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: July 31*
Date of reporting period: January 31, 2021
* | This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Fund. Each remaining series of the Registrant has a fiscal year end other than July 31. |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
Debt Fund
Debt Fund
1 | |
2 | |
5 | |
7 | |
32 | |
34 | |
36 | |
37 | |
43 | |
59 | |
59 | |
59 | |
59 | |
59 |
back cover |
Sovereign Emerging Markets | 47.3% |
Other Government Entity-Emerging Markets Quasi Government | 21.6% |
Emerging Markets Corporate Bonds | 21.4% |
Developed Markets Corporate Bonds | 1.9% |
Sovereign Developed Markets | 0.5% |
Supranational | 0.5% |
Government Securities Hedge (t) | (0.4)% |
Average Duration (d) | 7.1 |
Average Effective Maturity (m) | 11.1 yrs. |
AA | 5.6% |
A | 6.1% |
BBB | 27.3% |
BB | 28.4% |
B | 22.1% |
CCC | 2.6% |
CC | 0.1% |
D | 0.2% |
U.S. Government | 0.8% |
Not Rated | (0.4)% |
Non-Fixed Income | 0.1% |
Cash & Cash Equivalents | 5.7% |
Other | 1.4% |
weightings (i)(x)
Mexico | 8.4% |
Indonesia | 6.8% |
Turkey | 4.6% |
United Arab Emirates | 4.4% |
China | 4.3% |
Ukraine | 4.0% |
India | 3.6% |
Russia | 3.2% |
Chile | 3.1% |
Other Countries | 48.1% |
weightings (i)(y)
Turkish Lira | 1.6% |
Chinese Yuan Offshore | 0.6% |
Indian Rupee | 0.5% |
Russian Ruble | 0.5% |
Brazilian Real | 0.4% |
Uruguay Peso | 0.4% |
Malaysian Ringgit | 0.3% |
Indonesian Rupiah | 0.2% |
Mexican Peso | 0.2% |
Other Currencies | (2.2)% |
bond weights by country (i)
Indonesia | 0.8% |
Uruguay | 0.4% |
South Africa | 0.4% |
India | 0.3% |
Malaysia | 0.3% |
Mexico | 0.2% |
Brazil | 0.1% |
(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.U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities.Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency.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. |
(t) | For the purpose of managing the fund’s duration (but not its credit exposure), the fund holds future contracts and U.S. Treasury securities with a bond equivalent exposure of (0.4)%. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. United States issuer country exposure is 9.6% and includes Cash & Cash Equivalents and Other. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. United States Dollar currency exposure is 97.5% and includes Cash & Cash Equivalents. |
August 1, 2020 through January 31, 2021
Share Class | Annualized Expense Ratio | Beginning Account Value 8/01/20 | Ending Account Value 1/31/21 | Expenses Paid During Period (p) 8/01/20-1/31/21 | |
A | Actual | 1.07% | $1,000.00 | $1,050.50 | $5.53 |
Hypothetical (h) | 1.07% | $1,000.00 | $1,019.81 | $5.45 | |
B | Actual | 1.82% | $1,000.00 | $1,046.46 | $9.39 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,016.03 | $9.25 | |
C | Actual | 1.82% | $1,000.00 | $1,046.51 | $9.39 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,016.03 | $9.25 | |
I | Actual | 0.82% | $1,000.00 | $1,051.91 | $4.24 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,021.07 | $4.18 | |
R1 | Actual | 1.82% | $1,000.00 | $1,047.17 | $9.39 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,016.03 | $9.25 | |
R2 | Actual | 1.32% | $1,000.00 | $1,049.09 | $6.82 |
Hypothetical (h) | 1.32% | $1,000.00 | $1,018.55 | $6.72 | |
R3 | Actual | 1.07% | $1,000.00 | $1,050.50 | $5.53 |
Hypothetical (h) | 1.07% | $1,000.00 | $1,019.81 | $5.45 | |
R4 | Actual | 0.82% | $1,000.00 | $1,051.81 | $4.24 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,021.07 | $4.18 | |
R6 | Actual | 0.70% | $1,000.00 | $1,051.73 | $3.62 |
Hypothetical (h) | 0.70% | $1,000.00 | $1,021.68 | $3.57 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 93.1% | ||||
Angola – 0.3% | ||||
Republic of Angola, 8%, 11/26/2029 (n) | $ | 3,588,000 | $ 3,543,150 | |
Republic of Angola, 8%, 11/26/2029 | 5,571,000 | 5,501,362 | ||
Republic of Angola, 9.375%, 5/08/2048 | 9,253,000 | 9,159,360 | ||
Republic of Angola, 9.125%, 11/26/2049 (n) | 1,391,000 | 1,349,270 | ||
Republic of Angola, 9.125%, 11/26/2049 | 4,200,000 | 4,074,000 | ||
$23,627,142 | ||||
Argentina – 1.2% | ||||
Province of Cordoba, 7.45%, 9/01/2024 (n) | $ | 4,556,036 | $ 2,938,643 | |
Province of Cordoba, 3%, 6/01/2027 | 7,277,311 | 4,693,866 | ||
Province of Santa Fe, 7%, 3/23/2023 (n) | 12,978,000 | 10,090,525 | ||
Province of Santa Fe, 7%, 3/23/2023 | 300,000 | 233,253 | ||
Republic of Argentina, 0.125%, 7/09/2030 | 39,070,548 | 14,954,643 | ||
Republic of Argentina, 0.125%, 7/09/2035 | 123,670,549 | 42,265,647 | ||
Republic of Argentina, 0.125%, 1/09/2038 | 18,137,000 | 7,100,635 | ||
Republic of Argentina, 0.125%, 7/09/2041 | 45,512,000 | 16,487,177 | ||
Stoneway Capital Corp., 10%, 3/01/2027 (a)(d)(z) | 13,021,612 | 5,143,667 | ||
$103,908,056 | ||||
Azerbaijan – 1.4% | ||||
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 (n) | $ | 24,150,000 | $ 29,071,770 | |
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | 41,719,000 | 50,221,332 | ||
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 29,773,000 | 38,064,185 | ||
$117,357,287 | ||||
Benin – 0.3% | ||||
Republic of Benin, 4.875%, 1/19/2032 (n) | EUR | 14,542,000 | $ 17,485,787 | |
Republic of Benin, 6.875%, 1/19/2052 (n) | 7,536,000 | 9,646,179 | ||
$27,131,966 | ||||
Bermuda – 0.5% | ||||
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 20,232,000 | $ 20,940,120 | |
Government of Bermuda, 3.375%, 8/20/2050 (n) | 17,184,000 | 18,215,040 | ||
$39,155,160 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Brazil – 2.7% | ||||
Aegea Finance S.à r.l., 5.75%, 10/10/2024 (n) | $ | 1,080,000 | $ 1,130,760 | |
Aegea Finance S.à r.l., 5.75%, 10/10/2024 | 20,906,000 | 21,888,582 | ||
B2W Digital Lux S.à r.l., 4.375%, 12/20/2030 (n) | 11,164,000 | 11,587,674 | ||
Centrais Eletricas Brasileiras S.A., 3.625%, 2/04/2025 (n) | 10,865,000 | 11,093,165 | ||
Centrais Eletricas Brasileiras S.A., 4.625%, 2/04/2030 (n) | 7,427,000 | 7,686,499 | ||
Federative Republic of Brazil, 4.5%, 5/30/2029 | 11,631,000 | 12,695,237 | ||
Federative Republic of Brazil, 3.875%, 6/12/2030 | 30,291,000 | 31,161,866 | ||
FS Luxembourg S.à r.l., 10%, 12/15/2025 (n) | 16,007,000 | 17,073,386 | ||
MercadoLibre, Inc., 2.375%, 1/14/2026 | 7,280,000 | 7,334,600 | ||
MercadoLibre, Inc., 3.125%, 1/14/2031 | 6,681,000 | 6,710,330 | ||
MV24 Capital B.V., 6.748%, 6/01/2034 (n) | 4,466,630 | 4,860,811 | ||
MV24 Capital B.V., 6.748%, 6/01/2034 | 4,894,367 | 5,326,295 | ||
Nota do Tesouro Nacional, 10%, 1/01/2023 | BRL | 61,234,000 | 12,181,461 | |
Petrobras Global Finance B.V. (Federative Republic of Brazil), 5.6%, 1/03/2031 | $ | 13,412,000 | 14,954,380 | |
Petrobras Global Finance B.V. (Federative Republic of Brazil), 6.9%, 3/19/2049 | 5,471,000 | 6,536,696 | ||
Petrobras International Finance Co. (Federative Republic of Brazil), 6.75%, 1/27/2041 | 5,560,000 | 6,616,400 | ||
Rede D'Or Finance S.à r.l., 4.5%, 1/22/2030 (n) | 11,661,000 | 11,917,775 | ||
Rumo Luxembourg S.à r.l., 5.875%, 1/18/2025 | 19,468,000 | 20,567,942 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 17,388,000 | 17,822,700 | ||
$229,146,559 | ||||
Bulgaria – 0.1% | ||||
ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 (n) | EUR | 6,782,000 | $ 8,320,661 | |
Chile – 3.1% | ||||
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n) | $ | 14,693,000 | $ 15,964,091 | |
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 | 8,819,000 | 9,581,932 | ||
Banco del Estado de Chile, 3.875%, 2/08/2022 | 5,423,000 | 5,599,246 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 (n) | 15,334,000 | 16,212,024 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 | 9,298,000 | 9,830,403 | ||
E.CL S.A., 4.5%, 1/29/2025 | 12,798,000 | 14,120,765 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Chile – continued | ||||
Empresa Nacional del Petroleo (Republic of Chile), 4.375%, 10/30/2024 | $ | 13,268,000 | $ 14,577,230 | |
Empresa Nacional del Petroleo (Republic of Chile), 4.375%, 10/30/2024 (n) | 3,235,000 | 3,554,216 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 (n) | 9,946,000 | 10,877,237 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | 8,710,000 | 9,525,511 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n) | 9,783,000 | 11,522,537 | ||
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n) | 3,831,000 | 4,226,961 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 20,582,000 | 22,177,105 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | 800,000 | 862,000 | ||
Kenbourne Invest S.A., 4.7%, 1/22/2028 (n) | 14,180,000 | 14,344,488 | ||
Republic of Chile, 3.1%, 1/22/2061 | 24,983,000 | 25,308,029 | ||
Transelec S.A., 4.625%, 7/26/2023 (n) | 11,796,000 | 12,784,033 | ||
Transelec S.A., 4.25%, 1/14/2025 (n) | 2,729,000 | 3,011,452 | ||
Transelec S.A., 4.25%, 1/14/2025 | 11,786,000 | 13,005,851 | ||
Transelec S.A., 3.875%, 1/12/2029 (n) | 3,436,000 | 3,876,667 | ||
Transelec S.A., 3.875%, 1/12/2029 | 5,077,000 | 5,728,125 | ||
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 (n) | 10,781,000 | 11,501,063 | ||
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 | 8,855,000 | 9,446,426 | ||
VTR Finance B.V., 6.375%, 7/15/2028 | 3,400,000 | 3,681,010 | ||
VTR Finance N.V., 6.375%, 7/15/2028 (n) | 8,102,000 | 8,771,630 | ||
$260,090,032 | ||||
China – 4.3% | ||||
Avi Funding Co. Ltd. (People's Republic of China), 3.8%, 9/16/2025 (n) | $ | 8,408,000 | $ 9,397,201 | |
Baidu, Inc., 3.075%, 4/07/2025 | 6,070,000 | 6,476,706 | ||
Bank of China, 5%, 11/13/2024 | 5,847,000 | 6,579,980 | ||
CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024 | 17,695,000 | 18,811,342 | ||
CDBL Funding 1 Co. (People's Republic of China), 4.25%, 12/02/2024 | 11,113,000 | 12,281,754 | ||
China Construction Bank Corp., 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029 | 18,511,000 | 19,965,164 | ||
China Development Bank, 2.125%, 6/01/2021 | 1,020,000 | 1,024,886 | ||
China Development Bank (Hong Kong), FLR, 0.925% (LIBOR - 3mo. + 0.7%), 3/06/2022 | 3,688,000 | 3,694,380 | ||
China Development Bank Financial Leasing Co. Ltd., 2.875% to 9/28/2025, FLR (CMT-1yr. + 2.75%) to 9/28/2030 | 12,370,000 | 12,710,422 | ||
China Southern Power Grid Co. Ltd., 3.5%, 5/08/2027 | 14,181,000 | 15,750,399 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
China – continued | ||||
China Southern Power Grid Co. Ltd., 4.25%, 9/18/2028 | $ | 6,751,000 | $ 7,793,559 | |
CNPC General Capital Ltd. (People's Republic of China), 3.95%, 4/19/2022 (n) | 5,681,000 | 5,880,346 | ||
Industrial and Commercial Bank of China, 4.875%, 9/21/2025 | 17,020,000 | 19,365,016 | ||
JD.com, Inc., 3.375%, 1/14/2030 | 11,732,000 | 12,709,506 | ||
Meituan, 2.125%, 10/28/2025 (n) | 11,141,000 | 11,361,035 | ||
Meituan, 3.05%, 10/28/2030 (n) | 20,144,000 | 20,936,021 | ||
Prosus N.V., 4.027%, 8/03/2050 (n) | 14,932,000 | 14,879,301 | ||
Prosus N.V., 3.832%, 2/08/2051 (n) | 12,747,000 | 12,346,881 | ||
Sinopec Capital (2013) Ltd. (People's Republic of China), 3.125%, 4/24/2023 | 3,974,000 | 4,141,345 | ||
Sinopec Group Overseas Development (2012) Ltd. (People's Republic of China), 3.9%, 5/17/2022 (n) | 5,953,000 | 6,173,856 | ||
Sinopec Group Overseas Development (2017) Ltd. (People's Republic of China), 2.5%, 9/13/2022 (n) | 12,630,000 | 12,934,762 | ||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 (n) | 1,712,000 | 1,926,257 | ||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 | 53,252,000 | 59,916,488 | ||
Sunac China Holdings Ltd., 7.95%, 10/11/2023 | 7,765,000 | 8,137,720 | ||
Sunac China Holdings Ltd., 7.5%, 2/01/2024 | 12,559,000 | 13,000,614 | ||
Tencent Holdings Ltd., 3.595%, 1/19/2028 | 10,200,000 | 11,162,980 | ||
Tencent Holdings Ltd., 2.39%, 6/03/2030 (n) | 11,700,000 | 11,805,530 | ||
Weibo Corp., 3.375%, 7/08/2030 | 20,283,000 | 20,894,892 | ||
$362,058,343 | ||||
Colombia – 2.7% | ||||
AI Candelaria Spain SLU, 7.5%, 12/15/2028 (n) | $ | 4,637,000 | $ 5,328,330 | |
AI Candelaria Spain SLU, 7.5%, 12/15/2028 | 12,644,000 | 14,529,094 | ||
Ecopetrol S.A., 6.875%, 4/29/2030 | 6,694,000 | 8,334,030 | ||
Empresas Publicas de Medellin E.S.P., 4.25%, 7/18/2029 | 2,238,000 | 2,377,875 | ||
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 (n) | 16,433,000 | 17,476,495 | ||
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 | 2,700,000 | 2,871,450 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 19,599,000 | 19,794,990 | ||
GeoPark Ltd., 6.5%, 9/21/2024 | 3,019,000 | 3,120,891 | ||
GeoPark Ltd., 5.5%, 1/17/2027 | 24,868,000 | 24,930,419 | ||
Grupo Aval Ltd., 4.375%, 2/04/2030 (n) | 13,570,000 | 14,017,810 | ||
Millicom International Cellular S.A., 6.625%, 10/15/2026 | 10,059,000 | 10,813,123 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Colombia – continued | ||||
Millicom International Cellular S.A., 5.125%, 1/15/2028 | $ | 7,761,000 | $ 8,185,527 | |
Promigas S.A. ESP/Gases del Pacifico SAC, 3.75%, 10/16/2029 (n) | 19,021,000 | 20,228,833 | ||
Republic of Colombia, 4.5%, 1/28/2026 | 34,535,000 | 38,765,883 | ||
Republic of Colombia, 3.125%, 4/15/2031 | 5,656,000 | 5,842,705 | ||
Termocandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 25,846,500 | 28,075,761 | ||
$224,693,216 | ||||
Costa Rica – 0.2% | ||||
Republic of Costa Rica, 6.125%, 2/19/2031 | $ | 8,204,000 | $ 8,224,510 | |
Republic of Costa Rica, 7%, 4/04/2044 | 5,175,000 | 5,071,500 | ||
Republic of Costa Rica, 7.158%, 3/12/2045 | 4,288,000 | 4,234,400 | ||
$17,530,410 | ||||
Cote d'Ivoire – 1.2% | ||||
Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | EUR | 14,246,000 | $ 18,408,158 | |
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | 26,199,000 | 32,644,268 | ||
Republic of Cote d'Ivoire, 6.125%, 6/15/2033 | $ | 11,356,000 | 12,492,735 | |
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | EUR | 21,867,000 | 29,828,298 | |
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 | 5,871,000 | 8,008,503 | ||
$101,381,962 | ||||
Croatia – 0.3% | ||||
Republic of Croatia, 6.375%, 3/24/2021 | $ | 7,600,000 | $ 7,661,925 | |
Republic of Croatia, 5.5%, 4/04/2023 (n) | 2,472,000 | 2,725,380 | ||
Republic of Croatia, 5.5%, 4/04/2023 | 15,939,000 | 17,572,747 | ||
$27,960,052 | ||||
Czech Republic – 0.2% | ||||
PPF Telecom Group B.V., 3.25%, 9/29/2027 | EUR | 12,600,000 | $ 16,459,700 | |
Dominican Republic – 2.5% | ||||
Aeropuertos Dominicanos Siglo XXI S.A., 6.75%, 3/30/2029 | $ | 5,133,000 | $ 5,317,788 | |
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 | 17,525,000 | 18,291,894 | ||
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n) | 7,699,000 | 8,035,908 | ||
Dominican Republic, 4.5%, 1/30/2030 (n) | 10,238,000 | 10,703,829 | ||
Dominican Republic, 4.875%, 9/23/2032 (n) | 40,169,000 | 42,840,239 | ||
Dominican Republic, 5.3%, 1/21/2041 (n) | 17,932,000 | 18,514,790 | ||
Dominican Republic, 6.5%, 2/15/2048 (n) | 2,821,000 | 3,201,835 | ||
Dominican Republic, 6.5%, 2/15/2048 | 6,862,000 | 7,788,370 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Dominican Republic – continued | ||||
Dominican Republic, 6.4%, 6/05/2049 | $ | 11,641,000 | $ 13,037,920 | |
Dominican Republic, 5.875%, 1/30/2060 (n) | 37,892,000 | 39,672,924 | ||
Dominican Republic, 5.875%, 1/30/2060 | 41,342,000 | 43,285,074 | ||
$210,690,571 | ||||
Ecuador – 0.3% | ||||
Petroamazonas (Republic of Ecuador), 4.625%, 12/06/2021 (z) | $ | 2,186,503 | $ 2,022,515 | |
Republic of Ecuador, 0.5%, 7/31/2035 (n) | 39,779,155 | 18,099,516 | ||
Republic of Ecuador, 0.5%, 7/31/2040 (n) | 19,507,161 | 8,485,615 | ||
$28,607,646 | ||||
Egypt – 3.0% | ||||
Arab Republic of Egypt, 5.577%, 2/21/2023 (n) | $ | 13,924,000 | $ 14,678,681 | |
Arab Republic of Egypt, 7.5%, 1/31/2027 | 7,034,000 | 8,133,062 | ||
Arab Republic of Egypt, 6.588%, 2/21/2028 (n) | 15,793,000 | 17,124,982 | ||
Arab Republic of Egypt, 7.6%, 3/01/2029 (n) | 16,796,000 | 18,896,508 | ||
Arab Republic of Egypt, 7.6%, 3/01/2029 | 10,952,000 | 12,321,657 | ||
Arab Republic of Egypt, 6.375%, 4/11/2031 (n) | EUR | 13,212,000 | 17,140,299 | |
Arab Republic of Egypt, 6.375%, 4/11/2031 | 2,900,000 | 3,762,252 | ||
Arab Republic of Egypt, 7.052%, 1/15/2032 (n) | $ | 16,516,000 | 17,630,830 | |
Arab Republic of Egypt, 7.052%, 1/15/2032 | 8,988,000 | 9,594,690 | ||
Arab Republic of Egypt, 7.625%, 5/29/2032 (n) | 25,881,000 | 28,665,796 | ||
Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | 16,005,000 | 17,585,654 | ||
Arab Republic of Egypt, 8.5%, 1/31/2047 | 37,093,000 | 40,756,305 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 (n) | 13,528,000 | 15,049,900 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 | 3,200,000 | 3,560,000 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 22,802,000 | 25,795,446 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 | 2,848,000 | 3,221,885 | ||
$253,917,947 | ||||
El Salvador – 0.2% | ||||
Republic of El Salvador, 7.124%, 1/20/2050 (n) | $ | 4,515,000 | $ 4,169,603 | |
Republic of El Salvador, 7.124%, 1/20/2050 | 15,784,000 | 14,576,524 | ||
$18,746,127 | ||||
Ghana – 0.5% | ||||
Republic of Ghana, 10.75%, 10/14/2030 | $ | 11,596,000 | $ 15,378,615 | |
Republic of Ghana, 7.875%, 2/11/2035 (n) | 15,710,000 | 15,867,100 | ||
Republic of Ghana, 7.875%, 2/11/2035 | 12,347,000 | 12,470,470 | ||
$43,716,185 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Guatemala – 2.0% | ||||
Banco Industrial S. A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n) | $ | 14,454,000 | $ 14,779,215 | |
Central American Bottling Corp., 5.75%, 1/31/2027 | �� 6,600,000 | 7,016,196 | ||
Central American Bottling Corp., 5.75%, 1/31/2027 (n) | 28,087,000 | 29,858,166 | ||
Energuate Trust, 5.875%, 5/03/2027 (n) | 10,965,000 | 11,639,348 | ||
Energuate Trust, 5.875%, 5/03/2027 | 12,950,000 | 13,746,425 | ||
Republic of Guatemala, 4.875%, 2/13/2028 | 3,370,000 | 3,765,975 | ||
Republic of Guatemala, 4.9%, 6/01/2030 (n) | 11,266,000 | 12,713,681 | ||
Republic of Guatemala, 4.9%, 6/01/2030 | 28,170,000 | 31,789,845 | ||
Republic of Guatemala, 5.375%, 4/24/2032 (n) | 11,875,000 | 14,071,875 | ||
Republic of Guatemala, 6.125%, 6/01/2050 (n) | 16,652,000 | 20,606,850 | ||
Republic of Guatemala, 6.125%, 6/01/2050 | 5,400,000 | 6,682,500 | ||
$166,670,076 | ||||
Hungary – 0.8% | ||||
Hungarian Development Bank PLC, 1.375%, 6/24/2025 | EUR | 15,255,000 | $ 19,199,297 | |
MOL PLC, 1.5%, 10/08/2027 | 11,890,000 | 15,060,224 | ||
Republic of Hungary, 5.375%, 2/21/2023 | $ | 12,632,000 | 13,875,899 | |
Republic of Hungary, 1.75%, 6/05/2035 | EUR | 11,821,000 | 15,759,822 | |
$63,895,242 | ||||
India – 3.6% | ||||
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 27,766,000 | $ 30,850,803 | |
Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 17,035,145 | 18,160,109 | ||
Azure Power Energy Ltd., 5.5%, 11/03/2022 (n) | 12,592,000 | 12,875,320 | ||
Azure Power Energy Ltd., 5.5%, 11/03/2022 | 11,758,000 | 12,022,555 | ||
Delhi International Airport Ltd., 6.125%, 10/31/2026 | 5,892,000 | 5,984,622 | ||
Delhi International Airport Ltd., 6.45%, 6/04/2029 (n) | 5,539,000 | 5,635,932 | ||
Delhi International Airport Ltd., 6.45%, 6/04/2029 | 5,700,000 | 5,799,750 | ||
Export-Import Bank of India, 3.375%, 8/05/2026 | 4,163,000 | 4,508,321 | ||
Export-Import Bank of India, 3.875%, 2/01/2028 | 11,300,000 | 12,351,013 | ||
Export-Import Bank of India, 3.25%, 1/15/2030 | 6,368,000 | 6,674,331 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 30,829,000 | 29,774,066 | ||
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 (n) | 6,000,000 | 6,128,741 | ||
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 | 1,300,000 | 1,327,894 | ||
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/2027 | 10,480,000 | 10,156,502 | ||
Government of India, 7.17%, 1/08/2028 | INR | 861,680,000 | 12,645,886 | |
Muthoot Finance Ltd., 6.125%, 10/31/2022 (n) | $ | 6,091,000 | 6,358,699 | |
Muthoot Finance Ltd., 4.4%, 9/02/2023 (n) | 16,508,000 | 16,776,486 | ||
Muthoot Finance Ltd., 4.4%, 9/02/2023 | 3,200,000 | 3,252,045 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
India – continued | ||||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n) | $ | 10,024,000 | $ 10,543,243 | |
ReNew Power Private Ltd., 5.875%, 3/05/2027 (n) | 13,088,000 | 13,863,694 | ||
ReNew Power Private Ltd., 5.875%, 3/05/2027 | 7,324,000 | 7,758,076 | ||
Republic of India, 5.77%, 8/03/2030 | INR | 1,179,330,000 | 15,895,739 | |
Shriram Transport Finance Co. Ltd., 5.1%, 7/16/2023 | $ | 8,525,000 | 8,610,653 | |
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 26,898,000 | 26,830,653 | ||
State Bank of India (London), 3.25%, 1/24/2022 | 14,206,000 | 14,492,393 | ||
$299,277,526 | ||||
Indonesia – 6.7% | ||||
Bank Mandiri, 3.75%, 4/11/2024 | $ | 3,045,000 | $ 3,224,655 | |
Bank Mandiri, 4.75%, 5/13/2025 | 18,668,000 | 20,721,433 | ||
Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | 4,717,000 | 4,876,199 | ||
Listrindo Capital B.V., 4.95%, 9/14/2026 | 14,402,000 | 14,888,067 | ||
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n) | 6,204,000 | 6,284,714 | ||
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 | 16,553,000 | 16,768,355 | ||
Perusahaan Penerbit SBSN Indonesia III, 2.3%, 6/23/2025 (n) | 11,155,000 | 11,632,546 | ||
Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n) | 21,404,000 | 22,369,962 | ||
PT Indonesia Asahan Aluminium (Persero), 4.75%, 5/15/2025 (n) | 8,215,000 | 9,085,790 | ||
PT Indonesia Asahan Aluminium (Persero), 5.8%, 5/15/2050 (n) | 5,103,000 | 6,193,766 | ||
PT Pertamina (Persero) (Republic of Indonesia), 4.15%, 2/25/2060 (n) | 8,538,000 | 8,874,644 | ||
PT Pertamina (Persero) (Republic of Indonesia), 4.15%, 2/25/2060 | 900,000 | 935,486 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | 5,953,000 | 6,697,125 | ||
Republic of Indonesia, 3.375%, 4/15/2023 | 30,254,000 | 31,963,956 | ||
Republic of Indonesia, 5.875%, 1/15/2024 | 16,167,000 | 18,441,535 | ||
Republic of Indonesia, 5.875%, 1/15/2024 (n) | 868,000 | 990,119 | ||
Republic of Indonesia, 4.45%, 2/11/2024 | 12,824,000 | 14,131,504 | ||
Republic of Indonesia, 4.125%, 1/15/2025 | 25,012,000 | 27,895,383 | ||
Republic of Indonesia, 4.125%, 1/15/2025 (n) | 5,055,000 | 5,637,740 | ||
Republic of Indonesia, 4.75%, 1/08/2026 (n) | 2,776,000 | 3,226,950 | ||
Republic of Indonesia, 4.75%, 1/08/2026 | 21,710,000 | 25,236,705 | ||
Republic of Indonesia, 5.5%, 4/15/2026 | IDR | 179,939,000,000 | 12,999,727 | |
Republic of Indonesia, 4.35%, 1/08/2027 (n) | $ | 15,017,000 | 17,355,748 | |
Republic of Indonesia, 4.35%, 1/08/2027 | 11,204,000 | 12,948,911 | ||
Republic of Indonesia, 3.5%, 1/11/2028 | 14,455,000 | 16,024,090 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Indonesia – continued | ||||
Republic of Indonesia, 3.4%, 9/18/2029 | $ | 19,039,000 | $ 21,091,341 | |
Republic of Indonesia, 6.5%, 2/15/2031 | IDR | 332,137,000,000 | 24,113,667 | |
Republic of Indonesia, 1.1%, 3/12/2033 | EUR | 14,194,000 | 17,289,716 | |
Republic of Indonesia, 7.5%, 6/15/2035 | IDR | 168,917,000,000 | 12,826,375 | |
Republic of Indonesia, 6.25%, 6/15/2036 | 173,097,000,000 | 12,306,790 | ||
Republic of Indonesia, 5.25%, 1/17/2042 | $ | 10,324,000 | 13,356,675 | |
Republic of Indonesia, 4.625%, 4/15/2043 | 41,756,000 | 50,156,077 | ||
Republic of Indonesia, 5.125%, 1/15/2045 | 15,739,000 | 20,172,361 | ||
Republic of Indonesia, 4.35%, 1/11/2048 | 25,280,000 | 29,897,645 | ||
Saka Energi Indonesia PT, 4.45%, 5/05/2024 (n) | 4,370,000 | 4,042,250 | ||
Saka Energi Indonesia PT, 4.45%, 5/05/2024 | 200,000 | 185,000 | ||
Star Energy Co., 4.85%, 10/14/2038 (n) | 14,528,000 | 16,216,880 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | 16,273,394 | 18,510,986 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 4,400,764 | 5,005,869 | ||
$564,576,742 | ||||
Israel – 0.8% | ||||
Bank Leumi le-Israel B.M., 3.275%, 1/29/2031 (n) | $ | 7,801,000 | $ 8,191,050 | |
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n) | 17,267,000 | 19,054,135 | ||
Leviathan Bond Ltd., 6.5%, 6/30/2027 (n) | 2,756,000 | 3,100,720 | ||
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | 28,881,000 | 32,831,343 | ||
$63,177,248 | ||||
Jamaica – 0.9% | ||||
Government of Jamaica, 6.75%, 4/28/2028 | $ | 2,557,000 | $ 3,058,172 | |
Government of Jamaica, 8%, 3/15/2039 | 20,033,000 | 28,516,976 | ||
Government of Jamaica, 7.875%, 7/28/2045 | 33,301,000 | 46,737,953 | ||
$78,313,101 | ||||
Jordan – 0.4% | ||||
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n) | $ | 27,337,000 | $ 30,002,357 | |
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 | 3,200,000 | 3,512,000 | ||
$33,514,357 | ||||
Kazakhstan – 2.1% | ||||
Development Bank of Kazakhstan, 4.125%, 12/10/2022 | $ | 40,287,000 | $ 42,297,483 | |
JSC Kazkommertsbank, 5.5%, 12/21/2022 | 10,292,346 | 10,301,300 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n) | 6,765,000 | 8,309,314 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n) | 2,262,000 | 3,133,232 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Kazakhstan – continued | ||||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | $ | 2,833,000 | $ 3,924,158 | |
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | 25,901,000 | 29,622,197 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 2,922,000 | 3,202,278 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 38,395,000 | 42,077,848 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | 28,084,000 | 29,186,297 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | 600,000 | 623,550 | ||
$172,677,657 | ||||
Kenya – 1.5% | ||||
Republic of Kenya, 6.875%, 6/24/2024 | $ | 5,388,000 | $ 5,950,809 | |
Republic of Kenya, 7%, 5/22/2027 (n) | 2,830,000 | 3,127,150 | ||
Republic of Kenya, 7%, 5/22/2027 | 18,012,000 | 19,903,260 | ||
Republic of Kenya, 7.25%, 2/28/2028 | 12,523,000 | 13,986,413 | ||
Republic of Kenya, 8%, 5/22/2032 (n) | 5,120,000 | 5,906,790 | ||
Republic of Kenya, 8%, 5/22/2032 | 34,675,000 | 40,003,507 | ||
Republic of Kenya, 8.25%, 2/28/2048 | 29,318,000 | 33,236,644 | ||
$122,114,573 | ||||
Kuwait – 0.4% | ||||
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026 | $ | 22,364,000 | $ 24,704,482 | |
MEGlobal Canada ULC (State of Kuwait), 5.875%, 5/18/2030 (n) | 6,513,000 | 8,089,146 | ||
$32,793,628 | ||||
Macau – 0.4% | ||||
Industrial & Commercial Bank of China Macau, 2.875% to 9/12/2024, FLR (CMT - 5yr. + 1.65%) to 9/12/2029 | $ | 19,300,000 | $ 20,009,662 | |
Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 15,884,000 | 16,335,900 | ||
$36,345,562 | ||||
Malaysia – 0.7% | ||||
GOHL Capital Ltd., 4.25%, 1/24/2027 | $ | 12,105,000 | $ 12,979,222 | |
Government of Malaysia, 4.16%, 7/15/2021 | MYR | 51,134,000 | 12,785,133 | |
Government of Malaysia, 4.048%, 9/30/2021 | 48,049,000 | 12,062,543 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Malaysia – continued | ||||
PETRONAS Capital Ltd. (Federation of Malaysia), 3.5%, 4/21/2030 (n) | $ | 21,148,000 | $ 23,817,975 | |
$61,644,873 | ||||
Mexico – 8.2% | ||||
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 (n) | $ | 15,977,000 | $ 18,030,045 | |
CEMEX S.A.B. de C.V., 5.2%, 9/17/2030 (n) | 13,992,000 | 15,216,300 | ||
CEMEX S.A.B. de C.V., 3.875%, 7/11/2031 (n) | 16,486,000 | 16,510,729 | ||
Fomento Economico Mexicano S.A.B. de C.V., 3.5%, 1/16/2050 | 5,656,000 | 6,093,265 | ||
Gruma S.A.B. de C.V., 4.875%, 12/01/2024 | 5,777,000 | 6,470,240 | ||
Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 (n) | 5,373,000 | 5,565,138 | ||
Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 | 9,147,000 | 9,474,097 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 9,963,000 | 10,431,261 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 | 11,249,000 | 11,777,703 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n) | 12,497,000 | 13,418,654 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | 11,216,000 | 12,043,180 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.75%, 1/15/2051 | 3,218,000 | 3,435,215 | ||
Petroleos Mexicanos, 6.875%, 10/16/2025 (n) | 21,741,000 | 23,689,320 | ||
Petroleos Mexicanos, 4.5%, 1/23/2026 | 9,178,000 | 9,099,987 | ||
Petroleos Mexicanos, 6.875%, 8/04/2026 | 11,200,000 | 11,984,000 | ||
Petroleos Mexicanos, 6.49%, 1/23/2027 | 42,191,000 | 43,403,991 | ||
Petroleos Mexicanos, 6.5%, 3/13/2027 | 22,363,000 | 23,039,481 | ||
Petroleos Mexicanos, 5.35%, 2/12/2028 | 32,802,000 | 31,457,118 | ||
Petroleos Mexicanos, 6.84%, 1/23/2030 | 43,013,000 | 43,228,065 | ||
Petroleos Mexicanos, 5.95%, 1/28/2031 | 47,743,000 | 45,302,378 | ||
Petroleos Mexicanos, 6.5%, 6/02/2041 | 22,503,000 | 19,767,985 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 43,165,000 | 37,704,627 | ||
Petroleos Mexicanos, 7.69%, 1/23/2050 | 38,549,000 | 36,447,309 | ||
Petroleos Mexicanos, 6.95%, 1/28/2060 | 19,143,000 | 16,778,840 | ||
United Mexican States, 7.5%, 6/03/2027 | MXN | 342,000,000 | 19,075,188 | |
United Mexican States, 4.5%, 4/22/2029 | $ | 19,841,000 | 22,876,871 | |
United Mexican States, 3.25%, 4/16/2030 | 27,726,000 | 29,341,039 | ||
United Mexican States, 2.659%, 5/24/2031 | 43,458,000 | 43,220,719 | ||
United Mexican States, 4.75%, 4/27/2032 | 42,434,000 | 49,435,610 | ||
United Mexican States, 1.45%, 10/25/2033 | EUR | 9,616,000 | 11,300,970 | |
United Mexican States, 4.5%, 1/31/2050 | $ | 11,020,000 | 12,080,785 | |
United Mexican States, 3.771%, 5/24/2061 | 15,306,000 | 14,747,484 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mexico – continued | ||||
United Mexican States, 3.75%, 4/19/2071 | $ | 23,475,000 | $ 21,972,600 | |
$694,420,194 | ||||
Morocco – 1.3% | ||||
Kingdom of Morocco, 4.25%, 12/11/2022 | $ | 7,911,000 | $ 8,326,644 | |
Kingdom of Morocco, 1.375%, 3/30/2026 (n) | EUR | 10,400,000 | 12,794,453 | |
Kingdom of Morocco, 2%, 9/30/2030 | 9,940,000 | 12,375,106 | ||
Kingdom of Morocco, 1.5%, 11/27/2031 | 7,104,000 | 8,496,050 | ||
Kingdom of Morocco, 3%, 12/15/2032 (n) | $ | 29,075,000 | 29,286,084 | |
Kingdom of Morocco, 4%, 12/15/2050 (n) | 14,968,000 | 15,252,392 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 4.5%, 10/22/2025 | 15,331,000 | 16,603,228 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 | 3,878,000 | 5,043,106 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n) | 2,259,000 | 2,937,694 | ||
$111,114,757 | ||||
Nigeria – 0.6% | ||||
Afren PLC, 10.25%, 4/08/2019 (a)(d)(u) | $ | 390,335 | $ 0 | |
Afren PLC, 10.25%, 4/08/2019 (a)(d)(u)(z) | 7,872,069 | 0 | ||
Afren PLC, 6.625%, 12/09/2020 (a)(d)(u)(z) | 3,765,751 | 0 | ||
Federal Republic of Nigeria, 7.875%, 2/16/2032 | 22,347,000 | 24,444,042 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | 2,736,000 | 2,880,050 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 | 22,767,000 | 23,965,683 | ||
$51,289,775 | ||||
Oman – 1.0% | ||||
Government of Oman, 6.75%, 1/17/2048 | $ | 18,572,000 | $ 18,303,449 | |
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | 15,830,000 | 16,186,175 | ||
Sultanate of Oman, 6%, 8/01/2029 | 7,729,000 | 8,102,543 | ||
Sultanate of Oman, 6.25%, 1/25/2031 (n) | 17,555,000 | 18,608,862 | ||
Sultanate of Oman, 7%, 1/25/2051 (n) | 19,039,000 | 19,240,813 | ||
$80,441,842 | ||||
Pakistan – 0.1% | ||||
Islamic Republic of Pakistan, 6.875%, 12/05/2027 | $ | 7,704,000 | $ 8,237,687 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Panama – 2.2% | ||||
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 5.625%, 5/18/2036 | $ | 4,382,000 | $ 5,077,686 | |
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 6%, 11/18/2048 (n) | 16,167,571 | 19,350,966 | ||
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 6%, 11/18/2048 | 19,353,715 | 23,164,461 | ||
AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n) | 22,449,000 | 24,149,063 | ||
Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n) | 12,229,000 | 15,515,666 | ||
Autoridad del Canal de Panama, 4.95%, 7/29/2035 | 4,174,000 | 5,295,804 | ||
Banco Nacional de Panama, 2.5%, 8/11/2030 (n) | 2,831,000 | 2,826,046 | ||
Cable Onda S.A., 4.5%, 1/30/2030 (n) | 7,260,000 | 7,840,800 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | 20,189,000 | 24,879,107 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 | 6,600,000 | 8,133,246 | ||
ENA Master Trust (Republic of Panama), 4%, 5/19/2048 (n) | 7,580,000 | 8,156,838 | ||
Panama Canal Railway Co., 7%, 11/01/2026 | 3,349,782 | 3,454,496 | ||
Panama Canal Railway Co., 7%, 11/01/2026 (n) | 664,830 | 685,613 | ||
Republic of Panama, 3.75%, 4/17/2026 | 21,530,000 | 23,540,902 | ||
Republic of Panama, 2.252%, 9/29/2032 | 5,972,000 | 6,022,762 | ||
Republic of Panama, 4.5%, 4/01/2056 | 5,785,000 | 7,078,005 | ||
$185,171,461 | ||||
Paraguay – 1.4% | ||||
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $ | 17,014,000 | $ 16,673,720 | |
Republic of Paraguay, 5%, 4/15/2026 | 6,813,000 | 7,892,929 | ||
Republic of Paraguay, 4.95%, 4/28/2031 (n) | 10,432,000 | 12,466,344 | ||
Republic of Paraguay, 4.95%, 4/28/2031 | 7,552,000 | 9,024,715 | ||
Republic of Paraguay, 6.1%, 8/11/2044 | 11,959,000 | 15,797,959 | ||
Republic of Paraguay, 5.6%, 3/13/2048 (n) | 10,688,000 | 13,456,299 | ||
Republic of Paraguay, 5.6%, 3/13/2048 | 17,385,000 | 21,887,889 | ||
Republic of Paraguay, 5.4%, 3/30/2050 (n) | 9,043,000 | 11,235,927 | ||
Republic of Paraguay, 5.4%, 3/30/2050 | 4,800,000 | 5,964,000 | ||
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | 4,583,000 | 4,839,190 | ||
$119,238,972 | ||||
Peru – 1.7% | ||||
Camposol S.A., 6%, 2/03/2027 (n) | $ | 6,387,000 | $ 6,704,753 | |
Camposol S.A., 6%, 2/03/2027 | 5,000,000 | 5,248,750 | ||
Consorcio Transmantaro S.A. (Republic of Peru), 4.7%, 4/16/2034 (n) | 3,484,000 | 4,098,926 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Peru – continued | ||||
Consorcio Transmantaro S.A. (Republic of Peru), 4.7%, 4/16/2034 | $ | 1,102,000 | $ 1,296,503 | |
Corporacion Lindley S.A., 6.75%, 11/23/2021 | 1,442,000 | 1,488,865 | ||
Corporacion Lindley S.A., 6.75%, 11/23/2021 (n) | 892,500 | 921,506 | ||
El Fondo Mivivienda S.A., 3.5%, 1/31/2023 | 4,192,000 | 4,412,122 | ||
Gas Natural de Lima y Callao S.A., 4.375%, 4/01/2023 | 13,210,000 | 14,009,205 | ||
Hunt Oil Co. of Peru LLC, 6.375%, 6/01/2028 | 18,838,000 | 20,439,230 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 | 985,035 | 1,071,226 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n) | 59,964 | 65,211 | ||
Inkia Energy Ltd., 5.875%, 11/09/2027 (n) | 21,051,000 | 22,473,837 | ||
Inkia Energy Ltd., 5.875%, 11/09/2027 | 850,000 | 907,451 | ||
InterCorp Peru Ltd., 3.875%, 8/15/2029 (n) | 11,317,000 | 11,881,492 | ||
Lima Metro Line 2 Finance Ltd., 5.875%, 7/05/2034 | 3,569,569 | 4,321,409 | ||
Peru LNG, 5.375%, 3/22/2030 (n) | 15,323,000 | 13,771,546 | ||
Peru LNG, 5.375%, 3/22/2030 | 13,929,000 | 12,518,689 | ||
Petroleos del Peru S.A., 4.75%, 6/19/2032 | 6,834,000 | 7,726,452 | ||
San Miguel Industrias PET S.A., 4.5%, 9/18/2022 (n) | 7,578,000 | 7,703,189 | ||
San Miguel Industrias PET S.A., 4.5%, 9/18/2022 | 3,300,000 | 3,354,516 | ||
$144,414,878 | ||||
Poland – 0.3% | ||||
Canpack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n) | $ | 11,399,000 | $ 11,584,234 | |
Canpack S.A./Eastern PA Land Investment Holding LLC, 2.375%, 11/01/2027 (n) | EUR | 12,980,000 | 16,204,739 | |
$27,788,973 | ||||
Qatar – 2.8% | ||||
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | $ | 11,601,000 | $ 12,268,058 | |
State of Qatar, 3.4%, 4/16/2025 (n) | 7,147,000 | 7,858,698 | ||
State of Qatar, 4.5%, 4/23/2028 | 13,415,000 | 16,099,341 | ||
State of Qatar, 4%, 3/14/2029 (n) | 15,869,000 | 18,626,239 | ||
State of Qatar, 4%, 3/14/2029 | 15,840,000 | 18,592,200 | ||
State of Qatar, 3.75%, 4/16/2030 (n) | 22,389,000 | 26,051,840 | ||
State of Qatar, 3.75%, 4/16/2030 | 14,415,000 | 16,773,294 | ||
State of Qatar, 5.103%, 4/23/2048 (n) | 18,359,000 | 25,311,370 | ||
State of Qatar, 5.103%, 4/23/2048 | 19,013,000 | 26,213,033 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 23,600,000 | 31,647,553 | ||
State of Qatar, 4.817%, 3/14/2049 | 15,900,000 | 21,321,868 | ||
State of Qatar, 4.4%, 4/16/2050 (n) | 14,408,000 | 18,427,112 | ||
$239,190,606 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Romania – 0.6% | ||||
Government of Romania, 2.875%, 3/11/2029 | EUR | 4,300,000 | $ 5,875,660 | |
Republic of Romania, 3.624%, 5/26/2030 (n) | 5,520,000 | 7,970,492 | ||
Republic of Romania, 2.124%, 7/16/2031 (n) | 11,982,000 | 15,396,619 | ||
Republic of Romania, 2%, 1/28/2032 | 2,000,000 | 2,524,838 | ||
Republic of Romania, 2%, 1/28/2032 (n) | 9,024,000 | 11,392,071 | ||
Republic of Romania, 2.625%, 12/02/2040 (n) | 8,479,000 | 10,724,734 | ||
$53,884,414 | ||||
Russia – 3.1% | ||||
Gaz Capital S.A. (Russian Federation), 4.95%, 2/06/2028 | $ | 7,215,000 | $ 8,180,757 | |
Gazprom PJSC (Russian Federation), 3.25%, 2/25/2030 (n) | 23,922,000 | 24,174,138 | ||
Russian Federation, 4.75%, 5/27/2026 | 12,200,000 | 14,027,560 | ||
Russian Federation, 4.25%, 6/23/2027 | 72,000,000 | 81,821,952 | ||
Russian Federation, 4.25%, 6/23/2027 (n) | 13,400,000 | 15,227,974 | ||
Russian Federation, 4.375%, 3/21/2029 (n) | 4,400,000 | 5,071,686 | ||
Russian Federation, 4.375%, 3/21/2029 | 55,800,000 | 64,318,205 | ||
Russian Federation, 5.1%, 3/28/2035 | 19,400,000 | 24,121,960 | ||
Russian Federation, 5.1%, 3/28/2035 (n) | 22,200,000 | 27,603,480 | ||
$264,547,712 | ||||
Rwanda – 0.0% | ||||
Republic of Rwanda, 6.625%, 5/02/2023 | $ | 3,013,000 | $ 3,189,538 | |
Saudi Arabia – 1.9% | ||||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/2023 | $ | 8,662,000 | $ 8,911,032 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | 20,934,000 | 20,891,923 | ||
Kingdom of Saudi Arabia, 2.25%, 2/02/2033 (n) | 16,781,000 | 16,578,621 | ||
Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 18,265,000 | 21,874,164 | ||
Kingdom of Saudi Arabia, 5.25%, 1/16/2050 (n) | 21,300,000 | 28,030,800 | ||
Saudi Arabian Oil Co., 3.5%, 4/16/2029 | 10,681,000 | 11,743,739 | ||
Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n) | 10,318,000 | 10,291,511 | ||
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n) | 13,602,000 | 15,591,300 | ||
Saudi Arabian Oil Co., 3.5%, 11/24/2070 (n) | 14,425,000 | 14,037,095 | ||
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 4/17/2030 | 12,120,000 | 14,434,193 | ||
$162,384,378 | ||||
Senegal – 0.4% | ||||
Republic of Senegal, 6.25%, 5/23/2033 | $ | 25,427,000 | $ 27,880,705 | |
Republic of Senegal, 6.75%, 3/13/2048 | 7,396,000 | 7,886,725 | ||
$35,767,430 |
Issuer | Shares/Par | Value ($) | ||
Bonds ��� continued | ||||
Serbia – 0.6% | ||||
Republic of Serbia, 3.125%, 5/15/2027 (n) | EUR | 22,296,000 | $ 30,195,135 | |
Republic of Serbia, 1.5%, 6/26/2029 (n) | 2,232,000 | 2,770,454 | ||
Republic of Serbia, 1.5%, 6/26/2029 | 16,494,000 | 20,473,058 | ||
$53,438,647 | ||||
Singapore – 0.5% | ||||
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n) | $ | 16,078,000 | $ 16,255,637 | |
Puma International Financing S.A., 5%, 1/24/2026 | 13,156,000 | 12,662,650 | ||
Puma International Financing S.A., 5%, 1/24/2026 (n) | 13,460,000 | 12,955,250 | ||
$41,873,537 | ||||
South Africa – 1.5% | ||||
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | $ | 26,426,000 | $ 28,229,257 | |
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n) | 20,182,000 | 22,354,592 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | 5,700,000 | 6,313,605 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 8.45%, 8/10/2028 | 7,296,000 | 8,213,253 | ||
Petra Diamonds US$ Treasury PLC, 7.25%, 5/01/2022 (a)(d)(z) | 6,473,000 | 2,686,295 | ||
Petra Diamonds US$ Treasury PLC, 7.25%, 5/01/2022 (a)(d) | 4,756,000 | 1,973,740 | ||
Republic of South Africa, 10.5%, 12/21/2026 | ZAR | 203,677,000 | 15,922,492 | |
Republic of South Africa, 4.85%, 9/27/2027 | $ | 5,904,000 | 6,281,266 | |
Republic of South Africa, 8%, 1/31/2030 | ZAR | 271,188,000 | 17,113,187 | |
Republic of South Africa, 5.75%, 9/30/2049 | $ | 21,285,000 | 20,514,483 | |
$129,602,170 | ||||
Sri Lanka – 0.3% | ||||
Republic of Sri Lanka, 6.85%, 3/14/2024 (n) | $ | 2,109,000 | $ 1,338,856 | |
Republic of Sri Lanka, 7.85%, 3/14/2029 (n) | 3,554,000 | 2,145,728 | ||
Republic of Sri Lanka, 7.85%, 3/14/2029 | 10,414,000 | 6,287,452 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (n) | 4,461,000 | 2,676,600 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 | 14,942,000 | 8,965,200 | ||
$21,413,836 | ||||
Supranational – 0.5% | ||||
West African Development Bank, 4.7%, 10/22/2031 | $ | 4,000,000 | $ 4,368,480 | |
West African Development Bank, 4.7%, 10/22/2031 (n) | 16,244,000 | 17,740,397 | ||
West African Development Bank, 2.75%, 1/22/2033 (n) | EUR | 13,668,000 | 17,009,758 | |
$39,118,635 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Thailand – 0.3% | ||||
Bangkok Bank Public Co. Ltd., 3.733%, 9/25/2034 | $ | 11,477,000 | $ 12,033,468 | |
PTT Treasury Center Co. Ltd. (Kingdom of Thailand), 3.7%, 7/16/2070 (n) | 6,575,000 | 6,985,711 | ||
Thaioil Treasury Center Co. Ltd., 3.75%, 6/18/2050 (n) | 7,626,000 | 7,473,044 | ||
$26,492,223 | ||||
Trinidad & Tobago – 0.3% | ||||
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n) | $ | 9,079,000 | $ 9,237,883 | |
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 | 6,156,000 | 6,263,730 | ||
Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 12,110,000 | 12,170,550 | ||
$27,672,163 | ||||
Turkey – 4.6% | ||||
Export Credit Bank of Turkey, 5%, 9/23/2021 | $ | 13,185,000 | $ 13,272,232 | |
Export Credit Bank of Turkey, 5.375%, 10/24/2023 | 16,043,000 | 16,263,591 | ||
Export Credit Bank of Turkey, 6.125%, 5/03/2024 | 8,663,000 | 8,891,703 | ||
Republic of Turkey, 6.25%, 9/26/2022 | 7,094,000 | 7,422,168 | ||
Republic of Turkey, 7.25%, 12/23/2023 | 14,992,000 | 16,388,205 | ||
Republic of Turkey, 5.75%, 3/22/2024 | 6,844,000 | 7,206,732 | ||
Republic of Turkey, 6.35%, 8/10/2024 | 14,324,000 | 15,380,395 | ||
Republic of Turkey, 5.6%, 11/14/2024 | 34,148,000 | 35,919,598 | ||
Republic of Turkey, 4.25%, 3/13/2025 | 33,049,000 | 33,128,450 | ||
Republic of Turkey, 6.375%, 10/14/2025 | 11,286,000 | 12,222,738 | ||
Republic of Turkey, 4.75%, 1/26/2026 | 15,711,000 | 15,946,665 | ||
Republic of Turkey, 4.875%, 10/09/2026 | 30,609,000 | 30,991,613 | ||
Republic of Turkey, 6%, 3/25/2027 | 16,451,000 | 17,458,624 | ||
Republic of Turkey, 5.125%, 2/17/2028 | 35,839,000 | 36,204,415 | ||
Republic of Turkey, 5.25%, 3/13/2030 | 28,068,000 | 27,895,213 | ||
Republic of Turkey, 5.95%, 1/15/2031 | 25,829,000 | 26,513,469 | ||
Republic of Turkey, 5.875%, 6/26/2031 | 16,399,000 | 16,703,365 | ||
Republic of Turkey, 6.875%, 3/17/2036 | 13,984,000 | 14,924,396 | ||
Republic of Turkey, 7.25%, 3/05/2038 | 12,419,000 | 13,676,424 | ||
T.C. Ziraat Bankasi A.S. (Republic of Turkey), 5.375%, 3/02/2026 (n) | 19,079,000 | 19,080,946 | ||
�� $385,490,942 | ||||
Ukraine – 4.0% | ||||
Biz Finance PLC (Ukraine), 9.75%, 1/22/2025 | $ | 2,669,500 | $ 2,895,828 | |
Government of Ukraine, 7.75%, 9/01/2023 | 9,307,000 | 10,125,551 | ||
Government of Ukraine, 7.75%, 9/01/2024 | 7,380,000 | 8,141,557 | ||
Government of Ukraine, 7.75%, 9/01/2025 | 26,621,000 | 29,699,719 | ||
Government of Ukraine, 7.75%, 9/01/2026 | 17,304,000 | 19,423,740 | ||
Government of Ukraine, 7.75%, 9/01/2027 | 31,019,000 | 34,682,344 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Ukraine – continued | ||||
Government of Ukraine, 7.375%, 9/25/2032 | $ | 36,236,000 | $ 38,855,138 | |
Government of Ukraine, 7.253%, 3/15/2033 (n) | 39,848,000 | 42,335,312 | ||
Government of Ukraine, 7.253%, 3/15/2033 | 12,183,000 | 12,943,463 | ||
Government of Ukraine, GDP Linked Bond, 0%, 5/31/2040 | 66,293,000 | 74,745,357 | ||
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (n) | 10,655,000 | 10,835,073 | ||
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 | 6,885,000 | 7,001,358 | ||
Oschadbank (State Savings Bank of Ukraine), 9.375%, 3/10/2023 | 3,500,000 | 3,668,000 | ||
PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025 | 16,122,150 | 17,259,084 | ||
Ukrainian Railways Co., 8.25%, 7/09/2024 | 19,228,000 | 20,189,400 | ||
$332,800,924 | ||||
United Arab Emirates – 4.4% | ||||
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | $ | 27,136,000 | $ 33,004,160 | |
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n) | 12,433,000 | 12,790,449 | ||
Dae Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n) | 17,174,000 | 18,191,250 | ||
DP World Salaam (United Arab Emirates), 6% to 1/01/2026, FLR (CMT - 5yr. + 5.75%) to 1/01/2031, FLR (CMT - 5yr. + 6.75%) to 1/01/2070 | 24,474,000 | 26,831,972 | ||
Emirate of Abu Dhabi, 2.5%, 9/30/2029 (n) | 19,492,000 | 20,780,031 | ||
Emirate of Abu Dhabi, 1.7%, 3/02/2031 (n) | 13,115,000 | 12,983,850 | ||
Emirate of Abu Dhabi, 3.125%, 9/30/2049 (n) | 14,284,000 | 14,967,918 | ||
Emirate of Abu Dhabi, 2.7%, 9/02/2070 (n) | 22,453,000 | 20,644,860 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | 11,649,000 | 13,629,330 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | 700,000 | 819,000 | ||
Finance Department Government of Sharjah, 4%, 7/28/2050 (n) | 11,945,000 | 12,049,877 | ||
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 27,880,000 | 28,185,817 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | 36,905,000 | 37,259,878 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n) | 42,072,000 | 42,918,095 | ||
GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 (n) | 5,603,000 | 5,873,177 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
United Arab Emirates – continued | ||||
GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 | $ | 5,026,000 | $ 5,268,354 | |
MDGH - GMTN B.V. (United Arab Emirates), 2.5%, 11/07/2024 (n) | 23,482,000 | 24,773,510 | ||
MDGH - GMTN B.V. (United Arab Emirates), 2.875%, 11/07/2029 (n) | 24,942,000 | 26,687,940 | ||
National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027 | 13,272,000 | 13,455,021 | ||
$371,114,489 | ||||
United States – 1.4% | ||||
Hyundai Capital America, 2.375%, 10/15/2027 (n) | $ | 7,765,000 | $ 8,142,273 | |
Hyundai Capital America, 1.8%, 1/10/2028 (n) | 11,166,000 | 11,098,365 | ||
JBS Investments II GmbH, 5.75%, 1/15/2028 (n) | 6,913,000 | 7,328,333 | ||
JBS Investments II GmbH, 5.75%, 1/15/2028 | 11,590,000 | 12,286,327 | ||
JBS USA Lux S.A./JBS USA Finance, Inc., 6.5%, 4/15/2029 (n) | 10,361,000 | 11,798,589 | ||
U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | 14,777,000 | 19,425,983 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2046 | 37,736,600 | 43,180,399 | ||
$113,260,269 | ||||
Uruguay – 1.3% | ||||
Oriental Republic of Uruguay, 4.375%, 1/23/2031 | $ | 20,204,000 | $ 24,295,512 | |
Oriental Republic of Uruguay, 5.1%, 6/18/2050 | 5,982,000 | 8,038,372 | ||
Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 32,870,000 | 43,840,691 | ||
Oriental Republic of Uruguay, Inflation Linked Bond, 4.375%, 12/15/2028 | UYU | 535,897,797 | 14,879,015 | |
Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | 658,104,546 | 18,262,609 | ||
$109,316,199 | ||||
Uzbekistan – 0.9% | ||||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | $ | 15,990,000 | $ 16,309,800 | |
National Bank of Uzbekistan, 4.85%, 10/21/2025 | 20,660,000 | 21,228,150 | ||
Republic of Uzbekistan, 3.7%, 11/25/2030 (n) | 20,344,000 | 20,990,207 | ||
Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024 | 17,385,000 | 17,906,550 | ||
$76,434,707 | ||||
Venezuela – 0.2% | ||||
Republic of Venezuela, 9%, 5/07/2023 (a)(d) | $ | 10,104,000 | $ 934,620 | |
Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | 17,593,000 | 1,627,352 | ||
Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | 33,488,000 | 3,097,640 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Venezuela – continued | ||||
Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | $ | 8,435,000 | $ 780,238 | |
Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 68,785,500 | 6,362,659 | ||
$12,802,509 | ||||
Vietnam – 0.9% | ||||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $ | 20,593,000 | $ 20,887,298 | |
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 6,200,000 | 6,288,606 | ||
Socialist Republic of Vietnam, 4.8%, 11/19/2024 | 39,807,000 | 44,782,875 | ||
$71,958,779 | ||||
Zambia – 0.5% | ||||
First Quantum Minerals Ltd., 7.25%, 4/01/2023 | $ | 7,971,000 | $ 8,141,420 | |
First Quantum Minerals Ltd., 7.5%, 4/01/2025 | 10,288,000 | 10,635,529 | ||
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n) | 23,298,000 | 25,131,086 | ||
$43,908,035 | ||||
Total Bonds (Identified Cost, $7,440,927,269) | $ 7,847,280,288 | |||
Common Stocks – 0.1% | ||||
Canada – 0.0% | ||||
Frontera Energy Corp. | 254,348 | $ 742,264 | ||
Mexico – 0.1% | ||||
ICA Tenedora, S.A. de C.V. (a) | 2,525,968 | $ 5,352,920 | ||
Total Common Stocks (Identified Cost, $22,509,214) | $ 6,095,184 | |||
Investment Companies (h) – 6.2% | ||||
Money Market Funds – 6.2% | ||||
MFS Institutional Money Market Portfolio, 0.09% (v) (Identified Cost, $518,259,056) | 518,276,553 | $518,276,553 | ||
Other Assets, Less Liabilities – 0.6% | 54,435,735 | |||
Net Assets – 100.0% | $ 8,426,087,760 |
(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. |
(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 $518,276,553 and $7,853,375,472, 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 $3,019,487,590, representing 35.8% of net assets. |
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(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 |
Afren PLC, 10.25%, 4/08/2019 | 3/1/12-8/22/12 | $7,807,188 | $0 |
Afren PLC, 6.625%, 12/09/2020 | 11/26/13 | 3,672,502 | 0 |
Petra Diamonds US$ Treasury PLC, 7.25%, 5/01/2022 | 4/5/17 | 6,472,654 | 2,686,295 |
Petroamazonas (Republic of Ecuador), 4.625%, 12/06/2021 | 12/4/17 | 2,109,188 | 2,022,515 |
Stoneway Capital Corp., 10%, 3/01/2027 | 2/10/17-10/1/18 | 13,012,318 | 5,143,667 |
Total Restricted Securities | $9,852,477 | ||
% of Net assets | 0.1% |
The following abbreviations are used in this report and are defined: | |
CMT | Constant Maturity Treasury |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
LIBOR | London 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: | |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNH | Chinese Yuan Renminbi (Offshore) |
COP | Colombian Peso |
EUR | Euro |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
RUB | Russian Ruble |
TRY | Turkish Lira |
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 | 5,665,215,000 | USD | 7,503,596 | Citibank N.A. | 2/04/2021 | $206,577 |
CNH | 109,230,000 | USD | 16,833,751 | Barclays Bank PLC | 4/16/2021 | 21,140 |
CNH | 37,048,000 | USD | 5,693,721 | Citibank N.A. | 4/16/2021 | 23,024 |
CNH | 115,871,000 | USD | 17,826,271 | HSBC Bank | 4/16/2021 | 53,369 |
CNH | 56,683,000 | USD | 8,712,660 | JPMorgan Chase Bank N.A. | 4/16/2021 | 33,891 |
CNH | 6,703,000 | USD | 1,026,492 | State Street Bank Corp. | 4/16/2021 | 7,824 |
COP | 42,677,381,000 | USD | 11,810,068 | Citibank N.A. | 4/09/2021 | 119,306 |
EUR | 5,641,826 | USD | 6,833,911 | HSBC Bank | 4/16/2021 | 23,890 |
EUR | 7,099,389 | USD | 8,597,475 | JPMorgan Chase Bank N.A. | 4/16/2021 | 32,037 |
INR | 1,222,082,000 | USD | 16,309,649 | Barclays Bank PLC | 2/25/2021 | 393,066 |
INR | 218,000,000 | USD | 2,965,583 | Goldman Sachs International | 2/25/2021 | 13,916 |
RUB | 291,504,000 | USD | 3,847,633 | Barclays Bank PLC | 2/03/2021 | 3,728 |
RUB | 158,747,000 | USD | 2,058,441 | Goldman Sachs International | 3/24/2021 | 27,400 |
TRY | 45,498,000 | USD | 6,011,452 | BNP Paribas S.A. | 3/22/2021 | 82,369 |
TRY | 16,938,000 | USD | 2,113,822 | Citibank N.A. | 2/10/2021 | 192,708 |
TRY | 19,050,000 | USD | 2,495,579 | Citibank N.A. | 3/22/2021 | 55,903 |
TRY | 229,210,000 | USD | 29,541,293 | Citibank N.A. | 4/16/2021 | 835,215 |
TRY | 25,399,000 | USD | 3,169,526 | HSBC Bank | 2/10/2021 | 289,179 |
TRY | 77,238,000 | USD | 10,182,058 | HSBC Bank | 3/22/2021 | 162,893 |
TRY | 200,963,000 | USD | 26,230,242 | HSBC Bank | 4/16/2021 | 402,776 |
TRY | 41,711,000 | USD | 5,356,918 | JPMorgan Chase Bank N.A. | 2/18/2021 | 304,453 |
TRY | 17,068,000 | USD | 2,251,236 | JPMorgan Chase Bank N.A. | 3/05/2021 | 51,107 |
TRY | 279,131,000 | USD | 35,933,440 | JPMorgan Chase Bank N.A. | 4/16/2021 | 1,058,946 |
USD | 12,289,400 | BRL | 65,004,781 | Banco Santander S.A | 2/04/2021 | 409,096 |
USD | 11,668,750 | COP | 40,822,538,000 | Goldman Sachs International | 2/03/2021 | 231,005 |
USD | 26,487,418 | EUR | 21,642,592 | Barclays Bank PLC | 4/16/2021 | 180,227 |
USD | 159,148,073 | EUR | 130,122,723 | Citibank N.A. | 4/16/2021 | 980,171 |
USD | 45,536,769 | EUR | 37,186,229 | Goldman Sachs International | 4/16/2021 | 335,840 |
USD | 5,522,089 | EUR | 4,528,000 | HSBC Bank | 4/16/2021 | 18,175 |
USD | 53,881,398 | EUR | 44,070,470 | JPMorgan Chase Bank N.A. | 4/16/2021 | 312,476 |
USD | 19,352,307 | EUR | 15,724,790 | Merrill Lynch International | 4/16/2021 | 238,373 |
USD | 114,511,932 | EUR | 93,872,321 | Morgan Stanley Capital Services, Inc. | 4/16/2021 | 407,434 |
USD | 3,115,641 | EUR | 2,558,540 | State Street Bank Corp. | 4/16/2021 | 5,663 |
USD | 1,735,773 | EUR | 1,417,364 | UBS AG | 4/16/2021 | 12,925 |
USD | 3,095,377 | MXN | 61,946,131 | Merrill Lynch International | 4/16/2021 | 96,947 |
USD | 7,353,228 | RUB | 555,757,000 | Barclays Bank PLC | 2/03/2021 | 10,548 |
USD | 10,744,281 | RUB | 812,590,000 | Goldman Sachs International | 2/03/2021 | 8,314 |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives - continued | ||||||
USD | 7,760,497 | ZAR | 117,198,000 | UBS AG | 4/16/2021 | $90,673 |
$7,732,584 | ||||||
Liability Derivatives | ||||||
BRL | 21,345,000 | USD | 4,161,224 | Barclays Bank PLC | 2/04/2021 | $(260,202) |
BRL | 35,666,000 | USD | 6,786,455 | Citibank N.A. | 2/04/2021 | (268,121) |
BRL | 92,132,000 | USD | 17,781,363 | Goldman Sachs International | 2/04/2021 | (943,275) |
BRL | 35,834,000 | USD | 6,874,247 | JPMorgan Chase Bank N.A. | 2/04/2021 | (325,208) |
BRL | 15,106,000 | USD | 2,983,194 | Morgan Stanley Capital Services, Inc. | 2/04/2021 | (222,415) |
COP | 52,345,357,000 | USD | 14,996,521 | Citibank N.A. | 2/03/2021 | (330,288) |
COP | 19,151,003,000 | USD | 5,487,079 | JPMorgan Chase Bank N.A. | 2/03/2021 | (121,310) |
COP | 12,003,559,000 | USD | 3,396,977 | JPMorgan Chase Bank N.A. | 2/04/2021 | (33,891) |
RUB | 256,806,000 | USD | 3,430,823 | Barclays Bank PLC | 2/03/2021 | (37,893) |
RUB | 563,546,000 | USD | 7,645,708 | Barclays Bank PLC | 2/08/2021 | (204,332) |
RUB | 436,217,000 | USD | 5,914,727 | Barclays Bank PLC | 2/09/2021 | (155,326) |
RUB | 82,350,000 | USD | 1,096,030 | Citibank N.A. | 2/03/2021 | (8,019) |
RUB | 251,512,000 | USD | 3,376,926 | Citibank N.A. | 3/02/2021 | (64,298) |
RUB | 43,549,000 | USD | 576,648 | Citibank N.A. | 3/24/2021 | (4,440) |
RUB | 259,413,000 | USD | 3,466,999 | Goldman Sachs International | 2/03/2021 | (39,626) |
RUB | 1,721,014,000 | USD | 23,305,256 | Goldman Sachs International | 2/08/2021 | (580,027) |
RUB | 780,869,000 | USD | 10,431,058 | JPMorgan Chase Bank N.A. | 2/03/2021 | (114,190) |
USD | 8,480,459 | COP | 30,673,822,000 | Citibank N.A. | 2/03/2021 | (113,797) |
USD | 3,358,578 | COP | 12,003,559,000 | Citibank N.A. | 2/04/2021 | (4,508) |
USD | 2,276,602 | EUR | 1,877,808 | Credit Suisse Group | 4/16/2021 | (5,928) |
USD | 7,994,355 | EUR | 6,584,917 | Goldman Sachs International | 4/16/2021 | (9,801) |
USD | 17,855,502 | EUR | 14,713,819 | HSBC Bank | 4/16/2021 | (29,567) |
USD | 784,148 | EUR | 645,299 | JPMorgan Chase Bank N.A. | 4/16/2021 | (231) |
USD | 2,120,250 | EUR | 1,751,625 | Merrill Lynch International | 4/16/2021 | (8,901) |
USD | 11,743,889 | IDR | 165,639,329,779 | Barclays Bank PLC | 2/19/2021 | (44,504) |
USD | 32,773,449 | IDR | 466,792,239,400 | JPMorgan Chase Bank N.A. | 4/26/2021 | (248,073) |
USD | 4,016,181 | INR | 297,599,000 | JPMorgan Chase Bank N.A. | 2/25/2021 | (51,232) |
USD | 3,979,419 | RUB | 302,595,000 | Barclays Bank PLC | 2/03/2021 | (18,477) |
USD | 748,187 | ZAR | 11,446,678 | Barclays Bank PLC | 4/16/2021 | (921) |
USD | 742,843 | ZAR | 11,464,322 | Goldman Sachs International | 4/16/2021 | (7,420) |
USD | 15,568,627 | ZAR | 240,465,228 | JPMorgan Chase Bank N.A. | 4/16/2021 | (168,212) |
USD | 3,435,689 | ZAR | 53,436,000 | Merrill Lynch International | 4/16/2021 | (61,340) |
$(4,485,773) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
Euro-Bund 10 yr | Short | EUR | 766 | $164,767,866 | March – 2021 | $56,047 |
Euro-OAT 10 yr | Short | EUR | 63 | 12,773,106 | March – 2021 | 37,461 |
$93,508 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond | Long | USD | 274 | $46,228,938 | March – 2021 | $(1,516,571) |
U.S. Treasury Ultra Bond | Long | USD | 230 | 47,085,312 | March – 2021 | (2,132,420) |
Euro-Bobl 5 yr | Short | EUR | 57 | 9,355,557 | March – 2021 | (140) |
$(3,649,131) |
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 | |||
Liability Derivatives | ||||||||||
Credit Default Swaps | ||||||||||
12/20/24 | USD | 20,027,000 | Barclays Bank PLC | (1) | 1.00%/quarterly | $(135,593) | $(511,692) | $(647,285) |
(1) | Fund, as protection buyer, to receive notional amount upon a defined credit event by a reference obligation specified in the Republic of Korea, 2.75%, 1/19/2027. |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $7,463,436,483) | $7,853,375,472 |
Investments in affiliated issuers, at value (identified cost, $518,259,056) | 518,276,553 |
Cash | 31,273,299 |
Foreign currency, at value (identified cost, $4,606,718) | 4,598,888 |
Restricted cash for | |
Uncleared derivatives | 1,220,000 |
Receivables for | |
Forward foreign currency exchange contracts | 7,732,584 |
Investments sold | 30,319,830 |
Fund shares sold | 43,954,465 |
Interest | 95,230,436 |
Other assets | 263,830 |
Total assets | $8,586,245,357 |
Liabilities | |
Payables for | |
Distributions | $1,912,135 |
Forward foreign currency exchange contracts | 4,485,773 |
Net daily variation margin on open futures contracts | 39,004 |
Investments purchased | 131,080,463 |
Fund shares reacquired | 9,279,329 |
Uncleared swaps, at value (net of unamortized premiums received, $511,692) | 647,285 |
Payable to affiliates | |
Investment adviser | 601,557 |
Administrative services fee | 5,871 |
Shareholder servicing costs | 1,604,116 |
Distribution and service fees | 17,163 |
Payable for independent Trustees' compensation | 20,821 |
Deferred country tax expense payable | 10,017,015 |
Accrued expenses and other liabilities | 447,065 |
Total liabilities | $160,157,597 |
Net assets | $8,426,087,760 |
Net assets consist of | |
Paid-in capital | $8,414,892,337 |
Total distributable earnings (loss) | 11,195,423 |
Net assets | $8,426,087,760 |
Shares of beneficial interest outstanding | 554,443,268 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $391,716,661 | 25,802,759 | $15.18 |
Class B | 5,729,130 | 377,774 | 15.17 |
Class C | 38,607,781 | 2,553,903 | 15.12 |
Class I | 5,112,982,471 | 336,708,425 | 15.19 |
Class R1 | 430,432 | 28,200 | 15.26 |
Class R2 | 14,678,175 | 961,572 | 15.26 |
Class R3 | 24,058,728 | 1,582,379 | 15.20 |
Class R4 | 41,142,433 | 2,704,281 | 15.21 |
Class R6 | 2,796,741,949 | 183,723,975 | 15.22 |
(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 $15.85 [100 / 95.75 x $15.18]. 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 | $163,618,637 |
Other | 282,839 |
Dividends from affiliated issuers | 253,989 |
Foreign taxes withheld | (194,551) |
Total investment income | $163,960,914 |
Expenses | |
Management fee | $24,831,741 |
Distribution and service fees | 872,068 |
Shareholder servicing costs | 3,103,400 |
Administrative services fee | 274,779 |
Independent Trustees' compensation | 43,929 |
Custodian fee | 231,139 |
Shareholder communications | 428,770 |
Audit and tax fees | 40,213 |
Legal fees | 25,061 |
Miscellaneous | 299,464 |
Total expenses | $30,150,564 |
Reduction of expenses by investment adviser and distributor | (410,562) |
Net expenses | $29,740,002 |
Net investment income (loss) | $134,220,912 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $1,321,783 country tax) | $92,265,996 |
Affiliated issuers | (5,606) |
Futures contracts | (5,161,497) |
Swap agreements | (37,291) |
Forward foreign currency exchange contracts | 4,149,452 |
Foreign currency | 377,422 |
Net realized gain (loss) | $91,588,476 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $1,165,735 decrease in deferred country tax) | $152,529,616 |
Affiliated issuers | (27,729) |
Futures contracts | (3,741,057) |
Swap agreements | 8,752 |
Forward foreign currency exchange contracts | 5,663,234 |
Translation of assets and liabilities in foreign currencies | 21,312 |
Net unrealized gain (loss) | $154,454,128 |
Net realized and unrealized gain (loss) | $246,042,604 |
Change in net assets from operations | $380,263,516 |
Six months ended | Year ended | |
1/31/21 (unaudited) | 7/31/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $134,220,912 | $239,970,236 |
Net realized gain (loss) | 91,588,476 | (54,080,657) |
Net unrealized gain (loss) | 154,454,128 | 43,529,983 |
Change in net assets from operations | $380,263,516 | $229,419,562 |
Total distributions to shareholders | $(150,777,804) | $(264,512,100) |
Change in net assets from fund share transactions | $1,792,732,935 | $590,717,974 |
Total change in net assets | $2,022,218,647 | $555,625,436 |
Net assets | ||
At beginning of period | 6,403,869,113 | 5,848,243,677 |
At end of period | $8,426,087,760 | $6,403,869,113 |
Class A | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.73 | $14.68 | $13.99 | $14.81 | $14.87 | $14.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.56 | $0.64 | $0.61 | $0.63(c) | $0.64 |
Net realized and unrealized gain (loss) | 0.48 | 0.10 | 0.70 | (0.79) | (0.04)(g) | 0.48 |
Total from investment operations | $0.74 | $0.66 | $1.34 | $(0.18) | $0.59 | $1.12 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.29) | $(0.61) | $(0.65) | $(0.64) | $(0.65) | $(0.64) |
Net asset value, end of period (x) | $15.18 | $14.73 | $14.68 | $13.99 | $14.81 | $14.87 |
Total return (%) (r)(s)(t)(x) | 5.07(n) | 4.69 | 9.83 | (1.32) | 4.03(c) | 8.07 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.08(a) | 1.08 | 1.07 | 1.07 | 1.09(c) | 1.12 |
Expenses after expense reductions (f) | 1.07(a) | 1.06 | 1.04 | 1.05 | 1.06(c) | 1.09 |
Net investment income (loss) | 3.42(a) | 3.84 | 4.51 | 4.12 | 4.23(c) | 4.51 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $391,717 | $377,703 | $382,984 | $330,096 | $392,012 | $572,397 |
Class B | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.75 | $14.71 | $14.13 | $14.97 | $14.97 | $14.47 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.45 | $0.53 | $0.50 | $0.52(c) | $0.53 |
Net realized and unrealized gain (loss) | 0.46 | 0.10 | 0.59 | (0.81) | 0.02(g) | 0.50 |
Total from investment operations | $0.66 | $0.55 | $1.12 | $(0.31) | $0.54 | $1.03 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.51) | $(0.54) | $(0.53) | $(0.54) | $(0.53) |
Net asset value, end of period (x) | $15.17 | $14.75 | $14.71 | $14.13 | $14.97 | $14.97 |
Total return (%) (r)(s)(t)(x) | 4.46(n) | 3.83 | 8.16 | (2.14) | 3.67(c) | 7.39 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.83(a) | 1.83 | 1.82 | 1.82 | 1.84(c) | 1.87 |
Expenses after expense reductions (f) | 1.82(a) | 1.82 | 1.81 | 1.81 | 1.83(c) | 1.85 |
Net investment income (loss) | 2.70(a) | 3.12 | 3.76 | 3.36 | 3.47(c) | 3.75 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $5,729 | $8,088 | $13,938 | $19,703 | $26,980 | $32,216 |
Class C | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.73 | $14.70 | $14.10 | $14.93 | $14.94 | $14.45 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.45 | $0.53 | $0.50 | $0.52(c) | $0.53 |
Net realized and unrealized gain (loss) | 0.42 | 0.08 | 0.61 | (0.80) | 0.01(g) | 0.49 |
Total from investment operations | $0.62 | $0.53 | $1.14 | $(0.30) | $0.53 | $1.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.23) | $(0.50) | $(0.54) | $(0.53) | $(0.54) | $(0.53) |
Net asset value, end of period (x) | $15.12 | $14.73 | $14.70 | $14.10 | $14.93 | $14.94 |
Total return (%) (r)(s)(t)(x) | 4.26(n) | 3.76 | 8.31 | (2.08) | 3.61(c) | 7.33 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.83(a) | 1.83 | 1.82 | 1.82 | 1.84(c) | 1.87 |
Expenses after expense reductions (f) | 1.82(a) | 1.82 | 1.81 | 1.81 | 1.83(c) | 1.85 |
Net investment income (loss) | 2.70(a) | 3.12 | 3.76 | 3.36 | 3.47(c) | 3.75 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $38,608 | $62,772 | $113,863 | $142,037 | $185,167 | $221,781 |
Class I | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.74 | $14.82 | $14.16 | $14.97 | $14.91 | $14.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.28 | $0.59 | $0.67 | $0.64 | $0.66(c) | $0.67 |
Net realized and unrealized gain (loss) | 0.48 | (0.02)(g) | 0.67 | (0.77) | 0.08(g) | 0.52 |
Total from investment operations | $0.76 | $0.57 | $1.34 | $(0.13) | $0.74 | $1.19 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.31) | $(0.65) | $(0.68) | $(0.68) | $(0.68) | $(0.67) |
Net asset value, end of period (x) | $15.19 | $14.74 | $14.82 | $14.16 | $14.97 | $14.91 |
Total return (%) (r)(s)(t)(x) | 5.19(n) | 4.02 | 9.80 | (0.95) | 5.13(c) | 8.62 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.83(a) | 0.83 | 0.82 | 0.82 | 0.84(c) | 0.87 |
Expenses after expense reductions (f) | 0.82(a) | 0.82 | 0.81 | 0.81 | 0.83(c) | 0.84 |
Net investment income (loss) | 3.65(a) | 4.06 | 4.74 | 4.35 | 4.46(c) | 4.73 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $5,112,982 | $4,345,513 | $3,879,907 | $3,658,375 | $4,348,855 | $3,593,092 |
Class R1 | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.82 | $14.88 | $14.22 | $15.04 | $15.02 | $14.50 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.44 | $0.53 | $0.50 | $0.52(c) | $0.54 |
Net realized and unrealized gain (loss) | 0.48 | 0.01(g) | 0.67 | (0.78) | 0.04(g) | 0.51 |
Total from investment operations | $0.68 | $0.45 | $1.20 | $(0.28) | $0.56 | $1.05 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.51) | $(0.54) | $(0.54) | $(0.54) | $(0.53) |
Net asset value, end of period (x) | $15.26 | $14.82 | $14.88 | $14.22 | $15.04 | $15.02 |
Total return (%) (r)(s)(t)(x) | 4.59(n) | 3.13 | 8.71 | (1.98) | 3.81(c) | 7.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.83(a) | 1.84 | 1.82 | 1.82 | 1.84(c) | 1.87 |
Expenses after expense reductions (f) | 1.82(a) | 1.82 | 1.81 | 1.81 | 1.83(c) | 1.84 |
Net investment income (loss) | 2.70(a) | 3.07 | 3.75 | 3.36 | 3.47(c) | 3.76 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $430 | $582 | $648 | $617 | $814 | $949 |
Class R2 | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.81 | $14.87 | $14.22 | $15.02 | $15.01 | $14.49 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.24 | $0.52 | $0.60 | $0.57 | $0.59(c) | $0.61 |
Net realized and unrealized gain (loss) | 0.48 | (0.00)(g)(w) | 0.66 | (0.76) | 0.03(g) | 0.51 |
Total from investment operations | $0.72 | $0.52 | $1.26 | $(0.19) | $0.62 | $1.12 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.27) | $(0.58) | $(0.61) | $(0.61) | $(0.61) | $(0.60) |
Net asset value, end of period (x) | $15.26 | $14.81 | $14.87 | $14.22 | $15.02 | $15.01 |
Total return (%) (r)(s)(t)(x) | 4.92(n) | 3.65 | 9.17 | (1.35) | 4.26(c) | 8.06 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.33(a) | 1.34 | 1.32 | 1.32 | 1.34(c) | 1.37 |
Expenses after expense reductions (f) | 1.32(a) | 1.32 | 1.31 | 1.31 | 1.33(c) | 1.35 |
Net investment income (loss) | 3.18(a) | 3.60 | 4.26 | 3.86 | 3.97(c) | 4.25 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $14,678 | $15,944 | $18,952 | $21,881 | $23,567 | $25,931 |
Class R3 | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.75 | $14.80 | $14.16 | $14.96 | $14.95 | $14.46 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.56 | $0.64 | $0.61 | $0.63(c) | $0.63 |
Net realized and unrealized gain (loss) | 0.48 | (0.00)(g)(w) | 0.65 | (0.77) | 0.03(g) | 0.50 |
Total from investment operations | $0.74 | $0.56 | $1.29 | $(0.16) | $0.66 | $1.13 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.29) | $(0.61) | $(0.65) | $(0.64) | $(0.65) | $(0.64) |
Net asset value, end of period (x) | $15.20 | $14.75 | $14.80 | $14.16 | $14.96 | $14.95 |
Total return (%) (r)(s)(t)(x) | 5.06(n) | 3.97 | 9.39 | (1.13) | 4.52(c) | 8.12 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.08(a) | 1.08 | 1.07 | 1.07 | 1.09(c) | 1.13 |
Expenses after expense reductions (f) | 1.07(a) | 1.07 | 1.06 | 1.06 | 1.08(c) | 1.10 |
Net investment income (loss) | 3.42(a) | 3.86 | 4.51 | 4.11 | 4.22(c) | 4.46 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $24,059 | $23,775 | $32,190 | $38,001 | $42,893 | $47,726 |
Class R4 | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.76 | $14.84 | $14.17 | $14.97 | $14.95 | $14.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.28 | $0.60 | $0.67 | $0.64 | $0.66(c) | $0.68 |
Net realized and unrealized gain (loss) | 0.48 | (0.03)(g) | 0.68 | (0.76) | 0.04(g) | 0.51 |
Total from investment operations | $0.76 | $0.57 | $1.35 | $(0.12) | $0.70 | $1.19 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.31) | $(0.65) | $(0.68) | $(0.68) | $(0.68) | $(0.67) |
Net asset value, end of period (x) | $15.21 | $14.76 | $14.84 | $14.17 | $14.97 | $14.95 |
Total return (%) (r)(s)(t)(x) | 5.19(n) | 4.02 | 9.88 | (0.88) | 4.85(c) | 8.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.83(a) | 0.83 | 0.82 | 0.82 | 0.84(c) | 0.87 |
Expenses after expense reductions (f) | 0.82(a) | 0.82 | 0.81 | 0.81 | 0.83(c) | 0.84 |
Net investment income (loss) | 3.66(a) | 4.13 | 4.74 | 4.36 | 4.47(c) | 4.76 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $41,142 | $39,791 | $75,510 | $65,918 | $74,239 | $75,559 |
Class R6 | Six months ended | Year ended | ||||
1/31/21 (unaudited) | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | 7/31/16 | |
Net asset value, beginning of period | $14.77 | $14.90 | $14.22 | $15.00 | $14.97 | $14.45 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.28 | $0.60 | $0.68 | $0.65 | $0.68(c) | $0.69 |
Net realized and unrealized gain (loss) | 0.49 | (0.07)(g) | 0.69 | (0.74) | 0.05(g) | 0.52 |
Total from investment operations | $0.77 | $0.53 | $1.37 | $(0.09) | $0.73 | $1.21 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.32) | $(0.66) | $(0.69) | $(0.69) | $(0.70) | $(0.69) |
Net asset value, end of period (x) | $15.22 | $14.77 | $14.90 | $14.22 | $15.00 | $14.97 |
Total return (%) (r)(s)(t)(x) | 5.25(n) | 3.79 | 10.02 | (0.65) | 5.01(c) | 8.72 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.71(a) | 0.73 | 0.73 | 0.73 | 0.76(c) | 0.77 |
Expenses after expense reductions (f) | 0.70(a) | 0.72 | 0.72 | 0.72 | 0.74(c) | 0.74 |
Net investment income (loss) | 3.69(a) | 4.17 | 4.85 | 4.42 | 4.56(c) | 4.87 |
Portfolio turnover | 29(n) | 75 | 94 | 100 | 100 | 67 |
Net assets at end of period (000 omitted) | $2,796,742 | $1,529,701 | $1,330,252 | $1,753,566 | $875,984 | $792,606 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
Mexico | $— | $5,352,920 | $— | $5,352,920 |
Canada | 742,264 | — | — | 742,264 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 62,606,382 | — | 62,606,382 |
Non - U.S. Sovereign Debt | — | 5,840,529,458 | — | 5,840,529,458 |
U.S. Corporate Bonds | — | 50,653,887 | — | 50,653,887 |
Foreign Bonds | — | 1,893,490,561 | 0 | 1,893,490,561 |
Mutual Funds | 518,276,553 | — | — | 518,276,553 |
Total | $519,018,817 | $7,852,633,208 | $0 | $8,371,652,025 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $93,508 | $— | $— | $93,508 |
Futures Contracts – Liabilities | (3,649,131) | — | — | (3,649,131) |
Forward Foreign Currency Exchange Contracts – Assets | — | 7,732,584 | — | 7,732,584 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (4,485,773) | — | (4,485,773) |
Swap Agreements – Liabilities | — | (647,285) | — | (647,285) |
Fixed Income Securities | |
Balance as of 7/31/20 | $— |
Transfers into level 3 | 0 |
Balance as of 1/31/21 | $0 |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Interest Rate Futures | $93,508 | $(3,649,131) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 7,732,584 | (4,485,773) |
Credit | Credit Default Swaps | — | (647,285) |
Total | $7,826,092 | $(8,782,189) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the fund's Portfolio of Investments. Only the current day net variation margin for futures contracts is separately reported within the fund's Statement of Assets and Liabilities. |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(5,161,497) | $ — | $ — |
Foreign Exchange | — | — | 4,149,452 |
Credit | — | (37,291) | — |
Total | $(5,161,497) | $(37,291) | $4,149,452 |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(3,741,057) | $ — | $ — |
Foreign Exchange | — | — | 5,663,234 |
Credit | — | 8,752 | — |
Total | $(3,741,057) | $8,752 | $5,663,234 |
Year ended 7/31/20 | |
Ordinary income (including any short-term capital gains) | $264,512,100 |
As of 1/31/21 | |
Cost of investments | $8,072,097,977 |
Gross appreciation | 528,298,587 |
Gross depreciation | (228,744,539) |
Net unrealized appreciation (depreciation) | $ 299,554,048 |
As of 7/31/20 | |
Undistributed ordinary income | 41,567,284 |
Capital loss carryforwards | (380,392,512) |
Other temporary differences | (26,808,109) |
Net unrealized appreciation (depreciation) | 147,343,048 |
Short-Term | $(200,800,471) |
Long-Term | (179,592,041) |
Total | $(380,392,512) |
Six months ended 1/31/21 | Year ended 7/31/20 | |
Class A | $7,488,166 | $15,597,656 |
Class B | 108,586 | 390,332 |
Class C | 853,790 | 3,119,754 |
Class I | 96,275,368 | 177,364,200 |
Class R1 | 8,737 | 22,432 |
Class R2 | 274,783 | 694,905 |
Class R3 | 463,470 | 1,159,939 |
Class R4 | 830,850 | 2,757,836 |
Class R6 | 44,474,054 | 63,405,046 |
Total | $150,777,804 | $264,512,100 |
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 and up to $7.5 billion | 0.65% |
In excess of $7.5 billion | 0.60% |
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% | $ 488,202 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 35,184 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 277,285 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 2,840 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 38,340 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 30,217 |
Total Distribution and Service Fees | $872,068 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended January 31, 2021 based on each class's average daily net assets.MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended January 31, 2021, this rebate amounted to $286, $5, and $37 for Class A, Class B, and Class C, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $679 |
Class B | 2,935 |
Class C | 828 |
Purchases | Sales | |
U.S. Government securities | $8,397,652 | $— |
Non-U.S. Government securities | 3,542,089,605 | 1,986,229,353 |
Six months ended 1/31/21 | Year ended 7/31/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 5,550,288 | $83,873,002 | 9,778,015 | $142,717,237 | |
Class B | 6,668 | 99,681 | 4,688 | 67,962 | |
Class C | 265,886 | 4,028,649 | 448,516 | 6,597,082 | |
Class I | 61,859,421 | 927,754,851 | 109,251,779 | 1,562,763,401 | |
Class R1 | 1,883 | 28,358 | 35,561 | 525,196 | |
Class R2 | 91,723 | 1,388,156 | 207,052 | 3,001,471 | |
Class R3 | 210,350 | 3,170,255 | 367,475 | 5,279,604 | |
Class R4 | 231,873 | 3,510,127 | 1,074,357 | 15,501,567 | |
Class R6 | 83,200,479 | 1,239,200,744 | 29,252,389 | 424,445,428 | |
151,418,571 | $2,263,053,823 | 150,419,832 | $2,160,898,948 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 383,991 | $5,762,704 | 840,008 | $12,123,221 | |
Class B | 6,607 | 99,428 | 23,509 | 341,225 | |
Class C | 54,723 | 821,910 | 184,139 | 2,670,531 | |
Class I | 6,208,500 | 92,941,530 | 11,823,357 | 170,037,938 | |
Class R1 | 581 | 8,737 | 1,544 | 22,432 | |
Class R2 | 18,181 | 273,654 | 47,935 | 694,440 | |
Class R3 | 30,867 | 463,470 | 80,211 | 1,159,390 | |
Class R4 | 55,291 | 830,025 | 186,875 | 2,707,166 | |
Class R6 | 2,528,977 | 38,084,417 | 3,655,559 | 52,639,830 | |
9,287,718 | $139,285,875 | 16,843,137 | $242,396,173 |
Six months ended 1/31/21 | Year ended 7/31/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (5,772,557) | $(87,608,977) | (11,071,798) | $(160,313,946) | |
Class B | (183,830) | (2,772,429) | (427,182) | (6,106,048) | |
Class C | (2,028,912) | (30,879,733) | (4,115,537) | (59,551,113) | |
Class I | (26,255,969) | (392,813,476) | (87,898,543) | (1,246,801,495) | |
Class R1 | (13,545) | (208,225) | (41,364) | (609,876) | |
Class R2 | (224,609) | (3,371,777) | (453,054) | (6,452,852) | |
Class R3 | (270,532) | (4,075,608) | (1,011,157) | (14,335,373) | |
Class R4 | (279,648) | (4,220,081) | (3,652,356) | (52,540,260) | |
Class R6 | (5,570,711) | (83,656,457) | (18,648,734) | (265,866,184) | |
(40,600,313) | $(609,606,763) | (127,319,725) | $(1,812,577,147) | ||
Net change | |||||
Class A | 161,722 | $2,026,729 | (453,775) | $(5,473,488) | |
Class B | (170,555) | (2,573,320) | (398,985) | (5,696,861) | |
Class C | (1,708,303) | (26,029,174) | (3,482,882) | (50,283,500) | |
Class I | 41,811,952 | 627,882,905 | 33,176,593 | 485,999,844 | |
Class R1 | (11,081) | (171,130) | (4,259) | (62,248) | |
Class R2 | (114,705) | (1,709,967) | (198,067) | (2,756,941) | |
Class R3 | (29,315) | (441,883) | (563,471) | (7,896,379) | |
Class R4 | 7,516 | 120,071 | (2,391,124) | (34,331,527) | |
Class R6 | 80,158,745 | 1,193,628,704 | 14,259,214 | 211,219,074 | |
120,105,976 | $1,792,732,935 | 39,943,244 | $590,717,974 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $333,386,807 | $1,752,141,294 | $1,567,218,213 | $(5,606) | $(27,729) | $518,276,553 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $253,989 | $— |
Item 1(b):
Not applicable.
ITEM 2. | CODE OF ETHICS. |
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
ITEM 6. | INVESTMENTS |
A schedule of investments for MFS Emerging Markets Debt Fund is included as part of the report to shareholders of such series of the Registrant under Item 1(a) 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. Not applicable. | ||
(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: March 18, 2021
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: March 18, 2021
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: March 18, 2021
* | Print name and title of each signing officer under his or her signature. |