Issuer | Shares/Par | Value ($) | ||
Bonds – 138.5% | ||||
Aerospace & Defense – 5.2% | ||||
Bombardier, Inc., 7.5%, 3/15/2025 (n) | $ | 38,000 | $38,023 | |
Bombardier, Inc., 7.125%, 6/15/2026 (n) | 102,000 | 100,305 | ||
Bombardier, Inc., 7.5%, 2/01/2029 (n) | 76,000 | 74,471 | ||
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n) | 200,000 | 183,600 | ||
Moog, Inc., 4.25%, 12/15/2027 (n) | 180,000 | 163,801 | ||
Spirit AeroSystems, Inc., 4.6%, 6/15/2028 | 197,000 | 159,581 | ||
TransDigm, Inc., 6.25%, 3/15/2026 (n) | 161,000 | 159,466 | ||
TransDigm, Inc., 6.375%, 6/15/2026 | 170,000 | 169,981 | ||
TransDigm, Inc., 5.5%, 11/15/2027 | 158,000 | 149,945 | ||
TransDigm, Inc., 6.75%, 8/15/2028 (n) | 147,000 | 147,515 | ||
TransDigm, Inc., 4.625%, 1/15/2029 | 151,000 | 135,388 | ||
TransDigm, Inc., 6.875%, 12/15/2030 (n) | 304,000 | 306,007 | ||
$1,788,083 | ||||
Airlines – 0.8% | ||||
Air Canada, 3.875%, 8/15/2026 (n) | $ | 181,000 | $167,139 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n) | 109,745 | 104,958 | ||
$272,097 | ||||
Automotive – 4.1% | ||||
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n) | $ | 163,000 | $164,641 | |
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n) | 77,000 | 76,797 | ||
Dana, Inc., 5.375%, 11/15/2027 | 138,000 | 130,551 | ||
Dana, Inc., 4.25%, 9/01/2030 | 96,000 | 78,938 | ||
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 153,000 | 131,900 | ||
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025 | 429,000 | 408,591 | ||
Ford Motor Credit Co. LLC, 5.113%, 5/03/2029 | 210,000 | 193,160 | ||
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 126,000 | 102,606 | ||
Wabash National Corp., 4.5%, 10/15/2028 (n) | 152,000 | 128,964 | ||
$1,416,148 | ||||
Broadcasting – 1.6% | ||||
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n) | $ | 265,000 | $185,009 | |
Gray Television, Inc., 5.875%, 7/15/2026 (n) | 31,000 | 28,360 | ||
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 194,000 | 162,017 | ||
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n) | 200,000 | 174,322 | ||
$549,708 | ||||
Brokerage & Asset Managers – 2.4% | ||||
AG Issuer LLC, 6.25%, 3/01/2028 (n) | $ | 31,000 | $29,693 | |
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n) | 202,000 | 208,183 | ||
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 189,000 | 169,788 | ||
LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 123,000 | 108,056 | ||
NFP Corp., 4.875%, 8/15/2028 (n) | 164,000 | 146,220 | ||
NFP Corp., 6.875%, 8/15/2028 (n) | 168,000 | 147,936 | ||
$809,876 | ||||
Building – 4.7% | ||||
Foundation Building Materials LLC, 6%, 3/01/2029 (n) | $ | 184,000 | $155,710 | |
GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 222,000 | 195,556 | ||
Interface, Inc., 5.5%, 12/01/2028 (n) | 260,000 | 222,053 | ||
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 157,000 | 133,076 | ||
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 147,000 | 145,317 | ||
Patrick Industries, Inc., 7.5%, 10/15/2027 (n) | 211,000 | 205,725 | ||
SRS Distribution, Inc., 6.125%, 7/01/2029 (n) | 114,000 | 99,121 | ||
Standard Industries, Inc., 4.75%, 1/15/2028 (n) | 101,000 | 93,021 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Building – continued | ||||
Standard Industries, Inc., 4.375%, 7/15/2030 (n) | $ | 246,000 | $210,875 | |
White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 183,000 | 167,908 | ||
$1,628,362 | ||||
Business Services – 1.9% | ||||
Entegris Escrow Corp., 5.95%, 6/15/2030 (n) | $ | 84,000 | $80,439 | |
Iron Mountain, Inc., 4.875%, 9/15/2027 (n) | 144,000 | 135,566 | ||
Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 139,000 | 130,322 | ||
Verscend Escrow Corp., 9.75%, 8/15/2026 (n) | 216,000 | 214,887 | ||
ZI Technologies LLC/ZI Finance Corp. Co., 3.875%, 2/01/2029 (n) | 120,000 | 102,014 | ||
$663,228 | ||||
Cable TV – 11.7% | ||||
Cable One, Inc., 4%, 11/15/2030 (n) | $ | 268,000 | $209,031 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n) | 142,000 | 133,493 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 606,000 | 521,034 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 320,000 | 269,183 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n) | 228,000 | 187,025 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 155,000 | 118,699 | ||
CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 200,000 | 163,953 | ||
CSC Holdings LLC, 7.5%, 4/01/2028 (n) | 200,000 | 127,127 | ||
CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 200,000 | 110,596 | ||
DISH DBS Corp., 7.75%, 7/01/2026 | 100,000 | 74,790 | ||
DISH DBS Corp., 5.25%, 12/01/2026 (n) | 155,000 | 130,657 | ||
DISH DBS Corp., 5.125%, 6/01/2029 | 135,000 | 72,994 | ||
DISH Network Corp., 11.75%, 11/15/2027 (n) | 78,000 | 79,142 | ||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n) | 180,000 | 169,425 | ||
Sirius XM Radio, Inc., 4%, 7/15/2028 (n) | 163,000 | 141,145 | ||
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 345,000 | 310,588 | ||
Sirius XM Radio, Inc., 3.875%, 9/01/2031 (n) | 128,000 | 99,624 | ||
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n) | 200,000 | 182,600 | ||
Videotron Ltd., 5.125%, 4/15/2027 (n) | 117,000 | 112,027 | ||
Videotron Ltd., 3.625%, 6/15/2029 (n) | 106,000 | 91,029 | ||
Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 225,000 | 181,971 | ||
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n) | 225,000 | 199,378 | ||
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 400,000 | 310,450 | ||
$3,995,961 | ||||
Chemicals – 4.1% | ||||
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n) | $ | 150,000 | $141,152 | |
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n) | 150,000 | 127,220 | ||
Element Solutions, Inc., 3.875%, 9/01/2028 (n) | 244,000 | 214,505 | ||
Ingevity Corp., 3.875%, 11/01/2028 (n) | 298,000 | 253,208 | ||
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n) | 179,000 | 149,166 | ||
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 121,000 | 106,775 | ||
SCIL IV LLC/SCIL USA Holdings LLC, 9.5%, 7/15/2028 (n) | EUR | 130,000 | 143,256 | |
Tronox, Inc., 4.625%, 3/15/2029 (n) | $ | 45,000 | 37,082 | |
Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n) | 228,000 | 228,994 | ||
$1,401,358 | ||||
Computer Software – 2.0% | ||||
Camelot Finance S.A., 4.5%, 11/01/2026 (n) | $ | 131,000 | $122,527 | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8%, 6/15/2029 (n) | 90,000 | 90,585 | ||
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n) | 50,000 | 44,057 | ||
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n) | 113,000 | 98,543 | ||
Dun & Bradstreet Corp., 5%, 12/15/2029 (n) | 170,000 | 152,572 | ||
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 181,000 | 169,021 | ||
$677,305 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Computer Software - Systems – 2.5% | ||||
Fair Isaac Corp., 5.25%, 5/15/2026 (n) | $ | 309,000 | $299,730 | |
Sabre GLBL, Inc., 7.375%, 9/01/2025 (n) | 75,000 | 73,710 | ||
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n) | 78,000 | 74,360 | ||
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 318,000 | 306,139 | ||
Virtusa Corp., 7.125%, 12/15/2028 (n) | 126,000 | 103,162 | ||
$857,101 | ||||
Conglomerates – 5.3% | ||||
BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | $ | 128,000 | $116,475 | |
BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 307,000 | 273,184 | ||
Chart Industries, Inc., 9.5%, 1/01/2031 (n) | 186,000 | 200,268 | ||
Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 268,000 | 263,825 | ||
Gates Global LLC, 6.25%, 1/15/2026 (n) | 222,000 | 219,788 | ||
Griffon Corp., 5.75%, 3/01/2028 | 201,000 | 187,333 | ||
Madison IAQ LLC, 5.875%, 6/30/2029 (n) | 160,000 | 134,720 | ||
Regal Rexnord Corp., 6.3%, 2/15/2030 (n) | 130,000 | 129,427 | ||
TriMas Corp., 4.125%, 4/15/2029 (n) | 330,000 | 287,925 | ||
$1,812,945 | ||||
Construction – 1.5% | ||||
Dream Finders Homes, Inc., 8.25%, 8/15/2028 (n) | $ | 118,000 | $119,835 | |
Empire Communities Corp., 7%, 12/15/2025 (n) | 98,000 | 94,580 | ||
Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 95,000 | 89,600 | ||
Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 112,000 | 98,989 | ||
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 133,000 | 117,372 | ||
$520,376 | ||||
Consumer Products – 3.3% | ||||
Energizer Gamma Acquisition B.V., 3.5%, 6/30/2029 | EUR | 100,000 | $87,865 | |
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | $ | 188,000 | 161,020 | |
HFC Prestige Products, Inc. / HFC Prestige International US LLC, 6.625%, 7/15/2030 (n) | 182,000 | 182,034 | ||
Mattel, Inc., 3.375%, 4/01/2026 (n) | 147,000 | 136,843 | ||
Mattel, Inc., 5.875%, 12/15/2027 (n) | 50,000 | 49,040 | ||
Newell Brands, Inc., 6.375%, 9/15/2027 | 143,000 | 140,088 | ||
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 175,000 | 165,385 | ||
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 83,000 | 68,683 | ||
Spectrum Brands, Inc., 3.875%, 3/15/2031 (n) | 107,000 | 89,649 | ||
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n) | 99,000 | 64,320 | ||
$1,144,927 | ||||
Consumer Services – 6.1% | ||||
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | $ | 297,000 | $272,778 | |
ANGI Group LLC, 3.875%, 8/15/2028 (n) | 185,000 | 148,465 | ||
Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 154,000 | 132,086 | ||
Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n) | 138,000 | 131,374 | ||
GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 319,000 | 274,194 | ||
GW B-CR Security Corp., 9.5%, 11/01/2027 (n) | 151,000 | 146,047 | ||
Match Group Holdings II LLC, 5%, 12/15/2027 (n) | 182,000 | 170,778 | ||
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n) | 215,000 | 198,363 | ||
Match Group Holdings II LLC, 4.125%, 8/01/2030 (n) | 54,000 | 46,311 | ||
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n) | 15,000 | 12,228 | ||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 125,000 | 89,524 | ||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 135,000 | 93,712 | ||
TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 270,000 | 232,465 | ||
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n) | 153,000 | 141,891 | ||
$2,090,216 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Containers – 4.6% | ||||
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n) | $ | 200,000 | $170,083 | |
Ardagh Metal Packaging Finance USA LLC, 4%, 9/01/2029 (n) | 200,000 | 162,560 | ||
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n) | 255,000 | 218,479 | ||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 275,000 | 222,205 | ||
Crown Americas LLC, 5.25%, 4/01/2030 | 88,000 | 82,925 | ||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 218,000 | 204,796 | ||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | 130,000 | 125,355 | ||
LABL, Inc., 5.875%, 11/01/2028 (n) | 152,000 | 138,130 | ||
Mauser Packaging Solutions, 7.875%, 8/15/2026 (n) | 75,000 | 73,856 | ||
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n) | 200,000 | 190,610 | ||
$1,588,999 | ||||
Electronics – 2.2% | ||||
Entegris, Inc., 4.375%, 4/15/2028 (n) | $ | 121,000 | $110,316 | |
Entegris, Inc., 3.625%, 5/01/2029 (n) | 110,000 | 94,543 | ||
Sensata Technologies B.V., 5.625%, 11/01/2024 (n) | 10,000 | 9,911 | ||
Sensata Technologies B.V., 5%, 10/01/2025 (n) | 207,000 | 201,743 | ||
Sensata Technologies B.V., 5.875%, 9/01/2030 (n) | 200,000 | 189,222 | ||
Synaptics, Inc., 4%, 6/15/2029 (n) | 168,000 | 142,914 | ||
$748,649 | ||||
Energy - Independent – 5.0% | ||||
Callon Petroleum Co., 8%, 8/01/2028 (n) | $ | 137,000 | $138,929 | |
Callon Petroleum Co., 7.5%, 6/15/2030 (n) | 45,000 | 44,479 | ||
Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | 144,000 | 148,320 | ||
Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 90,000 | 93,150 | ||
Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 235,000 | 219,884 | ||
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n) | 220,000 | 204,316 | ||
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n) | 135,000 | 128,007 | ||
Matador Resources Co., 6.875%, 4/15/2028 (n) | 172,000 | 171,728 | ||
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n) | 137,000 | 131,139 | ||
Permian Resources Operating LLC, 7.75%, 2/15/2026 (n) | 30,000 | 30,247 | ||
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 241,000 | 232,431 | ||
SM Energy Co., 6.75%, 9/15/2026 | 47,000 | 46,803 | ||
SM Energy Co., 6.5%, 7/15/2028 | 121,000 | 118,278 | ||
$1,707,711 | ||||
Entertainment – 3.7% | ||||
Carnival Corp. PLC, 7.625%, 3/01/2026 (n) | $ | 143,000 | $142,566 | |
Carnival Corp. PLC, 5.75%, 3/01/2027 (n) | 193,000 | 181,635 | ||
Carnival Corp. PLC, 9.875%, 8/01/2027 (n) | 116,000 | 122,614 | ||
Carnival Corp. PLC, 4%, 8/01/2028 (n) | 46,000 | 41,161 | ||
Carnival Corp. PLC, 6%, 5/01/2029 (n) | 53,000 | 47,852 | ||
NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 140,000 | 132,003 | ||
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n) | 142,000 | 133,624 | ||
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | 190,000 | 178,106 | ||
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n) | 151,000 | 135,576 | ||
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 60,000 | 55,781 | ||
VOC Escrow Ltd., 5%, 2/15/2028 (n) | 93,000 | 86,322 | ||
$1,257,240 | ||||
Financial Institutions – 6.7% | ||||
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p) | $ | 208,313 | $182,268 | |
Credit Acceptance Corp., 5.125%, 12/31/2024 (n) | 198,000 | 192,857 | ||
Credit Acceptance Corp., 6.625%, 3/15/2026 | 21,000 | 20,440 | ||
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p) | 385,529 | 362,089 | ||
Howard Hughes Corp., 4.125%, 2/01/2029 (n) | 265,000 | 218,625 | ||
Macquarie AirFinance Ltd., 8.375%, 5/01/2028 (n) | 193,000 | 197,057 | ||
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 267,000 | 254,317 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031 (n) | $ | 39,000 | $33,659 | |
OneMain Finance Corp., 6.875%, 3/15/2025 | 130,000 | 129,347 | ||
OneMain Finance Corp., 7.125%, 3/15/2026 | 226,000 | 222,326 | ||
OneMain Finance Corp., 5.375%, 11/15/2029 | 74,000 | 63,921 | ||
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n) | 128,000 | 108,945 | ||
SLM Corp., 3.125%, 11/02/2026 | 218,000 | 194,020 | ||
UWM Holdings Corp., 5.5%, 4/15/2029 (n) | 149,000 | 129,258 | ||
$2,309,129 | ||||
Food & Beverages – 4.0% | ||||
B&G Foods, Inc., 5.25%, 4/01/2025 | $ | 91,000 | $89,005 | |
B&G Foods, Inc., 5.25%, 9/15/2027 | 45,000 | 39,871 | ||
BellRing Brands, Inc., 7%, 3/15/2030 (n) | 220,000 | 220,092 | ||
Performance Food Group Co., 5.5%, 10/15/2027 (n) | 219,000 | 210,877 | ||
Post Holdings, Inc., 5.625%, 1/15/2028 (n) | 154,000 | 147,668 | ||
Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 256,000 | 226,811 | ||
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n) | 282,000 | 247,455 | ||
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 214,000 | 195,322 | ||
$1,377,101 | ||||
Gaming & Lodging – 3.9% | ||||
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n) | $ | 39,000 | $34,138 | |
Caesars Entertainment, Inc., 7%, 2/15/2030 (n) | 157,000 | 157,601 | ||
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n) | 167,000 | 169,561 | ||
CCM Merger, Inc., 6.375%, 5/01/2026 (n) | 166,000 | 161,317 | ||
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n) | 110,000 | 89,961 | ||
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 196,000 | 178,752 | ||
Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 200,000 | 180,033 | ||
Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 200,000 | 176,454 | ||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 195,000 | 174,565 | ||
$1,322,382 | ||||
Industrial – 2.2% | ||||
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n) | $ | 200,000 | $189,250 | |
APi Escrow Corp., 4.75%, 10/15/2029 (n) | 258,000 | 233,808 | ||
Brand Industrial Service, Inc., 10.375%, 8/01/2030 (n) | 90,000 | 92,815 | ||
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n) | 248,000 | 226,300 | ||
$742,173 | ||||
Insurance - Property & Casualty – 3.8% | ||||
Acrisure LLC/Acrisure Finance, Inc., 7%, 11/15/2025 (n) | $ | 111,000 | $107,270 | |
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/2029 (n) | 78,000 | 67,453 | ||
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 167,000 | 145,072 | ||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n) | 123,000 | 116,262 | ||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 224,000 | 196,155 | ||
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 152,000 | 136,382 | ||
AssuredPartners, Inc., 5.625%, 1/15/2029 (n) | 145,000 | 125,965 | ||
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n) | 112,000 | 110,703 | ||
Hub International Ltd., 5.625%, 12/01/2029 (n) | 182,000 | 160,944 | ||
Hub International Ltd., 7.25%, 6/15/2030 (n) | 125,000 | 127,236 | ||
$1,293,442 | ||||
Machinery & Tools – 1.6% | ||||
Ritchie Bros Holdings, Inc., 6.75%, 3/15/2028 (n) | $ | 136,000 | $137,666 | |
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 248,000 | 256,499 | ||
Terex Corp., 5%, 5/15/2029 (n) | 183,000 | 168,021 | ||
$562,186 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – 0.6% | ||||
Toronto-Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082 | $ | 200,000 | $201,004 | |
Medical & Health Technology & Services – 7.3% | ||||
180 Medical, Inc., 3.875%, 10/15/2029 (n) | $ | 200,000 | $173,920 | |
Avantor Funding, Inc., 4.625%, 7/15/2028 (n) | 276,000 | 256,206 | ||
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 267,000 | 235,662 | ||
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 102,000 | 98,035 | ||
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 216,000 | 124,297 | ||
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 187,000 | 147,474 | ||
Encompass Health Corp., 5.75%, 9/15/2025 | 30,000 | 29,824 | ||
Encompass Health Corp., 4.75%, 2/01/2030 | 207,000 | 188,545 | ||
Encompass Health Corp., 4.625%, 4/01/2031 | 30,000 | 26,308 | ||
IQVIA, Inc., 5%, 5/15/2027 (n) | 400,000 | 385,035 | ||
IQVIA, Inc., 6.5%, 5/15/2030 (n) | 200,000 | 201,071 | ||
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n) | 89,000 | 77,038 | ||
Tenet Healthcare Corp., 6.125%, 10/01/2028 | 132,000 | 127,133 | ||
Tenet Healthcare Corp., 4.375%, 1/15/2030 | 61,000 | 54,189 | ||
Tenet Healthcare Corp., 6.125%, 6/15/2030 | 179,000 | 173,453 | ||
Tenet Healthcare Corp., 6.75%, 5/15/2031 (n) | 77,000 | 76,619 | ||
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n) | 152,000 | 132,229 | ||
$2,507,038 | ||||
Medical Equipment – 1.6% | ||||
Embecta Corp., 5%, 2/15/2030 (n) | $ | 182,000 | $147,875 | |
Garden SpinCo Corp., 8.625%, 7/20/2030 (n) | 210,000 | 224,200 | ||
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/2029 (n) | 105,000 | 93,243 | ||
Teleflex, Inc., 4.625%, 11/15/2027 | 90,000 | 84,872 | ||
$550,190 | ||||
Metals & Mining – 4.8% | ||||
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $ | 159,000 | $154,973 | |
Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | 175,000 | 153,402 | ||
Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 83,000 | 70,904 | ||
FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 357,000 | 299,145 | ||
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n) | 221,000 | 173,485 | ||
GrafTech Finance, Inc., 9.875%, 12/15/2028 (n) | 43,000 | 41,925 | ||
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n) | 232,000 | 205,164 | ||
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n) | 136,000 | 109,891 | ||
Novelis Corp., 3.25%, 11/15/2026 (n) | 103,000 | 93,319 | ||
Novelis Corp., 4.75%, 1/30/2030 (n) | 187,000 | 167,354 | ||
Novelis Corp., 3.875%, 8/15/2031 (n) | 93,000 | 77,000 | ||
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 98,202 | 88,382 | ||
$1,634,944 | ||||
Midstream – 6.3% | ||||
DT Midstream, Inc., 4.125%, 6/15/2029 (n) | $ | 180,000 | $159,465 | |
DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 240,000 | 207,771 | ||
EQM Midstream Partners LP, 5.5%, 7/15/2028 | 391,000 | 373,555 | ||
Genesis Energy LP/Genesis Energy Finance Corp., 8%, 1/15/2027 | 62,000 | 61,121 | ||
Genesis Energy LP/Genesis Energy Finance Corp., 8.875%, 4/15/2030 | 75,000 | 74,699 | ||
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n) | 164,000 | 158,836 | ||
NuStar Logistics, LP, 6.375%, 10/01/2030 | 152,000 | 146,300 | ||
Tallgrass Energy Partners LP, 6%, 3/01/2027 (n) | 61,000 | 58,453 | ||
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 269,000 | 249,836 | ||
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | 228,000 | 197,225 | ||
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 80,000 | 77,933 | ||
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 145,000 | 122,997 | ||
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 111,000 | 111,971 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Midstream – continued | ||||
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | $ | 145,000 | $146,261 | |
$2,146,423 | ||||
Network & Telecom – 0.5% | ||||
Iliad Holding S.A.S., 7%, 10/15/2028 (n) | $ | 200,000 | $186,113 | |
Oil Services – 1.0% | ||||
Nabors Industries Ltd., 7.25%, 1/15/2026 (n) | $ | 203,000 | $195,279 | |
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n) | 135,000 | 132,674 | ||
$327,953 | ||||
Oils – 1.3% | ||||
Parkland Corp., 4.625%, 5/01/2030 (n) | $ | 331,000 | $291,800 | |
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028 | 157,000 | 148,508 | ||
$440,308 | ||||
Personal Computers & Peripherals – 0.9% | ||||
NCR Corp., 5%, 10/01/2028 (n) | $ | 213,000 | $195,491 | |
NCR Corp., 5.125%, 4/15/2029 (n) | 110,000 | 100,038 | ||
$295,529 | ||||
Pharmaceuticals – 1.6% | ||||
1375209 BC Ltd., 9%, 1/30/2028 (n) | $ | 108,000 | $108,130 | |
Bausch Health Co., Inc., 11%, 9/30/2028 (n) | 116,000 | 82,817 | ||
Bausch Health Co., Inc., 14%, 10/15/2030 (n) | 24,000 | 14,460 | ||
Jazz Securities DAC, 4.375%, 1/15/2029 (n) | 200,000 | 179,188 | ||
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n) | 200,000 | 170,400 | ||
$554,995 | ||||
Pollution Control – 1.6% | ||||
GFL Environmental, Inc., 4.25%, 6/01/2025 (n) | $ | 60,000 | $58,033 | |
GFL Environmental, Inc., 4%, 8/01/2028 (n) | 176,000 | 157,118 | ||
GFL Environmental, Inc., 4.75%, 6/15/2029 (n) | 65,000 | 58,885 | ||
GFL Environmental, Inc., 4.375%, 8/15/2029 (n) | 80,000 | 70,762 | ||
Stericycle, Inc., 3.875%, 1/15/2029 (n) | 233,000 | 202,869 | ||
$547,667 | ||||
Precious Metals & Minerals – 0.9% | ||||
IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $ | 198,000 | $153,153 | |
Taseko Mines Ltd., 7%, 2/15/2026 (n) | 150,000 | 138,337 | ||
$291,490 | ||||
Printing & Publishing – 0.8% | ||||
Cimpress PLC, 7%, 6/15/2026 | $ | 300,000 | $281,250 | |
Real Estate - Healthcare – 0.6% | ||||
MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027 | $ | 267,000 | $210,915 | |
Real Estate - Other – 0.9% | ||||
RHP Hotel Properties, LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | $ | 132,000 | $132,660 | |
XHR LP, REIT, 4.875%, 6/01/2029 (n) | 218,000 | 188,617 | ||
$321,277 | ||||
Restaurants – 0.5% | ||||
Fertitta Entertainment LLC, 4.625%, 1/15/2029 (n) | $ | 45,000 | $38,928 | |
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 153,000 | 126,344 | ||
$165,272 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Retailers – 2.6% | ||||
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n) | $ | 212,000 | $187,023 | |
Bath & Body Works, Inc., 5.25%, 2/01/2028 | 313,000 | 300,302 | ||
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n) | 178,000 | 160,909 | ||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026 (n) | 98,000 | 93,141 | ||
Victoria's Secret & Co., 4.625%, 7/15/2029 (n) | 213,000 | 154,218 | ||
$895,593 | ||||
Specialty Stores – 2.1% | ||||
Lithia Motors, Inc., 3.875%, 6/01/2029 (n) | $ | 151,000 | $129,642 | |
Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 105,000 | 87,544 | ||
Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 125,000 | 86,650 | ||
Penske Automotive Group Co., 3.75%, 6/15/2029 | 215,000 | 184,485 | ||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n) | 250,000 | 238,753 | ||
$727,074 | ||||
Supermarkets – 0.6% | ||||
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n) | $ | 73,000 | $68,943 | |
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n) | 160,000 | 138,403 | ||
$207,346 | ||||
Telecommunications - Wireless – 1.4% | ||||
Altice France S.A., 6%, 2/15/2028 (n) | $ | 200,000 | $88,271 | |
SBA Communications Corp., 3.875%, 2/15/2027 | 145,000 | 134,063 | ||
SBA Communications Corp., 3.125%, 2/01/2029 | 293,000 | 250,863 | ||
$473,197 | ||||
Tobacco – 0.2% | ||||
Vector Group Ltd., 5.75%, 2/01/2029 (n) | $ | 93,000 | $80,961 | |
U.S. Treasury Obligations – 0.7% | ||||
U.S. Treasury Notes, 3%, 6/30/2024 | $ | 256,000 | $251,010 | |
Utilities - Electric Power – 4.8% | ||||
Calpine Corp., 4.5%, 2/15/2028 (n) | $ | 238,000 | $220,323 | |
Calpine Corp., 5.125%, 3/15/2028 (n) | 214,000 | 194,971 | ||
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | 158,000 | 146,094 | ||
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 344,000 | 282,829 | ||
NextEra Energy, Inc., 4.25%, 7/15/2024 (n) | 43,000 | 42,190 | ||
NextEra Energy, Inc., 4.25%, 9/15/2024 (n) | 29,000 | 27,767 | ||
NextEra Energy, Inc., 4.5%, 9/15/2027 (n) | 130,000 | 120,668 | ||
Pacific Gas & Electric Co., 6.1%, 1/15/2029 | 72,000 | 71,154 | ||
Pacific Gas & Electric Co., 6.4%, 6/15/2033 | 89,000 | 87,786 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 155,000 | 148,994 | ||
TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 246,000 | 223,405 | ||
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 108,000 | 92,557 | ||
$1,658,738 | ||||
Total Bonds | $47,492,990 | |||
Common Stocks – 0.3% | ||||
Cable TV – 0.1% | ||||
Intelsat Emergence S.A. (a) | 2,073 | $43,533 | ||
Oil Services – 0.2% | ||||
LTRI Holdings LP (a)(u) | 200 | $71,234 | ||
Total Common Stocks | $114,767 |
Issuer | Shares/Par | Value ($) | ||
Contingent Value Rights – 0.0% | ||||
Cable TV – 0.0% | ||||
Intelsat Jackson Holdings S.A. - Series A, 12/05/2025 (a) | 216 | $1,188 | ||
Intelsat Jackson Holdings S.A. - Series B, 12/05/2025 (a) | 216 | 864 | ||
Total Contingent Value Rights | $2,052 |
Strike Price | First Exercise | |||
Warrants – 0.0% | ||||
Other Banks & Diversified Financials – 0.0% | ||||
Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) | GBP 1.14 | 6/24/22 | 3,500 | $887 |
Investment Companies (h) – 3.1% | ||||
Money Market Funds – 3.1% | ||||
MFS Institutional Money Market Portfolio, 5.3% (v) | 1,063,600 | $1,063,706 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 0.2% | |||||
Market Index Securities – 0.2% | |||||
Russell 2000 Index – December 2024 @ $1,800 | Put | JPMorgan Chase Bank N.A. | $ 949,838 | 5 | $49,950 |
Other Assets, Less Liabilities – (42.1)% | (14,429,916) | |||
Net Assets – 100.0% | $34,294,436 |
(a) | Non-income producing security. | |||
(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 $1,063,706 and $47,660,646, respectively. | |||
(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 $40,705,359, representing 118.7% of net assets. | |||
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. | |||
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
CMT | Constant Maturity Treasury |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
REIT | Real Estate Investment Trust |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
EUR | Euro |
GBP | British Pound |
Derivative Contracts at 8/31/23 | ||||||
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
USD | 347,136 | EUR | 307,863 | Goldman Sachs International | 10/20/2023 | $12,583 |
Liability Derivatives | ||||||
EUR | 73,846 | USD | 80,430 | Barclays Bank PLC | 10/20/2023 | $(182) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond 30 yr | Long | USD | 3 | $365,063 | December – 2023 | $4,914 |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $— | $49,950 | $71,234 | $121,184 |
Luxembourg | — | 45,585 | — | 45,585 |
United Kingdom | — | 887 | — | 887 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 251,010 | — | 251,010 |
U.S. Corporate Bonds | — | 40,101,011 | — | 40,101,011 |
Foreign Bonds | — | 7,140,969 | — | 7,140,969 |
Mutual Funds | 1,063,706 | — | — | 1,063,706 |
Total | $1,063,706 | $47,589,412 | $71,234 | $48,724,352 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $4,914 | $— | $— | $4,914 |
Forward Foreign Currency Exchange Contracts – Assets | — | 12,583 | — | 12,583 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (182) | — | (182) |
Equity Securities | |
Balance as of 11/30/22 | $92,285 |
Realized gain (loss) | 10,734 |
Change in unrealized appreciation or depreciation | (21,051) |
Sales | (10,734) |
Balance as of 8/31/23 | $71,234 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $794,611 | $10,490,826 | $10,221,818 | $(20) | $107 | $1,063,706 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $47,246 | $— |