Edgar Filing: MFS MULTIMARKET INCOME TRUST

MFS MULTIMARKET INCOME TRUST N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4975

MFS MULTIMARKET INCOME TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: July 31, 2015

ITEM 1.

SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

July 31, 2015

LOGO

MFS® MULTIMARKET INCOME TRUST

LOGO

PORTFOLIO OF INVESTMENTS

7/31/15 (unaudited)

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


Issuer	Shares/Par		Value ($)

Bonds - 111.7%
Aerospace - 1.3%
Aerojet Rocketdyne Holdings, Inc., 7.125%, 3/15/21	$	1,405,002	$	1,496,286
Bombardier, Inc., 7.75%, 3/15/20 (n)		770,000		714,175
Bombardier, Inc., 6.125%, 1/15/23 (n)		885,000		716,850
Bombardier, Inc., 7.5%, 3/15/25 (n)		515,000		426,163
CPI International, Inc., 8.75%, 2/15/18		1,115,000		1,137,300
Huntington Ingalls Industries, Inc., 7.125%, 3/15/21		1,755,000		1,858,106
TransDigm, Inc., 6%, 7/15/22		245,000		244,388
TransDigm, Inc., 6.5%, 7/15/24		575,000		577,875

			$	7,171,143
Airlines - 0.1%
Ryanair Ltd., 1.125%, 3/10/23	EUR	325,000	$	343,131

Apparel Manufacturers - 0.4%
Hanesbrands, Inc., 6.375%, 12/15/20	$	845,000	$	881,969
PVH Corp., 4.5%, 12/15/22		1,220,000		1,229,150

			$	2,111,119
Asset-Backed & Securitized - 4.9%
Banc of America Commercial Mortgage, Inc., FRN, 5.741%, 2/10/51	$	1,395,200	$	1,497,694
Bayview Financial Acquisition Trust, FRN, 5.483%, 2/28/41 (d)(q)		118,175		123,893
Bayview Financial Revolving Mortgage Loan Trust, FRN, 1.789%, 12/28/40 (z)		2,221,690		1,378,068
Chesapeake Funding LLC, “A”, FRN, 0.638%, 5/07/24 (z)		1,873,989		1,874,317
Citigroup Commercial Mortgage Trust, FRN, 5.71%, 12/10/49		390,311		56,511
Citigroup/Deutsche Bank Commercial Mortgage Trust, FRN, 5.366%, 12/11/49		1,400,000		1,451,626
Credit Suisse Commercial Mortgage Trust, “AM”, FRN, 5.699%, 6/15/39		1,781,000		1,834,560
Crest Ltd., CDO, 7%, 1/28/40 (a)(p)		2,879,074		983,002
Dryden Senior Loan Fund, 2013-26A, “A”, CLO, FRN, 1.388%, 7/15/25 (z)		1,500,000		1,481,177
Enterprise Fleet Financing LLC, 2014-1, “A2”, 0.87%, 9/20/19 (n)		1,852,571		1,849,342
Falcon Franchise Loan LLC, FRN, 26.703%, 1/05/25 (i)(z)		201,979		48,803
First Union National Bank Commercial Mortgage Trust, FRN, 1.466%, 1/12/43 (d)(i)(q)(z)		273,430		795
First Union-Lehman Brothers Bank of America, FRN, 0.662%, 11/18/35 (i)		3,688,245		72,636
GMAC LLC, FRN, 7.847%, 4/15/34 (d)(n)(q)		416,693		238,891
Greenwich Capital Commercial Funding Corp., 5.475%, 3/10/39		1,745,342		1,817,070
JPMorgan Chase Commercial Mortgage Securities Corp., 5.552%, 5/12/45		1,542,227		1,572,735
JPMorgan Chase Commercial Mortgage Securities Corp., “A4”, FRN, 5.774%, 6/15/49		2,000,000		2,111,252
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.475%, 4/15/43		1,146,380		1,158,630
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.904%, 4/15/45		1,448,211		1,475,189
JPMorgan Chase Commercial Mortgage Trust, 2007-LD11, “AM”, FRN, 5.774%, 6/15/49		2,243,253		2,338,632
Lehman Brothers Commercial Conduit Mortgage Trust, FRN, 1.191%, 2/18/30 (i)		443,116		6,310
Morgan Stanley Capital I Trust, “AM”, FRN, 5.682%, 4/15/49		1,674,000		1,743,546
Morgan Stanley Capital I, Inc., FRN, 1.419%, 4/28/39 (i)(z)		3,106,371		15,656
Wachovia Bank Commercial Mortgage Trust, “A4”, FRN, 5.95%, 2/15/51		960,867		1,007,691

			$	26,138,026
Automotive - 2.2%
Accuride Corp., 9.5%, 8/01/18	$	1,365,000	$	1,392,300
Delphi Automotive PLC, 1.5%, 3/10/25	EUR	250,000		259,635
Ford Motor Credit Co. LLC, 1.7%, 5/09/16	$	1,000,000		1,002,853
General Motors Financial Co., Inc., 3.45%, 4/10/22		486,000		468,232
Goodyear Tire & Rubber Co., 6.5%, 3/01/21		1,225,000		1,296,969
Goodyear Tire & Rubber Co., 7%, 5/15/22		420,000		457,275
Grupo Antolin Dutch B.V., 5.125%, 6/30/22 (n)	EUR	120,000		135,974

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Automotive - continued
Harley-Davidson Financial Services, Inc., 2.7%, 3/15/17 (n)	$	600,000	$	613,099
Hyundai Capital America, 4%, 6/08/17 (n)		256,000		266,580
Hyundai Capital America, 2.6%, 3/19/20 (n)		540,000		538,242
Lear Corp., 4.75%, 1/15/23		730,000		724,525
Lear Corp., 5.375%, 3/15/24		140,000		142,100
Lear Corp., 5.25%, 1/15/25		990,000		982,575
Schaeffler Finance B.V., 6.875%, 8/15/18 (n)(p)		655,000		677,925
Schaeffler Finance B.V., 3.25%, 5/15/19	EUR	470,000		520,952
Schaeffler Finance B.V., 4.75%, 5/15/21 (n)	$	565,000		566,413
Schaeffler Holding Finance B.V., 6.25%, 11/15/19 (n)(p)		305,000		322,156
Volkswagen International Finance N.V., 3.875% to 9/04/18, FRN to 9/29/49	EUR	400,000		463,462
ZF North America Capital, Inc., 4.5%, 4/29/22 (n)	$	770,000		758,450

			$	11,589,717
Biotechnology - 0.1%
Life Technologies Corp., 6%, 3/01/20	$	363,000	$	409,403

Broadcasting - 1.8%
AMC Networks, Inc., 7.75%, 7/15/21	$	884,000	$	954,720
Clear Channel Communications, Inc., 9%, 3/01/21		946,000		856,130
Clear Channel Worldwide Holdings, Inc., “A”, 6.5%, 11/15/22		245,000		251,738
Clear Channel Worldwide Holdings, Inc., “B”, 6.5%, 11/15/22		945,000		985,163
Discovery Communications, Inc., 1.9%, 3/19/27	EUR	700,000		706,526
Grupo Televisa S.A.B., 5%, 5/13/45	$	200,000		190,236
Liberty Media Corp., 8.5%, 7/15/29		1,280,000		1,388,800
Liberty Media Corp., 8.25%, 2/01/30		50,000		53,000
Myriad International Holdings B.V., 5.5%, 7/21/25 (z)		620,000		629,300
Netflix, Inc., 5.375%, 2/01/21		945,000		985,163
Netflix, Inc., 5.875%, 2/15/25 (n)		370,000		388,500
Nexstar Broadcasting, Inc., 6.875%, 11/15/20		900,000		954,000
Omnicom Group, Inc., 3.65%, 11/01/24		154,000		152,081
ProSiebenSat.1 Media AG, 2.625%, 4/15/21	EUR	485,000		556,562
Tribune Media Co., 5.875%, 7/15/22 (n)	$	770,000		795,025

			$	9,846,944
Brokerage & Asset Managers - 0.1%
E*Trade Financial Corp., 4.625%, 9/15/23	$	625,000	$	621,875

Building - 2.4%
Allegion U.S. Holding Co., Inc., 5.75%, 10/01/21	$	1,535,000	$	1,569,538
Building Materials Corp. of America, 5.375%, 11/15/24 (n)		890,000		892,136
Building Materials Holding Corp., 6.75%, 5/01/21 (n)		715,000		750,750
CEMEX Finance LLC, 9.375%, 10/12/22		335,000		374,681
CEMEX S.A.B. de C.V., 6.5%, 12/10/19 (n)		405,000		421,585
CEMEX S.A.B. de C.V., 7.25%, 1/15/21 (n)		306,000		325,890
Cimpor Financial Operations B.V., 5.75%, 7/17/24 (n)		284,000		220,100
CRH Finance Ltd., 3.125%, 4/03/23	EUR	300,000		361,286
Elementia S.A. de C.V., 5.5%, 1/15/25 (n)	$	210,000		212,100
Gibraltar Industries, Inc., 6.25%, 2/01/21		865,000		886,625
HD Supply, Inc., 7.5%, 7/15/20		990,000		1,056,825
Headwaters, Inc., 7.25%, 1/15/19		670,000		693,450
Masco Corp., 4.45%, 4/01/25		170,000		170,425
Mohawk Industries, Inc., 2%, 1/14/22	EUR	525,000		587,565
Mohawk Industries, Inc., 3.85%, 2/01/23	$	653,000		659,052
Nortek, Inc., 8.5%, 4/15/21		1,170,000		1,251,900

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Building - continued
Owens Corning, Inc., 4.2%, 12/15/22	$	184,000	$	186,909
PriSo Acquisition Corp., 9%, 5/15/23 (n)		765,000		749,700
Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10%, 6/01/20 (n)		1,018,000		1,099,440
Union Andina de Cementos S.A.A., 5.875%, 10/30/21 (n)		270,000		276,075

			$	12,746,032
Business Services - 1.5%
Equinix, Inc., 4.875%, 4/01/20	$	855,000	$	876,375
Equinix, Inc., 5.375%, 1/01/22		290,000		294,350
Equinix, Inc., 5.375%, 4/01/23		895,000		903,861
Fidelity National Information Services, Inc., 3.875%, 6/05/24		664,000		637,612
Fiserv, Inc., 2.7%, 6/01/20		396,000		395,907
Iron Mountain, Inc., 8.375%, 8/15/21		113,000		116,334
Iron Mountain, Inc., REIT, 6%, 8/15/23		1,330,000		1,383,200
NeuStar, Inc., 4.5%, 1/15/23		1,050,000		892,500
Tencent Holdings Ltd., 3.375%, 3/05/18 (n)		664,000		681,964
Tencent Holdings Ltd., 3.375%, 5/02/19 (n)		965,000		987,514
Tencent Holdings Ltd., 3.8%, 2/11/25 (n)		734,000		716,159

			$	7,885,776
Cable TV - 4.4%
Altice Financing S.A., 6.5%, 1/15/22 (n)	$	1,477,000	$	1,525,003
Altice Financing S.A., 6.625%, 2/15/23 (n)		1,525,000		1,570,750
Altice Finco S.A., 8.125%, 1/15/24 (n)		719,000		747,760
CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, 6/01/20		390,000		412,506
CCO Holdings LLC/CCO Holdings Capital Corp., 6.5%, 4/30/21		1,015,000		1,061,309
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/23 (n)		730,000		722,700
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 1/15/24		1,060,000		1,079,213
CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/25 (n)		305,000		300,425
CCO Safari II LLC, 6.384%, 10/23/35 (n)		371,000		379,267
Cequel Communications Holdings, 6.375%, 9/15/20 (n)		970,000		977,275
Comcast Corp., 4.65%, 7/15/42		700,000		717,544
DISH DBS Corp., 6.75%, 6/01/21		890,000		941,175
DISH DBS Corp., 5%, 3/15/23		1,010,000		945,613
DISH DBS Corp., 5.875%, 11/15/24		360,000		349,200
Intelsat Jackson Holdings S.A., 7.25%, 4/01/19		220,000		218,075
Intelsat Jackson Holdings S.A., 6.625%, 12/15/22		1,710,000		1,560,375
Intelsat Jackson Holdings S.A., 5.5%, 8/01/23		1,225,000		1,111,688
Intelsat Luxembourg S.A., 8.125%, 6/01/23		1,020,000		810,900
LGE Holdco VI B.V., 7.125%, 5/15/24 (n)	EUR	680,000		825,450
Lynx I Corp., 5.375%, 4/15/21 (n)	$	468,000		481,455
Lynx II Corp., 6.375%, 4/15/23 (n)		675,000		705,375
Shaw Communications, Inc., 5.65%, 10/01/19	CAD	417,000		364,266
SIRIUS XM Radio, Inc., 4.25%, 5/15/20 (n)	$	290,000		288,913
SIRIUS XM Radio, Inc., 5.875%, 10/01/20 (n)		130,000		136,500
SIRIUS XM Radio, Inc., 5.75%, 8/01/21 (n)		195,000		202,800
SIRIUS XM Radio, Inc., 4.625%, 5/15/23 (n)		540,000		519,750
SIRIUS XM Radio, Inc., 6%, 7/15/24 (n)		560,000		583,800
SIRIUS XM Radio, Inc., 5.375%, 4/15/25 (n)		730,000		728,175
Time Warner Cable, Inc., 5.75%, 6/02/31	GBP	250,000		400,509
Time Warner Cable, Inc., 4.5%, 9/15/42	$	210,000		169,431
Unitymedia Hessen, 5.5%, 1/15/23 (n)		950,000		967,813
Unitymedia KabelBW GmbH, 6.125%, 1/15/25 (n)		700,000		722,750
Virgin Media Secured Finance PLC, 5.25%, 1/15/26 (n)		710,000		685,150
VTR Finance B.V., 6.875%, 1/15/24 (n)		207,000		210,623

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Cable TV - continued
Ziggo Bond Finance B.V., 5.875%, 1/15/25 (n)	$	200,000	$	196,750

			$	23,620,288
Chemicals - 2.5%
Celanese U.S. Holdings LLC, 5.875%, 6/15/21	$	725,000	$	768,500
Celanese U.S. Holdings LLC, 4.625%, 11/15/22		107,000		105,128
CF Industries, Inc., 3.45%, 6/01/23		577,000		544,412
Consolidated Energy Finance S.A., 6.75%, 10/15/19 (n)		384,000		387,848
Evolution Escrow Issuer Co., 7.5%, 3/15/22 (n)		805,000		660,100
Flash Dutch 2 B.V./U.S. Coatings Acquisition, 7.375%, 5/01/21 (n)		810,000		862,650
Hexion U.S. Finance Corp., 6.625%, 4/15/20		500,000		458,125
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 8.875%, 2/01/18		670,000		582,900
Huntsman International LLC, 8.625%, 3/15/21		500,000		524,250
Huntsman International LLC, 5.125%, 4/15/21	EUR	335,000		382,631
INEOS Group Holdings S.A., 6.125%, 8/15/18 (n)	$	920,000		936,100
INEOS Group Holdings S.A., 5.875%, 2/15/19 (n)		200,000		201,750
Israel Chemicals Ltd., 4.5%, 12/02/24 (n)		2,540,000		2,548,636
LyondellBasell Industries N.V., 5.75%, 4/15/24		487,000		548,921
LyondellBasell Industries N.V., 4.625%, 2/26/55		386,000		339,145
Solvay Finance S.A., FRN, 4.199%, 5/29/49	EUR	450,000		506,490
SPCM S.A., 2.875%, 6/15/23 (n)	EUR	102,000		107,261
Syngenta Finance N.V., 1.875%, 11/02/21	EUR	400,000		458,585
Tronox Finance LLC, 6.375%, 8/15/20	$	1,410,000		1,156,200
W.R. Grace & Co., 5.125%, 10/01/21 (n)		1,035,000		1,045,350

			$	13,124,982
Computer Software - 0.4%
Oracle Corp., 3.4%, 7/08/24	$	483,000	$	486,297
Syniverse Holdings, Inc., 9.125%, 1/15/19		436,000		382,590
VeriSign, Inc., 4.625%, 5/01/23		1,165,000		1,127,138

			$	1,996,025
Computer Software - Systems - 0.5%
Apple, Inc., 3.05%, 7/31/29	GBP	450,000	$	704,191
CDW LLC/CDW Finance Corp., 6%, 8/15/22	$	485,000		506,825
CDW LLC/CDW Finance Corp., 5.5%, 12/01/24		425,000		427,125
Sabre GLBL, Inc., 5.375%, 4/15/23 (n)		1,115,000		1,109,425

			$	2,747,566
Conglomerates - 1.7%
Amsted Industries Co., 5%, 3/15/22 (n)	$	1,510,000	$	1,506,225
ATS Automation Tooling Systems, Inc., 6.5%, 6/15/23 (n)		375,000		380,625
BC Mountain LLC, 7%, 2/01/21 (n)		1,025,000		917,375
DH Europe Finance S.A., 1%, 7/08/19	EUR	420,000		465,318
EnerSys, 5%, 4/30/23 (n)	$	1,295,000		1,265,863
Enpro Industries, Inc., 5.875%, 9/15/22		1,315,000		1,328,150
Entegris, Inc., 6%, 4/01/22 (n)		1,275,000		1,306,875
General Electric Co., 1.25%, 5/26/23	EUR	175,000		191,984
Renaissance Acquisition, 6.875%, 8/15/21 (n)	$	1,300,000		1,153,750
Smiths Group PLC, 1.25%, 4/28/23	EUR	550,000		579,249
Tyco International Finance S.A., 1.375%, 2/25/25	EUR	225,000		233,028

			$	9,328,442

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Construction - 0.2%
Empresas ICA S.A.B. de C.V., 8.9%, 2/04/21	$	590,000	$	436,600
Empresas ICA S.A.B. de C.V., 8.875%, 5/29/24 (n)		914,000		575,820

			$	1,012,420
Consumer Products - 0.7%
Mattel, Inc., 1.7%, 3/15/18	$	192,000	$	190,417
Newell Rubbermaid, Inc., 4%, 12/01/24		450,000		456,386
Prestige Brands, Inc., 8.125%, 2/01/20		373,000		397,245
Prestige Brands, Inc., 5.375%, 12/15/21 (n)		720,000		727,200
Reckitt Benckiser Treasury Services PLC, 3.625%, 9/21/23 (n)		500,000		514,577
Spectrum Brands, Inc., 6.375%, 11/15/20		965,000		1,027,725
Spectrum Brands, Inc., 6.125%, 12/15/24 (n)		165,000		171,432
Spectrum Brands, Inc., 5.75%, 7/15/25 (n)		430,000		442,814

			$	3,927,796
Consumer Services - 1.9%
ADT Corp., 6.25%, 10/15/21	$	1,525,000	$	1,616,500
ADT Corp., 4.125%, 6/15/23		370,000		345,950
CEB, Inc., 5.625%, 6/15/23 (n)		840,000		842,100
Garda World Security Corp., 7.25%, 11/15/21 (n)		755,000		705,925
Garda World Security Corp., 7.25%, 11/15/21 (n)		255,000		238,425
Grupo Posadas S.A.B. de C.V., 7.875%, 6/30/22 (z)		700,000		709,275
Interval Acquisition Corp., 5.625%, 4/15/23 (n)		1,635,000		1,643,175
Monitronics International, Inc., 9.125%, 4/01/20		1,495,000		1,450,150
Priceline Group, Inc., 3.65%, 3/15/25		314,000		307,536
Priceline Group, Inc., 1.8%, 3/03/27	EUR	300,000		301,110
Service Corp. International, 7%, 6/15/17	$	1,025,000		1,107,000
Service Corp. International, 5.375%, 5/15/24		715,000		757,900

			$	10,025,046
Containers - 2.7%
Ardagh Packaging Finance PLC, 9.125%, 10/15/20 (n)	$	2,200,000	$	2,307,250
Ball Corp., 5%, 3/15/22		1,835,000		1,879,840
Ball Corp., 5.25%, 7/01/25		330,000		331,832
Berry Plastics Group, Inc., 5.5%, 5/15/22		1,155,000		1,166,550
Crown American LLC, 4.5%, 1/15/23		1,472,000		1,427,840
Crown European Holdings S.A., 3.375%, 5/15/25 (z)	EUR	650,000		667,462
Multi-Color Corp., 6.125%, 12/01/22 (n)	$	1,240,000		1,264,800
Rexam PLC, 6.75% to 6/29/17, FRN to 6/29/67	EUR	375,000		419,566
Reynolds Group, 9.875%, 8/15/19	$	151,000		158,833
Reynolds Group, 5.75%, 10/15/20		600,000		621,000
Reynolds Group, 8.25%, 2/15/21		1,280,000		1,328,000
Sealed Air Corp., 4.5%, 9/15/23 (n)	EUR	450,000		516,452
Sealed Air Corp., 4.875%, 12/01/22 (n)	$	1,110,000		1,114,163
Sealed Air Corp., 5.125%, 12/01/24 (n)		370,000		374,625
Signode Industrial Group, 6.375%, 5/01/22 (n)		1,060,000		1,036,150

			$	14,614,363
Electrical Equipment - 0.1%
Arrow Electronics, Inc., 3.5%, 4/01/22	$	193,000	$	189,818
Avaya, Inc., 10.5%, 3/01/21 (n)		405,000		329,063

			$	518,881
Electronics - 1.1%
Advanced Micro Devices, Inc., 6.75%, 3/01/19	$	740,000	$	538,350
Advanced Micro Devices, Inc., 7.5%, 8/15/22		320,000		220,800

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Electronics - continued
Advanced Micro Devices, Inc., 7%, 7/01/24	$	460,000	$	305,900
Micron Technology, Inc., 5.875%, 2/15/22		695,000		708,900
Micron Technology, Inc., 5.5%, 2/01/25 (n)		615,000		595,781
NXP B.V., 5.75%, 2/15/21 (n)		480,000		500,698
NXP B.V., 5.75%, 3/15/23 (n)		1,070,000		1,107,450
Sensata Technologies B.V., 5.625%, 11/01/24 (n)		475,000		489,844
Sensata Technologies B.V., 5%, 10/01/25 (n)		445,000		436,100
Tyco Electronics Group S.A., 6.55%, 10/01/17		700,000		772,451
Tyco Electronics Group S.A., 1.1%, 3/01/23	EUR	100,000		106,689

			$	5,782,963
Emerging Market Quasi-Sovereign - 5.7%
Banco de Reservas de la Republica Dominicana, 7%, 2/01/23 (n)	$	946,000	$	946,676
Banco do Estado Rio Grande do Sul S.A., 7.375%, 2/02/22		412,000		391,400
CNOOC Finance (2013) Ltd., 3%, 5/09/23		389,000		368,145
CNOOC Finance (2015) U.S.A. LLC, 3.5%, 5/05/25		350,000		338,180
CNPC (HK) Overseas Capital Ltd., 4.5%, 4/28/21 (n)		1,242,000		1,321,628
CNPC General Capital Ltd., 3.4%, 4/16/23 (n)		391,000		382,079
Comision Federal de Electricidad, 4.875%, 1/15/24		465,000		484,181
Comision Federal de Electricidad, 6.125%, 6/16/45 (z)		900,000		914,625
Comision Federal de Electricidad, 4.875%, 1/15/24 (n)		517,000		538,326
Comision Federal de Electricidad, 5.75%, 2/14/42 (n)		915,000		900,131
Corporacion Financiera de Desarrollo S.A., 4.75%, 7/15/25 (z)		268,000		271,350
Empresa Nacional del Petroleo, 4.375%, 10/30/24 (n)		296,000		297,799
Gaz Capital S.A., 4.95%, 2/06/28 (n)		492,000		418,200
KazAgro National Management Holding, 4.625%, 5/24/23 (n)		382,000		334,728
Kazakhstan Temir Zholy Co., 6.95%, 7/10/42 (n)		316,000		284,179
KazMunayGas National Co., 4.4%, 4/30/23 (n)		285,000		257,854
KazMunayGas National Co., 6%, 11/07/44 (n)		307,000		247,399
Majapahit Holding B.V., 7.25%, 6/28/17 (n)		1,029,000		1,122,896
Majapahit Holding B.V., 8%, 8/07/19 (n)		1,197,000		1,384,031
Majapahit Holding B.V., 7.75%, 1/20/20 (n)		1,045,000		1,200,496
NOVA Chemicals Corp., 5.25%, 8/01/23 (n)		372,000		372,000
Office Cherifien des Phosphates, 4.5%, 10/22/25 (n)		371,000		355,696
Office Cherifien des Phosphates, 6.875%, 4/25/44 (n)		373,000		390,203
Oleoducto Central S.A., 4%, 5/07/21 (n)		205,000		204,529
Pemex Project Funding Master Trust, 5.75%, 3/01/18		1,341,000		1,458,338
Pertamina PT, 5.25%, 5/23/21 (n)		511,000		528,885
Pertamina PT, 4.875%, 5/03/22 (n)		540,000		540,000
Pertamina PT, 4.3%, 5/20/23 (n)		323,000		310,952
Petroleos Mexicanos, 8%, 5/03/19		926,000		1,084,578
Petroleos Mexicanos, 5.5%, 1/21/21		1,712,000		1,852,880
Petroleos Mexicanos, 4.875%, 1/24/22		524,000		544,174
Petroleos Mexicanos, 4.875%, 1/18/24		640,000		657,536
Petroleos Mexicanos, 4.25%, 1/15/25 (n)		10,000		9,740
Petroleos Mexicanos, 4.5%, 1/23/26 (n)		382,000		374,551
Petroleos Mexicanos, 5.5%, 6/27/44 (n)		254,000		234,950
Petroleos Mexicanos, 5.625%, 1/23/46 (n)		213,000		200,710
Petroleum Co. of Trinidad & Tobago Ltd., 9.75%, 8/14/19 (n)		476,000		548,590
Petroleum Co. of Trinidad & Tobago Ltd., 6%, 5/08/22		380,917		379,964
PT Pelabuhan Indonesia III, 4.875%, 10/01/24 (n)		200,000		198,260
PT Perusahaan Gas Negara (Persero) Tbk, 5.125%, 5/16/24 (n)		438,000		442,818
PT Perusahaan Listrik Negara, 5.5%, 11/22/21 (n)		752,000		794,338
Ras Laffan Liquefied Natural Gas Co. Ltd., 6.75%, 9/30/19 (n)		825,000		974,111
Sinopec Capital (2013) Ltd., 3.125%, 4/24/23 (n)		666,000		640,754
Sinopec Capital (2013) Ltd., 4.25%, 4/24/43 (n)		548,000		526,404

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Emerging Market Quasi-Sovereign - continued
Sinopec Group Overseas Development (2012) Ltd., 3.9%, 5/17/22 (n)	$	544,000	$	557,422
Sinopec Group Overseas Development (2014) Ltd., 4.375%, 4/10/24 (n)		177,000		185,480
State Grid Overseas Investment (2014) Ltd., 4.125%, 5/07/24 (n)		2,263,000		2,382,459
Three Gorges Finance I (Cayman Islands) Ltd., 3.7%, 6/10/25 (z)		204,000		207,651
Turkiye Vakiflar Bankasi T.A.O., 6.875% to 2/03/20, FRN to 2/03/25 (n)		900,000		873,927

			$	30,236,203
Emerging Market Sovereign - 6.5%
Dominican Republic, 7.5%, 5/06/21 (n)	$	879,000	$	982,283
Dominican Republic, 6.6%, 1/28/24 (n)		188,000		203,792
Dominican Republic, 5.875%, 4/18/24 (n)		206,000		214,755
Dominican Republic, 5.5%, 1/27/25 (n)		211,000		212,055
Federative Republic of Brazil, 4.25%, 1/07/25		372,000		350,982
Oriental Republic of Uruguay, 4.5%, 8/14/24		567,000		598,185
Republic of Colombia, 8.125%, 5/21/24		679,000		864,028
Republic of Colombia, 6.125%, 1/18/41		435,000		468,713
Republic of Croatia, 5.5%, 4/04/23 (n)		1,362,000		1,400,141
Republic of Hungary, 5.375%, 2/21/23		674,000		734,269
Republic of Indonesia, 6.875%, 1/17/18		838,000		936,465
Republic of Indonesia, 11.625%, 3/04/19		733,000		954,733
Republic of Indonesia, 4.875%, 5/05/21 (n)		336,000		355,320
Republic of Indonesia, 2.875%, 7/08/21 (z)	EUR	375,000		417,511
Republic of Indonesia, 3.375%, 4/15/23 (n)	$	517,000		490,504
Republic of Indonesia, 5.875%, 1/15/24 (n)		225,000		250,875
Republic of Indonesia, 4.125%, 1/15/25 (n)		339,000		334,763
Republic of Kazakhstan, 3.875%, 10/14/24 (n)		427,000		394,975
Republic of Kazakhstan, 5.125%, 7/21/25 (z)		983,000		972,796
Republic of Kazakhstan, 4.875%, 10/14/44 (n)		207,000		170,651
Republic of Lithuania, 6.125%, 3/09/21 (n)		499,000		578,487
Republic of Lithuania, 6.625%, 2/01/22 (n)		1,425,000		1,708,219
Republic of Panama, 3.75%, 3/16/25		231,000		229,845
Republic of Panama, 8.875%, 9/30/27		1,273,000		1,820,390
Republic of Panama, 9.375%, 4/01/29		873,000		1,307,318
Republic of Paraguay, 4.625%, 1/25/23 (n)		212,000		214,120
Republic of Peru, 7.35%, 7/21/25		544,000		708,560
Republic of Peru, 8.75%, 11/21/33		629,000		948,218
Republic of Peru, 5.625%, 11/18/50		217,000		244,125
Republic of Philippines, 3.95%, 1/20/40		960,000		984,000
Republic of Poland, 5%, 3/23/22		609,000		680,283
Republic of Romania, 6.75%, 2/07/22 (n)		1,074,000		1,267,320
Republic of Romania, 4.375%, 8/22/23 (n)		486,000		506,606
Republic of Romania, 4.875%, 1/22/24 (n)		328,000		352,195
Republic of Slovakia, 4.375%, 5/21/22 (n)		1,047,000		1,155,040
Republic of Turkey, 7%, 3/11/19		790,000		885,037
Republic of Turkey, 5.625%, 3/30/21		670,000		718,160
Republic of Turkey, 6.25%, 9/26/22		646,000		713,701
Republic of Venezuela, 7.65%, 4/21/25		673,000		237,233
Republic of Vietnam, 6.75%, 1/29/20		273,000		303,030
Russian Federation, 4.875%, 9/16/23 (n)		800,000		778,000
Russian Federation, 7.5%, 3/31/30		321,250		375,863
Russian Federation, 5.625%, 4/04/42 (n)		600,000		550,200
Socialist Republic of Vietnam, 4.8%, 11/19/24 (n)		300,000		300,375
United Mexican States, 3.625%, 3/15/22		1,710,000		1,733,085
United Mexican States, 4%, 10/02/23		1,364,000		1,404,920
United Mexican States, 8.5%, 5/31/29	MXN	29,290,000		2,171,699

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Emerging Market Sovereign - continued
United Mexican States, 5.75%, 10/12/10	$	408,000	$	409,020

			$	34,592,845
Energy - Independent - 4.1%
Afren PLC, 11.5%, 2/01/16 (a)(d)(n)	$	335,000	$	6,700
Afren PLC, 15%, 4/25/16		374,128		280,596
Afren PLC, 10.25%, 4/08/19 (a)(d)(n)		219,000		4,380
American Energy-Permian Basin LLC, 7.375%, 11/01/21 (n)		350,000		205,625
Baytex Energy Corp., 5.625%, 6/01/24 (n)		1,055,000		907,300
Bonanza Creek Energy, Inc., 6.75%, 4/15/21		795,000		687,675
Chaparral Energy, Inc., 7.625%, 11/15/22		1,420,000		830,700
Chesapeake Energy Corp., 5.75%, 3/15/23		1,570,000		1,326,650
Cimarex Energy Co., 4.375%, 6/01/24		420,000		406,350
Concho Resources, Inc., 6.5%, 1/15/22		895,000		925,206
Concho Resources, Inc., 5.5%, 4/01/23		1,015,000		1,015,000
EP Energy LLC, 9.375%, 5/01/20		920,000		949,900
EP Energy LLC, 7.75%, 9/01/22		2,590,000		2,583,525
Halcon Resources Corp., 8.875%, 5/15/21		1,245,000		647,400
Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 4/15/20		150,000		92,250
Linn Energy LLC/Linn Energy Finance Corp., 7.75%, 2/01/21		1,957,000		1,144,845
Linn Energy LLC/Linn Energy Finance Corp., 6.5%, 9/15/21		605,000		347,875
MEG Energy Corp., 6.5%, 3/15/21 (n)		1,310,000		1,224,195
MEG Energy Corp., 7%, 3/31/24 (n)		240,000		220,200
Noble Energy, Inc., 5.625%, 5/01/21		945,000		1,001,503
Northern Blizzard Resources, Inc., 7.25%, 2/01/22 (n)		710,000		663,850
Nostrum Oil & Gas Finance B.V., 6.375%, 2/14/19 (n)		293,000		257,108
Oasis Petroleum, Inc., 6.875%, 3/15/22		850,000		782,000
QEP Resources, Inc., 5.25%, 5/01/23		1,530,000		1,415,250
RSP Permian, Inc., 6.625%, 10/01/22 (n)		1,090,000		1,098,175
Sanchez Energy Corp., 6.125%, 1/15/23		1,110,000		899,100
SM Energy Co., 6.5%, 11/15/21		1,315,000		1,318,288
SM Energy Co., 6.125%, 11/15/22		585,000		576,225

			$	21,817,871
Energy - Integrated - 0.5%
Listrindo Capital B.V., 6.95%, 2/21/19 (n)	$	239,000	$	249,456
LUKOIL International Finance B.V., 4.563%, 4/24/23 (n)		698,000		622,587
Pacific Rubiales Energy Corp., 7.25%, 12/12/21 (n)		1,145,000		807,225
Pacific Rubiales Energy Corp., 5.125%, 3/28/23 (n)		419,000		265,018
Pacific Rubiales Energy Corp., 5.625%, 1/19/25 (n)		272,000		171,958
Repsol International Finance B.V., 3.625%, 10/07/21	EUR	400,000		494,236
TOTAL S.A., 2.625% to 2/26/25, FRN to 12/29/49	EUR	300,000		312,738

			$	2,923,218
Entertainment - 1.5%
Activision Blizzard, Inc., 6.125%, 9/15/23 (n)	$	1,485,000	$	1,600,088
Carmike Cinemas, Inc., 6%, 6/15/23 (n)		460,000		469,200
Carnival Corp., 1.2%, 2/05/16		500,000		500,616
Cedar Fair LP, 5.25%, 3/15/21		1,130,000		1,170,906
Cedar Fair LP, 5.375%, 6/01/24		415,000		424,412
Cinemark USA, Inc., 5.125%, 12/15/22		1,045,000		1,050,225
Cinemark USA, Inc., 4.875%, 6/01/23		780,000		767,325
NCL Corp. Ltd., 5.25%, 11/15/19 (n)		790,000		817,650
Six Flags Entertainment Corp., 5.25%, 1/15/21 (n)		1,325,000		1,364,750

			$	8,165,172

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Financial Institutions - 4.0%
Aircastle Ltd., 4.625%, 12/15/18	$	790,000	$	824,464
Aircastle Ltd., 5.125%, 3/15/21		550,000		566,500
Aircastle Ltd., 5.5%, 2/15/22		665,000		693,263
Aviation Capital Group, 4.625%, 1/31/18 (n)		685,000		709,372
Aviation Capital Group, 6.75%, 4/06/21 (n)		740,000		841,926
CIT Group, Inc., 5.25%, 3/15/18		1,615,000		1,675,563
CIT Group, Inc., 6.625%, 4/01/18 (n)		1,447,000		1,559,143
CIT Group, Inc., 5.5%, 2/15/19 (n)		1,269,000		1,341,968
CIT Group, Inc., 3.875%, 2/19/19		1,255,000		1,261,275
CIT Group, Inc., 5%, 8/15/22		1,010,000		1,026,413
Credit Acceptance Co., 7.375%, 3/15/23 (n)		1,205,000		1,241,150
General Electric Capital Corp., 6.375% to 11/15/17, FRN to 11/15/67		300,000		321,375
Icahn Enterprises LP, 6%, 8/01/20		1,060,000		1,115,650
Icahn Enterprises LP, 5.875%, 2/01/22		1,405,000		1,454,175
International Lease Finance Corp., 7.125%, 9/01/18 (n)		337,000		376,176
Nationstar Mortgage LLC/Capital Corp., 6.5%, 8/01/18		640,000		633,997
Nationstar Mortgage LLC/Capital Corp., 7.875%, 10/01/20		1,560,000		1,536,600
Navient Corp., 5.875%, 3/25/21		555,000		520,313
PHH Corp., 6.375%, 8/15/21		530,000		514,100
SLM Corp., 4.875%, 6/17/19		25,000		23,875
SLM Corp., 8%, 3/25/20		1,815,000		1,887,600
SLM Corp., 7.25%, 1/25/22		1,100,000		1,086,250
SLM Corp., 6.125%, 3/25/24		455,000		404,950

			$	21,616,098
Food & Beverages - 1.7%
Coca-Cola Co., 0.75%, 3/09/23	EUR	325,000	$	346,733
Coca-Cola Co., 1.125%, 3/09/27	EUR	250,000		258,944
Coca-Cola Enterprises, Inc., 1.875%, 3/18/30	EUR	325,000		327,435
Coca-Cola HBC Finance B.V., 4.25%, 11/16/16	EUR	348,000		400,443
Constellation Brands, Inc., 4.25%, 5/01/23	$	1,460,000		1,460,000
Darling Ingredients, Inc., 5.375%, 1/15/22		785,000		794,813
Gruma S.A.B. de C.V., 4.875%, 12/01/24 (n)		202,000		211,898
J.M. Smucker Co., 2.5%, 3/15/20 (n)		121,000		120,779
J.M. Smucker Co., 4.375%, 3/15/45 (n)		130,000		121,448
JB Y Co. S.A. de C.V., 3.75%, 5/13/25 (n)		150,000		146,703
JBS Investments GmbH, 7.75%, 10/28/20 (n)		201,000		217,080
JBS USA LLC/JBS USA Finance, Inc., 5.75%, 6/15/25 (n)		175,000		173,415
Kraft Foods Group, Inc., 2.25%, 6/05/17		700,000		708,971
Kraft Heinz Co., 5%, 7/15/35 (n)		173,000		179,206
Kraft Heinz Foods Co., 3.5%, 7/15/22 (n)		340,000		342,869
Minerva Luxembourg S.A., 7.75%, 1/31/23 (n)		204,000		204,959
Mondelez International, Inc., 2.375%, 3/06/35	EUR	100,000		100,758
Sun Merger Sub, Inc., 5.875%, 8/01/21 (n)	$	1,590,000		1,659,563
Tyson Foods, Inc., 6.6%, 4/01/16		820,000		849,914
Tyson Foods, Inc., 5.15%, 8/15/44		156,000		161,997
Wm. Wrigley Jr. Co., 2.9%, 10/21/19 (n)		239,000		243,940
Wm. Wrigley Jr. Co., 3.375%, 10/21/20 (n)		124,000		127,544

			$	9,159,412
Food & Drug Stores - 0.2%
CVS Health Corp., 3.375%, 8/12/24	$	354,000	$	348,794
CVS Health Corp., 4.875%, 7/20/35		202,000		208,842
Walgreens Boots Alliance, Inc., 2.7%, 11/18/19		580,000		582,829

			$	1,140,465

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Forest & Paper Products - 0.4%
Appvion, Inc., 9%, 6/01/20 (n)	$	795,000	$	437,250
International Paper Co., 6%, 11/15/41		700,000		761,349
Smurfit Kappa Acquisitions, 2.75%, 2/01/25 (z)	EUR	525,000		553,334
Tembec Industries, Inc., 9%, 12/15/19 (n)	$	570,000		461,700

			$	2,213,633
Gaming & Lodging - 1.8%
Boyd Gaming Corp., 6.875%, 5/15/23	$	715,000	$	743,600
CCM Merger, Inc., 9.125%, 5/01/19 (n)		935,000		1,009,800
Chester Downs & Marina LLC, 9.25%, 2/01/20 (n)		348,000		266,220
Eldorado Resorts, Inc., 7%, 8/01/23 (n)		195,000		195,488
Greektown Holdings LLC, 8.875%, 3/15/19 (n)		950,000		1,007,000
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		1,125,000		1,171,406
Isle of Capri Casinos, Inc., 8.875%, 6/15/20		280,000		302,400
Isle of Capri Casinos, Inc., 5.875%, 3/15/21		960,000		996,000
MGM Resorts International, 6.625%, 12/15/21		820,000		866,125
MGM Resorts International, 6%, 3/15/23		565,000		574,888
RHP Hotel Properties, 5%, 4/15/23 (n)		325,000		323,375
Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/21		1,180,000		1,188,850
Wyndham Worldwide Corp., 2.5%, 3/01/18		650,000		650,445
Wyndham Worldwide Corp., 5.625%, 3/01/21		132,000		145,055

			$	9,440,652
Industrial - 0.9%
Anixter, Inc., 5.125%, 10/01/21	$	970,000	$	978,488
Dematic S.A., 7.75%, 12/15/20 (n)		1,395,000		1,447,313
Howard Hughes Corp., 6.875%, 10/01/21 (n)		1,260,000		1,335,600
SPL Logistics Escrow LLC, 8.875%, 8/01/20 (n)		795,000		848,663

			$	4,610,064
Insurance - 0.7%
AIG SunAmerica Global Financing X, 6.9%, 3/15/32 (n)	$	484,000	$	631,597
American International Group, Inc., 3.75%, 7/10/25		642,000		641,954
Aviva PLC, 5.7% to 9/29/15, FRN to 9/29/49	EUR	400,000		441,991
CNP Assurances S.A., 6% to 9/14/20, FRN to 9/14/40	EUR	400,000		501,901
Delta Lloyd N.V., FRN, 9%, 8/29/42	EUR	450,000		625,563
Unum Group, 7.125%, 9/30/16	$	829,000		880,822
Unum Group, 4%, 3/15/24		259,000		264,613

			$	3,988,441
Insurance - Health - 0.2%
UnitedHealth Group, Inc., 2.7%, 7/15/20	$	834,000	$	843,728

Insurance - Property & Casualty - 0.6%
Amlin PLC, 6.5% to 12/19/16, FRN to 12/19/26	GBP	200,000	$	317,616
Berkshire Hathaway, Inc., 1.625%, 3/16/35	EUR	325,000		316,488
CNA Financial Corp., 5.875%, 8/15/20	$	700,000		796,050
Marsh & McLennan Cos., Inc., 2.55%, 10/15/18		330,000		336,092
Marsh & McLennan Cos., Inc., 3.5%, 6/03/24		315,000		313,043
QBE Capital Funding III Ltd., 7.5% to 5/24/21, FRN to 5/24/41	GBP	300,000		530,407
ZFS Finance USA Trust II, 6.45% to 6/15/16, FRN to 12/15/65 (n)	$	810,000		828,266

			$	3,437,962
International Market Sovereign - 0.6%
Government of Japan, 1.1%, 6/20/20	JPY	110,350,000	$	933,614
Government of Japan, 2.1%, 9/20/24	JPY	35,850,000		334,598

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
International Market Sovereign - continued
Republic of Iceland, 4.875%, 6/16/16 (n)	$	1,716,000	$	1,760,130

			$	3,028,342
Internet - 0.4%
Baidu, Inc., 4.125%, 6/30/25	$	240,000	$	237,894
Baidu, Inc., 3.25%, 8/06/18		1,316,000		1,344,769
Baidu, Inc., 3%, 6/30/20		258,000		256,388
Baidu, Inc., 3.5%, 11/28/22		475,000		471,851

			$	2,310,902
Local Authorities - 0.1%
Province of Alberta, 1.25%, 6/01/20	CAD	302,000	$	231,227
Province of Manitoba, 4.15%, 6/03/20	CAD	266,000		230,594

			$	461,821
Machinery & Tools - 0.7%
Ashtead Capital, Inc., 5.625%, 10/01/24 (n)	$	1,465,000	$	1,468,663
H&E Equipment Services Co., 7%, 9/01/22		1,065,000		1,059,675
Jurassic Holdings III, Inc., 6.875%, 2/15/21 (n)		875,000		612,500
Light Tower Rentals, Inc., 8.125%, 8/01/19 (n)		745,000		568,063

			$	3,708,901
Major Banks - 3.5%
ABN AMRO North America Finance, Inc., 7.125%, 7/06/22	EUR	250,000	$	357,199
Bank of America Corp., 3.95%, 4/21/25	$	582,000		564,426
Bank of America Corp., FRN, 6.1%, 12/29/49		2,862,000		2,849,121
Bank of America Corp., FRN, 5.2%, 12/31/49		549,000		517,295
Barclays Bank PLC, 6%, 1/14/21	EUR	300,000		397,874
Barclays Bank PLC, 6.75% to 1/16/18, FRN to 1/16/23	GBP	200,000		339,116
Credit Agricole S.A., 7.375%, 12/18/23	GBP	200,000		392,274
Credit Agricole S.A., 7.875% to 10/26/19, FRN to 10/29/49	EUR	350,000		456,460
DBS Bank Ltd., 3.625% to 9/21/17, FRN to 9/21/22 (n)	$	1,055,000		1,089,133
Goldman Sachs Group, Inc., 7.5%, 2/15/19		1,200,000		1,413,083
Huntington National Bank, 2.4%, 4/01/20		320,000		317,175
ING Bank N.V., 3.50% to 11/21/18, FRN to 11/21/23	EUR	500,000		580,472
JPMorgan Chase & Co., 3.25%, 9/23/22	$	765,000		765,285
JPMorgan Chase & Co., 3.125%, 1/23/25		581,000		558,527
JPMorgan Chase & Co., 6.75% to 2/01/24, FRN to 1/29/49		486,000		514,856
JPMorgan Chase & Co., 6% to 8/01/23, FRN to 12/29/49		1,515,000		1,499,850
Morgan Stanley, 3.875%, 4/29/24		500,000		507,734
Morgan Stanley, 6.625%, 4/01/18		1,000,000		1,120,145
Morgan Stanley, 3.95%, 4/23/27		423,000		404,168
Morgan Stanley, 4.3%, 1/27/45		280,000		266,173
Nationwide Building Society, 1.25%, 3/03/25	EUR	380,000		401,249
PNC Bank N.A., 2.6%, 7/21/20	$	467,000		470,192
Regions Financial Corp., 2%, 5/15/18		421,000		419,577
Royal Bank of Scotland Group PLC, 5.5%, 3/23/20	EUR	300,000		394,725
Royal Bank of Scotland Group PLC, FRN, 3.625%, 3/25/24	EUR	500,000		567,033
Wells Fargo & Co., 3%, 2/19/25	$	591,000		568,591
Wells Fargo & Co., 5.9% to 6/15/24, FRN to 12/29/49		509,000		511,901
Wells Fargo & Co., 5.875% to 6/15/25, FRN to 12/31/49		291,000		297,911

			$	18,541,545
Medical & Health Technology & Services - 3.1%
Becton, Dickinson and Co., 3.734%, 12/15/24	$	142,000	$	141,142
Becton, Dickinson and Co., 4.685%, 12/15/44		270,000		267,968

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Medical & Health Technology & Services - continued
CHS/Community Health Systems, Inc., 5.125%, 8/01/21	$	225,000	$	233,438
CHS/Community Health Systems, Inc., 6.875%, 2/01/22		1,620,000		1,733,400
Davita Healthcare Partners, Inc., 5%, 5/01/25		1,175,000		1,161,781
Davita, Inc., 5.125%, 7/15/24		780,000		786,018
Fresenius US Finance II, Inc., 4.25%, 2/01/21 (n)		84,000		85,470
HCA, Inc., 4.25%, 10/15/19		785,000		808,059
HCA, Inc., 7.5%, 2/15/22		980,000		1,141,700
HCA, Inc., 5.875%, 3/15/22		1,140,000		1,249,725
HCA, Inc., 5%, 3/15/24		690,000		718,463
HCA, Inc., 5.375%, 2/01/25		525,000		536,813
HealthSouth Corp., 5.125%, 3/15/23		1,020,000		1,020,000
Laboratory Corp. of America Holdings, 4.7%, 2/01/45		364,000		338,260
LifePoint Hospitals, Inc., 5.5%, 12/01/21		1,400,000		1,452,500
Tenet Healthcare Corp., 8%, 8/01/20		1,920,000		2,001,600
Tenet Healthcare Corp., 4.5%, 4/01/21		1,070,000		1,075,350
Tenet Healthcare Corp., 8.125%, 4/01/22		665,000		746,050
Tenet Healthcare Corp., 6.75%, 6/15/23 (n)		330,000		344,850
Universal Health Services, Inc., 7.625%, 8/15/20		1,010,000		944,350

			$	16,786,937
Medical Equipment - 0.8%
Alere, Inc., 6.375%, 7/01/23 (n)	$	393,000	$	408,720
DJO Finco, Inc., 8.125%, 6/15/21 (n)		740,000		760,350
Hologic, Inc., 5.25%, 7/15/22 (n)		1,000,000		1,032,500
Medtronic, Inc., 3.5%, 3/15/25 (n)		437,000		436,193
Sterigenics-Nordion Holdings LLC, 6.5%, 5/15/23 (n)		492,000		503,070
Teleflex, Inc., 5.25%, 6/15/24		955,000		976,488
Zimmer Holdings, Inc., 4.25%, 8/15/35		274,000		258,672

			$	4,375,993
Metals & Mining - 2.6%
Cameco Corp., 5.67%, 9/02/19	CAD	420,000	$	362,940
Century Aluminum Co., 7.5%, 6/01/21 (n)	$	775,000		771,125
Commercial Metals Co., 4.875%, 5/15/23		743,000		679,845
Consol Energy, Inc., 5.875%, 4/15/22		1,010,000		784,644
Consol Energy, Inc., 8%, 4/01/23 (n)		770,000		637,175
EVRAZ, Inc. N.A. Canada, 7.5%, 11/15/19 (n)		935,000		925,650
First Quantum Minerals Ltd., 7.25%, 10/15/19 (n)		1,191,000		976,620
First Quantum Minerals Ltd., 7.25%, 5/15/22 (n)		245,000		181,913
Glencore Finance (Europe) S.A., 6.5%, 2/27/19	GBP	150,000		261,882
GrafTech International Co., 6.375%, 11/15/20	$	940,000		836,600
Hudbay Minerals, Inc., 9.5%, 10/01/20		795,000		779,100
Kinross Gold Corp., 5.95%, 3/15/24		572,000		514,680
Lundin Mining Corp., 7.5%, 11/01/20 (n)		455,000		461,825
Lundin Mining Corp., 7.875%, 11/01/22 (n)		445,000		452,788
Plains Exploration & Production Co., 6.875%, 2/15/23		650,000		637,000
Southern Copper Corp., 5.25%, 11/08/42		700,000		593,152
Southern Copper Corp., 5.875%, 4/23/45		753,000		689,763
Steel Dynamics, Inc., 5.125%, 10/01/21		435,000		433,913
Steel Dynamics, Inc., 5.25%, 4/15/23		435,000		426,300
Steel Dynamics, Inc., 5.5%, 10/01/24		435,000		430,650
Suncoke Energy Partners LP/Suncoke Energy Partners Finance Corp., 7.375%, 2/01/20 (n)		375,000		367,500
Suncoke Energy Partners LP/Suncoke Energy Partners Finance Corp., 7.375%, 2/01/20 (n)		585,000		573,300
Suncoke Energy, Inc., 7.625%, 8/01/19		306,000		315,142
TMS International Corp., 7.625%, 10/15/21 (n)		680,000		659,237

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Metals & Mining - continued
Xstrata Finance (Canada) Ltd., 5.25%, 6/13/17	EUR	300,000	$	356,323

			$	14,109,067
Midstream - 4.2%
Access Midstream Partner LP, 4.875%, 3/15/24	$	240,000	$	235,982
AmeriGas Finance LLC, 6.75%, 5/20/20		1,550,000		1,623,625
APT Pipelines Ltd., 5%, 3/23/35 (n)		542,000		512,794
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (n)		630,000		641,025
Crestwood Midstream Partners LP, 6%, 12/15/20		625,000		629,688
Crestwood Midstream Partners LP, 6.125%, 3/01/22		565,000		557,938
Crestwood Midstream Partners LP, 6.25%, 4/01/23 (n)		350,000		351,750
El Paso Corp., 7.75%, 1/15/32		2,394,000		2,722,656
Energy Transfer Equity LP, 7.5%, 10/15/20		1,165,000		1,304,800
Energy Transfer Equity LP, 5.5%, 6/01/27		170,000		166,600
Energy Transfer Partners LP, 3.6%, 2/01/23		591,000		550,295
Energy Transfer Partners LP, 5.15%, 3/15/45		541,000		474,202
Enterprise Products Operating LLC, 3.9%, 2/15/24		287,000		287,006
Enterprise Products Operating LLC, 4.85%, 3/15/44		148,000		138,449
Ferrellgas LP/Ferrellgas Finance Corp., 6.5%, 5/01/21		845,000		847,113
Ferrellgas LP/Ferrellgas Finance Corp., 6.75%, 1/15/22		1,180,000		1,188,850
Kinder Morgan Energy Partners LP, 4.15%, 2/01/24		341,000		324,315
Kinder Morgan Energy Partners LP, 5.4%, 9/01/44		281,000		251,490
Kinder Morgan, Inc., 2.25%, 3/16/27	EUR	275,000		280,752
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 5.5%, 2/15/23	$	810,000		830,250
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.5%, 7/15/23		761,000		740,073
Pembina Pipeline Corp., 4.81%, 3/25/44	CAD	491,000		372,553
Sabine Pass Liquefaction LLC, 5.625%, 2/01/21	$	1,185,000		1,208,700
Sabine Pass Liquefaction LLC, 5.625%, 4/15/23		1,285,000		1,272,150
Sabine Pass Liquefaction LLC, 5.75%, 5/15/24		545,000		541,934
Sabine Pass Liquefaction LLC, 5.625%, 3/01/25 (n)		799,000		787,015
Spectra Energy Partners LP, 4.75%, 3/15/24		306,000		322,108
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.5%, 7/01/21		580,000		606,100
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.5%, 8/15/22		495,000		470,250
Sunoco Logistics Partners LP, 5.35%, 5/15/45		154,000		139,911
Targa Resources Partners LP/Targa Resources Finance Corp., 5%, 1/15/18 (n)		325,000		336,375
Targa Resources Partners LP/Targa Resources Finance Corp., 4.125%, 11/15/19 (n)		775,000		775,000
Targa Resources Partners LP/Targa Resources Finance Corp., 5.25%, 5/01/23		260,000		256,750
Williams Cos., Inc., 3.7%, 1/15/23		600,000		541,523

			$	22,290,022
Mortgage-Backed - 5.2%
Fannie Mae, 4%, 9/01/40 - 7/01/43	$	419,755	$	448,228
Fannie Mae, 5.5%, 1/01/37 - 8/01/37		2,205,791		2,482,541
Fannie Mae, 4%, 2/01/45		3,615,655		3,853,154
Fannie Mae, FRN, 0.436%, 5/25/18		6,298,750		6,306,504
Fannie Mae, TBA, 3.5%, 9/01/45		7,400,000		7,658,249
Federal Home Loan Bank, 4%, 4/01/44		290,752		309,708
Ginnie Mae, TBA, 3.5%, 9/01/45		6,475,000		6,745,128

			$	27,803,512
Natural Gas - Distribution - 0.1%
GNL Quintero S.A., 4.634%, 7/31/29 (n)	$	377,000	$	377,935

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Network & Telecom - 1.6%
AT&T, Inc., 4.75%, 5/15/46	$	525,000	$	484,220
British Telecom PLC, 5.75%, 12/07/28	GBP	300,000		571,332
Centurylink, Inc., 6.45%, 6/15/21	$	560,000		571,200
Centurylink, Inc., 7.65%, 3/15/42		890,000		787,650
Citizens Communications Co., 9%, 8/15/31		530,000		483,625
Columbus International, Inc., 7.375%, 3/30/21 (n)		200,000		212,500
Frontier Communications Corp., 8.125%, 10/01/18		245,000		263,375
Frontier Communications Corp., 6.25%, 9/15/21		305,000		281,363
Frontier Communications Corp., 7.125%, 1/15/23		410,000		370,025
OTE PLC, 7.875%, 2/07/18	EUR	300,000		329,660
OTE PLC, 3.5%, 7/09/20	EUR	500,000		470,902
Telecom Italia Capital, 6%, 9/30/34	$	320,000		316,800
Telecom Italia Finance S.A., 7.75%, 1/24/33	EUR	170,000		257,687
Telecom Italia S.p.A., 5.375%, 1/29/19	EUR	400,000		495,673
Telecom Italia S.p.A., 5.303%, 5/30/24 (n)	$	900,000		904,500
Verizon Communications, Inc., 6.4%, 9/15/33		1,000,000		1,156,077
Verizon Communications, Inc., 6.55%, 9/15/43		478,000		564,723

			$	8,521,312
Oil Services - 0.6%
Bristow Group, Inc., 6.25%, 10/15/22	$	1,090,000	$	1,030,050
Odebrecht Offshore Drilling Finance Ltd., 6.75%, 10/01/22 (n)		1,422,767		917,685
Pacific Drilling S.A., 5.375%, 6/01/20 (n)		885,000		681,450
QGOG Constellation S.A., 6.25%, 11/09/19 (n)		438,000		264,990
Shale-Inland Holdings LLC/Finance Co., 8.75%, 11/15/19 (n)		605,000		447,700

			$	3,341,875
Oils - 0.4%
CITGO Holding, Inc., 10.75%, 2/15/20 (n)	$	750,000	$	766,875
CITGO Petroleum Corp., 6.25%, 8/15/22 (n)		880,000		862,400
Valero Energy Corp., 4.9%, 3/15/45		440,000		415,089

			$	2,044,364
Other Banks & Diversified Financials - 2.5%
Banco de Credito del Peru, 6.125% to 4/24/22, FRN to 4/24/27 (n)	$	509,000	$	545,750
Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa, 4.125%, 6/06/24 (n)		583,000		574,255
Banco Popolare Societa Cooperativa, 3.5%, 3/14/19	EUR	500,000		568,430
Bancolombia S.A., 5.95%, 6/03/21	$	1,094,000		1,188,303
Bankia S.A., 3.5%, 1/17/19	EUR	400,000		464,240
Banque Federative du Credit Mutuel S.A., 3%, 5/21/24	EUR	300,000		342,898
BBVA Banco Continental S.A., 5%, 8/26/22 (n)	$	325,000		342,063
BBVA Banco Continental S.A., 5.25% to 9/22/24, FRN to 9/22/29 (n)		104,000		105,040
BBVA Bancomer S.A. de C.V., 6.5%, 3/10/21 (n)		1,207,000		1,333,735
BBVA Bancomer S.A. de C.V., 6.75%, 9/30/22 (n)		848,000		952,304
BBVA Continental, 5.75%, 1/18/17 (n)		518,000		544,418
BPCE S.A., 4.5%, 3/15/25 (n)		302,000		294,555
CaixaBank S.A., 5% to 9/04/18, FRN to 11/14/23	EUR	400,000		469,949
Discover Bank, 7%, 4/15/20	$	249,000		287,686
Discover Bank, 4.25%, 3/13/26		312,000		309,227
Discover Financial Services, 3.75%, 3/04/25		115,000		110,574
Groupe BPCE S.A., 12.5% to 9/30/19, FRN to 8/29/49 (n)		2,583,000		3,416,018
Industrial Senior Trust Co., 5.5%, 11/01/22 (n)		220,000		212,575
Intesa Sanpaolo S.p.A., 5.25%, 1/28/22	GBP	250,000		433,574
LBG Capital No. 2 PLC, 6.385%, 5/12/20	EUR	450,000		561,401

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Other Banks & Diversified Financials - continued
Macquarie Group Ltd., 3%, 12/03/18 (n)	$	107,000	$	108,762

			$	13,165,757
Pharmaceuticals - 2.5%
AbbVie, Inc., 2.5%, 5/14/20	$	607,000	$	603,271
Actavis Funding SCS, 3.8%, 3/15/25		313,000		305,133
Actavis Funding SCS, 4.85%, 6/15/44		102,000		98,087
Bayer AG, 3.00% to 7/01/20, FRN to 7/01/75	EUR	360,000		409,105
Celgene Corp., 1.9%, 8/15/17	$	526,000		529,325
EMD Finance LLC, 2.95%, 3/19/22 (n)		531,000		520,345
Endo Finance LLC/Endo Finco, Inc., 6%, 7/15/23 (n)		340,000		353,600
Endo Finance LLC/Endo Finco, Inc., 7.75%, 1/15/22 (n)		1,440,000		1,533,600
Endo Finance LLC/Endo Finco, Inc., 6%, 2/01/25 (n)		275,000		283,250
Forest Laboratories, Inc., 4.375%, 2/01/19 (n)		618,000		653,669
Gilead Sciences, Inc., 2.35%, 2/01/20		67,000		67,270
Gilead Sciences, Inc., 3.7%, 4/01/24		545,000		557,059
Hospira, Inc., 5.2%, 8/12/20		234,000		261,792
Mallinckrodt International Finance S.A., 5.75%, 8/01/22 (n)		890,000		927,825
Mallinckrodt International Finance S.A., 5.5%, 4/15/25 (n)		130,000		130,975
Mylan, Inc., 2.6%, 6/24/18		1,000,000		1,001,209
Valeant Pharmaceuticals International, Inc., 7%, 10/01/20 (n)		1,560,000		1,620,450
Valeant Pharmaceuticals International, Inc., 7.25%, 7/15/22 (n)		1,065,000		1,123,575
Valeant Pharmaceuticals International, Inc., 5.5%, 3/01/23 (n)		245,000		250,513
Vantage Point Imaging, 7.5%, 7/15/21 (n)		525,000		569,625
VRX Escrow Corp., 5.875%, 5/15/23 (n)		675,000		701,933
Watson Pharmaceuticals, Inc., 1.875%, 10/01/17		700,000		699,751

			$	13,201,362
Pollution Control - 0.1%
Abengoa Finance S.A.U., 7.75%, 2/01/20 (n)	$	775,000	$	610,313

Precious Metals & Minerals - 0.5%
Aurico Gold, Inc., 7.75%, 4/01/20 (n)	$	1,270,000	$	1,181,100
Eldorado Gold Corp., 6.125%, 12/15/20 (n)		1,540,000		1,409,100

			$	2,590,200
Printing & Publishing - 0.9%
American Media, Inc., 13.5%, 6/15/18 (z)	$	32,653	$	33,837
Gannett Co., Inc., 5.125%, 10/15/19		570,000		594,225
Gannett Co., Inc., 5.125%, 7/15/20		460,000		479,550
Gannett Co., Inc., 4.875%, 9/15/21 (n)		420,000		421,050
Gannett Co., Inc., 6.375%, 10/15/23		840,000		888,300
Nielsen Finance LLC, 5%, 4/15/22 (n)		1,295,000		1,283,669
Outdoor Americas Capital LLC/Outfront Media Capital Corp., 5.625%, 2/15/24		805,000		821,100
Outfront Media Cap LLC, 5.625%, 2/15/24 (n)		65,000		66,300

			$	4,588,031
Real Estate - Apartment - 0.2%
Deutsche Annington Finance B.V., FRN, 4.625%, 4/08/74	EUR	400,000	$	459,568
Deutsche Annington Immobilien SE, 2.125%, 7/09/22	EUR	450,000		510,507

			$	970,075
Real Estate - Healthcare - 0.5%
HCP, Inc., REIT, 3.875%, 8/15/24	$	278,000	$	274,519
HCP, Inc., REIT, 3.4%, 2/01/25		400,000		374,106

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Real Estate - Healthcare - continued
MPT Operating Partnership LP, REIT, 6.875%, 5/01/21	$	760,000	$	798,000
MPT Operating Partnership LP, REIT, 6.375%, 2/15/22		1,255,000		1,335,006

			$	2,781,631
Real Estate - Other - 0.6%
DuPont Fabros Technology LP, REIT, 5.875%, 9/15/21	$	1,915,000	$	1,967,663
Felcor Lodging LP, REIT, 5.625%, 3/01/23		1,130,000		1,159,606

			$	3,127,269
Real Estate - Retail - 0.5%
DDR Corp., REIT, 3.625%, 2/01/25	$	692,000	$	662,300
Hammerson PLC, REIT, 2.75%, 9/26/19	EUR	300,000		351,929
Hammerson PLC, REIT, 6%, 2/23/26	GBP	250,000		483,176
Simon Property Group, Inc., REIT, 10.35%, 4/01/19	$	900,000		1,140,878

			$	2,638,283
Restaurants - 0.1%
YUM! Brands, Inc., 5.35%, 11/01/43	$	306,000	$	305,759

Retailers - 2.0%
Best Buy Co., Inc., 5.5%, 3/15/21	$	1,175,000	$	1,222,294
Bon Ton Stores, Inc., 8%, 6/15/21		650,000		487,500
Dollar General Corp., 4.125%, 7/15/17		831,000		864,509
Dollar General Corp., 3.25%, 4/15/23		190,000		181,802
DriveTime Automotive Group, Inc./DT Acceptance Corp., 8%, 6/01/21 (n)		630,000		591,874
Dufry Finance S.C.A., 4.5%, 8/01/23 (z)	EUR	106,000		120,612
Family Tree Escrow LLC, 5.75%, 3/01/23 (n)	$	1,350,000		1,424,250
Gap, Inc., 5.95%, 4/12/21		1,000,000		1,123,027
Home Depot, Inc., 4.875%, 2/15/44		378,000		415,436
Jo-Ann Stores Holdings, Inc., 9.75%, 10/15/19 (n)(p)		595,000		510,213
Marks & Spencer Group PLC, 4.75%, 6/12/25	GBP	300,000		509,495
Neiman Marcus Group Ltd., 8%, 10/15/21 (n)	$	630,000		667,800
Rite Aid Corp., 9.25%, 3/15/20		595,000		646,438
Rite Aid Corp., 6.75%, 6/15/21		265,000		281,563
Rite Aid Corp., 6.125%, 4/01/23 (n)		415,000		431,081
S.A.C.I. Falabella, 4.375%, 1/27/25 (n)		389,000		391,664
Sally Beauty Holdings, Inc., 6.875%, 11/15/19		590,000		617,140
Wesfarmers Ltd., 1.874%, 3/20/18 (n)		156,000		156,050

			$	10,642,748
Specialty Chemicals - 0.7%
Chemtura Corp., 5.75%, 7/15/21	$	1,560,000	$	1,575,600
Ecolab, Inc., 4.35%, 12/08/21		500,000		539,710
Ecolab, Inc., 2.625%, 7/08/25	EUR	175,000		200,916
Mexichem S.A.B. de C.V., 5.875%, 9/17/44 (n)	$	748,000		698,445
Univar USA, Inc., 6.75%, 7/15/23 (n)		775,000		778,875

			$	3,793,546
Specialty Stores - 0.6%
Argos Merger Sub, Inc., 7.125%, 3/15/23 (n)	$	1,175,000	$	1,242,563
Group 1 Automotive, Inc., 5%, 6/01/22		1,150,000		1,150,000
Michaels Stores, Inc., 5.875%, 12/15/20 (n)		920,000		966,000

			$	3,358,563

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Supermarkets - 0.1%
Loblaw Cos. Ltd., 4.86%, 9/12/23	CAD	421,000	$	365,404
William Morrison Supermarkets PLC, 3.5%, 7/27/26	GBP	150,000		215,194

			$	580,598
Supranational - 0.2%
European Investment Bank, 5.125%, 5/30/17	$	500,000	$	538,963
International Bank for Reconstruction and Development, 4.25%, 6/24/25	AUD	405,000		319,741
International Finance Corp., 3.25%, 7/22/19	AUD	585,000		439,161

			$	1,297,865
Telecommunications - Wireless - 4.0%
America Movil S.A.B. de C.V., 4.75%, 6/28/22	EUR	525,000	$	699,826
American Tower Corp., REIT, 3.5%, 1/31/23	$	743,000		716,657
American Tower Corp., REIT, 4%, 6/01/25		514,000		503,669
Bharti Airtel International B.V., 3.375%, 5/20/21 (n)	EUR	124,000		143,333
Bharti Airtel Ltd., 4.375%, 6/10/25 (z)	$	643,000		649,725
Crown Castle International Corp., 4.875%, 4/15/22		375,000		384,823
Crown Castle International Corp., 5.25%, 1/15/23		735,000		769,913
Digicel Group Ltd., 8.25%, 9/30/20 (n)		615,000		607,313
Digicel Group Ltd., 6%, 4/15/21 (n)		1,279,000		1,205,458
Digicel Group Ltd., 7.125%, 4/01/22 (n)		471,000		432,143
Digicel Group Ltd., 6.75%, 3/01/23 (n)		1,138,000		1,091,911
Digicel Group Ltd., 6.75%, 3/01/23		253,000		242,754
Eileme 2 AB, 11.625%, 1/31/20 (n)		925,000		1,014,031
Millicom International Cellular S.A., 4.75%, 5/22/20 (n)		446,000		433,735
Millicom International Cellular S.A., 6.625%, 10/15/21 (n)		412,000		428,480
MTS International Funding Ltd., 5%, 5/30/23 (n)		201,000		181,905
SBA Tower Trust, 2.898%, 10/15/44 (n)		439,000		439,653
Sprint Capital Corp., 6.875%, 11/15/28		1,210,000		1,025,475
Sprint Corp., 7.875%, 9/15/23		1,410,000		1,351,838
Sprint Corp., 7.125%, 6/15/24		1,230,000		1,125,450
Sprint Nextel Corp., 9%, 11/15/18 (n)		470,000		526,400
Sprint Nextel Corp., 6%, 11/15/22		1,050,000		922,425
T-Mobile USA, Inc., 6.125%, 1/15/22		145,000		151,525
T-Mobile USA, Inc., 6.5%, 1/15/24		405,000		427,656
T-Mobile USA, Inc., 6.464%, 4/28/19		395,000		407,344
T-Mobile USA, Inc., 6.25%, 4/01/21		1,675,000		1,754,563
T-Mobile USA, Inc., 6.633%, 4/28/21		540,000		571,698
VimpelCom Ltd., 5.95%, 2/13/23 (n)		255,000		233,922
Wind Acquisition Finance S.A., 4%, 7/15/20 (n)	EUR	300,000		336,477
Wind Acquisition Finance S.A., 4.75%, 7/15/20 (n)	$	995,000		1,017,388
Wind Acquisition Finance S.A., 7.375%, 4/23/21 (n)		1,435,000		1,521,100

			$	21,318,590
Telephone Services - 0.7%
B Communications Ltd., 7.375%, 2/15/21 (n)	$	1,459,000	$	1,572,073
Level 3 Financing, Inc., 8.625%, 7/15/20		425,000		453,688
Level 3 Financing, Inc., 5.125%, 5/01/23 (n)		650,000		632,125
Level 3 Financing, Inc., 5.375%, 5/01/25 (n)		520,000		506,350
TELUS Corp., 5.05%, 7/23/20	CAD	425,000		369,230

			$	3,533,466
Tobacco - 0.6%
Altria Group, Inc., 4%, 1/31/24	$	164,000	$	168,886
Imperial Tobacco Finance PLC, 4.25%, 7/21/25 (z)		742,000		741,083
Philip Morris International, Inc., 4.875%, 11/15/43		356,000		376,765

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Tobacco - continued
Reynolds American, Inc., 8.125%, 6/23/19 (z)	$	257,000	$	306,035
Reynolds American, Inc., 6.75%, 6/15/17		816,000		889,269
Reynolds American, Inc., 3.25%, 6/12/20		128,000		130,015
Reynolds American, Inc., 4%, 6/12/22		228,000		234,132
Reynolds American, Inc., 4.45%, 6/12/25		169,000		173,567
Reynolds American, Inc., 5.7%, 8/15/35		202,000		213,510

			$	3,233,262
Transportation - Services - 1.2%
ERAC USA Finance LLC, 7%, 10/15/37 (n)	$	628,000	$	780,561
Heathrow Funding Ltd., 4.625%, 10/31/48	GBP	200,000		342,864
HIT Finance B.V., 4.875%, 10/27/21	EUR	300,000		397,965
Jack Cooper Holdings Corp., 10.25%, 6/01/20 (n)	$	995,000		912,913
Navios Maritime Acquisition Corp., 8.125%, 11/15/21 (n)		946,000		931,810
Navios Maritime Holding, Inc., 7.375%, 1/15/22 (n)		1,160,000		988,900
Stena AB, 7%, 2/01/24 (n)		1,415,000		1,351,325
Syncreon Group BV/Syncre, 8.625%, 11/01/21 (n)		585,000		438,750
Topaz Marine S.A., 8.625%, 11/01/18 (n)		208,000		204,360
Ultrapetrol (Bahamas) Ltd., 8.875%, 6/15/21		246,000		206,025

			$	6,555,473
U.S. Government Agencies and Equivalents - 4.1%
Fannie Mae, 1.125%, 4/27/17	$	10,877,000	$	10,962,265
Freddie Mac, 0.875%, 2/22/17		10,902,000		10,938,642

			$	21,900,907
U.S. Treasury Obligations - 2.4%
U.S. Treasury Bonds, 3.125%, 11/15/41 (f)	$	12,069,000	$	12,589,476

Utilities - Electric Power - 2.9%
AES Gener S.A., 5%, 7/14/25 (z)	$	674,000	$	686,261
Calpine Corp., 5.5%, 2/01/24		920,000		892,400
CMS Energy Corp., 5.05%, 3/15/22		500,000		550,454
CMS Energy Corp., 3.875%, 3/01/24		200,000		203,159
Covanta Holding Corp., 7.25%, 12/01/20		1,815,000		1,901,213
Covanta Holding Corp., 6.375%, 10/01/22		320,000		336,000
Covanta Holding Corp., 5.875%, 3/01/24		340,000		334,900
E.CL S.A., 4.5%, 1/29/25 (n)		609,000		608,708
E.ON International Finance B.V., 6.375%, 6/07/32	GBP	200,000		396,501
EDP Finance B.V., 5.25%, 1/14/21 (n)	$	200,000		212,467
EDP Finance B.V., 4.125%, 1/20/21	EUR	350,000		429,150
Empresa de Energia de Bogota S.A., 6.125%, 11/10/21 (n)	$	303,000		324,119
Empresa Electrica Angamos S.A., 4.875%, 5/25/29 (n)		245,000		241,325
Enel S.p.A., 6.25%, 6/20/19	GBP	250,000		447,685
Enel S.p.A., 5.25%, 5/20/24	EUR	300,000		426,857
Enel S.p.A. , 8.75% to 9/24/23, FRN to 9/24/73 (n)	$	500,000		586,125
Enel S.p.A., 6.625% to 15/09/2021, FRN to 9/15/76	GBP	230,000		381,179
Greenko Dutch B.V., 8%, 8/01/19 (n)	$	410,000		385,400
NRG Energy, Inc., 8.25%, 9/01/20		1,860,000		1,937,190
NRG Energy, Inc., 6.25%, 7/15/22		385,000		385,963
NRG Energy, Inc., 6.625%, 3/15/23		1,420,000		1,441,300
PPL Capital Funding, Inc., 5%, 3/15/44		270,000		285,085
PPL WEM Holdings PLC, 5.375%, 5/01/21 (n)		183,000		203,992
Southern Electric Power Co. Ltd., 4.625%, 2/20/37	GBP	200,000		347,732
TerraForm Power Operating LLC, 6.125%, 6/15/25 (n)	$	525,000		526,313

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Bonds - continued
Utilities - Electric Power - continued
Transelec S.A., 4.25%, 1/14/25 (n)	$	535,000	$	536,895
Waterford 3 Funding Corp., 8.09%, 1/02/17		669,153		669,076
			$	15,677,449
Utilities - Gas - 0.1%
Transport de Gas Peru, 4.25%, 4/30/28 (n)	$	387,000	$	379,260
Total Bonds			$	596,290,113

Floating Rate Loans (g)(r) - 1.9%
Aerospace - 0.1%
TransDigm, Inc., Term Loan C, 3.75%, 2/28/20	$	587,545	$	586,003

Building - 0.3%
ABC Supply Co., Inc., Term Loan, 3.5%, 4/16/20	$	877,361	$	874,985
HD Supply, Inc., Term Loan B, 4%, 6/28/18		488,695		488,817

			$	1,363,802
Cable TV - 0.1%
Cequel Communications LLC, Term Loan, 3.5%, 2/14/19	$	457,230	$	456,277

Conglomerates - 0.1%
Entegris, Inc., Term Loan B, 3.5%, 4/30/21	$	596,777	$	595,658

Consumer Services - 0.1%
Realogy Corp., Term Loan B, 3.75%, 3/05/20	$	585,114	$	585,298

Containers - 0.1%
Berry Plastics Group, Inc., Term Loan E, 3.75%, 1/06/21	$	414,191	$	414,361

Electronics - 0.1%
Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21	$	814,861	$	815,880

Energy - Independent - 0.1%
MEG Energy Corp., Term Loan, 3.75%, 3/31/20	$	523,736	$	505,841

Entertainment - 0.1%
Cedar Fair LP, Term Loan B, 3.25%, 3/06/20	$	362,332	$	363,465

Gaming & Lodging - 0.1%
Hilton Worldwide Finance LLC, Term Loan B2, 3.5%, 10/26/20	$	708,742	$	709,517

Medical & Health Technology & Services - 0.1%
DaVita HealthCare Partners, Inc., Term Loan B, 3.5%, 6/24/21	$	706,425	$	707,308

Printing & Publishing - 0.1%
CBS Outdoor Americas Capital LLC, Term Loan B, 3%, 1/31/21	$	574,548	$	573,830

Retailers - 0.1%
Rite Aid Corp., Second Lien Term Loan, 4.87%, 6/21/21	$	328,597	$	328,803

Transportation - Services - 0.2%
Commercial Barge Line Co., First Lien Term Loan, 7.5%, 9/15/19	$	1,001,082	$	1,001,082

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)

Floating Rate Loans (g)(r) - continued
Utilities - Electric Power - 0.2%
Calpine Construction Finance Co., Term Loan B1, 3%, 5/03/20	$	919,966	$	911,532
Total Floating Rate Loans			$	9,918,657

Common Stocks - 0.3%
Automotive - 0.0%
Accuride Corp. (a)		20,680	$	84,168

Special Products & Services - 0.3%
iShares iBoxx $ High Yield Corporate Bond ETF		15,200	$	1,337,144
Total Common Stocks			$	1,421,312

Money Market Funds - 5.7%
MFS Institutional Money Market Portfolio, 0.1%, at Net Asset Value (v)		30,677,889	$	30,677,889
Total Investments			$	638,307,971

Other Assets, Less Liabilities - (19.6)%				(104,622,828	)
Net Assets - 100.0%			$	533,685,143

(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.

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

(i)	Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

(n)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $199,197,083, representing 37.3% of net assets.

(p)	Payment-in-kind security.

(q)	Interest received was less than stated coupon rate.

(r)

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

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

(z)

Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:


Restricted Securities	Acquisition Date	Cost		Value
AES Gener S.A., 5%, 7/14/25	7/9/15		$673,679		$686,261
American Media, Inc., 13.5%, 6/15/18	12/22/10		32,913		33,837
Bayview Financial Revolving Mortgage Loan Trust, FRN, 1.789%, 12/28/40	3/01/06		2,221,690		1,378,068
Bharti Airtel Ltd., 4.375%, 6/10/25	6/3/15		638,576		649,725
Chesapeake Funding LLC, “A”, FRN, 0.638%, 5/07/24	1/29/15		1,873,711		1,874,317
Comision Federal de Electricidad, 6.125%, 6/16/45	6/9/15		892,325		914,625
Corporacion Financiera de Desarrollo S.A., 4.75%, 7/15/25	7/715		265,405		271,350
Crown European Holdings S.A., 3.375%, 5/15/25	4/28/15		713,278		667,462
Dryden Senior Loan Fund, 2013-26A, “A”, CLO, FRN, 1.388%, 7/15/25	9/26/14		1,477,778		1,481,177
Dufry Finance S.C.A., 4.5%, 8/01/23	7/23/15		116,552		120,612
Falcon Franchise Loan LLC, FRN, 26.703%, 1/05/25	1/29/03		15,428		48,803
First Union National Bank Commercial Mortgage Trust, FRN, 1.466%, 1/12/43	12/11/03		286		795

Portfolio of Investments (unaudited) – continued


Restricted Securities – continued	Acquisition Date	Cost		Value
Grupo Posadas S.A.B. de C.V., 7.875%, 6/30/22	6/25/15		$700,000		$709,275
Imperial Tobacco Finance PLC, 4.25%, 7/21/25	7/15/15		726,352		741,083
Morgan Stanley Capital I, Inc., FRN, 1.419%, 4/28/39	7/20/04		40,257		15,656
Myriad International Holdings B.V., 5.5%, 7/21/25	7/14/15		619,765		629,300
Republic of Indonesia, 2.875%, 7/08/21	7/02/14		509,210		417,511
Republic of Kazakhstan, 5.125%, 7/21/25	7/14/15		972,957		972,796
Reynolds American, Inc., 8.125%, 6/23/19	7/10/15		303,774		306,035
Smurfit Kappa Acquisitions, 2.75%, 2/01/25	2/11/15		592,988		553,334
Three Gorges Finance I (Cayman Islands) Ltd., 3.7%, 6/10/25	6/3/15		203,917		207,651
Total Restricted Securities					$12,679,673
% of Net assets					2.4%

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


CDO		Collateralized Debt Obligation
CLO		Collateralized Loan Obligation
ETF		Exchange-Traded Fund
FRN		Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
PLC		Public Limited Company
REIT		Real Estate Investment Trust
TBA		To Be Announced

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:


AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
DKK		Danish Krone
EUR		Euro
GBP		British Pound
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
SEK		Swedish Krona
SGD		Singapore Dollar
ZAR		South African Rand

Derivative Contracts at 7/31/15

Forward Foreign Currency Exchange Contracts at 7/31/15


Type	Currency		Counterparty	Contracts to Deliver/Receive	Settlement Date Range	In Exchange For		Contracts at Value		Net Unrealized Appreciation (Depreciation)
Asset Derivatives
SELL		AUD	Westpac Banking Corp.	876,733	10/09/15	$	647,988	$	638,608	$	9,380
SELL		CAD	Merrill Lynch International	3,135,460	10/09/15		2,474,388		2,396,428		77,960
SELL		CHF	UBS AG	110,919	10/09/15		117,159		115,047		2,112
BUY		EUR	Goldman Sachs International	1,085,700	10/09/15		1,190,210		1,193,451		3,241
SELL		EUR	Citibank N.A.	170,076	10/09/15		188,051		186,955		1,096
SELL		EUR	Deutsche Bank AG	9,002,755	9/17/15		10,149,031		9,892,950		256,081
SELL		EUR	Goldman Sachs International	165,071	10/09/15		181,937		181,454		483

Portfolio of Investments (unaudited) – continued

Forward Foreign Currency Exchange Contracts at 7/31/15 - continued


Type	Currency		Counterparty	Contracts to Deliver/Receive	Settlement Date Range	In Exchange For		Contracts at Value		Net Unrealized Appreciation (Depreciation)
Asset Derivatives – continued
BUY		GBP	Goldman Sachs International	597,173	10/09/15	$	925,731	$	932,153	$	6,422
SELL		JPY	Credit Suisse International	77,532,066	10/09/15		633,768		626,173		7,595
SELL		JPY	Deutsche Bank AG	77,532,067	10/09/15		633,737		626,173		7,564
SELL		MXN	Goldman Sachs International	32,899,000	10/09/15		2,064,834		2,031,588		33,246

										$	405,180

Liability Derivatives
BUY		CAD	Goldman Sachs International	266,216	10/09/15	$	205,753	$	203,469	$	(2,284	)
BUY		DKK	Goldman Sachs International	11,054	10/09/15		1,642		1,629		(13	)
BUY		EUR	Goldman Sachs International	676,818	10/09/15		745,371		743,989		(1,382	)
SELL		EUR	Goldman Sachs International	2,050,892	10/09/15		2,251,371		2,254,433		(3,062	)
SELL		EUR	UBS AG	14,902,157	10/09/15		16,307,415		16,381,125		(73,710	)
SELL		GBP	Barclays Bank PLC	2,347,494	10/09/15		3,649,380		3,664,303		(14,923	)
SELL		GBP	Goldman Sachs International	447,966	10/09/15		694,444		699,249		(4,805	)
SELL		GBP	Merrill Lynch International	2,347,494	10/09/15		3,653,368		3,664,303		(10,935	)
BUY		KRW	JPMorgan Chase Bank N.A.	112,535,000	8/14/15		99,623		96,139		(3,484	)
SELL		NOK	Goldman Sachs International	6,710	10/09/15		815		820		(5	)
BUY		NZD	Westpac Banking Corp.	165,000	10/09/15		108,973		108,345		(628	)
BUY		SEK	Goldman Sachs International	272	10/09/15		32		32		0
BUY		SGD	Goldman Sachs International	102,000	10/09/15		75,309		74,209		(1,100	)
BUY		ZAR	Citibank N.A.	1,099,000	10/09/15		86,343		85,875		(468	)

										$	(116,799	)

Futures Contracts at 7/31/15


Description	Currency		Contracts		Value	Expiration Date	Unrealized Appreciation (Depreciation)
Liability Derivatives
*Interest Rate Futures*
Euro Bond 10 yr (Long)		EUR		10	$1,695,698	September - 2015		$(10,455	)
U.S. Treasury Note 10 yr (Short)		USD		477	60,787,688	September - 2015		(193,341	)
U.S. Treasury Bond 30 yr (Short)		USD		5	779,688	September - 2015		(9,391	)

								$(213,187	)

At July 31, 2015, the fund had cash collateral of $150,000 and other liquid securities with an aggregate value of $867,884 to cover any commitments for certain derivative contracts.

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

Supplemental Information

7/31/15 (unaudited)

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

(1) Investment Valuations

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

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

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

Supplemental Information (unaudited) – continued

Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of July 31, 2015 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1			Level 2		Level 3		Total
Equity Securities		$1,421,312			$—		$—		$1,421,312
U.S. Treasury Bonds & U.S. Government Agency & Equivalents		—			34,490,382		—		34,490,382
Non-U.S. Sovereign Debt		—			69,155,252		—		69,155,252
U.S. Corporate Bonds		—			317,753,913		—		317,753,913
Residential Mortgage-Backed Securities		—			27,927,404		—		27,927,404
Commercial Mortgage-Backed Securities		—			18,448,230		—		18,448,230
Asset-Backed Securities (including CDOs)		—			7,565,906		—		7,565,906
Foreign Bonds		—			120,668,430		280,596		120,949,026
Floating Rate Loans		—			9,918,657		—		9,918,657
Mutual Funds		30,677,889			—		—		30,677,889
Total Investments		$32,099,201			$605,928,174		$280,596		$638,307,971

Other Financial Instruments
Futures Contracts		$(213,187	)		$—		$—		$(213,187	)
Forward Foreign Currency Exchange Contracts		—			288,381		—		288,381

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

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


	Foreign Bonds
Balance as of 10/31/14		$—
Transfers into level 3		280,596
Balance as of 7/31/15		$280,596

At July 31, 2015, the fund held one level 3 security.

(2) Portfolio Securities

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


Aggregate cost	$650,842,823
Gross unrealized appreciation	12,985,148
Gross unrealized depreciation	(25,520,000	)
Net unrealized appreciation (depreciation)	$(12,534,852	)

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

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		17,572,803		113,606,797		(100,501,711	)		30,677,889

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$16,412			$30,677,889

Supplemental Information (unaudited) – continued

(4) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of July 31, 2015, are as follows:


United States			63.4%
Mexico			4.6%
Canada			3.5%
United Kingdom			2.5%
China			2.2%
Indonesia			2.0%
Germany			1.8%
Israel			1.5%
Italy			1.5%
Other Countries			17.0%

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

ITEM 2.

CONTROLS AND PROCEDURES.

(a)

Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

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

ITEM 3.

EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: MFS MULTIMARKET INCOME TRUST


By (Signature and Title)*		ROBIN A. STELMACH
		Robin A. Stelmach, President

Date: September 16, 2015

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)*

ROBIN A. STELMACH

Robin A. Stelmach, President

(Principal Executive Officer)

Date: September 16, 2015

By (Signature and Title)*

DAVID L. DILORENZO

David L. DiLorenzo, Treasurer

(Principal Financial Officer

and Accounting Officer)

Date: September 16, 2015

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