Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

Name	Symbol	Market	Type
Mfs Strategic Income Fund - Class I (MM)	NASDAQ:MFIIX	NASDAQ	Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05262

MFS SERIES TRUST VIII

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: October 31

Date of reporting period: January 31, 2013

ITEM 1.

SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

January 31, 2013

LOGO

MFS® GLOBAL GROWTH FUND

LOGO

PORTFOLIO OF INVESTMENTS

1/31/13 (unaudited)

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


Issuer	Shares/Par		Value ($)

Common Stocks - 98.9%
Aerospace - 3.2%
Precision Castparts Corp.		6,720	$	1,232,448
Rolls-Royce Holdings PLC		99,087		1,486,658
United Technologies Corp.		45,810		4,011,582

			$	6,730,688
Alcoholic Beverages - 4.6%
Diageo PLC		103,068	$	3,068,254
Heineken N.V.		22,971		1,615,331
Pernod Ricard S.A.		39,204		4,907,916

			$	9,591,501
Apparel Manufacturers - 5.9%
Cia.Hering S.A.		79,700	$	1,516,075
Compagnie Financiere Richemont S.A.		16,889		1,389,090
Li & Fung Ltd.		1,678,400		2,358,945
LVMH Moet Hennessy Louis Vuitton S.A.		29,141		5,493,968
NIKE, Inc., “B”		30,630		1,655,552

			$	12,413,630
Automotive - 1.2%
Johnson Controls, Inc.		78,550	$	2,442,120

Broadcasting - 3.1%
Discovery Communications, Inc., “A” (a)		16,610	$	1,152,402
Publicis Groupe		33,877		2,219,643
Viacom, Inc., “B”		19,650		1,185,878
Walt Disney Co.		35,980		1,938,602

			$	6,496,525
Brokerage & Asset Managers - 2.8%
BM&F Bovespa S.A.		233,600	$	1,635,264
Charles Schwab Corp.		70,390		1,163,547
Franklin Resources, Inc.		22,320		3,055,162

			$	5,853,973
Business Services - 8.3%
Accenture PLC, “A”		54,820	$	3,941,010
Brenntag AG		13,541		1,929,607
Cognizant Technology Solutions Corp., “A” (a)		24,240		1,895,083
Compass Group PLC		374,570		4,538,680
Experian Group Ltd.		93,339		1,600,265
Intertek Group PLC		20,415		1,006,638
LPS Brasil - Consultoria de Imoveis S.A.		68,100		1,210,606
Verisk Analytics, Inc., “A” (a)		19,920		1,098,787

			$	17,220,676
Chemicals - 0.6%
Monsanto Co.		11,720	$	1,187,822

Computer Software - 3.1%
Autodesk, Inc. (a)		25,890	$	1,006,603
Check Point Software Technologies Ltd. (a)		20,070		1,003,500

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Common Stocks - continued
Computer Software - continued
Dassault Systemes S.A.		8,154	$	906,535
Oracle Corp.		100,760		3,577,988

			$	6,494,626
Computer Software - Systems - 3.2%
Apple, Inc.		6,370	$	2,900,325
EMC Corp. (a)		82,420		2,028,356
International Business Machines Corp.		8,790		1,784,985

			$	6,713,666
Consumer Products - 5.3%
Colgate-Palmolive Co.		36,230	$	3,890,015
Procter & Gamble Co.		45,540		3,422,786
Reckitt Benckiser Group PLC		56,709		3,779,299

			$	11,092,100
Electrical Equipment - 8.1%
Amphenol Corp., “A”		17,410	$	1,176,394
Danaher Corp.		78,680		4,715,292
Legrand S.A.		59,150		2,684,491
Mettler-Toledo International, Inc. (a)		9,110		1,936,148
Schneider Electric S.A.		21,238		1,617,753
Sensata Technologies Holding B.V. (a)		84,390		2,847,319
W.W. Grainger, Inc.		8,580		1,868,896

			$	16,846,293
Electronics - 4.6%
ASML Holding N.V.		14,122	$	1,060,421
Microchip Technology, Inc.		90,610		3,030,905
Samsung Electronics Co. Ltd.		1,623		2,158,187
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		192,958		3,423,075

			$	9,672,588
Energy - Independent - 1.9%
Occidental Petroleum Corp.		44,650	$	3,941,256

Energy - Integrated - 0.5%
BG Group PLC		58,544	$	1,039,929

Food & Beverages - 5.9%
Groupe Danone		80,710	$	5,593,373
M. Dias Branco S.A. Industria e Comercio de Alimentos		21,100		837,176
Mead Johnson Nutrition Co., “A”		28,170		2,140,920
Nestle S.A.		30,439		2,137,302
PepsiCo, Inc.		22,290		1,623,827

			$	12,332,598
Food & Drug Stores - 0.9%
CVS Caremark Corp.		20,290	$	1,038,848
Sundrug Co. Ltd.		20,000		752,365

			$	1,791,213
General Merchandise - 1.3%
Dollarama, Inc.		16,620	$	1,011,130
Lojas Renner S.A.		20,700		828,582

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Common Stocks - continued
General Merchandise - continued
Target Corp.		15,630	$	944,208

			$	2,783,920
Internet - 3.0%
Google, Inc., “A” (a)		6,360	$	4,806,188
Yahoo Japan Corp.		3,893		1,530,465

			$	6,336,653
Machinery & Tools - 0.8%
Schindler Holding AG		11,884	$	1,762,914

Major Banks - 1.8%
HSBC Holdings PLC		90,463	$	1,028,280
Standard Chartered PLC		100,207		2,666,022

			$	3,694,302
Medical & Health Technology & Services - 1.4%
Express Scripts Holding Co. (a)		35,500	$	1,896,410
Fresenius Medical Care AG & Co. KGaA		15,634		1,102,362

			$	2,998,772
Medical Equipment - 5.4%
DENTSPLY International, Inc.		75,370	$	3,147,451
Essilor International S.A.		10,833		1,104,502
Sonova Holding AG		19,550		2,262,090
Thermo Fisher Scientific, Inc.		39,630		2,858,908
Waters Corp. (a)		19,730		1,806,676

			$	11,179,627
Metals & Mining - 1.5%
Rio Tinto PLC		56,280	$	3,177,659

Oil Services - 2.8%
National Oilwell Varco, Inc.		10,290	$	762,901
Saipem S.p.A.		46,284		1,313,448
Schlumberger Ltd.		47,110		3,676,936

			$	5,753,285
Other Banks & Diversified Financials - 6.7%
Credicorp Ltd.		13,420	$	2,103,317
HDFC Bank Ltd.		104,477		1,263,093
Itau Unibanco Holding S.A., ADR		115,280		1,986,274
Julius Baer Group Ltd.		69,136		2,829,862
MasterCard, Inc., “A”		3,230		1,674,432
Sberbank of Russia, ADR		72,743		1,072,959
Visa, Inc., “A”		19,570		3,090,299

			$	14,020,236
Pharmaceuticals - 2.7%
Allergan, Inc.		13,330	$	1,399,783
Bayer AG		17,313		1,708,532
Johnson & Johnson		33,790		2,497,757

			$	5,606,072
Railroad & Shipping - 1.2%
Kuehne & Nagel International AG		20,510	$	2,409,229

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Common Stocks - continued
Restaurants - 1.1%
McDonald’s Corp.		25,090	$	2,390,826

Specialty Chemicals - 3.5%
Croda International PLC		37,211	$	1,430,563
L’Air Liquide S.A.		8,055		1,029,617
Linde AG		11,498		2,098,251
Praxair, Inc.		15,730		1,736,120
Symrise AG		26,596		940,899

			$	7,235,450
Specialty Stores - 0.8%
Industria de Diseno Textil S.A.		12,496	$	1,751,001

Telecommunications - Wireless - 0.5%
MTN Group Ltd.		49,363	$	966,295

Trucking - 1.2%
Expeditors International of Washington, Inc.		60,240	$	2,584,296
Total Common Stocks			$	206,511,741

Money Market Funds - 0.7%
MFS Institutional Money Market Portfolio, 0.14%, at Net Asset Value (v)		1,388,978	$	1,388,978
Total Investments			$	207,900,719

Other Assets, Less Liabilities - 0.4%				806,969
Net Assets - 100.0%			$	208,707,688

(a)	Non-income producing security.

(v)	Underlying affiliated fund 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.

The following abbreviations are used in this report and are defined:


ADR		American Depositary Receipt
PLC		Public Limited Company

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

Supplemental Information

1/31/13 (unaudited)

(1) Investment Valuations

Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of January 31, 2013 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1		Level 2		Level 3		Total
Equity Securities		$206,511,741		$—		$—		$206,511,741
Mutual Funds		1,388,978		—		—		1,388,978
Total Investments		$207,900,719		$—		$—		$207,900,719

For further information regarding security characteristics, see the Portfolio of Investments.

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$174,373,774
Gross unrealized appreciation	37,810,419
Gross unrealized depreciation	(4,283,474	)
Net unrealized appreciation (depreciation)	$33,526,945

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

Supplemental Information (unaudited) – continued

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers

An affiliated issuer 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. For the purposes of this report, the fund assumes the following to be an affiliated issuer:


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		1,568,106		9,370,427		(9,549,555	)		1,388,978

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$553			$1,388,978

(4) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of January 31, 2013, are as follows:


United States			51.0%
France			12.2%
United Kingdom			11.9%
Switzerland			6.1%
Brazil			3.8%
Germany			3.7%
Taiwan			1.6%
Netherlands			1.3%
Hong Kong			1.1%
Other Countries			7.3%

The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.

QUARTERLY REPORT

January 31, 2013

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MFS® STRATEGIC INCOME FUND

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PORTFOLIO OF INVESTMENTS

1/31/13 (unaudited)

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


Issuer	Shares/Par		Value ($)

Bonds - 97.0%
Aerospace - 0.7%
Bombardier, Inc., 4.25%, 2016 (z)	$	68,000	$	70,040
Bombardier, Inc., 7.5%, 2018 (n)		470,000		528,750
Bombardier, Inc., 7.75%, 2020 (n)		225,000		254,813
CPI International, Inc., 8%, 2018		320,000		320,000
Heckler & Koch GmbH, 9.5%, 2018 (z)	EUR	100,000		120,165
Huntington Ingalls Industries, Inc., 7.125%, 2021	$	650,000		715,000
Kratos Defense & Security Solutions, Inc., 10%, 2017		430,000		471,925

			$	2,480,693
Airlines - 0.3%
Continental Airlines, Inc., FRN, 0.66%, 2015	$	929,684	$	925,501

Apparel Manufacturers - 0.4%
Hanesbrands, Inc., 6.375%, 2020	$	295,000	$	319,338
Jones Group, Inc., 6.875%, 2019		270,000		281,813
PVH Corp., 7.375%, 2020		390,000		441,188
PVH Corp., 4.5%, 2022		195,000		194,025

			$	1,236,364
Asset-Backed & Securitized - 1.5%
Anthracite Ltd., “A”, CDO, FRN, 0.564%, 2019 (z)	$	245,213	$	241,657
Bayview Financial Revolving Mortgage Loan Trust, FRN, 1.803%, 2040 (z)		437,853		276,011
Capital Trust Realty Ltd., CDO, 5.16%, 2035 (n)		388,575		391,528
Crest Ltd., “A1” CDO, FRN, 0.79%, 2018 (z)		132,916		130,922
Crest Ltd., CDO, 7%, 2040 (a)(p)		484,104		24,205
Falcon Franchise Loan LLC, FRN, 6.1%, 2023 (i)(z)		1,006,390		113,219
Falcon Franchise Loan LLC, FRN, 8.026%, 2025 (i)(z)		563,725		88,618
First Union-Lehman Brothers Bank of America, FRN, 0.546%, 2035 (i)		7,044,522		116,657
GMAC LLC, FRN, 6.02%, 2033 (z)		618,355		629,032
Hertz Global Holdings, Inc., 4.26%, 2014 (n)		256,667		257,704
Hertz Vehicle Financing LLC, 2010-1A, “A1”, 2.6%, 2015 (n)		310,000		315,455
HLSS Servicer Advance Receivables Trust, 2013-T1, “A2”, 1.495%, 2046 (n)		970,000		970,883
KKR Financial CLO Ltd., “C”, FRN, 1.74%, 2021 (n)		523,730		487,069
Morgan Stanley Capital I, Inc., FRN, 1.384%, 2039 (i)(z)		3,225,306		62,893
Prudential Securities Secured Financing Corp., FRN, 7.206%, 2013 (z)		817,282		818,564
Salomon Brothers Mortgage Securities, Inc., FRN, 7.145%, 2032 (z)		59,931		59,918

			$	4,984,335
Automotive - 2.1%
Accuride Corp., 9.5%, 2018	$	430,000	$	424,625
Allison Transmission, Inc., 7.125%, 2019 (n)		520,000		564,200
Daimler Finance North America LLC, 1.875%, 2018 (z)		1,257,000		1,253,638
Ford Motor Credit Co. LLC, 12%, 2015		1,003,000		1,223,660
Ford Motor Credit Co. LLC, 8.125%, 2020		135,000		170,011
General Motors Financial Co., Inc., 4.75%, 2017 (n)		15,000		15,676
General Motors Financial Co., Inc., 6.75%, 2018		480,000		555,600
Goodyear Tire & Rubber Co., 8.25%, 2020		80,000		87,800
Goodyear Tire & Rubber Co., 7%, 2022		135,000		144,788
Harley-Davidson Financial Services, 3.875%, 2016 (n)		1,130,000		1,206,495
Jaguar Land Rover PLC, 7.75%, 2018 (n)		150,000		164,625
Jaguar Land Rover PLC, 8.125%, 2021 (n)		580,000		651,050
Jaguar Land Rover PLC, 5.625%, 2023 (z)		150,000		153,000

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Automotive - continued
Lear Corp., 8.125%, 2020	$	176,000	$	196,680
Lear Corp., 4.75%, 2023 (z)		80,000		79,600

			$	6,891,448
Biotechnology - 0.3%
Life Technologies Corp., 6%, 2020	$	960,000	$	1,060,734

Broadcasting - 3.1%
Allbritton Communications Co., 8%, 2018	$	160,000	$	173,200
AMC Networks, Inc., 7.75%, 2021		324,000		370,170
CBS Corp., 5.75%, 2020		260,000		305,303
CBS Corp., 3.375%, 2022		911,000		923,528
Clear Channel Communications, Inc., 9%, 2021		351,000		326,430
Clear Channel Worldwide Holdings, Inc., 6.5%, 2022 (n)		85,000		89,675
Clear Channel Worldwide Holdings, Inc., 6.5%, 2022 (n)		205,000		218,325
Clear Channel Worldwide Holdings, Inc., “A”, 7.625%, 2020		15,000		15,525
Clear Channel Worldwide Holdings, Inc., “B”, 7.625%, 2020		165,000		172,425
Globo Comunicacoes e Participacoes S.A., 6.25% to 2015, 9.375% to 2049 (n)		100,000		108,750
Hughes Network Systems LLC, 7.625%, 2021		190,000		217,550
IAC/InterActiveCorp, 4.75%, 2022 (n)		40,000		39,700
Inmarsat Finance PLC, 7.375%, 2017 (n)		275,000		295,625
Intelsat Bermuda Ltd., 11.25%, 2017		550,000		583,000
Intelsat Bermuda Ltd., 11.5%, 2017 (p)		580,000		614,800
Intelsat Jackson Holdings Ltd., 6.625%, 2022 (n)		270,000		274,388
LBI Media, Inc., 13.5% to 2015, 11.5% to 2020 (p)(z)		121,000		49,610
Liberty Media Corp., 8.5%, 2029		325,000		362,375
Liberty Media Corp., 8.25%, 2030		110,000		121,550
Local TV Finance LLC, 9.25%, 2015 (p)(z)		299,002		301,245
NBCUniversal Media LLC, 5.95%, 2041		939,000		1,102,455
Netflix, Inc., 5.375%, 2021 (z)		175,000		174,125
News America, Inc., 8.5%, 2025		415,000		568,796
Nexstar Broadcasting Group, Inc., 8.875%, 2017		130,000		143,325
Nexstar Broadcasting Group, Inc., 6.875%, 2020 (n)		45,000		46,913
Sinclair Broadcast Group, Inc., 9.25%, 2017 (n)		130,000		142,025
Sinclair Broadcast Group, Inc., 8.375%, 2018		50,000		55,625
SIRIUS XM Radio, Inc., 8.75%, 2015 (n)		180,000		203,850
SIRIUS XM Radio, Inc., 7.625%, 2018 (n)		240,000		266,400
SIRIUS XM Radio, Inc., 5.25%, 2022 (n)		165,000		167,888
Univision Communications, Inc., 6.875%, 2019 (n)		390,000		409,500
Univision Communications, Inc., 7.875%, 2020 (n)		135,000		146,138
Univision Communications, Inc., 8.5%, 2021 (n)		225,000		239,625
Vivendi S.A., 4.75%, 2022 (n)		990,000		1,022,319

			$	10,252,158
Brokerage & Asset Managers - 1.0%
Blackstone Holdings Finance Co. LLC, 4.75%, 2023 (n)	$	940,000	$	1,000,557
E*TRADE Financial Corp., 6.375%, 2019		525,000		544,688
Invesco Finance PLC, 3.125%, 2022		640,000		633,024
TD Ameritrade Holding Corp., 5.6%, 2019		1,045,000		1,249,740

			$	3,428,009
Building - 1.2%
Boise Cascade LLC/Finance Corp., 6.375%, 2020 (n)	$	145,000	$	151,525
Building Materials Holding Corp., 6.875%, 2018 (n)		125,000		135,000
Building Materials Holding Corp., 7%, 2020 (n)		290,000		316,100

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Building - continued
Building Materials Holding Corp., 6.75%, 2021 (n)	$	115,000	$	126,788
CRH PLC, 8.125%, 2018		590,000		723,791
Gibraltar Industries, Inc., 6.25%, 2021 (z)		45,000		46,744
HD Supply, Inc., 13.5%, 2015		225,000		232,031
HD Supply, Inc., 8.125%, 2019 (n)		145,000		164,213
HD Supply, Inc., 11.5%, 2020 (n)		125,000		144,063
HD Supply, Inc., 10.5%, 2021 (z)		20,000		20,450
Masonite International Corp., 8.25%, 2021 (n)		305,000		335,500
Nortek, Inc., 8.5%, 2021		435,000		492,638
Owens Corning, Inc., 4.2%, 2022		385,000		390,597
Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10%, 2020 (n)		95,000		107,350
USG Corp., 6.3%, 2016		333,000		350,483
USG Corp., 7.875%, 2020 (n)		150,000		171,000

			$	3,908,273
Business Services - 0.8%
Ceridian Corp., 12.25%, 2015 (p)	$	130,000	$	131,950
Ceridian Corp., 8.875%, 2019 (n)		90,000		100,350
Fidelity National Information Services, Inc., 7.625%, 2017		135,000		145,800
Fidelity National Information Services, Inc., 5%, 2022		230,000		248,975
iGate Corp., 9%, 2016		425,000		466,969
Iron Mountain, Inc., 8.375%, 2021		360,000		396,900
Legend Acquisition Sub, Inc., 10.75%, 2020 (n)		225,000		198,000
Lender Processing Services, Inc., 5.75%, 2023		180,000		190,800
Neustar, Inc., 4.5%, 2023 (z)		135,000		135,000
SunGard Data Systems, Inc., 7.375%, 2018		120,000		127,500
Tencent Holdings Ltd., 3.375%, 2018 (n)		490,000		502,273

			$	2,644,517
Cable TV - 2.5%
Bresnan Broadband Holdings LLC, 8%, 2018 (n)	$	70,000	$	75,600
CCO Holdings LLC, 7.875%, 2018		465,000		496,969
CCO Holdings LLC, 8.125%, 2020		470,000		527,575
CCO Holdings LLC, 7.375%, 2020		130,000		144,625
CCO Holdings LLC, 5.125%, 2023		110,000		108,350
Cequel Communications Holdings, 6.375%, 2020 (n)		230,000		240,925
Cox Communications, Inc., 3.25%, 2022 (n)		1,138,000		1,139,383
DIRECTV Holdings LLC, 5.875%, 2019		370,000		438,338
DIRECTV Holdings LLC, 3.8%, 2022		1,230,000		1,240,826
DISH DBS Corp., 6.75%, 2021		170,000		190,400
DISH DBS Corp., 5%, 2023 (n)		280,000		276,500
EchoStar Corp., 7.125%, 2016		170,000		189,550
Myriad International Holdings B.V., 6.375%, 2017 (n)		271,000		303,520
Telenet Finance Luxembourg, 6.375%, 2020 (n)	EUR	130,000		188,870
Time Warner Cable, Inc., 8.25%, 2019	$	920,000		1,216,202
UPC Holding B.V., 9.875%, 2018 (n)		215,000		242,950
UPCB Finance III Ltd., 6.625%, 2020 (n)		421,000		449,418
Virgin Media Finance PLC, 8.375%, 2019		107,000		121,044
Virgin Media Finance PLC, 5.25%, 2022		310,000		323,950
Ziggo Bond Co. B.V., 8%, 2018 (n)	EUR	225,000		330,556

			$	8,245,551
Chemicals - 1.4%
Celanese U.S. Holdings LLC, 6.625%, 2018	$	490,000	$	536,550
Dow Chemical Co., 8.55%, 2019		1,410,000		1,901,515

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Chemicals - continued
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 8.875%, 2018	$	360,000	$	363,600
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 9%, 2020		215,000		199,950
Huntsman International LLC, 8.625%, 2021		375,000		429,375
INEOS Finance PLC, 8.375%, 2019 (n)		210,000		229,950
INEOS Group Holdings PLC, 8.5%, 2016 (n)		215,000		216,613
LyondellBasell Industries N.V., 6%, 2021		320,000		376,000
Polypore International, Inc., 7.5%, 2017		155,000		168,563
Sociedad Quimica y Minera de Chile S.A., 5.5%, 2020 (n)		347,000		393,592

			$	4,815,708
Computer Software - 0.6%
Infor U.S., Inc., 11.5%, 2018	$	255,000	$	300,263
Nuance Communications, Inc., 5.375%, 2020 (n)		240,000		247,200
Oracle Corp., 5.375%, 2040		607,000		737,886
Seagate HDD Cayman, 6.875%, 2020		141,000		152,985
Syniverse Holdings, Inc., 9.125%, 2019		420,000		456,750
TransUnion Holding Co., Inc., 9.625%, 2018		130,000		138,775
TransUnion LLC/TransUnion Financing Corp., 11.375%, 2018		65,000		75,156

			$	2,109,015
Computer Software - Systems - 0.4%
Audatex North America, Inc., 6.75%, 2018 (n)	$	270,000	$	289,575
CDW LLC/CDW Finance Corp., 12.535%, 2017		220,000		235,400
CDW LLC/CDW Finance Corp., 8.5%, 2019		365,000		404,238
DuPont Fabros Technology, Inc., REIT, 8.5%, 2017		255,000		276,675

			$	1,205,888
Conglomerates - 0.6%
Amsted Industries, Inc., 8.125%, 2018 (n)	$	545,000	$	581,788
BC Mountain LLC, 7%, 2021 (z)		30,000		30,750
Dynacast International LLC, 9.25%, 2019		215,000		229,513
Griffon Corp., 7.125%, 2018		425,000		460,063
Ingersoll-Rand Global Holding Co. Ltd., 9.5%, 2014		375,000		411,267
Silver II Borrower, 7.75%, 2020 (n)		150,000		157,125

			$	1,870,506
Consumer Products - 0.8%
Easton-Bell Sports, Inc., 9.75%, 2016	$	240,000	$	258,902
Elizabeth Arden, Inc., 7.375%, 2021		325,000		361,563
Jarden Corp., 7.5%, 2020		315,000		343,350
Libbey Glass, Inc., 6.875%, 2020		95,000		102,244
Mattel, Inc., 5.45%, 2041		478,000		524,631
Newell Rubbermaid, Inc., 2.05%, 2017		437,000		437,355
Newell Rubbermaid, Inc., 4.7%, 2020		570,000		625,391
Spectrum Brands Escrow Corp., 6.375%, 2020 (n)		100,000		106,375
Spectrum Brands Escrow Corp., 6.625%, 2022 (n)		20,000		21,600

			$	2,781,411
Consumer Services - 0.4%
Experian Finance PLC, 2.375%, 2017 (n)	$	353,000	$	359,358
QVC, Inc., 7.375%, 2020 (n)		200,000		220,772
Service Corp. International, 7%, 2017		620,000		712,225

			$	1,292,355

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Containers - 0.9%
Ardagh Packaging Finance PLC , 7%, 2020 (z)	$	250,000	$	251,875
Ardagh Packaging Finance PLC, 7.375%, 2017 (n)		260,000		285,675
Ardagh Packaging Finance PLC, 9.125%, 2020 (n)		220,000		240,350
Ball Corp., 5%, 2022		160,000		169,600
Berry Plastics Group, Inc., 9.5%, 2018		120,000		134,100
Crown Americas LLC, 4.5%, 2023 (z)		200,000		197,000
Greif, Inc., 6.75%, 2017		550,000		613,250
Reynolds Group, 7.125%, 2019		180,000		192,150
Reynolds Group, 9.875%, 2019		100,000		109,250
Reynolds Group, 5.75%, 2020		165,000		168,713
Reynolds Group, 8.25%, 2021		730,000		764,675

			$	3,126,638
Defense Electronics - 0.7%
BAE Systems Holdings, Inc., 5.2%, 2015 (n)	$	1,297,000	$	1,415,830
BAE Systems Holdings, Inc., 6.375%, 2019 (n)		380,000		451,604
Ducommun, Inc., 9.75%, 2018		325,000		356,688
MOOG, Inc., 7.25%, 2018		255,000		266,475

			$	2,490,597
Electrical Equipment - 0.3%
Avaya, Inc., 9.75%, 2015	$	200,000	$	190,500
Avaya, Inc., 7%, 2019 (n)		80,000		76,400
Ericsson, Inc., 4.125%, 2022		670,000		682,917

			$	949,817
Electronics - 0.4%
Freescale Semiconductor, Inc., 9.25%, 2018 (n)	$	430,000	$	473,000
Nokia Corp., 5.375%, 2019		110,000		105,325
Nokia Corp., 6.625%, 2039		75,000		70,125
Sensata Technologies B.V., 6.5%, 2019 (n)		410,000		439,725
Tyco Electronics Group S.A., 3.5%, 2022		275,000		278,500

			$	1,366,675
Emerging Market Quasi-Sovereign - 3.3%
Banco do Nordeste do Brasil (BNB), 4.375%, 2019 (n)	$	254,000	$	262,890
CEZ A.S., 4.25%, 2022 (n)		250,000		262,930
CNOOC Finance (2012) Ltd., 3.875%, 2022 (n)		204,000		212,691
CNPC (HK) Overseas Capital Ltd., 4.5%, 2021 (n)		494,000		542,563
Comision Federal de Electricidad, 5.75%, 2042 (n)		639,000		709,290
Gaz Capital S.A., 9.25%, 2019		177,000		230,764
Gaz Capital S.A., 3.85%, 2020 (z)		721,000		721,220
Gaz Capital S.A., 5.999%, 2021 (n)		570,000		641,963
Gaz Capital S.A., 4.95%, 2028 (z)		615,000		612,799
Gazprom Neft, 4.375%, 2022 (n)		201,000		201,804
Korea Gas Corp., 2.25%, 2017 (n)		700,000		708,289
Pertamina PT, 6%, 2042 (n)		201,000		217,080
Petrobras International Finance Co., 7.875%, 2019		494,000		608,529
Petrobras International Finance Co., 6.75%, 2041		414,000		483,891
Petroleos Mexicanos, 5.5%, 2021		542,000		621,945
Petroleos Mexicanos, 4.875%, 2022		344,000		378,830
Petroleos Mexicanos, 6.5%, 2041		292,000		343,830
PT Perusahaan Listrik Negara, 5.5%, 2021 (n)		200,000		223,000
PTT PLC, 3.375%, 2022 (n)		331,000		324,524
PTT PLC, 4.5%, 2042 (n)		354,000		334,898

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Emerging Market Quasi-Sovereign - continued
Ras Laffan Liquefied Natural Gas Co. Ltd., 5.832%, 2016 (n)	$	575,296	$	627,073
Rosneft, 3.149%, 2017 (z)		432,000		432,540
Rosneft, 4.199%, 2022 (n)		719,000		719,000
Sberbank of Russia, 6.125%, 2022 (n)		285,000		325,268
Sinopec Group Overseas Development (2012) Ltd., 3.9%, 2022 (n)		200,000		211,078

			$	10,958,689
Emerging Market Sovereign - 0.6%
Republic of Colombia, 6.125%, 2041	$	210,000	$	268,800
Republic of Indonesia, 4.875%, 2021 (n)		200,000		226,000
Republic of Philippines, 5.5%, 2026		200,000		245,250
Republic of Philippines, 6.375%, 2034		300,000		400,500
Republic of Slovakia, 4.375%, 2022 (n)		600,000		640,800
Russian Federation, 5.625%, 2042 (n)		200,000		234,500

			$	2,015,850
Energy - Independent - 3.0%
BreitBurn Energy Partners LP, 8.625%, 2020	$	140,000	$	153,650
BreitBurn Energy Partners LP, 7.875%, 2022 (n)		340,000		359,550
Carrizo Oil & Gas, Inc., 8.625%, 2018		105,000		113,138
Chaparral Energy, Inc., 7.625%, 2022		340,000		367,200
Chesapeake Energy Corp., 6.875%, 2020		270,000		297,000
Concho Resources, Inc., 8.625%, 2017		175,000		189,000
Concho Resources, Inc., 6.5%, 2022		365,000		397,850
Continental Resources, Inc., 8.25%, 2019		320,000		359,600
Denbury Resources, Inc., 8.25%, 2020		460,000		512,900
Denbury Resources, Inc., 4.625%, 2023		115,000		112,700
Energy XXI Gulf Coast, Inc., 9.25%, 2017		510,000		580,763
EP Energy LLC, 9.375%, 2020		810,000		907,200
EPL Oil & Gas, Inc., 8.25%, 2018 (n)		190,000		199,975
EQT Corp., 4.875%, 2021		431,000		460,801
EXCO Resources, Inc., 7.5%, 2018		125,000		118,438
Harvest Operations Corp., 6.875%, 2017		455,000		505,619
Hess Corp., 8.125%, 2019		270,000		345,575
Hilcorp Energy I/Hilcorp Finance Co., 8%, 2020 (n)		115,000		127,363
Laredo Petroleum, Inc., 9.5%, 2019		200,000		226,000
LINN Energy LLC, 6.5%, 2019		115,000		117,156
LINN Energy LLC, 8.625%, 2020		220,000		242,550
LINN Energy LLC, 7.75%, 2021		206,000		220,420
MEG Energy Corp., 6.5%, 2021 (n)		100,000		105,000
Newfield Exploration Co., 6.875%, 2020		320,000		346,000
Plains Exploration & Production Co., 8.625%, 2019		295,000		336,300
Plains Exploration & Production Co., 6.5%, 2020		110,000		121,688
Plains Exploration & Production Co., 6.75%, 2022		245,000		275,931
QEP Resources, Inc., 6.875%, 2021		525,000		607,688
Range Resources Corp., 8%, 2019		190,000		210,900
Range Resources Corp., 5%, 2022		105,000		110,250
Samson Investment Co., 9.75%, 2020 (n)		250,000		265,938
SandRidge Energy, Inc., 8%, 2018 (n)		285,000		299,250
SM Energy Co., 6.5%, 2021		280,000		298,200
Whiting Petroleum Corp., 6.5%, 2018		205,000		219,863

			$	10,111,456

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Energy - Integrated - 0.9%
BP Capital Markets PLC, 4.5%, 2020	$	272,000	$	309,580
BP Capital Markets PLC, 4.742%, 2021		760,000		877,295
Cenovus Energy, Inc., 4.5%, 2014		320,000		338,754
Pacific Rubiales Energy Corp., 7.25%, 2021 (n)		401,000		467,566
Petro-Canada Financial Partnership, 5%, 2014		860,000		922,035

			$	2,915,230
Engineering - Construction - 0.1%
BakerCorp International, Inc., 8.25%, 2019	$	280,000	$	283,500

Entertainment - 0.5%
AMC Entertainment, Inc., 8.75%, 2019	$	455,000	$	502,775
AMC Entertainment, Inc., 9.75%, 2020		218,000		253,970
Cedar Fair LP, 9.125%, 2018		190,000		212,800
Cinemark USA, Inc., 8.625%, 2019		385,000		426,388
Cinemark USA, Inc., 5.125%, 2022 (n)		55,000		55,688
NAI Entertainment Holdings LLC, 8.25%, 2017 (n)		125,000		136,875
Six Flags Entertainment Corp., 5.25%, 2021 (n)		230,000		228,850

			$	1,817,346
Financial Institutions - 2.9%
Aviation Capital Group, 4.625%, 2018 (z)	$	90,000	$	91,178
CIT Group, Inc., 5.25%, 2014 (n)		400,000		417,000
CIT Group, Inc., 5.25%, 2018		330,000		353,100
CIT Group, Inc., 6.625%, 2018 (n)		394,000		441,280
CIT Group, Inc., 5.5%, 2019 (n)		335,000		358,450
Credit Acceptance Corp., 9.125%, 2017		270,000		294,975
General Electric Capital Corp., 6%, 2019		300,000		362,843
General Electric Capital Corp., 5.5%, 2020		710,000		833,070
General Electric Capital Corp., 3.15%, 2022		813,000		806,002
General Electric Capital Corp., 3.1%, 2023		508,000		501,783
Icahn Enterprises LP, 8%, 2018		407,000		435,999
International Lease Finance Corp., 4.875%, 2015		125,000		130,469
International Lease Finance Corp., 8.625%, 2015		135,000		153,394
International Lease Finance Corp., 7.125%, 2018 (n)		390,000		456,300
LeasePlan Corp. N.V., 3%, 2017 (n)		870,000		879,222
Nationstar Mortgage LLC/Capital Corp., 10.875%, 2015		410,000		436,650
Nationstar Mortgage LLC/Capital Corp., 9.625%, 2019 (n)		115,000		131,100
Nationstar Mortgage LLC/Capital Corp., 7.875%, 2020 (n)		90,000		98,100
NYSE Euronext, 2%, 2017		714,000		728,988
PHH Corp., 9.25%, 2016		185,000		216,913
PHH Corp., 7.375%, 2019		225,000		252,563
SLM Corp., 8.45%, 2018		210,000		250,185
SLM Corp., 8%, 2020		770,000		891,275
SLM Corp., 7.25%, 2022		130,000		145,275

			$	9,666,114
Food & Beverages - 3.0%
Anheuser-Busch InBev S.A., 7.75%, 2019	$	1,100,000	$	1,451,947
ARAMARK Corp., 8.5%, 2015		240,000		241,502
B&G Foods, Inc., 7.625%, 2018		340,000		366,775
Campbell Soup Co., 2.5%, 2022		363,000		352,942
Conagra Foods, Inc., 3.2%, 2023		1,853,000		1,855,338
Grupo Bimbo S.A.B. de C.V., 4.5%, 2022 (n)		101,000		109,650
Kraft Foods Group, Inc., 6.125%, 2018		720,000		878,998

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Food & Beverages - continued
Mead Johnson Nutrition Co., “A”, 4.9%, 2019	$	263,000	$	297,694
Miller Brewing Co., 5.5%, 2013 (n)		1,370,000		1,406,109
Pernod Ricard S.A., 5.75%, 2021 (n)		594,000		695,382
Pinnacle Foods Finance LLC, 8.25%, 2017		80,000		85,100
SABMiller Holdings, Inc., 3.75%, 2022 (n)		904,000		960,115
TreeHouse Foods, Inc., 7.75%, 2018		250,000		270,625
Tyson Foods, Inc., 6.6%, 2016		560,000		643,490
Tyson Foods, Inc., 4.5%, 2022		448,000		481,786

			$	10,097,453
Food & Drug Stores - 0.4%
CVS Caremark Corp., 5.75%, 2041	$	1,020,000	$	1,235,060

Forest & Paper Products - 0.3%
Boise, Inc., 8%, 2020	$	280,000	$	310,100
Clearwater Paper Corp., 4.5%, 2023 (z)		45,000		44,663
Georgia-Pacific Corp., 8%, 2024		29,000		40,441
Graphic Packaging Holding Co., 7.875%, 2018		190,000		208,525
Smurfit Kappa Group PLC, 7.75%, 2019 (n)	EUR	195,000		289,924
Tembec Industries, Inc., 11.25%, 2018	$	135,000		148,838

			$	1,042,491
Gaming & Lodging - 1.6%
Boyd Gaming Corp., 9%, 2020 (n)	$	125,000	$	126,875
Caesars Entertainment Operating Co., Inc., 8.5%, 2020		350,000		351,750
Choice Hotels International, Inc., 5.75%, 2022		45,000		49,950
CityCenter Holdings LLC, 10.75%, 2017 (p)		125,000		137,969
FelCor Lodging LP, 5.625%, 2023 (n)		40,000		40,350
Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (a)(d)(n)		315,000		197
GWR Operating Partnership LLP, 10.875%, 2017		135,000		153,563
Host Hotels & Resorts, Inc., REIT, 5.25%, 2022		175,000		190,750
Isle of Capri Casinos, Inc., 8.875%, 2020		270,000		294,975
Marriott International, Inc., 5.625%, 2013		630,000		630,805
MGM Mirage, 6.625%, 2015		110,000		118,800
MGM Resorts International, 11.375%, 2018		300,000		373,500
MGM Resorts International, 6.625%, 2021		115,000		118,450
Penn National Gaming, Inc., 8.75%, 2019		445,000		507,300
Pinnacle Entertainment, Inc., 8.75%, 2020		150,000		162,750
Seven Seas Cruises S. DE R.L., 9.125%, 2019		365,000		386,900
Viking Cruises Ltd., 8.5%, 2022 (n)		185,000		203,963
Wyndham Worldwide Corp., 6%, 2016		4,000		4,503
Wyndham Worldwide Corp., 5.75%, 2018		760,000		864,015
Wyndham Worldwide Corp., 7.375%, 2020		170,000		207,551
Wynn Las Vegas LLC, 7.75%, 2020		290,000		326,975

			$	5,251,891
Industrial - 0.5%
Dematic S.A., 7.75%, 2020 (z)	$	205,000	$	209,613
Hyva Global B.V., 8.625%, 2016 (n)		200,000		194,000
Johns Hopkins University, 5.25%, 2019		587,000		708,637
Mueller Water Products, Inc., 8.75%, 2020		195,000		221,813
Rexel S.A., 6.125%, 2019 (n)		275,000		294,250
SPL Logistics Escrow LLC, 8.875%, 2020 (n)		140,000		149,800
Unifrax I LLC, 7.5%, 2019 (z)		45,000		45,000

			$	1,823,113

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Insurance - 1.9%
Allianz AG, FRN, 5.5%, 2049	EUR	947,000	$	1,286,351
American International Group, Inc., 3%, 2015	$	20,000		20,770
American International Group, Inc., 8.25%, 2018		280,000		363,444
American International Group, Inc., 8.175% to 2038, FRN to 2068		590,000		767,000
MetLife, Inc., 1.756%, 2017		223,000		223,664
MetLife, Inc., 9.25% to 2038, FRN to 2068 (n)		400,000		550,000
Metropolitan Life Global Funding I, 5.125%, 2014 (n)		430,000		456,126
Principal Financial Group, Inc., 8.875%, 2019		650,000		879,767
Prudential Financial, Inc., 6.2%, 2015		660,000		725,651
Unum Group, 7.125%, 2016		945,000		1,104,123

			$	6,376,896
Insurance - Property & Casualty - 2.7%
Aon Corp., 3.5%, 2015	$	760,000	$	798,969
AXIS Capital Holdings Ltd., 5.75%, 2014		1,035,000		1,107,742
AXIS Capital Holdings Ltd., 5.875%, 2020		370,000		413,511
CNA Financial Corp., 5.875%, 2020		990,000		1,149,027
Liberty Mutual Group, Inc., 4.95%, 2022 (n)		757,000		822,100
Liberty Mutual Group, Inc., 10.75% to 2038, FRN to 2088 (n)		365,000		554,800
PartnerRe Ltd., 5.5%, 2020		583,000		656,308
QBE Capital Funding III Ltd., FRN, 7.25%, 2041 (n)		920,000		952,200
Travelers Cos., Inc., 3.9%, 2020		1,270,000		1,417,561
ZFS Finance USA Trust V, 6.5% to 2017, FRN to 2067 (n)		1,095,000		1,160,700

			$	9,032,918
International Market Quasi-Sovereign - 1.6%
EDF Energies Nouvelles S.A., 6.5%, 2019 (n)	$	1,090,000	$	1,329,773
Exportfinans ASA, 5.5%, 2016		965,000		1,007,398
ING Bank N.V., 3.9%, 2014 (n)		1,060,000		1,100,871
Israel Electric Corp. Ltd., 6.7%, 2017 (n)		553,000		611,065
Vestjysk Bank A/S, FRN, 0.858%, 2013 (n)		710,000		711,370
Westpac Banking Corp., 3.45%, 2014 (n)		520,000		542,734

			$	5,303,211
International Market Sovereign - 11.2%
Federal Republic of Germany, 3.75%, 2015	EUR	1,805,000	$	2,613,441
Federal Republic of Germany, 4.25%, 2018	EUR	756,000		1,211,472
Federal Republic of Germany, 6.25%, 2030	EUR	631,000		1,344,523
Government of Australia, 5.75%, 2021	AUD	264,000		323,788
Government of Bermuda, 5.603%, 2020 (n)	$	295,000		342,200
Government of Canada, 4.5%, 2015	CAD	658,000		709,550
Government of Canada, 4.25%, 2018	CAD	360,000		410,264
Government of Canada, 5.75%, 2033	CAD	119,000		179,987
Government of Japan, 1.7%, 2017	JPY	256,350,000		2,985,078
Government of Japan, 1.1%, 2020	JPY	131,000,000		1,500,739
Government of Japan, 2.1%, 2024	JPY	62,000,000		764,468
Government of Japan, 2.2%, 2027	JPY	148,300,000		1,818,356
Government of Japan, 2.4%, 2037	JPY	153,200,000		1,844,942
Kingdom of Belgium, 5.5%, 2017	EUR	728,000		1,183,031
Kingdom of Denmark, 3%, 2021	DKK	1,532,000		314,259
Kingdom of Spain, 4.6%, 2019	EUR	1,296,000		1,792,686
Kingdom of Sweden, 5%, 2020	SEK	1,100,000		212,704
Kingdom of the Netherlands, 3.75%, 2014	EUR	1,460,000		2,081,111
Kingdom of the Netherlands, 5.5%, 2028	EUR	191,000		363,874
Republic of Austria, 4.65%, 2018	EUR	608,000		968,361

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
International Market Sovereign - continued
Republic of Finland, 3.875%, 2017	EUR	179,000	$	276,133
Republic of France, 6%, 2025	EUR	417,000		777,396
Republic of France, 4.75%, 2035	EUR	870,000		1,506,286
Republic of Iceland, 4.875%, 2016 (n)	$	593,000		633,917
Republic of Iceland, 5.875%, 2022 (n)		113,000		127,814
Republic of Ireland, 4.6%, 2016	EUR	374,000		543,517
Republic of Italy, 4.25%, 2015	EUR	695,000		988,707
Republic of Italy, 5.25%, 2017	EUR	2,056,000		3,057,010
Republic of Italy, 3.75%, 2021	EUR	790,000		1,072,546
State of Israel, 4%, 2022	$	1,496,000		1,604,460
United Kingdom Treasury, 8%, 2015	GBP	815,000		1,569,101
United Kingdom Treasury, 8%, 2021	GBP	605,000		1,425,756
United Kingdom Treasury, 4.25%, 2036	GBP	555,000		1,034,798

			$	37,582,275
Internet - 0.1%
Baidu, Inc., 3.5%, 2022	$	367,000	$	357,009

Local Authorities - 0.5%
Louisiana Gas & Fuels Tax Rev. (Build America Bonds), FRN, 3%, 2043	$	820,000	$	823,567
Province of Ontario, 5.45%, 2016		745,000		856,974

			$	1,680,541
Machinery & Tools - 1.2%
Atlas Copco AB, 5.6%, 2017 (n)	$	1,073,000	$	1,237,871
Case New Holland, Inc., 7.875%, 2017		775,000		916,438
CNH America LLC, 7.25%, 2016		145,000		162,038
CNH Capital LLC, 3.875%, 2015 (n)		55,000		56,513
CNH Capital LLC, 6.25%, 2016		75,000		82,688
H&E Equipment Services LLC, 7%, 2022 (n)		360,000		393,300
NESCO LLC/NESCO Holdings Corp., 11.75%, 2017 (n)		350,000		381,500
RSC Equipment Rental, Inc., 8.25%, 2021		315,000		358,313
United Rentals North America, Inc., 5.75%, 2018		135,000		145,125
United Rentals North America, Inc., 7.625%, 2022		139,000		154,985

			$	3,888,771
Major Banks - 7.3%
ABN AMRO Bank N.V., 4.25%, 2017 (n)	$	913,000	$	990,030
Bank of America Corp., 7.375%, 2014		460,000		496,145
Bank of America Corp., 6.5%, 2016		1,305,000		1,508,918
Bank of America Corp., 3.3%, 2023		1,554,000		1,532,580
Barclays Bank PLC, 5.125%, 2020		770,000		874,446
Barclays Bank PLC, 7.625%, 2022		240,000		236,700
BNP Paribas, 7.195% to 2037, FRN to 2049 (n)		600,000		624,300
BNP Paribas, FRN, 3.059%, 2014		164,000		170,355
Commonwealth Bank of Australia, 5%, 2019 (n)		760,000		889,601
Credit Suisse New York, 5.5%, 2014		650,000		689,247
DBS Bank Ltd., 2.35%, 2017 (n)		980,000		1,006,388
Goldman Sachs Group, Inc., 5.125%, 2015		450,000		482,850
Goldman Sachs Group, Inc., 5.75%, 2022		1,213,000		1,413,912
HSBC Holdings PLC, 4%, 2022		1,047,000		1,115,108
HSBC USA, Inc., 4.875%, 2020		930,000		1,034,096
ING Bank N.V., 3.75%, 2017 (n)		1,233,000		1,317,396
JPMorgan Chase & Co., 2%, 2017		330,000		333,403
JPMorgan Chase & Co., 4.625%, 2021		870,000		970,399

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Major Banks - continued
Macquarie Bank Ltd., 5%, 2017 (n)	$	769,000	$	842,803
Macquarie Group Ltd., 6%, 2020 (n)		428,000		465,501
Merrill Lynch & Co., Inc., 6.4%, 2017		400,000		468,550
Morgan Stanley, 6%, 2014		620,000		657,204
Morgan Stanley, 7.3%, 2019		250,000		306,031
Morgan Stanley, 5.625%, 2019		420,000		476,340
Royal Bank of Scotland Group PLC, 6.99% to 2017, FRN to 2049 (n)		145,000		136,300
Royal Bank of Scotland Group PLC, 7.648% to 2031, FRN to 2049		560,000		590,800
Royal Bank of Scotland PLC, 2.55%, 2015		471,000		485,618
Santander International Debt S.A., 2.991%, 2013 (n)		800,000		805,144
Standard Chartered PLC, 3.85%, 2015 (n)		850,000		897,039
UFJ Finance Aruba AEC, 6.75%, 2013		648,000		665,804
Wells Fargo & Co., 7.98% to 2018, FRN to 2049		405,000		465,750
Westpac Banking Corp., 2%, 2017		1,580,000		1,617,086

			$	24,565,844
Medical & Health Technology & Services - 2.6%
AmSurg Corp., 5.625%, 2020 (n)	$	70,000	$	73,150
Cardinal Health, Inc., 5.8%, 2016		840,000		972,472
CDRT Holding Corp., 9.25%, 2017 (n)(p)		75,000		77,438
Davita, Inc., 6.375%, 2018		490,000		524,300
Davita, Inc., 6.625%, 2020		390,000		425,100
Express Scripts Holding Co., 3.9%, 2022		433,000		458,867
Fresenius Medical Care AG & Co. KGaA, 9%, 2015 (n)		185,000		210,900
Fresenius Medical Care Capital Trust III, 5.625%, 2019 (n)		245,000		265,213
Fresenius Medical Care Capital Trust III, 5.875%, 2022 (z)		100,000		109,250
HCA, Inc., 8.5%, 2019		840,000		934,500
HCA, Inc., 7.5%, 2022		515,000		594,825
HCA, Inc., 5.875%, 2022		215,000		233,813
HealthSouth Corp., 8.125%, 2020		565,000		620,088
IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 2019		390,000		395,850
McKesson Corp., 5.7%, 2017		370,000		433,368
Owens & Minor, Inc., 6.35%, 2016		710,000		775,688
Select Medical Corp., 7.625%, 2015		45,000		45,056
Tenet Healthcare Corp., 9.25%, 2015		190,000		215,175
Tenet Healthcare Corp., 8%, 2020		215,000		233,813
Tenet Healthcare Corp., 4.5%, 2021 (z)		115,000		113,131
Thermo Fisher Scientific, Inc., 3.15%, 2023		406,000		396,317
Universal Health Services, Inc, 7.625%, 2020		240,000		257,400
Universal Health Services, Inc., 7%, 2018		210,000		231,525
Universal Hospital Services, Inc., FRN, 3.902%, 2015		90,000		89,663

			$	8,686,902
Medical Equipment - 0.2%
Biomet, Inc., 6.5%, 2020 (n)	$	255,000	$	267,750
Hologic, Inc., 6.25%, 2020 (n)		95,000		102,125
Physio-Control International, Inc., 9.875%, 2019 (n)		185,000		207,200

			$	577,075
Metals & Mining - 1.1%
Arch Coal, Inc., 7.25%, 2020	$	270,000	$	241,650
Cloud Peak Energy, Inc., 8.25%, 2017		560,000		595,000
Cloud Peak Energy, Inc., 8.5%, 2019		60,000		65,250
Consol Energy, Inc., 8%, 2017		195,000		210,600
Consol Energy, Inc., 8.25%, 2020		200,000		216,500

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Metals & Mining - continued
First Quantum Minerals Ltd., 7.25%, 2019 (n)	$	200,000	$	203,500
Fortescue Metals Group Ltd., 8.25%, 2019 (n)		230,000		246,675
Peabody Energy Corp., 6%, 2018		125,000		130,938
Peabody Energy Corp., 6.25%, 2021		125,000		130,625
Southern Copper Corp., 6.75%, 2040		977,000		1,142,929
Vale Overseas Ltd., 4.375%, 2022		421,000		434,829

			$	3,618,496
Mortgage-Backed - 0.9%
Fannie Mae, 5.5%, 2019 - 2036	$	1,023,677	$	1,106,513
Fannie Mae, 6.5%, 2031		80,857		91,429
Fannie Mae, 6%, 2034 (f)		915,205		1,021,716
Freddie Mac, 4.224%, 2020		818,658		937,064

			$	3,156,722
Municipals - 0.1%
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 2023	$	230,000	$	229,048

Natural Gas - Distribution - 0.5%
AmeriGas Finance LLC, 6.75%, 2020	$	245,000	$	265,825
Ferrellgas LP/Ferrellgas Finance Corp., 6.5%, 2021		175,000		176,750
GDF Suez, 1.625%, 2017 (n)		1,400,000		1,392,916

			$	1,835,491
Natural Gas - Pipeline - 2.8%
Access Midstream Partners Co., 4.875%, 2023	$	110,000	$	109,450
Atlas Pipeline Partners LP, 8.75%, 2018		465,000		498,480
Atlas Pipeline Partners LP, 5.875%, 2023 (z)		175,000		174,563
Crosstex Energy, Inc., 8.875%, 2018		430,000		461,713
El Paso Corp., 7%, 2017		410,000		470,014
El Paso Corp., 7.75%, 2032		465,000		546,738
Energy Transfer Equity LP, 7.5%, 2020		380,000		437,950
Energy Transfer Partners LP, 3.6%, 2023		825,000		815,769
Energy Transfer Partners LP, 6.5%, 2042		779,000		898,635
Enterprise Products Partners LP, 6.3%, 2017		870,000		1,047,520
Enterprise Products Partners LP, 8.375% to 2016, FRN to 2066		181,000		206,793
Enterprise Products Partners LP, 7.034% to 2018, FRN to 2068		113,000		129,385
Inergy Midstream LP, 6%, 2020 (n)		270,000		278,775
Kinder Morgan Energy Partners LP, 6.375%, 2041		1,070,000		1,282,559
MarkWest Energy Partners LP, 5.5%, 2023		205,000		216,275
Rockies Express Pipeline LLC, 5.625%, 2020 (n)		97,000		91,180
Sabine Pass Liquefaction, 5.625%, 2021 (z)		100,000		100,375
Spectra Energy Capital LLC, 8%, 2019		679,000		896,751
Sunoco Logistics Partner LP, 3.45%, 2023		592,000		584,375
Williams Cos., Inc., 3.7%, 2023		279,000		274,758

			$	9,522,058
Network & Telecom - 1.5%
AT&T, Inc., 5.5%, 2018	$	660,000	$	775,605
AT&T, Inc., 3.875%, 2021		670,000		727,743
Centurylink, Inc., 7.65%, 2042		810,000		833,573
Cincinnati Bell, Inc., 8.25%, 2017		90,000		96,638
Citizens Communications Co., 9%, 2031		185,000		200,725
France Telecom, 4.375%, 2014		640,000		671,509
Frontier Communications Corp., 8.125%, 2018		295,000		341,463

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Network & Telecom - continued
Qwest Communications International, Inc., 7.125%, 2018 (n)	$	270,000	$	281,665
Qwest Corp., 7.5%, 2014		1,000		1,098
TW Telecom Holdings, Inc., 5.375%, 2022		120,000		126,000
Verizon Communications, Inc., 8.75%, 2018		448,000		612,270
Windstream Corp., 8.125%, 2018		55,000		60,363
Windstream Corp., 7.75%, 2020		265,000		288,188
Windstream Corp., 7.75%, 2021		125,000		136,563

			$	5,153,403
Oil Services - 0.8%
Bristow Group, Inc., 6.25%, 2022	$	120,000	$	129,600
Chesapeake Energy Corp., 6.625%, 2019 (n)		100,000		99,000
Dresser-Rand Group, Inc., 6.5%, 2021		130,000		137,800
Edgen Murray Corp., 8.75%, 2020 (n)		260,000		265,850
Pioneer Energy Services Corp., 9.875%, 2018		220,000		238,700
Shale-Inland Holdings LLC/Finance Co., 8.75%, 2019 (n)		285,000		299,250
Transocean, Inc., 2.5%, 2017		314,000		315,072
Transocean, Inc., 6%, 2018		670,000		771,006
Unit Corp., 6.625%, 2021		335,000		347,563

			$	2,603,841
Other Banks & Diversified Financials - 4.3%
Ally Financial, Inc., 5.5%, 2017	$	730,000	$	784,807
Ally Financial, Inc., 6.25%, 2017		165,000		183,578
American Express Centurion Bank, 5.5%, 2013		510,000		515,120
Banco de Reservas de La Republica Dominicana, 7%, 2023 (z)		218,000		220,725
Bancolombia S.A., 5.95%, 2021		398,000		459,690
Bancolombia S.A., 5.125%, 2022		49,000		50,715
BBVA Banco Continental S.A., 5%, 2022 (n)		40,000		43,000
Citigroup, Inc., 6.375%, 2014		630,000		678,842
Citigroup, Inc., 6.01%, 2015		530,000		577,345
Citigroup, Inc., 8.5%, 2019		389,000		518,774
GMAC, Inc., 8%, 2031		60,000		75,825
Groupe BPCE S.A., 12.5% to 2019, FRN to 2049 (n)		645,000		788,983
Intesa Sanpaolo S.p.A, 3.875%, 2018		996,000		978,950
Intesa Sanpaolo S.p.A., FRN, 2.711%, 2014 (n)		590,000		593,987
LBG Capital No. 1 PLC, 7.875%, 2020 (n)		550,000		602,800
Lloyds TSB Bank PLC, 5.8%, 2020 (n)		645,000		758,466
PKO Finance AB, 4.63%, 2022 (n)		57,000		59,437
Rabobank Nederland N.V., 3.375%, 2017		525,000		563,670
Rabobank Nederland N.V., 3.95%, 2022		1,174,000		1,174,416
Santander Holdings USA, Inc., 4.625%, 2016		130,000		138,255
Santander UK PLC, 8.963% to 2030, FRN to 2049		673,000		777,315
SunTrust Banks, Inc., 3.5%, 2017		622,000		664,385
Svenska Handelsbanken AB, 4.875%, 2014 (n)		910,000		958,694
Swedbank AB, 2.125%, 2017 (n)		615,000		625,748
U.S. Bancorp, 2.95%, 2022		416,000		412,435
Union Bank, 3%, 2016		1,250,000		1,318,976

			$	14,524,938
Personal Computers & Peripherals - 0.2%
Equifax, Inc., 3.3%, 2022	$	671,000	$	656,854

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Pharmaceuticals - 1.5%
AbbVie, Inc., 2.9%, 2022 (n)	$	1,050,000	$	1,038,084
Capsugel FinanceCo. SCA, 9.875%, 2019 (n)	EUR	145,000		220,015
Celgene Corp., 3.95%, 2020	$	890,000		953,687
Hospira, Inc., 6.05%, 2017		490,000		565,263
Pfizer, Inc., 6.2%, 2019		860,000		1,077,354
Teva Pharmaceutical Finance LLC, 5.55%, 2016		359,000		405,347
Teva Pharmaceutical Finance LLC, 2.25%, 2020		250,000		249,429
Valeant Pharmaceuticals International, Inc., 7%, 2020 (n)		315,000		333,900
Valeant Pharmaceuticals International, Inc., 7.25%, 2022 (n)		180,000		193,500

			$	5,036,579
Pollution Control - 0.4%
Heckmann Corp., 9.875%, 2018	$	75,000	$	79,125
Heckmann Corp., 9.875%, 2018		230,000		244,375
Republic Services, Inc., 5.25%, 2021		730,000		847,640

			$	1,171,140
Precious Metals & Minerals - 0.2%
Eldorado Gold Corp., 6.125%, 2020 (n)	$	185,000	$	194,481
IAMGOLD Corp., 6.75%, 2020 (n)		353,000		345,940

			$	540,421
Printing & Publishing - 0.3%
American Media, Inc., 13.5%, 2018 (z)	$	28,530	$	24,964
Nielsen Finance LLC, 7.75%, 2018		270,000		300,713
Nielsen Finance LLC, 4.5%, 2020 (n)		140,000		137,900
Pearson Funding Four PLC, 3.75%, 2022 (n)		437,000		450,831

			$	914,408
Railroad & Shipping - 0.6%
CSX Corp., 4.1%, 2044	$	1,905,000	$	1,792,013
Kansas City Southern de Mexico S.A. de C.V., 6.125%, 2021		125,000		140,625

			$	1,932,638
Real Estate - 2.0%
Boston Properties LP, REIT, 3.7%, 2018	$	420,000	$	456,913
CNL Lifestyle Properties, Inc., REIT, 7.25%, 2019		130,000		129,025
DDR Corp., REIT, 4.625%, 2022		874,000		941,129
Entertainment Properties Trust, REIT, 7.75%, 2020		250,000		291,697
HCP, Inc., REIT, 5.375%, 2021		806,000		933,949
Health Care REIT, Inc., 2.25%, 2018		312,000		313,302
Kennedy Wilson, Inc., 8.75%, 2019		125,000		132,500
Kimco Realty Corp., REIT, 6.875%, 2019		191,000		240,439
MPT Operating Partnership LP, REIT, 6.875%, 2021		245,000		268,888
MPT Operating Partnership LP, REIT, 6.375%, 2022		245,000		262,763
Simon Property Group, Inc., REIT, 6.1%, 2016		1,790,000		2,053,357
WEA Finance LLC, REIT, 6.75%, 2019 (n)		590,000		727,774

			$	6,751,736
Retailers - 2.4%
Academy Ltd., 9.25%, 2019 (n)	$	160,000	$	178,400
AutoZone, Inc., 6.5%, 2014		1,210,000		1,277,009
Burlington Coat Factory Warehouse Corp., 10%, 2019		290,000		315,375
Dollar General Corp., 4.125%, 2017		706,000		744,830
Gap, Inc., 5.95%, 2021		1,118,000		1,261,768

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Retailers - continued
J. Crew Group, Inc., 8.125%, 2019	$	250,000	$	268,125
Kohl’s Corp., 3.25%, 2023		997,000		935,526
Limited Brands, Inc., 5.25%, 2014		242,000		254,705
Limited Brands, Inc., 6.9%, 2017		205,000		236,263
Limited Brands, Inc., 7%, 2020		135,000		155,250
Limited Brands, Inc., 6.95%, 2033		115,000		118,450
Macy’s, Inc., 7.875%, 2015		860,000		1,000,366
Pantry, Inc., 8.375%, 2020 (n)		120,000		128,400
Rite Aid Corp., 9.25%, 2020		250,000		278,125
Sally Beauty Holdings, Inc., 6.875%, 2019		125,000		138,125
Toys “R” Us Property Co. II LLC, 8.5%, 2017		150,000		157,875
Toys “R” Us, Inc., 10.75%, 2017		415,000		446,125
Yankee Acquisition Corp., 8.5%, 2015		2,000		2,005
YCC Holdings LLC/Yankee Finance, Inc., 10.25%, 2016 (p)		130,000		133,901

			$	8,030,623

Specialty Chemicals - 0.1%
Eagle Spinco, Inc., 4.625%, 2021 (z)	$	55,000	$	55,344
Georgia Gulf Corp., 4.875%, 2023 (z)		20,000		20,150
Koppers, Inc., 7.875%, 2019		185,000		203,731

			$	279,225
Specialty Stores - 0.1%
Gymboree Corp., 9.125%, 2018	$	135,000	$	126,900
Michaels Stores, Inc., 11.375%, 2016		136,000		141,951
Michaels Stores, Inc., 7.75%, 2018		140,000		153,125

			$	421,976
Supranational - 0.4%
Corporacion Andina de Fomento, 4.375%, 2022	$	1,290,000	$	1,402,479

Telecommunications - Wireless - 2.5%
America Movil S.A.B. de C.V., 3.125%, 2022	$	774,000	$	768,978
American Tower Corp., REIT, 4.625%, 2015		440,000		472,259
American Tower Corp., REIT, 4.7%, 2022		732,000		789,034
Clearwire Corp., 12%, 2015 (n)		315,000		341,381
Cricket Communications, Inc., 7.75%, 2020		270,000		280,125
Crown Castle International Corp., 7.125%, 2019		800,000		889,000
Crown Castle International Corp., 5.25%, 2023 (n)		165,000		173,250
Crown Castle Towers LLC, 6.113%, 2020 (n)		838,000		1,013,908
Digicel Group Ltd., 12%, 2014 (n)		100,000		107,750
Digicel Group Ltd., 10.5%, 2018 (n)		345,000		384,675
MetroPCS Wireless, Inc., 7.875%, 2018		245,000		265,213
Rogers Cable, Inc., 5.5%, 2014		659,000		694,171
Sprint Capital Corp., 6.875%, 2028		325,000		328,250
Sprint Nextel Corp., 6%, 2016		425,000		457,938
Sprint Nextel Corp., 8.375%, 2017		310,000		358,438
Sprint Nextel Corp., 9%, 2018 (n)		75,000		92,813
Sprint Nextel Corp., 6%, 2022		360,000		361,800
Wind Acquisition Finance S.A., 11.75%, 2017 (n)		405,000		435,375
Wind Acquisition Finance S.A., 7.25%, 2018 (n)		245,000		257,863

			$	8,472,221

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Telephone Services - 0.2%
Cogent Communications Group, Inc., 8.375%, 2018 (n)	$	120,000	$	132,900
Level 3 Financing, Inc., 9.375%, 2019		205,000		231,650
Level 3 Financing, Inc., 7%, 2020 (n)		80,000		84,800
Level 3 Financing, Inc., 8.625%, 2020		135,000		151,200

			$	600,550
Tobacco - 2.1%
Altria Group, Inc., 9.25%, 2019	$	352,000	$	486,073
B.A.T. International Finance PLC, 8.125%, 2013 (n)		810,000		854,856
B.A.T. International Finance PLC, 3.25%, 2022 (n)		1,882,000		1,929,426
Lorillard Tobacco Co., 8.125%, 2019		640,000		815,890
Lorillard Tobacco Co., 6.875%, 2020		480,000		581,573
Reynolds American, Inc., 6.75%, 2017		1,040,000		1,254,381
Reynolds American, Inc., 4.75%, 2042		1,270,000		1,241,414

			$	7,163,613
Transportation - 0.1%
Navios South American Logistics, Inc., 9.25%, 2019	$	248,000	$	248,000

Transportation - Services - 1.3%
ACL I Corp., 10.625%, 2016 (p)	$	322,721	$	310,227
Aguila American Resources Ltd., 7.875%, 2018 (n)		230,000		243,800
Avis Budget Car Rental LLC, 8.25%, 2019		195,000		215,963
Avis Budget Car Rental LLC, 9.75%, 2020		110,000		127,325
CEVA Group PLC, 8.375%, 2017 (n)		475,000		485,688
Commercial Barge Line Co., 12.5%, 2017		580,000		636,550
ERAC USA Finance Co., 6.375%, 2017 (n)		930,000		1,117,796
HDTFS, Inc., 5.875%, 2020 (n)		50,000		53,125
Navios Maritime Acquisition Corp., 8.625%, 2017		360,000		341,100
Navios Maritime Holdings, Inc., 8.875%, 2017		325,000		320,938
Swift Services Holdings, Inc., 10%, 2018		530,000		598,238

			$	4,450,750
U.S. Government Agencies and Equivalents - 0.1%
National Credit Union Administration Guaranteed Note, 2.9%, 2020	$	240,000	$	256,036

Utilities - Electric Power - 3.7%
AES Corp., 8%, 2017	$	485,000	$	560,175
AES Corp., 7.375%, 2021		125,000		139,375
Allegheny Energy, Inc., 5.75%, 2019 (n)		800,000		898,330
Calpine Corp., 8%, 2016 (n)		280,000		295,400
Calpine Corp., 7.875%, 2020 (n)		355,000		391,388
CMS Energy Corp., 4.25%, 2015		760,000		808,822
CMS Energy Corp., 5.05%, 2022		608,000		677,554
Covanta Holding Corp., 7.25%, 2020		210,000		231,337
Covanta Holding Corp., 6.375%, 2022		80,000		87,309
Duke Energy Corp., 3.35%, 2015		1,230,000		1,293,908
Energy Future Holdings Corp., 10%, 2020		910,000		1,044,225
Energy Future Holdings Corp., 10%, 2020 (z)		230,000		263,350
Energy Future Holdings Corp., 11.75%, 2022 (n)		245,000		278,994
Exelon Generation Co. LLC, 5.2%, 2019		360,000		407,169
GenOn Energy, Inc., 9.5%, 2018		25,000		29,688
GenOn Energy, Inc., 9.875%, 2020		445,000		511,750
NRG Energy, Inc., 8.25%, 2020		680,000		768,400
Oncor Electric Delivery Co., 4.1%, 2022		922,000		993,407

Portfolio of Investments (unaudited) – continued


Issuer					Shares/Par		Value ($)

Bonds - continued
Utilities - Electric Power - continued
PPL WEM Holdings PLC, 3.9%, 2016 (n)					$	1,210,000	$	1,274,556
Progress Energy, Inc., 3.15%, 2022						1,148,000		1,149,332
Texas Competitive Electric Holdings Co. LLC, 11.5%, 2020 (n)						140,000		110,551
Waterford 3 Funding Corp., 8.09%, 2017						277,116		284,791

							$	12,499,811
Total Bonds							$	324,808,885

Floating Rate Loans (g)(r) - 0.0%
Financial Institutions - 0.0%
Springleaf Finance Corp., Term Loan, 5.5%, 2017					$	130,430	$	130,658

Convertible Preferred Stocks - 0.1%
Automotive - 0.1%
General Motors Co., 4.75%						5,940	$	257,321

Common Stocks - 0.0%
Automotive - 0.0%
Accuride Corp. (a)						6,738	$	25,335

Broadcasting - 0.0%
New Young Broadcasting Holding Co., Inc. (a)						7	$	26,250

Chemicals - 0.0%
LyondellBasell Industries N.V., “A”						18	$	1,142

Printing & Publishing - 0.0%
American Media Operations, Inc. (a)						7,311	$	34,727
Total Common Stocks							$	87,454

Preferred Stocks - 0.1%
Other Banks & Diversified Financials - 0.1%
Ally Financial, Inc., 7% (z)						160	$	156,155
GMAC Capital Trust I, 8.125%						9,100		242,697
Total Preferred Stocks							$	398,852
	Strike Price		First Exercise
Warrants - 0.1%
New Young Broadcasting Holding Co., Inc. (1 share for 1 warrant) (a)	$	0.01		7/14/10		41	$	153,750

Convertible Bonds - 0.1%
Network & Telecom - 0.1%
Nortel Networks Corp., 2.125%, 2014 (a)(d)					$	300,000	$	298,500

Money Market Funds - 2.3%
MFS Institutional Money Market Portfolio, 0.14%, at Net Asset Value (v)						7,739,182	$	7,739,182
Total Investments							$	333,874,602

Other Assets, Less Liabilities - 0.3%								1,016,760
Net Assets - 100.0%							$	334,891,362

(a)	Non-income producing security.

(d)	In default. Interest and/or scheduled principal payment(s) have been missed.

Portfolio of Investments (unaudited) – continued

(f)	All or a portion of the security has been segregated as collateral for open futures contracts.

(g)	The rate shown represents a weighted average coupon rate on settled positions at period end, unless otherwise indicated.

(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 $83,151,013, representing 24.8% of net assets.

(p)	Payment-in-kind security.

(r)

Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium.

(v)	Underlying affiliated fund 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
Ally Financial, Inc., 7% (Preferred Stock)	4/13/11-4/14/11		$150,000		$156,155
American Media, Inc., 13.5%, 2018	12/28/10		28,899		24,964
Anthracite Ltd., “A”, CDO, FRN, 0.564%, 2019	1/28/10		193,384		241,657
Ardagh Packaging Finance PLC , 7%, 2020	1/16/13		250,000		251,875
Atlas Pipeline Partners LP, 5.875%, 2023	1/28/13		175,000		174,563
Aviation Capital Group, 4.625%, 2018	1/14/13		90,000		91,178
BC Mountain LLC, 7%, 2021	1/25/13		30,000		30,750
Banco de Reservas de La Republica Dominicana, 7%, 2023	1/25/13		216,101		220,725
Bayview Financial Revolving Mortgage Loan Trust, FRN, 1.803%, 2040	3/01/06		437,853		276,011
Bombardier, Inc., 4.25%, 2016	1/09/13		68,000		70,040
Clearwater Paper Corp., 4.5%, 2023	1/17/13		45,000		44,663
Crest Ltd., “A1” CDO, FRN, 0.79%, 2018	1/21/10		108,128		130,922
Crown Americas LLC, 4.5%, 2023	1/03/13		200,000		197,000
Daimler Finance North America LLC, 1.875%, 2018	1/07/13		1,251,816		1,253,638
Dematic S.A., 7.75%, 2020	12/13/12		205,000		209,613
Eagle Spinco, Inc., 4.625%, 2021	1/17/13		55,000		55,344
Energy Future Holdings Corp., 10%, 2020	1/07/10-3/02/10		234,179		263,350
Falcon Franchise Loan LLC, FRN, 6.1%, 2023	1/18/02		34,145		113,219
Falcon Franchise Loan LLC, FRN, 8.026%, 2025	1/29/03		45,294		88,618
Fresenius Medical Care Capital Trust III, 5.875%, 2022	1/24/13		110,492		109,250
GMAC LLC, FRN, 6.02%, 2033	11/17/00		618,355		629,032
Gaz Capital S.A., 3.85%, 2020	1/30/13		721,000		721,220
Gaz Capital S.A., 4.95%, 2028	1/30/13		615,000		612,799
Georgia Gulf Corp., 4.875%, 2023	1/17/13		20,000		20,150
Gibraltar Industries, Inc., 6.25%, 2021	1/18/13		45,000		46,744
HD Supply, Inc., 10.5%, 2021	1/09/13		20,000		20,450
Heckler & Koch GmbH, 9.5%, 2018	5/06/11		142,062		120,165
Jaguar Land Rover PLC, 5.625%, 2023	1/23/13		150,000		153,000
LBI Media, Inc., 13.5% to 2015, 11.5% to 2020	1/12/13		51,324		49,610
Lear Corp., 4.75%, 2023	1/14/13		80,000		79,600
Local TV Finance LLC, 9.25%, 2015	12/10/07-12/06/12		297,921		301,245
Morgan Stanley Capital I, Inc., FRN, 1.384%, 2039	7/20/04		84,113		62,893
Netflix, Inc., 5.375%, 2021	1/29/13-1/30/13		175,244		174,125

Portfolio of Investments (unaudited) – continued


Restricted Securities - continued	Acquisition Date	Cost		Value
Neustar, Inc., 4.5%, 2023	1/11/13-1/16/13		$134,963		$135,000
Prudential Securities Secured Financing Corp., FRN, 7.206%, 2013	12/06/04		820,879		818,564
Rosneft, 3.149%, 2017	11/29/12		432,000		432,540
Sabine Pass Liquefaction, 5.625%, 2021	1/29/13		100,000		100,375
Salomon Brothers Mortgage Securities, Inc., FRN, 7.145%, 2032	1/07/05		65,094		59,918
Tenet Healthcare Corp., 4.5%, 2021	1/22/13		115,000		113,131
Unifrax I LLC, 7.5%, 2019	1/31/13		45,000		45,000
Total Restricted Securities					$8,699,096
% of Net assets					2.6%

The following abbreviations are used in this report and are defined:


CDO		Collateralized Debt Obligation
CLO		Collateralized Loan Obligation
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
PLC		Public Limited Company
REIT		Real Estate Investment Trust

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
CAD		Canadian Dollar
DKK		Danish Krone
EUR		Euro
GBP		British Pound
JPY		Japanese Yen
SEK		Swedish Krona

Derivative Contracts at 1/31/13

Forward Foreign Currency Exchange Contracts at 1/31/13


	Type		Currency		Counterparty	Contracts to Deliver/Receive	Settlement Date Range	In Exchange For		Contracts at Value		Net Unrealized Appreciation (Depreciation)
Asset Derivatives
		SELL		AUD	Wespac Banking Corp.	301,736	4/15/13	$	314,025	$	313,017	$	1,008
		SELL		CAD	Merrill Lynch International Bank	1,347,594	4/15/13		1,362,471		1,349,078		13,393
		SELL		GBP	Barclays Bank PLC	1,342,261	4/15/13		2,158,652		2,128,026		30,626
		SELL		GBP	Deutsche Bank AG	1,342,261	4/15/13		2,159,739		2,128,026		31,713

												$	76,740

Liability Derivatives
		SELL		DKK	Deutsche Bank AG	1,701,041	4/15/13	$	299,113	$	309,783	$	(10,670	)
		SELL		EUR	Deutsche Bank AG	2,447,095	4/15/13		3,201,200		3,323,914		(122,714	)
		SELL		EUR	JPMorgan Chase Bank	3,384,095	4/15/13		4,426,590		4,596,651		(170,061	)
		BUY		JPY	Credit Suisse Group	34,057,524	4/15/13		388,634		372,619		(16,015	)
		BUY		JPY	Merrill Lynch International Bank	34,057,523	4/15/13		388,235		372,619		(15,616	)
		SELL		SEK	Deutsche Bank AG	1,114,421	4/15/13		170,769		175,022		(4,253	)

												$	(339,329	)

Portfolio of Investments (unaudited) – continued

Futures Contracts Outstanding at 1/31/13

Description

Currency

Contracts

Value

Expiration Date

Unrealized
Appreciation
(Depreciation)

Asset Derivatives

Interest Rate Futures

U.S. Treasury Note 10 yr (Short)

USD

$10,239,938

March - 2013

$170,832

At January 31, 2013, the fund had liquid securities with an aggregate value of $96,013 to cover any commitments for certain derivative contracts.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

Supplemental Information

1/31/13 (unaudited)

(1) Investment Valuations

Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures contracts and forward foreign currency exchange contracts.

Supplemental Information (unaudited) – continued

The following is a summary of the levels used as of January 31, 2013 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1		Level 2			Level 3		Total
Equity Securities		$526,494		$336,156			$34,727		$897,377
U.S. Treasury Bonds & U.S. Government Agency & Equivalents		—		256,035			—		256,035
Non-U.S. Sovereign Debt		—		57,262,504			—		57,262,504
Municipal Bonds		—		229,048			—		229,048
U.S.Corporate Bonds		—		195,422,315			—		195,422,315
Residential Mortgage-Backed Securities		—		3,156,722			—		3,156,722
Commercial Mortgage-Backed Securities		—		1,888,900			—		1,888,900
Asset-Backed Securities (including CDOs)		—		3,095,433			—		3,095,433
Foreign Bonds		—		63,796,428			—		63,796,428
Floating Rate Loans		—		130,658			—		130,658
Mutual Funds		7,739,182		—			—		7,739,182
Total Investments		$8,265,676		$325,574,199			$34,727		$333,874,602

Other Financial Instruments
Futures Contracts		$170,832		$—			$—		$170,832
Forward Foreign Currency Exchange Contracts		—		(262,589	)		—		(262,589	)

For further information regarding security characteristics, see the Portfolio of Investments.

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period. The table presents the activity of level 3 securities held at the beginning and the end of the period.


	Equity Securities
Balance as of 10/31/12		$38,675
Change in unrealized appreciation (depreciation)		(3,948	)
Balance as of 1/31/13		$34,727

The net change in unrealized appreciation (depreciation) from investments still held as level 3 at January 31, 2013 is $(3,948).

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$314,559,710
Gross unrealized appreciation	22,601,683
Gross unrealized depreciation	(3,286,791	)
Net unrealized appreciation (depreciation)	$19,314,892

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		8,495,868		22,606,494		(23,363,180	)		7,739,182

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$3,723			$7,739,182

Supplemental Information (unaudited) – continued

(4) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of January 31, 2013 are as follows:


United States			63.3%
United Kingdom			6.1%
Netherlands			3.0%
Japan			2.9%
France			2.8%
Germany			2.5%
Italy			2.2%
Canada			2.2%
Australia			1.8%
Other Countries			13.2%

The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.

ITEM 2.

CONTROLS AND PROCEDURES.

(a)

Based upon their evaluation of the effectiveness of the registrant’s 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-Q, the registrant’s 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 Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

File as exhibits as part of this Form 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.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, 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 SERIES TRUST VIII


By (Signature and Title)*		JOHN M. CORCORAN
		John M. Corcoran, President

Date: March 18, 2013

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)*

JOHN M. CORCORAN

John M. Corcoran, President

(Principal Executive Officer)

Date: March 18, 2013

By (Signature and Title)*

DAVID L. DILORENZO

David L. DiLorenzo, Treasurer

(Principal Financial Officer

and Accounting Officer)

Date: March 18, 2013

*	Print name and title of each signing officer under his or her signature.

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MFIIX Mfs Strategic Income Fund - Class I (MM)