UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: July 31*
Date of reporting period: January 31, 2023
*This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Fund. Each remaining series of the Registrant has a fiscal year end other than July 31.
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
Debt Fund
Debt Fund
1 | |
2 | |
5 | |
7 | |
30 | |
32 | |
34 | |
35 | |
41 | |
58 | |
58 | |
58 | |
58 | |
58 |
back cover |
Sovereign Emerging Markets | 43.8% |
Emerging Markets Corporate Bonds | 24.4% |
Other Government Entity-Emerging Markets Quasi Government | 20.9% |
Government Securities Hedge (t) | 3.3% |
Developed Markets Corporate Bonds | 2.5% |
Sovereign Developed Markets | 0.7% |
Supranational | 0.1% |
Average Duration (d) | 6.8 |
Average Effective Maturity (m) | 12.1 yrs. |
AA | 2.8% |
A | 8.6% |
BBB | 23.8% |
BB | 32.7% |
B | 18.5% |
CCC | 3.6% |
CC | 0.7% |
C | 0.3% |
D | 0.4% |
U.S. Government | 1.8% |
Non-Fixed Income | 0.1% |
Not Rated | 2.5% |
Cash & Cash Equivalents | 5.4% |
Other | (1.2)% |
weightings (i)(x)
Mexico | 8.5% |
Indonesia | 5.3% |
India | 5.0% |
Chile | 3.9% |
Saudi Arabia | 3.8% |
Oman | 3.6% |
Dominican Republic | 3.4% |
United Arab Emirates | 3.2% |
Guatemala | 2.8% |
Other Countries | 50.7% |
weightings (i)(y)
Mexican Peso | 0.7% |
Thailand Baht | 0.4% |
Uruguay Peso | 0.3% |
Chilean Peso | 0.3% |
Malaysian Ringgit | 0.2% |
Brazilian Real | 0.2% |
Singapore Dollar | 0.2% |
Philippine Peso | 0.1% |
British Pound Sterling (o) | 0.0% |
Other Currencies | (1.5)% |
bond weights by country (i)
Mexico | 0.4% |
Uruguay | 0.3% |
Brazil | 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. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. |
(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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(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 3.3%. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of the portfolio’s net assets. United States issuer country exposure is 9.8% 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 99.1% and includes Cash & Cash Equivalents. |
August 1, 2022 through January 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 8/01/22 | Ending Account Value 1/31/23 | Expenses Paid During Period (p) 8/01/22-1/31/23 | |
A | Actual | 1.06% | $1,000.00 | $1,058.70 | $5.50 |
Hypothetical (h) | 1.06% | $1,000.00 | $1,019.86 | $5.40 | |
B | Actual | 1.82% | $1,000.00 | $1,054.69 | $9.43 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,016.03 | $9.25 | |
C | Actual | 1.82% | $1,000.00 | $1,054.73 | $9.43 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,016.03 | $9.25 | |
I | Actual | 0.81% | $1,000.00 | $1,060.09 | $4.21 |
Hypothetical (h) | 0.81% | $1,000.00 | $1,021.12 | $4.13 | |
R1 | Actual | 1.81% | $1,000.00 | $1,054.69 | $9.37 |
Hypothetical (h) | 1.81% | $1,000.00 | $1,016.08 | $9.20 | |
R2 | Actual | 1.32% | $1,000.00 | $1,057.35 | $6.85 |
Hypothetical (h) | 1.32% | $1,000.00 | $1,018.55 | $6.72 | |
R3 | Actual | 1.06% | $1,000.00 | $1,058.71 | $5.50 |
Hypothetical (h) | 1.06% | $1,000.00 | $1,019.86 | $5.40 | |
R4 | Actual | 0.82% | $1,000.00 | $1,060.05 | $4.26 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,021.07 | $4.18 | |
R6 | Actual | 0.70% | $1,000.00 | $1,060.67 | $3.64 |
Hypothetical (h) | 0.70% | $1,000.00 | $1,021.68 | $3.57 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 93.5% | ||||
Angola – 1.9% | ||||
Republic of Angola, 8.75%, 4/14/2032 (n) | $ | 26,859,000 | $24,808,852 | |
Republic of Angola, 9.375%, 5/08/2048 (n) | 500,000 | 445,030 | ||
Republic of Angola, 9.375%, 5/08/2048 | 28,916,000 | 25,736,975 | ||
Republic of Angola, 9.125%, 11/26/2049 (n) | 391,000 | 341,871 | ||
Republic of Angola, 9.125%, 11/26/2049 | 92,528,000 | 80,901,857 | ||
$132,234,585 | ||||
Argentina – 1.8% | ||||
Province of Santa Fe, 7%, 3/23/2023 (n) | $ | 2,046,000 | $1,994,850 | |
Province of Santa Fe, 7%, 3/23/2023 | 75,000 | 73,125 | ||
Republic of Argentina, 3.875%, 1/09/2038 | 167,600,000 | 61,566,126 | ||
Republic of Argentina, 3.5%, 7/09/2041 | 187,739,000 | 63,874,220 | ||
$127,508,321 | ||||
Azerbaijan – 1.2% | ||||
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 (n) | $ | 532,000 | $548,215 | |
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | 46,074,000 | 47,478,336 | ||
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 36,039,000 | 37,708,543 | ||
$85,735,094 | ||||
Benin – 0.3% | ||||
Republic of Benin, 4.875%, 1/19/2032 | EUR | 9,102,000 | $7,767,765 | |
Republic of Benin, 4.875%, 1/19/2032 (n) | 7,911,000 | 6,751,350 | ||
Republic of Benin, 6.875%, 1/19/2052 (n) | 4,952,000 | 3,899,319 | ||
Republic of Benin, 6.875%, 1/19/2052 | 3,200,000 | 2,519,753 | ||
$20,938,187 | ||||
Bermuda – 0.7% | ||||
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 16,826,000 | $14,386,230 | |
Government of Bermuda, 2.375%, 8/20/2030 | 8,133,000 | 6,953,715 | ||
Government of Bermuda, 5%, 7/15/2032 (n) | 15,892,000 | 15,956,091 | ||
Government of Bermuda, 3.375%, 8/20/2050 (n) | 15,484,000 | 11,159,679 | ||
Government of Bermuda, 3.375%, 8/20/2050 | 1,300,000 | 936,940 | ||
$49,392,655 | ||||
Brazil – 1.8% | ||||
Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 | $ | 22,101,902 | $20,803,194 | |
Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 (n) | 3,955,642 | 3,723,209 | ||
Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | 17,818,000 | 17,714,656 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Brazil – continued | ||||
Ero Copper Corp., 6.5%, 2/15/2030 (n) | $ | 14,609,000 | $12,441,939 | |
Federative Republic of Brazil, 10%, 1/01/2025 | BRL | 44,706,000 | 8,410,777 | |
Federative Republic of Brazil, 10%, 1/01/2027 | 46,884,000 | 8,484,870 | ||
Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031 | $ | 19,737,000 | 15,152,687 | |
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 11,497,428 | 10,029,049 | ||
MV24 Capital B.V., 6.748%, 6/01/2034 | 17,920,550 | 17,096,204 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 14,885,000 | 14,103,537 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 | 1,392,000 | 1,318,920 | ||
$129,279,042 | ||||
Bulgaria – 0.4% | ||||
Bulgarian Energy Holdings, 2.45%, 7/22/2028 | EUR | 23,417,000 | $20,752,179 | |
ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 (n) | 6,382,000 | 5,790,117 | ||
ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 | 2,300,000 | 2,086,692 | ||
$28,628,988 | ||||
Cameroon – 0.2% | ||||
Republic of Cameroon, 5.95%, 7/07/2032 | EUR | 16,531,000 | $13,688,814 | |
Chile – 3.9% | ||||
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) | $ | 2,909,000 | $2,749,005 | |
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 | 15,419,000 | 14,570,955 | ||
Agrosuper S.A., 4.6%, 1/20/2032 | 4,865,000 | 4,354,175 | ||
Agrosuper S.A., 4.6%, 1/20/2032 (n) | 9,107,000 | 8,150,765 | ||
Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n) | 13,782,574 | 11,052,935 | ||
Antofagasta PLC, 5.625%, 5/13/2032 (z) | 13,544,000 | 13,584,654 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 (n) | 11,434,000 | 10,924,577 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 | 11,598,000 | 11,081,270 | ||
Chile Electricity PEC S.p.A., 0%, 1/25/2028 | 9,915,000 | 7,404,369 | ||
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n) | 17,617,000 | 15,238,705 | ||
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 | 6,296,000 | 5,446,040 | ||
E.CL S.A., 4.5%, 1/29/2025 | 12,732,000 | 12,413,700 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | 7,960,000 | 7,504,935 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n) | 4,892,000 | 4,769,700 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | 1,500,000 | 1,462,500 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n) | 17,839,000 | 15,209,164 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Chile – continued | ||||
Empresa Nacional del Petroleo (Republic of Chile), 4.5%, 9/14/2047 | $ | 15,036,000 | $11,810,928 | |
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n) | 2,031,000 | 1,980,225 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 12,882,000 | 10,788,675 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | 9,700,000 | 8,123,750 | ||
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n) | 16,053,000 | 15,422,920 | ||
Republic of Chile, 2.55%, 7/27/2033 | 18,126,000 | 14,761,806 | ||
Republic of Chile, 3.5%, 1/31/2034 | 14,584,000 | 12,894,239 | ||
Republic of Chile, 4%, 1/31/2052 | 20,620,000 | 16,728,943 | ||
Republic of Chile, 3.25%, 9/21/2071 | 11,703,000 | 7,634,456 | ||
Transelec S.A., 4.625%, 7/26/2023 (n) | 10,657,000 | 10,602,223 | ||
Transelec S.A., 3.875%, 1/12/2029 | 5,077,000 | 4,670,840 | ||
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 | 10,286,000 | 7,208,069 | ||
VTR Finance N.V., 6.375%, 7/15/2028 (n) | 7,102,000 | 2,927,444 | ||
VTR Finance N.V., 6.375%, 7/15/2028 | 5,600,000 | 2,308,320 | ||
$273,780,287 | ||||
China – 2.7% | ||||
AIA Group Ltd., 5.625%, 10/25/2027 (n) | $ | 14,262,000 | $14,850,601 | |
CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024 | 15,094,000 | 14,781,916 | ||
China Southern Power Grid Co. Ltd., 3.5%, 5/08/2027 | 13,925,000 | 13,501,674 | ||
China Southern Power Grid Co. Ltd., 4.25%, 9/18/2028 | 6,151,000 | 6,121,352 | ||
Country Garden Holdings Co. Ltd., 2.7%, 7/12/2026 | 2,630,000 | 1,707,295 | ||
Country Garden Holdings Co. Ltd., 4.8%, 8/06/2030 | 985,000 | 595,258 | ||
Country Garden Holdings Co. Ltd., 3.875%, 10/22/2030 | 3,720,000 | 2,160,270 | ||
Country Garden Holdings Co. Ltd., 3.3%, 1/12/2031 | 3,009,000 | 1,744,396 | ||
ENN Clean Energy International Investment Ltd., 3.375%, 5/12/2026 (n) | 11,535,000 | 10,505,996 | ||
Huarong Finance 2017 Co. Ltd. (People's Republic of China), 4.75%, 4/27/2027 | 11,602,000 | 10,470,805 | ||
Huarong Finance 2019 Co. Ltd. (People's Republic of China), 3.25%, 11/13/2024 | 12,054,000 | 11,313,558 | ||
Meituan, 2.125%, 10/28/2025 (n) | 8,941,000 | 8,127,002 | ||
Meituan, 2.125%, 10/28/2025 | 2,700,000 | 2,454,189 | ||
Meituan, 3.05%, 10/28/2030 (n) | 17,044,000 | 13,870,267 | ||
Meituan, 3.05%, 10/28/2030 | 3,000,000 | 2,441,375 | ||
Prosus N.V., 3.061%, 7/13/2031 (n) | 14,659,000 | 11,733,389 | ||
Prosus N.V., 4.193%, 1/19/2032 (n) | 8,286,000 | 7,122,780 | ||
Prosus N.V., 4.027%, 8/03/2050 (n) | 8,825,000 | 5,965,223 | ||
Prosus N.V., 4.027%, 8/03/2050 | 2,989,000 | 2,020,402 | ||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 (n) | 212,000 | 205,741 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
China – continued | ||||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 | $ | 29,199,000 | $28,336,912 | |
Sunac China Holdings Ltd., 7.95%, 10/11/2023 (a)(d) | 2,854,000 | 815,671 | ||
Sunac China Holdings Ltd., 7.5%, 2/01/2024 (a) | 15,115,000 | 4,288,895 | ||
Sunac China Holdings Ltd., 6.5%, 1/10/2025 (a) | 7,626,000 | 2,163,480 | ||
Times China Holdings Ltd., 6.75%, 7/08/2025 (a) | 9,100,000 | 1,770,377 | ||
Times China Holdings Ltd., 6.2%, 3/22/2026 (a) | 9,800,000 | 1,877,982 | ||
Weibo Corp., 3.375%, 7/08/2030 | 10,420,000 | 8,705,122 | ||
$189,651,928 | ||||
Colombia – 1.4% | ||||
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | $ | 9,110,000 | $7,122,482 | |
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 (n) | 1,917,000 | 1,518,028 | ||
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 | 2,700,000 | 2,138,068 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 18,491,000 | 13,202,157 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 | 1,000,000 | 713,977 | ||
Republic of Colombia, 3.125%, 4/15/2031 | 13,000,000 | 9,821,894 | ||
Republic of Colombia, 8%, 4/20/2033 | 18,861,000 | 19,315,410 | ||
Republic of Colombia, 5.2%, 5/15/2049 | 20,753,000 | 14,600,573 | ||
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 14,693,000 | 12,121,423 | ||
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 15,374,450 | 14,490,419 | ||
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 | 4,030,000 | 3,798,275 | ||
$98,842,706 | ||||
Costa Rica – 0.6% | ||||
Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n) | $ | 9,185,000 | $8,969,152 | |
Republic of Costa Rica, 7%, 4/04/2044 | 16,693,000 | 16,192,210 | ||
Republic of Costa Rica, 7.158%, 3/12/2045 | 14,664,000 | 14,389,050 | ||
$39,550,412 | ||||
Cote d'Ivoire – 1.0% | ||||
Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | EUR | 15,882,000 | $14,569,153 | |
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | 23,363,000 | 19,879,870 | ||
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 | 6,400,000 | 5,445,840 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | 14,557,000 | 12,079,843 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 | 18,154,000 | 15,064,744 | ||
Republic of Cote d'Ivoire, 6.625%, 3/22/2048 (n) | 6,440,000 | 5,047,130 | ||
Republic of Cote d'Ivoire, 6.625%, 3/22/2048 | 2,200,000 | 1,724,175 | ||
$73,810,755 | ||||
Czech Republic – 0.2% | ||||
PPF Telecom Group B.V., 3.25%, 9/29/2027 | EUR | 16,215,000 | $16,128,904 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Dominican Republic – 3.4% | ||||
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 | $ | 20,083,000 | $20,083,000 | |
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n) | 5,499,000 | 5,499,000 | ||
Dominican Republic, 5.5%, 2/22/2029 (n) | 19,927,000 | 18,744,690 | ||
Dominican Republic, 4.5%, 1/30/2030 (n) | 7,778,000 | 6,746,346 | ||
Dominican Republic, 4.5%, 1/30/2030 | 600,000 | 520,418 | ||
Dominican Republic, 7.05%, 2/03/2031 (n)(w) | 12,994,000 | 12,994,000 | ||
Dominican Republic, 4.875%, 9/23/2032 (n) | 27,609,000 | 23,503,195 | ||
Dominican Republic, 4.875%, 9/23/2032 | 30,042,000 | 25,574,377 | ||
Dominican Republic, 6%, 2/22/2033 (n) | 25,333,000 | 23,364,421 | ||
Dominican Republic, 5.3%, 1/21/2041 (n) | 7,065,000 | 5,654,405 | ||
Dominican Republic, 5.3%, 1/21/2041 | 12,400,000 | 9,924,222 | ||
Dominican Republic, 6.5%, 2/15/2048 | 8,790,000 | 7,580,606 | ||
Dominican Republic, 6.4%, 6/05/2049 | 5,782,000 | 4,916,521 | ||
Dominican Republic, 5.875%, 1/30/2060 (n) | 896,000 | 688,237 | ||
Dominican Republic, 5.875%, 1/30/2060 | 71,103,000 | 54,615,791 | ||
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 (n) | 8,563,000 | 7,732,988 | ||
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 | 11,200,000 | 10,114,384 | ||
$238,256,601 | ||||
Ecuador – 1.2% | ||||
Republic of Ecuador, 2.5%, 7/31/2035 | $ | 93,740,000 | $45,616,318 | |
Republic of Ecuador, 1.5%, 7/31/2040 (n) | 3,286,161 | 1,379,232 | ||
Republic of Ecuador, 1.5%, 7/31/2040 | 87,781,000 | 36,842,491 | ||
$83,838,041 | ||||
Egypt – 2.2% | ||||
Arab Republic of Egypt, 5.8%, 9/30/2027 (n) | $ | 2,400,000 | $1,986,480 | |
Arab Republic of Egypt, 6.588%, 2/21/2028 (n) | 11,093,000 | 9,152,169 | ||
Arab Republic of Egypt, 7.6%, 3/01/2029 | 9,082,000 | 7,493,304 | ||
Arab Republic of Egypt, 6.375%, 4/11/2031 (n) | EUR | 9,882,000 | 7,530,395 | |
Arab Republic of Egypt, 6.375%, 4/11/2031 | 5,700,000 | 4,343,579 | ||
Arab Republic of Egypt, 7.052%, 1/15/2032 (n) | $ | 5,316,000 | 3,984,874 | |
Arab Republic of Egypt, 7.052%, 1/15/2032 | 5,996,000 | 4,494,602 | ||
Arab Republic of Egypt, 7.625%, 5/29/2032 (n) | 1,286,000 | 978,368 | ||
Arab Republic of Egypt, 7.625%, 5/29/2032 | 4,200,000 | 3,195,293 | ||
Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | 1,618,000 | 1,138,900 | ||
Arab Republic of Egypt, 8.5%, 1/31/2047 | 47,230,000 | 33,244,914 | ||
Arab Republic of Egypt, 7.903%, 2/21/2048 | 17,023,000 | 11,299,186 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 (n) | 9,028,000 | 6,372,811 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 | 14,386,000 | 10,154,991 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 10,162,000 | 7,245,465 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Egypt – continued | ||||
Arab Republic of Egypt, 8.875%, 5/29/2050 | $ | 12,448,000 | $8,875,374 | |
Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 23,442,000 | 15,182,915 | ||
Energean PLC, 6.5%, 4/30/2027 (n) | 19,635,000 | 18,374,433 | ||
$155,048,053 | ||||
El Salvador – 0.1% | ||||
Republic of El Salvador, 7.65%, 6/15/2035 | $ | 5,693,000 | $2,740,885 | |
Republic of El Salvador, 7.124%, 1/20/2050 | 5,284,000 | 2,445,529 | ||
$5,186,414 | ||||
Gabon – 0.6% | ||||
Republic of Gabon, 6.625%, 2/06/2031 | $ | 4,910,000 | $4,120,472 | |
Republic of Gabon, 7%, 11/24/2031 (n) | 11,400,000 | 9,592,690 | ||
Republic of Gabon, 7%, 11/24/2031 | 34,570,000 | 29,089,410 | ||
$42,802,572 | ||||
Ghana – 0.5% | ||||
Kosmos Energy Ltd., 7.75%, 5/01/2027 | $ | 6,407,000 | $5,701,589 | |
Kosmos Energy Ltd., 7.5%, 3/01/2028 | 8,473,000 | 7,237,001 | ||
Republic of Ghana, 7.75%, 4/07/2029 (a) | 3,909,000 | 1,446,330 | ||
Republic of Ghana, 8.625%, 4/07/2034 (a) | 16,111,000 | 5,920,793 | ||
Republic of Ghana, 7.875%, 2/11/2035 (a) | 39,192,000 | 14,379,545 | ||
Republic of Ghana, 8.75%, 3/11/2061 (a) | 4,612,000 | 1,661,888 | ||
$36,347,146 | ||||
Guatemala – 2.8% | ||||
Banco Industrial S.A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n) | $ | 12,038,000 | $11,261,138 | |
Central America Bottling Co., 5.25%, 4/27/2029 (n) | 27,802,000 | 26,697,983 | ||
CT Trust, 5.125%, 2/03/2032 (n) | 17,101,000 | 14,908,562 | ||
Energuate Trust, 5.875%, 5/03/2027 (n) | 5,065,000 | 4,862,400 | ||
Energuate Trust, 5.875%, 5/03/2027 | 19,650,000 | 18,864,000 | ||
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n) | 20,925,000 | 19,974,286 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 9,384,000 | 7,943,556 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 | 3,349,000 | 2,834,929 | ||
Republic of Guatemala, 4.875%, 2/13/2028 | 4,270,000 | 4,142,118 | ||
Republic of Guatemala, 5.25%, 8/10/2029 (n) | 5,667,000 | 5,519,598 | ||
Republic of Guatemala, 4.9%, 6/01/2030 | 10,821,000 | 10,319,437 | ||
Republic of Guatemala, 3.7%, 10/07/2033 | 12,124,000 | 10,220,124 | ||
Republic of Guatemala, 3.7%, 10/07/2033 (n) | 9,276,000 | 7,819,356 | ||
Republic of Guatemala, 4.65%, 10/07/2041 (n) | 9,506,000 | 7,903,398 | ||
Republic of Guatemala, 4.65%, 10/07/2041 | 9,100,000 | 7,565,845 | ||
Republic of Guatemala, 6.125%, 6/01/2050 | 36,857,000 | 35,761,582 | ||
$196,598,312 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Hungary – 1.6% | ||||
MVM Energetika Zartkoruen Mukodo Reszvenytarsasag, 0.875%, 11/18/2027 | EUR | 18,400,000 | $15,095,891 | |
Republic of Hungary, 6.125%, 5/22/2028 (n) | $ | 18,129,000 | 18,743,863 | |
Republic of Hungary, 5.25%, 6/16/2029 (n) | 13,477,000 | 13,261,368 | ||
Republic of Hungary, 6.25%, 9/22/2032 (n) | 23,481,000 | 24,274,893 | ||
Republic of Hungary, 5.5%, 6/16/2034 (n) | 33,398,000 | 32,786,950 | ||
Republic of Hungary, 6.75%, 9/25/2052 (n) | 6,061,000 | 6,394,355 | ||
$110,557,320 | ||||
India – 5.0% | ||||
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 13,683,000 | $12,775,972 | |
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 | 6,100,000 | 5,695,639 | ||
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n) | 9,303,000 | 6,558,615 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 12,888,785 | 9,537,701 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 | 6,897,735 | 5,104,324 | ||
Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | 8,099,072 | 6,112,370 | ||
Azure Power Energy Ltd., 3.575%, 8/19/2026 | 12,558,028 | 9,477,544 | ||
Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 (n) | 13,379,550 | 11,905,653 | ||
Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 | 4,180,990 | 3,720,410 | ||
Delhi International Airport Ltd., 6.45%, 6/04/2029 (n) | 753,000 | 708,385 | ||
Delhi International Airport Ltd., 6.45%, 6/04/2029 | 3,400,000 | 3,198,550 | ||
Delhi International Airport Ltd. (Cliffton Ltd.), 6.25%, 10/25/2025 (n) | 19,244,000 | 18,281,800 | ||
Export-Import Bank of India, 3.25%, 1/15/2030 | 7,705,000 | 6,818,771 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 28,790,000 | 23,276,715 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 | 9,840,000 | 7,955,640 | ||
Export-Import Bank of India, 5.5%, 1/18/2033 (n) | 36,446,000 | 36,806,196 | ||
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 (n) | 4,600,000 | 4,542,500 | ||
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 | 2,900,000 | 2,863,750 | ||
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/2027 | 2,234,000 | 1,960,335 | ||
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 14,278,205 | 12,751,294 | ||
Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n) | 7,186,375 | 6,185,316 | ||
Greenko Wind Projects (Mauritius) Ltd., 5.5%, 4/06/2025 (n) | 17,819,000 | 16,798,741 | ||
Indian Railway Finance Corp., 3.249%, 2/13/2030 | 5,300,000 | 4,633,154 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 28,111,000 | 23,361,928 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 | 14,793,000 | 12,293,871 | ||
JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n) | 17,682,000 | 15,663,742 | ||
JSW Infrastructure Ltd., 4.95%, 1/21/2029 | 5,029,000 | 4,454,980 | ||
JSW Steel Ltd., 5.05%, 4/05/2032 (n) | 13,380,000 | 11,250,553 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
India – continued | ||||
Muthoot Finance Ltd., 4.4%, 9/02/2023 (n) | $ | 11,708,000 | $11,473,840 | |
Muthoot Finance Ltd., 4.4%, 9/02/2023 | 9,200,000 | 9,016,000 | ||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n) | 8,024,000 | 7,056,065 | ||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 | 3,600,000 | 3,165,732 | ||
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 15,857,000 | 13,642,423 | ||
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 18,869,000 | 18,184,999 | ||
UPL Ltd., 4.625%, 6/16/2030 | 3,366,000 | 2,785,408 | ||
$350,018,916 | ||||
Indonesia – 5.3% | ||||
Bank Negara Indonesia, 3.75%, 3/30/2026 | $ | 11,847,000 | $11,082,869 | |
Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | 1,917,000 | 1,812,281 | ||
Listrindo Capital B.V., 4.95%, 9/14/2026 | 17,762,000 | 16,791,720 | ||
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 | 12,798,000 | 12,284,895 | ||
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n) | 19,248,000 | 18,335,054 | ||
Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n) | 8,456,000 | 7,540,046 | ||
PT Freeport Indonesia, 5.315%, 4/14/2032 (n) | 19,166,000 | 18,210,017 | ||
PT Freeport Indonesia, 6.2%, 4/14/2052 (n) | 19,302,000 | 17,854,350 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 11,422,000 | 9,837,186 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.541%, 4/27/2032 | 11,288,000 | 9,453,700 | ||
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052 | 22,114,000 | 17,031,639 | ||
PT Pertamina (Persero) (Republic of Indonesia), 5.625%, 5/20/2043 | 7,385,000 | 7,091,064 | ||
PT Pertamina (Persero) (Republic of Indonesia), 6.5%, 11/07/2048 | 4,936,000 | 5,109,854 | ||
PT Pertamina (Persero) (Republic of Indonesia), 4.15%, 2/25/2060 | 3,363,000 | 2,497,685 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 6.15%, 5/21/2048 | 2,770,000 | 2,689,876 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | 6,353,000 | 5,190,264 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 | 3,100,000 | 2,532,633 | ||
Republic of Indonesia, 4.125%, 1/15/2025 | 9,221,000 | 9,137,884 | ||
Republic of Indonesia, 3.4%, 9/18/2029 | 7,943,000 | 7,402,876 | ||
Republic of Indonesia, 3.55%, 3/31/2032 | 13,122,000 | 12,039,990 | ||
Republic of Indonesia, 4.7%, 6/06/2032 (n) | 8,154,000 | 8,166,233 | ||
Republic of Indonesia, 4.65%, 9/20/2032 | 20,029,000 | 19,932,884 | ||
Republic of Indonesia, 4.85%, 1/11/2033 | 22,204,000 | 22,407,193 | ||
Republic of Indonesia, 1.1%, 3/12/2033 | EUR | 13,750,000 | 11,119,455 | |
Republic of Indonesia, 4.625%, 4/15/2043 | $ | 19,819,000 | 18,584,456 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Indonesia – continued | ||||
Republic of Indonesia, 5.125%, 1/15/2045 | $ | 7,336,000 | $7,284,061 | |
Republic of Indonesia, 4.35%, 1/11/2048 | 39,048,000 | 34,800,339 | ||
Republic of Indonesia, 5.45%, 9/20/2052 | 22,801,000 | 23,401,578 | ||
Republic of Indonesia, 5.65%, 1/11/2053 | 8,148,000 | 8,552,404 | ||
Saka Energi Indonesia PT, 4.45%, 5/05/2024 (n) | 1,794,000 | 1,737,938 | ||
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n) | 2,730,000 | 2,372,420 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | 9,811,491 | 9,529,346 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 8,480,157 | 8,236,297 | ||
$370,050,487 | ||||
Israel – 0.7% | ||||
Energean Israel Finance Ltd., 4.875%, 3/30/2026 | $ | 16,100,000 | $15,033,375 | |
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n) | 12,448,000 | 12,354,640 | ||
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | 24,028,000 | 23,334,648 | ||
$50,722,663 | ||||
Jamaica – 0.2% | ||||
Government of Jamaica, 7.875%, 7/28/2045 | $ | 9,950,000 | $11,632,809 | |
Jordan – 1.3% | ||||
Hashemite Kingdom of Jordan, 7.75%, 1/15/2028 (n) | $ | 14,178,000 | $14,641,620 | |
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n) | 21,674,000 | 19,950,180 | ||
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 | 12,787,000 | 11,769,999 | ||
Hashemite Kingdom of Jordan, 7.375%, 10/10/2047 | 49,209,000 | 44,191,060 | ||
$90,552,859 | ||||
Kazakhstan – 2.1% | ||||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n) | $ | 5,565,000 | $5,132,621 | |
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 | 10,841,000 | 9,998,695 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033 | 16,284,000 | 12,335,912 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047 | 12,199,000 | 9,694,472 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n) | 2,262,000 | 1,934,010 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | 30,270,000 | 25,880,850 | ||
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | 6,227,000 | 5,697,705 | ||
Republic of Kazakhstan, 6.5%, 7/21/2045 | 23,684,000 | 25,098,693 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 37,468,000 | 33,427,451 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Kazakhstan – continued | ||||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | $ | 17,232,000 | $13,119,066 | |
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | 4,000,000 | 3,045,280 | ||
$145,364,755 | ||||
Kenya – 0.7% | ||||
Republic of Kenya, 7%, 5/22/2027 | $ | 11,841,000 | $10,670,043 | |
Republic of Kenya, 8%, 5/22/2032 | 34,972,000 | 30,384,373 | ||
Republic of Kenya, 8.25%, 2/28/2048 | 10,636,000 | 8,331,392 | ||
$49,385,808 | ||||
Kuwait – 0.4% | ||||
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026 | $ | 2,298,000 | $2,235,494 | |
EQUATE Petrochemical B.V. (State of Kuwait), 2.625%, 4/28/2028 (n) | 3,800,000 | 3,382,000 | ||
MEGlobal Canada ULC (State of Kuwait), 5.875%, 5/18/2030 (n) | 3,091,000 | 3,193,003 | ||
NBK SPC Ltd. (State of Kuwait), 1.625% to 9/15/2026, FLR (SOFR - 1 day + 1.05%) to 9/15/2027 (n) | 21,297,000 | 19,007,573 | ||
$27,818,070 | ||||
Malaysia – 0.7% | ||||
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031 | $ | 38,359,000 | $31,285,984 | |
GENM Capital Labuan Ltd., 3.882%, 4/19/2031 (n) | 13,637,000 | 11,066,894 | ||
PETRONAS Capital Ltd. (Federation of Malaysia), 3.404%, 4/28/2061 | 14,198,000 | 10,359,280 | ||
$52,712,158 | ||||
Mexico – 8.4% | ||||
Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171 | $ | 8,654,000 | $7,639,812 | |
Banco Mercantil del Norte S.A., 7.625% to 1/10/2028, FLR (CMT - 10yr. + 5.353%) to 10/06/2171 | 7,645,000 | 7,559,223 | ||
Becle S.A.B. de C.V., 2.5%, 10/14/2031 | 21,377,000 | 17,097,425 | ||
Braskem Idesa S.A.P.I., 6.99%, 2/20/2032 | 12,504,000 | 9,260,462 | ||
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 (n) | 3,254,000 | 3,345,112 | ||
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 | 1,600,000 | 1,644,800 | ||
Comision Federal de Electricidad (United Mexican States), 4.688%, 5/15/2029 (n) | 15,292,000 | 14,087,755 | ||
Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n) | 17,771,000 | 14,041,520 | ||
Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n) | 16,523,000 | 14,853,463 | ||
GCC S.A.B de C.V., 3.614%, 4/20/2032 (n) | 17,024,000 | 14,474,700 | ||
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n) | 18,002,000 | 15,906,242 | ||
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 | 2,802,000 | 2,475,796 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mexico – continued | ||||
Grupo Bimbo S.A.B. de C.V., 5.95% to 7/17/2023, FLR (CMT - 5yr. + 3.28%) to 7/17/2028, FLR (CMT - 5yr. + 3.53%) to 7/17/2043, FLR (CMT - 5yr. + 4.28%) to 7/17/2171 | $ | 11,208,000 | $11,199,034 | |
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 5,863,000 | 5,559,062 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 | 12,649,000 | 11,993,276 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n) | 9,897,000 | 7,819,932 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | 14,716,000 | 11,627,576 | ||
Petroleos Mexicanos, 6.49%, 1/23/2027 | 12,215,000 | 11,470,007 | ||
Petroleos Mexicanos, 8.75%, 6/02/2029 | 14,268,000 | 13,895,196 | ||
Petroleos Mexicanos, 6.84%, 1/23/2030 | 24,751,000 | 21,533,914 | ||
Petroleos Mexicanos, 5.95%, 1/28/2031 | 51,648,000 | 41,346,474 | ||
Petroleos Mexicanos, 6.7%, 2/16/2032 | 31,847,000 | 26,435,094 | ||
Petroleos Mexicanos, 10%, 2/07/2033 (n)(w) | 53,499,000 | 52,268,523 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 46,871,000 | 32,519,582 | ||
Petroleos Mexicanos, 7.69%, 1/23/2050 | 77,399,000 | 57,786,186 | ||
Petroleos Mexicanos, 6.95%, 1/28/2060 | 48,511,000 | 33,467,002 | ||
Total Play Telecomunicaciones S.A. de C.V., 6.375%, 9/20/2028 (n) | 20,292,000 | 17,174,946 | ||
United Mexican States, 5.75%, 3/05/2026 | MXN | 188,400,000 | 9,060,869 | |
United Mexican States, 5.4%, 2/09/2028 | $ | 11,941,000 | 12,260,120 | |
United Mexican States, 8.5%, 5/31/2029 | MXN | 132,400,000 | 6,968,007 | |
United Mexican States, 7.75%, 5/29/2031 | 288,900,000 | 14,503,837 | ||
United Mexican States, 4.875%, 5/19/2033 | $ | 10,569,000 | 10,146,518 | |
United Mexican States, 1.45%, 10/25/2033 | EUR | 10,204,000 | 8,102,755 | |
United Mexican States, 3.5%, 2/12/2034 | $ | 18,320,000 | 15,395,423 | |
United Mexican States, 6.35%, 2/09/2035 | 14,498,000 | 15,390,298 | ||
United Mexican States, 4.5%, 1/31/2050 | 29,191,000 | 23,559,976 | ||
$593,869,917 | ||||
Morocco – 0.9% | ||||
Kingdom of Morocco, 3%, 12/15/2032 | $ | 24,733,000 | $19,755,484 | |
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 | 12,863,000 | 12,461,031 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n) | 1,559,000 | 1,510,281 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | 17,682,000 | 13,891,333 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 | 16,764,000 | 13,170,134 | ||
$60,788,263 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Nigeria – 0.9% | ||||
Federal Republic of Nigeria, 6.125%, 9/28/2028 (n) | $ | 13,582,000 | $10,533,113 | |
Federal Republic of Nigeria, 7.875%, 2/16/2032 | 23,273,000 | 17,512,932 | ||
Federal Republic of Nigeria, 7.375%, 9/28/2033 (n) | 22,438,000 | 15,987,075 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | 336,000 | 232,680 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 | 31,700,000 | 21,952,250 | ||
$66,218,050 | ||||
Oman – 3.5% | ||||
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | $ | 16,730,000 | $16,446,192 | |
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 | 6,350,000 | 6,242,279 | ||
Sultanate of Oman, 6.25%, 1/25/2031 (n) | 3,493,000 | 3,614,976 | ||
Sultanate of Oman, 6.25%, 1/25/2031 | 13,043,000 | 13,498,461 | ||
Sultanate of Oman, 6.5%, 3/08/2047 | 30,435,000 | 29,065,425 | ||
Sultanate of Oman, 6.75%, 1/17/2048 (n) | 200,000 | 197,054 | ||
Sultanate of Oman, 6.75%, 1/17/2048 | 91,621,000 | 90,271,423 | ||
Sultanate of Oman, 7%, 1/25/2051 (n) | 15,943,000 | 16,132,722 | ||
Sultanate of Oman, 7%, 1/25/2051 | 72,116,000 | 72,974,180 | ||
$248,442,712 | ||||
Pakistan – 0.3% | ||||
Islamic Republic of Pakistan, 6%, 4/08/2026 (n) | $ | 12,855,000 | $5,527,650 | |
Islamic Republic of Pakistan, 6.875%, 12/05/2027 | 7,800,000 | 3,276,000 | ||
Islamic Republic of Pakistan, 7.375%, 4/08/2031 | 22,826,000 | 9,491,051 | ||
Islamic Republic of Pakistan, 8.875%, 4/08/2051 (n) | 5,978,000 | 2,432,448 | ||
Islamic Republic of Pakistan, 8.875%, 4/08/2051 | 3,807,000 | 1,549,068 | ||
$22,276,217 | ||||
Panama – 1.7% | ||||
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 5.125%, 8/11/2061 (n) | $ | 6,963,000 | $5,657,438 | |
AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n) | 15,859,000 | 14,067,732 | ||
Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n) | 10,029,000 | 9,737,731 | ||
Autoridad del Canal de Panama, 4.95%, 7/29/2035 | 5,969,000 | 5,795,645 | ||
Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n) | 5,840,000 | 5,024,433 | ||
Cable Onda S.A., 4.5%, 1/30/2030 (n) | 6,390,000 | 5,703,075 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | 6,521,000 | 5,476,579 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 | 7,400,000 | 6,214,796 | ||
Panama Canal Railway Co., 7%, 11/01/2026 | 2,459,016 | 2,508,196 | ||
Panama Canal Railway Co., 7%, 11/01/2026 (n) | 488,040 | 497,801 | ||
Republic of Panama, 3.362%, 6/30/2031 (n) | 18,229,000 | 15,232,882 | ||
Republic of Panama, 3.298%, 1/19/2033 | 3,289,000 | 2,743,668 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Panama – continued | ||||
Republic of Panama, 6.4%, 2/14/2035 | $ | 16,718,000 | $17,627,277 | |
Republic of Panama, 4.5%, 1/19/2063 | 28,206,000 | 21,016,732 | ||
$117,303,985 | ||||
Paraguay – 1.8% | ||||
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $ | 6,079,000 | $5,433,106 | |
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 | 2,000,000 | 1,787,500 | ||
Republic of Paraguay, 3.849%, 6/28/2033 (n) | 6,376,000 | 5,590,965 | ||
Republic of Paraguay, 6.1%, 8/11/2044 | 7,024,000 | 6,950,638 | ||
Republic of Paraguay, 5.6%, 3/13/2048 (n) | 3,088,000 | 2,792,728 | ||
Republic of Paraguay, 5.6%, 3/13/2048 | 47,844,000 | 43,269,198 | ||
Republic of Paraguay, 5.4%, 3/30/2050 (n) | 256,000 | 228,131 | ||
Republic of Paraguay, 5.4%, 3/30/2050 | 53,475,000 | 47,653,506 | ||
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | 3,483,000 | 3,237,818 | ||
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 | 9,397,000 | 8,735,510 | ||
$125,679,100 | ||||
Peru – 1.1% | ||||
Consorcio Transmantaro S.A. (Republic of Peru), 5.2%, 4/11/2038 (n) | $ | 5,906,000 | $5,486,438 | |
Gas Natural de Lima y Callao S.A., 4.375%, 4/01/2023 | 12,928,000 | 12,885,725 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 | 300,458 | 310,224 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n) | 18,290 | 18,884 | ||
Peru LNG, 5.375%, 3/22/2030 | 17,905,000 | 14,847,542 | ||
Republic of Peru, 2.844%, 6/20/2030 | 7,759,000 | 6,687,783 | ||
Republic of Peru, 2.783%, 1/23/2031 | 12,414,000 | 10,507,606 | ||
Republic of Peru, 1.862%, 12/01/2032 | 8,554,000 | 6,390,589 | ||
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | 22,485,000 | 19,345,419 | ||
$76,480,210 | ||||
Philippines – 1.2% | ||||
ICTSI Treasury B.V., 3.5%, 11/16/2031 | $ | 19,670,000 | $16,660,485 | |
Republic of Philippines, 3.556%, 9/29/2032 | 8,754,000 | 8,082,479 | ||
Republic of Philippines, 5.609%, 4/13/2033 | 10,398,000 | 11,060,749 | ||
Republic of Philippines, 1.2%, 4/28/2033 | EUR | 9,455,000 | 7,936,215 | |
Republic of Philippines, 5%, 7/17/2033 | $ | 20,883,000 | 21,218,983 | |
Republic of Philippines, 1.75%, 4/28/2041 | EUR | 7,851,000 | 5,728,838 | |
Republic of Philippines, 5.5%, 1/17/2048 | $ | 14,294,000 | 14,890,709 | |
$85,578,458 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Poland – 0.8% | ||||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n) | $ | 11,099,000 | $10,105,639 | |
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 | 400,000 | 364,200 | ||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 15,169,000 | 12,596,186 | ||
Republic of Poland, 5.75%, 11/16/2032 | 16,913,000 | 18,271,114 | ||
Synthos S.A., 2.5%, 6/07/2028 (n) | EUR | 16,571,000 | 14,215,769 | |
Synthos S.A., 2.5%, 6/07/2028 | 600,000 | 514,722 | ||
$56,067,630 | ||||
Qatar – 1.8% | ||||
ABQ Finance Ltd., 2%, 7/06/2026 | $ | 7,997,000 | $7,208,944 | |
CBQ Finance Ltd. Co., 2%, 5/12/2026 | 14,800,000 | 13,484,263 | ||
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 (n) | 19,025,000 | 16,678,076 | ||
Qatar Petroleum, 2.25%, 7/12/2031 (n) | 7,030,000 | 5,971,212 | ||
Qatar Petroleum, 3.125%, 7/12/2041 | 11,537,000 | 9,130,266 | ||
Qatar Petroleum, 3.3%, 7/12/2051 | 14,336,000 | 10,926,899 | ||
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 15,078,000 | 14,066,266 | ||
State of Qatar, 4.625%, 6/02/2046 | 4,000,000 | 3,910,848 | ||
State of Qatar, 5.103%, 4/23/2048 (n) | 1,886,000 | 1,944,881 | ||
State of Qatar, 5.103%, 4/23/2048 | 7,818,000 | 8,062,078 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 15,461,000 | 15,422,347 | ||
State of Qatar, 4.817%, 3/14/2049 | 21,200,000 | 21,147,000 | ||
$127,953,080 | ||||
Republic of Moldova – 0.2% | ||||
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n) | $ | 17,038,000 | $12,729,431 | |
Aragvi Finance International DAC, 8.45%, 4/29/2026 | 1,800,000 | 1,344,816 | ||
$14,074,247 | ||||
Romania – 1.5% | ||||
Republic of Romania, 5.25%, 11/25/2027 (n) | $ | 19,334,000 | $19,001,455 | |
Republic of Romania, 6.625%, 2/17/2028 (n) | 17,640,000 | 18,266,220 | ||
Republic of Romania, 1.75%, 7/13/2030 (n) | EUR | 12,620,000 | 10,032,631 | |
Republic of Romania, 2%, 1/28/2032 | 4,981,000 | 3,838,220 | ||
Republic of Romania, 2%, 1/28/2032 (n) | 7,236,000 | 5,575,860 | ||
Republic of Romania, 7.125%, 1/17/2033 (n) | $ | 19,816,000 | 20,905,880 | |
Republic of Romania, 2%, 4/14/2033 | EUR | 5,459,000 | 4,043,783 | |
Republic of Romania, 6%, 5/25/2034 (n) | $ | 11,538,000 | 11,301,471 | |
Republic of Romania, 2.625%, 12/02/2040 (n) | EUR | 6,079,000 | 3,930,444 | |
Republic of Romania, 2.625%, 12/02/2040 | 3,100,000 | 2,004,339 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Romania – continued | ||||
Republic of Romania, 2.75%, 4/14/2041 (n) | EUR | 11,165,000 | $7,231,063 | |
$106,131,366 | ||||
Russia – 0.2% | ||||
Gazprom PJSC (Russian Federation), 1.85%, 11/17/2028 (n) | EUR | 16,371,000 | $12,369,428 | |
Russian Federation, 4.25%, 6/23/2027 (a)(z) | $ | 400,000 | 76,000 | |
Russian Federation, 5.1%, 3/28/2035 (a)(z) | 7,400,000 | 1,258,000 | ||
$13,703,428 | ||||
Saudi Arabia – 3.7% | ||||
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 (n) | $ | 14,651,000 | $13,909,659 | |
BSF Finance, 5.5%, 11/23/2027 | 15,122,000 | 15,462,245 | ||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/2023 | 8,675,000 | 8,653,313 | ||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | 24,231,000 | 23,650,134 | ||
Kingdom of Saudi Arabia, 5.5%, 10/25/2032 (n) | 23,313,000 | 24,975,217 | ||
Kingdom of Saudi Arabia, 4.875%, 7/18/2033 (n) | 11,414,000 | 11,613,745 | ||
Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 45,729,000 | 41,466,143 | ||
Kingdom of Saudi Arabia, 5.25%, 1/16/2050 (n) | 9,684,000 | 9,581,543 | ||
Kingdom of Saudi Arabia, 5.25%, 1/16/2050 | 12,133,000 | 12,004,633 | ||
Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n) | 19,735,000 | 14,406,550 | ||
Kingdom of Saudi Arabia, 5%, 1/18/2053 (n) | 11,408,000 | 10,868,858 | ||
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n) | 7,812,000 | 6,907,917 | ||
Saudi Arabian Oil Co., 3.5%, 4/16/2029 | 9,681,000 | 9,074,776 | ||
Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n) | 12,237,000 | 10,360,187 | ||
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n) | 3,926,000 | 3,611,920 | ||
Saudi Arabian Oil Co., 3.5%, 11/24/2070 | 19,081,000 | 13,356,700 | ||
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046 | 36,693,000 | 32,834,217 | ||
$262,737,757 | ||||
Senegal – 0.2% | ||||
Republic of Senegal, 6.25%, 5/23/2033 | $ | 10,733,000 | $9,256,139 | |
Republic of Senegal, 6.75%, 3/13/2048 | 5,942,000 | 4,436,060 | ||
$13,692,199 | ||||
Serbia – 0.6% | ||||
Republic of Serbia, 6.25%, 5/26/2028 (n) | $ | 18,939,000 | $19,270,433 | |
Republic of Serbia, 1.5%, 6/26/2029 | EUR | 7,166,000 | 5,883,712 | |
Republic of Serbia, 6.5%, 9/26/2033 (n) | $ | 15,296,000 | 15,325,062 | |
$40,479,207 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Singapore – 1.2% | ||||
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n) | $ | 8,496,000 | $7,742,320 | |
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 | 2,040,000 | 1,859,032 | ||
Oversea-Chinese Banking Corp. Ltd., 4.602% to 6/15/2027, FLR (CMT - 5yr. + 1.575%) to 6/15/2032 | 9,730,000 | 9,528,686 | ||
Puma International Financing S.A., 5%, 1/24/2026 | 17,156,000 | 15,785,235 | ||
Puma International Financing S.A., 5%, 1/24/2026 (n) | 6,960,000 | 6,403,896 | ||
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | 20,069,000 | 17,795,562 | ||
United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n) | 11,168,000 | 10,594,856 | ||
Vena Energy Capital Pte Ltd., 3.133%, 2/26/2025 | 16,092,000 | 14,978,037 | ||
$84,687,624 | ||||
Slovenia – 0.2% | ||||
United Group B.V., 3.125%, 2/15/2026 | EUR | 6,062,000 | $5,662,390 | |
United Group B.V., 3.625%, 2/15/2028 | 6,638,000 | 5,688,481 | ||
United Group B.V., 4.625%, 8/15/2028 (n) | 5,209,000 | 4,585,870 | ||
$15,936,741 | ||||
South Africa – 1.9% | ||||
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | $ | 28,634,000 | $27,419,919 | |
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | 15,400,000 | 14,702,996 | ||
Eskom Holdings SOC Ltd. (Republic of South Africa), 8.45%, 8/10/2028 | 8,624,000 | 8,263,810 | ||
Petra Diamonds US$ Treasury PLC, 10.5% (10.5% PIK/9.75% Cash to 6/30/2023), 9.75% Cash to 3/08/2026 (n)(p) | 9,578,727 | 9,291,365 | ||
Petra Diamonds US$ Treasury PLC, 10.5% (10.5% PIK/9.75% Cash to 6/30/2023), 9.75% Cash to 3/08/2026 (p) | 842,562 | 817,285 | ||
Republic of South Africa, 5.75%, 9/30/2049 | 29,685,000 | 22,601,565 | ||
Republic of South Africa, 7.3%, 4/20/2052 | 24,904,000 | 22,413,600 | ||
Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 28,662,000 | 25,007,595 | ||
$130,518,135 | ||||
South Korea – 0.7% | ||||
Export–Import Bank of Korea, 4.5%, 9/15/2032 | $ | 9,550,000 | $9,532,237 | |
Korea Development Bank, 4.25%, 9/08/2032 | 14,401,000 | 14,033,598 | ||
SK Hynix, Inc., 6.25%, 1/17/2026 (n) | 11,791,000 | 11,915,631 | ||
SK Hynix, Inc., 6.375%, 1/17/2028 (n) | 15,600,000 | 15,837,017 | ||
$51,318,483 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Sri Lanka – 0.2% | ||||
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(n) | $ | 3,554,000 | $1,203,749 | |
Republic of Sri Lanka, 7.85%, 3/14/2029 (a) | 12,814,000 | 4,340,134 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(n) | 3,761,000 | 1,273,822 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (a) | 16,812,000 | 5,694,095 | ||
$12,511,800 | ||||
Supranational – 0.1% | ||||
West African Development Bank, 4.7%, 10/22/2031 | $ | 1,621,000 | $1,430,532 | |
West African Development Bank, 4.7%, 10/22/2031 (n) | 5,492,000 | 4,846,690 | ||
$6,277,222 | ||||
Thailand – 0.8% | ||||
Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034 | $ | 12,626,000 | $11,090,931 | |
Bangkok Bank Public Co. Ltd., 3.466% to 9/23/2031, FLR (CMT - 5yr. + 2.15%) to 9/23/2036 (n) | 27,357,000 | 23,399,289 | ||
GC Treasury Center Co. Ltd. (Kingdom of Thailand), 5.2%, 3/30/2052 (n) | 7,791,000 | 6,736,878 | ||
Kasikornbank PLC (Hong Kong Branch), 3.343%, 10/02/2031 | 15,476,000 | 13,877,329 | ||
Thaioil Treasury Center Co. Ltd., 3.75%, 6/18/2050 (n) | 7,126,000 | 4,824,866 | ||
$59,929,293 | ||||
Trinidad & Tobago – 0.3% | ||||
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | $ | 21,685,000 | $18,865,950 | |
Turkey – 2.5% | ||||
Republic of Turkey, 5.6%, 11/14/2024 | $ | 5,479,000 | $5,264,826 | |
Republic of Turkey, 4.25%, 3/13/2025 | 20,496,000 | 18,979,255 | ||
Republic of Turkey, 4.75%, 1/26/2026 | 12,711,000 | 11,455,458 | ||
Republic of Turkey, 4.875%, 10/09/2026 | 26,776,000 | 23,629,820 | ||
Republic of Turkey, 9.875%, 1/15/2028 | 15,931,000 | 16,329,275 | ||
Republic of Turkey, 5.125%, 2/17/2028 | 9,183,000 | 7,840,445 | ||
Republic of Turkey, 6.125%, 10/24/2028 | 16,615,000 | 14,599,534 | ||
Republic of Turkey, 5.25%, 3/13/2030 | 17,082,000 | 13,648,518 | ||
Republic of Turkey, 5.95%, 1/15/2031 | 8,641,000 | 7,097,890 | ||
Republic of Turkey, 5.875%, 6/26/2031 | 12,499,000 | 10,089,943 | ||
Republic of Turkey, 9.375%, 1/19/2033 | 14,554,000 | 14,252,791 | ||
Republic of Turkey, 6.5%, 9/20/2033 | 11,655,000 | 9,516,308 | ||
Republic of Turkey, 6.625%, 2/17/2045 | 4,856,000 | 3,633,745 | ||
Republic of Turkey, 5.75%, 5/11/2047 | 14,748,000 | 9,840,662 | ||
T.C. Ziraat Bankasi A.S. (Republic of Turkey), 9.5%, 8/01/2026 (n)(w) | 12,961,000 | 12,811,689 | ||
$178,990,159 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Ukraine – 0.7% | ||||
Government of Ukraine, 7.75%, 9/01/2029 (a) | $ | 6,110,000 | $1,343,436 | |
Government of Ukraine, 6.876%, 5/21/2031 (a)(n) | 14,057,000 | 2,762,200 | ||
Government of Ukraine, 6.876%, 5/21/2031 (a) | 14,307,000 | 2,811,325 | ||
Government of Ukraine, 7.375% (7.375% cash or 7.375% PIK), 9/25/2034 (a)(p) | 49,267,000 | 9,730,232 | ||
Government of Ukraine, 7.253%, 3/15/2035 (a)(n) | 24,720,000 | 4,817,310 | ||
Government of Ukraine, 7.253%, 3/15/2035 (a) | 25,059,000 | 4,883,373 | ||
Government of Ukraine, GDP Linked Bond, 0%, 5/31/2041 (a) | 29,526,000 | 9,269,319 | ||
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (a)(z) | 1,969,000 | 403,645 | ||
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (a) | 7,385,000 | 1,513,925 | ||
NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (a)(n) | 12,598,000 | 2,195,202 | ||
PJSC State Savings Bank of Ukraine, 9.375%, 3/10/2023 | 700,000 | 492,538 | ||
PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025 | 10,523,250 | 5,162,970 | ||
Ukrainian Railways, 8.25%, 7/09/2026 (a) | 20,234,000 | 4,147,970 | ||
Ukrainian Railways, 7.875%, 7/15/2028 (a) | 11,762,000 | 2,181,851 | ||
$51,715,296 | ||||
United Arab Emirates – 3.2% | ||||
Abu Dhabi Commercial Bank PJSC, 3.5%, 3/31/2027 | $ | 13,195,000 | $12,574,835 | |
Abu Dhabi Commercial Bank PJSC, 4.5%, 9/14/2027 | 2,500,000 | 2,479,000 | ||
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | 25,688,000 | 24,413,567 | ||
Abu Dhabi Ports Co. PJSC, 2.5%, 5/06/2031 | 6,845,000 | 5,841,523 | ||
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n) | 9,533,000 | 8,625,077 | ||
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 | 2,100,000 | 1,899,996 | ||
DAE Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n) | 14,841,000 | 14,299,600 | ||
DP World Salaam (United Arab Emirates), 6% to 1/01/2026, FLR (CMT - 5yr. + 5.75%) to 1/01/2031, FLR (CMT - 5yr. + 6.75%) to 1/01/2070 | 13,555,000 | 13,555,000 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | 9,349,000 | 9,080,684 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | 3,800,000 | 3,690,940 | ||
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 8,686,669 | 8,056,143 | ||
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 | 811,990 | 753,052 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | 7,714,000 | 6,300,445 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 | 9,094,000 | 7,427,567 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n) | 20,933,107 | 17,099,569 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 | 3,769,467 | 3,079,154 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n) | 1,691,000 | 1,331,824 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 | 21,941,000 | 17,280,631 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
United Arab Emirates – continued | ||||
GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 (n) | $ | 2,103,000 | $2,076,049 | |
GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 | 8,883,000 | 8,769,160 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 6/03/2031 | 11,429,000 | 9,821,511 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.5%, 4/28/2033 (n) | 18,302,000 | 19,547,561 | ||
National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027 | 14,872,000 | 13,451,724 | ||
Sweihan PV Power Co. PJSC, 3.625%, 1/31/2049 (n) | 13,230,952 | 11,038,345 | ||
$222,492,957 | ||||
United Kingdom – 0.0% | ||||
SCC Power PLC, 8% (8% cash/4% cash and 4% PIK) to 6/15/2024, 8% cash to 12/31/2028 (n)(p) | $ | 6,787,557 | $2,083,101 | |
SCC Power PLC, 4% (4% cash or 4% PIK) to 6/15/2024, 4% cash to 5/17/2032 (n)(p) | 3,676,593 | 150,741 | ||
$2,233,842 | ||||
United States – 2.4% | ||||
Hyundai Capital America, 2.375%, 10/15/2027 (n) | $ | 7,289,000 | $6,470,164 | |
Hyundai Capital America, 1.8%, 1/10/2028 (n) | 8,786,000 | 7,446,362 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 (n) | 16,013,000 | 13,377,260 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033 (n) | 13,692,000 | 13,425,827 | ||
U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | 32,426,000 | 32,089,074 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2046 | 97,083,600 | 78,004,397 | ||
U.S. Treasury Notes, 3.875%, 9/30/2029 | 10,111,000 | 10,283,993 | ||
U.S. Treasury Notes, 2.75%, 8/15/2032 | 7,299,000 | 6,867,903 | ||
$167,964,980 | ||||
Uruguay – 1.2% | ||||
Oriental Republic of Uruguay, 8.5%, 3/15/2028 | UYU | 286,311,000 | $6,857,916 | |
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 296,221,000 | 6,876,846 | ||
Oriental Republic of Uruguay, 5.75%, 10/28/2034 | $ | 20,254,000 | 22,404,716 | |
Oriental Republic of Uruguay, 5.1%, 6/18/2050 | 4,424,000 | 4,463,463 | ||
Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 38,338,000 | 37,946,942 | ||
Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | UYU | 238,374,061 | 6,492,742 | |
$85,042,625 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Uzbekistan – 1.1% | ||||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | $ | 16,090,000 | $15,003,925 | |
National Bank of Uzbekistan, 4.85%, 10/21/2025 | 17,246,000 | 16,125,010 | ||
Republic of Uzbekistan, 3.7%, 11/25/2030 (n) | 9,636,000 | 7,952,109 | ||
Republic of Uzbekistan, 3.9%, 10/19/2031 | 7,694,000 | 6,305,417 | ||
Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024 | 16,685,000 | 16,101,025 | ||
Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n) | 16,046,000 | 13,459,385 | ||
$74,946,871 | ||||
Venezuela – 0.2% | ||||
Republic of Venezuela, 9%, 5/07/2023 (a)(d) | $ | 10,104,000 | $884,100 | |
Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | 17,593,000 | 1,539,388 | ||
Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | 33,488,000 | 2,679,040 | ||
Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | 8,435,000 | 809,013 | ||
Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 68,785,500 | 5,502,840 | ||
$11,414,381 | ||||
Vietnam – 0.9% | ||||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $ | 15,030,000 | $13,376,701 | |
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 6,800,000 | 6,052,001 | ||
Socialist Republic of Vietnam, 4.8%, 11/19/2024 | 45,208,000 | 44,529,880 | ||
$63,958,582 | ||||
Zambia – 0.2% | ||||
Republic of Zambia, 8.97%, 7/30/2027 (a)(d) | $ | 34,781,000 | $17,270,923 | |
Total Bonds (Identified Cost, $7,504,505,184) | $6,583,615,352 | |||
Common Stocks – 0.1% | ||||
Mexico – 0.0% | ||||
ICA Tenedora, S.A. de C.V. (a)(u) | 2,525,968 | $2,280,421 | ||
United Kingdom – 0.1% | ||||
Petra Diamonds Ltd. (a) | 3,038,227 | $2,959,085 | ||
Total Common Stocks (Identified Cost, $2,688,831) | $5,239,506 | |||
Investment Companies (h) – 6.0% | ||||
Money Market Funds – 6.0% | ||||
MFS Institutional Money Market Portfolio, 4.29% (v) (Identified Cost, $427,303,717) | 427,331,115 | $427,373,848 | ||
Other Assets, Less Liabilities – 0.4% | 27,059,707 | |||
Net Assets – 100.0% | $7,043,288,413 |
(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 $427,373,848 and $6,588,854,858, respectively. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $2,327,436,699, representing 33.0% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
(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 |
Antofagasta PLC, 5.625%, 5/13/2032 | 5/10/22 | $13,314,909 | $13,584,654 |
NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 | 11/04/19-10/22/20 | 1,933,381 | 403,645 |
Russian Federation, 4.25%, 6/23/2027 | 6/21/17 | 399,902 | 76,000 |
Russian Federation, 5.1%, 3/28/2035 | 3/21/19 | 7,400,000 | 1,258,000 |
Total Restricted Securities | $15,322,299 | ||
% of Net assets | 0.2% |
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. |
SOFR | Secured Overnight Financing 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 |
EUR | Euro |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PHP | Philippine Peso |
SGD | Singapore Dollar |
THB | Thai Baht |
UYU | Uruguayan Peso |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
BRL | 1,396,000 | USD | 256,811 | Banco Santander S.A | 2/02/2023 | $18,192 |
BRL | 73,089,236 | USD | 14,292,851 | Goldman Sachs International | 2/02/2023 | 105,281 |
BRL | 71,304,612 | USD | 13,909,768 | JPMorgan Chase Bank N.A. | 2/02/2023 | 136,804 |
CLP | 14,765,131,342 | USD | 16,259,097 | Barclays Bank PLC | 3/06/2023 | 2,196,164 |
EUR | 10,857,464 | USD | 11,838,948 | Morgan Stanley Capital Services, Inc. | 4/21/2023 | 21,976 |
IDR | 10,810,193,057 | USD | 681,129 | Goldman Sachs International | 2/09/2023 | 39,899 |
MYR | 151,056,603 | USD | 33,787,756 | Barclays Bank PLC | 2/16/2023 | 1,649,377 |
PHP | 380,638,341 | USD | 6,863,295 | Barclays Bank PLC | 3/09/2023 | 101,924 |
PHP | 189,761,411 | USD | 3,404,708 | Goldman Sachs International | 3/09/2023 | 67,695 |
SGD | 13,804,594 | USD | 10,428,265 | JPMorgan Chase Bank N.A. | 4/21/2023 | 96,880 |
THB | 981,580,757 | USD | 28,708,415 | JPMorgan Chase Bank N.A. | 3/07/2023 | 1,129,290 |
$5,563,482 | ||||||
Liability Derivatives | ||||||
MXN | 323,654,674 | USD | 17,026,122 | HSBC Bank | 4/21/2023 | $(81,231) |
USD | 273,763 | BRL | 1,396,000 | Banco Santander S.A | 2/02/2023 | (1,240) |
USD | 14,044,877 | BRL | 73,089,236 | Goldman Sachs International | 2/02/2023 | (353,255) |
USD | 5,598,964 | BRL | 28,854,824 | Goldman Sachs International | 4/04/2023 | (20,794) |
USD | 13,371,214 | BRL | 71,304,612 | JPMorgan Chase Bank N.A. | 2/02/2023 | (675,357) |
USD | 302,701,218 | EUR | 278,808,601 | HSBC Bank | 4/21/2023 | (1,875,193) |
USD | 16,722,905 | MYR | 76,406,819 | Barclays Bank PLC | 2/16/2023 | (1,201,758) |
$(4,208,828) |
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 | 245 | $31,819,375 | March – 2023 | $822,145 |
U.S. Treasury Note 10 yr | Long | USD | 879 | 100,659,234 | March – 2023 | 1,283,155 |
U.S. Treasury Ultra Bond | Long | USD | 326 | 46,210,500 | March – 2023 | 1,977,747 |
U.S. Treasury Ultra Note 10 yr | Long | USD | 375 | 45,451,172 | March – 2023 | 642,413 |
Euro-Bund 10 yr | Short | EUR | 750 | 111,557,897 | March – 2023 | 3,643,104 |
Euro-OAT 10 yr | Short | EUR | 63 | 9,007,864 | March – 2023 | 314,233 |
$8,682,797 |
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 | $(38,926) | $(245,611) | $(284,537) |
(1) | Fund, as protection buyer, to receive notional amount upon a defined credit event by Republic of Korea, 2.75%, 1/19/2027. |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $7,507,194,015) | $6,588,854,858 |
Investments in affiliated issuers, at value (identified cost, $427,303,717) | 427,373,848 |
Cash | 12,622,281 |
Restricted cash for | |
Forward foreign currency exchange contracts | 280,000 |
Receivables for | |
Forward foreign currency exchange contracts | 5,563,482 |
Net daily variation margin on open futures contracts | 173,107 |
Investments sold | 42,668,232 |
Fund shares sold | 13,506,737 |
Interest | 86,813,455 |
Other assets | 20,347 |
Total assets | $7,177,876,347 |
Liabilities | |
Payables for | |
Distributions | $2,859,720 |
Forward foreign currency exchange contracts | 4,208,828 |
Investments purchased | 21,267,412 |
Fund shares reacquired | 13,888,852 |
When-issued investments purchased | 78,129,297 |
Uncleared swaps, at value (net of unamortized premiums received, $245,611) | 284,537 |
Payable to affiliates | |
Investment adviser | 255,619 |
Administrative services fee | 3,537 |
Shareholder servicing costs | 1,868,306 |
Distribution and service fees | 5,708 |
Payable for independent Trustees' compensation | 20,759 |
Deferred country tax expense payable | 11,366,471 |
Accrued expenses and other liabilities | 428,888 |
Total liabilities | $134,587,934 |
Net assets | $7,043,288,413 |
Net assets consist of | |
Paid-in capital | $9,181,586,526 |
Total distributable earnings (loss) | (2,138,298,113) |
Net assets | $7,043,288,413 |
Shares of beneficial interest outstanding | 593,312,405 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $284,549,177 | 24,005,580 | $11.85 |
Class B | 1,780,608 | 152,510 | 11.68 |
Class C | 15,975,741 | 1,367,853 | 11.68 |
Class I | 4,346,754,799 | 366,432,628 | 11.86 |
Class R1 | 316,465 | 26,533 | 11.93 |
Class R2 | 9,841,326 | 825,467 | 11.92 |
Class R3 | 37,507,755 | 3,152,378 | 11.90 |
Class R4 | 38,439,390 | 3,233,512 | 11.89 |
Class R6 | 2,308,123,152 | 194,115,944 | 11.89 |
(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 $12.38 [100 / 95.75 x $11.85]. 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 | $201,769,974 |
Dividends from affiliated issuers | 7,719,099 |
Other | 47,563 |
Total investment income | $209,536,636 |
Expenses | |
Management fee | $23,187,506 |
Distribution and service fees | 523,972 |
Shareholder servicing costs | 2,835,411 |
Administrative services fee | 332,162 |
Independent Trustees' compensation | 56,648 |
Custodian fee | 181,483 |
Shareholder communications | 152,514 |
Audit and tax fees | 44,271 |
Legal fees | 17,363 |
Miscellaneous | 288,350 |
Total expenses | $27,619,680 |
Reduction of expenses by investment adviser and distributor | (464,234) |
Net expenses | $27,155,446 |
Net investment income (loss) | $182,381,190 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $3,278,071 country tax) | $(414,403,149) |
Affiliated issuers | (27,291) |
Futures contracts | (17,154,670) |
Swap agreements | 326,429 |
Forward foreign currency exchange contracts | (12,859,413) |
Foreign currency | (385,265) |
Net realized gain (loss) | $(444,503,359) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $24,287 increase in deferred country tax) | $632,736,562 |
Affiliated issuers | 41,116 |
Futures contracts | 11,539,786 |
Swap agreements | (5,123) |
Forward foreign currency exchange contracts | 2,479,764 |
Translation of assets and liabilities in foreign currencies | 784,921 |
Net unrealized gain (loss) | $647,577,026 |
Net realized and unrealized gain (loss) | $203,073,667 |
Change in net assets from operations | $385,454,857 |
Six months ended | Year ended | |
1/31/23 (unaudited) | 7/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $182,381,190 | $363,447,268 |
Net realized gain (loss) | (444,503,359) | (230,431,975) |
Net unrealized gain (loss) | 647,577,026 | (1,818,174,207) |
Change in net assets from operations | $385,454,857 | $(1,685,158,914) |
Total distributions to shareholders | $(292,536,766) | $(406,066,540) |
Change in net assets from fund share transactions | $(82,095,719) | $(437,588,065) |
Total change in net assets | $10,822,372 | $(2,528,813,519) |
Net assets | ||
At beginning of period | 7,032,466,041 | 9,561,279,560 |
At end of period | $7,043,288,413 | $7,032,466,041 |
Class A | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.69 | $14.93 | $14.73 | $14.68 | $13.99 | $14.81 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.29 | $0.54 | $0.51 | $0.56 | $0.64 | $0.61 |
Net realized and unrealized gain (loss) | 0.35 | (3.18) | 0.24 | 0.10 | 0.70 | (0.79) |
Total from investment operations | $0.64 | $(2.64) | $0.75 | $0.66 | $1.34 | $(0.18) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.48) | $(0.60) | $(0.55) | $(0.61) | $(0.65) | $(0.64) |
Net asset value, end of period (x) | $11.85 | $11.69 | $14.93 | $14.73 | $14.68 | $13.99 |
Total return (%) (r)(s)(t)(x) | 5.70(n) | (18.12) | 5.19 | 4.69 | 9.83 | (1.32) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.08(a) | 1.06 | 1.07 | 1.08 | 1.07 | 1.07 |
Expenses after expense reductions | 1.06(a) | 1.05 | 1.06 | 1.06 | 1.04 | 1.05 |
Net investment income (loss) | 5.03(a) | 3.94 | 3.42 | 3.84 | 4.51 | 4.12 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $284,549 | $315,618 | $431,359 | $377,703 | $382,984 | $330,096 |
Class B | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.56 | $14.87 | $14.75 | $14.71 | $14.13 | $14.97 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.43 | $0.41 | $0.45 | $0.53 | $0.50 |
Net realized and unrealized gain (loss) | 0.31 | (3.24) | 0.15(g) | 0.10 | 0.59 | (0.81) |
Total from investment operations | $0.56 | $(2.81) | $0.56 | $0.55 | $1.12 | $(0.31) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.44) | $(0.50) | $(0.44) | $(0.51) | $(0.54) | $(0.53) |
Net asset value, end of period (x) | $11.68 | $11.56 | $14.87 | $14.75 | $14.71 | $14.13 |
Total return (%) (r)(s)(t)(x) | 4.97(n) | (19.32) | 3.84 | 3.83 | 8.16 | (2.14) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.83(a) | 1.82 | 1.82 | 1.83 | 1.82 | 1.82 |
Expenses after expense reductions | 1.82(a) | 1.80 | 1.81 | 1.82 | 1.81 | 1.81 |
Net investment income (loss) | 4.29(a) | 3.15 | 2.70 | 3.12 | 3.76 | 3.36 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $1,781 | $2,183 | $4,286 | $8,088 | $13,938 | $19,703 |
Class C | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.54 | $14.83 | $14.73 | $14.70 | $14.10 | $14.93 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.43 | $0.41 | $0.45 | $0.53 | $0.50 |
Net realized and unrealized gain (loss) | 0.33 | (3.22) | 0.13(g) | 0.08 | 0.61 | (0.80) |
Total from investment operations | $0.58 | $(2.79) | $0.54 | $0.53 | $1.14 | $(0.30) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.44) | $(0.50) | $(0.44) | $(0.50) | $(0.54) | $(0.53) |
Net asset value, end of period (x) | $11.68 | $11.54 | $14.83 | $14.73 | $14.70 | $14.10 |
Total return (%) (r)(s)(t)(x) | 5.15(n) | (19.24) | 3.70 | 3.76 | 8.31 | (2.08) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.83(a) | 1.82 | 1.82 | 1.83 | 1.82 | 1.82 |
Expenses after expense reductions | 1.82(a) | 1.80 | 1.81 | 1.82 | 1.81 | 1.81 |
Net investment income (loss) | 4.29(a) | 3.16 | 2.70 | 3.12 | 3.76 | 3.36 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $15,976 | $18,289 | $31,537 | $62,772 | $113,863 | $142,037 |
Class I | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.69 | $14.93 | $14.74 | $14.82 | $14.16 | $14.97 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.31 | $0.57 | $0.55 | $0.59 | $0.67 | $0.64 |
Net realized and unrealized gain (loss) | 0.35 | (3.18) | 0.23 | (0.02)(g) | 0.67 | (0.77) |
Total from investment operations | $0.66 | $(2.61) | $0.78 | $0.57 | $1.34 | $(0.13) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.49) | $(0.63) | $(0.59) | $(0.65) | $(0.68) | $(0.68) |
Net asset value, end of period (x) | $11.86 | $11.69 | $14.93 | $14.74 | $14.82 | $14.16 |
Total return (%) (r)(s)(t)(x) | 5.92(n) | (17.91) | 5.38 | 4.02 | 9.80 | (0.95) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.83(a) | 0.81 | 0.82 | 0.83 | 0.82 | 0.82 |
Expenses after expense reductions | 0.81(a) | 0.80 | 0.81 | 0.82 | 0.81 | 0.81 |
Net investment income (loss) | 5.29(a) | 4.19 | 3.66 | 4.06 | 4.74 | 4.35 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $4,346,755 | $4,294,440 | $5,960,448 | $4,345,513 | $3,879,907 | $3,658,375 |
Class R1 | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.75 | $15.00 | $14.82 | $14.88 | $14.22 | $15.04 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.44 | $0.40 | $0.44 | $0.53 | $0.50 |
Net realized and unrealized gain (loss) | 0.37 | (3.19) | 0.22 | 0.01(g) | 0.67 | (0.78) |
Total from investment operations | $0.62 | $(2.75) | $0.62 | $0.45 | $1.20 | $(0.28) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.44) | $(0.50) | $(0.44) | $(0.51) | $(0.54) | $(0.54) |
Net asset value, end of period (x) | $11.93 | $11.75 | $15.00 | $14.82 | $14.88 | $14.22 |
Total return (%) (r)(s)(t)(x) | 5.48(n) | (18.71) | 4.25 | 3.13 | 8.71 | (1.98) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.83(a) | 1.82 | 1.82 | 1.84 | 1.82 | 1.82 |
Expenses after expense reductions | 1.81(a) | 1.80 | 1.81 | 1.82 | 1.81 | 1.81 |
Net investment income (loss) | 4.30(a) | 3.22 | 2.69 | 3.07 | 3.75 | 3.36 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $316 | $305 | $333 | $582 | $648 | $617 |
Class R2 | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.75 | $15.00 | $14.81 | $14.87 | $14.22 | $15.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.28 | $0.50 | $0.48 | $0.52 | $0.60 | $0.57 |
Net realized and unrealized gain (loss) | 0.36 | (3.18) | 0.23 | (0.00)(g)(w) | 0.66 | (0.76) |
Total from investment operations | $0.64 | $(2.68) | $0.71 | $0.52 | $1.26 | $(0.19) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.47) | $(0.57) | $(0.52) | $(0.58) | $(0.61) | $(0.61) |
Net asset value, end of period (x) | $11.92 | $11.75 | $15.00 | $14.81 | $14.87 | $14.22 |
Total return (%) (r)(s)(t)(x) | 5.65(n) | (18.30) | 4.84 | 3.65 | 9.17 | (1.35) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.33(a) | 1.32 | 1.32 | 1.34 | 1.32 | 1.32 |
Expenses after expense reductions | 1.32(a) | 1.30 | 1.31 | 1.32 | 1.31 | 1.31 |
Net investment income (loss) | 4.80(a) | 3.70 | 3.19 | 3.60 | 4.26 | 3.86 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $9,841 | $9,831 | $12,688 | $15,944 | $18,952 | $21,881 |
Class R3 | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.72 | $14.96 | $14.75 | $14.80 | $14.16 | $14.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.29 | $0.54 | $0.51 | $0.56 | $0.64 | $0.61 |
Net realized and unrealized gain (loss) | 0.37 | (3.18) | 0.26 | (0.00)(g)(w) | 0.65 | (0.77) |
Total from investment operations | $0.66 | $(2.64) | $0.77 | $0.56 | $1.29 | $(0.16) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.48) | $(0.60) | $(0.56) | $(0.61) | $(0.65) | $(0.64) |
Net asset value, end of period (x) | $11.90 | $11.72 | $14.96 | $14.75 | $14.80 | $14.16 |
Total return (%) (r)(s)(t)(x) | 5.87(n) | (18.08) | 5.25 | 3.97 | 9.39 | (1.13) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.08(a) | 1.07 | 1.07 | 1.08 | 1.07 | 1.07 |
Expenses after expense reductions | 1.06(a) | 1.05 | 1.06 | 1.07 | 1.06 | 1.06 |
Net investment income (loss) | 5.05(a) | 3.96 | 3.42 | 3.86 | 4.51 | 4.11 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $37,508 | $32,029 | $36,080 | $23,775 | $32,190 | $38,001 |
Class R4 | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.71 | $14.96 | $14.76 | $14.84 | $14.17 | $14.97 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.31 | $0.57 | $0.55 | $0.60 | $0.67 | $0.64 |
Net realized and unrealized gain (loss) | 0.37 | (3.18) | 0.24 | (0.03)(g) | 0.68 | (0.76) |
Total from investment operations | $0.68 | $(2.61) | $0.79 | $0.57 | $1.35 | $(0.12) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.50) | $(0.64) | $(0.59) | $(0.65) | $(0.68) | $(0.68) |
Net asset value, end of period (x) | $11.89 | $11.71 | $14.96 | $14.76 | $14.84 | $14.17 |
Total return (%) (r)(s)(t)(x) | 6.01(n) | (17.94) | 5.45 | 4.02 | 9.88 | (0.88) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.83(a) | 0.82 | 0.82 | 0.83 | 0.82 | 0.82 |
Expenses after expense reductions | 0.82(a) | 0.80 | 0.81 | 0.82 | 0.81 | 0.81 |
Net investment income (loss) | 5.30(a) | 4.23 | 3.68 | 4.13 | 4.74 | 4.36 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $38,439 | $36,790 | $40,988 | $39,791 | $75,510 | $65,918 |
Class R6 | Six months ended | Year ended | ||||
1/31/23 (unaudited) | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
Net asset value, beginning of period | $11.72 | $14.96 | $14.77 | $14.90 | $14.22 | $15.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.31 | $0.59 | $0.56 | $0.60 | $0.68 | $0.65 |
Net realized and unrealized gain (loss) | 0.36 | (3.18) | 0.24 | (0.07)(g) | 0.69 | (0.74) |
Total from investment operations | $0.67 | $(2.59) | $0.80 | $0.53 | $1.37 | $(0.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.50) | $(0.65) | $(0.61) | $(0.66) | $(0.69) | $(0.69) |
Net asset value, end of period (x) | $11.89 | $11.72 | $14.96 | $14.77 | $14.90 | $14.22 |
Total return (%) (r)(s)(t)(x) | 5.98(n) | (17.77) | 5.49 | 3.79 | 10.02 | (0.65) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.71(a) | 0.69 | 0.71 | 0.73 | 0.73 | 0.73 |
Expenses after expense reductions | 0.70(a) | 0.68 | 0.69 | 0.72 | 0.72 | 0.72 |
Net investment income (loss) | 5.41(a) | 4.32 | 3.75 | 4.17 | 4.85 | 4.42 |
Portfolio turnover | 26(n) | 52 | 56 | 75 | 94 | 100 |
Net assets at end of period (000 omitted) | $2,308,123 | $2,322,980 | $3,043,561 | $1,529,701 | $1,330,252 | $1,753,566 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United Kingdom | $2,959,085 | $— | $— | $2,959,085 |
Mexico | — | — | 2,280,421 | 2,280,421 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 127,245,366 | — | 127,245,366 |
Non - U.S. Sovereign Debt | — | 4,595,593,324 | — | 4,595,593,324 |
U.S. Corporate Bonds | — | 40,719,612 | — | 40,719,612 |
Foreign Bonds | — | 1,820,057,050 | — | 1,820,057,050 |
Mutual Funds | 427,373,848 | — | — | 427,373,848 |
Total | $430,332,933 | $6,583,615,352 | $2,280,421 | $7,016,228,706 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $8,682,797 | $— | $— | $8,682,797 |
Forward Foreign Currency Exchange Contracts – Assets | — | 5,563,482 | — | 5,563,482 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (4,208,828) | — | (4,208,828) |
Swap Agreements – Liabilities | — | (284,537) | — | (284,537) |
Equity Securities | |
Balance as of 7/31/22 | $2,106,470 |
Change in unrealized appreciation or depreciation | 173,951 |
Balance as of 1/31/23 | $2,280,421 |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $8,682,797 | $— |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 5,563,482 | (4,208,828) |
Credit | Uncleared Swap Agreements | — | (284,537) |
Total | $14,246,279 | $(4,493,365) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities. |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(17,154,670) | $— | $— |
Foreign Exchange | — | — | (12,859,413) |
Credit | — | 326,429 | — |
Total | $(17,154,670) | $326,429 | $(12,859,413) |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $11,539,786 | $— | $— |
Foreign Exchange | — | — | 2,479,764 |
Credit | — | (5,123) | — |
Total | $11,539,786 | $(5,123) | $2,479,764 |
Year ended 7/31/22 | |
Ordinary income (including any short-term capital gains) | $406,066,540 |
As of 1/31/23 | |
Cost of investments | $8,033,902,130 |
Gross appreciation | 61,668,393 |
Gross depreciation | (1,079,341,817) |
Net unrealized appreciation (depreciation) | $(1,017,673,424) |
As of 7/31/22 | |
Undistributed ordinary income | 119,603,757 |
Capital loss carryforwards | (659,207,347) |
Other temporary differences | (38,847,702) |
Net unrealized appreciation (depreciation) | (1,652,764,912) |
Short-Term | $(323,175,106) |
Long-Term | (336,032,241) |
Total | $(659,207,347) |
Six months ended 1/31/23 | Year ended 7/31/22 | |
Class A | $11,713,504 | $17,108,259 |
Class B | 72,349 | 119,038 |
Class C | 627,059 | 924,715 |
Class I | 179,261,020 | 246,834,890 |
Class R1 | 11,679 | 11,950 |
Class R2 | 389,531 | 469,037 |
Class R3 | 1,483,153 | 1,423,846 |
Class R4 | 1,574,836 | 1,862,533 |
Class R6 | 97,403,635 | 137,312,272 |
Total | $292,536,766 | $406,066,540 |
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% | $ 358,898 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 9,887 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 84,937 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 1,552 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 24,226 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 44,472 |
Total Distribution and Service Fees | $523,972 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended January 31, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended January 31, 2023, this rebate amounted to $85 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $6,670 |
Class B | 700 |
Class C | 815 |
Purchases | Sales | |
U.S. Government securities | $1,558,963,891 | $1,627,694,755 |
Non-U.S. Government securities | 52,910,729 | 1,113,815 |
Six months ended 1/31/23 | Year ended 7/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 4,755,716 | $53,630,019 | 5,808,445 | $79,004,826 | |
Class B | 32 | 372 | 255 | 3,552 | |
Class C | 104,209 | 1,207,104 | 189,793 | 2,630,943 | |
Class I | 64,877,606 | 743,176,821 | 123,427,928 | 1,681,599,665 | |
Class R1 | 2,372 | 27,368 | 4,738 | 62,800 | |
Class R2 | 42,287 | 488,477 | 199,974 | 2,693,410 | |
Class R3 | 595,545 | 6,981,864 | 869,910 | 11,232,688 | |
Class R4 | 135,292 | 1,533,828 | 759,155 | 10,434,253 | |
Class R6 | 20,987,221 | 243,677,500 | 54,177,614 | 738,276,764 | |
91,500,280 | $1,050,723,353 | 185,437,812 | $2,525,938,901 |
Six months ended 1/31/23 | Year ended 7/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 786,246 | $8,982,761 | 946,847 | $12,747,263 | |
Class B | 6,144 | 70,490 | 8,395 | 114,094 | |
Class C | 52,977 | 607,286 | 65,696 | 889,442 | |
Class I | 15,255,546 | 173,742,201 | 17,690,742 | 237,144,073 | |
Class R1 | 999 | 11,474 | 891 | 11,950 | |
Class R2 | 33,951 | 389,434 | 34,827 | 468,863 | |
Class R3 | 129,654 | 1,482,998 | 106,305 | 1,423,033 | |
Class R4 | 137,772 | 1,574,836 | 139,540 | 1,862,533 | |
Class R6 | 7,159,066 | 81,694,849 | 8,712,003 | 117,037,563 | |
23,562,355 | $268,556,329 | 27,705,246 | $371,698,814 | ||
Shares reacquired | |||||
Class A | (8,545,469) | $(96,664,922) | (8,637,515) | $(115,078,022) | |
Class B | (42,588) | (485,857) | (108,023) | (1,461,924) | |
Class C | (373,944) | (4,298,927) | (797,488) | (10,895,183) | |
Class I | (81,107,937) | (925,439,845) | (172,948,471) | (2,307,915,588) | |
Class R1 | (2,797) | (32,753) | (1,872) | (23,876) | |
Class R2 | (87,565) | (997,367) | (243,714) | (3,316,060) | |
Class R3 | (305,466) | (3,529,351) | (654,954) | (9,153,575) | |
Class R4 | (180,711) | (2,049,949) | (497,934) | (6,638,480) | |
Class R6 | (32,299,819) | (367,876,430) | (68,009,833) | (880,743,072) | |
(122,946,296) | $(1,401,375,401) | (251,899,804) | $(3,335,225,780) | ||
Net change | |||||
Class A | (3,003,507) | $(34,052,142) | (1,882,223) | $(23,325,933) | |
Class B | (36,412) | (414,995) | (99,373) | (1,344,278) | |
Class C | (216,758) | (2,484,537) | (541,999) | (7,374,798) | |
Class I | (974,785) | (8,520,823) | (31,829,801) | (389,171,850) | |
Class R1 | 574 | 6,089 | 3,757 | 50,874 | |
Class R2 | (11,327) | (119,456) | (8,913) | (153,787) | |
Class R3 | 419,733 | 4,935,511 | 321,261 | 3,502,146 | |
Class R4 | 92,353 | 1,058,715 | 400,761 | 5,658,306 | |
Class R6 | (4,153,532) | (42,504,081) | (5,120,216) | (25,428,745) | |
(7,883,661) | $(82,095,719) | (38,756,746) | $(437,588,065) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $570,154,423 | $864,552,030 | $1,007,346,430 | $(27,291) | $41,116 | $427,373,848 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $7,719,099 | $— |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's 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.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included 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: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST X
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: March 17, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: March 17, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: March 17, 2023
* Print name and title of each signing officer under his or her signature.