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 811-4492
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: July 31, 2021
* | This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Fund. The remaining series of the Registrant have a fiscal year end other than July 31. |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
Debt Fund
Debt Fund
1 | |
2 | |
5 | |
7 | |
10 | |
12 | |
38 | |
40 | |
42 | |
43 | |
49 | |
66 | |
68 | |
73 | |
77 | |
78 | |
78 | |
78 | |
78 | |
78 | |
79 |
back cover |
Sovereign Emerging Markets | 43.3% |
Emerging Markets Corporate Bonds | 25.5% |
Other Government Entity-Emerging Markets Quasi Government | 21.1% |
Developed Markets Corporate Bonds | 2.8% |
Sovereign Developed Markets | 0.5% |
Supranational | 0.2% |
Government Securities Hedge (t) | (1.2)% |
Average Duration (d) | 6.9 |
Average Effective Maturity (m) | 11.4 yrs. |
AA | 3.9% |
A | 6.5% |
BBB | 23.4% |
BB | 35.9% |
B | 20.6% |
CCC | 2.0% |
CC | 0.1% |
D | 0.1% |
U.S. Government | 0.7% |
Not Rated | (1.0)% |
Non-Fixed Income | 0.1% |
Cash & Cash Equivalents | 5.6% |
Other | 2.1% |
weightings (i)(x)
Mexico | 8.9% |
Indonesia | 5.3% |
India | 4.8% |
China | 4.8% |
Brazil | 4.5% |
Ukraine | 4.2% |
United Arab Emirates | 3.7% |
Turkey | 3.0% |
Egypt | 2.9% |
Other Countries | 47.5% |
weightings (i)(y)
Brazilian Real | 0.7% |
Mexican Peso | 0.4% |
Uruguay Peso | 0.4% |
Russian Ruble | 0.3% |
Egyptian Pound | 0.2% |
Indian Rupee | 0.2% |
Hungarian Forint | 0.2% |
British Pound Sterling (o) | 0.0% |
Indonesian Rupiah (o) | 0.0% |
Other Currencies | (3.5)% |
bond weights by country (i)
South Africa | 0.5% |
Uruguay | 0.4% |
Brazil | 0.3% |
India | 0.3% |
Mexico | 0.2% |
Egypt | 0.2% |
Chile | 0.2% |
(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. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA 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. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
(t) | For the purpose of managing the fund’s duration (but not its credit exposure), the fund holds futures contracts and U.S. Treasury securities with a bond equivalent exposure of (1.2)%. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of the portfolio’s net assets. United States issuer country exposure is 10.4% and includes Cash & Cash Equivalents and Other. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of the portfolio's net assets. United States Dollar currency exposure is 101.1% and includes Cash & Cash Equivalents. |
(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. |
Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr |
A | 3/17/98 | 5.11% | 4.35% | 4.68% |
B | 5/31/02 | 4.31% | 3.55% | 3.89% |
C | 5/31/02 | 4.32% | 3.55% | 3.89% |
I | 3/17/98 | 5.37% | 4.58% | 4.92% |
R1 | 12/01/08 | 4.38% | 3.55% | 3.89% |
R2 | 12/01/08 | 4.84% | 4.07% | 4.41% |
R3 | 12/01/08 | 5.11% | 4.33% | 4.67% |
R4 | 12/01/08 | 5.37% | 4.59% | 4.94% |
R6 | 5/01/06 | 5.42% | 4.67% | 5.01% |
JPMorgan Emerging Markets Bond Index Global (f) | 3.57% | 4.23% | 5.20% |
A With Initial Sales Charge (4.25%) | 0.64% | 3.44% | 4.22% |
B With CDSC (Declining over six years from 4% to 0%) (v) | 0.31% | 3.20% | 3.89% |
C With CDSC (1% for 12 months) (v) | 3.32% | 3.55% | 3.89% |
(f) | Source: FactSet Research Systems Inc. |
(v) | Assuming redemption at the end of the applicable period. |
February 1, 2021 through July 31, 2021
Share Class | Annualized Expense Ratio | Beginning Account Value 2/01/21 | Ending Account Value 7/31/21 | Expenses Paid During Period (p) 2/01/21-7/31/21 | |
A | Actual | 1.05% | $1,000.00 | $1,000.54 | $5.21 |
Hypothetical (h) | 1.05% | $1,000.00 | $1,019.59 | $5.26 | |
B | Actual | 1.80% | $1,000.00 | $996.82 | $8.91 |
Hypothetical (h) | 1.80% | $1,000.00 | $1,015.87 | $9.00 | |
C | Actual | 1.80% | $1,000.00 | $996.80 | $8.91 |
Hypothetical (h) | 1.80% | $1,000.00 | $1,015.87 | $9.00 | |
I | Actual | 0.80% | $1,000.00 | $1,001.75 | $3.97 |
Hypothetical (h) | 0.80% | $1,000.00 | $1,020.83 | $4.01 | |
R1 | Actual | 1.80% | $1,000.00 | $996.82 | $8.91 |
Hypothetical (h) | 1.80% | $1,000.00 | $1,015.87 | $9.00 | |
R2 | Actual | 1.30% | $1,000.00 | $999.33 | $6.44 |
Hypothetical (h) | 1.30% | $1,000.00 | $1,018.35 | $6.51 | |
R3 | Actual | 1.05% | $1,000.00 | $1,000.54 | $5.21 |
Hypothetical (h) | 1.05% | $1,000.00 | $1,019.59 | $5.26 | |
R4 | Actual | 0.80% | $1,000.00 | $1,001.80 | $3.97 |
Hypothetical (h) | 0.80% | $1,000.00 | $1,020.83 | $4.01 | |
R6 | Actual | 0.69% | $1,000.00 | $1,002.32 | $3.43 |
Hypothetical (h) | 0.69% | $1,000.00 | $1,021.37 | $3.46 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 93.4% | ||||
Angola – 0.3% | ||||
Republic of Angola, 8%, 11/26/2029 (n) | $ | 3,588,000 | $ 3,709,561 | |
Republic of Angola, 8%, 11/26/2029 | 6,071,000 | 6,276,685 | ||
Republic of Angola, 9.375%, 5/08/2048 (n) | 500,000 | 523,750 | ||
Republic of Angola, 9.375%, 5/08/2048 | 10,353,000 | 10,844,768 | ||
Republic of Angola, 9.125%, 11/26/2049 (n) | 1,391,000 | 1,427,806 | ||
Republic of Angola, 9.125%, 11/26/2049 | 5,600,000 | 5,748,176 | ||
$28,530,746 | ||||
Argentina – 0.9% | ||||
Province of Cordoba, 5%, 6/01/2027 (n) | $ | 4,556,036 | $ 3,098,150 | |
Province of Cordoba, 5%, 6/01/2027 | 7,277,311 | 4,948,644 | ||
Province of Santa Fe, 7%, 3/23/2023 (n) | 12,978,000 | 12,069,670 | ||
Province of Santa Fe, 7%, 3/23/2023 | 300,000 | 279,003 | ||
Republic of Argentina, 0.5%, 7/09/2030 | 36,715,548 | 13,346,102 | ||
Republic of Argentina, 1.125%, 7/09/2035 | 45,877,549 | 14,795,968 | ||
Republic of Argentina, 2%, 1/09/2038 | 29,834,000 | 11,814,264 | ||
Republic of Argentina, 2.5%, 7/09/2041 | 67,769,000 | 25,315,110 | ||
Stoneway Capital Corp., 10%, 3/01/2027 (a)(d)(n) | 13,021,612 | 3,515,835 | ||
$89,182,746 | ||||
Azerbaijan – 1.2% | ||||
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 (n) | $ | 16,592,000 | $ 19,670,978 | |
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | 46,055,000 | 54,601,426 | ||
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 28,990,000 | 35,967,719 | ||
$110,240,123 | ||||
Bahamas – 0.3% | ||||
Commonwealth of Bahamas, 6%, 11/21/2028 | $ | 9,709,000 | $ 9,500,354 | |
Commonwealth of Bahamas, 8.95%, 10/15/2032 | 19,532,000 | 21,430,510 | ||
$30,930,864 | ||||
Benin – 0.5% | ||||
Republic of Benin, 4.875%, 1/19/2032 | EUR | 7,102,000 | $ 8,333,217 | |
Republic of Benin, 4.875%, 1/19/2032 (n) | 16,485,000 | 19,342,874 | ||
Republic of Benin, 6.875%, 1/19/2052 (n) | 10,532,000 | 12,830,906 | ||
Republic of Benin, 6.875%, 1/19/2052 | 2,100,000 | 2,558,384 | ||
$43,065,381 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Bermuda – 0.4% | ||||
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 20,232,000 | $ 20,282,580 | |
Government of Bermuda, 2.375%, 8/20/2030 | 3,500,000 | 3,508,750 | ||
Government of Bermuda, 3.375%, 8/20/2050 (n) | 17,184,000 | 17,653,123 | ||
Government of Bermuda, 3.375%, 8/20/2050 | 800,000 | 821,840 | ||
$42,266,293 | ||||
Brazil – 4.4% | ||||
Aegea Finance S.à r.l., 5.75%, 10/10/2024 (n) | $ | 1,080,000 | $ 1,112,411 | |
Aegea Finance S.à r.l., 5.75%, 10/10/2024 | 22,879,000 | 23,565,599 | ||
Azul Investments LLP, 7.25%, 6/15/2026 (n) | 20,068,000 | 18,774,216 | ||
Banco BTG Pactual S.A. (Cayman Islands), 4.5%, 1/10/2025 (n) | 22,928,000 | 23,730,480 | ||
Banco BTG Pactual S.A. (Cayman Islands), 4.5%, 1/10/2025 | 5,513,000 | 5,705,955 | ||
Centrais Eletricas Brasileiras S.A., 3.625%, 2/04/2025 (n) | 10,865,000 | 11,212,680 | ||
CSN Inova Ventures, 6.75%, 1/28/2028 | 12,983,000 | 14,329,207 | ||
Federative Republic of Brazil, 10%, 1/01/2023 | BRL | 163,847,000 | 32,296,285 | |
Federative Republic of Brazil, 3.875%, 6/12/2030 | $ | 28,207,000 | 28,481,172 | |
Federative Republic of Brazil, 3.75%, 9/12/2031 | 17,921,000 | 17,696,987 | ||
Federative Republic of Brazil, 5.625%, 2/21/2047 | 9,107,000 | 9,821,991 | ||
Federative Republic of Brazil, 4.75%, 1/14/2050 | 29,955,000 | 28,742,422 | ||
FS Luxembourg S.à r.l., 10%, 12/15/2025 (n) | 16,007,000 | 17,887,983 | ||
FS Luxembourg S.à r.l., 10%, 12/15/2025 | 10,400,000 | 11,622,104 | ||
Guara Norte S.à r.l., 5.198%, 6/15/2034 (n) | 18,195,940 | 18,736,359 | ||
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 22,427,000 | 23,265,770 | ||
MercadoLibre, Inc., 2.375%, 1/14/2026 | 8,080,000 | 8,100,281 | ||
MV24 Capital B.V., 6.748%, 6/01/2034 (n) | 4,407,394 | 4,778,144 | ||
MV24 Capital B.V., 6.748%, 6/01/2034 | 24,763,581 | 26,846,693 | ||
Petrobras Global Finance Co. (Federative Republic of Brazil), 5.5%, 6/10/2051 | 24,044,000 | 23,653,285 | ||
Rede D'Or Finance S.à r.l., 4.5%, 1/22/2030 (n) | 6,110,000 | 6,224,624 | ||
Rede D'Or Finance S.à r.l., 4.5%, 1/22/2030 | 2,100,000 | 2,139,396 | ||
StoneCo Ltd., 3.95%, 6/16/2028 (n) | 22,681,000 | 22,511,119 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 17,217,000 | 17,690,467 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 | 1,392,000 | 1,430,280 | ||
XP, Inc., 3.25%, 7/01/2026 (n) | 23,366,000 | 22,847,275 | ||
$423,203,185 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Bulgaria – 0.1% | ||||
ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 (n) | EUR | 6,782,000 | $ 8,196,473 | |
ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 | 1,900,000 | 2,296,269 | ||
$10,492,742 | ||||
Chile – 2.7% | ||||
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 | $ 15,523,301 | |
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 | 12,919,000 | 13,649,053 | ||
Banco del Estado de Chile, 3.875%, 2/08/2022 | 5,423,000 | 5,504,453 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 (n) | 15,334,000 | 15,985,848 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 | 10,998,000 | 11,465,525 | ||
Chile Electricity PEC S.p.A., 0%, 1/25/2028 | 12,453,000 | 10,009,099 | ||
E.CL S.A., 4.5%, 1/29/2025 | 14,398,000 | 15,770,773 | ||
Empresa Nacional del Petroleo (Republic of Chile), 4.375%, 10/30/2024 (n) | 2,635,000 | 2,854,777 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 (n) | 9,946,000 | 10,474,580 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | 10,210,000 | 10,752,611 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n) | 4,892,000 | 5,529,681 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | 1,100,000 | 1,243,387 | ||
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n) | 3,831,000 | 4,196,266 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 19,782,000 | 20,375,460 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | 2,300,000 | 2,369,000 | ||
Republic of Chile, 5%, 10/01/2028 (n) | CLP | 13,300,000,000 | 18,160,416 | |
Republic of Chile, 2.55%, 7/27/2033 | $ | 23,323,000 | 23,784,096 | |
Transelec S.A., 4.625%, 7/26/2023 (n) | 12,396,000 | 13,263,844 | ||
Transelec S.A., 4.25%, 1/14/2025 (n) | 2,029,000 | 2,205,259 | ||
Transelec S.A., 4.25%, 1/14/2025 | 6,643,000 | 7,220,077 | ||
Transelec S.A., 3.875%, 1/12/2029 (n) | 3,436,000 | 3,723,799 | ||
Transelec S.A., 3.875%, 1/12/2029 | 5,077,000 | 5,502,250 | ||
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 (n) | 8,607,000 | 8,981,405 | ||
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 | 10,852,000 | 11,324,062 | ||
VTR Finance B.V., 6.375%, 7/15/2028 | 5,600,000 | 5,916,008 | ||
VTR Finance N.V., 6.375%, 7/15/2028 (n) | 8,102,000 | 8,559,196 | ||
$254,344,226 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
China – 4.7% | ||||
CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024 | $ | 20,590,000 | $ 21,812,058 | |
CDBL Funding 1 Co. (People's Republic of China), 4.25%, 12/02/2024 | 13,113,000 | 14,183,244 | ||
China Construction Bank Corp., 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029 | 21,299,000 | 22,835,273 | ||
China Development Bank (Hong Kong), FLR, 0.83% (LIBOR - 3mo. + 0.7%), 3/06/2022 | 4,588,000 | 4,598,094 | ||
China Development Bank Financial Leasing Co. Ltd., 2.875% to 9/28/2025, FLR (CMT-1yr. + 2.75%) to 9/28/2030 | 18,570,000 | 18,974,640 | ||
China Southern Power Grid Co. Ltd., 3.5%, 5/08/2027 | 15,881,000 | 17,621,870 | ||
China Southern Power Grid Co. Ltd., 4.25%, 9/18/2028 | 7,351,000 | 8,472,249 | ||
CNPC General Capital Ltd. (People's Republic of China), 3.95%, 4/19/2022 (n) | 5,681,000 | 5,815,109 | ||
ENN Clean Energy International Investment Ltd., 3.375%, 5/12/2026 (n) | 26,423,000 | 26,955,336 | ||
Industrial and Commercial Bank of China, 4.875%, 9/21/2025 | 10,160,000 | 11,408,097 | ||
Meituan, 2.125%, 10/28/2025 (n) | 11,141,000 | 10,820,729 | ||
Meituan, 2.125%, 10/28/2025 | 2,700,000 | 2,622,383 | ||
Meituan, 3.05%, 10/28/2030 (n) | 20,144,000 | 18,783,519 | ||
Meituan, 3.05%, 10/28/2030 | 700,000 | 652,724 | ||
Prosus N.V., 3.061%, 7/13/2031 (n) | 18,766,000 | 18,533,949 | ||
Prosus N.V., 4.027%, 8/03/2050 (n) | 14,932,000 | 14,359,716 | ||
Prosus N.V., 4.027%, 8/03/2050 | 3,100,000 | 2,981,189 | ||
Prosus N.V., 3.832%, 2/08/2051 (n) | 14,347,000 | 13,325,849 | ||
Prosus N.V., 3.832%, 2/08/2051 | 600,000 | 557,295 | ||
Seazen Group Ltd., 4.45%, 7/13/2025 | 19,128,000 | 18,076,834 | ||
Shimao Group Holdings Ltd., 3.45%, 1/11/2031 | 9,944,000 | 9,196,415 | ||
Shimao Property Holdings Ltd., 5.6%, 7/15/2026 | 9,200,000 | 9,563,617 | ||
Sinopec Capital (2013) Ltd. (People's Republic of China), 3.125%, 4/24/2023 | 3,974,000 | 4,127,953 | ||
Sinopec Group Overseas Development (2012) Ltd. (People's Republic of China), 3.9%, 5/17/2022 (n) | 5,953,000 | 6,098,015 | ||
Sinopec Group Overseas Development (2017) Ltd. (People's Republic of China), 2.5%, 9/13/2022 (n) | 12,630,000 | 12,881,552 | ||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 (n) | 1,712,000 | 1,900,354 | ||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 | 57,579,000 | 63,913,842 | ||
Sunac China Holdings Ltd., 7.95%, 10/11/2023 | 9,265,000 | 9,058,577 | ||
Sunac China Holdings Ltd., 7.5%, 2/01/2024 | 15,959,000 | 15,320,325 | ||
Sunac China Holdings Ltd., 6.5%, 1/10/2025 | 6,726,000 | 6,080,443 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
China – continued | ||||
Tencent Holdings Ltd., 3.595%, 1/19/2028 | $ | 10,200,000 | $ 11,193,422 | |
Tencent Holdings Ltd., 2.39%, 6/03/2030 (n) | 8,800,000 | 8,850,678 | ||
Times China Holdings Ltd., 6.75%, 7/08/2025 | 9,600,000 | 9,246,525 | ||
Times China Holdings Ltd., 6.2%, 3/22/2026 | 9,100,000 | 8,294,650 | ||
Weibo Corp., 3.375%, 7/08/2030 | 22,658,000 | 22,947,174 | ||
$452,063,699 | ||||
Colombia – 1.7% | ||||
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | $ | 20,220,000 | $ 20,649,675 | |
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 (n) | 4,833,000 | 4,736,388 | ||
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 | 4,600,000 | 4,508,046 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 21,783,000 | 21,728,760 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 | 1,000,000 | 997,510 | ||
Millicom International Cellular S.A., 6.625%, 10/15/2026 | 10,223,100 | 10,714,729 | ||
Republic of Colombia, 4.5%, 1/28/2026 | 21,502,000 | 23,362,783 | ||
Republic of Colombia, 3.25%, 4/22/2032 | 20,504,000 | 20,046,966 | ||
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 31,083,000 | 31,121,854 | ||
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 22,988,100 | 24,252,675 | ||
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 | 4,255,000 | 4,489,068 | ||
$166,608,454 | ||||
Costa Rica – 0.8% | ||||
Republic of Costa Rica, 6.125%, 2/19/2031 | $ | 5,265,000 | $ 5,607,277 | |
Republic of Costa Rica, 7%, 4/04/2044 | 32,056,000 | 33,658,800 | ||
Republic of Costa Rica, 7.158%, 3/12/2045 | 32,543,000 | 34,487,770 | ||
$73,753,847 | ||||
Cote d'Ivoire – 1.2% | ||||
Republic of Cote d’Ivoire, 6.625%, 3/22/2048 (n) | EUR | 8,040,000 | $ 10,126,860 | |
Republic of Cote d’Ivoire, 6.625%, 3/22/2048 | 2,100,000 | 2,645,075 | ||
Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | 17,182,000 | 21,503,156 | ||
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | 27,829,000 | 33,329,053 | ||
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 | 3,700,000 | 4,431,259 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | 21,157,000 | 27,691,957 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 | 12,954,000 | 16,955,221 | ||
$116,682,581 | ||||
Croatia – 0.2% | ||||
Republic of Croatia, 1.75%, 3/04/2041 | EUR | 18,704,000 | $ 22,978,155 | |
Czech Republic – 0.2% | ||||
PPF Telecom Group B.V., 3.25%, 9/29/2027 | EUR | 17,615,000 | $ 22,567,447 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Dominican Republic – 2.5% | ||||
Aeropuertos Dominicanos Siglo XXI S.A., 6.75%, 3/30/2029 | $ | 5,433,000 | $ 5,629,946 | |
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 | 20,083,000 | 21,087,351 | ||
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n) | 7,699,000 | 8,084,027 | ||
Dominican Republic, 4.5%, 1/30/2030 (n) | 9,738,000 | 9,976,678 | ||
Dominican Republic, 4.5%, 1/30/2030 | 600,000 | 614,706 | ||
Dominican Republic, 4.875%, 9/23/2032 (n) | 38,981,000 | 40,443,177 | ||
Dominican Republic, 4.875%, 9/23/2032 | 1,800,000 | 1,867,518 | ||
Dominican Republic, 5.3%, 1/21/2041 (n) | 19,340,000 | 19,610,760 | ||
Dominican Republic, 5.3%, 1/21/2041 | 1,100,000 | 1,115,400 | ||
Dominican Republic, 6.5%, 2/15/2048 (n) | 2,821,000 | 3,092,550 | ||
Dominican Republic, 6.5%, 2/15/2048 | 8,662,000 | 9,495,804 | ||
Dominican Republic, 6.4%, 6/05/2049 | 14,941,000 | 16,226,076 | ||
Dominican Republic, 5.875%, 1/30/2060 (n) | 41,796,000 | 42,172,582 | ||
Dominican Republic, 5.875%, 1/30/2060 | 61,192,000 | 61,743,340 | ||
$241,159,915 | ||||
Ecuador – 0.9% | ||||
Petroamazonas (Republic of Ecuador), 4.625%, 12/06/2021 (z) | $ | 601,036 | $ 592,021 | |
Republic of Ecuador, 5%, 7/31/2030 | 7,595,000 | 6,626,713 | ||
Republic of Ecuador, 1%, 7/31/2035 | 51,766,000 | 35,848,473 | ||
Republic of Ecuador, 5%, 7/31/2035 (n) | 17,332,831 | 12,003,159 | ||
Republic of Ecuador, 0.5%, 7/31/2040 (n) | 21,097,161 | 12,974,965 | ||
Republic of Ecuador, 0.5%, 7/31/2040 | 30,323,000 | 18,648,948 | ||
$86,694,279 | ||||
Egypt – 2.9% | ||||
Arab Republic of Egypt, 0%, 8/03/2021 | EGP | 86,825,000 | $ 5,523,071 | |
Arab Republic of Egypt, 0%, 8/10/2021 | 115,700,000 | 7,351,314 | ||
Arab Republic of Egypt, 0%, 8/24/2021 | 89,900,000 | 5,688,735 | ||
Arab Republic of Egypt, 0%, 9/07/2021 | 75,000,000 | 4,724,506 | ||
Arab Republic of Egypt, 7.5%, 1/31/2027 | $ | 7,834,000 | 8,680,746 | |
Arab Republic of Egypt, 6.588%, 2/21/2028 (n) | 16,993,000 | 17,766,181 | ||
Arab Republic of Egypt, 7.6%, 3/01/2029 (n) | 9,596,000 | 10,409,741 | ||
Arab Republic of Egypt, 7.6%, 3/01/2029 | 13,152,000 | 14,267,290 | ||
Arab Republic of Egypt, 6.375%, 4/11/2031 (n) | EUR | 13,082,000 | 15,872,648 | |
Arab Republic of Egypt, 6.375%, 4/11/2031 | 4,500,000 | 5,459,939 | ||
Arab Republic of Egypt, 7.052%, 1/15/2032 (n) | $ | 9,816,000 | 9,989,743 | |
Arab Republic of Egypt, 7.052%, 1/15/2032 | 11,188,000 | 11,386,028 | ||
Arab Republic of Egypt, 7.625%, 5/29/2032 (n) | 14,581,000 | 15,380,330 | ||
Arab Republic of Egypt, 7.625%, 5/29/2032 | 2,100,000 | 2,215,122 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Egypt – continued | ||||
Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | $ | 17,105,000 | $ 17,664,265 | |
Arab Republic of Egypt, 8.5%, 1/31/2047 | 45,472,000 | 46,958,753 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 (n) | 13,828,000 | 14,435,879 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 | 5,900,000 | 6,159,364 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 23,370,000 | 24,868,251 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 | 8,348,000 | 8,883,190 | ||
Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 24,542,000 | 22,824,060 | ||
$276,509,156 | ||||
El Salvador – 0.2% | ||||
Republic of El Salvador, 7.65%, 6/15/2035 | $ | 8,436,000 | $ 7,381,584 | |
Republic of El Salvador, 7.124%, 1/20/2050 (n) | 4,515,000 | 3,645,908 | ||
Republic of El Salvador, 7.124%, 1/20/2050 | 13,712,000 | 11,072,577 | ||
$22,100,069 | ||||
Ghana – 0.6% | ||||
Republic of Ghana, 10.75%, 10/14/2030 | $ | 12,896,000 | $ 16,055,520 | |
Republic of Ghana, 8.625%, 4/07/2034 (n) | 5,151,000 | 5,202,428 | ||
Republic of Ghana, 7.875%, 2/11/2035 (n) | 1,380,000 | 1,323,635 | ||
Republic of Ghana, 7.875%, 2/11/2035 | 27,946,000 | 26,804,573 | ||
Republic of Ghana, 8.75%, 3/11/2061 | 9,300,000 | 8,808,365 | ||
$58,194,521 | ||||
Guatemala – 2.2% | ||||
Banco Industrial S. A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n) | $ | 18,031,000 | $ 18,662,085 | |
Central American Bottling Corp., 5.75%, 1/31/2027 | 11,997,000 | 12,491,216 | ||
Central American Bottling Corp., 5.75%, 1/31/2027 (n) | 27,811,000 | 28,956,674 | ||
Energuate Trust, 5.875%, 5/03/2027 (n) | 10,965,000 | 11,444,828 | ||
Energuate Trust, 5.875%, 5/03/2027 | 18,550,000 | 19,361,748 | ||
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n) | 23,525,000 | 25,642,250 | ||
Republic of Guatemala, 4.875%, 2/13/2028 | 4,270,000 | 4,746,148 | ||
Republic of Guatemala, 4.9%, 6/01/2030 | 27,292,000 | 30,362,623 | ||
Republic of Guatemala, 5.375%, 4/24/2032 (n) | 11,375,000 | 13,075,563 | ||
Republic of Guatemala, 5.375%, 4/24/2032 | 600,000 | 689,700 | ||
Republic of Guatemala, 6.125%, 6/01/2050 (n) | 16,652,000 | 19,899,307 | ||
Republic of Guatemala, 6.125%, 6/01/2050 | 19,390,000 | 23,171,244 | ||
$208,503,386 | ||||
Hungary – 0.3% | ||||
MOL PLC, 1.5%, 10/08/2027 | EUR | 12,763,000 | $ 15,797,183 | |
Republic of Hungary, 1.75%, 6/05/2035 | 11,705,000 | 14,879,497 | ||
$30,676,680 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
India – 4.8% | ||||
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 26,800,000 | $ 29,118,200 | |
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 | 4,800,000 | 5,215,200 | ||
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n) | 24,654,000 | 24,577,054 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 17,253,555 | 17,633,817 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 | 2,711,500 | 2,771,260 | ||
Azure Power Energy Ltd., 5.5%, 11/03/2022 (n) | 11,992,000 | 12,141,900 | ||
Azure Power Energy Ltd., 5.5%, 11/03/2022 | 13,358,000 | 13,524,975 | ||
Clean Renewable Power, 4.25%, 3/25/2027 (n) | 13,736,000 | 13,621,991 | ||
Cliffton Ltd., 6.25%, 10/25/2025 (n) | 25,444,000 | 24,299,020 | ||
Delhi International Airport Ltd., 6.125%, 10/31/2026 | 6,492,000 | 6,389,426 | ||
Delhi International Airport Ltd., 6.45%, 6/04/2029 (n) | 5,539,000 | 5,375,599 | ||
Delhi International Airport Ltd., 6.45%, 6/04/2029 | 3,900,000 | 3,784,950 | ||
Export-Import Bank of India, 3.375%, 8/05/2026 | 4,163,000 | 4,444,373 | ||
Export-Import Bank of India, 3.875%, 2/01/2028 | 12,700,000 | 13,782,987 | ||
Export-Import Bank of India, 3.25%, 1/15/2030 | 8,068,000 | 8,268,004 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 35,390,000 | 33,172,793 | ||
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 (n) | 6,000,000 | 6,120,744 | ||
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 | 2,900,000 | 2,958,360 | ||
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/2027 | 6,080,000 | 5,799,475 | ||
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 18,738,000 | 18,848,929 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 36,965,000 | 35,708,902 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 | 12,393,000 | 11,971,877 | ||
Muthoot Finance Ltd., 6.125%, 10/31/2022 (n) | 6,091,000 | 6,273,730 | ||
Muthoot Finance Ltd., 6.125%, 10/31/2022 | 1,600,000 | 1,648,000 | ||
Muthoot Finance Ltd., 4.4%, 9/02/2023 (n) | 17,308,000 | 17,636,852 | ||
Muthoot Finance Ltd., 4.4%, 9/02/2023 | 7,300,000 | 7,438,700 | ||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n) | 11,524,000 | 11,861,077 | ||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 | 2,300,000 | 2,367,275 | ||
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 24,616,000 | 24,816,946 | ||
Republic of India, 7.27%, 4/08/2026 | INR | 1,222,290,000 | 17,361,561 | |
Republic of India, 7.17%, 1/08/2028 | 941,680,000 | 13,251,727 | ||
Shriram Transport Finance Co. Ltd., 5.1%, 7/16/2023 | $ | 19,019,000 | 19,090,321 | |
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 20,275,000 | 20,173,625 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
India – continued | ||||
State Bank of India (London), 3.25%, 1/24/2022 | $ | 14,306,000 | $ 14,473,237 | |
$455,922,887 | ||||
Indonesia – 5.3% | ||||
Bank Mandiri, 4.75%, 5/13/2025 | $ | 20,168,000 | $ 22,347,373 | |
Bank Negara Indonesia, 3.75%, 3/30/2026 | 23,896,000 | 24,439,339 | ||
Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | 4,717,000 | 4,834,925 | ||
Listrindo Capital B.V., 4.95%, 9/14/2026 | 18,402,000 | 18,862,050 | ||
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n) | 6,204,000 | 6,216,966 | ||
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 | 22,414,000 | 22,460,845 | ||
Perusahaan Penerbit SBSN Indonesia III, 2.3%, 6/23/2025 (n) | 11,155,000 | 11,585,918 | ||
Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n) | 22,580,000 | 23,228,046 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 8,801,000 | 9,107,739 | ||
PT Indonesia Asahan Aluminium (Persero), 4.75%, 5/15/2025 (n) | 7,615,000 | 8,328,906 | ||
PT Indonesia Asahan Aluminium (Persero), 5.8%, 5/15/2050 (n) | 4,703,000 | 5,573,055 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | 6,953,000 | 7,502,704 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 | 600,000 | 647,436 | ||
Republic of Indonesia, 3.375%, 4/15/2023 | 16,497,000 | 17,261,773 | ||
Republic of Indonesia, 5.875%, 1/15/2024 | 15,167,000 | 17,052,567 | ||
Republic of Indonesia, 5.875%, 1/15/2024 (n) | 868,000 | 975,910 | ||
Republic of Indonesia, 4.45%, 2/11/2024 | 12,324,000 | 13,461,634 | ||
Republic of Indonesia, 4.125%, 1/15/2025 | 24,766,000 | 27,318,735 | ||
Republic of Indonesia, 4.125%, 1/15/2025 (n) | 5,055,000 | 5,576,040 | ||
Republic of Indonesia, 4.75%, 1/08/2026 (n) | 3,476,000 | 3,976,336 | ||
Republic of Indonesia, 4.75%, 1/08/2026 | 21,001,000 | 24,023,884 | ||
Republic of Indonesia, 4.35%, 1/08/2027 (n) | 14,417,000 | 16,355,639 | ||
Republic of Indonesia, 4.35%, 1/08/2027 | 12,004,000 | 13,618,165 | ||
Republic of Indonesia, 3.5%, 1/11/2028 | 16,155,000 | 17,708,189 | ||
Republic of Indonesia, 3.4%, 9/18/2029 | 20,637,000 | 22,415,158 | ||
Republic of Indonesia, 1.1%, 3/12/2033 | EUR | 16,134,000 | 18,744,208 | |
Republic of Indonesia, 5.25%, 1/17/2042 | $ | 10,924,000 | 13,676,212 | |
Republic of Indonesia, 4.625%, 4/15/2043 | 46,098,000 | 53,962,011 | ||
Republic of Indonesia, 4.35%, 1/11/2048 | 30,503,000 | 34,857,877 | ||
Saka Energi Indonesia PT, 4.45%, 5/05/2024 (n) | 4,370,000 | 4,009,475 | ||
Saka Energi Indonesia PT, 4.45%, 5/05/2024 | 200,000 | 183,500 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Indonesia – continued | ||||
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n) | $ | 7,264,000 | $ 7,954,080 | |
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 | 250,000 | 273,750 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | 15,909,172 | 18,017,137 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 6,962,368 | 7,884,882 | ||
$504,442,464 | ||||
Israel – 1.1% | ||||
Bank Leumi le-Israel B.M., 3.275%, 1/29/2031 (n) | $ | 13,901,000 | $ 14,227,674 | |
Energean Israel Finance Ltd., 4.875%, 3/30/2026 | 25,477,000 | 26,042,589 | ||
Energean Israel Finance Ltd., 5.375%, 3/30/2028 | 22,165,000 | 22,642,700 | ||
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n) | 16,516,000 | 17,965,642 | ||
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | 23,224,000 | 26,029,181 | ||
$106,907,786 | ||||
Jamaica – 0.5% | ||||
Government of Jamaica, 8%, 3/15/2039 | $ | 15,670,000 | $ 21,898,825 | |
Government of Jamaica, 7.875%, 7/28/2045 | 18,608,000 | 25,958,160 | ||
$47,856,985 | ||||
Jordan – 0.4% | ||||
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n) | $ | 26,474,000 | $ 27,384,706 | |
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 | 6,500,000 | 6,723,600 | ||
$34,108,306 | ||||
Kazakhstan – 1.5% | ||||
Development Bank of Kazakhstan, 4.125%, 12/10/2022 | $ | 41,672,000 | $ 43,369,301 | |
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n) | 6,765,000 | 8,051,568 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n) | 2,262,000 | 2,971,589 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | 2,833,000 | 3,721,712 | ||
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | 8,027,000 | 8,875,855 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 4,422,000 | 4,797,870 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 40,594,000 | 44,044,490 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | 27,808,000 | 28,365,940 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Kazakhstan – continued | ||||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | $ | 3,200,000 | $ 3,264,205 | |
$147,462,530 | ||||
Kenya – 0.5% | ||||
Republic of Kenya, 6.875%, 6/24/2024 | $ | 5,388,000 | $ 5,919,365 | |
Republic of Kenya, 7%, 5/22/2027 (n) | 2,830,000 | 3,089,822 | ||
Republic of Kenya, 7%, 5/22/2027 | 10,734,000 | 11,719,488 | ||
Republic of Kenya, 7.25%, 2/28/2028 | 4,124,000 | 4,550,422 | ||
Republic of Kenya, 8%, 5/22/2032 | 6,614,000 | 7,468,926 | ||
Republic of Kenya, 8.25%, 2/28/2048 | 14,469,000 | 15,995,595 | ||
$48,743,618 | ||||
Kuwait – 0.5% | ||||
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026 | $ | 25,428,000 | $ 28,230,674 | |
EQUATE Petrochemical B.V. (State of Kuwait), 2.625%, 4/28/2028 (n) | 7,910,000 | 8,015,140 | ||
MEGlobal Canada ULC (State of Kuwait), 5.875%, 5/18/2030 (n) | 7,313,000 | 9,063,220 | ||
$45,309,034 | ||||
Macau – 0.5% | ||||
Industrial & Commercial Bank of China Macau, 2.875% to 9/12/2024, FLR (CMT - 5yr. + 1.65%) to 9/12/2029 | $ | 21,883,000 | $ 22,733,897 | |
MGM China Holdings Ltd., 4.75%, 2/01/2027 (n) | 12,491,000 | 12,584,682 | ||
Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 13,626,000 | 13,966,650 | ||
Wynn Macau Ltd., 5.625%, 8/26/2028 | 1,292,000 | 1,324,300 | ||
$50,609,529 | ||||
Malaysia – 0.5% | ||||
GENM Capital Labuan Ltd., 3.882%, 4/19/2031 (n) | $ | 24,266,000 | $ 24,375,030 | |
GOHL Capital Ltd., 4.25%, 1/24/2027 | 12,905,000 | 13,645,835 | ||
PETRONAS Capital Ltd. (Federation of Malaysia), 3.5%, 4/21/2030 (n) | 9,974,000 | 10,908,262 | ||
$48,929,127 | ||||
Mexico – 8.7% | ||||
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 (n) | $ | 15,377,000 | $ 17,402,920 | |
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 | 1,000,000 | 1,131,750 | ||
CEMEX S.A.B. de C.V., 3.875%, 7/11/2031 (n) | 18,086,000 | 18,728,053 | ||
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n) | 18,997,000 | 18,807,030 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mexico – continued | ||||
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 | $ | 1,300,000 | $ 1,287,000 | |
Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n) | 20,619,000 | 20,464,358 | ||
Comision Federal de Electricidad (United Mexican States), 4.677%, 2/09/2051 (n) | 18,354,000 | 17,872,208 | ||
Comision Federal de Electricidad (United Mexican States), 4.677%, 2/09/2051 | 1,800,000 | 1,752,750 | ||
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n) | 19,902,000 | 20,051,265 | ||
Grupo Bimbo S.A.B. de C.V., 5.95%, 4/17/2059 | 22,611,000 | 23,741,550 | ||
Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 (n) | 5,373,000 | 5,524,250 | ||
Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 | 12,274,000 | 12,619,513 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 9,963,000 | 10,426,379 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 | 11,949,000 | 12,504,748 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n) | 13,297,000 | 13,762,395 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | 14,516,000 | 15,024,060 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.75%, 1/15/2051 | 3,218,000 | 3,313,510 | ||
Petroleos Mexicanos, 6.875%, 10/16/2025 (n) | 20,834,000 | 22,942,192 | ||
Petroleos Mexicanos, 6.875%, 10/16/2025 | 1,585,000 | 1,745,386 | ||
Petroleos Mexicanos, 4.5%, 1/23/2026 | 9,088,000 | 9,207,962 | ||
Petroleos Mexicanos, 6.875%, 8/04/2026 | 10,490,000 | 11,534,594 | ||
Petroleos Mexicanos, 6.49%, 1/23/2027 | 45,241,000 | 48,054,990 | ||
Petroleos Mexicanos, 6.5%, 3/13/2027 | 13,790,000 | 14,603,610 | ||
Petroleos Mexicanos, 5.35%, 2/12/2028 | 37,437,000 | 36,894,163 | ||
Petroleos Mexicanos, 6.84%, 1/23/2030 | 46,951,000 | 48,979,283 | ||
Petroleos Mexicanos, 5.95%, 1/28/2031 | 43,284,000 | 42,548,172 | ||
Petroleos Mexicanos, 6.5%, 6/02/2041 | 28,942,000 | 26,185,275 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 68,815,000 | 61,513,728 | ||
Petroleos Mexicanos, 7.69%, 1/23/2050 | 73,106,000 | 71,059,032 | ||
Petroleos Mexicanos, 6.95%, 1/28/2060 | 41,414,000 | 37,164,924 | ||
United Mexican States, 5.75%, 3/05/2026 | MXN | 477,800,000 | 23,318,200 | |
United Mexican States, 3.25%, 4/16/2030 | $ | 22,589,000 | 23,515,375 | |
United Mexican States, 2.659%, 5/24/2031 | 27,098,000 | 26,651,425 | ||
United Mexican States, 4.75%, 4/27/2032 | 38,557,000 | 44,242,615 | ||
United Mexican States, 1.45%, 10/25/2033 | EUR | 11,609,000 | 13,074,349 | |
United Mexican States, 4.5%, 1/31/2050 | $ | 13,148,000 | 14,083,086 | |
United Mexican States, 3.771%, 5/24/2061 | 17,906,000 | 16,652,580 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mexico – continued | ||||
United Mexican States, 3.75%, 4/19/2071 | $ | 28,609,000 | $ 26,393,805 | |
$834,778,485 | ||||
Morocco – 1.5% | ||||
Kingdom of Morocco, 4.25%, 12/11/2022 | $ | 8,511,000 | $ 8,915,272 | |
Kingdom of Morocco, 1.375%, 3/30/2026 (n) | EUR | 10,298,000 | 12,398,015 | |
Kingdom of Morocco, 1.375%, 3/30/2026 | 800,000 | 963,140 | ||
Kingdom of Morocco, 2%, 9/30/2030 | 11,828,000 | 13,952,890 | ||
Kingdom of Morocco, 1.5%, 11/27/2031 | 8,104,000 | 9,056,983 | ||
Kingdom of Morocco, 3%, 12/15/2032 (n) | $ | 30,274,000 | 29,423,301 | |
Kingdom of Morocco, 3%, 12/15/2032 | 3,300,000 | 3,207,270 | ||
Kingdom of Morocco, 4%, 12/15/2050 (n) | 15,868,000 | 14,882,375 | ||
Kingdom of Morocco, 4%, 12/15/2050 | 2,300,000 | 2,157,138 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 3.75%, 6/23/2031 (n) | 16,563,000 | 16,779,512 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 | 5,678,000 | 6,969,018 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n) | 2,259,000 | 2,772,633 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | 19,482,000 | 19,852,158 | ||
$141,329,705 | ||||
Nigeria – 0.6% | ||||
Federal Republic of Nigeria, 7.875%, 2/16/2032 | $ | 25,898,000 | $ 27,710,860 | |
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | 2,336,000 | 2,393,092 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 | 26,114,000 | 26,752,226 | ||
$56,856,178 | ||||
North Macedonia – 0.3% | ||||
Republic of North Macedonia, 1.625%, 3/10/2028 (n) | EUR | 23,148,000 | $ 27,395,597 | |
Republic of North Macedonia, 1.625%, 3/10/2028 | 800,000 | 946,798 | ||
$28,342,395 | ||||
Oman – 1.7% | ||||
Government of Oman, 6.25%, 1/25/2031 | $ | 19,833,000 | $ 21,415,356 | |
Government of Oman, 6.75%, 1/17/2048 | 61,145,000 | 61,756,450 | ||
Government of Oman, 7%, 1/25/2051 | 7,344,000 | 7,582,680 | ||
Omani Government, 6.75%, 1/17/2048 (n) | 1,500,000 | 1,515,000 | ||
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | 17,230,000 | 18,146,085 | ||
Sultanate of Oman, 6%, 8/01/2029 | 17,729,000 | 18,865,323 | ||
Sultanate of Oman, 6.25%, 1/25/2031 (n) | 7,593,000 | 8,198,800 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Oman – continued | ||||
Sultanate of Oman, 7%, 1/25/2051 (n) | $ | 19,243,000 | $ 19,868,397 | |
$157,348,091 | ||||
Pakistan – 0.2% | ||||
Islamic Republic of Pakistan, 8.875%, 4/08/2051 (n) | $ | 6,678,000 | $ 6,878,340 | |
Republic of Pakistan, 6%, 4/08/2026 (n) | 13,555,000 | 13,639,719 | ||
$20,518,059 | ||||
Panama – 1.8% | ||||
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 5.625%, 5/18/2036 | $ | 4,382,000 | $ 4,984,525 | |
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 6%, 11/18/2048 (n) | 16,089,575 | 18,752,400 | ||
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 6%, 11/18/2048 | 21,807,814 | 25,417,007 | ||
AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n) | 26,394,000 | 27,310,136 | ||
Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n) | 12,229,000 | 14,980,525 | ||
Autoridad del Canal de Panama, 4.95%, 7/29/2035 | 5,145,000 | 6,302,625 | ||
Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n) | 15,411,000 | 15,969,649 | ||
Cable Onda S.A., 4.5%, 1/30/2030 (n) | 8,760,000 | 9,237,420 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | 8,721,000 | 9,811,212 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 | 8,000,000 | 9,000,080 | ||
Panama Canal Railway Co., 7%, 11/01/2026 | 3,142,773 | 3,229,231 | ||
Panama Canal Railway Co., 7%, 11/01/2026 (n) | 623,745 | 640,904 | ||
Republic of Panama, 3.75%, 4/17/2026 | 6,366,000 | 6,886,102 | ||
Republic of Panama, 3.362%, 6/30/2031 (n) | 22,729,000 | 22,785,822 | ||
$175,307,638 | ||||
Paraguay – 1.2% | ||||
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $ | 16,352,000 | $ 16,123,236 | |
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 | 2,000,000 | 1,972,020 | ||
Republic of Paraguay, 5%, 4/15/2026 | 6,313,000 | 7,094,297 | ||
Republic of Paraguay, 4.95%, 4/28/2031 (n) | 9,772,000 | 11,188,940 | ||
Republic of Paraguay, 4.95%, 4/28/2031 | 3,074,000 | 3,519,730 | ||
Republic of Paraguay, 6.1%, 8/11/2044 | 9,059,000 | 11,296,573 | ||
Republic of Paraguay, 5.6%, 3/13/2048 (n) | 10,688,000 | 12,713,376 | ||
Republic of Paraguay, 5.6%, 3/13/2048 | 21,379,000 | 25,430,320 | ||
Republic of Paraguay, 5.4%, 3/30/2050 (n) | 5,156,000 | 6,064,797 | ||
Republic of Paraguay, 5.4%, 3/30/2050 | 5,200,000 | 6,116,552 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Paraguay – continued | ||||
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | $ | 4,583,000 | $ 4,812,150 | |
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 | 8,600,000 | 9,030,000 | ||
$115,361,991 | ||||
Peru – 0.9% | ||||
Camposol S.A., 6%, 2/03/2027 (n) | $ | 1,887,000 | $ 1,938,893 | |
Camposol S.A., 6%, 2/03/2027 | 5,801,000 | 5,960,527 | ||
Corporacion Lindley S.A., 6.75%, 11/23/2021 | 714,000 | 722,033 | ||
Corporacion Lindley S.A., 6.75%, 11/23/2021 (n) | 442,000 | 446,973 | ||
El Fondo Mivivienda S.A., 3.5%, 1/31/2023 | 4,192,000 | 4,307,322 | ||
Gas Natural de Lima y Callao S.A., 4.375%, 4/01/2023 | 14,210,000 | 14,757,085 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 | 824,722 | 892,761 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n) | 50,204 | 54,346 | ||
Inkia Energy Ltd., 5.875%, 11/09/2027 (n) | 20,844,000 | 21,260,880 | ||
Inkia Energy Ltd., 5.875%, 11/09/2027 | 3,650,000 | 3,723,000 | ||
InterCorp Peru Ltd., 3.875%, 8/15/2029 (n) | 1,949,000 | 1,880,804 | ||
Peru LNG, 5.375%, 3/22/2030 (n) | 2,724,000 | 2,097,480 | ||
Peru LNG, 5.375%, 3/22/2030 | 4,100,000 | 3,157,000 | ||
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | 29,185,000 | 28,572,115 | ||
$89,771,219 | ||||
Philippines – 0.7% | ||||
Republic of Philippines, 1.2%, 4/28/2033 | EUR | 30,997,000 | $ 36,820,182 | |
Republic of Philippines, 1.75%, 4/28/2041 | 27,375,000 | 32,189,436 | ||
$69,009,618 | ||||
Poland – 0.5% | ||||
Canpack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n) | $ | 12,199,000 | $ 12,412,482 | |
Canpack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 | 800,000 | 814,000 | ||
Canpack S.A./Eastern PA Land Investment Holding LLC, 2.375%, 11/01/2027 (n) | EUR | 14,047,000 | 17,125,985 | |
Synthos S.A., 2.5%, 6/07/2028 (n) | 17,671,000 | 20,729,534 | ||
$51,082,001 | ||||
Qatar – 2.5% | ||||
Commercial Bank P.S.Q.C., 4.5%, 9/03/2169 | $ | 26,577,000 | $ 26,731,147 | |
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 (n) | 20,625,000 | 21,141,862 | ||
Qatar Petroleum, 2.25%, 7/12/2031 (n) | 20,025,000 | 20,260,334 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Qatar – continued | ||||
Qatar Petroleum, 3.3%, 7/12/2051 (n) | $ | 15,898,000 | $ 16,474,302 | |
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 13,001,000 | 13,622,266 | ||
State of Qatar, 3.4%, 4/16/2025 (n) | 6,647,000 | 7,229,277 | ||
State of Qatar, 4%, 3/14/2029 (n) | 7,269,000 | 8,386,609 | ||
State of Qatar, 4%, 3/14/2029 | 15,940,000 | 18,390,775 | ||
State of Qatar, 5.103%, 4/23/2048 (n) | 18,259,000 | 24,467,060 | ||
State of Qatar, 5.103%, 4/23/2048 | 20,601,000 | 27,605,340 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 24,061,000 | 31,304,516 | ||
State of Qatar, 4.817%, 3/14/2049 | 17,000,000 | 22,117,816 | ||
State of Qatar, 4.4%, 4/16/2050 (n) | 580,000 | 715,147 | ||
$238,446,451 | ||||
Republic of Moldova – 0.2% | ||||
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n) | $ | 18,317,000 | $ 18,999,125 | |
Romania – 1.6% | ||||
Republic of Romania, 2.875%, 3/11/2029 | EUR | 5,452,000 | $ 7,135,518 | |
Republic of Romania, 2.5%, 2/08/2030 | 7,605,000 | 9,630,374 | ||
Republic of Romania, 3.624%, 5/26/2030 | 694,000 | 949,133 | ||
Republic of Romania, 3.624%, 5/26/2030 (n) | 6,066,000 | 8,296,025 | ||
Republic of Romania, 1.75%, 7/13/2030 (n) | 22,424,000 | 26,613,758 | ||
Republic of Romania, 2.124%, 7/16/2031 | 6,974,000 | 8,470,626 | ||
Republic of Romania, 2.124%, 7/16/2031 (n) | 12,161,000 | 14,770,761 | ||
Republic of Romania, 2%, 1/28/2032 | 4,281,000 | 5,104,010 | ||
Republic of Romania, 2%, 1/28/2032 (n) | 8,936,000 | 10,653,921 | ||
Republic of Romania, 2%, 4/14/2033 | 995,000 | 1,165,564 | ||
Republic of Romania, 2%, 4/14/2033 (n) | 15,765,000 | 18,467,458 | ||
Republic of Romania, 3.375%, 2/08/2038 | 5,950,000 | 7,672,246 | ||
Republic of Romania, 2.625%, 12/02/2040 (n) | 8,479,000 | 9,840,791 | ||
Republic of Romania, 2.625%, 12/02/2040 | 2,600,000 | 3,017,580 | ||
Republic of Romania, 2.75%, 4/14/2041 (n) | 15,965,000 | 18,593,830 | ||
$150,381,595 | ||||
Russia – 2.3% | ||||
Gaz Capital S.A. (Russian Federation), 4.95%, 2/06/2028 | $ | 8,015,000 | $ 8,936,725 | |
Gaz Capital S.A. (Russian Federation), 3.25%, 2/25/2030 | 2,200,000 | 2,191,970 | ||
Gazprom PJSC (Russian Federation), 3.25%, 2/25/2030 (n) | 14,825,000 | 14,770,889 | ||
Hacienda Investments Ltd. via DME Airport Ltd., 5.35%, 2/08/2028 (n) | 13,295,000 | 13,932,495 | ||
Russian Federation, 4.75%, 5/27/2026 | 12,400,000 | 14,120,872 | ||
Russian Federation, 4.25%, 6/23/2027 | 79,800,000 | 89,353,018 | ||
Russian Federation, 4.25%, 6/23/2027 (n) | 1,600,000 | 1,791,539 | ||
Russian Federation, 4.375%, 3/21/2029 (n) | 4,400,000 | 4,989,072 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Russia – continued | ||||
Russian Federation, 4.375%, 3/21/2029 | $ | 27,800,000 | $ 31,521,864 | |
Russian Federation, 5.1%, 3/28/2035 | 7,200,000 | 8,685,000 | ||
Russian Federation, 5.1%, 3/28/2035 (n) | 22,000,000 | 26,537,500 | ||
$216,830,944 | ||||
Saudi Arabia – 2.7% | ||||
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 (n) | $ | 23,522,000 | $ 24,393,255 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/2023 | 9,862,000 | 10,230,346 | ||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | 29,610,000 | 29,835,628 | ||
Kingdom of Saudi Arabia, 2.25%, 2/02/2033 (n) | 33,463,000 | 32,840,923 | ||
Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 21,254,000 | 25,409,114 | ||
Kingdom of Saudi Arabia, 5.25%, 1/16/2050 (n) | 21,784,000 | 28,641,124 | ||
Kingdom of Saudi Arabia, 5.25%, 1/16/2050 | 2,900,000 | 3,812,856 | ||
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 1.602%, 6/17/2026 (n) | 5,876,000 | 5,878,115 | ||
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n) | 8,385,000 | 8,594,625 | ||
Saudi Arabian Oil Co., 3.5%, 4/16/2029 | 11,981,000 | 13,091,016 | ||
Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n) | 12,018,000 | 11,897,820 | ||
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n) | 8,226,000 | 9,339,405 | ||
Saudi Arabian Oil Co., 3.5%, 11/24/2070 (n) | 727,000 | 708,665 | ||
Saudi Arabian Oil Co., 3.5%, 11/24/2070 | 23,006,000 | 22,425,789 | ||
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 4/17/2030 | 12,420,000 | 14,676,714 | ||
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046 | 16,206,000 | 19,019,848 | ||
$260,795,243 | ||||
Senegal – 0.3% | ||||
Republic of Senegal, 6.25%, 5/23/2033 | $ | 20,726,000 | $ 21,967,487 | |
Republic of Senegal, 6.75%, 3/13/2048 | 9,396,000 | 9,608,538 | ||
$31,576,025 | ||||
Serbia – 0.5% | ||||
Republic of Serbia, 3.125%, 5/15/2027 (n) | EUR | 22,770,000 | $ 30,063,132 | |
Republic of Serbia, 3.125%, 5/15/2027 | 1,000,000 | 1,320,296 | ||
Republic of Serbia, 1.65%, 3/03/2033 (n) | 14,754,000 | 17,204,042 | ||
$48,587,470 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Singapore – 0.8% | ||||
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n) | $ | 16,078,000 | $ 16,148,582 | |
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 | 2,400,000 | 2,410,536 | ||
Puma International Financing S.A., 5%, 1/24/2026 | 16,156,000 | 16,156,000 | ||
Puma International Financing S.A., 5%, 1/24/2026 (n) | 13,460,000 | 13,460,000 | ||
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | 22,969,000 | 23,161,021 | ||
$71,336,139 | ||||
Slovenia – 0.2% | ||||
United Group B.V., 3.625%, 2/15/2028 | EUR | 8,187,000 | $ 9,456,889 | |
United Group B.V., 4.625%, 8/15/2028 (n) | 5,309,000 | 6,376,458 | ||
$15,833,347 | ||||
South Africa – 2.3% | ||||
Eskom Holdings SOC Ltd., 7.125%, 2/11/2025 (n) | $ | 600,000 | $ 630,072 | |
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | 30,133,000 | 31,643,266 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 (n) | 14,992,000 | 16,615,634 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | 10,200,000 | 11,304,660 | ||
Petra Diamonds US$ Treasury PLC, 10.5% (0% cash or 10.5% PIK) 3/08/2026 (n)(p) | 6,546,459 | 6,611,924 | ||
Republic of South Africa, 10.5%, 12/21/2026 | ZAR | 115,407,000 | 8,974,984 | |
Republic of South Africa, 4.85%, 9/27/2027 | $ | 7,404,000 | 7,948,194 | |
Republic of South Africa, 8%, 1/31/2030 | ZAR | 81,734,000 | 5,306,818 | |
Republic of South Africa, 7%, 2/28/2031 | 155,201,000 | 9,125,887 | ||
Republic of South Africa, 8.25%, 3/31/2032 | 365,870,000 | 22,793,494 | ||
Republic of South Africa, 5.75%, 9/30/2049 | $ | 38,712,000 | 39,242,354 | |
Sasol Financing (USA) LLC, 4.375%, 9/18/2026 | 22,801,000 | 23,348,224 | ||
Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 35,615,000 | 37,128,638 | ||
$220,674,149 | ||||
Sri Lanka – 0.3% | ||||
Republic of Sri Lanka, 6.85%, 3/14/2024 (n) | $ | 2,109,000 | $ 1,366,970 | |
Republic of Sri Lanka, 7.85%, 3/14/2029 (n) | 3,554,000 | 2,175,332 | ||
Republic of Sri Lanka, 7.85%, 3/14/2029 | 12,214,000 | 7,475,945 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (n) | 4,461,000 | 2,728,571 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 | 16,742,000 | 10,240,244 | ||
$23,987,062 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Supranational – 0.2% | ||||
West African Development Bank, 4.7%, 10/22/2031 | $ | 4,800,000 | $ 5,208,000 | |
West African Development Bank, 4.7%, 10/22/2031 (n) | 15,644,000 | 16,973,740 | ||
$22,181,740 | ||||
Thailand – 0.5% | ||||
Bangkok Bank Public Co. Ltd., 3.733%, 9/25/2034 | $ | 13,177,000 | $ 13,697,755 | |
Krung Thai Bank PLC (Cayman Islands Branch), 4.4%, 9/25/2169 | 19,565,000 | 19,820,910 | ||
PTT Treasury Center Co. Ltd. (Kingdom of Thailand), 3.7%, 7/16/2070 (n) | 3,056,000 | 3,098,925 | ||
Thaioil Treasury Center Co. Ltd., 3.75%, 6/18/2050 (n) | 7,626,000 | 7,190,861 | ||
$43,808,451 | ||||
Trinidad & Tobago – 0.4% | ||||
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n) | $ | 11,779,000 | $ 11,956,274 | |
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 | 7,156,000 | 7,263,698 | ||
Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 13,810,000 | 13,965,362 | ||
$33,185,334 | ||||
Turkey – 2.9% | ||||
Export Credit Bank of Turkey, 5%, 9/23/2021 | $ | 13,185,000 | $ 13,247,629 | |
Export Credit Bank of Turkey, 5.375%, 10/24/2023 | 18,343,000 | 18,915,302 | ||
Republic of Turkey, 6.25%, 9/26/2022 | 7,094,000 | 7,368,339 | ||
Republic of Turkey, 5.6%, 11/14/2024 | 7,779,000 | 8,016,259 | ||
Republic of Turkey, 4.25%, 3/13/2025 | 35,214,000 | 34,691,424 | ||
Republic of Turkey, 6.375%, 10/14/2025 | 12,086,000 | 12,684,499 | ||
Republic of Turkey, 4.75%, 1/26/2026 | 17,811,000 | 17,589,787 | ||
Republic of Turkey, 4.875%, 10/09/2026 | 35,176,000 | 34,648,360 | ||
Republic of Turkey, 6%, 3/25/2027 | 13,751,000 | 14,136,028 | ||
Republic of Turkey, 5.125%, 2/17/2028 | 35,790,000 | 34,984,725 | ||
Republic of Turkey, 5.25%, 3/13/2030 | 24,425,000 | 23,401,104 | ||
Republic of Turkey, 5.95%, 1/15/2031 | 19,541,000 | 19,280,323 | ||
Republic of Turkey, 5.875%, 6/26/2031 | 14,399,000 | 14,083,489 | ||
Republic of Turkey, 6.875%, 3/17/2036 | 7,500,000 | 7,638,750 | ||
Republic of Turkey, 6.625%, 2/17/2045 | 4,856,000 | 4,657,681 | ||
Republic of Turkey, 5.75%, 5/11/2047 | 14,894,000 | 12,859,182 | ||
$278,202,881 | ||||
Ukraine – 4.2% | ||||
Government of Ukraine, 7.75%, 9/01/2023 | $ | 10,007,000 | $ 10,720,899 | |
Government of Ukraine, 7.75%, 9/01/2024 | 7,380,000 | 8,008,806 | ||
Government of Ukraine, 7.75%, 9/01/2025 | 29,736,000 | 32,296,864 | ||
Government of Ukraine, 7.75%, 9/01/2026 (n) | 1,600,000 | 1,749,984 | ||
Government of Ukraine, 7.75%, 9/01/2026 | 9,901,000 | 10,829,120 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Ukraine – continued | ||||
Government of Ukraine, 7.75%, 9/01/2027 (n) | $ | 2,100,000 | $ 2,297,400 | |
Government of Ukraine, 7.75%, 9/01/2027 | 32,404,000 | 35,449,976 | ||
Government of Ukraine, 6.876%, 5/21/2029 (n) | 29,367,000 | 30,283,250 | ||
Government of Ukraine, 6.876%, 5/21/2029 | 8,707,000 | 8,978,658 | ||
Government of Ukraine, 7.375%, 9/25/2032 | 43,421,000 | 45,157,840 | ||
Government of Ukraine, 7.253%, 3/15/2033 (n) | 41,040,000 | 42,307,972 | ||
Government of Ukraine, 7.253%, 3/15/2033 | 23,583,000 | 24,311,620 | ||
Government of Ukraine, GDP Linked Bond, 0%, 5/31/2040 | 79,121,000 | 92,054,752 | ||
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (n) | 1,969,000 | 2,011,263 | ||
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 | 6,885,000 | 7,032,783 | ||
Oschadbank (State Savings Bank of Ukraine), 9.375%, 3/10/2023 | 2,800,000 | 2,924,656 | ||
PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025 | 17,645,600 | 19,062,189 | ||
Ukrainian Railways Co., 8.25%, 7/09/2024 | 21,118,000 | 22,019,739 | ||
$397,497,771 | ||||
United Arab Emirates – 3.7% | ||||
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | $ | 20,436,000 | $ 24,318,840 | |
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n) | 12,433,000 | 12,787,340 | ||
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 | 1,400,000 | 1,439,900 | ||
DAE Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n) | 19,274,000 | 20,406,810 | ||
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 | 28,696,000 | 31,286,675 | ||
Emirate of Abu Dhabi, 3.125%, 9/30/2049 (n) | 13,784,000 | 14,154,790 | ||
Emirate of Abu Dhabi, 2.7%, 9/02/2070 (n) | 10,050,000 | 9,232,171 | ||
Emirates NBD Bank PJSC, 6.125%, 1/09/2170 | 19,578,000 | 21,447,699 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | 11,649,000 | 13,368,392 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | 2,100,000 | 2,409,960 | ||
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 28,398,000 | 28,759,109 | ||
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 | 2,200,000 | 2,227,975 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | 36,542,000 | 36,191,214 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 | 4,700,000 | 4,654,882 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n) | 25,258,000 | 25,439,660 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 | 3,300,000 | 3,323,734 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n) | 41,163,000 | 41,735,675 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
United Arab Emirates – continued | ||||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 | $ | 4,500,000 | $ 4,562,606 | |
GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 (n) | 5,603,000 | 5,778,094 | ||
GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 | 13,826,000 | 14,258,062 | ||
MDGH - GMTN B.V. (United Arab Emirates), 2.875%, 11/07/2029 (n) | 18,542,000 | 19,502,550 | ||
National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027 | 16,472,000 | 16,401,500 | ||
$353,687,638 | ||||
United States – 1.6% | ||||
Hyundai Capital America, 2.375%, 10/15/2027 (n) | $ | 7,689,000 | $ 7,932,705 | |
Hyundai Capital America, 1.8%, 1/10/2028 (n) | 11,056,000 | 11,026,781 | ||
JBS Finance Luxembourg S.à r.l., 3.625%, 1/15/2032 (n) | 19,011,000 | 19,140,465 | ||
JBS Investments II GmbH, 5.75%, 1/15/2028 (n) | 6,913,000 | 7,286,302 | ||
JBS Investments II GmbH, 5.75%, 1/15/2028 | 14,890,000 | 15,694,060 | ||
JBS USA Holdings, Inc., 6.5%, 4/15/2029 | 8,428,000 | 9,439,444 | ||
JBS USA Lux S.A./JBS USA Finance, Inc., 6.5%, 4/15/2029 (n) | 11,946,000 | 13,379,640 | ||
U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | 15,622,000 | 20,090,136 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2046 | 41,335,600 | 46,344,312 | ||
$150,333,845 | ||||
Uruguay – 1.0% | ||||
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | UYU | 788,790,000 | $ 18,347,156 | |
Oriental Republic of Uruguay, 5.1%, 6/18/2050 | $ | 5,924,000 | 7,759,611 | |
Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 34,923,000 | 45,063,941 | ||
Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | UYU | 739,070,702 | 19,437,552 | |
$90,608,260 | ||||
Uzbekistan – 0.9% | ||||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | $ | 17,890,000 | $ 18,616,692 | |
National Bank of Uzbekistan, 4.85%, 10/21/2025 | 22,240,000 | 23,129,600 | ||
Republic of Uzbekistan, 3.7%, 11/25/2030 (n) | 9,436,000 | 9,309,256 | ||
Republic of Uzbekistan, 3.9%, 10/19/2031 (n) | 12,063,000 | 12,011,732 | ||
Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024 | 20,385,000 | 21,582,619 | ||
$84,649,899 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Venezuela – 0.2% | ||||
Republic of Venezuela, 9%, 5/07/2023 (a)(d) | $ | 10,104,000 | $ 1,015,452 | |
Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | 17,593,000 | 1,812,079 | ||
Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | 33,488,000 | 3,348,800 | ||
Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | 8,435,000 | 877,240 | ||
Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 68,785,500 | 7,153,692 | ||
$14,207,263 | ||||
Vietnam – 0.7% | ||||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $ | 20,593,000 | $ 20,387,070 | |
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 7,700,000 | 7,623,000 | ||
Socialist Republic of Vietnam, 4.8%, 11/19/2024 | 38,915,000 | 43,198,584 | ||
$71,208,654 | ||||
Zambia – 0.5% | ||||
First Quantum Minerals Ltd., 7.25%, 4/01/2023 | $ | 8,671,000 | $ 8,833,581 | |
First Quantum Minerals Ltd., 7.5%, 4/01/2025 | 11,888,000 | 12,320,723 | ||
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n) | 25,162,000 | 27,269,318 | ||
First Quantum Minerals Ltd., 6.875%, 10/15/2027 | 1,300,000 | 1,408,875 | ||
$49,832,497 | ||||
Total Bonds (Identified Cost, $8,669,505,350) | $ 8,927,597,924 | |||
Common Stocks – 0.1% | ||||
Mexico – 0.1% | ||||
ICA Tenedora, S.A. de C.V. (a) | 2,525,968 | $ 8,178,074 | ||
United Kingdom – 0.0% | ||||
Petra Diamonds Ltd. (a)(l) | 151,911,371 | $ 3,399,627 | ||
Total Common Stocks (Identified Cost, $2,688,831) | $ 11,577,701 | |||
Investment Companies (h) – 5.7% | ||||
Money Market Funds – 5.7% | ||||
MFS Institutional Money Market Portfolio, 0.03% (v) (Identified Cost, $541,135,708) | 541,153,205 | $541,153,205 |
Issuer | Shares/Par | Value ($) | ||
Collateral for Securities Loaned – 0.0% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.04% (j) (Identified Cost, $250,000) | 250,000 | $250,000 | ||
Other Assets, Less Liabilities – 0.8% | 80,700,730 | |||
Net Assets – 100.0% | $ 9,561,279,560 |
(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 $541,153,205 and $8,939,425,625, respectively. |
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. |
(l) | A portion of this security is on loan. See Note 2 for additional information. |
(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 $3,516,664,239, representing 36.8% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(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 |
Petroamazonas (Republic of Ecuador), 4.625%, 12/06/2021 | 12/04/17 | $553,351 | $592,020 |
% of Net assets | 0.0% |
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) |
EGP | Egypt Pound |
EUR | Euro |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
RUB | Russian Ruble |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
BRL | 100,086,000 | USD | 19,041,513 | JPMorgan Chase Bank N.A. | 8/03/2021 | $175,307 |
CLP | 835,153,984 | USD | 1,099,321 | Barclays Bank PLC | 8/06/2021 | 1,063 |
CNH | 60,340,000 | USD | 9,270,953 | JPMorgan Chase Bank N.A. | 10/08/2021 | 11,385 |
EUR | 6,785,489 | USD | 8,029,755 | Goldman Sachs International | 10/08/2021 | 30,057 |
EUR | 9,223,998 | USD | 10,904,310 | JPMorgan Chase Bank N.A. | 10/08/2021 | 51,968 |
HUF | 5,472,164,000 | USD | 17,983,975 | Deutsche Bank AG | 10/08/2021 | 86,912 |
IDR | 6,522,473,421 | USD | 444,704 | Barclays Bank PLC | 9/22/2021 | 4,696 |
MXN | 792,180,000 | USD | 39,354,573 | Citibank N.A. | 10/08/2021 | 84,969 |
RUB | 1,012,538,000 | USD | 13,610,022 | Citibank N.A. | 9/23/2021 | 114,044 |
RUB | 1,015,045,000 | USD | 13,638,587 | Goldman Sachs International | 9/23/2021 | 119,459 |
USD | 24,129,100 | BRL | 123,688,179 | Banco Santander S.A | 8/02/2021 | 380,590 |
USD | 7,499,414 | BRL | 38,409,000 | Barclays Bank PLC | 8/03/2021 | 124,768 |
USD | 16,746,720 | BRL | 85,770,000 | Citibank N.A. | 8/03/2021 | 278,617 |
USD | 24,404,755 | BRL | 123,688,179 | Goldman Sachs International | 8/02/2021 | 656,245 |
USD | 58,995,354 | BRL | 304,934,000 | Goldman Sachs International | 8/03/2021 | 447,090 |
USD | 28,293,502 | BRL | 144,908,000 | JPMorgan Chase Bank N.A. | 8/03/2021 | 470,720 |
USD | 6,999,180 | BRL | 35,847,000 | Morgan Stanley Capital Services, Inc. | 8/03/2021 | 116,446 |
USD | 1,115,800 | CLP | 835,153,984 | Banco Santander S.A | 8/06/2021 | 15,417 |
USD | 17,093,626 | CLP | 12,998,153,000 | Barclays Bank PLC | 11/02/2021 | 16,674 |
USD | 3,288,094 | CLP | 2,429,244,000 | Citibank N.A. | 8/06/2021 | 87,368 |
USD | 926,123 | CLP | 684,701,000 | Deutsche Bank AG | 8/06/2021 | 23,973 |
USD | 13,428,100 | CLP | 9,884,208,000 | JPMorgan Chase Bank N.A. | 8/06/2021 | 404,852 |
USD | 511,454 | EUR | 429,732 | Deutsche Bank AG | 10/08/2021 | 1,018 |
USD | 87,088,554 | EUR | 73,240,158 | Goldman Sachs International | 10/08/2021 | 93,790 |
USD | 114,245,413 | EUR | 96,141,005 | JPMorgan Chase Bank N.A. | 10/08/2021 | 48,991 |
USD | 121,685,562 | EUR | 102,413,407 | Morgan Stanley Capital Services, Inc. | 10/08/2021 | 38,771 |
USD | 4,586,160 | KRW | 5,192,909,000 | JPMorgan Chase Bank N.A. | 8/25/2021 | 73,290 |
USD | 13,447,303 | ZAR | 197,835,211 | Goldman Sachs International | 10/08/2021 | 56,540 |
$4,015,020 | ||||||
Liability Derivatives | ||||||
BRL | 123,688,180 | USD | 24,404,755 | Banco Santander S.A | 8/02/2021 | $(656,245) |
BRL | 38,409,000 | USD | 7,531,176 | Barclays Bank PLC | 8/03/2021 | (156,531) |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives - continued | ||||||
BRL | 85,770,000 | USD | 16,978,633 | Citibank N.A. | 8/03/2021 | $(510,528) |
BRL | 123,688,180 | USD | 23,901,097 | Goldman Sachs International | 8/02/2021 | (152,587) |
BRL | 304,934,000 | USD | 59,538,816 | Goldman Sachs International | 8/03/2021 | (990,551) |
BRL | 181,245,820 | USD | 34,812,120 | Goldman Sachs International | 10/04/2021 | (295,352) |
BRL | 44,822,000 | USD | 8,839,926 | JPMorgan Chase Bank N.A. | 8/03/2021 | (233,963) |
BRL | 35,847,000 | USD | 7,074,610 | Morgan Stanley Capital Services, Inc. | 8/03/2021 | (191,876) |
CLP | 12,998,153,000 | USD | 17,147,958 | Barclays Bank PLC | 8/06/2021 | (21,835) |
KRW | 3,704,773,000 | USD | 3,296,355 | Citibank N.A. | 8/25/2021 | (76,741) |
KRW | 9,699,600,000 | USD | 8,588,309 | JPMorgan Chase Bank N.A. | 8/25/2021 | (158,923) |
USD | 1,096,132 | CLP | 835,153,984 | Barclays Bank PLC | 11/02/2021 | (1,092) |
USD | 9,224,036 | CNH | 60,339,000 | Morgan Stanley Capital Services, Inc. | 10/08/2021 | (58,149) |
USD | 381,330,487 | EUR | 322,729,768 | Citibank N.A. | 10/08/2021 | (2,008,392) |
USD | 5,325,986 | EUR | 4,506,134 | Deutsche Bank AG | 10/08/2021 | (26,405) |
USD | 42,875,760 | EUR | 36,232,484 | JPMorgan Chase Bank N.A. | 10/08/2021 | (161,237) |
USD | 11,888,238 | INR | 893,325,000 | Citibank N.A. | 9/23/2021 | (56,631) |
USD | 697,397 | INR | 52,424,032 | JPMorgan Chase Bank N.A. | 9/23/2021 | (3,578) |
USD | 7,119,972 | KRW | 8,211,464,000 | Barclays Bank PLC | 8/25/2021 | (16,157) |
USD | 23,607,056 | MXN | 474,377,994 | BNP Paribas S.A. | 10/08/2021 | (10,367) |
USD | 13,527,120 | ZAR | 199,932,187 | Deutsche Bank AG | 10/08/2021 | (5,579) |
USD | 20,966,572 | ZAR | 310,347,203 | Goldman Sachs International | 10/08/2021 | (39,727) |
$(5,832,446) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond | Long | USD | 293 | $48,262,594 | September – 2021 | $2,334,816 |
U.S. Treasury Ultra Bond | Long | USD | 320 | 63,850,000 | September – 2021 | 4,568,807 |
$6,903,623 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
Euro-Bobl 5 yr | Short | EUR | 53 | $8,510,248 | September – 2021 | $(80,602) |
Euro-Bund 10 yr | Short | EUR | 1,316 | 275,644,187 | September – 2021 | (7,956,700) |
Euro-OAT 10 yr | Short | EUR | 63 | 12,112,841 | September – 2021 | (283,392) |
$(8,320,694) |
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 | $(167,602) | $(448,066) | $(615,668) |
Assets | |
Investments in unaffiliated issuers, at value, including $111,831 of securities on loan (identified cost, $8,672,444,181) | $8,939,425,625 |
Investments in affiliated issuers, at value (identified cost, $541,135,708) | 541,153,205 |
Cash | 7,892,813 |
Restricted cash for | |
Uncleared derivatives | 3,764,000 |
Receivables for | |
Forward foreign currency exchange contracts | 4,015,020 |
Net daily variation margin on open futures contracts | 234,902 |
Investments sold | 44,174,438 |
Fund shares sold | 28,553,928 |
Interest | 108,108,566 |
Other assets | 8,042 |
Total assets | $9,677,330,539 |
Liabilities | |
Payables for | |
Distributions | $2,238,509 |
Forward foreign currency exchange contracts | 5,832,446 |
Investments purchased | 86,033,948 |
Fund shares reacquired | 8,128,118 |
Collateral for securities loaned, at value | 250,000 |
Uncleared swaps, at value (net of unamortized premiums received, $448,066) | 615,668 |
Payable to affiliates | |
Investment adviser | 505,471 |
Administrative services fee | 4,633 |
Shareholder servicing costs | 2,009,079 |
Distribution and service fees | 13,156 |
Payable for independent Trustees' compensation | 527 |
Deferred country tax expense payable | 9,652,787 |
Accrued expenses and other liabilities | 766,637 |
Total liabilities | $116,050,979 |
Net assets | $9,561,279,560 |
Net assets consist of | |
Paid-in capital | $9,701,270,310 |
Total distributable earnings (loss) | (139,990,750) |
Net assets | $9,561,279,560 |
Shares of beneficial interest outstanding | 639,952,812 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $431,359,483 | 28,891,310 | $14.93 |
Class B | 4,286,122 | 288,295 | 14.87 |
Class C | 31,536,703 | 2,126,610 | 14.83 |
Class I | 5,960,448,317 | 399,237,214 | 14.93 |
Class R1 | 332,990 | 22,202 | 15.00 |
Class R2 | 12,688,134 | 845,707 | 15.00 |
Class R3 | 36,079,536 | 2,411,384 | 14.96 |
Class R4 | 40,987,735 | 2,740,398 | 14.96 |
Class R6 | 3,043,560,540 | 203,389,692 | 14.96 |
(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 $15.59 [100 / 95.75 x $14.93]. 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 | $364,536,853 |
Other | 395,687 |
Dividends from affiliated issuers | 380,118 |
Income on securities loaned | 3,804 |
Foreign taxes withheld | (309,626) |
Total investment income | $365,006,836 |
Expenses | |
Management fee | $54,565,329 |
Distribution and service fees | 1,658,999 |
Shareholder servicing costs | 6,552,019 |
Administrative services fee | 552,173 |
Independent Trustees' compensation | 97,535 |
Custodian fee | 437,007 |
Shareholder communications | 638,814 |
Audit and tax fees | 81,511 |
Legal fees | 54,039 |
Miscellaneous | 1,068,382 |
Total expenses | $65,705,808 |
Reduction of expenses by investment adviser and distributor | (962,387) |
Net expenses | $64,743,421 |
Net investment income (loss) | $300,263,415 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $2,893,151 country tax) | $75,107,427 |
Affiliated issuers | (5,606) |
Futures contracts | (9,784,019) |
Swap agreements | (117,813) |
Forward foreign currency exchange contracts | 9,637,837 |
Foreign currency | (7,760) |
Net realized gain (loss) | $74,830,066 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $3,101,331 decrease in deferred country tax) | $31,507,667 |
Affiliated issuers | (27,729) |
Futures contracts | (1,602,505) |
Swap agreements | (23,257) |
Forward foreign currency exchange contracts | 598,997 |
Translation of assets and liabilities in foreign currencies | (250,335) |
Net unrealized gain (loss) | $30,202,838 |
Net realized and unrealized gain (loss) | $105,032,904 |
Change in net assets from operations | $405,296,319 |
Year ended | ||
7/31/21 | 7/31/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $300,263,415 | $239,970,236 |
Net realized gain (loss) | 74,830,066 | (54,080,657) |
Net unrealized gain (loss) | 30,202,838 | 43,529,983 |
Change in net assets from operations | $405,296,319 | $229,419,562 |
Total distributions to shareholders | $(323,053,816) | $(264,512,100) |
Change in net assets from fund share transactions | $3,075,167,944 | $590,717,974 |
Total change in net assets | $3,157,410,447 | $555,625,436 |
Net assets | ||
At beginning of period | 6,403,869,113 | 5,848,243,677 |
At end of period | $9,561,279,560 | $6,403,869,113 |
Class A | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.73 | $14.68 | $13.99 | $14.81 | $14.87 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.51 | $0.56 | $0.64 | $0.61 | $0.63(c) |
Net realized and unrealized gain (loss) | 0.24 | 0.10 | 0.70 | (0.79) | (0.04)(g) |
Total from investment operations | $0.75 | $0.66 | $1.34 | $(0.18) | $0.59 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.55) | $(0.61) | $(0.65) | $(0.64) | $(0.65) |
Net asset value, end of period (x) | $14.93 | $14.73 | $14.68 | $13.99 | $14.81 |
Total return (%) (r)(s)(t)(x) | 5.19 | 4.69 | 9.83 | (1.32) | 4.03(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.07 | 1.08 | 1.07 | 1.07 | 1.09(c) |
Expenses after expense reductions (f) | 1.06 | 1.06 | 1.04 | 1.05 | 1.06(c) |
Net investment income (loss) | 3.42 | 3.84 | 4.51 | 4.12 | 4.23(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $431,359 | $377,703 | $382,984 | $330,096 | $392,012 |
Class B | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.75 | $14.71 | $14.13 | $14.97 | $14.97 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.41 | $0.45 | $0.53 | $0.50 | $0.52(c) |
Net realized and unrealized gain (loss) | 0.15(g) | 0.10 | 0.59 | (0.81) | 0.02(g) |
Total from investment operations | $0.56 | $0.55 | $1.12 | $(0.31) | $0.54 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.44) | $(0.51) | $(0.54) | $(0.53) | $(0.54) |
Net asset value, end of period (x) | $14.87 | $14.75 | $14.71 | $14.13 | $14.97 |
Total return (%) (r)(s)(t)(x) | 3.84 | 3.83 | 8.16 | (2.14) | 3.67(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.82 | 1.83 | 1.82 | 1.82 | 1.84(c) |
Expenses after expense reductions (f) | 1.81 | 1.82 | 1.81 | 1.81 | 1.83(c) |
Net investment income (loss) | 2.70 | 3.12 | 3.76 | 3.36 | 3.47(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $4,286 | $8,088 | $13,938 | $19,703 | $26,980 |
Class C | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.73 | $14.70 | $14.10 | $14.93 | $14.94 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.41 | $0.45 | $0.53 | $0.50 | $0.52(c) |
Net realized and unrealized gain (loss) | 0.13(g) | 0.08 | 0.61 | (0.80) | 0.01(g) |
Total from investment operations | $0.54 | $0.53 | $1.14 | $(0.30) | $0.53 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.44) | $(0.50) | $(0.54) | $(0.53) | $(0.54) |
Net asset value, end of period (x) | $14.83 | $14.73 | $14.70 | $14.10 | $14.93 |
Total return (%) (r)(s)(t)(x) | 3.70 | 3.76 | 8.31 | (2.08) | 3.61(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.82 | 1.83 | 1.82 | 1.82 | 1.84(c) |
Expenses after expense reductions (f) | 1.81 | 1.82 | 1.81 | 1.81 | 1.83(c) |
Net investment income (loss) | 2.70 | 3.12 | 3.76 | 3.36 | 3.47(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $31,537 | $62,772 | $113,863 | $142,037 | $185,167 |
Class I | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.74 | $14.82 | $14.16 | $14.97 | $14.91 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.55 | $0.59 | $0.67 | $0.64 | $0.66(c) |
Net realized and unrealized gain (loss) | 0.23 | (0.02)(g) | 0.67 | (0.77) | 0.08(g) |
Total from investment operations | $0.78 | $0.57 | $1.34 | $(0.13) | $0.74 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.59) | $(0.65) | $(0.68) | $(0.68) | $(0.68) |
Net asset value, end of period (x) | $14.93 | $14.74 | $14.82 | $14.16 | $14.97 |
Total return (%) (r)(s)(t)(x) | 5.38 | 4.02 | 9.80 | (0.95) | 5.13(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.82 | 0.83 | 0.82 | 0.82 | 0.84(c) |
Expenses after expense reductions (f) | 0.81 | 0.82 | 0.81 | 0.81 | 0.83(c) |
Net investment income (loss) | 3.66 | 4.06 | 4.74 | 4.35 | 4.46(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $5,960,448 | $4,345,513 | $3,879,907 | $3,658,375 | $4,348,855 |
Class R1 | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.82 | $14.88 | $14.22 | $15.04 | $15.02 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.40 | $0.44 | $0.53 | $0.50 | $0.52(c) |
Net realized and unrealized gain (loss) | 0.22 | 0.01(g) | 0.67 | (0.78) | 0.04(g) |
Total from investment operations | $0.62 | $0.45 | $1.20 | $(0.28) | $0.56 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.44) | $(0.51) | $(0.54) | $(0.54) | $(0.54) |
Net asset value, end of period (x) | $15.00 | $14.82 | $14.88 | $14.22 | $15.04 |
Total return (%) (r)(s)(t)(x) | 4.25 | 3.13 | 8.71 | (1.98) | 3.81(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.82 | 1.84 | 1.82 | 1.82 | 1.84(c) |
Expenses after expense reductions (f) | 1.81 | 1.82 | 1.81 | 1.81 | 1.83(c) |
Net investment income (loss) | 2.69 | 3.07 | 3.75 | 3.36 | 3.47(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $333 | $582 | $648 | $617 | $814 |
Class R2 | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.81 | $14.87 | $14.22 | $15.02 | $15.01 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.48 | $0.52 | $0.60 | $0.57 | $0.59(c) |
Net realized and unrealized gain (loss) | 0.23 | (0.00)(g)(w) | 0.66 | (0.76) | 0.03(g) |
Total from investment operations | $0.71 | $0.52 | $1.26 | $(0.19) | $0.62 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.52) | $(0.58) | $(0.61) | $(0.61) | $(0.61) |
Net asset value, end of period (x) | $15.00 | $14.81 | $14.87 | $14.22 | $15.02 |
Total return (%) (r)(s)(t)(x) | 4.84 | 3.65 | 9.17 | (1.35) | 4.26(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.32 | 1.34 | 1.32 | 1.32 | 1.34(c) |
Expenses after expense reductions (f) | 1.31 | 1.32 | 1.31 | 1.31 | 1.33(c) |
Net investment income (loss) | 3.19 | 3.60 | 4.26 | 3.86 | 3.97(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $12,688 | $15,944 | $18,952 | $21,881 | $23,567 |
Class R3 | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.75 | $14.80 | $14.16 | $14.96 | $14.95 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.51 | $0.56 | $0.64 | $0.61 | $0.63(c) |
Net realized and unrealized gain (loss) | 0.26 | (0.00)(g)(w) | 0.65 | (0.77) | 0.03(g) |
Total from investment operations | $0.77 | $0.56 | $1.29 | $(0.16) | $0.66 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.56) | $(0.61) | $(0.65) | $(0.64) | $(0.65) |
Net asset value, end of period (x) | $14.96 | $14.75 | $14.80 | $14.16 | $14.96 |
Total return (%) (r)(s)(t)(x) | 5.25 | 3.97 | 9.39 | (1.13) | 4.52(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.07 | 1.08 | 1.07 | 1.07 | 1.09(c) |
Expenses after expense reductions (f) | 1.06 | 1.07 | 1.06 | 1.06 | 1.08(c) |
Net investment income (loss) | 3.42 | 3.86 | 4.51 | 4.11 | 4.22(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $36,080 | $23,775 | $32,190 | $38,001 | $42,893 |
Class R4 | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.76 | $14.84 | $14.17 | $14.97 | $14.95 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.55 | $0.60 | $0.67 | $0.64 | $0.66(c) |
Net realized and unrealized gain (loss) | 0.24 | (0.03)(g) | 0.68 | (0.76) | 0.04(g) |
Total from investment operations | $0.79 | $0.57 | $1.35 | $(0.12) | $0.70 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.59) | $(0.65) | $(0.68) | $(0.68) | $(0.68) |
Net asset value, end of period (x) | $14.96 | $14.76 | $14.84 | $14.17 | $14.97 |
Total return (%) (r)(s)(t)(x) | 5.45 | 4.02 | 9.88 | (0.88) | 4.85(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.82 | 0.83 | 0.82 | 0.82 | 0.84(c) |
Expenses after expense reductions (f) | 0.81 | 0.82 | 0.81 | 0.81 | 0.83(c) |
Net investment income (loss) | 3.68 | 4.13 | 4.74 | 4.36 | 4.47(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $40,988 | $39,791 | $75,510 | $65,918 | $74,239 |
Class R6 | Year ended | ||||
7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | 7/31/17 | |
Net asset value, beginning of period | $14.77 | $14.90 | $14.22 | $15.00 | $14.97 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.56 | $0.60 | $0.68 | $0.65 | $0.68(c) |
Net realized and unrealized gain (loss) | 0.24 | (0.07)(g) | 0.69 | (0.74) | 0.05(g) |
Total from investment operations | $0.80 | $0.53 | $1.37 | $(0.09) | $0.73 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.61) | $(0.66) | $(0.69) | $(0.69) | $(0.70) |
Net asset value, end of period (x) | $14.96 | $14.77 | $14.90 | $14.22 | $15.00 |
Total return (%) (r)(s)(t)(x) | 5.49 | 3.79 | 10.02 | (0.65) | 5.01(c) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.71 | 0.73 | 0.73 | 0.73 | 0.76(c) |
Expenses after expense reductions (f) | 0.69 | 0.72 | 0.72 | 0.72 | 0.74(c) |
Net investment income (loss) | 3.75 | 4.17 | 4.85 | 4.42 | 4.56(c) |
Portfolio turnover | 56 | 75 | 94 | 100 | 100 |
Net assets at end of period (000 omitted) | $3,043,561 | $1,529,701 | $1,330,252 | $1,753,566 | $875,984 |
(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. |
(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 | $— | $8,178,074 | $— | $8,178,074 |
United Kingdom | 3,399,627 | — | — | 3,399,627 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 66,434,448 | — | 66,434,448 |
Non - U.S. Sovereign Debt | — | 6,183,036,327 | — | 6,183,036,327 |
U.S. Corporate Bonds | — | 83,899,396 | — | 83,899,396 |
Foreign Bonds | — | 2,594,227,753 | — | 2,594,227,753 |
Mutual Funds | 541,403,205 | — | — | 541,403,205 |
Total | $544,802,832 | $8,935,775,998 | $— | $9,480,578,830 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $6,903,623 | $— | $— | $6,903,623 |
Futures Contracts – Liabilities | (8,320,694) | — | — | (8,320,694) |
Forward Foreign Currency Exchange Contracts – Assets | — | 4,015,020 | — | 4,015,020 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (5,832,446) | — | (5,832,446) |
Swap Agreements – Liabilities | — | (615,668) | — | (615,668) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $6,903,623 | $(8,320,694) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 4,015,020 | (5,832,446) |
Credit | Uncleared Swap Agreements | — | (615,668) |
Total | $10,918,643 | $(14,768,808) |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(9,784,019) | $ — | $ — |
Foreign Exchange | — | — | 9,637,837 |
Credit | — | (117,813) | — |
Total | $(9,784,019) | $(117,813) | $9,637,837 |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(1,602,505) | $ — | $ — |
Foreign Exchange | — | — | 598,997 |
Credit | — | (23,257) | — |
Total | $(1,602,505) | $(23,257) | $598,997 |
Year ended 7/31/21 | Year ended 7/31/20 | |
Ordinary income (including any short-term capital gains) | $323,053,816 | $264,512,100 |
As of 7/31/21 | |
Cost of investments | $9,292,705,286 |
Gross appreciation | 315,627,790 |
Gross depreciation | (131,604,411) |
Net unrealized appreciation (depreciation) | $ 184,023,379 |
Undistributed ordinary income | 69,513,711 |
Capital loss carryforwards | (355,422,921) |
Other temporary differences | (38,104,919) |
Total distributable earnings (loss) | $ (139,990,750) |
Short-Term | $(180,455,721) |
Long-Term | (174,967,200) |
Total | $(355,422,921) |
Year ended 7/31/21 | Year ended 7/31/20 | |
Class A | $14,820,828 | $15,597,656 |
Class B | 176,891 | 390,332 |
Class C | 1,341,045 | 3,119,754 |
Class I | 201,249,526 | 177,364,200 |
Class R1 | 13,273 | 22,432 |
Class R2 | 495,202 | 694,905 |
Class R3 | 1,036,005 | 1,159,939 |
Class R4 | 1,599,084 | 2,757,836 |
Class R6 | 102,321,962 | 63,405,046 |
Total | $323,053,816 | $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% |
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 and up to $12.5 billion | 0.60% |
In excess of $12.5 billion | 0.55% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 1,002,452 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 59,451 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 450,594 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 4,453 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 71,542 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 70,507 |
Total Distribution and Service Fees | $1,658,999 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended July 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 year ended July 31, 2021, this rebate amounted to $416, $6, and $71 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 | $2,061 |
Class B | 3,677 |
Class C | 1,908 |
Purchases | Sales | |
U.S. Government securities | $13,956,930 | $— |
Non-U.S. Government securities | 7,015,539,770 | 4,194,546,352 |
Year ended 7/31/21 | Year ended 7/31/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 12,849,829 | $192,581,861 | 9,778,015 | $142,717,237 | |
Class B | 9,836 | 146,873 | 4,688 | 67,962 | |
Class C | 477,389 | 7,205,583 | 448,516 | 6,597,082 | |
Class I | 163,153,328 | 2,441,354,342 | 109,251,779 | 1,562,763,401 | |
Class R1 | 3,960 | 59,541 | 35,561 | 525,196 | |
Class R2 | 165,598 | 2,493,791 | 207,052 | 3,001,471 | |
Class R3 | 1,205,994 | 17,893,245 | 367,475 | 5,279,604 | |
Class R4 | 554,169 | 8,307,849 | 1,074,357 | 15,501,567 | |
Class R6 | 125,478,111 | 1,870,521,836 | 29,252,389 | 424,445,428 | |
303,898,214 | $4,540,564,921 | 150,419,832 | $2,160,898,948 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 752,451 | $11,248,529 | 840,008 | $12,123,221 | |
Class B | 10,959 | 164,470 | 23,509 | 341,225 | |
Class C | 85,585 | 1,282,530 | 184,139 | 2,670,531 | |
Class I | 13,025,656 | 194,149,229 | 11,823,357 | 170,037,938 | |
Class R1 | 876 | 13,155 | 1,544 | 22,432 | |
Class R2 | 32,909 | 493,744 | 47,935 | 694,440 | |
Class R3 | 69,281 | 1,035,683 | 80,211 | 1,159,390 | |
Class R4 | 106,879 | 1,598,230 | 186,875 | 2,707,166 | |
Class R6 | 5,898,179 | 88,197,832 | 3,655,559 | 52,639,830 | |
19,982,775 | $298,183,402 | 16,843,137 | $242,396,173 | ||
Shares reacquired | |||||
Class A | (10,352,007) | $(155,760,448) | (11,071,798) | $(160,313,946) | |
Class B | (280,829) | (4,229,092) | (427,182) | (6,106,048) | |
Class C | (2,698,570) | (40,914,404) | (4,115,537) | (59,551,113) | |
Class I | (71,838,243) | (1,069,071,032) | (87,898,543) | (1,246,801,495) | |
Class R1 | (21,915) | (336,826) | (41,364) | (609,876) | |
Class R2 | (429,077) | (6,435,496) | (453,054) | (6,452,852) | |
Class R3 | (475,585) | (7,140,890) | (1,011,157) | (14,335,373) | |
Class R4 | (617,415) | (9,238,671) | (3,652,356) | (52,540,260) | |
Class R6 | (31,551,828) | (470,453,520) | (18,648,734) | (265,866,184) | |
(118,265,469) | $(1,763,580,379) | (127,319,725) | $(1,812,577,147) |
Year ended 7/31/21 | Year ended 7/31/20 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 3,250,273 | $48,069,942 | (453,775) | $(5,473,488) | |
Class B | (260,034) | (3,917,749) | (398,985) | (5,696,861) | |
Class C | (2,135,596) | (32,426,291) | (3,482,882) | (50,283,500) | |
Class I | 104,340,741 | 1,566,432,539 | 33,176,593 | 485,999,844 | |
Class R1 | (17,079) | (264,130) | (4,259) | (62,248) | |
Class R2 | (230,570) | (3,447,961) | (198,067) | (2,756,941) | |
Class R3 | 799,690 | 11,788,038 | (563,471) | (7,896,379) | |
Class R4 | 43,633 | 667,408 | (2,391,124) | (34,331,527) | |
Class R6 | 99,824,462 | 1,488,266,148 | 14,259,214 | 211,219,074 | |
205,615,520 | $3,075,167,944 | 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 | $3,271,407,701 | $3,063,607,968 | $(5,606) | $(27,729) | $541,153,205 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $380,118 | $— |
September 15, 2021
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEES | ||||||||||
Robert J. Manning (k) (age 57) | Trustee | February 2004 | 136 | Massachusetts Financial Services Company, Non-Executive Chairman (since January 2021); Director; Chairman of the Board; Executive Chairman (January 2017-2020); Co-Chief Executive Officer (2015-2016) | N/A | |||||
Michael W. Roberge (k) (age 54) | Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; President (until December 2018); Chief Investment Officer (until December 2018); Co-Chief Executive Officer (until December 2016) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 66) | Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
Steven E. Buller (age 70) | Trustee | February 2014 | 136 | Private investor | N/A | |||||
John A. Caroselli (age 67) | Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
Maureen R. Goldfarb (age 66) | Trustee | January 2009 | 136 | Private investor | N/A | |||||
Peter D. Jones (age 66) | Trustee | January 2019 | 136 | Private investor | N/A |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
James W. Kilman, Jr. (age 60) | Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016); Morgan Stanley & Co. (financial services), Vice Chairman of Investment Banking, Co-Head of Diversified Financials Coverage – Financial Institutions Investment Banking Group (until 2016) | Alpha-En Corporation, Director (2016-2019) | |||||
Clarence Otis, Jr. (age 65) | Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
Maryanne L. Roepke (age 65) | Trustee | May 2014 | 136 | Private investor | N/A | |||||
Laurie J. Thomsen (age 64) | Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 47) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel | ||||
Kino Clark (k) (age 53) | Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
John W. Clark, Jr. (k) (age 54) | Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | ||||
Thomas H. Connors (k) (age 61) | Assistant Secretary and Assistant Clerk | September 2012 | 136 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
David L. DiLorenzo (k) (age 53) | President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 54) | Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017) | ||||
Brian E. Langenfeld (k) (age 48) | Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Senior Counsel | ||||
Amanda S. Mooradian (k) (age 42) | Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 50) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
Kasey L. Phillips (k) (age 50) | Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
Matthew A. Stowe (k) (age 46) | Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | ||||
Martin J. Wolin (k) (age 53) | Chief Compliance Officer | July 2015 | 136 | Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
James O. Yost (k) (age 61) | Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. For the period from December 15, 2004 until February 22, 2005, Mr. Manning served as Advisory Trustee. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | State Street Bank and Trust Company 1 Lincoln Street Boston, MA 02111-2900 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
Portfolio Manager(s) | |
Neeraj Arora Ward Brown Matt Ryan |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
Item 1(b):
Not applicable
ITEM 2. | CODE OF ETHICS. |
The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in its Code that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
A copy of the Code of Ethics is filed as an exhibit to this Form N-CSR.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of “audit committee financial expert” as such term is defined in Form N-CSR. In addition, Messrs. Buller, Kilman, and Otis and Ms. Roepke are “independent” members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Ernst & Young LLP (“E&Y”) to serve as independent accountants to each series of the Registrant. The tables below set forth the audit fees billed to the series of the Registrant with a fiscal year end of July 31st (the “Fund”) as well as fees for non-audit services provided to the Fund and/or to the Fund’s investment adviser, Massachusetts Financial Services Company (“MFS”), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).
For the fiscal years ended July 31, 2021 and 2020, audit fees billed to the Fund by E&Y were as follows:
Audit Fees | ||||||||
2021 | 2020 | |||||||
Fees billed by E&Y: |
| |||||||
MFS Emerging Markets Debt Fund | 64,012 | 63,140 |
For the fiscal years ended July 31, 2021 and 2020, fees billed by E&Y for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fees billed by E&Y: | ||||||||||||||||||||||||
To MFS Emerging Markets Debt Fund | 0 | 0 | 11,255 | 11,104 | 2,530 | 2,550 | ||||||||||||||||||
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fees billed by E&Y: | ||||||||||||||||||||||||
To MFS and MFS Related Entities of MFS Emerging Markets Debt Fund* | 1,760,124 | 1,785,703 | 0 | 0 | 107,150 | 104,750 |
Aggregate Fees for Non-audit Services | ||||||||
2021 | 2020 | |||||||
Fees billed by E&Y: | ||||||||
To MFS Emerging Markets Debt Fund, MFS and MFS Related Entities# | 2,147,489 | 2,083,107 |
* | This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Funds (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex). |
# | This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities. |
1 | The fees included under “Audit-Related Fees” are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ‘‘Audit Fees,’’ including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews. |
2 | The fees included under “Tax Fees” are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis. |
3 | The fees under “All Other Fees” are fees for products and services provided by E&Y other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees”, including fees for services related to reviews of internal controls and Rule 38a-1 compliance program. |
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services
exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant’s Audit Committee has considered whether the provision by a Registrant’s independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant’s principal auditors.
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ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
ITEM 6. | INVESTMENTS |
A schedule of investments of MFS Emerging Markets Debt Fund is included as part of the report to shareholders of such series 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: Attached hereto as EX-99.COE. |
(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(4) | Change in the registrant’s independent public accountant. Not applicable. |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT. |
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST X
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: September 15, 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: September 15, 2021
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: September 15, 2021
* | Print name and title of each signing officer under his or her signature. |