Annual Report

February 29, 2024

MFS^®  Diversified
Income Fund

DIF-ANN

MFS^® Diversified
Income Fund

CONTENTS

Portfolio composition	1
Management review	4
Performance summary	6
Expense table	10
Portfolio of investments	12
Statement of assets and liabilities	47
Statement of operations	49
Statements of changes in net assets	51
Financial highlights	52
Notes to financial statements	57
Report of independent registered public accounting firm	77
Trustees and officers	79
Proxy voting policies and information	83
Quarterly portfolio disclosure	83
Further information	83
Information about fund contracts and legal claims	83
Federal tax information	83
MFS® privacy notice	85

    

Contact information

back cover

    

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE

Portfolio Composition

Portfolio Composition - continued

2

Portfolio Composition - continued

(i)

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

(o)	Less than 0.1%.

(x)	Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents and Other.

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

The fund invests a portion of its assets in the MFS High Yield Pooled Portfolio. Percentages include the indirect exposure to the underlying holdings, including investments in money market funds and Other, of the MFS High Yield Pooled Portfolio and not the direct exposure from investing in the MFS High Yield Pooled Portfolio itself.

Cash & Cash Equivalents includes any direct exposure to cash, direct and indirect exposure to investments in money market funds, cash equivalents, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s direct cash position and other assets and liabilities.

Other includes the direct and indirect equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

Percentages are based on net assets as of February 29, 2024.

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

3

Management Review

Summary of Results

The MFS Diversified Income Fund (fund) includes investments in lower quality debt instruments, U.S. government securities, emerging market debt instruments, dividend-paying equity securities, and real estate-related instruments.

For the twelve months ended February 29, 2024, Class A shares of the fund provided a total return of 7.40%, at net asset value. This compares with a return of 30.45% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Diversified Income Fund Blended Index (Blended Index) generated a return of 8.41% over the reporting period. The Blended Index reflects the blended returns of various equity and fixed income market indices, with percentage allocations to each index designed to resemble the allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.

Market Environment

During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and the dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of a tighter monetary policy may not have been fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional US banks, which suffered from deposit flight as depositors sought higher yields on their savings. Additionally, activity in the US housing sector has slowed as a result of higher mortgage rates. China’s abandonment of its Zero-COVID policy ushered in a brief uptick in economic activity in the world’s second-largest economy in early 2023, although its momentum soon stalled as the focus turned to the country’s highly indebted property development sector. In developed markets, consumer demand for services remained stronger than the demand for goods. 

Despite the challenging macroeconomic and geopolitical environment, central banks focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using tools aimed at safeguarding the stability of the financial system to keep banking systems liquid as banks grappled with exposures to commercial real estate. As inflationary pressures eased toward the end of the period, financial conditions loosened in anticipation of easier monetary policy, boosting the market’s appetite for risk as near-term recession risks diminished. Rapid advancements in artificial intelligence were a focus for investors. 

Normalizing supply chains, low levels of unemployment across developed markets and signs that inflation levels have peaked were supportive factors for the macroeconomic backdrop.

4

Management Review - continued

Factors Affecting Performance

During the reporting period, the fund’s overweight position in U.S. government debt, and its underweight allocations to both the global high dividend equity and corporate high yield bond segments detracted from performance relative to the Blended Index. On the positive side, favorable security selection within the REITS and investment grade corporate bond segments contributed to the fund’s relative returns.

Respectfully,

Portfolio Manager(s)

Robert Almeida, Neeraj Arora, David Cole, Rick Gable, Alexander Mackey, John Mitchell, Matt Ryan, Jonathan Sage, Geoffrey Schechter, Michael Skatrud, and Jake Stone

Note to Shareholders: Effective May 31, 2023, Jake Stone was added as a Portfolio Manager of the fund. Effective April 30, 2024, Matt Ryan will no longer be a Portfolio Manager of the fund.

The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.

5

Performance Summary THROUGH 2/29/24

The following chart illustrates a representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)

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

Growth of a Hypothetical $10,000 Investment

6

Performance Summary  - continued

Total Returns through 2/29/24

Average annual without sales charge

Share Class	Class Inception Date	1-yr	5-yr	10-yr
A	5/26/2006	7.40%	3.08%	3.95%
C	5/26/2006	6.70%	2.31%	3.18%
I	5/26/2006	7.67%	3.34%	4.21%
R1	7/01/2008	6.61%	2.31%	3.17%
R2	7/01/2008	7.14%	2.83%	3.70%
R3	7/01/2008	7.49%	3.08%	3.96%
R4	7/01/2008	7.67%	3.32%	4.21%
R6	7/02/2012	7.77%	3.43%	4.30%

Comparative benchmark(s)

Standard & Poor’s 500 Stock Index (f)	30.45%	14.76%	12.70%
MFS Diversified Income Fund Blended Index (f)(w)	8.41%	3.56%	4.19%
Bloomberg U.S. Corporate High-Yield 2% Issuer Capped Index (f)	11.01%	4.14%	4.34%
Bloomberg U.S. Credit Index (f)	5.70%	1.63%	2.38%
Bloomberg U.S. Government/Mortgage Index (f)	2.31%	0.01%	0.98%
JPMorgan Emerging Markets Bond Index Global Diversified (f)	10.05%	0.58%	2.98%
MSCI All Country World High Dividend Yield Index (net div) (f)	10.96%	6.24%	5.47%
MSCI US REIT Index (net div) (f)	4.21%	3.21%	5.11%

Average annual with sales charge

A With Initial Sales Charge (4.25%)	2.84%	2.19%	3.50%
C With CDSC (1% for 12 months) (v)	5.70%	2.31%	3.18%

CDSC – Contingent Deferred Sales Charge.

Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.

(f)	Source: FactSet Research Systems Inc.
(v)	Assuming redemption at the end of the applicable period.

7

Performance Summary  - continued

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

    

	2/29/24
Bloomberg U.S. Corporate High-Yield Bond 2% Issuer Capped Index	25%
Bloomberg U.S. Credit Index	15%
Bloomberg U.S. Government/Mortgage Index	10%
JPMorgan Emerging Markets Bond Index Global Diversified	15%
MSCI All Country World High Dividend Yield Index (net div)	20%
MSCI US REIT Index (net div)	15%

Benchmark Definition(s)

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

Bloomberg U.S. Credit Index^(a) – a market capitalization-weighted index that measures the performance of publicly issued, SEC-registered, U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

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

JPMorgan Emerging Markets Bond Index Global Diversified – tracks the total returns of USD-denominated debt instruments issued by emerging markets, sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. The index, which is a uniquely-weighted version of the EMBI Global Index, limits the weights of those index countries with larger debt stocks by only including specified portions of these countries' eligible current face amounts of debt outstanding.

MSCI All Country World High Dividend Yield Index^(e) (net div) – is designed to reflect the performance of developed and emerging markets equities with higher-than-average dividend income and quality characteristics.

MSCI US REIT Index^(e) (net div) – a market capitalization-weighted index that is designed to measure equity market performance for real estate investment trusts (REITs) that generate a majority of their revenue and income from real estate rental and leasing operations.

Standard & Poor's 500 Stock Index^(g) – a market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

8

Performance Summary  - continued

It is not possible to invest directly in an index.

(a)

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

(e)

Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

(g)

“Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s).

Notes to Performance Summary

Average annual total return represents the average annual change in value for each share class for the periods presented.

Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.  

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

9

Expense Table

Fund expenses borne by the shareholders during the period,
September 1, 2023 through February 29, 2024

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the MFS High Yield Pooled Portfolio, an underlying MFS Pooled Portfolio in which the fund invests. MFS Pooled Portfolios are mutual funds advised by MFS that do not pay management fees to MFS but do incur investment and operating costs. If these transactional and indirect costs were included, your costs would have been higher.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2023 through February 29, 2024.

Actual Expenses

The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10

Expense Table - continued

Share Class		Annualized Expense Ratio	Beginning Account Value 9/01/23	Ending Account Value 2/29/24	Expenses Paid During Period (p) 9/01/23-2/29/24
A	Actual	0.89%	$1,000.00	$1,052.55	$4.54
	Hypothetical (h)	0.89%	$1,000.00	$1,020.44	$4.47
C	Actual	1.64%	$1,000.00	$1,049.56	$8.36
	Hypothetical (h)	1.64%	$1,000.00	$1,016.71	$8.22
I	Actual	0.64%	$1,000.00	$1,054.77	$3.27
	Hypothetical (h)	0.64%	$1,000.00	$1,021.68	$3.22
R1	Actual	1.64%	$1,000.00	$1,048.68	$8.35
	Hypothetical (h)	1.64%	$1,000.00	$1,016.71	$8.22
R2	Actual	1.14%	$1,000.00	$1,052.16	$5.82
	Hypothetical (h)	1.14%	$1,000.00	$1,019.19	$5.72
R3	Actual	0.89%	$1,000.00	$1,053.44	$4.54
	Hypothetical (h)	0.89%	$1,000.00	$1,020.44	$4.47
R4	Actual	0.64%	$1,000.00	$1,053.86	$3.27
	Hypothetical (h)	0.64%	$1,000.00	$1,021.68	$3.22
R6	Actual	0.55%	$1,000.00	$1,054.33	$2.81
	Hypothetical (h)	0.55%	$1,000.00	$1,022.13	$2.77

(h)	5% class return per year before expenses.

(p)

“Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.

11

Portfolio of Investments

2/29/24

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

Issuer			Shares/Par	Value ($)
Bonds – 44.5%
Aerospace & Defense – 0.3%
Boeing Co., 2.196%, 2/04/2026		$	920,000	$863,075
Boeing Co., 5.15%, 5/01/2030			529,000	520,148
Boeing Co., 5.805%, 5/01/2050			2,506,000	2,415,484
General Dynamics Corp., 3.625%, 4/01/2030			1,362,000	1,272,239
L3 Harris Technologies, Inc., 5.4%, 1/15/2027			1,615,000	1,625,048
L3 Harris Technologies, Inc., 5.4%, 7/31/2033			892,000	892,631
				$7,588,625
Apparel Manufacturers – 0.0%
Tapestry, Inc., 4.125%, 7/15/2027		$	667,000	$633,979
Tapestry, Inc., 3.05%, 3/15/2032			553,000	448,093
				$1,082,072
Asset-Backed & Securitized – 1.6%
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.016%, 11/15/2054 (i)		$	6,455,694	$307,265
ACREC 2021-FL1 Ltd., “A”, FLR, 6.586% ((SOFR - 1mo. + 0.11448%) + 1.15%), 10/16/2036 (n)			1,023,925	1,017,413
ACREC 2023-FL2 LLC, “A”, FLR, 7.548% (SOFR - 1mo. + 2.23%), 2/19/2038 (n)			888,988	890,282
AmeriCredit Automobile Receivables Trust, 2024-1, “A”, 5.61%, 1/12/2027 (n)			426,000	425,803
Arbor Realty Trust, Inc., CLO, 2021-FL1, “A”, FLR, 6.402% ((SOFR - 1mo. + 0.11448%) + 0.97%), 12/15/2035 (n)			570,808	568,604
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 6.932% ((SOFR - 1mo. + 0.11448%) + 1.5%), 12/15/2035 (n)			998,500	973,043
Arbor Realty Trust, Inc., CLO, 2021-FL4, “AS”, FLR, 7.132% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n)			484,000	476,728
AREIT 2022-CRE6 Trust, “AS”, FLR, 6.974% (SOFR - 30 day + 1.65%), 1/20/2037 (n)			946,500	929,482
AREIT 2023-CRE8 Trust LLC, “A”, FLR, 7.432% (SOFR - 1mo. + 2.1118%), 8/17/2041 (n)			474,249	472,911
ARI Fleet Lease Trust, 2023-A, “A2”, 5.41%, 2/17/2032 (n)			436,180	435,132
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)			300,093	302,278
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.606%, 2/15/2054 (i)			3,498,338	276,313
BBCMS Mortgage Trust, 2022-C18, “XA”, 0.461%, 12/15/2055 (i)			4,279,037	152,541
BDS 2021-FL7 Ltd., “B”, FLR, 6.934% ((SOFR - 1mo. + 0.11448%) + 1.5%), 6/16/2036 (n)			431,500	422,971

12

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.146%, 3/15/2054 (i)		$	6,674,107	$343,428
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.884%, 6/15/2054 (i)			6,498,842	278,542
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.259%, 7/15/2054 (i)			7,555,195	451,830
Benchmark 2022-B36 Mortgage Trust, “XA”, 0.639%, 7/15/2055 (i)			6,962,076	309,164
Benchmark 2023-V3 Mortgage Trust, “A3”, 6.363%, 7/15/2056			176,194	184,014
Bridgecrest Lending Auto Securitization Trust, 2023-1, “A2”, 6.34%, 7/15/2026			455,000	455,718
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n)			509,821	491,313
Chesapeake Funding II LLC, 2023-2A, “A2”, FLR, 6.425% (SOFR - 30 day + 1.1%), 10/15/2035 (n)			1,068,425	1,070,451
Citigroup Commercial Mortgage Trust, 2019-XA, “C7”, 0.857%, 12/15/2072 (i)(n)			9,323,205	346,737
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.772%, 4/15/2054 (i)			4,807,024	178,916
Commercial Mortgage Pass-Through Certificates, 2022-BN43, “XA”, 0.895%, 8/15/2055 (i)			7,948,244	450,424
CPS Auto Trust, 2019-D, “E”, 3.86%, 10/15/2025 (n)			642,594	640,560
Dell Equipment Finance Trust, 2023-1, “A2”, 5.65%, 9/22/2028 (n)			638,680	638,646
Dell Equipment Finance Trust, 2023-3, “A2”, 6.1%, 4/23/2029 (n)			534,000	536,083
Dryden Senior Loan Fund, 2022-113A, “A1R”, CLO, FLR, 6.948% (SOFR - 3mo. + 1.63%), 10/20/2035 (n)			2,500,000	2,505,692
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n)			246,034	245,608
DT Auto Owner Trust, 2023-2A, “A”, 5.88%, 4/15/2027 (n)			680,801	681,129
Exeter Automobile Receivables Trust, 2023-3A, “A2”, 6.11%, 9/15/2025			290,134	290,318
Flagship Credit Auto Trust, 2019-3, “D”, 2.86%, 12/15/2025 (n)			265,683	263,088
GLS Auto Select Receivables Trust, 2023-1A, “A2”, 6.27%, 8/16/2027 (n)			613,869	616,439
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n)			492,872	496,473
KREF 2018-FT1 Ltd., “A”, FLR, 6.506% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n)			478,500	469,257
KREF 2018-FT1 Ltd., “AS”, FLR, 6.736% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n)			526,000	506,574

13

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
LAD Auto Receivables Trust, 2022-1A, “A”, 5.21%, 6/15/2027 (n)		$	194,310	$193,798
LAD Auto Receivables Trust, 2023-1A, “A2”, 5.68%, 10/15/2026 (n)			175,729	175,641
LAD Auto Receivables Trust, 2023-2A, “A2”, 5.93%, 6/15/2027 (n)			942,385	943,454
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 7.182% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n)			750,000	740,294
MF1 2020-FL4 Ltd., “A”, FLR, 7.132% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2035 (n)			708,869	708,764
MF1 2021-FL5 Ltd., “AS”, FLR, 6.632% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n)			985,000	967,907
MF1 2021-FL5 Ltd., “B”, FLR, 6.882% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n)			1,241,000	1,218,947
MF1 2022-FL8 Ltd., “A”, FLR, 6.666% (SOFR - 1mo. + 1.35%), 2/19/2037 (n)			1,430,921	1,421,833
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.806%, 12/15/2051 (i)			9,003,754	284,655
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.289%, 5/15/2054 (i)			2,684,575	158,753
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “A”, 6.18%, 8/25/2028 (n)			393,000	395,175
Navistar Financial Dealer Note Master Owner Trust, 2023-1, “B”, 6.48%, 8/25/2028 (n)			218,000	218,715
OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n)			745,338	743,732
OBX Trust, 2024-NQM2, “A1”, 5.878%, 12/25/2063 (n)			801,864	799,144
OBX Trust, 2024-NQM3, “A1”, 6.129%, 12/25/2063 (n)			524,063	523,449
Onslow Bay Financial LLC OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n)			106,839	106,670
PFP III 2021-8 Ltd., “A”, FLR, 6.435% ((SOFR - 1mo. + 0.11448%) + 1%), 8/09/2037 (n)			269,934	267,707
PFP III 2021-8 Ltd., “AS”, FLR, 6.685% ((SOFR - 1mo. + 0.11448%) + 1.25%), 8/09/2037 (n)			1,010,000	980,991
PFS Financing Corp., 2023-C, “B”, 5.91%, 10/15/2028 (n)			208,000	206,505
ReadyCap Commercial Mortgage Trust, 2021-FL5, “A”, FLR, 6.435% ((SOFR - 1mo. + 0.11448%) + 1%), 4/25/2038 (z)			167,865	167,161
ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 6.635% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (z)			248,986	246,841
ReadyCap Commercial Mortgage Trust, 2021-FL7, “AS”, FLR, 6.935% ((SOFR - 1mo. + 0.11448%) + 1.5%), 11/25/2036 (z)			109,000	106,324
Santander Drive Auto Receivables Trust, 2024-1, “A2”, 5.71%, 2/16/2027			385,000	385,126
SBNA Auto Lease Trust, 2023-A, “A2”, 6.27%, 4/20/2026 (n)			810,000	814,423

14

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
SBNA Auto Lease Trust, 2024-A, “A2”, 5.45%, 1/20/2026 (n)		$	448,000	$447,703
Toyota Lease Owner Trust, 2023-A, “A2”, 5.3%, 8/20/2025 (n)			792,516	791,535
Verus Securitization Trust, 2014-1, “A1”, 5.712%, 1/25/2069 (n)			980,489	975,282
Verus Securitization Trust, 2024-1, “A2”, 5.915%, 1/25/2069 (n)			273,999	272,002
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027			471,000	469,303
Wells Fargo Commercial Mortgage Trust, 2018-C48, “XA”, 0.934%, 1/15/2052 (i)(n)			5,107,064	175,632
Westlake Automobile Receivables Trust, 2022-3A, “A2”, 5.24%, 7/15/2025 (n)			54,009	54,006
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 6.175% (SOFR - 30 day + 0.85%), 6/15/2026 (n)			99,837	99,906
World Omni Select Auto Trust 2023-A, “A2B”, FLR, 6.175% (SOFR - 30 day + 0.85%), 3/15/2027			871,371	872,255
				$37,034,803
Automotive – 0.3%
Cummins, Inc., 5.15%, 2/20/2034		$	662,000	$661,064
Cummins, Inc., 5.45%, 2/20/2054			638,000	641,499
Ford Motor Credit Co. LLC, 6.95%, 6/10/2026			1,800,000	1,835,816
Hyundai Capital America, 6.375%, 4/08/2030 (n)			1,300,000	1,367,390
Volkswagen Group of America Finance LLC, 6.2%, 11/16/2028 (n)			1,369,000	1,425,430
				$5,931,199
Broadcasting – 0.4%
Discovery Communications LLC, 4%, 9/15/2055		$	907,000	$600,359
Prosus N.V., 4.193%, 1/19/2032 (n)			881,000	754,810
Prosus N.V., 4.027%, 8/03/2050 (n)			1,149,000	731,399
Walt Disney Co., 3.35%, 3/24/2025			1,196,000	1,171,945
Walt Disney Co., 3.5%, 5/13/2040			2,155,000	1,729,084
Walt Disney Co., 3.8%, 5/13/2060			1,364,000	1,040,450
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032			1,008,000	889,245
Weibo Corp., 3.375%, 7/08/2030			1,482,000	1,270,948
				$8,188,240
Brokerage & Asset Managers – 0.3%
Brookfield Finance, Inc., 2.34%, 1/30/2032		$	1,462,000	$1,173,130
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029			756,000	765,551
Charles Schwab Corp., 1.95%, 12/01/2031			766,000	608,290
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034			885,000	916,869

15

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Brokerage & Asset Managers – continued
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)		$	1,219,000	$1,168,925
LPL Holdings, Inc., 6.75%, 11/17/2028			325,000	339,239
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)			1,273,000	1,151,500
				$6,123,504
Building – 0.1%
GCC S.A.B de C.V., 3.614%, 4/20/2032 (n)		$	916,000	$776,602
Vulcan Materials Co., 3.5%, 6/01/2030			814,000	741,396
Vulcan Materials Co., 4.5%, 6/15/2047			325,000	280,733
				$1,798,731
Business Services – 0.2%
Fiserv, Inc., 4.4%, 7/01/2049		$	1,653,000	$1,382,909
Mastercard, Inc., 3.85%, 3/26/2050			1,013,000	836,814
Visa, Inc., 2.05%, 4/15/2030			1,506,000	1,292,017
Visa, Inc., 2.7%, 4/15/2040			1,339,000	988,724
Visa, Inc., 2%, 8/15/2050			1,120,000	653,435
				$5,153,899
Cable TV – 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035		$	747,000	$723,149
Comcast Corp., 4.8%, 5/15/2033			1,359,000	1,327,908
Comcast Corp., 3.75%, 4/01/2040			978,000	800,477
Comcast Corp., 5.35%, 5/15/2053			1,359,000	1,324,376
Cox Communications, Inc., 5.7%, 6/15/2033 (n)			1,611,000	1,612,990
Cox Communications, Inc., 4.5%, 6/30/2043 (n)			175,000	143,058
United Group B.V., 6.75%, 2/15/2031 (n)		EUR	214,000	234,291
				$6,166,249
Chemicals – 0.0%
Sasol Financing (USA) LLC, 8.75%, 5/03/2029 (n)		$	960,000	$960,240
Computer Software – 0.2%
Cisco Systems, Inc., 5.5%, 1/15/2040		$	745,000	$769,767
Microsoft Corp., 2.525%, 6/01/2050			2,939,000	1,892,402
Microsoft Corp., 2.5%, 9/15/2050 (n)			1,594,000	1,013,007
Oracle Corp., 5.55%, 2/06/2053			1,330,000	1,270,603
				$4,945,779

16

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Computer Software - Systems – 0.2%
Apple, Inc., 1.7%, 8/05/2031		$	2,280,000	$1,857,147
Apple, Inc., 2.65%, 5/11/2050			2,850,000	1,855,754
				$3,712,901
Conglomerates – 0.3%
nVent Finance S.à r.l., 5.65%, 5/15/2033		$	1,255,000	$1,255,007
Regal Rexnord Corp., 6.05%, 4/15/2028 (n)			1,114,000	1,120,995
Regal Rexnord Corp., 6.3%, 2/15/2030 (n)			955,000	972,401
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028			1,702,000	1,660,297
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034 (w)			699,000	701,904
				$5,710,604
Consumer Products – 0.2%
Kenvue, Inc., 5%, 3/22/2030		$	1,572,000	$1,576,571
Kenvue, Inc., 5.1%, 3/22/2043			1,017,000	993,892
Kenvue, Inc., 5.05%, 3/22/2053			960,000	924,523
Mattel, Inc., 3.75%, 4/01/2029 (n)			2,210,000	2,018,369
				$5,513,355
Consumer Services – 0.2%
Booking Holdings, Inc., 3.55%, 3/15/2028		$	1,755,000	$1,671,004
Booking Holdings, Inc., 4.625%, 4/13/2030			405,000	397,879
CBRE Group, Inc., 5.95%, 8/15/2034			2,318,000	2,339,262
Meituan, 3.05%, 10/28/2030 (n)			641,000	542,243
				$4,950,388
Containers – 0.1%
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n)		$	2,000,000	$1,704,845
Electronics – 0.3%
Intel Corp., 5.2%, 2/10/2033		$	1,113,000	$1,114,236
Intel Corp., 5.7%, 2/10/2053			1,594,000	1,615,819
Lam Research Corp., 1.9%, 6/15/2030			388,000	325,467
Lam Research Corp., 4.875%, 3/15/2049			1,703,000	1,604,843
SK hynix, Inc., 5.5%, 1/16/2027 (n)			648,000	647,352
SK hynix, Inc. , 6.25%, 1/17/2026			831,000	837,969
				$6,145,686
Emerging Market Quasi-Sovereign – 2.5%
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047		$	870,000	$772,560
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n)			1,147,000	1,116,561
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n)			753,000	781,823

17

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n)		$	1,041,000	$1,029,341
Bulgarian Energy Holding EAD, 2.45%, 7/22/2028		EUR	1,054,000	997,725
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 (n)		$	479,000	485,840
Codelco, Inc. (Republic of Chile), 6.44%, 1/26/2036 (n)			597,000	607,000
Comision Federal de Electricidad (United Mexican States), 4.688%, 5/15/2029 (n)			932,000	882,909
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031			878,000	748,460
Ecopetrol S.A. (Republic of Colombia), 8.375%, 1/19/2036			670,000	672,680
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n)			1,694,000	1,211,210
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029			624,000	602,791
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n)			1,391,000	1,167,270
Empresa Nacional del Petroleo (Republic of Chile), 6.15%, 5/10/2033 (n)			800,000	796,665
Empresa Nacional del Petroleo (Republic of Chile), 4.5%, 9/14/2047			895,000	653,956
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025			3,186,000	3,169,496
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n)			1,294,000	1,235,770
Export-Import Bank of India, 5.5%, 1/18/2033 (n)			2,154,000	2,167,872
GACI First Investment Co. (Kingdom of Saudi Arabia), 4.875%, 2/14/2035			594,000	561,475
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)			1,354,000	1,141,541
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025			1,553,000	1,480,879
KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033			1,039,000	842,889
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047			1,109,000	939,993
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048			3,964,000	3,602,285
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)			798,000	800,156
Magyar Export-Import Bank PLC (Republic of Hungary), 6%, 5/16/2029		EUR	540,000	611,136
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.084%, 5/22/2053 (n)		$	299,000	280,296
NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (a)(n)			905,000	294,125
OCP S.A. (Republic of Madagascar), 6.875%, 4/25/2044			1,263,000	1,179,895

18

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Quasi-Sovereign – continued
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)		$	2,245,000	$1,653,128
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)			1,210,000	1,199,110
Pertamina PT, 5.625%, 5/20/2043			957,000	907,685
Petroleos Mexicanos, 6.84%, 1/23/2030			1,186,000	1,014,836
Petroleos Mexicanos, 6.7%, 2/16/2032			1,335,000	1,076,318
Petroleos Mexicanos, 10%, 2/07/2033			1,580,000	1,534,504
Petroleos Mexicanos, 6.75%, 9/21/2047			4,294,000	2,728,979
Petroleos Mexicanos, 7.69%, 1/23/2050			3,942,000	2,713,467
Petroleos Mexicanos, 6.95%, 1/28/2060			3,229,000	2,056,720
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n)			389,000	353,841
PT Freeport Indonesia, 6.2%, 4/14/2052 (n)			800,000	764,937
PT Indonesia Asahan Aluminium (Persero), 5.8%, 5/15/2050 (n)			1,050,000	966,129
Qatar Petroleum, 3.125%, 7/12/2041 (n)			1,397,000	1,023,730
Qatar Petroleum, 3.3%, 7/12/2051 (n)			1,053,000	727,728
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027			1,129,000	1,050,225
Saudi Arabian Oil Co., 3.5%, 11/24/2070 (n)			1,784,000	1,121,704
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 (n)			1,530,000	1,545,300
State Savings Bank of Ukraine PJSC, 9.625%, 3/20/2025			319,800	297,187
Sweihan PV Power Co. PJSC (United Arab Emirates), 3.625%, 1/31/2049 (n)			972,899	769,565
Turkiye Ihracat Kredi Bankasi A.S., 9%, 1/28/2027 (n)			928,000	967,000
Turkiye Ihracat Kredi Bankasi A.S., 7.5%, 2/06/2028 (n)			1,069,000	1,066,114
Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n)			1,236,000	1,038,487
				$57,411,293
Emerging Market Sovereign – 8.4%
Arab Republic of Egypt, 7.6%, 3/01/2029 (n)		$	523,000	$472,217
Arab Republic of Egypt, 7.6%, 3/01/2029			937,000	846,017
Arab Republic of Egypt, 5.875%, 2/16/2031			1,366,000	1,100,491
Arab Republic of Egypt, 7.625%, 5/29/2032			2,898,000	2,464,390
Arab Republic of Egypt, 7.3%, 9/30/2033			1,984,000	1,616,722
Arab Republic of Egypt, 7.903%, 2/21/2048 (n)			1,492,000	1,117,598
Arab Republic of Egypt, 7.903%, 2/21/2048			1,356,000	1,015,725
Arab Republic of Egypt, 8.875%, 5/29/2050 (n)			638,000	508,443
Arab Republic of Egypt, 7.5%, 2/16/2061 (n)			1,057,000	745,305
Czech Republic, 5%, 9/30/2030		CZK	60,210,000	2,761,353
Czech Republic, 2%, 10/13/2033			60,310,000	2,203,357
Dominican Republic, 6%, 7/19/2028 (n)		$	1,663,000	1,654,710

19

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Dominican Republic, 5.5%, 2/22/2029 (n)		$	1,714,000	$1,655,416
Dominican Republic, 7.05%, 2/03/2031 (n)			764,000	787,684
Dominican Republic, 4.875%, 9/23/2032 (n)			1,192,000	1,058,776
Dominican Republic, 6%, 2/22/2033 (n)			2,048,000	1,983,551
Dominican Republic, 5.3%, 1/21/2041 (n)			1,002,000	842,672
Dominican Republic, 5.875%, 1/30/2060 (n)			2,282,000	1,922,599
Emirate of Sharjah, 6.125%, 3/06/2036 (n)			788,000	780,724
Federal Republic of Nigeria, 6.125%, 9/28/2028 (n)			1,457,000	1,277,702
Federal Republic of Nigeria, 7.875%, 2/16/2032			2,737,000	2,404,728
Federal Republic of Nigeria, 7.375%, 9/28/2033 (n)			1,709,000	1,431,287
Federal Republic of Nigeria, 7.375%, 9/28/2033			1,753,000	1,468,137
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n)			990,000	796,485
Federal Republic of Nigeria, 7.696%, 2/23/2038			969,000	779,590
Federal Republic of Nigeria, 7.625%, 11/28/2047			843,000	648,309
Federative Republic of Brazil, 10%, 1/01/2027		BRL	16,250,000	3,264,851
Federative Republic of Brazil, 10%, 1/01/2029			12,971,000	2,568,718
Federative Republic of Brazil, 10%, 1/01/2031			7,514,000	1,465,467
Federative Republic of Brazil, 6.125%, 3/15/2034		$	727,000	718,203
Federative Republic of Brazil, 4.75%, 1/14/2050			763,000	563,702
Federative Republic of Brazil, 7.125%, 5/13/2054			1,201,000	1,200,072
Government of Ukraine, 6.876%, (6.876% cash or 6.876% PIK) 5/21/2031 (p)			598,000	149,841
Government of Ukraine, 4.375%, (4.375% cash or 4.375% PIK) 1/27/2032 (n)(p)		EUR	1,074,000	262,698
Government of Ukraine, 7.253%, (7.253% cash or 7.253% PIK) 3/15/2035 (p)		$	3,089,000	809,503
Government of Ukraine, GDP Linked Bond, 7.75%, 8/01/2041			2,068,000	948,178
Hashemite Kingdom of Jordan, 7.375%, 10/10/2047			427,000	369,176
Islamic Republic of Pakistan, 6%, 4/08/2026			557,000	445,622
Islamic Republic of Pakistan, 7.375%, 4/08/2031			874,000	616,450
Islamic Republic of Pakistan, 8.875%, 4/08/2051 (n)			1,504,000	998,957
Kingdom of Morocco, 6.5%, 9/08/2033 (n)			1,020,000	1,044,225
Kingdom of Saudi Arabia, 5%, 1/16/2034 (n)			1,440,000	1,412,885
Kingdom of Saudi Arabia, 4.5%, 10/26/2046			2,723,000	2,277,888
Kingdom of Saudi Arabia, 4.625%, 10/04/2047			3,863,000	3,259,568
Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n)			2,103,000	1,385,225
Kingdom of Saudi Arabia, 5%, 1/18/2053 (n)			872,000	767,360
Kingdom of Saudi Arabia, 5.75%, 1/16/2054 (n)			917,000	884,498
Oriental Republic of Uruguay, 8.25%, 5/21/2031		UYU	89,988,000	2,184,866
Oriental Republic of Uruguay, 9.75%, 7/20/2033			56,723,000	1,517,154
Oriental Republic of Uruguay, 5.75%, 10/28/2034		$	826,000	867,732
Oriental Republic of Uruguay, 4.975%, 4/20/2055			753,000	698,408

20

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Angola, 8.75%, 4/14/2032 (n)		$	1,396,000	$1,223,245
Republic of Angola, 9.375%, 5/08/2048			2,391,000	1,950,960
Republic of Angola, 9.125%, 11/26/2049			3,425,000	2,742,740
Republic of Argentina, 3.625%, 7/09/2035			6,559,000	2,430,995
Republic of Argentina, 4.25%, 1/09/2038			3,708,000	1,544,060
Republic of Argentina, 3.5%, 7/09/2041			8,460,000	3,039,301
Republic of Azerbaijan, 3.5%, 9/01/2032			857,000	721,123
Republic of Benin, 7.96%, 2/13/2038 (n)			816,000	789,937
Republic of Bulgaria, 4.875%, 5/13/2036		EUR	797,000	917,724
Republic of Chile, 4%, 1/31/2052		$	2,111,000	1,651,838
Republic of Chile, 5.33%, 1/05/2054			1,321,569	1,259,901
Republic of Colombia, 3.25%, 4/22/2032			1,376,000	1,058,914
Republic of Colombia, 8%, 4/20/2033			559,000	584,504
Republic of Colombia, 8%, 11/14/2035			940,000	974,904
Republic of Colombia, 8.75%, 11/14/2053			632,000	675,333
Republic of Costa Rica, 6.55%, 4/03/2034 (n)			1,204,000	1,238,615
Republic of Costa Rica, 7.158%, 3/12/2045			958,000	991,530
Republic of Costa Rica, 7.3%, 11/13/2054 (n)			1,579,000	1,663,476
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n)		EUR	1,386,000	1,254,086
Republic of Cote d'Ivoire, 7.625%, 1/30/2033 (n)		$	832,000	804,960
Republic of Cote d'Ivoire, 8.25%, 1/30/2037 (n)			1,228,000	1,198,712
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n)		EUR	1,164,000	1,040,031
Republic of Cote d'Ivoire, 6.625%, 3/22/2048 (n)			602,000	506,524
Republic of Ecuador, 3.5%, 7/31/2035		$	2,604,000	1,241,302
Republic of Ecuador, 2.5%, 7/31/2040			6,698,000	2,913,630
Republic of El Salvador, 8.25%, 4/10/2032			1,430,000	1,185,184
Republic of El Salvador, 7.65%, 6/15/2035			684,000	518,130
Republic of Gabon, 7%, 11/24/2031 (n)			671,000	546,771
Republic of Ghana, 7.75%, 4/07/2029 (a)(d)(n)			982,000	419,805
Republic of Ghana, 7.875%, 2/11/2035 (a)(d)			2,325,000	993,937
Republic of Guatemala, 3.7%, 10/07/2033			936,000	765,180
Republic of Guatemala, 6.6%, 6/13/2036 (n)			703,000	709,186
Republic of Hungary, 6.25%, 9/22/2032 (n)			674,000	694,324
Republic of Hungary, 5.5%, 6/16/2034 (n)			2,223,000	2,157,457
Republic of Hungary, 5.5%, 3/26/2036 (n)			1,201,000	1,153,003
Republic of Hungary, 6.75%, 9/25/2052 (n)			708,000	750,163
Republic of India, 7.18%, 8/14/2033		INR	57,810,000	699,700
Republic of Indonesia, 4.35%, 1/11/2048		$	1,063,000	912,543
Republic of Indonesia, 5.45%, 9/20/2052			644,000	639,975
Republic of Kenya, 8%, 5/22/2032			1,634,000	1,470,600
Republic of Panama, 6.4%, 2/14/2035			894,000	824,979
Republic of Panama, 6.875%, 1/31/2036			318,000	300,204
Republic of Panama, 8%, 3/01/2038			1,584,000	1,619,502

21

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
Republic of Panama, 6.853%, 3/28/2054		$	835,000	$733,303
Republic of Paraguay, 3.849%, 6/28/2033			1,268,000	1,090,782
Republic of Paraguay, 5.85%, 8/21/2033 (n)			942,000	931,150
Republic of Paraguay, 6%, 2/09/2036 (n)			659,000	659,989
Republic of Paraguay, 5.6%, 3/13/2048			1,093,000	967,305
Republic of Paraguay, 5.4%, 3/30/2050 (n)			3,361,000	2,882,057
Republic of Paraguay, 5.4%, 3/30/2050			1,091,000	935,532
Republic of Philippines, 5.5%, 1/17/2048			840,000	846,060
Republic of Poland, 1.75%, 4/25/2032		PLN	4,864,000	940,764
Republic of Poland, 5.75%, 11/16/2032		$	1,038,000	1,080,890
Republic of Poland, 4.875%, 10/04/2033			828,000	809,372
Republic of Poland, 5.5%, 4/04/2053			677,000	673,615
Republic of Romania, 6.625%, 2/17/2028 (n)			1,032,000	1,059,414
Republic of Romania, 5.5%, 9/18/2028 (n)		EUR	1,132,000	1,249,464
Republic of Romania, 5.875%, 1/30/2029 (n)		$	590,000	584,909
Republic of Romania, 1.75%, 7/13/2030 (n)		EUR	1,556,000	1,359,607
Republic of Romania, 7.125%, 1/17/2033 (n)		$	1,186,000	1,247,492
Republic of Romania, 6.375%, 1/30/2034 (n)			554,000	550,089
Republic of Romania, 5.625%, 2/22/2036 (n)		EUR	990,000	1,049,983
Republic of Romania, 2.625%, 12/02/2040 (n)			602,000	427,738
Republic of Romania, 2.75%, 4/14/2041 (n)			611,000	435,804
Republic of Senegal, 6.75%, 3/13/2048		$	540,000	389,124
Republic of Serbia, 6.25%, 5/26/2028 (n)			895,000	907,306
Republic of Serbia, 6.5%, 9/26/2033 (n)			716,000	725,082
Republic of South Africa, 5.75%, 9/30/2049			1,059,000	768,590
Republic of Sri Lanka, 6.125%, 6/03/2025 (a)(d)			3,023,000	1,667,643
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d)			2,892,000	1,535,285
Republic of Turkey, 6.125%, 10/24/2028			1,507,000	1,459,906
Republic of Turkey, 8.509%, 1/14/2029 (n)			768,000	800,818
Republic of Turkey, 5.25%, 3/13/2030			1,110,000	995,248
Republic of Turkey, 5.95%, 1/15/2031			2,172,000	1,992,810
Republic of Turkey, 5.875%, 6/26/2031			2,717,000	2,474,372
Republic of Turkey, 9.375%, 1/19/2033			348,000	384,975
Republic of Turkey, 6.5%, 9/20/2033			1,137,000	1,055,989
Republic of Turkey, 7.625%, 5/15/2034			1,118,000	1,113,081
Republic of Turkey, 6.875%, 3/17/2036			2,940,000	2,731,919
Republic of Turkey, 6%, 1/14/2041			2,611,000	2,120,132
Republic of Turkey, 5.75%, 5/11/2047			1,575,000	1,176,282
Republic of Uzbekistan, 7.85%, 10/12/2028 (n)			668,000	698,234
Republic of Uzbekistan, 5.375%, 2/20/2029			1,081,000	1,014,445
Republic of Venezuela, 7%, 3/31/2038 (a)(d)			6,312,000	961,561
Republic of Zambia, 8.97%, 7/30/2027 (a)(d)			2,828,000	1,899,715
Socialist Republic of Vietnam, 4.8%, 11/19/2024			1,088,000	1,078,480

22

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Emerging Market Sovereign – continued
State of Qatar, 4.817%, 3/14/2049 (n)		$	819,000	$755,691
State of Qatar, 4.817%, 3/14/2049			619,000	571,151
State of Qatar, 4.4%, 4/16/2050 (n)			652,000	567,501
Sultanate of Oman, 6.5%, 3/08/2047			1,218,000	1,197,952
Sultanate of Oman, 6.75%, 1/17/2048			4,130,000	4,140,705
Sultanate of Oman, 7%, 1/25/2051 (n)			1,897,000	1,961,081
Sultanate of Oman, 7%, 1/25/2051			3,459,000	3,575,845
United Mexican States, 5.75%, 3/05/2026		MXN	17,400,000	942,428
United Mexican States, 7.5%, 6/03/2027			33,500,000	1,861,892
United Mexican States, 8.5%, 5/31/2029			32,000,000	1,828,314
United Mexican States, 7.75%, 5/29/2031			37,800,000	2,055,106
United Mexican States, 4.875%, 5/19/2033		$	787,000	739,852
United Mexican States, 3.5%, 2/12/2034			1,435,000	1,184,032
United Mexican States, 6%, 5/07/2036			1,193,000	1,187,305
United Mexican States, 6.338%, 5/04/2053			3,244,000	3,161,024
United Mexican States, 6.4%, 5/07/2054			778,000	765,377
				$190,765,795
Energy - Independent – 0.5%
3R Lux S.à.r.l., 9.75%, 2/05/2031 (n)		$	764,000	$790,427
EQT Corp., 3.625%, 5/15/2031 (n)			982,000	858,368
Hunt Oil Co. of Peru LLC, 8.55%, 9/18/2033 (n)			283,000	299,324
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n)			584,000	566,599
Medco Maple Tree Pte. Ltd., 8.96%, 4/27/2029 (n)			796,000	831,386
Occidental Petroleum Corp., 6.125%, 1/01/2031			752,000	771,356
Occidental Petroleum Corp., 4.4%, 4/15/2046			1,019,000	814,190
Pioneer Natural Resources Co., 1.9%, 8/15/2030			1,491,000	1,241,983
Pioneer Natural Resources Co., 2.15%, 1/15/2031			757,000	633,307
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n)			743,000	647,297
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n)			2,119,000	1,984,439
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n)			2,417,000	1,972,108
				$11,410,784
Energy - Integrated – 0.2%
BP Capital Markets America, Inc., 1.749%, 8/10/2030		$	1,672,000	$1,377,767
BP Capital Markets America, Inc., 4.812%, 2/13/2033			390,000	380,478
BP Capital Markets America, Inc., 3.001%, 3/17/2052			1,301,000	863,301
Eni S.p.A., 4.75%, 9/12/2028 (n)			1,818,000	1,798,895
				$4,420,441

23

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Financial Institutions – 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027		$	1,425,000	$1,340,875
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n)			1,323,000	1,176,681
Seazen Group Ltd., 4.45%, 7/13/2025			1,614,000	548,760
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n)			2,049,000	2,041,241
				$5,107,557
Food & Beverages – 1.3%
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049		$	2,533,000	$2,596,732
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n)			826,000	622,110
Bacardi Ltd., 5.15%, 5/15/2038 (n)			2,936,000	2,772,233
Bimbo Bakeries USA, Inc., 6.05%, 1/15/2029 (n)			1,448,000	1,490,731
Bimbo Bakeries USA, Inc., 5.375%, 1/09/2036 (n)			932,000	925,224
Central America Bottling Co., 5.25%, 4/27/2029 (n)			2,121,000	1,988,893
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n)			1,246,000	1,066,576
Constellation Brands, Inc., 2.25%, 8/01/2031			746,000	608,701
Constellation Brands, Inc., 4.1%, 2/15/2048			2,470,000	1,985,250
Diageo Capital PLC, 5.625%, 10/05/2033			2,100,000	2,183,816
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029			1,065,000	933,580
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031			568,000	482,991
JDE Peet's N.V., 0.8%, 9/24/2024 (n)			981,000	952,102
Kraft Heinz Foods Co., 4.875%, 10/01/2049			816,000	727,988
Kraft Heinz Foods Co., 5.5%, 6/01/2050			1,531,000	1,489,127
Mars, Inc., 4.55%, 4/20/2028 (n)			2,150,000	2,120,214
Mars, Inc., 4.75%, 4/20/2033 (n)			1,812,000	1,764,624
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031			1,243,000	1,062,608
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052			1,637,000	1,314,172
SYSCO Corp., 2.45%, 12/14/2031			2,369,000	1,958,072
SYSCO Corp., 4.45%, 3/15/2048			1,219,000	1,026,401
				$30,072,145
Forest & Paper Products – 0.0%
Inversiones CMPC S.A., 6.125%, 2/26/2034 (n)		$	529,000	$535,084
Gaming & Lodging – 0.2%
Marriott International, Inc., 2.85%, 4/15/2031		$	1,075,000	$917,797
Marriott International, Inc., 3.5%, 10/15/2032			891,000	778,073
Sands China Ltd., 2.85%, 3/08/2029			277,000	239,049
Sands China Ltd., 3.25%, 8/08/2031			1,670,000	1,391,250
VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n)			688,000	658,159
Wynn Macau Ltd., 5.125%, 12/15/2029			277,000	249,598
				$4,233,926

24

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Industrial – 0.1%
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025		$	285,000	$273,842
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050			2,127,000	1,321,280
				$1,595,122
Insurance – 0.1%
Corebridge Financial, Inc., 3.9%, 4/05/2032		$	1,617,000	$1,423,123
Corebridge Financial, Inc., 4.35%, 4/05/2042			1,747,000	1,441,766
Equitable Holdings, Inc., 5.594%, 1/11/2033			228,000	229,818
				$3,094,707
Insurance - Health – 0.3%
Humana, Inc., 4.95%, 10/01/2044		$	814,000	$734,162
Humana, Inc., 5.5%, 3/15/2053			269,000	260,566
UnitedHealth Group, Inc., 5.3%, 2/15/2030			1,215,000	1,238,338
UnitedHealth Group, Inc., 2.3%, 5/15/2031			1,986,000	1,665,085
UnitedHealth Group, Inc., 4.625%, 7/15/2035			896,000	864,881
UnitedHealth Group, Inc., 5.875%, 2/15/2053			971,000	1,038,796
				$5,801,828
Insurance - Property & Casualty – 0.3%
American International Group, Inc., 5.125%, 3/27/2033		$	1,155,000	$1,139,260
Arthur J. Gallagher & Co., 6.5%, 2/15/2034			1,095,000	1,170,009
Arthur J. Gallagher & Co., 6.75%, 2/15/2054			1,057,000	1,191,531
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031			1,087,000	942,321
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032			344,000	338,325
Marsh & McLennan Cos., Inc., 2.9%, 12/15/2051			902,000	578,329
RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033			1,485,000	1,497,019
				$6,856,794
International Market Quasi-Sovereign – 0.1%
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)		$	1,470,000	$1,513,276
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n)			1,858,000	1,473,468
				$2,986,744
International Market Sovereign – 0.2%
Government of Bermuda, 5%, 7/15/2032 (n)		$	3,915,000	$3,753,702
Government of Bermuda, 3.375%, 8/20/2050 (n)			2,322,000	1,544,130
				$5,297,832

25

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Machinery & Tools – 0.2%
Ashtead Capital, Inc., 4.375%, 8/15/2027 (n)		$	408,000	$389,697
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n)			1,339,000	1,309,702
CNH Industrial Capital LLC, 5.5%, 1/12/2029			1,405,000	1,424,162
CNH Industrial N.V., 3.85%, 11/15/2027			2,049,000	1,966,069
				$5,089,630
Major Banks – 3.2%
Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171		$	1,055,000	$924,718
Bank of America Corp., 3.366% to 1/23/2025, FLR ((SOFR - 3mo. + 0.26161%) + 0.81%) to 1/23/2026			1,278,000	1,253,536
Bank of America Corp., 3.419% to 12/20/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.04%) to 12/20/2028			2,164,000	2,021,682
Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029			1,463,000	1,490,911
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032			2,851,000	2,387,505
Bank of America Corp., 5.872% to 9/15/2033, FLR (SOFR - 1 day + 1.84%) to 9/15/2034			1,438,000	1,474,542
Bank of New York Mellon Corp., 5.802% to 10/25/2027, FLR (SOFR - 1 day + 1.802%) to 10/25/2028			598,000	612,635
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032			1,866,000	1,519,539
Capital One Financial Corp., 6.312% to 6/08/2028, FLR (SOFR - 1 day + 2.640%) to 6/08/2029			749,000	766,701
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.860%) to 6/08/2034			550,000	566,718
Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n)			1,818,000	1,617,297
Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n)			2,351,000	1,685,172
Credit Agricole S.A., 1.247% to 1/26/2026, FLR (SOFR - 1 day + 0.89162%) to 1/26/2027 (n)			3,272,000	3,020,309
Deutsche Bank AG, 5.706% to 2/08/2027, FLR (SOFR - 1 day + 1.594%) to 2/08/2028			992,000	985,134
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026			1,171,000	1,120,300
HSBC Holdings PLC, 2.357% to 8/18/2030, FLR (SOFR - 1 day + 1.947%) to 8/18/2031			1,554,000	1,278,635
Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029			1,125,000	1,143,968
JPMorgan Chase & Co., 6.07% to 10/22/2026, FLR (SOFR - 1 day + 1.33%) to 10/22/2027			1,791,000	1,825,423

26

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
JPMorgan Chase & Co., 3.782% to 2/01/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.337%) to 2/01/2028		$	1,934,000	$1,857,072
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032			3,984,000	3,280,573
JPMorgan Chase & Co., 5.336% to 1/23/2034, FLR (SOFR - 1 day + 1.62%) to 1/23/2035			675,000	671,374
Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027			2,438,000	2,222,719
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032			2,319,000	1,918,727
Morgan Stanley, 3.125%, 7/27/2026			4,414,000	4,210,373
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029			705,000	707,684
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034			806,000	801,214
National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n)			1,931,000	1,611,057
NatWest Group PLC, 5.847% to 3/02/2026, FLR (CMT - 1yr. + 1.35%) to 3/02/2027			956,000	959,927
NatWest Group PLC, 5.583%, 3/01/2028			805,000	805,696
Nordea Bank Abp, 1.5%, 9/30/2026 (n)			3,606,000	3,269,977
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n)			723,000	681,189
Oversea-Chinese Banking Corp. Ltd., 4.602%, 6/15/2032			671,000	655,883
PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028			796,000	795,008
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035			948,000	950,733
Royal Bank of Canada, 2.3%, 11/03/2031			3,243,000	2,655,052
Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031			2,461,000	1,954,234
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 3/09/2026 (n)			1,964,000	1,977,186
Toronto-Dominion Bank, 4.108%, 6/08/2027			830,000	806,503
Toronto-Dominion Bank, 4.693%, 9/15/2027			1,665,000	1,646,111
Toronto-Dominion Bank, 2%, 9/10/2031			654,000	533,220
UBS Group AG, 3.126% to 8/13/2029, FLR (LIBOR - 3mo. + 1.468%) to 8/13/2030 (n)			2,957,000	2,613,875
UBS Group AG, 3.179% to 2/11/2042, FLR (CMT - 1yr. + 1.1%) to 2/11/2043 (n)			2,359,000	1,698,412
UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 5/13/2172 (n)			893,000	953,367
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n)			1,750,000	1,657,528

27

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Major Banks – continued
UniCredit S.p.A., 1.982% to 6/03/2026, FLR (CMT - 1yr. + 1.2%) to 6/03/2027 (n)		$	817,000	$749,778
Wells Fargo & Co., 4.54% to 8/15/2025, FLR (SOFR - 1 day + 1.56%) to 8/15/2026			1,269,000	1,251,466
Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029			1,172,000	1,179,675
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033			708,000	607,688
				$71,378,026
Medical & Health Technology & Services – 0.6%
Alcon Finance Corp., 2.75%, 9/23/2026 (n)		$	2,618,000	$2,457,516
Alcon Finance Corp., 2.6%, 5/27/2030 (n)			1,260,000	1,081,703
Becton, Dickinson and Co., 2.823%, 5/20/2030			671,000	589,220
Becton, Dickinson and Co., 4.298%, 8/22/2032			844,000	791,008
CVS Health Corp., 5%, 2/20/2026			746,000	742,614
CVS Health Corp., 5.625%, 2/21/2053			955,000	917,492
HCA, Inc., 5.2%, 6/01/2028			1,003,000	999,266
HCA, Inc., 5.875%, 2/01/2029			375,000	381,680
IQVIA Holdings, Inc., 6.25%, 2/01/2029			1,089,000	1,120,441
Marin General Hospital, 7.242%, 8/01/2045			839,000	866,256
ProMedica Toledo Hospital, “B”, AGM, 5.325%, 11/15/2028			721,000	726,393
Thermo Fisher Scientific, Inc., 4.977%, 8/10/2030			2,257,000	2,258,598
Thermo Fisher Scientific, Inc., 2%, 10/15/2031			497,000	406,055
Thermo Fisher Scientific, Inc., 2.8%, 10/15/2041			832,000	598,858
				$13,937,100
Medical Equipment – 0.0%
Danaher Corp., 2.6%, 10/01/2050		$	1,499,000	$949,604
Metals & Mining – 0.2%
Anglo American Capital PLC, 4.5%, 3/15/2028 (n)		$	1,378,000	$1,326,732
Glencore Funding LLC, 2.85%, 4/27/2031 (n)			1,809,000	1,541,466
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)			1,728,366	1,382,693
Samarco Mineracao S.A., 9.05%PIK to 3/30/2024, 9% PIK to 12/30/2025, (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to 12/30/2029, 9.5% Cash to 6/30/2031 (n)(p)			992,000	911,251
				$5,162,142

28

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Midstream – 0.8%
Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n)		$	313,000	$316,758
Columbia Pipelines Operating Co. LLC, 6.497%, 8/15/2043 (n)			45,000	47,619
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n)			1,812,000	1,930,276
Enbridge, Inc., 5.969%, 3/08/2026			861,000	860,769
Enbridge, Inc., 5.7%, 3/08/2033			779,000	787,789
Energy Transfer LP, 4%, 10/01/2027			893,000	854,713
Energy Transfer LP, 5.95%, 5/15/2054			1,023,000	998,419
Enterprise Products Operating LLC, 4.85%, 1/31/2034			2,252,000	2,193,590
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n)			1,855,742	1,737,331
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n)			1,010,000	818,163
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n)			1,660,021	1,321,732
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n)			1,589,000	1,199,502
Peru LNG, 5.375%, 3/22/2030			1,254,000	1,075,382
Plains All American Pipeline LP, 4.65%, 10/15/2025			564,000	556,603
Plains All American Pipeline LP, 3.55%, 12/15/2029			1,827,000	1,657,598
Targa Resources Corp., 4.95%, 4/15/2052			1,458,000	1,247,387
				$17,603,631
Mortgage-Backed – 8.3%
Fannie Mae, 5%, 3/01/2024 - 3/25/2042		$	2,637,187	$2,613,637
Fannie Mae, 4.5%, 5/01/2025 - 11/25/2042			1,342,019	1,308,299
Fannie Mae, 3%, 11/01/2028 - 9/01/2046			9,925,093	9,158,690
Fannie Mae, 3.5%, 1/25/2030 - 6/25/2048			4,036,638	3,672,096
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046			995,001	889,957
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i)			388,678	33,150
Fannie Mae, 6.5%, 1/01/2033 - 10/01/2037			36,350	37,459
Fannie Mae, 2%, 1/25/2033 - 8/25/2044			904,506	831,454
Fannie Mae, 3%, 2/25/2033 (i)			525,957	43,192
Fannie Mae, 5.5%, 5/01/2033 - 5/01/2044			2,179,032	2,212,374
Fannie Mae, 3.556%, 6/25/2033			555,996	531,666
Fannie Mae, 5.886%, 4/25/2034			63,029	63,007
Fannie Mae, 6%, 8/01/2034 - 6/01/2038			108,457	111,253
Fannie Mae, 5.726%, 1/25/2036			52,522	52,455
Fannie Mae, 5.836%, 4/25/2037			22,703	22,276
Fannie Mae, 5.666%, 5/25/2037			56,410	55,077
Fannie Mae, 5.736%, 10/25/2039 - 12/25/2045			508,349	497,652
Fannie Mae, 4%, 9/01/2040 - 7/01/2043			3,618,154	3,397,883
Fannie Mae, 1%, 3/25/2041			269,791	227,611
Fannie Mae, 5.786%, 3/25/2041 - 12/25/2042			115,511	114,361
Fannie Mae, 2.25%, 4/25/2041 - 7/25/2043			819,291	738,340
Fannie Mae, 5.936%, 7/25/2041			46,701	46,039
Fannie Mae, UMBS, 2.5%, 8/01/2036 - 9/01/2052			24,618,861	20,452,568

29

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Mortgage-Backed – continued
Fannie Mae, UMBS, 2%, 3/01/2037 - 9/01/2052		$	11,841,046	$9,748,479
Fannie Mae, UMBS, 5.5%, 8/01/2038 - 3/01/2054			3,618,456	3,596,704
Fannie Mae, UMBS, 1.5%, 2/01/2042 - 9/01/2051			2,021,140	1,514,103
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 7/01/2052			717,027	649,842
Fannie Mae, UMBS, 3%, 7/01/2050 - 5/01/2053			6,770,520	5,807,899
Fannie Mae, UMBS, 4%, 8/01/2051 - 5/01/2052			851,809	793,074
Fannie Mae, UMBS, 4.5%, 7/01/2052 - 9/01/2052			381,908	364,790
Fannie Mae, UMBS, 5%, 8/01/2052 - 3/01/2053			2,341,535	2,272,895
Fannie Mae, UMBS, 6%, 2/01/2053 - 11/01/2053			3,567,786	3,591,958
Fannie Mae, UMBS, 6.5%, 6/01/2053 - 9/01/2053			285,673	290,706
Freddie Mac, 0.941%, 4/25/2024 (i)			8,111,324	1,849
Freddie Mac, 0.643%, 7/25/2024 (i)			16,398,383	18,063
Freddie Mac, 4.5%, 9/01/2024 - 5/01/2042			2,175,212	2,089,500
Freddie Mac, 0.069%, 5/25/2025 (i)			90,795,198	115,873
Freddie Mac, 4%, 7/01/2025 - 1/15/2055			2,459,085	2,356,937
Freddie Mac, 3.208%, 2/25/2026			733,807	711,633
Freddie Mac, 1.366%, 3/25/2027 (i)			2,188,000	81,839
Freddie Mac, 5.686%, 3/25/2027			382,879	379,244
Freddie Mac, 3.117%, 6/25/2027			750,000	714,553
Freddie Mac, 0.569%, 7/25/2027 (i)			43,862,917	707,487
Freddie Mac, 0.417%, 8/25/2027 (i)			32,977,235	416,344
Freddie Mac, 0.364%, 12/25/2027 (i)			213,035	2,631
Freddie Mac, 0.294%, 1/25/2028 (i)			59,582,892	636,488
Freddie Mac, 0.304%, 1/25/2028 (i)			25,620,068	282,551
Freddie Mac, 0.134%, 2/25/2028 (i)			75,733,874	413,598
Freddie Mac, 0.118%, 4/25/2028 (i)			49,633,744	267,109
Freddie Mac, 3.9%, 4/25/2028			288,736	279,671
Freddie Mac, 3%, 6/15/2028 - 10/01/2046			5,018,386	4,541,397
Freddie Mac, 0.425%, 10/25/2028 (i)			6,097,021	116,805
Freddie Mac, 4.86%, 10/25/2028			1,720,777	1,726,179
Freddie Mac, 5.069%, 10/25/2028			700,000	708,231
Freddie Mac, 5%, 11/25/2028 - 12/01/2044			3,791,728	3,804,888
Freddie Mac, 4.724%, 12/25/2028 (i)			3,432,098	3,425,952
Freddie Mac, 5.976%, 3/25/2029			1,019,533	1,019,726
Freddie Mac, 1.09%, 7/25/2029 (i)			8,060,626	383,496
Freddie Mac, 5.966%, 7/25/2029 - 9/25/2029			3,157,848	3,159,609
Freddie Mac, 1.142%, 8/25/2029 (i)			14,105,900	708,582
Freddie Mac, 6.006%, 9/25/2029			1,010,275	1,011,560
Freddie Mac, 5.816%, 12/25/2029			450,000	447,460
Freddie Mac, 1.318%, 1/25/2030 (i)			4,121,663	259,231
Freddie Mac, 1.799%, 4/25/2030 (i)			3,344,437	310,243
Freddie Mac, 1.868%, 4/25/2030 (i)			8,166,315	775,641
Freddie Mac, 1.666%, 5/25/2030 (i)			4,373,949	376,883

30

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Mortgage-Backed – continued
Freddie Mac, 1.798%, 5/25/2030 (i)		$	9,928,903	$924,087
Freddie Mac, 5.5%, 6/01/2030 - 9/01/2041			739,936	751,996
Freddie Mac, 1.115%, 6/25/2030 (i)			3,092,738	173,862
Freddie Mac, 1.341%, 6/25/2030 (i)			3,957,955	278,882
Freddie Mac, 5.711%, 6/25/2030			421,412	419,869
Freddie Mac, 5.751%, 6/25/2030			309,245	307,325
Freddie Mac, 1.599%, 8/25/2030 (i)			3,506,241	300,079
Freddie Mac, 1.169%, 9/25/2030 (i)			2,193,674	139,228
Freddie Mac, 4.94%, 11/25/2030			1,060,879	1,069,652
Freddie Mac, 0.327%, 1/25/2031 (i)			12,699,995	217,045
Freddie Mac, 0.781%, 1/25/2031 (i)			4,987,462	224,576
Freddie Mac, 0.856%, 9/25/2031 (i)			5,826,990	300,184
Freddie Mac, 6.081%, 9/25/2032			1,471,258	1,477,133
Freddie Mac, 5.789%, 10/15/2032			46,856	46,390
Freddie Mac, 0.154%, 11/25/2032 (i)			11,453,817	164,894
Freddie Mac, 6.051%, 7/25/2033			1,645,264	1,648,662
Freddie Mac, 3.5%, 8/15/2033 - 10/25/2058			5,458,119	5,040,222
Freddie Mac, 0.128%, 8/25/2033 (i)			12,475,897	177,145
Freddie Mac, 6%, 8/01/2034 - 10/01/2038			460,873	474,423
Freddie Mac, 5.639%, 4/15/2035			38,232	37,833
Freddie Mac, 5.5%, 2/15/2036 (i)			134,688	23,836
Freddie Mac, 6.5%, 5/01/2037			5,453	5,716
Freddie Mac, 5.689%, 3/15/2039 - 5/15/2041			419,181	405,665
Freddie Mac, 6.139%, 5/15/2039			35,218	35,020
Freddie Mac, 4.5%, 12/15/2040 (i)			29,722	2,355
Freddie Mac, 5.839%, 8/15/2046			55,772	54,532
Freddie Mac, 6.772%, 10/25/2053			105,548	107,374
Freddie Mac, 3.25%, 11/25/2061			1,370,678	1,207,069
Freddie Mac, UMBS, 2%, 3/01/2037 - 3/01/2052			15,111,339	12,035,730
Freddie Mac, UMBS, 2.5%, 3/01/2037 - 9/01/2052			5,973,044	4,954,539
Freddie Mac, UMBS, 5.5%, 4/01/2038 - 3/01/2054			1,283,371	1,279,592
Freddie Mac, UMBS, 3%, 3/01/2047 - 9/01/2052			3,473,494	3,004,307
Freddie Mac, UMBS, 1.5%, 6/01/2051 - 11/01/2051			62,055	46,389
Freddie Mac, UMBS, 3.5%, 5/01/2052			164,719	148,564
Freddie Mac, UMBS, 4%, 5/01/2052 - 6/01/2052			1,398,348	1,292,001
Freddie Mac, UMBS, 6%, 10/01/2052 - 12/01/2053			1,034,921	1,039,699
Ginnie Mae, 5.5%, 5/15/2033 - 6/20/2053			3,652,291	3,634,923
Ginnie Mae, 4.5%, 7/20/2033 - 9/20/2052			6,343,434	6,120,612
Ginnie Mae, 5.673%, 8/20/2034			340,230	345,320
Ginnie Mae, 4%, 5/16/2039 - 7/20/2053			1,648,868	1,554,837
Ginnie Mae, 5%, 8/20/2039 - 9/20/2053			4,631,931	4,528,553
Ginnie Mae, 5.884%, 10/20/2039			102,070	101,277
Ginnie Mae, 5.534%, 9/20/2041			1,560,459	1,532,009

31

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Mortgage-Backed – continued
Ginnie Mae, 3.5%, 10/20/2041 - 1/20/2043 (i)		$	911,285	$128,904
Ginnie Mae, 3.5%, 12/15/2041 - 11/20/2052			3,611,390	3,312,202
Ginnie Mae, 2.5%, 6/20/2042 - 6/20/2052			4,972,956	4,212,188
Ginnie Mae, 4%, 8/16/2042 (i)			259,432	36,960
Ginnie Mae, 3%, 4/20/2045 - 10/20/2052			6,009,806	5,297,326
Ginnie Mae, 2%, 1/20/2052 - 3/20/2052			2,142,181	1,743,765
Ginnie Mae, 6%, 2/20/2054 - 11/20/2055			3,383,039	3,410,803
Ginnie Mae, 0.584%, 2/16/2059 (i)			983,506	29,652
Ginnie Mae, TBA, 6.5%, 3/15/2054			350,000	354,747
Ginnie Mae, TBA, 2%, 4/15/2054			2,431,150	1,980,532
Ginnie Mae, TBA , 7%, 3/20/2054			125,000	127,496
UMBS, TBA, 2%, 3/13/2054 - 4/25/2054			1,150,000	904,143
				$187,164,323
Municipals – 0.1%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 2.746%, 6/01/2034		$	855,000	$717,366
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.682%, 7/01/2027			255,000	237,691
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030			197,203	191,620
State of Florida, Taxable, “A”, 2.154%, 7/01/2030			673,000	568,819
West Virginia Tobacco Settlement Financing Authority Asset-Backed Refunding, Taxable, “A-1”, 1.497%, 6/01/2024			210,000	207,876
West Virginia Tobacco Settlement Financing Authority Asset-Backed Refunding, Taxable, “A-1”, 1.647%, 6/01/2025			175,000	166,602
				$2,089,974
Natural Gas - Pipeline – 0.1%
APA Infrastructure Ltd., 5%, 3/23/2035 (n)		$	1,217,000	$1,129,044
Oils – 0.1%
FS Luxembourg S.à r.l., 8.875%, 2/12/2031 (n)		$	935,000	$925,650
Puma International Financing S.A., 5%, 1/24/2026			650,000	615,227
Raizen Fuels Finance S.A., 6.45%, 3/05/2034 (n)			901,000	911,963
Raizen Fuels Finance S.A., 6.95%, 3/05/2054 (n)			578,000	586,746
				$3,039,586

32

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Other Banks & Diversified Financials – 0.8%
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n)		$	2,146,000	$2,226,755
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n)			1,239,000	1,156,978
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n)			1,456,000	1,223,928
Bangkok Bank Public Co. Ltd. (Hong Kong), 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034			1,222,000	1,081,226
BBVA Bancomer S.A., 8.45% to 6/29/2033, FLR (CMT - 5yr. + 4.661%) to 6/29/2038 (n)			362,000	382,236
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n)			1,000,000	1,036,610
BSF Finance, 5.5%, 11/23/2027			800,000	806,837
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n)			1,219,000	1,276,118
Macquarie Group Ltd., 5.887%, 6/15/2034 (n)			1,539,000	1,554,564
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028			1,206,000	1,160,227
Shriram Transport Finance Co. Ltd., 6.625%, 4/22/2027 (n)			553,000	557,147
Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/30/2029			1,432,000	1,515,591
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035			686,000	679,160
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n)			1,677,000	1,529,572
United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n)			934,000	886,286
				$17,073,235
Pharmaceuticals – 0.6%
AbbVie, Inc., 4.95%, 3/15/2031		$	985,000	$985,198
AbbVie, Inc., 5.35%, 3/15/2044			590,000	595,425
AbbVie, Inc., 5.4%, 3/15/2054			737,000	748,145
Bayer US Finance LLC, 6.125%, 11/21/2026 (n)			872,000	878,188
Bristol-Myers Squibb Co., 5.5%, 2/22/2044			629,000	636,560
Bristol-Myers Squibb Co., 5.55%, 2/22/2054			792,000	801,389
Merck & Co., Inc., 2.75%, 12/10/2051			826,000	532,789
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/2033			1,493,000	1,453,903
Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053			408,000	399,104
Pfizer, Inc., 2.55%, 5/28/2040			826,000	579,487
Roche Holdings, Inc., 5.338%, 11/13/2028 (n)			1,842,000	1,880,265
Roche Holdings, Inc., 5.489%, 11/13/2030 (n)			1,826,000	1,880,914
Teva Pharmaceutical Finance Netherlands III B.V., 7.875%, 9/15/2029			636,000	676,651
Teva Pharmaceutical Finance Netherlands III B.V., 8.125%, 9/15/2031			424,000	458,072
				$12,506,090

33

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Pollution Control – 0.1%
Ambipar Lux S.à r.l., 9.875%, 2/06/2031 (n)		$	826,000	$820,763
Waste Management, Inc., 4.625%, 2/15/2033			1,878,000	1,813,954
				$2,634,717
Precious Metals & Minerals – 0.1%
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n)		$	1,592,000	$1,591,575
Railroad & Shipping – 0.1%
Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054		$	1,438,000	$1,410,528
Canadian Pacific Railway Co., 3.1%, 12/02/2051			1,167,000	793,054
				$2,203,582
Real Estate - Office – 0.1%
Boston Properties, Inc., REIT, 3.65%, 2/01/2026		$	1,047,000	$1,006,799
Corporate Office Property LP, REIT, 2%, 1/15/2029			1,230,000	1,018,745
Corporate Office Property LP, REIT, 2.75%, 4/15/2031			1,252,000	1,010,547
				$3,036,091
Real Estate - Other – 0.3%
EPR Properties, REIT, 3.6%, 11/15/2031		$	1,136,000	$927,391
Extra Space Storage LP, 5.5%, 7/01/2030			1,622,000	1,629,544
Lexington Realty Trust Co., 2.7%, 9/15/2030			1,082,000	892,108
Lexington Realty Trust Co., 2.375%, 10/01/2031			474,000	376,305
Prologis LP, REIT, 5.125%, 1/15/2034			1,960,000	1,940,046
				$5,765,394
Real Estate - Retail – 0.1%
NNN REIT, Inc., 5.6%, 10/15/2033		$	1,227,000	$1,223,632
STORE Capital Corp., REIT, 2.75%, 11/18/2030			1,860,000	1,466,958
				$2,690,590
Retailers – 0.3%
Alibaba Group Holding Ltd., 3.15%, 2/09/2051		$	1,582,000	$1,043,733
Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n)			335,000	253,790
Alimentation Couche-Tard, Inc., 3.8%, 1/25/2050 (n)			936,000	714,863
Amazon.com, Inc., 3.6%, 4/13/2032			1,488,000	1,372,196
AutoZone, Inc., 4.75%, 8/01/2032			1,156,000	1,110,090
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n)			744,000	705,302
Home Depot, Inc., 3.9%, 6/15/2047			1,320,000	1,067,332
				$6,267,306

34

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Specialty Chemicals – 0.1%
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (n)		$	801,000	$746,479
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n)			417,000	366,482
International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n)			514,000	421,809
				$1,534,770
Specialty Stores – 0.1%
DICK'S Sporting Goods, 3.15%, 1/15/2032		$	621,000	$520,398
DICK'S Sporting Goods, 4.1%, 1/15/2052			939,000	663,792
				$1,184,190
Telecommunications - Wireless – 0.6%
Crown Castle, Inc., REIT, 4.45%, 2/15/2026		$	1,267,000	$1,243,215
Crown Castle, Inc., REIT, 3.7%, 6/15/2026			986,000	949,478
Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n)			570,000	592,111
Rogers Communications, Inc., 3.8%, 3/15/2032			1,354,000	1,203,323
Rogers Communications, Inc., 4.5%, 3/15/2042			1,639,000	1,407,187
Sitios Latinoamerica, S.A.B. de C.V., 5.375%, 4/04/2032			610,000	562,435
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027			1,203,000	1,180,540
T-Mobile USA, Inc., 3.5%, 4/15/2025			691,000	675,519
T-Mobile USA, Inc., 2.05%, 2/15/2028			1,390,000	1,238,460
T-Mobile USA, Inc., 5.05%, 7/15/2033			1,191,000	1,164,864
Vodafone Group PLC, 5.625%, 2/10/2053			2,728,000	2,639,847
				$12,856,979
Tobacco – 0.1%
B.A.T. Capital Corp., 6.343%, 8/02/2030		$	1,384,000	$1,429,254
Philip Morris International, Inc., 5.625%, 11/17/2029			605,000	619,476
Philip Morris International, Inc., 5.125%, 2/15/2030			1,302,000	1,295,698
				$3,344,428
Transportation - Services – 0.3%
Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 (n)		$	367,516	$355,027
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n)			1,694,000	1,372,029
Cliffton Ltd., 6.25%, 10/25/2025 (n)			696,000	688,609
Element Fleet Management Corp., 6.271%, 6/26/2026 (n)			1,098,000	1,107,807
Element Fleet Management Corp., 6.319%, 12/04/2028 (n)			1,694,000	1,737,445
IRB Infrastructure Developers, 7.11%, 3/11/2032 (n)			551,000	550,543
Prumo Participacoes e Investimentos S.A., 7.5%, 12/31/2031			738,076	737,583
Royal Capital B.V., 5% to 5/05/2026, FLR (CMT - 5yr. + 7.396%) to 7/31/2070			390,000	381,420
				$6,930,463

35

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
U.S. Government Agencies and Equivalents – 0.0%
Small Business Administration, 5.16%, 2/01/2028		$	10,554	$10,454
Small Business Administration, 2.21%, 2/01/2033			72,701	65,754
Small Business Administration, 2.22%, 3/01/2033			119,182	108,343
Small Business Administration, 3.15%, 7/01/2033			137,609	128,382
Small Business Administration, 3.16%, 8/01/2033			175,957	164,377
Small Business Administration, 3.62%, 9/01/2033			132,898	126,461
				$603,771
U.S. Treasury Obligations – 5.5%
U.S. Treasury Bonds, 6.375%, 8/15/2027		$	106,000	$112,733
U.S. Treasury Bonds, 5.25%, 2/15/2029			2,965,000	3,097,035
U.S. Treasury Bonds, 2.375%, 2/15/2042			9,053,000	6,652,540
U.S. Treasury Bonds, 2.875%, 5/15/2043			6,853,400	5,394,108
U.S. Treasury Bonds, 3.875%, 5/15/2043			9,659,000	8,832,703
U.S. Treasury Bonds, 4.375%, 8/15/2043			1,516,000	1,484,259
U.S. Treasury Bonds, 4.75%, 11/15/2043			3,755,000	3,864,130
U.S. Treasury Bonds, 2.5%, 2/15/2046			3,581,000	2,570,207
U.S. Treasury Bonds, 2.875%, 11/15/2046 (f)			7,328,000	5,606,492
U.S. Treasury Notes, 2.25%, 3/31/2024			17,244,000	17,199,044
U.S. Treasury Notes, 3.875%, 3/31/2025			2,344,000	2,316,348
U.S. Treasury Notes, 4.875%, 11/30/2025			5,839,000	5,853,141
U.S. Treasury Notes, 0.875%, 9/30/2026			5,600,000	5,114,375
U.S. Treasury Notes, 2.25%, 8/15/2027			8,936,000	8,332,820
U.S. Treasury Notes, 3.625%, 3/31/2028			11,275,000	10,980,352
U.S. Treasury Notes, 2.375%, 5/15/2029			8,149,500	7,433,554
U.S. Treasury Notes, 3.875%, 9/30/2029			4,658,000	4,564,476
U.S. Treasury Notes, 1.625%, 5/15/2031			4,940,000	4,139,373
U.S. Treasury Notes, 1.875%, 2/15/2032			7,500,000	6,297,949
U.S. Treasury Notes, 2.75%, 8/15/2032			14,707,000	13,130,019
U.S. Treasury Notes, 3.25%, 5/15/2042			1,714,000	1,441,367
				$124,417,025
Utilities - Electric Power – 2.2%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)		$	1,238,000	$1,231,604
Adani Transmission Ltd., 4.25%, 5/21/2036 (n)			2,453,125	2,090,761
AEP Transmission Co. LLC, 5.4%, 3/15/2053			1,016,000	1,006,052
AES Gener S.A., 7.125% to 7/06/2024, FLR (Swap Rate - 5yr. + 4.644%) to 7/06/2029, FLR (Swap Rate - 5yr. + 4.894%) to 7/06/2044, FLR (Swap Rate - 5yr. + 5.644%) to 3/26/2079			1,018,000	999,172
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n)			1,885,000	1,830,900
Alabama Power Co., 3.45%, 10/01/2049			2,366,000	1,721,085

36

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n)		$	1,024,568	$761,576
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n)			305,000	250,461
Azure Power Energy Ltd., 3.575%, 8/19/2026 (n)			973,957	901,203
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043			360,000	345,640
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053			300,000	256,143
Buffalo Energy Mexico Holdings S.A. de C.V., 7.875%, 2/15/2039 (n)			483,000	512,936
CenterPoint Energy, Inc., 2.65%, 6/01/2031			702,000	588,586
Continuum Energy Aura Pte. Ltd., 9.5%, 2/24/2027 (n)			338,000	351,896
Duke Energy Carolinas LLC, 2.85%, 3/15/2032			2,231,000	1,895,644
Duke Energy Florida LLC, 6.2%, 11/15/2053			756,000	818,706
Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n)			967,000	913,090
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 (n)			257,000	232,291
Enel Finance International N.V., 4.625%, 6/15/2027 (n)			1,080,000	1,058,823
Enel Finance International N.V., 2.25%, 7/12/2031 (n)			1,318,000	1,053,231
Enel Finance International N.V., 7.75%, 10/14/2052 (n)			1,023,000	1,224,029
Energuate Trust, 5.875%, 5/03/2027			1,002,000	959,916
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n)			2,155,000	1,732,089
EPH Financing International A.S., 6.651%, 11/13/2028		EUR	953,000	1,051,181
Eversource Energy, 5.5%, 1/01/2034		$	1,026,000	1,015,504
FirstEnergy Corp., 2.65%, 3/01/2030			1,817,000	1,553,233
Florida Power & Light Co., 3.95%, 3/01/2048			1,629,000	1,320,796
Georgia Power Co., 4.7%, 5/15/2032			2,379,000	2,299,213
Georgia Power Co., 5.125%, 5/15/2052			1,101,000	1,043,671
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n)			738,150	693,861
Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n)			900,000	823,499
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n)			405,000	386,775
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n)			2,404,000	1,987,278
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n)			1,039,000	970,752
MidAmerican Energy Co., 5.85%, 9/15/2054			1,427,000	1,502,514
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025			848,000	851,050
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025			780,000	784,166
NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/2032			1,197,000	972,156
Pacific Gas & Electric Co., 6.1%, 1/15/2029			531,000	543,565
Pacific Gas & Electric Co., 2.5%, 2/01/2031			1,645,000	1,348,035
PPL Electric Utilities Corp., 4.85%, 2/15/2034			1,017,000	990,321
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n)			1,249,000	1,142,835
Southern California Edison Co., 4.5%, 9/01/2040			454,000	395,891
Southern California Edison Co., 3.65%, 2/01/2050			796,000	582,614
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n)			800,800	793,192

37

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Bonds – continued
Utilities - Electric Power – continued
Transelec S.A., 3.875%, 1/12/2029 (n)		$	811,000	$756,866
WEC Energy Group, Inc., 4.75%, 1/09/2026			2,359,000	2,336,019
Xcel Energy, Inc., 4.6%, 6/01/2032			1,154,000	1,076,044
Xcel Energy, Inc., 5.5%, 3/15/2034			906,000	890,507
				$50,847,372
Utilities - Other – 0.1%
Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n)		$	400,000	$388,859
Aegea Finance S.à r.l., 9%, 1/20/2031 (n)			657,000	695,040
National Central Cooling Co. PJSC, 2.5%, 10/21/2027			957,000	860,927
				$1,944,826
Total Bonds (Identified Cost, $1,059,852,612)				$1,007,276,636
Common Stocks – 30.2%
Aerospace & Defense – 0.4%
General Dynamics Corp.			32,812	$8,965,879
Alcoholic Beverages – 0.3%
Ambev S.A.			874,800	$2,213,792
Kirin Holdings Co. Ltd.			284,600	3,957,102
				$6,170,894
Automotive – 0.4%
Bridgestone Corp.			74,400	$3,198,922
Compagnie Generale des Etablissements Michelin			66,162	2,444,855
Stellantis N.V.			138,966	3,624,943
				$9,268,720
Biotechnology – 0.0%
Biogen, Inc. (a)			3,805	$825,647
Broadcasting – 0.4%
Omnicom Group, Inc.			97,960	$8,658,684
Brokerage & Asset Managers – 0.4%
Bank of New York Mellon Corp.			147,361	$8,265,478
Business Services – 0.2%
SCSK Corp.			57,200	$1,053,042
TriNet Group, Inc.			12,481	1,597,693
Verisk Analytics, Inc., “A”			7,059	1,707,572
				$4,358,307
Cable TV – 0.3%
Comcast Corp., “A”			179,603	$7,695,989

38

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Chemicals – 0.0%
Nutrien Ltd.			12,895	$673,088
Computer Software – 0.1%
Microsoft Corp.			6,998	$2,894,653
Computer Software - Systems – 0.6%
Hon Hai Precision Industry Co. Ltd.			2,458,000	$8,009,428
Lenovo Group Ltd.			2,346,000	2,597,844
Samsung Electronics Co. Ltd.			63,565	3,503,808
				$14,111,080
Construction – 2.1%
American Homes 4 Rent, “A”, REIT			311,472	$11,527,579
Anhui Conch Cement Co. Ltd.			1,048,500	2,292,652
AvalonBay Communities, Inc., REIT			24,934	4,414,066
Compagnie de Saint-Gobain S.A.			61,497	4,732,376
Essex Property Trust, Inc., REIT			38,329	8,869,331
Heidelberg Materials AG			49,991	4,846,515
Masco Corp.			14,433	1,107,877
Mid-America Apartment Communities, Inc., REIT			71,101	8,935,974
Zhejiang Supor Co. Ltd.			143,800	1,105,100
				$47,831,470
Consumer Products – 1.0%
Colgate-Palmolive Co.			91,650	$7,929,558
Kenvue, Inc.			53,892	1,023,948
Kimberly-Clark Corp.			95,977	11,629,533
Procter & Gamble Co.			6,041	960,157
				$21,543,196
Electrical Equipment – 0.1%
Mitsubishi Electric Corp.			94,900	$1,507,500
Electronics – 0.6%
Broadcom, Inc.			1,299	$1,689,336
Lam Research Corp.			6,049	5,675,474
Novatek Microelectronics Corp.			146,000	2,775,938
NVIDIA Corp.			4,033	3,190,587
				$13,331,335
Energy - Independent – 0.8%
Phillips 66			86,597	$12,340,939
Valero Energy Corp.			35,318	4,996,084
				$17,337,023

39

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Energy - Integrated – 1.2%
Aker BP ASA			65,281	$1,583,885
Eni S.p.A.			503,884	7,759,430
Exxon Mobil Corp.			18,146	1,896,620
Harbour Energy PLC			307,808	980,690
LUKOIL PJSC (a)(u)			17,902	0
PetroChina Co. Ltd.			8,730,000	6,879,635
Suncor Energy, Inc. (l)			82,163	2,823,019
TotalEnergies SE			93,891	5,986,151
				$27,909,430
Engineering - Construction – 0.2%
ACS Actividades de Construcción y Servicios S.A.			31,282	$1,282,736
Doosan Bobcat, Inc.			73,352	2,586,269
				$3,869,005
Food & Beverages – 0.6%
General Mills, Inc.			147,043	$9,437,220
Inner Mongolia Yili Industrial Group Co. Ltd., “A”			366,200	1,443,265
J.M. Smucker Co.			20,488	2,462,043
WH Group Ltd.			1,198,500	722,514
				$14,065,042
Food & Drug Stores – 0.3%
Tesco PLC			2,077,498	$7,311,323
Forest & Paper Products – 0.5%
Rayonier, Inc., REIT			177,403	$6,107,985
Weyerhaeuser Co., REIT			169,174	5,816,202
				$11,924,187
Gaming & Lodging – 0.1%
Aristocrat Leisure Ltd.			40,900	$1,239,659
Ryman Hospitality Properties, Inc., REIT			18,094	2,143,777
				$3,383,436
Health Maintenance Organizations – 0.3%
Cigna Group			21,602	$7,261,296
Insurance – 1.6%
China Pacific Insurance Co. Ltd.			370,800	$707,549
Corebridge Financial, Inc.			87,248	2,166,368
DB Insurance Co. Ltd.			16,832	1,248,875
Equitable Holdings, Inc.			241,934	8,283,820
Hartford Financial Services Group, Inc.			33,786	3,238,050
Manulife Financial Corp.			516,961	12,269,325

40

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Insurance – continued
MetLife, Inc.			69,296	$4,832,703
Samsung Fire & Marine Insurance Co. Ltd.			12,573	2,813,723
				$35,560,413
Machinery & Tools – 0.3%
Volvo Group			213,835	$5,880,958
Major Banks – 0.7%
BNP Paribas S.A.			71,926	$4,305,109
DBS Group Holdings Ltd.			407,300	10,089,041
Erste Group Bank AG			39,814	1,587,843
				$15,981,993
Medical & Health Technology & Services – 1.2%
Encompass Health Corp.			132,196	$9,835,383
McKesson Corp.			13,679	7,132,367
Universal Health Services, Inc.			54,087	9,035,774
				$26,003,524
Metals & Mining – 0.9%
Fortescue Ltd.			154,501	$2,604,037
Glencore PLC			235,920	1,117,203
Rio Tinto PLC			166,170	10,653,527
Toyota Tsusho Corp.			51,100	3,297,368
Vale S.A.			184,300	2,483,607
				$20,155,742
Other Banks & Diversified Financials – 0.2%
China Construction Bank Corp.			3,229,000	$2,012,583
KB Financial Group, Inc.			25,822	1,231,374
M&T Bank Corp.			15,096	2,109,515
Sberbank of Russia PJSC (a)(u)			1,738,404	0
				$5,353,472
Pharmaceuticals – 2.3%
AbbVie, Inc.			73,296	$12,903,761
Johnson & Johnson			51,057	8,239,579
Merck & Co., Inc.			14,590	1,855,118
Novartis AG			54,351	5,499,939
Organon & Co.			398,341	6,935,117
Pfizer, Inc.			67,694	1,797,952
Roche Holding AG			42,183	11,063,885
Sanofi			28,164	2,675,341
				$50,970,692

41

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Printing & Publishing – 0.2%
Lamar Advertising Co., REIT			31,270	$3,456,899
Real Estate – 7.2%
Alexandria Real Estate Equities, Inc., REIT			83,571	$10,423,811
Boston Properties, Inc., REIT			124,271	8,042,819
Brixmor Property Group, Inc., REIT			601,053	13,589,808
Broadstone Net Lease, Inc., REIT			37,181	554,369
CubeSmart, REIT			225,031	9,813,602
Douglas Emmett, Inc., REIT			354,462	4,685,988
Equity Lifestyle Properties, Inc., REIT			197,058	13,265,944
Extra Space Storage, Inc., REIT			98,805	13,928,541
Farmland Partners, Inc., REIT			251,037	2,962,237
Federal Realty Investment Trust, REIT			108,251	10,917,113
Kimco Realty Corp., REIT			312,642	6,177,806
NNN REIT, Inc.			243,912	9,924,779
Phillips Edison & Co., REIT			146,754	5,242,053
Prologis, Inc., REIT			215,075	28,663,045
Rexford Industrial Realty, Inc., REIT			137,548	6,998,442
Sun Communities, Inc., REIT			131,980	17,653,645
				$162,844,002
Restaurants – 0.4%
Pluxee N.V. (a)			58,072	$1,659,172
Sodexo			78,518	6,254,348
				$7,913,520
Specialty Chemicals – 0.0%
Chemours Co.			35,512	$698,521
Specialty Stores – 0.5%
Home Depot, Inc.			10,523	$4,005,159
Ross Stores, Inc.			14,994	2,233,506
Target Corp.			37,522	5,737,865
				$11,976,530
Telecommunications - Wireless – 0.9%
KDDI Corp.			291,900	$8,866,813
SBA Communications Corp., REIT			49,912	10,443,088
				$19,309,901
Telephone Services – 1.8%
Digital Realty Trust, Inc., REIT			61,225	$8,988,442
Equinix, Inc., REIT			33,286	29,585,263
Hellenic Telecommunications Organization S.A.			187,209	2,824,603
				$41,398,308

42

Portfolio of Investments – continued

Issuer			Shares/Par	Value ($)
Common Stocks – continued
Tobacco – 0.5%
British American Tobacco PLC			180,890	$5,354,513
Japan Tobacco, Inc.			215,400	5,591,895
				$10,946,408
Utilities - Electric Power – 0.6%
Edison International			110,038	$7,484,785
Iberdrola S.A.			269,438	3,092,635
PG&E Corp.			98,548	1,644,766
Vistra Corp.			41,434	2,259,810
				$14,481,996
Total Common Stocks (Identified Cost, $553,131,597)				$682,095,541
Preferred Stocks – 0.2%
Metals & Mining – 0.2%
Gerdau S.A. (Identified Cost, $4,919,629)			981,415	$4,244,618
Convertible Bonds – 0.0%
Utilities - Electric Power – 0.0%
Pacific Gas and Electric Corp., 4.25%, 12/01/2027 (n) (Identified Cost, $950,000)		$	950,000	$949,050
Investment Companies (h) – 24.8%
Bond Funds – 22.5%
MFS High Yield Pooled Portfolio (v)			62,112,495	$509,322,463
Money Market Funds – 2.3%
MFS Institutional Money Market Portfolio, 5.37% (v)			50,404,747	$50,404,747
Total Investment Companies (Identified Cost, $557,431,017)				$559,727,210
Collateral for Securities Loaned – 0.1%
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 5.25% (j) (Identified Cost, $2,655,333)			2,655,333	$2,655,333
Other Assets, Less Liabilities – 0.2%				4,894,033
Net Assets – 100.0%				$2,261,842,421