LIBOR - 1mo. + 2.25%), 1/15/2037 (z) | 387,000 | 381,848 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 2.554% (LIBOR - 1mo. + 2%), 12/15/2035 (n) | 100,000 | 98,728 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 2.504% (LIBOR - 1mo. + 1.95%), 5/15/2036 (n) | 471,500 | 458,245 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 3.267% (SOFR - 30 day + 3%), 1/15/2037 (n) | 600,000 | 597,386 | ||
AREIT 2022-CRE6 Trust, “D”, FLR, 3.125% (SOFR - 30 day + 2.85%), 12/17/2024 (n) | 126,000 | 123,511 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 2.349% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n) | 539,115 | 607,607 | ||
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.625%, 4/15/2053 (i) | 993,245 | 85,849 | ||
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.304%, 7/15/2054 (i) | 995,806 | 83,590 | ||
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.758%, 2/15/2054 (i) | 6,607,106 | 697,484 | ||
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.381%, 2/15/2054 (i) | 4,051,905 | 323,727 | ||
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.271%, 3/15/2054 (i) | 2,045,293 | 147,496 | ||
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.999%, 6/15/2054 (i) | 7,106,270 | 405,994 | ||
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.386%, 7/15/2054 (i) | 7,148,917 | 592,638 | ||
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 2.854% (LIBOR - 1mo. + 2.3%), 12/15/2038 (n) | 100,000 | 99,102 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | $ | 309,187 | $ 294,974 | |
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n) | 80,711 | 74,393 | ||
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n) | 144,813 | 139,788 | ||
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n) | 437,500 | 426,018 | ||
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n) | 92,050 | 85,707 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.89%, 4/15/2054 (i) | 3,624,436 | 183,788 | ||
Crest Ltd., CDO, 7%, (0.001% cash or 7% PIK) 1/28/2040 (a)(p) | 3,372,294 | 34 | ||
HarbourView CLO VII Ltd., 7RA, “B”, FLR, 2.744% (LIBOR - 3mo. + 1.7%), 7/18/2031 (n) | 2,500,000 | 2,452,115 | ||
Lehman Brothers Commercial Conduit Mortgage Trust, 1.073%, 2/18/2030 (i) | 20,977 | 1 | ||
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 2.304% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n) | 938,000 | 920,837 | ||
LoanCore 2021-CRE5 Ltd., “B”, FLR, 2.554% (LIBOR - 1mo. + 2%), 7/15/2036 (n) | 464,500 | 452,986 | ||
MF1 2020-FL3 Ltd., “AS”, FLR, 3.473% (LIBOR - 1mo. + 2.85%), 7/15/2035 (z) | 571,500 | 572,052 | ||
MF1 2021-FL5 Ltd., “C”, FLR, 2.323% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n) | 401,500 | 395,742 | ||
MF1 2021-FL5 Ltd., “D”, FLR, 3.123% (LIBOR - 1mo. + 2.5%), 7/15/2036 (n) | 745,000 | 733,005 | ||
MF1 2021-FL6 Ltd., “B”, FLR, 2.204% (LIBOR - 1mo. + 1.65%), 7/16/2036 (n) | 1,000,000 | 974,256 | ||
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.422%, 5/15/2054 (i) | 1,825,399 | 149,105 | ||
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.35%, 6/15/2054 (i) | 2,783,775 | 206,424 | ||
PFP III 2021-7 Ltd., “B”, FLR, 1.954% (LIBOR - 1mo. + 1.4%), 4/14/2038 (n) | 163,992 | 159,605 | ||
PFP III 2021-7 Ltd., “C”, FLR, 2.204% (LIBOR - 1mo. + 1.65%), 4/14/2038 (n) | 199,990 | 196,366 | ||
Securitized Term Auto Receivable Trust, 2019-CRTA, “C”, 2.849%, 3/25/2026 (n) | 153,869 | 154,055 | ||
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 2.404% (LIBOR - 1mo. + 1.85%), 3/15/2038 (n) | 340,000 | 337,018 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.677%, 4/15/2054 (i) | 2,325,441 | 225,117 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.679%, 8/15/2054 (i) | 1,992,173 | 204,619 | ||
$ 14,290,679 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Automotive – 2.4% | ||||
Clarios Global LP/Clarios U.S. Finance Cois, 8.5%, 5/15/2027 (n) | $ | 930,000 | $ 929,424 | |
Daimler Finance North America LLC, 1.45%, 3/02/2026 (n) | 377,000 | 344,548 | ||
Daimler Trucks Finance North America LLC, 2.5%, 12/14/2031 (n) | 163,000 | 136,043 | ||
Dana, Inc., 5.375%, 11/15/2027 | 513,000 | 484,785 | ||
Dana, Inc., 5.625%, 6/15/2028 | 176,000 | 167,860 | ||
Dana, Inc., 4.25%, 9/01/2030 | 325,000 | 278,590 | ||
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 495,000 | 405,900 | ||
Ford Motor Co., 5.113%, 5/03/2029 | 480,000 | 454,800 | ||
Ford Motor Co., 4.75%, 1/15/2043 | 535,000 | 430,675 | ||
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025 | 725,000 | 696,000 | ||
Hyundai Capital America, 2%, 6/15/2028 (n) | 325,000 | 279,904 | ||
Hyundai Capital America, 6.375%, 4/08/2030 (n) | 479,000 | 524,868 | ||
IAA Spinco, Inc., 5.5%, 6/15/2027 (n) | 720,000 | 703,800 | ||
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 490,000 | 397,415 | ||
RENK AG, 5.75%, 7/15/2025 | EUR | 240,000 | 250,150 | |
Stellantis N.V., 2.75%, 4/01/2032 | 330,000 | 329,818 | ||
Volkswagen International Finance N.V., 4.375% to 3/28/2031, FLR (EUR Swap Rate - 9yr. + 3.36%) to 3/28/2032, FLR (EUR Swap Rate - 9yr. + 3.61%) to 3/28/2051, FLR (EUR Swap Rate - 9yr. + 4.11%) to 3/28/2071 | 400,000 | 387,694 | ||
Wheel Pros, Inc., 6.5%, 5/15/2029 (n) | $ | 445,000 | 338,200 | |
$ 7,540,474 | ||||
Broadcasting – 2.2% | ||||
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n) | $ | 714,000 | $ 648,848 | |
Discovery, Inc., 4.125%, 5/15/2029 | 219,000 | 209,228 | ||
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n) | 885,000 | 762,835 | ||
iHeartCommunications, Inc., 8.375%, 5/01/2027 | 170,000 | 168,300 | ||
Magallanes, Inc., 4.279%, 3/15/2032 (n) | 591,000 | 548,977 | ||
Prosus N.V., 1.539%, 8/03/2028 | EUR | 150,000 | 133,955 | |
Prosus N.V., 2.085%, 1/19/2030 | 300,000 | 261,739 | ||
Prosus N.V., 3.68%, 1/21/2030 (n) | $ | 481,000 | 405,598 | |
Prosus N.V., 3.061%, 7/13/2031 (n) | 325,000 | 256,475 | ||
Prosus N.V., 3.832%, 2/08/2051 (n) | 290,000 | 191,856 | ||
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n) | 535,000 | 510,925 | ||
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n) | 565,000 | 542,513 | ||
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027 | EUR | 207,242 | 216,642 | |
Ubisoft Entertainment S.A., 0.878%, 11/24/2027 | 500,000 | 479,911 | ||
Univision Communications, Inc., 4.5%, 5/01/2029 (n) | $ | 787,000 | 706,333 | |
WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 1,192,000 | 1,066,840 | ||
$ 7,110,975 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Brokerage & Asset Managers – 1.6% | ||||
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | $ | 495,000 | $ 460,969 | |
Banco BTG Pactual S.A. (Cayman Islands Branch), 4.5%, 1/10/2025 (n) | 894,000 | 880,769 | ||
Intercontinental Exchange, Inc., 3%, 9/15/2060 | 342,000 | 246,344 | ||
Low Income Investment Fund, 3.386%, 7/01/2026 | 185,000 | 181,407 | ||
Low Income Investment Fund, 3.711%, 7/01/2029 | 490,000 | 487,124 | ||
LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 1,105,000 | 1,048,369 | ||
LPL Holdings, Inc., 4%, 3/15/2029 (n) | 611,000 | 556,010 | ||
LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 445,000 | 406,285 | ||
NFP Corp., 4.875%, 8/15/2028 (n) | 545,000 | 495,950 | ||
NFP Corp., 6.875%, 8/15/2028 (n) | 559,000 | 496,699 | ||
$ 5,259,926 | ||||
Building – 2.7% | ||||
ABC Supply Co., Inc., 4%, 1/15/2028 (n) | $ | 1,490,000 | $ 1,389,425 | |
Foundation Building Materials LLC, 6%, 3/01/2029 (n) | 165,000 | 134,269 | ||
GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 865,000 | 766,606 | ||
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034 | GBP | 380,000 | 399,753 | |
Imerys S.A., 1%, 7/15/2031 | EUR | 400,000 | 346,397 | |
Interface, Inc., 5.5%, 12/01/2028 (n) | $ | 760,000 | 688,583 | |
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 425,000 | 367,625 | ||
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 496,000 | 487,320 | ||
Park River Holdings, Inc., 5.625%, 2/01/2029 (n) | 350,000 | 268,661 | ||
Patrick Industries, Inc., 7.5%, 10/15/2027 (n) | 715,000 | 722,150 | ||
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n) | 555,000 | 532,800 | ||
SRS Distribution, Inc., 6.125%, 7/01/2029 (n) | 600,000 | 529,488 | ||
Standard Industries, Inc., 4.75%, 1/15/2028 (n) | 326,000 | 299,920 | ||
Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 855,000 | 712,946 | ||
Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 165,000 | 131,779 | ||
Vulcan Materials Co., 3.5%, 6/01/2030 | 550,000 | 521,816 | ||
White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 480,000 | 439,800 | ||
$ 8,739,338 | ||||
Business Services – 2.1% | ||||
Equinix, Inc., REIT, 1%, 3/15/2033 | EUR | 435,000 | $ 367,341 | |
Euronet Worldwide, Inc., 1.375%, 5/22/2026 | 420,000 | 416,289 | ||
Experian Europe DAC Co., 1.56%, 5/16/2031 | 100,000 | 99,332 | ||
Fiserv, Inc., 4.4%, 7/01/2049 | $ | 299,000 | 269,413 | |
HealthEquity, Inc., 4.5%, 10/01/2029 (n) | 780,000 | 712,725 | ||
IPD 3 B.V., 5.5%, 12/01/2025 | EUR | 240,000 | 248,012 | |
Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | $ | 375,000 | 357,199 | |
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n) | 495,000 | 472,725 | ||
Nielsen Finance LLC, 4.5%, 7/15/2029 (n) | 445,000 | 420,547 | ||
Paysafe Finance PLC, 4%, 6/15/2029 (z) | 670,000 | 546,050 | ||
Switch Ltd., 3.75%, 9/15/2028 (n) | 896,000 | 840,000 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Business Services – continued | ||||
Switch Ltd., 4.125%, 6/15/2029 (n) | $ | 255,000 | $ 243,525 | |
Tencent Holdings Ltd., 3.8%, 2/11/2025 | 700,000 | 697,151 | ||
Verscend Escrow Corp., 9.75%, 8/15/2026 (n) | 530,000 | 545,900 | ||
Visa, Inc., 4.15%, 12/14/2035 | 465,000 | 469,948 | ||
$ 6,706,157 | ||||
Cable TV – 5.1% | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n) | $ | 450,000 | $ 438,651 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 1,876,000 | 1,676,675 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 1,150,000 | 1,003,375 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n) | 1,170,000 | 986,076 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 295,000 | 234,525 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | 347,000 | 365,576 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050 | 271,000 | 222,021 | ||
CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 200,000 | 183,627 | ||
CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 1,300,000 | 1,079,000 | ||
CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 530,000 | 437,250 | ||
DISH DBS Corp., 7.75%, 7/01/2026 | 285,000 | 268,090 | ||
DISH DBS Corp., 5.25%, 12/01/2026 (n) | 540,000 | 495,801 | ||
DISH DBS Corp., 5.125%, 6/01/2029 | 465,000 | 363,216 | ||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n) | 716,000 | 711,543 | ||
LCPR Senior Secured Financing DAC, 5.125%, 7/15/2029 (n) | 220,000 | 200,267 | ||
Sirius XM Holdings, Inc., 3.875%, 9/01/2031 (n) | 830,000 | 700,943 | ||
Sirius XM Radio, Inc., 4%, 7/15/2028 (n) | 860,000 | 777,225 | ||
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 1,410,000 | 1,355,941 | ||
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n) | 1,200,000 | 1,146,000 | ||
Time Warner Cable, Inc., 4.5%, 9/15/2042 | 210,000 | 173,609 | ||
United Group B.V., 4.875%, 7/01/2024 | EUR | 250,000 | 254,957 | |
Videotron Ltd., 5.125%, 4/15/2027 (n) | $ | 395,000 | 387,100 | |
Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 815,000 | 709,050 | ||
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n) | 1,220,000 | 1,108,321 | ||
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 1,220,000 | 1,058,350 | ||
$ 16,337,189 | ||||
Chemicals – 2.1% | ||||
Alpek SAB de C.V., 3.25%, 2/25/2031 (n) | $ | 400,000 | $ 339,000 | |
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n) | 562,000 | 533,900 | ||
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n) | 1,010,000 | 873,882 | ||
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 536,000 | 495,800 | ||
Element Solutions, Inc., 3.875%, 9/01/2028 (n) | 874,000 | 781,137 | ||
Herens Holdco S.à r.l., 4.75%, 5/15/2028 (n) | 605,000 | 530,888 | ||
Ingevity Corp., 3.875%, 11/01/2028 (n) | 876,000 | 784,020 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Chemicals – continued | ||||
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n) | $ | 450,000 | $ 391,500 | |
S.P.C.M. S.A., 3.125%, 3/15/2027 (n) | 210,000 | 185,325 | ||
S.P.C.M. S.A., 3.375%, 3/15/2030 (n) | 709,000 | 600,878 | ||
Sasol Financing (USA) LLC, 4.375%, 9/18/2026 | 558,000 | 522,455 | ||
Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 600,000 | 540,000 | ||
$ 6,578,785 | ||||
Computer Software – 1.2% | ||||
Camelot Finance S.A., 4.5%, 11/01/2026 (n) | $ | 420,000 | $ 394,800 | |
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n) | 170,000 | 151,300 | ||
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n) | 785,000 | 691,805 | ||
Dun & Bradstreet Corp., 5%, 12/15/2029 (n) | 615,000 | 571,950 | ||
Microsoft Corp., 2.525%, 6/01/2050 | 529,000 | 396,638 | ||
Microsoft Corp., 2.675%, 6/01/2060 | 61,000 | 44,687 | ||
Microsoft Corp., 3.041%, 3/17/2062 | 293,000 | 232,771 | ||
PTC, Inc., 3.625%, 2/15/2025 (n) | 310,000 | 300,312 | ||
PTC, Inc., 4%, 2/15/2028 (n) | 580,000 | 537,550 | ||
VeriSign, Inc., 4.75%, 7/15/2027 | 405,000 | 406,861 | ||
$ 3,728,674 | ||||
Computer Software - Systems – 1.2% | ||||
Apple, Inc., 4.5%, 2/23/2036 | $ | 263,000 | $ 279,330 | |
Fair Isaac Corp., 5.25%, 5/15/2026 (n) | 1,455,000 | 1,462,275 | ||
Fair Isaac Corp., 4%, 6/15/2028 (n) | 56,000 | 51,163 | ||
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 975,000 | 955,539 | ||
Viavi Solutions, Inc., 3.75%, 10/01/2029 (n) | 835,000 | 751,275 | ||
Virtusa Corp., 7.125%, 12/15/2028 (n) | 425,000 | 382,500 | ||
$ 3,882,082 | ||||
Conglomerates – 2.1% | ||||
Amsted Industries Co., 5.625%, 7/01/2027 (n) | $ | 775,000 | $ 769,188 | |
BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | 220,000 | 204,050 | ||
BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 1,187,000 | 1,097,975 | ||
Carrier Global Corp., 3.577%, 4/05/2050 | 342,000 | 274,333 | ||
Gates Global LLC, 6.25%, 1/15/2026 (n) | 585,000 | 570,375 | ||
Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n) | 60,000 | 61,950 | ||
Griffon Corp., 5.75%, 3/01/2028 | 839,000 | 748,808 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 558,000 | 537,075 | ||
Highland Holdings S.á r.l. Co., 0.318%, 12/15/2026 | EUR | 144,000 | 140,354 | |
Madison IAQ LLC, 5.875%, 6/30/2029 (n) | $ | 663,000 | 540,345 | |
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n) | 490,000 | 491,225 | ||
TriMas Corp., 4.125%, 4/15/2029 (n) | 1,358,000 | 1,212,015 | ||
$ 6,647,693 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Construction – 0.8% | ||||
Empire Communities Corp., 7%, 12/15/2025 (n) | $ | 520,000 | $ 492,700 | |
Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 230,000 | 215,050 | ||
Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 645,000 | 548,788 | ||
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n) | 590,000 | 576,725 | ||
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 659,000 | 582,078 | ||
$ 2,415,341 | ||||
Consumer Products – 1.1% | ||||
GSK Consumer Healthcare Capital US LLC, 2.125%, 3/29/2034 | EUR | 130,000 | $ 131,188 | |
JAB Holdings B.V., 2.25%, 12/19/2039 | 600,000 | 506,862 | ||
L'Oréal S.A., 0.875%, 6/29/2026 | 300,000 | 312,402 | ||
Mattel, Inc., 3.375%, 4/01/2026 (n) | $ | 570,000 | 554,325 | |
Mattel, Inc., 5.875%, 12/15/2027 (n) | 342,000 | 349,866 | ||
Mattel, Inc., 5.45%, 11/01/2041 | 220,000 | 220,825 | ||
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 655,000 | 622,250 | ||
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 120,000 | 101,730 | ||
Reckitt Benckiser Treasury Services PLC, 3%, 6/26/2027 (n) | 396,000 | 380,766 | ||
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n) | 555,000 | 428,738 | ||
$ 3,608,952 | ||||
Consumer Services – 2.7% | ||||
AA Bond Co. Ltd., 3.25%, 7/31/2028 | GBP | 460,000 | $ 521,769 | |
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n) | $ | 228,000 | 220,348 | |
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | 590,000 | 572,651 | ||
Allied Universal Holdco LLC, 6%, 6/01/2029 (n) | 400,000 | 331,000 | ||
ANGI Group LLC, 3.875%, 8/15/2028 (n) | 817,000 | 646,966 | ||
Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 650,000 | 565,500 | ||
GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 1,167,000 | 1,035,584 | ||
GW B-CR Security Corp., 9.5%, 11/01/2027 (n) | 436,000 | 428,370 | ||
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n) | 55,000 | 45,755 | ||
Match Group, Inc., 5%, 12/15/2027 (n) | 445,000 | 433,875 | ||
Match Group, Inc., 4.625%, 6/01/2028 (n) | 965,000 | 899,544 | ||
Match Group, Inc., 4.125%, 8/01/2030 (n) | 270,000 | 241,312 | ||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 470,000 | 393,987 | ||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 420,000 | 340,280 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 753,000 | 578,693 | ||
TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 1,037,000 | 939,781 | ||
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/2026 (n) | 484,000 | 470,690 | ||
$ 8,666,105 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Containers – 1.6% | ||||
ARD Finance S.A., 6.5%, (6.5% cash or 7.25% PIK) 6/30/2027 (n)(p) | $ | 220,000 | $ 184,800 | |
Ardagh Metal Packaging, 3.25%, 9/01/2028 (n) | 375,000 | 327,187 | ||
Ardagh Metal Packaging, 4%, 9/01/2029 (n) | 865,000 | 741,331 | ||
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n) | 940,000 | 807,225 | ||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 1,176,000 | 1,009,925 | ||
Crown Americas LLC, 5.25%, 4/01/2030 (n) | 555,000 | 550,144 | ||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 1,025,000 | 992,554 | ||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | 240,000 | 239,100 | ||
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n) | 440,000 | 434,500 | ||
$ 5,286,766 | ||||
Electrical Equipment – 0.5% | ||||
CommScope Technologies LLC, 5%, 3/15/2027 (n) | $ | 1,040,000 | $ 816,400 | |
Telefonaktiebolaget LM Ericsson, 1.125%, 2/08/2027 | EUR | 510,000 | 473,834 | |
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029 | 420,000 | 361,198 | ||
$ 1,651,432 | ||||
Electronics – 1.5% | ||||
Broadcom, Inc., 4.15%, 11/15/2030 | $ | 86,000 | $ 81,476 | |
Broadcom, Inc., 3.469%, 4/15/2034 (n) | 197,000 | 167,212 | ||
Broadcom, Inc., 3.137%, 11/15/2035 (n) | 363,000 | 293,203 | ||
Broadcom, Inc., 3.187%, 11/15/2036 (n) | 10,000 | 7,895 | ||
Broadcom, Inc., 4.926%, 5/15/2037 (n) | 114,000 | 106,573 | ||
Diebold Nixdorf, Inc., 8.5%, 4/15/2024 | 250,000 | 164,298 | ||
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n) | 309,000 | 273,465 | ||
Entegris, Inc., 4.375%, 4/15/2028 (n) | 285,000 | 264,338 | ||
Entegris, Inc., 3.625%, 5/01/2029 (n) | 387,000 | 340,452 | ||
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030 (n) | 598,000 | 544,823 | ||
Sensata Technologies B.V., 5.625%, 11/01/2024 (n) | 670,000 | 677,537 | ||
Sensata Technologies B.V., 5%, 10/01/2025 (n) | 655,000 | 650,088 | ||
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n) | 625,000 | 568,556 | ||
Synaptics, Inc., 4%, 6/15/2029 (n) | 655,000 | 577,461 | ||
$ 4,717,377 | ||||
Emerging Market Quasi-Sovereign – 7.8% | ||||
Abu Dhabi Crude Oil Pipeline, 3.65%, 11/02/2029 | $ | 1,100,000 | $ 1,082,761 | |
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n) | 946,000 | 955,696 | ||
CEZ A.S. (Czech Republic), 2.462%, 4/06/2027 | EUR | 190,000 | 197,626 | |
China Construction Bank Corp., Hong Kong Branch, 1.25%, 8/04/2025 | $ | 1,050,000 | 985,958 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Emerging Market Quasi-Sovereign – continued | ||||
China Construction Bank Corp., Hong Kong Branch, 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029 | $ | 964,000 | $ 972,496 | |
Emirates Development Bank PJSC, 1.639%, 6/15/2026 | 800,000 | 738,000 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 (n) | 423,000 | 401,884 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | 806,000 | 765,764 | ||
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026 | 1,034,000 | 1,029,248 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n) | 1,052,000 | 1,037,175 | ||
Export-Import Bank of India, 3.375%, 8/05/2026 | 1,366,000 | 1,311,675 | ||
First Abu Dhabi Bank PJSC, 0.125%, 2/16/2026 | EUR | 435,000 | 426,924 | |
First Abu Dhabi Bank PJSC, 1.625%, 4/07/2027 | 660,000 | 676,827 | ||
Huarong Finance 2017 Co. Ltd. (People's Republic of China), 4.95%, 11/07/2047 | $ | 380,000 | 282,150 | |
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 700,000 | 580,027 | ||
Industrial & Commercial Bank of China Macau, 2.875% to 9/12/2024, FLR (CMT - 5yr. + 1.65%) to 9/12/2029 | 700,000 | 682,655 | ||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | 1,000,000 | 902,500 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 11/07/2024 | 508,000 | 497,401 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.875%, 11/07/2029 (n) | 1,091,000 | 1,021,067 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 6/03/2031 | 660,000 | 589,875 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 1%, 3/10/2034 | EUR | 410,000 | 387,005 | |
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (n) | $ | 869,000 | 243,320 | |
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n) | 373,000 | 359,013 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | 600,000 | 463,656 | ||
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 | 370,000 | 332,244 | ||
Petroleos Mexicanos, 6.49%, 1/23/2027 | 904,000 | 867,569 | ||
Petroleos Mexicanos, 6.7%, 2/16/2032 | 907,000 | 781,544 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 1,593,000 | 1,151,102 | ||
PT Pertamina (Persero) (Republic of Indonesia), 3.65%, 7/30/2029 | 376,000 | 357,092 | ||
PT Pertamina (Persero) (Republic of Indonesia), 6.5%, 11/07/2048 (n) | 900,000 | 971,730 | ||
Qatar Petroleum, 2.25%, 7/12/2031 | 544,000 | 474,640 | ||
Qatar Petroleum, 3.125%, 7/12/2041 | 355,000 | 296,510 | ||
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 547,000 | 521,291 | ||
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | 1,367,000 | 1,456,478 | ||
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 1,152,000 | 1,242,778 | ||
$ 25,043,681 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Emerging Market Sovereign – 10.3% | ||||
Arab Republic of Egypt, 6.588%, 2/21/2028 | $ | 1,087,000 | $ 902,914 | |
Arab Republic of Egypt, 6.375%, 4/11/2031 (n) | EUR | 1,011,000 | 801,623 | |
Arab Republic of Egypt, 7.903%, 2/21/2048 | $ | 1,120,000 | 765,184 | |
Dominican Republic, 5.5%, 2/22/2029 (n) | 747,000 | 698,072 | ||
Dominican Republic, 5.875%, 1/30/2060 (n) | 2,234,000 | 1,693,122 | ||
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n) | 920,000 | 831,091 | ||
Federative Republic of Brazil, 10%, 1/01/2023 | BRL | 13,499,000 | 2,679,058 | |
Kingdom of Morocco, 1.375%, 3/30/2026 | EUR | 758,000 | 742,077 | |
Kingdom of Morocco, 3%, 12/15/2032 (n) | $ | 448,000 | 354,498 | |
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | UYU | 40,000,000 | 873,867 | |
People's Republic of China, 2.68%, 5/21/2030 | CNY | 24,000,000 | 3,585,717 | |
Republic of Angola, 8.25%, 5/09/2028 | $ | 491,000 | 471,065 | |
Republic of Argentina, 1.125%, 7/09/2035 | 1,047,289 | 298,844 | ||
Republic of Benin, 6.875%, 1/19/2052 | EUR | 800,000 | 692,832 | |
Republic of Chile, 3.1%, 1/22/2061 | $ | 672,000 | 464,090 | |
Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | EUR | 1,150,000 | 1,084,692 | |
Republic of Ghana, 8.125%, 3/26/2032 (n) | $ | 593,000 | 362,738 | |
Republic of Guatemala, 6.125%, 6/01/2050 (n) | 1,592,000 | 1,519,950 | ||
Republic of Hungary, 7.625%, 3/29/2041 | 488,000 | 613,868 | ||
Republic of Kenya, 8%, 5/22/2032 (n) | 776,000 | 666,126 | ||
Republic of Paraguay, 5.6%, 3/13/2048 | 1,049,000 | 947,040 | ||
Republic of Peru, 1.95%, 11/17/2036 | EUR | 664,000 | 553,677 | |
Republic of Philippines, 3.556%, 9/29/2032 | $ | 327,000 | 311,667 | |
Republic of Romania, 2%, 12/08/2026 (n) | EUR | 1,011,000 | 1,021,181 | |
Republic of Romania, 2.124%, 7/16/2031 (n) | 1,200,000 | 1,000,093 | ||
Republic of Serbia, 2.05%, 9/23/2036 (n) | 800,000 | 546,262 | ||
Republic of South Africa, 8.25%, 3/31/2032 | ZAR | 40,000,000 | 2,204,844 | |
Republic of Sri Lanka, 6.125%, 6/03/2025 (a) | $ | 668,000 | 301,435 | |
Republic of Turkey, 4.75%, 1/26/2026 | 521,000 | 469,452 | ||
State of Qatar, 4%, 3/14/2029 (n) | 533,000 | 546,328 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 1,404,000 | 1,507,657 | ||
State of Qatar, 4.4%, 4/16/2050 | 203,000 | 205,567 | ||
Sultanate of Oman, 6%, 8/01/2029 | 750,000 | 758,157 | ||
Sultanate of Oman, 7%, 1/25/2051 | 600,000 | 576,300 | ||
United Mexican States, 2.659%, 5/24/2031 | 1,021,000 | 855,516 | ||
United Mexican States, 4.75%, 4/27/2032 | 736,000 | 719,727 | ||
United Mexican States, 3.771%, 5/24/2061 | 753,000 | 527,040 | ||
$ 33,153,371 | ||||
Energy - Independent – 3.5% | ||||
Antero Resources Corp., 7.625%, 2/01/2029 (n) | $ | 335,000 | $ 354,966 | |
Callon Petroleum Co., 6.125%, 10/01/2024 | 330,000 | 325,796 | ||
Callon Petroleum Co., 8%, 8/01/2028 (n) | 220,000 | 227,550 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Energy - Independent – continued | ||||
CNX Resources Corp., 6%, 1/15/2029 (n) | $ | 559,000 | $ 551,493 | |
Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 760,000 | 768,497 | ||
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n) | 455,000 | 445,268 | ||
Diamondback Energy, Inc., 4.4%, 3/24/2051 | 530,000 | 475,861 | ||
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n) | 430,000 | 431,075 | ||
Energean Israel Finance Ltd., 4.875%, 3/30/2026 | 846,000 | 784,242 | ||
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n) | 1,270,000 | 1,257,300 | ||
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n) | 498,000 | 465,879 | ||
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n) | 335,000 | 307,192 | ||
Occidental Petroleum Corp., 5.875%, 9/01/2025 | 575,000 | 590,565 | ||
Occidental Petroleum Corp., 6.625%, 9/01/2030 | 998,000 | 1,081,582 | ||
Occidental Petroleum Corp., 6.6%, 3/15/2046 | 405,000 | 441,450 | ||
SM Energy Co., 5.625%, 6/01/2025 | 340,000 | 332,350 | ||
SM Energy Co., 6.5%, 7/15/2028 | 370,000 | 364,764 | ||
Southwestern Energy Co., 5.95%, 1/23/2025 | 44,800 | 45,444 | ||
Southwestern Energy Co., 8.375%, 9/15/2028 | 310,000 | 335,188 | ||
Southwestern Energy Co., 5.375%, 3/15/2030 | 350,000 | 345,573 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 422,000 | 382,065 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 1,025,000 | 928,002 | ||
$ 11,242,102 | ||||
Energy - Integrated – 0.7% | ||||
BP Capital Markets PLC, 3.625% to 6/22/2029, FLR (EUR Swap Rate - 5yr. + 4.12%) to 6/22/2034, FLR (EUR Swap Rate - 5yr. + 4.37%) to 6/22/2049, FLR (EUR Swap Rate - 5yr. + 5.12%) to 6/22/2170 | EUR | 510,000 | $ 500,343 | |
Cenovus Energy, Inc., 2.65%, 1/15/2032 | $ | 428,000 | 364,339 | |
Eni S.p.A., 4.25%, 5/09/2029 (n) | 379,000 | 375,581 | ||
Galp Energia SGPS S.A., 2%, 1/15/2026 | EUR | 700,000 | 734,758 | |
MOL PLC, 1.5%, 10/08/2027 | 190,000 | 179,787 | ||
$ 2,154,808 | ||||
Entertainment – 2.2% | ||||
AMC Entertainment Holdings, Inc., 10%, (10% cash or 12% PIK) 6/15/2026 (n)(p) | $ | 230,000 | $ 192,641 | |
Carnival Corp. PLC, 7.625%, 3/01/2026 (n) | 1,465,000 | 1,433,869 | ||
Carnival Corp. PLC, 5.75%, 3/01/2027 (n) | 545,000 | 493,506 | ||
Carnival Corp. PLC, 6%, 5/01/2029 (n) | 165,000 | 148,088 | ||
Life Time, Inc., 5.75%, 1/15/2026 (n) | 570,000 | 553,071 | ||
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n) | 507,000 | 500,662 | ||
Motion Bondco DAC, 6.625%, 11/15/2027 (n) | 450,000 | 412,875 | ||
NCL Corp. Ltd., 3.625%, 12/15/2024 (n) | 400,000 | 372,000 | ||
NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 410,000 | 378,762 | ||
Royal Caribbean Cruises Ltd., 4.25%, 7/01/2026 (n) | 592,000 | 535,875 | ||
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n) | 275,000 | 252,710 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Entertainment – continued | ||||
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | $ | 1,030,000 | $ 939,875 | |
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n) | 695,000 | 632,394 | ||
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n) | 325,000 | 275,324 | ||
$ 7,121,652 | ||||
Financial Institutions – 4.0% | ||||
Adler Group S.A., 2.25%, 4/27/2027 | EUR | 200,000 | $ 137,278 | |
Adler Group S.A., 2.25%, 1/14/2029 | 400,000 | 271,995 | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027 | $ | 1,230,000 | 1,152,705 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032 | 182,000 | 151,429 | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/2041 | 150,000 | 115,927 | ||
Air Lease Corp., 2.875%, 1/15/2032 | 486,000 | 400,732 | ||
Atrium European Real Estate Ltd., 3.625% to 11/4/2026, FLR (EUR Swap Rate - 5yr. + 3.625%) to 11/04/2031, FLR (EUR Swap Rate - 5yr. + 4.625%) to 5/04/2170 | EUR | 250,000 | 207,034 | |
Avation Capital S.A., 8.25%, (8.25% cash or 9% PIK) 10/31/2026 (n)(p) | $ | 406,405 | 337,385 | |
Avolon Holdings Funding Ltd., 5.25%, 5/15/2024 (n) | 640,000 | 644,753 | ||
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 363,000 | 349,562 | ||
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 309,000 | 265,726 | ||
Credit Acceptance Corp., 5.125%, 12/31/2024 (n) | 635,000 | 627,386 | ||
Crédit Logement S.A., 1.081%, 2/15/2034 | EUR | 500,000 | 461,176 | |
CTP N.V., 0.942%, 1/20/2026 | 360,000 | 343,977 | ||
CTP N.V., 1.5%, 9/27/2031 | 550,000 | 455,583 | ||
EXOR N.V., 0.875%, 1/19/2031 | 275,000 | 244,773 | ||
Garfunkelux Holdco 3 S.A., 6.75%, 11/01/2025 | 240,000 | 247,175 | ||
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p) | $ | 1,713,509 | 1,477,867 | |
Howard Hughes Corp., 4.125%, 2/01/2029 (n) | 875,000 | 787,836 | ||
Logicor Financing S.à r.l., 1.625%, 1/17/2030 | EUR | 400,000 | 365,405 | |
Logicor Financing S.à r.l., 0.875%, 1/14/2031 | 175,000 | 144,654 | ||
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | $ | 730,000 | 708,100 | |
OneMain Finance Corp., 6.875%, 3/15/2025 | 395,000 | 396,975 | ||
OneMain Finance Corp., 8.875%, 6/01/2025 | 359,000 | 376,771 | ||
OneMain Finance Corp., 7.125%, 3/15/2026 | 285,000 | 288,563 | ||
P3 Group S.à r.l., 0.875%, 1/26/2026 | EUR | 500,000 | 487,626 | |
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n) | $ | 755,000 | 645,525 | |
Samhallsbyggnadsbolaget i Norden AB, 2.625% to 3/14/2026, FLR (EUR Swap Rate - 5yr. + 3.227%) to 3/14/2031, FLR (EUR Swap Rate - 5yr. + 3.227%) to 3/14/2170 | EUR | 200,000 | 174,067 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
VGP N.V., 1.5%, 4/08/2029 | EUR | 500,000 | $ 433,263 | |
Vonovia SE, 2.375%, 3/25/2032 | 100,000 | 100,072 | ||
Vonovia SE, 1.625%, 9/01/2051 | 200,000 | 137,606 | ||
$ 12,938,926 | ||||
Food & Beverages – 3.8% | ||||
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | $ | 209,000 | $ 199,636 | |
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 | 331,000 | 353,213 | ||
Aramark Services, Inc., 6.375%, 5/01/2025 (n) | 1,304,000 | 1,327,954 | ||
Bacardi Ltd., 5.15%, 5/15/2038 (n) | 425,000 | 424,478 | ||
BellRing Brands, Inc., 7%, 3/15/2030 (n) | 420,000 | 410,550 | ||
Central America Bottling Co., 5.25%, 4/27/2029 (n) | 691,000 | 656,498 | ||
Constellation Brands, Inc., 3.15%, 8/01/2029 | 638,000 | 585,409 | ||
Constellation Brands, Inc., 2.25%, 8/01/2031 | 393,000 | 325,853 | ||
Diageo Capital PLC, 1.875%, 6/08/2034 | EUR | 200,000 | 200,192 | |
JBS Finance Luxembourg S.à r.l., 3.625%, 1/15/2032 (n) | $ | 1,000,000 | 853,450 | |
JBS USA Lux S.A./JBS USA Finance, Inc., 6.75%, 2/15/2028 (n) | 605,000 | 624,669 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 (n) | 270,000 | 240,300 | ||
Kraft Heinz Foods Co., 3.875%, 5/15/2027 | 505,000 | 493,828 | ||
Lamb Weston Holdings, Inc., 4.125%, 1/31/2030 (n) | 1,200,000 | 1,070,856 | ||
Performance Food Group Co., 5.5%, 10/15/2027 (n) | 860,000 | 834,565 | ||
Post Holdings, Inc., 5.625%, 1/15/2028 (n) | 624,000 | 589,992 | ||
Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 915,000 | 782,325 | ||
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n) | 807,000 | 702,425 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 760,000 | 637,623 | ||
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 825,000 | 762,052 | ||
$ 12,075,868 | ||||
Gaming & Lodging – 5.1% | ||||
Boyd Gaming Corp., 4.75%, 12/01/2027 | $ | 400,000 | $ 378,056 | |
Boyd Gaming Corp., 4.75%, 6/15/2031 (n) | 280,000 | 253,204 | ||
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n) | 450,000 | 385,875 | ||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/2025 (n) | 442,000 | 451,392 | ||
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n) | 610,000 | 637,450 | ||
CCM Merger, Inc., 6.375%, 5/01/2026 (n) | 419,000 | 417,953 | ||
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n) | 970,000 | 878,839 | ||
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 1,202,000 | 1,017,938 | ||
InterContinental Hotels Group PLC, 3.375%, 10/08/2028 | GBP | 350,000 | 426,808 | |
International Game Technology PLC, 4.125%, 4/15/2026 (n) | $ | 1,040,000 | 980,740 | |
International Game Technology PLC, 6.25%, 1/15/2027 (n) | 230,000 | 233,535 | ||
Las Vegas Sands Corp., 3.9%, 8/08/2029 | 449,000 | 385,981 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 282,000 | 242,528 | ||
Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n) | 675,000 | 594,000 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Gaming & Lodging – continued | ||||
MGM China Holdings Ltd., 5.375%, 5/15/2024 (n) | $ | 205,000 | $ 191,946 | |
MGM China Holdings Ltd., 5.875%, 5/15/2026 (n) | 370,000 | 326,525 | ||
MGM China Holdings Ltd., 4.75%, 2/01/2027 (n) | 245,000 | 205,800 | ||
MGM Growth Properties LLC, 5.75%, 2/01/2027 | 275,000 | 283,250 | ||
MGM Resorts International Co., 4.75%, 10/15/2028 | 551,000 | 506,121 | ||
Scientific Games Corp., 8.625%, 7/01/2025 (n) | 170,000 | 178,075 | ||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/01/2030 (n) | 389,000 | 369,550 | ||
Scientific Games International, Inc., 7%, 5/15/2028 (n) | 470,000 | 481,180 | ||
VICI Properties LP / VICI Note Co., Inc., 4.625%, 6/15/2025 (n) | 675,000 | 671,625 | ||
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (n) | 645,000 | 611,221 | ||
VICI Properties LP / VICI Note Co., Inc., 3.875%, 2/15/2029 (n) | 388,000 | 368,600 | ||
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/2030 (n) | 165,000 | 148,231 | ||
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n) | 790,000 | 728,538 | ||
VICI Properties LP, REIT, 4.95%, 2/15/2030 | 716,000 | 710,591 | ||
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 1,048,000 | 976,778 | ||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027 (n) | 330,000 | 303,491 | ||
Wynn Macau Ltd., 4.875%, 10/01/2024 (n) | 400,000 | 357,152 | ||
Wynn Macau Ltd., 5.5%, 1/15/2026 (n) | 395,000 | 338,713 | ||
Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 1,104,000 | 880,440 | ||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 385,000 | 337,114 | ||
$ 16,259,240 | ||||
Industrial – 1.3% | ||||
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n) | $ | 240,000 | $ 226,200 | |
APi Escrow Corp., 4.75%, 10/15/2029 (n) | 780,000 | 702,000 | ||
CPI Property Group S.A., 3.75% to 7/27/2028, FLR (EUR Swap Rate - 5yr. + 4.338%) to 7/27/2033, FLR (EUR Swap Rate - 5yr. + 4.588%) to 7/27/2048, FLR (EUR Swap Rate - 5yr. + 5.338%) to 1/27/2170 | EUR | 420,000 | 351,581 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | $ | 1,000,000 | 1,005,000 | |
Dycom Industries, Inc., 4.5%, 4/15/2029 (n) | 445,000 | 406,062 | ||
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050 | 966,000 | 715,438 | ||
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n) | 860,000 | 813,947 | ||
$ 4,220,228 | ||||
Insurance – 0.5% | ||||
AIA Group Ltd., 0.88% to 9/09/2028, FLR (EUR Swap Rate - 5yr. + 1.1%) to 9/09/2033 | EUR | 270,000 | $ 246,674 | |
Argentum Netherlands B.V., 5.125%, 6/01/2048 | $ | 290,000 | 290,725 | |
Aviva PLC, 4% to 6/03/2035, FLR (GBP Government Yield - 5yr. + 4.7%) to 6/03/2055 | GBP | 392,000 | 451,057 | |
Corebridge Financial, Inc., 4.35%, 4/05/2042 (n) | $ | 109,000 | 98,571 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
International Market Sovereign – continued | ||||
Republic of Iceland, 6.5%, 1/24/2031 | ISK | 122,000,000 | $ 1,015,110 | |
$ 6,573,963 | ||||
Local Authorities – 0.2% | ||||
Province of Alberta, 4.5%, 12/01/2040 | CAD | 410,000 | $ 347,468 | |
Province of British Columbia, 2.95%, 6/18/2050 | 315,000 | 211,154 | ||
$ 558,622 | ||||
Machinery & Tools – 0.7% | ||||
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | $ | 255,000 | $ 237,058 | |
Ritchie Bros. Holdings Ltd., 4.75%, 12/15/2031 (n) | 725,000 | 725,000 | ||
Sarens Finance Co. N.V., 5.75%, 2/21/2027 | EUR | 531,000 | 471,166 | |
Terex Corp., 5%, 5/15/2029 (n) | $ | 835,000 | 767,315 | |
$ 2,200,539 | ||||
Major Banks – 2.6% | ||||
Australia and New Zealand Banking Group Ltd., 2.57% to 11/25/2030, FLR (CMT - 5yr. + 1.7%) to 11/25/2035 (n) | $ | 563,000 | $ 463,416 | |
Banco de Sabadell S.A., 5% to 11/19/2027, FLR (EUR Swap Rate - 5yr. + 5.171%) to 2/19/2170 | EUR | 400,000 | 361,105 | |
Bank of America Corp., 0.694% to 3/22/2030, FLR (EURIBOR - 3mo. + 0.79%) to 3/22/2031 | 230,000 | 209,097 | ||
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 | $ | 721,000 | 618,538 | |
BNP Paribas S.A., 2.1%, 4/07/2032 | EUR | 300,000 | 296,556 | |
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | $ | 688,000 | 575,645 | |
Credit Suisse Group AG, 3.091% to 5/14/2031, FLR (SOFR - 1 day + 1.73%) to 5/14/2032 (n) | 250,000 | 209,077 | ||
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032 | 506,000 | 418,182 | ||
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043 | 399,000 | 330,653 | ||
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026 | 298,000 | 278,284 | ||
JPMorgan Chase & Co., 1.963% to 3/23/2029, FLR (EURIBOR - 3mo. + 1.13%) to 3/23/2030 | EUR | 380,000 | 389,106 | |
JPMorgan Chase & Co., 4.26%, 2/22/2048 | $ | 300,000 | 278,625 | |
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027 | 902,000 | 811,088 | ||
NatWest Group PLC, 3.619% to 3/29/2028, FLR (GBP Swap Rate - 5yr. + 2.1%) to 3/29/2029 | GBP | 180,000 | 223,380 | |
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029 | EUR | 300,000 | 277,085 | |
Toronto Dominion Bank, 1.952%, 4/08/2030 | 280,000 | 284,125 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n) | $ | 749,000 | $ 628,789 | |
Unicaja Banco S.A., 1% to 12/01/2025, FLR (EUR ICE Swap Rate - 1yr. + 1.15%) to 12/01/2026 | EUR | 400,000 | 392,631 | |
UniCredit S.p.A., 0.925% to 1/28/2027, FLR (EURIBOR - 3mo. + 0.85%) to 1/18/2028 | 410,000 | 395,810 | ||
Wells Fargo & Co., 2.125%, 9/24/2031 | GBP | 470,000 | 513,346 | |
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | $ | 508,000 | 461,570 | |
$ 8,416,108 | ||||
Medical & Health Technology & Services – 4.6% | ||||
180 Medical, Inc., 3.875%, 10/15/2029 (n) | $ | 765,000 | $ 680,850 | |
Alcon, Inc., 3.8%, 9/23/2049 (n) | 200,000 | 163,732 | ||
Avantor Funding, Inc., 4.625%, 7/15/2028 (n) | 914,000 | 869,479 | ||
Becton Dickinson Euro Finance S.à r.l., 1.336%, 8/13/2041 | EUR | 160,000 | 125,189 | |
Catalent, Inc., 3.125%, 2/15/2029 (n) | $ | 1,320,000 | 1,145,417 | |
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 1,614,000 | 1,460,670 | ||
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 385,000 | 398,845 | ||
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 1,155,000 | 949,987 | ||
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 170,000 | 149,031 | ||
DaVita, Inc., 4.625%, 6/01/2030 (n) | 475,000 | 413,250 | ||
DaVita, Inc., 3.75%, 2/15/2031 (n) | 632,000 | 515,080 | ||
Encompass Health Corp., 5.75%, 9/15/2025 | 235,000 | 239,113 | ||
HCA, Inc., 5.875%, 2/15/2026 | 570,000 | 590,235 | ||
HCA, Inc., 5.25%, 6/15/2026 | 471,000 | 485,394 | ||
HCA, Inc., 5.125%, 6/15/2039 | 287,000 | 276,357 | ||
IQVIA Holdings, Inc., 5%, 10/15/2026 (n) | 835,000 | 830,825 | ||
IQVIA Holdings, Inc., 5%, 5/15/2027 (n) | 965,000 | 956,141 | ||
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n) | 115,000 | 106,375 | ||
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050 | 318,000 | 234,696 | ||
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048 | 205,000 | 244,674 | ||
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n) | 470,000 | 482,958 | ||
Syneos Health, Inc., 3.625%, 1/15/2029 (n) | 910,000 | 805,031 | ||
Tenet Healthcare Corp., 6.125%, 10/01/2028 (n) | 995,000 | 955,150 | ||
Thermo Fisher Scientific (Finance I) Co., 1.125%, 10/18/2033 | EUR | 210,000 | 190,647 | |
Thermo Fisher Scientific (Finance I) Co., 2%, 10/18/2051 | 170,000 | 141,644 | ||
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028 | $ | 519,000 | 457,366 | |
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n) | 530,000 | 514,762 | ||
U.S. Renal Care, Inc., 10.625%, 7/15/2027 (n) | 490,000 | 422,625 | ||
$ 14,805,523 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Medical Equipment – 0.3% | ||||
American Medical Systems Europe B.V., 1.875%, 3/08/2034 | EUR | 110,000 | $ 106,192 | |
Teleflex, Inc., 4.625%, 11/15/2027 | $ | 950,000 | 931,000 | |
$ 1,037,192 | ||||
Metals & Mining – 3.0% | ||||
Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | $ | 371,000 | $ 388,885 | |
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | 790,000 | 802,838 | ||
Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | 730,000 | 585,825 | ||
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n) | 675,000 | 683,350 | ||
Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 540,000 | 522,450 | ||
Ero Copper Corp., 6.5%, 2/15/2030 (n) | 295,000 | 264,706 | ||
First Quantum Minerals Ltd., 6.875%, 3/01/2026 (n) | 400,000 | 401,000 | ||
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n) | 463,000 | 465,315 | ||
First Quantum Minerals Ltd., 6.875%, 10/15/2027 | 600,000 | 603,000 | ||
FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 920,000 | 814,126 | ||
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 465,000 | 397,231 | ||
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n) | 596,000 | 543,999 | ||
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n) | 1,297,000 | 1,189,997 | ||
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n) | 400,000 | 345,000 | ||
Novelis Corp., 3.25%, 11/15/2026 (n) | 386,000 | 352,206 | ||
Novelis Corp., 4.75%, 1/30/2030 (n) | 645,000 | 593,226 | ||
Novelis Corp., 3.875%, 8/15/2031 (n) | 338,000 | 289,835 | ||
Petra Diamonds US$ Treasury PLC, 10.5% PIK to 12/31/2022, 10.5% PIK/9.75% Cash to 6/30/2023, 9.75% Cash to 3/08/2026 (n)(p) | 308,587 | 324,788 | ||
$ 9,567,777 | ||||
Midstream – 4.5% | ||||
AI Candelaria Spain SLU, 7.5%, 12/15/2028 (n) | $ | 457,000 | $ 442,742 | |
Cheniere Energy Partners LP, 4.5%, 10/01/2029 | 465,000 | 445,237 | ||
Cheniere Energy Partners LP, 4%, 3/01/2031 | 975,000 | 882,477 | ||
DT Midstream, Inc., 4.125%, 6/15/2029 (n) | 583,000 | 530,530 | ||
DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 908,000 | 813,459 | ||
Enbridge, Inc., 5.375%, 9/27/2077 | CAD | 570,000 | 425,150 | |
Enterprise Products Partners LP, 3.125%, 7/31/2029 | $ | 328,000 | 304,204 | |
EQM Midstream Partners LP, 6%, 7/01/2025 (n) | 176,000 | 174,425 | ||
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n) | 60,000 | 60,600 | ||
EQM Midstream Partners LP, 5.5%, 7/15/2028 | 1,357,000 | 1,295,935 | ||
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n) | 525,000 | 472,615 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 506,373 | 445,227 | ||
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026 | 271,500 | 253,174 | ||
GNL Quintero S.A., 4.634%, 7/31/2029 (n) | 467,672 | 456,448 | ||
Northriver Midstream Finance LP, 5.625%, 2/15/2026 (n) | 320,000 | 312,000 | ||
Peru LNG, 5.375%, 3/22/2030 | 1,047,000 | 900,420 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Midstream – continued | ||||
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/2029 | $ | 744,000 | $ 677,748 | |
Sabine Pass Liquefaction LLC, 5%, 3/15/2027 | 285,000 | 291,469 | ||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 507,000 | 503,061 | ||
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 1,000,000 | 932,160 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 48,000 | 45,493 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 290,000 | 264,864 | ||
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029 | 925,000 | 975,551 | ||
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031 | 718,000 | 690,177 | ||
Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032 | 265,000 | 240,313 | ||
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | 545,000 | 497,312 | ||
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 595,000 | 539,962 | ||
Western Midstream Operating LP, 4.55%, 2/01/2030 | 299,000 | 274,688 | ||
Western Midstream Operation LP, 4.65%, 7/01/2026 | 220,000 | 216,975 | ||
Western Midstream Operation LP, 5.5%, 8/15/2048 | 180,000 | 160,200 | ||
$ 14,524,616 | ||||
Municipals – 0.5% | ||||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., Taxable, “A”, 2.641%, 7/01/2037 | $ | 565,000 | $ 494,063 | |
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), Taxable, 3.384%, 12/01/2040 | 605,000 | 533,987 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028 | 209,000 | 213,294 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev., Taxable (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | 95,000 | 97,375 | ||
State of Florida, Taxable, “A”, 2.154%, 7/01/2030 | 364,000 | 318,693 | ||
$ 1,657,412 | ||||
Natural Gas - Distribution – 0.1% | ||||
National Grid PLC, 1.125%, 1/14/2033 | GBP | 487,000 | $ 468,770 | |
Natural Gas - Pipeline – 0.2% | ||||
APT Pipelines Ltd., 0.75%, 3/15/2029 | EUR | 340,000 | $ 315,840 | |
APT Pipelines Ltd., 2.5%, 3/15/2036 | GBP | 390,000 | 401,298 | |
$ 717,138 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Network & Telecom – 0.6% | ||||
AT&T, Inc., 3.5%, 9/15/2053 | $ | 348,000 | $ 272,451 | |
Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 854,000 | 807,030 | ||
Verizon Communications, Inc., 2.1%, 3/22/2028 | 273,000 | 244,482 | ||
Verizon Communications, Inc., 2.55%, 3/21/2031 | 637,000 | 554,516 | ||
$ 1,878,479 | ||||
Oil Services – 0.4% | ||||
MV24 Capital B.V., 6.748%, 6/01/2034 | $ | 903,070 | $ 855,794 | |
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n) | 370,000 | 379,250 | ||
$ 1,235,044 | ||||
Oils – 1.2% | ||||
Neste Oyj, 0.75%, 3/25/2028 | EUR | 600,000 | $ 577,619 | |
Parkland Corp., 4.625%, 5/01/2030 (n) | $ | 990,000 | 866,250 | |
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025 | 425,000 | 410,359 | ||
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028 | 340,000 | 299,200 | ||
Puma International Financing S.A., 5%, 1/24/2026 | 1,338,000 | 1,247,685 | ||
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n) | 359,000 | 328,116 | ||
Valero Energy Corp., 2.8%, 12/01/2031 | 122,000 | 105,464 | ||
$ 3,834,693 | ||||
Other Banks & Diversified Financials – 2.3% | ||||
AIB Group PLC, 2.25%, 4/04/2028 | EUR | 250,000 | $ 257,070 | |
Alpha Bank, 4.25%, 2/13/2030 | 490,000 | 468,955 | ||
Bangkok Bank (Hong Kong), 4.05%, 3/19/2024 (n) | $ | 1,046,000 | 1,056,585 | |
Bank Hapoalim B.M., 3.255% to 1/21/2027, FLR (CMT - 5yr. + 2.155%) to 1/21/2032 (n) | 343,000 | 308,700 | ||
Bank of Cyprus PCL, 2.5% to 6/24/2026, FLR (EUR Swap Rate - 5yr. + 2.785%) to 6/24/2027 | EUR | 550,000 | 492,475 | |
Banque Federative du Credit Mutuel S.A., 1.125%, 11/19/2031 | 300,000 | 257,790 | ||
Belfius Bank S.A., 1.25% to 4/06/2029, FLR (EUR Swap Rate - 5yr. + 1.3%) to 4/06/2034 | 300,000 | 271,199 | ||
Belfius Bank S.A., 3.625% to 4/16/2025, FLR (EUR Swap Rate - 5yr. + 2.938%) to 4/16/2068 | 400,000 | 365,013 | ||
Deutsche Bank AG, 4.296% to 5/24/2023, FLR (Swap Rate - 5yr. + 2.248%) to 5/24/2028 | $ | 550,000 | 539,525 | |
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032 | EUR | 400,000 | 402,991 | |
Deutsche Bank AG, 4.5% to 4/30/2027, FLR (EUR Swap Rate - 5yr. + 4.552%) to 4/30/2170 | 400,000 | 364,063 | ||
Deutsche Bank AG, 6.75% to 4/30/2029, FLR (EUR Swap Rate - 5yr. + 5.692%) to 4/04/2171 | 200,000 | 205,768 | ||
Groupe BPCE S.A., 4.5%, 3/15/2025 (n) | $ | 278,000 | 277,680 | |
Groupe des Assurances du Credit Mutuel, 1.85%, 4/21/2042 | EUR | 300,000 | 265,848 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Intesa Sanpaolo S.p.A., 2.625%, 3/11/2036 | GBP | 570,000 | $ 574,356 | |
UBS AG, 5.125%, 5/15/2024 | $ | 981,000 | 997,389 | |
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030 | GBP | 275,000 | 348,650 | |
$ 7,454,057 | ||||
Personal Computers & Peripherals – 0.4% | ||||
NCR Corp., 5%, 10/01/2028 (n) | $ | 840,000 | $ 802,200 | |
NCR Corp., 5.125%, 4/15/2029 (n) | 405,000 | 385,763 | ||
$ 1,187,963 | ||||
Pharmaceuticals – 1.5% | ||||
Bausch Health Companies, Inc., 6.125%, 4/15/2025 (n) | $ | 1,341,000 | $ 1,344,943 | |
Bausch Health Companies, Inc., 5%, 1/30/2028 (n) | 1,355,000 | 999,543 | ||
Bausch Health Companies, Inc., 5%, 2/15/2029 (n) | 415,000 | 291,851 | ||
Jazz Securities DAC, 4.375%, 1/15/2029 (n) | 1,185,000 | 1,091,681 | ||
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | 540,000 | 502,362 | ||
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n) | 715,000 | 646,181 | ||
$ 4,876,561 | ||||
Pollution Control – 0.5% | ||||
GFL Environmental, Inc., 4.25%, 6/01/2025 (n) | $ | 255,000 | $ 247,322 | |
GFL Environmental, Inc., 4%, 8/01/2028 (n) | 635,000 | 558,800 | ||
GFL Environmental, Inc., 4.75%, 6/15/2029 (n) | 220,000 | 199,650 | ||
GFL Environmental, Inc., 4.375%, 8/15/2029 (n) | 285,000 | 252,852 | ||
Stericycle, Inc., 3.875%, 1/15/2029 (n) | 472,000 | 416,233 | ||
$ 1,674,857 | ||||
Precious Metals & Minerals – 0.3% | ||||
IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $ | 570,000 | $ 484,922 | |
Taseko Mines Ltd., 7%, 2/15/2026 (n) | 425,000 | 421,812 | ||
$ 906,734 | ||||
Printing & Publishing – 0.3% | ||||
Cimpress N.V., 7%, 6/15/2026 (n) | $ | 770,000 | $ 718,025 | |
Informa PLC, 3.125%, 7/05/2026 | GBP | 192,000 | 238,056 | |
$ 956,081 | ||||
Railroad & Shipping – 0.3% | ||||
Canadian Pacific Railway Co., 2.45%, 12/02/2031 | $ | 404,000 | $ 351,404 | |
Wabtec Transportation Netherlands B.V., 1.25%, 12/03/2027 | EUR | 516,000 | 504,568 | |
$ 855,972 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Real Estate - Office – 0.2% | ||||
Corporate Office Property LP, REIT, 2.25%, 3/15/2026 | $ | 298,000 | $ 276,390 | |
Corporate Office Property LP, REIT, 2%, 1/15/2029 | 197,000 | 164,253 | ||
Corporate Office Property LP, REIT, 2.75%, 4/15/2031 | 393,000 | 333,433 | ||
$ 774,076 | ||||
Real Estate - Other – 1.0% | ||||
EPR Properties, REIT, 3.6%, 11/15/2031 | $ | 333,000 | $ 282,081 | |
Lexington Realty Trust Co., 2.7%, 9/15/2030 | 506,000 | 435,003 | ||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, REIT, 5.875%, 10/01/2028 (n) | 835,000 | 809,950 | ||
SEGRO Capital S.à r.l., 1.875%, 3/23/2030 | EUR | 480,000 | 482,205 | |
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031 | $ | 756,000 | 641,874 | |
XHR LP, REIT, 4.875%, 6/01/2029 (n) | 665,000 | 612,372 | ||
$ 3,263,485 | ||||
Real Estate - Retail – 0.3% | ||||
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030 | $ | 473,000 | $ 446,742 | |
Hammerson Ireland Finance DAC, 1.75%, 6/03/2027 | EUR | 252,000 | 236,972 | |
Regency Centers Corp., 3.7%, 6/15/2030 | $ | 152,000 | 142,038 | |
STORE Capital Corp., REIT, 2.75%, 11/18/2030 | 316,000 | 269,340 | ||
$ 1,095,092 | ||||
Restaurants – 0.3% | ||||
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | $ | 455,000 | $ 393,629 | |
Starbucks Corp., 3%, 2/14/2032 | 566,000 | 500,309 | ||
$ 893,938 | ||||
Retailers – 1.1% | ||||
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n) | $ | 481,000 | $ 432,962 | |
Bath & Body Works, Inc., 5.25%, 2/01/2028 | 1,450,000 | 1,392,000 | ||
Home Depot, Inc., 4.875%, 2/15/2044 | 248,000 | 260,428 | ||
Kohl's Corp., 3.375%, 5/01/2031 | 428,000 | 405,448 | ||
MercadoLibre, Inc., 3.125%, 1/14/2031 | 480,000 | 388,200 | ||
Victoria's Secret & Co., 4.625%, 7/15/2029 (n) | 675,000 | 553,743 | ||
$ 3,432,781 | ||||
Specialty Chemicals – 0.3% | ||||
Akzo Nobel N.V., 2%, 3/28/2032 | EUR | 340,000 | $ 342,251 | |
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n) | $ | 657,000 | 629,787 | |
$ 972,038 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Specialty Stores – 0.8% | ||||
DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 459,000 | $ 383,271 | |
Group 1 Automotive, Inc., 4%, 8/15/2028 (n) | 625,000 | 562,331 | ||
Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 385,000 | 330,877 | ||
Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 455,000 | 358,313 | ||
Penske Automotive Group Co., 3.75%, 6/15/2029 | 914,000 | 779,468 | ||
$ 2,414,260 | ||||
Supermarkets – 0.6% | ||||
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n) | $ | 975,000 | $ 913,258 | |
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n) | 560,000 | 471,744 | ||
Iceland Bondco PLC, 4.375%, 5/15/2028 | GBP | 570,000 | 564,824 | |
$ 1,949,826 | ||||
Supranational – 0.3% | ||||
International Bank for Reconstruction and Development, 4.25%, 6/24/2025 | AUD | 405,000 | $ 294,397 | |
West African Development Bank, 4.7%, 10/22/2031 (n) | $ | 806,000 | 797,344 | |
$ 1,091,741 | ||||
Telecommunications - Wireless – 2.7% | ||||
Altice France S.A., 6%, 2/15/2028 (n) | $ | 585,000 | $ 483,111 | |
Crown Castle International Corp., REIT, 3.7%, 6/15/2026 | 314,000 | 308,743 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 1,025,000 | 887,163 | ||
Rogers Communications, Inc., 3.8%, 3/15/2032 (n) | 336,000 | 309,402 | ||
Rogers Communications, Inc., 3.7%, 11/15/2049 | 339,000 | 268,546 | ||
SBA Communications Corp., 3.875%, 2/15/2027 | 675,000 | 640,710 | ||
SBA Communications Corp., 3.125%, 2/01/2029 | 1,090,000 | 934,948 | ||
Sprint Capital Corp., 6.875%, 11/15/2028 | 800,000 | 878,072 | ||
Sprint Corp., 7.125%, 6/15/2024 | 245,000 | 257,863 | ||
Sprint Corp., 7.625%, 3/01/2026 | 1,585,000 | 1,721,595 | ||
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | 900,000 | 901,818 | ||
T-Mobile USA, Inc., 2.625%, 4/15/2026 | 560,000 | 519,400 | ||
T-Mobile USA, Inc., 3.875%, 4/15/2030 | 664,000 | 628,435 | ||
$ 8,739,806 | ||||
Telephone Services – 0.2% | ||||
TELUS Corp., 2.85%, 11/13/2031 | CAD | 825,000 | $ 546,421 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Tobacco – 0.3% | ||||
British American Tobacco PLC, 3% to 12/27/2026, FLR (EUR Swap Rate - 5yr. + 3.372%) to 12/27/2031, FLR (EUR Swap Rate - 5yr. + 3.622%) to 12/27/2046, FLR (EUR Swap Rate - 5yr. + 4.372%) to 9/27/2170 | EUR | 315,000 | $ 284,955 | |
Vector Group Ltd., 10.5%, 11/01/2026 (n) | $ | 245,000 | 250,067 | |
Vector Group Ltd., 5.75%, 2/01/2029 (n) | 370,000 | 324,675 | ||
$ 859,697 | ||||
Transportation - Services – 0.2% | ||||
ERAC USA Finance LLC, 7%, 10/15/2037 (n) | $ | 175,000 | $ 212,719 | |
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031 | EUR | 500,000 | 452,863 | |
$ 665,582 | ||||
U.S. Treasury Obligations – 4.2% | ||||
U.S. Treasury Bonds, 1.75%, 8/15/2041 | $ | 534,000 | $ 423,028 | |
U.S. Treasury Bonds, 2.375%, 11/15/2049 (f) | 14,670,000 | 12,900,431 | ||
$ 13,323,459 | ||||
Utilities - Electric Power – 4.8% | ||||
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 1,096,000 | $ 1,107,398 | |
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 86,000 | 74,799 | ||
Bruce Power LP, 2.68%, 12/21/2028 | CAD | 750,000 | 527,782 | |
Calpine Corp., 4.5%, 2/15/2028 (n) | $ | 898,000 | 831,297 | |
Calpine Corp., 5.125%, 3/15/2028 (n) | 810,000 | 735,784 | ||
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | 395,000 | 373,275 | ||
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 1,350,000 | 1,161,000 | ||
Enel Finance International N.V., 2.875%, 4/11/2029 | GBP | 250,000 | 303,320 | |
Enel Finance International N.V., 4.75%, 5/25/2047 (n) | $ | 271,000 | 260,858 | |
Enel S.p.A., 2.25% to 3/10/2027, FLR (EUR Swap Rate - 5yr. + 2.679%) to 3/10/2032, FLR (EUR Swap Rate - 5yr. + 2.929%) to 3/10/2047, FLR (EUR Swap Rate - 5yr. + 3.679%) to 3/10/2070 | EUR | 325,000 | 317,144 | |
Enel S.p.A., 8.75% to 9/24/2023, FLR (Swap Rate - 5yr. + 5.88%) to 9/24/2043, FLR (Swap Rate - 5yr. + 6.63%) to 9/24/2073 (n) | $ | 500,000 | 528,750 | |
Enel S.p.A., 1.875% to 9/08/2030, FLR (EUR Swap Rate - 5yr. + 2.011%) to 9/08/2035, FLR (EUR Swap Rate - 5yr. + 2.261%) to 9/08/2050, FLR (EUR Swap Rate - 5yr. + 3.011%) to 3/08/2170 | EUR | 315,000 | 265,432 | |
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n) | $ | 1,023,000 | 1,030,683 | |
Evergy, Inc., 2.9%, 9/15/2029 | 418,000 | 383,201 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 186,000 | 163,350 | ||
Listrindo Capital B.V., 4.95%, 9/14/2026 | 910,000 | 892,255 | ||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 594,000 | 530,145 | ||
NextEra Energy, Inc., 4.25%, 7/15/2024 (n) | 313,000 | 310,712 | ||
NextEra Energy, Inc., 4.25%, 9/15/2024 (n) | 107,000 | 105,128 | ||
NextEra Energy, Inc., 4.5%, 9/15/2027 (n) | 1,085,000 | 1,027,745 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Utilities - Electric Power – continued | ||||
Pacific Gas & Electric Co., 4.95%, 7/01/2050 | $ | 310,000 | $ 258,486 | |
ReNew Power Private Ltd., 5.875%, 3/05/2027 | 632,000 | 597,556 | ||
Southern California Edison Co., 3.65%, 2/01/2050 | 277,000 | 222,151 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 706,699 | 734,967 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 460,000 | 451,950 | ||
TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 1,015,000 | 947,914 | ||
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 550,000 | 495,000 | ||
Virginia Electric & Power Co., 3.5%, 3/15/2027 | 279,000 | 276,087 | ||
Virginia Electric & Power Co., 2.875%, 7/15/2029 | 348,000 | 322,389 | ||
$ 15,236,558 | ||||
Total Bonds (Identified Cost, $436,345,580) | $ 392,002,815 | |||
Common Stocks – 0.8% | ||||
Cable TV – 0.1% | ||||
Intelsat Emergence S.A. (a) | 7,339 | $ 223,840 | ||
Construction – 0.0% | ||||
ICA Tenedora, S.A. de C.V. (u) | 127,848 | $ 106,506 | ||
Energy - Independent – 0.1% | ||||
Frontera Energy Corp. (a) | 20,290 | $ 218,525 | ||
Oil Services – 0.0% | ||||
LTRI Holdings LP (a)(u) | 520 | $ 149,547 | ||
Special Products & Services – 0.6% | ||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 16,500 | $ 1,857,900 | ||
Total Common Stocks (Identified Cost, $4,592,580) | $ 2,556,318 |
Contingent Value Rights – 0.0% | ||||
Cable TV – 0.0% | ||||
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a) | 768 | $ 4,032 | ||
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a) | 768 | 3,648 | ||
Total Contingent Value Rights (Identified Cost, $0) | $ 7,680 |
Strike
Price |
First
Exercise |
|||
Warrants – 0.0% | ||||
Other Banks & Diversified Financials – 0.0% | ||||
Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a)(u) (Identified Cost, $0) | GBP 1.14 | 3/16/21 | 7,000 | $ 782 |
Issuer
Shares/Par
Value
($)
Investment
Companies (h) – 4.6%
Money
Market Funds – 4.6%
MFS
Institutional Money Market Portfolio, 0.28% (v) (Identified Cost, $14,917,283)
14,917,283
$
14,917,283
Other
Assets, Less Liabilities – (27.8)%
(89,138,595)
Net
Assets – 100.0%
$320,346,283
(a)
Non-income
producing security.
(f)
All or a
portion of the security has been segregated as collateral for open futures contracts.
(h)
An
affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers
and in unaffiliated issuers were $14,917,283 and $394,567,595, respectively.
(i)
Interest
only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(n)
Securities
exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the
aggregate value of these securities was $219,413,560, representing 68.5% of net assets.
(p)
Payment-in-kind
(PIK) security for which interest income may be received in additional securities and/or cash.
(u)
The
security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.
(v)
Affiliated
issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(z)
Restricted
securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently
registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
Restricted
Securities
Acquisition
Date Cost
Value
ACRES
2021-FL2 Issuer Ltd., “B”, FLR, 2.804% (LIBOR - 1mo. + 2.25%), 1/15/2037
12/07/21
$387,000
$381,848
MF1
2020-FL3 Ltd., “AS”, FLR, 3.473% (LIBOR - 1mo. + 2.85%), 7/15/2035
6/12/20
571,500
572,052
Paysafe
Finance PLC, 4%, 6/15/2029
6/10/21
666,812
546,050
Total
Restricted Securities
$1,499,950
%
of Net assets
0.5%
Forward Foreign Currency Exchange Contracts | ||||||
Currency
Purchased |
Currency
Sold |
Counterparty | Settlement
Date |
Unrealized
Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
BRL | 4,374,966 | USD | 871,959 | Morgan Stanley Capital Services, Inc. | 5/03/2022 | $12,954 |
EUR | 1,126,909 | USD | 1,188,665 | HSBC Bank | 7/15/2022 | 4,553 |
EUR | 1,100,000 | USD | 1,160,088 | JPMorgan Chase Bank N.A. | 7/15/2022 | 4,637 |
GBP | 349,000 | USD | 435,032 | JPMorgan Chase Bank N.A. | 7/15/2022 | 3,930 |
USD | 657,904 | AUD | 886,000 | State Street Bank Corp. | 7/15/2022 | 31,096 |
USD | 889,383 | BRL | 4,374,966 | Morgan Stanley Capital Services, Inc. | 5/03/2022 | 4,470 |
USD | 5,344 | CHF | 4,919 | JPMorgan Chase Bank N.A. | 7/15/2022 | 267 |
USD | 3,817,022 | CNH | 24,446,000 | Barclays Bank PLC | 7/15/2022 | 153,073 |
USD | 1,077,286 | EUR | 976,973 | Deutsche Bank AG | 7/15/2022 | 42,826 |
Futures Contracts | ||||||
Description | Long/
Short |
Currency | Contracts | Notional
Amount |
Expiration
Date |
Value/Unrealized
Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
Canadian Treasury Bond 10 yr | Short | CAD | 83 | $8,163,998 | June – 2022 | $532,737 |
Canadian Treasury Bond 5 yr | Short | CAD | 212 | 19,093,450 | June – 2022 | 597,177 |
Uncleared Swap Agreements | ||||||||||
Maturity
Date |
Notional
Amount |
Counterparty | Cash
Flows to Receive/ Frequency |
Cash
Flows to Pay/ Frequency |
Unrealized
Appreciation (Depreciation) |
Net
Unamortized Upfront Payments (Receipts) |
Value | |||
Asset Derivatives | ||||||||||
Credit Default Swaps | ||||||||||
12/20/26 | EUR | 468,000 | Goldman Sachs International | 5.00%/Quarterly | 1 | $(20,446) | $95,188 | $74,742 | ||
12/20/28 | EUR | 500,000 | Barclays Bank PLC | 5.00%/Quarterly | 2 | (49,179) | 104,087 | 54,908 | ||
$(69,625) | $199,275 | $129,650 | ||||||||
Liability Derivatives | ||||||||||
Credit Default Swaps | ||||||||||
12/20/31 | EUR | 550,000 | Barclays Bank PLC | 1.00%/Quarterly | 3 | $(20,363) | $5,804 | $(14,559) |
(1) | Fund, as protection seller, to pay notional amount upon a defined credit event by Glencore International AG, 1.875%, 9/13/23, a BBB+ rated bond. The fund entered into the contract to gain issuer exposure. |
(2) | Fund, as protection seller, to pay notional amount upon a defined credit event by Cellnex Telecom S.A., 3.125%, 7/27/22, a BB+ rated bond. The fund entered into the contract to gain issuer exposure. |
(3) | Fund, as protection seller, to pay notional amount upon a defined credit event by Daimler AG, 1.4%, 1/12/24, a A- rated bond. The fund entered into the contract to gain issuer exposure. |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $440,938,160) | $394,567,595 |
Investments in affiliated issuers, at value (identified cost, $14,917,283) | 14,917,283 |
Cash | 570,353 |
Foreign currency, at value (identified cost, $296,757) | 293,135 |
Deposits with brokers for | |
Futures contracts | 3,614 |
Receivables for | |
Forward foreign currency exchange contracts | 4,328,153 |
Net daily variation margin on open futures contracts | 218,930 |
Investments sold | 3,364,338 |
Interest | 5,219,438 |
Uncleared swaps, at value (net of unamortized premiums paid, $199,275) | 129,650 |
Other assets | 40,686 |
Total assets | $423,653,175 |
Liabilities | |
Notes payable | $100,000,000 |
Payables for | |
Distributions | 179,339 |
Forward foreign currency exchange contracts | 1,066,588 |
Investments purchased | 1,682,033 |
Uncleared swaps, at value (net of unamortized premiums paid, $5,804) | 14,559 |
Payable to affiliates | |
Investment adviser | 17,462 |
Administrative services fee | 520 |
Transfer agent and dividend disbursing costs | 5,567 |
Payable for independent Trustees' compensation | 4,875 |
Accrued interest expense | 79,275 |
Deferred country tax expense payable | 120,757 |
Accrued expenses and other liabilities | 135,917 |
Total liabilities | $103,306,892 |
Net assets | $320,346,283 |
Net assets consist of | |
Paid-in capital | $375,307,398 |
Total distributable earnings (loss) | (54,961,115) |
Net assets | $320,346,283 |
Shares of beneficial interest outstanding | 60,486,676 |
Net asset value per share (net assets of $320,346,283 / 60,486,676 shares of beneficial interest outstanding) | $5.30 |
Net investment income (loss) | |
Income | |
Interest | $9,333,630 |
Dividends | 17,684 |
Dividends from affiliated issuers | 9,206 |
Other | 7,955 |
Foreign taxes withheld | (650) |
Total investment income | $9,367,825 |
Expenses | |
Management fee | $1,128,669 |
Transfer agent and dividend disbursing costs | 48,179 |
Administrative services fee | 29,393 |
Independent Trustees' compensation | 6,486 |
Stock exchange fee | 28,751 |
Custodian fee | 21,937 |
Shareholder communications | 74,640 |
Audit and tax fees | 43,283 |
Legal fees | 6,641 |
Interest expense and fees | 389,384 |
Miscellaneous | 30,121 |
Total expenses | $1,807,484 |
Net investment income (loss) | $7,560,341 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(5,123,857) |
Written options | 21,007 |
Futures contracts | 4,987,880 |
Swap agreements | 22,221 |
Forward foreign currency exchange contracts | 1,842,407 |
Foreign currency | 57,037 |
Net realized gain (loss) | $1,806,695 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $22,805 decrease in deferred country tax) | $(50,606,435) |
Futures contracts | 2,328,877 |
Swap agreements | (89,988) |
Forward foreign currency exchange contracts | 3,465,827 |
Translation of assets and liabilities in foreign currencies | (8,119) |
Net unrealized gain (loss) | $(44,909,838) |
Net realized and unrealized gain (loss) | $(43,103,143) |
Change in net assets from operations | $(35,542,802) |
Six months ended | Year ended | |
4/30/22
(unaudited) |
10/31/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $7,560,341 | $16,712,969 |
Net realized gain (loss) | 1,806,695 | 15,976,416 |
Net unrealized gain (loss) | (44,909,838) | (6,542,348) |
Change in net assets from operations | $(35,542,802) | $26,147,037 |
Distributions to shareholders | $(12,375,563) | $(18,349,942) |
Tax return of capital distributions to shareholders | $— | $(12,050,739) |
Distributions from other sources | $(1,940,160) | $— |
Change in net assets from fund share transactions | $386,634 | $1,436,638 |
Total change in net assets | $(49,471,891) | $(2,817,006) |
Net assets | ||
At beginning of period | 369,818,174 | 372,635,180 |
At end of period | $320,346,283 | $369,818,174 |
Cash flows from operating activities: | |
Change in net assets from operations | $(35,542,802) |
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
Purchase of investment securities | (132,852,618) |
Proceeds from disposition of investment securities | 135,776,992 |
Purchase of short-term investments, net | (6,164,690) |
Realized gain/loss on investments | 5,123,857 |
Unrealized appreciation/depreciation on investments | 50,629,240 |
Unrealized appreciation/depreciation on foreign currency contracts | (3,465,827) |
Unrealized appreciation/depreciation on swaps | 89,988 |
Net amortization/accretion of income | 293,713 |
Decrease in interest receivable | 211,054 |
Decrease in accrued expenses and other liabilities | (99,065) |
Increase in receivable for net daily variation margin on open futures contracts | (21,607) |
Increase in other assets | (31,039) |
Increase in interest payable | 19,213 |
Net cash provided by operating activities | $13,966,409 |
Cash flows from financing activities: | |
Distributions paid in cash | $(13,749,750) |
Net increase in cash and restricted cash | $216,659 |
Cash and restricted cash: | |
Beginning of period | $650,443 |
End of period (including foreign currency of $293,135) | $867,102 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
(k) | Calculated by subtracting the fund's total liabilities (not including notes payable) from the fund's total assets and dividing this number by the notes payable outstanding and then multiplying by 1,000. |
(n) | Not annualized. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $1,857,900 | $— | $149,547 | $2,007,447 |
Luxembourg | — | 223,840 | — | 223,840 |
Canada | 218,525 | — | — | 218,525 |
Mexico | — | — | 106,506 | 106,506 |
United Kingdom | — | — | 782 | 782 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 13,323,459 | — | 13,323,459 |
Non - U.S. Sovereign Debt | — | 68,521,739 | — | 68,521,739 |
Municipal Bonds | — | 1,657,412 | — | 1,657,412 |
U.S. Corporate Bonds | — | 202,061,084 | — | 202,061,084 |
Commercial Mortgage-Backed Securities | — | 5,980,658 | — | 5,980,658 |
Asset-Backed Securities (including CDOs) | — | 8,831,790 | — | 8,831,790 |
Foreign Bonds | — | 91,634,353 | — | 91,634,353 |
Mutual Funds | 14,917,283 | — | — | 14,917,283 |
Total | $16,993,708 | $392,234,335 | $256,835 | $409,484,878 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $6,012,121 | $— | $— | $6,012,121 |
Futures Contracts – Liabilities | (1,503,999) | — | — | (1,503,999) |
Forward Foreign Currency Exchange Contracts – Assets | — | 4,328,153 | — | 4,328,153 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (1,066,588) | — | (1,066,588) |
Swap Agreements – Assets | — | 129,650 | — | 129,650 |
Swap Agreements – Liabilities | — | (14,559) | — | (14,559) |
Equity
Securities | |
Balance as of 10/31/21 | $256,727 |
Change in unrealized appreciation or depreciation | 108 |
Balance as of 4/30/22 | $256,835 |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $6,012,121 | $(1,503,999) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 4,328,153 | (1,066,588) |
Credit | Uncleared Swap Agreements | 129,650 | (14,559) |
Total | $10,469,924 | $(2,585,146) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is separately reported within the Statement of Assets and Liabilities. |
Risk | Futures
Contracts |
Swap
Agreements |
Forward
Foreign Currency Exchange Contracts |
Unaffiliated
Issuers (Purchased Options) |
Written
Options |
Interest Rate | $4,987,880 | $— | $— | $— | $— |
Foreign Exchange | — | — | 1,842,407 | — | — |
Credit | — | 22,221 | — | (20,238) | 21,007 |
Total | $4,987,880 | $22,221 | $1,842,407 | $(20,238) | $21,007 |
Risk | Futures
Contracts |
Swap
Agreements |
Forward
Foreign Currency Exchange Contracts |
Interest Rate | $2,328,877 | $— | $— |
Foreign Exchange | — | — | 3,465,827 |
Credit | — | (89,988) | — |
Total | $2,328,877 | $(89,988) | $3,465,827 |
4/30/22 | |
Cash | $863,488 |
Restricted cash | — |
Restricted cash included in deposits with brokers | 3,614 |
Total cash and restricted cash in the Statement of Cash Flows | $867,102 |
Year
ended 10/31/21 | |
Ordinary income (including any short-term capital gains) | $18,349,942 |
Tax return of capital (b) | 12,050,739 |
Total distributions | $30,400,681 |
(b) | Distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital. |
As of 4/30/22 | |
Cost of investments | $457,269,163 |
Gross appreciation | 2,673,101 |
Gross depreciation | (50,457,386) |
Net unrealized appreciation (depreciation) | $ (47,784,285) |
As of 10/31/21 | |
Capital loss carryforwards | (5,158,640) |
Other temporary differences | (137,774) |
Net unrealized appreciation (depreciation) | 193,824 |
Long-Term | $(5,158,640) |
Purchases | Sales | |
U.S. Government securities | $13,942,436 | $2,791,575 |
Non-U.S. Government securities | 111,147,552 | 129,492,643 |
Six
months ended 4/30/22 |
Year
ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | 63,638 | $386,634 | 229,540 | $1,436,638 |
Affiliated Issuers | Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value |
MFS Institutional Money Market Portfolio | $8,752,593 | $124,856,507 | $118,691,817 | $— | $— | $14,917,283 |
Affiliated Issuers | Dividend
Income |
Capital
Gain Distributions |
MFS Institutional Money Market Portfolio | $9,206 | $— |
Item 1(b):
A copy of the notice transmitted to the Registrants shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. | CODE OF ETHICS. |
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the Code) that relates to an element of the Codes definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable for semi-annual reports.
ITEM 6. | SCHEDULE OF INVESTMENTS |
A schedule of investments for MFS Multimarket Income Trust is included as part of the report to shareholders under Item 1(a) of this Form N-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable for semi-annual reports.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
There were no changes during the period.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
MFS Multimarket Income Trust
Period |
(a) Total number of Shares Purchased |
(b) Average Price Paid per Share |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plans or Programs |
||||||||||||
11/01/21-11/30/21 |
0 | N/A | 0 | 6,039,157 | ||||||||||||
12/01/21-12/31/21 |
0 | N/A | 0 | 6,039,157 | ||||||||||||
1/01/22-1/31/22 |
0 | N/A | 0 | 6,039,157 | ||||||||||||
2/01/22-2/28/22 |
0 | N/A | 0 | 6,039,157 | ||||||||||||
3/01/22-3/31/22 |
0 | N/A | 0 | 6,039,157 | ||||||||||||
4/01/22-4/30/22 |
0 | N/A | 0 | 6,039,157 | ||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
0 | N/A | 0 | |||||||||||||
|
|
|
|
|
|
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrants outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2021 plan year is 6,039,157.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrants Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | Based upon their evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act)) as conducted within 90 days of the filing date of this Form N-CSR, the registrants principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms. |
(b) | There were no changes in the registrants internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable for semi-annual reports.
ITEM 13. | EXHIBITS. |
(a) | File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated. |
(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable. |
(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(4) | Change in the registrants independent public accountant. Not applicable. |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed filed for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT. |
(c) | Registrants Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice. |
(d) | Notices to Trusts common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1. Attached hereto as EX-99.19a-1. |
Notice
A copy of the Amended and Restated Declaration of Trust of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant MFS MULTIMARKET INCOME TRUST
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: June 15, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President | ||
(Principal Executive Officer) |
Date: June 15, 2022
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer | ||
(Principal Financial Officer and Accounting Officer) |
Date: June 15, 2022
* | Print name and title of each signing officer under his or her signature. |
1 Year MFS Multimarket Income Chart |
1 Month MFS Multimarket Income Chart |
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