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MFS Series Trust X – ‘N-Q’ for 10/31/17

On:  Wednesday, 12/20/17, at 2:47pm ET   ·   Effective:  12/20/17   ·   For:  10/31/17   ·   Accession #:  1193125-17-374702   ·   File #:  811-04492

Previous ‘N-Q’:  ‘N-Q’ on 10/26/17 for 8/31/17   ·   Next:  ‘N-Q’ on 3/26/18 for 1/31/18   ·   Latest:  ‘N-Q’ on 4/23/19 for 2/28/19

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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/FAMFS Emerging Markets Debt Fund A (MEDAX) — B (MEDBX) — C (MEDCX) — I (MEDIX) — R1 (MEDDX) — R2 (MEDEX) — R3 (MEDFX) — R4 (MEDGX) — R6 (MEDHX)

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Mfs Series Trust X N-Q                              HTML    449K 
 2: EX-99.CERT  Certifications                                      HTML     18K 


N-Q   —   Mfs Series Trust X N-Q


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  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

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: 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

October 31, 2017

 

LOGO

 

MFS® EMERGING MARKETS DEBT FUND

 

LOGO


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

 

14


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.

Dates Referenced Herein

This ‘N-Q’ Filing    Date    Other Filings
Filed on / Effective on:12/20/17None on these Dates
12/15/17
For Period End:10/31/17
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