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, 2024
*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 | |
4 | |
6 | |
28 | |
30 | |
32 | |
33 | |
39 | |
57 | |
57 | |
57 | |
57 | |
57 |
back cover |
Sovereign Emerging Markets | 50.2% |
Emerging Markets Corporate Bonds | 19.2% |
Other Government Entity-Emerging Markets Quasi Government | 17.6% |
Government Securities Hedge (t) | 13.0% |
Developed Markets Corporate Bonds | 1.8% |
Sovereign Developed Markets | 0.7% |
Average Duration (d) | 6.7 |
Average Effective Maturity (m) | 10.9 yrs. |
AA | 2.4% |
A | 8.1% |
BBB | 22.8% |
BB | 30.9% |
B | 18.2% |
CCC | 3.5% |
CC | 0.7% |
C | 0.4% |
D | 1.8% |
U.S. Government | 2.0% |
Non-Fixed Income | (0.3)% |
Not Rated | 11.7% |
Cash & Cash Equivalents | 8.1% |
Other | (10.3)% |
weightings (i)(x)
Mexico | 8.6% |
Brazil | 4.9% |
Turkey | 4.6% |
Chile | 4.4% |
India | 4.2% |
Oman | 3.6% |
Saudi Arabia | 3.5% |
Dominican Republic | 3.1% |
United Arab Emirates | 2.5% |
Other Countries | 49.7% |
weightings (i)(y)
Mexican Peso | 0.9% |
Brazilian Real | 0.8% |
Uruguay Peso | 0.6% |
Hungarian Forint | 0.2% |
Polish Zloty | 0.1% |
British Pound Sterling (o) | 0.0% |
Euro (o) | 0.0% |
Czech Koruna (o) | 0.0% |
South Korean Won (o) | 0.0% |
Canadian Dollar (o) | 0.0% |
Other Currencies (o) | 0.0% |
bond weights by country (i)
Brazil | 1.8% |
Mexico | 1.4% |
Czech Republic | 0.8% |
Uruguay | 0.6% |
South Korea | 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. |
(f) | The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings. |
(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 feature (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%. |
(p) | For purposes of the presentation of Portfolio structure at value, Other includes market value from currency derivatives and may be negative. |
(q) | For purposes of this presentation, Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative. |
(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 13.0%. |
(v) | For purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. United States issuer country exposure is 9.8% and includes Cash & Cash Equivalents and Other. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. United States Dollar currency exposure is 99.1% and includes Cash & Cash Equivalents. |
August 1, 2023 through January 31, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 8/01/23 | Ending Account Value 1/31/24 | Expenses Paid During Period (p) 8/01/23-1/31/24 | |
A | Actual | 1.07% | $1,000.00 | $1,037.22 | $5.48 |
Hypothetical (h) | 1.07% | $1,000.00 | $1,019.76 | $5.43 | |
B | Actual | 1.82% | $1,000.00 | $1,034.20 | $9.31 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,015.99 | $9.22 | |
C | Actual | 1.82% | $1,000.00 | $1,033.34 | $9.30 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,015.99 | $9.22 | |
I | Actual | 0.82% | $1,000.00 | $1,038.53 | $4.20 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,021.01 | $4.17 | |
R1 | Actual | 1.82% | $1,000.00 | $1,033.34 | $9.30 |
Hypothetical (h) | 1.82% | $1,000.00 | $1,015.99 | $9.22 | |
R2 | Actual | 1.32% | $1,000.00 | $1,035.92 | $6.76 |
Hypothetical (h) | 1.32% | $1,000.00 | $1,018.50 | $6.70 | |
R3 | Actual | 1.07% | $1,000.00 | $1,037.22 | $5.48 |
Hypothetical (h) | 1.07% | $1,000.00 | $1,019.76 | $5.43 | |
R4 | Actual | 0.82% | $1,000.00 | $1,039.40 | $4.20 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,021.01 | $4.17 | |
R6 | Actual | 0.70% | $1,000.00 | $1,039.14 | $3.59 |
Hypothetical (h) | 0.70% | $1,000.00 | $1,021.62 | $3.56 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 90.6% | ||||
Angola – 1.6% | ||||
Republic of Angola, 8.75%, 4/14/2032 (n) | $ | 24,159,000 | $20,732,094 | |
Republic of Angola, 9.375%, 5/08/2048 (n) | 500,000 | 401,030 | ||
Republic of Angola, 9.375%, 5/08/2048 | 26,416,000 | 21,187,217 | ||
Republic of Angola, 9.125%, 11/26/2049 (n) | 391,000 | 309,010 | ||
Republic of Angola, 9.125%, 11/26/2049 | 76,715,000 | 60,628,325 | ||
$103,257,676 | ||||
Argentina – 1.8% | ||||
Republic of Argentina, 3.625%, 7/09/2035 | $ | 87,501,000 | $29,197,995 | |
Republic of Argentina, 4.25%, 1/09/2038 | 86,468,000 | 33,284,502 | ||
Republic of Argentina, 3.5%, 7/09/2041 | 163,024,000 | 54,301,975 | ||
SCC Power PLC, 8% (8% Cash or 4% Cash and 4% PIK) to 6/15/2024, 8% Cash to 12/31/2028 (n)(p) | 7,063,157 | 3,302,026 | ||
SCC Power PLC, 4% (4% Cash or 4% PIK) to 6/15/2024, 4% Cash to 5/17/2032 (n)(p) | 3,825,874 | 648,486 | ||
$120,734,984 | ||||
Azerbaijan – 0.8% | ||||
Republic of Azerbaijan, 3.5%, 9/01/2032 | $ | 27,766,000 | $23,770,473 | |
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | 31,760,000 | 32,147,472 | ||
$55,917,945 | ||||
Benin – 0.1% | ||||
Republic of Benin, 4.875%, 1/19/2032 | EUR | 8,002,000 | $7,012,644 | |
Bermuda – 0.7% | ||||
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 16,826,000 | $14,155,714 | |
Government of Bermuda, 2.375%, 8/20/2030 | 6,233,000 | 5,243,823 | ||
Government of Bermuda, 5%, 7/15/2032 (n) | 15,492,000 | 15,027,240 | ||
Government of Bermuda, 3.375%, 8/20/2050 (n) | 15,484,000 | 10,412,990 | ||
Government of Bermuda, 3.375%, 8/20/2050 | 1,200,000 | 807,000 | ||
$45,646,767 | ||||
Brazil – 4.8% | ||||
3R Lux S.à.r.l., 9.75%, 2/05/2031 (n) | $ | 13,962,000 | $13,920,114 | |
Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 | 18,271,088 | 17,507,163 | ||
Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | 4,274,000 | 4,147,754 | ||
Aegea Finance S.à r.l., 9%, 1/20/2031 (n) | 15,971,000 | 16,797,499 | ||
Ambipar Lux S.à r.l., 9.875%, 2/06/2031 (n) | 15,151,000 | 15,060,094 | ||
Braskem Netherlands B.V., 4.5%, 1/10/2028 | 7,834,000 | 6,798,311 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Brazil – continued | ||||
Braskem Netherlands B.V., 7.25%, 2/13/2033 | $ | 11,460,000 | $10,223,951 | |
Federative Republic of Brazil, 10%, 1/01/2025 | BRL | 87,983,000 | 17,748,057 | |
Federative Republic of Brazil, 10%, 1/01/2027 | 216,116,000 | 43,744,055 | ||
Federative Republic of Brazil, 10%, 1/01/2029 | 250,621,000 | 50,115,098 | ||
Federative Republic of Brazil, 10%, 1/01/2031 | 48,034,000 | 9,468,202 | ||
Federative Republic of Brazil, 6.125%, 3/15/2034 | $ | 13,584,000 | 13,462,981 | |
Federative Republic of Brazil, 7.125%, 5/13/2054 | 22,286,000 | 22,269,552 | ||
FS Luxembourg S.à r.l., 8.875%, 2/12/2031 (n) | 17,693,000 | 17,461,222 | ||
Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031 | 10,111,000 | 8,296,119 | ||
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 10,932,691 | 8,405,289 | ||
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 | 11,045,830 | 8,492,273 | ||
Minerva Luxembourg S.A., 8.875%, 9/13/2033 (n) | 14,899,000 | 15,611,661 | ||
Samarco Mineracao S.A., 9.5%, 6/30/2031 | 15,669,000 | 13,029,628 | ||
Sitios Latinoamerica, S.A.B. de C.V., 5.375%, 4/04/2032 | 11,065,000 | 10,305,147 | ||
$322,864,170 | ||||
Bulgaria – 0.6% | ||||
Bulgarian Energy Holdings, 2.45%, 7/22/2028 | EUR | 21,617,000 | $20,375,897 | |
Republic of Bulgaria, 4.875%, 5/13/2036 | 16,824,000 | 19,309,329 | ||
$39,685,226 | ||||
Chile – 4.4% | ||||
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 | $2,750,227 | |
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 | 14,019,000 | 13,253,844 | ||
Agrosuper S.A., 4.6%, 1/20/2032 | 4,865,000 | 4,155,627 | ||
Agrosuper S.A., 4.6%, 1/20/2032 (n) | 1,157,000 | 988,296 | ||
Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n) | 12,256,054 | 8,953,404 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 (n) | 11,434,000 | 11,097,991 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 | 10,598,000 | 10,286,558 | ||
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 (n) | 10,490,000 | 10,715,745 | ||
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 | 5,017,000 | 5,124,966 | ||
Chile Electricity PEC S.p.A., 0%, 1/25/2028 | 8,915,000 | 7,149,830 | ||
Codelco, Inc. (Republic of Chile), 6.44%, 1/26/2036 (n) | 11,082,000 | 11,314,279 | ||
Codelco, Inc. (Republic of Chile), 6.3%, 9/08/2053 (n) | 3,969,000 | 3,892,791 | ||
Colbun S.A., 3.95%, 10/11/2027 | 6,705,000 | 6,449,744 | ||
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n) | 17,617,000 | 15,124,194 | ||
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 | 4,696,000 | 4,031,516 | ||
Corporación Nacional del Cobre de Chile, 5.95%, 1/08/2034 (n) | 36,842,000 | 36,858,163 | ||
E.CL S.A., 4.5%, 1/29/2025 | 7,378,000 | 7,271,685 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Chile – continued | ||||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | $ | 7,360,000 | $6,973,169 | |
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n) | 1,484,000 | 1,434,170 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | 15,394,000 | 14,877,100 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n) | 16,339,000 | 13,744,445 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 | 1,658,000 | 1,394,718 | ||
Empresa Nacional del Petroleo (Republic of Chile), 6.15%, 5/10/2033 (n) | 14,126,000 | 14,088,966 | ||
Enel Chile S.A., 4.875%, 6/12/2028 | 7,034,000 | 6,956,881 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 12,882,000 | 11,271,798 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | 7,500,000 | 6,562,528 | ||
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n) | 14,553,000 | 13,533,399 | ||
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 | 3,509,000 | 3,263,155 | ||
Republic of Chile, 2.55%, 7/27/2033 | 17,026,000 | 14,019,583 | ||
Republic of Chile, 3.5%, 1/31/2034 | 14,384,000 | 12,692,253 | ||
Republic of Chile, 5.33%, 1/05/2054 | 5,413,000 | 5,254,069 | ||
Transelec S.A., 3.875%, 1/12/2029 | 5,077,000 | 4,725,188 | ||
$290,210,282 | ||||
China – 1.5% | ||||
CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024 | $ | 11,694,000 | $11,622,830 | |
Country Garden Holdings Co. Ltd., 2.7%, 7/12/2026 (a)(d) | 2,630,000 | 189,623 | ||
Country Garden Holdings Co. Ltd., 4.8%, 8/06/2030 (a)(d) | 985,000 | 75,106 | ||
Country Garden Holdings Co. Ltd., 3.875%, 10/22/2030 (a)(d) | 3,720,000 | 306,193 | ||
Country Garden Holdings Co. Ltd., 3.3%, 1/12/2031 (a)(d) | 3,009,000 | 229,436 | ||
Huarong Finance 2019 Co. Ltd. (People's Republic of China), 3.25%, 11/13/2024 | 11,154,000 | 10,825,515 | ||
Huarong Finance II Co. Ltd. (People’s Republic of China), 5.5%, 1/16/2025 | 4,724,000 | 4,653,140 | ||
Meituan, 2.125%, 10/28/2025 (n) | 8,941,000 | 8,436,925 | ||
Meituan, 2.125%, 10/28/2025 | 2,700,000 | 2,547,780 | ||
Prosus N.V., 3.061%, 7/13/2031 (n) | 11,454,000 | 9,323,454 | ||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 | 16,031,000 | 15,534,412 | ||
Tencent Holdings Ltd., 2.88%, 4/22/2031 | 15,202,000 | 13,302,465 | ||
Times China Holdings Ltd., 6.75%, 7/08/2025 (a)(d) | 9,100,000 | 286,650 | ||
Times China Holdings Ltd., 6.2%, 3/22/2026 (a)(d) | 9,800,000 | 318,500 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
China – continued | ||||
Weibo Corp., 3.375%, 7/08/2030 | $ | 26,749,000 | $23,203,153 | |
$100,855,182 | ||||
Colombia – 2.2% | ||||
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | $ | 7,710,000 | $6,549,645 | |
Ecopetrol S.A. (Republic of Colombia), 8.375%, 1/19/2036 | 12,401,000 | 12,558,493 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 17,291,000 | 13,535,625 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 | 4,405,000 | 3,448,292 | ||
Republic of Colombia, 3.125%, 4/15/2031 | 32,243,000 | 25,768,076 | ||
Republic of Colombia, 3.25%, 4/22/2032 | 21,437,000 | 16,779,479 | ||
Republic of Colombia, 8%, 4/20/2033 | 6,140,000 | 6,523,305 | ||
Republic of Colombia, 8%, 11/14/2035 | 12,376,000 | 13,030,506 | ||
Republic of Colombia, 5.2%, 5/15/2049 | 10,218,000 | 7,540,920 | ||
Republic of Colombia, 8.75%, 11/14/2053 | 15,348,000 | 16,727,532 | ||
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 19,561,000 | 16,470,558 | ||
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 6,376,300 | 6,248,774 | ||
$145,181,205 | ||||
Costa Rica – 1.3% | ||||
Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n) | $ | 9,385,000 | $9,595,524 | |
Republic of Costa Rica, 6.55%, 4/03/2034 (n) | 28,972,000 | 29,638,451 | ||
Republic of Costa Rica, 7%, 4/04/2044 | 12,675,000 | 12,839,295 | ||
Republic of Costa Rica, 7.158%, 3/12/2045 | 7,027,000 | 7,223,164 | ||
Republic of Costa Rica, 7.3%, 11/13/2054 (n) | 27,790,000 | 29,079,529 | ||
$88,375,963 | ||||
Cote d'Ivoire – 1.3% | ||||
Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | EUR | 14,082,000 | $13,795,498 | |
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | 23,363,000 | 21,145,534 | ||
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 | 3,300,000 | 2,986,785 | ||
Republic of Cote d'Ivoire, 7.625%, 1/30/2033 (n) | $ | 15,570,000 | 15,422,085 | |
Republic of Cote d'Ivoire, 8.25%, 1/30/2037 (n) | 22,803,000 | 22,654,781 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 | EUR | 14,822,000 | 13,352,720 | |
$89,357,403 | ||||
Czech Republic – 1.3% | ||||
Czech Republic, 2.75%, 7/23/2029 | CZK | 233,470,000 | $9,706,727 | |
Czech Republic, 5%, 9/30/2030 | 317,040,000 | 14,849,513 | ||
Czech Republic, 2%, 10/13/2033 | 675,700,000 | 25,116,816 | ||
EP Infrastructure A.S., 2.045%, 10/09/2028 | EUR | 3,691,000 | 3,394,643 | |
EP Infrastructure A.S., 1.816%, 3/02/2031 | 9,725,000 | 8,273,953 | ||
EPH Financing International A.S., 6.651%, 11/13/2028 | 11,775,000 | 13,002,854 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Czech Republic – continued | ||||
PPF Telecom Group B.V., 3.25%, 9/29/2027 | EUR | 9,155,000 | $9,593,197 | |
$83,937,703 | ||||
Dominican Republic – 3.0% | ||||
Dominican Republic, 5.5%, 2/22/2029 (n) | $ | 17,977,000 | $17,390,171 | |
Dominican Republic, 4.5%, 1/30/2030 (n) | 7,378,000 | 6,711,223 | ||
Dominican Republic, 4.5%, 1/30/2030 | 200,000 | 181,925 | ||
Dominican Republic, 7.05%, 2/03/2031 (n) | 11,994,000 | 12,469,326 | ||
Dominican Republic, 4.875%, 9/23/2032 (n) | 27,009,000 | 24,073,694 | ||
Dominican Republic, 4.875%, 9/23/2032 | 55,661,000 | 49,611,829 | ||
Dominican Republic, 6%, 2/22/2033 (n) | 24,933,000 | 24,072,169 | ||
Dominican Republic, 6%, 2/22/2033 | 5,539,000 | 5,347,762 | ||
Dominican Republic, 5.3%, 1/21/2041 (n) | 7,065,000 | 5,934,600 | ||
Dominican Republic, 5.3%, 1/21/2041 | 11,200,000 | 9,408,000 | ||
Dominican Republic, 5.875%, 1/30/2060 | 46,532,000 | 39,404,345 | ||
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 (n) | 1,213,000 | 1,093,216 | ||
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 | 6,380,000 | 5,749,975 | ||
$201,448,235 | ||||
Ecuador – 1.0% | ||||
Republic of Ecuador, 3.5%, 7/31/2035 | $ | 76,657,000 | $31,155,142 | |
Republic of Ecuador, 2.5%, 7/31/2040 (n) | 2,286,161 | 831,591 | ||
Republic of Ecuador, 2.5%, 7/31/2040 | 86,385,000 | 31,422,544 | ||
$63,409,277 | ||||
Egypt – 1.9% | ||||
Arab Republic of Egypt, 5.875%, 2/16/2031 | $ | 34,026,000 | $22,145,482 | |
Arab Republic of Egypt, 7.625%, 5/29/2032 | 25,894,000 | 17,536,867 | ||
Arab Republic of Egypt, 7.3%, 9/30/2033 | 31,738,000 | 20,868,370 | ||
Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | 1,618,000 | 986,090 | ||
Arab Republic of Egypt, 8.5%, 1/31/2047 | 42,030,000 | 25,615,183 | ||
Arab Republic of Egypt, 7.903%, 2/21/2048 | 5,513,000 | 3,266,463 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 (n) | 9,028,000 | 5,555,019 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 | 11,786,000 | 7,252,044 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 10,162,000 | 6,356,494 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 | 10,748,000 | 6,723,046 | ||
Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 15,791,000 | 9,047,327 | ||
$125,352,385 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
El Salvador – 0.4% | ||||
Republic of El Salvador, 6.375%, 1/18/2027 | $ | 3,824,000 | $3,403,360 | |
Republic of El Salvador, 8.625%, 2/28/2029 | 7,294,000 | 6,575,541 | ||
Republic of El Salvador, 8.25%, 4/10/2032 | 7,523,000 | 6,432,165 | ||
Republic of El Salvador, 7.65%, 6/15/2035 | 8,470,000 | 6,615,070 | ||
Republic of El Salvador, 7.124%, 1/20/2050 | 9,336,000 | 6,651,900 | ||
$29,678,036 | ||||
Gabon – 0.2% | ||||
Republic of Gabon, 7%, 11/24/2031 | $ | 12,240,000 | $9,997,387 | |
Ghana – 0.3% | ||||
Republic of Ghana, 8.625%, 4/07/2034 (a)(d) | $ | 8,475,000 | $3,739,594 | |
Republic of Ghana, 7.875%, 2/11/2035 (a)(d) | 35,892,000 | 15,850,051 | ||
$19,589,645 | ||||
Guatemala – 1.0% | ||||
Central America Bottling Co., 5.25%, 4/27/2029 (n) | $ | 12,764,000 | $11,923,235 | |
CT Trust, 5.125%, 2/03/2032 (n) | 5,340,000 | 4,699,547 | ||
Energuate Trust, 5.875%, 5/03/2027 | 15,460,000 | 14,725,650 | ||
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n) | 4,277,000 | 4,067,299 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 9,384,000 | 7,906,020 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 | 2,749,000 | 2,316,033 | ||
Republic of Guatemala, 5.25%, 8/10/2029 (n) | 2,725,000 | 2,633,315 | ||
Republic of Guatemala, 4.9%, 6/01/2030 | 2,654,000 | 2,522,892 | ||
Republic of Guatemala, 3.7%, 10/07/2033 | 17,823,000 | 14,587,542 | ||
$65,381,533 | ||||
Hungary – 1.9% | ||||
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | $ | 14,288,000 | $14,398,646 | |
Magyar Export-Import Bank PLC (Republic of Hungary), 6%, 5/16/2029 | EUR | 14,378,000 | 16,358,730 | |
MVM Energetika Zartkoruen Mukodo Reszvenytarsasag, 0.875%, 11/18/2027 | 17,200,000 | 15,984,429 | ||
Republic of Hungary, 6.125%, 5/22/2028 (n) | $ | 6,025,000 | 6,197,315 | |
Republic of Hungary, 5.25%, 6/16/2029 (n) | 12,177,000 | 12,055,230 | ||
Republic of Hungary, 6.25%, 9/22/2032 (n) | 8,872,000 | 9,258,553 | ||
Republic of Hungary, 5.5%, 6/16/2034 (n) | 28,598,000 | 28,312,020 | ||
Republic of Hungary, 5.5%, 3/26/2036 (n) | 22,186,000 | 21,720,982 | ||
Republic of Hungary, 6.75%, 9/25/2052 (n) | 5,061,000 | 5,429,947 | ||
$129,715,852 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
India – 4.2% | ||||
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 13,683,000 | $13,560,537 | |
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 | 5,500,000 | 5,450,775 | ||
Adani Ports & Special Economic Zone Ltd., 4.375%, 7/03/2029 | 7,887,000 | 7,088,008 | ||
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n) | 8,703,000 | 6,999,525 | ||
Adani Transmission Ltd., 4%, 8/03/2026 | 4,620,000 | 4,342,800 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 11,973,605 | 10,000,018 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 | 13,029,430 | 10,881,813 | ||
Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | 7,512,422 | 6,885,315 | ||
Azure Power Energy Ltd., 3.575%, 8/19/2026 | 11,562,088 | 10,596,931 | ||
Cliffton Ltd., 6.25%, 10/25/2025 (n) | 8,752,000 | 8,686,360 | ||
Continuum Energy Aura Pte. Ltd., 9.5%, 2/24/2027 (n) | 14,278,000 | 14,784,795 | ||
Export-Import Bank of India, 3.25%, 1/15/2030 | 7,705,000 | 6,969,785 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 28,790,000 | 23,817,966 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 | 6,640,000 | 5,493,272 | ||
Export-Import Bank of India, 5.5%, 1/18/2033 (n) | 24,690,000 | 25,073,730 | ||
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 13,274,675 | 12,478,195 | ||
Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n) | 6,772,500 | 6,138,391 | ||
Greenko Wind Projects (Mauritius) Ltd., 5.5%, 4/06/2025 (n) | 9,841,000 | 9,694,369 | ||
Indian Railway Finance Corp., 3.249%, 2/13/2030 | 5,300,000 | 4,737,481 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 19,986,000 | 17,004,864 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 | 12,293,000 | 10,459,361 | ||
JSW Hydro Energy Ltd., 4.125%, 5/18/2031 | 11,067,945 | 9,660,877 | ||
JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n) | 10,429,000 | 9,782,399 | ||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n) | 3,565,000 | 3,286,071 | ||
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 6,559,000 | 5,991,069 | ||
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 16,969,000 | 16,899,427 | ||
Shriram Transport Finance Co. Ltd., 6.625%, 4/22/2027 (n) | 10,140,000 | 10,216,050 | ||
UPL Ltd., 4.625%, 6/16/2030 | 3,366,000 | 2,887,041 | ||
$279,867,225 | ||||
Indonesia – 2.3% | ||||
Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | $ | 1,917,000 | $1,854,697 | |
Listrindo Capital B.V., 4.95%, 9/14/2026 | 15,062,000 | 14,572,485 | ||
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n) | 4,407,000 | 4,246,784 | ||
Medco Maple Tree Pte. Ltd., 8.96%, 4/27/2029 (n) | 13,720,000 | 14,045,850 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Indonesia – continued | ||||
Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n) | $ | 6,556,000 | $5,845,350 | |
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 6,128,000 | 5,264,912 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.541%, 4/27/2032 | 9,588,000 | 8,243,877 | ||
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052 | 12,319,000 | 9,793,605 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | 6,353,000 | 5,362,693 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 | 2,100,000 | 1,772,652 | ||
Republic of Indonesia, 3.55%, 3/31/2032 | 11,622,000 | 10,573,139 | ||
Republic of Indonesia, 4.7%, 6/06/2032 (n) | 7,054,000 | 6,946,440 | ||
Republic of Indonesia, 4.65%, 9/20/2032 | 9,970,000 | 9,796,628 | ||
Republic of Indonesia, 4.85%, 1/11/2033 | 19,504,000 | 19,506,110 | ||
Republic of Indonesia, 1.1%, 3/12/2033 | EUR | 12,250,000 | 10,425,380 | |
Republic of Indonesia, 4.35%, 1/11/2048 | $ | 3,548,000 | 3,085,310 | |
Republic of Indonesia, 5.45%, 9/20/2052 | 4,363,000 | 4,422,991 | ||
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n) | 2,730,000 | 2,506,440 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | 9,811,491 | 9,783,808 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 6,858,557 | 6,839,206 | ||
$154,888,357 | ||||
Israel – 0.3% | ||||
Teva Pharmaceutical Finance Netherlands III B.V., 7.875%, 9/15/2029 | $ | 10,428,000 | $11,247,797 | |
Teva Pharmaceutical Finance Netherlands III B.V., 8.125%, 9/15/2031 | 6,224,000 | 6,836,168 | ||
$18,083,965 | ||||
Jamaica – 0.2% | ||||
Government of Jamaica, 7.875%, 7/28/2045 | $ | 9,050,000 | $10,588,500 | |
Jordan – 0.2% | ||||
Hashemite Kingdom of Jordan, 7.375%, 10/10/2047 | $ | 15,196,000 | $12,910,522 | |
Kazakhstan – 2.2% | ||||
Development Bank of Kazakhstan JSC, 2.95%, 5/06/2031 | $ | 3,791,000 | $3,148,046 | |
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 | 4,668,000 | 4,570,672 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033 | 23,183,000 | 18,964,158 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Kazakhstan – continued | ||||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047 | $ | 18,306,000 | $15,873,132 | |
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n) | 2,262,000 | 2,081,248 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | 52,629,000 | 48,423,522 | ||
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | 6,227,000 | 5,939,313 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 32,568,000 | 30,668,308 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | 17,232,000 | 14,182,798 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | 2,400,000 | 1,975,320 | ||
$145,826,517 | ||||
Kenya – 0.4% | ||||
Republic of Kenya, 7%, 5/22/2027 | $ | 2,327,000 | $2,135,255 | |
Republic of Kenya, 8%, 5/22/2032 | 24,219,000 | 21,304,389 | ||
$23,439,644 | ||||
Kuwait – 0.2% | ||||
NBK SPC Ltd. (State of Kuwait), 1.625% to 9/15/2026, FLR (SOFR - 1 day + 1.05%) to 9/15/2027 (n) | $ | 13,971,000 | $12,676,168 | |
Macau – 0.5% | ||||
Sands China Ltd., 3.25%, 8/08/2031 | $ | 16,031,000 | $13,317,126 | |
Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 7,223,000 | 6,722,455 | ||
Wynn Macau Ltd., 5.125%, 12/15/2029 | 11,049,000 | 9,829,603 | ||
$29,869,184 | ||||
Malaysia – 0.3% | ||||
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031 | $ | 15,529,000 | $13,449,637 | |
PETRONAS Capital Ltd. (Federation of Malaysia), 3.404%, 4/28/2061 | 13,798,000 | 9,481,936 | ||
$22,931,573 | ||||
Mexico – 8.5% | ||||
Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171 | $ | 9,254,000 | $7,826,600 | |
Banco Mercantil del Norte S.A., 7.625% to 1/10/2028, FLR (CMT - 10yr. + 5.353%) to 10/06/2171 | 7,945,000 | 7,756,306 | ||
BBVA Bancomer S.A., 8.45% to 6/29/2033, FLR (CMT - 5yr. + 4.661%) to 6/29/2038 (n) | 12,140,000 | 12,672,145 | ||
BBVA Bancomer S.A. (Texas), 8.125%, 1/08/2039 (n) | 10,018,000 | 10,192,063 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mexico – continued | ||||
Becle S.A.B. de C.V., 2.5%, 10/14/2031 | $ | 8,246,000 | $6,481,356 | |
Bimbo Bakeries USA, Inc., 6.05%, 1/15/2029 (n) | 16,375,000 | 17,079,452 | ||
Bimbo Bakeries USA, Inc., 5.375%, 1/09/2036 (n) | 17,247,000 | 17,391,185 | ||
Buffalo Energy Mexico Holdings S.A. de C.V., 7.875%, 2/15/2039 (n) | 12,961,000 | 13,400,378 | ||
Comision Federal de Electricidad (United Mexican States), 4.688%, 5/15/2029 (n) | 13,392,000 | 12,635,837 | ||
Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n) | 15,871,000 | 12,858,986 | ||
Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n) | 15,023,000 | 13,857,313 | ||
GCC S.A.B de C.V., 3.614%, 4/20/2032 (n) | 11,662,000 | 9,956,433 | ||
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n) | 13,531,000 | 12,643,209 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 | 12,649,000 | 11,399,816 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n) | 9,897,000 | 7,717,535 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | 13,916,000 | 10,851,492 | ||
Petroleos Mexicanos, 6.49%, 1/23/2027 | 10,315,000 | 9,696,597 | ||
Petroleos Mexicanos, 8.75%, 6/02/2029 | 7,265,000 | 7,017,706 | ||
Petroleos Mexicanos, 6.84%, 1/23/2030 | 23,851,000 | 20,479,398 | ||
Petroleos Mexicanos, 5.95%, 1/28/2031 | 54,634,000 | 43,110,324 | ||
Petroleos Mexicanos, 6.7%, 2/16/2032 | 37,008,000 | 30,216,310 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 26,584,000 | 16,956,721 | ||
Petroleos Mexicanos, 7.69%, 1/23/2050 | 70,557,000 | 49,326,907 | ||
Petroleos Mexicanos, 6.95%, 1/28/2060 | 36,163,000 | 23,188,829 | ||
United Mexican States, 5.75%, 3/05/2026 | MXN | 184,400,000 | 9,878,093 | |
United Mexican States, 7.5%, 6/03/2027 | 236,900,000 | 13,027,676 | ||
United Mexican States, 8.5%, 5/31/2029 | 523,100,000 | 29,614,423 | ||
United Mexican States, 7.75%, 5/29/2031 | 409,300,000 | 21,981,609 | ||
United Mexican States, 7.5%, 5/26/2033 | 183,300,000 | 9,509,165 | ||
United Mexican States, 1.45%, 10/25/2033 | EUR | 8,004,000 | 6,639,890 | |
United Mexican States, 3.5%, 2/12/2034 | $ | 16,620,000 | 13,910,904 | |
United Mexican States, 6.35%, 2/09/2035 | 6,266,000 | 6,515,970 | ||
United Mexican States, 8%, 5/24/2035 | MXN | 126,400,000 | 6,631,566 | |
United Mexican States, 6%, 5/07/2036 | $ | 22,080,000 | 22,487,695 | |
United Mexican States, 6.338%, 5/04/2053 | 29,409,000 | 29,315,020 | ||
United Mexican States, 6.4%, 5/07/2054 | 14,363,000 | 14,459,675 | ||
$568,684,584 | ||||
Morocco – 0.6% | ||||
Kingdom of Morocco, 5.95%, 3/08/2028 (n) | $ | 3,413,000 | $3,478,147 | |
Kingdom of Morocco, 3%, 12/15/2032 | 11,506,000 | 9,233,565 | ||
Kingdom of Morocco, 6.5%, 9/08/2033 (n) | 17,790,000 | 18,355,366 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Morocco – continued | ||||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 | $ | 12,964,000 | $9,339,525 | |
$40,406,603 | ||||
Nigeria – 2.1% | ||||
Federal Republic of Nigeria, 6.125%, 9/28/2028 (n) | $ | 12,982,000 | $11,272,478 | |
Federal Republic of Nigeria, 7.875%, 2/16/2032 | 35,917,000 | 31,137,166 | ||
Federal Republic of Nigeria, 7.375%, 9/28/2033 (n) | 22,438,000 | 18,432,817 | ||
Federal Republic of Nigeria, 7.375%, 9/28/2033 | 45,328,000 | 37,236,952 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | 336,000 | 264,271 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 | 36,616,000 | 28,799,216 | ||
Federal Republic of Nigeria, 7.625%, 11/28/2047 | 9,173,000 | 6,916,185 | ||
Federal Republic of Nigeria, 9.248%, 1/21/2049 | 500,000 | 438,750 | ||
Federal Republic of Nigeria, 8.25%, 9/28/2051 | 4,238,000 | 3,348,698 | ||
$137,846,533 | ||||
Oman – 3.6% | ||||
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | $ | 16,730,000 | $16,583,612 | |
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 | 5,150,000 | 5,104,937 | ||
Sultanate of Oman, 6.5%, 3/08/2047 | 32,774,000 | 32,314,509 | ||
Sultanate of Oman, 6.75%, 1/17/2048 (n) | 200,000 | 200,901 | ||
Sultanate of Oman, 6.75%, 1/17/2048 | 90,877,000 | 91,286,310 | ||
Sultanate of Oman, 7%, 1/25/2051 (n) | 15,943,000 | 16,462,806 | ||
Sultanate of Oman, 7%, 1/25/2051 | 75,928,000 | 78,403,556 | ||
$240,356,631 | ||||
Pakistan – 0.5% | ||||
Islamic Republic of Pakistan, 6.875%, 12/05/2027 | $ | 22,575,000 | $16,398,480 | |
Islamic Republic of Pakistan, 7.375%, 4/08/2031 | 25,136,000 | 16,330,859 | ||
$32,729,339 | ||||
Panama – 1.0% | ||||
Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n) | $ | 3,390,000 | $2,881,500 | |
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | 6,521,000 | 4,678,818 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 | 5,600,000 | 4,018,000 | ||
Panama Canal Railway Co., 7%, 11/01/2026 | 1,919,538 | 1,908,846 | ||
Panama Canal Railway Co., 7%, 11/01/2026 (n) | 380,970 | 378,848 | ||
Republic of Panama, 3.362%, 6/30/2031 (n) | 7,655,000 | 5,921,143 | ||
Republic of Panama, 2.252%, 9/29/2032 | 3,529,000 | 2,499,867 | ||
Republic of Panama, 3.298%, 1/19/2033 | 2,789,000 | 2,141,350 | ||
Republic of Panama, 6.375%, 7/25/2033 (n) | 7,770,000 | 7,216,776 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Panama – continued | ||||
Republic of Panama, 6.4%, 2/14/2035 | $ | 9,011,000 | $8,501,116 | |
Republic of Panama, 6.875%, 1/31/2036 | 5,370,000 | 5,182,237 | ||
Republic of Panama, 6.853%, 3/28/2054 | 12,876,000 | 11,508,820 | ||
Republic of Panama, 4.5%, 1/19/2063 | 14,818,000 | 9,244,404 | ||
$66,081,725 | ||||
Paraguay – 2.3% | ||||
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $ | 6,079,000 | $5,687,060 | |
Republic of Paraguay, 4.95%, 4/28/2031 | 10,177,000 | 9,790,250 | ||
Republic of Paraguay, 3.849%, 6/28/2033 | 25,103,000 | 21,735,049 | ||
Republic of Paraguay, 5.85%, 8/21/2033 (n) | 5,512,000 | 5,480,368 | ||
Republic of Paraguay, 5.6%, 3/13/2048 (n) | 3,088,000 | 2,748,268 | ||
Republic of Paraguay, 5.6%, 3/13/2048 | 35,546,000 | 31,635,345 | ||
Republic of Paraguay, 5.4%, 3/30/2050 (n) | 256,000 | 219,970 | ||
Republic of Paraguay, 5.4%, 3/30/2050 | 77,743,000 | 66,801,281 | ||
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | 3,483,000 | 3,377,107 | ||
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 | 8,797,000 | 8,529,548 | ||
$156,004,246 | ||||
Peru – 0.5% | ||||
Hunt Oil Co. of Peru LLC, 8.55%, 9/18/2033 (n) | $ | 10,276,000 | $10,944,116 | |
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 | 56,277 | 56,277 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n) | 3,425 | 3,425 | ||
Peru LNG, 5.375%, 3/22/2030 | 9,848,000 | 8,107,039 | ||
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | 18,685,000 | 16,162,525 | ||
$35,273,382 | ||||
Philippines – 0.5% | ||||
Republic of Philippines, 3.556%, 9/29/2032 | $ | 8,054,000 | $7,314,478 | |
Republic of Philippines, 5.609%, 4/13/2033 | 9,998,000 | 10,466,191 | ||
Republic of Philippines, 1.2%, 4/28/2033 | EUR | 7,755,000 | 6,699,384 | |
Republic of Philippines, 5%, 7/17/2033 | $ | 6,459,000 | 6,529,229 | |
Republic of Philippines, 1.75%, 4/28/2041 | EUR | 6,551,000 | 4,932,404 | |
$35,941,686 | ||||
Poland – 0.7% | ||||
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n) | $ | 14,118,000 | $14,818,451 | |
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | 9,601,000 | 9,632,971 | ||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 21,394,000 | 18,854,746 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Poland – continued | ||||
Synthos S.A., 2.5%, 6/07/2028 (n) | EUR | 5,767,000 | $5,380,679 | |
$48,686,847 | ||||
Qatar – 1.0% | ||||
Qatar Petroleum, 2.25%, 7/12/2031 (n) | $ | 6,230,000 | $5,207,184 | |
Qatar Petroleum, 3.125%, 7/12/2041 | 10,837,000 | 8,018,513 | ||
Qatar Petroleum, 3.3%, 7/12/2051 | 12,536,000 | 8,711,266 | ||
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 12,178,000 | 11,374,593 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 15,461,000 | 14,378,730 | ||
State of Qatar, 4.817%, 3/14/2049 | 17,800,000 | 16,554,000 | ||
$64,244,286 | ||||
Republic of Moldova – 0.2% | ||||
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n) | $ | 16,638,000 | $11,879,532 | |
Romania – 2.1% | ||||
Republic of Romania, 5.25%, 11/25/2027 (n) | $ | 18,434,000 | $18,253,162 | |
Republic of Romania, 6.625%, 2/17/2028 (n) | 16,040,000 | 16,603,806 | ||
Republic of Romania, 5.5%, 9/18/2028 (n) | EUR | 19,939,000 | 22,183,750 | |
Republic of Romania, 5.875%, 1/30/2029 (n) | $ | 10,960,000 | 11,090,479 | |
Republic of Romania, 2.124%, 7/16/2031 | EUR | 7,170,000 | 6,251,091 | |
Republic of Romania, 2%, 1/28/2032 | 7,586,000 | 6,485,950 | ||
Republic of Romania, 2%, 1/28/2032 (n) | 7,236,000 | 6,186,704 | ||
Republic of Romania, 3.625%, 3/27/2032 | $ | 6,062,000 | 5,240,041 | |
Republic of Romania, 7.125%, 1/17/2033 (n) | 10,940,000 | 11,800,322 | ||
Republic of Romania, 7.125%, 1/17/2033 | 9,748,000 | 10,514,583 | ||
Republic of Romania, 6.375%, 1/30/2034 (n) | 10,284,000 | 10,535,238 | ||
Republic of Romania, 6%, 5/25/2034 (n) | 6,442,000 | 6,432,878 | ||
Republic of Romania, 2.75%, 4/14/2041 (n) | EUR | 9,965,000 | 7,215,349 | |
$138,793,353 | ||||
Russia – 0.1% | ||||
Gazprom PJSC (Russian Federation), 1.85%, 11/17/2028 | EUR | 16,371,000 | $9,730,679 | |
Saudi Arabia – 3.5% | ||||
BSF Finance, 5.5%, 11/23/2027 | $ | 12,622,000 | $12,763,998 | |
GACI First Investment Co. (Kingdom of Saudi Arabia), 4.875%, 2/14/2035 | 9,954,000 | 9,456,300 | ||
Kingdom of Saudi Arabia, 4.875%, 7/18/2033 (n) | 10,132,000 | 10,068,675 | ||
Kingdom of Saudi Arabia, 5%, 1/16/2034 (n) | 26,636,000 | 26,535,689 | ||
Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 41,729,000 | 35,939,101 | ||
Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n) | 18,135,000 | 11,978,603 | ||
Kingdom of Saudi Arabia, 5%, 1/18/2053 (n) | 18,334,000 | 16,271,425 | ||
Kingdom of Saudi Arabia, 5%, 1/18/2053 | 15,421,000 | 13,686,137 | ||
Kingdom of Saudi Arabia, 5.75%, 1/16/2054 (n) | 27,223,000 | 26,752,314 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Saudi Arabia – continued | ||||
Kingdom of Saudi Arabia, 3.75%, 1/21/2055 | $ | 8,508,000 | $6,040,680 | |
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n) | 6,912,000 | 5,967,738 | ||
Saudi Arabian Oil Co., 3.5%, 4/16/2029 | 8,281,000 | 7,722,033 | ||
Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n) | 10,137,000 | 8,530,650 | ||
Saudi Arabian Oil Co., 2.25%, 11/24/2030 | 7,350,000 | 6,185,290 | ||
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n) | 3,926,000 | 3,391,051 | ||
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046 | 34,393,000 | 29,234,050 | ||
$230,523,734 | ||||
Senegal – 0.2% | ||||
Republic of Senegal, 6.75%, 3/13/2048 | $ | 21,564,000 | $16,147,598 | |
Serbia – 0.4% | ||||
Republic of Serbia, 6.25%, 5/26/2028 (n) | $ | 12,436,000 | $12,665,195 | |
Republic of Serbia, 1.5%, 6/26/2029 | EUR | 6,866,000 | 6,223,599 | |
Republic of Serbia, 6.5%, 9/26/2033 (n) | $ | 9,549,000 | 9,733,678 | |
$28,622,472 | ||||
Singapore – 1.2% | ||||
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n) | $ | 3,036,000 | $2,869,189 | |
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 | 1,440,000 | 1,360,880 | ||
Oversea-Chinese Banking Corp. Ltd., 4.602% to 6/15/2027, FLR (CMT - 5yr. + 1.575%) to 6/15/2032 | 9,730,000 | 9,561,476 | ||
Puma International Financing S.A., 5%, 1/24/2026 | 15,256,000 | 14,449,873 | ||
Puma International Financing S.A., 5%, 1/24/2026 (n) | 6,960,000 | 6,592,233 | ||
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | 18,169,000 | 16,640,371 | ||
United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n) | 9,368,000 | 8,928,867 | ||
Vena Energy Capital Pte Ltd., 3.133%, 2/26/2025 | 16,803,000 | 16,309,358 | ||
$76,712,247 | ||||
Slovakia – 0.2% | ||||
Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027 | EUR | 12,294,000 | $11,193,563 | |
Slovenia – 0.2% | ||||
United Group B.V., 3.625%, 2/15/2028 | EUR | 6,638,000 | $6,565,646 | |
United Group B.V., 6.75%, 2/15/2031 (n) | 9,100,000 | 9,790,806 | ||
$16,356,452 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
South Africa – 1.9% | ||||
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | $ | 33,483,000 | $33,313,576 | |
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | 13,854,000 | 13,420,785 | ||
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 9,768,705 | 7,912,651 | ||
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 | 368,260 | 298,291 | ||
Republic of South Africa, 5.75%, 9/30/2049 | 49,075,000 | 36,295,870 | ||
Republic of South Africa, 7.3%, 4/20/2052 | 12,130,000 | 10,703,512 | ||
Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 26,762,000 | 22,466,934 | ||
$124,411,619 | ||||
South Korea – 0.8% | ||||
Republic of Korea, 3.25%, 3/10/2028 | KRW | 21,786,280,000 | $16,325,305 | |
SK hynix, Inc., 6.25%, 1/17/2026 (n) | $ | 5,714,000 | 5,781,809 | |
SK hynix, Inc., 5.5%, 1/16/2027 (n) | 7,280,000 | 7,311,450 | ||
SK hynix, Inc., 6.375%, 1/17/2028 (n) | 5,408,000 | 5,619,713 | ||
SK hynix, Inc., 5.5%, 1/16/2029 (n) | 12,599,000 | 12,736,158 | ||
SK hynix, Inc., 2.375%, 1/19/2031 | 8,241,000 | 6,817,852 | ||
$54,592,287 | ||||
Sri Lanka – 1.0% | ||||
Republic of Sri Lanka, 6.2%, 5/11/2027 (a)(d) | $ | 6,502,000 | $3,306,977 | |
Republic of Sri Lanka, 6.75%, 4/18/2028 (a)(d) | 17,582,000 | 8,974,073 | ||
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(d)(n) | 3,554,000 | 1,795,168 | ||
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(d) | 24,908,000 | 12,581,333 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d)(n) | 3,761,000 | 1,898,587 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d) | 73,615,000 | 37,161,517 | ||
$65,717,655 | ||||
Thailand – 0.4% | ||||
Bangkok Bank Public Co. Ltd., 5.5%, 9/21/2033 | $ | 16,201,000 | $16,469,613 | |
Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034 | 7,437,000 | 6,603,730 | ||
Kasikornbank PLC (Hong Kong Branch), 3.343%, 10/02/2031 | 7,132,000 | 6,602,163 | ||
$29,675,506 | ||||
Turkey – 4.6% | ||||
Hazine Mustesarligi Varlik Kiralama AS, 8.509%, 1/14/2029 (n) | $ | 14,229,000 | $14,741,813 | |
Republic of Turkey, 5.6%, 11/14/2024 | 4,879,000 | 4,860,704 | ||
Republic of Turkey, 4.25%, 3/13/2025 | 17,696,000 | 17,275,366 | ||
Republic of Turkey, 4.75%, 1/26/2026 | 3,987,000 | 3,853,436 | ||
Republic of Turkey, 4.875%, 10/09/2026 | 22,876,000 | 21,846,580 | ||
Republic of Turkey, 5.125%, 2/17/2028 | 19,212,000 | 17,846,987 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Turkey – continued | ||||
Republic of Turkey, 6.125%, 10/24/2028 | $ | 5,453,000 | $5,228,064 | |
Republic of Turkey, 5.25%, 3/13/2030 | 31,168,000 | 27,583,680 | ||
Republic of Turkey, 5.95%, 1/15/2031 | 24,093,000 | 21,827,294 | ||
Republic of Turkey, 5.875%, 6/26/2031 | 45,790,000 | 41,090,114 | ||
Republic of Turkey, 9.375%, 1/19/2033 | 6,082,000 | 6,606,937 | ||
Republic of Turkey, 6.875%, 3/17/2036 | 27,467,000 | 24,956,791 | ||
Republic of Turkey, 6%, 1/14/2041 | 40,683,000 | 32,388,957 | ||
Republic of Turkey, 5.75%, 5/11/2047 | 52,306,000 | 38,076,676 | ||
Turkiye Ihracat Kredi Bankasi A.S., 9%, 1/28/2027 (n) | 6,246,000 | 6,464,610 | ||
Turkiye Ihracat Kredi Bankasi A.S., 7.5%, 2/06/2028 (n)(w) | 19,962,000 | 19,786,933 | ||
$304,434,942 | ||||
Ukraine – 0.9% | ||||
Government of Ukraine, 7.75% (7.75% Cash or 7.75% PIK), 9/01/2029 (a)(p) | $ | 5,310,000 | $1,316,880 | |
Government of Ukraine, 6.876% (6.876% Cash or 6.876% PIK), 5/21/2031 (a)(n)(p) | 14,057,000 | 3,057,397 | ||
Government of Ukraine, 6.876% (6.876% Cash or 6.876% PIK), 5/21/2031 (a)(p) | 12,407,000 | 2,698,522 | ||
Government of Ukraine, 7.375% (7.375% Cash or 7.375% PIK), 9/25/2034 (a)(p) | 45,967,000 | 10,388,542 | ||
Government of Ukraine, 7.253% (7.253% Cash or 7.253% PIK), 3/15/2035 (a)(n)(p) | 24,720,000 | 5,592,900 | ||
Government of Ukraine, 7.253% (7.253% Cash or 7.253% PIK), 3/15/2035 (a)(p) | 24,659,000 | 5,579,099 | ||
Government of Ukraine, GDP Linked Bond, 0%, 8/01/2041 (a) | 27,326,000 | 12,459,290 | ||
NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (a)(n) | 12,598,000 | 3,508,543 | ||
Ukrainian Railways, 8.25%, 7/09/2026 (a) | 16,834,000 | 9,679,550 | ||
Ukrainian Railways, 7.875%, 7/15/2028 | 11,162,000 | 5,860,050 | ||
$60,140,773 | ||||
United Arab Emirates – 2.4% | ||||
Abu Dhabi Commercial Bank PJSC, 3.5%, 3/31/2027 | $ | 12,095,000 | $11,508,900 | |
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | 22,288,000 | 19,780,600 | ||
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n) | 9,462,000 | 9,321,243 | ||
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n) | 9,533,000 | 8,735,469 | ||
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 | 1,000,000 | 916,340 | ||
DAE Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n) | 12,641,000 | 12,102,999 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | 4,748,000 | 4,466,444 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
United Arab Emirates – continued | ||||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | $ | 2,400,000 | $2,257,680 | |
First Abu Dhabi Bank PJSC, 6.32% to 4/04/2029, FLR (CMT - 5yr. + 1.7%) to 4/04/2034 | 21,969,000 | 22,559,351 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | 7,714,000 | 6,264,669 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 | 8,494,000 | 6,898,120 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n) | 20,209,513 | 16,178,525 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 | 1,586,304 | 1,269,900 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 | 8,626,000 | 6,550,047 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.5%, 4/28/2033 (n) | 10,843,000 | 11,230,442 | ||
National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027 | 6,892,000 | 6,200,967 | ||
Sweihan PV Power Co. PJSC (United Arab Emirates), 3.625%, 1/31/2049 (n) | 12,899,220 | 10,185,818 | ||
Sweihan PV Power Co. PJSC (United Arab Emirates), 3.625%, 1/31/2049 | 7,888,552 | 6,229,163 | ||
$162,656,677 | ||||
United States – 2.3% | ||||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 | $ | 15,413,000 | $13,120,440 | |
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033 | 10,092,000 | 9,991,671 | ||
U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | 32,426,000 | 30,289,177 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2046 | 93,683,600 | 68,970,891 | ||
U.S. Treasury Notes, 3.875%, 9/30/2029 | 9,611,000 | 9,590,727 | ||
U.S. Treasury Notes, 2.75%, 8/15/2032 | 22,289,000 | 20,362,220 | ||
$152,325,126 | ||||
Uruguay – 1.2% | ||||
Oriental Republic of Uruguay, 8.5%, 3/15/2028 | UYU | 375,016,000 | $9,314,399 | |
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 289,221,000 | 6,957,697 | ||
Oriental Republic of Uruguay, 9.75%, 7/20/2033 | 684,397,000 | 18,018,256 | ||
Oriental Republic of Uruguay, 5.75%, 10/28/2034 | $ | 16,654,000 | 17,793,419 | |
Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 19,889,000 | 18,752,294 | ||
Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | UYU | 247,979,551 | 6,737,116 | |
$77,573,181 | ||||
Uzbekistan – 1.1% | ||||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | $ | 5,226,000 | $4,924,982 | |
National Bank of Uzbekistan, 4.85%, 10/21/2025 | 12,812,000 | 12,106,059 | ||
Republic of Uzbekistan, 7.85%, 10/12/2028 (n) | 12,313,000 | 12,763,656 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Uzbekistan – continued | ||||
Republic of Uzbekistan, 5.375%, 2/20/2029 | $ | 13,036,000 | $12,139,775 | |
Republic of Uzbekistan, 3.7%, 11/25/2030 (n) | 8,936,000 | 7,305,180 | ||
Republic of Uzbekistan, 3.9%, 10/19/2031 | 16,211,000 | 13,138,043 | ||
Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n) | 13,746,000 | 11,446,734 | ||
$73,824,429 | ||||
Venezuela – 0.4% | ||||
Republic of Venezuela, 9%, 5/07/2023 (a)(d) | $ | 10,104,000 | $1,412,951 | |
Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | 17,593,000 | 2,468,452 | ||
Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | 33,488,000 | 4,769,861 | ||
Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | 39,087,000 | 6,922,606 | ||
Republic of Venezuela, 9.375%, 1/13/2034 (a)(d) | 1,253,000 | 214,835 | ||
Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 74,897,500 | 10,911,247 | ||
$26,699,952 | ||||
Vietnam – 0.8% | ||||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $ | 13,862,024 | $12,992,737 | |
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 4,426,994 | 4,149,377 | ||
Socialist Republic of Vietnam, 4.8%, 11/19/2024 | 36,408,000 | 36,007,510 | ||
$53,149,624 | ||||
Zambia – 0.5% | ||||
Republic of Zambia, 8.97%, 7/30/2027 (a)(d) | $ | 55,794,000 | $34,982,838 | |
Total Bonds (Identified Cost, $6,425,275,197) | $6,035,091,256 | |||
Common Stocks – 0.1% | ||||
United Kingdom – 0.1% | ||||
Petra Diamonds Ltd. (a)(l) (Identified Cost, $2,688,831) | 3,038,227 | $2,079,187 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 0.0% | |||||
Equity ETFs – 0.0% | |||||
iShares MSCI Emerging Markets ETF – June 2024 @ $34 | Put | Goldman Sachs International | $47,987,500 | 12,500 | $412,500 |
iShares MSCI Emerging Markets ETF – September 2024 @ $35 | Put | Goldman Sachs International | 62,763,811 | 16,349 | 1,618,551 |
(Premiums Paid, $4,175,444) | $2,031,051 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 9.2% | ||||
Money Market Funds – 9.2% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $614,273,086) | 614,282,996 | $614,344,424 | ||
Collateral for Securities Loaned – 0.0% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.35% (j) (Identified Cost, $122,175) | 122,175 | $122,175 | ||
Other Assets, Less Liabilities – 0.1% | 7,389,264 | |||
Net Assets – 100.0% | $6,661,057,357 |
(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 $614,344,424 and $6,039,323,669, respectively. |
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. |
(l) | A portion of this security is on loan. See Note 2 for additional information. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,908,464,788, representing 28.7% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
The following abbreviations are used in this report and are defined: | |
CMT | Constant Maturity Treasury |
ETF | Exchange-Traded Fund |
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 |
CAD | Canadian Dollar |
CLP | Chilean Peso |
CNH | Chinese Yuan Renminbi (Offshore) |
CZK | Czech Koruna |
EUR | Euro |
HUF | Hungarian Forint |
KRW | South Korean Won |
MXN | Mexican Peso |
PEN | Peruvian Nuevo Sol |
PLN | Polish Zloty |
UYU | Uruguayan Peso |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
BRL | 35,148,838 | USD | 6,997,244 | Goldman Sachs International | 5/03/2024 | $30,560 |
CAD | 21,839 | USD | 16,207 | UBS AG | 4/19/2024 | 53 |
PEN | 53,485,848 | USD | 14,025,396 | Merrill Lynch International | 2/29/2024 | 23,331 |
PEN | 29,977,211 | USD | 7,852,577 | Merrill Lynch International | 4/29/2024 | 13,889 |
USD | 54,957,707 | BRL | 272,233,001 | Barclays Bank PLC | 2/02/2024 | 9,983 |
USD | 54,773,598 | BRL | 272,233,001 | Barclays Bank PLC | 5/03/2024 | 342,204 |
USD | 42,399,005 | BRL | 209,103,414 | Citibank N.A. | 2/02/2024 | 193,407 |
USD | 421,924 | BRL | 2,090,000 | Deutsche Bank AG | 2/02/2024 | 77 |
USD | 14,009,373 | BRL | 69,125,048 | Goldman Sachs International | 2/22/2024 | 81,541 |
USD | 6,561,318 | BRL | 32,584,949 | Goldman Sachs International | 5/03/2024 | 46,148 |
USD | 13,242,050 | BRL | 65,219,588 | Morgan Stanley Capital Services, Inc. | 2/02/2024 | 78,077 |
USD | 14,358,345 | CLP | 13,252,752,159 | Morgan Stanley Capital Services, Inc. | 4/12/2024 | 172,545 |
USD | 113,247 | CNH | 807,000 | UBS AG | 4/19/2024 | 432 |
USD | 21,795,945 | CZK | 491,337,873 | BNP Paribas S.A. | 4/19/2024 | 443,272 |
USD | 26,644,367 | CZK | 600,524,067 | Merrill Lynch International | 4/19/2024 | 546,656 |
USD | 311,751,305 | EUR | 285,564,995 | Merrill Lynch International | 4/19/2024 | 2,127,470 |
USD | 9,951,520 | EUR | 9,119,500 | Morgan Stanley Capital Services, Inc. | 4/19/2024 | 63,704 |
USD | 6,678,834 | EUR | 6,071,671 | State Street Bank Corp. | 4/19/2024 | 95,625 |
USD | 8,081,254 | HUF | 2,863,466,389 | Morgan Stanley Capital Services, Inc. | 4/19/2024 | 73,313 |
USD | 12,652,625 | PEN | 47,681,416 | Citibank N.A. | 4/29/2024 | 140,313 |
USD | 16,300,942 | PEN | 61,012,795 | Merrill Lynch International | 4/29/2024 | 290,279 |
USD | 15,562,662 | PLN | 61,785,324 | Merrill Lynch International | 4/19/2024 | 147,816 |
$4,920,695 | ||||||
Liability Derivatives | ||||||
BRL | 272,233,001 | USD | 55,303,809 | Barclays Bank PLC | 2/02/2024 | $(356,086) |
BRL | 209,103,414 | USD | 42,213,266 | Citibank N.A. | 2/02/2024 | (7,668) |
BRL | 2,090,000 | USD | 424,037 | Deutsche Bank AG | 2/02/2024 | (2,190) |
BRL | 65,219,588 | USD | 13,166,365 | Morgan Stanley Capital Services, Inc. | 2/02/2024 | (2,392) |
CLP | 13,252,752,159 | USD | 14,280,367 | Barclays Bank PLC | 4/12/2024 | (94,568) |
EUR | 782,360 | USD | 854,872 | Barclays Bank PLC | 4/19/2024 | (6,599) |
EUR | 14,285,181 | USD | 15,700,906 | JPMorgan Chase Bank N.A. | 4/19/2024 | (212,199) |
EUR | 10,743,156 | USD | 11,733,149 | Morgan Stanley Capital Services, Inc. | 4/19/2024 | (84,882) |
EUR | 3,670,661 | USD | 4,036,981 | State Street Bank Corp. | 4/19/2024 | (57,067) |
HUF | 7,494,899,848 | USD | 21,498,827 | BNP Paribas S.A. | 4/19/2024 | (538,665) |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives - continued | ||||||
PEN | 78,717,000 | USD | 20,774,174 | Citibank N.A. | 4/29/2024 | $(117,664) |
PLN | 45,453,868 | USD | 11,434,817 | HSBC Bank | 4/19/2024 | (94,513) |
PLN | 55,554,728 | USD | 13,979,901 | Merrill Lynch International | 4/19/2024 | (119,529) |
USD | 2,412,414 | CZK | 55,522,858 | JPMorgan Chase Bank N.A. | 4/19/2024 | (511) |
USD | 16,352,594 | KRW | 21,730,471,000 | Merrill Lynch International | 4/26/2024 | (5,786) |
USD | 25,203,210 | MXN | 440,007,725 | Barclays Bank PLC | 4/19/2024 | (37,681) |
USD | 6,792,668 | MXN | 119,585,161 | Morgan Stanley Capital Services, Inc. | 4/19/2024 | (67,294) |
USD | 13,766,916 | PEN | 53,485,848 | Merrill Lynch International | 2/29/2024 | (281,811) |
$(2,087,105) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond 30 yr | Long | USD | 1,072 | $131,152,500 | March – 2024 | $7,742,855 |
U.S. Treasury Note 10 yr | Long | USD | 2,146 | 241,056,156 | March – 2024 | 6,710,261 |
U.S. Treasury Note 5 yr | Long | USD | 1,897 | 205,617,016 | March – 2024 | 4,006,936 |
U.S. Treasury Ultra Bond 30 yr | Long | USD | 223 | 28,815,781 | March – 2024 | 1,873,399 |
U.S. Treasury Ultra Note 10 yr | Long | USD | 1,080 | 126,225,000 | March – 2024 | 4,437,681 |
$24,771,132 |
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 | $(45,280) | $(115,308) | $(160,588) |
Assets | |
Investments in unaffiliated issuers, at value, including $111,778 of securities on loan (identified cost, $6,432,261,647) | $6,039,323,669 |
Investments in affiliated issuers, at value (identified cost, $614,273,086) | 614,344,424 |
Cash | 4,072,359 |
Restricted cash for | |
Uncleared derivatives | 737,000 |
Receivables for | |
Forward foreign currency exchange contracts | 4,920,695 |
Net daily variation margin on open futures contracts | 4,855,681 |
Investments sold | 59,583,871 |
Fund shares sold | 16,818,660 |
Interest | 78,187,006 |
Other assets | 24,608 |
Total assets | $6,822,867,973 |
Liabilities | |
Payables for | |
Distributions | $2,974,953 |
Forward foreign currency exchange contracts | 2,087,105 |
Investments purchased | 107,363,103 |
When-issued investments purchased | 19,793,121 |
Fund shares reacquired | 16,590,162 |
Collateral for securities loaned, at value | 122,175 |
Uncleared swaps, at value (net of unamortized premiums received, $115,308) | 160,588 |
Payable to affiliates | |
Investment adviser | 240,179 |
Administrative services fee | 3,368 |
Shareholder servicing costs | 1,978,824 |
Distribution and service fees | 5,443 |
Payable for independent Trustees' compensation | 19,454 |
Deferred foreign capital gains tax expense payable | 10,142,574 |
Accrued expenses and other liabilities | 329,567 |
Total liabilities | $161,810,616 |
Net assets | $6,661,057,357 |
Net assets consist of | |
Paid-in capital | $8,877,079,911 |
Total distributable earnings (loss) | (2,216,022,554) |
Net assets | $6,661,057,357 |
Shares of beneficial interest outstanding | 566,411,002 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $273,451,025 | 23,290,286 | $11.74 |
Class B | 1,037,209 | 91,221 | 11.37 |
Class C | 13,244,079 | 1,149,865 | 11.52 |
Class I | 3,950,320,141 | 336,190,089 | 11.75 |
Class R1 | 349,281 | 29,549 | 11.82 |
Class R2 | 9,251,011 | 783,349 | 11.81 |
Class R3 | 44,696,148 | 3,790,883 | 11.79 |
Class R4 | 43,261,499 | 3,672,621 | 11.78 |
Class R6 | 2,325,446,964 | 197,413,139 | 11.78 |
(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 $12.26 [100 / 95.75 x $11.74]. 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 | $185,588,225 |
Dividends from affiliated issuers | 15,098,797 |
Other | 191,356 |
Income on securities loaned | 9 |
Foreign taxes withheld | (59,492) |
Total investment income | $200,818,895 |
Expenses | |
Management fee | $21,944,694 |
Distribution and service fees | 495,180 |
Shareholder servicing costs | 2,636,406 |
Administrative services fee | 308,849 |
Independent Trustees' compensation | 54,609 |
Custodian fee | 149,353 |
Shareholder communications | 148,274 |
Audit and tax fees | 45,781 |
Legal fees | 17,265 |
Miscellaneous | 249,061 |
Total expenses | $26,049,472 |
Reduction of expenses by investment adviser and distributor | (415,271) |
Net expenses | $25,634,201 |
Net investment income (loss) | $175,184,694 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(251,503,301) |
Affiliated issuers | (43,232) |
Futures contracts | (38,831,487) |
Swap agreements | (36,118) |
Forward foreign currency exchange contracts | 8,844,499 |
Foreign currency | (77,103) |
Net realized gain (loss) | $(281,646,742) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (includes $94,035 decrease in deferred foreign capital gains tax) | $312,090,711 |
Affiliated issuers | 89,237 |
Futures contracts | 38,686,936 |
Swap agreements | 15,602 |
Forward foreign currency exchange contracts | (1,554,445) |
Translation of assets and liabilities in foreign currencies | (235,100) |
Net unrealized gain (loss) | $349,092,941 |
Net realized and unrealized gain (loss) | $67,446,199 |
Change in net assets from operations | $242,630,893 |
Six months ended | Year ended | |
1/31/24 (unaudited) | 7/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $175,184,694 | $376,956,422 |
Net realized gain (loss) | (281,646,742) | (743,542,001) |
Net unrealized gain (loss) | 349,092,941 | 840,694,814 |
Change in net assets from operations | $242,630,893 | $474,109,235 |
Total distributions to shareholders | $(218,924,232) | $(482,622,246) |
Change in net assets from fund share transactions | $(48,702,468) | $(337,899,866) |
Total change in net assets | $(24,995,807) | $(346,412,877) |
Net assets | ||
At beginning of period | 6,686,053,164 | 7,032,466,041 |
At end of period | $6,661,057,357 | $6,686,053,164 |
Class A | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.69 | $11.69 | $14.93 | $14.73 | $14.68 | $13.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.29 | $0.60 | $0.54 | $0.51 | $0.56 | $0.64 |
Net realized and unrealized gain (loss) | 0.13 | 0.19 | (3.18) | 0.24 | 0.10 | 0.70 |
Total from investment operations | $0.42 | $0.79 | $(2.64) | $0.75 | $0.66 | $1.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.37) | $(0.79) | $(0.60) | $(0.55) | $(0.61) | $(0.65) |
Net asset value, end of period (x) | $11.74 | $11.69 | $11.69 | $14.93 | $14.73 | $14.68 |
Total return (%) (r)(s)(t)(x) | 3.73(n) | 7.07 | (18.12) | 5.19 | 4.69 | 9.83 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.08(a) | 1.07 | 1.06 | 1.07 | 1.08 | 1.07 |
Expenses after expense reductions | 1.07(a) | 1.06 | 1.05 | 1.06 | 1.06 | 1.04 |
Net investment income (loss) | 5.14(a) | 5.25 | 3.94 | 3.42 | 3.84 | 4.51 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $273,451 | $282,355 | $315,618 | $431,359 | $377,703 | $382,984 |
Class B | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.46 | $11.56 | $14.87 | $14.75 | $14.71 | $14.13 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.52 | $0.43 | $0.41 | $0.45 | $0.53 |
Net realized and unrealized gain (loss) | (0.01)(g) | 0.08(g) | (3.24) | 0.15(g) | 0.10 | 0.59 |
Total from investment operations | $0.24 | $0.60 | $(2.81) | $0.56 | $0.55 | $1.12 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.33) | $(0.70) | $(0.50) | $(0.44) | $(0.51) | $(0.54) |
Net asset value, end of period (x) | $11.37 | $11.46 | $11.56 | $14.87 | $14.75 | $14.71 |
Total return (%) (r)(s)(t)(x) | 2.11(n) | 5.37 | (19.32) | 3.84 | 3.83 | 8.16 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.83(a) | 1.82 | 1.82 | 1.82 | 1.83 | 1.82 |
Expenses after expense reductions | 1.82(a) | 1.81 | 1.80 | 1.81 | 1.82 | 1.81 |
Net investment income (loss) | 4.42(a) | 4.49 | 3.15 | 2.70 | 3.12 | 3.76 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $1,037 | $1,480 | $2,183 | $4,286 | $8,088 | $13,938 |
Class C | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.50 | $11.54 | $14.83 | $14.73 | $14.70 | $14.10 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.52 | $0.43 | $0.41 | $0.45 | $0.53 |
Net realized and unrealized gain (loss) | 0.10(g) | 0.14(g) | (3.22) | 0.13(g) | 0.08 | 0.61 |
Total from investment operations | $0.35 | $0.66 | $(2.79) | $0.54 | $0.53 | $1.14 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.33) | $(0.70) | $(0.50) | $(0.44) | $(0.50) | $(0.54) |
Net asset value, end of period (x) | $11.52 | $11.50 | $11.54 | $14.83 | $14.73 | $14.70 |
Total return (%) (r)(s)(t)(x) | 3.09(n) | 5.92 | (19.24) | 3.70 | 3.76 | 8.31 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.83(a) | 1.82 | 1.82 | 1.82 | 1.83 | 1.82 |
Expenses after expense reductions | 1.82(a) | 1.81 | 1.80 | 1.81 | 1.82 | 1.81 |
Net investment income (loss) | 4.40(a) | 4.50 | 3.16 | 2.70 | 3.12 | 3.76 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $13,244 | $14,780 | $18,289 | $31,537 | $62,772 | $113,863 |
Class I | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.70 | $11.69 | $14.93 | $14.74 | $14.82 | $14.16 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.31 | $0.63 | $0.57 | $0.55 | $0.59 | $0.67 |
Net realized and unrealized gain (loss) | 0.13 | 0.19 | (3.18) | 0.23 | (0.02)(g) | 0.67 |
Total from investment operations | $0.44 | $0.82 | $(2.61) | $0.78 | $0.57 | $1.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.39) | $(0.81) | $(0.63) | $(0.59) | $(0.65) | $(0.68) |
Net asset value, end of period (x) | $11.75 | $11.70 | $11.69 | $14.93 | $14.74 | $14.82 |
Total return (%) (r)(s)(t)(x) | 3.85(n) | 7.42 | (17.91) | 5.38 | 4.02 | 9.80 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.83(a) | 0.82 | 0.81 | 0.82 | 0.83 | 0.82 |
Expenses after expense reductions | 0.82(a) | 0.81 | 0.80 | 0.81 | 0.82 | 0.81 |
Net investment income (loss) | 5.38(a) | 5.51 | 4.19 | 3.66 | 4.06 | 4.74 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $3,950,320 | $4,032,436 | $4,294,440 | $5,960,448 | $4,345,513 | $3,879,907 |
Class R1 | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.76 | $11.75 | $15.00 | $14.82 | $14.88 | $14.22 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.52 | $0.44 | $0.40 | $0.44 | $0.53 |
Net realized and unrealized gain (loss) | 0.14 | 0.19 | (3.19) | 0.22 | 0.01(g) | 0.67 |
Total from investment operations | $0.39 | $0.71 | $(2.75) | $0.62 | $0.45 | $1.20 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.33) | $(0.70) | $(0.50) | $(0.44) | $(0.51) | $(0.54) |
Net asset value, end of period (x) | $11.82 | $11.76 | $11.75 | $15.00 | $14.82 | $14.88 |
Total return (%) (r)(s)(t)(x) | 3.42(n) | 6.36 | (18.71) | 4.25 | 3.13 | 8.71 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.83(a) | 1.82 | 1.82 | 1.82 | 1.84 | 1.82 |
Expenses after expense reductions | 1.82(a) | 1.81 | 1.80 | 1.81 | 1.82 | 1.81 |
Net investment income (loss) | 4.37(a) | 4.52 | 3.22 | 2.69 | 3.07 | 3.75 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $349 | $325 | $305 | $333 | $582 | $648 |
Class R2 | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.76 | $11.75 | $15.00 | $14.81 | $14.87 | $14.22 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.28 | $0.58 | $0.50 | $0.48 | $0.52 | $0.60 |
Net realized and unrealized gain (loss) | 0.13 | 0.19 | (3.18) | 0.23 | (0.00)(g)(w) | 0.66 |
Total from investment operations | $0.41 | $0.77 | $(2.68) | $0.71 | $0.52 | $1.26 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.36) | $(0.76) | $(0.57) | $(0.52) | $(0.58) | $(0.61) |
Net asset value, end of period (x) | $11.81 | $11.76 | $11.75 | $15.00 | $14.81 | $14.87 |
Total return (%) (r)(s)(t)(x) | 3.60(n) | 6.89 | (18.30) | 4.84 | 3.65 | 9.17 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.33(a) | 1.32 | 1.32 | 1.32 | 1.34 | 1.32 |
Expenses after expense reductions | 1.32(a) | 1.31 | 1.30 | 1.31 | 1.32 | 1.31 |
Net investment income (loss) | 4.88(a) | 5.01 | 3.70 | 3.19 | 3.60 | 4.26 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $9,251 | $9,327 | $9,831 | $12,688 | $15,944 | $18,952 |
Class R3 | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.73 | $11.72 | $14.96 | $14.75 | $14.80 | $14.16 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.30 | $0.61 | $0.54 | $0.51 | $0.56 | $0.64 |
Net realized and unrealized gain (loss) | 0.13 | 0.19 | (3.18) | 0.26 | (0.00)(g)(w) | 0.65 |
Total from investment operations | $0.43 | $0.80 | $(2.64) | $0.77 | $0.56 | $1.29 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.37) | $(0.79) | $(0.60) | $(0.56) | $(0.61) | $(0.65) |
Net asset value, end of period (x) | $11.79 | $11.73 | $11.72 | $14.96 | $14.75 | $14.80 |
Total return (%) (r)(s)(t)(x) | 3.81(n) | 7.16 | (18.08) | 5.25 | 3.97 | 9.39 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.08(a) | 1.07 | 1.07 | 1.07 | 1.08 | 1.07 |
Expenses after expense reductions | 1.07(a) | 1.06 | 1.05 | 1.06 | 1.07 | 1.06 |
Net investment income (loss) | 5.15(a) | 5.27 | 3.96 | 3.42 | 3.86 | 4.51 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $44,696 | $37,811 | $32,029 | $36,080 | $23,775 | $32,190 |
Class R4 | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.73 | $11.71 | $14.96 | $14.76 | $14.84 | $14.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.31 | $0.64 | $0.57 | $0.55 | $0.60 | $0.67 |
Net realized and unrealized gain (loss) | 0.13 | 0.20 | (3.18) | 0.24 | (0.03)(g) | 0.68 |
Total from investment operations | $0.44 | $0.84 | $(2.61) | $0.79 | $0.57 | $1.35 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.39) | $(0.82) | $(0.64) | $(0.59) | $(0.65) | $(0.68) |
Net asset value, end of period (x) | $11.78 | $11.73 | $11.71 | $14.96 | $14.76 | $14.84 |
Total return (%) (r)(s)(t)(x) | 3.85(n) | 7.52 | (17.94) | 5.45 | 4.02 | 9.88 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.83(a) | 0.82 | 0.82 | 0.82 | 0.83 | 0.82 |
Expenses after expense reductions | 0.82(a) | 0.81 | 0.80 | 0.81 | 0.82 | 0.81 |
Net investment income (loss) | 5.37(a) | 5.51 | 4.23 | 3.68 | 4.13 | 4.74 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $43,261 | $50,981 | $36,790 | $40,988 | $39,791 | $75,510 |
Class R6 | Six months ended | Year ended | ||||
1/31/24 (unaudited) | 7/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | |
Net asset value, beginning of period | $11.72 | $11.72 | $14.96 | $14.77 | $14.90 | $14.22 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.32 | $0.65 | $0.59 | $0.56 | $0.60 | $0.68 |
Net realized and unrealized gain (loss) | 0.13 | 0.18 | (3.18) | 0.24 | (0.07)(g) | 0.69 |
Total from investment operations | $0.45 | $0.83 | $(2.59) | $0.80 | $0.53 | $1.37 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.39) | $(0.83) | $(0.65) | $(0.61) | $(0.66) | $(0.69) |
Net asset value, end of period (x) | $11.78 | $11.72 | $11.72 | $14.96 | $14.77 | $14.90 |
Total return (%) (r)(s)(t)(x) | 4.00(n) | 7.45 | (17.77) | 5.49 | 3.79 | 10.02 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.71(a) | 0.71 | 0.69 | 0.71 | 0.73 | 0.73 |
Expenses after expense reductions | 0.70(a) | 0.70 | 0.68 | 0.69 | 0.72 | 0.72 |
Net investment income (loss) | 5.49(a) | 5.62 | 4.32 | 3.75 | 4.17 | 4.85 |
Portfolio turnover | 26(n) | 52 | 52 | 56 | 75 | 94 |
Net assets at end of period (000 omitted) | $2,325,447 | $2,256,558 | $2,322,980 | $3,043,561 | $1,529,701 | $1,330,252 |
(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 | $2,079,187 | $— | $— | $2,079,187 |
United States | 412,500 | 1,618,551 | — | 2,031,051 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 129,213,016 | — | 129,213,016 |
Non - U.S. Sovereign Debt | — | 4,522,274,586 | — | 4,522,274,586 |
U.S. Corporate Bonds | — | 23,112,111 | — | 23,112,111 |
Foreign Bonds | — | 1,360,491,543 | — | 1,360,491,543 |
Mutual Funds | 614,466,599 | — | — | 614,466,599 |
Total | $616,958,286 | $6,036,709,807 | $— | $6,653,668,093 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $24,771,132 | $— | $— | $24,771,132 |
Forward Foreign Currency Exchange Contracts – Assets | — | 4,920,695 | — | 4,920,695 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (2,087,105) | — | (2,087,105) |
Swap Agreements – Liabilities | — | (160,588) | — | (160,588) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Equity | Purchased Option Contracts | $2,031,051 | $— |
Interest Rate | Futures Contracts | 24,771,132 | — |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 4,920,695 | (2,087,105) |
Credit | Uncleared Swap Agreements | — | (160,588) |
Total | $31,722,878 | $(2,247,693) |
(a) | The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. 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 | Unaffiliated Issuers (Purchased Options) |
Interest Rate | $(38,831,487) | $— | $— | $— |
Foreign Exchange | — | — | 8,844,499 | — |
Equity | — | — | — | 150,614 |
Credit | — | (36,118) | — | — |
Total | $(38,831,487) | $(36,118) | $8,844,499 | $150,614 |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) |
Interest Rate | $38,686,936 | $— | $— | $— |
Foreign Exchange | — | — | (1,554,445) | — |
Equity | — | — | — | (1,470,018) |
Credit | — | 15,602 | — | — |
Total | $38,686,936 | $15,602 | $(1,554,445) | $(1,470,018) |
Year ended 7/31/23 | |
Ordinary income (including any short-term capital gains) | $482,622,246 |
As of 1/31/24 | |
Cost of investments | $7,260,959,030 |
Gross appreciation | 113,653,537 |
Gross depreciation | (720,944,474) |
Net unrealized appreciation (depreciation) | $(607,290,937) |
As of 7/31/23 | |
Undistributed ordinary income | 47,424,489 |
Capital loss carryforwards | (1,367,191,757) |
Other temporary differences | (43,288,731) |
Net unrealized appreciation (depreciation) | (876,673,216) |
Short-Term | $(407,419,422) |
Long-Term | (959,772,335) |
Total | $(1,367,191,757) |
Six months ended 1/31/24 | Year ended 7/31/23 | |
Class A | $8,816,966 | $19,065,531 |
Class B | 37,328 | 109,443 |
Class C | 398,457 | 978,144 |
Class I | 130,405,145 | 297,081,519 |
Class R1 | 9,471 | 18,784 |
Class R2 | 284,985 | 625,152 |
Class R3 | 1,405,730 | 2,462,001 |
Class R4 | 1,435,528 | 2,668,835 |
Class R6 | 76,130,622 | 159,612,837 |
Total | $218,924,232 | $482,622,246 |
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% | $ 340,316 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 6,584 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 69,775 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 1,647 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 22,836 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 54,022 |
Total Distribution and Service Fees | $495,180 |
(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, 2024 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, 2024, this rebate amounted to $57 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $1,393 |
Class B | 43 |
Class C | 2,114 |
Purchases | Sales | |
U.S. Government securities | $— | $1,730,773 |
Non-U.S. Government securities | 1,511,921,484 | 1,693,370,877 |
Six months ended 1/31/24 | Year ended 7/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,496,140 | $28,701,394 | 8,399,252 | $95,859,574 | |
Class B | 13 | 156 | 48 | 559 | |
Class C | 52,659 | 606,111 | 173,084 | 2,003,454 | |
Class I | 32,585,441 | 371,816,589 | 104,410,375 | 1,200,106,416 | |
Class R1 | 1,870 | 21,477 | 4,468 | 51,689 | |
Class R2 | 58,436 | 670,078 | 130,559 | 1,512,189 | |
Class R3 | 964,697 | 10,927,994 | 883,327 | 10,309,650 | |
Class R4 | 117,049 | 1,346,377 | 1,283,882 | 14,858,711 | |
Class R6 | 15,733,293 | 179,916,878 | 36,661,670 | 424,956,973 | |
52,009,598 | $594,007,054 | 151,946,665 | $1,749,659,215 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 589,898 | $6,782,504 | 1,275,903 | $14,643,641 | |
Class B | 3,217 | 37,104 | 9,289 | 107,010 | |
Class C | 33,449 | 385,748 | 82,303 | 947,411 | |
Class I | 10,946,726 | 125,464,920 | 25,120,196 | 287,468,700 | |
Class R1 | 819 | 9,471 | 1,610 | 18,560 | |
Class R2 | 24,679 | 284,969 | 54,247 | 625,035 | |
Class R3 | 122,182 | 1,405,656 | 214,258 | 2,461,789 | |
Class R4 | 124,807 | 1,435,477 | 232,262 | 2,668,648 | |
Class R6 | 5,667,272 | 65,113,649 | 11,655,022 | 133,630,336 | |
17,513,049 | $200,919,498 | 38,645,090 | $442,571,130 | ||
Shares reacquired | |||||
Class A | (3,952,398) | $(45,317,650) | (12,527,596) | $(142,827,727) | |
Class B | (41,161) | (477,894) | (69,107) | (792,986) | |
Class C | (221,858) | (2,540,674) | (554,383) | (6,388,226) | |
Class I | (52,102,257) | (590,825,251) | (152,177,805) | (1,747,876,945) | |
Class R1 | (778) | (9,039) | (4,399) | (51,314) | |
Class R2 | (93,191) | (1,076,934) | (228,175) | (2,622,735) | |
Class R3 | (518,455) | (5,902,967) | (607,771) | (7,016,741) | |
Class R4 | (915,518) | (10,361,086) | (311,020) | (3,560,805) | |
Class R6 | (16,444,490) | (187,117,525) | (54,129,104) | (618,992,732) | |
(74,290,106) | $(843,629,020) | (220,609,360) | $(2,530,130,211) |
Six months ended 1/31/24 | Year ended 7/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (866,360) | $(9,833,752) | (2,852,441) | $(32,324,512) | |
Class B | (37,931) | (440,634) | (59,770) | (685,417) | |
Class C | (135,750) | (1,548,815) | (298,996) | (3,437,361) | |
Class I | (8,570,090) | (93,543,742) | (22,647,234) | (260,301,829) | |
Class R1 | 1,911 | 21,909 | 1,679 | 18,935 | |
Class R2 | (10,076) | (121,887) | (43,369) | (485,511) | |
Class R3 | 568,424 | 6,430,683 | 489,814 | 5,754,698 | |
Class R4 | (673,662) | (7,579,232) | 1,205,124 | 13,966,554 | |
Class R6 | 4,956,075 | 57,913,002 | (5,812,412) | (60,405,423) | |
(4,767,459) | $(48,702,468) | (30,017,605) | $(337,899,866) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $453,008,682 | $856,884,620 | $695,594,883 | $(43,232) | $89,237 | $614,344,424 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $15,098,797 | $— |
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. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not Applicable.
ITEM 14. 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 14, 2024
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 14, 2024
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: March 14, 2024
* Print name and title of each signing officer under his or her signature.