10/28/2024 | Press release | Distributed by Public on 10/28/2024 06:39
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
A | $47 | 0.89% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
C | $86 | 1.64% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
I | $33 | 0.64% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
R1 | $86 | 1.64% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
R2 | $60 | 1.14% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
R3 | $47 | 0.89% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
R4 | $34 | 0.64% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment ~ | Costs paid as a percentage of a $10,000 investment (annualized) ~ |
R6 | $29 | 0.55% |
Net Assets ($): | 2,180,656,106 | Portfolio Turnover Rate (%): | 23 | |
Total Number of Holdings: | 1,350 |
Fixed Income | 66.3% |
Equities | 30.9% |
Money Market Funds | 2.8% |
Real Estate | 12.5% |
Consumer Staples | 3.3% |
Health Care | 3.1% |
Financials | 2.9% |
Energy | 2.0% |
Consumer Discretionary | 1.5% |
Information Technology | 1.3% |
Industrials | 1.3% |
Materials | 1.1% |
Communication Services | 1.0% |
Utilities | 0.7% |
ETFs | 0.2% |
Convertible Debt | 0.0% |
Index Options | 0.0% |
Equity Warrants | 0.0% |
AAA | 1.7% |
AA | 1.9% |
A | 8.2% |
BBB | 11.6% |
BB | 15.2% |
B | 10.9% |
CCC | 3.4% |
CC | 0.2% |
C | 0.0% |
D | 0.1% |
U.S. Governments | 4.7% |
Federal Agencies | 8.4% |
Not Rated | 0.0% |
Non-Fixed Income | 30.9% |
Money Market Funds | 2.8% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
A | $40 | 0.78% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
B | $79 | 1.53% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
C | $79 | 1.53% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
I | $27 | 0.53% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R1 | $79 | 1.53% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R2 | $53 | 1.03% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R3 | $40 | 0.78% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R4 | $27 | 0.53% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R6 | $22 | 0.42% |
Net Assets ($): | 2,072,366,580 | Average Effective Maturity (yrs): | 6.8 | |
Total Number of Holdings: | 775 | Average Effective Duration (yrs): | 5.9 | |
Portfolio Turnover Rate (%): | 107 |
Fixed Income | 95.3% |
Money Market Funds | 4.7% |
AAA | 7.1% |
AA | 1.1% |
A | 0.7% |
BBB | 0.1% |
U.S. Government | 32.4% |
Federal Agencies | 53.9% |
Money Market Funds | 4.7% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
A | $63 | 1.19% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 | |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
B | $103 | 1.94% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 | |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
C | $103 | 1.94% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
I | $50 | 0.94% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 | |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R1 | $103 | 1.94% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 | |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R2 | $77 | 1.44% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 | |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R3 | $63 | 1.19% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 | |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R4 | $50 | 0.94% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
(based on a hypothetical $10,000 investment) | ||
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
R6 | $45 | 0.85% |
Net Assets ($): | 3,518,380,158 | Portfolio Turnover Rate (%): | 17 | |
Total Number of Holdings: | 128 |
Equities | 97.6% |
Money Market Funds | 2.4% |
Financials | 22.8% |
Industrials | 18.3% |
Consumer Discretionary | 11.4% |
Real Estate | 9.6% |
Materials | 9.4% |
Energy | 6.6% |
Health Care | 6.0% |
Information Technology | 5.8% |
Utilities | 5.5% |
Consumer Staples | 2.2% |
ACI Worldwide, Inc. | 1.7% |
Portland General Electric Co. | 1.4% |
Pacific Premier Bancorp, Inc. | 1.4% |
Prosperity Bancshares, Inc. | 1.3% |
NorthWestern Corp. | 1.3% |
Viper Energy, Inc. | 1.2% |
National Storage Affiliates Trust, REIT | 1.2% |
Air Lease Corp. | 1.2% |
UMB Financial Corp. | 1.1% |
Columbia Banking System, Inc. | 1.1% |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in 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. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by 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 to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.
Issuer | Shares/Par | Value ($) | ||
Bonds - 44.5% | ||||
Aerospace & Defense - 0.3% | ||||
Boeing Co., 2.196%, 2/04/2026 | $ | 920,000 | $ 881,518 | |
Boeing Co., 5.15%, 5/01/2030 | 529,000 | 527,642 | ||
Boeing Co., 5.805%, 5/01/2050 | 2,506,000 | 2,365,275 | ||
General Dynamics Corp., 3.625%, 4/01/2030 | 1,362,000 | 1,319,503 | ||
L3 Harris Technologies, Inc., 5.4%, 1/15/2027 | 1,222,000 | 1,247,463 | ||
L3 Harris Technologies, Inc., 5.4%, 7/31/2033 | 892,000 | 919,552 | ||
$7,260,953 | ||||
Asset-Backed & Securitized - 1.8% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.122%, 11/15/2054 (i) | $ | 6,428,674 | $ 288,024 | |
ACREC 2021-FL1 Ltd., "A", FLR, 6.603% ((SOFR - 1mo. + 0.11448%) + 1.15%), 10/16/2036 (n) | 754,812 | 752,520 | ||
ACREC 2023-FL2 LLC, "A", FLR, 7.567% (SOFR - 1mo. + 2.23%), 2/19/2038 (n) | 888,433 | 888,436 | ||
American Credit Acceptance Receivables Trust, 2024-2, "A", 5.9%, 2/12/2027 (n) | 513,877 | 514,718 | ||
AmeriCredit Automobile Receivables Trust, 2024-1, "A", 5.61%, 1/12/2027 (n) | 218,016 | 218,039 | ||
AmeriCredit Automobile Receivables Trust, 2024-1, "A2-B", FLR, 5.953% (SOFR - 1mo. + 0.6%), 2/18/2028 | 1,142,000 | 1,142,121 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, "A", FLR, 6.421% ((SOFR - 1mo. + 0.11448%) + 0.97%), 12/15/2035 (n) | 276,256 | 275,142 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, "B", FLR, 6.951% ((SOFR - 1mo. + 0.11448%) + 1.5%), 12/15/2035 (n) | 998,500 | 987,086 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 7.151% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 484,000 | 476,805 | ||
AREIT 2022-CRE6 Trust, "AS", FLR, 7.003% (SOFR - 30 day + 1.65%), 1/20/2037 (n) | 946,500 | 937,273 | ||
AREIT 2023-CRE8 Trust LLC, "A", FLR, 7.453% (SOFR - 1mo. + 2.1118%), 8/17/2041 (n) | 474,249 | 474,942 | ||
ARI Fleet Lease Trust, 2023-A, "A2", 5.41%, 2/17/2032 (n) | 283,176 | 283,296 | ||
ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 288,865 | 291,337 | ||
BBCMS Mortgage Trust, 2021-C9, "XA", 1.719%, 2/15/2054 (i) | 3,476,857 | 266,608 | ||
BBCMS Mortgage Trust, 2022-C18, "XA", 0.639%, 12/15/2055 (i) | 4,272,573 | 153,379 | ||
BDS 2021-FL7 Ltd., "B", FLR, 6.956% ((SOFR - 1mo. + 0.11448%) + 1.5%), 6/16/2036 (n) | 431,500 | 427,344 | ||
Benchmark 2021-B24 Mortgage Trust, "XA", 1.259%, 3/15/2054 (i) | 6,660,759 | 327,445 | ||
Benchmark 2021-B26 Mortgage Trust, "XA", 0.995%, 6/15/2054 (i) | 6,495,301 | 261,059 | ||
Benchmark 2021-B27 Mortgage Trust, "XA", 1.371%, 7/15/2054 (i) | 7,534,709 | 424,723 | ||
Benchmark 2022-B36 Mortgage Trust, "XA", 0.809%, 7/15/2055 (i) | 6,961,822 | 308,950 | ||
Bridgecrest Lending Auto Securitization Trust, 2024-2, "A2", 5.78%, 2/16/2027 | 805,134 | 806,292 | ||
Bridgecrest Lending Auto Securitization Trust, 2023-1, "A2", 6.34%, 7/15/2026 | 131,478 | 131,567 | ||
Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 224,513 | 230,732 | ||
Capital Automotive, 2020-1A, "A4", REIT, 3.19%, 2/15/2050 (n) | 508,529 | 501,577 | ||
Chesapeake Funding II LLC, 2023-2A, "A2", FLR, 6.454% (SOFR - 30 day + 1.1%), 10/15/2035 (n) | 921,168 | 926,267 | ||
Citigroup Commercial Mortgage Trust, 2019-XA, "C7", 0.979%, 12/15/2072 (i)(n) | 9,283,021 | 327,960 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, "XA", 0.877%, 4/15/2054 (i) | 4,797,724 | 170,571 | ||
Commercial Mortgage Pass-Through Certificates, 2022-BN43, "XA", 1.069%, 8/15/2055 (i) | 7,929,600 | 441,243 | ||
Dell Equipment Finance Trust, 2023-1, "A2", 5.65%, 9/22/2028 (n) | 157,547 | 157,524 | ||
Dell Equipment Finance Trust, 2023-3, "A2", 6.1%, 4/23/2029 (n) | 379,969 | 380,976 | ||
Dryden Senior Loan Fund, 2022-113A, "A1R", CLO, FLR, 6.912% (SOFR - 3mo. + 1.63%), 10/20/2035 (n) | 2,500,000 | 2,507,470 | ||
DT Auto Owner Trust, 2023-1A, "A", 5.48%, 4/15/2027 (n) | 89,174 | 89,162 | ||
DT Auto Owner Trust, 2023-2A, "A", 5.88%, 4/15/2027 (n) | 311,811 | 312,067 | ||
ELM Trust, 2024-ELM, "A10", 5.994%, 6/10/2039 (n) | 401,338 | 405,595 | ||
EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 234,585 | 238,958 | ||
Flagship Credit Auto Trust, 2019-3, "D", 2.86%, 12/15/2025 (n) | 61,366 | 61,220 | ||
GLS Auto Select Receivables Trust, 2023-1A, "A2", 6.27%, 8/16/2027 (n) | 378,396 | 380,379 | ||
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n) | 366,768 | 371,270 | ||
GLS Auto Select Receivables Trust, 2024-2A, "A-2", 5.77%, 6/15/2027 (n) | 1,047,000 | 1,049,769 | ||
KREF 2018-FT1 Ltd., "A", FLR, 6.523% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n) | 477,532 | 470,040 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Asset-Backed & Securitized - continued | ||||
KREF 2018-FT1 Ltd., "AS", FLR, 6.753% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n) | $ | 526,000 | $ 509,308 | |
LAD Auto Receivables Trust, 2022-1A, "A", 5.21%, 6/15/2027 (n) | 123,691 | 123,631 | ||
LAD Auto Receivables Trust, 2023-1A, "A2", 5.68%, 10/15/2026 (n) | 78,774 | 78,791 | ||
LAD Auto Receivables Trust, 2023-2A, "A2", 5.93%, 6/15/2027 (n) | 553,716 | 554,717 | ||
LoanCore 2021-CRE5 Ltd., "AS", FLR, 7.201% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 750,000 | 745,901 | ||
MF1 2020-FL4 Ltd., "A", FLR, 7.151% ((SOFR - 1mo. + 0.11448%) + 1.7%), 12/15/2035 (n) | 525,690 | 525,781 | ||
MF1 2021-FL5 Ltd., "AS", FLR, 6.651% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n) | 985,000 | 979,707 | ||
MF1 2021-FL5 Ltd., "B", FLR, 6.901% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n) | 1,241,000 | 1,230,182 | ||
MF1 2022-FL8 Ltd., "A", FLR, 6.686% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 1,386,081 | 1,376,868 | ||
MF1 Multi-Family Housing Mortgage Loan Trust, 2024-FL5, "A", FLR, 7.03% (SOFR - 1mo. + 1.688%), 8/18/2041 (n) | 1,151,000 | 1,149,141 | ||
Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.973%, 12/15/2051 (i) | 8,947,178 | 255,700 | ||
Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.408%, 5/15/2054 (i) | 2,678,535 | 153,146 | ||
Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 901,466 | 908,660 | ||
Navistar Financial Dealer Note Master Owner Trust, 2023-1, "A", 6.18%, 8/25/2028 (n) | 393,000 | 397,377 | ||
Navistar Financial Dealer Note Master Owner Trust, 2023-1, "B", 6.48%, 8/25/2028 (n) | 218,000 | 219,406 | ||
OBX Trust, 2023-NQM5, "A1", 5.988%, 1/25/2064 (n) | 428,685 | 431,204 | ||
OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 678,184 | 681,319 | ||
OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 97,212 | 97,693 | ||
OBX Trust, 2024-NQM2, "A1", 5.878%, 12/25/2063 (n) | 737,422 | 741,876 | ||
OBX Trust, 2024-NQM3, "A1", 6.129%, 12/25/2063 (n) | 461,791 | 465,327 | ||
OBX Trust, 2024-NQM6, "A1", 6.447%, 2/25/2064 (n) | 799,737 | 810,081 | ||
PFP III 2021-8 Ltd., "AS", FLR, 6.703% ((SOFR - 1mo. + 0.11448%) + 1.25%), 8/09/2037 (n) | 881,376 | 877,992 | ||
PFS Financing Corp., 2023-C, "B", 5.91%, 10/15/2028 (n) | 208,000 | 211,995 | ||
ReadyCap Commercial Mortgage Trust, 2021-FL7, "A", FLR, 6.592% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n) | 201,386 | 199,958 | ||
ReadyCap Commercial Mortgage Trust, 2021-FL7, "AS", FLR, 6.892% ((SOFR - 1mo. + 0.11448%) + 1.5%), 11/25/2036 (n) | 109,000 | 108,386 | ||
Santander Drive Auto Receivables Trust, 2024-1, "A2", 5.71%, 2/16/2027 | 226,983 | 227,055 | ||
SBNA Auto Lease Trust, 2023-A, "A2", 6.27%, 4/20/2026 (n) | 564,438 | 566,604 | ||
SBNA Auto Lease Trust, 2024-A, "A2", 5.45%, 1/20/2026 (n) | 348,884 | 349,138 | ||
Toyota Lease Owner Trust, 2023-A, "A2", 5.3%, 8/20/2025 (n) | 215,218 | 215,178 | ||
Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 877,247 | 879,319 | ||
Verus Securitization Trust, 2024-1, "A2", 5.915%, 1/25/2069 (n) | 245,148 | 245,383 | ||
Verus Securitization Trust, 2024-4, "A1", 6.218%, 6/25/2069 (n) | 901,161 | 909,726 | ||
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027 | 471,000 | 475,793 | ||
Wells Fargo Commercial Mortgage Trust, 2018-C48, "XA", 1.104%, 1/15/2052 (i)(n) | 5,077,228 | 166,394 | ||
Westlake Automobile Receivables Trust, 2023-1A, "A2B", FLR, 6.204% (SOFR - 30 day + 0.85%), 6/15/2026 (n) | 29,532 | 29,544 | ||
Westlake Automobile Receivables Trust, 2024-1A "A2B", FLR, 5.924% (SOFR - 1mo. + 0.57%), 3/15/2027 (n) | 679,000 | 679,882 | ||
World Omni Select Auto Trust 2023-A, "A2B", FLR, 6.204% (SOFR - 30 day + 0.85%), 3/15/2027 | 442,197 | 442,574 | ||
$38,680,623 | ||||
Automotive - 0.2% | ||||
Cummins, Inc., 5.45%, 2/20/2054 | $ | 638,000 | $ 654,954 | |
Ford Motor Credit Co. LLC, 6.95%, 6/10/2026 | 1,800,000 | 1,849,534 | ||
Ford Motor Credit Co. LLC, 5.8%, 3/08/2029 | 801,000 | 816,318 | ||
Ford Motor Credit Co. LLC, 3.25%, 2/12/2032 | 625,000 | 532,328 | ||
Hyundai Capital America, 6.375%, 4/08/2030 (n) | 1,300,000 | 1,393,615 | ||
$5,246,749 | ||||
Broadcasting - 0.3% | ||||
Prosus N.V., 4.193%, 1/19/2032 (n) | $ | 881,000 | $ 801,584 | |
Prosus N.V., 4.027%, 8/03/2050 (n) | 1,149,000 | 800,211 | ||
Walt Disney Co., 3.5%, 5/13/2040 | 2,155,000 | 1,786,173 | ||
Walt Disney Co., 3.8%, 5/13/2060 | 1,364,000 | 1,058,257 | ||
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032 | 1,008,000 | 881,144 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Broadcasting - continued | ||||
Weibo Corp., 3.375%, 7/08/2030 | $ | 1,482,000 | $ 1,327,616 | |
$6,654,985 | ||||
Brokerage & Asset Managers - 0.2% | ||||
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029 | $ | 756,000 | $ 782,182 | |
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day + 2.01%) to 8/24/2034 | 812,000 | 872,283 | ||
LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 1,219,000 | 1,197,180 | ||
LPL Holdings, Inc., 6.75%, 11/17/2028 | 325,000 | 346,608 | ||
LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 1,273,000 | 1,188,526 | ||
LSEG US Financial Corp., 5.297%, 3/28/2034 (n) | 517,000 | 535,453 | ||
$4,922,232 | ||||
Building - 0.0% | ||||
Vulcan Materials Co., 3.5%, 6/01/2030 | $ | 814,000 | $ 770,610 | |
Vulcan Materials Co., 4.5%, 6/15/2047 | 419,000 | 365,005 | ||
$1,135,615 | ||||
Business Services - 0.2% | ||||
Fiserv, Inc., 4.4%, 7/01/2049 | $ | 2,188,000 | $ 1,875,713 | |
Mastercard, Inc., 3.85%, 3/26/2050 | 1,013,000 | 840,925 | ||
Visa, Inc., 2.05%, 4/15/2030 | 1,506,000 | 1,349,725 | ||
Visa, Inc., 2%, 8/15/2050 | 1,120,000 | 669,313 | ||
$4,735,676 | ||||
Cable TV - 0.2% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.1%, 6/01/2029 | $ | 1,998,000 | $ 2,064,289 | |
Comcast Corp., 5.35%, 5/15/2053 | 1,359,000 | 1,360,416 | ||
United Group B.V., 6.75%, 2/15/2031 (n) | EUR | 214,000 | 248,861 | |
Videotron Ltd., 3.625%, 6/15/2029 (n) | $ | 1,603,000 | 1,510,606 | |
$5,184,172 | ||||
Computer Software - 0.2% | ||||
Cisco Systems, Inc., 5.5%, 1/15/2040 | $ | 745,000 | $ 790,440 | |
Microsoft Corp., 2.525%, 6/01/2050 | 1,939,000 | 1,291,456 | ||
Microsoft Corp., 2.5%, 9/15/2050 | 1,594,000 | 1,047,912 | ||
Oracle Corp., 5.55%, 2/06/2053 | 908,000 | 899,961 | ||
$4,029,769 | ||||
Computer Software - Systems - 0.2% | ||||
Apple, Inc., 1.7%, 8/05/2031 | $ | 2,280,000 | $ 1,948,862 | |
Apple, Inc., 2.65%, 5/11/2050 | 2,533,000 | 1,714,480 | ||
$3,663,342 | ||||
Conglomerates - 0.3% | ||||
Ingersoll Rand, Inc., 5.45%, 6/15/2034 | $ | 448,000 | $ 465,932 | |
nVent Finance S.à r.l., 5.65%, 5/15/2033 | 1,255,000 | 1,287,456 | ||
Regal Rexnord Corp., 6.05%, 4/15/2028 | 1,114,000 | 1,151,143 | ||
Regal Rexnord Corp., 6.3%, 2/15/2030 | 955,000 | 1,008,533 | ||
Sisecam UK PLC, 8.625%, 5/02/2032 (n) | 815,000 | 842,775 | ||
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028 | 1,429,000 | 1,433,222 | ||
Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/2034 | 699,000 | 727,941 | ||
$6,917,002 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Consumer Products - 0.3% | ||||
Haleon US Capital LLC, 3.625%, 3/24/2032 | $ | 935,000 | $ 868,677 | |
Kenvue, Inc., 5%, 3/22/2030 | 1,572,000 | 1,626,973 | ||
Kenvue, Inc., 5.1%, 3/22/2043 | 1,017,000 | 1,024,508 | ||
Kenvue, Inc., 5.05%, 3/22/2053 | 960,000 | 956,308 | ||
Mattel, Inc., 3.75%, 4/01/2029 (n) | 1,307,000 | 1,241,523 | ||
$5,717,989 | ||||
Consumer Services - 0.2% | ||||
Booking Holdings, Inc., 3.55%, 3/15/2028 | $ | 1,367,000 | $ 1,331,471 | |
Booking Holdings, Inc., 4.625%, 4/13/2030 | 405,000 | 409,357 | ||
CBRE Group, Inc., 5.95%, 8/15/2034 | 1,813,000 | 1,915,600 | ||
Meituan, 3.05%, 10/28/2030 (n) | 402,000 | 359,928 | ||
$4,016,356 | ||||
Containers - 0.1% | ||||
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | $ | 2,000,000 | $ 1,799,253 | |
Electrical Equipment - 0.1% | ||||
Arrow Electronics, Inc., 5.875%, 4/10/2034 | $ | 1,326,000 | $ 1,356,497 | |
Electronics - 0.3% | ||||
Analog Devices, Inc., 5.05%, 4/01/2034 | $ | 2,509,000 | $ 2,588,316 | |
Broadcom, Inc., 5.05%, 7/12/2029 | 702,000 | 715,695 | ||
Intel Corp., 5.7%, 2/10/2053 | 1,069,000 | 1,022,337 | ||
Lam Research Corp., 1.9%, 6/15/2030 | 388,000 | 339,120 | ||
Lam Research Corp., 4.875%, 3/15/2049 | 1,260,000 | 1,209,740 | ||
$5,875,208 | ||||
Emerging Market Quasi-Sovereign - 2.9% | ||||
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | $ | 870,000 | $ 805,446 | |
Abu Dhabi Development Holding Co. PJSC, 5.375%, 5/08/2029 (n) | 710,000 | 733,941 | ||
Abu Dhabi Development Holding Co. PJSC, 5.5%, 5/08/2034 (n) | 1,214,000 | 1,279,252 | ||
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n) | 1,147,000 | 1,158,330 | ||
Banco del Estado de Chile, 7.95% to 5/02/2029, FLR (CMT - 5yr. + 3.228%) to 11/02/2172 (n) | 610,000 | 645,174 | ||
Banco do Brasil S.A., 6%, 3/18/2031 (n) | 868,000 | 881,266 | ||
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n) | 753,000 | 801,945 | ||
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | 1,041,000 | 1,064,354 | ||
Bulgarian Energy Holding EAD, 2.45%, 7/22/2028 | EUR | 1,054,000 | 1,048,792 | |
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 (n) | $ | 462,235 | 478,413 | |
Codelco, Inc. (Republic of Chile), 6.44%, 1/26/2036 (n) | 597,000 | 640,596 | ||
Corporacion Financiera de Desarrollo S.A. (Republic of Peru), 5.95%, 4/30/2029 (n) | 1,013,000 | 1,041,569 | ||
Development Bank of Kazakhstan JSC, 5.5%, 4/15/2027 (n) | 911,000 | 910,337 | ||
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031 | 878,000 | 779,485 | ||
Edo Sukuk Ltd. (Kingdom of Saudi Arabia), 5.662%, 7/03/2031 (n) | 524,000 | 532,515 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | 1,694,000 | 1,281,898 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | 624,000 | 624,914 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n) | 454,000 | 407,314 | ||
Empresa Nacional del Petroleo (Republic of Chile), 6.15%, 5/10/2033 (n) | 800,000 | 839,183 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.95%, 7/30/2034 (n) | 487,000 | 506,012 | ||
Empresa Nacional del Petroleo (Republic of Chile), 4.5%, 9/14/2047 | 895,000 | 706,983 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | 3,186,000 | 3,183,324 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n) | 684,000 | 684,383 | ||
Export-Import Bank of India, 5.5%, 1/18/2033 (n) | 2,154,000 | 2,238,622 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Emerging Market Quasi-Sovereign - continued | ||||
GACI First Investment Co. (Kingdom of Saudi Arabia), 4.875%, 2/14/2035 | $ | 594,000 | $ 586,070 | |
GACI First Investment Co. (Kingdom of Saudi Arabia), 5.125%, 2/14/2053 | 656,000 | 595,523 | ||
GACI First Investment Co. (Kingdom of Saudi Arabia), 5.375%, 1/29/2054 | 660,000 | 616,704 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 1,354,000 | 1,192,619 | ||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | 1,553,000 | 1,500,726 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033 | 839,000 | 713,294 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047 | 813,000 | 737,702 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | 1,516,000 | 1,483,491 | ||
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | 798,000 | 812,827 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.084%, 5/22/2053 (n) | 299,000 | 295,786 | ||
MVM Energetika Zartkoruen Mukodo Reszvenytarsasag (Republic of Hungary), 6.5%, 3/13/2031 | 852,000 | 874,261 | ||
National Bank of Uzbekistan, 8.5%, 7/05/2029 | 414,000 | 413,482 | ||
NBK SPC Ltd. (State of Kuwait), 5.5% to 6/06/2029, FLR (SOFR - 1 day + 1.16%) to 6/06/2030 (n) | 426,000 | 439,398 | ||
NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (n) | 905,000 | 497,750 | ||
OCP S.A. (Republic of Madagascar), 6.875%, 4/25/2044 | 1,263,000 | 1,274,114 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n) | 1,309,000 | 1,394,119 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | 2,245,000 | 1,793,093 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 7.5%, 5/02/2054 (n) | 1,481,000 | 1,586,684 | ||
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | 1,210,000 | 1,232,504 | ||
Pertamina PT, 5.625%, 5/20/2043 | 957,000 | 965,125 | ||
Petroleos Mexicanos, 6.84%, 1/23/2030 | 1,186,000 | 1,069,912 | ||
Petroleos Mexicanos, 6.7%, 2/16/2032 | 808,000 | 696,217 | ||
Petroleos Mexicanos, 10%, 2/07/2033 | 646,000 | 663,633 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 2,480,000 | 1,697,521 | ||
Petroleos Mexicanos, 7.69%, 1/23/2050 | 1,764,000 | 1,312,424 | ||
Petroleos Mexicanos, 6.95%, 1/28/2060 | 1,687,000 | 1,152,145 | ||
PT Freeport Indonesia, 6.2%, 4/14/2052 (n) | 800,000 | 831,753 | ||
PT Indonesia Asahan Aluminium (Persero), 5.8%, 5/15/2050 (n) | 1,050,000 | 1,029,529 | ||
Qatar Petroleum, 3.3%, 7/12/2051 (n) | 1,053,000 | 785,814 | ||
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 1,129,000 | 1,079,288 | ||
Saudi Arabian Oil Co., 5.25%, 7/17/2034 (n) | 1,633,000 | 1,668,142 | ||
Saudi Arabian Oil Co., 5.75%, 7/17/2054 (n) | 638,000 | 639,914 | ||
Saudi Arabian Oil Co., 5.875%, 7/17/2064 (n) | 836,000 | 848,225 | ||
Saudi Arabian Oil Co., 3.5%, 11/24/2070 (n) | 1,784,000 | 1,202,041 | ||
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 (n) | 1,530,000 | 1,554,618 | ||
Sweihan PV Power Co. PJSC (United Arab Emirates), 3.625%, 1/31/2049 (n) | 967,508 | 812,869 | ||
Turkiye Ihracat Kredi Bankasi A.S., 7.5%, 2/06/2028 (n) | 1,069,000 | 1,092,496 | ||
Uzbek Industrial and Construction Bank ATB, 8.95%, 7/24/2029 (n) | 741,000 | 733,590 | ||
Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n) | 1,236,000 | 1,061,721 | ||
$62,211,172 | ||||
Emerging Market Sovereign - 8.6% | ||||
Arab Republic of Egypt, 7.6%, 3/01/2029 (n) | $ | 523,000 | $ 490,877 | |
Arab Republic of Egypt, 7.6%, 3/01/2029 | 937,000 | 879,449 | ||
Arab Republic of Egypt, 5.875%, 2/16/2031 | 1,366,000 | 1,099,630 | ||
Arab Republic of Egypt, 7.625%, 5/29/2032 | 2,898,000 | 2,481,760 | ||
Arab Republic of Egypt, 7.3%, 9/30/2033 | 1,266,000 | 1,036,423 | ||
Arab Republic of Egypt, 8.5%, 1/31/2047 | 873,000 | 674,148 | ||
Arab Republic of Egypt, 7.903%, 2/21/2048 | 1,356,000 | 994,875 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 638,000 | 505,047 | ||
Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 1,057,000 | 727,744 | ||
Czech Republic, 5%, 9/30/2030 | CZK | 60,210,000 | 2,848,832 | |
Czech Republic, 2%, 10/13/2033 | 60,310,000 | 2,280,861 | ||
Dominican Republic, 6%, 7/19/2028 (n) | $ | 1,663,000 | 1,688,444 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Emerging Market Sovereign - continued | ||||
Dominican Republic, 5.5%, 2/22/2029 (n) | $ | 1,714,000 | $ 1,709,953 | |
Dominican Republic, 7.05%, 2/03/2031 (n) | 1,449,000 | 1,552,952 | ||
Dominican Republic, 4.875%, 9/23/2032 (n) | 1,192,000 | 1,120,107 | ||
Dominican Republic, 6%, 2/22/2033 (n) | 907,000 | 914,939 | ||
Dominican Republic, 6.6%, 6/01/2036 (n) | 954,000 | 1,000,106 | ||
Dominican Republic, 5.3%, 1/21/2041 (n) | 1,002,000 | 906,072 | ||
Dominican Republic, 5.875%, 1/30/2060 (n) | 2,282,000 | 2,097,363 | ||
Federal Republic of Nigeria, 6.125%, 9/28/2028 (n) | 1,457,000 | 1,310,426 | ||
Federal Republic of Nigeria, 7.875%, 2/16/2032 | 1,804,000 | 1,604,640 | ||
Federal Republic of Nigeria, 7.375%, 9/28/2033 (n) | 601,000 | 504,524 | ||
Federal Republic of Nigeria, 7.375%, 9/28/2033 | 1,553,000 | 1,303,705 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | 621,000 | 498,250 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 | 969,000 | 777,463 | ||
Federative Republic of Brazil, 10%, 1/01/2027 | BRL | 16,250,000 | 2,774,763 | |
Federative Republic of Brazil, 10%, 1/01/2029 | 12,971,000 | 2,145,901 | ||
Federative Republic of Brazil, 6.125%, 1/22/2032 | $ | 678,000 | 687,874 | |
Federative Republic of Brazil, 6.125%, 3/15/2034 | 727,000 | 734,417 | ||
Federative Republic of Brazil, 4.75%, 1/14/2050 | 763,000 | 577,899 | ||
Federative Republic of Brazil, 7.125%, 5/13/2054 | 1,201,000 | 1,232,198 | ||
Government of Ukraine, 0%, 2/01/2030 (n) | 68,728 | 29,038 | ||
Government of Ukraine, 0%, 2/01/2034 (n) | 256,828 | 78,975 | ||
Government of Ukraine, 1.75%, 2/01/2034 (n) | 188,729 | 82,569 | ||
Government of Ukraine, 0%, 2/01/2035 (n) | 217,038 | 86,815 | ||
Government of Ukraine, 1.75%, 2/01/2035 (n) | 440,367 | 189,358 | ||
Government of Ukraine, 0%, 2/01/2036 (n) | 180,865 | 71,622 | ||
Government of Ukraine, 1.75%, 2/01/2036 (n) | 629,096 | 267,366 | ||
Government of Ukraine, GDP Linked Bond, 7.75%, 8/01/2041 | 2,068,000 | 1,426,920 | ||
Hashemite Kingdom of Jordan, 7.375%, 10/10/2047 | 427,000 | 388,058 | ||
Islamic Republic of Pakistan, 6%, 4/08/2026 | 557,000 | 510,971 | ||
Islamic Republic of Pakistan, 7.375%, 4/08/2031 | 874,000 | 697,913 | ||
Islamic Republic of Pakistan, 8.875%, 4/08/2051 (n) | 1,504,000 | 1,126,195 | ||
Kingdom of Morocco, 6.5%, 9/08/2033 (n) | 1,020,000 | 1,089,325 | ||
Kingdom of Saudi Arabia, 5%, 1/16/2034 (n) | 843,000 | 858,756 | ||
Kingdom of Saudi Arabia, 4.5%, 10/26/2046 | 1,925,000 | 1,696,191 | ||
Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 1,889,000 | 1,690,088 | ||
Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n) | 736,000 | 513,929 | ||
KSA Sukuk Ltd. (Kingdom of Saudi Arabia), 5.25%, 6/04/2034 (n) | 916,000 | 947,657 | ||
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | UYU | 89,988,000 | 2,065,291 | |
Oriental Republic of Uruguay, 9.75%, 7/20/2033 | 56,723,000 | 1,405,517 | ||
Oriental Republic of Uruguay, 5.75%, 10/28/2034 | $ | 826,000 | 896,029 | |
Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 753,000 | 725,297 | ||
Republic of Albania, 5.9%, 6/09/2028 | EUR | 601,000 | 692,454 | |
Republic of Angola, 8.75%, 4/14/2032 (n) | $ | 1,396,000 | 1,266,535 | |
Republic of Angola, 9.375%, 5/08/2048 | 2,391,000 | 2,053,188 | ||
Republic of Angola, 9.125%, 11/26/2049 | 3,425,000 | 2,877,616 | ||
Republic of Argentina, 4.125%, 7/09/2035 | 5,844,000 | 2,593,312 | ||
Republic of Argentina, 5%, 1/09/2038 | 3,708,000 | 1,800,918 | ||
Republic of Argentina, 3.5%, 7/09/2041 | 3,925,000 | 1,633,723 | ||
Republic of Azerbaijan, 3.5%, 9/01/2032 | 857,000 | 763,008 | ||
Republic of Benin, 4.95%, 1/22/2035 | EUR | 804,000 | 721,392 | |
Republic of Benin, 7.96%, 2/13/2038 (n) | $ | 816,000 | 779,867 | |
Republic of Bulgaria, 3.625%, 9/05/2032 | EUR | 971,000 | 1,068,932 | |
Republic of Bulgaria, 4.875%, 5/13/2036 | 276,000 | 330,413 | ||
Republic of Bulgaria, 5%, 3/05/2037 | $ | 1,134,000 | 1,125,325 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Emerging Market Sovereign - continued | ||||
Republic of Bulgaria, 4.25%, 9/05/2044 | EUR | 674,000 | $ 738,446 | |
Republic of Chile, 4%, 1/31/2052 | $ | 2,111,000 | 1,713,520 | |
Republic of Chile, 5.33%, 1/05/2054 | 1,321,569 | 1,306,371 | ||
Republic of Colombia, 3.25%, 4/22/2032 | 1,376,000 | 1,093,488 | ||
Republic of Colombia, 8%, 11/14/2035 | 1,503,000 | 1,595,081 | ||
Republic of Costa Rica, 6.55%, 4/03/2034 (n) | 1,204,000 | 1,266,849 | ||
Republic of Costa Rica, 7.158%, 3/12/2045 | 958,000 | 1,021,652 | ||
Republic of Costa Rica, 7.3%, 11/13/2054 (n) | 1,919,000 | 2,075,048 | ||
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | EUR | 1,386,000 | 1,327,168 | |
Republic of Cote d'Ivoire, 7.625%, 1/30/2033 (n) | $ | 832,000 | 828,917 | |
Republic of Cote d'Ivoire, 8.25%, 1/30/2037 (n) | 1,228,000 | 1,222,953 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | EUR | 1,164,000 | 1,106,598 | |
Republic of Cote d'Ivoire, 6.625%, 3/22/2048 (n) | 602,000 | 532,361 | ||
Republic of Ecuador, 5.5%, 7/31/2035 | $ | 2,604,000 | 1,432,200 | |
Republic of Ecuador, 5%, 7/31/2040 | 6,348,000 | 3,193,044 | ||
Republic of Ghana, 7.875%, 2/11/2035 (a)(d) | 1,533,000 | 804,974 | ||
Republic of Guatemala, 6.05%, 8/06/2031 (n) | 992,000 | 1,011,384 | ||
Republic of Guatemala, 3.7%, 10/07/2033 | 936,000 | 794,477 | ||
Republic of Guatemala, 6.6%, 6/13/2036 (n) | 703,000 | 732,174 | ||
Republic of Guatemala, 6.55%, 2/06/2037 (n) | 794,000 | 818,177 | ||
Republic of Hungary, 6.25%, 9/22/2032 (n) | 674,000 | 721,180 | ||
Republic of Hungary, 5.5%, 6/16/2034 (n) | 2,223,000 | 2,248,078 | ||
Republic of Hungary, 7%, 10/24/2035 | HUF | 560,050,000 | 1,652,233 | |
Republic of Hungary, 5.5%, 3/26/2036 (n) | $ | 1,201,000 | 1,208,806 | |
Republic of Hungary, 6.75%, 9/25/2052 (n) | 708,000 | 796,826 | ||
Republic of India, 7.18%, 8/14/2033 | INR | 135,190,000 | 1,635,883 | |
Republic of Indonesia, 4.35%, 1/11/2048 | $ | 1,063,000 | 964,300 | |
Republic of Indonesia, 5.45%, 9/20/2052 | 644,000 | 672,684 | ||
Republic of Latvia, 5.125%, 7/30/2034 (n) | 980,000 | 1,002,540 | ||
Republic of Panama, 3.298%, 1/19/2033 | 1,508,000 | 1,223,030 | ||
Republic of Panama, 6.4%, 2/14/2035 | 358,000 | 356,619 | ||
Republic of Panama, 6.7%, 1/26/2036 | 336,000 | 341,875 | ||
Republic of Panama, 8%, 3/01/2038 | 2,355,000 | 2,594,579 | ||
Republic of Panama, 6.853%, 3/28/2054 | 667,000 | 652,712 | ||
Republic of Panama, 3.87%, 7/23/2060 | 873,000 | 530,017 | ||
Republic of Panama, 4.5%, 1/19/2063 | 1,037,000 | 704,923 | ||
Republic of Paraguay, 3.849%, 6/28/2033 | 1,268,000 | 1,149,366 | ||
Republic of Paraguay, 5.85%, 8/21/2033 (n) | 942,000 | 967,462 | ||
Republic of Paraguay, 6%, 2/09/2036 (n) | 659,000 | 682,682 | ||
Republic of Paraguay, 5.6%, 3/13/2048 | 1,093,000 | 1,025,454 | ||
Republic of Paraguay, 5.4%, 3/30/2050 (n) | 3,361,000 | 3,055,958 | ||
Republic of Paraguay, 5.4%, 3/30/2050 | 1,091,000 | 991,982 | ||
Republic of Peru, 5.375%, 2/08/2035 | 731,000 | 740,598 | ||
Republic of Peru, 5.875%, 8/08/2054 | 799,000 | 832,701 | ||
Republic of Philippines, 6.25%, 1/25/2034 | PHP | 49,690,000 | 893,013 | |
Republic of Philippines, 6.75%, 1/24/2039 | 47,910,000 | 902,007 | ||
Republic of Philippines, 5.5%, 1/17/2048 | $ | 840,000 | 879,585 | |
Republic of Poland, 4.625%, 3/18/2029 | 713,000 | 725,549 | ||
Republic of Poland, 1.75%, 4/25/2032 | PLN | 4,864,000 | 980,271 | |
Republic of Poland, 5.75%, 11/16/2032 | $ | 1,038,000 | 1,113,481 | |
Republic of Poland, 4.875%, 10/04/2033 | 828,000 | 838,764 | ||
Republic of Poland, 5.125%, 9/18/2034 | 981,000 | 1,005,721 | ||
Republic of Poland, 5.5%, 4/04/2053 | 677,000 | 693,248 | ||
Republic of Poland, 5.5%, 3/18/2054 | 1,013,000 | 1,033,509 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Emerging Market Sovereign - continued | ||||
Republic of Romania, 6.625%, 2/17/2028 (n) | $ | 486,000 | $ 505,553 | |
Republic of Romania, 5.5%, 9/18/2028 (n) | EUR | 1,132,000 | 1,307,609 | |
Republic of Romania, 5.875%, 1/30/2029 (n) | $ | 590,000 | 601,080 | |
Republic of Romania, 1.75%, 7/13/2030 (n) | EUR | 749,000 | 693,957 | |
Republic of Romania, 7.125%, 1/17/2033 (n) | $ | 916,000 | 990,462 | |
Republic of Romania, 6.375%, 1/30/2034 (n) | 554,000 | 569,250 | ||
Republic of Romania, 5.625%, 2/22/2036 (n) | EUR | 311,000 | 337,409 | |
Republic of Romania, 2.75%, 4/14/2041 (n) | 611,000 | 448,668 | ||
Republic of Serbia, 6.25%, 5/26/2028 (n) | $ | 895,000 | 921,474 | |
Republic of Serbia, 1.65%, 3/03/2033 | EUR | 429,000 | 366,475 | |
Republic of Serbia, 6.5%, 9/26/2033 (n) | $ | 716,000 | 748,549 | |
Republic of Serbia, 6%, 6/12/2034 (n) | 657,000 | 667,341 | ||
Republic of South Africa, 8.875%, 2/28/2035 | ZAR | 23,412,000 | 1,173,139 | |
Republic of South Africa, 7.3%, 4/20/2052 | $ | 1,812,000 | 1,749,486 | |
Republic of Sri Lanka, 6.125%, 6/03/2025 (a)(d) | 1,737,000 | 912,375 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d) | 882,000 | 469,372 | ||
Republic of Trinidad & Tobago, 6.4%, 6/26/2034 (n) | 835,000 | 851,700 | ||
Republic of Turkey, 6.125%, 10/24/2028 | 823,000 | 824,941 | ||
Republic of Turkey, 8.509%, 1/14/2029 (n) | 768,000 | 828,657 | ||
Republic of Turkey, 5.25%, 3/13/2030 | 1,110,000 | 1,051,148 | ||
Republic of Turkey, 5.875%, 5/21/2030 | EUR | 1,014,000 | 1,146,064 | |
Republic of Turkey, 5.95%, 1/15/2031 | $ | 1,577,000 | 1,508,085 | |
Republic of Turkey, 5.875%, 6/26/2031 | 1,934,000 | 1,834,960 | ||
Republic of Turkey, 9.375%, 1/19/2033 | 348,000 | 400,230 | ||
Republic of Turkey, 7.625%, 5/15/2034 | 1,118,000 | 1,165,180 | ||
Republic of Turkey, 6.875%, 3/17/2036 | 945,000 | 921,588 | ||
Republic of Turkey, 6%, 1/14/2041 | 1,225,000 | 1,050,799 | ||
Republic of Turkey, 5.75%, 5/11/2047 | 1,575,000 | 1,239,963 | ||
Republic of Uzbekistan, 7.85%, 10/12/2028 (n) | 668,000 | 700,251 | ||
Republic of Uzbekistan, 5.375%, 2/20/2029 | 1,081,000 | 1,028,339 | ||
Republic of Uzbekistan, 6.9%, 2/28/2032 (n) | 907,000 | 906,025 | ||
Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 6,312,000 | 852,814 | ||
Republic of Zambia, 5.75%, 6/30/2033 | 1,389,112 | 1,213,139 | ||
Republic of Zambia, 0.5%, 12/31/2053 | 644,483 | 321,993 | ||
Socialist Republic of Vietnam, 4.8%, 11/19/2024 | 1,088,000 | 1,085,062 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 819,000 | 804,166 | ||
State of Qatar, 4.817%, 3/14/2049 | 619,000 | 607,789 | ||
State of Qatar, 4.4%, 4/16/2050 (n) | 652,000 | 601,393 | ||
Sultanate of Oman, 6.5%, 3/08/2047 | 1,218,000 | 1,285,221 | ||
Sultanate of Oman, 6.75%, 1/17/2048 | 4,130,000 | 4,471,138 | ||
Sultanate of Oman, 7%, 1/25/2051 (n) | 1,897,000 | 2,117,242 | ||
Sultanate of Oman, 7%, 1/25/2051 | 3,459,000 | 3,860,590 | ||
United Arab Emirates International Government, 4.857%, 7/02/2034 (n) | 843,000 | 871,451 | ||
United Mexican States, 8.5%, 5/31/2029 | MXN | 23,000,000 | 1,112,544 | |
United Mexican States, 7.75%, 5/29/2031 | 12,100,000 | 554,606 | ||
United Mexican States, 3.5%, 2/12/2034 | $ | 1,435,000 | 1,207,077 | |
United Mexican States, 6%, 5/07/2036 | 1,193,000 | 1,201,544 | ||
United Mexican States, 6.338%, 5/04/2053 | 1,787,000 | 1,750,009 | ||
United Mexican States, 6.4%, 5/07/2054 | 778,000 | 768,756 | ||
$186,751,386 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Energy - Independent - 0.6% | ||||
Diamondback Energy, Inc., 5.4%, 4/18/2034 | $ | 449,000 | $ 457,009 | |
Diamondback Energy, Inc., 5.75%, 4/18/2054 | 1,296,000 | 1,296,527 | ||
EQT Corp., 3.625%, 5/15/2031 (n) | 982,000 | 891,859 | ||
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n) | 329,000 | 328,897 | ||
Medco Maple Tree Pte. Ltd., 8.96%, 4/27/2029 (n) | 462,000 | 486,850 | ||
Occidental Petroleum Corp., 6.125%, 1/01/2031 | 752,000 | 792,581 | ||
Occidental Petroleum Corp., 4.4%, 4/15/2046 | 1,535,000 | 1,259,401 | ||
Occidental Petroleum Corp., 6.05%, 10/01/2054 | 478,000 | 486,122 | ||
Pioneer Natural Resources Co., 1.9%, 8/15/2030 | 1,491,000 | 1,298,800 | ||
Pioneer Natural Resources Co., 2.15%, 1/15/2031 | 757,000 | 658,466 | ||
Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 1,127,000 | 1,236,135 | ||
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 743,000 | 676,429 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 2,119,000 | 2,051,658 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | 1,286,000 | 1,096,966 | ||
Trident Energy Finance PLC, 12.5%, 11/30/2029 (n) | 565,000 | 589,013 | ||
$13,606,713 | ||||
Energy - Integrated - 0.1% | ||||
BP Capital Markets America, Inc., 1.749%, 8/10/2030 | $ | 1,672,000 | $ 1,440,207 | |
BP Capital Markets America, Inc., 4.812%, 2/13/2033 | 347,000 | 347,094 | ||
BP Capital Markets America, Inc., 3.001%, 3/17/2052 | 1,301,000 | 880,234 | ||
$2,667,535 | ||||
Financial Institutions - 0.2% | ||||
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | $ | 1,323,000 | $ 1,223,737 | |
Muthoot Finance Ltd., 7.125%, 2/14/2028 (n) | 714,000 | 727,736 | ||
Shriram Transport Finance Co. Ltd., 6.625%, 4/22/2027 (n) | 553,000 | 558,506 | ||
SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 1,860,000 | 1,893,247 | ||
$4,403,226 | ||||
Food & Beverages - 1.3% | ||||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 | $ | 2,533,000 | $ 2,654,439 | |
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n) | 826,000 | 731,597 | ||
Bacardi Ltd., 5.15%, 5/15/2038 (n) | 2,936,000 | 2,825,605 | ||
Bimbo Bakeries USA, Inc., 6.05%, 1/15/2029 (n) | 1,448,000 | 1,520,921 | ||
Bimbo Bakeries USA, Inc., 5.375%, 1/09/2036 (n) | 932,000 | 946,215 | ||
Campbell Soup Co., 2.375%, 4/24/2030 | 189,000 | 168,996 | ||
Central American Bottling Corp., 5.25%, 4/27/2029 (n) | 2,121,000 | 2,042,886 | ||
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n) | 823,000 | 726,175 | ||
Constellation Brands, Inc., 2.25%, 8/01/2031 | 682,000 | 581,262 | ||
Constellation Brands, Inc., 4.1%, 2/15/2048 | 1,939,000 | 1,599,984 | ||
Diageo Capital PLC, 5.625%, 10/05/2033 | 1,750,000 | 1,866,170 | ||
JBS USA Food Co., 6.5%, 12/01/2052 | 572,000 | 602,569 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 | 977,000 | 902,652 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031 | 568,000 | 514,794 | ||
JDE Peet's N.V., 0.8%, 9/24/2024 (n) | 981,000 | 978,186 | ||
Kraft Heinz Foods Co., 4.875%, 10/01/2049 | 816,000 | 745,011 | ||
Kraft Heinz Foods Co., 5.5%, 6/01/2050 | 1,531,000 | 1,527,469 | ||
Mars, Inc., 4.55%, 4/20/2028 (n) | 2,150,000 | 2,161,128 | ||
Mars, Inc., 4.75%, 4/20/2033 (n) | 1,812,000 | 1,801,104 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 1,243,000 | 1,121,655 | ||
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052 | 1,637,000 | 1,412,174 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Food & Beverages - continued | ||||
SYSCO Corp., 4.45%, 3/15/2048 | $ | 640,000 | $ 551,419 | |
$27,982,411 | ||||
Gaming & Lodging - 0.3% | ||||
Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | $ | 309,000 | $ 318,793 | |
Las Vegas Sands Corp., 5.9%, 6/01/2027 | 582,000 | 594,101 | ||
Las Vegas Sands Corp., 6.2%, 8/15/2034 | 894,000 | 915,572 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 1,075,000 | 953,748 | ||
Marriott International, Inc., 3.5%, 10/15/2032 | 635,000 | 572,521 | ||
Melco Resorts Finance Ltd., 7.625%, 4/17/2032 (n) | 716,000 | 717,035 | ||
Sands China Ltd., 2.85%, 3/08/2029 | 1,094,000 | 980,367 | ||
Sands China Ltd., 3.25%, 8/08/2031 | 1,670,000 | 1,441,792 | ||
VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n) | 688,000 | 679,167 | ||
Wynn Macau Ltd., 5.125%, 12/15/2029 | 277,000 | 254,863 | ||
$7,427,959 | ||||
Industrial - 0.1% | ||||
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025 | $ | 285,000 | $ 275,501 | |
Trustees of the University of Pennsylvania, 2.396%, 10/01/2050 | 2,127,000 | 1,348,938 | ||
$1,624,439 | ||||
Insurance - 0.2% | ||||
AIA Group Ltd., 5.375%, 4/05/2034 (n) | $ | 317,000 | $ 322,042 | |
Corebridge Financial, Inc., 3.9%, 4/05/2032 | 1,617,000 | 1,497,096 | ||
Corebridge Financial, Inc., 4.35%, 4/05/2042 | 1,747,000 | 1,503,063 | ||
Lincoln National Corp., 5.852%, 3/15/2034 | 1,360,000 | 1,417,576 | ||
$4,739,777 | ||||
Insurance - Health - 0.4% | ||||
Elevance Health, Inc., 5.375%, 6/15/2034 | $ | 692,000 | $ 717,098 | |
Elevance Health, Inc., 5.65%, 6/15/2054 | 1,239,000 | 1,272,311 | ||
Humana, Inc., 4.95%, 10/01/2044 | 814,000 | 739,494 | ||
Humana, Inc., 5.5%, 3/15/2053 | 269,000 | 260,192 | ||
UnitedHealth Group, Inc., 5.3%, 2/15/2030 | 1,215,000 | 1,272,955 | ||
UnitedHealth Group, Inc., 2.3%, 5/15/2031 | 1,986,000 | 1,733,526 | ||
UnitedHealth Group, Inc., 4.625%, 7/15/2035 | 552,000 | 547,523 | ||
UnitedHealth Group, Inc., 5.5%, 7/15/2044 | 529,000 | 544,826 | ||
UnitedHealth Group, Inc., 5.875%, 2/15/2053 | 971,000 | 1,049,766 | ||
$8,137,691 | ||||
Insurance - Property & Casualty - 0.3% | ||||
American International Group, Inc., 5.125%, 3/27/2033 | $ | 1,579,000 | $ 1,610,254 | |
Arthur J. Gallagher & Co., 6.5%, 2/15/2034 | 1,095,000 | 1,204,122 | ||
Arthur J. Gallagher & Co., 6.75%, 2/15/2054 | 1,057,000 | 1,219,267 | ||
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031 | 1,087,000 | 975,880 | ||
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 | 344,000 | 350,864 | ||
Marsh & McLennan Cos., Inc., 2.9%, 12/15/2051 | 902,000 | 597,571 | ||
RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033 | 676,000 | 698,638 | ||
$6,656,596 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
International Market Quasi-Sovereign - 0.1% | ||||
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $ | 1,470,000 | $ 1,544,451 | |
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | 1,858,000 | 1,574,473 | ||
$3,118,924 | ||||
International Market Sovereign - 0.3% | ||||
Government of Bermuda, 5%, 7/15/2032 (n) | $ | 3,915,000 | $ 3,892,684 | |
Government of Bermuda, 3.375%, 8/20/2050 (n) | 2,322,000 | 1,682,986 | ||
$5,575,670 | ||||
Machinery & Tools - 0.2% | ||||
Ashtead Capital, Inc., 4.375%, 8/15/2027 (n) | $ | 408,000 | $ 402,903 | |
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 839,000 | 848,396 | ||
CNH Industrial Capital LLC, 5.5%, 1/12/2029 | 1,405,000 | 1,453,121 | ||
CNH Industrial N.V., 3.85%, 11/15/2027 | 2,049,000 | 2,008,098 | ||
$4,712,518 | ||||
Major Banks - 2.9% | ||||
Bank of America Corp., 3.366% to 1/23/2025, FLR ((SOFR - 3mo. + 0.26161%) + 0.81%) to 1/23/2026 | $ | 1,278,000 | $ 1,267,506 | |
Bank of America Corp., 3.419% to 12/20/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.04%) to 12/20/2028 | 2,164,000 | 2,086,534 | ||
Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029 | 1,347,000 | 1,406,921 | ||
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 | 2,851,000 | 2,504,211 | ||
Bank of America Corp., 5.425% to 8/15/2034, FLR (SOFR - 1 day + 1.913%) to 8/15/2035 | 1,360,000 | 1,362,948 | ||
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032 | 1,866,000 | 1,608,709 | ||
Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n) | 818,000 | 763,201 | ||
Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n) | 1,351,000 | 1,034,430 | ||
Credit Agricole S.A., 1.247% to 1/26/2026, FLR (SOFR - 1 day + 0.89162%) to 1/26/2027 (n) | 3,272,000 | 3,110,163 | ||
Deutsche Bank AG, 5.706% to 2/08/2027, FLR (SOFR - 1 day + 1.594%) to 2/08/2028 | 992,000 | 1,008,489 | ||
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026 | 1,171,000 | 1,143,493 | ||
HSBC Holdings PLC, 2.357% to 8/18/2030, FLR (SOFR - 1 day + 1.947%) to 8/18/2031 | 1,554,000 | 1,350,651 | ||
JPMorgan Chase & Co., 6.07% to 10/22/2026, FLR (SOFR - 1 day + 1.33%) to 10/22/2027 | 1,791,000 | 1,849,335 | ||
JPMorgan Chase & Co., 3.782% to 2/01/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.337%) to 2/01/2028 | 1,934,000 | 1,900,521 | ||
JPMorgan Chase & Co., 5.581% to 4/22/2029, FLR (SOFR - 1 day + 1.16%) to 4/22/2030 | 788,000 | 820,426 | ||
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032 | 3,984,000 | 3,445,514 | ||
JPMorgan Chase & Co., 5.336% to 1/23/2034, FLR (SOFR - 1 day + 1.62%) to 1/23/2035 | 675,000 | 695,136 | ||
Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027 | 2,438,000 | 2,292,267 | ||
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032 | 2,319,000 | 1,988,017 | ||
Morgan Stanley, 3.125%, 7/27/2026 | 4,414,000 | 4,303,240 | ||
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029 | 705,000 | 726,641 | ||
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034 | 1,252,000 | 1,286,168 | ||
National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n) | 1,931,000 | 1,685,770 | ||
NatWest Group PLC, 5.847% to 3/02/2026, FLR (CMT - 1yr. + 1.35%) to 3/02/2027 | 956,000 | 969,840 | ||
NatWest Group PLC, 5.583%, 3/01/2028 | 805,000 | 820,837 | ||
Nordea Bank Abp, 1.5%, 9/30/2026 (n) | 2,672,000 | 2,510,085 | ||
Oversea-Chinese Banking Corp. Ltd., 4.602%, 6/15/2032 | 671,000 | 667,830 | ||
PNC Financial Services Group, Inc., 5.3% to 1/21/2027, FLR (SOFR - 1 day + 1.342%) to 1/21/2028 | 796,000 | 809,805 | ||
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035 | 758,000 | 791,070 | ||
Royal Bank of Canada, 2.3%, 11/03/2031 | 374,000 | 322,736 | ||
Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031 | 2,461,000 | 2,046,862 | ||
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 3/09/2026 (n) | 1,764,000 | 1,792,724 | ||
Toronto-Dominion Bank, 4.108%, 6/08/2027 | 830,000 | 822,659 | ||
Toronto-Dominion Bank, 4.693%, 9/15/2027 | 1,665,000 | 1,677,689 | ||
UBS Group AG, 3.126% to 8/13/2029, FLR (LIBOR - 3mo. + 1.468%) to 8/13/2030 (n) | 2,957,000 | 2,738,568 | ||
UBS Group AG, 3.179% to 2/11/2042, FLR (CMT - 1yr. + 1.1%) to 2/11/2043 (n) | 2,359,000 | 1,780,004 | ||
UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 5/13/2172 (n) | 893,000 | 984,600 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Major Banks - continued | ||||
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | $ | 1,750,000 | $ 1,702,349 | |
UniCredit S.p.A., 1.982% to 6/03/2026, FLR (CMT - 1yr. + 1.2%) to 6/03/2027 (n) | 817,000 | 776,124 | ||
Wells Fargo & Co., 4.54% to 8/15/2025, FLR (SOFR - 1 day + 1.56%) to 8/15/2026 | 631,000 | 628,187 | ||
Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029 | 1,172,000 | 1,210,248 | ||
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | 398,000 | 358,111 | ||
$63,050,619 | ||||
Medical & Health Technology & Services - 0.6% | ||||
Alcon Finance Corp., 2.75%, 9/23/2026 (n) | $ | 2,618,000 | $ 2,522,682 | |
Alcon Finance Corp., 2.6%, 5/27/2030 (n) | 1,260,000 | 1,133,624 | ||
Becton, Dickinson and Co., 2.823%, 5/20/2030 | 671,000 | 613,314 | ||
Becton, Dickinson and Co., 4.298%, 8/22/2032 | 844,000 | 818,425 | ||
HCA, Inc., 5.45%, 9/15/2034 | 1,408,000 | 1,426,143 | ||
ICON Investments Six DAC, 5.809%, 5/08/2027 | 1,474,000 | 1,511,872 | ||
ICON Investments Six DAC, 5.849%, 5/08/2029 | 473,000 | 494,211 | ||
IQVIA, Inc., 6.25%, 2/01/2029 | 1,089,000 | 1,150,543 | ||
Marin General Hospital, 7.242%, 8/01/2045 | 839,000 | 1,020,295 | ||
Thermo Fisher Scientific, Inc., 4.977%, 8/10/2030 | 1,765,000 | 1,825,036 | ||
Thermo Fisher Scientific, Inc., 2.8%, 10/15/2041 | 832,000 | 617,881 | ||
$13,134,026 | ||||
Medical Equipment - 0.0% | ||||
Danaher Corp., 2.6%, 10/01/2050 | $ | 1,499,000 | $ 964,725 | |
Metals & Mining - 0.2% | ||||
Anglo American Capital PLC, 4.5%, 3/15/2028 (n) | $ | 1,378,000 | $ 1,364,956 | |
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 1,636,301 | 1,207,656 | ||
Samarco Mineracao S.A., 9% PIK to 12/30/2025, (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to 12/30/29, 9.5% Cash to 6/30/2031 (n)(p) | 1,044,660 | 956,335 | ||
Vale Overseas Ltd., 6.4%, 6/28/2054 | 1,523,000 | 1,554,794 | ||
$5,083,741 | ||||
Midstream - 0.9% | ||||
Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n) | $ | 313,000 | $ 319,462 | |
Columbia Pipelines Operating Co. LLC, 6.497%, 8/15/2043 (n) | 491,000 | 533,706 | ||
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 1,812,000 | 2,009,570 | ||
Enbridge, Inc., 5.7%, 3/08/2033 | 779,000 | 812,262 | ||
Enbridge, Inc., 5.95%, 4/05/2054 | 780,000 | 806,481 | ||
Energy Transfer LP, 4%, 10/01/2027 | 893,000 | 876,838 | ||
Energy Transfer LP, 5.95%, 5/15/2054 | 1,023,000 | 1,032,934 | ||
Enterprise Products Operating LLC, 4.85%, 1/31/2034 | 2,252,000 | 2,261,016 | ||
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 1,610,644 | 1,534,037 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | 1,010,000 | 852,517 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n) | 1,629,173 | 1,352,988 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n) | 1,589,000 | 1,264,851 | ||
Peru LNG, 5.375%, 3/22/2030 | 1,254,000 | 1,088,728 | ||
Plains All American Pipeline LP, 4.65%, 10/15/2025 | 564,000 | 561,810 | ||
Plains All American Pipeline LP, 3.55%, 12/15/2029 | 1,909,000 | 1,796,953 | ||
Targa Resources Corp., 5.5%, 2/15/2035 | 487,000 | 494,452 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 1,810,000 | 1,601,702 | ||
$19,200,307 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Mortgage-Backed - 8.4% | ||||
Fannie Mae, 4.5%, 5/01/2025 - 11/25/2042 | $ | 1,258,212 | $ 1,258,310 | |
Fannie Mae, 3%, 11/01/2028 - 9/01/2046 | 8,421,394 | 8,046,880 | ||
Fannie Mae, 3.5%, 1/25/2030 - 6/25/2048 | 4,158,111 | 3,897,465 | ||
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046 | 921,328 | 847,651 | ||
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i) | 346,303 | 27,980 | ||
Fannie Mae, 6.5%, 1/01/2033 - 10/01/2037 | 32,467 | 33,772 | ||
Fannie Mae, 3%, 2/25/2033 (i) | 477,776 | 37,521 | ||
Fannie Mae, 5.5%, 5/01/2033 - 5/01/2044 | 2,018,457 | 2,080,775 | ||
Fannie Mae, 5%, 11/01/2033 - 3/25/2042 | 2,417,982 | 2,474,510 | ||
Fannie Mae, 5.913%, 4/25/2034 | 45,953 | 45,908 | ||
Fannie Mae, 6%, 8/01/2034 - 6/01/2038 | 101,938 | 106,228 | ||
Fannie Mae, 5.753%, 1/25/2036 | 33,495 | 33,452 | ||
Fannie Mae, 5.693%, 5/25/2037 | 34,705 | 33,858 | ||
Fannie Mae, 5.763%, 10/25/2039 - 12/25/2045 | 470,542 | 459,941 | ||
Fannie Mae, 4%, 9/01/2040 - 7/01/2043 | 3,247,376 | 3,156,203 | ||
Fannie Mae, 1%, 3/25/2041 | 252,224 | 220,179 | ||
Fannie Mae, 5.813%, 3/25/2041 - 12/25/2042 | 103,566 | 102,697 | ||
Fannie Mae, 2.25%, 4/25/2041 | 516,806 | 488,971 | ||
Fannie Mae, 5.963%, 7/25/2041 | 43,952 | 43,466 | ||
Fannie Mae, 2%, 5/25/2044 - 8/25/2044 | 216,253 | 201,577 | ||
Fannie Mae, UMBS, 2.5%, 8/01/2036 - 9/01/2052 | 19,332,338 | 16,717,622 | ||
Fannie Mae, UMBS, 2%, 3/01/2037 - 9/01/2052 | 11,403,123 | 9,712,900 | ||
Fannie Mae, UMBS, 5.5%, 8/01/2038 - 5/01/2053 | 1,524,349 | 1,546,411 | ||
Fannie Mae, UMBS, 1.5%, 2/01/2042 - 9/01/2051 | 1,968,279 | 1,544,830 | ||
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 7/01/2052 | 390,823 | 367,443 | ||
Fannie Mae, UMBS, 3%, 7/01/2050 - 5/01/2053 | 6,016,310 | 5,353,220 | ||
Fannie Mae, UMBS, 4%, 8/01/2051 - 5/01/2052 | 801,851 | 768,211 | ||
Fannie Mae, UMBS, 4.5%, 7/01/2052 - 9/01/2052 | 353,928 | 347,894 | ||
Fannie Mae, UMBS, 5%, 8/01/2052 - 5/01/2054 | 2,501,637 | 2,484,954 | ||
Fannie Mae, UMBS, 6%, 2/01/2053 - 7/01/2054 | 4,283,614 | 4,374,989 | ||
Fannie Mae, UMBS, 6.5%, 6/01/2053 - 7/01/2054 | 1,112,796 | 1,146,224 | ||
Freddie Mac, 4.5%, 9/01/2024 - 5/01/2042 | 1,093,858 | 1,096,443 | ||
Freddie Mac, 2.67%, 12/25/2024 | 699,338 | 694,029 | ||
Freddie Mac, 0.178%, 5/25/2025 (i) | 90,795,198 | 57,066 | ||
Freddie Mac, 3.7%, 5/25/2025 | 550,934 | 545,524 | ||
Freddie Mac, 4%, 7/01/2025 - 1/15/2055 | 2,275,823 | 2,234,500 | ||
Freddie Mac, 3.75%, 8/25/2025 | 939,489 | 928,976 | ||
Freddie Mac, 3.208%, 2/25/2026 | 733,807 | 720,611 | ||
Freddie Mac, 2.57%, 7/25/2026 | 4,800,000 | 4,652,292 | ||
Freddie Mac, 3.12%, 9/25/2026 | 1,944,856 | 1,900,358 | ||
Freddie Mac, 2.525%, 10/25/2026 | 1,667,889 | 1,611,921 | ||
Freddie Mac, 2.797%, 12/25/2026 | 396,923 | 388,064 | ||
Freddie Mac, 3.413%, 12/25/2026 | 2,500,000 | 2,454,443 | ||
Freddie Mac, 1.479%, 3/25/2027 (i) | 2,188,000 | 67,151 | ||
Freddie Mac, 3.243%, 4/25/2027 | 1,555,025 | 1,517,702 | ||
Freddie Mac, 3.117%, 6/25/2027 | 2,250,000 | 2,187,799 | ||
Freddie Mac, 0.701%, 7/25/2027 (i) | 43,480,283 | 599,724 | ||
Freddie Mac, 0.545%, 8/25/2027 (i) | 32,612,396 | 356,183 | ||
Freddie Mac, 1.47%, 9/25/2027 | 700,000 | 646,459 | ||
Freddie Mac, 0.488%, 12/25/2027 (i) | 211,058 | 2,176 | ||
Freddie Mac, 0.43%, 1/25/2028 (i) | 59,051,922 | 554,875 | ||
Freddie Mac, 0.432%, 1/25/2028 (i) | 24,757,813 | 235,813 | ||
Freddie Mac, 0.265%, 2/25/2028 (i) | 75,121,695 | 352,291 | ||
Freddie Mac, 0.261%, 4/25/2028 (i) | 49,275,329 | 233,688 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Mortgage-Backed - continued | ||||
Freddie Mac, 3.9%, 4/25/2028 | $ | 288,736 | $ 286,141 | |
Freddie Mac, 3%, 6/15/2028 - 10/01/2046 | 4,823,847 | 4,502,868 | ||
Freddie Mac, 0.612%, 10/25/2028 (i) | 6,096,722 | 104,194 | ||
Freddie Mac, 5.831%, 3/25/2029 | 818,036 | 820,616 | ||
Freddie Mac, 0.63%, 5/25/2029 (i) | 6,866,864 | 137,199 | ||
Freddie Mac, 1.218%, 7/25/2029 (i) | 8,037,022 | 358,510 | ||
Freddie Mac, 1.265%, 8/25/2029 (i) | 14,066,451 | 662,872 | ||
Freddie Mac, 5.836%, 12/25/2029 | 450,000 | 448,665 | ||
Freddie Mac, 1.439%, 1/25/2030 (i) | 4,116,202 | 245,096 | ||
Freddie Mac, 1.914%, 4/25/2030 (i) | 3,344,437 | 290,575 | ||
Freddie Mac, 1.985%, 4/25/2030 (i) | 8,166,315 | 731,181 | ||
Freddie Mac, 1.769%, 5/25/2030 (i) | 4,373,949 | 363,434 | ||
Freddie Mac, 1.906%, 5/25/2030 (i) | 9,928,903 | 881,289 | ||
Freddie Mac, 5.5%, 6/01/2030 - 9/01/2041 | 675,540 | 693,201 | ||
Freddie Mac, 1.209%, 6/25/2030 (i) | 3,089,017 | 164,022 | ||
Freddie Mac, 1.435%, 6/25/2030 (i) | 3,957,955 | 264,689 | ||
Freddie Mac, 5.731%, 6/25/2030 | 420,857 | 419,421 | ||
Freddie Mac, 5.771%, 6/25/2030 | 292,173 | 291,187 | ||
Freddie Mac, 1.703%, 8/25/2030 (i) | 3,506,241 | 284,791 | ||
Freddie Mac, 1.262%, 9/25/2030 (i) | 2,193,674 | 132,911 | ||
Freddie Mac, 5.901%, 11/25/2030 | 1,044,821 | 1,044,817 | ||
Freddie Mac, 0.417%, 1/25/2031 (i) | 12,676,515 | 203,888 | ||
Freddie Mac, 0.872%, 1/25/2031 (i) | 4,987,462 | 214,161 | ||
Freddie Mac, 0.546%, 2/25/2031 (i) | 2,871,045 | 70,191 | ||
Freddie Mac, 1.321%, 7/25/2031 (i) | 3,953,830 | 279,151 | ||
Freddie Mac, 0.955%, 9/25/2031 (i) | 5,826,990 | 286,578 | ||
Freddie Mac, 5.818%, 10/15/2032 | 41,903 | 41,525 | ||
Freddie Mac, 0.301%, 11/25/2032 (i) | 11,453,817 | 162,915 | ||
Freddie Mac, 0.431%, 5/25/2033 (i) | 2,600,000 | 59,337 | ||
Freddie Mac, 3.5%, 8/15/2033 - 10/25/2058 | 4,562,469 | 4,346,507 | ||
Freddie Mac, 0.299%, 8/25/2033 (i) | 12,475,897 | 170,652 | ||
Freddie Mac, 0.362%, 10/25/2033 (i) | 11,781,459 | 213,438 | ||
Freddie Mac, 5%, 5/01/2034 - 12/01/2044 | 1,370,979 | 1,401,068 | ||
Freddie Mac, 6%, 8/01/2034 - 10/01/2038 | 427,515 | 448,704 | ||
Freddie Mac, 5.668%, 4/15/2035 | 31,451 | 31,146 | ||
Freddie Mac, 5.5%, 2/15/2036 (i) | 124,246 | 20,913 | ||
Freddie Mac, 6.5%, 5/01/2037 | 3,961 | 4,092 | ||
Freddie Mac, 6.168%, 5/15/2039 | 33,078 | 32,987 | ||
Freddie Mac, 4.5%, 12/15/2040 (i) | 24,369 | 2,292 | ||
Freddie Mac, 5.868%, 8/15/2046 | 52,159 | 51,346 | ||
Freddie Mac, 6.798%, 10/25/2053 | 98,148 | 99,335 | ||
Freddie Mac, 0.434%, 6/25/2055 (i) | 17,860,106 | 404,672 | ||
Freddie Mac, 3.25%, 11/25/2061 | 829,615 | 766,849 | ||
Freddie Mac, UMBS, 2%, 3/01/2037 - 3/01/2052 | 13,800,970 | 11,355,649 | ||
Freddie Mac, UMBS, 2.5%, 3/01/2037 - 9/01/2052 | 4,835,476 | 4,176,213 | ||
Freddie Mac, UMBS, 3%, 3/01/2047 - 9/01/2052 | 2,770,002 | 2,493,554 | ||
Freddie Mac, UMBS, 1.5%, 6/01/2051 - 11/01/2051 | 60,478 | 47,405 | ||
Freddie Mac, UMBS, 3.5%, 5/01/2052 | 151,718 | 140,972 | ||
Freddie Mac, UMBS, 4%, 5/01/2052 - 6/01/2052 | 1,360,917 | 1,297,022 | ||
Freddie Mac, UMBS, 6%, 10/01/2052 - 7/01/2054 | 2,297,114 | 2,341,313 | ||
Freddie Mac, UMBS, 5.5%, 12/01/2052 - 4/01/2053 | 838,647 | 849,395 | ||
Ginnie Mae, 5.5%, 5/15/2033 - 4/20/2053 | 3,211,125 | 3,236,707 | ||
Ginnie Mae, 4.5%, 7/20/2033 - 5/20/2054 | 7,594,335 | 7,506,692 | ||
Ginnie Mae, 5.666%, 8/20/2034 | 302,152 | 308,774 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Mortgage-Backed - continued | ||||
Ginnie Mae, 4%, 5/16/2039 - 7/20/2053 | $ | 1,548,646 | $ 1,491,632 | |
Ginnie Mae, 5%, 8/20/2039 - 5/20/2053 | 1,191,553 | 1,193,649 | ||
Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i) | 327,555 | 47,917 | ||
Ginnie Mae, 5.55%, 9/20/2041 | 1,406,756 | 1,386,068 | ||
Ginnie Mae, 3.5%, 10/20/2041 - 1/20/2043 (i) | 860,873 | 119,686 | ||
Ginnie Mae, 3.5%, 12/15/2041 - 11/20/2052 | 3,443,931 | 3,253,397 | ||
Ginnie Mae, 2.5%, 6/20/2042 - 6/20/2052 | 2,698,056 | 2,356,310 | ||
Ginnie Mae, 3%, 4/20/2045 - 10/20/2052 | 5,722,979 | 5,205,236 | ||
Ginnie Mae, 2.5%, 2/20/2051 (i) | 375,524 | 46,845 | ||
Ginnie Mae, 2%, 1/20/2052 - 5/20/2052 | 1,494,778 | 1,259,438 | ||
Ginnie Mae, 7%, 12/20/2053 | 116,941 | 119,673 | ||
Ginnie Mae, 6%, 2/20/2054 - 11/20/2055 | 2,330,202 | 2,381,566 | ||
Ginnie Mae, 6.503%, 3/20/2064 | 1,405,953 | 1,413,644 | ||
Ginnie Mae, TBA, 2.5%, 9/15/2054 | 2,175,000 | 1,901,470 | ||
Ginnie Mae, TBA, 5.5%, 9/15/2054 | 2,325,000 | 2,340,246 | ||
Ginnie Mae, TBA, 6%, 9/15/2054 | 3,400,000 | 3,450,204 | ||
Ginnie Mae, TBA, 6.5%, 9/15/2054 | 350,000 | 357,469 | ||
Ginnie Mae, TBA, 2%, 9/23/2054 | 1,900,000 | 1,600,570 | ||
UMBS, TBA, 2%, 9/25/2039 | 825,000 | 746,502 | ||
UMBS, TBA, 6.5%, 9/17/2054 - 10/25/2054 | 600,000 | 617,704 | ||
UMBS, TBA, 2.5%, 9/25/2054 - 10/25/2054 | 750,000 | 639,889 | ||
UMBS, TBA, 6%, 9/25/2054 | 2,000,000 | 2,036,712 | ||
$182,159,079 | ||||
Municipals - 0.2% | ||||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B", 2.746%, 6/01/2034 | $ | 855,000 | $ 739,331 | |
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.682%, 7/01/2027 | 255,000 | 241,524 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 6.352%, 7/01/2049 | 760,000 | 793,167 | ||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), "A-1", 2.326%, 6/01/2030 | 26,858 | 26,602 | ||
National Finance Authority, NH, Utility Refunding Rev., Taxable (Wheeling Power Co. Project), "A", 6.89%, 4/01/2034 | 1,115,000 | 1,173,756 | ||
State of Florida, Taxable, "A", 2.154%, 7/01/2030 | 673,000 | 593,361 | ||
West Virginia Tobacco Settlement Financing Authority Asset-Backed Refunding, Taxable, "A-1", 1.647%, 6/01/2025 | 175,000 | 170,663 | ||
$3,738,404 | ||||
Natural Gas - Pipeline - 0.1% | ||||
APA Infrastructure Ltd., 5%, 3/23/2035 (n) | $ | 1,217,000 | $ 1,172,881 | |
Oil Services - 0.0% | ||||
Yinson Boronia Production B.V., 8.947%, 7/31/2042 (n) | $ | 823,000 | $ 862,566 | |
Oils - 0.1% | ||||
FS Luxembourg S.à r.l., 8.875%, 2/12/2031 (n) | $ | 935,000 | $ 932,529 | |
Raizen Fuels Finance S.A., 6.45%, 3/05/2034 (n) | 314,000 | 330,971 | ||
Raizen Fuels Finance S.A., 6.95%, 3/05/2054 (n) | 310,000 | 331,083 | ||
$1,594,583 | ||||
Other Banks & Diversified Financials - 0.8% | ||||
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $ | 2,946,000 | $ 3,123,311 | |
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | 1,456,000 | 1,382,476 | ||
Bangkok Bank Public Co. Ltd. (Hong Kong), 5.65%, 7/05/2034 (n) | 886,000 | 926,206 | ||
Bangkok Bank Public Co. Ltd. (Hong Kong), 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034 | 1,222,000 | 1,119,212 | ||
BBVA Bancomer S.A. (Texas), 8.45% to 6/29/2033, FLR (CMT - 5yr. + 4.661%) to 6/29/2038 (n) | 362,000 | 389,023 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Other Banks & Diversified Financials - continued | ||||
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | $ | 476,000 | $ 500,828 | |
BSF Finance, 5.5%, 11/23/2027 | 800,000 | 818,648 | ||
Intesa Sanpaolo S.p.A., 7.2%, 11/28/2033 (n) | 929,000 | 1,038,788 | ||
M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029 | 491,000 | 534,753 | ||
Macquarie Group Ltd., 5.887%, 6/15/2034 (n) | 693,000 | 725,197 | ||
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028 | 1,206,000 | 1,198,163 | ||
Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/30/2029 | 1,016,000 | 1,103,950 | ||
Truist Financial Corp., 5.153% to 8/05/2031, FLR (SOFR - 1 day + 1.571%) to 8/05/2032 | 716,000 | 723,149 | ||
Truist Financial Corp., 5.711% to 1/24/2034, FLR (SOFR - 1 day + 1.922%) to 1/24/2035 | 686,000 | 710,483 | ||
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | 1,677,000 | 1,579,307 | ||
United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n) | 934,000 | 906,294 | ||
$16,779,788 | ||||
Pharmaceuticals - 0.5% | ||||
AbbVie, Inc., 5.35%, 3/15/2044 | $ | 1,232,000 | $ 1,270,508 | |
AbbVie, Inc., 5.4%, 3/15/2054 | 737,000 | 763,762 | ||
Bristol-Myers Squibb Co., 5.5%, 2/22/2044 | 629,000 | 649,085 | ||
Bristol-Myers Squibb Co., 5.55%, 2/22/2054 | 374,000 | 386,103 | ||
Eli Lilly & Co., 4.7%, 2/09/2034 | 1,813,000 | 1,836,059 | ||
Merck & Co., Inc., 2.75%, 12/10/2051 | 826,000 | 543,308 | ||
Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053 | 408,000 | 410,004 | ||
Pfizer, Inc., 2.55%, 5/28/2040 | 826,000 | 601,041 | ||
Roche Holdings, Inc., 5.338%, 11/13/2028 (n) | 1,842,000 | 1,916,780 | ||
Roche Holdings, Inc., 5.489%, 11/13/2030 (n) | 1,826,000 | 1,933,789 | ||
$10,310,439 | ||||
Pollution Control - 0.1% | ||||
Ambipar Lux S.à r.l., 9.875%, 2/06/2031 (n) | $ | 826,000 | $ 826,680 | |
Waste Management, Inc., 4.625%, 2/15/2033 | 1,788,000 | 1,791,009 | ||
$2,617,689 | ||||
Precious Metals & Minerals - 0.1% | ||||
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | $ | 1,682,000 | $ 1,757,355 | |
Railroad & Shipping - 0.1% | ||||
Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054 | $ | 1,438,000 | $ 1,445,047 | |
Burlington Northern Sante Fe LLC, 5.5%, 3/15/2055 | 538,000 | 563,099 | ||
Canadian Pacific Railway Co., 3.1%, 12/02/2051 | 1,167,000 | 811,894 | ||
$2,820,040 | ||||
Real Estate - Office - 0.2% | ||||
Boston Properties LP, REIT, 3.65%, 2/01/2026 | $ | 1,047,000 | $ 1,023,773 | |
Boston Properties LP, REIT, 2.75%, 10/01/2026 | 759,000 | 723,132 | ||
Corporate Office Property LP, REIT, 2%, 1/15/2029 | 1,164,000 | 1,023,736 | ||
Corporate Office Property LP, REIT, 2.75%, 4/15/2031 | 848,000 | 727,361 | ||
$3,498,002 | ||||
Real Estate - Other - 0.2% | ||||
EPR Properties, REIT, 3.6%, 11/15/2031 | $ | 1,136,000 | $ 999,804 | |
Extra Space Storage LP, 5.5%, 7/01/2030 | 1,622,000 | 1,683,733 | ||
Prologis LP, REIT, 5.125%, 1/15/2034 | 1,752,000 | 1,791,971 | ||
$4,475,508 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Real Estate - Retail - 0.2% | ||||
NNN REIT, Inc., 5.6%, 10/15/2033 | $ | 1,035,000 | $ 1,064,177 | |
Realty Income Corp., REIT, 5.375%, 9/01/2054 | 1,811,000 | 1,786,106 | ||
STORE Capital Corp., REIT, 4.625%, 3/15/2029 | 325,000 | 316,170 | ||
STORE Capital Corp., REIT, 2.75%, 11/18/2030 | 1,860,000 | 1,608,312 | ||
$4,774,765 | ||||
Retailers - 0.3% | ||||
Alibaba Group Holding Ltd., 3.15%, 2/09/2051 | $ | 1,582,000 | $ 1,082,162 | |
Alimentation Couche-Tard, Inc., 3.8%, 1/25/2050 (n) | 1,347,000 | 1,040,770 | ||
Amazon.com, Inc., 3.6%, 4/13/2032 | 1,488,000 | 1,418,191 | ||
AutoZone, Inc., 4.75%, 8/01/2032 | 1,156,000 | 1,150,271 | ||
Home Depot, Inc., 4.85%, 6/25/2031 | 350,000 | 358,403 | ||
Home Depot, Inc., 3.9%, 6/15/2047 | 1,617,000 | 1,347,111 | ||
$6,396,908 | ||||
Specialty Chemicals - 0.1% | ||||
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (n) | $ | 801,000 | $ 768,754 | |
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | 417,000 | 382,543 | ||
International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n) | 514,000 | 445,657 | ||
International Flavors & Fragrances, Inc., 5%, 9/26/2048 | 1,003,000 | 900,901 | ||
$2,497,855 | ||||
Specialty Stores - 0.0% | ||||
DICK'S Sporting Goods, 4.1%, 1/15/2052 | $ | 1,376,000 | $ 1,032,358 | |
Supermarkets - 0.1% | ||||
Kroger Co., 5%, 9/15/2034 | $ | 961,000 | $ 958,013 | |
Kroger Co., 5.5%, 9/15/2054 | 961,000 | 941,970 | ||
$1,899,983 | ||||
Telecommunications - Wireless - 0.5% | ||||
American Tower Corp., 5.2%, 2/15/2029 | $ | 979,000 | $ 1,000,891 | |
American Tower Corp., 5.45%, 2/15/2034 | 854,000 | 881,929 | ||
Crown Castle, Inc., REIT, 4.45%, 2/15/2026 | 468,000 | 465,712 | ||
Crown Castle, Inc., REIT, 3.7%, 6/15/2026 | 986,000 | 967,932 | ||
Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n) | 570,000 | 613,058 | ||
PLT VII Finance S.à r.l., 6%, 6/15/2031 (n) | EUR | 924,000 | 1,038,232 | |
Rogers Communications, Inc., 4.5%, 3/15/2042 | $ | 1,070,000 | 944,294 | |
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 | 1,203,000 | 1,188,506 | ||
T-Mobile USA, Inc., 3.5%, 4/15/2025 | 691,000 | 683,595 | ||
T-Mobile USA, Inc., 2.05%, 2/15/2028 | 990,000 | 912,111 | ||
T-Mobile USA, Inc., 5.05%, 7/15/2033 | 1,191,000 | 1,205,568 | ||
Vodafone Group PLC, 5.625%, 2/10/2053 | 2,010,000 | 2,004,943 | ||
$11,906,771 | ||||
Tobacco - 0.1% | ||||
B.A.T. Capital Corp., 6.343%, 8/02/2030 | $ | 993,000 | $ 1,067,628 | |
Philip Morris International, Inc., 5.625%, 11/17/2029 | 605,000 | 637,198 | ||
Philip Morris International, Inc., 5.125%, 2/15/2030 | 1,302,000 | 1,338,596 | ||
$3,043,422 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Transportation - Services - 0.3% | ||||
Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 (n) | $ | 358,077 | $ 354,510 | |
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n) | 865,000 | 733,678 | ||
Aeropuertos Dominicanos Siglo XXI S.A., 7%, 6/30/2034 (n) | 632,000 | 655,700 | ||
Element Fleet Management Corp., 6.271%, 6/26/2026 (n) | 883,000 | 903,130 | ||
Element Fleet Management Corp., 6.319%, 12/04/2028 (n) | 1,694,000 | 1,791,299 | ||
GXO Logistics, Inc., 6.25%, 5/06/2029 | 260,000 | 271,262 | ||
IRB Infrastructure Developers Ltd., 7.11%, 3/11/2032 (n) | 751,000 | 770,151 | ||
Royal Capital B.V., 5% to 5/05/2026, FLR (CMT - 5yr. + 7.396%) to 7/31/2070 | 390,000 | 388,635 | ||
$5,868,365 | ||||
U.S. Government Agencies and Equivalents - 0.0% | ||||
Small Business Administration, 5.16%, 2/01/2028 | $ | 9,210 | $ 9,229 | |
Small Business Administration, 2.21%, 2/01/2033 | 66,030 | 61,395 | ||
Small Business Administration, 2.22%, 3/01/2033 | 108,454 | 100,937 | ||
Small Business Administration, 3.15%, 7/01/2033 | 123,306 | 117,726 | ||
Small Business Administration, 3.16%, 8/01/2033 | 162,279 | 155,164 | ||
Small Business Administration, 3.62%, 9/01/2033 | 119,668 | 116,383 | ||
$560,834 | ||||
U.S. Treasury Obligations - 4.7% | ||||
U.S. Treasury Bonds, 6.375%, 8/15/2027 | $ | 106,000 | $ 113,793 | |
U.S. Treasury Bonds, 5.25%, 2/15/2029 (f) | 2,965,000 | 3,157,841 | ||
U.S. Treasury Bonds, 2.375%, 2/15/2042 | 8,469,000 | 6,470,184 | ||
U.S. Treasury Bonds, 3.25%, 5/15/2042 | 1,714,000 | 1,493,456 | ||
U.S. Treasury Bonds, 2.875%, 5/15/2043 | 6,853,400 | 5,576,151 | ||
U.S. Treasury Bonds, 3.875%, 5/15/2043 | 4,099,000 | 3,870,192 | ||
U.S. Treasury Bonds, 4.375%, 8/15/2043 | 701,000 | 707,900 | ||
U.S. Treasury Bonds, 4.75%, 11/15/2043 | 3,755,000 | 3,980,887 | ||
U.S. Treasury Bonds, 4.5%, 2/15/2044 | 543,000 | 556,575 | ||
U.S. Treasury Bonds, 4.625%, 5/15/2044 | 1,229,000 | 1,279,888 | ||
U.S. Treasury Bonds, 2.875%, 11/15/2046 (f) | 7,328,000 | 5,787,402 | ||
U.S. Treasury Bonds, 4.625%, 5/15/2054 | 10,337,000 | 11,047,669 | ||
U.S. Treasury Notes, 0.875%, 9/30/2026 | 5,600,000 | 5,265,750 | ||
U.S. Treasury Notes, 2.25%, 8/15/2027 | 8,936,000 | 8,553,427 | ||
U.S. Treasury Notes, 3.625%, 3/31/2028 | 11,275,000 | 11,224,791 | ||
U.S. Treasury Notes, 2.375%, 5/15/2029 | 8,149,500 | 7,670,399 | ||
U.S. Treasury Notes, 3.875%, 9/30/2029 | 4,658,000 | 4,682,746 | ||
U.S. Treasury Notes, 4.625%, 4/30/2031 | 2,748,000 | 2,878,745 | ||
U.S. Treasury Notes, 1.625%, 5/15/2031 | 4,940,000 | 4,305,905 | ||
U.S. Treasury Notes, 1.875%, 2/15/2032 | 7,500,000 | 6,551,953 | ||
U.S. Treasury Notes, 2.75%, 8/15/2032 (f) | 7,333,000 | 6,781,593 | ||
$101,957,247 | ||||
Utilities - Electric Power - 2.2% | ||||
Adani Electricity Mumbai Ltd., 3.949%, 2/12/2030 | $ | 821,000 | $ 737,813 | |
Adani Electricity Mumbai Ltd., 3.867%, 7/22/2031 (n) | 1,362,000 | 1,172,922 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 2,359,375 | 2,061,880 | ||
AEP Transmission Co. LLC, 5.4%, 3/15/2053 | 1,016,000 | 1,021,225 | ||
AES Andes S.A., 8.15% to 6/10/2030, FLR (CMT - 5yr. + 3.835%) to 6/10/2035, FLR (CMT - 5yr. + 4.085%) to 6/10/2050, FLR (CMT - 5yr. + 4.835%) to 6/10/2055 (n) | 739,000 | 757,326 | ||
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n) | 1,089,000 | 1,080,423 | ||
Alabama Power Co., 3.45%, 10/01/2049 | 2,366,000 | 1,767,156 | ||
Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n) | 1,023,722 | 798,878 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Utilities - Electric Power - continued | ||||
Algonquin Power & Utilities Corp., 5.365%, 6/15/2026 | $ | 475,000 | $ 478,401 | |
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 305,000 | 263,543 | ||
Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | 530,461 | 497,308 | ||
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043 | 360,000 | 354,803 | ||
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053 | 300,000 | 261,985 | ||
DTE Energy Co., 4.95%, 7/01/2027 | 943,000 | 953,231 | ||
Duke Energy Carolinas LLC, 2.85%, 3/15/2032 | 2,231,000 | 1,982,311 | ||
Duke Energy Florida LLC, 6.2%, 11/15/2053 | 791,000 | 884,305 | ||
Enel Finance International N.V., 2.5%, 7/12/2031 (n) | 1,318,000 | 1,125,015 | ||
Enel Finance International N.V., 7.75%, 10/14/2052 (n) | 1,023,000 | 1,272,198 | ||
Energuate Trust, 5.875%, 5/03/2027 | 1,002,000 | 972,942 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 996,000 | 858,312 | ||
ENGIE Energia Chile S.A., 6.375%, 4/17/2034 (n) | 2,101,000 | 2,212,595 | ||
EPH Financing International A.S., 6.651%, 11/13/2028 | EUR | 953,000 | 1,117,049 | |
Eversource Energy, 5.5%, 1/01/2034 | $ | 1,026,000 | 1,047,336 | |
FirstEnergy Corp., 2.65%, 3/01/2030 | 1,722,000 | 1,554,980 | ||
Florida Power & Light Co., 3.95%, 3/01/2048 | 1,629,000 | 1,350,618 | ||
Georgia Power Co., 4.7%, 5/15/2032 | 2,230,000 | 2,234,294 | ||
Georgia Power Co., 5.125%, 5/15/2052 | 1,101,000 | 1,073,913 | ||
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 726,180 | 698,425 | ||
Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n) | 867,500 | 812,211 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 2,404,000 | 2,075,526 | ||
MidAmerican Energy Co., 5.85%, 9/15/2054 | 1,427,000 | 1,535,517 | ||
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025 | 780,000 | 786,422 | ||
NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/2032 | 1,197,000 | 1,020,330 | ||
Pacific Gas & Electric Co., 6.1%, 1/15/2029 | 531,000 | 555,241 | ||
Pacific Gas & Electric Co., 2.5%, 2/01/2031 | 1,645,000 | 1,411,997 | ||
Pacific Gas & Electric Co., 4%, 12/01/2046 | 996,000 | 752,689 | ||
PPL Electric Utilities Corp., 4.85%, 2/15/2034 | 1,017,000 | 1,026,726 | ||
PT Sorik Marapi Geothermal Power, 7.75%, 8/05/2031 (n) | 594,000 | 590,369 | ||
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 765,000 | 708,041 | ||
Southern California Edison Co., 4.5%, 9/01/2040 | 454,000 | 409,053 | ||
Southern California Edison Co., 3.65%, 2/01/2050 | 472,000 | 356,828 | ||
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 800,800 | 815,735 | ||
WEC Energy Group, Inc., 4.75%, 1/09/2026 | 2,359,000 | 2,359,936 | ||
Xcel Energy, Inc., 4.6%, 6/01/2032 | 1,154,000 | 1,124,691 | ||
Xcel Energy, Inc., 5.5%, 3/15/2034 | 343,000 | 351,227 | ||
$47,283,726 | ||||
Utilities - Other - 0.1% | ||||
Aegea Finance S.à r.l., 9%, 1/20/2031 (n) | $ | 1,011,000 | $ 1,084,255 | |
National Central Cooling Co. PJSC, 2.5%, 10/21/2027 | 957,000 | 887,981 | ||
$1,972,236 | ||||
Total Bonds (Identified Cost, $982,219,782) | $969,226,660 | |||
Common Stocks - 30.3% | ||||
Aerospace & Defense - 0.4% | ||||
General Dynamics Corp. | 27,122 | $ 8,119,242 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Alcoholic Beverages - 0.3% | ||||
Ambev S.A. | 1,489,500 | $ 3,398,712 | ||
Kirin Holdings Co. Ltd. | 241,400 | 3,649,449 | ||
$7,048,161 | ||||
Apparel Manufacturers - 0.1% | ||||
Columbia Sportswear Co. | 9,563 | $ 772,021 | ||
PVH Corp. | 19,225 | 1,897,315 | ||
$2,669,336 | ||||
Automotive - 0.4% | ||||
Bridgestone Corp. | 14,800 | $ 580,177 | ||
Compagnie Generale des Etablissements Michelin | 183,031 | 7,184,471 | ||
Stellantis N.V. | 55,432 | 931,487 | ||
$8,696,135 | ||||
Broadcasting - 0.2% | ||||
Omnicom Group, Inc. | 48,933 | $ 4,914,341 | ||
Brokerage & Asset Managers - 0.4% | ||||
Bank of New York Mellon Corp. | 101,029 | $ 6,892,199 | ||
Euronext N.V. | 11,622 | 1,241,016 | ||
$8,133,215 | ||||
Business Services - 0.2% | ||||
SCSK Corp. | 48,500 | $ 974,734 | ||
TriNet Group, Inc. | 10,585 | 1,088,456 | ||
Verisk Analytics, Inc., "A" | 5,987 | 1,633,373 | ||
$3,696,563 | ||||
Cable TV - 0.2% | ||||
Comcast Corp., "A" | 85,389 | $ 3,378,843 | ||
Chemicals - 0.0% | ||||
Nutrien Ltd. | 10,935 | $ 529,609 | ||
Computer Software - Systems - 0.6% | ||||
Hon Hai Precision Industry Co. Ltd. | 1,742,000 | $ 10,195,351 | ||
Samsung Electronics Co. Ltd. | 53,902 | 3,022,713 | ||
$13,218,064 | ||||
Construction - 3.7% | ||||
American Homes 4 Rent, "A", REIT | 228,420 | $ 9,084,263 | ||
Anhui Conch Cement Co. Ltd. | 1,049,500 | 2,268,863 | ||
Compagnie de Saint-Gobain S.A. | 71,391 | 6,240,646 | ||
Equity Lifestyle Properties, Inc., REIT | 191,129 | 13,896,990 | ||
Essex Property Trust, Inc., REIT | 40,736 | 12,293,717 | ||
Heidelberg Materials AG | 46,747 | 4,943,148 | ||
Masco Corp. | 23,636 | 1,880,480 | ||
Mid-America Apartment Communities, Inc., REIT | 90,313 | 14,664,122 | ||
Sun Communities, Inc., REIT | 110,595 | 14,956,868 | ||
$80,229,097 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Consumer Products - 1.0% | ||||
Colgate-Palmolive Co. | 77,716 | $ 8,276,754 | ||
Kenvue, Inc. | 45,699 | 1,003,093 | ||
Kimberly-Clark Corp. | 81,387 | 11,773,444 | ||
$21,053,291 | ||||
Electrical Equipment - 0.1% | ||||
Mitsubishi Electric Corp. | 80,500 | $ 1,344,145 | ||
Electronics - 0.4% | ||||
Lam Research Corp. | 5,287 | $ 4,340,680 | ||
NVIDIA Corp. | 35,236 | 4,206,121 | ||
$8,546,801 | ||||
Energy - Independent - 0.6% | ||||
Phillips 66 | 66,529 | $ 9,334,684 | ||
Valero Energy Corp. | 31,685 | 4,649,140 | ||
$13,983,824 | ||||
Energy - Integrated - 1.3% | ||||
Aker BP ASA | 24,799 | $ 597,080 | ||
Eni S.p.A. | 370,254 | 6,030,861 | ||
Exxon Mobil Corp. | 44,216 | 5,214,835 | ||
Harbour Energy PLC | 213,000 | 837,241 | ||
PetroChina Co. Ltd. | 6,942,000 | 6,316,363 | ||
Petroleo Brasileiro S.A., ADR | 83,243 | 1,267,791 | ||
Suncor Energy, Inc. (l) | 69,673 | 2,825,901 | ||
TotalEnergies SE | 79,616 | 5,496,181 | ||
$28,586,253 | ||||
Engineering - Construction - 0.1% | ||||
Doosan Bobcat, Inc. | 62,201 | $ 1,862,134 | ||
Food & Beverages - 0.7% | ||||
General Mills, Inc. | 137,946 | $ 9,972,116 | ||
Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 310,400 | 990,992 | ||
Nomad Foods Ltd. | 53,200 | 1,000,160 | ||
PepsiCo, Inc. | 19,722 | 3,409,540 | ||
WH Group Ltd. | 1,017,000 | 739,235 | ||
$16,112,043 | ||||
Food & Drug Stores - 0.4% | ||||
Tesco PLC | 1,885,010 | $ 8,792,127 | ||
Forest & Paper Products - 0.5% | ||||
Rayonier, Inc., REIT | 188,540 | $ 5,808,917 | ||
Weyerhaeuser Co., REIT | 205,589 | 6,268,409 | ||
$12,077,326 | ||||
Gaming & Lodging - 0.3% | ||||
Aristocrat Leisure Ltd. | 34,681 | $ 1,289,380 | ||
Ryman Hospitality Properties, Inc., REIT | 43,653 | 4,538,166 | ||
$5,827,546 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Health Maintenance Organizations - 0.3% | ||||
Cigna Group | 16,001 | $ 5,789,322 | ||
Insurance - 1.3% | ||||
China Pacific Insurance Co. Ltd. | 295,400 | $ 766,222 | ||
Corebridge Financial, Inc. | 194,481 | 5,748,858 | ||
DB Insurance Co. Ltd. | 22,801 | 1,993,580 | ||
Hartford Financial Services Group, Inc. | 28,649 | 3,326,149 | ||
Manulife Financial Corp. | 392,045 | 10,824,765 | ||
MetLife, Inc. | 58,762 | 4,552,880 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 7,940 | 2,067,707 | ||
$29,280,161 | ||||
Major Banks - 0.5% | ||||
DBS Group Holdings Ltd. | 276,540 | $ 7,715,527 | ||
Erste Group Bank AG | 33,763 | 1,859,688 | ||
UBS Group AG | 69,812 | 2,137,983 | ||
$11,713,198 | ||||
Medical & Health Technology & Services - 1.2% | ||||
Encompass Health Corp. | 65,951 | $ 6,136,741 | ||
McKesson Corp. | 9,054 | 5,080,018 | ||
Universal Health Services, Inc. | 14,553 | 3,463,177 | ||
Ventas, Inc., REIT | 176,415 | 10,957,136 | ||
$25,637,072 | ||||
Metals & Mining - 0.9% | ||||
Fortescue Ltd. | 320,772 | $ 3,953,009 | ||
Rio Tinto PLC | 129,237 | 8,095,976 | ||
Toyota Tsusho Corp. | 234,900 | 4,525,013 | ||
Vale S.A. | 254,400 | 2,689,369 | ||
$19,263,367 | ||||
Network & Telecom - 0.3% | ||||
Qualcomm, Inc. | 35,427 | $ 6,210,353 | ||
Other Banks & Diversified Financials - 0.6% | ||||
American Express Co. | 5,304 | $ 1,371,880 | ||
China Construction Bank Corp. | 6,666,000 | 4,705,199 | ||
KB Financial Group, Inc. | 34,116 | 2,202,213 | ||
M&T Bank Corp. | 12,802 | 2,203,352 | ||
Northern Trust Corp. | 22,715 | 2,071,835 | ||
Popular, Inc. | 11,814 | 1,210,935 | ||
Sberbank of Russia PJSC (a)(u) | 1,738,404 | 0 | ||
$13,765,414 | ||||
Pharmaceuticals - 2.1% | ||||
AbbVie, Inc. | 62,153 | $ 12,201,255 | ||
Johnson & Johnson | 43,296 | 7,181,075 | ||
Organon & Co. | 337,784 | 7,549,472 | ||
Pfizer, Inc. | 150,079 | 4,353,792 | ||
Roche Holding AG | 32,295 | 10,911,269 | ||
Sanofi | 23,881 | 2,671,483 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Pharmaceuticals - continued | ||||
Santen Pharmaceutical Co. Ltd. | 76,800 | $ 988,495 | ||
$45,856,841 | ||||
Printing & Publishing - 0.2% | ||||
Lamar Advertising Co., REIT | 27,257 | $ 3,428,385 | ||
Real Estate - 2.0% | ||||
DigitalBridge Group, Inc., REIT | 50,018 | $ 624,725 | ||
Farmland Partners, Inc., REIT | 277,844 | 2,845,122 | ||
Federal Realty Investment Trust, REIT | 115,046 | 13,230,290 | ||
Jones Lang LaSalle, Inc. (a) | 8,255 | 2,106,924 | ||
Kimco Realty Corp., REIT | 500,052 | 11,631,209 | ||
NNN REIT, Inc. | 265,312 | 12,467,011 | ||
$42,905,281 | ||||
Real Estate - Office - 1.3% | ||||
Alexandria Real Estate Equities, Inc., REIT | 53,917 | $ 6,446,856 | ||
BXP, Inc., REIT | 132,073 | 9,934,531 | ||
Cousins Properties, Inc., REIT | 29,705 | 846,890 | ||
Douglas Emmett, Inc., REIT | 392,314 | 6,277,024 | ||
Highwoods Properties, Inc., REIT | 137,143 | 4,418,747 | ||
$27,924,048 | ||||
Real Estate - Storage - 2.5% | ||||
Extra Space Storage, Inc., REIT | 111,910 | $ 19,808,070 | ||
Prologis, Inc., REIT | 206,380 | 26,379,492 | ||
Rexford Industrial Realty, Inc., REIT | 175,763 | 8,949,852 | ||
$55,137,414 | ||||
Restaurants - 0.3% | ||||
Pluxee N.V. (a) | 49,244 | $ 1,167,344 | ||
Sodexo | 66,583 | 5,924,868 | ||
$7,092,212 | ||||
Specialty Stores - 0.8% | ||||
Home Depot, Inc. | 16,762 | $ 6,176,797 | ||
NEXT PLC | 25,539 | 3,420,929 | ||
PDD Holdings, Inc., ADR (a) | 6,277 | 603,283 | ||
Ross Stores, Inc. | 12,714 | 1,914,856 | ||
Shimamura Co. Ltd. | 19,500 | 1,041,804 | ||
Target Corp. | 31,819 | 4,888,035 | ||
$18,045,704 | ||||
Telecommunications - Wireless - 0.8% | ||||
KDDI Corp. | 274,500 | $ 9,243,317 | ||
SBA Communications Corp., REIT | 35,780 | 8,109,895 | ||
$17,353,212 | ||||
Telephone Services - 2.0% | ||||
Digital Realty Trust, Inc., REIT | 97,819 | $ 14,830,339 | ||
Equinix, Inc., REIT | 30,362 | 25,332,838 | ||
Hellenic Telecommunications Organization S.A. | 158,749 | 2,572,553 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Telephone Services - continued | ||||
Koninklijke KPN N.V. | 408,192 | $ 1,666,339 | ||
$44,402,069 | ||||
Tobacco - 0.6% | ||||
Altria Group, Inc. | 85,480 | $ 4,596,260 | ||
British American Tobacco PLC | 132,377 | 4,948,136 | ||
Japan Tobacco, Inc. | 96,900 | 2,808,889 | ||
Philip Morris International, Inc. | 10,467 | 1,290,476 | ||
$13,643,761 | ||||
Utilities - Electric Power - 0.7% | ||||
CLP Holdings Ltd. | 132,500 | $ 1,186,261 | ||
Edison International | 93,310 | 8,120,769 | ||
Iberdrola S.A. | 228,478 | 3,243,270 | ||
PG&E Corp. | 83,565 | 1,646,231 | ||
Xcel Energy, Inc. | 18,184 | 1,113,406 | ||
$15,309,937 | ||||
Total Common Stocks (Identified Cost, $504,155,830) | $661,575,847 | |||
Preferred Stocks - 0.1% | ||||
Metals & Mining - 0.1% | ||||
Gerdau S.A. (Identified Cost, $2,427,587) | 623,758 | $ 2,025,350 | ||
Convertible Bonds - 0.0% | ||||
Utilities - Electric Power - 0.0% | ||||
Pacific Gas & Electric Co., 4.25%, 12/01/2027 (n) (Identified Cost, $950,000) | $ | 950,000 | $ 1,013,650 | |
Investment Companies (h) - 24.9% | ||||
Mutual Funds - 22.5% | ||||
MFS High Yield Pooled Portfolio (v) | 58,331,989 | $ 489,405,383 | ||
Money Market Funds - 2.4% | ||||
MFS Institutional Money Market Portfolio, 5.35% (v) | 52,949,634 | $ 52,965,519 | ||
Total Investment Companies (Identified Cost, $526,666,235) | $542,370,902 | |||
Collateral for Securities Loaned - 0.1% | ||||
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 5.22% (j) (Identified Cost, $2,678,536) | 2,678,536 | $ 2,678,536 | ||
Other Assets, Less Liabilities - 0.1% | 1,765,161 | |||
Net Assets - 100.0% | $2,180,656,106 |
(a) | Non-income producing security. | |||
(d) | In default. | |||
(f) | All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements. | |||
(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 $542,370,902 and $1,636,520,043, respectively. | |||
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. |
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(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 $262,887,033, representing 12.1% 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. For further information about the fund's level 3 holdings, please see Note 2 in the Notes to Financial Statements. | |||
(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: | |
ADR | American Depositary Receipt |
AGM | Assured Guaranty Municipal |
CLO | Collateralized Loan Obligation |
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. |
LIBOR | London Interbank Offered Rate |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced |
UMBS | Uniform Mortgage-Backed Security |
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: | |
BRL | Brazilian Real |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
EUR | Euro |
HUF | Hungarian Forint |
INR | Indian Rupee |
MXN | Mexican Peso |
PHP | Philippine Peso |
PLN | Polish Zloty |
THB | Thai Baht |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Derivative Contracts at 8/31/24 | ||||||
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||
Asset Derivatives | ||||||
HUF | 304,768,339 | USD | 843,220 | HSBC Bank | 10/18/2024 | $12,721 |
THB | 24,897,852 | USD | 682,161 | Barclays Bank PLC | 9/27/2024 | 51,260 |
TRY | 27,632,252 | USD | 758,768 | BNP Paribas S.A. | 10/18/2024 | 9,438 |
TRY | 26,988,349 | USD | 740,442 | HSBC Bank | 10/18/2024 | 9,863 |
ZAR | 9,722,457 | USD | 520,698 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | 22,626 |
USD | 5,256,595 | BRL | 29,180,408 | Barclays Bank PLC | 9/27/2024 | 92,738 |
USD | 319,419 | BRL | 1,798,971 | JPMorgan Chase Bank N.A. | 9/27/2024 | 1,068 |
USD | 643,627 | COP | 2,643,374,519 | Citibank N.A. | 10/15/2024 | 15,080 |
USD | 1,801,962 | EUR | 1,617,563 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | 10,210 |
USD | 710,240 | INR | 59,483,278 | Barclays Bank PLC | 9/12/2024 | 1,168 |
USD | 2,622,717 | INR | 219,948,949 | Merrill Lynch International | 9/12/2024 | 812 |
USD | 2,678,002 | MXN | 49,343,969 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | 189,626 |
USD | 1,073,266 | TRY | 38,496,993 | BNP Paribas S.A. | 10/18/2024 | 3,010 |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||
Asset Derivatives - continued | ||||||
USD | 449,253 | TRY | 16,123,608 | UBS AG | 10/18/2024 | $1,000 |
USD | 511,646 | ZAR | 9,082,723 | Citibank N.A. | 10/18/2024 | 4,072 |
USD | 164,906 | ZAR | 2,926,594 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | 1,358 |
$426,050 | ||||||
Liability Derivatives | ||||||
BRL | 48,293 | USD | 8,747 | Barclays Bank PLC | 9/27/2024 | $(201) |
BRL | 4,116,727 | USD | 756,701 | JPMorgan Chase Bank N.A. | 9/27/2024 | (28,192) |
CLP | 759,050,254 | USD | 833,782 | Barclays Bank PLC | 10/18/2024 | (3,591) |
COP | 2,643,374,519 | USD | 656,940 | Barclays Bank PLC | 10/15/2024 | (28,393) |
EUR | 607,161 | USD | 673,883 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | (1,340) |
INR | 97,488,645 | USD | 1,165,140 | Barclays Bank PLC | 9/12/2024 | (3,025) |
INR | 40,195,966 | USD | 480,652 | Morgan Stanley Capital Services, Inc. | 9/12/2024 | (1,495) |
MXN | 16,161,075 | USD | 891,744 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | (76,755) |
USD | 258,509 | BRL | 1,469,366 | Merrill Lynch International | 9/27/2024 | (1,514) |
USD | 795,842 | CLP | 759,050,254 | Barclays Bank PLC | 10/18/2024 | (34,349) |
USD | 4,919,110 | CZK | 114,445,903 | BNP Paribas S.A. | 10/18/2024 | (139,865) |
USD | 157,368 | CZK | 3,642,873 | Merrill Lynch International | 10/18/2024 | (3,662) |
USD | 121,933 | CZK | 2,826,515 | UBS AG | 10/18/2024 | (3,010) |
USD | 14,659,319 | EUR | 13,413,802 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | (198,958) |
USD | 2,580,234 | HUF | 938,913,794 | State Street Bank Corp. | 10/18/2024 | (56,703) |
USD | 1,684,165 | PHP | 98,751,000 | Citibank N.A. | 11/06/2024 | (73,765) |
USD | 938,568 | PLN | 3,699,169 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | (15,633) |
USD | 681,181 | THB | 24,897,852 | Barclays Bank PLC | 9/27/2024 | (52,240) |
USD | 988,329 | ZAR | 17,903,386 | Merrill Lynch International | 10/18/2024 | (12,174) |
USD | 52,663 | ZAR | 971,260 | Morgan Stanley Capital Services, Inc. | 10/18/2024 | (1,614) |
$(736,479) |
Futures Contracts | ||||||
Description |
Long/ Short |
Currency | Contracts |
Notional Amount |
Expiration Date |
Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 5 yr | Short | USD | 104 | $11,377,437 | December - 2024 | $32,515 |
U.S. Treasury Ultra Note 10 yr | Short | USD | 256 | 30,064,000 | December - 2024 | 194,126 |
$226,641 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond 30 yr | Long | USD | 13 | $1,600,625 | December - 2024 | $(19,818) |
U.S. Treasury Note 10 yr | Long | USD | 672 | 76,314,000 | December - 2024 | (448,733) |
U.S. Treasury Note 2 yr | Long | USD | 539 | 111,867,766 | December - 2024 | (113,678) |
$(582,229) |
Cleared Swap Agreements | ||||||||||
Maturity Date |
Notional Amount |
Counterparty |
Cash Flows to Receive/ Frequency |
Cash Flows to Pay/ Frequency |
Unrealized Appreciation (Depreciation) |
Net Unamortized Upfront Payments (Receipts) |
Value | |||
Liability Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
5/24/26 | USD | 14,600,000 | centrally cleared | Daily SOFR / Annually | 4.759% / Annually | $(195,911) | $- | $(195,911) | ||
8/02/26 | USD | 8,600,000 | centrally cleared | Daily SOFR / Annually | 4.179% / Annually | (56,429) | - | (56,429) | ||
$(252,340) | $- | $(252,340) |
Financial Statements | Statement of Assets and Liabilities |
At 8/31/24 (unaudited)Assets | |
Investments in unaffiliated issuers, at value, including $2,520,507 of securities on loan (identified cost, $1,492,431,735) | $1,636,520,043 |
Investments in affiliated issuers, at value (identified cost, $526,666,235) | 542,370,902 |
Cash | 460,645 |
Foreign currency, at value (identified cost, $16,296) | 16,548 |
Restricted cash for | |
Forward foreign currency exchange contracts | 260,000 |
Receivables for | |
Net daily variation margin on open cleared swap agreements | 13,677 |
Forward foreign currency exchange contracts | 426,050 |
Investments sold | 3,621,878 |
TBA sale commitments | 15,204,169 |
Fund shares sold | 654,273 |
Interest and dividends | 13,039,113 |
Receivable from investment adviser | 22,441 |
Other assets | 65,005 |
Total assets | $2,212,674,744 |
Liabilities | |
Payables for | |
Distributions | $673,604 |
Forward foreign currency exchange contracts | 736,479 |
Net daily variation margin on open futures contracts | 165,711 |
Investments purchased | 3,749,018 |
TBA purchase commitments | 19,671,709 |
Fund shares reacquired | 3,247,349 |
Collateral for securities loaned, at value | 2,678,536 |
Payable to affiliates | |
Administrative services fee | 2,628 |
Shareholder servicing costs | 369,321 |
Distribution and service fees | 34,442 |
Deferred foreign capital gains tax expense payable | 462,790 |
Accrued expenses and other liabilities | 227,051 |
Total liabilities | $32,018,638 |
Net assets | $2,180,656,106 |
Net assets consist of | |
Paid-in capital | $2,098,944,325 |
Total distributable earnings (loss) | 81,711,781 |
Net assets | $2,180,656,106 |
Shares of beneficial interest outstanding | 174,218,961 |
Net assets |
Shares outstanding |
Net asset value per share (a) |
|
Class A | $1,216,432,640 | 97,167,734 | $12.52 |
Class C | 114,203,483 | 9,129,277 | 12.51 |
Class I | 617,197,341 | 49,323,333 | 12.51 |
Class R1 | 188,220 | 15,050 | 12.51 |
Class R2 | 1,082,703 | 86,520 | 12.51 |
Class R3 | 8,522,554 | 680,537 | 12.52 |
Class R4 | 18,135,116 | 1,448,406 | 12.52 |
Class R6 | 204,894,049 | 16,368,104 | 12.52 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $13.08 [100 / 95.75 x $12.52]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Financial Statements | Statement of Operations |
Six months ended 8/31/24 (unaudited)Net investment income (loss) | |
Income | |
Interest | $26,137,866 |
Dividends from affiliated issuers | 18,802,200 |
Dividends | 14,867,524 |
Other | 366,087 |
Income on securities loaned | 18,916 |
Foreign taxes withheld | (810,589) |
Total investment income | $59,382,004 |
Expenses | |
Management fee | $6,080,671 |
Distribution and service fees | 2,161,477 |
Shareholder servicing costs | 1,033,362 |
Administrative services fee | 162,421 |
Independent Trustees' compensation | 20,502 |
Custodian fee | 133,459 |
Shareholder communications | 84,919 |
Audit and tax fees | 45,767 |
Legal fees | 6,415 |
Miscellaneous | 128,149 |
Total expenses | $9,857,142 |
Fees paid indirectly | (2,096) |
Reduction of expenses by investment adviser and distributor | (701,163) |
Net expenses | $9,153,883 |
Net investment income (loss) | $50,228,121 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $28,259,596 |
Affiliated issuers | (2,250,633) |
Futures contracts | 1,704,939 |
Swap agreements | 52,328 |
Forward foreign currency exchange contracts | 648,933 |
Foreign currency | (120,549) |
Net realized gain (loss) | $28,294,614 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (includes $39,931 increase in deferred foreign capital gains tax) | $68,336,370 |
Affiliated issuers | 13,408,474 |
Futures contracts | (518,134) |
Swap agreements | (252,340) |
Forward foreign currency exchange contracts | (492,413) |
Translation of assets and liabilities in foreign currencies | 61,354 |
Net unrealized gain (loss) | $80,543,311 |
Net realized and unrealized gain (loss) | $108,837,925 |
Change in net assets from operations | $159,066,046 |
Financial Statements | Statements of Changes in Net Assets |
Six months ended | Year ended | |
8/31/24 (unaudited) |
2/29/24 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $50,228,121 | $99,708,310 |
Net realized gain (loss) | 28,294,614 | (39,733,624) |
Net unrealized gain (loss) | 80,543,311 | 107,238,990 |
Change in net assets from operations | $159,066,046 | $167,213,676 |
Total distributions to shareholders | $(45,168,981) | $(90,467,176) |
Change in net assets from fund share transactions | $(195,083,380) | $(404,244,403) |
Total change in net assets | $(81,186,315) | $(327,497,903) |
Net assets | ||
At beginning of period | 2,261,842,421 | 2,589,340,324 |
At end of period | $2,180,656,106 | $2,261,842,421 |
Financial Statements | Financial Highlights |
Class A |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.88 | $11.48 | $12.91 | $13.14 | $12.86 | $12.35 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.27 | $0.47 | $0.41 | $0.38 | $0.37 | $0.37 |
Net realized and unrealized gain (loss) | 0.61 | 0.36 | (1.31) | 0.07 | 0.28 | 0.51 |
Total from investment operations | $0.88 | $0.83 | $(0.90) | $0.45 | $0.65 | $0.88 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.43) | $(0.38) | $(0.41) | $(0.34) | $(0.37) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.24) | $(0.43) | $(0.53) | $(0.68) | $(0.37) | $(0.37) |
Net asset value, end of period (x) | $12.52 | $11.88 | $11.48 | $12.91 | $13.14 | $12.86 |
Total return (%) (r)(s)(t)(x) | 7.54(n) | 7.40 | (6.96) | 3.22 | 5.28 | 7.20 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 0.95(a) | 0.95 | 0.97 | 0.99 | 0.99 | 0.98 |
Expenses after expense reductions (f)(h) | 0.89(a) | 0.89 | 0.93 | 0.98 | 0.98 | 0.97 |
Net investment income (loss) | 4.48(a) | 4.11 | 3.46 | 2.78 | 2.97 | 2.86 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $1,216,433 | $1,220,302 | $1,300,451 | $1,563,027 | $1,577,032 | $1,540,570 |
Class C |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.87 | $11.47 | $12.91 | $13.14 | $12.85 | $12.35 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.23 | $0.39 | $0.32 | $0.28 | $0.28 | $0.28 |
Net realized and unrealized gain (loss) | 0.61 | 0.35 | (1.32) | 0.06 | 0.29 | 0.49 |
Total from investment operations | $0.84 | $0.74 | $(1.00) | $0.34 | $0.57 | $0.77 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.34) | $(0.29) | $(0.30) | $(0.25) | $(0.27) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.20) | $(0.34) | $(0.44) | $(0.57) | $(0.28) | $(0.27) |
Net asset value, end of period (x) | $12.51 | $11.87 | $11.47 | $12.91 | $13.14 | $12.85 |
Total return (%) (r)(s)(t)(x) | 7.14(n) | 6.61 | (7.74) | 2.44 | 4.57 | 6.32 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 1.70(a) | 1.70 | 1.72 | 1.74 | 1.74 | 1.73 |
Expenses after expense reductions (f)(h) | 1.64(a) | 1.64 | 1.69 | 1.73 | 1.73 | 1.72 |
Net investment income (loss) | 3.75(a) | 3.40 | 2.71 | 2.05 | 2.27 | 2.14 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $114,203 | $139,682 | $220,775 | $355,639 | $456,806 | $724,758 |
Class I |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.87 | $11.47 | $12.91 | $13.14 | $12.86 | $12.35 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.29 | $0.50 | $0.44 | $0.41 | $0.40 | $0.40 |
Net realized and unrealized gain (loss) | 0.61 | 0.36 | (1.32) | 0.07 | 0.29 | 0.51 |
Total from investment operations | $0.90 | $0.86 | $(0.88) | $0.48 | $0.69 | $0.91 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.26) | $(0.46) | $(0.41) | $(0.44) | $(0.38) | $(0.40) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.26) | $(0.46) | $(0.56) | $(0.71) | $(0.41) | $(0.40) |
Net asset value, end of period (x) | $12.51 | $11.87 | $11.47 | $12.91 | $13.14 | $12.86 |
Total return (%) (r)(s)(t)(x) | 7.67(n) | 7.67 | (6.81) | 3.47 | 5.54 | 7.46 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 0.70(a) | 0.70 | 0.72 | 0.74 | 0.74 | 0.73 |
Expenses after expense reductions (f)(h) | 0.64(a) | 0.64 | 0.69 | 0.73 | 0.73 | 0.72 |
Net investment income (loss) | 4.73(a) | 4.37 | 3.70 | 3.03 | 3.24 | 3.11 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $617,197 | $664,290 | $816,791 | $1,145,617 | $1,156,030 | $1,425,004 |
Class R1 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.87 | $11.46 | $12.90 | $13.13 | $12.85 | $12.34 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.23 | $0.39 | $0.32 | $0.28 | $0.28 | $0.27 |
Net realized and unrealized gain (loss) | 0.61 | 0.36 | (1.32) | 0.06 | 0.28 | 0.51 |
Total from investment operations | $0.84 | $0.75 | $(1.00) | $0.34 | $0.56 | $0.78 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.34) | $(0.29) | $(0.30) | $(0.25) | $(0.27) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.20) | $(0.34) | $(0.44) | $(0.57) | $(0.28) | $(0.27) |
Net asset value, end of period (x) | $12.51 | $11.87 | $11.46 | $12.90 | $13.13 | $12.85 |
Total return (%) (r)(s)(t)(x) | 7.14(n) | 6.70 | (7.75) | 2.44 | 4.49 | 6.40 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 1.70(a) | 1.70 | 1.72 | 1.74 | 1.74 | 1.73 |
Expenses after expense reductions (f)(h) | 1.64(a) | 1.64 | 1.69 | 1.73 | 1.73 | 1.72 |
Net investment income (loss) | 3.72(a) | 3.36 | 2.70 | 2.03 | 2.22 | 2.12 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $188 | $178 | $180 | $225 | $241 | $214 |
Class R2 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.88 | $11.47 | $12.91 | $13.14 | $12.86 | $12.35 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.45 | $0.38 | $0.34 | $0.35 | $0.34 |
Net realized and unrealized gain (loss) | 0.60 | 0.36 | (1.32) | 0.07 | 0.27 | 0.51 |
Total from investment operations | $0.86 | $0.81 | $(0.94) | $0.41 | $0.62 | $0.85 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.23) | $(0.40) | $(0.35) | $(0.37) | $(0.31) | $(0.34) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.23) | $(0.40) | $(0.50) | $(0.64) | $(0.34) | $(0.34) |
Net asset value, end of period (x) | $12.51 | $11.88 | $11.47 | $12.91 | $13.14 | $12.86 |
Total return (%) (r)(s)(t)(x) | 7.32(n) | 7.23 | (7.28) | 2.96 | 5.01 | 6.93 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 1.20(a) | 1.20 | 1.22 | 1.24 | 1.24 | 1.23 |
Expenses after expense reductions (f)(h) | 1.14(a) | 1.14 | 1.18 | 1.23 | 1.23 | 1.22 |
Net investment income (loss) | 4.22(a) | 3.88 | 3.21 | 2.53 | 2.78 | 2.65 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $1,083 | $997 | $1,289 | $1,647 | $1,830 | $3,085 |
Class R3 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.88 | $11.48 | $12.92 | $13.15 | $12.86 | $12.36 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.27 | $0.48 | $0.41 | $0.38 | $0.37 | $0.37 |
Net realized and unrealized gain (loss) | 0.62 | 0.35 | (1.32) | 0.07 | 0.29 | 0.50 |
Total from investment operations | $0.89 | $0.83 | $(0.91) | $0.45 | $0.66 | $0.87 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.25) | $(0.43) | $(0.38) | $(0.41) | $(0.34) | $(0.37) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.25) | $(0.43) | $(0.53) | $(0.68) | $(0.37) | $(0.37) |
Net asset value, end of period (x) | $12.52 | $11.88 | $11.48 | $12.92 | $13.15 | $12.86 |
Total return (%) (r)(s)(t)(x) | 7.54(n) | 7.40 | (7.04) | 3.21 | 5.36 | 7.11 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 0.96(a) | 0.95 | 0.97 | 0.99 | 0.99 | 0.98 |
Expenses after expense reductions (f)(h) | 0.89(a) | 0.89 | 0.93 | 0.98 | 0.98 | 0.97 |
Net investment income (loss) | 4.50(a) | 4.19 | 3.45 | 2.78 | 2.98 | 2.86 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $8,523 | $10,443 | $21,712 | $22,253 | $22,760 | $24,385 |
Class R4 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.88 | $11.48 | $12.92 | $13.15 | $12.86 | $12.36 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.29 | $0.49 | $0.44 | $0.42 | $0.41 | $0.41 |
Net realized and unrealized gain (loss) | 0.61 | 0.37 | (1.32) | 0.06 | 0.29 | 0.49 |
Total from investment operations | $0.90 | $0.86 | $(0.88) | $0.48 | $0.70 | $0.90 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.26) | $(0.46) | $(0.41) | $(0.44) | $(0.38) | $(0.40) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.26) | $(0.46) | $(0.56) | $(0.71) | $(0.41) | $(0.40) |
Net asset value, end of period (x) | $12.52 | $11.88 | $11.48 | $12.92 | $13.15 | $12.86 |
Total return (%) (r)(s)(t)(x) | 7.67(n) | 7.67 | (6.80) | 3.47 | 5.62 | 7.38 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 0.70(a) | 0.69 | 0.72 | 0.74 | 0.74 | 0.73 |
Expenses after expense reductions (f)(h) | 0.64(a) | 0.64 | 0.69 | 0.73 | 0.73 | 0.72 |
Net investment income (loss) | 4.72(a) | 4.27 | 3.71 | 3.05 | 3.24 | 3.15 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $18,135 | $16,613 | $4,146 | $5,995 | $8,626 | $9,783 |
Class R6 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $11.88 | $11.48 | $12.91 | $13.14 | $12.86 | $12.35 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.29 | $0.51 | $0.45 | $0.42 | $0.42 | $0.41 |
Net realized and unrealized gain (loss) | 0.62 | 0.36 | (1.31) | 0.07 | 0.28 | 0.51 |
Total from investment operations | $0.91 | $0.87 | $(0.86) | $0.49 | $0.70 | $0.92 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.27) | $(0.47) | $(0.42) | $(0.45) | $(0.39) | $(0.41) |
From net realized gain | - | - | (0.15) | (0.27) | (0.03) | (0.00)(w) |
Total distributions declared to shareholders | $(0.27) | $(0.47) | $(0.57) | $(0.72) | $(0.42) | $(0.41) |
Net asset value, end of period (x) | $12.52 | $11.88 | $11.48 | $12.91 | $13.14 | $12.86 |
Total return (%) (r)(s)(t)(x) | 7.72(n) | 7.77 | (6.64) | 3.57 | 5.64 | 7.55 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f)(h) | 0.61(a) | 0.61 | 0.63 | 0.65 | 0.65 | 0.64 |
Expenses after expense reductions (f)(h) | 0.55(a) | 0.55 | 0.59 | 0.64 | 0.64 | 0.63 |
Net investment income (loss) | 4.82(a) | 4.45 | 3.79 | 3.12 | 3.32 | 3.19 |
Portfolio turnover rate | 23(n) | 60 | 62 | 72 | 111 | 57 |
Net assets at end of period (000 omitted) | $204,894 | $209,338 | $223,996 | $260,384 | $266,792 | $271,679 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns 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. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $471,091,389 | $- | $- | $471,091,389 |
France | 24,429,828 | 5,496,181 | - | 29,926,009 |
United Kingdom | 9,933,377 | 17,161,192 | - | 27,094,569 |
Japan | 1,344,145 | 23,811,878 | - | 25,156,023 |
China | 1,594,275 | 14,056,647 | - | 15,650,922 |
Canada | 14,180,275 | - | - | 14,180,275 |
Switzerland | 10,911,269 | 2,137,983 | - | 13,049,252 |
South Korea | - | 11,148,347 | - | 11,148,347 |
Taiwan | - | 10,195,351 | - | 10,195,351 |
Other Countries | 18,563,262 | 27,545,798 | 0 | 46,109,060 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | - | 102,518,081 | - | 102,518,081 |
Non - U.S. Sovereign Debt | - | 257,657,152 | - | 257,657,152 |
Municipal Bonds | - | 3,738,404 | - | 3,738,404 |
U.S. Corporate Bonds | - | 237,720,732 | - | 237,720,732 |
Residential Mortgage-Backed Securities | - | 188,329,667 | - | 188,329,667 |
Commercial Mortgage-Backed Securities | - | 9,886,631 | - | 9,886,631 |
Asset-Backed Securities (including CDOs) | - | 22,623,404 | - | 22,623,404 |
Foreign Bonds | - | 147,766,239 | - | 147,766,239 |
Mutual Funds | 545,049,438 | - | - | 545,049,438 |
Total | $1,097,097,258 | $1,081,793,687 | $0 | $2,178,890,945 |
Other Financial Instruments | ||||
Futures Contracts - Assets | $226,641 | $- | $- | $226,641 |
Futures Contracts - Liabilities | (582,229) | - | - | (582,229) |
Forward Foreign Currency Exchange Contracts - Assets | - | 426,050 | - | 426,050 |
Forward Foreign Currency Exchange Contracts - Liabilities | - | (736,479) | - | (736,479) |
Swap Agreements - Liabilities | - | (252,340) | - | (252,340) |
Equity Securities |
|
Balance as of 2/29/24 | $0 |
Realized gain (loss) | (584,490) |
Change in unrealized appreciation or depreciation | 899,291 |
Sales | (314,801) |
Balance as of 8/31/24 | $0 |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $226,641 | $(582,229) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 426,050 | (736,479) |
Interest Rate | Cleared Swap Agreements | - | (252,340) |
Total | $652,691 | $(1,571,048) |
Risk |
Futures Contracts |
Swap Agreements |
Forward Foreign Currency Exchange Contracts |
Interest Rate | $1,704,939 | $52,328 | $- |
Foreign Exchange | - | - | 648,933 |
Total | $1,704,939 | $52,328 | $648,933 |
Risk |
Futures Contracts |
Swap Agreements |
Forward Foreign Currency Exchange Contracts |
Interest Rate | $(518,134) | $(252,340) | $- |
Foreign Exchange | - | - | (492,413) |
Total | $(518,134) | $(252,340) | $(492,413) |
Year ended 2/29/24 |
|
Ordinary income (including any short-term capital gains) | $90,467,176 |
As of 8/31/24 | |
Cost of investments | $2,054,641,591 |
Gross appreciation | 180,091,443 |
Gross depreciation | (55,842,089) |
Net unrealized appreciation (depreciation) | $124,249,354 |
As of 2/29/24 | |
Undistributed ordinary income | 28,347,818 |
Capital loss carryforwards | (96,767,784) |
Other temporary differences | (7,512,213) |
Net unrealized appreciation (depreciation) | 43,746,895 |
Short-Term | $(51,756,537) |
Long-Term | (45,011,247) |
Total | $(96,767,784) |
Six months ended 8/31/24 |
Year ended 2/29/24 |
||
Class A | $24,391,726 | $46,716,075 | |
Class C | 2,083,820 | 5,252,207 | |
Class I | 13,602,268 | 28,816,479 | |
Class R1 | 3,072 | 5,553 | |
Class R2 | 19,446 | 40,077 | |
Class R3 | 187,619 | 474,253 | |
Class R4 | 369,810 | 526,789 | |
Class R6 | 4,511,220 | 8,635,743 | |
Total | $45,168,981 | $90,467,176 |
Up to $5 billion | 0.55% |
In excess of $5 billion | 0.50% |
Classes | |||||||
A | C | I | R1 | R2 | R3 | R4 | R6 |
0.89% | 1.64% | 0.64% | 1.64% | 1.14% | 0.89% | 0.64% | 0.55% |
Distribution Fee Rate (d) |
Service Fee Rate (d) |
Total Distribution Plan (d) |
Annual Effective Rate (e) |
Distribution and Service Fee |
|
Class A | - | 0.25% | 0.25% | 0.25% | $ 1,509,706 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 636,641 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 931 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 2,560 |
Class R3 | - | 0.25% | 0.25% | 0.25% | 11,639 |
Total Distribution and Service Fees | $2,161,477 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class's average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended August 31, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended August 31, 2024, this rebate amounted to $34 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $5,365 |
Class C | 2,330 |
Date | Transaction | Class | Shares | Amount |
8/19/2024 | Redemption | A | 13 | $160 |
8/19/2024 | Redemption | C | 11 | 135 |
8/19/2024 | Redemption | I | 11 | 131 |
8/19/2024 | Redemption | R3 | 4 | 45 |
8/19/2024 | Redemption | R4 | 4 | 47 |
Purchases | Sales | |
U.S. Government securities | $199,873,460 | $235,576,289 |
Non-U.S. Government securities | 280,331,896 | 452,059,823 |
Six months ended 8/31/24 |
Year ended 2/29/24 |
||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 3,298,765 | $39,797,015 | 9,935,808 | $114,233,364 | |
Class C | 145,810 | 1,745,947 | 417,885 | 4,805,975 | |
Class I | 2,560,216 | 30,824,674 | 7,212,320 | 83,485,874 | |
Class R1 | 630 | 7,582 | 1,461 | 16,855 | |
Class R2 | 3,906 | 46,844 | 12,125 | 138,781 | |
Class R3 | 59,715 | 721,497 | 150,981 | 1,741,790 | |
Class R4 | 89,040 | 1,073,721 | 1,166,229 | 13,369,587 | |
Class R6 | 1,162,820 | 13,991,368 | 3,653,428 | 42,085,119 | |
7,320,902 | $88,208,648 | 22,550,237 | $259,877,345 | ||
Shares issued to shareholders in reinvestment of distributions |
|||||
Class A | 1,918,234 | $23,237,166 | 3,847,635 | $44,426,274 | |
Class C | 163,087 | 1,973,618 | 430,952 | 4,970,976 | |
Class I | 924,110 | 11,187,101 | 2,062,866 | 23,807,476 | |
Class R1 | 254 | 3,072 | 478 | 5,510 | |
Class R2 | 1,602 | 19,417 | 3,436 | 39,648 | |
Class R3 | 15,118 | 183,052 | 39,113 | 452,450 | |
Class R4 | 30,516 | 369,810 | 45,621 | 526,789 | |
Class R6 | 360,032 | 4,360,593 | 724,448 | 8,364,910 | |
3,412,953 | $41,333,829 | 7,154,549 | $82,594,033 | ||
Shares reacquired | |||||
Class A | (10,766,193) | $(129,764,197) | (24,374,838) | $(280,539,850) | |
Class C | (2,944,981) | (35,516,357) | (8,330,133) | (95,596,888) | |
Class I | (10,101,984) | (121,645,032) | (24,530,284) | (282,066,263) | |
Class R1 | (817) | (10,206) | (2,680) | (30,424) | |
Class R2 | (2,970) | (35,718) | (43,954) | (505,009) | |
Class R3 | (273,084) | (3,302,763) | (1,202,718) | (13,773,819) | |
Class R4 | (69,310) | (839,757) | (174,808) | (2,014,703) | |
Class R6 | (2,777,076) | (33,511,827) | (6,273,262) | (72,188,825) | |
(26,936,415) | $(324,625,857) | (64,932,677) | $(746,715,781) | ||
Net change | |||||
Class A | (5,549,194) | $(66,730,016) | (10,591,395) | $(121,880,212) | |
Class C | (2,636,084) | (31,796,792) | (7,481,296) | (85,819,937) | |
Class I | (6,617,658) | (79,633,257) | (15,255,098) | (174,772,913) | |
Class R1 | 67 | 448 | (741) | (8,059) | |
Class R2 | 2,538 | 30,543 | (28,393) | (326,580) | |
Class R3 | (198,251) | (2,398,214) | (1,012,624) | (11,579,579) | |
Class R4 | 50,246 | 603,774 | 1,037,042 | 11,881,673 | |
Class R6 | (1,254,224) | (15,159,866) | (1,895,386) | (21,738,796) | |
(16,202,560) | $(195,083,380) | (35,227,891) | $(404,244,403) |
Affiliated Issuers |
Beginning Value |
Purchases |
Sales Proceeds |
Realized Gain (Loss) |
Change in Unrealized Appreciation or Depreciation |
Ending Value |
MFS High Yield Pooled Portfolio | $509,322,463 | $21,347,294 | $52,405,630 | $(2,253,546) | $13,394,802 | $489,405,383 |
MFS Institutional Money Market Portfolio | 50,404,747 | 267,898,229 | 265,354,042 | 2,913 | 13,672 | 52,965,519 |
$559,727,210 | $289,245,523 | $317,759,672 | $(2,250,633) | $13,408,474 | $542,370,902 |
Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
MFS High Yield Pooled Portfolio | $17,192,990 | $- |
MFS Institutional Money Market Portfolio | 1,609,210 | - |
$18,802,200 | $- |
Issuer | Shares/Par | Value ($) | ||
Bonds - 98.9% | ||||
Asset-Backed & Securitized - 8.6% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.122%, 11/15/2054 (i) | $ | 21,682,201 | $ 971,428 | |
ACREC 2021-FL1 Ltd., "AS", FLR, 6.953% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 7,778,000 | 7,715,474 | ||
ACREC 2023-FL2 LLC, "A", FLR, 7.567% (SOFR - 1mo. + 2.23%), 2/19/2038 (n) | 4,821,635 | 4,821,650 | ||
American Credit Acceptance Receivables Trust, 2024-2, "A", 5.9%, 2/12/2027 (n) | 3,312,082 | 3,317,503 | ||
AmeriCredit Automobile Receivables Trust, 2024-1, "A", 5.61%, 1/12/2027 (n) | 1,410,964 | 1,411,113 | ||
AmeriCredit Automobile Receivables Trust, 2024-1, "A2-B", FLR, 5.953% (SOFR - 1mo. + 0.6%), 2/18/2028 | 7,477,000 | 7,477,790 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, "A", FLR, 6.421% ((SOFR - 1mo. + 0.11448%) + 0.97%), 12/15/2035 (n) | 1,686,950 | 1,680,145 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, "B", FLR, 6.951% ((SOFR - 1mo. + 0.11448%) + 1.5%), 12/15/2035 (n) | 3,901,000 | 3,856,408 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, "AS", FLR, 6.851% ((SOFR - 1mo. + 0.11448%) + 1.4%), 8/15/2034 (n) | 6,638,000 | 6,597,721 | ||
AREIT 2022-CRE6 Trust, "AS", FLR, 7.003% (SOFR - 30 day + 1.65%), 1/20/2037 (n) | 7,155,500 | 7,085,741 | ||
ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 1,826,138 | 1,841,763 | ||
BBCMS Mortgage Trust, 2021-C10, "XA", 1.399%, 7/15/2054 (i) | 20,118,693 | 1,211,817 | ||
BBCMS Mortgage Trust, 2021-C9, "XA", 1.719%, 2/15/2054 (i) | 13,623,068 | 1,044,626 | ||
BBCMS Mortgage Trust, 2022-C18, "XA", 0.639%, 12/15/2055 (i) | 22,993,228 | 825,425 | ||
Benchmark 2021-B23 Mortgage Trust, "XA", 1.368%, 2/15/2054 (i) | 43,511,935 | 2,421,235 | ||
Benchmark 2021-B24 Mortgage Trust, "XA", 1.259%, 3/15/2054 (i) | 26,218,826 | 1,288,925 | ||
Benchmark 2021-B26 Mortgage Trust, "XA", 0.995%, 6/15/2054 (i) | 38,099,635 | 1,531,301 | ||
Benchmark 2021-B27 Mortgage Trust, "XA", 1.371%, 7/15/2054 (i) | 33,423,951 | 1,884,071 | ||
Benchmark 2021-B28 Mortgage Trust, "XA", 1.378%, 8/15/2054 (i) | 39,828,255 | 2,428,787 | ||
Benchmark 2021-B29 Mortgage Trust, "XA", 1.136%, 9/15/2054 (i) | 45,041,934 | 2,072,523 | ||
Bridgecrest Lending Auto Securitization Trust, 2024-2, "A2", 5.78%, 2/16/2027 | 5,179,905 | 5,187,360 | ||
Bridgecrest Lending Auto Securitization Trust, 2023-1, "A2", 6.34%, 7/15/2026 | 433,154 | 433,448 | ||
BSPDF 2021-FL1 Issuer Ltd., "A", FLR, 6.651% ((SOFR - 1mo. + 0.11448%) + 1.2%), 10/15/2036 (n) | 2,481,584 | 2,452,408 | ||
BSPDF 2021-FL1 Issuer Ltd., "AS", FLR, 6.931% ((SOFR - 1mo. + 0.11448%) + 1.48%), 10/15/2036 (n) | 4,700,500 | 4,564,345 | ||
Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 1,444,367 | 1,484,377 | ||
BXMT 2021-FL4 Ltd., "AS", FLR, 6.753% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 7,779,500 | 7,211,383 | ||
Capital Automotive, 2020-1A, "A4", REIT, 3.19%, 2/15/2050 (n) | 1,239,357 | 1,222,413 | ||
Chesapeake Funding II LLC, 2023-2A, "A2", FLR, 6.454% (SOFR - 30 day + 1.1%), 10/15/2035 (n) | 3,038,045 | 3,054,862 | ||
Citigroup Commercial Mortgage Trust, 2019-XA, "C7", 0.979%, 12/15/2072 (i)(n) | 23,046,539 | 814,211 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.397%, 2/15/2054 (i) | 32,906,334 | 2,071,042 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, "XA", 0.877%, 4/15/2054 (i) | 18,931,843 | 673,072 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.141%, 6/15/2064 (i) | 13,230,833 | 669,185 | ||
Dell Equipment Finance Trust, 2023-1, "A2", 5.65%, 9/22/2028 (n) | 891,714 | 891,586 | ||
Dell Equipment Finance Trust, 2023-3, "A2", 6.1%, 4/23/2029 (n) | 2,407,183 | 2,413,564 | ||
DT Auto Owner Trust, 2023-1A, "A", 5.48%, 4/15/2027 (n) | 481,306 | 481,238 | ||
DT Auto Owner Trust, 2023-2A, "A", 5.88%, 4/15/2027 (n) | 1,906,611 | 1,908,171 | ||
EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 1,503,054 | 1,531,074 | ||
Flagship Credit Auto Trust, 2019-3, "D", 2.86%, 12/15/2025 (n) | 278,602 | 277,940 | ||
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n) | 2,321,875 | 2,350,371 | ||
GLS Auto Select Receivables Trust, 2024-2A, "A-2", 5.77%, 6/15/2027 (n) | 5,458,000 | 5,472,434 | ||
KREF 2018-FT1 Ltd., "AS", FLR, 6.753% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n) | 759,000 | 734,915 | ||
LAD Auto Receivables Trust, 2022-1A, "A", 5.21%, 6/15/2027 (n) | 387,839 | 387,652 | ||
LAD Auto Receivables Trust, 2023-1A, "A2", 5.68%, 10/15/2026 (n) | 321,029 | 321,098 | ||
LoanCore 2021-CRE5 Ltd., "AS", FLR, 7.201% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 6,508,500 | 6,472,927 | ||
LoanCore 2021-CRE6 Ltd., "AS", FLR, 7.101% ((SOFR - 1mo. + 0.11448%) + 1.65%), 11/15/2038 (n) | 10,000,000 | 9,839,980 | ||
MF1 2021-FL5 Ltd., "AS", FLR, 6.651% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n) | 3,875,500 | 3,854,673 | ||
MF1 2021-FL5 Ltd., "B", FLR, 6.901% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n) | 4,881,500 | 4,838,947 | ||
Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.973%, 12/15/2051 (i) | 22,285,101 | 636,881 | ||
Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.408%, 5/15/2054 (i) | 16,688,324 | 954,162 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Asset-Backed & Securitized - continued | ||||
Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.314%, 6/15/2054 (i) | $ | 19,881,679 | $ 1,003,693 | |
Morgan Stanley Capital I Trust, 2021-L7, "XA", 1.202%, 10/15/2054 (i) | 80,122,088 | 3,972,413 | ||
Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 5,776,320 | 5,822,414 | ||
Navistar Financial Dealer Note Master Owner Trust, 2023-1, "A", 6.18%, 8/25/2028 (n) | 1,299,000 | 1,313,469 | ||
Navistar Financial Dealer Note Master Owner Trust, 2023-1, "B", 6.48%, 8/25/2028 (n) | 1,379,000 | 1,387,892 | ||
OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 2,073,306 | 2,082,890 | ||
OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 626,395 | 629,490 | ||
PFS Financing Corp., 2023-C, "B", 5.91%, 10/15/2028 (n) | 1,302,000 | 1,327,005 | ||
ReadyCap Commercial Mortgage Trust, 2021-FL7, "A", FLR, 6.592% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n) | 2,296,347 | 2,280,070 | ||
ReadyCap Commercial Mortgage Trust, 2021-FL7, "AS", FLR, 6.892% ((SOFR - 1mo. + 0.11448%) + 1.5%), 11/25/2036 (n) | 1,261,500 | 1,254,394 | ||
Santander Drive Auto Receivables Trust, 2024-1, "A2", 5.71%, 2/16/2027 | 1,469,196 | 1,469,664 | ||
SBNA Auto Lease Trust, 2024-A, "A2", 5.45%, 1/20/2026 (n) | 2,259,959 | 2,261,603 | ||
Toyota Lease Owner Trust, 2023-A, "A2", 5.3%, 8/20/2025 (n) | 513,542 | 513,448 | ||
Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 5,672,232 | 5,685,631 | ||
Verus Securitization Trust, 2024-1, "A2", 5.915%, 1/25/2069 (n) | 1,585,840 | 1,587,363 | ||
Verus Securitization Trust, 2024-4, "A1", 6.218%, 6/25/2069 (n) | 2,856,326 | 2,883,474 | ||
Wells Fargo Commercial Mortgage Trust, 2018-C48, "XA", 1.104%, 1/15/2052 (i)(n) | 12,504,861 | 409,818 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C60, "XA", 1.625%, 8/15/2054 (i) | 20,334,311 | 1,443,437 | ||
Westlake Automobile Receivables Trust, 2023-1A, "A2B", FLR, 6.204% (SOFR - 30 day + 0.85%), 6/15/2026 (n) | 159,663 | 159,729 | ||
Westlake Automobile Receivables Trust, 2024-1A "A2B", FLR, 5.924% (SOFR - 1mo. + 0.57%), 3/15/2027 (n) | 4,349,000 | 4,354,646 | ||
World Omni Select Auto Trust 2023-A, "A2B", FLR, 6.204% (SOFR - 30 day + 0.85%), 3/15/2027 | 2,212,621 | 2,214,507 | ||
$178,748,215 | ||||
Consumer Services - 0.1% | ||||
Conservation Fund, 3.474%, 12/15/2029 | $ | 2,018,000 | $ 1,890,417 | |
Industrial - 0.0% | ||||
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025 | $ | 688,000 | $ 665,069 | |
Medical & Health Technology & Services - 0.1% | ||||
ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038 | $ | 1,992,000 | $ 1,997,782 | |
Mortgage-Backed - 55.9% | ||||
Fannie Mae, 4.5%, 5/01/2025 - 6/01/2044 | $ | 15,999,249 | $ 16,004,329 | |
Fannie Mae, 3%, 11/01/2028 - 9/01/2046 | 42,562,562 | 40,737,783 | ||
Fannie Mae, 3.5%, 1/25/2030 - 6/25/2048 | 30,696,035 | 28,752,525 | ||
Fannie Mae, 2.5%, 11/01/2031 - 10/01/2046 | 4,851,720 | 4,522,711 | ||
Fannie Mae, 3.5%, 12/25/2031 - 2/25/2036 (i) | 1,013,530 | 82,892 | ||
Fannie Mae, 6.5%, 1/01/2032 - 10/01/2037 | 532,268 | 555,928 | ||
Fannie Mae, 6%, 1/01/2033 - 12/01/2037 | 1,351,407 | 1,397,772 | ||
Fannie Mae, 3%, 2/25/2033 - 1/25/2052 (i) | 1,700,070 | 182,548 | ||
Fannie Mae, 5.5%, 5/01/2033 - 5/01/2044 | 6,493,649 | 6,675,333 | ||
Fannie Mae, 5%, 11/01/2033 - 3/25/2042 | 7,437,710 | 7,611,614 | ||
Fannie Mae, 5.913%, 4/25/2034 | 295,753 | 295,460 | ||
Fannie Mae, 5.753%, 1/25/2036 | 215,571 | 215,295 | ||
Fannie Mae, 5.693%, 5/25/2037 | 245,442 | 239,446 | ||
Fannie Mae, 5.763%, 10/25/2039 - 12/25/2045 | 3,038,292 | 2,969,951 | ||
Fannie Mae, 4%, 9/01/2040 - 7/01/2047 | 30,613,773 | 29,775,944 | ||
Fannie Mae, 1%, 3/25/2041 | 1,644,942 | 1,435,953 | ||
Fannie Mae, 5.813%, 3/25/2041 - 12/25/2042 | 881,342 | 874,185 | ||
Fannie Mae, 2.25%, 4/25/2041 | 1,694,315 | 1,603,060 | ||
Fannie Mae, 5.963%, 7/25/2041 | 310,834 | 307,401 | ||
Fannie Mae, 1.75%, 9/25/2041 | 1,308,100 | 1,237,351 | ||
Fannie Mae, 2.75%, 9/25/2042 | 1,127,155 | 1,077,919 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Mortgage-Backed - continued | ||||
Fannie Mae, 2%, 5/25/2044 - 4/25/2046 | $ | 2,270,387 | $ 2,098,283 | |
Fannie Mae, 5.713%, 9/25/2045 | 179,252 | 176,749 | ||
Fannie Mae, UMBS, 2.5%, 5/01/2036 - 8/01/2052 | 126,500,530 | 109,540,130 | ||
Fannie Mae, UMBS, 2%, 4/01/2037 - 5/01/2052 | 71,141,788 | 59,378,551 | ||
Fannie Mae, UMBS, 5.5%, 10/01/2038 - 2/01/2053 | 8,303,621 | 8,396,998 | ||
Fannie Mae, UMBS, 1.5%, 2/01/2042 - 3/01/2051 | 1,457,018 | 1,166,799 | ||
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 9/01/2052 | 2,232,907 | 2,082,486 | ||
Fannie Mae, UMBS, 3%, 6/01/2051 - 8/01/2052 | 34,259,755 | 30,575,556 | ||
Fannie Mae, UMBS, 4%, 8/01/2051 - 3/01/2053 | 6,918,998 | 6,620,421 | ||
Fannie Mae, UMBS, 4.5%, 9/01/2052 | 1,936,985 | 1,904,496 | ||
Fannie Mae, UMBS, 5%, 9/01/2052 - 7/01/2054 | 2,391,294 | 2,374,190 | ||
Fannie Mae, UMBS, 6%, 2/01/2053 - 7/01/2054 | 16,924,778 | 17,305,499 | ||
Freddie Mac, 4.5%, 9/01/2024 - 5/01/2042 | 4,982,999 | 4,999,287 | ||
Freddie Mac, 2.67%, 12/25/2024 | 14,762,106 | 14,650,026 | ||
Freddie Mac, 3.062%, 12/25/2024 | 312,089 | 309,640 | ||
Freddie Mac, 2.811%, 1/25/2025 | 7,183,992 | 7,114,623 | ||
Freddie Mac, 0.178%, 5/25/2025 (i) | 587,585,677 | 369,303 | ||
Freddie Mac, 3.7%, 5/25/2025 | 3,586,681 | 3,551,462 | ||
Freddie Mac, 4%, 7/01/2025 - 1/15/2055 | 6,588,424 | 6,470,904 | ||
Freddie Mac, 3.75%, 8/25/2025 | 1,896,380 | 1,875,159 | ||
Freddie Mac, 3.5%, 11/15/2025 - 10/25/2058 | 31,167,428 | 29,701,103 | ||
Freddie Mac, 3.208%, 2/25/2026 | 2,070,789 | 2,033,549 | ||
Freddie Mac, 2.57%, 7/25/2026 | 31,475,000 | 30,506,436 | ||
Freddie Mac, 3.12%, 9/25/2026 | 12,661,384 | 12,371,695 | ||
Freddie Mac, 2.525%, 10/25/2026 | 10,822,583 | 10,459,421 | ||
Freddie Mac, 2.797%, 12/25/2026 | 2,575,543 | 2,518,062 | ||
Freddie Mac, 3.413%, 12/25/2026 | 16,700,000 | 16,395,678 | ||
Freddie Mac, 1.479%, 3/25/2027 (i) | 5,583,000 | 171,345 | ||
Freddie Mac, 3.243%, 4/25/2027 | 10,090,226 | 9,848,044 | ||
Freddie Mac, 3.117%, 6/25/2027 | 15,075,000 | 14,658,256 | ||
Freddie Mac, 0.701%, 7/25/2027 (i) | 101,354,189 | 1,397,978 | ||
Freddie Mac, 0.545%, 8/25/2027 (i) | 78,931,264 | 862,064 | ||
Freddie Mac, 1.47%, 9/25/2027 | 4,600,000 | 4,248,160 | ||
Freddie Mac, 0.488%, 12/25/2027 (i) | 1,365,986 | 14,085 | ||
Freddie Mac, 0.43%, 1/25/2028 (i) | 139,898,019 | 1,314,538 | ||
Freddie Mac, 0.432%, 1/25/2028 (i) | 58,561,580 | 557,787 | ||
Freddie Mac, 0.265%, 2/25/2028 (i) | 168,755,027 | 791,394 | ||
Freddie Mac, 0.261%, 4/25/2028 (i) | 110,803,233 | 525,484 | ||
Freddie Mac, 3.9%, 4/25/2028 | 1,867,674 | 1,850,890 | ||
Freddie Mac, 3%, 6/15/2028 - 2/25/2059 | 26,130,910 | 24,423,652 | ||
Freddie Mac, 0.612%, 10/25/2028 (i) | 39,464,097 | 674,445 | ||
Freddie Mac, 5.831%, 3/25/2029 | 5,245,986 | 5,262,533 | ||
Freddie Mac, 0.63%, 5/25/2029 (i) | 58,879,332 | 1,176,403 | ||
Freddie Mac, 1.218%, 7/25/2029 (i) | 19,202,288 | 856,562 | ||
Freddie Mac, 1.265%, 8/25/2029 (i) | 33,470,486 | 1,577,273 | ||
Freddie Mac, 5.836%, 12/25/2029 | 3,012,500 | 3,003,566 | ||
Freddie Mac, 1.439%, 1/25/2030 (i) | 26,612,892 | 1,584,646 | ||
Freddie Mac, 1.706%, 1/25/2030 (i) | 19,474,346 | 1,369,888 | ||
Freddie Mac, 1.914%, 4/25/2030 (i) | 14,430,646 | 1,253,779 | ||
Freddie Mac, 1.985%, 4/25/2030 (i) | 20,077,463 | 1,797,660 | ||
Freddie Mac, 1.769%, 5/25/2030 (i) | 12,033,779 | 999,895 | ||
Freddie Mac, 1.906%, 5/25/2030 (i) | 26,880,424 | 2,385,906 | ||
Freddie Mac, 5.5%, 6/01/2030 - 9/01/2041 | 2,815,413 | 2,891,223 | ||
Freddie Mac, 1.209%, 6/25/2030 (i) | 19,969,679 | 1,060,362 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Mortgage-Backed - continued | ||||
Freddie Mac, 1.435%, 6/25/2030 (i) | $ | 11,124,134 | $ 743,929 | |
Freddie Mac, 1.482%, 6/25/2030 (i) | 29,567,668 | 1,891,118 | ||
Freddie Mac, 5.731%, 6/25/2030 | 2,696,724 | 2,687,522 | ||
Freddie Mac, 5.771%, 6/25/2030 | 1,872,155 | 1,865,834 | ||
Freddie Mac, 1.703%, 8/25/2030 (i) | 10,235,210 | 831,346 | ||
Freddie Mac, 1.262%, 9/25/2030 (i) | 6,568,138 | 397,951 | ||
Freddie Mac, 1.172%, 11/25/2030 (i) | 13,158,725 | 750,891 | ||
Freddie Mac, 5.901%, 11/25/2030 | 6,739,963 | 6,739,939 | ||
Freddie Mac, 0.417%, 1/25/2031 (i) | 49,981,081 | 803,891 | ||
Freddie Mac, 0.627%, 1/25/2031 (i) | 70,182,335 | 2,115,752 | ||
Freddie Mac, 0.872%, 1/25/2031 (i) | 19,512,958 | 837,884 | ||
Freddie Mac, 1.026%, 1/25/2031 (i) | 14,681,587 | 740,457 | ||
Freddie Mac, 0.546%, 2/25/2031 (i) | 18,431,877 | 450,623 | ||
Freddie Mac, 0.609%, 3/25/2031 (i) | 40,143,380 | 1,071,086 | ||
Freddie Mac, 0.828%, 3/25/2031 (i) | 17,260,719 | 714,249 | ||
Freddie Mac, 1.324%, 5/25/2031 (i) | 7,120,528 | 485,119 | ||
Freddie Mac, 1.039%, 7/25/2031 (i) | 11,674,001 | 646,197 | ||
Freddie Mac, 1.321%, 7/25/2031 (i) | 22,560,568 | 1,592,839 | ||
Freddie Mac, 0.608%, 8/25/2031 (i) | 14,892,991 | 434,570 | ||
Freddie Mac, 0.632%, 9/25/2031 (i) | 50,814,178 | 1,604,966 | ||
Freddie Mac, 0.955%, 9/25/2031 (i) | 48,419,608 | 2,381,330 | ||
Freddie Mac, 0.441%, 11/25/2031 (i) | 73,361,326 | 1,617,559 | ||
Freddie Mac, 0.596%, 12/25/2031 (i) | 73,957,916 | 2,248,195 | ||
Freddie Mac, 0.665%, 12/25/2031 (i) | 12,187,459 | 414,307 | ||
Freddie Mac, 0.871%, 2/25/2032 (i) | 49,680,895 | 2,386,293 | ||
Freddie Mac, 5.918%, 11/15/2032 | 42,338 | 42,058 | ||
Freddie Mac, 0.301%, 11/25/2032 (i) | 74,026,378 | 1,052,922 | ||
Freddie Mac, 0.431%, 5/25/2033 (i) | 64,115,960 | 1,463,242 | ||
Freddie Mac, 0.299%, 8/25/2033 (i) | 78,666,400 | 1,076,038 | ||
Freddie Mac, 0.362%, 10/25/2033 (i) | 75,772,703 | 1,372,729 | ||
Freddie Mac, 5%, 5/01/2034 - 12/01/2044 | 8,009,753 | 8,184,659 | ||
Freddie Mac, 6%, 8/01/2034 - 10/01/2038 | 2,680,636 | 2,810,837 | ||
Freddie Mac, 5.5%, 2/15/2036 (i) | 295,503 | 49,740 | ||
Freddie Mac, 6.5%, 5/01/2037 | 86,324 | 89,163 | ||
Freddie Mac, 4.5%, 12/15/2040 (i) | 57,992 | 5,454 | ||
Freddie Mac, 1.75%, 8/15/2041 | 922,353 | 863,989 | ||
Freddie Mac, 5.868%, 8/15/2046 | 384,368 | 378,383 | ||
Freddie Mac, 6.798%, 10/25/2053 | 714,193 | 722,832 | ||
Freddie Mac, 0.434%, 6/25/2055 (i) | 116,203,070 | 2,632,918 | ||
Freddie Mac, 3.25%, 11/25/2061 | 4,690,946 | 4,336,045 | ||
Freddie Mac, UMBS, 2.5%, 3/01/2037 - 9/01/2053 | 31,644,881 | 27,177,501 | ||
Freddie Mac, UMBS, 2%, 4/01/2037 - 3/01/2052 | 42,098,609 | 34,837,449 | ||
Freddie Mac, UMBS, 3.5%, 12/01/2046 - 8/01/2052 | 4,437,438 | 4,118,628 | ||
Freddie Mac, UMBS, 3%, 2/01/2050 - 8/01/2052 | 30,931,731 | 27,504,938 | ||
Freddie Mac, UMBS, 1.5%, 4/01/2051 - 11/01/2051 | 9,791,742 | 7,672,558 | ||
Freddie Mac, UMBS, 4%, 5/01/2052 | 4,254,210 | 4,068,636 | ||
Freddie Mac, UMBS, 5%, 11/01/2052 - 8/01/2054 | 6,570,259 | 6,526,961 | ||
Freddie Mac, UMBS, 5.5%, 12/01/2052 - 4/01/2053 | 3,419,555 | 3,480,952 | ||
Freddie Mac, UMBS, 6%, 2/01/2053 - 5/01/2054 | 14,060,942 | 14,338,190 | ||
Freddie Mac, UMBS, 6.5%, 12/01/2053 - 5/01/2054 | 9,080,410 | 9,350,692 | ||
Ginnie Mae, 5.5%, 3/15/2033 - 2/20/2053 | 15,533,668 | 15,674,306 | ||
Ginnie Mae, 4.5%, 7/20/2033 - 5/20/2054 | 40,788,528 | 40,181,058 | ||
Ginnie Mae, 5.666%, 8/20/2034 | 903,617 | 923,421 | ||
Ginnie Mae, 5.703%, 4/16/2037 | 149,997 | 148,553 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
Mortgage-Backed - continued | ||||
Ginnie Mae, 4%, 5/16/2039 - 3/20/2053 | $ | 4,971,956 | $ 4,790,190 | |
Ginnie Mae, 5%, 8/20/2039 - 4/20/2053 | 6,379,138 | 6,392,095 | ||
Ginnie Mae, 4%, 12/20/2039 - 8/16/2042 (i) | 1,097,255 | 166,142 | ||
Ginnie Mae, 5.55%, 9/20/2041 | 9,068,813 | 8,935,448 | ||
Ginnie Mae, 3.5%, 10/20/2041 - 1/20/2043 (i) | 4,286,242 | 638,446 | ||
Ginnie Mae, 3.5%, 12/15/2041 - 6/20/2052 | 19,339,151 | 18,140,705 | ||
Ginnie Mae, 2.5%, 6/20/2042 - 9/20/2051 | 11,359,153 | 9,906,452 | ||
Ginnie Mae, 3%, 2/20/2043 - 10/20/2052 | 29,592,468 | 26,907,072 | ||
Ginnie Mae, 2.25%, 9/20/2043 | 396,515 | 387,444 | ||
Ginnie Mae, 2%, 11/20/2050 (i) | 203,776 | 22,626 | ||
Ginnie Mae, 2.5%, 2/20/2051 (i) | 2,444,410 | 304,930 | ||
Ginnie Mae, 2%, 1/20/2052 - 11/20/2052 | 11,731,146 | 9,884,066 | ||
Ginnie Mae, 6%, 11/20/2053 - 11/20/2055 | 38,209,177 | 38,887,828 | ||
Ginnie Mae, 7%, 12/20/2053 - 3/20/2054 | 796,922 | 815,684 | ||
Ginnie Mae, 6.503%, 3/20/2064 | 8,943,509 | 8,992,435 | ||
Ginnie Mae, TBA, 2.5%, 9/15/2054 | 12,550,000 | 10,971,701 | ||
Ginnie Mae, TBA, 4%, 9/15/2054 | 6,475,000 | 6,189,411 | ||
Ginnie Mae, TBA, 5%, 9/15/2054 - 10/15/2054 | 15,975,000 | 15,943,655 | ||
Ginnie Mae, TBA, 5.5%, 9/15/2054 | 27,050,000 | 27,227,376 | ||
Ginnie Mae, TBA, 6%, 9/15/2054 | 6,549,050 | 6,645,753 | ||
Ginnie Mae, TBA, 6.5%, 9/15/2054 | 4,225,000 | 4,315,158 | ||
Ginnie Mae, TBA, 2%, 9/23/2054 | 12,900,000 | 10,867,025 | ||
UMBS, TBA, 2%, 9/25/2039 - 10/15/2054 | 54,476,092 | 44,786,524 | ||
UMBS, TBA, 6%, 9/25/2054 | 17,975,000 | 18,304,952 | ||
UMBS, TBA, 6.5%, 10/25/2054 | 1,250,000 | 1,286,493 | ||
$1,157,308,034 | ||||
Municipals - 0.5% | ||||
Chicago, IL, Transit Authority Sales Tax Receipts Refunding Rev., Taxable, "B", 2.064%, 12/01/2024 | $ | 985,000 | $ 978,085 | |
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B", 3%, 6/01/2046 | 3,315,000 | 3,067,434 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.682%, 7/01/2027 | 2,165,000 | 2,050,584 | ||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), "A-1", 2.326%, 6/01/2030 | 79,719 | 78,959 | ||
Port of Oakland, CA, Senior Lien Refunding Rev., Taxable, "R", 1.517%, 5/01/2026 | 1,413,570 | 1,342,199 | ||
West Virginia Tobacco Settlement Financing Authority Asset-Backed Refunding, Taxable, "A-1", 1.647%, 6/01/2025 | 1,550,000 | 1,511,589 | ||
$9,028,850 | ||||
U.S. Government Agencies and Equivalents - 0.1% | ||||
Small Business Administration, 4.99%, 9/01/2024 | $ | 12,311 | $ 12,310 | |
Small Business Administration, 4.86%, 10/01/2024 | 7,578 | 7,566 | ||
Small Business Administration, 4.86%, 1/01/2025 | 12,961 | 12,894 | ||
Small Business Administration, 5.11%, 4/01/2025 | 20,975 | 20,868 | ||
Small Business Administration, 2.21%, 2/01/2033 | 525,465 | 488,579 | ||
Small Business Administration, 2.22%, 3/01/2033 | 827,046 | 769,724 | ||
Small Business Administration, 3.15%, 7/01/2033 | 772,147 | 737,203 | ||
Small Business Administration, 3.16%, 8/01/2033 | 324,557 | 310,328 | ||
Small Business Administration, 3.62%, 9/01/2033 | 299,170 | 290,958 | ||
$2,650,430 | ||||
U.S. Treasury Obligations - 33.6% | ||||
U.S. Treasury Bonds, 6%, 2/15/2026 (f) | $ | 5,933,000 | $ 6,108,904 | |
U.S. Treasury Bonds, 6.75%, 8/15/2026 | 981,000 | 1,035,185 | ||
U.S. Treasury Bonds, 6.375%, 8/15/2027 | 2,309,000 | 2,478,748 | ||
U.S. Treasury Bonds, 4.375%, 2/15/2038 | 2,078,000 | 2,162,013 |
Issuer | Shares/Par | Value ($) | ||
Bonds - continued | ||||
U.S. Treasury Obligations - continued | ||||
U.S. Treasury Bonds, 3.125%, 2/15/2043 | $ | 9,748,800 | $ 8,271,248 | |
U.S. Treasury Bonds, 2.875%, 5/15/2043 | 27,528,200 | 22,397,847 | ||
U.S. Treasury Bonds, 4.75%, 11/15/2043 | 11,168,000 | 11,839,825 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2045 | 97,983,000 | 73,586,763 | ||
U.S. Treasury Bonds, 4.625%, 5/15/2054 | 67,992,000 | 72,666,450 | ||
U.S. Treasury Notes, 3.5%, 9/15/2025 | 23,762,000 | 23,553,154 | ||
U.S. Treasury Notes, 4.875%, 11/30/2025 | 42,319,000 | 42,633,087 | ||
U.S. Treasury Notes, 2.625%, 12/31/2025 | 20,900,000 | 20,479,551 | ||
U.S. Treasury Notes, 0.75%, 5/31/2026 | 38,599,000 | 36,495,656 | ||
U.S. Treasury Notes, 2%, 11/15/2026 (f) | 51,959,000 | 49,907,025 | ||
U.S. Treasury Notes, 2.75%, 2/15/2028 | 54,157,000 | 52,341,895 | ||
U.S. Treasury Notes, 3.625%, 3/31/2028 | 86,350,000 | 85,965,473 | ||
U.S. Treasury Notes, 1%, 7/31/2028 | 32,248,000 | 29,026,979 | ||
U.S. Treasury Notes, 2.375%, 5/15/2029 | 19,515,500 | 18,368,202 | ||
U.S. Treasury Notes, 1.625%, 8/15/2029 | 29,405,000 | 26,639,092 | ||
U.S. Treasury Notes, 1.75%, 11/15/2029 | 8,564,000 | 7,764,470 | ||
U.S. Treasury Notes, 3.5%, 4/30/2030 | 18,675,000 | 18,410,924 | ||
U.S. Treasury Notes, 4.125%, 8/31/2030 | 37,647,000 | 38,321,999 | ||
U.S. Treasury Notes, 1.625%, 5/15/2031 | 41,833,000 | 36,463,342 | ||
U.S. Treasury Notes, 1.375%, 11/15/2031 | 11,425,300 | 9,673,123 | ||
$696,590,955 | ||||
Total Bonds (Identified Cost, $2,128,592,405) | $2,048,879,752 | |||
Investment Companies (h) - 4.9% | ||||
Money Market Funds - 4.9% | ||||
MFS Institutional Money Market Portfolio, 5.35% (v) (Identified Cost, $102,010,070) | 102,005,106 | $ 102,035,708 | ||
Other Assets, Less Liabilities - (3.8)% | (78,548,880) | |||
Net Assets - 100.0% | $2,072,366,580 |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements. | |||
(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 $102,035,708 and $2,048,879,752, respectively. | |||
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. | |||
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $134,861,423, representing 6.5% of net assets. | |||
(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: | |
AGM | Assured Guaranty Municipal |
CLO | Collateralized Loan Obligation |
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 |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced |
UMBS | Uniform Mortgage-Backed Security |
Derivative Contracts at 8/31/24 | ||||||
Futures Contracts | ||||||
Description |
Long/ Short |
Currency | Contracts |
Notional Amount |
Expiration Date |
Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Ultra Bond 30 yr | Short | USD | 39 | $5,145,563 | December - 2024 | $58,114 |
U.S. Treasury Ultra Note 10 yr | Short | USD | 317 | 37,227,687 | December - 2024 | 225,821 |
$283,935 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 10 yr | Long | USD | 1,715 | $194,759,687 | December - 2024 | $(1,029,588) |
U.S. Treasury Note 2 yr | Long | USD | 1,653 | 343,074,986 | December - 2024 | (349,841) |
U.S. Treasury Note 5 yr | Long | USD | 1,748 | 191,228,470 | December - 2024 | (533,113) |
$(1,912,542) |
Cleared Swap Agreements | ||||||||||
Maturity Date |
Notional Amount |
Counterparty |
Cash Flows to Receive/ Frequency |
Cash Flows to Pay/ Frequency |
Unrealized Appreciation (Depreciation) |
Net Unamortized Upfront Payments (Receipts) |
Value | |||
Liability Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
5/24/26 | USD | 96,000,000 | centrally cleared | Daily SOFR / Annually | 4.7585% / Annually | $(1,404,148) | $- | $(1,404,148) | ||
8/02/26 | USD | 54,050,000 | centrally cleared | Daily SOFR / Annually | 4.1785% / Annually | (238,681) | - | (238,681) | ||
$(1,642,829) | $- | $(1,642,829) |
Financial Statements | Statement of Assets and Liabilities |
At 8/31/24 (unaudited)Assets | |
Investments in unaffiliated issuers, at value (identified cost, $2,128,592,405) | $2,048,879,752 |
Investments in affiliated issuers, at value (identified cost, $102,010,070) | 102,035,708 |
Receivables for | |
Net daily variation margin on open cleared swap agreements | 88,351 |
Investments sold | 57,202,823 |
TBA sale commitments | 85,471,816 |
Fund shares sold | 1,261,974 |
Interest | 11,308,270 |
Other assets | 21,381 |
Total assets | $2,306,270,075 |
Liabilities | |
Payable to custodian | $19,723 |
Payables for | |
Distributions | 260,016 |
Net daily variation margin on open futures contracts | 902,414 |
TBA purchase commitments | 231,202,371 |
Fund shares reacquired | 1,105,683 |
Payable to affiliates | |
Investment adviser | 61,272 |
Administrative services fee | 2,505 |
Shareholder servicing costs | 211,109 |
Distribution and service fees | 10,544 |
Payable for independent Trustees' compensation | 2,961 |
Accrued expenses and other liabilities | 124,897 |
Total liabilities | $233,903,495 |
Net assets | $2,072,366,580 |
Net assets consist of | |
Paid-in capital | $2,442,827,486 |
Total distributable earnings (loss) | (370,460,906) |
Net assets | $2,072,366,580 |
Shares of beneficial interest outstanding | 236,605,151 |
Net assets |
Shares outstanding |
Net asset value per share (a) |
|
Class A | $394,342,633 | 44,976,474 | $8.77 |
Class B | 744,545 | 85,018 | 8.76 |
Class C | 3,321,318 | 378,142 | 8.78 |
Class I | 269,092,137 | 30,746,701 | 8.75 |
Class R1 | 1,574,354 | 179,754 | 8.76 |
Class R2 | 38,113,026 | 4,351,692 | 8.76 |
Class R3 | 23,331,815 | 2,662,495 | 8.76 |
Class R4 | 38,128,992 | 4,349,816 | 8.77 |
Class R6 | 1,303,717,760 | 148,875,059 | 8.76 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $9.16 [100 / 95.75 x $8.77]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Financial Statements | Statement of Operations |
Six months ended 8/31/24 (unaudited)Net investment income (loss) | |
Income | |
Interest | $39,059,627 |
Dividends from affiliated issuers | 3,983,401 |
Total investment income | $43,043,028 |
Expenses | |
Management fee | $3,960,013 |
Distribution and service fees | 654,237 |
Shareholder servicing costs | 602,921 |
Administrative services fee | 155,876 |
Independent Trustees' compensation | 20,645 |
Custodian fee | 69,277 |
Shareholder communications | 33,640 |
Audit and tax fees | 39,832 |
Legal fees | 5,641 |
Miscellaneous | 147,988 |
Total expenses | $5,690,070 |
Fees paid indirectly | (4,509) |
Reduction of expenses by investment adviser and distributor | (138,250) |
Net expenses | $5,547,311 |
Net investment income (loss) | $37,495,717 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(9,682,328) |
Affiliated issuers | (8,680) |
Futures contracts | 8,703,853 |
Swap agreements | 347,722 |
Net realized gain (loss) | $(639,433) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $63,472,971 |
Affiliated issuers | 25,007 |
Futures contracts | (2,586,336) |
Swap agreements | (1,642,829) |
Net unrealized gain (loss) | $59,268,813 |
Net realized and unrealized gain (loss) | $58,629,380 |
Change in net assets from operations | $96,125,097 |
Financial Statements | Statements of Changes in Net Assets |
Six months ended | Year ended | |
8/31/24 (unaudited) |
2/29/24 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $37,495,717 | $69,333,712 |
Net realized gain (loss) | (639,433) | (62,521,783) |
Net unrealized gain (loss) | 59,268,813 | 25,657,385 |
Change in net assets from operations | $96,125,097 | $32,469,314 |
Total distributions to shareholders | $(42,147,119) | $(77,018,060) |
Change in net assets from fund share transactions | $(127,556,370) | $60,441,915 |
Total change in net assets | $(73,578,392) | $15,893,169 |
Net assets | ||
At beginning of period | 2,145,944,972 | 2,130,051,803 |
At end of period | $2,072,366,580 | $2,145,944,972 |
Financial Statements | Financial Highlights |
Class A |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.54 | $8.69 | $9.81 | $10.15 | $10.28 | $9.59 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.15 | $0.07 | $0.14 | $0.20 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.11) | (0.31) | (0.10) | 0.70 |
Total from investment operations | $0.39 | $0.13 | $(0.96) | $(0.24) | $0.04 | $0.90 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.28) | $(0.16) | $(0.10) | $(0.17) | $(0.21) |
Net asset value, end of period (x) | $8.77 | $8.54 | $8.69 | $9.81 | $10.15 | $10.28 |
Total return (%) (r)(s)(t)(x) | 4.64(n) | 1.51 | (9.83) | (2.43) | 0.40 | 9.48 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 0.79(a) | 0.78 | 0.78 | 0.79 | 0.81 | 0.85 |
Expenses after expense reductions (f) | 0.78(a) | 0.77 | 0.76 | 0.78 | 0.80 | 0.84 |
Net investment income (loss) | 3.29(a) | 2.89 | 1.63 | 0.73 | 1.35 | 1.98 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $394,343 | $415,010 | $468,595 | $589,493 | $805,484 | $702,063 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class B |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.18 | $0.08 | $(0.00)(w) | $0.07 | $0.12 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.11) | (0.32) | (0.10) | 0.71 |
Total from investment operations | $0.36 | $0.06 | $(1.03) | $(0.32) | $(0.03) | $0.83 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.21) | $(0.09) | $(0.02) | $(0.10) | $(0.14) |
Net asset value, end of period (x) | $8.76 | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 |
Total return (%) (r)(s)(t)(x) | 4.26(n) | 0.75 | (10.52) | (3.16) | (0.35) | 8.68 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 1.54(a) | 1.53 | 1.53 | 1.54 | 1.56 | 1.60 |
Expenses after expense reductions (f) | 1.53(a) | 1.52 | 1.51 | 1.53 | 1.55 | 1.59 |
Net investment income (loss) | 2.54(a) | 2.12 | 0.83 | (0.02) | 0.66 | 1.23 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $745 | $936 | $1,529 | $2,757 | $4,468 | $7,711 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class C |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.55 | $8.70 | $9.83 | $10.17 | $10.29 | $9.60 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.18 | $0.07 | $(0.00)(w) | $0.07 | $0.12 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.11) | (0.32) | (0.09) | 0.71 |
Total from investment operations | $0.36 | $0.06 | $(1.04) | $(0.32) | $(0.02) | $0.83 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.21) | $(0.09) | $(0.02) | $(0.10) | $(0.14) |
Net asset value, end of period (x) | $8.78 | $8.55 | $8.70 | $9.83 | $10.17 | $10.29 |
Total return (%) (r)(s)(t)(x) | 4.25(n) | 0.76 | (10.58) | (3.15) | (0.25) | 8.66 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 1.54(a) | 1.53 | 1.53 | 1.54 | 1.56 | 1.60 |
Expenses after expense reductions (f) | 1.53(a) | 1.52 | 1.51 | 1.53 | 1.55 | 1.59 |
Net investment income (loss) | 2.54(a) | 2.13 | 0.83 | (0.01) | 0.63 | 1.23 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $3,321 | $3,704 | $5,146 | $10,187 | $19,052 | $20,084 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class I |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.52 | $8.67 | $9.80 | $10.14 | $10.27 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.27 | $0.17 | $0.10 | $0.17 | $0.22 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.12) | (0.32) | (0.10) | 0.70 |
Total from investment operations | $0.40 | $0.15 | $(0.95) | $(0.22) | $0.07 | $0.92 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.30) | $(0.18) | $(0.12) | $(0.20) | $(0.23) |
Net asset value, end of period (x) | $8.75 | $8.52 | $8.67 | $9.80 | $10.14 | $10.27 |
Total return (%) (r)(s)(t)(x) | 4.78(n) | 1.76 | (9.71) | (2.18) | 0.65 | 9.76 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 0.54(a) | 0.53 | 0.53 | 0.53 | 0.56 | 0.60 |
Expenses after expense reductions (f) | 0.53(a) | 0.52 | 0.51 | 0.52 | 0.55 | 0.59 |
Net investment income (loss) | 3.53(a) | 3.15 | 1.88 | 0.97 | 1.60 | 2.20 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $269,092 | $358,416 | $233,540 | $274,851 | $162,286 | $96,407 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class R1 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.18 | $0.08 | $(0.00)(w) | $0.06 | $0.12 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.11) | (0.32) | (0.09) | 0.71 |
Total from investment operations | $0.36 | $0.06 | $(1.03) | $(0.32) | $(0.03) | $0.83 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.21) | $(0.09) | $(0.02) | $(0.10) | $(0.14) |
Net asset value, end of period (x) | $8.76 | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 |
Total return (%) (r)(s)(t)(x) | 4.26(n) | 0.75 | (10.52) | (3.16) | (0.35) | 8.68 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 1.54(a) | 1.53 | 1.53 | 1.54 | 1.56 | 1.60 |
Expenses after expense reductions (f) | 1.53(a) | 1.52 | 1.51 | 1.53 | 1.55 | 1.59 |
Net investment income (loss) | 2.54(a) | 2.15 | 0.89 | (0.02) | 0.61 | 1.23 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $1,574 | $1,592 | $1,587 | $1,960 | $2,274 | $2,158 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class R2 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.13 | $0.05 | $0.12 | $0.17 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.11) | (0.32) | (0.10) | 0.71 |
Total from investment operations | $0.38 | $0.11 | $(0.98) | $(0.27) | $0.02 | $0.88 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.14) | $(0.07) | $(0.15) | $(0.19) |
Net asset value, end of period (x) | $8.76 | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 |
Total return (%) (r)(s)(t)(x) | 4.51(n) | 1.26 | (10.07) | (2.67) | 0.15 | 9.22 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 1.04(a) | 1.03 | 1.03 | 1.04 | 1.06 | 1.10 |
Expenses after expense reductions (f) | 1.03(a) | 1.02 | 1.01 | 1.03 | 1.05 | 1.09 |
Net investment income (loss) | 3.04(a) | 2.64 | 1.39 | 0.48 | 1.12 | 1.73 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $38,113 | $36,279 | $40,295 | $49,375 | $63,945 | $78,519 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class R3 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.53 | $8.68 | $9.81 | $10.15 | $10.27 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.15 | $0.07 | $0.14 | $0.20 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.12) | (0.31) | (0.09) | 0.70 |
Total from investment operations | $0.39 | $0.13 | $(0.97) | $(0.24) | $0.05 | $0.90 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.28) | $(0.16) | $(0.10) | $(0.17) | $(0.21) |
Net asset value, end of period (x) | $8.76 | $8.53 | $8.68 | $9.81 | $10.15 | $10.27 |
Total return (%) (r)(s)(t)(x) | 4.64(n) | 1.51 | (9.93) | (2.43) | 0.50 | 9.49 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 0.79(a) | 0.78 | 0.78 | 0.79 | 0.81 | 0.85 |
Expenses after expense reductions (f) | 0.78(a) | 0.77 | 0.76 | 0.78 | 0.80 | 0.84 |
Net investment income (loss) | 3.28(a) | 2.89 | 1.62 | 0.73 | 1.36 | 1.99 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $23,332 | $22,264 | $27,808 | $38,286 | $49,242 | $52,773 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class R4 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.54 | $8.69 | $9.81 | $10.15 | $10.28 | $9.59 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.27 | $0.17 | $0.10 | $0.17 | $0.22 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.11) | (0.32) | (0.10) | 0.71 |
Total from investment operations | $0.40 | $0.15 | $(0.94) | $(0.22) | $0.07 | $0.93 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.30) | $(0.18) | $(0.12) | $(0.20) | $(0.24) |
Net asset value, end of period (x) | $8.77 | $8.54 | $8.69 | $9.81 | $10.15 | $10.28 |
Total return (%) (r)(s)(t)(x) | 4.77(n) | 1.76 | (9.60) | (2.18) | 0.65 | 9.75 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 0.54(a) | 0.53 | 0.53 | 0.54 | 0.56 | 0.60 |
Expenses after expense reductions (f) | 0.53(a) | 0.52 | 0.51 | 0.53 | 0.55 | 0.59 |
Net investment income (loss) | 3.55(a) | 3.14 | 1.87 | 0.98 | 1.61 | 2.22 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $38,129 | $42,489 | $42,785 | $53,252 | $67,258 | $73,230 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
Class R6 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.28 | $0.18 | $0.11 | $0.18 | $0.23 |
Net realized and unrealized gain (loss) | 0.25 | (0.12) | (1.11) | (0.32) | (0.10) | 0.71 |
Total from investment operations | $0.41 | $0.16 | $(0.93) | $(0.21) | $0.08 | $0.94 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.18) | $(0.31) | $(0.19) | $(0.13) | $(0.21) | $(0.25) |
Net asset value, end of period (x) | $8.76 | $8.53 | $8.68 | $9.80 | $10.14 | $10.27 |
Total return (%) (r)(s)(t)(x) | 4.83(n) | 1.87 | (9.52) | (2.08) | 0.75 | 9.87 |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions (f) | 0.43(a) | 0.43 | 0.43 | 0.44 | 0.46 | 0.50 |
Expenses after expense reductions (f) | 0.42(a) | 0.41 | 0.41 | 0.42 | 0.45 | 0.49 |
Net investment income (loss) | 3.64(a) | 3.25 | 1.98 | 1.08 | 1.69 | 2.33 |
Portfolio turnover rate | 107(n) | 195 | 198 | 398 | 307 | 113 |
Net assets at end of period (000 omitted) | $1,303,718 | $1,265,255 | $1,308,767 | $1,561,273 | $1,422,514 | $1,220,812 |
Supplemental Rate: | ||||||
Portfolio turnover rate (excluding TBA transactions) (e) | 27(n) | 73 | N/A | N/A | N/A | N/A |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(e) | Portfolio turnover rate (excluding TBA transactions) is disclosed beginning with the period ending February 29, 2024. Refer to Note 2 for more information on TBA transactions and mortgage dollar rolls. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns 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. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | $- | $699,241,385 | $- | $699,241,385 |
Municipal Bonds | - | 9,028,850 | - | 9,028,850 |
U.S. Corporate Bonds | - | 4,553,268 | - | 4,553,268 |
Residential Mortgage-Backed Securities | - | 1,175,999,296 | - | 1,175,999,296 |
Commercial Mortgage-Backed Securities | - | 61,205,984 | - | 61,205,984 |
Asset-Backed Securities (including CDOs) | - | 98,850,969 | - | 98,850,969 |
Mutual Funds | 102,035,708 | - | - | 102,035,708 |
Total | $102,035,708 | $2,048,879,752 | $- | $2,150,915,460 |
Other Financial Instruments | ||||
Futures Contracts - Assets | $283,935 | $- | $- | $283,935 |
Futures Contracts - Liabilities | (1,912,542) | - | - | (1,912,542) |
Swap Agreements - Liabilities | - | (1,642,829) | - | (1,642,829) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $283,935 | $(1,912,542) |
Interest Rate | Cleared Swap Agreements | - | (1,642,829) |
Total | $283,935 | $(3,555,371) |
Risk |
Futures Contracts |
Swap Agreements |
Interest Rate | $8,703,853 | $347,722 |
Risk |
Futures Contracts |
Swap Agreements |
Interest Rate | $(2,586,336) | $(1,642,829) |
Year ended 2/29/24 |
|
Ordinary income (including any short-term capital gains) | $77,018,060 |
As of 8/31/24 | |
Cost of investments | $2,238,556,533 |
Gross appreciation | 16,163,262 |
Gross depreciation | (103,804,335) |
Net unrealized appreciation (depreciation) | $(87,641,073) |
As of 2/29/24 | |
Undistributed ordinary income | 13,705,669 |
Capital loss carryforwards | (280,584,544) |
Other temporary differences | (6,767,049) |
Net unrealized appreciation (depreciation) | (150,792,960) |
Short-Term | $(110,660,792) |
Long-Term | (169,923,752) |
Total | $(280,584,544) |
Six months ended 8/31/24 |
Year ended 2/29/24 |
||
Class A | $7,521,597 | $14,875,330 | |
Class B | 12,488 | 31,092 | |
Class C | 51,770 | 115,102 | |
Class I | 6,272,514 | 11,333,264 | |
Class R1 | 23,268 | 39,658 | |
Class R2 | 655,895 | 1,120,631 | |
Class R3 | 426,239 | 832,407 | |
Class R4 | 844,123 | 1,470,784 | |
Class R6 | 26,339,225 | 47,199,792 | |
Total | $42,147,119 | $77,018,060 |
Up to $1 billion | 0.40% |
In excess of $1 billion and up to $2.5 billion | 0.35% |
In excess of $2.5 billion and up to $5 billion | 0.30% |
In excess of $5 billion | 0.29% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.80% | 1.55% | 1.55% | 0.55% | 1.55% | 1.05% | 0.80% | 0.55% | 0.44% |
Distribution Fee Rate (d) |
Service Fee Rate (d) |
Total Distribution Plan (d) |
Annual Effective Rate (e) |
Distribution and Service Fee |
|
Class A | - | 0.25% | 0.25% | 0.25% | $ 502,668 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 4,177 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 17,308 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 7,772 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 93,836 |
Class R3 | - | 0.25% | 0.25% | 0.25% | 28,476 |
Total Distribution and Service Fees | $654,237 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class's average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended August 31, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended August 31, 2024, this rebate amounted to $258 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $3,213 |
Class B | 125 |
Class C | 65 |
Date | Transaction | Class | Shares | Amount |
8/19/2024 | Redemption | Class I | 3 | $25 |
8/19/2024 | Redemption | Class R1 | 2 | 19 |
8/19/2024 | Redemption | Class R2 | 3 | 23 |
8/19/2024 | Redemption | Class R3 | 3 | 29 |
8/19/2024 | Redemption | Class R4 | 3 | 26 |
Purchases | Sales | |
U.S. Government securities | $2,151,019,519 | $2,283,796,092 |
Non-U.S. Government securities | 40,089,544 | 35,121,858 |
Six months ended 8/31/24 |
Year ended 2/29/24 |
||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,436,666 | $20,860,480 | 8,519,378 | $74,165,403 | |
Class B | 3,796 | 31,730 | 3,778 | 33,041 | |
Class C | 19,396 | 168,381 | 196,049 | 1,721,129 | |
Class I | 3,814,224 | 32,493,755 | 25,604,441 | 222,762,392 | |
Class R1 | 6,505 | 55,419 | 39,405 | 329,139 | |
Class R2 | 687,271 | 5,868,216 | 1,032,448 | 8,882,653 | |
Class R3 | 715,617 | 6,121,074 | 1,119,127 | 9,668,613 | |
Class R4 | 604,164 | 5,169,347 | 1,242,218 | 10,701,313 | |
Class R6 | 4,298,322 | 36,754,858 | 14,477,246 | 124,729,530 | |
12,585,961 | $107,523,260 | 52,234,090 | $452,993,213 | ||
Shares issued to shareholders in reinvestment of distributions |
|||||
Class A | 844,234 | $7,221,544 | 1,653,269 | $14,217,418 | |
Class B | 1,456 | 12,435 | 3,605 | 30,979 | |
Class C | 5,963 | 51,092 | 13,166 | 113,482 | |
Class I | 725,503 | 6,185,375 | 1,293,810 | 11,096,760 | |
Class R1 | 2,722 | 23,268 | 4,619 | 39,651 | |
Class R2 | 76,490 | 653,710 | 129,896 | 1,115,877 | |
Class R3 | 49,827 | 426,227 | 96,763 | 831,725 | |
Class R4 | 27,122 | 231,392 | 52,385 | 450,485 | |
Class R6 | 3,021,563 | 25,822,317 | 5,391,877 | 46,307,181 | |
4,754,880 | $40,627,360 | 8,639,390 | $74,203,558 | ||
Shares reacquired | |||||
Class A | (6,908,686) | $(59,079,712) | (15,500,202) | $(132,649,029) | |
Class B | (29,932) | (254,499) | (73,830) | (635,978) | |
Class C | (80,197) | (685,525) | (367,611) | (3,187,789) | |
Class I | (15,846,399) | (134,394,742) | (11,771,254) | (100,565,527) | |
Class R1 | (16,094) | (135,500) | (40,279) | (346,453) | |
Class R2 | (665,469) | (5,673,721) | (1,551,549) | (13,401,753) | |
Class R3 | (711,753) | (6,057,124) | (1,809,110) | (15,558,536) | |
Class R4 | (1,258,657) | (10,813,781) | (1,242,815) | (10,676,436) | |
Class R6 | (6,809,386) | (58,612,386) | (22,321,648) | (189,733,355) | |
(32,326,573) | $(275,706,990) | (54,678,298) | $(466,754,856) | ||
Net change | |||||
Class A | (3,627,786) | $(30,997,688) | (5,327,555) | $(44,266,208) | |
Class B | (24,680) | (210,334) | (66,447) | (571,958) | |
Class C | (54,838) | (466,052) | (158,396) | (1,353,178) | |
Class I | (11,306,672) | (95,715,612) | 15,126,997 | 133,293,625 | |
Class R1 | (6,867) | (56,813) | 3,745 | 22,337 | |
Class R2 | 98,292 | 848,205 | (389,205) | (3,403,223) | |
Class R3 | 53,691 | 490,177 | (593,220) | (5,058,198) | |
Class R4 | (627,371) | (5,413,042) | 51,788 | 475,362 | |
Class R6 | 510,499 | 3,964,789 | (2,452,525) | (18,696,644) | |
(14,985,732) | $(127,556,370) | 6,195,182 | $60,441,915 |
Affiliated Issuers |
Beginning Value |
Purchases |
Sales Proceeds |
Realized Gain (Loss) |
Change in Unrealized Appreciation or Depreciation |
Ending Value |
MFS Institutional Money Market Portfolio | $34,364,117 | $747,318,970 | $679,663,706 | $(8,680) | $25,007 | $102,035,708 |
Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $3,983,401 | $- |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - 98.3% | ||||
Aerospace & Defense - 2.7% | ||||
CACI International, Inc., "A" (a) | 46,599 | $ 22,745,904 | ||
Hexcel Corp. | 300,402 | 19,012,443 | ||
KBR, Inc. | 433,037 | 30,035,446 | ||
Moog, Inc., "A" | 115,150 | 22,730,610 | ||
$94,524,403 | ||||
Airlines - 0.7% | ||||
Vontier Corp. | 676,154 | $ 23,685,675 | ||
Apparel Manufacturers - 2.8% | ||||
Canada Goose Holdings, Inc. (a)(l) | 1,657,868 | $ 19,347,319 | ||
PVH Corp. | 236,987 | 23,388,247 | ||
Skechers USA, Inc., "A" (a) | 488,385 | 33,444,605 | ||
Under Amour, Inc., "C" (a) | 3,093,126 | 23,074,720 | ||
$99,254,891 | ||||
Automotive - 2.6% | ||||
Atmus Filtration Technologies, Inc. | 877,207 | $ 31,447,871 | ||
LKQ Corp. | 920,578 | 38,286,839 | ||
Visteon Corp. (a) | 230,086 | 23,291,606 | ||
$93,026,316 | ||||
Business Services - 2.5% | ||||
Endava PLC, ADR (a) | 462,974 | $ 14,801,279 | ||
TriNet Group, Inc. | 232,672 | 23,925,662 | ||
UL Solutions, Inc. | 596,347 | 32,524,765 | ||
WNS (Holdings) Ltd. (a) | 282,206 | 16,706,595 | ||
$87,958,301 | ||||
Chemicals - 1.8% | ||||
Avient Corp. | 599,240 | $ 29,440,661 | ||
Element Solutions, Inc. | 1,306,342 | 34,931,585 | ||
$64,372,246 | ||||
Computer Software - 2.8% | ||||
ACI Worldwide, Inc. (a) | 1,192,212 | $ 60,039,796 | ||
Dun & Bradstreet Holdings, Inc. | 3,099,307 | 37,191,684 | ||
$97,231,480 | ||||
Computer Software - Systems - 1.2% | ||||
Softchoice Corp. | 1,620,582 | $ 24,663,775 | ||
Verint Systems, Inc. (a) | 503,061 | 15,871,575 | ||
$40,535,350 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Construction - 2.3% | ||||
Independence Realty Trust, Inc., REIT | 1,681,218 | $ 34,935,710 | ||
Smith Douglas Homes Corp. (a) | 337,250 | 12,363,585 | ||
Toll Brothers, Inc. | 235,496 | 33,927,909 | ||
$81,227,204 | ||||
Consumer Products - 2.4% | ||||
Helen of Troy Ltd. (a) | 203,800 | $ 10,878,844 | ||
MGP Ingredients, Inc. | 221,854 | 19,875,900 | ||
Newell Brands, Inc. | 2,523,769 | 17,893,522 | ||
Prestige Consumer Healthcare, Inc. (a) | 490,023 | 36,575,317 | ||
$85,223,583 | ||||
Consumer Services - 0.8% | ||||
Grand Canyon Education, Inc. (a) | 181,419 | $ 26,307,569 | ||
Containers - 2.0% | ||||
Ardagh Metal Packaging S.A. | 2,599,869 | $ 9,307,531 | ||
Graphic Packaging Holding Co. | 874,682 | 26,179,232 | ||
Silgan Holdings, Inc. | 639,930 | 33,449,141 | ||
$68,935,904 | ||||
Electrical Equipment - 2.2% | ||||
Berry Global, Inc. | 465,079 | $ 32,025,340 | ||
nVent Electric PLC | 369,741 | 25,127,598 | ||
TriMas Corp. | 816,125 | 20,819,349 | ||
$77,972,287 | ||||
Electronics - 1.9% | ||||
Axcelis Technologies, Inc. (a) | 144,431 | $ 15,790,641 | ||
Cohu, Inc. (a) | 582,078 | 15,663,719 | ||
Plexus Corp. (a) | 268,692 | 34,422,132 | ||
$65,876,492 | ||||
Energy - Independent - 3.7% | ||||
Antero Resources Corp. (a) | 1,089,945 | $ 29,417,616 | ||
Matador Resources Co. | 513,160 | 29,106,435 | ||
Permian Resources Corp. | 1,988,950 | 28,322,648 | ||
Viper Energy, Inc. | 920,772 | 43,828,747 | ||
$130,675,446 | ||||
Engineering - Construction - 0.6% | ||||
Centuri Holdings, Inc. (a)(l) | 1,292,659 | $ 22,104,469 | ||
Food & Beverages - 1.6% | ||||
Nomad Foods Ltd. | 2,136,156 | $ 40,159,733 | ||
WK Kellogg Co. | 1,027,601 | 17,643,909 | ||
$57,803,642 | ||||
Forest & Paper Products - 0.9% | ||||
International Paper Co. | 618,201 | $ 29,933,292 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Gaming & Lodging - 0.8% | ||||
International Game Technology PLC | 1,247,101 | $ 27,922,591 | ||
Insurance - 4.3% | ||||
Assurant, Inc. | 152,722 | $ 29,986,965 | ||
Hanover Insurance Group, Inc. | 257,370 | 37,830,816 | ||
Kemper Corp. | 221,746 | 13,861,342 | ||
Lincoln National Corp. | 719,565 | 23,098,037 | ||
Selective Insurance Group, Inc. | 297,695 | 27,084,291 | ||
Stewart Information Services Corp. | 263,953 | 19,508,766 | ||
$151,370,217 | ||||
Leisure & Toys - 2.4% | ||||
Brunswick Corp. | 316,238 | $ 24,998,614 | ||
Funko, Inc., "A" (a) | 1,050,769 | 11,001,551 | ||
Hasbro, Inc. | 399,764 | 27,247,914 | ||
Patrick Industries, Inc. | 150,413 | 19,436,368 | ||
$82,684,447 | ||||
Machinery & Tools - 4.9% | ||||
ESAB Corp. | 295,458 | $ 31,014,226 | ||
Flowserve Corp. | 536,619 | 26,766,556 | ||
Hayward Holdings, Inc. (a) | 2,145,845 | 31,844,340 | ||
ITT, Inc. | 186,200 | 25,922,764 | ||
Regal Rexnord Corp. | 159,415 | 26,751,431 | ||
Timken Co. | 343,882 | 29,068,345 | ||
$171,367,662 | ||||
Medical & Health Technology & Services - 2.3% | ||||
Encompass Health Corp. | 234,883 | $ 21,855,863 | ||
ICON PLC (a) | 72,823 | 23,453,375 | ||
Option Care Health, Inc. (a) | 1,117,621 | 35,786,225 | ||
$81,095,463 | ||||
Medical Equipment - 2.1% | ||||
Concentra Group Holdings, Inc. (a) | 1,203,094 | $ 29,415,648 | ||
Envista Holdings Corp. (a) | 1,343,547 | 24,533,168 | ||
Maravai Lifesciences Holdings, Inc., "A" (a) | 1,327,063 | 12,009,920 | ||
QuidelOrtho Corp. (a) | 219,586 | 9,277,509 | ||
$75,236,245 | ||||
Metals & Mining - 0.4% | ||||
United States Steel Corp. | 395,584 | $ 14,996,589 | ||
Natural Gas - Distribution - 2.4% | ||||
MDU Resources Group, Inc. | 862,743 | $ 22,163,868 | ||
New Jersey Resources Corp. | 622,358 | 28,821,399 | ||
ONE Gas, Inc. | 503,069 | 34,681,577 | ||
$85,666,844 | ||||
Natural Gas - Pipeline - 1.1% | ||||
Plains GP Holdings LP | 2,002,733 | $ 38,452,474 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Oil Services - 1.8% | ||||
Expro Group Holdings N.V. (a) | 1,186,020 | $ 23,554,357 | ||
Helmerich & Payne | 419,892 | 13,701,076 | ||
TechnipFMC PLC | 1,008,569 | 27,069,992 | ||
$64,325,425 | ||||
Other Banks & Diversified Financials - 20.4% | ||||
Air Lease Corp. | 892,986 | $ 41,318,462 | ||
Banc of California, Inc. | 1,726,420 | 24,549,692 | ||
Brookline Bancorp, Inc. | 700,457 | 7,165,675 | ||
Cathay General Bancorp, Inc. | 739,322 | 32,522,775 | ||
Columbia Banking System, Inc. | 1,600,927 | 40,311,342 | ||
East West Bancorp, Inc. | 458,262 | 38,526,086 | ||
Eastern Bankshares, Inc. | 1,801,746 | 30,575,630 | ||
Element Fleet Management Corp. | 1,737,330 | 36,031,888 | ||
First Hawaiian, Inc. | 1,558,708 | 37,923,366 | ||
First Interstate BancSystem, Inc. | 1,257,373 | 39,041,432 | ||
Glacier Bancorp, Inc. | 843,305 | 39,888,326 | ||
Herc Holdings, Inc. | 200,035 | 29,279,123 | ||
Pacific Premier Bancorp, Inc. | 1,880,677 | 48,333,399 | ||
Popular, Inc. | 354,790 | 36,365,975 | ||
Prosperity Bancshares, Inc. | 637,394 | 46,899,451 | ||
Sandy Spring Bancorp, Inc. | 622,257 | 19,476,644 | ||
SLM Corp. | 1,605,421 | 35,415,587 | ||
Texas Capital Bancshares, Inc. (a) | 425,883 | 28,627,855 | ||
UMB Financial Corp. | 389,181 | 40,315,260 | ||
United Community Bank, Inc. | 1,115,242 | 33,981,424 | ||
Wintrust Financial Corp. | 290,323 | 31,587,142 | ||
$718,136,534 | ||||
Pharmaceuticals - 0.6% | ||||
Organon & Co. | 865,336 | $ 19,340,260 | ||
Real Estate - 5.6% | ||||
Brixmor Property Group, Inc., REIT | 1,149,674 | $ 31,489,571 | ||
Broadstone Net Lease, Inc., REIT | 1,486,182 | 27,197,131 | ||
Cushman & Wakefield PLC (a) | 2,218,209 | 28,836,717 | ||
Essential Properties Realty Trust, REIT | 1,167,841 | 37,265,806 | ||
PennyMac Financial Services, Inc. | 166,533 | 17,985,564 | ||
Phillips Edison & Co., REIT | 853,933 | 31,561,364 | ||
Two Harbors Investment Corp., REIT | 1,641,288 | 23,240,638 | ||
$197,576,791 | ||||
Real Estate - Office - 1.2% | ||||
Cousins Properties, Inc., REIT | 850,756 | $ 24,255,053 | ||
Douglas Emmett, Inc., REIT | 1,062,340 | 16,997,440 | ||
Empire State Realty Trust, REIT, "A" | 130,768 | 1,410,987 | ||
$42,663,480 | ||||
Real Estate - Storage - 3.0% | ||||
LXP Industrial Trust, REIT | 3,036,155 | $ 31,454,566 | ||
National Storage Affiliates Trust, REIT | 929,053 | 43,423,937 | ||
STAG Industrial, Inc., REIT | 785,984 | 31,895,231 | ||
$106,773,734 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks - continued | ||||
Specialty Chemicals - 2.9% | ||||
Ashland, Inc. | 397,192 | $ 35,548,684 | ||
Axalta Coating Systems Ltd. (a) | 628,572 | 22,942,878 | ||
Chemours Co. | 1,175,823 | 22,857,999 | ||
Quaker Chemical Corp. | 119,442 | 20,217,948 | ||
$101,567,509 | ||||
Specialty Stores - 1.0% | ||||
Monro Muffler Brake, Inc. | 256,718 | $ 6,954,491 | ||
Zumiez, Inc. (a)(h) | 1,018,227 | 28,245,617 | ||
$35,200,108 | ||||
Trucking - 1.9% | ||||
RXO, Inc. (a) | 792,687 | $ 22,559,872 | ||
Schneider National, Inc. | 665,127 | 18,031,593 | ||
XPO, Inc. (a) | 234,753 | 26,907,389 | ||
$67,498,854 | ||||
Utilities - Electric Power - 3.7% | ||||
Black Hills Corp. | 601,822 | $ 35,579,717 | ||
NorthWestern Corp. | 843,476 | 45,876,660 | ||
Portland General Electric Co. | 1,031,038 | 49,603,238 | ||
$131,059,615 | ||||
Total Common Stocks (Identified Cost, $2,645,187,106) | $3,459,583,392 | |||
Investment Companies (h) - 1.4% | ||||
Money Market Funds - 1.4% | ||||
MFS Institutional Money Market Portfolio, 5.35% (v) (Identified Cost, $49,206,755) | 49,203,907 | $ 49,218,668 | ||
Collateral for Securities Loaned - 1.0% | ||||
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 5.22% (j) (Identified Cost, $35,964,575) | 35,964,575 | $ 35,964,575 | ||
Other Assets, Less Liabilities - (0.7)% | (26,386,477) | |||
Net Assets - 100.0% | $3,518,380,158 |
(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 $77,464,285 and $3,467,302,350, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(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: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Financial Statements | Statement of Assets and Liabilities |
At 8/31/24 (unaudited)Assets | |
Investments in unaffiliated issuers, at value, including $35,684,025 of securities on loan (identified cost, $2,663,444,928) | $3,467,302,350 |
Investments in affiliated issuers, at value (identified cost, $66,913,508) | 77,464,285 |
Receivables for | |
Investments sold | 8,919,570 |
Fund shares sold | 3,533,117 |
Interest and dividends | 4,015,921 |
Other assets | 78,288 |
Total assets | $3,561,313,531 |
Liabilities | |
Payables for | |
Investments purchased | $3,480,338 |
Fund shares reacquired | 2,613,876 |
Collateral for securities loaned, at value | 35,964,575 |
Payable to affiliates | |
Investment adviser | 229,743 |
Administrative services fee | 4,173 |
Shareholder servicing costs | 351,951 |
Distribution and service fees | 12,574 |
Accrued expenses and other liabilities | 276,143 |
Total liabilities | $42,933,373 |
Net assets | $3,518,380,158 |
Net assets consist of | |
Paid-in capital | $2,636,824,112 |
Total distributable earnings (loss) | 881,556,046 |
Net assets | $3,518,380,158 |
Shares of beneficial interest outstanding | 181,823,806 |
Net assets |
Shares outstanding |
Net asset value per share (a) |
|
Class A | $288,965,270 | 15,098,623 | $19.14 |
Class B | 2,432,881 | 137,094 | 17.75 |
Class C | 19,412,568 | 1,102,794 | 17.60 |
Class I | 1,343,569,286 | 69,405,161 | 19.36 |
Class R1 | 1,888,322 | 106,726 | 17.69 |
Class R2 | 5,608,008 | 296,653 | 18.90 |
Class R3 | 221,775,369 | 11,560,933 | 19.18 |
Class R4 | 71,003,908 | 3,660,467 | 19.40 |
Class R6 | 1,563,724,546 | 80,455,355 | 19.44 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $20.31 [100 / 94.25 x $19.14]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Financial Statements | Statement of Operations |
Six months ended 8/31/24 (unaudited)Net investment income (loss) | |
Income | |
Dividends | $44,835,338 |
Dividends from affiliated issuers | 1,528,000 |
Income on securities loaned | 289,668 |
Other | 119,635 |
Interest | 188 |
Foreign taxes withheld | (1,016,985) |
Total investment income | $45,755,844 |
Expenses | |
Management fee | $14,026,225 |
Distribution and service fees | 698,672 |
Shareholder servicing costs | 930,194 |
Administrative services fee | 250,314 |
Independent Trustees' compensation | 30,182 |
Custodian fee | 64,015 |
Shareholder communications | 168,530 |
Audit and tax fees | 35,381 |
Legal fees | 9,463 |
Miscellaneous | 122,609 |
Total expenses | $16,335,585 |
Reduction of expenses by investment adviser and distributor | (224,578) |
Net expenses | $16,111,007 |
Net investment income (loss) | $29,644,837 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $101,293,696 |
Affiliated issuers | (833,874) |
Foreign currency | (63,814) |
Net realized gain (loss) | $100,396,008 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $232,803,221 |
Affiliated issuers | 11,378,952 |
Net unrealized gain (loss) | $244,182,173 |
Net realized and unrealized gain (loss) | $344,578,181 |
Change in net assets from operations | $374,223,018 |
Financial Statements | Statements of Changes in Net Assets |
Six months ended | Year ended | |
8/31/24 (unaudited) |
2/29/24 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $29,644,837 | $43,053,090 |
Net realized gain (loss) | 100,396,008 | 141,320,821 |
Net unrealized gain (loss) | 244,182,173 | (132,227,496) |
Change in net assets from operations | $374,223,018 | $52,146,415 |
Total distributions to shareholders | $(21,537,698) | $(214,805,624) |
Change in net assets from fund share transactions | $(264,106,839) | $(261,039,840) |
Total change in net assets | $88,578,481 | $(423,699,049) |
Net assets | ||
At beginning of period | 3,429,801,677 | 3,853,500,726 |
At end of period | $3,518,380,158 | $3,429,801,677 |
Financial Statements | Financial Highlights |
Class A |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $17.28 | $18.03 | $20.03 | $18.53 | $14.12 | $15.16 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.16 | $0.12 | $0.05 | $0.07 | $0.10 |
Net realized and unrealized gain (loss) | 1.84 | 0.15 | (0.77) | 3.32 | 4.66 | (0.38) |
Total from investment operations | $1.97 | $0.31 | $(0.65) | $3.37 | $4.73 | $(0.28) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.18) | $(0.23) | $(0.15) | $- | $(0.10) |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.11) | $(1.06) | $(1.35) | $(1.87) | $(0.32) | $(0.76) |
Net asset value, end of period (x) | $19.14 | $17.28 | $18.03 | $20.03 | $18.53 | $14.12 |
Total return (%) (r)(s)(t)(x) | 11.40(n) | 1.96 | (2.88) | 18.34 | 34.47 | (2.41) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 1.20(a) | 1.20 | 1.20 | 1.19 | 1.23 | 1.23 |
Expenses after expense reductions | 1.19(a) | 1.19 | 1.18 | 1.18 | 1.22 | 1.22 |
Net investment income (loss) | 1.47(a) | 0.98 | 0.65 | 0.25 | 0.53 | 0.64 |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $288,965 | $275,255 | $306,254 | $361,165 | $333,743 | $331,255 |
Class B |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $16.07 | $16.83 | $18.77 | $17.54 | $13.48 | $14.52 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.04 | $(0.01) | $(0.09) | $(0.03) | $(0.02) |
Net realized and unrealized gain (loss) | 1.70 | 0.12 | (0.73) | 3.13 | 4.41 | (0.36) |
Total from investment operations | $1.76 | $0.16 | $(0.74) | $3.04 | $4.38 | $(0.38) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.03) | $(0.04) | $(0.08) | $(0.09) | $- | $- |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.08) | $(0.92) | $(1.20) | $(1.81) | $(0.32) | $(0.66) |
Net asset value, end of period (x) | $17.75 | $16.07 | $16.83 | $18.77 | $17.54 | $13.48 |
Total return (%) (r)(s)(t)(x) | 10.97(n) | 1.21 | (3.61) | 17.45 | 33.50 | (3.11) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 1.95(a) | 1.95 | 1.95 | 1.94 | 1.98 | 1.98 |
Expenses after expense reductions | 1.94(a) | 1.94 | 1.93 | 1.93 | 1.97 | 1.97 |
Net investment income (loss) | 0.75(a) | 0.23 | (0.09) | (0.49) | (0.21) | (0.12) |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $2,433 | $2,834 | $4,023 | $6,016 | $6,032 | $6,207 |
Class C |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $15.94 | $16.70 | $18.66 | $17.45 | $13.41 | $14.45 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.04 | $(0.02) | $(0.09) | $(0.03) | $(0.02) |
Net realized and unrealized gain (loss) | 1.68 | 0.13 | (0.72) | 3.11 | 4.39 | (0.36) |
Total from investment operations | $1.74 | $0.17 | $(0.74) | $3.02 | $4.36 | $(0.38) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.03) | $(0.05) | $(0.10) | $(0.09) | $- | $- |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.08) | $(0.93) | $(1.22) | $(1.81) | $(0.32) | $(0.66) |
Net asset value, end of period (x) | $17.60 | $15.94 | $16.70 | $18.66 | $17.45 | $13.41 |
Total return (%) (r)(s)(t)(x) | 10.95(n) | 1.24 | (3.65) | 17.42 | 33.52 | (3.12) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 1.95(a) | 1.95 | 1.95 | 1.94 | 1.98 | 1.98 |
Expenses after expense reductions | 1.94(a) | 1.94 | 1.93 | 1.93 | 1.97 | 1.97 |
Net investment income (loss) | 0.74(a) | 0.23 | (0.09) | (0.48) | (0.21) | (0.11) |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $19,413 | $21,695 | $29,474 | $37,588 | $39,061 | $38,477 |
Class I |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $17.47 | $18.20 | $20.22 | $18.69 | $14.21 | $15.25 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.21 | $0.16 | $0.10 | $0.11 | $0.14 |
Net realized and unrealized gain (loss) | 1.85 | 0.16 | (0.78) | 3.35 | 4.70 | (0.39) |
Total from investment operations | $2.01 | $0.37 | $(0.62) | $3.45 | $4.81 | $(0.25) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.22) | $(0.28) | $(0.20) | $(0.01) | $(0.13) |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.12) | $(1.10) | $(1.40) | $(1.92) | $(0.33) | $(0.79) |
Net asset value, end of period (x) | $19.36 | $17.47 | $18.20 | $20.22 | $18.69 | $14.21 |
Total return (%) (r)(s)(t)(x) | 11.49(n) | 2.30 | (2.70) | 18.64 | 34.82 | (2.17) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 0.95(a) | 0.95 | 0.95 | 0.94 | 0.98 | 0.98 |
Expenses after expense reductions | 0.94(a) | 0.94 | 0.93 | 0.93 | 0.97 | 0.97 |
Net investment income (loss) | 1.73(a) | 1.22 | 0.91 | 0.46 | 0.78 | 0.89 |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $1,343,569 | $1,388,622 | $1,604,806 | $1,795,671 | $1,430,510 | $1,119,891 |
Class R1 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $16.03 | $16.80 | $18.78 | $17.55 | $13.49 | $14.53 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.04 | $(0.01) | $(0.10) | $(0.03) | $(0.02) |
Net realized and unrealized gain (loss) | 1.69 | 0.13 | (0.74) | 3.14 | 4.41 | (0.36) |
Total from investment operations | $1.75 | $0.17 | $(0.75) | $3.04 | $4.38 | $(0.38) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.06) | $(0.11) | $(0.09) | $- | $(0.00)(w) |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.09) | $(0.94) | $(1.23) | $(1.81) | $(0.32) | $(0.66) |
Net asset value, end of period (x) | $17.69 | $16.03 | $16.80 | $18.78 | $17.55 | $13.49 |
Total return (%) (r)(s)(t)(x) | 10.90(n) | 1.27 | (3.65) | 17.45 | 33.47 | (3.08) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 1.95(a) | 1.95 | 1.95 | 1.94 | 1.98 | 1.98 |
Expenses after expense reductions | 1.94(a) | 1.92 | 1.92 | 1.93 | 1.96 | 1.97 |
Net investment income (loss) | 0.73(a) | 0.25 | (0.09) | (0.51) | (0.22) | (0.11) |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $1,888 | $1,972 | $2,196 | $2,224 | $2,320 | $1,453 |
Class R2 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $17.09 | $17.84 | $19.84 | $18.38 | $14.04 | $15.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.12 | $0.07 | $0.01 | $0.04 | $0.06 |
Net realized and unrealized gain (loss) | 1.80 | 0.14 | (0.76) | 3.28 | 4.62 | (0.38) |
Total from investment operations | $1.91 | $0.26 | $(0.69) | $3.29 | $4.66 | $(0.32) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.05) | $(0.13) | $(0.19) | $(0.11) | $- | $(0.07) |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.10) | $(1.01) | $(1.31) | $(1.83) | $(0.32) | $(0.73) |
Net asset value, end of period (x) | $18.90 | $17.09 | $17.84 | $19.84 | $18.38 | $14.04 |
Total return (%) (r)(s)(t)(x) | 11.19(n) | 1.73 | (3.13) | 18.02 | 34.16 | (2.64) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 1.45(a) | 1.45 | 1.45 | 1.44 | 1.48 | 1.47 |
Expenses after expense reductions | 1.44(a) | 1.44 | 1.43 | 1.43 | 1.47 | 1.47 |
Net investment income (loss) | 1.22(a) | 0.73 | 0.40 | 0.05 | 0.29 | 0.40 |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $5,608 | $5,265 | $5,677 | $6,251 | $4,779 | $5,054 |
Class R3 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $17.33 | $18.07 | $20.08 | $18.57 | $14.15 | $15.20 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.17 | $0.12 | $0.05 | $0.07 | $0.10 |
Net realized and unrealized gain (loss) | 1.84 | 0.15 | (0.78) | 3.33 | 4.67 | (0.38) |
Total from investment operations | $1.97 | $0.32 | $(0.66) | $3.38 | $4.74 | $(0.28) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.18) | $(0.23) | $(0.15) | $(0.00)(w) | $(0.11) |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.12) | $(1.06) | $(1.35) | $(1.87) | $(0.32) | $(0.77) |
Net asset value, end of period (x) | $19.18 | $17.33 | $18.07 | $20.08 | $18.57 | $14.15 |
Total return (%) (r)(s)(t)(x) | 11.35(n) | 2.01 | (2.92) | 18.36 | 34.47 | (2.41) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 1.20(a) | 1.20 | 1.20 | 1.19 | 1.23 | 1.22 |
Expenses after expense reductions | 1.19(a) | 1.19 | 1.18 | 1.18 | 1.22 | 1.21 |
Net investment income (loss) | 1.42(a) | 0.98 | 0.65 | 0.24 | 0.53 | 0.64 |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $221,775 | $81,370 | $99,012 | $104,164 | $88,963 | $76,069 |
Class R4 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $17.50 | $18.24 | $20.25 | $18.72 | $14.23 | $15.27 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.21 | $0.17 | $0.09 | $0.11 | $0.14 |
Net realized and unrealized gain (loss) | 1.86 | 0.15 | (0.78) | 3.36 | 4.71 | (0.38) |
Total from investment operations | $2.02 | $0.36 | $(0.61) | $3.45 | $4.82 | $(0.24) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.22) | $(0.28) | $(0.20) | $(0.01) | $(0.14) |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.12) | $(1.10) | $(1.40) | $(1.92) | $(0.33) | $(0.80) |
Net asset value, end of period (x) | $19.40 | $17.50 | $18.24 | $20.25 | $18.72 | $14.23 |
Total return (%) (r)(s)(t)(x) | 11.53(n) | 2.24 | (2.66) | 18.60 | 34.84 | (2.16) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 0.95(a) | 0.95 | 0.95 | 0.94 | 0.98 | 0.98 |
Expenses after expense reductions | 0.94(a) | 0.94 | 0.93 | 0.93 | 0.97 | 0.97 |
Net investment income (loss) | 1.72(a) | 1.24 | 0.91 | 0.45 | 0.78 | 0.89 |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $71,004 | $66,910 | $73,846 | $103,464 | $104,206 | $82,613 |
Class R6 |
Six months ended |
Year ended | ||||
8/31/24 (unaudited) |
2/29/24 | 2/28/23 | 2/28/22 | 2/28/21 | 2/29/20 | |
Net asset value, beginning of period | $17.53 | $18.27 | $20.29 | $18.75 | $14.24 | $15.27 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.17 | $0.23 | $0.18 | $0.13 | $0.13 | $0.16 |
Net realized and unrealized gain (loss) | 1.86 | 0.15 | (0.78) | 3.35 | 4.71 | (0.38) |
Total from investment operations | $2.03 | $0.38 | $(0.60) | $3.48 | $4.84 | $(0.22) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.24) | $(0.30) | $(0.22) | $(0.01) | $(0.15) |
From net realized gain | (0.05) | (0.88) | (1.12) | (1.72) | (0.32) | (0.66) |
Total distributions declared to shareholders | $(0.12) | $(1.12) | $(1.42) | $(1.94) | $(0.33) | $(0.81) |
Net asset value, end of period (x) | $19.44 | $17.53 | $18.27 | $20.29 | $18.75 | $14.24 |
Total return (%) (r)(s)(t)(x) | 11.59(n) | 2.34 | (2.59) | 18.75 | 34.98 | (2.02) |
Ratios (%) (to average net assets) and Supplemental data: |
||||||
Expenses before expense reductions | 0.86(a) | 0.86 | 0.85 | 0.84 | 0.87 | 0.87 |
Expenses after expense reductions | 0.85(a) | 0.84 | 0.84 | 0.83 | 0.86 | 0.86 |
Net investment income (loss) | 1.81(a) | 1.32 | 1.00 | 0.62 | 0.89 | 0.99 |
Portfolio turnover rate | 17(n) | 34 | 30 | 44 | 48 | 44 |
Net assets at end of period (000 omitted) | $1,563,725 | $1,585,878 | $1,728,213 | $1,875,681 | $1,721,570 | $1,303,575 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns 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. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $3,459,583,392 | $- | $- | $3,459,583,392 |
Mutual Funds | 85,183,243 | - | - | 85,183,243 |
Total | $3,544,766,635 | $- | $- | $3,544,766,635 |
Year ended 2/29/24 |
|
Ordinary income (including any short-term capital gains) | $96,197,310 |
Long-term capital gains | 118,608,314 |
Total distributions | $214,805,624 |
As of 8/31/24 | |
Cost of investments | $2,801,436,621 |
Gross appreciation | 898,886,938 |
Gross depreciation | (155,556,924) |
Net unrealized appreciation (depreciation) | $743,330,014 |
As of 2/29/24 | |
Undistributed ordinary income | 15,127,866 |
Undistributed long-term capital gain | 6,403,152 |
Net unrealized appreciation (depreciation) | 507,339,708 |
Six months ended 8/31/24 |
Year ended 2/29/24 |
||
Class A | $1,667,681 | $16,787,554 | |
Class B | 11,637 | 183,649 | |
Class C | 95,954 | 1,415,281 | |
Class I | 8,236,780 | 86,932,687 | |
Class R1 | 9,211 | 114,609 | |
Class R2 | 30,633 | 322,623 | |
Class R3 | 1,363,702 | 5,437,539 | |
Class R4 | 436,635 | 4,226,424 | |
Class R6 | 9,685,465 | 99,385,258 | |
Total | $21,537,698 | $214,805,624 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2.5 billion | 0.80% |
In excess of $2.5 billion and up to $5 billion | 0.75% |
In excess of $5 billion | 0.70% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
1.39% | 2.14% | 2.14% | 1.14% | 2.14% | 1.64% | 1.39% | 1.14% | 1.07% |
Distribution Fee Rate (d) |
Service Fee Rate (d) |
Total Distribution Plan (d) |
Annual Effective Rate (e) |
Distribution and Service Fee |
|
Class A | - | 0.25% | 0.25% | 0.25% | $ 348,576 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 13,160 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 100,658 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 9,683 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 13,410 |
Class R3 | - | 0.25% | 0.25% | 0.25% | 213,185 |
Total Distribution and Service Fees | $698,672 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class's average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended August 31, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended August 31, 2024, this rebate amounted to $40 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $23 |
Class B | 967 |
Class C | 44 |
Date | Transaction | Class | Shares | Amount |
8/19/2024 | Redemption | Class A | 5 | $102 |
8/19/2024 | Redemption | Class B | 3 | 57 |
8/19/2024 | Redemption | Class C | 4 | 69 |
8/19/2024 | Redemption | Class I | 4 | 80 |
8/19/2024 | Redemption | Class R1 | 12 | 213 |
8/19/2024 | Redemption | Class R2 | 3 | 55 |
8/19/2024 | Redemption | Class R3 | 3 | 60 |
8/19/2024 | Redemption | Class R4 | 3 | 57 |
Six months ended 8/31/24 |
Year ended 2/29/24 |
||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 338,690 | $6,057,470 | 581,372 | $9,778,579 | |
Class B | - | - | 95 | 1,465 | |
Class C | 9,359 | 152,995 | 34,338 | 539,931 | |
Class I | 4,820,516 | 86,290,982 | 14,453,077 | 245,999,809 | |
Class R1 | 4,842 | 79,146 | 22,445 | 351,863 | |
Class R2 | 14,880 | 260,429 | 50,288 | 841,713 | |
Class R3 | 7,937,694 | 138,611,468 | 819,668 | 13,850,264 | |
Class R4 | 223,528 | 4,022,167 | 833,977 | 14,255,615 | |
Class R6 | 5,052,957 | 91,324,623 | 14,596,921 | 248,039,892 | |
18,402,466 | $326,799,280 | 31,392,181 | $533,659,131 |
Six months ended 8/31/24 |
Year ended 2/29/24 |
||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions |
|||||
Class A | 87,707 | $1,666,441 | 996,539 | $16,771,790 | |
Class B | 654 | 11,536 | 11,482 | 180,321 | |
Class C | 5,486 | 95,954 | 90,853 | 1,415,248 | |
Class I | 424,596 | 8,160,738 | 5,047,688 | 85,940,472 | |
Class R1 | 524 | 9,211 | 7,329 | 114,609 | |
Class R2 | 1,631 | 30,633 | 19,378 | 322,623 | |
Class R3 | 71,585 | 1,363,702 | 322,302 | 5,437,539 | |
Class R4 | 22,671 | 436,635 | 247,837 | 4,226,424 | |
Class R6 | 439,968 | 8,486,990 | 5,207,642 | 88,807,098 | |
1,054,822 | $20,261,840 | 11,951,050 | $203,216,124 | ||
Shares reacquired | |||||
Class A | (1,253,544) | $(22,384,925) | (2,641,992) | $(44,423,597) | |
Class B | (39,929) | (667,455) | (74,309) | (1,167,346) | |
Class C | (272,903) | (4,469,064) | (529,080) | (8,230,816) | |
Class I | (15,346,095) | (276,327,520) | (28,153,160) | (470,953,980) | |
Class R1 | (21,721) | (362,175) | (37,432) | (586,200) | |
Class R2 | (27,988) | (489,081) | (79,835) | (1,354,809) | |
Class R3 | (1,144,036) | (20,688,775) | (1,925,812) | (32,964,939) | |
Class R4 | (408,952) | (7,437,146) | (1,307,759) | (22,374,536) | |
Class R6 | (15,506,243) | (278,341,818) | (23,946,143) | (415,858,872) | |
(34,021,411) | $(611,167,959) | (58,695,522) | $(997,915,095) | ||
Net change | |||||
Class A | (827,147) | $(14,661,014) | (1,064,081) | $(17,873,228) | |
Class B | (39,275) | (655,919) | (62,732) | (985,560) | |
Class C | (258,058) | (4,220,115) | (403,889) | (6,275,637) | |
Class I | (10,100,983) | (181,875,800) | (8,652,395) | (139,013,699) | |
Class R1 | (16,355) | (273,818) | (7,658) | (119,728) | |
Class R2 | (11,477) | (198,019) | (10,169) | (190,473) | |
Class R3 | 6,865,243 | 119,286,395 | (783,842) | (13,677,136) | |
Class R4 | (162,753) | (2,978,344) | (225,945) | (3,892,497) | |
Class R6 | (10,013,318) | (178,530,205) | (4,141,580) | (79,011,882) | |
(14,564,123) | $(264,106,839) | (15,352,291) | $(261,039,840) |
Affiliated Issuers |
Beginning Value |
Purchases |
Sales Proceeds |
Realized Gain (Loss) |
Change in Unrealized Appreciation or Depreciation |
Ending Value |
MFS Institutional Money Market Portfolio | $66,372,195 | $365,049,296 | $382,216,820 | $(392) | $14,389 | $49,218,668 |
Zumiez, Inc. | 20,472,907 | 81,485 | 2,839,856 | (833,482) | 11,364,563 | 28,245,617 |
$86,845,102 | $365,130,781 | $385,056,676 | $(833,874) | $11,378,952 | $77,464,285 |
Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $1,528,000 | $- |
Zumiez, Inc. | - | - |
$1,528,000 | $- |
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
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.
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.
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 to the Registrant.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.
ITEM 19. EXHIBITS.
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.
Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.
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.
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.
Change in the registrant's independent public accountant. Not applicable.
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.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST XIII
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: October 16, 2024
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)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: October 16, 2024
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)
Date: October 16, 2024
* Print name and title of each signing officer under his or her signature.