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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 | |
---|---|---|---|---|---|---|---|---|
-0.08 | -1.66% | 4.73 | 4.80 | 4.73 | 4.77 | 65,971 | 21:00:03 |
Issuer | Shares/Par | Value ($) | ||
Bonds – 130.2% | ||||
Aerospace & Defense – 2.3% | ||||
Boeing Co., 5.805%, 5/01/2050 | $ | 396,000 | $398,291 | |
Bombardier, Inc., 7.5%, 3/15/2025 (n) | 136,000 | 136,478 | ||
Bombardier, Inc., 7.125%, 6/15/2026 (n) | 375,000 | 372,040 | ||
Bombardier, Inc., 7.5%, 2/01/2029 (n) | 164,000 | 162,479 | ||
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n) | 805,000 | 739,982 | ||
HEICO Corp., 5.35%, 8/01/2033 | 396,000 | 394,327 | ||
Moog, Inc., 4.25%, 12/15/2027 (n) | 645,000 | 597,683 | ||
Spirit AeroSystems, Inc., 4.6%, 6/15/2028 | 655,000 | 557,266 | ||
Thales S.A., 3.625%, 6/14/2029 | EUR | 400,000 | 433,313 | |
TransDigm, Inc., 6.25%, 3/15/2026 (n) | $ | 620,000 | 616,662 | |
TransDigm, Inc., 6.375%, 6/15/2026 | 570,000 | 564,170 | ||
TransDigm, Inc., 5.5%, 11/15/2027 | 613,000 | 581,011 | ||
TransDigm, Inc., 6.75%, 8/15/2028 (n) | 516,000 | 517,540 | ||
TransDigm, Inc., 4.625%, 1/15/2029 | 554,000 | 494,445 | ||
$6,565,687 | ||||
Airlines – 0.5% | ||||
Aeroporti di Roma S.p.A., 4.875%, 7/10/2033 | EUR | 490,000 | $533,019 | |
Air Canada, 3.875%, 8/15/2026 (n) | $ | 639,000 | 592,967 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n) | 385,946 | 373,641 | ||
$1,499,627 | ||||
Apparel Manufacturers – 0.1% | ||||
Tapestry, Inc., 3.05%, 3/15/2032 | $ | 388,000 | $309,835 | |
Asset-Backed & Securitized – 3.3% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.022%, 11/15/2054 (i) | $ | 3,719,880 | $192,266 | |
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.336% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n) | 100,000 | 96,595 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 7.286% ((SOFR - 1mo. + 0.11448%) + 1.95%), 5/15/2036 (n) | 471,500 | 442,468 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 8.067% (SOFR - 30 day + 3%), 1/15/2037 (n) | 600,000 | 571,348 | ||
AREIT 2022-CRE6 Trust, “D”, FLR, 7.918% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 126,000 | 114,910 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 7.031% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 370,929 | 499,483 | ||
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.619%, 4/15/2053 (i) | 986,807 | 66,182 | ||
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.291%, 7/15/2054 (i) | 987,904 | 64,248 | ||
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.616%, 2/15/2054 (i) | 6,540,736 | 558,423 | ||
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.269%, 2/15/2054 (i) | 4,032,712 | 257,689 | ||
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.266%, 3/15/2054 (i) | 2,041,161 | 118,150 | ||
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.885%, 6/15/2054 (i) | 7,098,935 | 329,630 | ||
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.263%, 7/15/2054 (i) | 7,115,600 | 485,731 | ||
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.809%, 7/15/2055 (i) | 8,711,547 | 409,955 | ||
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.636% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n) | 100,000 | 95,165 | ||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | 123,712 | 115,672 | ||
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n) | 61,540 | 54,562 | ||
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n) | 143,904 | 134,510 | ||
Capital Automotive, 2020-1A, “B1”, REIT, 4.17%, 2/15/2050 (n) | 437,500 | 408,209 | ||
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n) | 89,945 | 80,638 | ||
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n) | 205,608 | 203,967 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.776%, 4/15/2054 (i) | 3,614,283 | 146,736 | ||
Crest Ltd., CDO, 7% (0.001% Cash or 7% PIK), 1/28/2040 (a)(p) | 4,413,047 | 44 | ||
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.336% (LIBOR - 1mo. + 2%), 7/15/2036 (n) | 464,500 | 442,436 | ||
MF1 2021-FL5 Ltd., “C”, FLR, 7.036% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n) | 401,500 | 377,402 | ||
MF1 2021-FL5 Ltd., “D”, FLR, 7.836% ((SOFR - 1mo. + 0.11448%) + 2.5%), 7/15/2036 (n) | 745,000 | 706,580 | ||
MF1 2021-FL6 Ltd., “B”, FLR, 6.994% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n) | 1,000,000 | 962,052 | ||
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.292%, 5/15/2054 (i) | 1,819,465 | 117,441 | ||
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.214%, 6/15/2054 (i) | 2,747,727 | 161,043 | ||
PFP III 2021-7 Ltd., “B”, FLR, 6.716% ((SOFR - 1mo. + 0.11448%) + 1.4%), 4/14/2038 (n) | 163,992 | 155,424 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
PFP III 2021-7 Ltd., “C”, FLR, 6.967% ((SOFR - 1mo. + 0.11448%) + 1.65%), 4/14/2038 (n) | $ | 199,990 | $185,857 | |
RAC Bond Co. PLC, 4.87%, 5/06/2026 | GBP | 260,000 | 304,662 | |
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 7.186% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n) | $ | 340,000 | 329,147 | |
Wells Fargo Commercial Mortgage Trust, 2021-C59, “XA”, 1.527%, 4/15/2054 (i) | 2,304,064 | 185,276 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.53%, 8/15/2054 (i) | 1,963,321 | 155,327 | ||
$9,529,228 | ||||
Automotive – 2.1% | ||||
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n) | $ | 583,000 | $590,280 | |
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n) | 271,000 | 272,210 | ||
Dana, Inc., 5.375%, 11/15/2027 | 536,000 | 513,276 | ||
Dana, Inc., 4.25%, 9/01/2030 | 334,000 | 285,408 | ||
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 547,000 | 468,969 | ||
Ford Motor Co., 5.113%, 5/03/2029 | 880,000 | 821,717 | ||
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025 | 1,840,000 | 1,754,986 | ||
Hyundai Capital America, 6.375%, 4/08/2030 (n) | 197,000 | 203,340 | ||
LKQ Corp., 6.25%, 6/15/2033 (n) | 286,000 | 287,866 | ||
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 449,000 | 362,204 | ||
Volkswagen Financial Services N.V., 5.875%, 5/23/2029 | GBP | 300,000 | 378,076 | |
$5,938,332 | ||||
Broadcasting – 1.5% | ||||
Discovery Communications LLC, 4.125%, 5/15/2029 | $ | 339,000 | $311,382 | |
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n) | 927,000 | 646,856 | ||
Gray Television, Inc., 5.875%, 7/15/2026 (n) | 109,000 | 98,122 | ||
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 695,000 | 591,351 | ||
Prosus N.V., 3.68%, 1/21/2030 (n) | 281,000 | 239,909 | ||
Prosus N.V., 3.061%, 7/13/2031 (n) | 325,000 | 255,145 | ||
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n) | 765,000 | 651,485 | ||
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027 | EUR | 117,137 | 103,678 | |
Ubisoft Entertainment S.A., 0.878%, 11/24/2027 | 1,000,000 | 859,491 | ||
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032 | $ | 502,000 | 445,246 | |
$4,202,665 | ||||
Brokerage & Asset Managers – 1.6% | ||||
AG Issuer LLC, 6.25%, 3/01/2028 (n) | $ | 111,000 | $107,070 | |
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n) | 713,000 | 735,174 | ||
Ameriprise Financial, Inc., 4.5%, 5/13/2032 | 161,000 | 154,028 | ||
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 667,000 | 600,676 | ||
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029 | 316,000 | 318,765 | ||
Low Income Investment Fund, 3.386%, 7/01/2026 | 185,000 | 172,810 | ||
Low Income Investment Fund, 3.711%, 7/01/2029 | 490,000 | 438,365 | ||
LPL Holdings, Inc., 4%, 3/15/2029 (n) | 577,000 | 517,205 | ||
LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 429,000 | 377,179 | ||
NFP Corp., 4.875%, 8/15/2028 (n) | 575,000 | 517,439 | ||
NFP Corp., 6.875%, 8/15/2028 (n) | 612,000 | 541,689 | ||
$4,480,400 | ||||
Building – 2.7% | ||||
CRH SMW Finance DAC, 4%, 7/11/2031 | EUR | 270,000 | $296,462 | |
CRH SMW Finance DAC, 4.25%, 7/11/2035 | 290,000 | 318,388 | ||
Foundation Building Materials LLC, 6%, 3/01/2029 (n) | $ | 659,000 | 570,768 | |
GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 794,000 | 709,201 | ||
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034 | GBP | 380,000 | 343,774 | |
Interface, Inc., 5.5%, 12/01/2028 (n) | $ | 1,412,000 | 1,184,038 | |
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 552,000 | 466,440 | ||
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 523,000 | 514,723 | ||
Patrick Industries, Inc., 7.5%, 10/15/2027 (n) | 756,000 | 742,770 | ||
SRS Distribution, Inc., 6.125%, 7/01/2029 (n) | 402,000 | 352,734 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Building – continued | ||||
Standard Industries, Inc., 2.25%, 11/21/2026 | EUR | 210,000 | $205,795 | |
Standard Industries, Inc., 4.75%, 1/15/2028 (n) | $ | 355,000 | 330,745 | |
Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 647,000 | 561,651 | ||
Vulcan Materials Co., 3.5%, 6/01/2030 | 550,000 | 497,621 | ||
White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 649,000 | 584,692 | ||
$7,679,802 | ||||
Business Services – 1.5% | ||||
Corning, Inc., 4.125%, 5/15/2031 | EUR | 250,000 | $273,673 | |
Entegris Escrow Corp., 5.95%, 6/15/2030 (n) | $ | 291,000 | 279,066 | |
Euronet Worldwide, Inc., 1.375%, 5/22/2026 | EUR | 420,000 | 420,885 | |
Fiserv, Inc., 4.4%, 7/01/2049 | $ | 299,000 | 251,011 | |
Iron Mountain, Inc., 4.875%, 9/15/2027 (n) | 525,000 | 492,429 | ||
Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 385,000 | 361,135 | ||
Mastercard, Inc., 3.85%, 3/26/2050 | 270,000 | 230,486 | ||
Tencent Holdings Ltd., 3.8%, 2/11/2025 | 700,000 | 682,937 | ||
Verscend Escrow Corp., 9.75%, 8/15/2026 (n) | 792,000 | 794,254 | ||
ZI Technologies LLC/ZI Finance Corp. Co., 3.875%, 2/01/2029 (n) | 657,000 | 564,319 | ||
$4,350,195 | ||||
Cable TV – 6.2% | ||||
Cable One, Inc., 4%, 11/15/2030 (n) | $ | 964,000 | $761,560 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n) | 498,000 | 467,223 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 2,209,000 | 1,914,688 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 1,146,000 | 971,002 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n) | 800,000 | 657,673 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 547,000 | 420,436 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | 432,000 | 424,294 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050 | 235,000 | 178,082 | ||
Cox Communications, Inc., 5.45%, 9/15/2028 (n) | 620,000 | 619,527 | ||
CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 700,000 | 584,548 | ||
CSC Holdings LLC, 7.5%, 4/01/2028 (n) | 450,000 | 278,018 | ||
CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 800,000 | 414,142 | ||
CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 250,000 | 180,756 | ||
DISH DBS Corp., 7.75%, 7/01/2026 | 378,000 | 244,377 | ||
DISH DBS Corp., 5.25%, 12/01/2026 (n) | 590,000 | 483,213 | ||
DISH DBS Corp., 5.125%, 6/01/2029 | 465,000 | 233,663 | ||
DISH Network Corp., 11.75%, 11/15/2027 (n) | 260,000 | 261,710 | ||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n) | 716,000 | 669,668 | ||
LCPR Senior Secured Financing DAC, 5.125%, 7/15/2029 (n) | 220,000 | 181,923 | ||
SES S.A., 3.5%, 1/14/2029 | EUR | 290,000 | 296,119 | |
SES S.A., 2.875% to 8/27/2026, FLR (EUR Swap Rate - 5yr. + 3.19%) to 8/27/2031, FLR (EUR Swap Rate - 5yr. + 3.44%) to 8/27/2046, FLR (EUR Swap Rate - 5yr. + 4.19%) to 8/27/2171 | 580,000 | 546,837 | ||
Sirius XM Radio, Inc., 4%, 7/15/2028 (n) | $ | 525,000 | 456,793 | |
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 1,432,000 | 1,308,374 | ||
Sirius XM Radio, Inc., 3.875%, 9/01/2031 (n) | 293,000 | 229,406 | ||
Summer BidCo B.V., 9% (9% Cash or 9.75% PIK), 11/15/2025 (p) | EUR | 663,277 | 660,138 | |
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n) | $ | 1,200,000 | 1,097,040 | |
Videotron Ltd., 5.125%, 4/15/2027 (n) | 418,000 | 403,066 | ||
Videotron Ltd., 3.625%, 6/15/2029 (n) | 384,000 | 334,080 | ||
Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 1,015,000 | 832,860 | ||
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n) | 769,000 | 676,746 | ||
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 1,220,000 | 963,799 | ||
$17,751,761 | ||||
Chemicals – 2.7% | ||||
Alpek SAB de C.V., 3.25%, 2/25/2031 (n) | $ | 400,000 | $322,938 | |
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n) | 412,000 | 392,922 | ||
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n) | 624,000 | 534,040 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Chemicals – continued | ||||
Element Solutions, Inc., 3.875%, 9/01/2028 (n) | $ | 860,000 | $760,038 | |
Ingevity Corp., 3.875%, 11/01/2028 (n) | 1,072,000 | 925,257 | ||
Lonza Finance International N.V., 3.875%, 5/25/2033 | EUR | 100,000 | 109,103 | |
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n) | $ | 662,000 | 552,751 | |
Nutrien Ltd., 4.9%, 3/27/2028 | 430,000 | 423,489 | ||
S.P.C.M. S.A., 3.375%, 3/15/2030 (n) | 709,000 | 587,320 | ||
Sasol Financing (USA) LLC, 4.375%, 9/18/2026 | 558,000 | 503,043 | ||
Sasol Financing (USA) LLC, 8.75%, 5/03/2029 (n) | 356,000 | 355,948 | ||
Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 600,000 | 494,466 | ||
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 437,000 | 379,718 | ||
SCIL IV LLC / SCIL USA Holdings LLC, 9.5%, 7/15/2028 (n) | EUR | 484,000 | 541,663 | |
Tronox, Inc., 4.625%, 3/15/2029 (n) | $ | 163,000 | 135,123 | |
Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n) | 816,000 | 820,080 | ||
$7,837,899 | ||||
Computer Software – 0.9% | ||||
Camelot Finance S.A., 4.5%, 11/01/2026 (n) | $ | 465,000 | $438,569 | |
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n) | 210,000 | 187,188 | ||
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n) | 373,000 | 331,337 | ||
Dun & Bradstreet Corp., 5%, 12/15/2029 (n) | 607,000 | 534,288 | ||
Microsoft Corp., 2.525%, 6/01/2050 | 529,000 | 360,347 | ||
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 651,000 | 598,825 | ||
$2,450,554 | ||||
Computer Software - Systems – 1.2% | ||||
Apple, Inc., 4.5%, 2/23/2036 | $ | 263,000 | $266,295 | |
Fair Isaac Corp., 5.25%, 5/15/2026 (n) | 1,080,000 | 1,059,750 | ||
Sabre GLBL, Inc., 7.375%, 9/01/2025 (n) | 275,000 | 248,188 | ||
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n) | 285,000 | 252,139 | ||
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 1,114,000 | 1,076,214 | ||
Virtusa Corp., 7.125%, 12/15/2028 (n) | 540,000 | 452,323 | ||
$3,354,909 | ||||
Conglomerates – 3.3% | ||||
BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | $ | 490,000 | $445,991 | |
BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 1,064,000 | 954,940 | ||
Chart Industries, Inc., 9.5%, 1/01/2031 (n) | 653,000 | 700,342 | ||
Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 938,000 | 932,137 | ||
Gates Global LLC, 6.25%, 1/15/2026 (n) | 804,000 | 793,987 | ||
Griffon Corp., 5.75%, 3/01/2028 | 739,000 | 695,517 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 558,000 | 502,200 | ||
Johnson Controls International PLC, 4.25%, 5/23/2035 | EUR | 255,000 | 282,487 | |
Madison IAQ LLC, 5.875%, 6/30/2029 (n) | $ | 571,000 | 478,947 | |
nVent Finance S.à r.l., 5.65%, 5/15/2033 | 534,000 | 523,961 | ||
Regal Rexnord Corp., 6.05%, 4/15/2028 (n) | 585,000 | 581,429 | ||
Regal Rexnord Corp., 6.3%, 2/15/2030 (n) | 454,000 | 453,256 | ||
TriMas Corp., 4.125%, 4/15/2029 (n) | 1,227,000 | 1,082,853 | ||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | 1,000,000 | 973,572 | ||
$9,401,619 | ||||
Construction – 0.5% | ||||
Empire Communities Corp., 7%, 12/15/2025 (n) | $ | 460,000 | $442,126 | |
Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 240,000 | 226,941 | ||
Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 508,000 | 445,615 | ||
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 477,000 | 428,128 | ||
$1,542,810 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Consumer Products – 1.6% | ||||
Energizer Gamma Acquisition B.V., 3.5%, 6/30/2029 | EUR | 335,000 | $300,344 | |
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | $ | 703,000 | 609,374 | |
Kenvue, Inc., 5.05%, 3/22/2053 (n) | 516,000 | 518,747 | ||
Mattel, Inc., 3.375%, 4/01/2026 (n) | 535,000 | 497,401 | ||
Mattel, Inc., 5.875%, 12/15/2027 (n) | 176,000 | 172,579 | ||
Newell Brands, Inc., 6.375%, 9/15/2027 | 756,000 | 743,715 | ||
Newell Brands, Inc., 6.625%, 9/15/2029 | 319,000 | 318,654 | ||
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 655,000 | 625,525 | ||
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 268,000 | 225,120 | ||
Spectrum Brands, Inc., 3.875%, 3/15/2031 (n) | 380,000 | 313,407 | ||
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n) | 355,000 | 219,222 | ||
$4,544,088 | ||||
Consumer Services – 3.0% | ||||
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | $ | 699,000 | $641,045 | |
Allied Universal Holdco LLC, 6%, 6/01/2029 (n) | 400,000 | 305,130 | ||
ANGI Group LLC, 3.875%, 8/15/2028 (n) | 887,000 | 744,898 | ||
Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 550,000 | 473,688 | ||
Booking Holdings, Inc., 4.125%, 5/12/2033 | EUR | 290,000 | 318,810 | |
Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n) | $ | 498,000 | 456,487 | |
GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 1,116,000 | 959,645 | ||
GW B-CR Security Corp., 9.5%, 11/01/2027 (n) | 532,000 | 520,751 | ||
Match Group Holdings II LLC, 5%, 12/15/2027 (n) | 435,000 | 412,183 | ||
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n) | 965,000 | 890,184 | ||
Match Group Holdings II LLC, 4.125%, 8/01/2030 (n) | 225,000 | 194,164 | ||
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n) | 55,000 | 45,276 | ||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 508,000 | 375,898 | ||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 420,000 | 302,618 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 753,000 | 587,557 | ||
TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 967,000 | 843,708 | ||
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n) | 538,000 | 500,575 | ||
$8,572,617 | ||||
Containers – 2.1% | ||||
ARD Finance S.A., 6.5% (6.5% Cash or 7.25% PIK), 6/30/2027 (n)(p) | $ | 224,000 | $182,000 | |
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n) | 375,000 | 323,913 | ||
Ardagh Metal Packaging Finance USA LLC, 4%, 9/01/2029 (n) | 1,065,000 | 871,069 | ||
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n) | 789,000 | 677,164 | ||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 1,176,000 | 945,046 | ||
Crown Americas LLC, 5.25%, 4/01/2030 | 316,000 | 301,486 | ||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 1,025,000 | 969,206 | ||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | 349,000 | 337,376 | ||
DS Smith PLC, 4.5%, 7/27/2030 | EUR | 290,000 | 317,596 | |
LABL, Inc., 5.875%, 11/01/2028 (n) | $ | 548,000 | 499,857 | |
Mauser Packaging Solutions, 7.875%, 8/15/2026 (n) | 272,000 | 271,266 | ||
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n) | 411,000 | 395,367 | ||
$6,091,346 | ||||
Electrical Equipment – 0.3% | ||||
CommScope Technologies LLC, 5%, 3/15/2027 (n) | $ | 433,000 | $288,808 | |
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029 | EUR | 680,000 | 598,883 | |
$887,691 | ||||
Electronics – 1.2% | ||||
Broadcom, Inc., 3.469%, 4/15/2034 (n) | $ | 155,000 | $127,132 | |
Broadcom, Inc., 3.137%, 11/15/2035 (n) | 313,000 | 240,126 | ||
Entegris, Inc., 4.375%, 4/15/2028 (n) | 359,000 | 326,570 | ||
Entegris, Inc., 3.625%, 5/01/2029 (n) | 487,000 | 421,480 | ||
Intel Corp., 5.7%, 2/10/2053 | 225,000 | 229,400 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Electronics – continued | ||||
Sensata Technologies B.V., 5.625%, 11/01/2024 (n) | $ | 245,000 | $243,515 | |
Sensata Technologies B.V., 5%, 10/01/2025 (n) | 805,000 | 784,743 | ||
Sensata Technologies B.V., 5.875%, 9/01/2030 (n) | 390,000 | 375,835 | ||
Synaptics, Inc., 4%, 6/15/2029 (n) | 736,000 | 632,995 | ||
$3,381,796 | ||||
Emerging Market Quasi-Sovereign – 6.0% | ||||
Abu Dhabi Crude Oil Pipeline, 3.65%, 11/02/2029 | $ | 1,100,000 | $1,038,125 | |
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | 200,000 | 199,388 | ||
CEZ A.S. (Czech Republic), 2.375%, 4/06/2027 | EUR | 200,000 | 205,418 | |
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 (n) | $ | 423,000 | 398,875 | |
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | 806,000 | 760,031 | ||
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026 | 534,000 | 511,406 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n) | 1,052,000 | 1,004,155 | ||
Export-Import Bank of India, 3.375%, 8/05/2026 | 1,366,000 | 1,285,137 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 700,000 | 575,882 | ||
Industrial & Commercial Bank of China Macau, 2.875% to 9/12/2024, FLR (CMT - 5yr. + 1.65%) to 9/12/2029 | 700,000 | 675,794 | ||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | 1,000,000 | 926,290 | ||
Korea Development Bank, 4.25%, 9/08/2032 | 771,000 | 737,664 | ||
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | 200,000 | 200,332 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.875%, 11/07/2029 (n) | 1,091,000 | 978,215 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 6/03/2031 | 367,000 | 313,259 | ||
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2026 (a)(d)(z) | 869,000 | 328,048 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n) | 373,000 | 350,217 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | 600,000 | 452,832 | ||
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 | 370,000 | 319,199 | ||
Petroleos Mexicanos, 6.875%, 8/04/2026 | 460,000 | 428,346 | ||
Petroleos Mexicanos, 6.49%, 1/23/2027 | 904,000 | 805,519 | ||
Petroleos Mexicanos, 6.7%, 2/16/2032 | 907,000 | 698,846 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 1,593,000 | 1,025,121 | ||
Qatar Petroleum, 3.125%, 7/12/2041 | 355,000 | 269,148 | ||
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 547,000 | 502,901 | ||
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n) | 336,000 | 332,033 | ||
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | 767,000 | 778,444 | ||
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 1,152,000 | 1,192,410 | ||
$17,293,035 | ||||
Emerging Market Sovereign – 14.9% | ||||
Arab Republic of Egypt, 6.588%, 2/21/2028 | $ | 487,000 | $351,190 | |
Arab Republic of Egypt, 7.903%, 2/21/2048 | 920,000 | 507,904 | ||
Czech Republic, 2%, 10/13/2033 | CZK | 17,000,000 | 647,647 | |
Dominican Republic, 5.5%, 2/22/2029 (n) | $ | 747,000 | 709,514 | |
Dominican Republic, 5.875%, 1/30/2060 (n) | 2,234,000 | 1,764,857 | ||
Federal Republic of Nigeria, 8.747%, 1/21/2031 (n) | 920,000 | 858,527 | ||
Federative Republic of Brazil, 10%, 1/01/2029 | BRL | 3,000,000 | 620,263 | |
Hellenic Republic (Republic of Greece), 1.75%, 6/18/2032 (n) | EUR | 4,371,000 | 4,130,983 | |
Hellenic Republic (Republic of Greece), 4.25%, 6/15/2033 (n) | 1,300,000 | 1,488,094 | ||
Kingdom of Morocco, 1.375%, 3/30/2026 | 758,000 | 758,905 | ||
Kingdom of Morocco, 3%, 12/15/2032 (n) | $ | 448,000 | 359,766 | |
Kingdom of Saudi Arabia, 5%, 1/18/2053 | 900,000 | 827,174 | ||
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | UYU | 42,100,000 | 1,067,369 | |
Oriental Republic of Uruguay, 9.75%, 7/20/2033 | 10,000,000 | 277,726 | ||
Republic of Angola, 8.25%, 5/09/2028 | $ | 491,000 | 451,597 | |
Republic of Angola, 9.375%, 5/08/2048 | 400,000 | 330,680 | ||
Republic of Argentina, 3.625%, 7/09/2035 | 1,047,289 | 324,769 | ||
Republic of Benin, 6.875%, 1/19/2052 | EUR | 800,000 | 639,874 | |
Republic of Chile, 4.125%, 7/05/2034 | 580,000 | 628,145 | ||
Republic of Chile, 3.1%, 1/22/2061 | $ | 672,000 | 437,002 | |
Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | EUR | 1,150,000 | 1,110,355 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Emerging Market Sovereign – continued | ||||
Republic of Ghana, 8.125%, 3/26/2032 (a)(n) | $ | 593,000 | $269,945 | |
Republic of Guatemala, 6.125%, 6/01/2050 (n) | 1,392,000 | 1,288,102 | ||
Republic of Hungary, 5.5%, 6/16/2034 (n) | 970,000 | 943,403 | ||
Republic of Indonesia, 4.65%, 9/20/2032 | 859,000 | 845,023 | ||
Republic of Kenya, 8%, 5/22/2032 (n) | 776,000 | 668,330 | ||
Republic of Korea, 1.375%, 6/10/2030 | KRW | 5,300,000,000 | 3,573,271 | |
Republic of Paraguay, 5.6%, 3/13/2048 | $ | 1,049,000 | 926,957 | |
Republic of Peru, 7.3%, 8/12/2033 | PEN | 3,140,000 | 905,428 | |
Republic of Philippines, 3.556%, 9/29/2032 | $ | 327,000 | 296,299 | |
Republic of Romania, 2.124%, 7/16/2031 (n) | EUR | 1,200,000 | 1,018,973 | |
Republic of Serbia, 2.05%, 9/23/2036 (n) | 800,000 | 556,171 | ||
Republic of Sri Lanka, 6.125%, 6/03/2025 (a)(d) | $ | 668,000 | 306,127 | |
Republic of Turkey, 4.75%, 1/26/2026 | 521,000 | 489,659 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 1,404,000 | 1,347,840 | ||
State of Qatar, 4.4%, 4/16/2050 | 203,000 | 183,382 | ||
Sultanate of Oman, 6%, 8/01/2029 | 750,000 | 756,960 | ||
Sultanate of Oman, 7%, 1/25/2051 | 600,000 | 610,735 | ||
United Mexican States, 7.5%, 6/03/2027 | MXN | 87,500,000 | 4,930,360 | |
United Mexican States, 7.75%, 5/29/2031 | 42,500,000 | 2,381,751 | ||
United Mexican States, 4.75%, 4/27/2032 | $ | 736,000 | 702,716 | |
United Mexican States, 4.875%, 5/19/2033 | 645,000 | 617,712 | ||
United Mexican States, 6.338%, 5/04/2053 | 463,000 | 472,043 | ||
United Mexican States, 3.771%, 5/24/2061 | 753,000 | 511,685 | ||
$42,895,213 | ||||
Energy - Independent – 3.6% | ||||
Callon Petroleum Co., 8%, 8/01/2028 (n) | $ | 492,000 | $498,852 | |
Callon Petroleum Co., 7.5%, 6/15/2030 (n) | 164,000 | 159,214 | ||
Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | 518,000 | 532,794 | ||
Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 272,000 | 281,520 | ||
Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 843,000 | 786,324 | ||
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n) | 785,000 | 738,169 | ||
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n) | 500,000 | 458,639 | ||
Energean Israel Finance Ltd., 4.875%, 3/30/2026 | 800,000 | 747,000 | ||
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n) | 670,000 | 654,349 | ||
Matador Resources Co., 6.875%, 4/15/2028 (n) | 619,000 | 615,166 | ||
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n) | 498,000 | 468,121 | ||
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n) | 485,000 | 452,975 | ||
Occidental Petroleum Corp., 6.45%, 9/15/2036 | 372,000 | 390,544 | ||
Permian Resources Operating LLC, 7.75%, 2/15/2026 (n) | 115,000 | 116,132 | ||
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 857,000 | 816,764 | ||
SM Energy Co., 6.75%, 9/15/2026 | 166,000 | 163,095 | ||
SM Energy Co., 6.5%, 7/15/2028 | 433,000 | 423,248 | ||
Southwestern Energy Co., 8.375%, 9/15/2028 | 255,000 | 264,913 | ||
Southwestern Energy Co., 5.375%, 3/15/2030 | 366,000 | 342,444 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 422,000 | 382,332 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 1,025,000 | 928,650 | ||
$10,221,245 | ||||
Energy - Integrated – 0.4% | ||||
BP Capital Markets America, Inc., 4.812%, 2/13/2033 | $ | 257,000 | $252,738 | |
BP Capital Markets B.V., 4.323%, 5/12/2035 | EUR | 340,000 | 373,491 | |
Eni S.p.A., 3.625%, 5/19/2027 | 280,000 | 304,706 | ||
Eni S.p.A., 4.25%, 5/09/2029 (n) | $ | 379,000 | 360,624 | |
$1,291,559 | ||||
Engineering - Construction – 0.1% | ||||
Arcadis N.V., 4.875%, 2/28/2028 | EUR | 258,000 | $285,141 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Entertainment – 1.8% | ||||
Carnival Corp., 7.625%, 3/01/2026 | EUR | 160,000 | $173,281 | |
Carnival Corp. PLC, 7.625%, 3/01/2026 (n) | $ | 511,000 | 504,109 | |
Carnival Corp. PLC, 5.75%, 3/01/2027 (n) | 775,000 | 716,883 | ||
Carnival Corp. PLC, 9.875%, 8/01/2027 (n) | 508,000 | 531,109 | ||
Carnival Corp. PLC, 4%, 8/01/2028 (n) | 164,000 | 145,814 | ||
Merlin Entertainments, 5.75%, 6/15/2026 (n) | 430,000 | 418,335 | ||
Motion Bondco DAC, 6.625%, 11/15/2027 (n) | 409,000 | 377,988 | ||
NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 398,000 | 376,611 | ||
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n) | 416,000 | 395,543 | ||
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | 760,000 | 716,298 | ||
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n) | 380,000 | 342,000 | ||
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 218,000 | 202,790 | ||
VOC Escrow Ltd., 5%, 2/15/2028 (n) | 341,000 | 316,836 | ||
$5,217,597 | ||||
Financial Institutions – 4.6% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027 | $ | 282,000 | $260,324 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/06/2028 | 345,000 | 343,761 | ||
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p) | 619,128 | 539,765 | ||
Avolon Holdings Funding Ltd., 5.25%, 5/15/2024 (n) | 640,000 | 631,564 | ||
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 363,000 | 341,193 | ||
Castlelake Aviation Finance Designated Activity Co., 5%, 4/15/2027 (n) | 126,000 | 116,235 | ||
Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 5/13/2031 | 254,000 | 212,725 | ||
Credit Acceptance Corp., 5.125%, 12/31/2024 (n) | 707,000 | 692,746 | ||
Credit Acceptance Corp., 6.625%, 3/15/2026 | 78,000 | 76,543 | ||
CTP N.V., 0.875%, 1/20/2026 | EUR | 360,000 | 347,089 | |
EXOR N.V., 0.875%, 1/19/2031 | 275,000 | 239,688 | ||
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p) | $ | 1,481,623 | 1,396,296 | |
Globalworth Ltd., REIT, 2.95%, 7/29/2026 | EUR | 370,000 | 306,881 | |
Grand City Properties S.A., 2.5% to 10/24/2023, FLR (EUR Swap Rate - 5yr. + 2.432%) to 10/24/2028, FLR (EUR Swap Rate - 5yr. + 2.682%) to 10/24/2043, FLR (EUR Swap Rate - 5yr. + 3.432%) to 10/24/2069 | 500,000 | 273,776 | ||
Howard Hughes Corp., 4.125%, 2/01/2029 (n) | $ | 932,000 | 787,549 | |
Logicor Financing S.à r.l., 1.625%, 1/17/2030 | EUR | 400,000 | 334,609 | |
Logicor Financing S.à r.l., 0.875%, 1/14/2031 | 175,000 | 134,175 | ||
Macquarie AirFinance Ltd., 8.375%, 5/01/2028 (n) | $ | 695,000 | 707,642 | |
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 958,000 | 915,484 | ||
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031 (n) | 137,000 | 116,258 | ||
OneMain Finance Corp., 6.875%, 3/15/2025 | 481,000 | 479,403 | ||
OneMain Finance Corp., 7.125%, 3/15/2026 | 792,000 | 784,562 | ||
OneMain Finance Corp., 5.375%, 11/15/2029 | 109,000 | 94,432 | ||
P3 Group S.à r.l., 1.625%, 1/26/2029 | EUR | 370,000 | 329,659 | |
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n) | $ | 456,000 | 388,731 | |
Samhallsbyggnadsbolaget i Norden AB, 1.75%, 1/14/2025 | EUR | 610,000 | 514,759 | |
Samhallsbyggnadsbolaget i Norden AB, 1.125%, 9/04/2026 | 100,000 | 73,554 | ||
Samhallsbyggnadsbolaget i Norden AB, 2.875% to 1/30/2027, FLR (EUR Swap Rate - 5yr. + 3.223%) to 1/30/2032, FLR (EUR Swap Rate - 5yr. + 3.473%) to 1/30/2047, FLR (EUR Swap Rate - 5yr. + 4.473%) to 1/30/2171 | 1,160,000 | 240,736 | ||
SLM Corp., 3.125%, 11/02/2026 | $ | 772,000 | 679,306 | |
UWM Holdings Corp., 5.5%, 4/15/2029 (n) | 794,000 | 698,027 | ||
VGP N.V., 1.5%, 4/08/2029 | EUR | 300,000 | 239,296 | |
$13,296,768 | ||||
Food & Beverages – 3.7% | ||||
Anheuser-Busch InBev S.A./N.V., 2%, 1/23/2035 | EUR | 340,000 | $317,420 | |
Anheuser-Busch InBev Worldwide, Inc., 4%, 4/13/2028 | $ | 325,000 | 313,564 | |
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | 454,000 | 420,925 | ||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 | 331,000 | 343,491 | ||
B&G Foods, Inc., 5.25%, 4/01/2025 | 455,000 | 433,480 | ||
B&G Foods, Inc., 5.25%, 9/15/2027 | 170,000 | 146,600 | ||
Bacardi Ltd., 5.15%, 5/15/2038 (n) | 425,000 | 398,135 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Food & Beverages – continued | ||||
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n) | $ | 325,000 | $322,072 | |
BellRing Brands, Inc., 7%, 3/15/2030 (n) | 792,000 | 794,994 | ||
Central America Bottling Co., 5.25%, 4/27/2029 (n) | 691,000 | 637,451 | ||
Constellation Brands, Inc., 3.15%, 8/01/2029 | 466,000 | 420,237 | ||
Constellation Brands, Inc., 2.25%, 8/01/2031 | 393,000 | 318,119 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 (n) | 270,000 | 231,516 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 (n) | 1,000,000 | 828,250 | ||
Kraft Heinz Foods Co., 3.875%, 5/15/2027 | 505,000 | 484,184 | ||
Performance Food Group Co., 5.5%, 10/15/2027 (n) | 783,000 | 758,176 | ||
Post Holdings, Inc., 5.625%, 1/15/2028 (n) | 563,000 | 544,049 | ||
Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 901,000 | 793,986 | ||
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n) | 1,009,000 | 885,942 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 560,000 | 470,209 | ||
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 845,000 | 777,195 | ||
$10,639,995 | ||||
Gaming & Lodging – 2.3% | ||||
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n) | $ | 135,000 | $118,844 | |
Caesars Entertainment, Inc., 7%, 2/15/2030 (n) | 472,000 | 476,730 | ||
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n) | 593,000 | 608,224 | ||
CCM Merger, Inc., 6.375%, 5/01/2026 (n) | 613,000 | 597,214 | ||
International Game Technology PLC, 6.25%, 1/15/2027 (n) | 230,000 | 229,138 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 623,000 | 527,433 | ||
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n) | 548,000 | 452,634 | ||
Sands China Ltd., 4.875%, 6/18/2030 | 500,000 | 455,659 | ||
VICI Properties LP, REIT, 4.95%, 2/15/2030 | 443,000 | 419,144 | ||
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 803,000 | 734,902 | ||
Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 680,000 | 614,550 | ||
Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 850,000 | 754,754 | ||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 688,000 | 622,556 | ||
$6,611,782 | ||||
Industrial – 1.6% | ||||
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n) | $ | 210,000 | $197,925 | |
Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n) | 640,000 | 592,967 | ||
APi Escrow Corp., 4.75%, 10/15/2029 (n) | 924,000 | 822,859 | ||
Brand Industrial Service, Inc., 10.375%, 8/01/2030 (n) | 326,000 | 332,527 | ||
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 | 131,045 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | $ | 1,000,000 | 969,490 | |
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050 | 966,000 | 616,336 | ||
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n) | 873,000 | 802,913 | ||
$4,466,062 | ||||
Insurance – 1.2% | ||||
AIA Group Ltd., 0.88% to 9/09/2028, FLR (EUR Swap Rate - 5yr. + 1.1%) to 9/09/2033 | EUR | 360,000 | $316,418 | |
Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n) | $ | 400,000 | 306,491 | |
ASR Nederland N.V., 7% to 12/07/2033, FLR (EUR Swap Rate - 5yr. + 5.3%) to 12/07/2043 | EUR | 370,000 | 429,033 | |
Assicurazioni Generali S.p.A., 5.399%, 4/20/2033 | 480,000 | 536,302 | ||
AXA S.A., 5.5% to 7/11/2033, FLR (EURIBOR - 3mo. + 3.6%) to 7/11/2043 | 490,000 | 543,060 | ||
Corebridge Financial, Inc., 4.35%, 4/05/2042 | $ | 651,000 | 529,067 | |
Equitable Holdings, Inc., 5.594%, 1/11/2033 | 525,000 | 519,410 | ||
NN Group N.V., 6.367% to 11/03/2033, FLR (EURIBOR - 3mo. + 4%) to 11/03/2043 | EUR | 300,000 | 331,295 | |
$3,511,076 | ||||
Insurance - Health – 0.1% | ||||
UnitedHealth Group, Inc., 4.625%, 7/15/2035 | $ | 263,000 | $257,575 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Insurance - Property & Casualty – 2.3% | ||||
Acrisure LLC/Acrisure Finance, Inc., 7%, 11/15/2025 (n) | $ | 373,000 | $360,194 | |
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/2029 (n) | 272,000 | 234,533 | ||
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 599,000 | 513,585 | ||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n) | 285,000 | 269,953 | ||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 807,000 | 714,077 | ||
American International Group, Inc., 5.125%, 3/27/2033 | 317,000 | 311,679 | ||
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 548,000 | 502,755 | ||
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031 | 238,000 | 197,286 | ||
Aon Corp./Aon Global Holdings PLC, 3.9%, 2/28/2052 | 387,000 | 303,300 | ||
AssuredPartners, Inc., 5.625%, 1/15/2029 (n) | 530,000 | 462,648 | ||
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027 | CAD | 790,000 | 560,665 | |
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n) | $ | 397,000 | 393,193 | |
Hub International Ltd., 5.625%, 12/01/2029 (n) | 652,000 | 581,928 | ||
Hub International Ltd., 7.25%, 6/15/2030 (n) | 450,000 | 458,555 | ||
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038 | GBP | 335,000 | 337,079 | |
RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033 | $ | 444,000 | 437,975 | |
$6,639,405 | ||||
International Market Quasi-Sovereign – 0.8% | ||||
Electricite de France S.A., 6.25%, 5/23/2033 (n) | $ | 600,000 | $617,841 | |
Electricite de France S.A., 9.125% to 6/15/2033, FLR (CMT - 5yr. + 5.411%) to 12/15/2171 (n) | 200,000 | 210,250 | ||
La Banque Postale S.A. (Republic of France), 4%, 5/03/2028 | EUR | 400,000 | 441,108 | |
La Poste S.A. (Republic of France), 3.75%, 6/12/2030 | 300,000 | 329,414 | ||
NBN Co. Ltd. (Commonwealth of Australia), 4.375%, 3/15/2033 | 369,000 | 413,899 | ||
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | $ | 425,000 | 333,885 | |
$2,346,397 | ||||
International Market Sovereign – 4.6% | ||||
Commonwealth of Australia, 3.75%, 4/21/2037 | AUD | 7,502,000 | $4,803,619 | |
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 239,000 | 199,606 | |
Government of Bermuda, 5%, 7/15/2032 (n) | 731,000 | 716,746 | ||
Government of New Zealand, 1.5%, 5/15/2031 | NZD | 8,115,000 | 4,002,927 | |
Government of New Zealand, 3.5%, 4/14/2033 | 6,300,000 | 3,551,757 | ||
$13,274,655 | ||||
Local Authorities – 0.1% | ||||
Province of British Columbia, 2.95%, 6/18/2050 | CAD | 315,000 | $188,795 | |
Machinery & Tools – 1.1% | ||||
Ashtead Capital, Inc., 5.95%, 10/15/2033 (n) | $ | 508,000 | $506,652 | |
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | 569,000 | 521,458 | ||
Ritchie Bros Holdings, Inc., 6.75%, 3/15/2028 (n) | 495,000 | 501,187 | ||
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 881,000 | 918,182 | ||
Sarens Finance Co. N.V., 5.75%, 2/21/2027 | EUR | 241,000 | 223,417 | |
Terex Corp., 5%, 5/15/2029 (n) | $ | 644,000 | 599,223 | |
$3,270,119 | ||||
Major Banks – 6.4% | ||||
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 | $430,543 | |
Banco de Sabadell S.A., 5%, 6/07/2029 | EUR | 400,000 | 445,311 | |
Banco de Sabadell S.A., 5% to 11/19/2027, FLR (EUR Swap Rate - 5yr. + 5.171%) to 2/19/2170 | 200,000 | 172,072 | ||
Bank of America Corp., 4.134%, 6/12/2028 | 285,000 | 313,410 | ||
Bank of America Corp., 5.202% to 4/25/2033, FLR (SOFR - 1 day + 1.63%) to 4/25/2029 | $ | 577,000 | 573,098 | |
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 | 894,000 | 740,487 | ||
Bank of Ireland Group PLC, 5% to 7/04/2030, FLR (EUR ICE Swap Rate - 1yr. + 2.05%) to 7/04/2031 | EUR | 340,000 | 378,983 | |
Barclays Bank PLC, 8.407% to 11/14/2027, FLR (GBP Swap Rate - 5yr. + 4.75%) to 11/14/2032 | GBP | 155,000 | 203,979 | |
Barclays Bank PLC, FLR, 5.235% (LIBOR - 6mo.), 8/14/2171 | $ | 490,000 | 488,775 | |
BNP Paribas S.A., 4.25% to 4/13/2030, FLR (EURIBOR - 3mo. + 1.37%) to 4/13/2031 | EUR | 300,000 | 326,168 | |
BNP Paribas S.A., 5.284%, 3/23/2172 | $ | 970,000 | 897,250 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.860%) to 6/08/2034 | $ | 537,000 | $542,124 | |
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | 688,000 | 542,506 | ||
Credit Agricole S.A., 4.75%, 3/23/2171 (n) | 261,000 | 213,080 | ||
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032 | 517,000 | 413,109 | ||
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043 | 210,000 | 160,404 | ||
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026 | 298,000 | 277,438 | ||
HSBC Holdings PLC, 4.787% to 3/10/2031, FLR (EURIBOR - 3mo. + 1.55%) to 3/10/2032 | EUR | 370,000 | 412,124 | |
HSBC Holdings PLC, 4.856% to 5/23/2032, FLR (EURIBOR - 3mo. + 1.942%) to 5/23/2033 | 355,000 | 395,529 | ||
HSBC Holdings PLC, FLR, 5.459% (LIBOR - 6mo. + 0.25%), 3/18/2171 | $ | 170,000 | 169,269 | |
ING Groep N.V., 6.25%, 5/20/2033 | GBP | 400,000 | 488,881 | |
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032 | $ | 810,000 | 644,873 | |
JPMorgan Chase & Co., 3.109% to 4/22/2050, FLR (SOFR - 1 day + 2.44%) to 4/22/2051 | 623,000 | 438,619 | ||
mBank S.A., 0.966% to 9/21/2026, FLR (EURIBOR - 3mo. + 1.25%) to 9/21/2027 | EUR | 500,000 | 440,790 | |
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027 | $ | 902,000 | 809,243 | |
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031 | 462,000 | 415,224 | ||
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034 | 322,000 | 321,747 | ||
NatWest Group PLC, 4.771%, 2/16/2029 | EUR | 300,000 | 329,619 | |
NatWest Group PLC, 5.763% to 2/28/2029, FLR (EUR Swap Rate - 5yr. + 2.6%) to 2/28/2034 | 260,000 | 286,440 | ||
NatWest Group PLC, 4.5% to 9/30/2028, FLR (GBP Swap Rate - 5yr. + 3.992%) to 3/31/2171 | GBP | 249,000 | 250,960 | |
Royal Bank of Canada, 4.125%, 7/05/2028 | EUR | 330,000 | 365,169 | |
Société Générale S.A., 5.625%, 6/02/2033 | 400,000 | 442,115 | ||
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029 | 300,000 | 275,567 | ||
Standard Chartered PLC, 4.874%, 5/10/2031 | 580,000 | 638,635 | ||
Toronto-Dominion Bank, 4.108%, 6/08/2027 | $ | 719,000 | 690,749 | |
Toronto-Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082 | 770,000 | 791,021 | ||
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n) | 956,000 | 757,682 | ||
Unicaja Banco S.A., 1% to 12/01/2025, FLR (EUR ICE Swap Rate - 1yr. + 1.15%) to 12/01/2026 | EUR | 400,000 | 399,233 | |
Unicaja Banco S.A., 5.125% to 2/21/2028, FLR (EUR Swap Rate - 1yr. + 2.15%) to 2/21/2029 | 300,000 | 325,020 | ||
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | $ | 530,000 | 485,099 | |
UniCredit S.p.A., 3.875% to 6/03/2027, FLR (EUR ICE Swap Rate - 5yr. + 4.081%) to 6/03/2070 | EUR | 400,000 | 350,991 | |
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | $ | 430,000 | 368,129 | |
$18,411,465 | ||||
Medical & Health Technology & Services – 3.6% | ||||
180 Medical, Inc., 3.875%, 10/15/2029 (n) | $ | 765,000 | $669,782 | |
Alcon Finance Corp., 3.8%, 9/23/2049 (n) | 200,000 | 154,174 | ||
Avantor Funding, Inc., 4.625%, 7/15/2028 (n) | 964,000 | 894,431 | ||
Becton, Dickinson and Co., 4.298%, 8/22/2032 | 166,000 | 157,755 | ||
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 845,000 | 745,631 | ||
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 383,000 | 374,495 | ||
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 759,000 | 478,415 | ||
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 658,000 | 525,766 | ||
CVS Health Corp., 5.25%, 1/30/2031 | 141,000 | 141,010 | ||
CVS Health Corp., 5.625%, 2/21/2053 | 403,000 | 395,871 | ||
Encompass Health Corp., 5.75%, 9/15/2025 | 184,000 | 183,514 | ||
Encompass Health Corp., 4.75%, 2/01/2030 | 728,000 | 661,704 | ||
Encompass Health Corp., 4.625%, 4/01/2031 | 115,000 | 102,191 | ||
HCA, Inc., 5.25%, 6/15/2026 | 209,000 | 207,115 | ||
HCA, Inc., 5.125%, 6/15/2039 | 287,000 | 265,188 | ||
IQVIA, Inc., 5%, 5/15/2027 (n) | 965,000 | 930,552 | ||
IQVIA, Inc., 6.5%, 5/15/2030 (n) | 400,000 | 403,896 | ||
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n) | 255,000 | 219,937 | ||
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050 | 318,000 | 195,150 | ||
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048 | 205,000 | 203,728 | ||
Tenet Healthcare Corp., 6.125%, 10/01/2028 | 469,000 | 446,765 | ||
Tenet Healthcare Corp., 4.375%, 1/15/2030 | 222,000 | 197,999 | ||
Tenet Healthcare Corp., 6.125%, 6/15/2030 | 645,000 | 626,779 | ||
Tenet Healthcare Corp., 6.75%, 5/15/2031 (n) | 271,000 | 269,189 | ||
Thermo Fisher Scientific (Finance I) B.V., 2%, 10/18/2051 | EUR | 330,000 | 235,919 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Medical & Health Technology & Services – continued | ||||
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028 | $ | 238,000 | $205,584 | |
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n) | 543,000 | 474,490 | ||
$10,367,030 | ||||
Medical Equipment – 0.7% | ||||
Embecta Corp., 5%, 2/15/2030 (n) | $ | 653,000 | $538,725 | |
Garden SpinCo Corp., 8.625%, 7/20/2030 (n) | 751,000 | 810,500 | ||
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/2029 (n) | 400,000 | 354,871 | ||
Teleflex, Inc., 4.625%, 11/15/2027 | 321,000 | 302,944 | ||
$2,007,040 | ||||
Metals & Mining – 2.6% | ||||
Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | $ | 371,000 | $370,601 | |
Anglo American Capital PLC, 4.75%, 9/21/2032 | EUR | 300,000 | 332,043 | |
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $ | 742,000 | 719,740 | |
Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | 615,000 | 510,290 | ||
Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 289,000 | 258,689 | ||
Ero Copper Corp., 6.5%, 2/15/2030 (n) | 218,000 | 191,833 | ||
First Quantum Minerals Ltd., 8.625%, 6/01/2031 (n) | 249,000 | 254,914 | ||
FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 1,282,000 | 1,102,409 | ||
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 435,000 | 357,955 | ||
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n) | 811,000 | 674,127 | ||
GrafTech International Ltd., 9.875%, 12/15/2028 (n) | 109,000 | 110,720 | ||
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n) | 922,000 | 827,569 | ||
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n) | 441,000 | 360,517 | ||
Novelis Corp., 3.25%, 11/15/2026 (n) | 351,000 | 318,946 | ||
Novelis Corp., 4.75%, 1/30/2030 (n) | 656,000 | 589,586 | ||
Novelis Corp., 3.875%, 8/15/2031 (n) | 358,000 | 298,108 | ||
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 367,032 | 330,329 | ||
$7,608,376 | ||||
Midstream – 3.9% | ||||
DT Midstream, Inc., 4.125%, 6/15/2029 (n) | $ | 632,000 | $560,346 | |
DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 860,000 | 746,601 | ||
Enbridge, Inc., 5.7%, 3/08/2033 | 289,000 | 292,965 | ||
Energy Transfer LP, 5.55%, 2/15/2028 | 221,000 | 221,856 | ||
Energy Transfer LP, 7.125% to 5/15/2030, FLR (CMT - 5yr. + 5.306%) to 5/15/2171 | 330,000 | 289,839 | ||
EQM Midstream Partners LP, 5.5%, 7/15/2028 | 1,317,000 | 1,267,182 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 467,502 | 397,447 | ||
Genesis Energy LP/Genesis Energy Finance Corp., 8%, 1/15/2027 | 227,000 | 223,404 | ||
Genesis Energy LP/Genesis Energy Finance Corp., 8.875%, 4/15/2030 | 368,000 | 367,056 | ||
GNL Quintero S.A., 4.634%, 7/31/2029 (n) | 374,180 | 362,082 | ||
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n) | 587,000 | 564,254 | ||
NuStar Logistics, LP, 6.375%, 10/01/2030 | 548,000 | 528,519 | ||
Peru LNG, 5.375%, 3/22/2030 | 1,047,000 | 844,050 | ||
Plains All American Pipeline LP, 3.55%, 12/15/2029 | 233,000 | 205,884 | ||
Sabine Pass Liquefaction LLC, 5%, 3/15/2027 | 285,000 | 282,274 | ||
Tallgrass Energy Partners LP, 6%, 3/01/2027 (n) | 227,000 | 215,113 | ||
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 955,000 | 878,600 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 201,000 | 179,523 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 290,000 | 241,478 | ||
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | 839,000 | 726,496 | ||
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 218,000 | 213,165 | ||
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 932,000 | 790,553 | ||
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 399,000 | 405,536 | ||
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 363,000 | 368,342 | ||
$11,172,565 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Municipals – 0.4% | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “M-A”, 2.641%, 7/01/2037 | $ | 565,000 | $496,446 | |
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040 | 605,000 | 480,090 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028 | 209,000 | 181,523 | ||
$1,158,059 | ||||
Natural Gas - Distribution – 0.1% | ||||
ENGIE S.A., 4.25%, 1/11/2043 | EUR | 200,000 | $220,782 | |
Natural Gas - Pipeline – 0.3% | ||||
APA Infrastructure Ltd., 0.75%, 3/15/2029 | EUR | 340,000 | $306,298 | |
APA Infrastructure Ltd., 2.5%, 3/15/2036 | GBP | 740,000 | 632,351 | |
$938,649 | ||||
Network & Telecom – 0.4% | ||||
Iliad Holding S.A.S., 6.5%, 10/15/2026 (n) | $ | 200,000 | $191,672 | |
Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 854,000 | 801,771 | ||
Total Play Telecomunicaciones S.A. de C.V., 7.5%, 11/12/2025 (n) | 358,000 | 244,758 | ||
$1,238,201 | ||||
Oil Services – 0.7% | ||||
MV24 Capital B.V., 6.748%, 6/01/2034 | $ | 840,590 | $776,573 | |
Nabors Industries Ltd., 7.25%, 1/15/2026 (n) | 715,000 | 688,373 | ||
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n) | 496,000 | 486,266 | ||
$1,951,212 | ||||
Oils – 1.1% | ||||
Parkland Corp., 4.625%, 5/01/2030 (n) | $ | 1,187,000 | $1,041,654 | |
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028 | 514,000 | 485,339 | ||
Puma International Financing S.A., 5%, 1/24/2026 | 1,416,000 | 1,291,276 | ||
Thaioil Treasury Center Co. Ltd., 5.375%, 11/20/2048 (n) | 359,000 | 313,206 | ||
$3,131,475 | ||||
Other Banks & Diversified Financials – 2.7% | ||||
ABANCA Corp. Bancaria S.A., 8.375% to 9/23/2028, FLR (EUR ICE Swap Rate - 5yr. + 5.245%) to 9/23/2033 | EUR | 500,000 | $558,550 | |
Alpha Bank, 4.25%, 2/13/2030 | 260,000 | 256,797 | ||
Arion Banki HF, 4.875%, 12/21/2024 | 560,000 | 609,076 | ||
Bank of Cyprus PCL, 2.5% to 6/24/2026, FLR (EUR Swap Rate - 5yr. + 2.785%) to 6/24/2027 | 330,000 | 319,295 | ||
Banque Federative du Credit Mutuel S.A., 4.375%, 5/02/2030 | 400,000 | 440,385 | ||
Banque Federative du Credit Mutuel S.A., 4.125%, 6/14/2033 | 300,000 | 330,008 | ||
BBVA Bancomer S.A., 8.45%, 6/29/2038 (n) | $ | 425,000 | 432,756 | |
Belfius Bank S.A., 3.875%, 6/12/2028 | EUR | 200,000 | 219,501 | |
Belfius Bank S.A., 3.625% to 4/16/2025, FLR (EUR Swap Rate - 5yr. + 2.938%) to 4/16/2068 | 400,000 | 336,681 | ||
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n) | $ | 500,000 | 389,041 | |
BPCE S.A., 4.75% to 6/14/2033, FLR (EURIBOR - 3mo. + 1.83%) to 6/14/2034 | EUR | 200,000 | 220,716 | |
Caixabank S.A., 5% to 7/19/2028, FLR (EURIBOR - 3mo. + 1.65%) to 7/19/2029 | 300,000 | 332,463 | ||
CaixaBank S.A., 6.875% to 10/25/2028, FLR (GBP Swap Rate - 5yr. + 3.7%) to 10/25/2033 | GBP | 200,000 | 246,627 | |
CaixaBank S.A., 3.625% to 3/14/2029, FLR (EUR Swap Rate - 5yr. + 3.857%) to 12/14/2170 | EUR | 600,000 | 469,345 | |
Deutsche Bank AG, 6.125% to 12/12/2029, FLR (SONIA + 2.621%) to 12/12/2030 | GBP | 300,000 | 362,844 | |
Deutsche Bank AG, 4% to 6/24/2027, FLR (EUR ICE Swap Rate - 5yr. + 3.3%) to 6/24/2032 | EUR | 300,000 | 297,533 | |
Deutsche Bank AG, 6.75% to 4/30/2029, FLR (EUR Swap Rate - 5yr. + 5.692%) to 4/04/2171 | 200,000 | 186,376 | ||
Groupe BPCE S.A., 4.5%, 3/15/2025 (n) | $ | 278,000 | 268,164 | |
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042 | EUR | 300,000 | 244,252 | |
Intesa Sanpaolo S.p.A., 4.875%, 5/19/2030 | 405,000 | 453,781 | ||
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028 | $ | 359,000 | 342,962 | |
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030 | GBP | 275,000 | 325,386 | |
$7,642,539 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Personal Computers & Peripherals – 0.4% | ||||
NCR Corp., 5%, 10/01/2028 (n) | $ | 760,000 | $687,487 | |
NCR Corp., 5.125%, 4/15/2029 (n) | 397,000 | 355,017 | ||
$1,042,504 | ||||
Pharmaceuticals – 1.3% | ||||
1375209 BC Ltd., 9%, 1/30/2028 (n) | $ | 395,000 | $395,987 | |
Amgen, Inc., 5.25%, 3/02/2030 | 154,000 | 155,008 | ||
Amgen, Inc., 5.6%, 3/02/2043 | 157,000 | 156,131 | ||
Bausch Health Co., Inc., 11%, 9/30/2028 (n) | 416,000 | 306,697 | ||
Bausch Health Co., Inc., 14%, 10/15/2030 (n) | 89,000 | 56,318 | ||
Bayer AG, 4.625%, 5/26/2033 | EUR | 270,000 | 301,475 | |
Jazz Securities DAC, 4.375%, 1/15/2029 (n) | $ | 985,000 | 875,777 | |
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | 580,000 | 519,762 | ||
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n) | 715,000 | 606,097 | ||
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/2033 | 452,000 | 449,012 | ||
$3,822,264 | ||||
Pollution Control – 0.9% | ||||
GFL Environmental, Inc., 4.25%, 6/01/2025 (n) | $ | 255,000 | $247,299 | |
GFL Environmental, Inc., 4%, 8/01/2028 (n) | 628,000 | 562,024 | ||
GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | 179,000 | 159,293 | ||
GFL Environmental, Inc., 4.75%, 6/15/2029 (n) | 235,000 | 214,358 | ||
GFL Environmental, Inc., 4.375%, 8/15/2029 (n) | 285,000 | 254,125 | ||
Stericycle, Inc., 3.875%, 1/15/2029 (n) | 817,000 | 717,154 | ||
Waste Management, Inc., 4.625%, 2/15/2033 | 539,000 | 527,358 | ||
$2,681,611 | ||||
Precious Metals & Minerals – 0.5% | ||||
IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $ | 711,000 | $547,470 | |
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 490,000 | 475,893 | ||
Taseko Mines Ltd., 7%, 2/15/2026 (n) | 537,000 | 496,752 | ||
$1,520,115 | ||||
Printing & Publishing – 0.3% | ||||
Cimpress PLC, 7%, 6/15/2026 | $ | 920,000 | $868,250 | |
Real Estate - Healthcare – 0.3% | ||||
MPT Operating Partnership LP/MPT Finance Corp., REIT, 0.993%, 10/15/2026 | EUR | 210,000 | $178,574 | |
MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027 | $ | 763,000 | 668,719 | |
$847,293 | ||||
Real Estate - Office – 0.2% | ||||
Corporate Office Property LP, REIT, 2.25%, 3/15/2026 | $ | 298,000 | $265,288 | |
Corporate Office Property LP, REIT, 2%, 1/15/2029 | 197,000 | 152,406 | ||
Corporate Office Property LP, REIT, 2.75%, 4/15/2031 | 393,000 | 302,364 | ||
$720,058 | ||||
Real Estate - Other – 0.8% | ||||
EPR Properties, REIT, 3.6%, 11/15/2031 | $ | 412,000 | $321,793 | |
Extra Space Storage LP, 5.5%, 7/01/2030 | 452,000 | 451,448 | ||
Lexington Realty Trust Co., 2.7%, 9/15/2030 | 395,000 | 314,015 | ||
RHP Hotel Properties, LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 369,000 | 374,545 | ||
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031 | 382,000 | 307,593 | ||
XHR LP, REIT, 4.875%, 6/01/2029 (n) | 772,000 | 671,564 | ||
$2,440,958 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Real Estate - Retail – 0.2% | ||||
STORE Capital Corp., REIT, 2.75%, 11/18/2030 | $ | 316,000 | $230,650 | |
WEA Finance LLC, 2.875%, 1/15/2027 (n) | 400,000 | 345,423 | ||
$576,073 | ||||
Restaurants – 0.2% | ||||
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | $ | 549,000 | $471,043 | |
Retailers – 1.4% | ||||
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n) | $ | 777,000 | $687,415 | |
AutoZone, Inc., 4.75%, 8/01/2032 | 383,000 | 369,672 | ||
Bath & Body Works, Inc., 5.25%, 2/01/2028 | 1,101,000 | 1,048,853 | ||
Home Depot, Inc., 4.875%, 2/15/2044 | 129,000 | 125,492 | ||
Home Depot, Inc., 3.625%, 4/15/2052 | 376,000 | 296,499 | ||
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n) | 536,000 | 497,917 | ||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026 (n) | 354,000 | 330,855 | ||
Victoria's Secret & Co., 4.625%, 7/15/2029 (n) | 753,000 | 564,987 | ||
$3,921,690 | ||||
Specialty Chemicals – 0.1% | ||||
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | $ | 356,000 | $302,255 | |
Specialty Stores – 0.9% | ||||
DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 384,000 | $312,029 | |
Lithia Motors, Inc., 3.875%, 6/01/2029 (n) | 544,000 | 468,460 | ||
Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 390,000 | 331,516 | ||
Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 455,000 | 324,187 | ||
Penske Automotive Group Co., 3.75%, 6/15/2029 | 761,000 | 658,208 | ||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n) | 565,000 | 551,135 | ||
$2,645,535 | ||||
Supermarkets – 0.3% | ||||
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n) | $ | 258,000 | $244,493 | |
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n) | 560,000 | 487,509 | ||
$732,002 | ||||
Supranational – 0.3% | ||||
International Bank for Reconstruction and Development, 4.25%, 6/24/2025 | AUD | 405,000 | $270,789 | |
West African Development Bank, 4.7%, 10/22/2031 (n) | $ | 806,000 | 674,058 | |
$944,847 | ||||
Telecommunications - Wireless – 2.0% | ||||
Altice France S.A., 6%, 2/15/2028 (n) | $ | 1,185,000 | $441,006 | |
Crown Castle, Inc., REIT, 3.7%, 6/15/2026 | 314,000 | 298,971 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 625,000 | 497,425 | ||
Rogers Communications, Inc., 3.8%, 3/15/2032 | 486,000 | 422,371 | ||
Rogers Communications, Inc., 3.7%, 11/15/2049 | 339,000 | 236,461 | ||
SBA Communications Corp., 3.875%, 2/15/2027 | 512,000 | 471,691 | ||
SBA Communications Corp., 3.125%, 2/01/2029 | 1,049,000 | 884,410 | ||
TDF Infrastructure S.A.S., 5.625%, 7/21/2028 | EUR | 200,000 | 220,234 | |
Tele2 AB Co., 3.75%, 11/22/2029 | 170,000 | 184,401 | ||
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | $ | 900,000 | 848,162 | |
T-Mobile USA, Inc., 3.875%, 4/15/2030 | 664,000 | 610,044 | ||
Vodafone Group PLC, 3.375%, 8/08/2049 | GBP | 360,000 | 302,495 | |
Vodafone Group PLC, 5.625%, 2/10/2053 | $ | 299,000 | 290,439 | |
$5,708,110 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Telephone Services – 0.3% | ||||
A1 Towers Holding GmbH, 5.25%, 7/13/2028 | EUR | 200,000 | $224,786 | |
TELUS Corp., 2.85%, 11/13/2031 | CAD | 825,000 | 520,989 | |
$745,775 | ||||
Tobacco – 0.4% | ||||
B.A.T. International Finance PLC, 2.25%, 1/16/2030 | EUR | 350,000 | $322,356 | |
Philip Morris International, Inc., 5.125%, 11/17/2027 | $ | 623,000 | 624,404 | |
Vector Group Ltd., 5.75%, 2/01/2029 (n) | 330,000 | 286,782 | ||
$1,233,542 | ||||
Transportation - Services – 0.9% | ||||
Abertis Infraestructuras Finance B.V., 3.248% to 2/24/2026, FLR (EUR Swap Rate - 5yr. + 3.694%) to 2/24/2031, FLR (EUR Swap Rate - 5yr. + 3.944%) to 2/24/2046, FLR (EUR Swap Rate - 5yr. + 4.694%) to 2/24/2068 | EUR | 200,000 | $200,659 | |
Autostrade per L’Italia S.p.A., 5.125%, 6/14/2033 | 170,000 | 188,530 | ||
Autostrade per L'Italia S.p.A., 4.75%, 1/24/2031 | 280,000 | 306,802 | ||
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031 | 300,000 | 268,152 | ||
Sydney Airport Finance Co. Pty Ltd., 4.375%, 5/03/2033 | 486,000 | 532,523 | ||
Transurban Finance Co. Pty Ltd., 4.225%, 4/26/2033 | 170,000 | 188,346 | ||
Triton International Ltd., 3.15%, 6/15/2031 (n) | $ | 395,000 | 304,189 | |
United Parcel Service, 5.05%, 3/03/2053 | 571,000 | 574,605 | ||
$2,563,806 | ||||
U.S. Treasury Obligations – 1.5% | ||||
U.S. Treasury Bonds, 3.5%, 2/15/2033 | $ | 1,880,000 | $1,811,850 | |
U.S. Treasury Bonds, 2.375%, 2/15/2042 (f) | 1,697,000 | 1,294,493 | ||
U.S. Treasury Bonds, 2.375%, 11/15/2049 (f) | 1,106,000 | 802,455 | ||
U.S. Treasury Bonds, 3.625%, 5/15/2053 | 595,000 | 555,860 | ||
$4,464,658 | ||||
Utilities - Electric Power – 5.9% | ||||
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 1,096,000 | $1,046,772 | |
American Electric Power Co., Inc., 5.699%, 8/15/2025 | 248,000 | 248,293 | ||
American Electric Power Co., Inc., 5.625%, 3/01/2033 | 257,000 | 261,648 | ||
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 86,000 | 71,374 | ||
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043 | 94,000 | 88,150 | ||
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053 | 79,000 | 66,951 | ||
Bruce Power LP, 2.68%, 12/21/2028 | CAD | 750,000 | 502,844 | |
Calpine Corp., 4.5%, 2/15/2028 (n) | $ | 913,000 | 838,035 | |
Calpine Corp., 5.125%, 3/15/2028 (n) | 702,000 | 636,600 | ||
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | 533,000 | 494,439 | ||
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 1,269,000 | 1,051,741 | ||
E.ON International Finance B.V., 5.875%, 10/30/2037 | GBP | 550,000 | 701,212 | |
Enel Finance International N.V., 2.25%, 7/12/2031 (n) | $ | 940,000 | 744,044 | |
Enel Finance International N.V., 4.5%, 2/20/2043 | EUR | 230,000 | 246,062 | |
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 | 315,000 | 258,039 | ||
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n) | $ | 1,023,000 | 984,975 | |
Evergy, Inc., 2.9%, 9/15/2029 | 352,000 | 307,235 | ||
Georgia Power Co., 4.95%, 5/17/2033 | 530,000 | 522,206 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 186,000 | 153,419 | ||
Listrindo Capital B.V., 4.95%, 9/14/2026 | 910,000 | 865,078 | ||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 594,000 | 534,585 | ||
National Grid Electricity Transmission PLC, 2%, 4/17/2040 | GBP | 420,000 | 323,018 | |
National Grid PLC, 4.275%, 1/16/2035 | EUR | 200,000 | 216,628 | |
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025 | $ | 214,000 | 215,552 | |
NextEra Energy, Inc., 4.25%, 9/15/2024 (n) | 107,000 | 102,720 | ||
NextEra Energy, Inc., 4.5%, 9/15/2027 (n) | 735,000 | 688,475 | ||
Pacific Gas & Electric Co., 6.1%, 1/15/2029 | 521,000 | 517,999 | ||
Pacific Gas & Electric Co., 6.4%, 6/15/2033 | 477,000 | 479,372 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Utilities - Electric Power – continued | ||||
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053 | $ | 511,000 | $513,153 | |
ReNew Power Private Ltd., 5.875%, 3/05/2027 | 379,000 | 352,186 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 696,477 | 682,654 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 565,000 | 551,852 | ||
TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 731,000 | 678,388 | ||
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 541,000 | 477,387 | ||
Virginia Electric & Power Co., 3.5%, 3/15/2027 | 225,000 | 213,404 | ||
Virginia Electric & Power Co., 2.875%, 7/15/2029 | 116,000 | 103,429 | ||
Xcel Energy, Inc., 4.6%, 6/01/2032 | 330,000 | 312,182 | ||
$17,052,101 | ||||
Utilities - Gas – 0.4% | ||||
EP Infrastructure A.S., 1.698%, 7/30/2026 | EUR | 780,000 | $726,759 | |
EP Infrastructure A.S., 2.045%, 10/09/2028 | 650,000 | 554,135 | ||
$1,280,894 | ||||
Total Bonds | $374,512,057 | |||
Common Stocks – 0.1% | ||||
Cable TV – 0.0% | ||||
Intelsat Emergence S.A. (a) | 7,354 | $158,111 | ||
Oil Services – 0.1% | ||||
LTRI Holdings LP (a)(u) | 520 | $185,208 | ||
Total Common Stocks | $343,319 | |||
Contingent Value Rights – 0.0% | ||||
Cable TV – 0.0% | ||||
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a) | 769 | $4,806 | ||
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a) | 769 | 3,076 | ||
Total Contingent Value Rights | $7,882 |
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) | GBP 1.14 | 6/24/22 | 7,000 | $2,426 |
Investment Companies (h) – 0.3% | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 5.25% (v) | 840,115 | $840,115 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 0.0% | |||||
Market Index Securities – 0.0% | |||||
iTraxx Europe Crossover Series 39 Index Credit Default Swap-Fund receives 5%, Fund pays notional amount upon a defined credit event of an index constituent – September 2023 @ 3.75% | Call | Barclays Bank PLC | $ 6,101,668 | EUR 5,270,000 | $23,640 |
iTraxx Europe Crossover Series 39 Index Credit Default Swap-Fund receives 5%, Fund pays notional amount upon a defined credit event of an index constituent – September 2023 @ 3.75% | Call | Goldman Sachs International | 3,021,889 | 2,610,000 | 11,708 |
Total Purchased Options | $35,348 |
Value ($) | ||||
Written Options (see table below) – (0.0)% | $(895) | |||
Other Assets, Less Liabilities – (30.6)% | (87,974,160) | |||
Net Assets – 100.0% | $287,766,092 |
(a) | Non-income producing security. |
(d) | In default. |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $840,115 and $374,901,032, 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 $199,090,013, representing 69.2% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. |
(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 |
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2026 | 11/04/19 | $869,000 | $328,048 |
% of Net assets | 0.1% |
The following abbreviations are used in this report and are defined: | |
AGM | Assured Guaranty Municipal |
BZDIOVRA | Brazil Interbank Deposit Rate |
CDO | Collateralized Debt Obligation |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
EURIBOR | Euro Interbank Offered Rate |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
PCL | Public Company Limited |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
SONIA | Sterling Overnight Index Average |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CNH | Chinese Yuan Renminbi (Offshore) |
CZK | Czech Koruna |
EUR | Euro |
GBP | British Pound |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PEN | Peruvian Nuevo Sol |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TWD | Taiwan Dollar |
UYU | Uruguayan Peso |
Derivative Contracts at 7/31/23 | |||||||
Written Options | |||||||
Underlying | Put/ Call | Counterparty | Par Amount/ Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value |
Liability Derivatives | |||||||
Market Index Securities | |||||||
iTraxx Europe Crossover Series 39 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent | Put | Barclays Bank PLC | EUR (4,930,000) | $(5,708,012) | 6% | August – 2023 | $(895) |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
BRL | 3,535,465 | USD | 687,316 | Goldman Sachs International | 9/01/2023 | $56,381 |
BRL | 3,746,249 | USD | 770,370 | JPMorgan Chase Bank N.A. | 9/01/2023 | 17,666 |
CAD | 284,427 | USD | 215,258 | HSBC Bank | 10/20/2023 | 666 |
IDR | 199,289,571 | USD | 13,208 | Citibank N.A. | 8/07/2023 | 7 |
KRW | 3,162,671,505 | USD | 2,411,749 | Barclays Bank PLC | 10/05/2023 | 78,499 |
KRW | 7,732,759,964 | USD | 6,057,973 | Citibank N.A. | 8/04/2023 | 9,282 |
THB | 5,495,668 | USD | 159,422 | JPMorgan Chase Bank N.A. | 9/12/2023 | 1,743 |
TWD | 404,836 | USD | 12,865 | Citibank N.A. | 8/03/2023 | 18 |
USD | 9,487,938 | AUD | 13,882,890 | JPMorgan Chase Bank N.A. | 10/20/2023 | 137,975 |
USD | 5,258,158 | CAD | 6,923,533 | HSBC Bank | 10/20/2023 | 2,141 |
USD | 445,454 | CHF | 379,592 | JPMorgan Chase Bank N.A. | 10/20/2023 | 6,512 |
USD | 2,204,252 | EUR | 1,986,127 | JPMorgan Chase Bank N.A. | 10/20/2023 | 12,068 |
USD | 41,678,311 | EUR | 36,978,809 | State Street Bank Corp. | 10/20/2023 | 863,053 |
USD | 840,129 | EUR | 749,778 | UBS AG | 10/20/2023 | 12,564 |
USD | 2,178,016 | GBP | 1,694,146 | Merrill Lynch International | 10/20/2023 | 3,355 |
USD | 7,842,979 | GBP | 6,078,491 | UBS AG | 10/20/2023 | 40,430 |
USD | 2,175,272 | IDR | 32,566,436,594 | Citibank N.A. | 8/07/2023 | 15,817 |
USD | 5,940,842 | JPY | 829,752,707 | Merrill Lynch International | 10/20/2023 | 35,891 |
USD | 1,363,934 | KRW | 1,726,400,000 | Barclays Bank PLC | 8/04/2023 | 9,372 |
USD | 105,227 | NOK | 1,048,983 | Goldman Sachs International | 10/20/2023 | 1,497 |
USD | 10,825,939 | NZD | 17,323,942 | UBS AG | 10/20/2023 | 65,353 |
USD | 1,536,992 | SEK | 15,723,192 | Merrill Lynch International | 10/20/2023 | 37,791 |
USD | 4,581,397 | TWD | 139,847,142 | Barclays Bank PLC | 8/03/2023 | 130,886 |
$1,538,967 | ||||||
Liability Derivatives | ||||||
AUD | 1,349,410 | USD | 910,414 | State Street Bank Corp. | 10/20/2023 | $(1,603) |
AUD | 1,270,696 | USD | 868,190 | UBS AG | 10/20/2023 | (12,391) |
CAD | 533,135 | USD | 404,984 | HSBC Bank | 10/20/2023 | (254) |
CAD | 362,237 | USD | 275,091 | JPMorgan Chase Bank N.A. | 10/20/2023 | (98) |
CAD | 3,381,253 | USD | 2,569,714 | State Street Bank Corp. | 10/20/2023 | (2,828) |
CHF | 390,729 | USD | 458,518 | State Street Bank Corp. | 10/20/2023 | (6,699) |
CNH | 19,908,439 | USD | 2,807,381 | State Street Bank Corp. | 10/20/2023 | (1,999) |
CZK | 15,142,223 | USD | 711,813 | HSBC Bank | 10/20/2023 | (17,042) |
Forward Foreign Currency Exchange Contracts − continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives − continued | ||||||
EUR | 75,294 | USD | 84,181 | Barclays Bank PLC | 10/20/2023 | $(1,075) |
EUR | 486,537 | USD | 548,640 | Citibank N.A. | 10/20/2023 | (11,626) |
EUR | 27,571 | USD | 31,091 | Deutsche Bank AG | 10/20/2023 | (659) |
EUR | 240,240 | USD | 269,029 | HSBC Bank | 10/20/2023 | (3,866) |
EUR | 260,416 | USD | 287,694 | JPMorgan Chase Bank N.A. | 10/20/2023 | (261) |
EUR | 212,843 | USD | 237,795 | State Street Bank Corp. | 10/20/2023 | (2,870) |
EUR | 600,959 | USD | 675,183 | UBS AG | 10/20/2023 | (11,876) |
GBP | 87,392 | USD | 112,748 | Barclays Bank PLC | 10/20/2023 | (568) |
GBP | 424,174 | USD | 545,262 | Brown Brothers Harriman | 10/20/2023 | (778) |
GBP | 899,344 | USD | 1,158,147 | State Street Bank Corp. | 10/20/2023 | (3,720) |
HUF | 242,762,130 | USD | 715,531 | HSBC Bank | 9/18/2023 | (33,332) |
IDR | 10,687,837,130 | USD | 722,810 | Barclays Bank PLC | 8/07/2023 | (14,108) |
IDR | 21,679,309,893 | USD | 1,475,385 | Merrill Lynch International | 8/07/2023 | (37,847) |
JPY | 831,547,291 | USD | 6,079,674 | State Street Bank Corp. | 10/20/2023 | (161,951) |
NOK | 458,606 | USD | 46,004 | Goldman Sachs International | 10/20/2023 | (654) |
NZD | 153,817 | USD | 96,154 | State Street Bank Corp. | 10/20/2023 | (611) |
SEK | 590,731 | USD | 57,731 | State Street Bank Corp. | 10/20/2023 | (1,405) |
SGD | 9,939 | USD | 7,549 | State Street Bank Corp. | 10/20/2023 | (46) |
TWD | 139,442,306 | USD | 4,515,619 | Barclays Bank PLC | 8/03/2023 | (77,991) |
USD | 7,119,345 | CNH | 50,694,987 | Barclays Bank PLC | 10/20/2023 | (24,297) |
USD | 13,174 | IDR | 199,289,571 | Citibank N.A. | 11/09/2023 | (34) |
USD | 2,193,822 | KRW | 2,913,900,000 | Barclays Bank PLC | 8/04/2023 | (92,474) |
USD | 6,091,138 | KRW | 7,732,759,964 | Citibank N.A. | 11/09/2023 | (10,646) |
USD | 2,345,509 | KRW | 3,092,459,964 | JPMorgan Chase Bank N.A. | 8/04/2023 | (80,888) |
USD | 1,986,368 | MXN | 33,890,307 | Deutsche Bank AG | 10/20/2023 | (8,444) |
USD | 150,716 | THB | 5,170,301 | Barclays Bank PLC | 10/17/2023 | (1,414) |
USD | 12,972 | TWD | 404,836 | Citibank N.A. | 11/02/2023 | (53) |
$(626,408) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
Australian Bond 10 yr | Short | AUD | 90 | $7,004,063 | September – 2023 | $64,508 |
Canadian Treasury Bond 10 yr | Short | CAD | 17 | 1,548,326 | September – 2023 | 45,328 |
Euro-Bobl 5 yr | Short | EUR | 102 | 12,996,952 | September – 2023 | 96,218 |
Euro-Bund 10 yr | Short | EUR | 1 | 146,234 | September – 2023 | 1,724 |
Euro-Buxl 30 yr | Short | EUR | 5 | 739,854 | September – 2023 | 12,963 |
Euro-Schatz 2 yr | Short | EUR | 262 | 30,261,659 | September – 2023 | 117,518 |
U.S. Treasury Note 10 yr | Short | USD | 61 | 6,795,781 | September – 2023 | 180,736 |
U.S. Treasury Note 2 yr | Short | USD | 153 | 31,063,781 | September – 2023 | 212,453 |
U.S. Treasury Note 5 yr | Short | USD | 174 | 18,586,734 | September – 2023 | 268,753 |
$1,000,201 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
Canadian Treasury Bond 5 yr | Long | CAD | 112 | $9,257,953 | September – 2023 | $(220,325) |
Long Gilt 10 yr | Short | GBP | 8 | 986,947 | September – 2023 | (10,088) |
U.S. Treasury Bond 30 yr | Long | USD | 66 | 8,212,875 | September – 2023 | (170,020) |
Futures Contracts − continued | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Liability Derivatives − continued | ||||||
Interest Rate Futures − continued | ||||||
U.S. Treasury Ultra Bond 30 yr | Long | USD | 14 | $1,851,062 | September – 2023 | $(35,304) |
U.S. Treasury Ultra Note 10 yr | Long | USD | 53 | 6,200,172 | September – 2023 | (122,742) |
$(558,479) |
Cleared 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 | ||||||||||
Interest Rate Swaps | ||||||||||
1/02/26 | BRL | 4,700,000 | centrally cleared | 11.095% / At Maturity | Average Daily BZDIOVRA / At Maturity | $14,927 | $— | $14,927 | ||
1/02/26 | BRL | 4,700,000 | centrally cleared | 10.48% / At Maturity | Average Daily BZDIOVRA / At Maturity | 4,907 | — | 4,907 | ||
1/04/27 | BRL | 4,800,000 | centrally cleared | 10.3625% / At Maturity | Average Daily BZDIOVRA / At Maturity | 4,907 | — | 4,907 | ||
$24,741 | $— | $24,741 |
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 | ||||||||||
6/20/28 | EUR | 560,000 | Barclays Bank PLC | 5.00% / Quarterly | (1) | $16,998 | $80,203 | $97,201 |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $— | $— | $185,208 | $185,208 |
Luxembourg | — | 165,993 | — | 165,993 |
United Kingdom | — | 2,426 | — | 2,426 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 4,464,658 | — | 4,464,658 |
Non - U.S. Sovereign Debt | — | 76,754,147 | — | 76,754,147 |
Municipal Bonds | — | 1,158,059 | — | 1,158,059 |
U.S. Corporate Bonds | — | 182,630,523 | — | 182,630,523 |
Commercial Mortgage-Backed Securities | — | 4,146,724 | — | 4,146,724 |
Asset-Backed Securities (including CDOs) | — | 5,382,504 | — | 5,382,504 |
Foreign Bonds | — | 100,010,790 | — | 100,010,790 |
Mutual Funds | 840,115 | — | — | 840,115 |
Total | $840,115 | $374,715,824 | $185,208 | $375,741,147 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $1,000,201 | $— | $— | $1,000,201 |
Futures Contracts – Liabilities | (558,479) | — | — | (558,479) |
Forward Foreign Currency Exchange Contracts – Assets | — | 1,538,967 | — | 1,538,967 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (626,408) | — | (626,408) |
Swap Agreements – Assets | — | 121,942 | — | 121,942 |
Written Options - Liabilities | — | (895) | — | (895) |
Equity Securities | |
Balance as of 10/31/22 | $323,557 |
Realized gain (loss) | 120,538 |
Change in unrealized appreciation or depreciation | (138,349) |
Sales | (120,538) |
Balance as of 7/31/23 | $185,208 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $10,670,329 | $129,179,898 | $139,009,224 | $(658) | $(230) | $840,115 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $204,194 | $— |
1 Year MFS Multimarket Income Chart |
1 Month MFS Multimarket Income Chart |
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