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As Of Filer Filing For·On·As Docs:Size Issuer Agent 12/20/17 MFS Series Trust X N-Q 10/31/17 2:698K Donnelley … Solutions/FA → MFS Emerging Markets Debt Fund ⇒ A (MEDAX) — B (MEDBX) — C (MEDCX) — I (MEDIX) — R1 (MEDDX) — R2 (MEDEX) — R3 (MEDFX) — R4 (MEDGX) — R6 (MEDHX) |
Document/Exhibit Description Pages Size 1: N-Q Mfs Series Trust X N-Q HTML 449K 2: EX-99.CERT Certifications HTML 18K
| MFS SERIES TRUST X N-Q |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
(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: October 31, 2017
| * | This Form N-Q pertains 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 31st. |
| ITEM 1. | SCHEDULE OF INVESTMENTS. |
QUARTERLY REPORT
MFS® EMERGING MARKETS DEBT FUND
PORTFOLIO OF INVESTMENTS
10/31/17 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - 87.2% | ||||||||
| Argentina - 7.1% | ||||||||
| Aeropuertos Argentina 2000 S.A., 6.875%, 2/01/2027 (n) | $ | 8,770,000 | $ | 9,449,675 | ||||
| Aeropuertos Argentina 2000 S.A., 6.875%, 2/01/2027 | 789,000 | 850,148 | ||||||
| Genneia S.A., 8.75%, 1/20/2022 (n) | 8,645,000 | 9,591,022 | ||||||
| Genneia S.A., 8.75%, 1/20/2022 | 2,795,000 | 3,100,857 | ||||||
| Letras del Banco Central de la Republica Argentina, 0%, 11/15/2017 | ARS | 285,125,000 | 15,963,677 | |||||
| Province of Cordoba, 7.125%, 6/10/2021 (n) | $ | 5,323,000 | 5,742,931 | |||||
| Province of Cordoba, 7.125%, 6/10/2021 | 550,000 | 593,390 | ||||||
| Province of Cordoba, 7.45%, 9/01/2024 (n) | 6,602,000 | 7,268,076 | ||||||
| Province of Cordoba, 7.125%, 8/01/2027 (n) | 21,868,000 | 23,293,794 | ||||||
| Province of Santa Fe, 7%, 3/23/2023 (n) | 15,678,000 | 16,897,748 | ||||||
| Province of Santa Fe, 6.9%, 11/01/2027 (n) | 12,424,000 | 13,145,586 | ||||||
| Province of Santa Fe, 6.9%, 11/01/2027 | 6,566,000 | 6,947,353 | ||||||
| Republic of Argentina, 6.25%, 4/22/2019 | 13,406,000 | 14,036,082 | ||||||
| Republic of Argentina, 6.875%, 4/22/2021 | 51,849,000 | 56,515,400 | ||||||
| Republic of Argentina, 5.625%, 1/26/2022 | 57,975,000 | 60,873,755 | ||||||
| Republic of Argentina, 7.5%, 4/22/2026 | 19,114,000 | 21,598,820 | ||||||
| Republic of Argentina, 6.875%, 1/26/2027 | 53,254,000 | 58,046,860 | ||||||
| Republic of Argentina, 7.125%, 7/06/2036 | 64,731,000 | 69,618,191 | ||||||
| Republic of Argentina, 2.5% to 3/31/2019, 3.75% to 3/31/2029, 5.25% to 12/31/2038 | 27,153,000 | 19,509,431 | ||||||
| Republic of Argentina, 7.625%, 4/22/2046 | 11,077,000 | 12,406,240 | ||||||
| Republic of Argentina, 7.125%, 6/28/2117 (n) | 14,807,000 | 15,191,982 | ||||||
| Stoneway Capital Corp., 10%, 3/01/2027 (n) | 14,584,000 | 15,386,120 | ||||||
|
|
|
|||||||
| $ | 456,027,138 | |||||||
| Azerbaijan - 1.5% | ||||||||
| Southern Gas Corridor CJSC, 6.875%, 3/24/2026 (n) | $ | 47,650,000 | $ | 53,846,406 | ||||
| State Oil Company of the Azerbaijan Republic, 4.75%, 3/13/2023 | 6,000,000 | 6,024,000 | ||||||
| State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 35,443,000 | 38,956,971 | ||||||
|
|
|
|||||||
| $ | 98,827,377 | |||||||
| Bermuda - 0.2% | ||||||||
| Government of Bermuda, 4.854%, 2/06/2024 | $ | 6,104,000 | $ | 6,641,884 | ||||
| Government of Bermuda, 3.717%, 1/25/2027 (n) | 6,447,000 | 6,479,235 | ||||||
|
|
|
|||||||
| $ | 13,121,119 | |||||||
| Brazil - 4.7% | ||||||||
| Aegea Finance, 5.75%, 10/10/2024 (n) | $ | 15,768,000 | $ | 16,196,890 | ||||
| Banco do Brasil S.A. (Cayman Branch), 4.625%, 1/15/2025 (z) | 17,115,000 | 17,080,770 | ||||||
| Banco Nacional de Desenvolvimento Economico e Social, 4.75%, 5/09/2024 (n) | 6,153,000 | 6,216,376 | ||||||
| Banco Nacional de Desenvolvimento Economico e Social, 4.75%, 5/09/2024 | 12,269,000 | 12,395,376 | ||||||
| Braskem America Finance, 7.125%, 7/22/2041 | 1,874,000 | 2,262,850 | ||||||
| ESAL GmbH, 6.25%, 2/05/2023 | 12,233,000 | 11,774,263 | ||||||
| Federative Republic of Brazil, 4.625%, 1/13/2028 | 20,535,000 | 20,391,260 | ||||||
| Federative Republic of Brazil, 7.125%, 1/20/2037 | 15,539,000 | 18,561,339 | ||||||
| Federative Republic of Brazil, 5.625%, 1/07/2041 | 21,390,000 | 21,678,765 | ||||||
| JBS Investments GmbH, 7.25%, 4/03/2024 | 11,200,000 | 11,060,000 | ||||||
| JSL Europe S.A., 7.75%, 7/26/2024 (n) | 13,574,000 | 14,439,343 | ||||||
| Marb Bondco PLC, 7%, 3/15/2024 (n) | 14,330,000 | 14,437,475 | ||||||
| Marb Bondco PLC, 7%, 3/15/2024 | 2,933,000 | 2,954,998 | ||||||
| Nota do Tesouro Nacional, 10%, 1/01/2023 | BRL | 76,118,000 | 23,677,294 | |||||
| Nota do Tesouro Nacional, 6%, 8/15/2026 | BRL | 27,017,894 | 8,845,489 | |||||
| Petrobras Global Finance B.V., 6.125%, 1/17/2022 | $ | 9,044,000 | 9,776,564 | |||||
| Petrobras Global Finance B.V., 5.299%, 1/27/2025 (n) | 17,047,000 | 17,102,403 | ||||||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Brazil - continued | ||||||||
| Petrobras Global Finance B.V., 7.375%, 1/17/2027 | $ | 4,094,000 | $ | 4,546,387 | ||||
| Petrobras Global Finance B.V., 5.999%, 1/27/2028 (n) | 46,921,000 | 47,507,513 | ||||||
| Rumo Logistica Operadora Multimodal S.A., 7.375%, 2/09/2024 | 5,781,000 | 6,298,400 | ||||||
| Rumo Luxembourg Sarl, “A”, 7.375%, 2/09/2024 (n) | 8,587,000 | 9,355,537 | ||||||
| TerraForm Global Operating LLC, 9.75%, 8/15/2022 (n) | 3,285,000 | 3,638,138 | ||||||
|
|
|
|||||||
| $ | 300,197,430 | |||||||
| Bulgaria - 0.2% | ||||||||
| Republic of Bulgaria, 3.125%, 3/26/2035 | EUR | 8,654,000 | $ | 11,073,547 | ||||
| Chile - 2.7% | ||||||||
| Empresa de Transporte de Pasajeros Metro S.A., 5%, 1/25/2047 (n) | $ | 12,436,000 | $ | 13,729,344 | ||||
| Empresa Nacional de Telecomunicaciones S.A., 4.75%, 8/01/2026 | 11,951,000 | 12,382,270 | ||||||
| Empresa Nacional del Petroleo, 4.75%, 12/06/2021 | 2,567,000 | 2,736,643 | ||||||
| Empresa Nacional del Petroleo, 4.375%, 10/30/2024 (n) | 4,635,000 | 4,850,776 | ||||||
| Empresa Nacional del Petroleo, 4.375%, 10/30/2024 | 8,233,000 | 8,616,276 | ||||||
| Empresa Nacional del Petroleo, 3.75%, 8/05/2026 (n) | 13,941,000 | 13,915,041 | ||||||
| Engie Energia Chile S.A., 4.5%, 1/29/2025 (n) | 13,372,000 | 14,010,692 | ||||||
| GeoPark Ltd., 6.5%, 9/21/2024 (n) | 7,047,000 | 7,226,699 | ||||||
| GNL Quintero S.A., 4.634%, 7/31/2029 | 21,665,000 | 22,558,681 | ||||||
| GNL Quintero S.A., 4.634%, 7/31/2029 (n) | 13,850,000 | 14,421,313 | ||||||
| S.A.C.I. Falabella, 3.75%, 10/30/2027 (z) | 14,392,000 | 14,032,200 | ||||||
| Transelec S.A., 4.625%, 7/26/2023 (n) | 10,296,000 | 10,975,825 | ||||||
| Transelec S.A., 4.25%, 1/14/2025 (n) | 5,329,000 | 5,530,489 | ||||||
| Transelec S.A., 3.875%, 1/12/2029 (n) | 6,336,000 | 6,288,480 | ||||||
| VTR Finance B.V., 6.875%, 1/15/2024 | 12,925,000 | 13,703,731 | ||||||
| VTR Finance B.V., 6.875%, 1/15/2024 (n) | 8,723,000 | 9,248,561 | ||||||
|
|
|
|||||||
| $ | 174,227,021 | |||||||
| China - 2.4% | ||||||||
| Avi Funding Co. Ltd., 3.8%, 9/16/2025 (n) | $ | 9,808,000 | $ | 10,107,291 | ||||
| CNPC General Capital Ltd., 3.95%, 4/19/2022 (n) | 8,481,000 | 8,883,796 | ||||||
| CNPC General Capital Ltd., 3.4%, 4/16/2023 (n) | 7,113,000 | 7,265,748 | ||||||
| Export-Import Bank of China, 3.625%, 7/31/2024 (n) | 7,655,000 | 7,982,951 | ||||||
| Sinopec Capital (2013) Ltd., 3.125%, 4/24/2023 | 5,474,000 | 5,524,770 | ||||||
| Sinopec Group Overseas Development (2012) Ltd., 3.9%, 5/17/2022 (n) | 8,253,000 | 8,645,603 | ||||||
| Sinopec Group Overseas Development (2013) Ltd., 4.375%, 10/17/2023 | 5,604,000 | 6,051,507 | ||||||
| Sinopec Group Overseas Development (2014) Ltd., 4.375%, 4/10/2024 (n) | 5,961,000 | 6,419,204 | ||||||
| Sinopec Group Overseas Development (2017) Ltd., 2.5%, 9/13/2022 (n) | 15,130,000 | 14,921,206 | ||||||
| Sinopec Group Overseas Development (2017) Ltd., 3.625%, 4/12/2027 (n) | 9,389,000 | 9,647,996 | ||||||
| State Grid Overseas Investment (2014) Ltd., 4.125%, 5/07/2024 (n) | 2,845,000 | 3,038,649 | ||||||
| State Grid Overseas Investment (2016) Ltd., 3.5%, 5/04/2027 (n) | 55,071,000 | 56,208,404 | ||||||
| State Grid Overseas Investment (2016) Ltd., 3.5%, 5/04/2027 | 8,356,000 | 8,528,580 | ||||||
|
|
|
|||||||
| $ | 153,225,705 | |||||||
| Colombia - 1.0% | ||||||||
| Empresa de Energia de Bogota S.A., 6.125%, 11/10/2021 (n) | $ | 1,049,000 | $ | 1,073,652 | ||||
| Empresa de Energia de Bogota S.A., 6.125%, 11/10/2021 | 2,312,000 | 2,366,332 | ||||||
| Empresas Publicas de Medellin, 8.375%, 11/08/2027 (z) | COP | 38,717,000,000 | 12,727,145 | |||||
| Millicom International Cellular S.A., 5.125%, 1/15/2028 (n) | $ | 7,921,000 | 7,961,397 | |||||
| Republic of Colombia, 6.125%, 1/18/2041 | 15,993,000 | 18,823,761 | ||||||
| Republic of Colombia, 5%, 6/15/2045 | 23,368,000 | 24,039,830 | ||||||
|
|
|
|||||||
| $ | 66,992,117 | |||||||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Costa Rica - 0.2% | ||||||||
| Republic of Costa Rica, 7%, 4/04/2044 | $ | 5,186,000 | $ | 5,406,405 | ||||
| Republic of Costa Rica, 7.158%, 3/12/2045 | 7,788,000 | 8,274,750 | ||||||
|
|
|
|||||||
| $ | 13,681,155 | |||||||
| Cote d’Ivoire - 0.8% | ||||||||
| Republic of Cote d’Ivoire, 5.75%, 12/31/2032 | $ | 37,060,825 | $ | 36,539,009 | ||||
| Republic of Cote d’Ivoire, 6.125%, 6/15/2033 (n) | 16,993,000 | 16,756,797 | ||||||
|
|
|
|||||||
| $ | 53,295,806 | |||||||
| Croatia - 0.4% | ||||||||
| Republic of Croatia, 6%, 1/26/2024 | $ | 5,459,000 | $ | 6,216,436 | ||||
| Republic of Croatia, 6.625%, 7/14/2020 | 8,056,000 | 8,819,435 | ||||||
| Republic of Croatia, 6.375%, 3/24/2021 | 3,250,000 | 3,587,188 | ||||||
| Republic of Croatia, 5.5%, 4/04/2023 (n) | 2,972,000 | 3,281,219 | ||||||
| Republic of Croatia, 5.5%, 4/04/2023 | 400,000 | 441,618 | ||||||
|
|
|
|||||||
| $ | 22,345,896 | |||||||
| Dominican Republic - 1.2% | ||||||||
| Aeropuertos Dominicanos Siglo XXI S.A., 6.75%, 3/30/2029 (n) | $ | 8,034,000 | $ | 8,716,890 | ||||
| Aeropuertos Dominicanos Siglo XXI S.A., 6.75%, 3/30/2029 | 2,588,000 | 2,807,980 | ||||||
| Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 | 5,200,000 | 5,453,500 | ||||||
| Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n) | 13,099,000 | 13,737,576 | ||||||
| Dominican Republic, 5.875%, 4/18/2024 (n) | 1,408,000 | 1,532,960 | ||||||
| Dominican Republic, 5.875%, 4/18/2024 | 974,000 | 1,060,443 | ||||||
| Dominican Republic, 5.5%, 1/27/2025 (n) | 8,941,000 | 9,488,636 | ||||||
| Dominican Republic, 5.95%, 1/25/2027 (n) | 6,886,000 | 7,412,779 | ||||||
| Dominican Republic, 8.625%, 4/20/2027 | 14,447,000 | 17,625,340 | ||||||
| Dominican Republic, 7.45%, 4/30/2044 | 3,917,000 | 4,651,438 | ||||||
| Dominican Republic, 6.85%, 1/27/2045 | 4,132,000 | 4,607,180 | ||||||
|
|
|
|||||||
| $ | 77,094,722 | |||||||
| Ecuador - 1.4% | ||||||||
| Petroamazonas, 4.625%, 2/16/2020 (n) | $ | 5,772,000 | $ | 5,594,222 | ||||
| Republic of Ecuador, 10.75%, 3/28/2022 (n) | 1,697,000 | 1,917,610 | ||||||
| Republic of Ecuador, 10.75%, 3/28/2022 | 10,893,000 | 12,309,095 | ||||||
| Republic of Ecuador, 8.75%, 6/02/2023 | 4,100,000 | 4,300,900 | ||||||
| Republic of Ecuador, 7.95%, 6/20/2024 | 8,702,000 | 8,789,020 | ||||||
| Republic of Ecuador, 9.65%, 12/13/2026 | 5,700,000 | 6,184,500 | ||||||
| Republic of Ecuador, 9.625%, 6/02/2027 | 6,100,000 | 6,557,500 | ||||||
| Republic of Ecuador, 8.875%, 10/23/2027 (z) | 40,986,000 | 41,933,227 | ||||||
|
|
|
|||||||
| $ | 87,586,074 | |||||||
| Egypt - 1.0% | ||||||||
| Arab Republic of Egypt, 6.125%, 1/31/2022 (n) | $ | 19,858,000 | $ | 20,706,413 | ||||
| Arab Republic of Egypt, 6.125%, 1/31/2022 | 8,500,000 | 8,863,159 | ||||||
| Arab Republic of Egypt, 7.5%, 1/31/2027 | 17,263,000 | 19,137,589 | ||||||
| Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | 11,305,000 | 12,786,769 | ||||||
|
|
|
|||||||
| $ | 61,493,930 | |||||||
| El Salvador - 1.1% | ||||||||
| Republic of El Salvador, 7.75%, 1/24/2023 | $ | 379,000 | $ | 408,373 | ||||
| Republic of El Salvador, 5.875%, 1/30/2025 | 3,821,000 | 3,773,238 | ||||||
| Republic of El Salvador, 6.375%, 1/18/2027 | 5,283,000 | 5,256,585 | ||||||
| Republic of El Salvador, 8.625%, 2/28/2029 | 2,724,000 | 3,084,930 | ||||||
| Republic of El Salvador, 8.25%, 4/10/2032 | 6,861,000 | 7,632,863 | ||||||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| El Salvador - continued | ||||||||
| Republic of El Salvador, 7.65%, 6/15/2035 | $ | 23,827,000 | $ | 24,839,648 | ||||
| Republic of El Salvador, 7.625%, 2/01/2041 | 26,567,000 | 27,696,098 | ||||||
|
|
|
|||||||
| $ | 72,691,735 | |||||||
| Ethiopia - 0.3% | ||||||||
| Federal Republic of Ethiopia, 6.625%, 12/11/2024 | $ | 18,274,000 | $ | 18,822,220 | ||||
| Ghana - 0.5% | ||||||||
| Republic of Ghana, 10.75%, 10/14/2030 | $ | 22,304,000 | $ | 29,717,850 | ||||
| Guatemala - 0.6% | ||||||||
| Central American Bottling Corp., 5.75%, 1/31/2027 (n) | $ | 17,981,000 | $ | 18,985,059 | ||||
| Comcel Trust, 6.875%, 2/06/2024 (n) | 5,855,000 | 6,177,025 | ||||||
| Energuate Trust, 5.875%, 5/03/2027 (n) | 15,565,000 | 16,160,361 | ||||||
|
|
|
|||||||
| $ | 41,322,445 | |||||||
| Honduras - 0.1% | ||||||||
| Republic of Honduras, 6.25%, 1/19/2027 (n) | $ | 5,987,000 | $ | 6,456,201 | ||||
| Hungary - 1.6% | ||||||||
| Hungarian Development Bank, 6.25%, 10/21/2020 | $ | 16,472,000 | $ | 18,146,214 | ||||
| Hungarian Development Bank, 6.25%, 10/21/2020 (n) | 11,785,000 | 12,982,827 | ||||||
| Hungarian Export-Import Bank PLC, 4%, 1/30/2020 | 8,648,000 | 8,893,603 | ||||||
| Magyar Export-Import Bank PLC, 5.5%, 2/12/2018 (n) | 1,540,000 | 1,555,178 | ||||||
| Magyar Export-Import Bank PLC, 5.5%, 2/12/2018 | 9,891,000 | 9,988,486 | ||||||
| Magyar Export-Import Bank PLC, 4%, 1/30/2020 (n) | 6,399,000 | 6,580,732 | ||||||
| Republic of Hungary, 5.375%, 2/21/2023 | 15,428,000 | 17,279,360 | ||||||
| Republic of Hungary, 5.75%, 11/22/2023 | 10,602,000 | 12,186,002 | ||||||
| Republic of Hungary, 7.625%, 3/29/2041 | 8,354,000 | 12,881,860 | ||||||
|
|
|
|||||||
| $ | 100,494,262 | |||||||
| India - 4.8% | ||||||||
| Adani Ports and Special Economic Zone Ltd., 4%, 7/30/2027 (n) | $ | 17,384,000 | $ | 17,420,159 | ||||
| Adani Transmission Ltd., 4%, 8/03/2026 (n) | 12,177,000 | 12,229,154 | ||||||
| Adani Transmission Ltd., 4%, 8/03/2026 | 6,362,000 | 6,389,248 | ||||||
| Azure Power Energy Ltd., 5.5%, 11/03/2022 (n) | 18,192,000 | 18,783,240 | ||||||
| Azure Power Energy Ltd., 5.5%, 11/03/2022 | 300,000 | 309,750 | ||||||
| BPRL International Singapore Private Ltd., 4.375%, 1/18/2027 | 16,594,000 | 17,296,839 | ||||||
| Delhi International Airport, 6.125%, 10/31/2026 (n) | 8,695,000 | 9,347,125 | ||||||
| Export-Import Bank of India, 4%, 1/14/2023 | 11,184,000 | 11,703,653 | ||||||
| Export-Import Bank of India, 3.375%, 8/05/2026 (n) | 17,136,000 | 16,982,787 | ||||||
| Export-Import Bank of India, 3.375%, 8/05/2026 | 15,821,000 | 15,679,544 | ||||||
| Government of India, 8.12%, 12/10/2020 | INR | 1,579,230,000 | 25,434,938 | |||||
| Government of India, 7.8%, 4/11/2021 | INR | 1,501,890,000 | 24,033,301 | |||||
| Government of India, 7.61%, 5/09/2030 | INR | 3,637,860,000 | 57,849,676 | |||||
| Greenko Dutch B.V., 4.875%, 7/24/2022 (n) | $ | 8,859,000 | 9,014,741 | |||||
| Greenko Dutch B.V., 5.25%, 7/24/2024 (n) | 25,499,000 | 25,913,359 | ||||||
| NTPC Ltd., 7.375%, 8/10/2021 | INR | 10,000,000 | 156,970 | |||||
| NTPC Ltd., 7.25%, 5/03/2022 | INR | 870,000,000 | 13,577,191 | |||||
| NTPC Ltd., 4.375%, 11/26/2024 | $ | 8,055,000 | 8,573,766 | |||||
| NTPC Ltd., 4.25%, 2/26/2026 | 8,303,000 | 8,657,605 | ||||||
| ONGC Videsh Ltd., 3.75%, 7/27/2026 | 6,318,000 | 6,339,108 | ||||||
|
|
|
|||||||
| $ | 305,692,154 | |||||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Indonesia - 6.3% | ||||||||
| Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | $ | 13,333,000 | $ | 13,499,663 | ||||
| Pertamina PT, 5.625%, 5/20/2043 (n) | 2,955,000 | 3,237,081 | ||||||
| Pertamina PT, 5.625%, 5/20/2043 | 12,159,000 | 13,319,686 | ||||||
| Pertamina PT, 6.45%, 5/30/2044 | 6,432,000 | 7,760,542 | ||||||
| Pertamina PT, 6.45%, 5/30/2044 (n) | 3,692,000 | 4,454,590 | ||||||
| PT ABM Investama Tbk, 7.125%, 8/01/2022 (n) | 12,526,000 | 13,180,033 | ||||||
| PT Perusahaan Listrik Negara, 5.25%, 10/24/2042 | 6,835,000 | 7,196,913 | ||||||
| Republic of Indonesia, 3.7%, 1/08/2022 (n) | 3,542,000 | 3,676,380 | ||||||
| Republic of Indonesia, 3.75%, 4/25/2022 (n) | 9,197,000 | 9,558,019 | ||||||
| Republic of Indonesia, 3.75%, 4/25/2022 | 5,110,000 | 5,310,588 | ||||||
| Republic of Indonesia, 7%, 5/15/2022 | IDR | 446,510,000,000 | 33,630,228 | |||||
| Republic of Indonesia, 3.375%, 4/15/2023 (n) | $ | 247,000 | 250,938 | |||||
| Republic of Indonesia, 3.375%, 4/15/2023 | 23,702,000 | 24,079,905 | ||||||
| Republic of Indonesia, 5.375%, 10/17/2023 | 8,080,000 | 9,095,397 | ||||||
| Republic of Indonesia, 5.375%, 10/17/2023 (n) | 16,842,000 | 18,958,500 | ||||||
| Republic of Indonesia, 5.875%, 1/15/2024 | 15,841,000 | 18,187,527 | ||||||
| Republic of Indonesia, 5.875%, 1/15/2024 (n) | 5,968,000 | 6,852,040 | ||||||
| Republic of Indonesia, 4.125%, 1/15/2025 (n) | 8,055,000 | 8,437,242 | ||||||
| Republic of Indonesia, 4.125%, 1/15/2025 | 28,716,000 | 30,078,689 | ||||||
| Republic of Indonesia, 4.75%, 1/08/2026 (n) | 6,476,000 | 7,060,096 | ||||||
| Republic of Indonesia, 4.75%, 1/08/2026 | 24,170,000 | 26,349,989 | ||||||
| Republic of Indonesia, 4.35%, 1/08/2027 (n) | 29,870,000 | 31,674,716 | ||||||
| Republic of Indonesia, 4.35%, 1/08/2027 | 2,200,000 | 2,332,922 | ||||||
| Republic of Indonesia, 7%, 5/15/2027 | IDR | 115,547,000,000 | 8,660,168 | |||||
| Republic of Indonesia, 7.5%, 8/15/2032 | IDR | 157,890,000,000 | 11,857,030 | |||||
| Republic of Indonesia, 5.25%, 1/17/2042 | $ | 10,924,000 | 12,232,083 | |||||
| Republic of Indonesia, 4.625%, 4/15/2043 | 12,003,000 | 12,471,009 | ||||||
| Republic of Indonesia, 6.75%, 1/15/2044 (n) | 5,379,000 | 7,221,458 | ||||||
| Republic of Indonesia, 5.125%, 1/15/2045 | 2,600,000 | 2,885,145 | ||||||
| Republic of Indonesia, 5.125%, 1/15/2045 (n) | 10,237,000 | 11,359,702 | ||||||
| Republic of Indonesia, 4.75%, 7/18/2047 (z) | 17,102,000 | 18,099,953 | ||||||
| Saka Energi Indonesia PT, 4.45%, 5/05/2024 (n) | 23,541,000 | 23,990,068 | ||||||
|
|
|
|||||||
| $ | 406,958,300 | |||||||
| Jamaica - 0.9% | ||||||||
| Digicel Group Ltd., 6%, 4/15/2021 | $ | 7,095,000 | $ | 6,979,068 | ||||
| Digicel Group Ltd., 6%, 4/15/2021 (n) | 2,538,000 | 2,496,529 | ||||||
| Digicel Group Ltd., 6.75%, 3/01/2023 (n) | 1,153,000 | 1,138,080 | ||||||
| Digicel Group Ltd., 6.75%, 3/01/2023 | 17,709,000 | 17,479,846 | ||||||
| Government of Jamaica, 8%, 3/15/2039 | 8,461,000 | 10,555,098 | ||||||
| Government of Jamaica, 7.875%, 7/28/2045 | 15,890,000 | 19,703,600 | ||||||
|
|
|
|||||||
| $ | 58,352,221 | |||||||
| Jordan - 0.4% | ||||||||
| Kingdom of Jordan, 6.125%, 1/29/2026 | $ | 8,572,000 | $ | 8,872,020 | ||||
| Kingdom of Jordan, 5.75%, 1/31/2027 (n) | 3,925,000 | 3,925,000 | ||||||
| Kingdom of Jordan, 7.375%, 10/10/2047 (n) | 14,895,000 | 15,587,618 | ||||||
|
|
|
|||||||
| $ | 28,384,638 | |||||||
| Kazakhstan - 3.6% | ||||||||
| Development Bank of Kazakhstan, 4.125%, 12/10/2022 (n) | $ | 8,189,000 | $ | 8,311,933 | ||||
| Development Bank of Kazakhstan, 4.125%, 12/10/2022 | 30,870,000 | 31,333,420 | ||||||
| JSC Kazkommertsbank, 5.5%, 12/21/2022 | 27,197,000 | 27,027,019 | ||||||
| KazAgro National Management Holding, 4.625%, 5/24/2023 | 37,177,000 | 37,558,436 | ||||||
| KazMunayGas National Co., 5.75%, 4/19/2047 (n) | 12,266,000 | 12,327,330 | ||||||
5
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Kazakhstan - continued | ||||||||
| KazMunayGas National Co., 5.75%, 4/19/2047 | $ | 25,854,000 | $ | 25,983,270 | ||||
| KazTransGas JSC, 4.375%, 9/26/2027 (n) | 20,704,000 | 20,445,200 | ||||||
| Republic of Kazakhstan, 6.5%, 7/21/2045 (n) | 13,041,000 | 16,315,543 | ||||||
| Republic of Kazakhstan, 6.5%, 7/21/2045 | 10,207,000 | 12,769,937 | ||||||
| Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 25,035,000 | 24,617,166 | ||||||
| Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 15,518,000 | 15,259,005 | ||||||
|
|
|
|||||||
| $ | 231,948,259 | |||||||
| Kuwait - 0.2% | ||||||||
| EQUATE Petrochemical B.V., 4.25%, 11/03/2026 | $ | 15,320,000 | $ | 15,741,300 | ||||
| Macau - 0.2% | ||||||||
| Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | $ | 12,503,000 | $ | 12,668,290 | ||||
| Malaysia - 0.7% | ||||||||
| Government of Malaysia, 3.58%, 9/28/2018 | MYR | 177,088,000 | $ | 42,031,409 | ||||
| Mexico - 5.8% | ||||||||
| Banco Nacional de Comercio Exterior, S.N.C., 3.8% to 8/11/2021, FLR to 8/11/2026 (n) | $ | 14,066,000 | $ | 13,995,670 | ||||
| Controladora Mabe S.A. de C.V., 7.875%, 10/28/2019 | 9,930,000 | 10,836,609 | ||||||
| Elementia S.A. de C.V., 5.5%, 1/15/2025 (n) | 2,895,000 | 2,981,850 | ||||||
| Elementia S.A. de C.V., 5.5%, 1/15/2025 | 5,694,000 | 5,864,820 | ||||||
| Empresas ICA S.A.B. de C.V., 8.9%, 2/04/2021 (a)(d) | 11,858,000 | 2,993,487 | ||||||
| Empresas ICA S.A.B. de C.V., 8.875%, 5/29/2024 (a)(d)(n) | 17,860,000 | 4,438,121 | ||||||
| Gruma S.A.B. de C.V., 4.875%, 12/01/2024 | 2,912,000 | 3,137,680 | ||||||
| Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 (n) | 12,555,000 | 12,900,263 | ||||||
| Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 | 3,865,000 | 3,971,288 | ||||||
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 13,860,000 | 14,195,412 | ||||||
| Grupo Posadas S.A.B. de C.V., 7.875%, 6/30/2022 | 1,744,000 | 1,843,408 | ||||||
| Grupo Posadas S.A.B. de C.V., 7.875%, 6/30/2022 (n) | 10,565,000 | 11,167,205 | ||||||
| JB Y Co. S.A. de C.V., 3.75%, 5/13/2025 (n) | 4,664,000 | 4,674,146 | ||||||
| JB Y Co. S.A. de C.V., 3.75%, 5/13/2025 | 6,905,000 | 6,920,020 | ||||||
| Mexichem S.A.B. de C.V., 5.875%, 9/17/2044 | 6,102,000 | 6,309,468 | ||||||
| Mexico City’s Airport Trust, 5.5%, 7/31/2047 (n) | 28,716,000 | 28,443,198 | ||||||
| Petroleos Mexicanos, 4.625%, 9/21/2023 | 5,692,000 | 5,820,070 | ||||||
| Petroleos Mexicanos, 6.5%, 3/13/2027 (n) | 3,592,000 | 3,922,464 | ||||||
| Petroleos Mexicanos, 6.5%, 3/13/2027 (n) | 18,647,000 | 20,362,524 | ||||||
| Petroleos Mexicanos, 5.5%, 6/27/2044 | 6,500,000 | 5,872,100 | ||||||
| Petroleos Mexicanos, 5.625%, 1/23/2046 | 15,826,000 | 14,348,643 | ||||||
| Petroleos Mexicanos, 6.75%, 9/21/2047 (n) | 5,510,000 | 5,679,157 | ||||||
| Petroleos Mexicanos, FLR, 4.967% (LIBOR-3mo. + 3.65%), 3/11/2022 (n) | 22,430,000 | 24,448,700 | ||||||
| Petroleos Mexicanos, FLR, 3.373% (U.S. LIBOR-3mo. + 2.02%), 7/18/2018 | 15,288,000 | 15,402,660 | ||||||
| Red de Carreteras de Occidente SAPIB de C.V., 9%, 6/10/2028 (n) | MXN | 275,770,000 | 14,059,390 | |||||
| Sigma Alimentos S.A. de C.V., 4.125%, 5/02/2026 | $ | 550,000 | 550,000 | |||||
| Sigma Alimentos S.A. de C.V., 4.125%, 5/02/2026 (n) | 10,302,000 | 10,302,000 | ||||||
| United Mexican States, 6.5%, 6/09/2022 | MXN | 539,670,000 | 27,535,014 | |||||
| United Mexican States, 4.35%, 1/15/2047 | $ | 15,832,000 | 14,905,828 | |||||
| United Mexican States, 4%, 10/02/2023 | 27,708,000 | 29,024,130 | ||||||
| United Mexican States, 4.15%, 3/28/2027 | 36,019,000 | 37,441,751 | ||||||
| United Mexican States, 4.75%, 3/08/2044 | 5,966,000 | 5,948,102 | ||||||
|
|
|
|||||||
| $ | 370,295,178 | |||||||
| Mongolia - 0.3% | ||||||||
| Republic of Mongolia, 5.625%, 5/01/2023 (z) | $ | 7,009,000 | $ | 7,036,924 | ||||
| Republic of Mongolia, 8.75%, 3/09/2024 (n) | 11,270,000 | 12,948,599 | ||||||
|
|
|
|||||||
| $ | 19,985,523 | |||||||
6
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Morocco - 0.9% | ||||||||
| Office Cherifien des Phosphates S.A., 4.5%, 10/22/2025 | $ | 7,331,000 | $ | 7,324,901 | ||||
| Office Cherifien des Phosphates S.A., 4.5%, 10/22/2025 (n) | 18,824,000 | 18,808,338 | ||||||
| Office Cherifien des Phosphates S.A., 6.875%, 4/25/2044 | 8,749,000 | 9,863,623 | ||||||
| Office Cherifien des Phosphates S.A., 6.875%, 4/25/2044 (n) | 17,420,000 | 19,639,308 | ||||||
|
|
|
|||||||
| $ | 55,636,170 | |||||||
| Nigeria - 0.0% | ||||||||
| Afren PLC, 10.25%, 4/08/2019 (a)(d)(n) | $ | 7,872,069 | $ | 1,417 | ||||
| Afren PLC, 10.25%, 4/08/2019 (a)(d) | 390,334 | 70 | ||||||
| Afren PLC, 6.625%, 12/09/2020 (a)(d)(n) | 3,765,751 | 678 | ||||||
|
|
|
|||||||
| $ | 2,165 | |||||||
| Panama - 0.6% | ||||||||
| Autoridad del Canal de Panama, 4.95%, 7/29/2035 | $ | 3,116,000 | $ | 3,495,373 | ||||
| Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n) | 12,229,000 | 13,717,881 | ||||||
| Panama Canal Railway Co., 7%, 11/01/2026 (n) | 910,095 | 928,297 | ||||||
| Panama Canal Railway Co., 7%, 11/01/2026 | 3,927,663 | 4,006,216 | ||||||
| Republic of Panama, 9.375%, 4/01/2029 | 5,998,000 | 9,011,995 | ||||||
| Republic of Panama, 6.7%, 1/26/2036 | 3,561,000 | 4,700,520 | ||||||
|
|
|
|||||||
| $ | 35,860,282 | |||||||
| Paraguay - 0.9% | ||||||||
| Republic of Paraguay, 4.625%, 1/25/2023 | $ | 1,807,000 | $ | 1,922,196 | ||||
| Republic of Paraguay, 4.625%, 1/25/2023 (n) | 3,539,000 | 3,764,611 | ||||||
| Republic of Paraguay, 5%, 4/15/2026 (n) | 5,470,000 | 5,893,925 | ||||||
| Republic of Paraguay, 4.7%, 3/27/2027 (n) | 4,760,000 | 4,998,000 | ||||||
| Republic of Paraguay, 6.1%, 8/11/2044 | 17,062,000 | 19,493,335 | ||||||
| Telefonica Celular del Paraguay S.A., 6.75%, 12/13/2022 (n) | 11,467,000 | 11,788,764 | ||||||
| Telefonica Celular del Paraguay S.A., 6.75%, 12/13/2022 | 6,777,000 | 6,967,163 | ||||||
|
|
|
|||||||
| $ | 54,827,994 | |||||||
| Peru - 4.7% | ||||||||
| Banco de Credito del Peru, 4.85%, 10/30/2020 (n) | PEN | 57,374,000 | $ | 17,638,609 | ||||
| Bonos de Tesoreria, 8.2%, 8/12/2026 | PEN | 33,170,000 | 12,507,605 | |||||
| Bonos de Tesoreria, 6.35%, 8/12/2028 | PEN | 67,938,000 | 22,451,456 | |||||
| Cerro del Aguila S.A., 4.125%, 8/16/2027 (n) | $ | 19,632,000 | 19,533,840 | |||||
| Corporacion Lindley S.A., 6.75%, 11/23/2021 (n) | 1,785,000 | 1,999,200 | ||||||
| Corporacion Lindley S.A., 6.75%, 11/23/2021 | 2,884,000 | 3,230,080 | ||||||
| El Fondo Mivivienda S.A., 7%, 2/14/2024 | PEN | 55,654,000 | 17,977,757 | |||||
| Gas Natural de Lima y Callao S.A., 4.375%, 4/01/2023 | $ | 17,810,000 | 18,522,400 | |||||
| IIRSA Norte Finance Ltd., 8.75%, 5/30/2024 (n) | 117,737 | 134,809 | ||||||
| IIRSA Norte Finance Ltd., 8.75%, 5/30/2024 | 1,934,051 | 2,214,488 | ||||||
| Inkia Energy Ltd., 8.375%, 4/04/2021 | 14,664,000 | 15,063,594 | ||||||
| Kallpa Generacion S.A., 4.875%, 5/24/2026 (n) | 9,477,000 | 10,021,928 | ||||||
| Lima Metro Line 2 Finance Ltd., 5.875%, 7/05/2034 (n) | 10,400,000 | 11,453,000 | ||||||
| Lima Metro Line 2 Finance Ltd., 5.875%, 7/05/2034 | 6,100,000 | 6,717,625 | ||||||
| Petroleos del Peru S.A., 4.75%, 6/19/2032 (n) | 36,387,000 | 37,194,791 | ||||||
| Petroleos del Peru S.A., 5.625%, 6/19/2047 (n) | 22,467,000 | 23,646,518 | ||||||
| Petroleos del Peru S.A., 5.625%, 6/19/2047 | 21,989,000 | 23,143,423 | ||||||
| Republic of Peru, 6.35%, 8/12/2028 | PEN | 18,026,000 | 5,957,048 | |||||
| Republic of Peru, 6.9%, 8/12/2037 | PEN | 38,026,000 | 12,856,309 | |||||
| San Miguel Industrias PET S.A., 4.5%, 9/18/2022 (n) | $ | 18,807,000 | 19,021,400 | |||||
| Transport de Gas Peru, 4.25%, 4/30/2028 (n) | 7,810,000 | 8,054,063 | ||||||
| Union Andina de Cementos S.A.A., 5.875%, 10/30/2021 (n) | 4,042,000 | 4,248,142 | ||||||
| Union Andina de Cementos S.A.A., 5.875%, 10/30/2021 | 9,894,000 | 10,398,594 | ||||||
|
|
|
|||||||
| $ | 303,986,679 | |||||||
7
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Poland - 0.2% | ||||||||
| Republic of Poland, 5.125%, 4/21/2021 | $ | 3,323,000 | $ | 3,627,958 | ||||
| Republic of Poland, FLR, 1.81% (WIBOR-6mo.), 1/25/2018 | PLN | 41,244,000 | 11,344,522 | |||||
|
|
|
|||||||
| $ | 14,972,480 | |||||||
| Republic of Belarus - 0.6% | ||||||||
| Evrotorg LLC, 8.75%, 10/30/2022 (z) | $ | 15,415,000 | $ | 15,543,253 | ||||
| Republic of Belarus, 6.875%, 2/28/2023 (n) | 8,922,000 | 9,481,409 | ||||||
| Republic of Belarus, 7.625%, 6/29/2027 (n) | 12,495,000 | 13,775,738 | ||||||
|
|
|
|||||||
| $ | 38,800,400 | |||||||
| Romania - 0.2% | ||||||||
| Republic of Romania, 2.375%, 4/19/2027 (n) | EUR | 4,200,000 | $ | 4,969,667 | ||||
| Republic of Romania, 3.875%, 10/29/2035 (n) | EUR | 2,996,000 | 3,767,929 | |||||
| Republic of Romania, 3.875%, 10/29/2035 | EUR | 4,671,000 | 5,874,497 | |||||
|
|
|
|||||||
| $ | 14,612,093 | |||||||
| Russia - 6.5% | ||||||||
| Borets Finance Ltd., 6.5%, 4/07/2022 (n) | $ | 9,042,000 | $ | 9,635,065 | ||||
| Gaz Capital S.A., 4.95%, 3/23/2027 (n) | 15,467,000 | 15,837,991 | ||||||
| Gaz Capital S.A., 4.95%, 3/23/2027 | 10,600,000 | 10,854,252 | ||||||
| Gaz Capital S.A., 4.95%, 2/06/2028 | 27,321,000 | 27,962,279 | ||||||
| Gaz Capital S.A., 7.288%, 8/16/2037 | 18,256,000 | 22,141,242 | ||||||
| Polyus Gold International Ltd., 5.25%, 2/07/2023 (n) | 10,988,000 | 11,516,523 | ||||||
| Polyus Gold International Ltd., 5.25%, 2/07/2023 | 4,084,000 | 4,280,430 | ||||||
| Russian Federation, 5%, 4/29/2020 (n) | 18,100,000 | 19,140,678 | ||||||
| Russian Federation, 5%, 4/29/2020 | 25,700,000 | 27,177,647 | ||||||
| Russian Federation, 4.5%, 4/04/2022 | 56,000,000 | 59,705,510 | ||||||
| Russian Federation, 4.875%, 9/16/2023 (n) | 9,800,000 | 10,659,617 | ||||||
| Russian Federation, 4.875%, 9/16/2023 | 24,400,000 | 26,540,270 | ||||||
| Russian Federation, 4.75%, 5/27/2026 | 11,800,000 | 12,455,608 | ||||||
| Russian Federation, 4.25%, 6/23/2027 (n) | 44,800,000 | 45,658,816 | ||||||
| Russian Federation, 4.25%, 6/23/2027 | 9,200,000 | 9,376,364 | ||||||
| Russian Federation, 5.625%, 4/04/2042 | 9,800,000 | 10,808,616 | ||||||
| Russian Federation, 5.25%, 6/23/2047 (n) | 38,600,000 | 39,516,750 | ||||||
| Russian Federation, 5.25%, 6/23/2047 | 23,800,000 | 24,365,250 | ||||||
| SB Capital S.A., 5.125%, 10/29/2022 | 5,681,000 | 5,930,964 | ||||||
| VimpelCom Holdings B.V., 3.95%, 6/16/2021 (n) | 8,414,000 | 8,457,753 | ||||||
| VimpelCom Holdings B.V., 4.95%, 6/16/2024 (n) | 12,089,000 | 12,370,190 | ||||||
| VTB Capital S.A., 6.95%, 10/17/2022 | 5,153,000 | 5,602,445 | ||||||
|
|
|
|||||||
| $ | 419,994,260 | |||||||
| Rwanda - 0.2% | ||||||||
| Republic of Rwanda, 6.625%, 5/02/2023 | $ | 11,513,000 | $ | 11,945,566 | ||||
| Saudi Arabia - 1.3% | ||||||||
| Kingdom of Saudi Arabia, 2.875%, 3/04/2023 (n) | $ | 19,017,000 | $ | 18,940,932 | ||||
| Kingdom of Saudi Arabia, 3.625%, 3/04/2028 (n) | 28,195,000 | 27,983,538 | ||||||
| Kingdom of Saudi Arabia, 4.625%, 10/04/2047 (n) | 32,980,000 | 33,754,238 | ||||||
|
|
|
|||||||
| $ | 80,678,708 | |||||||
| Senegal - 0.2% | ||||||||
| Republic of Senegal, 6.25%, 5/23/2033 (n) | $ | 14,128,000 | $ | 14,603,407 | ||||
| Republic of Senegal, 6.25%, 5/23/2033 | 300,000 | 310,095 | ||||||
|
|
|
|||||||
| $ | 14,913,502 | |||||||
| Serbia - 0.3% | ||||||||
| Republic of Serbia, 6.75%, 11/01/2024 | $ | 19,886,694 | $ | 20,234,711 | ||||
8
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Slovenia - 0.2% | ||||||||
| United Group B.V., 4.875%, 7/01/2024 (n) | EUR | 12,830,000 | $ | 15,664,771 | ||||
| South Africa - 0.7% | ||||||||
| Petra Diamonds U.S. Treasury PLC, 7.25%, 5/01/2022 (n) | $ | 15,138,000 | $ | 15,032,034 | ||||
| Republic of South Africa, 4.3%, 10/12/2028 | 20,694,000 | 19,141,950 | ||||||
| Republic of South Africa, 5.65%, 9/27/2047 | 9,848,000 | 9,440,293 | ||||||
|
|
|
|||||||
| $ | 43,614,277 | |||||||
| Sri Lanka - 2.5% | ||||||||
| Republic of Sri Lanka, 6.25%, 10/04/2020 | $ | 7,572,000 | $ | 8,084,253 | ||||
| Republic of Sri Lanka, 6.25%, 10/04/2020 (n) | 1,977,000 | 2,110,746 | ||||||
| Republic of Sri Lanka, 6.25%, 7/27/2021 | 12,034,000 | 12,966,635 | ||||||
| Republic of Sri Lanka, 5.875%, 7/25/2022 | 12,924,000 | 13,796,370 | ||||||
| Republic of Sri Lanka, 6.125%, 6/03/2025 | 16,135,000 | 17,217,626 | ||||||
| Republic of Sri Lanka, 6.85%, 11/03/2025 (n) | 1,578,000 | 1,751,556 | ||||||
| Republic of Sri Lanka, 6.85%, 11/03/2025 | 27,278,000 | 30,278,171 | ||||||
| Republic of Sri Lanka, 6.825%, 7/18/2026 (n) | 4,304,000 | 4,772,482 | ||||||
| Republic of Sri Lanka, 6.825%, 7/18/2026 | 31,380,000 | 34,795,650 | ||||||
| Republic of Sri Lanka, 6.2%, 5/11/2027 (n) | 21,053,000 | 22,374,034 | ||||||
| Republic of Sri Lanka, 6.2%, 5/11/2027 | 13,658,000 | 14,515,012 | ||||||
|
|
|
|||||||
| $ | 162,662,535 | |||||||
| Supranational - 0.3% | ||||||||
| Banque Ouest Africaine de Developpement, 5%, 7/27/2027 (n) | $ | 19,056,000 | $ | 19,818,240 | ||||
| Trinidad & Tobago - 0.4% | ||||||||
| Consolidated Energy Finance S.A., 6.75%, 10/15/2019 (n) | $ | 3,502,000 | $ | 3,563,285 | ||||
| Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n) | 17,664,000 | 18,679,680 | ||||||
|
|
|
|||||||
| $ | 22,242,965 | |||||||
| Turkey - 5.5% | ||||||||
| Export Credit Bank of Turkey A.S., 5.875%, 4/24/2019 | $ | 6,350,000 | $ | 6,541,326 | ||||
| Export Credit Bank of Turkey A.S., 5%, 9/23/2021 | 10,774,000 | 10,886,610 | ||||||
| Republic of Turkey, 7.5%, 11/07/2019 | 16,475,000 | 17,826,444 | ||||||
| Republic of Turkey, 7%, 6/05/2020 | 23,058,000 | 24,972,275 | ||||||
| Republic of Turkey, 5.625%, 3/30/2021 | 15,893,000 | 16,752,335 | ||||||
| Republic of Turkey, 5.125%, 3/25/2022 | 8,876,000 | 9,207,714 | ||||||
| Republic of Turkey, 6.25%, 9/26/2022 | 9,472,000 | 10,279,924 | ||||||
| Republic of Turkey, 3.25%, 3/23/2023 | 23,595,000 | 22,246,782 | ||||||
| Republic of Turkey, 5.75%, 3/22/2024 | 26,738,000 | 28,155,542 | ||||||
| Republic of Turkey, 3.25%, 6/14/2025 | EUR | 10,562,000 | 12,309,292 | |||||
| Republic of Turkey, 4.25%, 4/14/2026 | $ | 25,672,000 | 24,247,204 | |||||
| Republic of Turkey, 4.875%, 10/09/2026 | 39,069,000 | 38,152,129 | ||||||
| Republic of Turkey, 6%, 3/25/2027 | 55,849,000 | 58,820,167 | ||||||
| Republic of Turkey, 6.875%, 3/17/2036 | 4,517,000 | 4,974,662 | ||||||
| Republic of Turkey, 4.875%, 4/16/2043 | 10,720,000 | 9,243,920 | ||||||
| Republic of Turkey, 6.625%, 2/17/2045 | 30,939,000 | 33,043,595 | ||||||
| Republic of Turkey, 5.75%, 5/11/2047 | 29,200,000 | 27,827,600 | ||||||
|
|
|
|||||||
| $ | 355,487,521 | |||||||
| Ukraine - 4.3% | ||||||||
| Biz Finance PLC, 9.625%, 4/27/2022 | $ | 14,090,000 | $ | 15,218,327 | ||||
| Biz Finance PLC, 9.75%, 1/22/2025 | 19,157,000 | 20,890,709 | ||||||
| Government of Ukraine, 7.75%, 9/01/2021 | 45,136,000 | 48,184,485 | ||||||
| Government of Ukraine, 7.75%, 9/01/2022 | 51,435,000 | 54,968,893 | ||||||
| Government of Ukraine, 7.75%, 9/01/2022 (n) | 4,253,000 | 4,545,207 | ||||||
| Government of Ukraine, 7.75%, 9/01/2023 | 19,682,000 | 20,888,310 | ||||||
| Government of Ukraine, 7.75%, 9/01/2024 | 18,728,000 | 19,630,615 | ||||||
9
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Bonds - continued | ||||||||
| Ukraine - continued | ||||||||
| Government of Ukraine, 7.75%, 9/01/2025 | $ | 12,513,000 | $ | 13,014,021 | ||||
| Government of Ukraine, 7.75%, 9/01/2026 | 19,186,000 | 19,781,917 | ||||||
| Government of Ukraine, 7.75%, 9/01/2027 | 6,809,000 | 7,013,801 | ||||||
| Government of Ukraine, 7.375%, 9/25/2032 (n) | 14,093,000 | 13,893,894 | ||||||
| PJSC State Savings Bank of Ukraine, 9.375%, 3/10/2023 | 16,490,000 | 17,622,863 | ||||||
| PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025 | 19,453,000 | 20,960,763 | ||||||
|
|
|
|||||||
| $ | 276,613,805 | |||||||
| United Arab Emirates - 1.1% | ||||||||
| Abu Dhabi Crude Oil Pipeline, 3.65%, 11/02/2029 (n) | $ | 9,611,000 | $ | 9,611,000 | ||||
| Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 (n) | 28,134,000 | 28,747,715 | ||||||
| Emirate of Abu Dhabi, 3.125%, 10/11/2027 (n) | 10,726,000 | 10,591,410 | ||||||
| Emirate of Abu Dhabi, 4.125%, 10/11/2047 (n) | 6,516,000 | 6,457,356 | ||||||
| Topaz Marine S.A., 9.125%, 7/26/2022 (n) | 11,906,000 | 12,025,370 | ||||||
| Topaz Marine S.A., 9.125%, 7/26/2022 | 4,893,000 | 4,942,057 | ||||||
|
|
|
|||||||
| $ | 72,374,908 | |||||||
| United States - 0.6% | ||||||||
| JBS USA LLC/JBS USA Finance, Inc., 5.875%, 7/15/2024 | $ | 6,621,000 | $ | 6,505,133 | ||||
| U.S. Treasury Bonds, 2.5%, 2/15/2046 | 23,356,000 | 21,658,123 | ||||||
| U.S. Treasury Notes, 2.25%, 8/15/2027 (f) | 12,245,000 | 12,110,114 | ||||||
|
|
|
|||||||
| $ | 40,273,370 | |||||||
| Uruguay - 0.9% | ||||||||
| Navios South American Logistics, Inc./Navios Logistics Finance (U.S.), Inc., 7.25%, 5/01/2022 (n) | $ | 12,135,000 | $ | 11,892,300 | ||||
| Navios South American Logistics, Inc./Navios Logistics Finance (U.S.), Inc., 7.25%, 5/01/2022 | 5,943,000 | 5,824,140 | ||||||
| Oriental Republic of Uruguay, 9.875%, 6/20/2022 | UYU | 83,861,000 | 3,059,768 | |||||
| Oriental Republic of Uruguay, 4.375%, 10/27/2027 | $ | 7,883,716 | 8,522,297 | |||||
| Oriental Republic of Uruguay, 5.1%, 6/18/2050 | 12,029,000 | 12,901,103 | ||||||
| Republic of Uruguay, 4.375%, 12/15/2028 | UYU | 429,954,231 | 17,174,211 | |||||
|
|
|
|||||||
| $ | 59,373,819 | |||||||
| Venezuela - 1.4% | ||||||||
| Petroleos de Venezuela S.A., 6%, 11/15/2026 | $ | 35,932,000 | $ | 9,971,130 | ||||
| Petroleos de Venezuela S.A., 5.375%, 4/12/2027 (d) | 37,876,000 | 10,946,164 | ||||||
| Petroleos de Venezuela S.A., 6%, 5/16/2024 | 35,970,200 | 10,161,582 | ||||||
| Republic of Venezuela, 7.65%, 4/21/2025 (d) | 47,018,000 | 15,633,480 | ||||||
| Republic of Venezuela, 9.25%, 9/15/2027 | 14,665,000 | 5,389,388 | ||||||
| Republic of Venezuela, 9.375%, 1/13/2034 | 5,866,000 | 1,979,775 | ||||||
| Republic of Venezuela, 7%, 3/31/2038 | 105,363,500 | 34,243,138 | ||||||
|
|
|
|||||||
| $ | 88,324,657 | |||||||
| Zambia - 0.5% | ||||||||
| First Quantum Minerals Ltd., 7.25%, 5/15/2022 | $ | 7,603,000 | $ | 7,945,135 | ||||
| First Quantum Minerals Ltd., 7.5%, 4/01/2025 (n) | 20,657,000 | 21,870,599 | ||||||
| Republic of Zambia, 8.97%, 7/30/2027 | 3,535,000 | 3,853,857 | ||||||
|
|
|
|||||||
| $ | 33,669,591 | |||||||
| Total Bonds | $ | 5,607,336,491 | ||||||
| Common Stocks - 0.1% | ||||||||
| Energy - Independent - 0.1% | ||||||||
| Frontera Energy Corp. | 127,174 | $ | 3,802,274 | |||||
10
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||||||
| Investment Companies (h) - 12.7% | ||||||||
| Money Market Funds - 12.7% | ||||||||
| MFS Institutional Money Market Portfolio, 0.13% (v) | 817,512,778 | $ | 817,512,778 | |||||
| Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount |
Par Amount/ Number of Contracts |
||||||||||||||||
| Purchased Options - 0.0% | ||||||||||||||||||||
| KRW Currency - January 2018 @ $0.0008 | Put | Exchange traded | $ | 67,614,600 | KRW 75,600,567,000 | $ | 378,003 | |||||||||||||
| U.S. Treasury Bond 30 yr Futures - November 2017 @ $155 |
Call | Merrill Lynch International | 62,664,656 | 411 | 134,859 | |||||||||||||||
| Total Purchased Options | $ | 512,862 | ||||||||||||||||||
| Other Assets, Less Liabilities - 0.0% | 1,670,651 | |||||||||||||||||||
| Net Assets - 100.0% | $ | 6,430,835,056 | ||||||||||||||||||
| (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 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 $817,512,778 and $5,611,651,627, 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 $2,049,780,539, representing 31.9% of net assets. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (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 | |||||||
| Banco do Brasil S.A. (Cayman Branch), 4.625%, 1/15/2025 | 10/18/17 | $17,038,375 | $17,080,770 | |||||||
| Empresas Publicas de Medellin, 8.375%, 11/08/2027 | 10/31/17 | 12,727,145 | 12,727,145 | |||||||
| Evrotorg LLC, 8.75%, 10/30/2022 | 10/18/17-10/19/17 | 15,505,937 | 15,543,253 | |||||||
| Republic of Ecuador, 8.875%, 10/23/2027 | 10/18/17-10/27/17 | 41,112,023 | 41,933,227 | |||||||
| Republic of Indonesia, 4.75%, 7/18/2047 | 7/11/17-8/07/17 | 16,991,805 | 18,099,953 | |||||||
| Republic of Mongolia, 5.625%, 5/01/2023 | 10/25/17 | 7,009,000 | 7,036,924 | |||||||
| S.A.C.I. Falabella, 3.75%, 10/30/2027 | 10/23/17 | 14,244,118 | 14,032,200 | |||||||
| Total Restricted Securities | $126,453,472 | |||||||||
| % of Net assets | 2.0% | |||||||||
The following abbreviations are used in this report and are defined:
| 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. | |
| JSC | Joint Stock Company | |
| PJSC | Public Joint Stock Company | |
| PLC | Public Limited Company | |
| PRIBOR | Prague Interbank Offered Rate |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
| ARS | Argentine Peso | |
| BRL | Brazilian Real | |
| CNH | Chinese Yuan Renminbi (Offshore) | |
| COP | Colombian Peso | |
| CZK | Czech Koruna | |
| EUR | Euro | |
| IDR | Indonesian Rupiah |
11
Portfolio of Investments (unaudited) – continued
| INR | Indian Rupee | |
| KRW | Korean Won | |
| MXN | Mexican Peso | |
| MYR | Malaysian Ringgit | |
| PEN | Peruvian Nuevo Sol | |
| PLN | Polish Zloty | |
| RUB | Russian Ruble | |
| TRY | Turkish Lira | |
| UYU | Uruguayan Peso |
Derivative Contracts at 10/31/17
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||
| Asset Derivatives | ||||||||||||||||||
| CNH | 131,988,000 | USD | 18,876,321 | HSBC Bank | 11/14/2017 | $1,009,745 | ||||||||||||
| CNH | 75,092,000 | USD | 10,713,195 | HSBC Bank | 12/11/2017 | 581,081 | ||||||||||||
| CZK | 469,053,000 | USD | 21,184,911 | Deutsche Bank AG | 12/4/2017 | 139,024 | ||||||||||||
| CZK | 228,632,000 | USD | 10,349,601 | Goldman Sachs International | 12/4/2017 | 44,393 | ||||||||||||
| IDR | 49,670,435,182 | USD | 3,650,896 | Merrill Lynch International | 11/30/2017 | 3,309 | ||||||||||||
| INR | 861,412,791 | USD | 13,255,998 | Barclays Bank PLC | 11/1/2017 | 43,310 | ||||||||||||
| USD | 19,456,336 | INR | 1,251,528,791 | Barclays Bank PLC | 11/1/2017 | 134,047 | ||||||||||||
| USD | 16,221,552 | EUR | 13,782,586 | Goldman Sachs International | 12/4/2017 | 140,314 | ||||||||||||
| USD | 21,538,524 | BRL | 69,697,118 | JPMorgan Chase Bank N.A. | 12/4/2017 | 319,808 | ||||||||||||
| USD | 73,718,338 | EUR | 62,134,000 | JPMorgan Chase Bank N.A. | 1/12/2018 | 1,035,691 | ||||||||||||
| USD | 42,667,850 | MXN | 810,719,019 | JPMorgan Chase Bank N.A. | 1/12/2018 | 885,748 | ||||||||||||
| USD | 1,167,601 | PLN | 4,206,000 | JPMorgan Chase Bank N.A. | 1/12/2018 | 11,523 | ||||||||||||
| USD | 42,740,086 | TRY | 163,207,000 | JPMorgan Chase Bank N.A. | 1/12/2018 | 610,735 | ||||||||||||
| USD | 18,193,044 | BRL | 58,846,939 | Morgan Stanley Capital Services, Inc. | 12/4/2017 | 277,575 | ||||||||||||
|
|
|
|||||||||||||||||
| $5,236,303 | ||||||||||||||||||
|
|
|
|||||||||||||||||
| Liability Derivatives | ||||||||||||||||||
| BRL | 40,547,000 | USD | 12,750,629 | JPMorgan Chase Bank N.A. | 12/4/2017 | $(406,427 | ) | |||||||||||
| BRL | 20,537,000 | USD | 6,445,609 | Morgan Stanley Capital Services, Inc. | 12/4/2017 | (193,288 | ) | |||||||||||
| CZK | 471,959,000 | USD | 21,650,489 | JPMorgan Chase Bank N.A. | 12/4/2017 | (194,442 | ) | |||||||||||
| IDR | 90,764,356,965 | USD | 6,680,509 | JPMorgan Chase Bank N.A. | 11/30/2017 | (3,065 | ) | |||||||||||
| INR | 390,116,000 | USD | 6,082,258 | Barclays Bank PLC | 11/1/2017 | (59,277 | ) | |||||||||||
| INR | 81,441,000 | USD | 1,264,474 | JPMorgan Chase Bank N.A. | 11/1/2017 | (7,111 | ) | |||||||||||
| INR | 415,465,000 | USD | 6,402,604 | JPMorgan Chase Bank N.A. | 12/4/2017 | (14,398 | ) | |||||||||||
| KRW | 9,760,921,000 | USD | 8,736,247 | JPMorgan Chase Bank N.A. | 11/15/2017 | (23,345 | ) | |||||||||||
| KRW | 18,127,425,000 | USD | 16,225,039 | JPMorgan Chase Bank N.A. | 11/24/2017 | (43,364 | ) | |||||||||||
| MXN | 241,039,376 | USD | 12,583,297 | JPMorgan Chase Bank N.A. | 1/12/2018 | (160,828 | ) | |||||||||||
| PEN | 2,059,850 | USD | 635,854 | JPMorgan Chase Bank N.A. | 11/24/2017 | (2,774 | ) | |||||||||||
| RUB | 547,545,000 | USD | 9,481,892 | Barclays Bank PLC | 11/8/2017 | (128,591 | ) | |||||||||||
| RUB | 572,307,000 | USD | 9,768,587 | Barclays Bank PLC | 11/29/2017 | (24,290 | ) | |||||||||||
| RUB | 73,132,000 | USD | 1,246,922 | BNP Paribas S.A | 11/29/2017 | (1,752 | ) | |||||||||||
| RUB | 1,063,024,000 | USD | 18,356,573 | JPMorgan Chase Bank N.A. | 11/8/2017 | (197,732 | ) | |||||||||||
| RUB | 827,848,000 | USD | 14,114,367 | JPMorgan Chase Bank N.A. | 11/29/2017 | (19,141 | ) | |||||||||||
| RUB | 198,339,000 | USD | 3,380,586 | Morgan Stanley Capital Services, Inc. | 11/29/2017 | (3,598 | ) | |||||||||||
| TRY | 10,538,000 | USD | 2,793,410 | Barclays Bank PLC | 1/12/2018 | (73,189 | ) | |||||||||||
| TRY | 6,550,000 | USD | 1,738,104 | Deutsche Bank AG | 1/12/2018 | (47,323 | ) | |||||||||||
| TRY | 206,234,000 | USD | 54,654,688 | JPMorgan Chase Bank N.A. | 1/12/2018 | (1,418,585 | ) | |||||||||||
| USD | 8,706,496 | KRW | 9,913,826,000 | Barclays Bank PLC | 11/15/2017 | (142,893 | ) | |||||||||||
12
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts - continued
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
||||||||||||||
| Liability Derivatives – continued | ||||||||||||||||||
| USD | 11,959,914 | INR | 779,971,791 | Barclays Bank PLC | 11/30/2017 | $(39,015 | ) | |||||||||||
| USD | 5,961,972 | CNH | 41,546,000 | HSBC Bank | 11/14/2017 | (297,586 | ) | |||||||||||
| USD | 1,254,216 | INR | 81,441,000 | JPMorgan Chase Bank N.A. | 11/1/2017 | (3,148 | ) | |||||||||||
| USD | 12,981,484 | CNH | 90,442,000 | JPMorgan Chase Bank N.A. | 11/14/2017 | (645,025 | ) | |||||||||||
| USD | 15,870,560 | KRW | 17,974,520,000 | JPMorgan Chase Bank N.A. | 11/24/2017 | (174,623 | ) | |||||||||||
| USD | 24,430,626 | IDR | 333,160,447,000 | JPMorgan Chase Bank N.A. | 11/30/2017 | (79,658 | ) | |||||||||||
| USD | 10,534,053 | CNH | 75,092,000 | JPMorgan Chase Bank N.A. | 12/11/2017 | (760,223 | ) | |||||||||||
| USD | 10,444,945 | EUR | 8,955,000 | JPMorgan Chase Bank N.A. | 1/12/2018 | (30,368 | ) | |||||||||||
| USD | 9,489,375 | INR | 622,076,000 | JPMorgan Chase Bank N.A. | 1/30/2018 | (10,431 | ) | |||||||||||
|
|
|
|||||||||||||||||
| $(5,205,490 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||
Futures Contracts
| Description | Long/ Short |
Currency | Contracts | Notional Amount |
Expiration Date | Value/Unrealized Appreciation (Depreciation) |
||||||||||||||||
| Liability Derivatives | ||||||||||||||||||||||
| Interest Rate Futures | ||||||||||||||||||||||
| Euro-Bund 10 yr |
Short | EUR | 196 | $37,157,534 | December - 2017 | $(25,570 | ) | |||||||||||||||
| Euro-OAT 10 yr |
Short | EUR | 75 | 13,756,290 | December - 2017 | (77,011 | ) | |||||||||||||||
| U.S. Treasury Ultra Bond |
Long | USD | 214 | 35,263,188 | December - 2017 | (710,473 | ) | |||||||||||||||
| U.S. Treasury Bond 30 yr |
Long | USD | 413 | 62,969,594 | December - 2017 | (1,251,094 | ) | |||||||||||||||
|
|
|
|||||||||||||||||||||
| $(2,064,148 | ) | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||
Uncleared Swap Agreements
| Maturity Date | Notional Amount |
Counterparty | Cash Flows to Receive |
Cash Flows to Pay | Value | Net Unamortized Upfront Payments/ (Receipts) |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||||||||||||
| Credit Default Swap Agreements | ||||||||||||||||||||||||||||||
| 12/20/22 | USD | 19,465,000 | Barclays Bank PLC | (1) | 1.00% / quarterly | $748,448 | $738,105 | $10,343 | ||||||||||||||||||||||
| 12/20/22 | USD | 5,416,000 | Goldman Sachs International | (1) | 1.00% / quarterly | 208,251 | 205,373 | 2,878 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $956,699 | $943,478 | $13,221 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Liability Derivatives | ||||||||||||||||||||||||||||||
| Credit Default Swap Agreements | ||||||||||||||||||||||||||||||
| 12/20/22 | USD | 21,636,000 | Barclays Bank PLC | (2) | 1.00% / quarterly | $(311,073 | ) | $(277,993 | ) | $(33,080 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Cleared Swap Agreements |
||||||||||||||||||||||||||||||
| Asset Derivatives | ||||||||||||||||||||||||||||||
| Interest Rate Swap Agreements | ||||||||||||||||||||||||||||||
| 6/06/22 | CZK | 694,289,000 | centrally cleared |
|
0.37% FLR (6-Month PRIBOR) / semi annually |
|
0.815% / annually | $920,274 | $— | $920,274 | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (1) | Fund, as protection buyer, to receive notional amount upon a defined credit event by Republic of Turkey, 11.875%, 1/15/30. |
| (2) | Fund, as protection buyer, to receive notional amount upon a defined credit event by Republic of Korea, 7.125%, 4/16/19. |
At October 31, 2017, the fund had cash collateral of $1,285,624 and other liquid securities with an aggregate value of $2,859,141 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
13
Supplemental Information
10/31/17 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other
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Supplemental Information (unaudited) – continued
financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of October 31, 2017 in valuing the fund’s assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Equity Securities | $3,802,274 | $— | $— | $3,802,274 | ||||||||||||
| U.S. Treasury Bonds & U.S. Government Agency & Equivalents | 134,859 | 33,768,237 | — | 33,903,096 | ||||||||||||
| Non-U.S. Sovereign Debt | — | 4,486,187,208 | — | 4,486,187,208 | ||||||||||||
| Municipal Bonds | — | 6,505,133 | — | 6,505,133 | ||||||||||||
| Foreign Bonds | — | 1,080,875,913 | — | 1,080,875,913 | ||||||||||||
| Purchased Currency Options | — | 378,003 | — | 378,003 | ||||||||||||
| Mutual Funds | 817,512,778 | — | — | 817,512,778 | ||||||||||||
| Total | $821,449,911 | $5,607,714,494 | $— | $6,429,164,405 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts – Liabilities | $(2,064,148 | ) | $— | $— | $(2,064,148 | ) | ||||||||||
| Swap Agreements – Assets | — | 1,876,973 | — | 1,876,973 | ||||||||||||
| Swap Agreements – Liabilities | — | (311,073 | ) | — | (311,073 | ) | ||||||||||
| Forward Foreign Currency Exchange Contracts – Assets | — | 5,236,303 | — | 5,236,303 | ||||||||||||
| Forward Foreign Currency Exchange Contracts – Liabilities | — | (5,205,490 | ) | — | (5,205,490 | ) | ||||||||||
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer 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. For the purposes of this report, the fund assumes the following to be affiliated issuers:
| Affiliated Issuers | Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
| MFS Institutional Money Market Portfolio | 551,854,875 | 767,488,969 | (501,831,066 | ) | 817,512,778 | |||||||||||||||
| Affiliated Issuers | Realized Gain (Loss) |
Change in Unrealized Appreciation Depreciation |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
| MFS Institutional Money Market Portfolio | $3,207 | $(3,207 | ) | $— | $1,911,523 | $817,512,778 | ||||||||||||||
(3) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of October 31, 2017, are as follows:
| United States | 14.0% | |||
| Argentina | 7.2% | |||
| Russia | 6.6% | |||
| Indonesia | 6.4% | |||
| Mexico | 5.8% | |||
| Turkey | 5.2% | |||
| India | 4.9% | |||
| Peru | 4.8% | |||
| Brazil | 4.8% | |||
| Other Countries | 40.3% |
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.
15
| ITEM 2. | 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 Form N-Q, 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 3. | EXHIBITS. |
File as exhibits as part of this Form 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.
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)* | DAVID L. DILORENZO | |
| David L. DiLorenzo, President |
Date: December 15, 2017
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)* | DAVID L. DILORENZO | |
| David L. DiLorenzo, President (Principal Executive Officer) |
Date: December 15, 2017
| By (Signature and Title)* | JAMES O. YOST | |
| James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: December 15, 2017
| * | Print name and title of each signing officer under his or her signature. |
| This ‘N-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / Effective on: | 12/20/17 | None on these Dates | ||
| 12/15/17 | ||||
| For Period End: | 10/31/17 | |||
| List all Filings | ||||