UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31*
Date of reporting period: April 30, 2023
*This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Local Currency Fund. Each remaining series of the Registrant has a fiscal year end other than October 31.
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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back cover |
Sovereign Emerging Markets | 98.5% |
Government Securities Hedge (t) | 12.5% |
Emerging Markets Corporate Bonds | 3.7% |
Other Government Entity-Emerging Markets Quasi Government | 1.8% |
Developed Markets Corporate Bonds | 0.3% |
Mexico | 18.0% |
Brazil | 16.9% |
Indonesia | 8.4% |
South Africa | 7.7% |
Malaysia | 6.5% |
Czech Republic | 6.5% |
Thailand | 6.3% |
China | 4.9% |
Colombia | 4.9% |
Other Countries | 19.9% |
AA | 4.8% |
A | 9.3% |
BBB | 34.0% |
BB | 25.2% |
B | 0.6% |
D | 0.1% |
Not Rated | 42.8% |
Cash & Cash Equivalents | 11.3% |
Other | (28.1)% |
Indonesian Rupiah | 11.5% |
Thailand Baht | 11.4% |
Mexican Peso | 11.0% |
Brazilian Real | 10.4% |
Malaysian Ringgit | 9.0% |
South African Rand | 8.2% |
Czech Koruna | 5.6% |
Polish Zloty | 5.1% |
Chinese Renminbi | 4.9% |
Other Currencies | 22.9% |
Average Duration (d) | 5.7 |
Average Effective Maturity (m) | 7.3 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives), ETFs, and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(p) | For purposes of the presentation of Portfolio structure at value, Other includes market value from currency derivatives and may be negative. |
(q) | For purposes of this presentation, Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative. |
(t) | For the purpose of managing the fund’s duration (but not its credit exposure), the fund holds futures contracts and USD swap agreements with a bond equivalent exposure of 12.5%. |
(v) | For purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States (included in Other Countries) includes Cash & Cash Equivalents and Other. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar (included in Other Currencies) includes Cash & Cash Equivalents. |
November 1, 2022 through April 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/22 | Ending Account Value 4/30/23 | Expenses Paid During Period (p) 11/01/22-4/30/23 | |
A | Actual | 1.10% | $1,000.00 | $1,167.82 | $5.91 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.34 | $5.51 | |
B | Actual | 1.85% | $1,000.00 | $1,161.24 | $9.91 |
Hypothetical (h) | 1.85% | $1,000.00 | $1,015.62 | $9.25 | |
C | Actual | 1.85% | $1,000.00 | $1,161.23 | $9.91 |
Hypothetical (h) | 1.85% | $1,000.00 | $1,015.62 | $9.25 | |
I | Actual | 0.85% | $1,000.00 | $1,167.76 | $4.57 |
Hypothetical (h) | 0.85% | $1,000.00 | $1,020.58 | $4.26 | |
R1 | Actual | 1.85% | $1,000.00 | $1,160.35 | $9.91 |
Hypothetical (h) | 1.85% | $1,000.00 | $1,015.62 | $9.25 | |
R2 | Actual | 1.35% | $1,000.00 | $1,164.04 | $7.24 |
Hypothetical (h) | 1.35% | $1,000.00 | $1,018.10 | $6.76 | |
R3 | Actual | 1.10% | $1,000.00 | $1,165.15 | $5.91 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.34 | $5.51 | |
R4 | Actual | 0.85% | $1,000.00 | $1,166.25 | $4.57 |
Hypothetical (h) | 0.85% | $1,000.00 | $1,020.58 | $4.26 | |
R6 | Actual | 0.76% | $1,000.00 | $1,167.39 | $4.08 |
Hypothetical (h) | 0.76% | $1,000.00 | $1,021.03 | $3.81 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 86.8% | ||||
Bermuda – 0.3% | ||||
Government of Bermuda, 5%, 7/15/2032 (n) | $ | 1,409,000 | $1,412,339 | |
Brazil – 10.3% | ||||
Federative Republic of Brazil, 10%, 1/01/2025 | BRL | 101,499,000 | $19,730,361 | |
Federative Republic of Brazil, 0%, 1/01/2026 | 82,766,000 | 12,284,357 | ||
Federative Republic of Brazil, 10%, 1/01/2027 | 97,504,000 | 18,540,000 | ||
$50,554,718 | ||||
Chile – 4.3% | ||||
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n) | $ | 936,000 | $868,503 | |
Republic of Chile, 2.5%, 3/01/2025 | CLP | 8,500,000,000 | 9,723,452 | |
Republic of Chile, 4.7%, 9/01/2030 | 4,110,000,000 | 4,847,372 | ||
Republic of Chile, 7%, 5/01/2034 | 1,660,000,000 | 2,333,274 | ||
Republic of Chile, 5%, 3/01/2035 | 1,390,000,000 | 1,677,890 | ||
Republic of Chile, 6%, 1/01/2043 | 1,250,000,000 | 1,661,838 | ||
$21,112,329 | ||||
China – 4.8% | ||||
China Development Bank, 3.45%, 9/20/2029 | CNY | 32,000,000 | $4,755,521 | |
People's Republic of China, 2.75%, 2/17/2032 | 33,410,000 | 4,794,353 | ||
Republic of China, 3.25%, 6/06/2026 | 94,960,000 | 14,039,365 | ||
$23,589,239 | ||||
Colombia – 4.7% | ||||
Empresas Publicas de Medellin E.S.P., 8.375%, 11/08/2027 (n) | COP | 4,009,000,000 | $671,480 | |
Republic of Colombia, 7.5%, 8/26/2026 | 21,450,800,000 | 4,094,795 | ||
Republic of Colombia, 5.75%, 11/03/2027 | 82,350,600,000 | 14,151,729 | ||
Republic of Colombia, “B”, 7.75%, 9/18/2030 | 23,683,100,000 | 4,091,486 | ||
$23,009,490 | ||||
Czech Republic – 4.9% | ||||
Czech Republic, 2.4%, 9/17/2025 | CZK | 58,200,000 | $2,545,384 | |
Czech Republic, 2%, 10/13/2033 | 561,870,000 | 20,637,067 | ||
PPF Telecom Group B.V., 3.25%, 9/29/2027 | EUR | 1,000,000 | 1,013,748 | |
$24,196,199 | ||||
Dominican Republic – 0.7% | ||||
Dominican Republic, 13.625%, 2/03/2033 (n) | DOP | 159,700,000 | $3,433,213 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Egypt – 0.2% | ||||
Energean PLC, 6.5%, 4/30/2027 (n) | $ | 1,114,000 | $1,008,616 | |
Guatemala – 0.4% | ||||
Banco Industrial S.A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n) | $ | 760,000 | $709,984 | |
Central America Bottling Co., 5.25%, 4/27/2029 (n) | 1,245,000 | 1,160,999 | ||
$1,870,983 | ||||
Hungary – 3.7% | ||||
Republic of Hungary, 5.5%, 6/24/2025 | HUF | 1,407,570,000 | $3,702,556 | |
Republic of Hungary, 2.25%, 4/20/2033 | 4,168,330,000 | 7,828,124 | ||
Republic of Hungary, 2.25%, 6/22/2034 | 3,778,290,000 | 6,771,984 | ||
$18,302,664 | ||||
India – 0.5% | ||||
JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n) | $ | 794,000 | $687,430 | |
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 1,720,000 | 1,666,940 | ||
$2,354,370 | ||||
Indonesia – 8.3% | ||||
Republic of Indonesia, 6.375%, 8/15/2028 | IDR | 249,401,000,000 | $17,052,262 | |
Republic of Indonesia, 9%, 3/15/2029 | 30,432,000,000 | 2,329,552 | ||
Republic of Indonesia, 7%, 9/15/2030 | 123,476,000,000 | 8,638,270 | ||
Republic of Indonesia, 6.375%, 4/15/2032 | 41,065,000,000 | 2,764,231 | ||
Republic of Indonesia, 7.5%, 8/15/2032 | 103,331,000,000 | 7,439,621 | ||
Republic of Indonesia, 8.375%, 4/15/2039 | 32,266,000,000 | 2,489,849 | ||
$40,713,785 | ||||
Israel – 0.3% | ||||
Teva Pharmaceutical Finance Netherlands III B.V., 7.875%, 9/15/2029 | $ | 1,411,000 | $1,477,543 | |
Malaysia – 4.7% | ||||
Government of Malaysia, 3.733%, 6/15/2028 | MYR | 9,985,000 | $2,256,945 | |
Government of Malaysia, 4.232%, 6/30/2031 | 34,844,000 | 8,016,660 | ||
Government of Malaysia, 3.582%, 7/15/2032 | 27,887,000 | 6,173,027 | ||
Government of Malaysia, 3.757%, 5/22/2040 | 10,520,000 | 2,259,220 | ||
Government of Malaysia, 4.065%, 6/15/2050 | 20,945,000 | 4,522,904 | ||
$23,228,756 | ||||
Mexico – 11.3% | ||||
Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n) | $ | 1,096,000 | $964,479 | |
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n) | 764,000 | 670,952 | ||
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 | 400,000 | 351,284 | ||
Petroleos Mexicanos, 7.47%, 11/12/2026 | MXN | 10,559,900 | 498,054 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mexico – continued | ||||
Red de Carreteras de Occidente SAPIB de C.V., 9%, 6/10/2028 (z) | MXN | 11,047,500 | $576,047 | |
United Mexican States, 10%, 12/05/2024 | 23,970,000 | 1,317,347 | ||
United Mexican States, 5%, 3/06/2025 | 374,200,000 | 18,930,301 | ||
United Mexican States, 7.75%, 5/29/2031 | 171,000,000 | 8,922,492 | ||
United Mexican States, 7.5%, 5/26/2033 | 86,400,000 | 4,381,774 | ||
United Mexican States, 7.75%, 11/23/2034 | 288,200,000 | 14,722,492 | ||
United Mexican States, 8%, 11/07/2047 | 84,600,000 | 4,181,982 | ||
$55,517,204 | ||||
Morocco – 0.3% | ||||
Kingdom of Morocco, 6.5%, 9/08/2033 (n) | $ | 1,445,000 | $1,496,826 | |
Peru – 3.8% | ||||
Banco de Credito del Peru, 4.65%, 9/17/2024 (z) | PEN | 10,403,000 | $2,617,381 | |
Peru LNG, 5.375%, 3/22/2030 | $ | 1,360,000 | 1,098,200 | |
Republic of Peru, 6.95%, 8/12/2031 | PEN | 53,741,000 | 14,125,325 | |
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | $ | 945,000 | 803,250 | |
$18,644,156 | ||||
Poland – 4.0% | ||||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | $ | 1,113,000 | $891,594 | |
Republic of Poland, 1.25%, 10/25/2030 | PLN | 12,687,000 | 2,212,216 | |
Republic of Poland, 1.75%, 4/25/2032 | 91,788,000 | 15,869,548 | ||
Synthos S.A., 2.5%, 6/07/2028 (n) | EUR | 921,000 | 795,622 | |
$19,768,980 | ||||
Romania – 4.2% | ||||
Republic of Romania, 4.75%, 2/24/2025 | RON | 81,445,000 | $17,611,772 | |
Republic of Romania, 7.125%, 1/17/2033 (n) | $ | 1,344,000 | 1,436,669 | |
Republic of Romania, 4.25%, 4/28/2036 | RON | 8,770,000 | 1,435,499 | |
$20,483,940 | ||||
Russia – 0.0% | ||||
Russian Federation, 7.75%, 9/16/2026 (a)(u) | RUB | 354,632,000 | $188,457 | |
Serbia – 0.3% | ||||
Republic of Serbia, 6.5%, 9/26/2033 (n) | $ | 1,193,000 | $1,209,466 | |
South Africa – 7.6% | ||||
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.85%, 4/02/2026 | ZAR | 36,000,000 | $1,876,602 | |
Republic of South Africa, 10.5%, 12/21/2026 | 18,488,000 | 1,061,343 | ||
Republic of South Africa, 8%, 1/31/2030 | 207,930,000 | 10,177,402 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
South Africa – continued | ||||
Republic of South Africa, 7%, 2/28/2031 | ZAR | 104,607,000 | $4,636,047 | |
Republic of South Africa, 8.875%, 2/28/2035 | 132,897,000 | 6,094,700 | ||
Republic of South Africa, 9%, 1/31/2040 | 288,005,000 | 12,497,929 | ||
Transnet SOC Ltd. (Republic of South Africa), 13.5%, 4/18/2028 | 14,800,000 | 878,494 | ||
$37,222,517 | ||||
South Korea – 0.3% | ||||
SK Hynix, Inc., 6.25%, 1/17/2026 (n) | $ | 790,000 | $791,690 | |
SK Hynix, Inc., 6.375%, 1/17/2028 (n) | 883,000 | 887,935 | ||
$1,679,625 | ||||
Sri Lanka – 0.2% | ||||
Republic of Sri Lanka, 6.75%, 4/18/2028 (a) | $ | 1,400,000 | $459,301 | |
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(n) | 972,000 | 318,832 | ||
$778,133 | ||||
Thailand – 5.1% | ||||
Kingdom of Thailand, 3.775%, 6/25/2032 | THB | 531,243,000 | $17,211,916 | |
Kingdom of Thailand, 1.6%, 6/17/2035 | 100,242,000 | 2,624,006 | ||
Kingdom of Thailand, 3.3%, 6/17/2038 | 84,884,000 | 2,608,430 | ||
Kingdom of Thailand, 2%, 6/17/2042 | 94,013,000 | 2,352,845 | ||
$24,797,197 | ||||
Uruguay – 1.6% | ||||
Oriental Republic of Uruguay, 8.5%, 3/15/2028 | UYU | 238,554,000 | $5,758,988 | |
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 86,623,000 | 2,005,255 | ||
$7,764,243 | ||||
Total Bonds (Identified Cost, $436,549,254) | $425,814,988 | |||
Investment Companies (h) – 9.6% | ||||
Money Market Funds – 9.6% | ||||
MFS Institutional Money Market Portfolio, 4.59% (v) (Identified Cost, $46,768,016) | 46,770,381 | $46,779,735 | ||
Other Assets, Less Liabilities – 3.6% | 17,801,028 | |||
Net Assets – 100.0% | $490,395,751 |
(a) | Non-income producing security. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $46,779,735 and $425,814,988, 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 $21,886,819, representing 4.5% of net assets. |
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(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 de Credito del Peru, 4.65%, 9/17/2024 | 9/12/2019 | $3,112,248 | $2,617,381 |
Red de Carreteras de Occidente SAPIB de C.V., 9%, 6/10/2028 | 12/10/2014 | 748,703 | 576,047 |
Total Restricted Securities | $3,193,428 | ||
% of Net assets | 0.7% |
The following abbreviations are used in this report and are defined: | |
BZDIOVRA | Brazil Interbank Deposit Rate |
CLOIS | Sinacofi Chile Interbank Rate Average |
CMT | Constant Maturity Treasury |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
KLIBOR | Kuala Lumpur Interbank Offered Rate |
PRIBOR | Prague Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
THBFIX | Thai Baht Floating Rate Fixed |
TIIE | Interbank Equilibrium Interest Rate |
USA-CPI-U | Consumer Price Index - Urban Consumers |
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: | |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CLP | Chilean Peso |
CNH | Chinese Yuan Renminbi (Offshore) |
CNY | China Yuan Renminbi |
COP | Colombian Peso |
CZK | Czech Koruna |
EUR | Euro |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian New Leu |
RUB | Russian Ruble |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | Taiwan Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
BRL | 5,867,492 | USD | 1,129,015 | Goldman Sachs International | 6/02/2023 | $40,210 |
EUR | 2,213,195 | USD | 2,444,104 | Merrill Lynch International | 7/21/2023 | 5,389 |
EUR | 4,847,492 | USD | 5,345,846 | UBS AG | 7/21/2023 | 19,201 |
HUF | 811,260,772 | USD | 2,106,088 | HSBC Bank | 6/21/2023 | 254,398 |
HUF | 1,047,097,132 | USD | 2,412,110 | Morgan Stanley Capital Services, Inc. | 11/21/2023 | 526,122 |
IDR | 22,855,983,700 | USD | 1,534,010 | Barclays Bank PLC | 5/10/2023 | 23,643 |
IDR | 232,883,917,782 | USD | 15,641,340 | Goldman Sachs International | 5/10/2023 | 229,876 |
IDR | 29,071,304,009 | USD | 1,948,537 | Morgan Stanley Capital Services, Inc. | 5/10/2023 | 32,695 |
MXN | 86,553,420 | USD | 4,717,871 | JPMorgan Chase Bank N.A. | 7/21/2023 | 19,664 |
PEN | 19,383,000 | USD | 5,073,527 | Banco Santander S.A. | 5/02/2023 | 156,217 |
PEN | 8,491,295 | USD | 2,274,718 | Citibank N.A. | 5/02/2023 | 16,326 |
PEN | 8,491,295 | USD | 2,262,053 | Citibank N.A. | 5/10/2023 | 27,971 |
PEN | 15,601,565 | USD | 4,166,655 | Goldman Sachs International | 5/02/2023 | 42,816 |
PEN | 10,874,000 | USD | 2,809,819 | JPMorgan Chase Bank N.A. | 5/02/2023 | 124,104 |
PLN | 18,386,551 | USD | 4,323,727 | Barclays Bank PLC | 7/21/2023 | 74,618 |
PLN | 8,780,841 | USD | 2,084,730 | Goldman Sachs International | 7/21/2023 | 15,783 |
PLN | 1,825,703 | USD | 434,392 | Morgan Stanley Capital Services, Inc. | 7/21/2023 | 2,344 |
THB | 53,447,474 | USD | 1,568,755 | Barclays Bank PLC | 7/19/2023 | 8,351 |
THB | 1,098,957,377 | USD | 31,615,575 | JPMorgan Chase Bank N.A. | 6/13/2023 | 696,230 |
ZAR | 45,011,427 | USD | 2,431,117 | BNP Paribas S.A. | 7/21/2023 | 11,617 |
ZAR | 18,368,590 | USD | 988,482 | HSBC Bank | 7/21/2023 | 8,367 |
USD | 9,740,503 | AUD | 14,422,984 | State Street Bank Corp. | 7/21/2023 | 164,583 |
USD | 9,824,063 | CAD | 13,170,179 | HSBC Bank | 7/21/2023 | 87,948 |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives - continued | ||||||
USD | 1,410,129 | COP | 6,634,658,823 | Citibank N.A. | 7/10/2023 | $18,857 |
USD | 6,214,015 | COP | 28,307,138,414 | Citibank N.A. | 7/21/2023 | 293,284 |
USD | 7,029,035 | KRW | 9,338,704,777 | Barclays Bank PLC | 7/10/2023 | 23,347 |
USD | 1,793,418 | MYR | 7,873,820 | Barclays Bank PLC | 6/20/2023 | 22,478 |
USD | 4,203,470 | THB | 142,766,647 | Barclays Bank PLC | 6/13/2023 | 5,811 |
USD | 1,062,128 | THB | 36,038,000 | JPMorgan Chase Bank N.A. | 6/13/2023 | 2,530 |
USD | 9,638,493 | TWD | 286,041,565 | Barclays Bank PLC | 5/05/2023 | 331,966 |
USD | 7,751,312 | TWD | 234,872,586 | Citibank N.A. | 5/23/2023 | 94,230 |
USD | 1,804,865 | ZAR | 33,020,783 | Merrill Lynch International | 7/21/2023 | 12,854 |
$3,393,830 | ||||||
Liability Derivatives | ||||||
CNH | 47,055,220 | USD | 6,894,503 | Barclays Bank PLC | 7/21/2023 | $(59,586) |
CNH | 3,319,431 | USD | 487,116 | State Street Bank Corp. | 7/21/2023 | (4,958) |
CZK | 83,500,065 | USD | 3,900,791 | Merrill Lynch International | 7/21/2023 | (4,448) |
EUR | 1,251,458 | USD | 1,390,996 | State Street Bank Corp. | 7/21/2023 | (5,922) |
IDR | 5,735,868,423 | USD | 391,687 | Morgan Stanley Capital Services, Inc. | 5/10/2023 | (783) |
JPY | 668,517,555 | USD | 5,056,349 | State Street Bank Corp. | 7/21/2023 | (89,692) |
JPY | 962,167,663 | USD | 7,322,578 | UBS AG | 7/21/2023 | (174,288) |
MYR | 97,568,768 | USD | 22,374,052 | Barclays Bank PLC | 6/20/2023 | (429,382) |
MYR | 1,129,907 | USD | 254,948 | Morgan Stanley Capital Services, Inc. | 6/20/2023 | (815) |
PHP | 279,638,737 | USD | 5,049,271 | Citibank N.A. | 5/16/2023 | (2,201) |
SGD | 16,051,845 | USD | 12,069,391 | BNP Paribas S.A. | 7/21/2023 | (3,851) |
THB | 86,688,000 | USD | 2,555,660 | JPMorgan Chase Bank N.A. | 6/13/2023 | (6,839) |
TRY | 36,569,552 | USD | 1,792,489 | State Street Bank Corp. | 5/24/2023 | (18,066) |
ZAR | 44,497,011 | USD | 2,432,651 | UBS AG | 7/21/2023 | (17,834) |
USD | 1,352,559 | BRL | 6,810,203 | Goldman Sachs International | 6/02/2023 | (4,522) |
USD | 889,350 | BRL | 4,554,719 | Morgan Stanley Capital Services, Inc. | 6/02/2023 | (18,277) |
USD | 4,068,584 | CLP | 3,403,167,318 | Goldman Sachs International | 6/02/2023 | (130,062) |
USD | 2,122,473 | EUR | 1,985,512 | HSBC Bank | 6/21/2023 | (71,484) |
USD | 1,244,616 | HUF | 432,184,428 | Citibank N.A. | 7/21/2023 | (2,542) |
USD | 2,932,509 | HUF | 1,022,440,399 | Goldman Sachs International | 7/21/2023 | (17,954) |
USD | 1,108,146 | HUF | 390,822,158 | HSBC Bank | 7/21/2023 | (19,652) |
USD | 342,378 | IDR | 5,101,803,012 | BNP Paribas S.A. | 5/10/2023 | (5,314) |
USD | 3,496,125 | IDR | 53,123,620,279 | Citibank N.A. | 5/10/2023 | (124,290) |
USD | 708,074 | IDR | 10,870,634,520 | Morgan Stanley Capital Services, Inc. | 5/10/2023 | (32,768) |
USD | 5,207,493 | KRW | 6,963,980,040 | Citibank N.A. | 7/10/2023 | (16,729) |
USD | 869,942 | MXN | 15,991,897 | Deutsche Bank AG | 7/21/2023 | (5,380) |
USD | 3,797,861 | MXN | 69,926,505 | HSBC Bank | 7/21/2023 | (29,593) |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives - continued | ||||||
USD | 5,179,328 | PEN | 19,383,000 | Banco Santander S.A. | 5/02/2023 | $(50,417) |
USD | 3,845,611 | PEN | 14,492,000 | Banco Santander S.A. | 5/10/2023 | (62,748) |
USD | 2,263,380 | PEN | 8,491,295 | Citibank N.A. | 5/02/2023 | (27,664) |
USD | 4,031,592 | PEN | 15,601,565 | Goldman Sachs International | 5/02/2023 | (177,879) |
USD | 2,913,017 | PEN | 10,874,000 | JPMorgan Chase Bank N.A. | 5/02/2023 | (20,907) |
USD | 2,586,859 | PHP | 143,508,597 | Barclays Bank PLC | 5/16/2023 | (3,261) |
USD | 1,800,635 | RON | 8,142,180 | Goldman Sachs International | 7/21/2023 | (16,902) |
USD | 1,616,245 | ZAR | 29,936,109 | Merrill Lynch International | 7/21/2023 | (8,363) |
$(1,665,373) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 5 yr | Long | USD | 300 | $32,922,656 | June – 2023 | $6,432 |
U.S. Treasury Ultra Note 10 yr | Long | USD | 96 | 11,659,500 | June – 2023 | 445,897 |
$452,329 |
Cleared Swap Agreements | ||||||||||
Maturity Date | Notional Amount | Counterparty | Cash Flows to Receive/ Frequency | Cash Flows to Pay/ Frequency | Unrealized Appreciation (Depreciation) | Net Unamortized Upfront Payments (Receipts) | Value | |||
Asset Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
1/02/25 | BRL | 38,488,000 | centrally cleared | 12.585% / At Maturity | Daily BZDIOVRA / Daily | $36,769 | $— | $36,769 | ||
1/02/25 | BRL | 78,054,000 | centrally cleared | 12.72% / At Maturity | Daily BZDIOVRA / Daily | 109,355 | — | 109,355 | ||
1/02/26 | BRL | 84,992,000 | centrally cleared | 12.195% / At Maturity | Daily BZDIOVRA / Daily | 142,045 | — | 142,045 | ||
1/25/28 | CLP | 4,864,007,000 | centrally cleared | Daily CLOIS / Daily | 5.405% / Semi-annually | 191,593 | — | 191,593 | ||
4/28/33 | CLP | 3,953,502,000 | centrally cleared | Daily CLOIS / Daily | 5.17% / Semi-annually | 10,589 | — | 10,589 | ||
9/20/25 | CZK | 155,000,000 | centrally cleared | 5.48% / Annually | PRIBOR / Semi-annually | 25,502 | — | 25,502 | ||
7/27/32 | THB | 200,000,000 | centrally cleared | 2.47% / Quarterly | 6-Month THBFIX / Semi-annually | 5,044 | — | 5,044 | ||
4/13/32 | USD | 2,916,000 | centrally cleared | 3.116% / At Maturity | USA-CPI-U / At Maturity | 76,059 | — | 76,059 | ||
5/12/32 | USD | 4,177,000 | centrally cleared | 2.921% / At Maturity | USA-CPI-U / At Maturity | 53,348 | — | 53,348 | ||
3/15/33 | USD | 3,122,000 | centrally cleared | 3.75% / Annual | Daily SOFR / Daily | 56,190 | 95,911 | 152,101 | ||
$706,494 | $95,911 | $802,405 | ||||||||
Liability Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
3/13/25 | CLP | 5,267,142,000 | centrally cleared | 8.23% / Semi-annually | Daily CLOIS / Daily | $(5,069) | $— | $(5,069) | ||
3/28/25 | MXN | 36,098,000 | centrally cleared | 6.24% / 28 Days | 28 day TIIE / 28 days | (134,725) | — | (134,725) | ||
4/09/25 | MXN | 144,884,000 | centrally cleared | 6.27% / 28 Days | 28 day TIIE / 28 days | (558,610) | — | (558,610) | ||
4/11/25 | MXN | 73,866,000 | centrally cleared | 5.98% / 28 Days | 28 day TIIE / 28 days | (305,619) | — | (305,619) | ||
9/17/25 | MXN | 221,400,000 | centrally cleared | 9.065% / 28 Days | 28 day TIIE / 28 days | (11,204) | — | (11,204) | ||
9/17/25 | MXN | 105,000,000 | centrally cleared | 8.94% / 28 Days | 28 day TIIE / 28 days | (17,976) | — | (17,976) | ||
4/28/33 | USD | 4,867,000 | centrally cleared | 3.149% / Annually | Daily SOFR / Daily | (2,880) | — | (2,880) | ||
$(1,036,083) | $— | $(1,036,083) |
Uncleared Swap Agreements | ||||||||||
Maturity Date | Notional Amount | Counterparty | Cash Flows to Receive/ Frequency | Cash Flows to Pay/ Frequency | Unrealized Appreciation (Depreciation) | Net Unamortized Upfront Payments (Receipts) | Value | |||
Asset Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
7/07/27 | MYR | 36,564,000 | JPMorgan Chase Bank N.A. | 3.65% / Quarterly | 3-Month KLIBOR / Quarterly | $74,050 | $— | $74,050 |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $436,549,254) | $425,814,988 |
Investments in affiliated issuers, at value (identified cost, $46,768,016) | 46,779,735 |
Cash | 3,753,937 |
Foreign currency, at value (identified cost, $83,209) | 83,172 |
Restricted cash for | |
Forward foreign currency exchange contracts | 149,000 |
Deposits with brokers for | |
Cleared swaps | 2,150,616 |
Futures contracts | 807,600 |
Receivables for | |
Net daily variation margin on open cleared swap agreements | 16,955 |
Forward foreign currency exchange contracts | 3,393,830 |
Net daily variation margin on open futures contracts | 151,834 |
Investments sold | 20,142,958 |
Fund shares sold | 229,939 |
Interest | 7,962,200 |
Uncleared swaps, at value | 74,050 |
Receivable from investment adviser | 15,709 |
Other assets | 1,213 |
Total assets | $511,527,736 |
Liabilities | |
Payables for | |
Distributions | $21,383 |
Forward foreign currency exchange contracts | 1,665,373 |
Investments purchased | 18,251,329 |
Fund shares reacquired | 556,108 |
Payable to affiliates | |
Administrative services fee | 879 |
Shareholder servicing costs | 33,540 |
Distribution and service fees | 215 |
Payable for independent Trustees' compensation | 1,227 |
Deferred country tax expense payable | 293,842 |
Accrued expenses and other liabilities | 308,089 |
Total liabilities | $21,131,985 |
Net assets | $490,395,751 |
Net assets consist of | |
Paid-in capital | $552,374,659 |
Total distributable earnings (loss) | (61,978,908) |
Net assets | $490,395,751 |
Shares of beneficial interest outstanding | 87,418,426 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $3,436,165 | 612,201 | $5.61 |
Class B | 92,590 | 16,480 | 5.62 |
Class C | 885,398 | 157,712 | 5.61 |
Class I | 90,003,766 | 16,108,436 | 5.59 |
Class R1 | 68,935 | 12,200 | 5.65 |
Class R2 | 57,755 | 10,282 | 5.62 |
Class R3 | 165,555 | 29,404 | 5.63 |
Class R4 | 124,909 | 22,136 | 5.64 |
Class R6 | 395,560,678 | 70,449,575 | 5.61 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $5.86 [100 / 95.75 x $5.61]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Interest | $14,344,120 |
Dividends from affiliated issuers | 1,199,431 |
Other | 367 |
Foreign taxes withheld | (133,869) |
Total investment income | $15,410,049 |
Expenses | |
Management fee | $1,738,442 |
Distribution and service fees | 9,518 |
Shareholder servicing costs | 52,454 |
Administrative services fee | 39,164 |
Independent Trustees' compensation | 4,562 |
Custodian fee | 128,763 |
Shareholder communications | 8,399 |
Audit and tax fees | 44,348 |
Legal fees | 1,004 |
Miscellaneous | 129,605 |
Total expenses | $2,156,259 |
Reduction of expenses by investment adviser | (351,755) |
Net expenses | $1,804,504 |
Net investment income (loss) | $13,605,545 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $41,803 country tax) | $(6,081,198) |
Affiliated issuers | 4,551 |
Futures contracts | (927,936) |
Swap agreements | (1,407,072) |
Forward foreign currency exchange contracts | (8,744,797) |
Foreign currency | 11,836,065 |
Net realized gain (loss) | $(5,320,387) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $177,299 increase in deferred country tax) | $55,250,871 |
Affiliated issuers | 7,899 |
Futures contracts | 1,445,727 |
Swap agreements | 2,028,878 |
Forward foreign currency exchange contracts | 2,896,406 |
Translation of assets and liabilities in foreign currencies | 407,181 |
Net unrealized gain (loss) | $62,036,962 |
Net realized and unrealized gain (loss) | $56,716,575 |
Change in net assets from operations | $70,322,120 |
Six months ended | Year ended | |
4/30/23 (unaudited) | 10/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $13,605,545 | $21,513,312 |
Net realized gain (loss) | (5,320,387) | (46,810,964) |
Net unrealized gain (loss) | 62,036,962 | (56,129,840) |
Change in net assets from operations | $70,322,120 | $(81,427,492) |
Distributions to shareholders | $(9,289,753) | $(8,055,668) |
Tax return of capital distributions to shareholders | $— | $(13,366,391) |
Change in net assets from fund share transactions | $9,613,713 | $74,597,679 |
Total change in net assets | $70,646,080 | $(28,251,872) |
Net assets | ||
At beginning of period | 419,749,671 | 448,001,543 |
At end of period | $490,395,751 | $419,749,671 |
Class A | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.90 | $6.20 | $6.34 | $6.94 | $6.20 | $6.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.26 | $0.27 | $0.33 | $0.34 |
Net realized and unrealized gain (loss) | 0.66 | (1.30) | (0.14) | (0.59) | 0.72 | (0.78) |
Total from investment operations | $0.81 | $(1.05) | $0.12 | $(0.32) | $1.05 | $(0.44) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.09) | $(0.26) | $(0.14) | $(0.18) | $(0.15) |
From tax return of capital | — | (0.16) | — | (0.14) | (0.13) | (0.20) |
Total distributions declared to shareholders | $(0.10) | $(0.25) | $(0.26) | $(0.28) | $(0.31) | $(0.35) |
Net asset value, end of period (x) | $5.61 | $4.90 | $6.20 | $6.34 | $6.94 | $6.20 |
Total return (%) (r)(s)(t)(x) | 16.57(n) | (17.29) | 1.75 | (4.54) | 17.31 | (6.65) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.25(a) | 1.27 | 1.36 | 1.44 | 1.40 | 1.44 |
Expenses after expense reductions | 1.10(a) | 1.10 | 1.10 | 1.10 | 1.10 | 1.11 |
Net investment income (loss) | 5.49(a) | 4.54 | 3.90 | 4.22 | 5.00 | 4.89 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $3,436 | $3,398 | $3,934 | $1,916 | $2,350 | $2,056 |
Class B | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.91 | $6.20 | $6.35 | $6.95 | $6.20 | $7.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.21 | $0.21 | $0.23 | $0.28 | $0.29 |
Net realized and unrealized gain (loss) | 0.66 | (1.29) | (0.15) | (0.60) | 0.73 | (0.79) |
Total from investment operations | $0.79 | $(1.08) | $0.06 | $(0.37) | $1.01 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.08) | $(0.21) | $(0.12) | $(0.15) | $(0.13) |
From tax return of capital | — | (0.13) | — | (0.11) | (0.11) | (0.17) |
Total distributions declared to shareholders | $(0.08) | $(0.21) | $(0.21) | $(0.23) | $(0.26) | $(0.30) |
Net asset value, end of period (x) | $5.62 | $4.91 | $6.20 | $6.35 | $6.95 | $6.20 |
Total return (%) (r)(s)(t)(x) | 16.12(n) | (17.76) | 0.83 | (5.25) | 16.62 | (7.48) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.00(a) | 2.02 | 2.11 | 2.19 | 2.15 | 2.19 |
Expenses after expense reductions | 1.85(a) | 1.85 | 1.85 | 1.85 | 1.85 | 1.86 |
Net investment income (loss) | 4.79(a) | 3.78 | 3.20 | 3.48 | 4.28 | 4.17 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $93 | $80 | $101 | $113 | $131 | $115 |
Class C | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.90 | $6.20 | $6.34 | $6.94 | $6.20 | $7.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.21 | $0.21 | $0.22 | $0.28 | $0.28 |
Net realized and unrealized gain (loss) | 0.66 | (1.30) | (0.14) | (0.59) | 0.72 | (0.78) |
Total from investment operations | $0.79 | $(1.09) | $0.07 | $(0.37) | $1.00 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.08) | $(0.21) | $(0.12) | $(0.15) | $(0.13) |
From tax return of capital | — | (0.13) | — | (0.11) | (0.11) | (0.17) |
Total distributions declared to shareholders | $(0.08) | $(0.21) | $(0.21) | $(0.23) | $(0.26) | $(0.30) |
Net asset value, end of period (x) | $5.61 | $4.90 | $6.20 | $6.34 | $6.94 | $6.20 |
Total return (%) (r)(s)(t)(x) | 16.15(n) | (17.93) | 0.99 | (5.26) | 16.45 | (7.48) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.01(a) | 2.02 | 2.11 | 2.19 | 2.15 | 2.19 |
Expenses after expense reductions | 1.85(a) | 1.85 | 1.85 | 1.85 | 1.85 | 1.86 |
Net investment income (loss) | 4.79(a) | 3.78 | 3.19 | 3.46 | 4.18 | 4.12 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $885 | $733 | $1,003 | $1,093 | $1,268 | $563 |
Class I | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.88 | $6.18 | $6.32 | $6.92 | $6.18 | $6.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.26 | $0.27 | $0.29 | $0.35 | $0.34 |
Net realized and unrealized gain (loss) | 0.66 | (1.29) | (0.13) | (0.59) | 0.72 | (0.77) |
Total from investment operations | $0.81 | $(1.03) | $0.14 | $(0.30) | $1.07 | $(0.43) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.10) | $(0.28) | $(0.15) | $(0.19) | $(0.15) |
From tax return of capital | — | (0.17) | — | (0.15) | (0.14) | (0.22) |
Total distributions declared to shareholders | $(0.10) | $(0.27) | $(0.28) | $(0.30) | $(0.33) | $(0.37) |
Net asset value, end of period (x) | $5.59 | $4.88 | $6.18 | $6.32 | $6.92 | $6.18 |
Total return (%) (r)(s)(t)(x) | 16.78(n) | (17.15) | 2.00 | (4.33) | 17.64 | (6.58) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.00(a) | 1.04 | 1.11 | 1.18 | 1.15 | 1.19 |
Expenses after expense reductions | 0.85(a) | 0.85 | 0.85 | 0.85 | 0.85 | 0.86 |
Net investment income (loss) | 5.78(a) | 4.84 | 4.18 | 4.48 | 5.21 | 5.04 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $90,004 | $49,753 | $13,991 | $15,055 | $24,544 | $13,417 |
Class R1 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.93 | $6.24 | $6.35 | $6.95 | $6.21 | $7.01 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.21 | $0.19 | $0.22 | $0.29 | $0.29 |
Net realized and unrealized gain (loss) | 0.67 | (1.31) | (0.09)(g) | (0.59) | 0.72 | (0.79) |
Total from investment operations | $0.80 | $(1.10) | $0.10 | $(0.37) | $1.01 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.08) | $(0.21) | $(0.12) | $(0.16) | $(0.13) |
From tax return of capital | — | (0.13) | — | (0.11) | (0.11) | (0.17) |
Total distributions declared to shareholders | $(0.08) | $(0.21) | $(0.21) | $(0.23) | $(0.27) | $(0.30) |
Net asset value, end of period (x) | $5.65 | $4.93 | $6.24 | $6.35 | $6.95 | $6.21 |
Total return (%) (r)(s)(t)(x) | 16.27(n) | (17.95) | 1.47 | (5.25) | 16.43 | (7.46) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.00(a) | 2.02 | 2.09 | 2.18 | 2.15 | 2.19 |
Expenses after expense reductions | 1.85(a) | 1.85 | 1.85 | 1.85 | 1.85 | 1.86 |
Net investment income (loss) | 4.79(a) | 3.79 | 2.91 | 3.47 | 4.29 | 4.15 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $69 | $59 | $58 | $58 | $61 | $52 |
Class R2 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.91 | $6.21 | $6.35 | $6.95 | $6.20 | $7.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.24 | $0.26 | $0.32 | $0.32 |
Net realized and unrealized gain (loss) | 0.66 | (1.30) | (0.14) | (0.59) | 0.73 | (0.78) |
Total from investment operations | $0.80 | $(1.06) | $0.10 | $(0.33) | $1.05 | $(0.46) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.09) | $(0.24) | $(0.14) | $(0.18) | $(0.14) |
From tax return of capital | — | (0.15) | — | (0.13) | (0.12) | (0.20) |
Total distributions declared to shareholders | $(0.09) | $(0.24) | $(0.24) | $(0.27) | $(0.30) | $(0.34) |
Net asset value, end of period (x) | $5.62 | $4.91 | $6.21 | $6.35 | $6.95 | $6.20 |
Total return (%) (r)(s)(t)(x) | 16.40(n) | (17.47) | 1.50 | (4.77) | 17.19 | (7.01) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.51(a) | 1.52 | 1.61 | 1.68 | 1.65 | 1.69 |
Expenses after expense reductions | 1.35(a) | 1.35 | 1.35 | 1.35 | 1.35 | 1.36 |
Net investment income (loss) | 5.30(a) | 4.29 | 3.70 | 3.97 | 4.79 | 4.65 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $58 | $50 | $60 | $59 | $62 | $53 |
Class R3 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.92 | $6.22 | $6.36 | $6.96 | $6.22 | $7.01 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.26 | $0.27 | $0.33 | $0.32 |
Net realized and unrealized gain (loss) | 0.66 | (1.30) | (0.14) | (0.59) | 0.72 | (0.76) |
Total from investment operations | $0.81 | $(1.05) | $0.12 | $(0.32) | $1.05 | $(0.44) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.09) | $(0.26) | $(0.14) | $(0.18) | $(0.15) |
From tax return of capital | — | (0.16) | — | (0.14) | (0.13) | (0.20) |
Total distributions declared to shareholders | $(0.10) | $(0.25) | $(0.26) | $(0.28) | $(0.31) | $(0.35) |
Net asset value, end of period (x) | $5.63 | $4.92 | $6.22 | $6.36 | $6.96 | $6.22 |
Total return (%) (r)(s)(t)(x) | 16.51(n) | (17.22) | 1.76 | (4.52) | 17.27 | (6.61) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.25(a) | 1.27 | 1.37 | 1.44 | 1.40 | 1.44 |
Expenses after expense reductions | 1.10(a) | 1.10 | 1.10 | 1.10 | 1.10 | 1.11 |
Net investment income (loss) | 5.55(a) | 4.55 | 3.96 | 4.21 | 5.01 | 4.75 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $166 | $123 | $132 | $275 | $211 | $155 |
Class R4 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.93 | $6.23 | $6.38 | $6.98 | $6.23 | $7.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.27 | $0.28 | $0.29 | $0.35 | $0.38 |
Net realized and unrealized gain (loss) | 0.66 | (1.30) | (0.15) | (0.59) | 0.73 | (0.78) |
Total from investment operations | $0.82 | $(1.03) | $0.13 | $(0.30) | $1.08 | $(0.40) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.10) | $(0.28) | $(0.15) | $(0.19) | $(0.15) |
From tax return of capital | — | (0.17) | — | (0.15) | (0.14) | (0.22) |
Total distributions declared to shareholders | $(0.11) | $(0.27) | $(0.28) | $(0.30) | $(0.33) | $(0.37) |
Net asset value, end of period (x) | $5.64 | $4.93 | $6.23 | $6.38 | $6.98 | $6.23 |
Total return (%) (r)(s)(t)(x) | 16.62(n) | (16.98) | 1.86 | (4.25) | 17.71 | (6.10) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.01(a) | 1.02 | 1.11 | 1.19 | 1.15 | 1.22 |
Expenses after expense reductions | 0.85(a) | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
Net investment income (loss) | 5.79(a) | 4.79 | 4.19 | 4.42 | 5.29 | 5.45 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $125 | $109 | $127 | $122 | $64 | $54 |
Class R6 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $4.90 | $6.20 | $6.34 | $6.94 | $6.20 | $7.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.27 | $0.28 | $0.30 | $0.36 | $0.36 |
Net realized and unrealized gain (loss) | 0.66 | (1.30) | (0.14) | (0.59) | 0.72 | (0.78) |
Total from investment operations | $0.82 | $(1.03) | $0.14 | $(0.29) | $1.08 | $(0.42) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.10) | $(0.28) | $(0.16) | $(0.20) | $(0.16) |
From tax return of capital | — | (0.17) | — | (0.15) | (0.14) | (0.22) |
Total distributions declared to shareholders | $(0.11) | $(0.27) | $(0.28) | $(0.31) | $(0.34) | $(0.38) |
Net asset value, end of period (x) | $5.61 | $4.90 | $6.20 | $6.34 | $6.94 | $6.20 |
Total return (%) (r)(s)(t)(x) | 16.77(n) | (17.00) | 2.10 | (4.20) | 17.69 | (6.45) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.91(a) | 0.92 | 1.02 | 1.08 | 1.08 | 1.11 |
Expenses after expense reductions | 0.76(a) | 0.76 | 0.76 | 0.74 | 0.78 | 0.77 |
Net investment income (loss) | 5.89(a) | 4.88 | 4.28 | 4.57 | 5.37 | 5.23 |
Portfolio turnover | 40(n) | 64 | 82 | 78 | 136 | 95 |
Net assets at end of period (000 omitted) | $395,561 | $365,446 | $428,596 | $346,556 | $317,272 | $298,538 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Non - U.S. Sovereign Debt | $— | $406,584,334 | $188,457 | $406,772,791 |
Foreign Bonds | — | 19,042,197 | — | 19,042,197 |
Mutual Funds | 46,779,735 | — | — | 46,779,735 |
Total | $46,779,735 | $425,626,531 | $188,457 | $472,594,723 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $452,329 | $— | $— | $452,329 |
Forward Foreign Currency Exchange Contracts – Assets | — | 3,393,830 | — | 3,393,830 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (1,665,373) | — | (1,665,373) |
Swap Agreements – Assets | — | 876,455 | — | 876,455 |
Swap Agreements – Liabilities | — | (1,036,083) | — | (1,036,083) |
Fixed Income Securities | |
Balance as of 10/31/22 | $2,036,062 |
Change in unrealized appreciation or depreciation | (1,847,605) |
Balance as of 4/30/23 | $188,457 |
Percentage of Net Assets | |||
Forward Foreign Currency Exchange Contracts | Futures Contracts | Swap Agreements | |
Average Notional Amount Outstanding | 55.45% | 5.10% | 18.43% |
Notional Amount Outstanding as of April 30, 2023 | 57.53% | 9.09% | 25.81% |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $452,329 | $— |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 3,393,830 | (1,665,373) |
Interest Rate | Cleared Swap Agreements | 802,405 | (1,036,083) |
Interest Rate | Uncleared Swap Agreements | 74,050 | — |
Total | $4,722,614 | $(2,701,456) |
(a) | Values presented in this table for futures contracts and cleared swap agreements correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts and cleared swap agreements is reported separately within the Statement of Assets and Liabilities. |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $(927,936) | $(1,407,072) | $— |
Foreign Exchange | — | — | (8,744,797) |
Total | $(927,936) | $(1,407,072) | $(8,744,797) |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts |
Interest Rate | $1,445,727 | $2,028,878 | $— |
Foreign Exchange | — | — | 2,896,406 |
Total | $1,445,727 | $2,028,878 | $2,896,406 |
Gross Amounts of: | Derivative Assets | Derivative Liabilities |
Futures Contracts (a) | $151,834 | $— |
Uncleared Swaps, at value | 74,050 | — |
Cleared Swap Agreements (a) | 16,955 | — |
Forward Foreign Currency Exchange Contracts | 3,393,830 | (1,665,373) |
Total Gross Amount of Derivative Assets and Liabilities Presented in the Statement of Assets & Liabilities | $3,636,669 | $(1,665,373) |
Less: Derivative Assets and Liabilities Not Subject to a Master Netting Agreement or Similar Arrangement | 703,286 | (431,489) |
Total Gross Amount of Derivative Assets and Liabilities Subject to a Master Netting Agreement or Similar Arrangement | $2,933,383 | $(1,233,884) |
(a) | The amount presented here represents the fund's current day net variation margin for futures contracts and for cleared swap agreements. This amount, which is recognized within the Statement of Assets and Liabilities, differs from the fair value of the futures contracts and cleared swap agreements which is presented in the tables that follow the Portfolio of Investments. |
Amounts Not Offset in the Statement of Assets & Liabilities | |||||
Gross Amount of Derivative Assets Subject to a Master Netting Agreement (or Similar Arrangement) by Counterparty | Financial Instruments Available for Offset | Financial Instruments Collateral Received (b) | Cash Collateral Received (b) | Net Amount of Derivative Assets by Counterparty | |
Banco Santander S.A. | $156,217 | $(113,165) | $— | $— | $43,052 |
Barclays Bank PLC | 490,214 | (490,214) | — | — | — |
BNP Paribas S.A. | 11,617 | (9,165) | — | — | 2,452 |
Citibank N.A. | 450,668 | (173,426) | — | — | 277,242 |
Goldman Sachs International | 328,685 | (328,685) | — | — | — |
JPMorgan Chase Bank N.A. | 916,578 | (27,746) | (822,480) | — | 66,352 |
Merrill Lynch International | 18,243 | (12,811) | — | (5,432) | — |
Morgan Stanley Capital Services, Inc. | 561,161 | (52,643) | — | (508,518) | — |
Total | $2,933,383 | $(1,207,855) | $(822,480) | $(513,950) | $389,098 |
Amounts Not Offset in the Statement of Assets & Liabilities | |||||
Gross Amount of Derivative Liabilities Subject to a Master Netting Agreement (or Similar Arrangement) by Counterparty | Financial Instruments Available for Offset | Financial Instruments Collateral Pledged (b) | Cash Collateral Pledged (b) | Net Amount of Derivative Liabilities by Counterparty | |
Banco Santander S.A. | $(113,165) | $113,165 | $— | $— | $— |
Barclays Bank PLC | (492,229) | 490,214 | — | — | (2,015) |
BNP Paribas S.A. | (9,165) | 9,165 | — | — | — |
Citibank N.A. | (173,426) | 173,426 | — | — | — |
Deutsche Bank AG | (5,380) | — | — | — | (5,380) |
Goldman Sachs International | (347,319) | 328,685 | — | 18,634 | — |
JPMorgan Chase Bank N.A. | (27,746) | 27,746 | — | — | — |
Merrill Lynch International | (12,811) | 12,811 | — | — | — |
Morgan Stanley Capital Services, Inc. | (52,643) | 52,643 | — | — | — |
Total | $(1,233,884) | $1,207,855 | $— | $18,634 | $(7,395) |
(b) | The amount presented here may be less than the total amount of collateral (received)/pledged as the excess collateral (received)/pledged is not shown for purposes of this presentation. |
Year ended 10/31/22 | |
Ordinary income (including any short-term capital gains) | $8,055,668 |
Tax return of capital (b) | 13,366,391 |
Total distributions | $21,422,059 |
(b) | Distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital. |
As of 4/30/23 | |
Cost of investments | $488,427,813 |
Gross appreciation | 14,010,066 |
Gross depreciation | (29,843,156) |
Net unrealized appreciation (depreciation) | $(15,833,090) |
As of 10/31/22 | |
Capital loss carryforwards | (45,858,335) |
Other temporary differences | (1,714,005) |
Net unrealized appreciation (depreciation) | (75,438,935) |
Short-Term | $(25,751,922) |
Long-Term | (20,106,413) |
Total | $(45,858,335) |
From net investment income | From tax return of capital | ||||||
Six months ended 4/30/23 | Year ended 10/31/22 | Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Class A | $63,947 | $57,162 | $— | $94,847 | |||
Class B | 1,292 | 1,374 | — | 2,279 | |||
Class C | 11,910 | 12,337 | — | 20,471 | |||
Class I | 1,462,610 | 515,196 | — | 854,841 | |||
Class R1 | 962 | 789 | — | 1,308 | |||
Class R2 | 939 | 886 | — | 1,469 | |||
Class R3 | 2,704 | 2,144 | — | 3,557 | |||
Class R4 | 2,347 | 2,100 | — | 3,485 | |||
Class R6 | 7,743,042 | 7,463,680 | — | 12,384,134 | |||
Total | $9,289,753 | $8,055,668 | $— | $13,366,391 |
Up to $1 billion | 0.75% |
In excess of $1 billion and up to $2.5 billion | 0.70% |
In excess of $2.5 billion | 0.65% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
1.10% | 1.85% | 1.85% | 0.85% | 1.85% | 1.35% | 1.10% | 0.85% | 0.78% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 4,403 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 439 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 4,032 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 326 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 136 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 182 |
Total Distribution and Service Fees | $9,518 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended April 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. There were no service fee rebates for the six months ended April 30, 2023. |
Amount | |
Class A | $— |
Class B | — |
Class C | 24 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 381,941 | $2,118,229 | 278,538 | $1,503,005 | |
Class B | 50 | 274 | 1,442 | 8,855 | |
Class C | 13,602 | 75,658 | 12,555 | 70,391 | |
Class I | 6,785,790 | 36,372,152 | 11,642,489 | 64,181,221 | |
Class R1 | — | — | 2,272 | 12,000 | |
Class R3 | 3,938 | 21,823 | 3,347 | 18,577 | |
Class R4 | 122 | 669 | 807 | 4,034 | |
Class R6 | 1,210,347 | 6,594,983 | 9,356,291 | 53,178,449 | |
8,395,790 | $45,183,788 | 21,297,741 | $118,976,532 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 11,531 | $62,901 | 26,525 | $146,587 | |
Class B | 180 | 984 | 447 | 2,473 | |
Class C | 2,178 | 11,910 | 5,894 | 32,759 | |
Class I | 267,876 | 1,460,293 | 257,662 | 1,364,783 | |
Class R1 | 175 | 962 | 377 | 2,097 | |
Class R2 | 173 | 939 | 424 | 2,355 | |
Class R3 | 493 | 2,704 | 1,029 | 5,699 | |
Class R4 | 428 | 2,347 | 1,003 | 5,585 | |
Class R6 | 1,401,224 | 7,653,922 | 3,539,095 | 19,622,181 | |
1,684,258 | $9,196,962 | 3,832,456 | $21,184,519 | ||
Shares reacquired | |||||
Class A | (474,411) | $(2,588,716) | (246,801) | $(1,388,684) | |
Class B | (19) | (102) | (1,963) | (10,137) | |
Class C | (7,473) | (40,244) | (30,729) | (169,441) | |
Class I | (1,139,640) | (6,092,408) | (3,969,604) | (22,497,648) | |
Class R3 | (72) | (380) | (600) | (3,728) | |
Class R4 | (542) | (3,016) | (6) | (36) | |
Class R6 | (6,687,099) | (36,042,171) | (7,471,723) | (41,493,698) | |
(8,309,256) | $(44,767,037) | (11,721,426) | $(65,563,372) | ||
Net change | |||||
Class A | (80,939) | $(407,586) | 58,262 | $260,908 | |
Class B | 211 | 1,156 | (74) | 1,191 | |
Class C | 8,307 | 47,324 | (12,280) | (66,291) | |
Class I | 5,914,026 | 31,740,037 | 7,930,547 | 43,048,356 | |
Class R1 | 175 | 962 | 2,649 | 14,097 | |
Class R2 | 173 | 939 | 424 | 2,355 | |
Class R3 | 4,359 | 24,147 | 3,776 | 20,548 | |
Class R4 | 8 | — | 1,804 | 9,583 | |
Class R6 | (4,075,528) | (21,793,266) | 5,423,663 | 31,306,932 | |
1,770,792 | $9,613,713 | 13,408,771 | $74,597,679 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $75,804,189 | $98,963,121 | $128,000,025 | $4,551 | $7,899 | $46,779,735 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $1,199,431 | $— |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST X
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: June 15, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: June 15, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 15, 2023
* Print name and title of each signing officer under his or her signature.