# EDGAR Filing Document

**Accession Number:** 0000809173
**File Stem:** 0000809173-26-000003
**Filing Date:** 2026-6
**Character Count:** 278412
**Document Hash:** 557ed4b41b074be95f5357c38847304b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000809173-26-000003.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0000809173-26-000003

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**EFFECTIVENESS DATE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MULTIMARKET INCOME TRUST
- **CENTRAL INDEX KEY:** 0000809173

**ORGANIZATION NAME:**
- **EIN:** 046562226
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04975
- **FILM NUMBER:** 261100931

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS HIGH YIELD MARKETS TRUST
- **DATE OF NAME CHANGE:** 19870204

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number 811-04975</u>

**MFS MULTIMARKET INCOME TRUST**

(Exact name of registrant as specified in charter)

**<u>111 Huntington Avenue, Boston, Massachusetts 02199</u> (Address of principal executive offices) (Zip code)**

**Christopher R. Bohane**

**Massachusetts Financial Services Company**

**111Huntington Avenue <u>Boston, Massachusetts 02199</u>**

**(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: April 30, 2026

**ITEM 1. REPORTS TO STOCKHOLDERS.**

Item 1(a):

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![](img64a935371.gif)

**Semiannual Report**

April 30, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MFS<sup>®</sup> Multimarket

Income Trust

MMT-SEM

![](img6c52f4be2.gif)

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**MANAGED DISTRIBUTION POLICY DISCLOSURE**

The MFS Multimarket Income Trust's (the fund) Board of Trustees adopted a managed distribution policy. The fund seeks to pay monthly distributions based on an annual rate of 8.00% of the fund's average monthly net asset value. The primary purpose of the managed distribution policy is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. You should not draw any conclusions about the fund's investment performance from the amount of the current distribution or from the terms of the fund's managed distribution policy. The Board may amend or terminate the managed distribution policy at any time without prior notice to fund shareholders. The amendment or termination of the managed distribution policy could have an adverse effect on the market price of the fund's shares.

With each distribution, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Please refer to "Tax Matters and Distributions" under Note 2 of the Notes to Financial Statements for information regarding the tax character of the fund's distributions.

Under a managed distribution policy the fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its managed distribution policy, the fund may have to sell portfolio securities at a less than opportune time. A return of capital does not necessarily reflect the fund's investment performance and should not be confused with 'yield' or 'income'. The fund's total return in relation to changes in net asset value is presented in the Financial Highlights.

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**MFS**<sup>®</sup> **Multimarket**

**Income Trust**

New York Stock Exchange Symbol: **MMT** 

---

| | |
|:---|:---|
| [Welcome Letter from Aberdeen](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_Apdf-WelcomeLetterfromAberdeen_1) | Enclosed |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio composition](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_PortComp-TOC-PortfolioComposition-1894_1) | 1 |
| [Portfolio managers' profiles](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_PMP-PortfolioManagersProfiles-1894_1) | 4 |
| [Other notes](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_PMP-PortfolioManagersProfiles-1894_2) | 5 |
| [Portfolio of investments](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_SOI-SOI-Footer-1894_1) | 6 |
| [Statement of assets and liabilities](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_FS-FIN-Footer-1894_1) | 40 |
| [Statement of operations](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_FS-FIN-Footer-1894_3) | 42 |
| [Statements of changes in net assets](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_FS-FIN-Footer-1894_5) | 44 |
| [Statement of cash flows](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_FS-FIN-Footer-1894_6) | 45 |
| [Financial highlights](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_FIHI-TOC-FIHI-1894_1) | 46 |
| [Notes to financial statements](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_NTF-NTF-Header-1894_1) | 48 |
| [Report of independent registered public accounting firm](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_AR-AuditReportSection-1894_1) | 64 |
| [Results of shareholder meeting](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_RSM-ResultsofShareholderMeeting-1894_1) | 65 |
| [Board review of investment advisory agreement](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_BRIAA-TOC-BoardReview-1894_1) | 66 |
| [Proxy voting policies and information](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_Info-ProxyVotingPolicies-1894_1) | 71 |
| [Quarterly portfolio disclosure](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_Info-ProxyVotingPolicies-1894_1) | 71 |
| [Further information](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_Info-ProxyVotingPolicies-1894_1) | 71 |
| [Information about fund contracts and legal claims](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_Info-ProxyVotingPolicies-1894_1) | 71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Contact information](#xx_327d5fb7-232a-4bac-b24a-cd129cdcc404_BC-TOC-BackCover-1894_3) | back cover |

---

**NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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![](g81o7abxz26x2j8u0c31k.jpg)

Dear Investor,

Welcome to Aberdeen Investments.

We are pleased to welcome you as a shareholder of an Aberdeen closed-end fund. In connection with a previously announced transaction, and with the approval by shareholders of each respective fund, several MFS closed-end funds were reorganized into Aberdeen Multi-Market Income Fund (MMT) before the open of regular business on June 22, 2026.

**What This Means for You**

The reorganization is intended to enhance the Fund's ability to deliver high current income by combining complementary portfolios with similar objectives. Shareholders stand to benefit from broader global diversification across a mix of investment grade and higher-yielding debt securities, while the Fund continues to maintain an overall investment grade orientation to support a balanced risk profile.

These changes are intended to strengthen your investment by creating a significantly larger fund, with potential benefits including improved economies of scale, enhanced trading and investment efficiencies, and stronger long-term growth potential.

Your Fund is managed using a team-based approach by the respective asset allocation specialties under leadership of Jonathan Mondillo, Aberdeen's Global Head of Fixed Income. Together, the team will apply a disciplined investment philosophy and established investment process aligned with your Fund's objectives.

**Our Commitment**

We are focused on making this transition as seamless as possible while continuing to serve your investment needs with the highest level of expertise and care. Our approach combines rigorous research, global market insights, and a commitment to delivering consistent outcomes for investors.

**About Aberdeen Investments**

Aberdeen is a leading global asset manager dedicated to creating long-term value for our clients. As of March 31, 2026, we manage over $506 billion in assets on behalf of institutional and retail clients worldwide. Our global footprint enables us to stay closely connected to our clients and the challenges they face. We bring capabilities across asset

![](grxou1ewrlh28cld0377k.jpg)

classes, regions, and markets, helping investors identify opportunities and navigate an evolving financial landscape.

**We're Here to Help**

To learn more about your investment and our full range of U.S. closed-end funds, please visit our Closed-End Fund Investor Center to access the Fund's prospectus, shareholder reports, and other important information.

If you have any questions about these changes or your investment, our Investor Relations team is here to help:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Phone:** 1-800-522-5465

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Email:** <u>Investor.Relations@aberdeenplc.com</u> 

Alan Goodson

President

Important Information:

Municipal securities can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

This communication is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities.

------

**Portfolio Composition**

**Portfolio structure at value (v)**

![](img166b0f333.jpg)

**Portfolio structure reflecting equivalent exposure of derivative positions (i)**

![](img6473b0484.jpg)

**Fixed income sectors (i)** 

---

| | |
|:---|:---|
| High Yield Corporates | 61.0% |
| Investment Grade Corporates | 37.7% |
| Emerging Markets Bonds | 21.2% |
| Asset-Backed Securities | &nbsp;&nbsp; 2.2% |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 1.0% |
| Collateralized Loan Obligations | &nbsp;&nbsp; 0.8% |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp; 0.8% |
| Municipal Bonds | &nbsp;&nbsp; 0.4% |
| U.S. Treasury Securities | (3.1)% |
| Non-U.S. Government Bonds | (6.6)% |

---

**Portfolio facts** 

<u> Average Duration (d) </u> <u> 4.9 </u> <br> <u> Average Effective Maturity (m) </u> <u> 7.0 yrs. </u>

------

*Portfolio Composition - continued*

**Composition including fixed income credit quality (a)(i)** 

---

| | |
|:---|:---|
| AAA | &nbsp;&nbsp;&nbsp; 4.0% |
| AA | &nbsp;&nbsp;&nbsp; 3.4% |
| A | &nbsp;&nbsp; 18.4% |
| BBB | &nbsp;&nbsp; 33.6% |
| BB | &nbsp;&nbsp; 38.7% |
| B | &nbsp;&nbsp; 24.7% |
| CCC | &nbsp;&nbsp;&nbsp; 6.7% |
| CC | &nbsp;&nbsp;&nbsp; 0.1% |
| C (o) | &nbsp;&nbsp;&nbsp; 0.0% |
| D | &nbsp;&nbsp;&nbsp; 0.1% |
| U.S. Government | &nbsp;&nbsp;&nbsp; 4.6% |
| Not Rated | (18.9)% |
| Non-Fixed Income (o) | &nbsp;&nbsp;&nbsp; 0.0% |
| Cash & Cash Equivalents <br>(Less Liabilities) (b)<br>| (34.2)% |
| Other (q) | &nbsp;&nbsp; 18.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) For all securities other than those specifically described below, ratings are assigned to

underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating

agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or

higher are considered investment grade. All ratings are subject to change. U.S. Government

includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed

income securities and fixed income derivatives that have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity

derivatives), ETFs and Options on ETFs, and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(b) Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market

funds, short-term securities, and other assets less liabilities. Liabilities include the value of

outstanding borrowings made by the fund for leverage transactions. Cash & Cash Equivalents

(Less Liabilities) is negative due to these borrowings. Please see the Statement of Assets and

Liabilities for additional information related to the fund's cash position and other assets and

liabilities. Please see Note 6 in the Notes to Financial Statements for more information on the fund's outstanding borrowings.

(d) Duration is a measure of how much a bond's price is likely to fluctuate with general changes

in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about

5.00% of its value due to the interest rate move. The Average Duration calculation reflects the

impact of the equivalent exposure of derivative positions, if any.

------

*Portfolio Composition - continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) For purposes of this presentation, the components include the value of securities, and reflect

the impact of the equivalent exposure of derivative positions, if any. These amounts may be

negative from time to time. Equivalent exposure is a calculated amount that translates the

derivative position into a reasonable approximation of the amount of the underlying asset that

the portfolio would have to hold at a given point in time to have the same price sensitivity

that results from the portfolio's ownership of the derivative contract. When dealing with

derivatives, equivalent exposure is a more representative measure of the potential impact of a

position on portfolio performance than value. The bond component will include any accrued

interest amounts.

(m) In determining each instrument's effective maturity for purposes of calculating the fund's

dollar-weighted average effective maturity, MFS uses the instrument's stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument's stated maturity.

(o) Less than 0.1%.

(p) For purposes of the presentation of Portfolio structure at value, Other includes market value

from currency derivatives and may be negative.

(q) For purposes of this presentation, Other includes equivalent exposure from currency

derivatives and/or any offsets to derivative positions and may be negative.

(v) For purposes of this presentation, market value of fixed income and/or equity derivatives, if

any, is included in Cash & Cash Equivalents (Less Liabilities).

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

Percentages are based on net assets as of April 30, 2026.

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

------

**Portfolio Managers' Profiles** 

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Five Year History** |
| Robert Spector | Lead Portfolio <br> Manager<br>| 2017 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2011.<br>|
| Neeraj Arora | Emerging Markets <br> Debt Instruments <br> Portfolio Manager<br>| 2023 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2011.<br>|
| Ward Brown | Emerging Markets <br> Debt Instruments <br> Portfolio Manager<br>| 2012 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2005.<br>|
| David Cole | Below Investment <br> Grade Debt <br> Instruments <br> Portfolio Manager<br>| 2006 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2004.<br>|
| Pilar Gomez-Bravo | Debt Instruments <br> Portfolio Manager<br>| 2013 | Co-Chief Investment Officer-Global <br> Fixed Income of MFS; employed in <br> the investment management area of <br> MFS since 2013.<br>|
| Andy Li | Investment Grade <br> Debt Instruments <br> Portfolio Manager<br>| 2019 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2018.<br>|
| John Mitchell | Investment Grade <br> Debt Instruments <br> Portfolio Manager<br>| 2023 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2003.<br>|
| Michael Skatrud | Below Investment <br> Grade Debt <br> Instruments <br> Portfolio Manager<br>| 2018 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2013.<br>|

---

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**Other Notes**

The fund's shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value of the underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund's concurrent liquidation.

The fund's target annual distribution rate is calculated based on an annual rate of 8.00% of the fund's average monthly net asset value, not a fixed share price, and the fund's distribution amount will fluctuate with changes in the fund's average monthly net assets.

In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.

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**Portfolio of Investments**

4/30/26 (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 – 132.2% | Bonds – 132.2% | Bonds – 132.2% |
| Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $650000 | &nbsp;&nbsp; $664635 |
| Axon Enterprise, Inc., 6.25%, 3/15/2033 (n) | 193000 | &nbsp;&nbsp; 198049 |
| Boeing Co., 6.388%, 5/01/2031  | 134000 | &nbsp;&nbsp; 143112 |
| Boeing Co., 5.805%, 5/01/2050  | 506000 | &nbsp;&nbsp; 493073 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 252000 | &nbsp;&nbsp; 265152 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | 263000 | &nbsp;&nbsp; 274531 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 403000 | &nbsp;&nbsp; 420209 |
| Honeywell Aerospace, Inc., 4.6%, 3/16/2033 (n) | 308000 | &nbsp;&nbsp; 304101 |
| Honeywell Aerospace, Inc., 4.95%, 3/16/2036 (n) | 308000 | &nbsp;&nbsp; 304504 |
| Huntington Ingalls Industries, Inc., 4.2%, 5/01/2030  | 132000 | &nbsp;&nbsp; 129698 |
| Huntington Ingalls Industries, Inc., 5.749%, 1/15/2035  | 286000 | &nbsp;&nbsp; 295782 |
| MOOG, Inc., 5.5%, 10/15/2034 (n) | 373000 | &nbsp;&nbsp; 373333 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 309000 | &nbsp;&nbsp; 313174 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 302000 | &nbsp;&nbsp; 308026 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 861000 | &nbsp;&nbsp; 887351 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 987000 | &nbsp;&nbsp; 994589 |
| TransDigm, Inc., 6.125%, 7/31/2034 (n) | 456000 | &nbsp;&nbsp; 456502 |
|  |  | &nbsp;&nbsp; $6825821 |
| Airlines – 0.0% | Airlines – 0.0% | Airlines – 0.0% |
| JetBlue Airways Corp., 9.875%, 9/20/2031 (n) | $116000 | &nbsp;&nbsp; $108039 |
| Asset-Backed & Securitized – 4.7% | Asset-Backed & Securitized – 4.7% | Asset-Backed & Securitized – 4.7% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", <br> 1.101%, 11/15/2054 (i)<br>| $3633533 | &nbsp;&nbsp; $118395 |
| AA Bond Co. Ltd., 5.5%, 7/31/2050  | 229000 | &nbsp;&nbsp; 302283 |
| AA Bond Co. Ltd., 6.85%, 7/31/2050  | 220000 | &nbsp;&nbsp; 310708 |
| Advanzia Master Issuer S.à r.l., 2026-1, "A", FLR, 5% (EURIBOR <br> - 1mo. + 0.78%), 5/16/2036 (w)<br>| 300000 | &nbsp;&nbsp; 352357 |
| Angel Oak Mortgage Trust, 2024-13, "A1", <br> 5.464%, 12/26/2069 (n)<br>| $245047 | &nbsp;&nbsp; 246003 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "D", FLR, 6.639% (SOFR <br> - 30 day + 3%), 1/15/2037 (n)<br>| 600000 | &nbsp;&nbsp; 599995 |
| AREIT 2022-CRE6 Trust, "D", FLR, 6.49% (SOFR - 30 day + <br> 2.85%), 1/20/2037 (n)<br>| 126000 | &nbsp;&nbsp; 125690 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 18152 | &nbsp;&nbsp; 18240 |
| Arqiva Financing PLC, 4.882%, 12/31/2032  | 200667 | &nbsp;&nbsp; 262064 |
| Auto ABS Co., 2026-1, "A", 2.779%, 12/28/2038  | 200000 | &nbsp;&nbsp; 234628 |
| Bain Capital Credit CLO Ltd., 2021-7A, "BR", FLR, 5.164% <br> (SOFR - 3mo. + 1.5%), 1/22/2035 (n)<br>| $390025 | &nbsp;&nbsp; 389775 |

---

------

*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Bayview Financial Revolving Mortgage Loan Trust, FLR, 5.372% <br> ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n)<br>| $160360 | &nbsp;&nbsp; $398017 |
| BBCMS Mortgage Trust, 2020-C7, "XA", 1.586%, 4/15/2053 (i) | 941443 | &nbsp;&nbsp; 37217 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.191%, 7/15/2054 (i) | 885203 | &nbsp;&nbsp; 40380 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.54%, 2/15/2054 (i) | 6190766 | &nbsp;&nbsp; 357974 |
| Benchmark 2021-B23 Mortgage Trust, "XA", <br> 1.254%, 2/15/2054 (i)<br>| 3970205 | &nbsp;&nbsp; 167688 |
| Benchmark 2021-B24 Mortgage Trust, "XA", <br> 1.078%, 3/15/2054 (i)<br>| 1905271 | &nbsp;&nbsp; 69958 |
| Benchmark 2021-B26 Mortgage Trust, "XA", <br> 0.843%, 6/15/2054 (i)<br>| 6869394 | &nbsp;&nbsp; 202317 |
| Benchmark 2021-B27 Mortgage Trust, "XA", <br> 1.231%, 7/15/2054 (i)<br>| 6891852 | &nbsp;&nbsp; 300024 |
| Benchmark 2022-B36 Mortgage Trust, "XA", <br> 0.637%, 7/15/2055 (i)<br>| 8671013 | &nbsp;&nbsp; 321127 |
| Business Jet Securities LLC, 2024-1A, "B", <br> 6.924%, 5/15/2039 (n)<br>| 56013 | &nbsp;&nbsp; 57125 |
| Business Jet Securities LLC, 2024-2A, "A", <br> 5.364%, 9/15/2039 (n)<br>| 114107 | &nbsp;&nbsp; 113862 |
| Cars Alliance, 2026-G1V, "A", FLR, 5% (EURIBOR - 1mo. + <br> 0.61%), 5/19/2036 (w)<br>| 300000 | &nbsp;&nbsp; 352095 |
| Cathedral Lake VI Ltd., FLR, 5.517% (SOFR - 3mo. + <br> 1.85%), 4/25/2034 (n)<br>| $244558 | &nbsp;&nbsp; 244700 |
| CF Hippolyta Issuer LLC, 2020-1, "B1", 2.28%, 7/15/2060 (n) | 89945 | &nbsp;&nbsp; 55222 |
| Chesapeake Funding II LLC, 2023-1A, "A1", <br> 5.65%, 5/15/2035 (n)<br>| 35870 | &nbsp;&nbsp; 35892 |
| Colt Funding LLC, 2024-1, "A2", 5.987%, 2/25/2069 (n) | 77089 | &nbsp;&nbsp; 77370 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 191109 | &nbsp;&nbsp; 191748 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN32, <br> "XA", 0.704%, 4/15/2054 (i)<br>| 3406283 | &nbsp;&nbsp; 89830 |
| Crest Ltd., CDO, 7% (0.001% Cash or 7% <br> PIK), 1/28/2040 (a)(d)(p)<br>| 4586320 | &nbsp;&nbsp; 46 |
| ELM Trust, 2024-ELM, "D10", 6.626%, 6/10/2039 (n) | 100000 | &nbsp;&nbsp; 99918 |
| Enterprise Fleet Financing 2024-3 LLC, "A2", <br> 5.31%, 4/20/2027 (n)<br>| 21227 | &nbsp;&nbsp; 21268 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 169941 | &nbsp;&nbsp; 171800 |
| Fact S.A., 2026-1, "A", FLR, 2.634% (EURIBOR - 1mo. + <br> 0.63%), 4/20/2033 <br>| 200000 | &nbsp;&nbsp; 234941 |
| Finance Ireland Auto Receivables, "1A", FLR, 2.812% (EURIBOR <br> - 1mo. + 0.85%), 9/12/2033 <br>| 547196 | &nbsp;&nbsp; 643651 |
| First Mobility S.à r.l., 2026-1, "A", FLR, 1% (EURIBOR - 1mo. + <br> 0.68%), 9/23/2033 (w)<br>| 400000 | &nbsp;&nbsp; 469835 |
| Home Owner Mortgage Enhanced, 5.077%, 8/25/2060 (n) | $203049 | &nbsp;&nbsp; 202011 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Liberty Funding Pty Ltd., 2026-1, "A1A", 4.763%, 10/10/2058  | 380813 | &nbsp;&nbsp; $273991 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 5.509% (SOFR - 1mo. + <br> 1.8412%), 8/17/2042 (n)<br>| $300000 | &nbsp;&nbsp; 300068 |
| M&T Bank Auto Receivables Trust, 2025-1A, "A2A", <br> 4.63%, 5/15/2028 (n)<br>| 69434 | &nbsp;&nbsp; 69541 |
| MF1 2024-FL14 LLC, "A", FLR, 5.391% (SOFR - 1mo. + <br> 1.737%), 3/19/2039 (n)<br>| 198311 | &nbsp;&nbsp; 198513 |
| MF1 2024-FL14 LLC, "AS", FLR, 5.895% (SOFR - 1mo. + <br> 2.24%), 3/19/2039 (n)<br>| 100000 | &nbsp;&nbsp; 100102 |
| MF1 2024-FL14 LLC, "B", FLR, 6.344% (SOFR - 1mo. + <br> 2.689%), 3/19/2039 (n)<br>| 328594 | &nbsp;&nbsp; 329038 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", <br> 1.178%, 5/15/2054 (i)<br>| 1586221 | &nbsp;&nbsp; 71404 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", <br> 1.141%, 6/15/2054 (i)<br>| 2474013 | &nbsp;&nbsp; 87399 |
| New Residential Mortgage Loan Trust, 2024-NQM3, "A-1", <br> 5.53%, 5/25/2065 (n)<br>| 213795 | &nbsp;&nbsp; 215074 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 62715 | &nbsp;&nbsp; 62940 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 52193 | &nbsp;&nbsp; 52425 |
| Panorama Auto Trust, 2026-1, "A", FLR, 5.14% (BBSW - 1mo. + <br> 1.02%), 3/15/2034 <br>| 640000 | &nbsp;&nbsp; 460409 |
| Red & Black Auto Germany S.à r.l., "A", FLR, 2.523% (EURIBOR <br> - 1mo. + 0.52%), 2/15/2035 <br>| 291903 | &nbsp;&nbsp; 342743 |
| RevoCar, 2026-1, "A", FLR, 5% (EURIBOR - 1mo. + <br> 0.55%), 10/21/2039 (w)<br>| 700000 | &nbsp;&nbsp; 821800 |
| Silver Arrow S.A., "A", FLR, 2.341% (EURIBOR - 1mo. + <br> 0.42%), 12/15/2033 <br>| 300000 | &nbsp;&nbsp; 352234 |
| Triton Trust, 2026-1, "A1MM", FLR, 4.799% (BBSW - 1mo. + <br> 0.7%), 2/15/2058 <br>| 994826 | &nbsp;&nbsp; 715903 |
| Wells Fargo Commercial Mortgage Trust, 2021-C59, "XA", <br> 1.464%, 4/15/2054 (i)<br>| $2223376 | &nbsp;&nbsp; 117478 |
| Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", <br> 1.49%, 8/15/2054 (i)<br>| 1910502 | &nbsp;&nbsp; 107313 |
|  |  | &nbsp;&nbsp; $12594529 |
| Auto & Auto Components – 2.7% | Auto & Auto Components – 2.7% | Auto & Auto Components – 2.7% |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $960000 | &nbsp;&nbsp; $902028 |
| Allison Transmission, Inc., 5.875%, 12/01/2033 (n) | 96000 | &nbsp;&nbsp; 96917 |
| American Axle & Manufacturing, Inc., 6.375%, 10/15/2032 (n) | 240000 | &nbsp;&nbsp; 239571 |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (n) | 430000 | &nbsp;&nbsp; 419821 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n) | 271000 | &nbsp;&nbsp; 279995 |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 279000 | &nbsp;&nbsp; 327209 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 9/15/2032 (n) | $146000 | &nbsp;&nbsp; 149349 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Auto & Auto Components – continued | Auto & Auto Components – continued | Auto & Auto Components – continued |
| Cyprium Corp./Cyprium Holdings Co., 6.375%, 4/15/2034 (n) | $469000 | &nbsp;&nbsp; $468405 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 479000 | &nbsp;&nbsp; 475941 |
| Ford Motor Credit Co. LLC, 6.95%, 6/10/2026  | 281000 | &nbsp;&nbsp; 281114 |
| Ford Motor Credit Co. LLC, 3.305%, 5/17/2029  | 300000 | &nbsp;&nbsp; 345683 |
| Ford Motor Credit Co. LLC, 5.73%, 9/05/2030  | $200000 | &nbsp;&nbsp; 201493 |
| Ford Motor Credit Co. LLC, 5.753%, 4/06/2033  | 227000 | &nbsp;&nbsp; 225034 |
| Forvia SE, 5.375%, 3/15/2031  | 160000 | &nbsp;&nbsp; 190491 |
| Hyundai Capital America, 5.25%, 1/08/2027 (n) | $244000 | &nbsp;&nbsp; 245414 |
| Hyundai Capital America, 4.5%, 9/18/2030 (n) | 134000 | &nbsp;&nbsp; 131860 |
| J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n) | 423000 | &nbsp;&nbsp; 438331 |
| New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n) | 525000 | &nbsp;&nbsp; 566501 |
| RCI Banque S.A., 3.625%, 2/22/2030  | 300000 | &nbsp;&nbsp; 351189 |
| Toyota Motor Finance (Netherlands) B.V., 3.25%, 4/23/2030  | 370000 | &nbsp;&nbsp; 432200 |
| Volkswagen Bank GmbH, 3.75%, 12/10/2032  | 200000 | &nbsp;&nbsp; 231299 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | $411000 | &nbsp;&nbsp; 362732 |
|  |  | &nbsp;&nbsp; $7362577 |
| Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% |
| Aretec Group, Inc., 7.5%, 4/01/2029 (n) | $243000 | &nbsp;&nbsp; $243304 |
| Aretec Group, Inc., 10%, 8/15/2030 (n) | 348000 | &nbsp;&nbsp; 368569 |
| Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 <br> day + 1.23%) to 11/14/2036 <br>| 601000 | &nbsp;&nbsp; 586487 |
| Citadel Securities Global Holdings LLC, 5.75%, 3/27/2036 (n) | 500000 | &nbsp;&nbsp; 493432 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 374000 | &nbsp;&nbsp; 371451 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 228000 | &nbsp;&nbsp; 236676 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 1659000 | &nbsp;&nbsp; 1667722 |
| Jefferies Financial Group, Inc., 5.5%, 2/15/2036  | 427000 | &nbsp;&nbsp; 411202 |
| Low Income Investment Fund, 3.386%, 7/01/2026  | 185000 | &nbsp;&nbsp; 184409 |
| Low Income Investment Fund, 3.711%, 7/01/2029  | 245000 | &nbsp;&nbsp; 238187 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 540000 | &nbsp;&nbsp; 525611 |
| LPL Holdings, Inc., 5.65%, 3/15/2035  | 64000 | &nbsp;&nbsp; 63959 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 188000 | &nbsp;&nbsp; 189181 |
| LSEG Netherlands B.V., 3%, 11/06/2031  | 350000 | &nbsp;&nbsp; 399462 |
| Osaic Holdings, Inc., 6.75%, 8/01/2032 (n) | $273000 | &nbsp;&nbsp; 277284 |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | 705000 | &nbsp;&nbsp; 718939 |
| The Carlyle Group, Inc., 5.05%, 9/19/2035  | 557000 | &nbsp;&nbsp; 538354 |
|  |  | &nbsp;&nbsp; $7514229 |
| Building – 2.2% | Building – 2.2% | Building – 2.2% |
| AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n) | $518000 | &nbsp;&nbsp; $538455 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 230000 | &nbsp;&nbsp; 146272 |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | 515000 | &nbsp;&nbsp; 511967 |
| JH North America Holdings, Inc., 5.875%, 1/31/2031 (n) | 189000 | &nbsp;&nbsp; 188913 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 188000 | &nbsp;&nbsp; 188399 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Building – continued | Building – continued | Building – continued |
| Knife River Corp., 7.75%, 5/01/2031 (n) | $375000 | &nbsp;&nbsp; $389376 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 292000 | &nbsp;&nbsp; 202356 |
| LBM Acquisition LLC, 9.5%, 6/15/2031 (n) | 439000 | &nbsp;&nbsp; 384118 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 162000 | &nbsp;&nbsp; 160127 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 480000 | &nbsp;&nbsp; 442831 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 193000 | &nbsp;&nbsp; 194378 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 621000 | &nbsp;&nbsp; 624812 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 1101000 | &nbsp;&nbsp; 1118372 |
| Vulcan Materials Co., 5.7%, 12/01/2054  | 207000 | &nbsp;&nbsp; 201864 |
| White Cap Supply Holding Co., 7.375%, 11/15/2030 (n) | 559000 | &nbsp;&nbsp; 565232 |
|  |  | &nbsp;&nbsp; $5857472 |
| Business Services – 2.7% | Business Services – 2.7% | Business Services – 2.7% |
| ams-OSRAM AG, 10.5%, 3/30/2029  | 498000 | &nbsp;&nbsp; $615603 |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $585000 | &nbsp;&nbsp; 557591 |
| Black Pearl Compute LLC, 6.125%, 2/15/2031 (n) | 849000 | &nbsp;&nbsp; 861385 |
| CACI International, Inc., 6.375%, 6/15/2033 (n) | 864000 | &nbsp;&nbsp; 883918 |
| Fiserv, Inc., 4.4%, 7/01/2049  | 334000 | &nbsp;&nbsp; 253084 |
| ION Platform Finance US, Inc., 7.875%, 9/30/2032 (n) | 482000 | &nbsp;&nbsp; 374575 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 614000 | &nbsp;&nbsp; 609626 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 465000 | &nbsp;&nbsp; 472201 |
| Iron Mountain, Inc., 4.75%, 1/15/2034  | 150000 | &nbsp;&nbsp; 170373 |
| Meridian Arc HoldCo LLC, 6.25%, 4/30/2031 (n) | $705000 | &nbsp;&nbsp; 704839 |
| Paychex, Inc., 5.1%, 4/15/2030  | 151000 | &nbsp;&nbsp; 152609 |
| Paychex, Inc., 5.35%, 4/15/2032  | 311000 | &nbsp;&nbsp; 313781 |
| SV RNO Property Owner 1 LLC, 5.875%, 3/01/2031 (n) | 704000 | &nbsp;&nbsp; 690729 |
| Visa, Inc., 3.875%, 5/15/2044  | 210000 | &nbsp;&nbsp; 235995 |
| Wulf Compute LLC, 7.75%, 10/15/2030 (n) | $473000 | &nbsp;&nbsp; 497121 |
|  |  | &nbsp;&nbsp; $7393430 |
| Cable TV – 3.4% | Cable TV – 3.4% | Cable TV – 3.4% |
| Cable One, Inc., 4%, 11/15/2030 (n) | $393000 | &nbsp;&nbsp; $274038 |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.75%, 3/01/2030 (n)<br>| 1520000 | &nbsp;&nbsp; 1440853 |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.5%, 8/15/2030 (n)<br>| 1062000 | &nbsp;&nbsp; 990597 |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.5%, 5/01/2032 <br>| 236000 | &nbsp;&nbsp; 207245 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., 6.65%, 2/01/2034 <br>| 123000 | &nbsp;&nbsp; 127550 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., 6.384%, 10/23/2035 <br>| 235000 | &nbsp;&nbsp; 237439 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., 6.484%, 10/23/2045 <br>| 172000 | &nbsp;&nbsp; 158470 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Cable TV – continued | Cable TV – continued | Cable TV – continued |
| Comcast Corp., 6.05%, 5/15/2055  | $330000 | &nbsp;&nbsp; $324285 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 700000 | &nbsp;&nbsp; 522603 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 350000 | &nbsp;&nbsp; 124272 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 250000 | &nbsp;&nbsp; 148841 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 227000 | &nbsp;&nbsp; 230771 |
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., <br> 10%, 2/15/2031 (n)<br>| 149000 | &nbsp;&nbsp; 155033 |
| DISH DBS Corp., 5.125%, 6/01/2029  | 502000 | &nbsp;&nbsp; 462240 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 412000 | &nbsp;&nbsp; 425308 |
| EchoStar Corp., 10.75%, 11/30/2029  | 509194 | &nbsp;&nbsp; 552859 |
| EchoStar Corp., 6.75% (6.75% Cash or 6.75% PIK) to <br> 5/30/2027, 6.75% Cash to 11/30/2030 (p)<br>| 431243 | &nbsp;&nbsp; 437546 |
| Eutelsat Communications SACA, 5.75%, 3/15/2031  | 160000 | &nbsp;&nbsp; 192399 |
| Summer BidCo B.V., 8.875%, 1/31/2031  | 154000 | &nbsp;&nbsp; 182568 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | $409000 | &nbsp;&nbsp; 396524 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 473000 | &nbsp;&nbsp; 398704 |
| Ziggo Bond Co. B.V., 5.125%, 2/28/2030 (n) | 1037000 | &nbsp;&nbsp; 909656 |
| Ziggo Bond Co. B.V., 6.125%, 11/15/2032  | 250000 | &nbsp;&nbsp; 261619 |
|  |  | &nbsp;&nbsp; $9161420 |
| Chemicals – 2.0% | Chemicals – 2.0% | Chemicals – 2.0% |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $437000 | &nbsp;&nbsp; $418428 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 728000 | &nbsp;&nbsp; 698289 |
| Currenta Group Holdings S.à r.l., 5.5%, 5/15/2030  | 270000 | &nbsp;&nbsp; 318763 |
| FMC Corp., 8.45% to 11/01/2030, FLR (CMT - 5yr. + 4.366%) <br> to 11/01/2055 <br>| $235000 | &nbsp;&nbsp; 155742 |
| Linde PLC, 3.4%, 2/14/2036  | 200000 | &nbsp;&nbsp; 227314 |
| Linde PLC, 3.75%, 11/20/2038  | 100000 | &nbsp;&nbsp; 114354 |
| Maxam Prill S.à r.l., 6%, 7/15/2030  | 277000 | &nbsp;&nbsp; 328306 |
| Maxam Prill S.à r.l., 6%, 7/15/2030 (n) | 509000 | &nbsp;&nbsp; 603277 |
| Novonesis (Novozymes), "B", 3.625%, 3/19/2033  | 280000 | &nbsp;&nbsp; 328631 |
| Qnity Electronics, Inc., 5.75%, 8/15/2032 (n) | $428000 | &nbsp;&nbsp; 432118 |
| Qnity Electronics, Inc., 6.25%, 8/15/2033 (n) | 328000 | &nbsp;&nbsp; 335585 |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 644000 | &nbsp;&nbsp; 639241 |
| SNF Group SACA, 5.626%, 3/31/2031 (n) | 246300 | &nbsp;&nbsp; 249295 |
| W.R. Grace Holdings LLC, 7%, 8/01/2033 (n) | 659000 | &nbsp;&nbsp; 654611 |
|  |  | &nbsp;&nbsp; $5503954 |
| Conglomerates – 1.7% | Conglomerates – 1.7% | Conglomerates – 1.7% |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $469000 | &nbsp;&nbsp; $477119 |
| Assa Abloy AB, 3.371%, 9/09/2032  | 210000 | &nbsp;&nbsp; 243083 |
| Columbia Pipelines Holdings Co. LLC, 7.125%, 2/01/2033 (n) | $423000 | &nbsp;&nbsp; 425413 |
| CompoSecure Holdings LLC, 5.625%, 2/01/2033 (n) | 421000 | &nbsp;&nbsp; 412660 |
| Eaton Corp. PLC, 4.5%, 3/06/2033  | 200000 | &nbsp;&nbsp; 197011 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Conglomerates – continued | Conglomerates – continued | Conglomerates – continued |
| Eaton Corp. PLC, 4.8%, 3/06/2036  | $234000 | &nbsp;&nbsp; $230356 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 384000 | &nbsp;&nbsp; 393131 |
| ESAB Corp., 5.625%, 4/01/2031 (n) | 562000 | &nbsp;&nbsp; 567175 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 309000 | &nbsp;&nbsp; 316749 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 178000 | &nbsp;&nbsp; 186259 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 121000 | &nbsp;&nbsp; 128662 |
| Smiths Group PLC, 3.625%, 11/13/2033  | 430000 | &nbsp;&nbsp; 488761 |
| Westinghouse Air Brake Technologies Corp., <br> 5.611%, 3/11/2034 <br>| $561000 | &nbsp;&nbsp; 578530 |
|  |  | &nbsp;&nbsp; $4644909 |
| Construction – 0.7% | Construction – 0.7% | Construction – 0.7% |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | $471000 | &nbsp;&nbsp; $480065 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 413000 | &nbsp;&nbsp; 394421 |
| Mattamy Group Corp., 6%, 12/15/2033 (n) | 231000 | &nbsp;&nbsp; 221775 |
| New Home Co., 8.5%, 11/01/2030 (n) | 491000 | &nbsp;&nbsp; 501666 |
| Weekley Homes LLC/Weekley Finance Corp., <br> 4.875%, 9/15/2028 (n)<br>| 426000 | &nbsp;&nbsp; 416514 |
|  |  | &nbsp;&nbsp; $2014441 |
| Consumer Products – 1.6% | Consumer Products – 1.6% | Consumer Products – 1.6% |
| Acushnet Co., 5.625%, 12/01/2033 (n) | $594000 | &nbsp;&nbsp; $596760 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., <br> 9.5%, 10/15/2029 (n)<br>| 439000 | &nbsp;&nbsp; 364158 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 453000 | &nbsp;&nbsp; 477226 |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 397000 | &nbsp;&nbsp; 381903 |
| Energizer Holdings, Inc., 6%, 9/15/2033 (n) | 181000 | &nbsp;&nbsp; 173091 |
| Galderma Finance Europe Co., 3.375%, 3/17/2031  | 280000 | &nbsp;&nbsp; 326039 |
| Henkel AG & Co. KGaA, 3.625%, 4/02/2031  | 300000 | &nbsp;&nbsp; 356551 |
| International Design Group S.p.A., 10%, 11/15/2028  | 264000 | &nbsp;&nbsp; 325191 |
| L'Oréal S.A., 5%, 5/20/2035 (n) | $276000 | &nbsp;&nbsp; 279361 |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | 218000 | &nbsp;&nbsp; 182289 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 433000 | &nbsp;&nbsp; 432358 |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 455000 | &nbsp;&nbsp; 420265 |
|  |  | &nbsp;&nbsp; $4315192 |
| Consumer Services – 2.2% | Consumer Services – 2.2% | Consumer Services – 2.2% |
| Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n) | $247000 | &nbsp;&nbsp; $254126 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | 458000 | &nbsp;&nbsp; 480383 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 495000 | &nbsp;&nbsp; 481260 |
| Eurofins Scientific SE, 3.875%, 2/05/2033  | 330000 | &nbsp;&nbsp; 382305 |
| Garda World Security Corp., 6.5%, 1/15/2031 (n) | $240000 | &nbsp;&nbsp; 245178 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 600000 | &nbsp;&nbsp; 619067 |
| Pluxee N.V., 3.75%, 9/04/2032  | 300000 | &nbsp;&nbsp; 347649 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Consumer Services – continued | Consumer Services – continued | Consumer Services – continued |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | $652000 | &nbsp;&nbsp; $645416 |
| Service Corp. International, 5.75%, 10/15/2032  | 1401000 | &nbsp;&nbsp; 1413352 |
| Toll Road Investors Partnership II LP, Capital Appreciation, <br> NPFG, 0%, 2/15/2027 (n)<br>| 353000 | &nbsp;&nbsp; 334584 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 449000 | &nbsp;&nbsp; 417357 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 181000 | &nbsp;&nbsp; 179664 |
|  |  | &nbsp;&nbsp; $5800341 |
| Containers – 0.7% | Containers – 0.7% | Containers – 0.7% |
| Ball Corp., 6%, 6/15/2029  | $368000 | &nbsp;&nbsp; $374383 |
| Ball Corp., 2.875%, 8/15/2030  | 796000 | &nbsp;&nbsp; 724060 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 430000 | &nbsp;&nbsp; 390150 |
| Crown Americas LLC, 5.875%, 6/01/2033  | 376000 | &nbsp;&nbsp; 378734 |
|  |  | &nbsp;&nbsp; $1867327 |
| Diversified Financial Services – 5.9% | Diversified Financial Services – 5.9% | Diversified Financial Services – 5.9% |
| Aroundtown S.A., 3%, 10/16/2029  | 210000 | &nbsp;&nbsp; $259676 |
| Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | $388000 | &nbsp;&nbsp; 388000 |
| Avolon Holdings Funding Ltd., 5.75%, 3/01/2029 (n) | 257000 | &nbsp;&nbsp; 262884 |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n) | 397000 | &nbsp;&nbsp; 387334 |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | 591000 | &nbsp;&nbsp; 612238 |
| Blackstone Secured Lending Fund, 5.35%, 4/13/2028  | 292000 | &nbsp;&nbsp; 291287 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 243000 | &nbsp;&nbsp; 253402 |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | 458000 | &nbsp;&nbsp; 456470 |
| CrossCountry Intermediate HoldCo LLC, 6.5%, 10/01/2030 (n) | 335000 | &nbsp;&nbsp; 329123 |
| CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032 (n) | 190000 | &nbsp;&nbsp; 183650 |
| FirstCash, Inc., 6.125%, 5/01/2034 (n)(w) | 465000 | &nbsp;&nbsp; 463895 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 457000 | &nbsp;&nbsp; 473466 |
| Freedom Mortgage Holdings LLC, 6.875%, 5/01/2031 (n) | 234000 | &nbsp;&nbsp; 225713 |
| Freedom Mortgage Holdings LLC, 9.125%, 5/15/2031 (n) | 186000 | &nbsp;&nbsp; 192652 |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 424000 | &nbsp;&nbsp; 423825 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 361000 | &nbsp;&nbsp; 379041 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n) | 377000 | &nbsp;&nbsp; 382395 |
| Goldman Sachs Private Credit Corp., 6.15%, 6/16/2031 (n) | 255000 | &nbsp;&nbsp; 252854 |
| Heimstaden AB, 8.375%, 1/29/2030  | 258000 | &nbsp;&nbsp; 316203 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., <br> 9.75%, 1/15/2029 <br>| $470000 | &nbsp;&nbsp; 472392 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., <br> 10%, 11/15/2029 (n)<br>| 204000 | &nbsp;&nbsp; 205781 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n) | 397000 | &nbsp;&nbsp; 415487 |
| Macquarie AirFinance Holdings Ltd., 5.15%, 3/17/2030 (n) | 198000 | &nbsp;&nbsp; 197232 |
| Macquarie AirFinance Holdings Ltd., 6.5%, 3/26/2031 (n) | 183000 | &nbsp;&nbsp; 191251 |
| Muthoot Finance Ltd., 7.125%, 2/14/2028 (n) | 226000 | &nbsp;&nbsp; 229433 |
| Muthoot Finance Ltd., 5.75%, 8/04/2030 (n) | 343000 | &nbsp;&nbsp; 340096 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Diversified Financial Services – continued | Diversified Financial Services – continued | Diversified Financial Services – continued |
| Navient Corp., 9.375%, 7/25/2030  | $233000 | &nbsp;&nbsp; $241790 |
| OneMain Finance Corp., 6.625%, 5/15/2029  | 513000 | &nbsp;&nbsp; 521842 |
| OneMain Finance Corp., 5.375%, 11/15/2029  | 296000 | &nbsp;&nbsp; 291781 |
| OneMain Finance Corp., 7.5%, 5/15/2031  | 296000 | &nbsp;&nbsp; 303477 |
| OneMain Finance Corp., 6.75%, 9/15/2033  | 324000 | &nbsp;&nbsp; 318686 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 1039000 | &nbsp;&nbsp; 1021704 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 469000 | &nbsp;&nbsp; 475958 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 965000 | &nbsp;&nbsp; 976768 |
| Rocket Cos., Inc., 4%, 10/15/2033 (n) | 160000 | &nbsp;&nbsp; 144156 |
| Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031 (n) | 219000 | &nbsp;&nbsp; 203319 |
| Shriram Finance Ltd., 6.15%, 4/03/2028 (n) | 731000 | &nbsp;&nbsp; 745776 |
| Shurgard Luxembourg S.à r.l., 4%, 5/27/2035  | 300000 | &nbsp;&nbsp; 341873 |
| SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n) | $705000 | &nbsp;&nbsp; 690611 |
| TrueNoord Capital DAC, 8.75%, 3/01/2030 (n) | 280000 | &nbsp;&nbsp; 285490 |
| VGP N.V., 2.25%, 1/17/2030  | 200000 | &nbsp;&nbsp; 219919 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | $505000 | &nbsp;&nbsp; 502201 |
|  |  | &nbsp;&nbsp; $15871131 |
| Electrical Equipment – 0.2% | Electrical Equipment – 0.2% | Electrical Equipment – 0.2% |
| PR RNO Property Owner 1 LLC, 6.5%, 5/01/2031 (n)(w) | $490000 | &nbsp;&nbsp; $485695 |
| Emerging Market Quasi-Sovereign – 5.5% | Emerging Market Quasi-Sovereign – 5.5% | Emerging Market Quasi-Sovereign – 5.5% |
| Abu Dhabi Developmental Holding Co. PJSC, <br> 5.5%, 5/08/2034 (n)<br>| $644000 | &nbsp;&nbsp; $659668 |
| Abu Dhabi Developmental Holding Co. PJSC, <br> 5.25%, 10/02/2054 <br>| 853000 | &nbsp;&nbsp; 772384 |
| Bank Gospodarstwa Krajowego (Republic of Poland), <br> 5.75%, 7/09/2034 (n)<br>| 940000 | &nbsp;&nbsp; 977566 |
| Chile Electricity Lux MPC II S.à r.l., 5.58%, 10/20/2035 (n) | 507325 | &nbsp;&nbsp; 518233 |
| Codelco, Inc. (Republic of Chile), 5.529%, 1/30/2037 (n) | 200000 | &nbsp;&nbsp; 198580 |
| Comision Federal de Electricidad (United Mexican States), <br> 6.045%, 1/28/2034 (n)<br>| 400000 | &nbsp;&nbsp; 394952 |
| Corporacion Financiera de Desarrollo S.A. (Republic of Peru), <br> 5.5%, 5/06/2030 (n)<br>| 200000 | &nbsp;&nbsp; 204180 |
| Empresa Nacional del Petroleo (Republic of Chile), <br> 5.95%, 7/30/2034 (n)<br>| 425000 | &nbsp;&nbsp; 439292 |
| Eskom Holdings SOC Ltd. (Republic of South Africa), <br> 6.35%, 8/10/2028 (n)<br>| 1052000 | &nbsp;&nbsp; 1069780 |
| Export-Import Bank of India, 3.375%, 8/05/2026  | 1366000 | &nbsp;&nbsp; 1361765 |
| Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 700000 | &nbsp;&nbsp; 640648 |
| JSC National Co. Kazakhstan Temir Zholy, <br> 4.875%, 4/29/2031 (n)<br>| 200000 | &nbsp;&nbsp; 197204 |
| Magyar Export-Import Bank PLC (Republic of Hungary), <br> 6.125%, 12/04/2027 (n)<br>| 490000 | &nbsp;&nbsp; 500024 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Emerging Market Quasi-Sovereign – continued | Emerging Market Quasi-Sovereign – continued | Emerging Market Quasi-Sovereign – continued |
| Navoi Mining & Metallurgical Co. (Republic of Uzbekistan), <br> 6.7%, 10/17/2028 <br>| $538000 | &nbsp;&nbsp; $552934 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), <br> 6.75%, 5/02/2034 (n)<br>| 285000 | &nbsp;&nbsp; 299300 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), <br> 6.875%, 4/25/2044 (n)<br>| 373000 | &nbsp;&nbsp; 377705 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), <br> 5.125%, 6/23/2051 (n)<br>| 600000 | &nbsp;&nbsp; 479723 |
| Petroleos Mexicanos, 6.7%, 2/16/2032  | 499000 | &nbsp;&nbsp; 500627 |
| Petroleos Mexicanos, 6.75%, 9/21/2047  | 634000 | &nbsp;&nbsp; 533998 |
| PETRONAS Capital Ltd. (Federation of Malaysia), <br> 5.34%, 4/03/2035 (n)<br>| 462000 | &nbsp;&nbsp; 476935 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), <br> 5.45%, 2/03/2036 (n)<br>| 492000 | &nbsp;&nbsp; 478648 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), <br> 4%, 6/30/2050 (n)<br>| 270000 | &nbsp;&nbsp; 188245 |
| Qatar Petroleum, 3.125%, 7/12/2041  | 355000 | &nbsp;&nbsp; 266314 |
| Saudi Arabian Oil Co., 5%, 2/02/2036 (n) | 323000 | &nbsp;&nbsp; 317527 |
| Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n) | 410000 | &nbsp;&nbsp; 386912 |
| Saudi Arabian Oil Co., 6.375%, 6/02/2055 (n) | 511000 | &nbsp;&nbsp; 520638 |
| State Oil Company of the Azerbaijan Republic, <br> 6.95%, 3/18/2030 <br>| 1152000 | &nbsp;&nbsp; 1240077 |
| Uzbek Industrial & Construction Bank ATB (Republic of <br> Uzbekistan), 8.95%, 7/24/2029 (n)<br>| 388000 | &nbsp;&nbsp; 418901 |
|  |  | &nbsp;&nbsp; $14972760 |
| Emerging Market Sovereign – 9.6% | Emerging Market Sovereign – 9.6% | Emerging Market Sovereign – 9.6% |
| Eagle Funding LuxCo S.à r.l. (United Mexican States), <br> 5.5%, 8/17/2030 (n)<br>| $250000 | &nbsp;&nbsp; $251925 |
| Federal Republic of Nigeria, 7.875%, 2/16/2032  | 320000 | &nbsp;&nbsp; 337320 |
| Federative Republic of Brazil, 10%, 1/01/2035  | 15300000 | &nbsp;&nbsp; 2528371 |
| Hellenic Republic (Republic of Greece), 4.125%, 6/15/2054  | 1876000 | &nbsp;&nbsp; 2083202 |
| Kingdom of Saudi Arabia, 5.125%, 1/13/2028 (n) | $363000 | &nbsp;&nbsp; 366555 |
| Kingdom of Saudi Arabia, 4.875%, 1/12/2036 (n) | 843000 | &nbsp;&nbsp; 828545 |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031  | 11700000 | &nbsp;&nbsp; 300737 |
| Oriental Republic of Uruguay, 9.75%, 7/20/2033  | 10000000 | &nbsp;&nbsp; 276442 |
| Republic of Angola, 8.25%, 5/09/2028  | $491000 | &nbsp;&nbsp; 503166 |
| Republic of Angola, 9.375%, 5/08/2048  | 400000 | &nbsp;&nbsp; 389202 |
| Republic of Argentina, 4.125%, 7/09/2035  | 1047289 | &nbsp;&nbsp; 780230 |
| Republic of Bulgaria, 5%, 3/05/2037  | 408000 | &nbsp;&nbsp; 397423 |
| Republic of Chile, 3.1%, 1/22/2061  | 672000 | &nbsp;&nbsp; 413011 |
| Republic of Costa Rica, 7.3%, 11/13/2054  | 591000 | &nbsp;&nbsp; 664875 |
| Republic of Cote d'Ivoire, 5.25%, 3/22/2030  | 802000 | &nbsp;&nbsp; 942279 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Emerging Market Sovereign – continued | Emerging Market Sovereign – continued | Emerging Market Sovereign – continued |
| Republic of Guatemala, 6.05%, 8/06/2031 (n) | $420000 | &nbsp;&nbsp; $434868 |
| Republic of Guatemala, 6.125%, 6/01/2050 (n) | 564000 | &nbsp;&nbsp; 563662 |
| Republic of Hungary, 5.5%, 6/16/2034 (n) | 970000 | &nbsp;&nbsp; 982173 |
| Republic of Hungary, 6%, 9/26/2035 (n) | 333000 | &nbsp;&nbsp; 346274 |
| Republic of Paraguay, 5.6%, 3/13/2048  | 1049000 | &nbsp;&nbsp; 978192 |
| Republic of Peru, 5.375%, 2/08/2035  | 422000 | &nbsp;&nbsp; 425376 |
| Republic of Peru, 6.85%, 8/12/2035  | 3200000 | &nbsp;&nbsp; 950858 |
| Republic of Poland, 5.375%, 2/12/2035  | $397000 | &nbsp;&nbsp; 404539 |
| Republic of Poland, 6.125%, 4/14/2056  | 328000 | &nbsp;&nbsp; 328891 |
| Republic of Romania, 6.375%, 1/30/2034  | 554000 | &nbsp;&nbsp; 559633 |
| Republic of Romania, 7.5%, 2/10/2037  | 638000 | &nbsp;&nbsp; 680432 |
| Republic of Serbia, 1.65%, 3/03/2033  | 115000 | &nbsp;&nbsp; 112669 |
| Republic of Serbia, 6%, 6/12/2034 (n) | $689000 | &nbsp;&nbsp; 707244 |
| Republic of South Africa, 8.875%, 2/28/2035  | 39200000 | &nbsp;&nbsp; 2364850 |
| Republic of South Africa, 7.1%, 11/19/2036 (n) | $675000 | &nbsp;&nbsp; 705083 |
| Republic of South Africa, 7.3%, 4/20/2052  | 396000 | &nbsp;&nbsp; 379781 |
| Republic of Turkey, 7.625%, 5/15/2034  | 540000 | &nbsp;&nbsp; 561525 |
| Republic of Turkey, 6.5%, 1/03/2035  | 308000 | &nbsp;&nbsp; 296781 |
| Sultanate of Oman, 6%, 8/01/2029  | 406000 | &nbsp;&nbsp; 422096 |
| Sultanate of Oman, 7%, 1/25/2051  | 600000 | &nbsp;&nbsp; 677442 |
| United Mexican States, 4.75%, 4/27/2032  | 736000 | &nbsp;&nbsp; 710608 |
| United Mexican States, 5.85%, 7/02/2032  | 408000 | &nbsp;&nbsp; 414467 |
| United Mexican States, 5.625%, 2/09/2034  | 351000 | &nbsp;&nbsp; 346497 |
| United Mexican States, 6.125%, 2/09/2038  | 200000 | &nbsp;&nbsp; 197270 |
| United Mexican States, 3.771%, 5/24/2061  | 430000 | &nbsp;&nbsp; 259505 |
|  |  | &nbsp;&nbsp; $25873999 |
| Energy - Independent – 3.2% | Energy - Independent – 3.2% | Energy - Independent – 3.2% |
| Aker BP ASA, 4%, 5/29/2032  | 330000 | &nbsp;&nbsp; $390096 |
| APA Corp., 6.1%, 2/15/2035  | $98000 | &nbsp;&nbsp; 101677 |
| APA Corp., 6.75%, 2/15/2055  | 178000 | &nbsp;&nbsp; 181917 |
| Azule Energy Finance PLC, 8.25%, 1/22/2031 (n) | 419000 | &nbsp;&nbsp; 431736 |
| California Resources Corp., 7%, 1/15/2034 (n) | 422000 | &nbsp;&nbsp; 430622 |
| Chord Energy Corp., 6%, 10/01/2030 (n) | 145000 | &nbsp;&nbsp; 147798 |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | 502000 | &nbsp;&nbsp; 522367 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 583000 | &nbsp;&nbsp; 607391 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 703000 | &nbsp;&nbsp; 702752 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 604000 | &nbsp;&nbsp; 619650 |
| Infinity Natural Resource Co., 7.625%, 4/01/2031 (n) | 470000 | &nbsp;&nbsp; 477946 |
| Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n) | 333000 | &nbsp;&nbsp; 339308 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance <br> Corp., 6.875%, 12/01/2032 (n)<br>| 634000 | &nbsp;&nbsp; 655986 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 199000 | &nbsp;&nbsp; 203212 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Energy - Independent – continued | Energy - Independent – continued | Energy - Independent – continued |
| Matador Resources Co., 6%, 4/15/2034 (n) | $226000 | &nbsp;&nbsp; $226859 |
| Occidental Petroleum Corp., 6.45%, 9/15/2036  | 271000 | &nbsp;&nbsp; 291228 |
| Pioneer Natural Resources Co., 2.15%, 1/15/2031  | 286000 | &nbsp;&nbsp; 258263 |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | 397000 | &nbsp;&nbsp; 401669 |
| SM Energy Co., 8.625%, 11/01/2030 (n) | 185000 | &nbsp;&nbsp; 195688 |
| SM Energy Co., 8.75%, 7/01/2031 (n) | 408000 | &nbsp;&nbsp; 428018 |
| SM Energy Co., 6.625%, 4/15/2034 (n) | 225000 | &nbsp;&nbsp; 228111 |
| Var Energi ASA, 3.875%, 3/12/2031  | 280000 | &nbsp;&nbsp; 328077 |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | $394000 | &nbsp;&nbsp; 405507 |
|  |  | &nbsp;&nbsp; $8575878 |
| Energy - Integrated – 0.7% | Energy - Integrated – 0.7% | Energy - Integrated – 0.7% |
| BP Capital Markets B.V., 0.933%, 12/04/2040  | 190000 | &nbsp;&nbsp; $142202 |
| BP Capital Markets PLC, 6%, 2/19/2173  | 280000 | &nbsp;&nbsp; 383357 |
| Eni S.p.A, 4.25%, 5/19/2033  | 310000 | &nbsp;&nbsp; 376454 |
| Exxon Mobil Corp., 1.408%, 6/26/2039  | 450000 | &nbsp;&nbsp; 384676 |
| Orlen S.A., 6%, 1/30/2035  | $542000 | &nbsp;&nbsp; 562685 |
|  |  | &nbsp;&nbsp; $1849374 |
| Entertainment & Leisure – 1.2% | Entertainment & Leisure – 1.2% | Entertainment & Leisure – 1.2% |
| Life Time, Inc., 6%, 11/15/2031 (n) | $378000 | &nbsp;&nbsp; $383716 |
| Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n) | 433000 | &nbsp;&nbsp; 444813 |
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | 485000 | &nbsp;&nbsp; 492433 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 324000 | &nbsp;&nbsp; 329763 |
| Six Flags Entertainment Corp./Canada Wonderland Co., <br> 8.625%, 1/15/2032 (n)<br>| 478000 | &nbsp;&nbsp; 485959 |
| Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n) | 356000 | &nbsp;&nbsp; 356905 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 656000 | &nbsp;&nbsp; 655573 |
|  |  | &nbsp;&nbsp; $3149162 |
| Food & Beverages – 4.3% | Food & Beverages – 4.3% | Food & Beverages – 4.3% |
| Anheuser-Busch InBev S.A./N.V., 4.125%, 5/19/2045  | 110000 | &nbsp;&nbsp; $122750 |
| Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038  | $207000 | &nbsp;&nbsp; 192874 |
| Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049  | 331000 | &nbsp;&nbsp; 323090 |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | 530000 | &nbsp;&nbsp; 492630 |
| Bacardi-Martini B.V., 5.4%, 6/15/2033 (n) | 126000 | &nbsp;&nbsp; 124876 |
| Central American Bottling Corp., 5.25%, 4/27/2029 (n) | 691000 | &nbsp;&nbsp; 683130 |
| Chobani LLC/Chobani Finance Corp., 6.375%, 4/15/2034 (n) | 564000 | &nbsp;&nbsp; 575452 |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | 257000 | &nbsp;&nbsp; 265398 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 320000 | &nbsp;&nbsp; 330935 |
| Flowers Foods, Inc., 5.75%, 3/15/2035  | 118000 | &nbsp;&nbsp; 113704 |
| Flowers Foods, Inc., 6.2%, 3/15/2055  | 50000 | &nbsp;&nbsp; 42241 |
| Gruma S.A.B. de C.V., 5.39%, 12/09/2034 (n) | 200000 | &nbsp;&nbsp; 202130 |
| Heineken N.V., 3.505%, 5/03/2034  | 540000 | &nbsp;&nbsp; 622156 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Food & Beverages – continued | Food & Beverages – continued | Food & Beverages – continued |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., <br> 3.625%, 1/15/2032 <br>| $1000000 | &nbsp;&nbsp; $924761 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., <br> 5.5%, 1/15/2036 <br>| 324000 | &nbsp;&nbsp; 322969 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., <br> 6.5%, 12/01/2052 <br>| 173000 | &nbsp;&nbsp; 173503 |
| Kraft Heinz Foods Co., 4.375%, 6/01/2046  | 393000 | &nbsp;&nbsp; 307980 |
| Magnum ICC Finance B.V., 3.75%, 11/26/2034  | 370000 | &nbsp;&nbsp; 424148 |
| Magnum ICC Finance B.V., 4%, 11/26/2037  | 290000 | &nbsp;&nbsp; 327001 |
| Maple Parent Holdings Corp., 4.728%, 3/26/2035  | 280000 | &nbsp;&nbsp; 329439 |
| Mars, Inc., 4.8%, 3/01/2030 (n) | $251000 | &nbsp;&nbsp; 253542 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 508000 | &nbsp;&nbsp; 512533 |
| Mars, Inc., 5.7%, 5/01/2055 (n) | 387000 | &nbsp;&nbsp; 376565 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 388000 | &nbsp;&nbsp; 393304 |
| Performance Food Group Co., 5.625%, 3/01/2034 (n) | 318000 | &nbsp;&nbsp; 311373 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 972000 | &nbsp;&nbsp; 944331 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 381000 | &nbsp;&nbsp; 376109 |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 834000 | &nbsp;&nbsp; 824921 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 197000 | &nbsp;&nbsp; 197723 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 419000 | &nbsp;&nbsp; 427806 |
|  |  | &nbsp;&nbsp; $11519374 |
| Forest & Paper Products – 0.2% | Forest & Paper Products – 0.2% | Forest & Paper Products – 0.2% |
| Smurfit Kappa Treasury Co., 3.489%, 11/24/2031  | 110000 | &nbsp;&nbsp; $127445 |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | $452000 | &nbsp;&nbsp; 476306 |
|  |  | &nbsp;&nbsp; $603751 |
| Global Systemically Important Banks – 3.9% | Global Systemically Important Banks – 3.9% | Global Systemically Important Banks – 3.9% |
| Bank of America Corp., 5.202% to 4/25/2028, FLR (SOFR - 1 day <br> + 1.63%) to 4/25/2029 <br>| $190000 | &nbsp;&nbsp; $192542 |
| Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day <br> + 1.32%) to 4/22/2032 <br>| 409000 | &nbsp;&nbsp; 371126 |
| Bank of America Corp., 5.464% to 5/09/2035, FLR (SOFR - 1 day <br> + 1.64%) to 5/09/2036 <br>| 630000 | &nbsp;&nbsp; 643138 |
| BNP Paribas S.A., 6.875% to 12/15/2033, FLR (CMT - 5yr. + <br> 2.853%) to 6/15/2174 (n)<br>| 340000 | &nbsp;&nbsp; 337696 |
| Deutsche Bank AG, 5.373% to 1/10/2028, FLR (SOFR - 1 day + <br> 1.21%) to 1/10/2029 <br>| 440000 | &nbsp;&nbsp; 444911 |
| Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + <br> 1.3%) to 8/04/2031 <br>| 413000 | &nbsp;&nbsp; 411705 |
| Goldman Sachs Group, Inc., 4.692% to 10/23/2029, FLR (SOFR - <br> 1 day + 1.135%) to 10/23/2030 <br>| 216000 | &nbsp;&nbsp; 215996 |
| Goldman Sachs Group, Inc., 5.016% to 10/23/2034, FLR (SOFR - <br> 1 day + 1.42%) to 10/23/2035 <br>| 393000 | &nbsp;&nbsp; 386663 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Global Systemically Important Banks – continued | Global Systemically Important Banks – continued | Global Systemically Important Banks – continued |
| Goldman Sachs Group, Inc., 5.065% to 1/21/2036, FLR (SOFR - <br> 1 day + 1.19%) to 1/21/2037 <br>| $405000 | &nbsp;&nbsp; $395943 |
| HSBC Holdings PLC, 5.279% to 3/10/2036, FLR (SOFR - 1 day + <br> 1.55%) to 3/10/2037 <br>| 318000 | &nbsp;&nbsp; 313634 |
| JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 <br> day + 1.16%) to 4/22/2030 <br>| 343000 | &nbsp;&nbsp; 352624 |
| JPMorgan Chase & Co., 4.603% to 10/22/2029, FLR (SOFR - 1 <br> day + 1.04%) to 10/22/2030 <br>| 546000 | &nbsp;&nbsp; 547266 |
| JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 <br> day + 1.065%) to 2/04/2032 <br>| 518000 | &nbsp;&nbsp; 457061 |
| JPMorgan Chase & Co., 3.136% to 2/18/2031, FLR (EURIBOR - <br> 3mo. + 0.76%) to 2/18/2032 <br>| 450000 | &nbsp;&nbsp; 518776 |
| JPMorgan Chase & Co., 5.502% to 1/24/2035, FLR (SOFR - 1 <br> day + 1.315%) to 1/24/2036 <br>| $312000 | &nbsp;&nbsp; 319500 |
| Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, <br> FLR (CMT - 1yr. + 0.97%) to 10/13/2032 <br>| 550000 | &nbsp;&nbsp; 487894 |
| Mitsubishi UFJ Financial Group, Inc., 5.188%, 9/12/2036  | 424000 | &nbsp;&nbsp; 421287 |
| Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + <br> 0.879%) to 5/04/2027 <br>| 312000 | &nbsp;&nbsp; 311924 |
| Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + <br> 3.12%) to 4/01/2031 <br>| 550000 | &nbsp;&nbsp; 528648 |
| Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + <br> 1.88%) to 7/21/2034 <br>| 489000 | &nbsp;&nbsp; 498376 |
| UBS Group AG, 3.125%, 2/13/2031  | 410000 | &nbsp;&nbsp; 474792 |
| UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) <br> to 2/11/2033 (n)<br>| $711000 | &nbsp;&nbsp; 630921 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + <br> 3.313%) to 8/10/2171 (n)<br>| 579000 | &nbsp;&nbsp; 530809 |
| Wells Fargo & Co., 5.244% to 1/24/2030, FLR (SOFR - 1 day + <br> 1.11%) to 1/24/2031 <br>| 191000 | &nbsp;&nbsp; 194707 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + <br> 1.5%) to 3/02/2033 <br>| 437000 | &nbsp;&nbsp; 402317 |
|  |  | &nbsp;&nbsp; $10390256 |
| Hardware, Peripherals, & Assembly – 0.5% | Hardware, Peripherals, & Assembly – 0.5% | Hardware, Peripherals, & Assembly – 0.5% |
| SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n) | $375000 | &nbsp;&nbsp; $379437 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 330000 | &nbsp;&nbsp; 274398 |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | 605000 | &nbsp;&nbsp; 616769 |
|  |  | &nbsp;&nbsp; $1270604 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Industrial – 1.0% | Industrial – 1.0% | Industrial – 1.0% |
| AECOM, 6%, 8/01/2033 (n) | $734000 | &nbsp;&nbsp; $739992 |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 869000 | &nbsp;&nbsp; 851531 |
| Brundage-Bone Concrete Pumping Holdings, Inc., <br> 7.5%, 2/01/2032 (n)<br>| 397000 | &nbsp;&nbsp; 403471 |
| WSP Global, Inc., 5.039%, 9/18/2031 (n) | 216000 | &nbsp;&nbsp; 215075 |
| WSP Global, Inc., 5.714%, 9/18/2036 (n) | 492000 | &nbsp;&nbsp; 489010 |
|  |  | &nbsp;&nbsp; $2699079 |
| Insurance – 0.9% | Insurance – 0.9% | Insurance – 0.9% |
| Aviva PLC, 4.625%, 8/28/2056  | 218000 | &nbsp;&nbsp; $258065 |
| Corebridge Financial, Inc., 4.35%, 4/05/2042  | $228000 | &nbsp;&nbsp; 189947 |
| Corebridge Financial, Inc., 6.875% to 12/01/2030, FLR (CMT - <br> 5yr. + 3.181%) to 6/01/2174 <br>| 233000 | &nbsp;&nbsp; 239656 |
| Corebridge Global Funding, 4.9%, 8/21/2032 (n) | 310000 | &nbsp;&nbsp; 307268 |
| Mapfre S.A., 3.125%, 1/20/2032  | 400000 | &nbsp;&nbsp; 459514 |
| Northwestern Mutual Life Insurance Co., 6.17%, 5/29/2055 (n) | $424000 | &nbsp;&nbsp; 437075 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 408000 | &nbsp;&nbsp; 432058 |
|  |  | &nbsp;&nbsp; $2323583 |
| Insurance - Health – 1.0% | Insurance - Health – 1.0% | Insurance - Health – 1.0% |
| Bupa Finance PLC, 6.625%, 11/18/2045  | 110000 | &nbsp;&nbsp; $142285 |
| Centene Corp., 4.625%, 12/15/2029  | $235000 | &nbsp;&nbsp; 229101 |
| Centene Corp., 3%, 10/15/2030  | 375000 | &nbsp;&nbsp; 337150 |
| Humana, Inc., 5.375%, 4/15/2031  | 196000 | &nbsp;&nbsp; 198678 |
| Humana, Inc., 5.55%, 5/01/2035  | 455000 | &nbsp;&nbsp; 452098 |
| Molina Healthcare, Inc., 6.5%, 2/15/2031 (n) | 753000 | &nbsp;&nbsp; 766140 |
| UnitedHealth Group, Inc., 5.15%, 7/15/2034  | 455000 | &nbsp;&nbsp; 460432 |
|  |  | &nbsp;&nbsp; $2585884 |
| Insurance - Property & Casualty – 3.7% | Insurance - Property & Casualty – 3.7% | Insurance - Property & Casualty – 3.7% |
| Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n) | $148000 | &nbsp;&nbsp; $150298 |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n) | 656000 | &nbsp;&nbsp; 646299 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, <br> 5.875%, 11/01/2029 (n)<br>| 265000 | &nbsp;&nbsp; 259773 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, <br> 7%, 1/15/2031 (n)<br>| 403000 | &nbsp;&nbsp; 411299 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, <br> 6.5%, 10/01/2031 (n)<br>| 184000 | &nbsp;&nbsp; 185573 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, <br> 7.375%, 10/01/2032 (n)<br>| 282000 | &nbsp;&nbsp; 277090 |
| American International Group, Inc., 5.125%, 3/27/2033  | 317000 | &nbsp;&nbsp; 320607 |
| Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n) | 478000 | &nbsp;&nbsp; 466094 |
| Ardonagh Finco Ltd., 6.875%, 2/15/2031  | 138000 | &nbsp;&nbsp; 162150 |
| Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n) | $200000 | &nbsp;&nbsp; 204176 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued |
| Arthur J. Gallagher & Co., 5%, 2/15/2032  | $79000 | &nbsp;&nbsp; $79160 |
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034  | 109000 | &nbsp;&nbsp; 117549 |
| Arthur J. Gallagher & Co., 5.75%, 3/02/2053  | 238000 | &nbsp;&nbsp; 227030 |
| Asurion LLC, 8%, 12/31/2032 (n) | 812000 | &nbsp;&nbsp; 848206 |
| Asurion LLC, 8.375%, 2/01/2034 (n) | 698000 | &nbsp;&nbsp; 688652 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 650000 | &nbsp;&nbsp; 658113 |
| Broadstreet Partners, Inc., 5.875%, 4/15/2029 (n) | 188000 | &nbsp;&nbsp; 185123 |
| Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027  | 672000 | &nbsp;&nbsp; 499195 |
| Fairfax Financial Holdings Ltd., 5.75%, 5/20/2035  | $253000 | &nbsp;&nbsp; 258993 |
| Fairfax Financial Holdings Ltd., 6.35%, 3/22/2054  | 402000 | &nbsp;&nbsp; 409138 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 180000 | &nbsp;&nbsp; 177739 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 593000 | &nbsp;&nbsp; 613441 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 275000 | &nbsp;&nbsp; 281702 |
| Liberty Mutual Group, Inc., 3.875%, 9/26/2035  | 340000 | &nbsp;&nbsp; 388859 |
| Marsh & McLennan Cos., Inc., 5.4%, 3/15/2055  | $319000 | &nbsp;&nbsp; 297407 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 944000 | &nbsp;&nbsp; 948421 |
| Progressive Corp., 5.15%, 3/26/2036  | 318000 | &nbsp;&nbsp; 317215 |
|  |  | &nbsp;&nbsp; $10079302 |
| Interactive Media Services – 0.2% | Interactive Media Services – 0.2% | Interactive Media Services – 0.2% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $587000 | &nbsp;&nbsp; $571466 |
| International Market Quasi-Sovereign – 0.7% | International Market Quasi-Sovereign – 0.7% | International Market Quasi-Sovereign – 0.7% |
| Aena SME S.A. (Kingdom of Spain), 3.5%, 1/22/2036  | 200000 | &nbsp;&nbsp; $227480 |
| Electricite de France S.A., 4.625%, 1/25/2043  | 200000 | &nbsp;&nbsp; 230870 |
| Landsbankinn hf. (Republic of Iceland), 3.625%, 11/03/2032  | 220000 | &nbsp;&nbsp; 251192 |
| Ontario Teachers' Cadillac Fairview Properties, <br> 2.5%, 10/15/2031 (n)<br>| $425000 | &nbsp;&nbsp; 376736 |
| Swisscom Finance B.V., 3.625%, 11/17/2037  | 600000 | &nbsp;&nbsp; 681254 |
|  |  | &nbsp;&nbsp; $1767532 |
| International Market Sovereign – 3.0% | International Market Sovereign – 3.0% | International Market Sovereign – 3.0% |
| Government of Bermuda, 2.375%, 8/20/2030 (n) | $239000 | &nbsp;&nbsp; $217284 |
| Government of Bermuda, 5%, 7/15/2032 (n) | 931000 | &nbsp;&nbsp; 933979 |
| Kingdom of Spain, 3.2%, 10/31/2035 (n) | 1941000 | &nbsp;&nbsp; 2233404 |
| Republic of Iceland, 6.5%, 1/24/2031  | 16000000 | &nbsp;&nbsp; 125522 |
| Republic of Italy, 4.3%, 10/01/2054 (n) | 3546000 | &nbsp;&nbsp; 3999137 |
| State of Israel, 5%, 1/13/2036  | $600000 | &nbsp;&nbsp; 582214 |
|  |  | &nbsp;&nbsp; $8091540 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Local Authorities – 0.4% | Local Authorities – 0.4% | Local Authorities – 0.4% |
| Province of Alberta, 1.65%, 6/01/2031  | 553000 | &nbsp;&nbsp; $374294 |
| Province of British Columbia, 2.95%, 6/18/2050  | 405000 | &nbsp;&nbsp; 221605 |
| Province of Ontario, 3.25%, 7/03/2035  | 440000 | &nbsp;&nbsp; 509446 |
|  |  | &nbsp;&nbsp; $1105345 |
| Machinery & Tools – 0.7% | Machinery & Tools – 0.7% | Machinery & Tools – 0.7% |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | $405000 | &nbsp;&nbsp; $433029 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 959000 | &nbsp;&nbsp; 995710 |
| Terex Corp., 6.25%, 10/15/2032 (n) | 373000 | &nbsp;&nbsp; 379105 |
|  |  | &nbsp;&nbsp; $1807844 |
| Media – 3.5% | Media – 3.5% | Media – 3.5% |
| Arqiva Broadcast Finance PLC, 8.625%, 7/01/2030  | 472000 | &nbsp;&nbsp; $549720 |
| Discovery Global Holdings, Inc., 4.279%, 3/15/2032  | $93000 | &nbsp;&nbsp; 84233 |
| Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n) | 438000 | &nbsp;&nbsp; 411111 |
| Graham Holdings Co., 5.625%, 12/01/2033 (n) | 533000 | &nbsp;&nbsp; 527567 |
| Gray Media, Inc., 4.75%, 10/15/2030 (n) | 186000 | &nbsp;&nbsp; 148899 |
| Gray Media, Inc., 9.625%, 7/15/2032 (n) | 374000 | &nbsp;&nbsp; 380251 |
| Gray Media, Inc., 7.25%, 8/15/2033 (n) | 289000 | &nbsp;&nbsp; 294274 |
| Informa PLC, 3.75%, 4/29/2032  | 210000 | &nbsp;&nbsp; 244551 |
| NAVER Corp., 3.75%, 4/21/2033  | 340000 | &nbsp;&nbsp; 396896 |
| News Corp., 3.875%, 5/15/2029 (n) | $520000 | &nbsp;&nbsp; 503000 |
| Nexstar Media, Inc., 6.5%, 9/15/2033 (n) | 667000 | &nbsp;&nbsp; 672133 |
| Nexstar Media, Inc., 7.25%, 4/15/2034 (n) | 344000 | &nbsp;&nbsp; 346197 |
| Omnicom Group, Inc., 3.85%, 5/02/2034  | 610000 | &nbsp;&nbsp; 699937 |
| Paramount Global, 4.95%, 1/15/2031  | $186000 | &nbsp;&nbsp; 175455 |
| Prosus N.V., 3.061%, 7/13/2031 (n) | 325000 | &nbsp;&nbsp; 297107 |
| Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n) | 307000 | &nbsp;&nbsp; 290894 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 517000 | &nbsp;&nbsp; 535390 |
| Stagwell Global LLC, 5.625%, 8/15/2029 (n) | 563000 | &nbsp;&nbsp; 535556 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 641000 | &nbsp;&nbsp; 650551 |
| Univision Communications, Inc., 8.875%, 4/15/2033 (n) | 291000 | &nbsp;&nbsp; 292586 |
| Versant Media Group, Inc., 7.25%, 1/30/2031 (n) | 286000 | &nbsp;&nbsp; 296944 |
| ViacomCBS, Inc., 4.375%, 3/15/2043  | 280000 | &nbsp;&nbsp; 178556 |
| WarnerMedia Holdings, Inc., 5.05%, 3/15/2042  | 521000 | &nbsp;&nbsp; 371749 |
| WMG Acquisition Corp., 3.75%, 12/01/2029 (n) | 263000 | &nbsp;&nbsp; 249669 |
| WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 337000 | &nbsp;&nbsp; 317688 |
|  |  | &nbsp;&nbsp; $9450914 |
| Medical & Health Technology & Services – 3.2% | Medical & Health Technology & Services – 3.2% | Medical & Health Technology & Services – 3.2% |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | $485000 | &nbsp;&nbsp; $496103 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 428000 | &nbsp;&nbsp; 441910 |
| Baxter International, Inc., 4.9%, 12/15/2030  | 117000 | &nbsp;&nbsp; 115792 |
| Baxter International, Inc., 5.65%, 12/15/2035  | 148000 | &nbsp;&nbsp; 145382 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued | Medical & Health Technology & Services – continued |
| Becton, Dickinson and Co., 4.874%, 2/08/2029  | $446000 | &nbsp;&nbsp; $450286 |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 557000 | &nbsp;&nbsp; 493811 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 954000 | &nbsp;&nbsp; 900801 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 488000 | &nbsp;&nbsp; 505710 |
| Encompass Health Corp., 4.75%, 2/01/2030  | 573000 | &nbsp;&nbsp; 564127 |
| Encompass Health Corp., 4.625%, 4/01/2031  | 202000 | &nbsp;&nbsp; 196459 |
| HCA, Inc., 4.9%, 11/15/2035  | 266000 | &nbsp;&nbsp; 257458 |
| HCA, Inc., 5.7%, 11/15/2055  | 236000 | &nbsp;&nbsp; 219509 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | 454000 | &nbsp;&nbsp; 453635 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 400000 | &nbsp;&nbsp; 408238 |
| IQVIA, Inc., 6.25%, 6/01/2032 (n) | 453000 | &nbsp;&nbsp; 461333 |
| New York Society for Relief of Ruptured & Crippled Maintaining <br> Hospital Special Surgery, 2.667%, 10/01/2050 <br>| 318000 | &nbsp;&nbsp; 191337 |
| Prime Healthcare Services, Inc., 9.375%, 9/01/2029 (n) | 381000 | &nbsp;&nbsp; 395087 |
| ProMedica Toledo Hospital, "B", AGM, 6.015%, 11/15/2048  | 205000 | &nbsp;&nbsp; 199199 |
| Star Parent, Inc., 9%, 10/01/2030 (n) | 283000 | &nbsp;&nbsp; 296458 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 566000 | &nbsp;&nbsp; 564489 |
| Thermo Fisher Scientific, Inc., 4.473%, 10/07/2032  | 470000 | &nbsp;&nbsp; 464604 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 363000 | &nbsp;&nbsp; 343049 |
|  |  | &nbsp;&nbsp; $8564777 |
| Medical Equipment – 1.2% | Medical Equipment – 1.2% | Medical Equipment – 1.2% |
| Abbott Laboratories, 4.65%, 3/15/2036  | $570000 | &nbsp;&nbsp; $553527 |
| Danaher Corp., 3.25%, 4/29/2030  | 570000 | &nbsp;&nbsp; 667865 |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $584000 | &nbsp;&nbsp; 596146 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 681000 | &nbsp;&nbsp; 677738 |
| Medline Borrower LP/Medline Co-Issuer, Inc., <br> 6.25%, 4/01/2029 (n)<br>| 282000 | &nbsp;&nbsp; 288379 |
| Stryker Corp., 5.2%, 2/10/2035  | 348000 | &nbsp;&nbsp; 352527 |
|  |  | &nbsp;&nbsp; $3136182 |
| Metals & Mining – 2.3% | Metals & Mining – 2.3% | Metals & Mining – 2.3% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, <br> 8.75%, 7/15/2026 (n)<br>| $535000 | &nbsp;&nbsp; $428000 |
| BHP Billiton Finance Ltd., 3.643%, 9/04/2035  | 440000 | &nbsp;&nbsp; 504099 |
| Coeur Mining, Inc., 6.875%, 4/01/2032 (n) | $402000 | &nbsp;&nbsp; 414311 |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 608000 | &nbsp;&nbsp; 606712 |
| First Quantum Minerals Ltd., 8%, 3/01/2033 (n) | 400000 | &nbsp;&nbsp; 420296 |
| Fortescue Treasury Pty Ltd., 4.375%, 4/01/2031 (n) | 925000 | &nbsp;&nbsp; 883873 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 393000 | &nbsp;&nbsp; 390578 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | 464000 | &nbsp;&nbsp; 481581 |
| Mineral Resources Ltd., 6%, 5/01/2032 (n) | 286000 | &nbsp;&nbsp; 283783 |
| Norsk Hydro ASA, 3.75%, 6/17/2033  | 140000 | &nbsp;&nbsp; 164239 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | $426000 | &nbsp;&nbsp; 441588 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Metals & Mining – continued | Metals & Mining – continued | Metals & Mining – continued |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 (a)(p)(z) | $263920 | &nbsp;&nbsp; $146195 |
| Samarco Mineracao S.A., 4% Cash + 5% PIK to 12/30/2026, <br> (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to <br> 12/30/2029, 9.5% Cash to 6/30/2031 (p)<br>| 466006 | &nbsp;&nbsp; 467528 |
| SunCoke Energy, Inc., 4.875%, 6/30/2029 (n) | 187000 | &nbsp;&nbsp; 172402 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 496000 | &nbsp;&nbsp; 519236 |
|  |  | &nbsp;&nbsp; $6324421 |
| Midstream – 5.3% | Midstream – 5.3% | Midstream – 5.3% |
| Antero Midstream Corp., 5.75%, 7/01/2034 (n) | $958000 | &nbsp;&nbsp; $955531 |
| Cheniere Energy Partners LP, 5.55%, 10/30/2035  | 443000 | &nbsp;&nbsp; 452145 |
| Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 379000 | &nbsp;&nbsp; 398534 |
| Delek Logistics Partners LP/Delek Logistics Corp., <br> 8.625%, 3/15/2029 (n)<br>| 562000 | &nbsp;&nbsp; 586365 |
| Delek Logistics Partners LP/Delek Logistics Corp., <br> 7.375%, 6/30/2033 (n)<br>| 293000 | &nbsp;&nbsp; 302389 |
| Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054  | 396000 | &nbsp;&nbsp; 373255 |
| Energy Transfer LP, 5.95%, 5/15/2054  | 273000 | &nbsp;&nbsp; 257744 |
| Genesis Energy LP/Genesis Energy Finance Corp., <br> 8.25%, 1/15/2029 <br>| 499000 | &nbsp;&nbsp; 518640 |
| Genesis Energy LP/Genesis Energy Finance Corp., <br> 6.75%, 3/15/2034 <br>| 271000 | &nbsp;&nbsp; 272956 |
| NuStar Logistics LP, 6.375%, 10/01/2030  | 599000 | &nbsp;&nbsp; 622676 |
| Pembina Pipeline Corp., 4.81%, 3/25/2044  | 395000 | &nbsp;&nbsp; 273835 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034  | $350000 | &nbsp;&nbsp; 358303 |
| Plains All American Pipeline LP, 5.6%, 1/15/2036  | 201000 | &nbsp;&nbsp; 201342 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 456000 | &nbsp;&nbsp; 476188 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/2029 (n) | 59000 | &nbsp;&nbsp; 58193 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | 264000 | &nbsp;&nbsp; 275253 |
| Rockies Express Pipeline LLC, 7.5%, 7/15/2038 (n) | 203000 | &nbsp;&nbsp; 213908 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 595000 | &nbsp;&nbsp; 600880 |
| Sunoco LP, 4.625%, 5/01/2030 (n) | 563000 | &nbsp;&nbsp; 547542 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 697000 | &nbsp;&nbsp; 729988 |
| Sunoco LP, 6.625%, 8/15/2032 (n) | 240000 | &nbsp;&nbsp; 245378 |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 804000 | &nbsp;&nbsp; 802064 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 230000 | &nbsp;&nbsp; 236953 |
| Tallgrass Energy Partners LP, 6.75%, 3/15/2034 (n) | 124000 | &nbsp;&nbsp; 126701 |
| Targa Resources Corp., 4.2%, 2/01/2033  | 131000 | &nbsp;&nbsp; 124445 |
| Targa Resources Corp., 4.95%, 4/15/2052  | 389000 | &nbsp;&nbsp; 327257 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 335000 | &nbsp;&nbsp; 346702 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 540000 | &nbsp;&nbsp; 505848 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 238000 | &nbsp;&nbsp; 243527 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 407000 | &nbsp;&nbsp; 444186 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Midstream – continued | Midstream – continued | Midstream – continued |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | $499000 | &nbsp;&nbsp; $520274 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + <br> 5.44%) to 3/30/2173 (n)<br>| 710000 | &nbsp;&nbsp; 702220 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | 176000 | &nbsp;&nbsp; 195178 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 433000 | &nbsp;&nbsp; 453568 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 464000 | &nbsp;&nbsp; 493251 |
|  |  | &nbsp;&nbsp; $14243219 |
| Municipals – 0.4% | Municipals – 0.4% | Municipals – 0.4% |
| Massachusetts Development Finance Agency Rev., Taxable <br> (Middlesex Sustainable Energy Partners), "B", <br> 7.375%, 10/01/2035 <br>| $145000 | &nbsp;&nbsp; $149214 |
| Massachusetts Educational Financing Authority, Education Loan <br> Rev., Taxable, "A", 2.641%, 7/01/2037 <br>| 435000 | &nbsp;&nbsp; 383281 |
| Michigan Finance Authority, Hospital Rev., Taxable (Trinity <br> Health Credit Group), 3.384%, 12/01/2040 <br>| 330000 | &nbsp;&nbsp; 275008 |
| New Hampshire National Finance Authority, Utility Refunding <br> Rev., Taxable (Wheeling Power Co. Project), "A", <br> 6.89%, 4/01/2034 <br>| 345000 | &nbsp;&nbsp; 365963 |
|  |  | &nbsp;&nbsp; $1173466 |
| Natural Gas - Distribution – 0.4% | Natural Gas - Distribution – 0.4% | Natural Gas - Distribution – 0.4% |
| Boston Gas Co., 5.843%, 1/10/2035 (n) | $505000 | &nbsp;&nbsp; $528659 |
| ENGIE S.A., 3.25%, 1/11/2032  | 200000 | &nbsp;&nbsp; 231232 |
| Vier Gas Transport GmbH, 3.625%, 9/08/2033  | 200000 | &nbsp;&nbsp; 231014 |
|  |  | &nbsp;&nbsp; $990905 |
| Network & Telecom – 1.0% | Network & Telecom – 1.0% | Network & Telecom – 1.0% |
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $240000 | &nbsp;&nbsp; $176666 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 840000 | &nbsp;&nbsp; 845745 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 100000 | &nbsp;&nbsp; 119683 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 233000 | &nbsp;&nbsp; 287289 |
| Koninklijke KPN N.V., 0.875%, 12/14/2032  | 300000 | &nbsp;&nbsp; 295618 |
| NTT Finance Corp., 5.171%, 7/16/2032 (n) | $549000 | &nbsp;&nbsp; 554751 |
| NTT Finance Corp., 3.678%, 7/16/2033  | 170000 | &nbsp;&nbsp; 198332 |
| Windstream Services LLC/Windstream Escrow, <br> 8.25%, 10/01/2031 (n)<br>| $199000 | &nbsp;&nbsp; 210482 |
|  |  | &nbsp;&nbsp; $2688566 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Non-Global Systemically Important Banks – 3.8% | Non-Global Systemically Important Banks – 3.8% | Non-Global Systemically Important Banks – 3.8% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + <br> 2.33%) to 9/13/2029 (n)<br>| $621000 | &nbsp;&nbsp; $648852 |
| AIB Group PLC, 3.75% to 3/20/2032, FLR (EUR ICE Swap Rate - <br> 1yr. + 1.25%) to 3/20/2033 <br>| 210000 | &nbsp;&nbsp; 247261 |
| AIB Group PLC, 5.871% to 3/28/2034, FLR (SOFR - 1 day + <br> 1.91%) to 3/28/2035 (n)<br>| $400000 | &nbsp;&nbsp; 414706 |
| Bank Hapoalim B.M., 4.722%, 7/14/2029 (n) | 600000 | &nbsp;&nbsp; 593237 |
| BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) <br> to 1/20/2032 (n)<br>| 500000 | &nbsp;&nbsp; 441619 |
| CaixaBank S.A., 3.375%, 6/26/2035  | 200000 | &nbsp;&nbsp; 227383 |
| Ceska Sporitelna A.S., 3.657%, 2/11/2033  | 300000 | &nbsp;&nbsp; 346174 |
| Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | $488000 | &nbsp;&nbsp; 441809 |
| Crédit Agricole S.A, 3.875%, 2/16/2038  | 400000 | &nbsp;&nbsp; 455323 |
| Danske Bank A.S., 4.613% to 10/02/2029, FLR (CMT - 1yr. + <br> 1.1%) to 10/02/2030 (n)<br>| $390000 | &nbsp;&nbsp; 388669 |
| Erste Group Bank AG, 3.75%, 4/21/2036  | 300000 | &nbsp;&nbsp; 346275 |
| Lloyds Banking Group PLC, 5.625%, 9/16/2036  | 361000 | &nbsp;&nbsp; 483870 |
| M&T Bank Corp., 4.553% to 8/16/2027, FLR (SOFR - 1 day + <br> 1.78%) to 8/16/2028 <br>| $260000 | &nbsp;&nbsp; 260000 |
| M&T Bank Corp., 6.082% to 3/13/2031, FLR (SOFR - 1 day + <br> 2.26%) to 3/13/2032 <br>| 371000 | &nbsp;&nbsp; 388811 |
| mBank S.A., 4.034% to 9/27/2029, FLR (EURIBOR - 3mo. + <br> 1.75%) to 9/27/2030 <br>| 200000 | &nbsp;&nbsp; 237272 |
| Nationwide Building Society, 3.854% to 2/03/2036, FLR <br> (EURIBOR - 3mo. + 0.995%) to 2/03/2037 <br>| 390000 | &nbsp;&nbsp; 450590 |
| NatWest Group PLC, 3.632%, 9/03/2034  | 220000 | &nbsp;&nbsp; 253962 |
| NatWest Markets PLC, 3.125%, 1/13/2031  | 320000 | &nbsp;&nbsp; 370647 |
| PKO Bank Polski S.A., FLR , 3.75% (EURIBOR - 1mo. + <br> 0.93%), 5/06/2030 (w)<br>| 330000 | &nbsp;&nbsp; 387579 |
| PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR <br> (SOFR - 1 day + 1.902%) to 1/22/2035 <br>| $287000 | &nbsp;&nbsp; 295826 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/2035, FLR <br> (SOFR - 1 day + 1.394%) to 1/29/2036 <br>| 336000 | &nbsp;&nbsp; 343705 |
| SNB Funding Ltd., 6% to 6/24/2030, FLR (CMT - 5yr. + 2%) <br> to 6/24/2035 <br>| 513000 | &nbsp;&nbsp; 515010 |
| Svenska Handelsbanken AB, 3.5%, 4/29/2033  | 540000 | &nbsp;&nbsp; 626940 |
| Texas Capital Bancshares, Inc., 5.301% to 2/27/2031, FLR (SOFR <br> - 1 day + 1.94%) to 2/27/2032 <br>| $729000 | &nbsp;&nbsp; 723122 |
| UniCredit S.p.A., 2.875% to 7/15/2029, FLR (EURIBOR - 3mo. + <br> 0.55%) to 7/15/2030 <br>| 220000 | &nbsp;&nbsp; 254317 |
|  |  | &nbsp;&nbsp; $10142959 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Oil Services – 0.6% | Oil Services – 0.6% | Oil Services – 0.6% |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $483000 | &nbsp;&nbsp; $510010 |
| U.S.A. Compression Partners LP/Finance Co., <br> 7.125%, 3/15/2029 (n)<br>| 736000 | &nbsp;&nbsp; 760607 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 447000 | &nbsp;&nbsp; 466118 |
|  |  | &nbsp;&nbsp; $1736735 |
| Pharmaceuticals & Biotechnology – 1.6% | Pharmaceuticals & Biotechnology – 1.6% | Pharmaceuticals & Biotechnology – 1.6% |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $836000 | &nbsp;&nbsp; $863403 |
| AbbVie, Inc., 4.4%, 3/15/2033  | 401000 | &nbsp;&nbsp; 393638 |
| AbbVie, Inc., 5.35%, 3/15/2044  | 226000 | &nbsp;&nbsp; 219253 |
| AbbVie, Inc., 5.4%, 3/15/2054  | 282000 | &nbsp;&nbsp; 267632 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 115000 | &nbsp;&nbsp; 108023 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 214000 | &nbsp;&nbsp; 139316 |
| Cheplapharm Arzneimittel GmbH, 6.75%, 2/15/2032  | 330000 | &nbsp;&nbsp; 387274 |
| Eli Lilly & Co., 5.5%, 2/12/2055  | $418000 | &nbsp;&nbsp; 406895 |
| Genmab A.S., 6.25%, 12/15/2032 (n) | 677000 | &nbsp;&nbsp; 694771 |
| Grifols S.A., 7.125%, 5/01/2030  | 325000 | &nbsp;&nbsp; 395969 |
| Merck & Co., Inc., 4.75%, 12/04/2035  | $474000 | &nbsp;&nbsp; 463965 |
|  |  | &nbsp;&nbsp; $4340139 |
| Pollution Control – 0.9% | Pollution Control – 0.9% | Pollution Control – 0.9% |
| Biffa Group Holdings Ltd., 7.375%, 6/15/2031  | 310000 | &nbsp;&nbsp; $421748 |
| Clean Harbors, Inc., 5.75%, 10/15/2033 (n) | $714000 | &nbsp;&nbsp; 720629 |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 530000 | &nbsp;&nbsp; 517967 |
| GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | 179000 | &nbsp;&nbsp; 174735 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 227000 | &nbsp;&nbsp; 235350 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 238000 | &nbsp;&nbsp; 245525 |
|  |  | &nbsp;&nbsp; $2315954 |
| Railroads – 0.4% | Railroads – 0.4% | Railroads – 0.4% |
| Burlington Northern Santa Fe LLC, 5.5%, 3/15/2055  | $583000 | &nbsp;&nbsp; $561730 |
| Union Pacific Corp., 3.25%, 2/05/2050  | 835000 | &nbsp;&nbsp; 568739 |
|  |  | &nbsp;&nbsp; $1130469 |
| Real Estate - Healthcare – 0.2% | Real Estate - Healthcare – 0.2% | Real Estate - Healthcare – 0.2% |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, <br> 4.625%, 8/01/2029 <br>| $214000 | &nbsp;&nbsp; $177082 |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, <br> 8.5%, 2/15/2032 (n)<br>| 363000 | &nbsp;&nbsp; 377120 |
|  |  | &nbsp;&nbsp; $554202 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Real Estate - Other – 1.3% | Real Estate - Other – 1.3% | Real Estate - Other – 1.3% |
| Goodman Australia Finance Pty Ltd., 3.875%, 4/29/2033  | 510000 | &nbsp;&nbsp; $593630 |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $655000 | &nbsp;&nbsp; 637146 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 7.25%, 7/15/2028 (n)<br>| 815000 | &nbsp;&nbsp; 833964 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 6.5%, 4/01/2032 (n)<br>| 96000 | &nbsp;&nbsp; 98507 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 5.75%, 3/15/2034 (n)<br>| 239000 | &nbsp;&nbsp; 237568 |
| Starwood Property Trust, Inc., 5.75%, 1/15/2031 (n) | 614000 | &nbsp;&nbsp; 613399 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 582000 | &nbsp;&nbsp; 571238 |
|  |  | &nbsp;&nbsp; $3585452 |
| Real Estate - Retail – 0.9% | Real Estate - Retail – 0.9% | Real Estate - Retail – 0.9% |
| Choice Properties, REIT, 5.03%, 2/28/2031  | 639000 | &nbsp;&nbsp; $489424 |
| Hammerson PLC, 3.5%, 4/15/2032  | 440000 | &nbsp;&nbsp; 500779 |
| Klepierre S.A., 3.75%, 9/30/2037  | 200000 | &nbsp;&nbsp; 226622 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029  | $256000 | &nbsp;&nbsp; 253482 |
| STORE Capital Corp., REIT, 2.75%, 11/18/2030  | 347000 | &nbsp;&nbsp; 313196 |
| STORE Capital Corp., REIT, 2.7%, 12/01/2031  | 147000 | &nbsp;&nbsp; 128972 |
| Unibail-Rodamco-Westfield SE, 3.875%, 4/21/2033  | 300000 | &nbsp;&nbsp; 349797 |
| WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n) | $271000 | &nbsp;&nbsp; 268020 |
|  |  | &nbsp;&nbsp; $2530292 |
| Real Estate - Storage & Office – 0.4% | Real Estate - Storage & Office – 0.4% | Real Estate - Storage & Office – 0.4% |
| Colonial SFL Socimi S.A., 3.875%, 4/08/2031  | 200000 | &nbsp;&nbsp; $235478 |
| Cousins Properties, Inc., REIT, 5.875%, 10/01/2034  | $224000 | &nbsp;&nbsp; 227980 |
| Highwoods Realty LP, 5.35%, 1/15/2033  | 398000 | &nbsp;&nbsp; 394221 |
| Vornado Realty LP, 5.75%, 2/01/2033  | 291000 | &nbsp;&nbsp; 291493 |
|  |  | &nbsp;&nbsp; $1149172 |
| Refining – 0.2% | Refining – 0.2% | Refining – 0.2% |
| PBF Holding Co. LLC, 7.875%, 9/15/2030 (n) | $423000 | &nbsp;&nbsp; $433620 |
| Raizen Fuels Finance S.A., 6.45%, 3/05/2034 (a)(n) | 402000 | &nbsp;&nbsp; 219090 |
|  |  | &nbsp;&nbsp; $652710 |
| Restaurants – 0.7% | Restaurants – 0.7% | Restaurants – 0.7% |
| 1011778 B.C. ULC/New Red Finance, Inc., <br> 6.125%, 6/15/2029 (n)<br>| $635000 | &nbsp;&nbsp; $646201 |
| 1011778 B.C. ULC/New Red Finance, Inc., <br> 5.625%, 9/15/2029 (n)<br>| 351000 | &nbsp;&nbsp; 354149 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 452000 | &nbsp;&nbsp; 430014 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 435000 | &nbsp;&nbsp; 421489 |
|  |  | &nbsp;&nbsp; $1851853 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Retail & E-commerce – 2.8% | Retail & E-commerce – 2.8% | Retail & E-commerce – 2.8% |
| Alimentation Couche-Tard, Inc., 3.901%, 4/21/2033  | 275000 | &nbsp;&nbsp; $321405 |
| Amazon.com, Inc., 3.7%, 3/16/2035  | 320000 | &nbsp;&nbsp; 373116 |
| Amazon.com, Inc., 4.05%, 3/16/2039  | 570000 | &nbsp;&nbsp; 661983 |
| Amazon.com, Inc., 5.8%, 3/13/2056  | $610000 | &nbsp;&nbsp; 600387 |
| Beach Acquisition Bidco LLC, 5.25%, 7/15/2032  | 161000 | &nbsp;&nbsp; 188029 |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% <br> PIK), 7/15/2033 (n)(p)<br>| $512267 | &nbsp;&nbsp; 563498 |
| Carvana Co., 9%, 6/01/2031 (n) | 1089504 | &nbsp;&nbsp; 1205260 |
| DICK'S Sporting Goods, 4.1%, 1/15/2052  | 561000 | &nbsp;&nbsp; 398248 |
| El Corte Inglés S.A., 3.5%, 7/24/2033  | 100000 | &nbsp;&nbsp; 113237 |
| Home Depot, Inc., 4.875%, 2/15/2044  | $129000 | &nbsp;&nbsp; 117640 |
| Home Depot, Inc., 3.625%, 4/15/2052  | 445000 | &nbsp;&nbsp; 318293 |
| Macy's Retail Holdings LLC, 5.875%, 3/15/2030 (n) | 34000 | &nbsp;&nbsp; 33908 |
| Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n) | 326000 | &nbsp;&nbsp; 339567 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 409000 | &nbsp;&nbsp; 407788 |
| Michaels Cos., Inc., 8.5%, 3/15/2033 (n) | 541000 | &nbsp;&nbsp; 534265 |
| Michaels Cos., Inc., 11%, 3/15/2034 (n) | 191000 | &nbsp;&nbsp; 184316 |
| Penske Automotive Group Co., 3.75%, 6/15/2029  | 393000 | &nbsp;&nbsp; 376746 |
| Petco Health & Wellness Co., Inc., 8.25%, 2/01/2031 (n) | 332000 | &nbsp;&nbsp; 335279 |
| PetSmart LLC/PetSmart Finance Corp., 7.5%, 9/15/2032 (n) | 550000 | &nbsp;&nbsp; 556929 |
|  |  | &nbsp;&nbsp; $7629894 |
| Semiconductor & Electronic Components – 0.4% | Semiconductor & Electronic Components – 0.4% | Semiconductor & Electronic Components – 0.4% |
| Broadcom, Inc., 4.55%, 2/15/2032  | $211000 | &nbsp;&nbsp; $209691 |
| Broadcom, Inc., 5.2%, 7/15/2035  | 254000 | &nbsp;&nbsp; 256191 |
| Broadcom, Inc., 5.7%, 1/15/2056  | 285000 | &nbsp;&nbsp; 283333 |
| Intel Corp., 5.7%, 2/10/2053  | 258000 | &nbsp;&nbsp; 241332 |
|  |  | &nbsp;&nbsp; $990547 |
| Software – 2.6% | Software – 2.6% | Software – 2.6% |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $505000 | &nbsp;&nbsp; $522730 |
| APLD ComputeCo LLC, 9.25%, 12/15/2030 (n) | 282000 | &nbsp;&nbsp; 303118 |
| Cloud Software Group, Inc., 9%, 9/30/2029 (n) | 146000 | &nbsp;&nbsp; 143355 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 647000 | &nbsp;&nbsp; 614674 |
| Cloud Software Group, Inc., 6.625%, 8/15/2033 (n) | 388000 | &nbsp;&nbsp; 347517 |
| CoreWeave, Inc., 9.25%, 6/01/2030 (n) | 164000 | &nbsp;&nbsp; 166068 |
| CoreWeave, Inc., 9.75%, 10/01/2031 (n) | 462000 | &nbsp;&nbsp; 464675 |
| Fair Isaac Corp., 6%, 5/15/2033 (n) | 837000 | &nbsp;&nbsp; 825470 |
| Flash Compute LLC, 7.25%, 12/31/2030 (n) | 378000 | &nbsp;&nbsp; 385587 |
| Kaspi.kz JSC, 5.9%, 4/28/2031 (n) | 405000 | &nbsp;&nbsp; 403631 |
| Microsoft Corp., 2.525%, 6/01/2050  | 326000 | &nbsp;&nbsp; 192432 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 601000 | &nbsp;&nbsp; 607821 |
| Neptune Bidco U.S., Inc., 10.375%, 5/15/2031 (n) | 183000 | &nbsp;&nbsp; 188851 |
| Neptune Bidco U.S., Inc., 9.5%, 2/15/2033 (n) | 189000 | &nbsp;&nbsp; 189150 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Software – continued | Software – continued | Software – continued |
| Oracle Corp., 4.95%, 2/04/2031  | $250000 | &nbsp;&nbsp; $244546 |
| Oracle Corp., 5.35%, 5/04/2033  | 275000 | &nbsp;&nbsp; 267402 |
| Oracle Corp., 5.7%, 2/04/2036  | 199000 | &nbsp;&nbsp; 191109 |
| Oracle Corp., 4%, 7/15/2046  | 185000 | &nbsp;&nbsp; 123483 |
| Sage Group PLC, 3.821%, 2/25/2033  | 110000 | &nbsp;&nbsp; 126433 |
| Sage Group PLC, 2.875%, 2/08/2034  | 292000 | &nbsp;&nbsp; 321665 |
| Salesforce, Inc., 4.9%, 9/15/2031  | $428000 | &nbsp;&nbsp; 426743 |
|  |  | &nbsp;&nbsp; $7056460 |
| Supermarkets – 1.0% | Supermarkets – 1.0% | Supermarkets – 1.0% |
| Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n) | $1094000 | &nbsp;&nbsp; $1103706 |
| Eroski Sociedad Cooperativa, 5.75%, 5/15/2031  | 154000 | &nbsp;&nbsp; 186578 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | $477000 | &nbsp;&nbsp; 498615 |
| KeHE Distributors LLC/KeHE Finance Corp., <br> 7.125%, 4/30/2033 (n)<br>| 338000 | &nbsp;&nbsp; 342190 |
| Kroger Co., 5.5%, 9/15/2054  | 328000 | &nbsp;&nbsp; 304416 |
| Tesco Corporate Treasury Services PLC, 5.125%, 5/22/2034  | 200000 | &nbsp;&nbsp; 257978 |
|  |  | &nbsp;&nbsp; $2693483 |
| Supranational – 0.8% | Supranational – 0.8% | Supranational – 0.8% |
| African Development Bank, 5.875% to 8/07/2035, FLR (CMT - <br> 5yr. + 1.653%) to 8/07/2174 <br>| $325000 | &nbsp;&nbsp; $317621 |
| European Union, 2.75%, 12/13/2032  | 1720000 | &nbsp;&nbsp; 1974458 |
|  |  | &nbsp;&nbsp; $2292079 |
| Telecommunications - Wireless – 1.0% | Telecommunications - Wireless – 1.0% | Telecommunications - Wireless – 1.0% |
| Altice France S.A., 9.5%, 11/01/2029 (n) | $353426 | &nbsp;&nbsp; $360793 |
| Altice France S.A., 6.875%, 10/15/2030 (n) | 508579 | &nbsp;&nbsp; 499976 |
| Altice France S.A., 6.5%, 4/15/2032 (n) | 77439 | &nbsp;&nbsp; 76164 |
| Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 625000 | &nbsp;&nbsp; 583398 |
| SoftBank Group Corp., 3.936%, 6/30/2032  | 210000 | &nbsp;&nbsp; 247026 |
| T-Mobile USA, Inc., 5.05%, 7/15/2033  | $390000 | &nbsp;&nbsp; 391806 |
| T-Mobile USA, Inc., 5.75%, 1/15/2034  | 113000 | &nbsp;&nbsp; 117828 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | 477000 | &nbsp;&nbsp; 498977 |
|  |  | &nbsp;&nbsp; $2775968 |
| Telephone Services – 0.7% | Telephone Services – 0.7% | Telephone Services – 0.7% |
| Level 3 Financing, Inc., 6.875%, 6/30/2033 (n) | $273117 | &nbsp;&nbsp; $281865 |
| Level 3 Financing, Inc., 7%, 3/31/2034 (n) | 243870 | &nbsp;&nbsp; 252949 |
| TELUS Corp., 5.25%, 11/15/2032  | 679000 | &nbsp;&nbsp; 525809 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | $494000 | &nbsp;&nbsp; 485363 |
| Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n) | 357000 | &nbsp;&nbsp; 373638 |
|  |  | &nbsp;&nbsp; $1919624 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Tobacco – 0.7% | Tobacco – 0.7% | Tobacco – 0.7% |
| B.A.T. International Finance PLC, 4.125%, 4/12/2032  | 265000 | &nbsp;&nbsp; $314950 |
| Imperial Brands Finance PLC, 3.875%, 8/02/2033  | 330000 | &nbsp;&nbsp; 378497 |
| Japan Tobacco, Inc., 5.25%, 6/15/2030 (n) | $566000 | &nbsp;&nbsp; 580027 |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n) | 466000 | &nbsp;&nbsp; 480100 |
|  |  | &nbsp;&nbsp; $1753574 |
| Transportation & Logistics – 1.5% | Transportation & Logistics – 1.5% | Transportation & Logistics – 1.5% |
| Autoroutes du Sud de la France S.A., 3.375%, 1/19/2034  | 300000 | &nbsp;&nbsp; $344696 |
| Element Fleet Management Corp., 6.319%, 12/04/2028 (n) | $111000 | &nbsp;&nbsp; 115715 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 380000 | &nbsp;&nbsp; 384035 |
| ERAC USA Finance LLC, 5.25%, 4/30/2036 (n) | 554000 | &nbsp;&nbsp; 552608 |
| Ferrovial SE, 3.625%, 9/18/2032  | 300000 | &nbsp;&nbsp; 349181 |
| GB AIT Buyer, Inc., 8.75%, 4/30/2034 (n) | $329000 | &nbsp;&nbsp; 330947 |
| Heathrow Funding Ltd., 5.625%, 2/05/2034  | 270000 | &nbsp;&nbsp; 350527 |
| Heathrow Funding Ltd., 5.875%, 5/13/2043  | 200000 | &nbsp;&nbsp; 252348 |
| JSW Infrastructure Ltd., 4.95%, 1/21/2029  | $435000 | &nbsp;&nbsp; 431586 |
| RXO, Inc., 6.375%, 5/15/2031 (n) | 423000 | &nbsp;&nbsp; 418874 |
| Transurban Finance Co. Pty Ltd., 4.033%, 11/26/2037  | 130000 | &nbsp;&nbsp; 150190 |
| XPO, Inc., 7.125%, 2/01/2032 (n) | $373000 | &nbsp;&nbsp; 388972 |
|  |  | &nbsp;&nbsp; $4069679 |
| Travel, Gaming, & Lodging – 2.6% | Travel, Gaming, & Lodging – 2.6% | Travel, Gaming, & Lodging – 2.6% |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | $827000 | &nbsp;&nbsp; $824300 |
| Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | 255000 | &nbsp;&nbsp; 258731 |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | 400000 | &nbsp;&nbsp; 398504 |
| Flutter Treasury DAC, 6.125%, 6/04/2031  | 240000 | &nbsp;&nbsp; 321613 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030  | $966000 | &nbsp;&nbsp; 958917 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 564000 | &nbsp;&nbsp; 516333 |
| Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n) | 240000 | &nbsp;&nbsp; 243019 |
| Rivers Enterprise Lender LLC, 6.25%, 10/15/2030 (n) | 422000 | &nbsp;&nbsp; 429289 |
| Sands China Ltd., 4.375%, 6/18/2030  | 320000 | &nbsp;&nbsp; 312911 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 684000 | &nbsp;&nbsp; 672918 |
| Wyndham Hotels Group LLC, 5.625%, 3/01/2033 (n) | 258000 | &nbsp;&nbsp; 255306 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 1524000 | &nbsp;&nbsp; 1512631 |
| Wynn Macau Ltd., 6.75%, 2/15/2034 (n) | 203000 | &nbsp;&nbsp; 203440 |
|  |  | &nbsp;&nbsp; $6907912 |
| U.S. Treasury Obligations – 4.5% | U.S. Treasury Obligations – 4.5% | U.S. Treasury Obligations – 4.5% |
| U.S. Treasury Bonds, 2.375%, 2/15/2042 (f) | $8816000 | &nbsp;&nbsp; $6381269 |
| U.S. Treasury Bonds, 4.625%, 5/15/2054 (f) | 1272000 | &nbsp;&nbsp; 1197568 |
| U.S. Treasury Notes, 3.875%, 3/31/2031  | 3073000 | &nbsp;&nbsp; 3052593 |
| U.S. Treasury Notes, 4.25%, 8/15/2035  | 1627000 | &nbsp;&nbsp; 1612764 |
|  |  | &nbsp;&nbsp; $12244194 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities – 6.9% | Utilities – 6.9% | Utilities – 6.9% |
| Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 (n) | $720000 | &nbsp;&nbsp; $677902 |
| AEP Texas, Inc., 5.7%, 5/15/2034  | 451000 | &nbsp;&nbsp; 465682 |
| AEP Transmission Co. LLC, 5.375%, 6/15/2035  | 368000 | &nbsp;&nbsp; 374091 |
| Berkshire Hathaway Energy Co., 5.15%, 11/15/2043  | 94000 | &nbsp;&nbsp; 88272 |
| Berkshire Hathaway Energy Co., 4.6%, 5/01/2053  | 79000 | &nbsp;&nbsp; 64979 |
| Bruce Power LP, 2.68%, 12/21/2028  | 264000 | &nbsp;&nbsp; 190014 |
| Bruce Power LP, 4.7%, 6/21/2031  | 238000 | &nbsp;&nbsp; 180760 |
| Bruce Power LP, 4.27%, 12/21/2034  | 594000 | &nbsp;&nbsp; 431274 |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | $643000 | &nbsp;&nbsp; 601703 |
| Clearway Energy Operating LLC, 5.75%, 1/15/2034 (n) | 323000 | &nbsp;&nbsp; 323081 |
| Duke Energy Florida LLC, 6.2%, 11/15/2053  | 475000 | &nbsp;&nbsp; 496704 |
| E.ON International Finance B.V., 3.5%, 9/03/2035  | 340000 | &nbsp;&nbsp; 388904 |
| E.ON International Finance B.V., 5.875%, 10/30/2037  | 300000 | &nbsp;&nbsp; 395358 |
| Emera U.S. Finance LP, 2.639%, 6/15/2031  | $729000 | &nbsp;&nbsp; 649260 |
| Enel Finance International N.V., 2.5%, 7/12/2031 (n) | 284000 | &nbsp;&nbsp; 253064 |
| Energuate Trust, 6.35%, 9/15/2035 (n) | 272000 | &nbsp;&nbsp; 272552 |
| ENGIE Energía Chile S.A., 6.375%, 4/17/2034 (n) | 200000 | &nbsp;&nbsp; 210168 |
| Eversource Energy, 5.5%, 1/01/2034  | 257000 | &nbsp;&nbsp; 261672 |
| Georgia Power Co., 4.95%, 5/17/2033  | 320000 | &nbsp;&nbsp; 322261 |
| Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n) | 509000 | &nbsp;&nbsp; 510698 |
| Hydro One, Inc., 4.25%, 1/04/2035  | 728000 | &nbsp;&nbsp; 538410 |
| Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | $186000 | &nbsp;&nbsp; 167126 |
| Jersey Central Power & Light Co., 5.1%, 1/15/2035  | 127000 | &nbsp;&nbsp; 126562 |
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029  | 145425 | &nbsp;&nbsp; 143486 |
| National Grid North America, Inc., 3.917%, 6/03/2035  | 410000 | &nbsp;&nbsp; 478018 |
| Northern States Power Co. of Minnesota, 5.05%, 5/15/2035  | $324000 | &nbsp;&nbsp; 325835 |
| NRG Energy, Inc., 5.75%, 1/15/2034 (n) | 871000 | &nbsp;&nbsp; 864565 |
| NRG Energy, Inc., 6%, 1/15/2036 (n) | 728000 | &nbsp;&nbsp; 723018 |
| Oncor Electric Delivery Co. LLC, 5.35%, 4/01/2035  | 308000 | &nbsp;&nbsp; 314213 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  | 121000 | &nbsp;&nbsp; 125043 |
| Pacific Gas & Electric Co., 6.4%, 6/15/2033  | 86000 | &nbsp;&nbsp; 91498 |
| PG&E Corp., 5.25%, 7/01/2030  | 782000 | &nbsp;&nbsp; 774153 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) <br> to 3/15/2055 <br>| 341000 | &nbsp;&nbsp; 350738 |
| PPL Electric Utilities Corp. 1st Mortgage, 5.25%, 5/15/2053  | 569000 | &nbsp;&nbsp; 527322 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 503000 | &nbsp;&nbsp; 510869 |
| Scottish Hydro Electric Power Distribution PLC, <br> 3.375%, 11/02/2033 <br>| 450000 | &nbsp;&nbsp; 513777 |
| Star Energy Geothermal (Wayang Windu) Ltd., <br> 6.75%, 4/24/2033 <br>| $517547 | &nbsp;&nbsp; 526190 |
| Talen Energy Supply LLC, 6.25%, 2/01/2034 (n) | 611000 | &nbsp;&nbsp; 606440 |
| Talen Energy Supply LLC, 6.5%, 2/01/2036 (n) | 238000 | &nbsp;&nbsp; 238901 |
| Terna Rete Elettrica Nazionale S.p.A., 3%, 7/22/2031  | 420000 | &nbsp;&nbsp; 482621 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities – continued | Utilities – continued | Utilities – continued |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | $561000 | &nbsp;&nbsp; $555528 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 141000 | &nbsp;&nbsp; 136605 |
| Vistra Operations Co. LLC, 4.7%, 1/31/2031 (n) | 395000 | &nbsp;&nbsp; 388878 |
| Vistra Operations Co. LLC, 5.35%, 1/31/2036 (n) | 395000 | &nbsp;&nbsp; 385764 |
| Xcel Energy, Inc., 5.5%, 3/15/2034  | 184000 | &nbsp;&nbsp; 187623 |
| Xcel Energy, Inc., 5.6%, 4/15/2035  | 58000 | &nbsp;&nbsp; 59069 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 581000 | &nbsp;&nbsp; 604201 |
| XPLR Infrastructure Operating Partners LP, <br> 8.375%, 1/15/2031 (n)<br>| 567000 | &nbsp;&nbsp; 605877 |
| XPLR Infrastructure Operating Partners LP, <br> 8.625%, 3/15/2033 (n)<br>| 122000 | &nbsp;&nbsp; 130737 |
|  |  | &nbsp;&nbsp; $18641466 |
| Utilities - Gas – 1.4% | Utilities - Gas – 1.4% | Utilities - Gas – 1.4% |
| APA Infrastructure Ltd., 5.125%, 9/16/2034 (n) | $254000 | &nbsp;&nbsp; $251577 |
| APA Infrastructure Ltd., 2.5%, 3/15/2036  | 650000 | &nbsp;&nbsp; 650493 |
| APA Infrastructure Ltd., 5.75%, 9/16/2044 (n) | $136000 | &nbsp;&nbsp; 133436 |
| EP Infrastructure A.S., 2.045%, 10/09/2028  | 573000 | &nbsp;&nbsp; 649624 |
| EP Infrastructure A.S., 4.125%, 2/27/2033  | 628000 | &nbsp;&nbsp; 718223 |
| EP Infrastructure A.S., 4.375%, 1/29/2034  | 240000 | &nbsp;&nbsp; 276242 |
| Spire, Inc., 4.6%, 9/01/2031  | $645000 | &nbsp;&nbsp; 638644 |
| Spire, Inc., 6.25%, 6/01/2056  | 537000 | &nbsp;&nbsp; 535161 |
|  |  | &nbsp;&nbsp; $3853400 |
| Utilities - Other – 0.3% | Utilities - Other – 0.3% | Utilities - Other – 0.3% |
| Severn Trent Utilities Finance PLC, 3.875%, 8/04/2035  | 340000 | &nbsp;&nbsp; $393646 |
| Severn Trent Utilities Finance PLC, 3.875%, 8/04/2037  | 310000 | &nbsp;&nbsp; 353257 |
|  |  | &nbsp;&nbsp; $746903 |
| **Total Bonds (Identified Cost, $359,595,224)** |  | **$356694810** |
| Common Stocks – 0.0% | Common Stocks – 0.0% | Common Stocks – 0.0% |
| Metals & Mining – 0.0% | Metals & Mining – 0.0% |  |
| Petra Diamonds Ltd. (a) | 17947 | &nbsp;&nbsp; $4225 |
| Oil Services – 0.0% | Oil Services – 0.0% |  |
| LTRI Holdings LP (a)(u) | 520 | &nbsp;&nbsp; $97053 |
| **Total Common Stocks (Identified Cost, $120,570)** |  | **$101278** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** <br>| **Strike** <br>**Price**<br>| **First** <br>**Exercise**<br>| **Shares/Par** <br>| **Value ($)** |
| Warrants – 0.0% |  |  |  |  |
| Diversified Financial Services – 0.0% | Diversified Financial Services – 0.0% | Diversified Financial Services – 0.0% | Diversified Financial Services – 0.0% | Diversified Financial Services – 0.0% |
| Avation Capital S.A. (1 share for 1 warrant, <br> Expiration 10/31/26) (a) (Identified Cost, $0)<br>| GBP 1.14 | N/A | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; $1953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% | Mutual Funds (h) – 2.4% |
| Money Market Funds – 2.4% | Money Market Funds – 2.4% |  |
| MFS Institutional Money Market Portfolio, 3.7% (v) (Identified Cost, <br> $6,334,315)<br>| 6334239 | &nbsp;&nbsp; $6334873 |
| Other Assets, Less Liabilities – (34.6)% |  | &nbsp;&nbsp; (93325597)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$269807317** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period
 end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated
 issuers were $6,334,873 and $356,798,041, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $202,154,395, representing 74.9% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

&nbsp;&nbsp;&nbsp;&nbsp;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield
 of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 | 3/09/21-7/26/21 | $259291 | $146195 |
| % of Net assets |  |  | 0.1% |

---

------

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| BBSW | Bank Bill Swap Reference Rate |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| EURIBOR | Euro Interbank Offered Rate |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed <br> reference rate plus a spread (if any). The period-end rate reported may not be the <br> current rate. All reference rates are USD unless otherwise noted.<br>|
| ICE | Intercontinental Exchange |
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are <br> stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are <br> stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Renminbi (Offshore) |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ISK | Icelandic Krona |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

**Derivative Contracts at 4/30/26** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | **Currency** <br>**Sold** | **Currency** <br>**Sold** | **Counterparty** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| AUD | 954448 | USD | 684470 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; $1718 |
| AUD | 509917 | USD | 365345 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; 1253 |
| AUD | 363000 | USD | 255307 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 5667 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** |
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Counterparty** | **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** | **Asset Derivatives - continued** |
| AUD | 324361 | USD | 230838 | UBS AG | 7/17/2026 | &nbsp;&nbsp;&nbsp; $2358 |
| BRL | 7640072 | USD | 1527666 | Barclays Bank PLC | 5/05/2026 | &nbsp;&nbsp;&nbsp; 15222 |
| BRL | 2178695 | USD | 436735 | Citibank N.A. | 5/05/2026 | &nbsp;&nbsp;&nbsp; 3246 |
| BRL | 5461377 | USD | 1094771 | Goldman Sachs International | 5/05/2026 | &nbsp;&nbsp;&nbsp; 8136 |
| CAD | 184650 | USD | 136114 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 258 |
| EUR | 588180 | USD | 690885 | Citibank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 1682 |
| EUR | 1492536 | USD | 1754916 | HSBC Bank | 7/17/2026 | &nbsp;&nbsp;&nbsp; 2507 |
| EUR | 638358 | USD | 751500 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 151 |
| EUR | 125073 | USD | 146593 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; 677 |
| EUR | 842324 | USD | 989791 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 2024 |
| GBP | 680927 | USD | 924779 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 1582 |
| GBP | 178994 | USD | 242795 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 715 |
| HUF | 128642742 | USD | 411951 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 858 |
| JPY | 151705193 | USD | 963238 | HSBC Bank | 7/17/2026 | &nbsp;&nbsp;&nbsp; 11538 |
| NOK | 6385474 | USD | 685442 | HSBC Bank | 7/17/2026 | &nbsp;&nbsp;&nbsp; 3128 |
| NZD | 259168 | USD | 151574 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 1891 |
| NZD | 2367597 | USD | 1400803 | UBS AG | 7/17/2026 | &nbsp;&nbsp;&nbsp; 1157 |
| USD | 482832 | CHF | 372577 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 2240 |
| USD | 402276 | CZK | 8279241 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; 3446 |
| USD | 437517 | EUR | 369234 | HSBC Bank | 7/17/2026 | &nbsp;&nbsp;&nbsp; 2752 |
| USD | 53258647 | EUR | 44958736 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 320847 |
| USD | 578818 | EUR | 489137 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 2872 |
| USD | 828412 | EUR | 700000 | UBS AG | 7/17/2026 | &nbsp;&nbsp;&nbsp; 4179 |
| USD | 9791 | HUF | 3034928 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; 52 |
| USD | 683004 | IDR | 11807722652 | Citibank N.A. | 7/28/2026 | &nbsp;&nbsp;&nbsp; 3740 |
| USD | 991144 | KRW | 1456097594 | Citibank N.A. | 7/15/2026 | &nbsp;&nbsp;&nbsp; 7447 |
| USD | 1369211 | MXN | 23834139 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; 13113 |
| USD | 235207 | PEN | 810617 | Citibank N.A. | 7/22/2026 | &nbsp;&nbsp;&nbsp; 5124 |
| USD | 64447 | SEK | 587355 | Barclays Bank PLC | 7/17/2026 | &nbsp;&nbsp;&nbsp; 591 |
| USD | 956565 | THB | 30559848 | Barclays Bank PLC | 7/17/2026 | &nbsp;&nbsp;&nbsp; 15298 |
| USD | 2319995 | ZAR | 38569225 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; 17392 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $464861 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| CHF | 390729 | USD | 506113 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; $(2105)<br>|
| CLP | 1507775748 | USD | 1735586 | Citibank N.A. | 5/15/2026 | &nbsp;&nbsp;&nbsp; (59901)<br>|
| CNH | 13164878 | USD | 1945747 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (8931)<br>|
| CZK | 8467042 | USD | 411891 | Deutsche Bank AG | 7/17/2026 | &nbsp;&nbsp;&nbsp; (4014)<br>|
| EUR | 129730 | USD | 153691 | Barclays Bank PLC | 7/17/2026 | &nbsp;&nbsp;&nbsp; (938)<br>|
| EUR | 898102 | USD | 1063555 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (6063)<br>|
| EUR | 1151190 | USD | 1364066 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (8568)<br>|
| KRW | 1453439507 | USD | 987968 | JPMorgan Chase Bank N.A. | 7/15/2026 | &nbsp;&nbsp;&nbsp; (6066)<br>|
| MXN | 24527107 | USD | 1408888 | UBS AG | 7/17/2026 | &nbsp;&nbsp;&nbsp; (13362)<br>|
| SEK | 590731 | USD | 64806 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (583)<br>|
| SGD | 918607 | USD | 725621 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (186)<br>|
| THB | 8749155 | USD | 275868 | Barclays Bank PLC | 7/17/2026 | &nbsp;&nbsp;&nbsp; (6387)<br>|

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** | **Forward Foreign Currency Exchange Contracts - continued** |
| **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Counterparty** | **Settlement**<br> **Date**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| ZAR | 8969934 | USD | 549040 | Barclays Bank PLC | 7/17/2026 | &nbsp;&nbsp;&nbsp; $(13530)<br>|
| USD | 1095343 | AUD | 1533593 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (7214)<br>|
| USD | 514863 | AUD | 731746 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (11216)<br>|
| USD | 1531506 | BRL | 7640072 | Barclays Bank PLC | 5/05/2026 | &nbsp;&nbsp;&nbsp; (11382)<br>|
| USD | 1493561 | BRL | 7640072 | Barclays Bank PLC | 8/06/2026 | &nbsp;&nbsp;&nbsp; (14376)<br>|
| USD | 408310 | BRL | 2178695 | Citibank N.A. | 5/05/2026 | &nbsp;&nbsp;&nbsp; (31670)<br>|
| USD | 1025880 | BRL | 5461377 | Goldman Sachs International | 5/05/2026 | &nbsp;&nbsp;&nbsp; (77027)<br>|
| USD | 372081 | BRL | 1889900 | Goldman Sachs International | 8/06/2026 | &nbsp;&nbsp;&nbsp; (932)<br>|
| USD | 274984 | CAD | 374541 | HSBC Bank | 7/17/2026 | &nbsp;&nbsp;&nbsp; (1630)<br>|
| USD | 3508523 | CAD | 4812413 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; (45637)<br>|
| USD | 661471 | CLP | 617417165 | Barclays Bank PLC | 5/15/2026 | &nbsp;&nbsp;&nbsp; (24703)<br>|
| USD | 276166 | CLP | 252116119 | Citibank N.A. | 5/15/2026 | &nbsp;&nbsp;&nbsp; (4026)<br>|
| USD | 1130472 | EUR | 961027 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (1114)<br>|
| USD | 983301 | EUR | 837087 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; (2348)<br>|
| USD | 1865850 | EUR | 1588478 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (4544)<br>|
| USD | 351656 | EUR | 300000 | UBS AG | 7/17/2026 | &nbsp;&nbsp;&nbsp; (1587)<br>|
| USD | 3092067 | GBP | 2280839 | Barclays Bank PLC | 7/17/2026 | &nbsp;&nbsp;&nbsp; (10877)<br>|
| USD | 482792 | GBP | 359242 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (5935)<br>|
| USD | 3944732 | GBP | 2908290 | Merrill Lynch International | 7/17/2026 | &nbsp;&nbsp;&nbsp; (11823)<br>|
| USD | 66377 | GBP | 49249 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (624)<br>|
| USD | 275852 | JPY | 43677488 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (4796)<br>|
| USD | 1530217 | NZD | 2616692 | JPMorgan Chase Bank N.A. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (19244)<br>|
| USD | 79325 | NZD | 135759 | State Street Corp. | 7/17/2026 | &nbsp;&nbsp;&nbsp; (1064)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(424403)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | **Notional** <br>**Amount**<br>| **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Euro-Bobl 5 yr | Short | EUR | 55 | $7452382 | June – 2026 | $103170 |
| Euro-Bund 10 yr | Short | EUR | 93 | 13682971 | June – 2026 | 279783 |
| Euro-Buxl 30 yr | Short | EUR | 45 | 5755696 | June – 2026 | 179459 |
| Euro-Schatz 2 yr | Short | EUR | 44 | 5460992 | June – 2026 | 44304 |
| Long Gilt 10 yr | Short | GBP | 1 | 117827 | June – 2026 | 3344 |
| U.S. Treasury Note 5 yr | Short | USD | 201 | 21675024 | June – 2026 | 226983 |
| U.S. Treasury Ultra Bond 30 yr | Short | USD | 38 | 4371188 | June – 2026 | 179615 |
| U.S. Treasury Ultra Note 10 yr | Short | USD | 150 | 16928906 | June – 2026 | 396699 |
|  |  |  |  |  |  | $1413357 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| Canadian Treasury Bond 10 yr | Long | CAD | 19 | $1666338 | June – 2026 | $(9207)<br>|
| U.S. Treasury Bond 30 yr | Long | USD | 30 | 3385313 | June – 2026 | (128696)<br>|

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** | **Futures Contracts - continued** |
| **Description** | **Long/**<br> **Short**<br>| **Currency** | **Contracts** | **Notional**<br> **Amount**<br>| **Expiration**<br> **Date**<br>| **Value/Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |
| ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** | ***Interest Rate Futures - continued*** |  |  |
| U.S. Treasury Note 10 yr | Long | USD | 35 | $3870781 | June – 2026 | $(92551)<br>|
| U.S. Treasury Note 2 yr | Long | USD | 73 | 15120125 | June – 2026 | (138847)<br>|
|  |  |  |  |  |  | $(369301)<br>|

---

------

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Notional** <br>**Amount**<br>| **Counterparty** | **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net** <br>**Unamortized** <br>**Upfront** <br>**Payments** <br>**(Receipts)**<br>| **Value** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** |  |  |  |
| 6/20/29 | EUR | 450000 | BNP Paribas S.A. | 5.00% / Quarterly | (1) | $1261 | $(62057)<br>| $(60796)<br>|
| 6/20/29 | EUR | 200000 | Goldman Sachs International | 5.00% / Quarterly | (1) | 1146 | (28167)<br>| (27021)<br>|
|  |  |  |  |  |  | $2407 | $(90224)<br>| $(87817)<br>|

---

(1) Fund, as protection seller, to pay notional amount upon a defined credit event by Worldline S.A., 0.875%, 6/30/2027, a BB rated bond. The fund

entered into the contract to gain issuer exposure.

The credit ratings presented here are an indicator of the current payment/performance risk of the related swap agreement, the reference obligation for which may be either a single security or, in the case of a credit default swap index, a basket of securities issued by corporate or sovereign issuers. Ratings are assigned to each reference security, including each individual security within a reference basket of securities, utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). The ratings for a credit default swap index are calculated by MFS as a weighted average of the external credit ratings of the individual securities that compose the index's reference basket of securities.

At April 30, 2026, the fund had liquid securities collateral with an aggregate value of $1,735,054 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Assets and Liabilities**

At 4/30/26 (unaudited)

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $359,715,794) | &nbsp;&nbsp; $356798041 |
| Investments in affiliated issuers, at value (identified cost, $6,334,315) | &nbsp;&nbsp; 6334873 |
| Foreign currency, at value (identified cost, $60,597) | &nbsp;&nbsp; 60738 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from uncleared swap brokers | &nbsp;&nbsp; 85774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 464861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp; 671598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 5282504 |
| Other assets | &nbsp;&nbsp; 36508 |
| Total assets | &nbsp;&nbsp; $369734897 |
| **Liabilities** |  |
| Notes payable | &nbsp;&nbsp; $95000000 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | &nbsp;&nbsp; 170668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 424403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net daily variation margin on open futures contracts | &nbsp;&nbsp; 181376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp; 428177 |
| &nbsp;&nbsp;&nbsp;&nbsp; When-issued investments purchased | &nbsp;&nbsp; 3332362 |
| Uncleared swaps, at value (net of unamortized premiums received, $90,224) | &nbsp;&nbsp; 87817 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser | &nbsp;&nbsp; 11314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services fee | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent and dividend disbursing costs | &nbsp;&nbsp; 2451 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 1030 |
| Accrued interest expense | &nbsp;&nbsp; 49129 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 87963 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 150632 |
| Total liabilities | &nbsp;&nbsp; $99927580 |
| Net assets | &nbsp;&nbsp; $269807317 |

---

------

*Statement of Assets and Liabilities (unaudited) – continued*

---

| | |
|:---|:---|
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $318095811 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (48288494)<br>|
| Net assets | &nbsp;&nbsp; $269807317 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 54673317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (net assets of $269,807,317 / 54,673,317 shares of beneficial <br> interest outstanding)<br>| &nbsp;&nbsp; $4.93 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Operations**

Six months ended 4/30/26 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; $11093094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated issuers | &nbsp;&nbsp; 146515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (2272)<br>|
| Total investment income | &nbsp;&nbsp; $11237404 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | &nbsp;&nbsp; $1062009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent and dividend disbursing costs | &nbsp;&nbsp; 50540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services fee | &nbsp;&nbsp; 23339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Trustees' compensation | &nbsp;&nbsp; 5880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock exchange fee | &nbsp;&nbsp; 26626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | &nbsp;&nbsp; 39420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder communications | &nbsp;&nbsp; 63127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | &nbsp;&nbsp; 53108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 2287319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 28329 |
| Total expenses | &nbsp;&nbsp; $3643485 |
| Net investment income (loss) | &nbsp;&nbsp; $7593919 |

---

------

*Statement of Operations (unaudited) – continued*

---

| | |
|:---|:---|
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $(1291917)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; (93)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | &nbsp;&nbsp; 81404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (266127)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | &nbsp;&nbsp; (4450)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (598634)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; 38944 |
| Net realized gain (loss) | &nbsp;&nbsp; $(2040873)<br>|
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (includes $6,882 decrease in deferred foreign capital gains tax) | &nbsp;&nbsp; $(3536872)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | &nbsp;&nbsp; (22231)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 1491733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | &nbsp;&nbsp; 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (318478)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 10357 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $(2372933)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $(4413806)<br>|
| Change in net assets from operations | &nbsp;&nbsp; $3180113 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**4/30/26** <br>**(unaudited)**<br>| <br>**10/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $7593919 | &nbsp;&nbsp;&nbsp; $14109627 |
| Net realized gain (loss) | (2040873)<br>| &nbsp;&nbsp;&nbsp; 1419987 |
| Net unrealized gain (loss) | (2372933)<br>| &nbsp;&nbsp;&nbsp; 6596373 |
| Change in net assets from operations | $3180113 | &nbsp;&nbsp;&nbsp; $22125987 |
| Distributions to shareholders | $(6964345)<br>| &nbsp;&nbsp;&nbsp; $(14468510)<br>|
| Tax return of capital distributions to shareholders | $— | &nbsp;&nbsp;&nbsp; $(7706940)<br>|
| Distributions from other sources | $(4,111,737)(a)<br>| &nbsp;&nbsp;&nbsp; $— |
| Change in net assets from fund share transactions | $(1216447)<br>| &nbsp;&nbsp;&nbsp; $(1650788)<br>|
| Total change in net assets | $(9112416)<br>| &nbsp;&nbsp;&nbsp; $(1700251)<br>|
| **Net assets** |  |  |
| At beginning of period | 278919733 | &nbsp;&nbsp;&nbsp; 280619984 |
| At end of period | $269807317 | &nbsp;&nbsp;&nbsp; $278919733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Estimated tax return of capital. All or a portion of this amount may be redesignated
 as ordinary income and/or capital gains at fiscal year end when the tax character of
 distributions is determined. Please refer to "Tax Matters and Distributions" under Note 2 of the Notes to Financial Statements for additional information regarding the tax character of the fund's distributions.

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Cash Flows** 

Six months ended 4/30/26 (unaudited)

This statement provides a summary of cash flows from investment activity for the fund.

---

| | |
|:---|:---|
| **Cash flows from operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from operations | &nbsp;&nbsp; $3180113 |
| **Adjustments to reconcile change in net assets from operations to net** <br> **cash provided by operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of investment securities | &nbsp;&nbsp; (120905793)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities | &nbsp;&nbsp; 124573720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of short-term investments, net | &nbsp;&nbsp; 1199329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/loss on investments | &nbsp;&nbsp; 1291917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation/depreciation on investments | &nbsp;&nbsp; 3543603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation/depreciation on foreign currency contracts | &nbsp;&nbsp; 318478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation/depreciation on swaps | &nbsp;&nbsp; (2407)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net amortization/accretion of income | &nbsp;&nbsp; (801014)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in interest receivable | &nbsp;&nbsp; (163212)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses and other liabilities | &nbsp;&nbsp; (61125)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for net daily variation margin on open futures contracts | &nbsp;&nbsp; 21364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for net daily variation margin on open futures contracts | &nbsp;&nbsp; 181376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | &nbsp;&nbsp; (27523)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in interest payable | &nbsp;&nbsp; 9725 |
| Net cash provided by operating activities | &nbsp;&nbsp; $12358551 |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid in cash | &nbsp;&nbsp; $(11081937)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase of shares of beneficial interest | &nbsp;&nbsp; (1216447)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable to custodian | &nbsp;&nbsp; (24)<br>|
| Net cash used by financing activities | &nbsp;&nbsp; $(12298408)<br>|
| Net increase in cash and restricted cash | &nbsp;&nbsp; $60143 |
| **Cash and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period (including foreign currency of $595) | &nbsp;&nbsp; $595 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period (including foreign currency of $60,738) | &nbsp;&nbsp; $60738 |

---

Supplemental disclosure of cash flow information:

Cash paid during the six months ended April 30, 2026 for interest was $2,277,594.

**See Notes to Financial Statements**

------

*Financial Statements*

**Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **4/30/26** <br>**(unaudited)**<br>| **10/31/25** | **10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** |
| Net asset value, beginning of period | $5.08 | $5.07 | $4.66 | $4.73 | $6.12 | $6.19 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (d) | $0.14 | $0.26 | $0.25 | $0.26 | $0.25 | $0.28 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09)<br>| 0.15 | 0.55 | 0.04 | (1.21)<br>| 0.15 |
| Total from investment operations | $0.05 | $0.41 | $0.80 | $0.30 | $(0.96)<br>| $0.43 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp; From net investment income | $(0.13)<br>| $(0.26)<br>| $(0.23)<br>| $(0.23)<br>| $(0.39)<br>| $(0.30)<br>|
| &nbsp;&nbsp;&nbsp; From tax return of capital |  | (0.14)<br>| (0.17)<br>| (0.16)<br>| (0.05)<br>| (0.20)<br>|
| &nbsp;&nbsp;&nbsp; From other sources | (0.07)(b)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions declared <br> to shareholders<br>| $(0.20)<br>| $(0.40)<br>| $(0.40)<br>| $(0.39)<br>| $(0.44)<br>| $(0.50)<br>|
| &nbsp;&nbsp;&nbsp; Net increase from repurchase of <br> capital shares<br>| $0.00<br> (w)<br>| $0.00<br> (w)<br>| $0.01 | $0.02 | $0.01 | $— |
| Net asset value, end of period (x) | $4.93 | $5.08 | $5.07 | $4.66 | $4.73 | $6.12 |
| Market value, end of period | $4.60 | $4.74 | $4.76 | $4.22 | $4.32 | $6.58 |
| Total return at market value (%) | 1.32<br> (n)<br>| 8.46 | 22.85 | 6.53 | (28.43)<br>| 25.80 |
| Total return at net asset value (%) (j)(s)(x) | 1.32<br> (n)<br>| 9.13 | 18.50 | 7.44 | (15.74)<br>| 7.18 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** |
| Expenses | 2.67<br> (a)<br>| 2.86 | 3.17 | 2.92 | 1.40 | 1.01 |
| Net investment income (loss) | 5.56<br> (a)<br>| 5.09 | 4.89 | 5.21 | 4.57 | 4.40 |
| Portfolio turnover rate | 32<br> (n)<br>| 83 | 78 | 67 | 56 | 70 |
| Net assets at end of period (000 omitted) | $269807 | $278920 | $280620 | $264455 | $281814 | $369818 |
| **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** | **Supplemental Ratios (%):** |
| &nbsp;&nbsp;&nbsp; Ratios of expenses to average net assets <br> excluding interest expense and fees<br>| 0.99<br> (a)<br>| 0.99 | 0.98 | 0.99 | 0.86 | 0.81 |
| **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** | **Senior Securities:** |
| &nbsp;&nbsp;&nbsp; Total notes payable outstanding <br> (000 omitted)<br>| $95000 | $95000 | $95000 | $95000 | $100000 | $100000 |
| &nbsp;&nbsp;&nbsp; Asset coverage per $1,000 of <br> indebtedness (k)<br>| $3840 | $3936 | $3954 | $3784 | $3818 | $4698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**See Notes to Financial Statements**

------

*Financial Highlights – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Estimated tax return of capital. All or a portion of this amount may be redesignated
 as ordinary income and/or capital gains at fiscal year end when the tax character of
 distributions is determined. Please refer to "Tax Matters and Distributions" under Note 2 of the Notes to Financial Statements for additional information regarding the tax character of the fund's distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Total return at net asset value is calculated using the net asset value of the fund,
 not the publicly traded price and therefore may be different than the total return at market
 value.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Calculated by subtracting the fund's total liabilities (not including notes payable)
 from the fund's total assets and dividing this number by the notes payable outstanding and
 then multiplying by 1,000.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The net asset values and total returns at net asset value have been calculated on
 net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

**See Notes to Financial Statements**

------

**Notes to Financial Statements**

(unaudited)

**(1) Business and Organization**

MFS Multimarket Income Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.

**Segment Reporting** — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

------

*Notes to Financial Statements (unaudited) - continued* 

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. 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. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds)

------

*Notes to Financial Statements (unaudited) - continued* 

are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported that day for these funds, generally they will be valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the 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 halt 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 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

------

*Notes to Financial Statements (unaudited) - continued* 

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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of April 30, 2026 in valuing the fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $97053 | &nbsp;&nbsp;&nbsp; $97053 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp; 1953 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6178 |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12244194 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12244194 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52997910 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52997910 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1173466 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1173466 |
| U.S. Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 198625852 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 198625852 |
| Residential Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2435482 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2435482 |
| Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2485912 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2485912 |
| Asset-Backed Securities (including <br> CDOs)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7673135 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7673135 |
| Foreign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79058859 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79058859 |
| Investment Companies | &nbsp;&nbsp; 6334873 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6334873 |
| Total | &nbsp;&nbsp; $6339098 | &nbsp;&nbsp;&nbsp; $356696763 | &nbsp;&nbsp;&nbsp; $97053 | &nbsp;&nbsp;&nbsp; $363132914 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp; $1413357 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1413357 |
| Futures Contracts – Liabilities | &nbsp;&nbsp; (369301)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (369301)<br>|
| Forward Foreign Currency Exchange <br> Contracts – Assets<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 464861 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 464861 |
| Forward Foreign Currency Exchange <br> Contracts – Liabilities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (424403)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (424403)<br>|
| Swap Agreements – Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (87817)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (87817)<br>|

---

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

------

*Notes to Financial Statements (unaudited) - continued* 

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

---

| | |
|:---|:---|
|  | **Equity** <br>**Securities**<br>|
| Balance as of 10/31/25 | $77901 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation or depreciation | 19152 |
| Balance as of 4/30/26 | $97053 |

---

At April 30, 2026, the fund held one level 3 security.

**Foreign Currency Translation** — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

The derivative instruments used by the fund during the period were written options, purchased options, futures contracts, forward foreign currency exchange contracts, and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

------

*Notes to Financial Statements (unaudited) - continued* 

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2026 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | &nbsp;&nbsp; $1413357 | &nbsp;&nbsp; $(369301)<br>|
| Foreign Exchange | &nbsp;&nbsp; Forward Foreign Currency <br> Exchange Contracts<br>| &nbsp;&nbsp; 464861 | &nbsp;&nbsp; (424403)<br>|
| Credit | &nbsp;&nbsp; Uncleared Swap <br> Agreements<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (87817)<br>|
| Total |  | &nbsp;&nbsp; $1878218 | &nbsp;&nbsp; $(881521)<br>|

---

(a) Values presented in this table for futures contracts correspond to the values reported in the

Portfolio of Investments. Only the current day net variation margin for futures contracts is

reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended April 30, 2026 as reported in the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>| **Written** <br>**Options**<br>|
| Interest Rate | &nbsp;&nbsp; $(266127)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (598634)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit | &nbsp;&nbsp; — | &nbsp;&nbsp; (4450)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (254723)<br>| &nbsp;&nbsp; 81404 |
| Total | &nbsp;&nbsp; $(266127)<br>| &nbsp;&nbsp; $(4450)<br>| &nbsp;&nbsp; $(598634)<br>| &nbsp;&nbsp; $(254723)<br>| &nbsp;&nbsp; $81404 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended April 30, 2026 as reported in the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>| **Swap** <br>**Agreements**<br>| **Forward Foreign** <br>**Currency** <br>**Exchange** <br>**Contracts**<br>| **Unaffiliated Issuers** <br>**(Purchased** <br>**Options)**<br>| **Written** <br>**Options**<br>|
| Interest Rate | &nbsp;&nbsp; $1491733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Exchange | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (318478)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit | &nbsp;&nbsp; — | &nbsp;&nbsp; 2407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66929 | &nbsp;&nbsp; (22231)<br>|
| Total | &nbsp;&nbsp; $1491733 | &nbsp;&nbsp; $2407 | &nbsp;&nbsp; $(318478)<br>| &nbsp;&nbsp; $66929 | &nbsp;&nbsp; $(22231)<br>|

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments

------

*Notes to Financial Statements (unaudited) - continued* 

across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to brokers to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Interest expense and fees" in the Statement of Operations.

**Written Options** — In exchange for a premium, the fund wrote put options on securities for which it anticipated the price would increase. At the time the option was written, the fund believed the premium received exceeded the potential loss that could result from adverse price changes in the options' underlying securities. In a written option, the fund as the option writer grants the buyer the right to purchase from, or sell to, the fund a specified number of shares or units of a particular security, currency or index at a specified price within a specified period of time.

A written swaption represents an option that if exercised by the buyer, obligates the fund as option writer to enter into a pre-defined credit default swap agreement with the counterparty at a specified rate at a specified date or within a specified period of time. The fund enters into swaptions primarily to preserve a return or spread on a particular investment or portion of the fund's investments, to adjust the fund's sensitivity to underlying risk factors or to protect against an increase or decrease in the price of securities.

The premium received is initially recorded as a liability in the Statement of Assets and Liabilities. The option is subsequently marked-to-market daily with the difference between the premium received and the market value of the written option being recorded as unrealized appreciation or depreciation. When a written option expires, the fund realizes a gain equal to the amount of the premium received. The difference between the premium received and the amount paid on effecting a closing transaction is considered a realized gain or loss. When a written put option is exercised, the premium reduces the cost basis of the security purchased by the fund.

At the initiation of the written option contract, for exchange traded options, the fund is required to deposit securities or cash as collateral with the custodian for the benefit of the broker or directly with the clearing broker, based on the type of option. For

------

*Notes to Financial Statements (unaudited) - continued* 

uncleared options, the fund may post collateral subject to the terms of an ISDA Master Agreement as generally described above if the market value of the options contract moves against it. The fund, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written option. Losses from writing options can exceed the premium received and can exceed the potential loss from an ordinary buy and sell transaction. Although the fund's market risk may be significant, the maximum counterparty credit risk to the fund is equal to the market value of any collateral posted to the broker. For uncleared options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above.

**Purchased Options** — The fund purchased put options for a premium. Purchased put options entitle the holder to sell a specified number of shares or units of a particular security, currency or index at a specified price at a specified date or within a specified period of time. Purchasing put options may hedge against an anticipated decline in the value of portfolio securities or currency or decrease the fund's exposure to an underlying instrument.

A purchased swaption represents an option that gives the fund as purchaser the right, but not the obligation, to enter into a pre-defined credit default swap agreement with the counterparty at a specified rate at a specified date or within a specified period of time. The fund enters into swaptions primarily to preserve a return or spread on a particular investment or portion of the fund's investments, to adjust the fund's sensitivity to underlying risk factors or to protect against an increase or decrease in the price of securities.

The premium paid is initially recorded as an investment in the Statement of Assets and Liabilities. That investment is subsequently marked-to-market daily with the difference between the premium paid and the market value of the purchased option being recorded as unrealized appreciation or depreciation. Premiums paid for purchased put options which have expired are treated as realized losses on investments in the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments.

Whether or not the option is exercised, the fund's maximum risk of loss from purchasing an option is the amount of premium paid. All option contracts involve credit risk if the counterparty to the option contract fails to perform. For uncleared options, this risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA Master Agreement.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations

------

*Notes to Financial Statements (unaudited) - continued* 

in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange's clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

**Forward Foreign Currency Exchange Contracts** — The fund entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used to hedge the fund's currency risk or for non-hedging purposes. For hedging purposes, the fund may enter into contracts to deliver or receive foreign currency that the fund will receive from or use in its normal investment activities. The fund may also use contracts to hedge against declines in the value of foreign currency denominated securities due to unfavorable exchange rate movements. For non-hedging purposes, the fund may enter into contracts with the intent of changing the relative exposure of the fund's portfolio of securities to different currencies to take advantage of anticipated exchange rate changes.

Forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any unrealized gains or losses are recorded as a receivable or payable for forward foreign currency exchange contracts until the contract settlement date. On contract settlement date, any gain or loss on the contract is recorded as realized gains or losses on forward foreign currency exchange contracts.

Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potential inability of counterparties to meet the terms of their contracts. Generally, the fund's maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. This risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA Master Agreement.

**Swap Agreements** — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract ("uncleared swaps") while others are required to be centrally cleared ("cleared swaps").

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as "Uncleared swaps, at value" which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or

------

*Notes to Financial Statements (unaudited) - continued* 

received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement ("ISDA") between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into credit default swap agreements in order to manage its exposure to the market or certain sectors of the market, to reduce its credit risk exposure to defaults of corporate and sovereign issuers or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. A credit default swap's reference obligation may be either a single security or a basket of securities issued by corporate or sovereign issuers. At the inception of the agreement, the protection buyer may make an upfront payment to or receive an upfront payment from the protection seller. Over the term of the agreement, the protection buyer will make a series of periodic payments to the protection seller based on a fixed percentage applied to the agreement's notional amount in exchange for a promise from the protection seller to make a specific payment should a defined credit event occur with respect to the reference obligation. Although agreement-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event occurs, the protection buyer will either (i) receive from the protection seller an amount equal to the agreement's notional amount and deliver the reference obligation (i.e., physical settlement) or (ii) receive from the protection seller a net settlement of cash equal to the agreement's notional amount less the recovery value of the reference obligation. Upon determination of the final price for the reference obligation (or upon delivery of the reference obligation in the case of physical settlement), the difference between the recovery value of the reference obligation and the agreement's notional amount is recorded as realized gain or loss on swap agreements in the Statement of Operations.

------

*Notes to Financial Statements (unaudited) - continued* 

Credit default swap agreements are considered to have credit-risk-related contingent features since they trigger payment by the protection seller to the protection buyer upon the occurrence of a defined credit event. The aggregate fair value of credit default swap agreements in a net liability position as of April 30, 2026 is disclosed in the footnotes to the Portfolio of Investments. The maximum amount of future, undiscounted payments that the fund, as protection seller, could be required to make is equal to the swap agreement's notional amount. The protection seller's payment obligation would be offset to the extent of the value of the agreement's deliverable obligation. If a defined credit event had occurred as of April 30, 2026, the swap agreement's credit-risk-related contingent features would have been triggered and, for those swap agreements in a net liability position for which the fund is the protection seller, the fund, in order to settle these swap agreements, would have been required to either (1) pay the swap agreement's notional value of EUR 650,000 less the value of the agreements' related deliverable obligations as decided through an ISDA auction or (2) pay the notional value of the swap agreements in return for physical receipt of the deliverable obligations. The fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the agreement.

**Statement of Cash Flows** — Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the fund's Statement of Assets and Liabilities includes cash on hand at the fund's custodian bank and does not include any short-term investments. Restricted cash is presented in the fund's Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or cleared derivatives and represents cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts.

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities with that shown in the Statement of Cash Flows:

---

| | |
|:---|:---|
|  | **4/30/26** |
| Cash | $60738 |
| Restricted cash included in Cash collateral posted |  |
| Restricted cash included in Cash pledged |  |
| Total cash and restricted cash in the Statement of Cash Flows | $60738 |

---

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest

------

*Notes to Financial Statements (unaudited) - continued* 

date in an amount equal to the value of the security on such date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. The fund employs a managed distribution policy whereby the fund seeks to pay monthly distributions based on an annual rate of 8.00% of the fund's average monthly net asset value. As a result, distributions may exceed actual earnings which may result in a tax return of capital. Distributions in any year may include a substantial return of capital component. For the six months ended April 30, 2026, the amount of distributions estimated to be a tax

------

*Notes to Financial Statements (unaudited) - continued* 

return of capital was approximately $4,111,737 which is reported as distributions from other sources in the Statements of Changes in Net Assets. All or a portion of this amount may be redesignated as ordinary income and/or capital gains at fiscal year end. Please refer to the Financial Highlights for distributions of tax returns of capital made during the prior five years. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to defaulted bonds, amortization of premium and accretion of discount of debt securities, and derivative transactions.

The tax character of distributions made during the six months ended April 30, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended** <br>**10/31/25**<br>|
| Ordinary income (including any <br> short-term capital gains)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14468510 |
| Tax return of capital (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7706940 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22175450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions in excess of tax basis earnings and profits are reported in the financial
 statements as a tax return of capital.

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 4/30/26** |  |
| Cost of investments | &nbsp;&nbsp; $368327214 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 5469564 |
| Gross depreciation | &nbsp;&nbsp; (10663864) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(5194300) |
| **As of 10/31/25** |  |
| Capital loss carryforwards | &nbsp;&nbsp; (38541556) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (306038) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (1544931) |

---

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

------

*Notes to Financial Statements (unaudited) - continued* 

As of October 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(402543)<br>|
| Long-Term | (38139013)<br>|
| Total | $(38541556)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.34% of the fund's average daily net assets and 5.40% of gross income. Gross income is calculated based on tax elections that generally include the accretion of discount and exclude the amortization of premium, which may differ from investment income reported in the Statement of Operations. The management fee, from net assets and gross income, incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.78% of the fund's average daily net assets.

**Transfer Agent** — The fund engages Computershare Trust Company, N.A. ("Computershare") as the sole transfer agent for the fund. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the six months ended April 30, 2026, fees paid to MFSC amounted to $17,789.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the six months ended April 30, 2026 was equivalent to an annual effective rate of 0.0171% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

------

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(4) Portfolio Securities**

For the six months ended April 30, 2026, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $9396004 | &nbsp;&nbsp; $10803038 |
| Non-U.S. Government securities | 106442223 | &nbsp;&nbsp; 105510830 |

---

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The Trustees have authorized the repurchase by the fund of up to 10% annually of its own shares of beneficial interest. The fund repurchased 266,122 shares of beneficial interest during the six months ended April 30, 2026 at an average price per share of $4.57 and a weighted average discount of 7.70% per share. The fund repurchased 362,276 shares of beneficial interest during the year ended October 31, 2025 at an average price per share of $4.96 and a weighted average discount of 8.20% per share. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**4/30/26** | **Six months ended** <br>**4/30/26** | **Year ended** <br>**10/31/25** | **Year ended** <br>**10/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Capital shares repurchased | (266122)<br>| &nbsp;&nbsp; $(1216447)<br>| &nbsp;&nbsp; (362276)<br>| &nbsp;&nbsp; $(1650788)<br>|

---

**(6) Loan Agreement**

The fund has a credit agreement with a bank for a revolving secured line of credit that can be drawn upon up to $100,000,000. At April 30, 2026, the fund had outstanding borrowings under this agreement in the amount of $95,000,000, which are secured by a lien on the fund's assets. The loan's carrying value in the fund's Statement of Assets and Liabilities approximates its fair value. The loan value as of the reporting date is considered level 2 under the fair value hierarchy. The credit agreement has no explicit maturity date but may be terminated with appropriate notice by either party. Borrowings under the agreement can be made for liquidity or leverage purposes. Interest is charged at a rate per annum equal to the one-month term SOFR (Secured Overnight Financing Rate) plus 0.10% plus an agreed upon spread, or at the option of the borrower, an alternate base rate plus an agreed upon spread. The fund incurred interest expense of $2,278,178 during the period, which is included in"Interest expense and fees" in the Statement of Operations. The fund may also be charged a commitment fee based on the average daily unused portion of the line of credit. The fund paid a commitment fee of $3,155 during the period, which is included in "Interest expense and fees" in the Statement of Operations. For the six months ended April 30, 2026, the average loan balance was $95,000,000 at a weighted average annual interest rate of 4.84%. The fund is subject to certain covenants including, but not limited to, requirements with respect to asset coverage, portfolio diversification and liquidity.

------

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(7) Investments in 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. The following were affiliated issuers for the six months ended April 30, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money <br> Market Portfolio<br>| $7534051 | $72603103 | $73802339 | $(93)<br>| $151 | $6334873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | $146515 | $— |

---

**(8) Subsequent Event**

On December 10, 2025, the Board of Trustees of the fund approved a proposal to appoint abrdn Inc. ("Aberdeen") as the fund's new investment adviser, nominated five new trustees as a new board for the fund, and approved a proposal to issue additional common shares of the fund to accommodate separately proposed reorganizations, as discussed further below (collectively, the "Aberdeen Proposals"). The Aberdeen Proposals were approved by the fund's shareholders at the Special Meeting of Shareholders held on May 1, 2026, and all other conditions agreed to between MFS and Aberdeen relating to the Aberdeen Proposals have been satisfied or waived. In addition to the Aberdeen Proposals, the respective shareholders of the MFS Intermediate High Income Fund and MFS Charter Income Trust (each a "Target Fund") approved a proposal to reorganize each Target Fund into the fund (the "Reorganizations"). It is anticipated that the Reorganizations will occur on or around June 18, 2026, and that Aberdeen will begin serving as the fund's investment adviser and the new trustees will begin serving as the fund's board on or around June 22, 2026.

------

**Report of Independent Registered Public** 

**Accounting Firm**

To the Shareholders and the Board of Trustees of MFS Multimarket Income Trust

**Results of Review of Interim Financial Statements**

We have reviewed the accompanying statement of assets and liabilities of MFS Multimarket Income Trust (the "Fund"), including the portfolio of investments, as of April 30, 2026, and the related statements of operations, changes in net assets, cash flows and financial highlights for the six-month period then ended and the related notes (collectively referred to as the "interim financial statements"). Based on our review, we are not aware of any material modifications that should be made to the interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the statement of assets and liabilities, including the portfolio of investments, as of October 31, 2025, the statement of operations and the statement of changes in net assets for the year ended October 31, 2025, the financial highlights for each of the five years in the period then ended, and the related notes (not presented herein); and in our report dated December 15, 2025, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying statement of changes in net assets for the year ended October 31, 2025 and the financial highlights for each of the five years in the period then ended, is fairly stated, in all material respects, in relation to the statement of changes in net assets and the financial highlights from which it has been derived.

**Basis for Review Results**

These financial statements are the responsibility of the Fund's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Ernst & Young LLP

Boston, Massachusetts

June 12, 2026

------

**Results of Shareholder Meeting (unaudited)**

At the special meeting of shareholders of MFS Multimarket Income Trust, which was held on March 11, 2026, and adjourned to May 1, 2026, the following actions were taken:

**Item 1:** To approve the issuance of additional common shares of beneficial interest of MFS Multimarket Income Trust, in connection with the proposed reorganizations of each of MFS Charter Income Trust, MFS Intermediate High Income Fund, MFS Government Markets Income Trust, and/or MFS Intermediate Income Trust:

---

| | |
|:---|:---|
| **Number of Shares** | **Number of Shares** |
| **For** | **Against/** <br>**Withheld/** <br>**Abstention** <br>|
| 23,816,922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,957,349 |

---

**Item 2:** To approve a new investment management agreement between MFS Multimarket Income Trust and abrdn Inc.:

---

| | |
|:---|:---|
| **Number of Shares** | **Number of Shares** |
| **For** | **Against/** <br>**Withheld/** <br>**Abstention**<br>|
| 24,234,885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,539,386 |

---

**Items 3.1, 3.2, 3.3. 3.4, 3.5:** To elect the following individuals as Trustees:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Number of Shares** | **Number of Shares** |
| **Item Number** | **Nominee**  | **For** | **Against/** <br>**Withheld/** <br>**Abstention**<br>|
| 3.1 | Gordon Baird | 25,010,450 | 2,763,821 |
| 3.2 | Christian Pittard | 24,991,582 | 2,782,689 |
| 3.3 | Todd Reit | 24,951,688 | 2,822,582 |
| 3.4 | Nancy Yao | 24,983,452 | 2,790,819 |
| 3.5 | C. William Maher | 25,012,152 | 2,762,119 |

---

------

**Board Review of Investment** 

**Advisory Agreement**

**MFS Multimarket Income Trust**

The Board has considered and approved an arrangement pursuant to which abrdn Inc. ("Aberdeen") will serve as the new investment adviser to the Fund (the "Investment Advisory Agreement") in connection with certain other business transactions relevant to the Fund, as described herein. Shareholders subsequently approved the Investment Advisory Agreement on May 1, 2026.

On December 10, 2025, MFS and abrdn Inc. ("Aberdeen") and, for the purposes specified therein, Aberdeen Group plc, entered into a purchase agreement (the "Purchase Agreement") pursuant to which Aberdeen would acquire certain assets and liabilities related to MFS' business of providing investment management services with respect to the assets of the Fund and certain other registered investment companies (the "Business") if certain closed-end fund reorganizations into the Fund were approved (the "Reorganizations"), and upon satisfaction or waiver of certain other conditions. Under the Purchase Agreement, MFS agreed to transfer to Aberdeen, in exchange for a cash payment at the closing of the Transaction, and subject to certain conditions and exceptions, (i) all right, title and interest of MFS in and to the books and records relating to the Business of the Trusts; (ii); the historical investment performance records of the funds being reorganized; and (iii) the goodwill of the Business (the "Transaction").

On December 9-10, 2025 (the "Contract Review Meeting") the Board of Trustees of the Fund (the "Board"), including all of the non-interested ("independent") Trustees, met to consider various factors relating to the Transaction, including whether to recommend to shareholders the approval of the Investment Advisory Agreement. In addition, independent Trustees met on several occasions together and separately with senior executives and other representatives of MFS and Aberdeen to discuss various aspects of the Transaction, including the Investment Advisory Agreement. The Trustees were assisted in their evaluation of the Investment Advisory Agreement by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from MFS and Aberdeen management. MFS had recommended that the Board approve the Investment Advisory Agreement in connection with its consideration of the broader Transaction.

In connection with their deliberations regarding the Investment Advisory Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by Aberdeen under the Investment Advisory Agreement, and other proposed arrangements between Aberdeen and the Fund, as appropriate.

In advance of the Contract Review Meeting and at the request of the independent Trustees, Aberdeen and MFS provided detailed information to the Board about the Investment Advisory Agreement and the broader Transaction, as well as information about Aberdeen and MFS. MFS and Aberdeen responded to questions and supplemental information requests from the Board in advance of and at the Contract

------

*Board Review of Investment Advisory Agreement - continued*

Review Meeting. In connection with their Contract Review Meeting, the Trustees received and relied upon materials that included, among other items: (i) general and financial information regarding Aberdeen and its affiliates; (ii) information about the Transaction and the Reorganizations; (iii) information regarding Aberdeen personnel and services to be provided to the Fund; (iv) information relating to Aberdeen's investment advisory services and performance generally; (v) Aberdeen's brokerage practices and allocation of portfolio transactions; (vi) information regarding the Fund's fees, expenses and use of leverage; (vii) Aberdeen's expected profitability with respect to their management of the Fund and other benefits; (viii) Aberdeen's governance, oversight and compliance policies and procedures as proposed for the Fund; (ix) information relating to Aberdeen's cybersecurity, artificial intelligence risk and business continuity; (x) information relating to Aberdeen's affiliates and management of any potential conflicts of interest; (xi) and proposed services arrangements for the Fund. The Board also considered information it had previously received regarding Aberdeen and the proposed Transaction at meetings held earlier in the year. For purposes of evaluating the Investment Advisory Agreements, the Trustees also considered information about the Fund and MFS, received over the course of many years, as part of the Board's annual 15(c) contract review process for the Fund, as well as additional information received from MFS in advance of the Contract Review Meeting, as described above. In addition, prior to the Contract Review Meeting, independent Trustees met with each trustee Nominee.

The Trustees' conclusions to approve, and to recommend that shareholders approve, the Investment Advisory Agreement were based on a comprehensive consideration of all information provided to the Board and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. In reaching the decision to approve, and to recommend that shareholders approve, the Investment Advisory Agreement, the Board considered a number of factors, including, among others and in no order of priority:

*Nature, extent, and quality of services*

The Trustees received and considered various information regarding the nature, extent, and quality of the advisory services to be provided to the Fund under the applicable Investment Advisory Agreement by Aberdeen. With respect to Aberdeen, the most recent investment adviser registration forms were provided to the Trustees, as were responses to detailed requests submitted by the independent Trustees' independent legal counsel on their behalf, as described above. The Trustees also had previously met with senior personnel across various departments of Aberdeen. The Trustees considered the information provided with respect to the proposed experienced portfolio management teams and other resources that would be dedicated to the Fund, as well as the investment philosophies and processes that would be followed by those individuals in managing the Fund. Further, the Trustees noted that Aberdeen has advised the Trustees that in transitioning the management of the Fund, Aberdeen would be focused on minimizing any disruption to the Fund and its shareholders and that it expects any repositioning of the Fund's investment portfolio to be undertaken in a manner that minimizes transaction costs and mitigates adverse tax consequences. The Trustees noted that Aberdeen has substantial experience in assimilating closed-end funds into its family of funds.

------

*Board Review of Investment Advisory Agreement - continued*

The Trustees considered that Aberdeen and its affiliates managed 15 U.S. closed-end funds and 13 non-U.S. closed-end funds, totaling $26.1 billion in assets as of November 10, 2025. The Trustees additionally considered Aberdeen's commitment to its asset management business, in particular its larger closed-end fund platform, its knowledge of the closed-end fund marketplace, and dedicated closed-end fund investor services professionals. They also considered that Aberdeen has extensive experience in managing municipal securities and currently manages another municipal closed-end fund, Aberdeen National Municipal Income Fund.

The Trustees noted Aberdeen's and MFS' representations that, if Aberdeen were approved as the Fund's investment adviser, there would be no expected diminution in the nature, quality and extent of services provided to the Fund and its respective shareholders, including administrative, regulatory and compliance services. The Trustees further considered the valuation policies of Aberdeen and MFS and its anticipated impact on the Fund's net asset value following the close of the transaction, noting MFS' and Aberdeen's representations that the policies were substantially similar and that any resulting impact was expected to be minimal.

Based on the foregoing and other relevant information reviewed, the Trustees concluded that they were satisfied with assurances from Aberdeen and MFS as to the expected nature, extent and quality of the services to be provided to the Fund under the Investment Advisory Agreement.

*Investment performance*

The Trustees considered the investment performance of Aberdeen advised closed-end funds, generally as well as the investment performance of other Aberdeen advised products, as the Trustees deemed relevant. The Trustees specifically considered the performance of those Aberdeen advised products with investment objectives and/or strategies that align with the proposed asset allocation of the Fund. The Trustees considered performance results for various periods ended September 30, 2025 and evaluated performance in comparison to similar Aberdeen advised products' relevant benchmark index, as applicable, as well as against the Fund's performance. The Trustees were generally satisfied with Aberdeen's performance as an investment adviser with respect to those products with strategies and/or objectives comparable to those of the Fund.

*Fees, Expenses and Economies of Scale*

The Trustees considered that the Investment Advisory Agreement will have a different fee structure and different fee rates than the MFS Management Agreement. The Trustees considered that the investment advisory fee rate under the Investment Advisory Agreement will be computed with reference to the Fund's average daily total Managed Assets[1] and that currently, under the MFS Advisory Agreement, the investment advisory fee rate is computed with reference to the relevant Fund's average daily total net assets (including the value of preferred shares, if applicable). The Trustees therefore considered the current fees and expenses of the Fund, as compared to the expected fees and expenses after the Reorganization, on the basis of both net and Managed Assets.

------

*Board Review of Investment Advisory Agreement - continued*

The Trustees also considered that the total annual fund operating expenses (excluding interest payments on borrowed funds, dividends on preferred shares, and interest on tender option bonds, as applicable), after application of Aberdeen's proposed expense limitation, would remain unchanged (on a Managed Asset basis) and decrease (on a net asset basis) as compared to the current total annual fund operating expenses of the Fund.

The Trustees noted that the proposed expense limitation agreement for the Fund would remain in place for at least two years following the consummation of the Transaction and could only be changed with the approval of a majority of the independent Trustees.

The Trustees also considered the fees and expenses of the Fund, as managed by Aberdeen, as compared to those of the Fund as managed by MFS, in the event that the Reorganizations are completed but the Transaction is not consummated. The Trustees took into account the long-term viability of the Fund both as managed by Aberdeen in the event that the Transaction is consummated and as managed by MFS, in the event that the Transaction is not consummated. Additionally, the Trustees considered the anticipated fees and expenses of the Fund in the context of Broadridge Financial Solutions, Inc. expense peer groups last reviewed by the Trustees in connection with the Fund's most recent contract renewal. The Trustees also evaluated the fees and expenses of other comparable funds that MFS and Aberdeen had deemed relevant in the context of the broader Transaction and as provided in response to the Trustees' information request in advance of the Contract Review Meeting.

The Trustees also noted that while the Fund, as a closed-end fund, would not present the opportunity for economies of scale on its own, Aberdeen's large platform presented opportunities for the Fund to receive the benefits of economies of scale through Aberdeen's relationships with service providers and other operational efficiencies. The Trustees considered the ways in which Aberdeen may be able to achieve economies of scale for the Fund, but noted that there can be no assurances that economies of scale will be achieved by Aberdeen. Under the circumstances, the Board concluded that the proposed advisory fee for the Fund is not excessive and that the advisory fee structure is appropriate.

*Profitability*

The Trustees also considered information prepared by Aberdeen relating to Aberdeen's costs and profits with respect to the Fund as well as Aberdeen's methodologies used to determine and allocate costs to the Fund. The Trustees further noted the pro forma nature of the profitability information presented and that it was not possible to predict with certainty how Aberdeen's profitability actually would be affected by becoming the investment adviser to the Fund but that they had been satisfied, based on their review of the projected profitability of Aberdeen, that the profitability from its relationship with the Fund would not be excessive.

*Other Benefits to Aberdeen*

The Trustees considered so-called "fall-out benefits" to Aberdeen such as reputational value derived from serving as investment manager to the Fund; the benefits from allocation of the Fund brokerage to improve trading efficiencies; and the fees that it and/or various affiliates would receive for providing administration and investor

------

*Board Review of Investment Advisory Agreement - continued*

relations services and to the Fund, subject to approval by the Fund's board of trustees. The Trustees considered that Aberdeen does not currently engage in commission sharing arrangements or "soft dollars" and would not do so with respect to their management of the Fund.

The Board concluded that, to the extent Aberdeen or its affiliates derive other benefits from its relationship with the Fund, those benefits are not so significant as to render Aberdeen's fees excessive.

The Trustees also considered that MFS has a financial interest under the Purchase Agreement in having the Board and shareholders approve the Investment Advisory Agreement.

*Conclusion*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded to approve the Investment Advisory Agreement and recommend to shareholders the approval of the Fund's Investment Advisory Agreement.

[1] "Managed Assets" means the total assets of the Combined Fund, including assets attributable to any form of leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding).

------

**Proxy Voting Policies and Information**

MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

**Quarterly Portfolio Disclosure**

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov*. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/closedendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Reports and Other Documents" tab.

**Further Information**

From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (*mfs.com*). This information is available at *https://www.mfs.com/announcements* or at *mfs.com/closedendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

Additional information about the fund (e.g., performance, dividends and the fund's price history) is also available at *mfs.com/closedendfunds* by choosing the fund's name, if any.

**INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS**

The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

------

![](img64a935371.gif)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CONTACT US**

**COMPUTERSHARE TRUST COMPANY, N.A.**

**TRANSFER AGENT, REGISTRAR, AND**

**DIVIDEND DISBURSING AGENT**

**CALL**

1-800-637-2304

9 a.m. to 5 p.m. Eastern time

**WRITE**

Computershare Trust Company, N.A.

P.O. Box 43078

Providence, RI 02940-3078

New York Stock Exchange Symbol: **MMT**

------

**Item 1(b):**

A copy of the notice transmitted to the Registrant's shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.

**ITEM 2. CODE OF ETHICS.**

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semi-annual reports.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semi-annual reports.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semi-annual reports.

**ITEM 6. INVESTMENTS**

A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 10. RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

This information is disclosed as part of the financial statements included in Item 1 above.

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable for semi-annual reports.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

There were no changes during the period.

![](gb-notice_imagesgbnotice3xg.jpg)

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

**MFS Multimarket Income Trust**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Total | &nbsp;&nbsp;&nbsp;&nbsp;(d) Maximum |
|  |  |  | **Number of** | **Number (or** |
|  | (a) Total number | (b) | **Shares** | **Approximate** |
|  **Period** | **of Shares** | **Average** | **Purchased as** | **Dollar Value) of** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchased** | &nbsp;&nbsp;&nbsp;&nbsp; **Price** | &nbsp;&nbsp; **Part of Publicly** | &nbsp;&nbsp; **Shares that May** |
|  |  | &nbsp;&nbsp; **Paid per** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Announced** | &nbsp;&nbsp; **Yet Be Purchased** |
|  |  | **Share** | **Plans or** | **under the Plans** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Programs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **or Programs** |
| 11/01/25-11/30/25 | 15363 | 4.64 | 15363 | 5478580 |
| 12/01/25-12/31/25 | 0 | N/A | 0 | 5478580 |
| 01/01/26-01/31/26 | 13192 | 4.67 | 13192 | 5465388 |
| 02/01/26-02/28/26 | 0 | N/A | 0 | 5465388 |
| 03/01/26-03/31/26 | 44588 | 4.54 | 44588 | 5420800 |
| 04/01/26-04/30/26 | 192979 | 4.57 | 192979 | 5227821 |
| Total | **266122** | 4.57 | **266122** |  |

---

Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant's outstanding shares as of the first day of the plan year (October 1). The aggregate number of

shares available for purchase for the October 1, 2025 plan year is 5,493,943 .

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

**ITEM 16. 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 report on Form N-CSR, 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 period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable for semi-annual reports.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

Not applicable.

**ITEM 19. EXHIBITS.**

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as [EX-99.302CERT](f45563d2.htm).

&nbsp;&nbsp;&nbsp;&nbsp;(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Change in the registrant's independent public accountant. Not applicable.

(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](f45563d3.htm).

(c)Registrant's Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as [EX-99.30e-3Notice](f45563d4.htm).

(d)Notices to Trust's common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1. Attached hereto as [Ex-99.19a-1](f45563d5.htm).

**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 MULTIMARKET INCOME TRUST

By (Signature and Title)\*

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo, President

Date: June 12, 2026

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)\*

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo, President (Principal Executive Officer)

Date: June 12, 2026

By (Signature and Title)\*

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 12, 2026

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

------

## Exhibit 99.302

**<u>EX-99.302CERT</u>**

**MFS MULTIMARKET INCOME TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that:

1. I have reviewed this report on Form N-CSR of MFS Multimarket Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 12, 2026

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**<u>EX-99.302CERT</u>**

**MFS MULTIMARKET INCOME TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Multimarket Income Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 12, 2026

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS MULTIMARKET INCOME TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that, to my knowledge:

1. The Form N-CSR (the "Report") of MFS Multimarket Income Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 12, 2026

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS MULTIMARKET INCOME TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Multimarket Income Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 12, 2026

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

## Exhibit 99.30

**<u>EX-99.30e-3Notice</u>**

![](gg-30e3_imagesgg30e32x1.jpg)

**MFS Multimarket Income Trust**

Thank you for being a shareholder. You are encouraged to access and review this important report containing information about the fund, including portfolio holdings and ﬁnancial statements.

The report is available at:

**closedendfunds.mfs.com**

This report is available by mail or email upon request free of charge. Reports for the prior reporting period and the fund's portfolio holdings for its most recent ﬁ rst and third ﬁscal quarters are also available online and in print by request.

Current and future report delivery requests can be submitted at any time using the options in the right panel.

**Why am I receiving this Notice?**

The Securities and Exchange Commission adopted new rule 30e-3, which, among other things, allows mutual fund companies to deliver shareholder reports by making such reports accessible at a website address. You still may elect to receive a paper copy of the current report and/or any future reports by following the instructions on the panel on the right-hand side.

001CD80003 : CCS-Letter-75GSM-Plain-white-20/50#

**An Important Report to Shareholders is Now Available Online and In Print by Request**

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Outside USA, US Territories & Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781) 575-2879

Regular Mail

Computershare Trust Company, N.A.

P.O. Box 505005

Louisville, KY 40233-5005

In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.

03DCCB

## Exhibit 99.19

**<u>EX-99.19a-1</u>**

![](gg-1ga1_imagesgg1ga12x1.jpg)

**MFS<sup>®</sup> Multimarket Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April-2026 |
| Distribution amount per share | $0.03293 |

---

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund's fiscal year begins each November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.03293 | 100% | 0.14928 |  | 74% |
| Net Realized ST Cap Gains | 0.00000 | 0% | 0.00000 |  | 0% |
| Net Realized LT Cap Gains | 0.00000 | 0% | 0.00000 |  | 0% |
| Return of Capital or | 0.00000 | 0% | 0.05245 |  | 26% |
| &nbsp;&nbsp;Other Capital Source | 0.00000 | 0% | 0.05245 |  | 26% |
| Total (per common share) | 0.03293 | 100% | 0.20173 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 3-31-2026 | Average annual total return (in relation to NAV) for the five years ended 3-31-2026 | Average annual total return (in relation to NAV) for the five years ended 3-31-2026 | Average annual total return (in relation to NAV) for the five years ended 3-31-2026 |  | 3.68% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2026 | 8.08% |
| Cumulative total return (in relation to NAV) for the fiscal year through 3-31-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 3-31-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 3-31-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 3-31-2026 |  | -0.21% |
| Cumulative fiscal year distributions as a percentage of NAV as of 3-31-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 3-31-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 3-31-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 3-31-2026 |  | 4.13% |

---

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax- reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MMTSN-0426

![](gg-1ga1_imagesgg1ga13x1.jpg)

**MFS<sup>®</sup> Multimarket Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March-2026 |
| Distribution amount per share | $0.03375 |

---

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund's fiscal year begins each November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.03375 | 100% | 0.09790 |  | 58% |
| Net Realized ST Cap Gains | 0.00000 | 0% | 0.00000 |  | 0% |
| Net Realized LT Cap Gains | 0.00000 | 0% | 0.00000 |  | 0% |
| Return of Capital or | 0.00000 | 0% | 0.07090 |  | 42% |
| &nbsp;&nbsp;Other Capital Source | 0.00000 | 0% | 0.07090 |  | 42% |
| Total (per common share) | 0.03375 | 100% | 0.16880 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 2-28-2026 | Average annual total return (in relation to NAV) for the five years ended 2-28-2026 | Average annual total return (in relation to NAV) for the five years ended 2-28-2026 | Average annual total return (in relation to NAV) for the five years ended 2-28-2026 |  | 4.11% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 2-28-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 2-28-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 2-28-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 2-28-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 2-28-2026 | 8.02% |
| Cumulative total return (in relation to NAV) for the fiscal year through 2-28-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 2-28-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 2-28-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 2-28-2026 |  | 2.30% |
| Cumulative fiscal year distributions as a percentage of NAV as of 2-28-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 2-28-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 2-28-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 2-28-2026 |  | 3.34% |

---

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax- reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MMTSN-0326

![](gg-1ga1_imagesgg1ga14x1.jpg)

**MFS<sup>®</sup> Multimarket Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;February-2026 |
| Distribution amount per share | $0.03375 |

---

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund's fiscal year begins each November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.00439 | 13% | 0.05807 |  | 43% |
| Net Realized ST Cap Gains | 0.00000 | 0% | 0.00000 |  | 0% |
| Net Realized LT Cap Gains | 0.00000 | 0% | 0.00000 |  | 0% |
| Return of Capital or | 0.02936 | 87% | 0.07698 |  | 57% |
| &nbsp;&nbsp;Other Capital Source | 0.02936 | 87% | 0.07698 |  | 57% |
| Total (per common share) | 0.03375 | 100% | 0.13505 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 1-31-2026 | Average annual total return (in relation to NAV) for the five years ended 1-31-2026 | Average annual total return (in relation to NAV) for the five years ended 1-31-2026 | Average annual total return (in relation to NAV) for the five years ended 1-31-2026 |  | 3.87% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2026 | Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2026 | 8.02% |
| Cumulative total return (in relation to NAV) for the fiscal year through 1-31-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 1-31-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 1-31-2026 | Cumulative total return (in relation to NAV) for the fiscal year through 1-31-2026 |  | 1.57% |
| Cumulative fiscal year distributions as a percentage of NAV as of 1-31-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 1-31-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 1-31-2026 | Cumulative fiscal year distributions as a percentage of NAV as of 1-31-2026 |  | 2.67% |

---

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax- reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MMTSN-0226

![](gg-1ga1_imagesgg1ga15x1.jpg)

**MFS<sup>®</sup> Multimarket Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;January-2026 |
| Distribution amount per share | $0.03369 |

---

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund's fiscal year begins each November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.02224 | 66% | 0.05875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |  |
| Net Realized ST Cap Gains | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| Net Realized LT Cap Gains | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| Return of Capital or | 0.01145 | 34% | 0.04255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |  |
| &nbsp;&nbsp;Other Capital Source | 0.01145 | 34% | 0.04255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |  |
| Total (per common share) | 0.03369 | 100% | 0.10130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |  |
| Average annual total return (in relation to NAV) for the five years ended 12-31-2025 | Average annual total return (in relation to NAV) for the five years ended 12-31-2025 | Average annual total return (in relation to NAV) for the five years ended 12-31-2025 | Average annual total return (in relation to NAV) for the five years ended 12-31-2025 |  | 3.64% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2025 | 8.01% |
| Cumulative total return (in relation to NAV) for the fiscal year through 12-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 12-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 12-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 12-31-2025 |  | 0.85% |
| Cumulative fiscal year distributions as a percentage of NAV as of 12-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 12-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 12-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 12-31-2025 |  | 2.01% |

---

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax- reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MMTSN-0126

![](gg-1ga1_imagesgg1ga16x1.jpg)

**MFS<sup>®</sup> Multimarket Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;December-2025 |
| Distribution amount per share | $0.03372 |

---

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund's fiscal year begins each November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.01686 | 50% | 0.03381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |  |
| Net Realized ST Cap Gains | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| Net Realized LT Cap Gains | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| Return of Capital or | 0.01686 | 50% | 0.03380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |  |
| &nbsp;&nbsp;Other Capital Source | 0.01686 | 50% | 0.03380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |  |
| Total (per common share) | 0.03372 | 100% | 0.06761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |  |
| Average annual total return (in relation to NAV) for the five years ended 11-30-2025 | Average annual total return (in relation to NAV) for the five years ended 11-30-2025 | Average annual total return (in relation to NAV) for the five years ended 11-30-2025 | Average annual total return (in relation to NAV) for the five years ended 11-30-2025 |  | 3.91% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2025 | 7.98% |
| Cumulative total return (in relation to NAV) for the fiscal year through 11-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 11-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 11-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 11-30-2025 |  | 0.52% |
| Cumulative fiscal year distributions as a percentage of NAV as of 11-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 11-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 11-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 11-30-2025 |  | 1.33% |

---

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax- reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MMTSN-1225

![](gg-1ga1_imagesgg1ga17x1.jpg)

**MFS<sup>®</sup> Multimarket Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;November-2025 |
| Distribution amount per share | $0.03389 |

---

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund's fiscal year begins each November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.03389 | 100% | 0.03389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |  |
| Net Realized ST Cap Gains | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| Net Realized LT Cap Gains | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| Return of Capital or | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| &nbsp;&nbsp;Other Capital Source | 0.00000 | 0% | 0.00000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |  |
| Total (per common share) | 0.03389 | 100% | 0.03389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |  |
| Average annual total return (in relation to NAV) for the five years ended 10-31-2025 | Average annual total return (in relation to NAV) for the five years ended 10-31-2025 | Average annual total return (in relation to NAV) for the five years ended 10-31-2025 | Average annual total return (in relation to NAV) for the five years ended 10-31-2025 |  | 4.64% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2025 | 8.01% |
| Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2025 |  | 8.91% |
| Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2025 |  | 0.67% |

---

You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.

The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax- reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.

MMTSN-1125