UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
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: October 31, 2020
* | This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Local Currency Fund. Each remaining series of the Registrant has a fiscal year end other than October 31st. |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
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back cover |
Sovereign Emerging Markets | 91.0% |
Other Government Entity-Emerging Markets Quasi Government | 12.4% |
Emerging Markets Corporate Bonds | 7.1% |
Developed Markets Corporate Bonds | 0.7% |
Supranational | 0.5% |
Government Securities Hedge (t) | (3.0)% |
Mexico | 14.1% |
South Africa | 13.9% |
Indonesia | 9.4% |
Brazil | 8.1% |
Colombia | 8.0% |
China | 7.8% |
Thailand | 7.6% |
Malaysia | 6.5% |
United States (includes Cash & Cash Equivalents and Other) | (10.5)% |
Other Countries | 35.1% |
AA | 1.1% |
A | 12.5% |
BBB | 44.3% |
BB | 24.3% |
B | 2.5% |
CCC | 0.7% |
Not Rated | 23.3% |
Non-Fixed Income (o) | 0.0% |
Cash & Cash Equivalents | 5.3% |
Other | (14.0)% |
Mexican Peso | 10.3% |
Russian Ruble | 9.0% |
Indonesian Rupiah | 8.6% |
Brazilian Real | 7.9% |
Polish Zloty | 7.6% |
South African Rand | 7.4% |
Malaysian Ringgit | 7.2% |
Chinese Renminbi | 6.9% |
Thailand Offshore Rate | 5.2% |
Other Currencies | 29.9% |
Average Duration (d) | 6.6 |
Average Effective Maturity (m) | 8.5 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change.Not Rated includes fixed income securities, including fixed income futures contracts, which have not been rated by any rating agency.Non-Fixed Income includes any equity securities (including convertible bonds and equity derivatives) and/or commodity-linked derivatives.The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
(t) | For the purpose of managing the fund’s duration (but not its credit exposure), the fund holds futures contracts with a bond equivalent exposure of (3.0)%. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents. |
(y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
Share Class | Class Inception Date | 1-yr | 5-yr | Life (t) |
A | 9/15/11 | (4.68)% | 3.76% | (0.33)% |
B | 9/15/11 | (5.25)% | 2.99% | (1.07)% |
C | 9/15/11 | (5.40)% | 2.96% | (1.08)% |
I | 9/15/11 | (4.47)% | 3.96% | (0.12)% |
R1 | 9/15/11 | (5.38)% | 2.99% | (1.07)% |
R2 | 9/15/11 | (4.77)% | 3.51% | (0.57)% |
R3 | 9/15/11 | (4.65)% | 3.80% | (0.30)% |
R4 | 9/15/11 | (4.54)% | 4.09% | (0.03)% |
R6 | 12/03/12 | (4.33)% | 4.09% | (0.68)% |
JPMorgan Government Bond Index Emerging Markets Global Diversified (f) | (3.81)% | 3.94% | 0.38% |
A With Initial Sales Charge (4.25%) | (8.73)% | 2.87% | (0.80)% |
B With CDSC (Declining over six years from 4% to 0%) (v) | (8.90)% | 2.64% | (1.07)% |
C With CDSC (1% for 12 months) (v) | (6.31)% | 2.96% | (1.08)% |
(f) | Source: FactSet Research Systems Inc. |
(t) | For the period from the class inception date through the stated period end. The comparative benchmark performance information provided for the “life” period is from the inception date of the Class A shares. (See Notes to Performance Summary.) |
(v) | Assuming redemption at the end of the applicable period. |
May 1, 2020 through October 31, 2020
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/20 | Ending Account Value 10/31/20 | Expenses Paid During Period (p) 5/01/20-10/31/20 | |
A | Actual | 1.10% | $1,000.00 | $1,100.05 | $5.81 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.61 | $5.58 | |
B | Actual | 1.85% | $1,000.00 | $1,097.76 | $9.76 |
Hypothetical (h) | 1.85% | $1,000.00 | $1,015.84 | $9.37 | |
C | Actual | 1.85% | $1,000.00 | $1,096.03 | $9.75 |
Hypothetical (h) | 1.85% | $1,000.00 | $1,015.84 | $9.37 | |
I | Actual | 0.85% | $1,000.00 | $1,101.66 | $4.49 |
Hypothetical (h) | 0.85% | $1,000.00 | $1,020.86 | $4.32 | |
R1 | Actual | 1.85% | $1,000.00 | $1,095.90 | $9.75 |
Hypothetical (h) | 1.85% | $1,000.00 | $1,015.84 | $9.37 | |
R2 | Actual | 1.35% | $1,000.00 | $1,100.44 | $7.13 |
Hypothetical (h) | 1.35% | $1,000.00 | $1,018.35 | $6.85 | |
R3 | Actual | 1.10% | $1,000.00 | $1,099.79 | $5.81 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.61 | $5.58 | |
R4 | Actual | 0.85% | $1,000.00 | $1,101.00 | $4.49 |
Hypothetical (h) | 0.85% | $1,000.00 | $1,020.86 | $4.32 | |
R6 | Actual | 0.73% | $1,000.00 | $1,102.05 | $3.86 |
Hypothetical (h) | 0.73% | $1,000.00 | $1,021.47 | $3.71 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 94.8% | ||||
Brazil – 4.1% | ||||
Federative Republic of Brazil, Inflation Linked Bond, 6%, 8/15/2024 | BRL | 19,644,637 | $ 3,896,918 | |
Federative Republic of Brazil, Inflation Linked Bond, 6%, 5/15/2025 | 28,517,924 | 5,699,557 | ||
Nota do Tesouro Nacional, 10%, 1/01/2023 | 22,961,000 | 4,383,583 | ||
Rumo Luxembourg S.à r.l., 5.25%, 1/10/2028 (n) | $ | 869,000 | 910,278 | |
$14,890,336 | ||||
Chile – 3.5% | ||||
AES Gener S.A., 6.35% to 4/7/2025, FLR (CMT - 5yr. + 4.917%) to 4/7/2030, FLR (CMT - 5yr. + 5.167%) to 4/7/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n) | $ | 1,502,000 | $ 1,512,889 | |
Republic of Chile, 4.7%, 9/01/2030 | CLP | 6,235,000,000 | 9,482,018 | |
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 (n) | $ | 842,000 | 890,415 | |
VTR Finance N.V., 6.375%, 7/15/2028 (n) | 860,000 | 918,050 | ||
$12,803,372 | ||||
China – 7.7% | ||||
China Development Bank, 3.23%, 1/10/2025 | CNY | 36,490,000 | $ 5,406,739 | |
China Development Bank, 3.45%, 9/20/2029 | 79,730,000 | 11,629,295 | ||
Meituan, 3.05%, 10/28/2030 (n) | $ | 961,000 | 963,010 | |
Prosus N.V., 3.68%, 1/21/2030 | 674,000 | 733,467 | ||
Republic of China, 3.25%, 6/06/2026 | CNY | 26,730,000 | 4,020,574 | |
Republic of China, 2.68%, 5/21/2030 | 25,480,000 | 3,647,260 | ||
Three Gorges Finance I (Cayman Islands) Ltd., 2.15%, 9/22/2030 (n) | $ | 847,000 | 841,003 | |
Weibo Corp., 3.375%, 7/08/2030 | 968,000 | 970,879 | ||
$28,212,227 | ||||
Colombia – 7.7% | ||||
Empresas Publicas de Medellin, 8.375%, 11/08/2027 (n) | COP | 4,009,000,000 | $ 1,069,274 | |
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 (n) | $ | 690,000 | 704,669 | |
Kingdom of Spain, Inflation Linked Bond, 3.3%, 3/17/2027 | COP | 12,101,530,766 | 3,428,098 | |
Millicom International Cellular S.A., 6.625%, 10/15/2026 | $ | 640,000 | 689,600 | |
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 322,000 | 326,830 | ||
Republic of Colombia, 5.75%, 11/03/2027 | COP | 45,138,000,000 | 12,071,051 | |
Republic of Colombia, “B”, 6%, 4/28/2028 | 5,716,800,000 | 1,541,789 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Colombia – continued | ||||
Republic of Colombia, Inflation Linked Bond, 3.5%, 5/07/2025 | COP | 29,735,040,558 | $ 8,471,262 | |
$28,302,573 | ||||
Cote d'Ivoire – 0.3% | ||||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | EUR | 1,009,000 | $ 1,144,343 | |
Czech Republic – 1.1% | ||||
Czech Republic, 2%, 10/13/2033 | CZK | 83,150,000 | $ 3,924,888 | |
Dominican Republic – 0.4% | ||||
Dominican Republic, 4.875%, 9/23/2032 (n) | $ | 1,300,000 | $ 1,319,513 | |
Egypt – 0.6% | ||||
Arab Republic of Egypt, 7.6%, 3/01/2029 (n) | $ | 650,000 | $ 675,545 | |
Arab Republic of Egypt, 7.625%, 5/29/2032 (n) | 1,137,000 | 1,150,189 | ||
Arab Republic of Egypt, 7.625%, 5/29/2032 | 200,000 | 202,320 | ||
$2,028,054 | ||||
Guatemala – 0.4% | ||||
Republic of Guatemala, 5.375%, 4/24/2032 (n) | $ | 1,044,000 | $ 1,229,728 | |
Republic of Guatemala, 6.125%, 6/01/2050 (n) | 316,000 | 389,315 | ||
$1,619,043 | ||||
Hungary – 3.9% | ||||
Republic of Hungary, 5.5%, 6/24/2025 | HUF | 1,551,420,000 | $ 5,818,325 | |
Republic of Hungary, 3.25%, 10/22/2031 | 2,424,740,000 | 8,395,594 | ||
$14,213,919 | ||||
India – 2.8% | ||||
Delhi International Airport Ltd., 6.45%, 6/04/2029 (n) | $ | 1,263,000 | $ 1,272,978 | |
ReNew Power Private Ltd., 5.875%, 3/05/2027 (n) | 773,000 | 789,061 | ||
Republic of India, 7.27%, 4/08/2026 | INR | 499,920,000 | 7,320,625 | |
Shriram Transport Finance Co. Ltd., 5.1%, 7/16/2023 (n) | $ | 326,000 | 312,124 | |
Shriram Transport Finance Co. Ltd., 5.1%, 7/16/2023 | 384,000 | 367,656 | ||
$10,062,444 | ||||
Indonesia – 9.2% | ||||
PT Indonesia Asahan Aluminium (Persero), 5.45%, 5/15/2030 (n) | $ | 716,000 | $ 815,684 | |
Republic of Indonesia, 6.5%, 6/15/2025 | IDR | 24,691,000,000 | 1,755,804 | |
Republic of Indonesia, 7%, 5/15/2027 | 102,841,000,000 | 7,265,321 | ||
Republic of Indonesia, 9%, 3/15/2029 | 35,368,000,000 | 2,760,034 | ||
Republic of Indonesia, 7%, 9/15/2030 | 96,198,000,000 | 6,765,104 | ||
Republic of Indonesia, 8.75%, 5/15/2031 | 24,267,000,000 | 1,862,046 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Indonesia – continued | ||||
Republic of Indonesia, 7.5%, 8/15/2032 | IDR | 54,135,000,000 | $ 3,781,122 | |
Republic of Indonesia, 7.5%, 5/15/2038 | 75,785,000,000 | 5,221,263 | ||
Republic of Indonesia, 8.375%, 4/15/2039 | 28,889,000,000 | 2,133,934 | ||
Star Energy Co., 4.85%, 10/14/2038 (n) | $ | 1,093,000 | 1,120,039 | |
$33,480,351 | ||||
Israel – 0.3% | ||||
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | $ | 1,098,000 | $ 1,126,877 | |
Jordan – 0.5% | ||||
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n) | $ | 1,422,000 | $ 1,431,007 | |
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 | 300,000 | 301,900 | ||
$1,732,907 | ||||
Kazakhstan – 0.4% | ||||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | $ | 1,538,000 | $ 1,555,955 | |
Malaysia – 3.8% | ||||
Government of Malaysia, 3.955%, 9/15/2025 | MYR | 20,083,000 | $ 5,255,511 | |
Government of Malaysia, 4.232%, 6/30/2031 | 27,094,000 | 7,369,496 | ||
PETRONAS Capital Ltd. (Federation of Malaysia), 3.5%, 4/21/2030 (n) | $ | 1,124,000 | 1,250,787 | |
$13,875,794 | ||||
Mexico – 9.0% | ||||
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 (n) | $ | 690,000 | $ 760,042 | |
CEMEX S.A.B. de C.V., 5.2%, 9/17/2030 (n) | 931,000 | 983,499 | ||
Petroleos Mexicanos, 7.47%, 11/12/2026 | MXN | 10,559,900 | 392,994 | |
Petroleos Mexicanos, 6.95%, 1/28/2060 | $ | 2,201,000 | 1,721,182 | |
Red de Carreteras de Occidente SAPIB de C.V., 9%, 6/10/2028 (n) | MXN | 13,846,200 | 691,601 | |
United Mexican States, 10%, 12/05/2024 | 31,270,000 | 1,743,655 | ||
United Mexican States, 5.75%, 3/05/2026 | 155,410,000 | 7,454,243 | ||
United Mexican States, 8.5%, 5/31/2029 | 199,910,000 | 10,994,744 | ||
United Mexican States, 8%, 11/07/2047 | 37,700,000 | 1,934,365 | ||
United Mexican States, Inflation Linked Bond, 4.5%, 12/04/2025 | 36,374,050 | 1,967,284 | ||
United Mexican States, Inflation Linked Bond, 4%, 11/30/2028 | 76,818,842 | 4,097,439 | ||
$32,741,048 | ||||
Nigeria – 0.0% | ||||
Afren PLC, 10.25%, 4/08/2019 (a)(d) | $ | 693,819 | $ 347 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Panama – 0.4% | ||||
AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n) | $ | 1,131,000 | $ 1,198,509 | |
Banco Nacional de Panama, 2.5%, 8/11/2030 (n) | 251,000 | 249,379 | ||
$1,447,888 | ||||
Paraguay – 0.6% | ||||
Republic of Paraguay, 4.7%, 3/27/2027 | $ | 607,000 | $ 685,309 | |
Republic of Paraguay, 4.95%, 4/28/2031 (n) | 1,211,000 | 1,410,815 | ||
$2,096,124 | ||||
Peru – 3.3% | ||||
Banco de Credito del Peru, 4.65%, 9/17/2024 (n) | PEN | 10,403,000 | $ 3,035,587 | |
Camposol S.A., 6%, 2/03/2027 (n) | $ | 693,000 | 732,848 | |
Peru LNG, 5.375%, 3/22/2030 | 1,360,000 | 1,040,400 | ||
Republic of Peru, 6.95%, 8/12/2031 | PEN | 12,786,000 | 4,361,656 | |
Republic of Peru, 6.9%, 8/12/2037 | 8,601,000 | 2,812,878 | ||
$11,983,369 | ||||
Poland – 4.5% | ||||
Canpack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n) | $ | 428,000 | $ 433,350 | |
Canpack S.A./Eastern PA Land Investment Holding LLC, 2.375%, 11/01/2027 (n) | EUR | 446,000 | 520,732 | |
Government of Poland, 2.5%, 7/25/2026 | PLN | 22,524,000 | 6,286,771 | |
Government of Poland, 2.75%, 4/25/2028 | 5,940,000 | 1,694,999 | ||
Government of Poland, 5.75%, 4/25/2029 | 21,648,000 | 7,622,135 | ||
$16,557,987 | ||||
Romania – 2.3% | ||||
Republic of Romania, 4.75%, 2/24/2025 | RON | 20,395,000 | $ 5,209,683 | |
Republic of Romania, 5.8%, 7/26/2027 | 6,870,000 | 1,890,071 | ||
Republic of Romania, 2%, 1/28/2032 (n) | EUR | 1,159,000 | 1,349,768 | |
$8,449,522 | ||||
Russia – 6.0% | ||||
Russian Federation, 7.05%, 1/19/2028 | RUB | 232,989,000 | $ 3,149,837 | |
Russian Federation, 7.7%, 3/23/2033 | 512,911,000 | 7,198,815 | ||
Russian Federation, 7.25%, 5/10/2034 | 673,655,000 | 9,154,373 | ||
Russian Federation, Inflation Linked Bond, 2.5%, 2/02/2028 | 61,978,249 | 776,252 | ||
Russian Federation, Inflation Linked Bond, 2.5%, 7/17/2030 | 146,142,591 | 1,803,518 | ||
$22,082,795 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Saudi Arabia – 0.2% | ||||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | $ | 860,000 | $ 813,839 | |
Serbia – 0.3% | ||||
Republic of Serbia, 1.5%, 6/26/2029 | EUR | 1,127,000 | $ 1,279,432 | |
South Africa – 13.6% | ||||
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | $ | 1,630,000 | $ 1,523,385 | |
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.85%, 4/02/2026 | ZAR | 36,000,000 | 2,189,996 | |
Republic of South Africa, 10.5%, 12/21/2026 | 248,287,000 | 17,737,673 | ||
Republic of South Africa, 8%, 1/31/2030 | 208,581,000 | 11,786,172 | ||
Republic of South Africa, 7%, 2/28/2031 | 187,446,000 | 9,426,580 | ||
Republic of South Africa, Inflation Linked Bond, 2%, 1/31/2025 | 32,133,719 | 1,887,271 | ||
Republic of South Africa, Inflation Linked Bond, 2.6%, 3/31/2028 | 66,001,903 | 3,680,979 | ||
Transnet SOC Ltd. (Republic of South Africa), 9.5%, 5/13/2021 | 22,700,000 | 1,409,447 | ||
$49,641,503 | ||||
Sri Lanka – 0.4% | ||||
Republic of Sri Lanka, 6.75%, 4/18/2028 | $ | 1,400,000 | $ 750,312 | |
Republic of Sri Lanka, 7.85%, 3/14/2029 (n) | 1,172,000 | 627,020 | ||
$1,377,332 | ||||
Supranational – 0.5% | ||||
West African Development Bank, 4.7%, 10/22/2031 | $ | 400,000 | $ 420,000 | |
West African Development Bank, 4.7%, 10/22/2031 (n) | 1,364,000 | 1,432,200 | ||
$1,852,200 | ||||
Thailand – 3.5% | ||||
Kingdom of Thailand, 3.775%, 6/25/2032 | THB | 317,651,000 | $ 12,631,328 | |
Turkey – 0.3% | ||||
Republic of Turkey, 10.5%, 8/11/2027 | TRY | 12,159,000 | $ 1,233,385 | |
United Arab Emirates – 0.3% | ||||
DP World Salaam (United Arab Emirates), 6% to 1/1/2026, FLR (CMT - 5yr. + 5.75%) to 1/1/2031, FLR (CMT - 5yr. + 6.75%) to 1/01/2070 | $ | 1,000,000 | $ 1,047,500 | |
United States – 0.4% | ||||
JBS Investments II GmbH, 5.75%, 1/15/2028 | $ | 1,433,000 | $ 1,505,546 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Uruguay – 1.9% | ||||
Oriental Republic of Uruguay, 8.5%, 3/15/2028 | UYU | 232,785,000 | $ 5,672,207 | |
Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | 54,054,057 | 1,440,599 | ||
$7,112,806 | ||||
Vietnam – 0.3% | ||||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $ | 1,079,000 | $ 1,098,516 | |
Zambia – 0.3% | ||||
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n) | $ | 1,115,000 | $ 1,112,201 | |
Total Bonds (Identified Cost, $346,441,298) | $ 346,357,264 | |||
Common Stocks – 0.0% | ||||
Canada – 0.0% | ||||
Frontera Energy Corp. (Identified Cost, $1,265,281) | 16,374 | $ 26,198 | ||
Investment Companies (h) – 1.0% | ||||
Money Market Funds – 1.0% | ||||
MFS Institutional Money Market Portfolio, 0.1% (v) (Identified Cost, $3,658,578) | 3,658,579 | $3,658,579 | ||
Other Assets, Less Liabilities – 4.2% | 15,203,980 | |||
Net Assets – 100.0% | $ 365,246,021 |
(a) | Non-income producing security. |
(d) | In default. |
(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 $3,658,579 and $346,383,462, respectively. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $39,355,630, representing 10.8% 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: | |
BZDIOVRA | Brazil Interbank Deposit Rate |
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. |
KLIBOR | Kuala Lumpur Interbank Offered Rate |
THBFIX | Thai Baht Floating Rate Fixed |
TIIE | Interbank Equilibrium Interest Rate |
WIBOR | Warsaw Interbank Offered Rate |
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 |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNH | Chinese Yuan Renminbi (Offshore) |
CNY | China Yuan Renminbi |
COP | Colombian Peso |
CZK | Czech Koruna |
EUR | Euro |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian New Leu |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | Taiwan Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
CLP | 978,256,640 | USD | 1,259,098 | JPMorgan Chase Bank N.A. | 1/28/2021 | $6,015 |
CNH | 30,120,716 | USD | 4,432,487 | Goldman Sachs International | 1/15/2021 | 41,697 |
IDR | 32,395,122,000 | USD | 2,204,200 | Barclays Bank PLC | 11/02/2020 | 10,852 |
IDR | 6,519,313,000 | USD | 441,700 | Citibank N.A. | 11/30/2020 | 2,943 |
IDR | 13,441,739,637 | USD | 913,362 | JPMorgan Chase Bank N.A. | 11/02/2020 | 5,731 |
INR | 132,565,000 | USD | 1,776,463 | Goldman Sachs International | 11/27/2020 | 8,603 |
MXN | 15,711,000 | USD | 728,959 | Goldman Sachs International | 1/15/2021 | 5,817 |
MXN | 137,671,840 | USD | 6,400,610 | State Street Bank Corp. | 1/15/2021 | 38,055 |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives - continued | ||||||
MYR | 59,622,869 | USD | 14,276,175 | Barclays Bank PLC | 1/29/2021 | $47,064 |
MYR | 17,588,737 | USD | 4,214,183 | Barclays Bank PLC | 11/02/2020 | 18,966 |
PHP | 31,148,590 | USD | 642,371 | JPMorgan Chase Bank N.A. | 11/27/2020 | 1,444 |
RUB | 495,298,444 | USD | 6,203,700 | Goldman Sachs International | 11/30/2020 | 13,907 |
RUB | 270,499,601 | USD | 3,394,675 | JPMorgan Chase Bank N.A. | 11/30/2020 | 975 |
THB | 592,473,085 | USD | 18,978,311 | JPMorgan Chase Bank N.A. | 11/23/2020 | 28,156 |
USD | 4,525,044 | AUD | 6,320,000 | Merrill Lynch International | 1/15/2021 | 80,989 |
USD | 1,025,100 | BRL | 5,728,259 | Banco Santander S.A. | 12/02/2020 | 28,173 |
USD | 1,651,447 | BRL | 9,223,000 | Citibank N.A. | 12/02/2020 | 46,307 |
USD | 9,665,389 | COP | 37,334,518,338 | Citibank N.A. | 2/03/2021 | 59,684 |
USD | 9,589,715 | COP | 37,002,489,338 | Citibank N.A. | 11/04/2020 | 29,213 |
USD | 2,916,800 | COP | 10,724,938,698 | Goldman Sachs International | 11/04/2020 | 145,749 |
USD | 7,130,033 | COP | 26,277,550,640 | JPMorgan Chase Bank N.A. | 11/04/2020 | 340,582 |
USD | 1,654,040 | CZK | 38,298,000 | Citibank N.A. | 1/15/2021 | 14,522 |
USD | 9,041,701 | EUR | 7,698,950 | Citibank N.A. | 1/15/2021 | 58,886 |
USD | 340,264 | EUR | 290,000 | Goldman Sachs International | 1/15/2021 | 1,904 |
USD | 185,056 | EUR | 157,638 | JPMorgan Chase Bank N.A. | 1/15/2021 | 1,131 |
USD | 117,569 | EUR | 99,135 | Merrill Lynch International | 1/15/2021 | 1,903 |
USD | 170,790 | EUR | 145,000 | State Street Bank Corp. | 1/15/2021 | 1,609 |
USD | 1,865,476 | HUF | 562,310,521 | Merrill Lynch International | 1/15/2021 | 81,690 |
USD | 371,039 | HUF | 114,825,292 | State Street Bank Corp. | 1/15/2021 | 6,785 |
USD | 3,705,900 | INR | 272,824,652 | Goldman Sachs International | 11/27/2020 | 32,155 |
USD | 5,895,449 | PEN | 21,295,542 | Citibank N.A. | 2/02/2021 | 6,236 |
USD | 3,826,719 | PEN | 13,527,069 | Citibank N.A. | 11/04/2020 | 85,323 |
USD | 1,823,500 | PEN | 6,458,472 | JPMorgan Chase Bank N.A. | 11/04/2020 | 37,178 |
USD | 362,381 | PEN | 1,310,000 | Morgan Stanley Capital Services, Inc. | 11/04/2020 | 54 |
USD | 1,843,700 | RUB | 142,020,211 | Goldman Sachs International | 11/30/2020 | 60,884 |
USD | 2,217,600 | RUB | 170,893,804 | JPMorgan Chase Bank N.A. | 11/30/2020 | 72,327 |
USD | 3,709,932 | TWD | 105,529,000 | Barclays Bank PLC | 1/25/2021 | 19,274 |
USD | 264,120 | ZAR | 4,324,000 | HSBC Bank | 1/15/2021 | 668 |
USD | 363,674 | ZAR | 5,964,000 | Morgan Stanley Capital Services, Inc. | 1/15/2021 | 301 |
$1,443,752 | ||||||
Liability Derivatives | ||||||
AUD | 1,232,000 | USD | 883,413 | Merrill Lynch International | 1/15/2021 | $(17,104) |
BRL | 95,539,851 | USD | 16,892,666 | Barclays Bank PLC | 12/02/2020 | (265,236) |
BRL | 4,079,000 | USD | 735,258 | Goldman Sachs International | 12/02/2020 | (25,363) |
CNH | 21,976,000 | USD | 3,266,312 | State Street Bank Corp. | 1/15/2021 | (1,958) |
COP | 37,002,489,338 | USD | 9,624,815 | Citibank N.A. | 11/04/2020 | (64,313) |
COP | 10,724,938,698 | USD | 2,779,518 | Goldman Sachs International | 11/04/2020 | (8,467) |
COP | 26,277,550,640 | USD | 6,810,196 | JPMorgan Chase Bank N.A. | 11/04/2020 | (20,745) |
CZK | 343,655,850 | USD | 14,772,878 | Merrill Lynch International | 1/15/2021 | (61,144) |
HUF | 79,255,000 | USD | 256,442 | Brown Brothers Harriman | 1/15/2021 | (5,026) |
HUF | 1,051,965,594 | USD | 3,397,499 | State Street Bank Corp. | 1/15/2021 | (60,407) |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives - continued | ||||||
IDR | 18,953,382,363 | USD | 1,296,844 | Goldman Sachs International | 11/02/2020 | $(887) |
INR | 160,561,000 | USD | 2,171,712 | Barclays Bank PLC | 11/27/2020 | (9,664) |
MXN | 7,809,000 | USD | 367,715 | State Street Bank Corp. | 1/15/2021 | (2,502) |
MYR | 26,619,021 | USD | 6,437,322 | Barclays Bank PLC | 11/02/2020 | (30,818) |
PEN | 21,295,541 | USD | 5,897,408 | Citibank N.A. | 11/04/2020 | (7,363) |
PLN | 47,401,751 | USD | 12,355,702 | State Street Bank Corp. | 1/15/2021 | (379,029) |
RON | 17,015,782 | USD | 4,066,204 | JPMorgan Chase Bank N.A. | 1/15/2021 | (8,301) |
RUB | 51,767,000 | USD | 657,386 | Barclays Bank PLC | 11/30/2020 | (7,542) |
RUB | 300,358,000 | USD | 3,855,687 | Citibank N.A. | 11/30/2020 | (85,217) |
RUB | 28,189,000 | USD | 367,715 | Goldman Sachs International | 11/30/2020 | (13,851) |
TRY | 38,495,313 | USD | 4,814,020 | Citibank N.A. | 11/16/2020 | (251,677) |
USD | 748,517 | CLP | 581,560,271 | JPMorgan Chase Bank N.A. | 1/28/2021 | (3,576) |
USD | 547,695 | CZK | 12,796,000 | Morgan Stanley Capital Services, Inc. | 1/15/2021 | (96) |
USD | 2,141,401 | IDR | 32,395,122,000 | Barclays Bank PLC | 11/02/2020 | (73,650) |
USD | 731,534 | IDR | 10,815,002,000 | Barclays Bank PLC | 11/30/2020 | (6,092) |
USD | 1,289,609 | IDR | 18,953,382,363 | Goldman Sachs International | 11/02/2020 | (6,349) |
USD | 914,591 | IDR | 13,441,739,637 | JPMorgan Chase Bank N.A. | 11/02/2020 | (4,503) |
USD | 356,048 | IDR | 5,241,739,637 | JPMorgan Chase Bank N.A. | 11/30/2020 | (1,459) |
USD | 3,717,800 | INR | 277,686,200 | Goldman Sachs International | 11/27/2020 | (21,408) |
USD | 724,870 | MXN | 15,543,000 | Merrill Lynch International | 1/15/2021 | (2,048) |
USD | 723,445 | MYR | 3,024,000 | Barclays Bank PLC | 1/29/2021 | (3,012) |
USD | 10,602,143 | MYR | 44,207,757 | Barclays Bank PLC | 11/02/2020 | (37,509) |
USD | 346,337 | TRY | 3,013,000 | HSBC Bank | 1/15/2021 | (306) |
USD | 15,562,525 | ZAR | 259,265,442 | HSBC Bank | 1/15/2021 | (233,945) |
USD | 5,497,848 | ZAR | 91,622,432 | Merrill Lynch International | 1/15/2021 | (84,505) |
$(1,805,072) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Ultra Note 10 yr | Short | USD | 52 | $8,178,625 | December – 2020 | $78,918 |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
Euro-Bund 10 yr | Short | EUR | 13 | $2,666,990 | December – 2020 | $(33,794) |
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 | |||
Asset Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
1/02/24 | BRL | 39,154,000 | centrally cleared | 5.66%/At Maturity | 1.9% FLR (Daily BZDIOVRA)/Daily | $42,504 | $— | $42,504 | ||
3/28/25 | MXN | 36,098,000 | centrally cleared | 6.24%/28 Days | 4.531% FLR (28 day TIIE)/28 days | 83,855 | — | 83,855 | ||
4/09/25 | MXN | 144,884,000 | centrally cleared | 6.27%/28 Days | 4.5495% FLR (28 day TIIE)/28 days | 341,418 | — | 341,418 | ||
4/11/25 | MXN | 73,866,000 | centrally cleared | 5.98%/28 Days | 4.5187% FLR (28 day TIIE)/28 days | 132,633 | — | 132,633 | ||
4/17/25 | MXN | 112,395,000 | centrally cleared | 5.47%/28 Days | 4.6413% FLR (28 day TIIE)/28 days | 94,137 | — | 94,137 | ||
$694,547 | $— | $694,547 | ||||||||
Liability Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
1/02/23 | BRL | 45,316,000 | centrally cleared | 4.45%/At Maturity | 1.9% FLR (Daily BZDIOVRA)/Daily | $(70,913) | $— | $(70,913) | ||
1/02/25 | BRL | 13,000,000 | centrally cleared | 6.22%/At Maturity | 1.9% FLR (Daily BZDIOVRA)/Daily | (25,010) | — | (25,010) | ||
6/18/30 | PLN | 6,620,000 | centrally cleared | 0.29% FLR (6 month WIBOR)/Semi-annually | 0.8975%/Annually | (4,829) | — | (4,829) | ||
$(100,752) | $— | $(100,752) |
Uncleared 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 | |||
Asset Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
4/03/25 | MYR | 22,751,000 | JPMorgan Chase Bank N.A. | 2.375%/Quarterly | 1.97% FLR (3 month KLIBOR)/Quarterly | $87,198 | $— | $87,198 | ||
5/02/29 | THB | 100,491,000 | JPMorgan Chase Bank N.A. | 2.175%/Semi-annually | 0.76996% FLR (6 month THBFIX)/Semi-annually | 328,602 | — | 328,602 | ||
5/07/29 | THB | 102,901,000 | JPMorgan Chase Bank N.A. | 2.16%/Semi-annually | 0.74162% FLR (6 month THBFIX)/Semi-annually | 335,762 | — | 335,762 | ||
7/17/29 | THB | 100,000,000 | JPMorgan Chase Bank N.A. | 1.725%/Semi-annually | 1.12091% FLR (6 month THBFIX)/Semi-annually | 199,278 | — | 199,278 | ||
8/08/29 | THB | 104,143,000 | JPMorgan Chase Bank N.A. | 1.37%/Semi-annually | 0.92891% FLR (6 month THBFIX)/Semi-annually | 101,804 | — | 101,804 | ||
$1,052,644 | $— | $1,052,644 | ||||||||
Liability Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
10/28/25 | MYR | 18,000,000 | JPMorgan Chase Bank N.A. | 1.98%/Quarterly | 1.98% FLR (3 month KLIBOR)/Quarterly | $(344) | $— | $(344) | ||
2/12/30 | THB | 35,000,000 | JPMorgan Chase Bank N.A. | 1.07%/Semi-annually | 0.88856% FLR (6 month THBFIX)/Semi-annually | (4,821) | — | (4,821) | ||
$(5,165) | $— | $(5,165) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $347,706,579) | $346,383,462 |
Investments in affiliated issuers, at value (identified cost, $3,658,578) | 3,658,579 |
Cash | 253,379 |
Foreign currency, at value (identified cost, $3,895,071) | 3,882,084 |
Restricted cash for | |
Forward foreign currency exchange contracts | 120,000 |
Deposits with brokers for | |
Cleared swaps | 1,327,021 |
Futures contracts | 171,826 |
Receivables for | |
Forward foreign currency exchange contracts | 1,443,752 |
Net daily variation margin on open futures contracts | 20,308 |
Investments sold | 7,115,138 |
Fund shares sold | 244,050 |
Interest and dividends | 6,026,953 |
Uncleared swaps, at value | 1,052,644 |
Receivable from investment adviser | 103,871 |
Other assets | 626 |
Total assets | $371,803,693 |
Liabilities | |
Payables for | |
Distributions | $12,483 |
Net daily variation margin on open cleared swap agreements | 41,557 |
Forward foreign currency exchange contracts | 1,805,072 |
Investments purchased | 3,882,084 |
Fund shares reacquired | 341,596 |
Uncleared swaps, at value | 5,165 |
Payable to affiliates | |
Administrative services fee | 471 |
Shareholder servicing costs | 123,827 |
Distribution and service fees | 156 |
Payable for independent Trustees' compensation | 9 |
Deferred country tax expense payable | 157,677 |
Accrued expenses and other liabilities | 187,575 |
Total liabilities | $6,557,672 |
Net assets | $365,246,021 |
Net assets consist of | |
Paid-in capital | $386,118,889 |
Total distributable earnings (loss) | (20,872,868) |
Net assets | $365,246,021 |
Shares of beneficial interest outstanding | 57,584,192 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,915,520 | 302,308 | $6.34 |
Class B | 112,953 | 17,800 | 6.35 |
Class C | 1,092,910 | 172,392 | 6.34 |
Class I | 15,055,435 | 2,382,469 | 6.32 |
Class R1 | 57,681 | 9,079 | 6.35 |
Class R2 | 59,224 | 9,332 | 6.35 |
Class R3 | 274,765 | 43,199 | 6.36 |
Class R4 | 121,564 | 19,067 | 6.38 |
Class R6 | 346,555,969 | 54,628,546 | 6.34 |
(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 $6.62 [100 / 95.75 x $6.34]. 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. |
Net investment income (loss) | |
Income | |
Interest | $18,406,829 |
Dividends from affiliated issuers | 201,102 |
Dividends | 4,949 |
Other | 61 |
Foreign taxes withheld | (277,984) |
Total investment income | $18,334,957 |
Expenses | |
Management fee | $2,590,115 |
Distribution and service fees | 22,115 |
Shareholder servicing costs | 518,924 |
Administrative services fee | 56,498 |
Independent Trustees' compensation | 8,644 |
Custodian fee | 274,083 |
Shareholder communications | 16,493 |
Audit and tax fees | 87,079 |
Legal fees | 3,161 |
Miscellaneous | 188,665 |
Total expenses | $3,765,777 |
Reduction of expenses by investment adviser and distributor | (1,156,685) |
Net expenses | $2,609,092 |
Net investment income (loss) | $15,725,865 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $39,876 country tax) | $(4,474,067) |
Affiliated issuers | (5,658) |
Futures contracts | (1,754,239) |
Swap agreements | 1,667,140 |
Forward foreign currency exchange contracts | (7,352,209) |
Foreign currency | (542,031) |
Net realized gain (loss) | $(12,461,064) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $155,422 decrease in deferred country tax) | $(16,737,906) |
Affiliated issuers | (4,192) |
Futures contracts | (7,204) |
Swap agreements | 1,197,483 |
Forward foreign currency exchange contracts | (1,795,464) |
Translation of assets and liabilities in foreign currencies | (3,251) |
Net unrealized gain (loss) | $(17,350,534) |
Net realized and unrealized gain (loss) | $(29,811,598) |
Change in net assets from operations | $(14,085,733) |
Year ended | ||
10/31/20 | 10/31/19 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $15,725,865 | $17,344,406 |
Net realized gain (loss) | (12,461,064) | 2,626,158 |
Net unrealized gain (loss) | (17,350,534) | 32,540,081 |
Change in net assets from operations | $(14,085,733) | $52,510,645 |
Distributions to shareholders | $(8,306,487) | $(9,583,737) |
Tax return of capital distributions to shareholders | $(7,921,292) | $(6,714,446) |
Change in net assets from fund share transactions | $49,596,397 | $(5,253,715) |
Total change in net assets | $19,282,885 | $30,958,747 |
Net assets | ||
At beginning of period | 345,963,136 | 315,004,389 |
At end of period | $365,246,021 | $345,963,136 |
Class A | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.94 | $6.20 | $6.99 | $6.96 | $6.61 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.27 | $0.33 | $0.34 | $0.38 | $0.36 |
Net realized and unrealized gain (loss) | (0.59) | 0.72 | (0.78) | (0.06) | 0.27 |
Total from investment operations | $(0.32) | $1.05 | $(0.44) | $0.32 | $0.63 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.14) | $(0.18) | $(0.15) | $(0.29) | $(0.14) |
From tax return of capital | (0.14) | (0.13) | (0.20) | — | (0.14) |
Total distributions declared to shareholders | $(0.28) | $(0.31) | $(0.35) | $(0.29) | $(0.28) |
Net asset value, end of period (x) | $6.34 | $6.94 | $6.20 | $6.99 | $6.96 |
Total return (%) (r)(s)(t)(x) | (4.54) | 17.31 | (6.65) | 4.77 | 9.82 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.44 | 1.40 | 1.44 | 1.49 | 1.46 |
Expenses after expense reductions (f) | 1.10 | 1.10 | 1.11 | 1.10 | 1.10 |
Net investment income (loss) | 4.22 | 5.00 | 4.89 | 5.56 | 5.45 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $1,916 | $2,350 | $2,056 | $2,186 | $2,835 |
Class B | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.95 | $6.20 | $7.00 | $6.97 | $6.62 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.23 | $0.28 | $0.29 | $0.33 | $0.32 |
Net realized and unrealized gain (loss) | (0.60) | 0.73 | (0.79) | (0.06) | 0.26 |
Total from investment operations | $(0.37) | $1.01 | $(0.50) | $0.27 | $0.58 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.12) | $(0.15) | $(0.13) | $(0.24) | $(0.12) |
From tax return of capital | (0.11) | (0.11) | (0.17) | — | (0.11) |
Total distributions declared to shareholders | $(0.23) | $(0.26) | $(0.30) | $(0.24) | $(0.23) |
Net asset value, end of period (x) | $6.35 | $6.95 | $6.20 | $7.00 | $6.97 |
Total return (%) (r)(s)(t)(x) | (5.25) | 16.62 | (7.48) | 3.99 | 8.96 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 2.19 | 2.15 | 2.19 | 2.24 | 2.21 |
Expenses after expense reductions (f) | 1.85 | 1.85 | 1.86 | 1.85 | 1.85 |
Net investment income (loss) | 3.48 | 4.28 | 4.17 | 4.77 | 4.73 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $113 | $131 | $115 | $192 | $205 |
Class C | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.94 | $6.20 | $7.00 | $6.97 | $6.62 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.22 | $0.28 | $0.28 | $0.33 | $0.31 |
Net realized and unrealized gain (loss) | (0.59) | 0.72 | (0.78) | (0.06) | 0.27 |
Total from investment operations | $(0.37) | $1.00 | $(0.50) | $0.27 | $0.58 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.12) | $(0.15) | $(0.13) | $(0.24) | $(0.12) |
From tax return of capital | (0.11) | (0.11) | (0.17) | — | (0.11) |
Total distributions declared to shareholders | $(0.23) | $(0.26) | $(0.30) | $(0.24) | $(0.23) |
Net asset value, end of period (x) | $6.34 | $6.94 | $6.20 | $7.00 | $6.97 |
Total return (%) (r)(s)(t)(x) | (5.26) | 16.45 | (7.48) | 3.99 | 8.99 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 2.19 | 2.15 | 2.19 | 2.24 | 2.20 |
Expenses after expense reductions (f) | 1.85 | 1.85 | 1.86 | 1.85 | 1.85 |
Net investment income (loss) | 3.46 | 4.18 | 4.12 | 4.76 | 4.65 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $1,093 | $1,268 | $563 | $491 | $560 |
Class I | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.92 | $6.18 | $6.98 | $6.96 | $6.61 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.29 | $0.35 | $0.34 | $0.39 | $0.38 |
Net realized and unrealized gain (loss) | (0.59) | 0.72 | (0.77) | (0.06) | 0.27 |
Total from investment operations | $(0.30) | $1.07 | $(0.43) | $0.33 | $0.65 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.15) | $(0.19) | $(0.15) | $(0.31) | $(0.15) |
From tax return of capital | (0.15) | (0.14) | (0.22) | — | (0.15) |
Total distributions declared to shareholders | $(0.30) | $(0.33) | $(0.37) | $(0.31) | $(0.30) |
Net asset value, end of period (x) | $6.32 | $6.92 | $6.18 | $6.98 | $6.96 |
Total return (%) (r)(s)(t)(x) | (4.33) | 17.64 | (6.58) | 4.88 | 10.09 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.18 | 1.15 | 1.19 | 1.21 | 1.20 |
Expenses after expense reductions (f) | 0.85 | 0.85 | 0.86 | 0.86 | 0.85 |
Net investment income (loss) | 4.48 | 5.21 | 5.04 | 5.51 | 5.67 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $15,055 | $24,544 | $13,417 | $7,355 | $1,965 |
Class R1 | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.95 | $6.21 | $7.01 | $6.98 | $6.62 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.22 | $0.29 | $0.29 | $0.33 | $0.32 |
Net realized and unrealized gain (loss) | (0.59) | 0.72 | (0.79) | (0.06) | 0.27 |
Total from investment operations | $(0.37) | $1.01 | $(0.50) | $0.27 | $0.59 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.12) | $(0.16) | $(0.13) | $(0.24) | $(0.12) |
From tax return of capital | (0.11) | (0.11) | (0.17) | — | (0.11) |
Total distributions declared to shareholders | $(0.23) | $(0.27) | $(0.30) | $(0.24) | $(0.23) |
Net asset value, end of period (x) | $6.35 | $6.95 | $6.21 | $7.01 | $6.98 |
Total return (%) (r)(s)(t)(x) | (5.25) | 16.43 | (7.46) | 3.99 | 9.15 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 2.18 | 2.15 | 2.19 | 2.24 | 2.21 |
Expenses after expense reductions (f) | 1.85 | 1.85 | 1.86 | 1.85 | 1.85 |
Net investment income (loss) | 3.47 | 4.29 | 4.15 | 4.78 | 4.71 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $58 | $61 | $52 | $56 | $60 |
Class R2 | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.95 | $6.20 | $7.00 | $6.97 | $6.62 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.26 | $0.32 | $0.32 | $0.37 | $0.34 |
Net realized and unrealized gain (loss) | (0.59) | 0.73 | (0.78) | (0.06) | 0.28 |
Total from investment operations | $(0.33) | $1.05 | $(0.46) | $0.31 | $0.62 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.14) | $(0.18) | $(0.14) | $(0.28) | $(0.14) |
From tax return of capital | (0.13) | (0.12) | (0.20) | — | (0.13) |
Total distributions declared to shareholders | $(0.27) | $(0.30) | $(0.34) | $(0.28) | $(0.27) |
Net asset value, end of period (x) | $6.35 | $6.95 | $6.20 | $7.00 | $6.97 |
Total return (%) (r)(s)(t)(x) | (4.77) | 17.19 | (7.01) | 4.51 | 9.54 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.68 | 1.65 | 1.69 | 1.74 | 1.71 |
Expenses after expense reductions (f) | 1.35 | 1.35 | 1.36 | 1.36 | 1.35 |
Net investment income (loss) | 3.97 | 4.79 | 4.65 | 5.26 | 5.19 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $59 | $62 | $53 | $60 | $55 |
Class R3 | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.96 | $6.22 | $7.01 | $6.97 | $6.62 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.27 | $0.33 | $0.32 | $0.39 | $0.37 |
Net realized and unrealized gain (loss) | (0.59) | 0.72 | (0.76) | (0.06) | 0.26 |
Total from investment operations | $(0.32) | $1.05 | $(0.44) | $0.33 | $0.63 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.14) | $(0.18) | $(0.15) | $(0.29) | $(0.14) |
From tax return of capital | (0.14) | (0.13) | (0.20) | — | (0.14) |
Total distributions declared to shareholders | $(0.28) | $(0.31) | $(0.35) | $(0.29) | $(0.28) |
Net asset value, end of period (x) | $6.36 | $6.96 | $6.22 | $7.01 | $6.97 |
Total return (%) (r)(s)(t)(x) | (4.52) | 17.27 | (6.61) | 4.92 | 9.81 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.44 | 1.40 | 1.44 | 1.50 | 1.46 |
Expenses after expense reductions (f) | 1.10 | 1.10 | 1.11 | 1.10 | 1.10 |
Net investment income (loss) | 4.21 | 5.01 | 4.75 | 5.64 | 5.46 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $275 | $211 | $155 | $60 | $301 |
Class R4 | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.98 | $6.23 | $7.00 | $6.97 | $6.62 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.29 | $0.35 | $0.38 | $0.39 | $0.38 |
Net realized and unrealized gain (loss) | (0.59) | 0.73 | (0.78) | (0.05) | 0.27 |
Total from investment operations | $(0.30) | $1.08 | $(0.40) | $0.34 | $0.65 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.15) | $(0.19) | $(0.15) | $(0.31) | $(0.15) |
From tax return of capital | (0.15) | (0.14) | (0.22) | — | (0.15) |
Total distributions declared to shareholders | $(0.30) | $(0.33) | $(0.37) | $(0.31) | $(0.30) |
Net asset value, end of period (x) | $6.38 | $6.98 | $6.23 | $7.00 | $6.97 |
Total return (%) (r)(s)(t)(x) | (4.25) | 17.71 | (6.10) | 5.03 | 10.08 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.19 | 1.15 | 1.22 | 1.22 | 1.21 |
Expenses after expense reductions (f) | 0.85 | 0.85 | 0.85 | 0.86 | 0.85 |
Net investment income (loss) | 4.42 | 5.29 | 5.45 | 5.54 | 5.71 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $122 | $64 | $54 | $282 | $55 |
Class R6 | Year ended | ||||
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $6.94 | $6.20 | $7.00 | $6.97 | $6.62 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.30 | $0.36 | $0.36 | $0.41 | $0.39 |
Net realized and unrealized gain (loss) | (0.59) | 0.72 | (0.78) | (0.06) | 0.27 |
Total from investment operations | $(0.29) | $1.08 | $(0.42) | $0.35 | $0.66 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.16) | $(0.20) | $(0.16) | $(0.32) | $(0.16) |
From tax return of capital | (0.15) | (0.14) | (0.22) | — | (0.15) |
Total distributions declared to shareholders | $(0.31) | $(0.34) | $(0.38) | $(0.32) | $(0.31) |
Net asset value, end of period (x) | $6.34 | $6.94 | $6.20 | $7.00 | $6.97 |
Total return (%) (r)(s)(t)(x) | (4.20) | 17.69 | (6.45) | 5.15 | 10.19 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.08 | 1.08 | 1.11 | 1.13 | 1.11 |
Expenses after expense reductions (f) | 0.74 | 0.78 | 0.77 | 0.75 | 0.75 |
Net investment income (loss) | 4.57 | 5.37 | 5.23 | 5.88 | 5.81 |
Portfolio turnover | 78 | 136 | 95 | 126 | 80 |
Net assets at end of period (000 omitted) | $346,556 | $317,272 | $298,538 | $302,738 | $312,790 |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(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. |
(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 | $26,198 | $— | $— | $26,198 |
Non - U.S. Sovereign Debt | — | 317,970,138 | — | 317,970,138 |
U.S. Corporate Bonds | — | 1,505,546 | — | 1,505,546 |
Foreign Bonds | — | 26,881,580 | — | 26,881,580 |
Mutual Funds | 3,658,579 | — | — | 3,658,579 |
Total | $3,684,777 | $346,357,264 | $— | $350,042,041 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $78,918 | $— | $— | $78,918 |
Futures Contracts – Liabilities | (33,794) | — | — | (33,794) |
Forward Foreign Currency Exchange Contracts – Assets | — | 1,443,752 | — | 1,443,752 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (1,805,072) | — | (1,805,072) |
Swap Agreements – Assets | — | 1,747,191 | — | 1,747,191 |
Swap Agreements – Liabilities | — | (105,917) | — | (105,917) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Interest Rate Futures | $78,918 | $(33,794) |
Interest Rate | Interest Rate Swaps | 1,747,191 | (105,917) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 1,443,752 | (1,805,072) |
Total | $3,269,861 | $(1,944,783) |
(a) | Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the fund's Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is separately reported within the fund's Statement of Assets and Liabilities. |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) |
Interest Rate | $(1,754,239) | $1,667,140 | $ — | $ — |
Foreign Exchange | — | — | (7,352,209) | — |
Equity | — | — | — | 501,680 |
Total | $(1,754,239) | $1,667,140 | $(7,352,209) | $501,680 |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(7,204) | $1,197,483 | $ — |
Foreign Exchange | — | — | (1,795,464) |
Total | $(7,204) | $1,197,483 | $(1,795,464) |
Gross Amounts of: | Derivative Assets | Derivative Liabilities |
Futures Contracts (a) | $20,308 | $— |
Uncleared Swaps, at value | 1,052,644 | (5,165) |
Cleared Swap Agreements (a) | — | (41,557) |
Forward Foreign Currency Exchange Contracts | 1,443,752 | (1,805,072) |
Total Gross Amount of Derivative Assets and Liabilities Presented in the Statement of Assets & Liabilities | $2,516,704 | $(1,851,794) |
Less: Derivatives Assets and Liabilities Not Subject to a Master Netting Agreement or Similar Arrangement | 67,425 | (719,704) |
Total Gross Amount of Derivative Assets and Liabilities Subject to a Master Netting Agreement or Similar Arrangement | $2,449,279 | $(1,132,090) |
(a) | The amount presented here represents the fund's current day net variation margin for futures contracts and for cleared swap agreements. This amount, which is recognized within the fund's Statement of Assets and Liabilities, differs from the fair value of the futures contracts and cleared swap agreements which is presented in the tables that follow the fund's Portfolio of Investments. |
Amounts Not Offset in the Statement of Assets & Liabilities | |||||
Gross Amount of Derivative Assets Subject to a Master Netting Agreement (or Similar Arrangement) by Counterparty | Financial Instruments Available for Offset | Financial Instruments Collateral Received (b) | Cash Collateral Received (b) | Net Amount of Derivative Assets by Counterparty | |
Banco Santander S.A. | $28,173 | $— | $— | $— | $28,173 |
Barclays Bank PLC | 96,156 | (96,156) | — | — | — |
Citibank N.A. | 303,114 | (303,114) | — | — | — |
Goldman Sachs International | 310,716 | (76,325) | — | (234,391) | — |
JPMorgan Chase Bank N.A. | 1,546,183 | (43,749) | (1,502,434) | — | — |
Merrill Lynch International | 164,582 | (164,582) | — | — | — |
Morgan Stanley Capital Services, Inc. | 355 | (96) | — | — | 259 |
Total | $2,449,279 | $(684,022) | $(1,502,434) | $(234,391) | $28,432 |
Amounts Not Offset in the Statement of Assets & Liabilities | |||||
Gross Amounts of Derivative Liabilities Subject to a Master Netting Agreement (or Similar Arrangement) by Counterparty | Financial Instruments Available for Offset | Financial Instruments Collateral Pledged (b) | Cash Collateral Pledged (b) | Net Amount of Derivative Liabilities by Counterparty | |
Barclays Bank PLC | $(433,523) | $96,156 | $— | $120,000 | $(217,367) |
Brown Brothers Harriman | (5,026) | — | — | — | (5,026) |
Citibank N.A. | (408,570) | 303,114 | — | — | (105,456) |
Goldman Sachs International | (76,325) | 76,325 | — | — | — |
JPMorgan Chase Bank N.A. | (43,749) | 43,749 | — | — | — |
Merrill Lynch International | (164,801) | 164,582 | — | — | (219) |
Morgan Stanley Capital Services, Inc. | (96) | 96 | — | — | — |
Total | $(1,132,090) | $684,022 | $— | $120,000 | $(328,068) |
(b) | The amount presented here may be less than the total amount of collateral (received)/pledged as the excess collateral (received)/pledged is not shown for purposes of this presentation. |
Year ended 10/31/20 | Year ended 10/31/19 | |
Ordinary income (including any short-term capital gains) | $8,306,487 | $9,583,737 |
Tax return of capital (b) | 7,921,292 | 6,714,446 |
Total distributions | $16,227,779 | $16,298,183 |
(b) | Distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital. |
As of 10/31/20 | |
Cost of investments | $353,680,311 |
Gross appreciation | 13,594,997 |
Gross depreciation | (15,908,189) |
Net unrealized appreciation (depreciation) | $ (2,313,192) |
Capital loss carryforwards | (17,184,548) |
Other temporary differences | (1,375,128) |
Short-Term | $(7,774,377) |
Long-Term | (9,410,171) |
Total | $(17,184,548) |
From net investment income | From tax return of capital | ||||||
Year ended 10/31/20 | Year ended 10/31/19 | Year ended 10/31/20 | Year ended 10/31/19 | ||||
Class A | $61,875 | $53,688 | $59,005 | $37,614 | |||
Class B | 2,229 | 2,631 | 2,125 | 1,844 | |||
Class C | 23,409 | 17,894 | 22,324 | 12,536 | |||
Class I | 419,501 | 587,890 | 400,047 | 411,881 | |||
Class R1 | 1,068 | 1,336 | 1,018 | 936 | |||
Class R2 | 1,244 | 1,531 | 1,187 | 1,072 | |||
Class R3 | 4,900 | 5,190 | 4,673 | 3,636 | |||
Class R4 | 2,497 | 1,740 | 2,381 | 1,219 | |||
Class R6 | 7,789,764 | 8,911,837 | 7,428,532 | 6,243,708 | |||
Total | $8,306,487 | $9,583,737 | $7,921,292 | $6,714,446 |
Up to $1 billion | 0.75% |
In excess of $1 billion and up to $2.5 billion | 0.70% |
In excess of $2.5 billion | 0.65% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
1.10% | 1.85% | 1.85% | 0.85% | 1.85% | 1.35% | 1.10% | 0.85% | 0.84% |
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% | $ 6,912 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 1,205 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 12,571 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 578 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 296 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 553 |
Total Distribution and Service Fees | $22,115 |
(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 year ended October 31, 2020 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 year ended October 31, 2020, this rebate amounted to $35 for Class A, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $— |
Class B | — |
Class C | 804 |
Year ended 10/31/20 | Year ended 10/31/19 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 275,263 | $1,818,530 | 109,798 | $742,519 | |
Class B | 231 | 1,490 | 2,235 | 15,196 | |
Class C | 66,858 | 461,546 | 106,210 | 716,890 | |
Class I | 1,643,099 | 11,017,015 | 3,345,615 | 22,037,532 | |
Class R3 | 12,161 | 78,069 | 4,025 | 26,843 | |
Class R4 | 9,165 | 64,378 | — | — | |
Class R6 | 10,137,179 | 64,654,419 | 2,355,121 | 15,676,521 | |
12,143,956 | $78,095,447 | 5,923,004 | $39,215,501 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 18,460 | $118,549 | 13,415 | $89,629 | |
Class B | 372 | 2,390 | 395 | 2,641 | |
Class C | 6,709 | 43,007 | 3,936 | 26,394 | |
Class I | 126,640 | 815,663 | 149,159 | 995,703 | |
Class R1 | 324 | 2,086 | 340 | 2,272 | |
Class R2 | 379 | 2,431 | 389 | 2,603 | |
Class R3 | 1,488 | 9,573 | 1,316 | 8,826 | |
Class R4 | 763 | 4,878 | 440 | 2,959 | |
Class R6 | 2,351,355 | 15,077,025 | 2,261,903 | 15,105,123 | |
2,506,490 | $16,075,602 | 2,431,293 | $16,236,150 |
Year ended 10/31/20 | Year ended 10/31/19 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (329,932) | $(2,083,288) | (116,403) | $(760,180) | |
Class B | (1,679) | (9,927) | (2,249) | (14,300) | |
Class C | (83,868) | (537,056) | (18,334) | (121,187) | |
Class I | (2,934,201) | (19,679,843) | (2,118,441) | (13,817,651) | |
Class R3 | (716) | (4,425) | (45) | (301) | |
Class R4 | (3) | (21) | — | — | |
Class R6 | (3,548,411) | (22,260,092) | (7,065,155) | (45,991,747) | |
(6,898,810) | $(44,574,652) | (9,320,627) | $(60,705,366) | ||
Net change | |||||
Class A | (36,209) | $(146,209) | 6,810 | $71,968 | |
Class B | (1,076) | (6,047) | 381 | 3,537 | |
Class C | (10,301) | (32,503) | 91,812 | 622,097 | |
Class I | (1,164,462) | (7,847,165) | 1,376,333 | 9,215,584 | |
Class R1 | 324 | 2,086 | 340 | 2,272 | |
Class R2 | 379 | 2,431 | 389 | 2,603 | |
Class R3 | 12,933 | 83,217 | 5,296 | 35,368 | |
Class R4 | 9,925 | 69,235 | 440 | 2,959 | |
Class R6 | 8,940,123 | 57,471,352 | (2,448,131) | (15,210,103) | |
7,751,636 | $49,596,397 | (966,330) | $(5,253,715) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $35,706,059 | $192,269,153 | $224,306,783 | $(5,658) | $(4,192) | $3,658,579 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $201,102 | $— |
December 16, 2020
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEES | ||||||||||
Robert J. Manning (k) (age 57) | Trustee | February 2004 | 133 | Massachusetts Financial Services Company, Executive Chairman (since January 2017); Director; Chairman of the Board; Chief Executive Officer (until 2015); Co-Chief Executive Officer (2015-2016) | N/A | |||||
Robin A. Stelmach (k)* (age 59) | Trustee | January 2014 | 133 | Massachusetts Financial Services Company, Vice Chair (since January 2017); Chief Operating Officer and Executive Vice President (until January 2017) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 66) | Trustee and Chair of Trustees | January 2009 | 133 | Private investor | N/A | |||||
Steven E. Buller (age 69) | Trustee | February 2014 | 133 | Private investor; Financial Accounting Standards Advisory Council, Chairman (2014-2015) | N/A | |||||
John A. Caroselli (age 66) | Trustee | March 2017 | 133 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015); First Capital Corporation (commercial finance), Executive Vice President (until 2015) | N/A | |||||
Maureen R. Goldfarb (age 65) | Trustee | January 2009 | 133 | Private investor | N/A |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
Peter D. Jones (age 64) | Trustee | January 2019 | 133 | Private investor; Franklin Templeton Institutional, LLC (investment management), Chairman (until 2015); Franklin Templeton Distributors, Inc. (investment management), President (until 2015) | N/A | |||||
James W. Kilman, Jr. (age 59) | Trustee | January 2019 | 133 | Burford Capital Limited (finance and investment management), Chief Financial Officer (since 2019); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016); Morgan Stanley & Co. (financial services), Vice Chairman of Investment Banking, Co-Head of Diversified Financials Coverage – Financial Institutions Investment Banking Group (until 2016) | Alpha-En Corporation, Director (2016-2019) | |||||
Clarence Otis, Jr. (age 64) | Trustee | March 2017 | 133 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director; Federal Reserve Bank of Atlanta, Director (until 2015) | |||||
Maryanne L. Roepke (age 64) | Trustee | May 2014 | 133 | Private investor | N/A | |||||
Laurie J. Thomsen (age 63) | Trustee | March 2005 | 133 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director (since 2015) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 46) | Assistant Secretary and Assistant Clerk | July 2005 | 133 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel | ||||
Kino Clark (k) (age 52) | Assistant Treasurer | January 2012 | 133 | Massachusetts Financial Services Company, Vice President | ||||
John W. Clark, Jr. (k) (age 53) | Assistant Treasurer | April 2017 | 133 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | ||||
Thomas H. Connors (k) (age 61) | Assistant Secretary and Assistant Clerk | September 2012 | 133 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
David L. DiLorenzo (k) (age 52) | President | July 2005 | 133 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 53) | Secretary and Clerk | April 2017 | 133 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (from September 2015 to January 2017); Janus Capital Management LLC (investment management), Senior Vice President and General Counsel (until September 2015) | ||||
Brian E. Langenfeld (k) (age 47) | Assistant Secretary and Assistant Clerk | June 2006 | 133 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
Amanda S. Mooradian (k) (age 41) | Assistant Secretary and Assistant Clerk | September 2018 | 133 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 50) | Assistant Secretary and Assistant Clerk | July 2005 | 133 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
Kasey L. Phillips (k) (age 49) | Assistant Treasurer | September 2012 | 133 | Massachusetts Financial Services Company, Vice President |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
Matthew A. Stowe (k) (age 46) | Assistant Secretary and Assistant Clerk | October 2014 | 133 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
Martin J. Wolin (k) (age 53) | Chief Compliance Officer | July 2015 | 133 | Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer (since July 2015) | ||||
James O. Yost (k) (age 60) | Treasurer | September 1990 | 133 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. For the period from December 15, 2004 until February 22, 2005, Mr. Manning served as Advisory Trustee. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
* | As of December 31, 2020, Mrs. Stelmach will retire as Trustee. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | State Street Bank and Trust Company 1 Lincoln Street Boston, MA 02111-2900 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
Portfolio Manager(s) | |
Ward Brown Matt Ryan |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
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.
A copy of the Code is filed as an exhibit to this Form N-CSR.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of “audit committee financial expert” as such term is defined in Form N-CSR. In addition, Messrs. Buller, Kilman, and Otis and Ms. Roepke are “independent” members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Ernst & Young LLP (“E&Y”) to serve as independent accountants to certain series of the Registrant. The tables below set forth the audit fees billed to the series of the Registrant with a fiscal year end of October 31, 2020 (the “Fund”) as well as fees for non-audit services provided to the Fund and/or to the Fund’s investment adviser, Massachusetts Financial Services Company (“MFS”) and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).
For the fiscal years ended October 31, 2020 and 2019, audit fees billed to the Fund by E&Y were as follows:
Audit Fees | ||||||||
2020 | 2019 | |||||||
Fees billed by E&Y: | ||||||||
MFS Emerging Markets Debt Local Currency Fund | 60,813 | 59,810 |
For the fiscal years ended October 31, 2020 and 2019, fees billed by E&Y for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Fees billed by E&Y: | ||||||||||||||||||||||||
To MFS Emerging Markets Debt Local Currency Fund | 0 | 0 | 10,464 | 10,297 | 7,555 | 3,864 | ||||||||||||||||||
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Fees billed by E&Y: | ||||||||||||||||||||||||
To MFS and MFS Related Entities of MFS Emerging Markets Debt Local Currency Trust* | 1,790,828 | 1,679,277 | 0 | 0 | 104,750 | 104,750 |
Aggregate Fees for Non-audit Services | ||||||||
2020 | 2019 | |||||||
Fees Billed by E&Y: | ||||||||
To MFS Emerging Markets Debt Local Currency Fund, MFS and MFS Related Entities# | 2,124,327 | 2,023,388 |
* | This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex). |
# | This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Fund and for non-audit services rendered to MFS and the MFS Related Entities. |
1 | The fees included under “Audit-Related Fees” are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ‘‘Audit Fees,’’ including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews. |
2 | The fees included under “Tax Fees” are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis. |
3 | The fees included under “All Other Fees” are fees for products and services provided by E&Y other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees,” including fees for services related to review of internal controls and review of Rule 38a-1 compliance program. |
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Funds and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for
approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant’s Audit Committee has considered whether the provision by a Registrant’s independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant’s principal auditors..
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
ITEM 6. | INVESTMENTS |
A schedule of investments of the MFS Emerging Markets Debt Local Currency Fund is included as part of the report to shareholders of such series under Item 1 of this Form N-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to the Registrant.
ITEM 10. | 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 11. | CONTROLS AND PROCEDURES. |
(a) | Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 13. | EXHIBITS. |
(a) | (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE. | |
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT . | ||
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. | ||
(4) Change in the registrant’s independent public accountant. Not applicable. |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT. |
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 X
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: December 16, 2020
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: December 16, 2020
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: December 16, 2020
* Print name and title of each signing officer under his or her signature.