Quarterly Report
October 31, 2023
MFS® Emerging Markets
Debt Fund
Debt Fund
EMD-Q1
Portfolio of Investments
10/31/23 (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 – 88.7% | ||||
Angola – 1.6% | ||||
Republic of Angola, 8.75%, 4/14/2032 (n) | $ | 24,759,000 | $19,240,615 | |
Republic of Angola, 9.375%, 5/08/2048 (n) | 500,000 | 355,185 | ||
Republic of Angola, 9.375%, 5/08/2048 | 27,216,000 | 19,333,430 | ||
Republic of Angola, 9.125%, 11/26/2049 (n) | 391,000 | 273,700 | ||
Republic of Angola, 9.125%, 11/26/2049 | 86,028,000 | 60,219,600 | ||
$99,422,530 | ||||
Argentina – 1.0% | ||||
Republic of Argentina, 3.625%, 7/09/2035 | $ | 37,034,000 | $9,086,623 | |
Republic of Argentina, 4.25%, 1/09/2038 | 52,660,000 | 15,836,229 | ||
Republic of Argentina, 3.5%, 7/09/2041 | 132,681,000 | 34,606,790 | ||
SCC Power PLC, 8% (8% Cash or 4% Cash and 4% PIK) to 6/15/2024, 8% Cash to 12/31/2028 (n)(p) | 6,993,225 | 2,606,375 | ||
SCC Power PLC, 4% (4% Cash or 4% PIK) to 6/15/2024, 4% Cash to 5/17/2032 (n)(p) | 3,787,995 | 464,787 | ||
$62,600,804 | ||||
Azerbaijan – 1.0% | ||||
Republic of Azerbaijan, 3.5%, 9/01/2032 | $ | 32,261,000 | $25,165,516 | |
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | 31,760,000 | 31,296,304 | ||
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 5,450,000 | 5,305,030 | ||
$61,766,850 | ||||
Benin – 0.1% | ||||
Republic of Benin, 4.875%, 1/19/2032 | EUR | 8,302,000 | $6,553,475 | |
Bermuda – 0.7% | ||||
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 16,826,000 | $13,316,096 | |
Government of Bermuda, 2.375%, 8/20/2030 | 7,033,000 | 5,565,916 | ||
Government of Bermuda, 5%, 7/15/2032 (n) | 15,492,000 | 14,098,796 | ||
Government of Bermuda, 3.375%, 8/20/2050 (n) | 15,484,000 | 9,107,361 | ||
Government of Bermuda, 3.375%, 8/20/2050 | 1,200,000 | 705,815 | ||
$42,793,984 | ||||
Brazil – 3.5% | ||||
Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 | $ | 20,258,660 | $18,282,523 | |
Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | 7,374,000 | 6,748,306 | ||
Aegea Finance S.à r.l., 9%, 1/20/2031 (n) | 19,802,000 | 19,752,495 | ||
Ero Copper Corp., 6.5%, 2/15/2030 (n) | 7,535,000 | 6,379,361 | ||
Federative Republic of Brazil, 10%, 1/01/2025 | BRL | 89,983,000 | 17,637,320 | |
Federative Republic of Brazil, 10%, 1/01/2027 | 202,623,000 | 38,866,803 | ||
Federative Republic of Brazil, 10%, 1/01/2029 | 207,696,000 | 38,743,678 | ||
Federative Republic of Brazil, 10%, 1/01/2031 | 48,034,000 | 8,748,248 | ||
Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031 | $ | 11,623,000 | 8,961,461 | |
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 11,110,927 | 7,905,425 | ||
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 | 11,225,911 | 7,987,236 | ||
Minerva Luxembourg S.A., 8.875%, 9/13/2033 (n) | 15,599,000 | 15,309,639 | ||
MV24 Capital B.V., 6.748%, 6/01/2034 | 7,082,811 | 6,154,596 | ||
Sitios Latinoamerica, S.A.B. de C.V., 5.375%, 4/04/2032 | 11,065,000 | 9,313,783 | ||
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 6,835,000 | 6,570,660 | ||
$217,361,534 | ||||
Bulgaria – 0.3% | ||||
Bulgarian Energy Holdings, 2.45%, 7/22/2028 | EUR | 21,817,000 | $18,929,351 |
1
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
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) | $ | 2,909,000 | $2,688,498 | |
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 | 14,319,000 | 13,233,620 | ||
Agrosuper S.A., 4.6%, 1/20/2032 | 4,865,000 | 3,878,004 | ||
Agrosuper S.A., 4.6%, 1/20/2032 (n) | 1,157,000 | 922,271 | ||
Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n) | 12,951,687 | 8,411,816 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 (n) | 11,434,000 | 10,958,917 | ||
Banco del Estado de Chile, 2.704%, 1/09/2025 | 10,998,000 | 10,541,033 | ||
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 (n) | 10,490,000 | 10,183,167 | ||
Chile Electricity Lux MPC S.à r.l., 6.01%, 1/20/2033 | 5,017,000 | 4,870,253 | ||
Chile Electricity PEC S.p.A., 0%, 1/25/2028 | 8,915,000 | 6,803,190 | ||
Codelco, Inc. (Republic of Chile), 6.3%, 9/08/2053 (n) | 4,369,000 | 3,775,615 | ||
Colbun S.A., 3.95%, 10/11/2027 | 6,705,000 | 6,128,504 | ||
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n) | 17,617,000 | 14,211,340 | ||
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 | 5,296,000 | 4,272,195 | ||
Corporación Nacional del Cobre de Chile, 5.95%, 1/08/2034 (n) | 37,942,000 | 35,244,109 | ||
E.CL S.A., 4.5%, 1/29/2025 | 7,378,000 | 7,091,151 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | 7,360,000 | 6,791,943 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n) | 1,484,000 | 1,359,765 | ||
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | 15,394,000 | 14,105,270 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n) | 16,339,000 | 12,675,066 | ||
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 | 1,658,000 | 1,286,202 | ||
Empresa Nacional del Petroleo (Republic of Chile), 6.15%, 5/10/2033 (n) | 14,826,000 | 13,753,278 | ||
Enel Chile S.A., 4.875%, 6/12/2028 | 7,034,000 | 6,561,328 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 12,882,000 | 10,355,129 | ||
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | 8,500,000 | 6,832,681 | ||
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n) | 14,553,000 | 13,033,715 | ||
Republic of Chile, 2.55%, 7/27/2033 | 17,026,000 | 12,745,908 | ||
Republic of Chile, 3.5%, 1/31/2034 | 14,384,000 | 11,550,461 | ||
Republic of Chile, 5.33%, 1/05/2054 | 5,713,000 | 4,844,947 | ||
Transelec S.A., 3.875%, 1/12/2029 | 5,077,000 | 4,564,063 | ||
$263,673,439 | ||||
China – 1.7% | ||||
CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024 | $ | 12,994,000 | $12,812,136 | |
Country Garden Holdings Co. Ltd., 2.7%, 7/12/2026 (a) | 2,630,000 | 105,200 | ||
Country Garden Holdings Co. Ltd., 4.8%, 8/06/2030 (a) | 985,000 | 36,613 | ||
Country Garden Holdings Co. Ltd., 3.875%, 10/22/2030 (a) | 3,720,000 | 152,520 | ||
Country Garden Holdings Co. Ltd., 3.3%, 1/12/2031 (a) | 3,009,000 | 105,315 | ||
Huarong Finance 2019 Co. Ltd. (People's Republic of China), 3.25%, 11/13/2024 | 11,454,000 | 10,824,030 | ||
Huarong Finance II Co. Ltd. (People’s Republic of China), 5.5%, 1/16/2025 | 5,024,000 | 4,823,040 | ||
Meituan, 2.125%, 10/28/2025 (n) | 8,941,000 | 8,242,491 | ||
Meituan, 2.125%, 10/28/2025 | 2,700,000 | 2,489,065 | ||
Meituan, 3.05%, 10/28/2030 (n) | 11,874,000 | 9,095,431 | ||
Prosus N.V., 3.061%, 7/13/2031 (n) | 11,754,000 | 8,467,052 | ||
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 | 17,031,000 | 15,959,835 | ||
Sunac China Holdings Ltd., 7.5%, 2/01/2024 (a)(d) | 15,215,000 | 2,282,250 | ||
Sunac China Holdings Ltd., 7.95%, 10/11/2024 (a)(d) | 3,354,000 | 503,100 | ||
Sunac China Holdings Ltd., 6.5%, 1/10/2025 (a)(d) | 8,326,000 | 1,290,530 | ||
Tencent Holdings Ltd., 2.88%, 4/22/2031 | 11,356,000 | 9,052,067 | ||
Times China Holdings Ltd., 6.75%, 7/08/2025 (a)(d) | 9,100,000 | 282,100 | ||
Times China Holdings Ltd., 6.2%, 3/22/2026 (a)(d) | 9,800,000 | 196,000 | ||
Weibo Corp., 3.375%, 7/08/2030 | 19,623,000 | 15,205,661 | ||
$101,924,436 |
2
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Colombia – 1.4% | ||||
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | $ | 7,710,000 | $5,925,135 | |
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 17,291,000 | 11,511,317 | ||
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 | 300,000 | 199,722 | ||
Republic of Colombia, 3.125%, 4/15/2031 | 32,543,000 | 24,058,523 | ||
Republic of Colombia, 3.25%, 4/22/2032 | 21,437,000 | 15,336,591 | ||
Republic of Colombia, 8%, 4/20/2033 | 4,168,000 | 4,070,041 | ||
Republic of Colombia, 5.2%, 5/15/2049 | 10,218,000 | 6,534,098 | ||
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 13,593,000 | 10,522,488 | ||
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 7,059,475 | 6,620,916 | ||
$84,778,831 | ||||
Costa Rica – 0.9% | ||||
Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n) | $ | 9,385,000 | $9,104,680 | |
Republic of Costa Rica, 6.55%, 4/03/2034 (n) | 28,972,000 | 27,553,485 | ||
Republic of Costa Rica, 7%, 4/04/2044 | 13,075,000 | 11,973,802 | ||
Republic of Costa Rica, 7.158%, 3/12/2045 | 7,027,000 | 6,556,034 | ||
$55,188,001 | ||||
Cote d'Ivoire – 0.9% | ||||
Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | EUR | 14,382,000 | $12,554,519 | |
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | 23,363,000 | 18,632,999 | ||
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 | 3,600,000 | 2,871,155 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | 6,363,000 | 4,866,094 | ||
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 | 16,054,000 | 12,277,270 | ||
Republic of Cote d'Ivoire, 6.625%, 3/22/2048 (n) | 6,440,000 | 4,565,491 | ||
Republic of Cote d'Ivoire, 6.625%, 3/22/2048 | 1,600,000 | 1,134,283 | ||
$56,901,811 | ||||
Czech Republic – 0.9% | ||||
Czech Republic, 5%, 9/30/2030 | CZK | 317,040,000 | $13,986,436 | |
Czech Republic, 2%, 10/13/2033 | 697,700,000 | 23,759,091 | ||
EP Infrastructure A.S., 2.045%, 10/09/2028 | EUR | 3,691,000 | 3,144,292 | |
EP Infrastructure A.S., 1.816%, 3/02/2031 | 9,725,000 | 7,361,978 | ||
PPF Telecom Group B.V., 3.25%, 9/29/2027 | 9,155,000 | 8,948,282 | ||
$57,200,079 | ||||
Dominican Republic – 3.5% | ||||
Dominican Republic, 5.5%, 2/22/2029 (n) | $ | 18,127,000 | $16,496,486 | |
Dominican Republic, 4.5%, 1/30/2030 (z) | 7,378,000 | 6,243,697 | ||
Dominican Republic, 4.5%, 1/30/2030 | 200,000 | 169,252 | ||
Dominican Republic, 7.05%, 2/03/2031 (n) | 11,994,000 | 11,503,236 | ||
Dominican Republic, 4.875%, 9/23/2032 (n) | 27,009,000 | 21,825,566 | ||
Dominican Republic, 4.875%, 9/23/2032 | 56,961,000 | 46,029,326 | ||
Dominican Republic, 6%, 2/22/2033 (n) | 24,933,000 | 21,974,960 | ||
Dominican Republic, 6%, 2/22/2033 | 5,539,000 | 4,881,856 | ||
Dominican Republic, 5.3%, 1/21/2041 (n) | 7,065,000 | 5,142,756 | ||
Dominican Republic, 5.3%, 1/21/2041 | 11,200,000 | 8,152,706 | ||
Dominican Republic, 6.5%, 2/15/2048 | 7,790,000 | 6,191,600 | ||
Dominican Republic, 6.4%, 6/05/2049 | 5,182,000 | 4,059,525 | ||
Dominican Republic, 5.875%, 1/30/2060 (n) | 896,000 | 635,252 | ||
Dominican Republic, 5.875%, 1/30/2060 | 66,203,000 | 46,937,059 | ||
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 (n) | 6,557,000 | 5,655,413 | ||
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 | 11,200,000 | 9,660,000 | ||
$215,558,690 |
3
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Ecuador – 1.0% | ||||
Republic of Ecuador, 3.5%, 7/31/2035 | $ | 86,751,000 | $32,821,955 | |
Republic of Ecuador, 2.5%, 7/31/2040 (n) | 2,286,161 | 764,603 | ||
Republic of Ecuador, 2.5%, 7/31/2040 | 91,893,000 | 30,733,481 | ||
$64,320,039 | ||||
Egypt – 1.1% | ||||
Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | $ | 1,618,000 | $837,477 | |
Arab Republic of Egypt, 8.5%, 1/31/2047 | 42,430,000 | 21,961,768 | ||
Arab Republic of Egypt, 7.903%, 2/21/2048 | 16,023,000 | 8,113,342 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 (n) | 9,028,000 | 4,739,700 | ||
Arab Republic of Egypt, 8.7%, 3/01/2049 | 12,486,000 | 6,555,150 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 10,162,000 | 5,380,982 | ||
Arab Republic of Egypt, 8.875%, 5/29/2050 | 11,148,000 | 5,903,089 | ||
Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 16,191,000 | 7,976,010 | ||
Energean PLC, 6.5%, 4/30/2027 | 7,143,000 | 5,942,262 | ||
$67,409,780 | ||||
El Salvador – 0.1% | ||||
Republic of El Salvador, 7.65%, 6/15/2035 | $ | 5,193,000 | $3,627,880 | |
Republic of El Salvador, 7.124%, 1/20/2050 | 4,684,000 | 2,922,506 | ||
$6,550,386 | ||||
Gabon – 0.2% | ||||
Republic of Gabon, 7%, 11/24/2031 | $ | 20,558,000 | $14,544,250 | |
Ghana – 0.4% | ||||
Kosmos Energy Ltd., 7.75%, 5/01/2027 | $ | 3,268,000 | $2,936,346 | |
Kosmos Energy Ltd., 7.5%, 3/01/2028 | 5,021,000 | 4,393,375 | ||
Republic of Ghana, 8.625%, 4/07/2034 (a)(d) | 8,475,000 | 3,571,026 | ||
Republic of Ghana, 7.875%, 2/11/2035 (a)(d) | 36,792,000 | 15,690,316 | ||
$26,591,063 | ||||
Guatemala – 1.6% | ||||
Central America Bottling Co., 5.25%, 4/27/2029 (n) | $ | 12,764,000 | $11,232,320 | |
CT Trust, 5.125%, 2/03/2032 (n) | 10,052,000 | 7,744,898 | ||
Energuate Trust, 5.875%, 5/03/2027 (n) | 2,515,000 | 2,257,212 | ||
Energuate Trust, 5.875%, 5/03/2027 | 16,528,000 | 14,833,880 | ||
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n) | 8,001,000 | 7,045,281 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 9,384,000 | 7,078,117 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 | 2,749,000 | 2,073,502 | ||
Republic of Guatemala, 5.25%, 8/10/2029 (n) | 5,267,000 | 4,759,221 | ||
Republic of Guatemala, 4.9%, 6/01/2030 | 9,421,000 | 8,381,966 | ||
Republic of Guatemala, 3.7%, 10/07/2033 | 18,223,000 | 13,413,000 | ||
Republic of Guatemala, 3.7%, 10/07/2033 (n) | 9,276,000 | 6,827,580 | ||
Republic of Guatemala, 6.6%, 6/13/2036 (n) | 8,214,000 | 7,587,387 | ||
Republic of Guatemala, 4.65%, 10/07/2041 | 3,877,000 | 2,677,997 | ||
$95,912,361 | ||||
Hungary – 1.6% | ||||
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | $ | 14,688,000 | $14,366,421 | |
MVM Energetika Zartkoruen Mukodo Reszvenytarsasag, 0.875%, 11/18/2027 | EUR | 17,200,000 | 14,871,324 | |
Republic of Hungary, 6.125%, 5/22/2028 (n) | $ | 6,025,000 | 5,972,583 | |
Republic of Hungary, 5.25%, 6/16/2029 (n) | 12,877,000 | 12,130,134 | ||
Republic of Hungary, 6.25%, 9/22/2032 (n) | 21,381,000 | 20,547,611 | ||
Republic of Hungary, 5.5%, 6/16/2034 (n) | 30,498,000 | 27,137,120 |
4
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Hungary – continued | ||||
Republic of Hungary, 6.75%, 9/25/2052 (n) | $ | 5,461,000 | $5,040,612 | |
$100,065,805 | ||||
India – 5.0% | ||||
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 13,683,000 | $13,108,588 | |
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 | 5,500,000 | 5,269,110 | ||
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n) | 8,703,000 | 5,321,065 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 12,431,195 | 8,875,441 | ||
Adani Transmission Ltd., 4.25%, 5/21/2036 | 12,663,470 | 9,041,277 | ||
Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | 7,512,422 | 6,235,311 | ||
Azure Power Energy Ltd., 3.575%, 8/19/2026 | 11,562,088 | 9,596,533 | ||
Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 (n) | 12,609,000 | 10,734,987 | ||
Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 | 2,950,200 | 2,511,726 | ||
Cliffton Ltd., 6.25%, 10/25/2025 (n) | 9,502,000 | 9,181,022 | ||
Continuum Energy Aura Pte. Ltd., 9.5%, 2/24/2027 (n) | 14,278,000 | 14,069,336 | ||
Export-Import Bank of India, 3.25%, 1/15/2030 | 7,705,000 | 6,504,331 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 28,790,000 | 22,088,623 | ||
Export-Import Bank of India, 2.25%, 1/13/2031 | 7,240,000 | 5,554,763 | ||
Export-Import Bank of India, 5.5%, 1/18/2033 (n) | 32,946,000 | 31,031,933 | ||
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 13,274,675 | 11,814,461 | ||
Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n) | 6,979,437 | 5,849,142 | ||
Greenko Wind Projects (Mauritius) Ltd., 5.5%, 4/06/2025 (n) | 10,241,000 | 9,724,068 | ||
Indian Railway Finance Corp., 3.249%, 2/13/2030 | 5,300,000 | 4,427,130 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 19,986,000 | 15,815,711 | ||
Indian Railway Finance Corp., 2.8%, 2/10/2031 | 12,693,000 | 10,044,472 | ||
JSW Hydro Energy Ltd., 4.125%, 5/18/2031 | 11,549,160 | 9,466,148 | ||
JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n) | 17,682,000 | 15,132,422 | ||
JSW Infrastructure Ltd., 4.95%, 1/21/2029 | 3,429,000 | 2,934,571 | ||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n) | 8,024,000 | 6,883,627 | ||
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 | 2,800,000 | 2,402,063 | ||
Power Finance Corp. Ltd. (Republic of India), 3.35%, 5/16/2031 | 8,519,000 | 6,857,959 | ||
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n) | 19,780,000 | 19,236,261 | ||
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 8,359,000 | 6,838,074 | ||
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 17,969,000 | 17,724,622 | ||
UPL Ltd., 4.625%, 6/16/2030 | 3,366,000 | 2,659,554 | ||
$306,934,331 | ||||
Indonesia – 3.2% | ||||
Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | $ | 1,917,000 | $1,815,273 | |
Listrindo Capital B.V., 4.95%, 9/14/2026 | 15,662,000 | 14,830,886 | ||
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n) | 6,382,000 | 5,894,572 | ||
Medco Maple Tree Pte. Ltd., 8.96%, 4/27/2029 (n) | 14,020,000 | 13,757,125 | ||
Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n) | 6,556,000 | 5,475,273 | ||
PT Freeport Indonesia, 5.315%, 4/14/2032 (n) | 7,198,000 | 6,414,056 | ||
PT Freeport Indonesia, 6.2%, 4/14/2052 (n) | 17,902,000 | 14,772,730 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 10,122,000 | 8,026,604 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.541%, 4/27/2032 | 10,488,000 | 8,126,232 | ||
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052 | 20,914,000 | 13,966,369 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | 6,353,000 | 4,522,129 | ||
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 | 2,100,000 | 1,494,801 | ||
Republic of Indonesia, 3.55%, 3/31/2032 | 11,622,000 | 9,774,653 | ||
Republic of Indonesia, 4.7%, 6/06/2032 (n) | 7,054,000 | 6,533,229 | ||
Republic of Indonesia, 4.65%, 9/20/2032 | 9,970,000 | 9,131,401 | ||
Republic of Indonesia, 4.85%, 1/11/2033 | 20,104,000 | 18,772,456 | ||
Republic of Indonesia, 1.1%, 3/12/2033 | EUR | 12,250,000 | 9,278,653 | |
Republic of Indonesia, 4.35%, 1/11/2048 | $ | 15,130,000 | 11,514,668 |
5
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Indonesia – continued | ||||
Republic of Indonesia, 5.45%, 9/20/2052 | $ | 14,622,000 | $12,904,061 | |
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n) | 2,730,000 | 2,250,761 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | 9,811,491 | 9,297,723 | ||
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 7,020,717 | 6,653,085 | ||
$195,206,740 | ||||
Israel – 0.3% | ||||
Teva Pharmaceutical Finance Netherlands III B.V., 7.875%, 9/15/2029 | $ | 10,428,000 | $10,283,028 | |
Teva Pharmaceutical Finance Netherlands III B.V., 8.125%, 9/15/2031 | 6,224,000 | 6,162,209 | ||
$16,445,237 | ||||
Jamaica – 0.2% | ||||
Government of Jamaica, 7.875%, 7/28/2045 | $ | 9,350,000 | $10,094,893 | |
Jordan – 0.4% | ||||
Hashemite Kingdom of Jordan, 7.5%, 1/13/2029 (n) | $ | 3,370,000 | $3,130,103 | |
Hashemite Kingdom of Jordan, 7.375%, 10/10/2047 | 28,508,000 | 21,497,313 | ||
$24,627,416 | ||||
Kazakhstan – 2.2% | ||||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n) | $ | 5,565,000 | $4,972,484 | |
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 | 9,641,000 | 8,614,505 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033 | 23,883,000 | 17,374,883 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047 | 18,306,000 | 13,565,112 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n) | 2,262,000 | 1,768,884 | ||
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | 45,230,000 | 35,369,860 | ||
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | 6,227,000 | 5,675,662 | ||
Republic of Kazakhstan, 6.5%, 7/21/2045 | 6,175,000 | 6,051,500 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 33,468,000 | 29,826,012 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | 17,232,000 | 12,811,647 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | 2,400,000 | 1,784,352 | ||
$137,814,901 | ||||
Kenya – 0.4% | ||||
Republic of Kenya, 7%, 5/22/2027 | $ | 5,801,000 | $5,011,600 | |
Republic of Kenya, 8%, 5/22/2032 | 28,963,000 | 22,647,328 | ||
$27,658,928 | ||||
Kuwait – 0.5% | ||||
NBK SPC Ltd. (State of Kuwait), 1.625% to 9/15/2026, FLR (SOFR - 1 day + 1.05%) to 9/15/2027 (n) | $ | 13,971,000 | $12,303,617 | |
NBK Tier 1 Financing Ltd. (State of Kuwait), 3.625% to 2/24/2027, FLR (CMT - 6yr. + 2.875%) to 8/24/2169 | 19,335,000 | 16,645,115 | ||
$28,948,732 | ||||
Macau – 0.2% | ||||
Sands China Ltd., 3.5%, 8/08/2031 | $ | 7,985,000 | $6,045,641 | |
Wynn Macau Ltd., 5.125%, 12/15/2029 | 7,618,000 | 5,980,609 | ||
$12,026,250 | ||||
Malaysia – 0.3% | ||||
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031 | $ | 15,729,000 | $12,660,272 | |
PETRONAS Capital Ltd. (Federation of Malaysia), 3.404%, 4/28/2061 | 13,798,000 | 8,077,154 | ||
$20,737,426 |
6
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mexico – 7.8% | ||||
Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171 | $ | 9,254,000 | $6,954,137 | |
Banco Mercantil del Norte S.A., 7.625% to 1/10/2028, FLR (CMT - 10yr. + 5.353%) to 10/06/2171 | 7,945,000 | 7,200,171 | ||
BBVA Bancomer S.A., 8.45%, 6/29/2038 (n) | 12,440,000 | 11,867,251 | ||
Becle S.A.B. de C.V., 2.5%, 10/14/2031 | 20,877,000 | 15,282,044 | ||
Bimbo Bakeries USA, Inc., 6.05%, 1/15/2029 (n) | 14,106,000 | 14,119,965 | ||
CEMEX S.A.B. de C.V., 9.125%, 3/14/2171 (n) | 16,243,000 | 16,651,268 | ||
Comision Federal de Electricidad (United Mexican States), 4.688%, 5/15/2029 (n) | 13,692,000 | 12,132,065 | ||
Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n) | 16,671,000 | 12,083,999 | ||
Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n) | 15,323,000 | 13,273,549 | ||
GCC S.A.B de C.V., 3.614%, 4/20/2032 (n) | 12,362,000 | 9,711,513 | ||
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n) | 14,231,000 | 12,427,938 | ||
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 | 12,649,000 | 10,649,963 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n) | 9,897,000 | 6,912,570 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | 13,916,000 | 9,719,645 | ||
Petroleos Mexicanos, 6.49%, 1/23/2027 | 10,715,000 | 9,489,469 | ||
Petroleos Mexicanos, 8.75%, 6/02/2029 | 7,465,000 | 6,601,701 | ||
Petroleos Mexicanos, 6.84%, 1/23/2030 | 24,151,000 | 18,807,574 | ||
Petroleos Mexicanos, 5.95%, 1/28/2031 | 46,648,000 | 33,376,644 | ||
Petroleos Mexicanos, 6.7%, 2/16/2032 | 29,247,000 | 21,564,277 | ||
Petroleos Mexicanos, 6.75%, 9/21/2047 | 24,572,000 | 13,917,659 | ||
Petroleos Mexicanos, 7.69%, 1/23/2050 | 72,357,000 | 44,686,158 | ||
Petroleos Mexicanos, 6.95%, 1/28/2060 | 34,556,000 | 19,572,062 | ||
Total Play Telecomunicaciones S.A. de C.V., 6.375%, 9/20/2028 (n) | 9,489,000 | 4,543,700 | ||
United Mexican States, 5.75%, 3/05/2026 | MXN | 188,400,000 | 9,390,322 | |
United Mexican States, 7.5%, 6/03/2027 | 117,500,000 | 5,963,700 | ||
United Mexican States, 8.5%, 5/31/2029 | 533,100,000 | 27,472,584 | ||
United Mexican States, 7.75%, 5/29/2031 | 412,300,000 | 19,913,845 | ||
United Mexican States, 4.875%, 5/19/2033 | $ | 7,108,000 | 6,232,140 | |
United Mexican States, 7.5%, 5/26/2033 | MXN | 193,300,000 | 8,959,947 | |
United Mexican States, 1.45%, 10/25/2033 | EUR | 8,004,000 | 5,941,028 | |
United Mexican States, 3.5%, 2/12/2034 | $ | 17,720,000 | 13,530,627 | |
United Mexican States, 6.35%, 2/09/2035 | 13,898,000 | 13,285,958 | ||
United Mexican States, 8%, 5/24/2035 | MXN | 126,400,000 | 5,987,735 | |
United Mexican States, 6.338%, 5/04/2053 | $ | 36,409,000 | 31,829,553 | |
$480,052,761 | ||||
Morocco – 0.8% | ||||
Kingdom of Morocco, 5.95%, 3/08/2028 (n) | $ | 3,413,000 | $3,340,474 | |
Kingdom of Morocco, 3%, 12/15/2032 | 11,506,000 | 8,571,970 | ||
Kingdom of Morocco, 6.5%, 9/08/2033 (n) | 19,290,000 | 18,479,434 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | 17,682,000 | 11,312,236 | ||
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 | 12,964,000 | 8,293,849 | ||
$49,997,963 | ||||
Nigeria – 2.0% | ||||
Federal Republic of Nigeria, 6.125%, 9/28/2028 (n) | $ | 12,982,000 | $10,589,911 | |
Federal Republic of Nigeria, 7.875%, 2/16/2032 | 36,517,000 | 29,222,729 | ||
Federal Republic of Nigeria, 7.375%, 9/28/2033 (n) | 22,438,000 | 16,844,655 | ||
Federal Republic of Nigeria, 7.375%, 9/28/2033 | 39,277,000 | 29,486,029 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | 336,000 | 238,980 | ||
Federal Republic of Nigeria, 7.696%, 2/23/2038 | 37,016,000 | 26,327,630 | ||
Federal Republic of Nigeria, 7.625%, 11/28/2047 | 9,173,000 | 6,168,843 | ||
Federal Republic of Nigeria, 9.248%, 1/21/2049 | 500,000 | 387,500 | ||
Federal Republic of Nigeria, 8.25%, 9/28/2051 | 4,238,000 | 2,976,619 | ||
$122,242,896 |
7
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Oman – 3.6% | ||||
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | $ | 16,730,000 | $15,432,689 | |
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 | 5,450,000 | 5,027,385 | ||
Sultanate of Oman, 6.25%, 1/25/2031 | 6,787,000 | 6,586,566 | ||
Sultanate of Oman, 6.5%, 3/08/2047 | 33,274,000 | 29,031,565 | ||
Sultanate of Oman, 6.75%, 1/17/2048 (n) | 200,000 | 178,740 | ||
Sultanate of Oman, 6.75%, 1/17/2048 | 91,577,000 | 81,842,365 | ||
Sultanate of Oman, 7%, 1/25/2051 (n) | 15,943,000 | 14,627,703 | ||
Sultanate of Oman, 7%, 1/25/2051 | 76,628,000 | 70,306,190 | ||
$223,033,203 | ||||
Pakistan – 0.8% | ||||
Islamic Republic of Pakistan, 6%, 4/08/2026 | $ | 5,089,000 | $2,773,505 | |
Islamic Republic of Pakistan, 6.875%, 12/05/2027 | 37,800,000 | 19,950,840 | ||
Islamic Republic of Pakistan, 7.375%, 4/08/2031 | 36,601,000 | 17,934,490 | ||
Islamic Republic of Pakistan, 8.875%, 4/08/2051 | 13,386,000 | 6,477,485 | ||
$47,136,320 | ||||
Panama – 1.2% | ||||
Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n) | $ | 4,000,000 | $3,523,120 | |
Autoridad del Canal de Panama, 4.95%, 7/29/2035 | 978,000 | 861,403 | ||
Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n) | 3,940,000 | 3,488,324 | ||
Cable Onda S.A., 4.5%, 1/30/2030 (n) | 5,390,000 | 4,254,731 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | 6,521,000 | 4,662,515 | ||
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 | 5,800,000 | 4,147,000 | ||
Panama Canal Railway Co., 7%, 11/01/2026 | 2,189,277 | 2,211,170 | ||
Panama Canal Railway Co., 7%, 11/01/2026 (n) | 434,505 | 438,850 | ||
Republic of Panama, 3.362%, 6/30/2031 (n) | 7,655,000 | 5,874,217 | ||
Republic of Panama, 2.252%, 9/29/2032 | 3,529,000 | 2,404,985 | ||
Republic of Panama, 3.298%, 1/19/2033 | 2,789,000 | 2,061,683 | ||
Republic of Panama, 6.375%, 7/25/2033 (n) | 7,770,000 | 7,046,224 | ||
Republic of Panama, 6.4%, 2/14/2035 | 9,711,000 | 8,904,062 | ||
Republic of Panama, 6.875%, 1/31/2036 | 5,670,000 | 5,334,293 | ||
Republic of Panama, 6.853%, 3/28/2054 | 13,276,000 | 11,440,453 | ||
Republic of Panama, 4.5%, 1/19/2063 | 14,818,000 | 8,753,745 | ||
$75,406,775 | ||||
Paraguay – 2.3% | ||||
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $ | 6,079,000 | $5,523,147 | |
Republic of Paraguay, 4.95%, 4/28/2031 | 10,177,000 | 9,239,673 | ||
Republic of Paraguay, 3.849%, 6/28/2033 | 18,201,000 | 14,585,550 | ||
Republic of Paraguay, 5.85%, 8/21/2033 (n) | 15,173,000 | 13,986,280 | ||
Republic of Paraguay, 5.6%, 3/13/2048 (n) | 3,088,000 | 2,379,244 | ||
Republic of Paraguay, 5.6%, 3/13/2048 | 36,546,000 | 28,157,985 | ||
Republic of Paraguay, 5.4%, 3/30/2050 (n) | 256,000 | 191,319 | ||
Republic of Paraguay, 5.4%, 3/30/2050 | 79,143,000 | 59,146,696 | ||
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | 3,483,000 | 3,143,408 | ||
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 | 8,797,000 | 7,939,293 | ||
$144,292,595 | ||||
Peru – 1.4% | ||||
Hunt Oil Co. of Peru LLC, 8.55%, 9/18/2033 (n) | $ | 13,001,000 | $13,035,973 | |
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 | 110,195 | 109,930 | ||
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n) | 6,707 | 6,691 | ||
Peru LNG, 5.375%, 3/22/2030 | 9,848,000 | 7,544,012 | ||
Republic of Peru, 6.15%, 8/12/2032 | PEN | 48,056,000 | 11,428,521 | |
Republic of Peru, 7.3%, 8/12/2033 | 106,932,000 | 27,254,916 |
8
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Peru – continued | ||||
Republic of Peru, 5.4%, 8/12/2034 | PEN | 40,424,000 | $8,777,544 | |
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | $ | 19,285,000 | 15,710,229 | |
Volcan Compañía Minera S.A.A., 4.375%, 2/11/2026 | 2,453,000 | 1,177,749 | ||
$85,045,565 | ||||
Philippines – 0.7% | ||||
ICTSI Treasury B.V., 3.5%, 11/16/2031 | $ | 9,945,000 | $8,184,949 | |
Republic of Philippines, 3.556%, 9/29/2032 | 8,054,000 | 6,780,948 | ||
Republic of Philippines, 5.609%, 4/13/2033 | 9,998,000 | 9,817,608 | ||
Republic of Philippines, 1.2%, 4/28/2033 | EUR | 8,055,000 | 6,306,337 | |
Republic of Philippines, 5%, 7/17/2033 | $ | 6,459,000 | 6,089,726 | |
Republic of Philippines, 1.75%, 4/28/2041 | EUR | 6,551,000 | 4,338,706 | |
$41,518,274 | ||||
Poland – 0.8% | ||||
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n) | $ | 14,318,000 | $14,458,889 | |
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | 9,901,000 | 9,195,554 | ||
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 22,094,000 | 17,343,790 | ||
Synthos S.A., 2.5%, 6/07/2028 (n) | EUR | 9,127,000 | 7,426,835 | |
$48,425,068 | ||||
Qatar – 1.0% | ||||
Qatar Petroleum, 2.25%, 7/12/2031 (n) | $ | 6,630,000 | $5,178,414 | |
Qatar Petroleum, 3.125%, 7/12/2041 | 10,837,000 | 7,116,658 | ||
Qatar Petroleum, 3.3%, 7/12/2051 | 12,536,000 | 7,641,294 | ||
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 12,178,000 | 11,008,912 | ||
State of Qatar, 4.817%, 3/14/2049 (n) | 15,461,000 | 12,638,285 | ||
State of Qatar, 4.817%, 3/14/2049 | 18,500,000 | 15,122,455 | ||
$58,706,018 | ||||
Republic of Moldova – 0.2% | ||||
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n) | $ | 17,038,000 | $11,545,290 | |
Aragvi Finance International DAC, 8.45%, 4/29/2026 | 300,000 | 203,286 | ||
$11,748,576 | ||||
Romania – 2.4% | ||||
Republic of Romania, 5.25%, 11/25/2027 (n) | $ | 18,434,000 | $17,789,252 | |
Republic of Romania, 6.625%, 2/17/2028 (n) | 16,440,000 | 16,440,000 | ||
Republic of Romania, 5.5%, 9/18/2028 (n) | EUR | 20,239,000 | 21,286,402 | |
Republic of Romania, 1.75%, 7/13/2030 | 3,915,000 | 3,149,998 | ||
Republic of Romania, 1.75%, 7/13/2030 (n) | 11,620,000 | 9,349,418 | ||
Republic of Romania, 3%, 2/14/2031 | $ | 4,026,000 | 3,185,653 | |
Republic of Romania, 2.124%, 7/16/2031 | EUR | 7,170,000 | 5,616,041 | |
Republic of Romania, 2%, 1/28/2032 | 7,986,000 | 6,065,740 | ||
Republic of Romania, 2%, 1/28/2032 (n) | 7,236,000 | 5,496,080 | ||
Republic of Romania, 3.625%, 3/27/2032 | $ | 6,062,000 | 4,798,073 | |
Republic of Romania, 7.125%, 1/17/2033 (n) | 20,216,000 | 20,103,842 | ||
Republic of Romania, 7.125%, 1/17/2033 | 10,748,000 | 10,688,370 | ||
Republic of Romania, 2%, 4/14/2033 | EUR | 4,859,000 | 3,525,164 | |
Republic of Romania, 6%, 5/25/2034 (n) | $ | 12,038,000 | 10,977,693 | |
Republic of Romania, 2.625%, 12/02/2040 (n) | EUR | 6,079,000 | 3,780,199 | |
Republic of Romania, 2.625%, 12/02/2040 | 2,500,000 | 1,554,614 | ||
Republic of Romania, 2.75%, 4/14/2041 (n) | 9,965,000 | 6,214,152 | ||
$150,020,691 |
9
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Russia – 0.2% | ||||
Gazprom PJSC (Russian Federation), 1.85%, 11/17/2028 (z) | EUR | 16,371,000 | $9,527,188 | |
Saudi Arabia – 2.9% | ||||
BSF Finance, 5.5%, 11/23/2027 | $ | 13,422,000 | $13,227,596 | |
GACI First Investment Co. (Kingdom of Saudi Arabia), 4.875%, 2/14/2035 | 10,254,000 | 9,036,337 | ||
Kingdom of Saudi Arabia, 4.875%, 7/18/2033 (n) | 11,414,000 | 10,615,020 | ||
Kingdom of Saudi Arabia, 4.875%, 7/18/2033 | 5,342,000 | 4,968,060 | ||
Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 42,629,000 | 32,158,465 | ||
Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n) | 18,135,000 | 10,518,300 | ||
Kingdom of Saudi Arabia, 5%, 1/18/2053 (n) | 18,334,000 | 14,498,197 | ||
Kingdom of Saudi Arabia, 5%, 1/18/2053 | 16,421,000 | 12,985,431 | ||
Kingdom of Saudi Arabia, 3.75%, 1/21/2055 | 8,508,000 | 5,379,608 | ||
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n) | 7,212,000 | 5,831,335 | ||
Saudi Arabian Oil Co., 3.5%, 4/16/2029 | 8,281,000 | 7,351,044 | ||
Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n) | 10,137,000 | 7,957,221 | ||
Saudi Arabian Oil Co., 2.25%, 11/24/2030 | 7,750,000 | 6,083,502 | ||
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n) | 3,926,000 | 3,071,742 | ||
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046 | 35,493,000 | 26,582,127 | ||
Saudi Electricity Global Sukuk Co., 5.684%, 4/11/2053 | 10,000,000 | 8,679,100 | ||
$178,943,085 | ||||
Senegal – 0.1% | ||||
Republic of Senegal, 6.75%, 3/13/2048 | $ | 5,942,000 | $3,932,867 | |
Serbia – 0.4% | ||||
Republic of Serbia, 6.25%, 5/26/2028 (n) | $ | 12,736,000 | $12,387,034 | |
Republic of Serbia, 1.5%, 6/26/2029 | EUR | 6,866,000 | 5,612,584 | |
Republic of Serbia, 6.5%, 9/26/2033 (n) | $ | 9,549,000 | 9,000,658 | |
$27,000,276 | ||||
Singapore – 1.2% | ||||
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n) | $ | 3,036,000 | $2,796,126 | |
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 | 1,440,000 | 1,326,226 | ||
Oversea-Chinese Banking Corp. Ltd., 4.602% to 6/15/2027, FLR (CMT - 5yr. + 1.575%) to 6/15/2032 | 9,730,000 | 9,228,221 | ||
Puma International Financing S.A., 5%, 1/24/2026 | 15,556,000 | 13,977,377 | ||
Puma International Financing S.A., 5%, 1/24/2026 (n) | 6,960,000 | 6,253,699 | ||
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | 18,169,000 | 16,113,666 | ||
United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n) | 9,668,000 | 8,849,701 | ||
Vena Energy Capital Pte Ltd., 3.133%, 2/26/2025 | 17,503,000 | 16,638,381 | ||
$75,183,397 | ||||
Slovakia – 0.1% | ||||
Eustream A.S., 1.625%, 6/25/2027 | EUR | 7,751,000 | $6,544,840 | |
Slovenia – 0.3% | ||||
United Group B.V., 3.125%, 2/15/2026 | EUR | 5,762,000 | $5,532,822 | |
United Group B.V., 3.625%, 2/15/2028 | 6,638,000 | 5,775,929 | ||
United Group B.V., 4.625%, 8/15/2028 (n) | 5,209,000 | 4,609,113 | ||
$15,917,864 | ||||
South Africa – 1.9% | ||||
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | $ | 34,883,000 | $34,185,340 | |
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | 13,854,000 | 12,521,245 | ||
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 9,768,705 | 8,303,399 | ||
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 | 368,260 | 313,021 | ||
Republic of South Africa, 5.75%, 9/30/2049 | 50,275,000 | 32,611,884 |
10
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
South Africa – continued | ||||
Republic of South Africa, 7.3%, 4/20/2052 | $ | 12,130,000 | $9,433,137 | |
Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 27,362,000 | 20,948,854 | ||
$118,316,880 | ||||
South Korea – 0.8% | ||||
Republic of Korea, 3.25%, 3/10/2028 | KRW | 22,236,280,000 | $15,898,057 | |
SK Hynix, Inc., 6.25%, 1/17/2026 (n) | $ | 11,591,000 | 11,548,538 | |
SK Hynix, Inc., 6.375%, 1/17/2028 (n) | 14,800,000 | 14,635,648 | ||
SK Hynix, Inc., 2.375%, 1/19/2031 | 8,241,000 | 6,050,542 | ||
$48,132,785 | ||||
Sri Lanka – 1.0% | ||||
Republic of Sri Lanka, 6.75%, 4/18/2028 (a)(d) | $ | 17,582,000 | $8,735,856 | |
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(d)(n) | 3,554,000 | 1,765,853 | ||
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(d) | 24,908,000 | 12,375,879 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d)(n) | 3,761,000 | 1,869,725 | ||
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d) | 76,115,000 | 37,839,435 | ||
$62,586,748 | ||||
Turkey – 4.4% | ||||
Republic of Turkey, 5.6%, 11/14/2024 | $ | 5,079,000 | $4,996,111 | |
Republic of Turkey, 4.25%, 3/13/2025 | 18,796,000 | 17,950,180 | ||
Republic of Turkey, 4.75%, 1/26/2026 | 3,987,000 | 3,723,858 | ||
Republic of Turkey, 4.875%, 10/09/2026 | 24,076,000 | 22,089,730 | ||
Republic of Turkey, 5.125%, 2/17/2028 | 19,812,000 | 17,558,583 | ||
Republic of Turkey, 6.125%, 10/24/2028 | 5,753,000 | 5,202,898 | ||
Republic of Turkey, 5.25%, 3/13/2030 | 31,468,000 | 25,953,548 | ||
Republic of Turkey, 5.95%, 1/15/2031 | 24,093,000 | 20,244,288 | ||
Republic of Turkey, 5.875%, 6/26/2031 | 46,090,000 | 38,250,460 | ||
Republic of Turkey, 9.375%, 1/19/2033 | 6,382,000 | 6,392,849 | ||
Republic of Turkey, 6.5%, 9/20/2033 | 14,063,000 | 11,776,919 | ||
Republic of Turkey, 6.875%, 3/17/2036 | 27,480,000 | 22,690,785 | ||
Republic of Turkey, 6%, 1/14/2041 | 22,317,000 | 15,874,082 | ||
Republic of Turkey, 5.75%, 5/11/2047 | 53,006,000 | 34,515,387 | ||
Turkiye Ihracat Kredi Bankasi A.S., 9%, 1/27/2027 (n) | 21,498,000 | 21,498,344 | ||
$268,718,022 | ||||
Ukraine – 1.1% | ||||
Government of Ukraine, 7.75% (7.75% Cash or 7.75% PIK), 9/01/2029 (a)(p) | $ | 5,310,000 | $1,476,180 | |
Government of Ukraine, 6.876% (6.876% Cash or 6.876% PIK), 5/21/2031 (a)(n)(p) | 14,057,000 | 3,465,051 | ||
Government of Ukraine, 6.876% (6.876% Cash or 6.876% PIK), 5/21/2031 (a)(p) | 12,407,000 | 3,058,326 | ||
Government of Ukraine, 7.375% (7.375% Cash or 7.375% PIK), 9/25/2034 (a)(p) | 46,367,000 | 11,661,300 | ||
Government of Ukraine, 7.253% (7.253% Cash or 7.253% PIK), 3/15/2035 (a)(n)(p) | 24,720,000 | 6,217,080 | ||
Government of Ukraine, 7.253% (7.253% Cash or 7.253% PIK), 3/15/2035 (a)(p) | 24,959,000 | 6,277,188 | ||
Government of Ukraine, GDP Linked Bond, 7.75%, 8/01/2041 (a) | 27,326,000 | 11,262,411 | ||
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2028 (a)(n) | 1,969,000 | 935,275 | ||
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2028 (a) | 6,885,000 | 3,270,375 | ||
NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (a)(n) | 12,598,000 | 3,306,975 | ||
PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025 | 5,563,950 | 5,115,774 | ||
Ukrainian Railways, 8.25%, 7/09/2026 (a) | 16,834,000 | 8,743,748 | ||
Ukrainian Railways, 7.875%, 7/15/2028 | 11,162,000 | 5,246,140 | ||
$70,035,823 |
11
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
United Arab Emirates – 2.3% | ||||
Abu Dhabi Commercial Bank PJSC, 3.5%, 3/31/2027 | $ | 12,095,000 | $11,143,123 | |
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | 23,088,000 | 18,846,134 | ||
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n) | 9,662,000 | 8,877,349 | ||
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n) | 9,533,000 | 8,315,998 | ||
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 | 1,000,000 | 872,338 | ||
DAE Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n) | 13,041,000 | 12,160,732 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | 4,748,000 | 4,278,423 | ||
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | 2,400,000 | 2,162,640 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | 7,714,000 | 5,811,383 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 | 8,494,000 | 6,399,000 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n) | 20,209,513 | 14,912,161 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 | 1,959,552 | 1,445,911 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n) | 1,200,000 | 834,918 | ||
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 | 16,201,000 | 11,272,088 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.5%, 4/28/2033 (n) | 11,543,000 | 11,195,371 | ||
National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027 | 7,192,000 | 6,262,434 | ||
Sweihan PV Power Co. PJSC, 3.625%, 1/31/2049 (n) | 13,175,641 | 9,778,592 | ||
Sweihan PV Power Co. PJSC, 3.625%, 1/31/2049 | 8,251,500 | 6,124,032 | ||
$140,692,627 | ||||
United States – 2.2% | ||||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 | $ | 15,413,000 | $11,847,947 | |
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033 | 10,092,000 | 8,913,444 | ||
U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | 32,426,000 | 26,808,449 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2046 | 94,683,600 | 60,194,359 | ||
U.S. Treasury Notes, 3.875%, 9/30/2029 | 10,111,000 | 9,569,904 | ||
U.S. Treasury Notes, 2.75%, 8/15/2032 | 22,889,000 | 19,362,663 | ||
$136,696,766 | ||||
Uruguay – 1.2% | ||||
Oriental Republic of Uruguay, 8.5%, 3/15/2028 | UYU | 375,016,000 | $8,905,263 | |
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 296,221,000 | 6,733,716 | ||
Oriental Republic of Uruguay, 9.75%, 7/20/2033 | 689,397,000 | 17,085,626 | ||
Oriental Republic of Uruguay, 5.75%, 10/28/2034 | $ | 17,154,000 | 17,165,772 | |
Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 20,389,000 | 17,061,269 | ||
Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | UYU | 248,127,298 | 6,226,619 | |
$73,178,265 | ||||
Uzbekistan – 1.1% | ||||
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | $ | 5,426,000 | $4,855,076 | |
National Bank of Uzbekistan, 4.85%, 10/21/2025 | 12,812,000 | 11,710,168 | ||
Republic of Uzbekistan, 7.85%, 10/12/2028 (n) | 12,313,000 | 12,231,981 | ||
Republic of Uzbekistan, 5.375%, 2/20/2029 | 13,036,000 | 11,569,450 | ||
Republic of Uzbekistan, 3.7%, 11/25/2030 (n) | 9,236,000 | 7,023,276 | ||
Republic of Uzbekistan, 3.9%, 10/19/2031 | 16,211,000 | 12,157,472 | ||
Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n) | 14,346,000 | 11,262,872 | ||
$70,810,295 | ||||
Venezuela – 0.5% | ||||
Republic of Venezuela, 9%, 5/07/2023 (a)(d) | $ | 10,104,000 | $1,732,962 | |
Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | 17,593,000 | 2,959,495 | ||
Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | 33,488,000 | 5,679,824 | ||
Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | 36,079,000 | 6,681,831 | ||
Republic of Venezuela, 9.375%, 1/13/2034 | 1,253,000 | 228,199 | ||
Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 74,897,500 | 12,320,424 | ||
$29,602,735 |
12
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Vietnam – 0.9% | ||||
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $ | 15,030,000 | $13,587,120 | |
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 5,750,000 | 5,198,000 | ||
Socialist Republic of Vietnam, 4.8%, 11/19/2024 | 38,808,000 | 38,039,602 | ||
$56,824,722 | ||||
Zambia – 0.6% | ||||
Republic of Zambia, 8.97%, 7/30/2027 (a)(d) | $ | 56,694,000 | $34,512,472 | |
Total Bonds | $5,465,326,715 | |||
Common Stocks – 0.0% | ||||
United Kingdom – 0.0% | ||||
Petra Diamonds Ltd. (a) | 3,038,227 | $1,654,380 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 0.1% | |||||
Brokerage & Asset Managers – 0.1% | |||||
iShares MSCI Emerging Markets ETF – June 2024 @ $34 | Put | Goldman Sachs International | $45,875,000 | 12,500 | $1,537,500 |
iShares MSCI Emerging Markets ETF – September 2024 @ $35 | Put | Goldman Sachs International | 60,000,830 | 16,349 | 3,057,263 |
$4,594,763 |
Issuer | Shares/Par | |||
Investment Companies (h) – 9.8% | ||||
Money Market Funds – 9.8% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) | 607,337,374 | $607,398,108 | ||
Other Assets, Less Liabilities – 1.4% | 85,725,722 | |||
Net Assets – 100.0% | $6,164,699,688 |
(a) | Non-income producing security. |
(d) | In default. |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $607,398,108 and $5,471,575,858, respectively. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,746,427,187, representing 28.3% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(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 |
Dominican Republic, 4.5%, 1/30/2030 | 1/23/20-5/13/20 | $7,294,737 | $6,243,697 |
Gazprom PJSC (Russian Federation), 1.85%, 11/17/2028 | 11/09/21 | 18,983,819 | 9,527,188 |
Total Restricted Securities | $15,770,885 | ||
% of Net assets | 0.3% |
13
Portfolio of Investments (unaudited) – continued
The following abbreviations are used in this report and are defined: | |
CMT | Constant Maturity Treasury |
ETF | Exchange-Traded Fund |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
SOFR | Secured Overnight Financing Rate |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CNH | Chinese Yuan Renminbi (Offshore) |
CZK | Czech Koruna |
EUR | Euro |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
KRW | South Korean Won |
MXN | Mexican Peso |
PEN | Peruvian Nuevo Sol |
PLN | Polish Zloty |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
Derivative Contracts at 10/31/23 | ||||||
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
EUR | 1,524,359 | USD | 1,612,084 | JPMorgan Chase Bank N.A. | 1/19/2024 | $6,887 |
EUR | 234,589 | USD | 248,689 | Morgan Stanley Capital Services, Inc. | 1/19/2024 | 460 |
HUF | 91,817,390 | USD | 249,056 | Goldman Sachs International | 1/19/2024 | 2,242 |
PEN | 53,485,847 | USD | 13,829,566 | Merrill Lynch International | 11/03/2023 | 93,239 |
PEN | 1,837,000 | USD | 473,755 | Morgan Stanley Capital Services, Inc. | 11/03/2023 | 4,431 |
PLN | 66,904,360 | USD | 15,807,930 | JPMorgan Chase Bank N.A. | 1/19/2024 | 35,302 |
TRY | 786,539,463 | USD | 25,606,712 | BNP Paribas S.A. | 1/19/2024 | 430,761 |
TRY | 175,319,615 | USD | 5,741,595 | Citibank N.A. | 1/19/2024 | 62,156 |
TRY | 158,062,536 | USD | 5,154,718 | Morgan Stanley Capital Services, Inc. | 1/19/2024 | 77,758 |
USD | 15,822,669 | BRL | 79,411,990 | Barclays Bank PLC | 11/30/2023 | 124,308 |
USD | 56,422,299 | BRL | 279,042,532 | Barclays Bank PLC | 12/04/2023 | 1,284,816 |
USD | 4,751,192 | BRL | 23,936,695 | Goldman Sachs International | 11/30/2023 | 19,326 |
USD | 19,474,334 | CNH | 141,964,000 | Barclays Bank PLC | 1/19/2024 | 32,383 |
USD | 2,117,453 | EUR | 1,992,009 | State Street Bank Corp. | 1/19/2024 | 1,806 |
USD | 691,733 | IDR | 10,810,193,057 | Barclays Bank PLC | 11/09/2023 | 11,241 |
USD | 16,577,228 | KRW | 22,177,016,000 | Barclays Bank PLC | 1/26/2024 | 73,719 |
USD | 2,837,235 | PEN | 10,380,309 | Goldman Sachs International | 11/03/2023 | 135,156 |
USD | 20,284,010 | PEN | 77,788,275 | Merrill Lynch International | 11/03/2023 | 35,083 |
USD | 478,847 | PEN | 1,837,000 | Morgan Stanley Capital Services, Inc. | 11/03/2023 | 661 |
$2,431,735 | ||||||
Liability Derivatives | ||||||
BRL | 35,085,000 | USD | 6,989,740 | Barclays Bank PLC | 11/30/2023 | $(54,049) |
BRL | 28,182,767 | USD | 5,680,555 | Barclays Bank PLC | 12/04/2023 | (111,774) |
BRL | 3,019,000 | USD | 600,813 | Goldman Sachs International | 12/04/2023 | (4,273) |
CAD | 21,839 | USD | 16,022 | UBS AG | 1/19/2024 | (251) |
CNH | 141,157,000 | USD | 19,359,914 | Deutsche Bank AG | 1/19/2024 | (28,480) |
EUR | 236,019 | USD | 251,442 | Morgan Stanley Capital Services, Inc. | 1/19/2024 | (775) |
EUR | 689,012 | USD | 737,767 | State Street Bank Corp. | 1/19/2024 | (5,991) |
IDR | 10,810,193,057 | USD | 714,251 | Citibank N.A. | 11/09/2023 | (33,759) |
14
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts − continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives − continued | ||||||
PEN | 31,020,419 | USD | 8,086,026 | Goldman Sachs International | 11/03/2023 | $(11,156) |
PEN | 24,302,428 | USD | 6,334,861 | Merrill Lynch International | 11/03/2023 | (8,740) |
USD | 6,126,617 | BRL | 31,855,345 | Barclays Bank PLC | 11/30/2023 | (170,627) |
USD | 6,106,066 | BRL | 31,855,345 | Citibank N.A. | 12/04/2023 | (188,400) |
USD | 11,788,320 | BRL | 60,770,181 | Goldman Sachs International | 12/04/2023 | (219,580) |
USD | 4,895,388 | BRL | 25,088,376 | Morgan Stanley Capital Services, Inc. | 12/04/2023 | (61,956) |
USD | 40,151,204 | CZK | 937,751,435 | HSBC Bank | 1/19/2024 | (178,216) |
USD | 1,454,844 | EUR | 1,372,010 | Barclays Bank PLC | 1/19/2024 | (2,324) |
USD | 15,680,441 | EUR | 14,803,956 | Citibank N.A. | 1/19/2024 | (42,355) |
USD | 7,574,683 | EUR | 7,159,293 | Goldman Sachs International | 1/19/2024 | (28,968) |
USD | 259,989,500 | EUR | 244,900,673 | HSBC Bank | 1/19/2024 | (111,477) |
USD | 3,500,189 | EUR | 3,313,844 | JPMorgan Chase Bank N.A. | 1/19/2024 | (19,336) |
USD | 54,881,176 | MXN | 1,012,969,497 | HSBC Bank | 1/19/2024 | (588,744) |
USD | 3,030,900 | MXN | 55,634,161 | Morgan Stanley Capital Services, Inc. | 1/19/2024 | (15,611) |
USD | 18,118,066 | PEN | 70,366,947 | Barclays Bank PLC | 1/29/2024 | (137,983) |
USD | 5,334,740 | PEN | 20,640,111 | Goldman Sachs International | 11/03/2023 | (38,050) |
USD | 16,344,617 | PEN | 63,469,417 | Merrill Lynch International | 1/29/2024 | (121,932) |
USD | 13,766,917 | PEN | 53,485,847 | Merrill Lynch International | 2/29/2024 | (98,501) |
USD | 9,640,046 | PLN | 41,062,531 | Goldman Sachs International | 1/19/2024 | (83,733) |
USD | 8,419,284 | TRY | 258,556,170 | Morgan Stanley Capital Services, Inc. | 1/19/2024 | (139,916) |
$(2,506,957) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond 30 yr | Long | USD | 1,077 | $117,864,187 | December – 2023 | $(10,626,185) |
U.S. Treasury Note 10 yr | Long | USD | 2,104 | 223,385,625 | December – 2023 | (7,664,463) |
U.S. Treasury Note 5 yr | Long | USD | 1,912 | 199,759,188 | December – 2023 | (3,059,409) |
U.S. Treasury Ultra Bond 30 yr | Long | USD | 143 | 16,096,438 | December – 2023 | (2,142,258) |
U.S. Treasury Ultra Note 10 yr | Long | USD | 1,077 | 117,207,891 | December – 2023 | (6,239,558) |
$(29,731,873) |
Uncleared Swap Agreements | ||||||||||
Maturity Date | Notional Amount | Counterparty | Cash Flows to Receive/ Frequency | Cash Flows to Pay/ Frequency | Unrealized Appreciation (Depreciation) | Net Unamortized Upfront Payments (Receipts) | Value | |||
Liability Derivatives | ||||||||||
Credit Default Swaps | ||||||||||
12/20/24 | USD | 20,027,000 | Barclays Bank PLC | (1) | 1.00%/Quarterly | $(28,795) | $(148,152) | $(176,947) |
(1) Fund, as protection buyer, to receive notional amount upon a defined credit event by Republic of Korea, 2.75%, 1/19/2027.
At October 31, 2023, the fund had cash collateral of $507,000 and other liquid securities with an aggregate value of $16,396,304 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.
15
Supplemental Information
10/31/23 (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
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, 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. 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. 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. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. 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 using 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. 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.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. 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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 halt 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).
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Supplemental Information (unaudited) – continued
Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other 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, 2023 in valuing the fund's assets and liabilities:
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $— | $4,594,763 | $— | $4,594,763 |
United Kingdom | 1,654,380 | — | — | 1,654,380 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 115,935,375 | — | 115,935,375 |
Non - U.S. Sovereign Debt | — | 4,064,382,825 | — | 4,064,382,825 |
U.S. Corporate Bonds | — | 20,761,391 | — | 20,761,391 |
Foreign Bonds | — | 1,264,247,124 | — | 1,264,247,124 |
Mutual Funds | 607,398,108 | — | — | 607,398,108 |
Total | $609,052,488 | $5,469,921,478 | $— | $6,078,973,966 |
Other Financial Instruments | ||||
Futures Contracts – Liabilities | $(29,731,873) | $— | $— | $(29,731,873) |
Forward Foreign Currency Exchange Contracts – Assets | — | 2,431,735 | — | 2,431,735 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (2,506,957) | — | (2,506,957) |
Swap Agreements – Liabilities | — | (176,947) | — | (176,947) |
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 following were affiliated issuers:
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $453,008,682 | $434,495,158 | $280,159,267 | $(30,568) | $84,103 | $607,398,108 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $7,028,764 | $— |
(3) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of October 31, 2023, are as follows:
United States | 12.2% |
Mexico | 8.0% |
India | 5.1% |
Turkey | 4.4% |
Chile | 4.3% |
Oman | 3.7% |
Brazil | 3.6% |
Dominican Republic | 3.6% |
Indonesia | 3.2% |
Other Countries | 51.9% |
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.
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(4) Russia and Ukraine Conflict
The fund invests in securities and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is unable to sell securities, whether due to market constraints or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities reflects their illiquid classification. Management continues to monitor these events and to evaluate the related impacts on fund performance.
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