Quarterly Report
April 30, 2023
MFS® Emerging Markets
Debt Fund
Debt Fund
EMD-Q3
Portfolio of Investments
4/30/23 (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 – 91.4% | ||||
| Angola – 1.7% | ||||
| Republic of Angola, 8.75%, 4/14/2032 (n) | $ | 26,859,000 | $22,196,815 | |
| Republic of Angola, 9.375%, 5/08/2048 (n) | 500,000 | 382,400 | ||
| Republic of Angola, 9.375%, 5/08/2048 | 29,216,000 | 22,344,397 | ||
| Republic of Angola, 9.125%, 11/26/2049 (n) | 391,000 | 291,250 | ||
| Republic of Angola, 9.125%, 11/26/2049 | 93,228,000 | 69,444,045 | ||
| $114,658,907 | ||||
| Argentina – 1.0% | ||||
| Republic of Argentina, 3.875%, 1/09/2038 | $ | 77,421,000 | $21,269,774 | |
| Republic of Argentina, 3.5%, 7/09/2041 | 183,639,000 | 45,766,888 | ||
| $67,036,662 | ||||
| Azerbaijan – 0.9% | ||||
| Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | $ | 34,360,000 | $35,302,151 | |
| State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | 28,493,000 | 29,505,072 | ||
| $64,807,223 | ||||
| Benin – 0.3% | ||||
| Republic of Benin, 4.875%, 1/19/2032 | EUR | 9,702,000 | $7,945,282 | |
| Republic of Benin, 4.875%, 1/19/2032 (n) | 7,911,000 | 6,478,574 | ||
| Republic of Benin, 6.875%, 1/19/2052 (n) | 4,952,000 | 3,623,736 | ||
| Republic of Benin, 6.875%, 1/19/2052 | 3,700,000 | 2,707,557 | ||
| $20,755,149 | ||||
| Bermuda – 0.7% | ||||
| Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 16,826,000 | $14,453,534 | |
| Government of Bermuda, 2.375%, 8/20/2030 | 7,733,000 | 6,642,647 | ||
| Government of Bermuda, 5%, 7/15/2032 (n) | 16,592,000 | 16,631,321 | ||
| Government of Bermuda, 3.375%, 8/20/2050 (n) | 15,484,000 | 10,995,911 | ||
| Government of Bermuda, 3.375%, 8/20/2050 | 1,800,000 | 1,278,264 | ||
| $50,001,677 | ||||
| Brazil – 2.4% | ||||
| Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 | $ | 21,104,962 | $18,406,522 | |
| Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | 17,818,000 | 16,431,421 | ||
| Banco do Brasil S.A. (Cayman Branch), 6.25%, 4/18/2030 (n) | 13,316,000 | 13,236,104 | ||
| Ero Copper Corp., 6.5%, 2/15/2030 (n) | 14,609,000 | 12,997,627 | ||
| Federative Republic of Brazil, 10%, 1/01/2025 | BRL | 44,706,000 | 8,690,386 | |
| Federative Republic of Brazil, 10%, 1/01/2027 | 46,884,000 | 8,914,807 | ||
| Federative Republic of Brazil, 10%, 1/01/2029 | 35,521,000 | 6,768,055 | ||
| Federative Republic of Brazil, 6%, 10/20/2033 | $ | 17,301,000 | 17,000,655 | |
| Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031 | 19,737,000 | 14,866,885 | ||
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 12,367,054 | 9,503,697 | ||
| MV24 Capital B.V., 6.748%, 6/01/2034 | 13,225,217 | 11,809,782 | ||
| Sitios Latinoamerica, S.A.B. de C.V., 5.375%, 4/04/2032 | 10,144,000 | 9,263,937 | ||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 14,585,000 | 13,946,615 | ||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 | 992,000 | 948,580 | ||
| $162,785,073 | ||||
| Bulgaria – 0.3% | ||||
| Bulgarian Energy Holdings, 2.45%, 7/22/2028 | EUR | 23,017,000 | $20,626,260 | |
| Cameroon – 0.2% | ||||
| Republic of Cameroon, 5.95%, 7/07/2032 | EUR | 16,931,000 | $13,026,185 | |
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Chile – 4.2% | ||||
| 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 | $2,699,227 | |
| AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 | 15,419,000 | 14,307,107 | ||
| Agrosuper S.A., 4.6%, 1/20/2032 | 4,865,000 | 4,265,347 | ||
| Agrosuper S.A., 4.6%, 1/20/2032 (n) | 9,107,000 | 7,984,485 | ||
| Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n) | 13,764,804 | 9,958,835 | ||
| Antofagasta PLC, 5.625%, 5/13/2032 (z) | 13,944,000 | 13,963,522 | ||
| Banco del Estado de Chile, 2.704%, 1/09/2025 (n) | 11,434,000 | 10,939,090 | ||
| Banco del Estado de Chile, 2.704%, 1/09/2025 | 12,198,000 | 11,670,021 | ||
| Chile Electricity PEC S.p.A., 0%, 1/25/2028 | 9,915,000 | 7,287,525 | ||
| Colbun S.A., 3.95%, 10/11/2027 | 7,305,000 | 6,886,522 | ||
| Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n) | 17,617,000 | 15,194,663 | ||
| Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 | 6,296,000 | 5,430,300 | ||
| E.CL S.A., 4.5%, 1/29/2025 | 7,978,000 | 7,682,942 | ||
| Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | 7,960,000 | 7,511,147 | ||
| Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n) | 1,484,000 | 1,441,335 | ||
| Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | 16,294,000 | 15,825,547 | ||
| Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n) | 16,339,000 | 13,772,751 | ||
| Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 | 2,258,000 | 1,903,352 | ||
| Empresa Nacional del Petroleo (Republic of Chile), 6.15%, 5/10/2033 (n)(w) | 15,426,000 | 15,368,153 | ||
| Empresa Nacional del Petroleo (Republic of Chile), 4.5%, 9/14/2047 | 4,456,000 | 3,433,448 | ||
| Enel Chile S.A., 4.875%, 6/12/2028 | 7,034,000 | 6,922,240 | ||
| ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 12,882,000 | 10,565,690 | ||
| ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | 9,300,000 | 7,627,769 | ||
| Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n) | 15,653,000 | 14,671,557 | ||
| Republic of Chile, 2.55%, 7/27/2033 | 18,126,000 | 15,170,196 | ||
| Republic of Chile, 3.5%, 1/31/2034 | 15,284,000 | 13,813,185 | ||
| Republic of Chile, 4%, 1/31/2052 | 20,620,000 | 17,092,127 | ||
| Republic of Chile, 3.25%, 9/21/2071 | 11,703,000 | 7,784,565 | ||
| Transelec S.A., 3.875%, 1/12/2029 | 5,077,000 | 4,651,106 | ||
| VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 | 9,086,000 | 5,042,730 | ||
| VTR Finance N.V., 6.375%, 7/15/2028 (n) | 7,102,000 | 2,414,680 | ||
| VTR Finance N.V., 6.375%, 7/15/2028 | 5,600,000 | 1,904,000 | ||
| $285,185,164 | ||||
| China – 1.8% | ||||
| CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024 | $ | 13,594,000 | $13,372,418 | |
| Country Garden Holdings Co. Ltd., 2.7%, 7/12/2026 | 2,630,000 | 1,192,048 | ||
| Country Garden Holdings Co. Ltd., 4.8%, 8/06/2030 | 985,000 | 395,644 | ||
| Country Garden Holdings Co. Ltd., 3.875%, 10/22/2030 | 3,720,000 | 1,489,408 | ||
| Country Garden Holdings Co. Ltd., 3.3%, 1/12/2031 | 3,009,000 | 1,170,859 | ||
| ENN Clean Energy International Investment Ltd., 3.375%, 5/12/2026 (n) | 10,735,000 | 9,592,209 | ||
| Huarong Finance 2017 Co. Ltd. (People's Republic of China), 4.75%, 4/27/2027 | 11,602,000 | 10,044,356 | ||
| Huarong Finance 2019 Co. Ltd. (People's Republic of China), 3.25%, 11/13/2024 | 11,754,000 | 10,902,538 | ||
| Meituan, 2.125%, 10/28/2025 (n) | 8,941,000 | 8,192,999 | ||
| Meituan, 2.125%, 10/28/2025 | 2,700,000 | 2,474,119 | ||
| Meituan, 3.05%, 10/28/2030 (n) | 17,044,000 | 13,501,935 | ||
| Meituan, 3.05%, 10/28/2030 | 3,000,000 | 2,376,543 | ||
| Prosus N.V., 3.061%, 7/13/2031 (n) | 12,154,000 | 9,573,456 | ||
| Prosus N.V., 4.193%, 1/19/2032 (n) | 8,286,000 | 7,039,059 | ||
| State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 | 18,831,000 | 18,345,160 | ||
| Sunac China Holdings Ltd., 7.95%, 10/11/2023 (a)(d) | 3,354,000 | 672,350 | ||
| Sunac China Holdings Ltd., 7.5%, 2/01/2024 (a)(d) | 15,215,000 | 3,050,028 | ||
| Sunac China Holdings Ltd., 6.5%, 1/10/2025 (a)(d) | 8,326,000 | 1,669,046 | ||
| Times China Holdings Ltd., 6.75%, 7/08/2025 (a) | 9,100,000 | 1,108,017 | ||
| Times China Holdings Ltd., 6.2%, 3/22/2026 (a) | 9,800,000 | 1,194,876 | ||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| China – continued | ||||
| Weibo Corp., 3.375%, 7/08/2030 | $ | 10,920,000 | $8,786,996 | |
| $126,144,064 | ||||
| Colombia – 0.9% | ||||
| Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | $ | 8,710,000 | $6,445,400 | |
| EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 18,091,000 | 11,460,648 | ||
| EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 | 300,000 | 190,050 | ||
| Republic of Colombia, 3.125%, 4/15/2031 | 21,924,000 | 16,203,964 | ||
| Republic of Colombia, 8%, 4/20/2033 | 4,768,000 | 4,755,141 | ||
| Republic of Colombia, 5.2%, 5/15/2049 | 10,218,000 | 6,872,390 | ||
| Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 14,693,000 | 10,880,167 | ||
| TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 9,278,300 | 8,183,368 | ||
| $64,991,128 | ||||
| Costa Rica – 1.0% | ||||
| Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n) | $ | 9,185,000 | $8,882,446 | |
| Republic of Costa Rica, 6.55%, 4/03/2034 (n) | 30,172,000 | 30,687,474 | ||
| Republic of Costa Rica, 7%, 4/04/2044 | 16,894,000 | 16,635,127 | ||
| Republic of Costa Rica, 7.158%, 3/12/2045 | 11,093,000 | 11,029,336 | ||
| $67,234,383 | ||||
| Cote d'Ivoire – 1.0% | ||||
| Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | EUR | 15,382,000 | $13,810,398 | |
| Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | 23,363,000 | 19,456,162 | ||
| Republic of Cote d'Ivoire, 4.875%, 1/30/2032 | 6,400,000 | 5,329,771 | ||
| Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | 14,557,000 | 11,593,013 | ||
| Republic of Cote d'Ivoire, 6.875%, 10/17/2040 | 17,654,000 | 14,059,425 | ||
| Republic of Cote d'Ivoire, 6.625%, 3/22/2048 (n) | 6,440,000 | 4,751,641 | ||
| Republic of Cote d'Ivoire, 6.625%, 3/22/2048 | 2,200,000 | 1,623,232 | ||
| $70,623,642 | ||||
| Czech Republic – 0.2% | ||||
| PPF Telecom Group B.V., 3.25%, 9/29/2027 | EUR | 15,815,000 | $16,032,431 | |
| Dominican Republic – 3.4% | ||||
| Dominican Republic, 5.5%, 2/22/2029 (n) | $ | 19,127,000 | $18,200,570 | |
| Dominican Republic, 4.5%, 1/30/2030 (n) | 7,778,000 | 6,875,132 | ||
| Dominican Republic, 4.5%, 1/30/2030 | 200,000 | 176,784 | ||
| Dominican Republic, 7.05%, 2/03/2031 (n) | 12,594,000 | 12,786,407 | ||
| Dominican Republic, 4.875%, 9/23/2032 (n) | 27,009,000 | 23,254,504 | ||
| Dominican Republic, 4.875%, 9/23/2032 | 49,771,000 | 42,852,380 | ||
| Dominican Republic, 6%, 2/22/2033 (n) | 24,933,000 | 23,250,022 | ||
| Dominican Republic, 6%, 2/22/2033 | 7,339,000 | 6,843,617 | ||
| Dominican Republic, 5.3%, 1/21/2041 (n) | 7,065,000 | 5,562,651 | ||
| Dominican Republic, 5.3%, 1/21/2041 | 12,400,000 | 9,763,180 | ||
| Dominican Republic, 6.5%, 2/15/2048 | 8,790,000 | 7,489,089 | ||
| Dominican Republic, 6.4%, 6/05/2049 | 5,782,000 | 4,846,355 | ||
| Dominican Republic, 5.875%, 1/30/2060 (n) | 896,000 | 682,692 | ||
| Dominican Republic, 5.875%, 1/30/2060 | 71,103,000 | 54,175,702 | ||
| Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 (n) | 8,563,000 | 7,749,515 | ||
| Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 | 11,200,000 | 10,136,000 | ||
| $234,644,600 | ||||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Ecuador – 0.6% | ||||
| Republic of Ecuador, 2.5%, 7/31/2035 | $ | 45,764,000 | $16,720,588 | |
| Republic of Ecuador, 1.5%, 7/31/2040 (n) | 2,286,161 | 743,002 | ||
| Republic of Ecuador, 1.5%, 7/31/2040 | 66,398,000 | 21,579,350 | ||
| $39,042,940 | ||||
| Egypt – 1.4% | ||||
| Arab Republic of Egypt, 6.375%, 4/11/2031 (n) | EUR | 3,246,000 | $1,863,640 | |
| Arab Republic of Egypt, 6.375%, 4/11/2031 | 4,400,000 | 2,526,191 | ||
| Arab Republic of Egypt, 7.052%, 1/15/2032 (n) | $ | 5,316,000 | 2,927,787 | |
| Arab Republic of Egypt, 7.052%, 1/15/2032 | 5,696,000 | 3,137,072 | ||
| Arab Republic of Egypt, 7.625%, 5/29/2032 (n) | 1,286,000 | 719,779 | ||
| Arab Republic of Egypt, 7.625%, 5/29/2032 | 3,800,000 | 2,126,875 | ||
| Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | 1,618,000 | 850,712 | ||
| Arab Republic of Egypt, 8.5%, 1/31/2047 | 45,930,000 | 24,149,075 | ||
| Arab Republic of Egypt, 7.903%, 2/21/2048 | 16,623,000 | 8,358,876 | ||
| Arab Republic of Egypt, 8.7%, 3/01/2049 (n) | 9,028,000 | 4,787,548 | ||
| Arab Republic of Egypt, 8.7%, 3/01/2049 | 13,586,000 | 7,204,656 | ||
| Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 10,162,000 | 5,388,543 | ||
| Arab Republic of Egypt, 8.875%, 5/29/2050 | 11,948,000 | 6,335,594 | ||
| Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 21,942,000 | 10,960,468 | ||
| Energean PLC, 6.5%, 4/30/2027 (n) | 19,035,000 | 17,234,289 | ||
| $98,571,105 | ||||
| El Salvador – 0.1% | ||||
| Republic of El Salvador, 7.65%, 6/15/2035 | $ | 5,693,000 | $2,858,484 | |
| Republic of El Salvador, 7.124%, 1/20/2050 | 5,284,000 | 2,549,603 | ||
| $5,408,087 | ||||
| Gabon – 0.6% | ||||
| Republic of Gabon, 6.625%, 2/06/2031 | $ | 4,910,000 | $3,612,582 | |
| Republic of Gabon, 7%, 11/24/2031 (n) | 11,400,000 | 8,408,640 | ||
| Republic of Gabon, 7%, 11/24/2031 | 34,970,000 | 25,793,872 | ||
| $37,815,094 | ||||
| Ghana – 0.6% | ||||
| Kosmos Energy Ltd., 7.75%, 5/01/2027 | $ | 7,927,000 | $6,850,362 | |
| Kosmos Energy Ltd., 7.5%, 3/01/2028 | 13,063,000 | 10,951,809 | ||
| Republic of Ghana, 7.75%, 4/07/2029 (a) | 3,909,000 | 1,427,567 | ||
| Republic of Ghana, 8.625%, 4/07/2034 (a) | 16,111,000 | 5,948,503 | ||
| Republic of Ghana, 7.875%, 2/11/2035 | 38,592,000 | 14,248,166 | ||
| Republic of Ghana, 8.75%, 3/11/2061 (a) | 4,612,000 | 1,602,670 | ||
| $41,029,077 | ||||
| Guatemala – 2.4% | ||||
| Banco Industrial S.A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n) | $ | 11,738,000 | $10,965,522 | |
| Central America Bottling Co., 5.25%, 4/27/2029 (n) | 19,446,000 | 18,133,960 | ||
| CT Trust, 5.125%, 2/03/2032 (n) | 17,101,000 | 14,111,694 | ||
| Energuate Trust, 5.875%, 5/03/2027 (n) | 5,065,000 | 4,723,112 | ||
| Energuate Trust, 5.875%, 5/03/2027 | 19,650,000 | 18,323,625 | ||
| Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n) | 14,348,000 | 13,271,900 | ||
| Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 9,384,000 | 7,264,205 | ||
| Millicom International Cellular S.A., 4.5%, 4/27/2031 | 3,349,000 | 2,592,479 | ||
| Republic of Guatemala, 4.875%, 2/13/2028 | 4,270,000 | 4,152,575 | ||
| Republic of Guatemala, 5.25%, 8/10/2029 (n) | 5,667,000 | 5,521,039 | ||
| Republic of Guatemala, 4.9%, 6/01/2030 | 10,821,000 | 10,297,436 | ||
| Republic of Guatemala, 3.7%, 10/07/2033 | 11,724,000 | 9,777,347 | ||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Guatemala – continued | ||||
| Republic of Guatemala, 3.7%, 10/07/2033 (n) | $ | 9,276,000 | $7,735,813 | |
| Republic of Guatemala, 4.65%, 10/07/2041 (n) | 9,506,000 | 7,758,265 | ||
| Republic of Guatemala, 4.65%, 10/07/2041 | 9,100,000 | 7,426,911 | ||
| Republic of Guatemala, 6.125%, 6/01/2050 | 26,857,000 | 25,127,935 | ||
| $167,183,818 | ||||
| Hungary – 1.8% | ||||
| Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)(w) | $ | 15,488,000 | $15,565,440 | |
| MVM Energetika Zartkoruen Mukodo Reszvenytarsasag, 0.875%, 11/18/2027 | EUR | 18,400,000 | 15,912,444 | |
| Republic of Hungary, 6.125%, 5/22/2028 (n) | $ | 16,829,000 | 17,429,627 | |
| Republic of Hungary, 5.25%, 6/16/2029 (n) | 13,477,000 | 13,328,861 | ||
| Republic of Hungary, 6.25%, 9/22/2032 (n) | 22,981,000 | 23,814,061 | ||
| Republic of Hungary, 5.5%, 6/16/2034 (n) | 32,398,000 | 31,687,058 | ||
| Republic of Hungary, 6.75%, 9/25/2052 (n) | 6,061,000 | 6,288,894 | ||
| $124,026,385 | ||||
| India – 5.0% | ||||
| Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 13,683,000 | $13,047,504 | |
| Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 | 6,100,000 | 5,816,691 | ||
| Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n) | 9,303,000 | 6,065,392 | ||
| Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 12,888,785 | 9,359,683 | ||
| Adani Transmission Ltd., 4.25%, 5/21/2036 | 6,897,735 | 5,009,054 | ||
| Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | 7,810,099 | 5,998,937 | ||
| Azure Power Energy Ltd., 3.575%, 8/19/2026 | 12,738,071 | 9,784,112 | ||
| Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 (n) | 13,029,300 | 11,401,783 | ||
| Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 | 4,071,540 | 3,562,956 | ||
| Cliffton Ltd., 6.25%, 10/25/2025 (n) | 18,844,000 | 17,979,914 | ||
| Export-Import Bank of India, 3.25%, 1/15/2030 | 7,705,000 | 6,881,567 | ||
| Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 28,790,000 | 23,449,083 | ||
| Export-Import Bank of India, 2.25%, 1/13/2031 | 9,440,000 | 7,688,758 | ||
| Export-Import Bank of India, 5.5%, 1/18/2033 (n) | 35,146,000 | 35,659,940 | ||
| Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 14,053,940 | 12,648,546 | ||
| Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n) | 7,186,375 | 6,219,329 | ||
| Greenko Wind Projects (Mauritius) Ltd., 5.5%, 4/06/2025 (n) | 17,819,000 | 16,917,488 | ||
| Indian Railway Finance Corp., 3.249%, 2/13/2030 | 5,300,000 | 4,671,311 | ||
| Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 19,986,000 | 16,773,461 | ||
| Indian Railway Finance Corp., 2.8%, 2/10/2031 | 14,793,000 | 12,415,181 | ||
| JSW Hydro Energy Ltd., 4.125%, 5/18/2031 | 11,312,070 | 9,428,347 | ||
| JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n) | 17,682,000 | 15,308,740 | ||
| JSW Infrastructure Ltd., 4.95%, 1/21/2029 | 4,229,000 | 3,661,388 | ||
| Muthoot Finance Ltd., 4.4%, 9/02/2023 (n) | 3,562,000 | 3,522,284 | ||
| Muthoot Finance Ltd., 4.4%, 9/02/2023 | 2,799,000 | 2,767,791 | ||
| Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n) | 8,024,000 | 7,231,389 | ||
| Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 | 4,200,000 | 3,785,124 | ||
| Power Finance Corp. Ltd. (Republic of India), 3.35%, 5/16/2031 | 8,519,000 | 7,190,298 | ||
| REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n) | 20,980,000 | 21,072,780 | ||
| ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 15,857,000 | 13,396,824 | ||
| Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 18,869,000 | 18,286,908 | ||
| UPL Ltd., 4.625%, 6/16/2030 | 3,366,000 | 2,882,002 | ||
| $339,884,565 | ||||
| Indonesia – 5.0% | ||||
| Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | $ | 1,917,000 | $1,800,970 | |
| Listrindo Capital B.V., 4.95%, 9/14/2026 | 17,762,000 | 16,686,925 | ||
| Medco Bell Pte. Ltd., 6.375%, 1/30/2027 | 13,782,000 | 12,560,471 | ||
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n) | 19,248,000 | 17,418,428 | ||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Indonesia – continued | ||||
| Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n) | $ | 7,156,000 | $6,463,969 | |
| PT Freeport Indonesia, 5.315%, 4/14/2032 (n) | 18,166,000 | 17,459,601 | ||
| PT Freeport Indonesia, 6.2%, 4/14/2052 (n) | 18,502,000 | 17,034,218 | ||
| PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 11,022,000 | 9,369,524 | ||
| PT Indofood CBP Sukses Makmur Tbk, 3.541%, 4/27/2032 | 11,288,000 | 9,594,926 | ||
| PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052 | 22,114,000 | 16,195,147 | ||
| PT Pertamina (Persero) (Republic of Indonesia), 5.625%, 5/20/2043 | 6,985,000 | 6,631,983 | ||
| PT Pertamina (Persero) (Republic of Indonesia), 6.5%, 11/07/2048 | 4,636,000 | 4,767,171 | ||
| PT Pertamina (Persero) (Republic of Indonesia), 4.15%, 2/25/2060 | 3,363,000 | 2,465,426 | ||
| PT Perusahaan Listrik Negara (Republic of Indonesia), 6.15%, 5/21/2048 | 2,770,000 | 2,700,981 | ||
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | 6,353,000 | 5,246,750 | ||
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 | 2,700,000 | 2,229,848 | ||
| Republic of Indonesia, 3.4%, 9/18/2029 | 7,343,000 | 6,915,037 | ||
| Republic of Indonesia, 3.55%, 3/31/2032 | 12,622,000 | 11,721,556 | ||
| Republic of Indonesia, 4.7%, 6/06/2032 (n) | 7,654,000 | 7,769,593 | ||
| Republic of Indonesia, 4.65%, 9/20/2032 | 18,429,000 | 18,465,389 | ||
| Republic of Indonesia, 4.85%, 1/11/2033 | 21,804,000 | 22,175,345 | ||
| Republic of Indonesia, 1.1%, 3/12/2033 | EUR | 12,850,000 | 10,477,971 | |
| Republic of Indonesia, 4.625%, 4/15/2043 | $ | 19,119,000 | 18,170,977 | |
| Republic of Indonesia, 5.125%, 1/15/2045 | 7,336,000 | 7,278,370 | ||
| Republic of Indonesia, 4.35%, 1/11/2048 | 37,848,000 | 33,952,280 | ||
| Republic of Indonesia, 5.45%, 9/20/2052 | 22,201,000 | 22,617,269 | ||
| Republic of Indonesia, 5.65%, 1/11/2053 | 8,148,000 | 8,572,238 | ||
| Saka Energi Indonesia PT, 4.45%, 5/05/2024 (n) | 1,794,000 | 1,740,700 | ||
| Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n) | 2,730,000 | 2,360,724 | ||
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | 9,811,491 | 9,622,251 | ||
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | 8,480,157 | 8,316,595 | ||
| $338,782,633 | ||||
| Israel – 0.6% | ||||
| Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | $ | 23,628,000 | $21,885,671 | |
| Teva Pharmaceutical Finance Netherlands III B.V., 7.875%, 9/15/2029 | 11,028,000 | 11,548,081 | ||
| Teva Pharmaceutical Finance Netherlands III B.V., 8.125%, 9/15/2031 | 6,224,000 | 6,572,457 | ||
| $40,006,209 | ||||
| Jamaica – 0.2% | ||||
| Government of Jamaica, 7.875%, 7/28/2045 | $ | 9,950,000 | $11,597,869 | |
| Jordan – 1.1% | ||||
| Hashemite Kingdom of Jordan, 7.5%, 1/13/2029 (n) | $ | 11,477,000 | $11,474,934 | |
| Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n) | 14,270,000 | 12,807,325 | ||
| Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 | 11,987,000 | 10,758,332 | ||
| Hashemite Kingdom of Jordan, 7.375%, 10/10/2047 | 49,109,000 | 41,413,620 | ||
| $76,454,211 | ||||
| Kazakhstan – 2.2% | ||||
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n) | $ | 5,565,000 | $5,091,962 | |
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 | 10,841,000 | 9,919,489 | ||
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033 | 15,784,000 | 12,129,436 | ||
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047 | 11,799,000 | 9,321,210 | ||
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n) | 2,262,000 | 1,903,337 | ||
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | 38,224,000 | 32,163,203 | ||
| KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | 6,227,000 | 5,786,627 | ||
| Republic of Kazakhstan, 6.5%, 7/21/2045 | 23,384,000 | 24,838,765 | ||
| Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 36,268,000 | 32,323,855 | ||
| Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | 17,232,000 | 12,994,651 | ||
6
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Kazakhstan – continued | ||||
| Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | $ | 3,600,000 | $2,714,760 | |
| $149,187,295 | ||||
| Kenya – 0.6% | ||||
| Republic of Kenya, 7%, 5/22/2027 | $ | 11,841,000 | $9,505,718 | |
| Republic of Kenya, 8%, 5/22/2032 | 34,072,000 | 25,487,560 | ||
| Republic of Kenya, 8.25%, 2/28/2048 | 10,636,000 | 7,072,940 | ||
| $42,066,218 | ||||
| Kuwait – 0.4% | ||||
| NBK SPC Ltd. (State of Kuwait), 1.625% to 9/15/2026, FLR (SOFR - 1 day + 1.05%) to 9/15/2027 (n) | $ | 20,897,000 | $18,711,383 | |
| NBK Tier 1 Financing Ltd., 3.625% to 2/24/2027, FLR (CMT - 6yr. + 2.875%) to 8/24/2169 | 11,122,000 | 9,590,233 | ||
| $28,301,616 | ||||
| Malaysia – 0.8% | ||||
| Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031 | $ | 37,559,000 | $31,994,259 | |
| GENM Capital Labuan Ltd., 3.882%, 4/19/2031 (n) | 13,237,000 | 10,737,890 | ||
| PETRONAS Capital Ltd. (Federation of Malaysia), 3.404%, 4/28/2061 | 13,798,000 | 10,078,659 | ||
| $52,810,808 | ||||
| Mexico – 8.4% | ||||
| Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171 | $ | 9,854,000 | $7,976,813 | |
| Banco Mercantil del Norte S.A., 7.625% to 1/10/2028, FLR (CMT - 10yr. + 5.353%) to 10/06/2171 | 7,945,000 | 7,231,185 | ||
| Becle S.A.B. de C.V., 2.5%, 10/14/2031 | 21,677,000 | 17,742,625 | ||
| CEMEX S.A.B. de C.V., 9.125%, 3/14/2171 (n) | 17,243,000 | 17,122,319 | ||
| Comision Federal de Electricidad (United Mexican States), 4.688%, 5/15/2029 (n) | 14,892,000 | 13,440,030 | ||
| Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n) | 17,771,000 | 13,712,104 | ||
| Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n) | 16,523,000 | 14,540,230 | ||
| GCC S.A.B de C.V., 3.614%, 4/20/2032 (n) | 17,024,000 | 14,425,666 | ||
| Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n) | 18,002,000 | 15,809,527 | ||
| Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 | 2,802,000 | 2,460,743 | ||
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 5,863,000 | 5,371,974 | ||
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 | 13,049,000 | 11,956,146 | ||
| Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n) | 9,897,000 | 7,556,459 | ||
| Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | 14,716,000 | 11,235,813 | ||
| Petroleos Mexicanos, 6.49%, 1/23/2027 | 11,715,000 | 10,491,690 | ||
| Petroleos Mexicanos, 8.75%, 6/02/2029 | 14,268,000 | 13,105,734 | ||
| Petroleos Mexicanos, 6.84%, 1/23/2030 | 25,351,000 | 20,486,452 | ||
| Petroleos Mexicanos, 5.95%, 1/28/2031 | 50,648,000 | 37,432,833 | ||
| Petroleos Mexicanos, 6.7%, 2/16/2032 | 31,347,000 | 24,130,068 | ||
| Petroleos Mexicanos, 10%, 2/07/2033 (n) | 52,899,000 | 49,135,982 | ||
| Petroleos Mexicanos, 6.75%, 9/21/2047 | 46,471,000 | 28,638,609 | ||
| Petroleos Mexicanos, 7.69%, 1/23/2050 | 76,399,000 | 50,920,880 | ||
| Petroleos Mexicanos, 6.95%, 1/28/2060 | 48,111,000 | 29,513,539 | ||
| Total Play Telecomunicaciones S.A. de C.V., 6.375%, 9/20/2028 (n) | 20,292,000 | 13,369,220 | ||
| United Mexican States, 5.75%, 3/05/2026 | MXN | 188,400,000 | 9,487,744 | |
| United Mexican States, 5.4%, 2/09/2028 | $ | 12,541,000 | 12,947,128 | |
| United Mexican States, 8.5%, 5/31/2029 | MXN | 132,400,000 | 7,246,487 | |
| United Mexican States, 7.75%, 5/29/2031 | 288,900,000 | 15,074,315 | ||
| United Mexican States, 4.875%, 5/19/2033 | $ | 11,369,000 | 11,016,625 | |
| United Mexican States, 1.45%, 10/25/2033 | EUR | 8,904,000 | 7,100,552 | |
| United Mexican States, 3.5%, 2/12/2034 | $ | 18,320,000 | 15,733,774 | |
| United Mexican States, 6.35%, 2/09/2035 | 14,498,000 | 15,525,667 | ||
| United Mexican States, 6.338%, 5/04/2053 | 39,509,000 | 40,736,016 | ||
| $572,674,949 | ||||
7
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Morocco – 1.5% | ||||
| Kingdom of Morocco, 5.95%, 3/08/2028 (n) | $ | 16,069,000 | $16,451,121 | |
| Kingdom of Morocco, 3%, 12/15/2032 | 16,000,000 | 12,920,640 | ||
| Kingdom of Morocco, 6.5%, 9/08/2033 (n) | 34,696,000 | 35,940,407 | ||
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 | 10,563,000 | 9,717,960 | ||
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n) | 1,559,000 | 1,434,280 | ||
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | 17,682,000 | 13,016,427 | ||
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 | 14,964,000 | 11,015,599 | ||
| $100,496,434 | ||||
| Nigeria – 1.2% | ||||
| Federal Republic of Nigeria, 6.125%, 9/28/2028 (n) | $ | 13,582,000 | $10,325,036 | |
| Federal Republic of Nigeria, 7.875%, 2/16/2032 | 38,017,000 | 28,037,538 | ||
| Federal Republic of Nigeria, 7.375%, 9/28/2033 (n) | 22,438,000 | 15,482,220 | ||
| Federal Republic of Nigeria, 7.375%, 9/28/2033 | 5,912,000 | 4,079,280 | ||
| Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | 336,000 | 221,760 | ||
| Federal Republic of Nigeria, 7.696%, 2/23/2038 | 31,700,000 | 20,922,000 | ||
| Federal Republic of Nigeria, 7.625%, 11/28/2047 | 6,097,000 | 3,791,163 | ||
| Federal Republic of Nigeria, 9.248%, 1/21/2049 | 500,000 | 360,000 | ||
| $83,218,997 | ||||
| Oman – 3.4% | ||||
| Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | $ | 16,730,000 | $16,228,100 | |
| Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 | 6,350,000 | 6,159,500 | ||
| Sultanate of Oman, 6.25%, 1/25/2031 | 7,187,000 | 7,430,711 | ||
| Sultanate of Oman, 6.5%, 3/08/2047 | 30,435,000 | 28,501,160 | ||
| Sultanate of Oman, 6.75%, 1/17/2048 (n) | 200,000 | 192,972 | ||
| Sultanate of Oman, 6.75%, 1/17/2048 | 90,921,000 | 87,726,218 | ||
| Sultanate of Oman, 7%, 1/25/2051 (n) | 15,943,000 | 15,803,499 | ||
| Sultanate of Oman, 7%, 1/25/2051 | 71,816,000 | 71,187,610 | ||
| $233,229,770 | ||||
| Pakistan – 0.2% | ||||
| Islamic Republic of Pakistan, 6%, 4/08/2026 (n) | $ | 6,900,000 | $2,473,512 | |
| Islamic Republic of Pakistan, 6.875%, 12/05/2027 | 7,200,000 | 2,525,904 | ||
| Islamic Republic of Pakistan, 7.375%, 4/08/2031 | 15,248,000 | 5,144,980 | ||
| Islamic Republic of Pakistan, 8.875%, 4/08/2051 (n) | 5,978,000 | 1,972,740 | ||
| Islamic Republic of Pakistan, 8.875%, 4/08/2051 | 3,107,000 | 1,025,310 | ||
| $13,142,446 | ||||
| Panama – 2.0% | ||||
| Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 5.125%, 8/11/2061 (n) | $ | 6,963,000 | $5,360,117 | |
| AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n) | 7,762,000 | 6,733,613 | ||
| Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n) | 10,029,000 | 9,402,187 | ||
| Autoridad del Canal de Panama, 4.95%, 7/29/2035 | 5,469,000 | 5,127,187 | ||
| Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n) | 5,240,000 | 4,440,900 | ||
| Cable Onda S.A., 4.5%, 1/30/2030 (n) | 5,990,000 | 4,911,800 | ||
| Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | 6,521,000 | 5,314,615 | ||
| Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 | 6,500,000 | 5,297,500 | ||
| Panama Canal Railway Co., 7%, 11/01/2026 | 2,459,016 | 2,434,426 | ||
| Panama Canal Railway Co., 7%, 11/01/2026 (n) | 488,040 | 483,160 | ||
| Republic of Panama, 3.362%, 6/30/2031 (n) | 17,829,000 | 15,199,222 | ||
| Republic of Panama, 3.298%, 1/19/2033 | 3,289,000 | 2,775,995 | ||
| Republic of Panama, 6.4%, 2/14/2035 | 31,367,000 | 33,164,841 | ||
| Republic of Panama, 6.853%, 3/28/2054 | 14,676,000 | 15,318,363 | ||
| Republic of Panama, 4.5%, 1/19/2063 | 27,006,000 | 19,867,490 | ||
| $135,831,416 | ||||
8
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Paraguay – 1.5% | ||||
| Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $ | 6,079,000 | $5,461,982 | |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 | 1,200,000 | 1,078,200 | ||
| Republic of Paraguay, 5.6%, 3/13/2048 (n) | 3,088,000 | 2,701,817 | ||
| Republic of Paraguay, 5.6%, 3/13/2048 | 33,159,000 | 29,012,158 | ||
| Republic of Paraguay, 5.4%, 3/30/2050 (n) | 256,000 | 217,672 | ||
| Republic of Paraguay, 5.4%, 3/30/2050 | 59,040,000 | 50,200,658 | ||
| Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | 3,483,000 | 3,213,601 | ||
| Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 | 9,397,000 | 8,670,172 | ||
| $100,556,260 | ||||
| Peru – 0.9% | ||||
| IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 | $ | 300,458 | $302,712 | |
| IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n) | 18,290 | 18,427 | ||
| Peru LNG, 5.375%, 3/22/2030 | 14,394,000 | 11,623,155 | ||
| Republic of Peru, 2.844%, 6/20/2030 | 7,259,000 | 6,435,681 | ||
| Republic of Peru, 2.783%, 1/23/2031 | 11,914,000 | 10,318,456 | ||
| Republic of Peru, 1.862%, 12/01/2032 | 8,054,000 | 6,222,878 | ||
| San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | 20,685,000 | 17,582,250 | ||
| Volcan Compañía Minera S.A.A., 4.375%, 2/11/2026 | 9,859,000 | 7,468,863 | ||
| $59,972,422 | ||||
| Philippines – 1.0% | ||||
| ICTSI Treasury B.V., 3.5%, 11/16/2031 | $ | 20,070,000 | $16,736,020 | |
| Republic of Philippines, 3.556%, 9/29/2032 | 8,354,000 | 7,759,492 | ||
| Republic of Philippines, 5.609%, 4/13/2033 | 9,998,000 | 10,809,144 | ||
| Republic of Philippines, 1.2%, 4/28/2033 | EUR | 8,055,000 | 6,589,400 | |
| Republic of Philippines, 5%, 7/17/2033 | $ | 19,783,000 | 20,404,130 | |
| Republic of Philippines, 1.75%, 4/28/2041 | EUR | 7,151,000 | 5,087,033 | |
| $67,385,219 | ||||
| Poland – 0.9% | ||||
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n) | $ | 11,099,000 | $9,844,873 | |
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 | 400,000 | 354,802 | ||
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 15,169,000 | 12,151,481 | ||
| Republic of Poland, 4.875%, 10/04/2033 | 14,786,000 | 15,006,193 | ||
| Republic of Poland, 5.5%, 4/04/2053 | 11,663,000 | 12,072,931 | ||
| Synthos S.A., 2.5%, 6/07/2028 (n) | EUR | 16,571,000 | 14,315,155 | |
| Synthos S.A., 2.5%, 6/07/2028 | 600,000 | 518,321 | ||
| $64,263,756 | ||||
| Qatar – 1.3% | ||||
| CBQ Finance Ltd. Co., 2%, 5/12/2026 | $ | 14,800,000 | $13,536,863 | |
| Qatar Petroleum, 2.25%, 7/12/2031 (n) | 6,630,000 | 5,709,173 | ||
| Qatar Petroleum, 3.125%, 7/12/2041 | 11,137,000 | 8,756,466 | ||
| Qatar Petroleum, 3.3%, 7/12/2051 | 13,536,000 | 10,181,779 | ||
| QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 14,678,000 | 13,627,907 | ||
| State of Qatar, 4.625%, 6/02/2046 | 4,000,000 | 3,900,800 | ||
| State of Qatar, 4.817%, 3/14/2049 (n) | 15,461,000 | 15,285,363 | ||
| State of Qatar, 4.817%, 3/14/2049 | 20,300,000 | 20,069,392 | ||
| $91,067,743 | ||||
| Republic of Moldova – 0.2% | ||||
| Aragvi Finance International DAC, 8.45%, 4/29/2026 (n) | $ | 17,038,000 | $11,585,840 | |
| Aragvi Finance International DAC, 8.45%, 4/29/2026 | 1,100,000 | 748,000 | ||
| $12,333,840 | ||||
9
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Romania – 1.7% | ||||
| Republic of Romania, 5.25%, 11/25/2027 (n) | $ | 19,034,000 | $18,822,723 | |
| Republic of Romania, 6.625%, 2/17/2028 (n) | 17,440,000 | 18,124,346 | ||
| Republic of Romania, 1.75%, 7/13/2030 (n) | EUR | 12,620,000 | 10,359,958 | |
| Republic of Romania, 2.124%, 7/16/2031 | 7,170,000 | 5,836,019 | ||
| Republic of Romania, 2%, 1/28/2032 | 4,581,000 | 3,608,172 | ||
| Republic of Romania, 2%, 1/28/2032 (n) | 7,236,000 | 5,699,352 | ||
| Republic of Romania, 3.625%, 3/27/2032 | $ | 6,662,000 | 5,687,109 | |
| Republic of Romania, 7.125%, 1/17/2033 (n) | 20,216,000 | 21,609,893 | ||
| Republic of Romania, 2%, 4/14/2033 | EUR | 5,459,000 | 4,164,374 | |
| Republic of Romania, 6%, 5/25/2034 (n) | $ | 12,038,000 | 11,935,918 | |
| Republic of Romania, 2.625%, 12/02/2040 (n) | EUR | 6,079,000 | 3,915,157 | |
| Republic of Romania, 2.625%, 12/02/2040 | 3,100,000 | 1,996,543 | ||
| Republic of Romania, 2.75%, 4/14/2041 (n) | 10,665,000 | 6,925,646 | ||
| $118,685,210 | ||||
| Russia – 0.2% | ||||
| Gazprom PJSC (Russian Federation), 1.85%, 11/17/2028 (n) | EUR | 16,371,000 | $10,823,527 | |
| Russian Federation, 4.25%, 6/23/2027 (a)(z) | $ | 400,000 | 20,000 | |
| Russian Federation, 5.1%, 3/28/2035 (a)(z) | 7,400,000 | 370,000 | ||
| $11,213,527 | ||||
| Saudi Arabia – 3.9% | ||||
| Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 (n) | $ | 14,651,000 | $13,639,876 | |
| BSF Finance, 5.5%, 11/23/2027 | 15,722,000 | 16,115,050 | ||
| Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | 17,142,000 | 16,906,640 | ||
| GACI First Investment Co. (Kingdom of Saudi Arabia), 4.875%, 2/14/2035 | 10,254,000 | 10,141,821 | ||
| Kingdom of Saudi Arabia, 5.5%, 10/25/2032 (n) | 13,254,000 | 14,333,618 | ||
| Kingdom of Saudi Arabia, 4.875%, 7/18/2033 (n) | 11,414,000 | 11,720,808 | ||
| Kingdom of Saudi Arabia, 4.875%, 7/18/2033 | 6,242,000 | 6,409,785 | ||
| Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 44,629,000 | 40,515,099 | ||
| Kingdom of Saudi Arabia, 5.25%, 1/16/2050 (n) | 9,684,000 | 9,532,736 | ||
| Kingdom of Saudi Arabia, 5.25%, 1/16/2050 | 12,433,000 | 12,238,797 | ||
| Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n) | 19,735,000 | 14,141,114 | ||
| Kingdom of Saudi Arabia, 5%, 1/18/2053 (n) | 29,757,000 | 28,128,459 | ||
| SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n) | 7,812,000 | 6,962,054 | ||
| Saudi Arabian Oil Co., 3.5%, 4/16/2029 | 9,281,000 | 8,758,944 | ||
| Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n) | 12,237,000 | 10,438,773 | ||
| Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n) | 3,926,000 | 3,598,265 | ||
| Saudi Arabian Oil Co., 3.5%, 11/24/2070 | 18,681,000 | 12,693,964 | ||
| Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046 | 36,693,000 | 32,889,183 | ||
| $269,164,986 | ||||
| Senegal – 0.1% | ||||
| Republic of Senegal, 6.75%, 3/13/2048 | $ | 6,442,000 | $4,300,035 | |
| Serbia – 0.6% | ||||
| Republic of Serbia, 6.25%, 5/26/2028 (n) | $ | 18,939,000 | $19,321,568 | |
| Republic of Serbia, 1.5%, 6/26/2029 | EUR | 7,166,000 | 6,054,978 | |
| Republic of Serbia, 6.5%, 9/26/2033 (n) | $ | 14,896,000 | 15,101,595 | |
| $40,478,141 | ||||
| Singapore – 1.2% | ||||
| Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n) | $ | 6,196,000 | $5,682,135 | |
| Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 | 1,640,000 | 1,503,986 | ||
| Oversea-Chinese Banking Corp. Ltd., 4.602% to 6/15/2027, FLR (CMT - 5yr. + 1.575%) to 6/15/2032 | 9,730,000 | 9,513,272 | ||
| Puma International Financing S.A., 5%, 1/24/2026 | 16,656,000 | 14,963,315 | ||
10
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Singapore – continued | ||||
| Puma International Financing S.A., 5%, 1/24/2026 (n) | $ | 6,960,000 | $6,252,682 | |
| United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | 19,169,000 | 17,006,535 | ||
| United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n) | 10,668,000 | 10,110,288 | ||
| Vena Energy Capital Pte Ltd., 3.133%, 2/26/2025 | 18,503,000 | 17,445,038 | ||
| $82,477,251 | ||||
| Slovenia – 0.2% | ||||
| United Group B.V., 3.125%, 2/15/2026 | EUR | 6,062,000 | $5,795,326 | |
| United Group B.V., 3.625%, 2/15/2028 | 6,638,000 | 5,530,429 | ||
| United Group B.V., 4.625%, 8/15/2028 (n) | 5,209,000 | 4,405,296 | ||
| $15,731,051 | ||||
| South Africa – 2.6% | ||||
| Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | $ | 38,683,000 | $37,677,242 | |
| Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | 22,997,000 | 21,617,180 | ||
| Petra Diamonds US$ Treasury PLC, 10.5% (10.5% PIK/9.75% Cash to 6/30/2023), 9.75% Cash to 3/08/2026 (n)(p) | 9,578,727 | 9,051,897 | ||
| Petra Diamonds US$ Treasury PLC, 10.5% (10.5% PIK/9.75% Cash to 6/30/2023), 9.75% Cash to 3/08/2026 (p) | 842,562 | 796,221 | ||
| Republic of South Africa, 5.75%, 9/30/2049 | 54,075,000 | 38,727,217 | ||
| Republic of South Africa, 7.3%, 4/20/2052 | 40,487,000 | 34,471,604 | ||
| Sasol Financing (USA) LLC, 8.75%, 5/03/2029 (n)(w) | 11,564,000 | 11,599,039 | ||
| Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 28,262,000 | 23,400,034 | ||
| $177,340,434 | ||||
| South Korea – 0.8% | ||||
| Export-Import Bank of Korea, 4.5%, 9/15/2032 | $ | 9,050,000 | $9,115,430 | |
| Korea Development Bank, 4.25%, 9/08/2032 | 14,001,000 | 13,860,214 | ||
| Shinhan Bank Co. Ltd., 4%, 4/23/2029 | 681,000 | 632,201 | ||
| SK Hynix, Inc., 6.25%, 1/17/2026 (n) | 12,591,000 | 12,617,931 | ||
| SK Hynix, Inc., 6.375%, 1/17/2028 (n) | 16,000,000 | 16,089,429 | ||
| $52,315,205 | ||||
| Sri Lanka – 0.3% | ||||
| Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(n) | $ | 3,554,000 | $1,165,769 | |
| Republic of Sri Lanka, 7.85%, 3/14/2029 (a) | 22,243,000 | 7,296,060 | ||
| Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(n) | 3,761,000 | 1,233,344 | ||
| Republic of Sri Lanka, 7.55%, 3/28/2030 (a) | 26,212,000 | 8,595,695 | ||
| $18,290,868 | ||||
| Thailand – 0.6% | ||||
| Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034 | $ | 6,496,000 | $5,573,568 | |
| Bangkok Bank Public Co. Ltd., 3.466% to 9/23/2031, FLR (CMT - 5yr. + 2.15%) to 9/23/2036 (n) | 16,713,000 | 13,683,609 | ||
| Kasikornbank PLC (Hong Kong Branch), 3.343%, 10/02/2031 | 19,630,000 | 17,581,581 | ||
| Thaioil Treasury Center Co. Ltd., 3.75%, 6/18/2050 (n) | 7,126,000 | 4,745,053 | ||
| $41,583,811 | ||||
| Turkey – 3.5% | ||||
| Republic of Turkey, 5.6%, 11/14/2024 | $ | 5,079,000 | $4,880,350 | |
| Republic of Turkey, 4.25%, 3/13/2025 | 19,696,000 | 18,268,040 | ||
| Republic of Turkey, 4.75%, 1/26/2026 | 11,811,000 | 10,740,333 | ||
| Republic of Turkey, 4.875%, 10/09/2026 | 25,776,000 | 23,030,856 | ||
| Republic of Turkey, 9.875%, 1/15/2028 | 6,761,000 | 6,984,519 | ||
| Republic of Turkey, 5.125%, 2/17/2028 | 20,612,000 | 17,911,828 | ||
| Republic of Turkey, 6.125%, 10/24/2028 | 21,535,000 | 19,259,741 | ||
| Republic of Turkey, 7.625%, 4/26/2029 | 10,683,000 | 10,122,143 | ||
| Republic of Turkey, 5.25%, 3/13/2030 | 41,298,000 | 33,962,649 | ||
| Republic of Turkey, 5.95%, 1/15/2031 | 16,721,000 | 14,045,640 | ||
11
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Turkey – continued | ||||
| Republic of Turkey, 5.875%, 6/26/2031 | $ | 28,431,000 | $23,640,376 | |
| Republic of Turkey, 9.375%, 1/19/2033 | 13,754,000 | 13,864,032 | ||
| Republic of Turkey, 6.5%, 9/20/2033 | 23,296,000 | 19,720,064 | ||
| Republic of Turkey, 6.875%, 3/17/2036 | 6,038,000 | 5,145,402 | ||
| Republic of Turkey, 6%, 1/14/2041 | 6,720,000 | 5,040,000 | ||
| Republic of Turkey, 6.625%, 2/17/2045 | 5,256,000 | 4,144,356 | ||
| Republic of Turkey, 5.75%, 5/11/2047 | 13,948,000 | 9,884,390 | ||
| $240,644,719 | ||||
| Ukraine – 0.7% | ||||
| Government of Ukraine, 7.75% (7.75% Cash or 7.75% PIK), 9/01/2029 (a)(p) | $ | 5,310,000 | $913,652 | |
| Government of Ukraine, 6.876%, 5/21/2031 (a)(n) | 14,057,000 | 2,269,327 | ||
| Government of Ukraine, 6.876% (6.876% Cash or 6.876% PIK), 5/21/2031 (a)(p) | 13,507,000 | 2,180,536 | ||
| Government of Ukraine, 7.375% (7.375% Cash or 7.375% PIK), 9/25/2034 (a)(p) | 49,267,000 | 7,922,749 | ||
| Government of Ukraine, 7.253%, 3/15/2035 (a)(n) | 24,720,000 | 4,006,185 | ||
| Government of Ukraine, 7.253% (7.253% Cash or 7.253% PIK), 3/15/2035 (a)(p) | 25,059,000 | 4,061,124 | ||
| Government of Ukraine, GDP Linked Bond, 0%, 5/31/2041 (a) | 28,126,000 | 7,142,246 | ||
| NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (a)(z) | 1,969,000 | 413,244 | ||
| NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (a) | 7,385,000 | 1,549,927 | ||
| NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (a)(n) | 12,598,000 | 2,078,670 | ||
| PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025 | 8,418,600 | 6,734,880 | ||
| Ukrainian Railways, 8.25%, 7/09/2026 (a) | 20,234,000 | 3,857,106 | ||
| Ukrainian Railways, 7.875%, 7/15/2028 | 11,762,000 | 2,332,552 | ||
| $45,462,198 | ||||
| United Arab Emirates – 2.9% | ||||
| Abu Dhabi Commercial Bank PJSC, 3.5%, 3/31/2027 | $ | 13,195,000 | $12,559,925 | |
| Abu Dhabi Commercial Bank PJSC, 4.5%, 9/14/2027 | 2,500,000 | 2,472,075 | ||
| Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | 24,888,000 | 23,455,447 | ||
| Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n) | 20,280,000 | 20,589,067 | ||
| DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n) | 9,533,000 | 8,715,831 | ||
| DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 | 2,100,000 | 1,919,988 | ||
| DAE Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n) | 14,041,000 | 13,531,817 | ||
| Emirate of Sharjah, 6.5%, 11/23/2032 (n) | 8,101,000 | 8,388,585 | ||
| Emirate of Sharjah, 3.625%, 3/10/2033 | 12,781,000 | 10,601,942 | ||
| Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | 6,389,000 | 6,206,658 | ||
| Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | 3,400,000 | 3,302,964 | ||
| Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | 7,714,000 | 6,356,327 | ||
| Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 | 9,094,000 | 7,493,446 | ||
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n) | 20,571,851 | 16,863,191 | ||
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 | 3,704,415 | 3,036,589 | ||
| Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n) | 1,691,000 | 1,344,420 | ||
| Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 | 21,941,000 | 17,444,067 | ||
| GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 | 3,848,000 | 3,751,521 | ||
| MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.5%, 4/28/2033 (n) | 12,443,000 | 13,434,806 | ||
| National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027 | 7,792,000 | 7,038,124 | ||
| Sweihan PV Power Co. PJSC, 3.625%, 1/31/2049 (n) | 13,230,952 | 10,965,152 | ||
| $199,471,942 | ||||
| United Kingdom – 0.0% | ||||
| SCC Power PLC, 8% (8% Cash or 4% Cash and 4% PIK) to 6/15/2024, 8% Cash to 12/31/2028 (n)(p) | $ | 6,855,432 | $2,313,708 | |
| SCC Power PLC, 4% (4% Cash or 4% PIK) to 6/15/2024, 4% Cash to 5/17/2032 (n)(p) | 3,713,358 | 334,473 | ||
| $2,648,181 | ||||
12
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| United States – 2.6% | ||||
| Hyundai Capital America, 2.375%, 10/15/2027 (n) | $ | 6,889,000 | $6,098,694 | |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 (n) | 16,013,000 | 13,445,956 | ||
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033 (n) | 13,692,000 | 13,118,990 | ||
| U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | 33,726,000 | 33,512,578 | ||
| U.S. Treasury Bonds, 2.5%, 2/15/2046 | 97,983,600 | 78,076,854 | ||
| U.S. Treasury Notes, 3.875%, 9/30/2029 | 10,111,000 | 10,319,144 | ||
| U.S. Treasury Notes, 2.75%, 8/15/2032 | 22,889,000 | 21,662,292 | ||
| $176,234,508 | ||||
| Uruguay – 1.2% | ||||
| Oriental Republic of Uruguay, 8.5%, 3/15/2028 | UYU | 286,311,000 | $6,911,901 | |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 296,221,000 | 6,857,285 | ||
| Oriental Republic of Uruguay, 5.75%, 10/28/2034 | $ | 18,954,000 | 21,042,666 | |
| Oriental Republic of Uruguay, 5.1%, 6/18/2050 | 3,924,000 | 4,013,531 | ||
| Oriental Republic of Uruguay, 4.975%, 4/20/2055 | 36,838,000 | 36,964,316 | ||
| Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | UYU | 246,314,032 | 6,691,420 | |
| $82,481,119 | ||||
| Uzbekistan – 1.1% | ||||
| Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | $ | 16,390,000 | $14,854,257 | |
| National Bank of Uzbekistan, 4.85%, 10/21/2025 | 16,746,000 | 15,448,185 | ||
| Republic of Uzbekistan, 3.7%, 11/25/2030 (n) | 9,636,000 | 7,865,385 | ||
| Republic of Uzbekistan, 3.9%, 10/19/2031 | 7,694,000 | 6,247,174 | ||
| Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024 | 15,885,000 | 14,733,338 | ||
| Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n) | 16,046,000 | 12,916,837 | ||
| $72,065,176 | ||||
| Venezuela – 0.2% | ||||
| Republic of Venezuela, 9%, 5/07/2023 (a)(d) | $ | 10,104,000 | $1,010,400 | |
| Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | 17,593,000 | 1,759,300 | ||
| Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | 33,488,000 | 3,348,800 | ||
| Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | 8,435,000 | 843,500 | ||
| Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 68,785,500 | 6,878,550 | ||
| $13,840,550 | ||||
| Vietnam – 0.9% | ||||
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $ | 15,030,000 | $13,010,569 | |
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | 6,800,000 | 5,886,352 | ||
| Socialist Republic of Vietnam, 4.8%, 11/19/2024 | 41,608,000 | 40,634,586 | ||
| $59,531,507 | ||||
| Zambia – 0.2% | ||||
| Republic of Zambia, 8.97%, 7/30/2027 (a)(d) | $ | 34,981,000 | $16,168,218 | |
| Total Bonds | $6,245,022,367 | |||
| Common Stocks – 0.1% | ||||
| United Kingdom – 0.1% | ||||
| Petra Diamonds Ltd. (a) | 3,038,227 | $2,596,439 | ||
| Investment Companies (h) – 7.9% | ||||
| Money Market Funds – 7.9% | ||||
| MFS Institutional Money Market Portfolio, 4.59% (v) | 541,460,068 | $541,568,361 | ||
| Other Assets, Less Liabilities – 0.6% | 42,538,730 | |||
| Net Assets – 100.0% | $6,831,725,897 | |||
13
Portfolio of Investments (unaudited) –
continued
| (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 $541,568,361 and $6,247,618,806, respectively. |
| (n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $2,189,721,016, representing 32.1% of net assets. |
| (p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (w) | When-issued security. |
| (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 |
| Antofagasta PLC, 5.625%, 5/13/2032 | 5/10/22-2/15/23 | $13,717,967 | $13,963,522 |
| NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 | 11/04/19-10/22/20 | 1,935,359 | 413,244 |
| Russian Federation, 4.25%, 6/23/2027 | 6/21/17 | 399,907 | 20,000 |
| Russian Federation, 5.1%, 3/28/2035 | 3/21/19 | 7,400,000 | 370,000 |
| Total Restricted Securities | $14,766,766 | ||
| % of Net assets | 0.2% |
| The following abbreviations are used in this report and are defined: | |
| 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. |
| SOFR | Secured Overnight Financing Rate |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| UYU | Uruguayan Peso |
| Derivative Contracts at 4/30/23 | ||||||
| Forward Foreign Currency Exchange Contracts | ||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
| Asset Derivatives | ||||||
| BRL | 14,215,906 | USD | 2,787,979 | Goldman Sachs International | 6/02/2023 | $44,850 |
| CLP | 14,765,131,342 | USD | 17,652,139 | Goldman Sachs International | 6/02/2023 | 564,292 |
| EUR | 9,390,141 | USD | 10,346,059 | JPMorgan Chase Bank N.A. | 7/21/2023 | 46,644 |
| EUR | 1,664,934 | USD | 1,836,284 | State Street Bank Corp. | 7/21/2023 | 6,411 |
| HUF | 5,973,537,669 | USD | 17,132,280 | Goldman Sachs International | 7/21/2023 | 105,600 |
| IDR | 142,359,692,548 | USD | 9,654,123 | Barclays Bank PLC | 7/17/2023 | 32,984 |
14
Portfolio of Investments (unaudited) –
continued
| Forward Foreign Currency Exchange Contracts − continued | ||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
| Asset Derivatives − continued | ||||||
| IDR | 70,363,950,980 | USD | 4,698,447 | Barclays Bank PLC | 8/28/2023 | $84,972 |
| IDR | 10,810,193,057 | USD | 709,726 | Citibank N.A. | 5/10/2023 | 26,997 |
| IDR | 100,913,830,580 | USD | 6,779,565 | Goldman Sachs International | 7/17/2023 | 87,288 |
| INR | 951,306,230 | USD | 11,562,706 | Barclays Bank PLC | 7/11/2023 | 22,189 |
| INR | 277,240,365 | USD | 3,358,739 | Goldman Sachs International | 7/11/2023 | 17,462 |
| INR | 562,474,685 | USD | 6,817,049 | Merrill Lynch International | 7/11/2023 | 32,701 |
| MXN | 152,838,162 | USD | 8,298,725 | JPMorgan Chase Bank N.A. | 7/21/2023 | 66,930 |
| PEN | 38,129,691 | USD | 10,138,067 | Goldman Sachs International | 7/07/2023 | 108,247 |
| THB | 981,580,757 | USD | 28,592,507 | JPMorgan Chase Bank N.A. | 5/23/2023 | 208,447 |
| USD | 20,328,407 | COP | 94,233,416,084 | Barclays Bank PLC | 7/10/2023 | 567,874 |
| USD | 5,789,151 | COP | 26,977,443,389 | Goldman Sachs International | 7/10/2023 | 132,042 |
| USD | 10,494,935 | PHP | 570,399,752 | Barclays Bank PLC | 6/07/2023 | 204,948 |
| $2,360,878 | ||||||
| Liability Derivatives | ||||||
| BRL | 44,239,842 | USD | 8,901,377 | Merrill Lynch International | 6/02/2023 | $(85,623) |
| CAD | 21,839 | USD | 16,289 | Merrill Lynch International | 7/21/2023 | (144) |
| CLP | 2,757,057,941 | USD | 3,445,246 | Barclays Bank PLC | 6/02/2023 | (43,735) |
| COP | 91,786,846,545 | USD | 19,981,270 | Barclays Bank PLC | 7/10/2023 | (733,777) |
| COP | 29,424,012,928 | USD | 6,409,051 | Merrill Lynch International | 7/10/2023 | (238,903) |
| EUR | 3,411,984 | USD | 3,783,521 | Barclays Bank PLC | 7/21/2023 | (7,248) |
| EUR | 667,397 | USD | 739,698 | UBS AG | 7/21/2023 | (1,044) |
| MYR | 74,649,784 | USD | 17,436,242 | Barclays Bank PLC | 5/15/2023 | (687,134) |
| PHP | 570,399,751 | USD | 10,329,586 | Barclays Bank PLC | 6/07/2023 | (39,598) |
| SGD | 13,804,594 | USD | 10,379,681 | BNP Paribas S.A. | 7/21/2023 | (3,312) |
| USD | 5,391,386 | BRL | 27,075,000 | Banco Santander S.A | 6/02/2023 | (3,899) |
| USD | 5,552,208 | BRL | 28,854,824 | Goldman Sachs International | 6/02/2023 | (197,745) |
| USD | 4,439,074 | CLP | 3,628,173,518 | Goldman Sachs International | 6/02/2023 | (37,172) |
| USD | 293,645,100 | EUR | 266,801,409 | HSBC BANKUSA | 7/21/2023 | (1,642,077) |
| USD | 16,735,680 | MYR | 74,649,784 | Barclays Bank PLC | 5/15/2023 | (13,428) |
| USD | 8,090,673 | THB | 278,027,070 | Barclays Bank PLC | 5/23/2023 | (67,031) |
| USD | 10,303,420 | THB | 354,180,063 | JPMorgan Chase Bank N.A. | 5/23/2023 | (88,719) |
| $(3,890,589) | ||||||
| Futures Contracts | ||||||
| Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Asset Derivatives | ||||||
| Interest Rate Futures | ||||||
| U.S. Treasury Bond | Long | USD | 953 | $125,468,406 | June – 2023 | $1,591,133 |
| U.S. Treasury Note 10 yr | Long | USD | 1,399 | 161,169,172 | June – 2023 | 3,215,507 |
| U.S. Treasury Ultra Bond | Long | USD | 343 | 48,502,344 | June – 2023 | 1,861,377 |
| U.S. Treasury Ultra Note 10 yr | Long | USD | 604 | 73,357,688 | June – 2023 | 2,008,702 |
| $8,676,719 | ||||||
| Liability Derivatives | ||||||
| Interest Rate Futures | ||||||
| Euro-Bund 10 yr | Short | EUR | 580 | $86,636,702 | June – 2023 | $(3,177,649) |
| Euro-OAT 10 yr | Short | EUR | 63 | 9,023,871 | June – 2023 | (288,928) |
| $(3,466,577) | ||||||
15
Portfolio of Investments (unaudited) –
continued
| 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 | $(33,023) | $(213,838) | $(246,861) | ||
(1) Fund, as protection buyer, to
receive notional amount upon a defined credit event by Republic of Korea, 2.75%, 1/19/2027.
At April 30, 2023, the fund had cash
collateral of $1,233,000 and other liquid securities with an aggregate value of $16,933,130 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.
16
Supplemental Information
4/30/23 (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. 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).
17
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 April 30, 2023 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Equity Securities | $2,596,439 | $— | $— | $2,596,439 |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 143,570,869 | — | 143,570,869 |
| Non - U.S. Sovereign Debt | — | 4,458,117,671 | — | 4,458,117,671 |
| U.S. Corporate Bonds | — | 32,663,640 | — | 32,663,640 |
| Foreign Bonds | — | 1,610,670,187 | — | 1,610,670,187 |
| Mutual Funds | 541,568,361 | — | — | 541,568,361 |
| Total | $544,164,800 | $6,245,022,367 | $— | $6,789,187,167 |
| Other Financial Instruments | ||||
| Futures Contracts – Assets | $8,676,719 | $— | $— | $8,676,719 |
| Futures Contracts – Liabilities | (3,466,577) | — | — | (3,466,577) |
| Forward Foreign Currency Exchange Contracts – Assets | — | 2,360,878 | — | 2,360,878 |
| Forward Foreign Currency Exchange Contracts – Liabilities | — | (3,890,589) | — | (3,890,589) |
| Swap Agreements – Liabilities | — | (246,861) | — | (246,861) |
For further information regarding
security characteristics, see the Portfolio of Investments.
The following is a reconciliation of
level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.
| Equity Securities | |
| Balance as of 7/31/22 | $2,106,470 |
| Realized gain (loss) | 2,892,301 |
| Change in unrealized appreciation or depreciation | (2,106,470) |
| Disposed of as part of a corporate action | (2,892,301) |
| Balance as of 4/30/23 | $— |
(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 | $570,154,423 | $1,412,087,442 | $1,440,726,880 | $(57,667) | $111,043 | $541,568,361 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $13,448,472 | $— |
18
Supplemental Information (unaudited) –
continued
(3) Issuer Country
Weightings
Issuer country weighting percentages
of portfolio holdings based on net assets, as of April 30, 2023, are as follows:
| United States | 11.2% |
| Mexico | 8.6% |
| India | 5.0% |
| Indonesia | 5.0% |
| Chile | 4.2% |
| Saudi Arabia | 4.0% |
| Turkey | 3.6% |
| Dominican Republic | 3.5% |
| Oman | 3.5% |
| Other Countries | 51.4% |
The issuer country weighting
percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.
(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.
19