N-CSR 1 f36191d1.htm MFS SERIES TRUST X NCSR MFS SERIES TRUST X NCSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04492

MFS SERIES TRUST X

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111Huntington Avenue Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant's telephone number, including area code: (617) 954-5000

Date of fiscal year end: July 31*

Date of reporting period: July 31, 2023

*This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Fund. Each remaining series of the Registrant has a fiscal year end other than July 31.

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):


Annual Report
July 31, 2023
MFS®  Emerging Markets
Debt Fund
EMD-ANN
MFS® Emerging Markets
Debt Fund
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition
Portfolio structure (i)
Fixed income sectors (i)
Sovereign Emerging Markets 51.3%
Emerging Markets Corporate Bonds 19.2%
Other Government Entity-Emerging Markets Quasi Government 17.5%
Government Securities Hedge (t) 11.5%
Developed Markets Corporate Bonds 2.2%
Sovereign Developed Markets 0.7%
Portfolio facts
Average Duration (d) 7.1
Average Effective Maturity (m) 12 yrs.
Composition including fixed income credit quality (a)(i)
AA 2.8%
A 8.2%
BBB 23.2%
BB 29.9%
B 19.9%
CCC 3.7%
CC 0.8%
C 0.2%
D 1.5%
U.S. Government 2.0%
Not Rated 10.2%
Non-Fixed Income (0.1)%
Cash & Cash Equivalents 6.7%
Other (9.0)%
Non-U.S. issuer country
weightings (i)(x)
Mexico 7.8%
India 4.8%
Turkey 4.4%
Saudi Arabia 3.9%
Oman 3.7%
Chile 3.6%
Indonesia 3.6%
Dominican Republic 3.6%
Brazil 3.0%
Other Countries 52.3%
 
1
Portfolio Composition - continued
Non-U.S. currency exposure
weightings (i)(y)
Brazilian Real 1.0%
Mexican Peso 0.9%
Peruvian Sol 0.8%
Uruguay Peso 0.6%
Euro 0.4%
Indian Rupee 0.3%
Czech Koruna 0.3%
British Pound Sterling (o) 0.0%
Hungarian Forint (o) 0.0%
Other Currencies (o) (0.0)%
Emerging market local currency
bond weights by country (i)
Brazil 1.6%
Mexico 1.3%
Peru 0.8%
Czech Republic 0.7%
Uruguay 0.6%
South Korea 0.3%
 
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency.
Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives), ETFs and Options on ETFs, and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(f) The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
2
Portfolio Composition - continued
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
(t) For the purpose of managing the fund’s duration (but not its credit exposure), the fund holds futures contracts and U.S. Treasury securities with a bond equivalent exposure of 11.5%.
(x) Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. United States issuer country exposure is 9.3% and includes Cash & Cash Equivalents and Other.
(y) Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. United States Dollar currency exposure is 95.7% and includes Cash & Cash Equivalents.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.
Percentages are based on net assets as of July 31, 2023.
The portfolio is actively managed and current holdings may be different.
3
Management Review
Summary of Results
For the twelve months ended July 31, 2023, Class A shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 7.15%, at net asset value. This compares with a return of 6.37% for the fund’s benchmark, the JPMorgan Emerging Markets Bond Index Global Diversified.
Market Environment
During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and the dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of a tighter monetary policy may not have been fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional US banks, which suffered from deposit flight as depositors sought higher yields on their savings. Those shifts exposed an asset-liability mismatch that forced the closure of several institutions by regulators. Given the importance of small and mid-sized lenders to the provision of credit in the US, concerns were raised in the aftermath of the crisis that credit availability could become constrained, leading to slower economic growth. China’s abandonment of its Zero-COVID policy ushered in a brief uptick in economic activity in the world’s second-largest economy in early 2023, although its momentum soon stalled. In developed markets, consumer demand, particularly for services, remained solid.
Policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks remained focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to juggle achieving their inflation mandates while using macroprudential tools to keep banking systems liquid, a potentially difficult balancing act, and one that suggested that we may be nearing a peak in policy rates.
Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, signs that supply chains have generally normalized, coupled with low levels of unemployment across developed markets and hopes that inflation levels have peaked, were supportive factors for the macroeconomic backdrop.
Factors Affecting Performance
Relative to the JPMorgan Emerging Markets Bond Index Global Diversified, favorable bond selection within Omani sovereign issues, coupled with the fund’s underweight allocation to both Chinese and Filipino-issued bonds, contributed to performance. Conversely, the fund’s out-of-benchmark exposure to US securities detracted from relative results. Yield curve(y) positioning along the US Dollar curve further weighed on the fund’s relative returns.
4
Management Review - continued
Respectfully,
Portfolio Manager(s)
Neeraj Arora, Ward Brown, and Matt Ryan
Note to Shareholders: Effective April 30, 2024, Matt Ryan will no longer be a Portfolio Manager of the fund.
(y) A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
5
Performance Summary THROUGH 7/31/23
The following chart illustrates a representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment
6
Performance Summary  - continued
Total Returns through 7/31/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr
A 3/17/98 7.15% 0.97% 2.33%
B 5/31/02 6.36% 0.22% 1.57%
C 5/31/02 6.45% 0.21% 1.57%
I 3/17/98 7.51% 1.22% 2.58%
R1 12/01/08 6.36% 0.20% 1.57%
R2 12/01/08 6.98% 0.72% 2.08%
R3 12/01/08 7.24% 0.98% 2.34%
R4 12/01/08 7.42% 1.21% 2.58%
R6 5/01/06 7.63% 1.33% 2.69%
Comparative benchmark(s)
JPMorgan Emerging Markets Bond Index Global Diversified (f) 6.37% 0.43% 2.90%
Average annual with sales charge
       
A
With Initial Sales Charge (4.25%) 		2.60% 0.10% 1.88%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		2.36% (0.11)% 1.57%
C
With CDSC (1% for 12 months) (v) 		5.45% 0.21% 1.57%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(v) Assuming redemption at the end of the applicable period.
Benchmark Definition(s)
JPMorgan Emerging Markets Bond Index Global Diversified – tracks the total returns of USD-denominated debt instruments issued by emerging markets, sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. The index, which is a uniquely-weighted version of the EMBI Global Index, limits the weights of those index countries with larger debt stocks by only including specified portions of these countries' eligible current face amounts of debt outstanding.
It is not possible to invest directly in an index.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented.
7
Performance Summary  - continued
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
8
Expense Table
Fund expenses borne by the shareholders during the period,
February 1, 2023 through July 31, 2023
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period February 1, 2023 through July 31, 2023.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
9
Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
2/01/23 		Ending
Account Value
7/31/23 		Expenses
Paid During
Period (p)
2/01/23-7/31/23
A Actual 1.05% $1,000.00 $1,012.12 $5.24
Hypothetical (h) 1.05% $1,000.00 $1,019.59 $5.26
B Actual 1.80% $1,000.00 $1,008.41 $8.96
Hypothetical (h) 1.80% $1,000.00 $1,015.87 $9.00
C Actual 1.80% $1,000.00 $1,009.24 $8.97
Hypothetical (h) 1.80% $1,000.00 $1,015.87 $9.00
I Actual 0.80% $1,000.00 $1,014.18 $4.00
Hypothetical (h) 0.80% $1,000.00 $1,020.83 $4.01
R1 Actual 1.80% $1,000.00 $1,008.41 $8.96
Hypothetical (h) 1.80% $1,000.00 $1,015.87 $9.00
R2 Actual 1.30% $1,000.00 $1,011.76 $6.48
Hypothetical (h) 1.30% $1,000.00 $1,018.35 $6.51
R3 Actual 1.05% $1,000.00 $1,012.98 $5.24
Hypothetical (h) 1.05% $1,000.00 $1,019.59 $5.26
R4 Actual 0.80% $1,000.00 $1,013.37 $3.99
Hypothetical (h) 0.80% $1,000.00 $1,020.83 $4.01
R6 Actual 0.69% $1,000.00 $1,014.75 $3.45
Hypothetical (h) 0.69% $1,000.00 $1,021.37 $3.46
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
10
Portfolio of Investments
7/31/23
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
Issuer     Shares/Par Value ($)
Bonds – 92.1%
Angola – 1.7%
Republic of Angola, 8.75%, 4/14/2032 (n)   $ 24,759,000 $21,692,845
Republic of Angola, 9.375%, 5/08/2048 (n)     500,000 413,350
Republic of Angola, 9.375%, 5/08/2048     27,216,000 22,499,467
Republic of Angola, 9.125%, 11/26/2049 (n)     391,000 315,733
Republic of Angola, 9.125%, 11/26/2049     87,528,000 70,678,860
        $115,600,255
Argentina – 1.7%
Republic of Argentina, 3.625%, 7/09/2035   $ 58,211,000 $18,051,467
Republic of Argentina, 4.25%, 1/09/2038     90,792,000 32,619,346
Republic of Argentina, 3.5%, 7/09/2041     185,261,000 59,941,917
        $110,612,730
Azerbaijan – 1.1%
Republic of Azerbaijan, 3.5%, 9/01/2032   $ 11,742,000 $10,040,584
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026     32,260,000 32,741,319
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030     26,993,000 27,939,861
        $70,721,764
Benin – 0.3%
Republic of Benin, 4.875%, 1/19/2032   EUR 8,302,000 $7,065,660
Republic of Benin, 4.875%, 1/19/2032 (n)     7,911,000 6,732,888
Republic of Benin, 6.875%, 1/19/2052 (n)     4,952,000 3,960,820
Republic of Benin, 6.875%, 1/19/2052     3,100,000 2,479,512
        $20,238,880
Bermuda – 0.7%
Government of Bermuda, 2.375%, 8/20/2030 (n)   $ 16,826,000 $14,052,570
Government of Bermuda, 2.375%, 8/20/2030     7,033,000 5,873,751
Government of Bermuda, 5%, 7/15/2032 (n)     15,792,000 15,484,056
Government of Bermuda, 3.375%, 8/20/2050 (n)     15,484,000 10,683,960
Government of Bermuda, 3.375%, 8/20/2050     1,200,000 828,000
        $46,922,337
Brazil – 3.0%
Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032   $ 20,258,660 $18,124,568
Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n)     8,172,000 7,736,613
Ero Copper Corp., 6.5%, 2/15/2030 (n)     7,535,000 6,630,574
Federative Republic of Brazil, 10%, 1/01/2025   BRL 44,706,000 9,366,943
11
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Brazil – continued
Federative Republic of Brazil, 10%, 1/01/2027   BRL 168,216,000 $35,323,733
Federative Republic of Brazil, 10%, 1/01/2029     209,696,000 43,355,552
Federative Republic of Brazil, 10%, 1/01/2031     84,672,000 17,292,447
Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031   $ 16,675,000 13,423,675
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n)     11,110,927 7,212,903
MV24 Capital B.V., 6.748%, 6/01/2034     12,307,078 11,369,801
Petrobras Global Finance B.V. (Federative Republic of Brazil), 6.5%, 7/03/2033     6,796,000 6,674,902
Sitios Latinoamerica, S.A.B. de C.V., 5.375%, 4/04/2032     11,465,000 10,479,159
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)     13,985,000 13,659,569
TerraForm Global Operating LLC, 6.125%, 3/01/2026     992,000 968,916
        $201,619,355
Bulgaria – 0.3%
Bulgarian Energy Holdings, 2.45%, 7/22/2028   EUR 21,817,000 $20,136,655
Cameroon – 0.2%
Republic of Cameroon, 5.95%, 7/07/2032   EUR 16,931,000 $13,766,267
Chile – 3.6%
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 $2,741,929
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079     14,819,000 13,967,907
Agrosuper S.A., 4.6%, 1/20/2032     4,865,000 4,115,735
Agrosuper S.A., 4.6%, 1/20/2032 (n)     8,507,000 7,196,825
Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n)     12,968,748 9,862,976
Banco del Estado de Chile, 2.704%, 1/09/2025 (n)     11,434,000 10,899,989
Banco del Estado de Chile, 2.704%, 1/09/2025     10,998,000 10,484,352
Chile Electricity PEC S.p.A., 0%, 1/25/2028     9,315,000 7,242,412
Colbun S.A., 3.95%, 10/11/2027     6,705,000 6,340,168
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n)     17,617,000 15,018,492
Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032     5,296,000 4,514,840
E.CL S.A., 4.5%, 1/29/2025     7,378,000 7,103,760
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026     7,360,000 6,940,238
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n)     1,484,000 1,435,115
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029     15,694,000 15,177,015
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n)     16,339,000 13,776,866
12
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Chile – continued
Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031   $ 1,658,000 $1,398,007
Empresa Nacional del Petroleo (Republic of Chile), 6.15%, 5/10/2033 (n)     14,826,000 14,937,195
Enel Chile S.A., 4.875%, 6/12/2028     7,034,000 6,770,923
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n)     12,882,000 10,818,484
ENGIE Energía Chile S.A., 3.4%, 1/28/2030     8,500,000 7,138,419
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n)     15,053,000 13,920,140
Republic of Chile, 2.55%, 7/27/2033     17,026,000 13,831,263
Republic of Chile, 3.5%, 1/31/2034     14,384,000 12,597,177
Republic of Chile, 4%, 1/31/2052     11,718,000 9,534,131
Republic of Chile, 5.33%, 1/05/2054     5,713,000 5,677,440
Transelec S.A., 3.875%, 1/12/2029     5,077,000 4,657,945
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028     7,286,000 4,301,359
        $242,401,102
China – 1.5%
CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024   $ 12,994,000 $12,749,011
Country Garden Holdings Co. Ltd., 2.7%, 7/12/2026     2,630,000 437,398
Country Garden Holdings Co. Ltd., 4.8%, 8/06/2030     985,000 137,777
Country Garden Holdings Co. Ltd., 3.875%, 10/22/2030     3,720,000 504,022
Country Garden Holdings Co. Ltd., 3.3%, 1/12/2031     3,009,000 398,091
Huarong Finance 2017 Co. Ltd. (People's Republic of China), 4.75%, 4/27/2027     3,894,000 3,407,494
Huarong Finance 2019 Co. Ltd. (People's Republic of China), 3.25%, 11/13/2024     11,754,000 11,111,798
Huarong Finance II Co. Ltd. (People’s Republic of China), 5.5%, 1/16/2025     5,024,000 4,829,544
Meituan, 2.125%, 10/28/2025 (n)     8,941,000 8,219,558
Meituan, 2.125%, 10/28/2025     2,700,000 2,482,139
Meituan, 3.05%, 10/28/2030 (n)     11,874,000 9,542,477
Prosus N.V., 3.061%, 7/13/2031 (n)     12,154,000 9,541,647
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027     17,631,000 16,861,049
Sunac China Holdings Ltd., 7.95%, 10/11/2023 (a)(d)     3,354,000 367,839
Sunac China Holdings Ltd., 7.5%, 2/01/2024 (a)(d)     15,215,000 1,640,430
Sunac China Holdings Ltd., 6.5%, 1/10/2025 (a)(d)     8,326,000 876,527
Times China Holdings Ltd., 6.75%, 7/08/2025 (a)(d)     9,100,000 431,058
Times China Holdings Ltd., 6.2%, 3/22/2026 (a)(d)     9,800,000 464,216
Weibo Corp., 3.375%, 7/08/2030     19,623,000 15,920,336
        $99,922,411
13
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Colombia – 0.9%
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n)   $ 7,710,000 $6,418,575
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n)     17,291,000 11,437,996
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030     300,000 198,450
Republic of Colombia, 3.125%, 4/15/2031     20,624,000 16,104,570
Republic of Colombia, 8%, 4/20/2033     4,168,000 4,373,460
Republic of Colombia, 5.2%, 5/15/2049     10,218,000 7,419,029
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n)     13,593,000 10,710,262
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n)     7,059,475 6,542,265
        $63,204,607
Costa Rica – 1.0%
Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n)   $ 9,385,000 $9,406,456
Republic of Costa Rica, 6.55%, 4/03/2034 (n)     28,972,000 29,348,636
Republic of Costa Rica, 7%, 4/04/2044     16,294,000 16,110,693
Republic of Costa Rica, 7.158%, 3/12/2045     10,193,000 10,256,706
        $65,122,491
Cote d'Ivoire – 1.0%
Republic of Cote d'Ivoire, 5.25%, 3/22/2030   EUR 14,382,000 $13,886,199
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n)     23,363,000 20,791,566
Republic of Cote d'Ivoire, 4.875%, 1/30/2032     5,000,000 4,449,678
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n)     6,363,000 5,597,177
Republic of Cote d'Ivoire, 6.875%, 10/17/2040     16,454,000 14,473,667
Republic of Cote d'Ivoire, 6.625%, 3/22/2048 (n)     6,440,000 5,322,624
Republic of Cote d'Ivoire, 6.625%, 3/22/2048     1,600,000 1,322,391
        $65,843,302
Czech Republic – 0.9%
Czech Republic, 5%, 9/30/2030   CZK 317,040,000 $15,331,690
Czech Republic, 2%, 10/13/2033     710,700,000 27,075,432
PPF Telecom Group B.V., 3.25%, 9/29/2027   EUR 15,815,000 16,350,082
        $58,757,204
Dominican Republic – 3.5%
Dominican Republic, 5.5%, 2/22/2029 (n)   $ 18,527,000 $17,597,288
Dominican Republic, 4.5%, 1/30/2030 (n)     7,378,000 6,530,245
Dominican Republic, 4.5%, 1/30/2030     200,000 177,019
Dominican Republic, 7.05%, 2/03/2031 (n)     11,994,000 12,113,775
Dominican Republic, 4.875%, 9/23/2032 (n)     27,009,000 23,391,798
Dominican Republic, 4.875%, 9/23/2032     56,961,000 49,332,453
Dominican Republic, 6%, 2/22/2033 (n)     24,933,000 23,412,109
Dominican Republic, 6%, 2/22/2033     5,539,000 5,201,126
14
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Dominican Republic – continued
Dominican Republic, 5.3%, 1/21/2041 (n)   $ 7,065,000 $5,705,126
Dominican Republic, 5.3%, 1/21/2041     11,200,000 9,044,220
Dominican Republic, 6.5%, 2/15/2048     8,190,000 7,270,658
Dominican Republic, 6.4%, 6/05/2049     5,182,000 4,521,896
Dominican Republic, 5.875%, 1/30/2060 (n)     896,000 707,839
Dominican Republic, 5.875%, 1/30/2060     66,703,000 52,695,285
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 (n)     7,763,000 6,860,551
Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028     11,200,000 9,898,000
        $234,459,388
Ecuador – 0.5%
Republic of Ecuador, 2.5%, 7/31/2035   $ 45,863,000 $15,765,513
Republic of Ecuador, 1.5%, 7/31/2040 (n)     2,286,161 714,425
Republic of Ecuador, 2.5%, 7/31/2040     53,003,000 16,563,438
        $33,043,376
Egypt – 1.3%
Arab Republic of Egypt, 6.375%, 4/11/2031 (n)   EUR 3,246,000 $2,135,106
Arab Republic of Egypt, 6.375%, 4/11/2031     3,800,000 2,499,507
Arab Republic of Egypt, 7.052%, 1/15/2032   $ 5,696,000 3,612,426
Arab Republic of Egypt, 8.5%, 1/31/2047 (n)     1,618,000 940,964
Arab Republic of Egypt, 8.5%, 1/31/2047     43,430,000 25,257,151
Arab Republic of Egypt, 7.903%, 2/21/2048     16,023,000 8,845,818
Arab Republic of Egypt, 8.7%, 3/01/2049 (n)     9,028,000 5,254,458
Arab Republic of Egypt, 8.7%, 3/01/2049     12,486,000 7,267,077
Arab Republic of Egypt, 8.875%, 5/29/2050 (n)     10,162,000 5,972,207
Arab Republic of Egypt, 8.875%, 5/29/2050     11,148,000 6,551,680
Arab Republic of Egypt, 7.5%, 2/16/2061 (n)     21,142,000 11,522,390
Energean PLC, 6.5%, 4/30/2027 (n)     7,408,000 6,748,688
        $86,607,472
El Salvador – 0.1%
Republic of El Salvador, 7.65%, 6/15/2035   $ 5,193,000 $3,370,733
Republic of El Salvador, 7.124%, 1/20/2050     4,684,000 2,854,428
        $6,225,161
Gabon – 0.6%
Republic of Gabon, 6.625%, 2/06/2031   $ 4,910,000 $4,141,830
Republic of Gabon, 7%, 11/24/2031 (n)     11,400,000 9,633,000
Republic of Gabon, 7%, 11/24/2031     34,970,000 29,549,650
        $43,324,480
15
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Ghana – 0.6%
Kosmos Energy Ltd., 7.75%, 5/01/2027   $ 7,527,000 $6,912,368
Kosmos Energy Ltd., 7.5%, 3/01/2028     12,063,000 10,703,335
Republic of Ghana, 8.625%, 4/07/2034 (a)(d)     8,475,000 3,834,937
Republic of Ghana, 7.875%, 2/11/2035 (a)(d)     36,792,000 16,740,360
        $38,191,000
Guatemala – 2.2%
Banco Industrial S.A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n)   $ 4,425,000 $4,126,313
Central America Bottling Co., 5.25%, 4/27/2029 (n)     18,246,000 16,832,039
CT Trust, 5.125%, 2/03/2032 (n)     16,101,000 13,391,081
Energuate Trust, 5.875%, 5/03/2027 (n)     5,065,000 4,653,722
Energuate Trust, 5.875%, 5/03/2027     17,250,000 15,849,300
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n)     14,348,000 13,451,250
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n)     9,384,000 7,468,538
Millicom International Cellular S.A., 4.5%, 4/27/2031     2,749,000 2,187,874
Republic of Guatemala, 5.25%, 8/10/2029 (n)     5,667,000 5,404,952
Republic of Guatemala, 4.9%, 6/01/2030     9,421,000 8,832,087
Republic of Guatemala, 3.7%, 10/07/2033     10,224,000 8,332,560
Republic of Guatemala, 3.7%, 10/07/2033 (n)     9,276,000 7,559,940
Republic of Guatemala, 6.6%, 6/13/2036 (n)     16,081,000 16,458,506
Republic of Guatemala, 4.65%, 10/07/2041 (n)     9,506,000 7,672,876
Republic of Guatemala, 4.65%, 10/07/2041     8,300,000 6,699,439
Republic of Guatemala, 6.125%, 6/01/2050     6,503,000 6,017,621
        $144,938,098
Hungary – 1.6%
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)   $ 14,688,000 $14,712,377
MVM Energetika Zartkoruen Mukodo Reszvenytarsasag, 0.875%, 11/18/2027   EUR 17,200,000 15,331,477
Republic of Hungary, 6.125%, 5/22/2028 (n)   $ 6,425,000 6,534,508
Republic of Hungary, 5.25%, 6/16/2029 (n)     12,877,000 12,602,591
Republic of Hungary, 6.25%, 9/22/2032 (n)     21,381,000 21,939,044
Republic of Hungary, 5.5%, 6/16/2034 (n)     30,498,000 29,661,745
Republic of Hungary, 6.75%, 9/25/2052 (n)     5,461,000 5,704,102
        $106,485,844
16
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
India – 4.8%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)   $ 13,683,000 $13,068,417
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024     5,500,000 5,252,963
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n)     8,703,000 5,935,510
Adani Transmission Ltd., 4.25%, 5/21/2036 (n)     12,431,195 9,283,019
Adani Transmission Ltd., 4.25%, 5/21/2036     6,163,845 4,602,863
Azure Power Energy Ltd., 3.575%, 8/19/2026 (n)     7,810,099 6,037,988
Azure Power Energy Ltd., 3.575%, 8/19/2026     12,020,231 9,292,840
Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 (n)     13,029,300 11,563,504
Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027     3,048,540 2,705,579
Cliffton Ltd., 6.25%, 10/25/2025 (n)     17,444,000 16,920,680
Export-Import Bank of India, 3.25%, 1/15/2030     7,705,000 6,765,983
Export-Import Bank of India, 2.25%, 1/13/2031 (n)     28,790,000 23,134,976
Export-Import Bank of India, 2.25%, 1/13/2031     7,640,000 6,139,327
Export-Import Bank of India, 5.5%, 1/18/2033 (n)     32,946,000 32,704,164
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n)     13,489,940 12,242,121
Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n)     6,979,437 6,132,760
Greenko Wind Projects (Mauritius) Ltd., 5.5%, 4/06/2025 (n)     10,241,000 9,974,734
Indian Railway Finance Corp., 3.249%, 2/13/2030     5,300,000 4,614,188
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)     19,986,000 16,442,268
Indian Railway Finance Corp., 2.8%, 2/10/2031     13,193,000 10,853,740
JSW Hydro Energy Ltd., 4.125%, 5/18/2031     11,549,160 9,716,993
JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n)     17,682,000 15,517,937
JSW Infrastructure Ltd., 4.95%, 1/21/2029     3,429,000 3,009,332
Muthoot Finance Ltd., 4.4%, 9/02/2023 (n)     3,562,000 3,526,380
Muthoot Finance Ltd., 4.4%, 9/02/2023     2,799,000 2,771,010
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n)     8,024,000 7,183,816
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030     3,200,000 2,864,932
Power Finance Corp. Ltd. (Republic of India), 3.35%, 5/16/2031     8,519,000 7,140,068
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n)     19,780,000 19,546,461
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n)     15,057,000 12,914,346
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n)     18,869,000 18,548,227
17
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
India – continued
UPL Ltd., 4.625%, 6/16/2030   $ 3,366,000 $2,873,532
        $319,280,658
Indonesia – 3.5%
Listrindo Capital B.V., 4.95%, 9/14/2026 (n)   $ 1,917,000 $1,822,367
Listrindo Capital B.V., 4.95%, 9/14/2026     15,962,000 15,174,030
Medco Bell Pte. Ltd., 6.375%, 1/30/2027     6,377,000 5,994,400
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n)     18,448,000 16,941,419
Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n)     6,556,000 5,766,670
PT Freeport Indonesia, 5.315%, 4/14/2032 (n)     7,198,000 6,818,883
PT Freeport Indonesia, 6.2%, 4/14/2052 (n)     17,902,000 16,707,579
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031     10,422,000 8,750,934
PT Indofood CBP Sukses Makmur Tbk, 3.541%, 4/27/2032     11,288,000 9,467,596
PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052     21,314,000 16,249,444
PT Perusahaan Listrik Negara (Republic of Indonesia), 6.15%, 5/21/2048     2,770,000 2,707,675
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n)     6,353,000 5,229,440
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049     2,100,000 1,728,605
Republic of Indonesia, 3.55%, 3/31/2032     11,622,000 10,505,939
Republic of Indonesia, 4.7%, 6/06/2032 (n)     7,054,000 7,000,894
Republic of Indonesia, 4.65%, 9/20/2032     10,470,000 10,299,635
Republic of Indonesia, 4.85%, 1/11/2033     20,104,000 20,082,433
Republic of Indonesia, 1.1%, 3/12/2033   EUR 12,250,000 9,939,764
Republic of Indonesia, 4.35%, 1/11/2048   $ 27,158,000 23,896,657
Republic of Indonesia, 5.45%, 9/20/2052     21,001,000 21,394,769
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n)     2,730,000 2,439,645
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n)     9,811,491 9,616,754
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033     7,020,717 6,881,371
        $235,416,903
Israel – 0.7%
Energean Israel Finance Ltd., 8.5%, 9/30/2033 (n)   $ 8,652,000 $8,652,000
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n)     22,128,000 20,774,873
Teva Pharmaceutical Finance Netherlands III B.V., 7.875%, 9/15/2029     10,428,000 10,855,381
18
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Israel – continued
Teva Pharmaceutical Finance Netherlands III B.V., 8.125%, 9/15/2031   $ 6,224,000 $6,593,332
        $46,875,586
Jamaica – 0.2%
Government of Jamaica, 7.875%, 7/28/2045   $ 9,350,000 $10,892,750
Jordan – 0.9%
Hashemite Kingdom of Jordan, 7.5%, 1/13/2029 (n)   $ 3,370,000 $3,403,814
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n)     7,004,000 6,497,695
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030     10,487,000 9,728,916
Hashemite Kingdom of Jordan, 7.375%, 10/10/2047     45,809,000 40,712,749
        $60,343,174
Kazakhstan – 2.5%
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n)   $ 5,565,000 $5,230,431
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030     10,041,000 9,437,333
KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033     24,583,000 19,416,637
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047     18,706,000 15,694,820
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n)     2,262,000 1,999,079
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048     46,130,000 40,768,126
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027     6,227,000 5,794,834
Republic of Kazakhstan, 6.5%, 7/21/2045     22,084,000 23,623,696
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026     33,868,000 30,684,408
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n)     17,232,000 13,213,153
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030     2,400,000 1,840,272
        $167,702,789
Kenya – 0.6%
Republic of Kenya, 7%, 5/22/2027   $ 11,241,000 $10,155,681
Republic of Kenya, 8%, 5/22/2032     33,072,000 28,483,260
        $38,638,941
19
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
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)   $ 14,271,000 $12,738,380
NBK Tier 1 Financing Ltd. (State of Kuwait), 3.625% to 2/24/2027, FLR (CMT - 6yr. + 2.875%) to 8/24/2169     20,135,000 17,501,342
        $30,239,722
Macau – 0.3%
Sands China Ltd., 3.5%, 8/08/2031   $ 11,222,000 $9,408,471
Wynn Macau Ltd., 5.125%, 12/15/2029     9,649,000 8,188,431
        $17,596,902
Malaysia – 0.3%
Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031   $ 16,029,000 $13,720,856
PETRONAS Capital Ltd. (Federation of Malaysia), 3.404%, 4/28/2061     13,798,000 9,692,249
        $23,413,105
Mexico – 7.7%
Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171   $ 9,254,000 $7,412,454
Banco Mercantil del Norte S.A., 7.625% to 1/10/2028, FLR (CMT - 10yr. + 5.353%) to 10/06/2171     7,945,000 7,311,519
BBVA Bancomer S.A., 8.45%, 6/29/2038 (n)     6,795,000 6,919,009
Becle S.A.B. de C.V., 2.5%, 10/14/2031     20,877,000 16,524,593
CEMEX S.A.B. de C.V., 9.125%, 3/14/2171 (n)     16,643,000 17,309,454
Comision Federal de Electricidad (United Mexican States), 4.688%, 5/15/2029 (n)     14,092,000 12,826,030
Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n)     16,671,000 13,038,655
Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n)     15,323,000 13,624,905
GCC S.A.B de C.V., 3.614%, 4/20/2032 (n)     13,824,000 11,750,315
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n)     16,202,000 14,181,773
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026     1,126,000 985,599
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027     12,649,000 11,384,100
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n)     9,897,000 7,793,887
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048     13,916,000 10,958,850
Petroleos Mexicanos, 6.49%, 1/23/2027     10,715,000 9,547,717
Petroleos Mexicanos, 8.75%, 6/02/2029     7,465,000 6,814,985
Petroleos Mexicanos, 6.84%, 1/23/2030     24,151,000 19,361,874
Petroleos Mexicanos, 5.95%, 1/28/2031     47,148,000 35,005,702
Petroleos Mexicanos, 6.7%, 2/16/2032     29,647,000 22,843,079
Petroleos Mexicanos, 6.75%, 9/21/2047     24,572,000 15,812,473
20
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mexico – continued
Petroleos Mexicanos, 7.69%, 1/23/2050   $ 72,857,000 $50,702,874
Petroleos Mexicanos, 6.95%, 1/28/2060     34,556,000 22,035,265
Total Play Telecomunicaciones S.A. de C.V., 6.375%, 9/20/2028 (n)     20,292,000 11,641,013
United Mexican States, 5.75%, 3/05/2026   MXN 188,400,000 10,244,820
United Mexican States, 8.5%, 5/31/2029     420,100,000 24,686,426
United Mexican States, 7.75%, 5/29/2031     412,300,000 23,105,789
United Mexican States, 4.875%, 5/19/2033   $ 7,108,000 6,807,282
United Mexican States, 7.5%, 5/26/2033   MXN 316,300,000 17,252,281
United Mexican States, 1.45%, 10/25/2033   EUR 8,004,000 6,451,266
United Mexican States, 3.5%, 2/12/2034   $ 17,720,000 14,876,139
United Mexican States, 6.35%, 2/09/2035     13,898,000 14,586,983
United Mexican States, 8%, 5/24/2035   MXN 245,500,000 13,708,562
United Mexican States, 6.338%, 5/04/2053   $ 37,009,000 37,731,841
        $515,237,514
Morocco – 1.4%
Kingdom of Morocco, 5.95%, 3/08/2028 (n)   $ 15,069,000 $15,168,184
Kingdom of Morocco, 3%, 12/15/2032     16,000,000 12,848,800
Kingdom of Morocco, 6.5%, 9/08/2033 (n)     32,796,000 33,861,870
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044     9,763,000 9,166,676
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n)     1,559,000 1,463,776
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)     17,682,000 13,344,959
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051     13,364,000 10,086,078
        $95,940,343
Nigeria – 2.0%
Federal Republic of Nigeria, 6.125%, 9/28/2028 (n)   $ 12,982,000 $11,213,202
Federal Republic of Nigeria, 7.875%, 2/16/2032     36,917,000 32,210,082
Federal Republic of Nigeria, 7.375%, 9/28/2033 (n)     22,438,000 18,556,226
Federal Republic of Nigeria, 7.375%, 9/28/2033     40,377,000 33,391,779
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n)     336,000 265,682
Federal Republic of Nigeria, 7.696%, 2/23/2038     37,016,000 29,269,292
Federal Republic of Nigeria, 7.625%, 11/28/2047     9,173,000 6,843,058
Federal Republic of Nigeria, 9.248%, 1/21/2049     500,000 433,900
Federal Republic of Nigeria, 8.25%, 9/28/2051     4,238,000 3,321,533
        $135,504,754
21
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Oman – 3.6%
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)   $ 16,730,000 $16,373,986
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031     6,050,000 5,921,256
Sultanate of Oman, 6.25%, 1/25/2031     6,787,000 6,966,842
Sultanate of Oman, 6.5%, 3/08/2047     34,074,000 32,760,515
Sultanate of Oman, 6.75%, 1/17/2048 (n)     200,000 197,612
Sultanate of Oman, 6.75%, 1/17/2048     92,977,000 91,866,855
Sultanate of Oman, 7%, 1/25/2051 (n)     15,943,000 16,228,252
Sultanate of Oman, 7%, 1/25/2051     71,416,000 72,693,775
        $243,009,093
Pakistan – 0.4%
Islamic Republic of Pakistan, 6.875%, 12/05/2027   $ 4,916,000 $2,605,480
Islamic Republic of Pakistan, 7.375%, 4/08/2031     32,708,000 16,026,920
Islamic Republic of Pakistan, 8.875%, 4/08/2051     13,386,000 6,164,253
        $24,796,653
Panama – 1.7%
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 5.125%, 8/11/2061 (n)   $ 6,363,000 $5,154,666
Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n)     7,571,000 7,233,961
Autoridad del Canal de Panama, 4.95%, 7/29/2035     2,411,000 2,303,669
Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n)     5,240,000 4,626,920
Cable Onda S.A., 4.5%, 1/30/2030 (n)     5,390,000 4,600,365
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n)     6,521,000 5,379,825
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049     5,800,000 4,785,000
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)     8,055,000 6,701,760
Republic of Panama, 2.252%, 9/29/2032     3,529,000 2,712,286
Republic of Panama, 3.298%, 1/19/2033     3,289,000 2,741,983
Republic of Panama, 6.375%, 7/25/2033 (n)     7,770,000 7,702,790
Republic of Panama, 6.4%, 2/14/2035     20,537,000 21,441,972
Republic of Panama, 6.853%, 3/28/2054     13,676,000 14,308,676
Republic of Panama, 4.5%, 1/19/2063     25,406,000 18,771,593
        $111,115,486
Paraguay – 2.2%
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n)   $ 6,079,000 $5,530,683
Republic of Paraguay, 3.849%, 6/28/2033     10,617,000 9,234,162
Republic of Paraguay, 5.85%, 8/21/2033 (n)     15,173,000 15,210,790
Republic of Paraguay, 5.6%, 3/13/2048 (n)     3,088,000 2,728,735
22
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Paraguay – continued
Republic of Paraguay, 5.6%, 3/13/2048   $ 37,046,000 $32,735,988
Republic of Paraguay, 5.4%, 3/30/2050 (n)     256,000 220,998
Republic of Paraguay, 5.4%, 3/30/2050     80,743,000 69,703,264
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n)     3,483,000 3,282,387
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027     8,797,000 8,290,313
        $146,937,320
Peru – 1.3%
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024   $ 110,195 $110,977
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n)     6,707 6,755
Peru LNG, 5.375%, 3/22/2030     13,794,000 11,120,178
Republic of Peru, 6.15%, 8/12/2032   PEN 50,056,000 13,432,021
Republic of Peru, 7.3%, 8/12/2033     108,932,000 31,410,850
Republic of Peru, 5.4%, 8/12/2034     40,424,000 10,043,631
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n)   $ 19,785,000 16,908,139
Volcan Compañía Minera S.A.A., 4.375%, 2/11/2026     9,859,000 7,079,625
        $90,112,176
Philippines – 0.8%
ICTSI Treasury B.V., 3.5%, 11/16/2031   $ 11,765,000 $10,168,541
Republic of Philippines, 3.556%, 9/29/2032     8,054,000 7,297,838
Republic of Philippines, 5.609%, 4/13/2033     9,998,000 10,501,267
Republic of Philippines, 1.2%, 4/28/2033   EUR 8,055,000 6,753,594
Republic of Philippines, 5%, 7/17/2033   $ 13,031,000 13,163,432
Republic of Philippines, 1.75%, 4/28/2041   EUR 6,551,000 4,745,078
        $52,629,750
Poland – 1.2%
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n)   $ 18,808,000 $18,750,448
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n)     10,499,000 9,729,278
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025     400,000 370,674
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)     14,569,000 11,707,804
Republic of Poland, 4.875%, 10/04/2033     14,186,000 14,005,838
Republic of Poland, 5.5%, 4/04/2053     11,063,000 11,228,945
Synthos S.A., 2.5%, 6/07/2028 (n)   EUR 16,571,000 14,484,758
        $80,277,745
23
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Qatar – 1.1%
Qatar Petroleum, 2.25%, 7/12/2031 (n)   $ 6,630,000 $5,520,801
Qatar Petroleum, 3.125%, 7/12/2041     10,837,000 8,216,223
Qatar Petroleum, 3.3%, 7/12/2051     12,936,000 9,443,280
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027     12,178,000 11,196,210
State of Qatar, 4.625%, 6/02/2046     3,500,000 3,312,015
State of Qatar, 4.817%, 3/14/2049 (n)     15,461,000 14,842,560
State of Qatar, 4.817%, 3/14/2049     18,500,000 17,760,000
        $70,291,089
Republic of Moldova – 0.2%
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n)   $ 17,038,000 $11,621,620
Aragvi Finance International DAC, 8.45%, 4/29/2026     1,100,000 750,310
        $12,371,930
Romania – 2.0%
Republic of Romania, 5.25%, 11/25/2027 (n)   $ 18,434,000 $18,060,527
Republic of Romania, 6.625%, 2/17/2028 (n)     16,840,000 17,439,538
Republic of Romania, 1.75%, 7/13/2030 (n)   EUR 11,620,000 9,931,651
Republic of Romania, 3%, 2/14/2031   $ 4,026,000 3,371,453
Republic of Romania, 2.124%, 7/16/2031   EUR 7,170,000 6,088,363
Republic of Romania, 2%, 1/28/2032     3,981,000 3,285,092
Republic of Romania, 2%, 1/28/2032 (n)     7,236,000 5,971,094
Republic of Romania, 3.625%, 3/27/2032   $ 6,062,000 5,207,258
Republic of Romania, 7.125%, 1/17/2033 (n)     20,216,000 21,722,092
Republic of Romania, 7.125%, 1/17/2033     11,248,000 12,085,976
Republic of Romania, 2%, 4/14/2033   EUR 4,859,000 3,861,005
Republic of Romania, 6%, 5/25/2034 (n)   $ 12,038,000 12,034,389
Republic of Romania, 2.625%, 12/02/2040 (n)   EUR 6,079,000 4,264,331
Republic of Romania, 2.625%, 12/02/2040     2,500,000 1,753,714
Republic of Romania, 2.75%, 4/14/2041 (n)     10,665,000 7,507,330
        $132,583,813
Russia – 0.2%
Gazprom PJSC (Russian Federation), 1.85%, 11/17/2028 (n)   EUR 16,371,000 $10,529,954
Russian Federation, 5.1%, 3/28/2035 (a)(z)   $ 7,400,000 2,405,000
        $12,934,954
Saudi Arabia – 3.9%
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 (n)   $ 13,551,000 $12,491,745
BSF Finance, 5.5%, 11/23/2027     14,622,000 14,793,077
GACI First Investment Co. (Kingdom of Saudi Arabia), 4.875%, 2/14/2035     10,254,000 9,794,621
Kingdom of Saudi Arabia, 5.5%, 10/25/2032 (n)     11,754,000 12,337,469
Kingdom of Saudi Arabia, 4.875%, 7/18/2033 (n)     11,414,000 11,408,681
24
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Saudi Arabia – continued
Kingdom of Saudi Arabia, 4.875%, 7/18/2033   $ 5,642,000 $5,639,371
Kingdom of Saudi Arabia, 4.625%, 10/04/2047     43,029,000 37,677,483
Kingdom of Saudi Arabia, 5.25%, 1/16/2050 (n)     9,684,000 9,273,205
Kingdom of Saudi Arabia, 5.25%, 1/16/2050     11,133,000 10,660,738
Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n)     18,135,000 12,456,569
Kingdom of Saudi Arabia, 5%, 1/18/2053 (n)     29,757,000 27,349,123
Kingdom of Saudi Arabia, 5%, 1/18/2053     16,821,000 15,459,878
Kingdom of Saudi Arabia, 3.75%, 1/21/2055     8,508,000 6,355,306
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n)     7,212,000 6,217,307
Saudi Arabian Oil Co., 3.5%, 4/16/2029     8,681,000 8,019,334
Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n)     10,537,000 8,783,538
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n)     3,926,000 3,442,505
Saudi Arabian Oil Co., 3.5%, 11/24/2070     18,081,000 11,959,207
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046     35,493,000 30,738,358
Saudi Electricity Global Sukuk Co., 5.684%, 4/11/2053     3,500,000 3,451,847
        $258,309,362
Senegal – 0.1%
Republic of Senegal, 6.75%, 3/13/2048   $ 6,442,000 $4,815,910
Serbia – 0.6%
Republic of Serbia, 6.25%, 5/26/2028 (n)   $ 18,339,000 $18,345,749
Republic of Serbia, 1.5%, 6/26/2029   EUR 7,166,000 6,246,644
Republic of Serbia, 6.5%, 9/26/2033 (n)   $ 14,296,000 14,322,591
        $38,914,984
Singapore – 1.1%
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n)   $ 3,036,000 $2,787,169
Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030     1,440,000 1,321,978
Oversea-Chinese Banking Corp. Ltd., 4.602% to 6/15/2027, FLR (CMT - 5yr. + 1.575%) to 6/15/2032     9,730,000 9,368,809
Puma International Financing S.A., 5%, 1/24/2026     16,356,000 14,915,326
Puma International Financing S.A., 5%, 1/24/2026 (n)     6,960,000 6,346,947
United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n)     18,169,000 15,976,471
United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n)     9,668,000 9,025,194
Vena Energy Capital Pte Ltd., 3.133%, 2/26/2025     17,503,000 16,443,840
        $76,185,734
25
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Slovenia – 0.2%
United Group B.V., 3.125%, 2/15/2026   EUR 5,762,000 $5,551,325
United Group B.V., 3.625%, 2/15/2028     6,638,000 5,870,141
United Group B.V., 4.625%, 8/15/2028 (n)     5,209,000 4,687,507
        $16,108,973
South Africa – 2.0%
Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025   $ 35,783,000 $35,514,627
Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028     13,854,000 13,223,920
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)     9,768,705 8,791,834
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026     859,273 773,346
Republic of South Africa, 5.75%, 9/30/2049     50,975,000 38,099,123
Republic of South Africa, 7.3%, 4/20/2052     19,275,000 17,128,922
Sasol Financing (USA) LLC, 5.5%, 3/18/2031     27,362,000 22,549,290
        $136,081,062
South Korea – 0.7%
Republic of Korea, 3.25%, 3/10/2028   KRW 22,236,280,000 $17,112,336
Shinhan Bank Co. Ltd., 4%, 4/23/2029   $ 681,000 617,204
SK Hynix, Inc., 6.25%, 1/17/2026 (n)     11,991,000 12,024,783
SK Hynix, Inc., 6.375%, 1/17/2028 (n)     15,200,000 15,440,743
        $45,195,066
Sri Lanka – 0.8%
Republic of Sri Lanka, 6.75%, 4/18/2028 (a)(d)   $ 17,582,000 $7,795,750
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(d)(n)     3,554,000 1,576,330
Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(d)     24,908,000 11,047,617
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d)(n)     3,761,000 1,670,075
Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(d)     77,715,000 34,509,403
        $56,599,175
Turkey – 4.3%
Republic of Turkey, 5.6%, 11/14/2024   $ 5,079,000 $4,997,025
Republic of Turkey, 4.25%, 3/13/2025     18,796,000 17,973,111
Republic of Turkey, 4.75%, 1/26/2026     4,287,000 4,029,111
Republic of Turkey, 4.875%, 10/09/2026     24,576,000 22,630,810
Republic of Turkey, 5.125%, 2/17/2028     19,812,000 17,947,295
Republic of Turkey, 6.125%, 10/24/2028     5,753,000 5,348,794
Republic of Turkey, 5.25%, 3/13/2030     32,268,000 27,827,923
Republic of Turkey, 5.95%, 1/15/2031     24,093,000 21,259,663
Republic of Turkey, 5.875%, 6/26/2031     46,590,000 40,540,755
Republic of Turkey, 9.375%, 1/19/2033     6,382,000 6,727,266
Republic of Turkey, 6.5%, 9/20/2033     42,980,000 38,385,438
26
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Turkey – continued
Republic of Turkey, 6.875%, 3/17/2036   $ 27,480,000 $24,589,928
Republic of Turkey, 6%, 1/14/2041     22,317,000 17,574,638
Republic of Turkey, 5.75%, 5/11/2047     53,006,000 38,872,268
        $288,704,025
Ukraine – 1.1%
Government of Ukraine, 7.75% (7.75% Cash or 7.75% PIK), 9/01/2029 (a)(p)   $ 5,310,000 $1,646,100
Government of Ukraine, 6.876% (6.876% Cash or 6.876% PIK), 5/21/2031 (a)(n)(p)     14,057,000 4,146,815
Government of Ukraine, 6.876% (6.876% Cash or 6.876% PIK), 5/21/2031 (a)(p)     12,407,000 3,660,065
Government of Ukraine, 7.375%, 9/25/2034 (a)(p)     46,367,000 13,678,265
Government of Ukraine, 7.253% (7.253% Cash or 7.253% PIK), 3/15/2035 (a)(n)(p)     24,720,000 7,396,966
Government of Ukraine, 7.253% (7.253% Cash or 7.253% PIK), 3/15/2035 (a)(p)     24,059,000 7,199,175
Government of Ukraine, GDP Linked Bond, 7.75%, 8/01/2041 (a)     27,126,000 13,020,480
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2026 (a)(d)(n)     1,969,000 743,297
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625%, 11/08/2026 (a)(d)     7,385,000 2,787,837
NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (a)(n)     12,598,000 3,558,935
PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025     7,418,600 6,454,182
Ukrainian Railways, 8.25%, 7/09/2026 (a)     16,834,000 6,817,770
Ukrainian Railways, 7.875%, 7/15/2028 (a)     11,762,000 4,426,041
        $75,535,928
United Arab Emirates – 2.6%
Abu Dhabi Commercial Bank PJSC, 3.5%, 3/31/2027   $ 12,595,000 $11,866,379
Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047     23,888,000 21,947,100
Abu Dhabi National Energy Co. PJSC, 4.696%, 4/24/2033 (n)     19,380,000 19,246,666
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n)     9,533,000 8,546,392
DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028     1,400,000 1,255,108
DAE Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n)     13,041,000 12,323,745
Emirate of Sharjah, 3.625%, 3/10/2033     12,181,000 10,108,476
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n)     4,748,000 4,453,624
Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035     2,400,000 2,251,200
27
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
United Arab Emirates – continued
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n)   $ 7,714,000 $6,238,170
Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036     8,494,000 6,868,941
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n)     20,571,851 16,592,025
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040     1,994,685 1,608,794
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n)     1,691,000 1,310,018
Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040     19,641,000 15,215,890
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.5%, 4/28/2033 (n)     11,543,000 12,122,112
MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.084%, 5/22/2053 (n)     5,445,000 5,423,220
National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027     7,192,000 6,406,490
Sweihan PV Power Co. PJSC, 3.625%, 1/31/2049 (n)     13,175,641 10,566,917
        $174,351,267
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)   $ 6,923,986 $2,267,606
SCC Power PLC, 4% (4% Cash or 4% PIK) to 6/15/2024, 4% Cash to 5/17/2032 (n)(p)     3,750,491 369,423
        $2,637,029
United States – 2.3%
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 (n)   $ 15,413,000 $12,765,817
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033 (n)     10,092,000 9,698,592
U.S. Treasury Bonds, 3.5%, 2/15/2039 (f)     32,426,000 30,552,639
U.S. Treasury Bonds, 2.5%, 2/15/2046     94,683,600 71,023,796
U.S. Treasury Notes, 3.875%, 9/30/2029     10,111,000 9,966,049
U.S. Treasury Notes, 2.75%, 8/15/2032     22,889,000 20,779,814
        $154,786,707
Uruguay – 1.3%
Oriental Republic of Uruguay, 8.5%, 3/15/2028   UYU 286,311,000 $7,436,708
Oriental Republic of Uruguay, 8.25%, 5/21/2031     296,221,000 7,510,142
Oriental Republic of Uruguay, 9.75%, 7/20/2033     694,397,000 19,285,214
Oriental Republic of Uruguay, 5.75%, 10/28/2034   $ 17,154,000 18,440,547
Oriental Republic of Uruguay, 4.975%, 4/20/2055     27,190,000 26,285,618
Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040   UYU 247,440,390 7,003,276
        $85,961,505
28
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Uzbekistan – 1.0%
Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025   $ 5,826,000 $5,396,566
National Bank of Uzbekistan, 4.85%, 10/21/2025     15,346,000 14,578,700
Republic of Uzbekistan, 5.375%, 2/20/2029     9,997,000 9,290,012
Republic of Uzbekistan, 3.7%, 11/25/2030 (n)     9,236,000 7,591,345
Republic of Uzbekistan, 3.9%, 10/19/2031     24,617,000 20,210,311
Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n)     14,846,000 12,358,701
        $69,425,635
Venezuela – 0.2%
Republic of Venezuela, 9%, 5/07/2023 (a)(d)   $ 10,104,000 $858,840
Republic of Venezuela, 8.25%, 10/13/2024 (a)(d)     17,593,000 1,495,405
Republic of Venezuela, 7.65%, 4/21/2025 (a)(d)     33,488,000 2,679,040
Republic of Venezuela, 9.25%, 9/15/2027 (a)(d)     8,435,000 759,150
Republic of Venezuela, 7%, 3/31/2038 (a)(d)     68,785,500 5,502,840
        $11,295,275
Vietnam – 0.9%
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n)   $ 15,030,000 $13,526,609
Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029     5,750,000 5,174,851
Socialist Republic of Vietnam, 4.8%, 11/19/2024     39,208,000 38,345,737
        $57,047,197
Zambia – 0.6%
First Quantum Minerals Ltd., 8.625%, 6/01/2031 (n)   $ 15,790,000 $16,165,013
Republic of Zambia, 8.97%, 7/30/2027 (a)(d)     44,656,000 25,596,819
        $41,761,832
Total Bonds (Identified Cost, $6,860,406,195)   $6,156,003,995
Common Stocks – 0.0%
United Kingdom – 0.0%        
Petra Diamonds Ltd. (a) (Identified Cost, $2,688,831)     3,038,227 $2,830,752
    
Underlying/Expiration Date/Exercise Price Put/Call Counterparty Notional
Amount 		Par Amount/
Number of
Contracts 		 
Purchased Options – 0.0%  
Equity ETFs – 0.0%  
iShares MSCI Emerging Markets ETF – January 2024 @ $36 (Premiums Paid, $1,186,875) Put Goldman Sachs International $52,437,500 12,500 $512,500
    
29
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Investment Companies (h) – 6.8%
Money Market Funds – 6.8%  
MFS Institutional Money Market Portfolio, 5.25% (v) (Identified Cost, $453,026,581)     453,008,682 $453,008,682
Other Assets, Less Liabilities – 1.1%   73,697,235
Net Assets – 100.0%   $6,686,053,164
    
(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 $453,008,682 and $6,159,347,247, 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 $1,972,779,200, representing 29.5% 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
Russian Federation, 5.1%, 3/28/2035 3/21/19 $7,400,000 $2,405,000
% of Net assets     0.0%
    
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
CLP Chilean Peso
CZK Czech Koruna
EUR Euro
HUF Hungarian Forint
30
Portfolio of Investments – continued
IDR Indonesian Rupiah
INR Indian Rupee
KRW South Korean Won
MXN Mexican Peso
PEN Peruvian Nuevo Sol
UYU Uruguayan Peso
Derivative Contracts at 7/31/23
Forward Foreign Currency Exchange Contracts
Currency
Purchased 		Currency
Sold 		Counterparty Settlement
Date 		Unrealized
Appreciation
(Depreciation)
Asset Derivatives
BRL 28,182,767 USD 5,873,787 Goldman Sachs International 9/01/2023