UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4492
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)
Susan S. Newton
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including
area code: (617) 954-5000
Date of fiscal year end: July 31*
Date of reporting period: October 31, 2012*
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*
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This Form N-Q pertains to the following series of the Registrant: MFS Emerging Markets Debt Fund and MFS Emerging Markets Debt Local Currency Fund. The remaining series
of the Registrant (MFS Absolute Return Fund, MFS Aggressive Growth Allocation Fund, MFS Conservative Allocation Fund, MFS Emerging Markets Equity Fund, MFS Global Bond Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS
International Growth Fund, MFS International Value Fund and MFS Moderate Allocation Fund) have fiscal year ends of May 31.
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ITEM 1.
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SCHEDULE OF INVESTMENTS.
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QUARTERLY REPORT
October 31, 2012
MFS® EMERGING MARKETS
DEBT FUND
PORTFOLIO OF INVESTMENTS
10/31/12 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
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Issuer
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Shares/Par
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Value ($)
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Bonds - 91.8%
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Angola - 0.3%
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Northern Lights III B.V., 7%, 2019
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$
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17,215,000
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$
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19,237,762
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Argentina - 2.6%
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Republic of Argentina, 7%, 2015
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$
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72,141,000
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$
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59,599,042
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Republic of Argentina, 2.5% to 2019, 3.75% to 2029, 5.25% to 2038
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130,037,000
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42,262,025
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Republic of Argentina, 7%, 2017
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8,660,164
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6,532,150
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Republic of Argentina, 8.75%, 2017
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9,855,000
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8,376,750
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Republic of Argentina, FRN, 8.28%, 2033
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72,128,781
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46,883,708
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$
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163,653,675
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Brazil - 7.1%
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Banco do Brasil S.A., 3.875%, 2022
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$
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11,989,000
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$
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11,953,033
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Banco do Brasil S.A., 5.875%, 2023
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1,900,000
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2,099,500
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Banco do Brasil S.A., 5.875%, 2023 (n)
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15,215,000
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16,812,575
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Banco do Estado Rio Grande do Sul S.A., 7.375%, 2022 (n)
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28,846,000
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32,740,210
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Banco do Nordeste do Brasil (BNB), 3.625%, 2015 (n)
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15,993,000
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16,552,755
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Banco do Nordeste do Brasil (BNB), 4.375%, 2019 (n)
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14,567,000
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15,113,262
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BRF - Brasil Foods S.A., 5.875%, 2022 (n)
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5,437,000
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6,116,625
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Caixa Economica Federal, 3.5%, 2022 (z)
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14,324,000
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14,325,862
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Cosan Ltd., 7%, 2017
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12,023,000
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13,916,623
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Federative Republic of Brazil, 8.25%, 2034
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18,143,000
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29,754,520
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Federative Republic of Brazil, 5.625%, 2041
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16,109,000
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20,619,520
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Globo Comunicacoes e Participacoes S.A., 6.25% to 2015, 9.375% to 2049
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15,039,000
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16,242,120
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Globo Comunicacoes e Participacoes S.A., 4.875%, 2022 (n)
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4,895,000
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5,372,263
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Globo Comunicacoes e Participacoes S.A., 6.25% to 2015, 9.375% to 2049 (n)
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6,247,000
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6,746,760
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Minerva Luxembourg S.A., 12.25%, 2022
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1,950,000
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2,320,500
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Minerva Luxembourg S.A., 12.25%, 2022 (n)
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11,266,000
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13,406,540
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Odebrecht Finance Ltd., 6%, 2023 (n)
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10,633,000
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12,307,698
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Odebrecht Finance Ltd., 6%, 2023
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912,000
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1,055,640
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Odebrecht Finance Ltd., 5.125%, 2022 (n)
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7,998,000
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8,697,825
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Odebrecht Finance Ltd., 7.125%, 2042 (n)
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22,283,000
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25,792,572
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OGX Austria GmbH, 8.375%, 2022 (n)
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6,441,000
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5,410,440
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OGX Petroleo e Gas Participacoes S.A., 8.5%, 2018 (n)
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6,510,000
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5,679,975
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Oi S.A., 5.75%, 2022 (n)
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1,937,000
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2,091,960
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Oi S.A., 5.75%, 2022
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1,118,000
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1,207,440
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Petrobras International Finance Co., 6.75%, 2041
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30,904,000
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39,514,380
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Petrobras International Finance Co., 5.375%, 2021
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43,352,000
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49,163,596
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Petrobras International Finance Co., 7.875%, 2019
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23,759,000
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30,079,607
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Rearden G Holdings Eins GmbH, 7.875%, 2020
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8,269,000
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9,147,581
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Vale Overseas Ltd., 4.375%, 2022
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15,369,000
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16,359,532
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Virgolino de Oliveira Finance Ltd., 10.5%, 2018
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3,986,000
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3,886,350
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Virgolino de Oliveira Finance Ltd., 11.75%, 2022
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4,326,000
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4,217,850
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$
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438,705,114
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Canada - 0.4%
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First Quantum Minerals Ltd., 7.25%, 2019 (z)
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$
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13,376,000
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$
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13,643,520
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IAMGOLD Corp., 6.75%, 2020 (n)
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11,223,000
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11,194,943
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$
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24,838,463
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Chile - 1.2%
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Automotores Gildemeister S.A., 8.25%, 2021 (n)
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$
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8,013,000
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$
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8,654,040
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Automotores Gildemeister S.A., 8.25%, 2021
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5,031,000
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5,433,480
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1
Portfolio of Investments (unaudited) – continued
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Issuer
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Shares/Par
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Value ($)
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Bonds - continued
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Chile - continued
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Banco de Credito e Inversiones, 3%, 2017 (n)
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$
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9,988,000
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$
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10,139,248
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Corporacion Nacional del Cobre de Chile, 3.75%, 2020 (n)
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5,708,000
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6,185,223
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Corporacion Nacional del Cobre de Chile, 3.75%, 2020
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800,000
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866,885
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Corporacion Nacional del Cobre de Chile, 4.25%, 2042 (n)
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4,625,000
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4,700,119
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Corporacion Nacional del Cobre de Chile, 6.15%, 2036
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3,532,000
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4,608,430
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Empresa Nacional del Petroleo, 5.25%, 2020 (n)
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2,649,000
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2,964,308
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Empresa Nacional del Petroleo, 6.25%, 2019
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6,992,000
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8,133,668
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Empresa Nacional del Petroleo, 4.75%, 2021
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1,000,000
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1,093,611
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Empresa Nacional del Petroleo, 4.75%, 2021 (n)
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6,814,000
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7,451,865
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Sociedad Quimica y Minera de Chile S.A., 5.5%, 2020 (n)
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9,697,000
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10,868,747
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Sociedad Quimica y Minera de Chile S.A., 5.5%, 2020
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2,814,000
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3,154,033
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$
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74,253,657
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China - 2.3%
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CNOOC Finance (2012) Ltd., 3.875%, 2022 (n)
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$
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37,597,000
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$
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40,364,290
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CNOOC Finance (2012) Ltd., 5%, 2042 (n)
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12,336,000
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14,309,760
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CNPC General Capital Ltd., 3.95%, 2022 (n)
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17,247,000
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18,681,623
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Hyva Global B.V., 8.625%, 2016 (n)
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7,035,000
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6,560,138
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Hyva Global B.V., 8.625%, 2016
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7,545,000
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7,035,713
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Sinopec Group Overseas Development (2012) Ltd., 3.9%, 2022 (n)
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18,805,000
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20,384,169
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Sinopec Group Overseas Development (2012) Ltd., 4.875%, 2042 (n)
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13,891,000
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|
15,949,063
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Tencent Holdings Ltd., 3.375%, 2018 (n)
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17,271,000
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17,617,474
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$
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140,902,230
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Colombia - 2.3%
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Bancolombia S.A., 5.125%, 2022
|
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$
|
15,093,000
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$
|
15,772,185
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Bancolombia S.A., 5.95%, 2021
|
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|
3,545,000
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4,094,475
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Ecopetrol S.A., 7.625%, 2019
|
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|
22,446,000
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|
29,067,570
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Empresa de Energia de Bogota S.A., 6.125%, 2021 (n)
|
|
|
4,696,000
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|
5,306,480
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Grupo Aval Ltd., 5.25%, 2017 (n)
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5,240,000
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|
5,593,700
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Grupo Aval Ltd., 4.75%, 2022 (n)
|
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|
14,781,000
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|
14,781,000
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Pacific Rubiales Energy Corp., 7.25%, 2021 (n)
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25,260,000
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|
|
|
29,933,100
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Republic of Colombia, 8.125%, 2024
|
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|
6,275,000
|
|
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|
9,396,812
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Republic of Colombia, 4.375%, 2021
|
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|
1,936,000
|
|
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|
2,223,496
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Republic of Colombia, 6.125%, 2041
|
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|
15,441,000
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|
21,076,965
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Republic of Colombia, 7.375%, 2037
|
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|
4,014,000
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6,191,595
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$
|
143,437,378
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Cote d’Ivoire - 0.5%
|
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Ivory Coast, 3.75%, 2032 (a)
|
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$
|
32,183,000
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|
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$
|
28,964,700
|
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Croatia - 1.5%
|
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Agrokor d.d., 8.875%, 2020 (n)
|
|
$
|
5,891,000
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|
|
$
|
6,097,185
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Republic of Croatia, 6.625%, 2020
|
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|
11,741,000
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|
|
13,427,829
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Republic of Croatia, 6.25%, 2017 (n)
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|
13,950,000
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|
|
15,331,050
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Republic of Croatia, 6.75%, 2019
|
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|
4,505,000
|
|
|
|
5,169,487
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Republic of Croatia, 6.375%, 2021
|
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|
46,933,000
|
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|
53,194,801
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|
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$
|
93,220,352
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|
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Dominican Republic - 0.5%
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|
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|
Dominican Republic, 7.5%, 2021 (n)
|
|
$
|
9,697,000
|
|
|
$
|
11,393,975
|
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|
Dominican Republic, 8.625%, 2027
|
|
|
13,706,000
|
|
|
|
16,447,200
|
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Dominican Republic, 7.5%, 2021
|
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|
3,019,000
|
|
|
|
3,547,325
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,388,500
|
|
2
Portfolio of Investments (unaudited) – continued
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Issuer
|
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Shares/Par
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Value ($)
|
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Bonds - continued
|
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|
|
|
|
|
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El Salvador - 0.2%
|
|
|
|
|
|
|
|
|
|
Republic of El Salvador, 7.375%, 2019
|
|
$
|
500,000
|
|
|
$
|
587,500
|
|
|
Republic of El Salvador, 7.375%, 2019 (n)
|
|
|
3,416,000
|
|
|
|
4,013,800
|
|
|
Republic of El Salvador, 7.75%, 2023
|
|
|
6,263,000
|
|
|
|
7,484,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,085,585
|
|
|
Georgia - 0.2%
|
|
|
|
|
|
|
|
|
|
JSC Georgian Railway, 7.75%, 2022 (n)
|
|
$
|
3,903,000
|
|
|
$
|
4,368,238
|
|
|
Republic of Georgia, 6.875%, 2021 (n)
|
|
|
7,589,000
|
|
|
|
8,708,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,076,615
|
|
|
Guatemala - 0.7%
|
|
|
|
|
|
|
|
|
|
Industrial Senior Trust, 5.5%, 2022 (z)
|
|
$
|
14,473,000
|
|
|
$
|
14,541,891
|
|
|
Republic of Guatemala, 5.75%, 2022 (n)
|
|
|
23,457,000
|
|
|
|
26,740,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41,282,871
|
|
|
Hungary - 1.1%
|
|
|
|
|
|
|
|
|
|
Republic of Hungary, 6.375%, 2021
|
|
$
|
34,216,000
|
|
|
$
|
38,109,781
|
|
|
Republic of Hungary, 7.625%, 2041
|
|
|
13,392,000
|
|
|
|
15,909,696
|
|
|
Republic of Hungary, 6.25%, 2020
|
|
|
15,589,000
|
|
|
|
17,269,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
71,288,971
|
|
|
Iceland - 0.6%
|
|
|
|
|
|
|
|
|
|
Republic of Iceland, 4.875%, 2016 (n)
|
|
$
|
7,686,000
|
|
|
$
|
8,079,907
|
|
|
Republic of Iceland, 5.875%, 2022
|
|
|
6,151,000
|
|
|
|
6,705,513
|
|
|
Republic of Iceland, 5.875%, 2022 (n)
|
|
|
18,384,000
|
|
|
|
20,041,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
34,826,738
|
|
|
Indonesia - 7.0%
|
|
|
|
|
|
|
|
|
|
Bumi Investment Pte Ltd., 10.75%, 2017
|
|
$
|
1,491,000
|
|
|
$
|
1,162,980
|
|
|
Listrindo Capital B.V., 6.95%, 2019 (n)
|
|
|
8,786,000
|
|
|
|
9,949,442
|
|
|
Majapahit Holding B.V., 7.75%, 2016
|
|
|
2,695,000
|
|
|
|
3,207,050
|
|
|
Majapahit Holding B.V., 7.75%, 2020
|
|
|
16,895,000
|
|
|
|
21,245,462
|
|
|
Majapahit Holding B.V., 7.75%, 2020 (n)
|
|
|
1,658,000
|
|
|
|
2,084,935
|
|
|
Pertamina PT, 5.25%, 2021 (n)
|
|
|
5,636,000
|
|
|
|
6,255,960
|
|
|
Pertamina PT, 6.5%, 2041 (n)
|
|
|
3,717,000
|
|
|
|
4,423,230
|
|
|
Pertamina PT, 4.875%, 2022 (n)
|
|
|
18,722,000
|
|
|
|
20,360,175
|
|
|
Pertamina PT, 6%, 2042 (n)
|
|
|
20,507,000
|
|
|
|
23,172,910
|
|
|
Pertamina PT, 5.25%, 2021
|
|
|
7,867,000
|
|
|
|
8,732,370
|
|
|
Pertamina PT, 4.875%, 2022
|
|
|
16,079,000
|
|
|
|
17,485,912
|
|
|
Pertamina PT, 6%, 2042
|
|
|
8,132,000
|
|
|
|
9,189,160
|
|
|
Pertamina PT, 6.5%, 2041
|
|
|
636,000
|
|
|
|
756,840
|
|
|
PT Perusahaan Listrik Negara, 5.25%, 2042 (z)
|
|
|
7,714,000
|
|
|
|
7,877,537
|
|
|
PT Perusahaan Listrik Negara, 5.5%, 2021 (n)
|
|
|
11,482,000
|
|
|
|
12,945,955
|
|
|
PT Perusahaan Listrik Negara, 5.5%, 2021
|
|
|
9,664,000
|
|
|
|
10,896,160
|
|
|
Republic of Indonesia, 4.875%, 2021 (n)
|
|
|
40,849,000
|
|
|
|
46,567,860
|
|
|
Republic of Indonesia, 5.875%, 2020
|
|
|
32,853,000
|
|
|
|
39,464,666
|
|
|
Republic of Indonesia, 11.625%, 2019
|
|
|
7,716,000
|
|
|
|
11,728,320
|
|
|
Republic of Indonesia, 11.625%, 2019 (n)
|
|
|
5,499,000
|
|
|
|
8,358,480
|
|
|
Republic of Indonesia, 6.875%, 2018 (n)
|
|
|
1,208,000
|
|
|
|
1,470,740
|
|
|
Republic of Indonesia, 3.75%, 2022 (n)
|
|
|
19,961,000
|
|
|
|
21,108,757
|
|
|
Republic of Indonesia, 3.75%, 2022
|
|
|
14,934,000
|
|
|
|
15,792,705
|
|
|
Republic of Indonesia, 5.875%, 2020 (n)
|
|
|
6,681,000
|
|
|
|
8,025,551
|
|
|
Republic of Indonesia, 8.5%, 2035
|
|
|
11,067,000
|
|
|
|
17,734,867
|
|
|
Republic of Indonesia, 6.875%, 2018
|
|
|
16,134,000
|
|
|
|
19,643,145
|
|
3
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Indonesia - continued
|
|
|
|
|
|
|
|
|
|
Republic of Indonesia, 4.875%, 2021
|
|
$
|
76,831,000
|
|
|
$
|
87,587,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
437,228,509
|
|
|
Iraq - 0.2%
|
|
|
|
|
|
|
|
|
|
Republic of Iraq, 5.8%, 2028
|
|
$
|
16,546,000
|
|
|
$
|
15,387,780
|
|
|
|
|
|
|
Israel - 0.1%
|
|
|
|
|
|
|
|
|
|
Israel Electric Corp. Ltd., 6.7%, 2017 (n)
|
|
$
|
5,111,000
|
|
|
$
|
5,596,545
|
|
|
|
|
|
|
Jamaica - 0.3%
|
|
|
|
|
|
|
|
|
|
Digicel Group Ltd., 8.25%, 2017 (n)
|
|
$
|
4,779,000
|
|
|
$
|
5,137,425
|
|
|
Digicel Group Ltd., 8.25%, 2017
|
|
|
3,413,000
|
|
|
|
3,668,975
|
|
|
Digicel Group Ltd., 8.25%, 2020 (n)
|
|
|
12,390,000
|
|
|
|
13,350,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
22,156,625
|
|
|
Kazakhstan - 1.3%
|
|
|
|
|
|
|
|
|
|
Development Bank of Kazakhstan, 5.5%, 2015 (n)
|
|
$
|
26,673,000
|
|
|
$
|
29,105,578
|
|
|
Development Bank of Kazakhstan, 5.5%, 2015
|
|
|
1,550,000
|
|
|
|
1,691,360
|
|
|
Halyk Savings Bank of Kazakhstan B.V., 7.25%, 2017
|
|
|
17,808,000
|
|
|
|
18,831,960
|
|
|
Kazakhstan Temir Zholy Co., 6.95%, 2042 (n)
|
|
|
21,061,000
|
|
|
|
25,705,793
|
|
|
Kazatomprom, 6.25%, 2015
|
|
|
650,000
|
|
|
|
712,562
|
|
|
Kazatomprom, 6.25%, 2015 (n)
|
|
|
7,325,000
|
|
|
|
8,030,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
84,077,284
|
|
|
Latvia - 0.6%
|
|
|
|
|
|
|
|
|
|
Republic of Latvia, 5.25%, 2017 (n)
|
|
$
|
16,108,000
|
|
|
$
|
17,799,340
|
|
|
Republic of Latvia, 5.25%, 2021
|
|
|
14,092,000
|
|
|
|
15,994,420
|
|
|
Republic of Latvia, 5.25%, 2017
|
|
|
2,915,000
|
|
|
|
3,221,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
37,014,835
|
|
|
Lithuania - 0.9%
|
|
|
|
|
|
|
|
|
|
Republic of Lithuania, 6.125%, 2021 (n)
|
|
$
|
17,474,000
|
|
|
$
|
21,012,485
|
|
|
Republic of Lithuania, 6.625%, 2022 (n)
|
|
|
22,170,000
|
|
|
|
27,435,375
|
|
|
Republic of Lithuania, 6.625%, 2022
|
|
|
1,500,000
|
|
|
|
1,856,250
|
|
|
Republic of Lithuania, 6.125%, 2021
|
|
|
3,176,000
|
|
|
|
3,819,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
54,123,250
|
|
|
Malaysia - 1.4%
|
|
|
|
|
|
|
|
|
|
Government of Malaysia, 3.702%, 2013
|
|
MYR
|
42,772,000
|
|
|
$
|
14,069,826
|
|
|
Petronas Capital Ltd., 7.875%, 2022
|
|
$
|
6,404,000
|
|
|
|
9,232,897
|
|
|
Petronas Capital Ltd., 5.25%, 2019
|
|
|
44,305,000
|
|
|
|
53,048,902
|
|
|
Petronas Capital Ltd., 5.25%, 2019 (n)
|
|
|
7,725,000
|
|
|
|
9,249,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
85,601,208
|
|
|
Mexico - 9.4%
|
|
|
|
|
|
|
|
|
|
BBVA Bancomer S.A. de C.V., 6.5%, 2021 (n)
|
|
$
|
6,732,000
|
|
|
$
|
7,682,895
|
|
|
BBVA Bancomer S.A. de C.V., 6.75%, 2022
|
|
|
6,219,000
|
|
|
|
7,043,018
|
|
|
BBVA Bancomer S.A. de C.V., 6.75%, 2022 (n)
|
|
|
14,251,000
|
|
|
|
16,139,258
|
|
|
CEMEX S.A.B. de C.V., 9.25%, 2020
|
|
|
6,552,000
|
|
|
|
6,814,080
|
|
|
CEMEX S.A.B. de C.V., 9%, 2018 (n)
|
|
|
4,202,000
|
|
|
|
4,359,575
|
|
|
CEMEX S.A.B. de C.V., 9%, 2018
|
|
|
10,866,000
|
|
|
|
11,273,475
|
|
|
Comision Federal de Electricidad, 4.875%, 2021 (n)
|
|
|
14,446,000
|
|
|
|
16,215,635
|
|
|
Comision Federal de Electricidad, 5.75%, 2042 (n)
|
|
|
14,436,000
|
|
|
|
16,384,860
|
|
|
Comision Federal de Electricidad, 4.875%, 2021
|
|
|
2,400,000
|
|
|
|
2,694,000
|
|
|
Empresas ICA, S.A.B. de C.V., 8.375%, 2017 (n)
|
|
|
6,564,000
|
|
|
|
7,007,070
|
|
4
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Mexico - continued
|
|
|
|
|
|
|
|
|
|
Grupo Bimbo S.A.B. de C.V., 4.5%, 2022
|
|
$
|
4,908,000
|
|
|
$
|
5,399,026
|
|
|
Grupo Bimbo S.A.B. de C.V., 4.5%, 2022 (n)
|
|
|
10,445,000
|
|
|
|
11,489,980
|
|
|
Mexichem S.A.B. de C.V., 6.75%, 2042 (z)
|
|
|
3,333,000
|
|
|
|
3,599,640
|
|
|
Mexichem S.A.B. de C.V., 4.875%, 2022 (n)
|
|
|
7,458,000
|
|
|
|
7,886,835
|
|
|
Pemex Project Funding Master Trust, 6.625%, 2038
|
|
|
8,401,000
|
|
|
|
10,501,250
|
|
|
Pemex Project Funding Master Trust, 6.625%, 2035
|
|
|
31,847,000
|
|
|
|
39,729,133
|
|
|
Pemex Project Funding Master Trust, 5.75%, 2018
|
|
|
13,231,000
|
|
|
|
15,414,115
|
|
|
Petroleos Mexicanos, 5.5%, 2021
|
|
|
30,201,000
|
|
|
|
35,259,667
|
|
|
Petroleos Mexicanos, 6%, 2020
|
|
|
16,414,000
|
|
|
|
19,614,730
|
|
|
Petroleos Mexicanos, 4.875%, 2022
|
|
|
3,869,000
|
|
|
|
4,333,280
|
|
|
Petroleos Mexicanos, 6.5%, 2041
|
|
|
15,433,000
|
|
|
|
19,156,211
|
|
|
Petroleos Mexicanos, 5.5%, 2044 (z)
|
|
|
9,643,000
|
|
|
|
10,510,870
|
|
|
Petroleos Mexicanos, 5.5%, 2044
|
|
|
4,999,000
|
|
|
|
5,448,910
|
|
|
Sigma Alimentos S.A., 5.625%, 2018 (n)
|
|
|
6,953,000
|
|
|
|
7,874,273
|
|
|
Sigma Alimentos S.A., 5.625%, 2018
|
|
|
1,850,000
|
|
|
|
2,095,125
|
|
|
United Mexican States, 5.75%, 2110
|
|
|
38,723,000
|
|
|
|
45,499,525
|
|
|
United Mexican States, 6.05%, 2040
|
|
|
23,414,000
|
|
|
|
31,082,085
|
|
|
United Mexican States, 3.625%, 2022
|
|
|
74,140,000
|
|
|
|
80,997,950
|
|
|
United Mexican States, 5.125%, 2020
|
|
|
100,081,000
|
|
|
|
119,596,795
|
|
|
United Mexican States, 5.95%, 2019
|
|
|
13,136,000
|
|
|
|
16,222,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
587,326,226
|
|
|
Nigeria - 0.3%
|
|
|
|
|
|
|
|
|
|
Afren PLC, 11.5%, 2016 (n)
|
|
$
|
5,123,000
|
|
|
$
|
5,840,220
|
|
|
Afren PLC, 10.25%, 2019 (n)
|
|
|
8,967,000
|
|
|
|
10,267,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,107,435
|
|
|
Panama - 0.7%
|
|
|
|
|
|
|
|
|
|
Panama Canal Railway Co., 7%, 2026
|
|
$
|
5,387,646
|
|
|
$
|
5,091,325
|
|
|
Panama Canal Railway Co., 7%, 2026 (n)
|
|
|
1,122,990
|
|
|
|
1,061,226
|
|
|
Republic of Panama, 9.375%, 2029
|
|
|
8,604,000
|
|
|
|
14,755,860
|
|
|
Republic of Panama, 6.7%, 2036
|
|
|
4,650,000
|
|
|
|
6,619,275
|
|
|
Republic of Panama, 8.875%, 2027
|
|
|
9,132,000
|
|
|
|
14,816,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
42,344,356
|
|
|
Peru - 2.2%
|
|
|
|
|
|
|
|
|
|
Ajecorp B.V., 6.5%, 2022 (n)
|
|
$
|
7,850,000
|
|
|
$
|
8,576,125
|
|
|
Banco de Credito del Peru, 5.375%, 2020
|
|
|
3,961,000
|
|
|
|
4,376,905
|
|
|
Banco de Credito del Peru, 6.125% to 2022, FRN to 2027 (n)
|
|
|
9,746,000
|
|
|
|
10,903,338
|
|
|
Banco de Credito del Peru, FRN, 6.125%, 2027
|
|
|
1,200,000
|
|
|
|
1,342,500
|
|
|
BBVA Banco Continental S.A., 5%, 2022 (n)
|
|
|
17,298,000
|
|
|
|
18,422,370
|
|
|
BBVA Banco Continental S.A., 5%, 2022
|
|
|
580,000
|
|
|
|
617,700
|
|
|
Corporacion Azucarera del Peru S.A., 6.375%, 2022 (n)
|
|
|
6,335,000
|
|
|
|
6,873,475
|
|
|
Corporacion Financiera de Desarrollo S.A., 4.75%, 2022 (n)
|
|
|
12,031,000
|
|
|
|
13,444,643
|
|
|
Corporacion Jose R Lindey S.A., 6.75%, 2021 (n)
|
|
|
6,098,000
|
|
|
|
7,034,043
|
|
|
IIRSA Norte Finance Ltd., 8.75%, 2024 (n)
|
|
|
175,312
|
|
|
|
214,758
|
|
|
IIRSA Norte Finance Ltd., 8.75%, 2024
|
|
|
4,315,143
|
|
|
|
5,286,051
|
|
|
Republic of Peru, 7.35%, 2025
|
|
|
22,926,000
|
|
|
|
33,357,330
|
|
|
Republic of Peru, 5.625%, 2050
|
|
|
5,951,000
|
|
|
|
7,706,545
|
|
|
Southern Copper Corp., 6.75%, 2040
|
|
|
6,341,000
|
|
|
|
7,523,856
|
|
|
Southern Copper Corp., 7.5%, 2035
|
|
|
10,146,000
|
|
|
|
12,861,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
138,541,368
|
|
5
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Philippines - 4.9%
|
|
|
|
|
|
|
|
|
|
National Power Corp., 8.4%, 2016
|
|
$
|
786,000
|
|
|
$
|
970,710
|
|
|
National Power Corp., 6.875%, 2016 (n)
|
|
|
477,000
|
|
|
|
564,053
|
|
|
Power Sector Assets & Liabilities Management Corp., 7.39%, 2024
|
|
|
8,742,000
|
|
|
|
12,260,655
|
|
|
Power Sector Assets & Liabilities Management Corp., 7.39%, 2024 (n)
|
|
|
3,247,000
|
|
|
|
4,553,918
|
|
|
Republic of Philippines, 6.375%, 2032
|
|
|
30,950,000
|
|
|
|
42,362,812
|
|
|
Republic of Philippines, 5.5%, 2026
|
|
|
64,912,000
|
|
|
|
82,113,680
|
|
|
Republic of Philippines, 6.375%, 2034
|
|
|
76,769,000
|
|
|
|
106,708,910
|
|
|
Republic of Philippines, 10.625%, 2025
|
|
|
3,334,000
|
|
|
|
5,859,505
|
|
|
Republic of Philippines, 9.375%, 2017
|
|
|
11,615,000
|
|
|
|
15,331,800
|
|
|
Republic of Philippines, 7.5%, 2024
|
|
|
22,299,000
|
|
|
|
31,999,065
|
|
|
Republic of Philippines, 9.875%, 2019
|
|
|
3,508,000
|
|
|
|
5,086,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
307,811,708
|
|
|
Poland - 1.0%
|
|
|
|
|
|
|
|
|
|
Eileme 2 AB, 11.625%, 2020 (n)
|
|
$
|
10,257,000
|
|
|
$
|
11,526,304
|
|
|
PKO Finance AB, 4.63%, 2022 (n)
|
|
|
14,449,000
|
|
|
|
14,896,919
|
|
|
Republic of Poland, 5.125%, 2021
|
|
|
14,418,000
|
|
|
|
16,943,169
|
|
|
Republic of Poland, 5%, 2022
|
|
|
14,807,000
|
|
|
|
17,252,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
60,619,360
|
|
|
Qatar - 0.2%
|
|
|
|
|
|
|
|
|
|
Ras Laffan Liquefied Natural Gas Co. Ltd., 6.75%, 2019
|
|
$
|
1,800,000
|
|
|
$
|
2,256,300
|
|
|
Ras Laffan Liquefied Natural Gas Co. Ltd., 6.75%, 2019 (n)
|
|
|
2,707,000
|
|
|
|
3,393,225
|
|
|
Ras Laffan Liquefied Natural Gas Co. Ltd., 5.298%, 2020
|
|
|
4,343,983
|
|
|
|
4,897,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,547,365
|
|
|
Romania - 0.2%
|
|
|
|
|
|
|
|
|
|
Republic of Romania, 6.75%, 2022
|
|
$
|
500,000
|
|
|
$
|
577,500
|
|
|
Republic of Romania, 6.75%, 2022 (n)
|
|
|
9,768,000
|
|
|
|
11,282,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,859,540
|
|
|
Russia - 12.0%
|
|
|
|
|
|
|
|
|
|
Alfa Bank, 7.5%, 2019 (n)
|
|
$
|
15,297,000
|
|
|
$
|
15,721,639
|
|
|
Brunswick Rail, 6.5%, 2017 (z)
|
|
|
19,954,000
|
|
|
|
20,246,908
|
|
|
Credit Suisse (Russian Federation, CLN), 7.6%, 2021 (z)
|
|
RUB
|
408,954,000
|
|
|
|
13,305,116
|
|
|
Gaz Capital S.A., 8.125%, 2014 (n)
|
|
$
|
715,000
|
|
|
|
783,955
|
|
|
Gaz Capital S.A., 4.95%, 2022
|
|
|
7,732,000
|
|
|
|
8,200,683
|
|
|
Gaz Capital S.A., 9.25%, 2019
|
|
|
7,060,000
|
|
|
|
9,213,300
|
|
|
Gaz Capital S.A., 8.146%, 2018
|
|
|
15,416,000
|
|
|
|
18,886,604
|
|
|
Gaz Capital S.A., 5.999%, 2021
|
|
|
34,887,000
|
|
|
|
39,387,423
|
|
|
Gaz Capital S.A., 4.95%, 2022 (n)
|
|
|
31,525,000
|
|
|
|
33,435,919
|
|
|
Gaz Capital S.A., 4.95%, 2016 (n)
|
|
|
9,949,000
|
|
|
|
10,612,001
|
|
|
Gaz Capital S.A., 5.999%, 2021 (n)
|
|
|
24,840,000
|
|
|
|
28,044,360
|
|
|
Gazprom, 4.375%, 2022 (n)
|
|
|
12,567,000
|
|
|
|
12,598,418
|
|
|
LUKOIL International Finance B.V., 6.656%, 2022
|
|
|
16,177,000
|
|
|
|
19,540,198
|
|
|
Russian Federation, 7.5%, 2030
|
|
|
152,205,182
|
|
|
|
192,737,422
|
|
|
Russian Federation, 5%, 2020 (n)
|
|
|
25,100,000
|
|
|
|
29,053,250
|
|
|
Russian Federation, 4.5%, 2022
|
|
|
2,400,000
|
|
|
|
2,685,120
|
|
|
Russian Federation, 5.625%, 2042
|
|
|
1,000,000
|
|
|
|
1,201,300
|
|
|
Russian Federation, 4.5%, 2022 (n)
|
|
|
39,200,000
|
|
|
|
43,856,960
|
|
|
Russian Federation, 5.625%, 2042 (n)
|
|
|
47,400,000
|
|
|
|
56,941,620
|
|
|
Russian Federation, 5%, 2020
|
|
|
70,200,000
|
|
|
|
81,256,500
|
|
|
RZD Capital Ltd., 5.7%, 2022
|
|
|
8,505,000
|
|
|
|
9,451,607
|
|
|
Sberbank of Russia, 6.125%, 2022
|
|
|
5,946,000
|
|
|
|
6,653,752
|
|
|
Sberbank of Russia, 6.125%, 2022 (n)
|
|
|
26,262,000
|
|
|
|
29,387,966
|
|
6
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Russia - continued
|
|
|
|
|
|
|
|
|
|
Severstal (Steel Cap), 5.9%, 2022 (z)
|
|
$
|
13,006,000
|
|
|
$
|
12,911,707
|
|
|
VimpelCom Ltd., 7.504%, 2022
|
|
|
17,397,000
|
|
|
|
18,788,760
|
|
|
Vnesheconombank, 6.025%, 2022 (n)
|
|
|
12,604,000
|
|
|
|
14,069,845
|
|
|
VTB Capital S.A., 6%, 2017
|
|
|
1,196,000
|
|
|
|
1,248,325
|
|
|
VTB Capital S.A., 6%, 2017 (n)
|
|
|
16,801,000
|
|
|
|
17,536,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
747,756,702
|
|
|
Serbia - 0.2%
|
|
|
|
|
|
|
|
|
|
Republic of Serbia, 7.25%, 2021 (n)
|
|
$
|
9,410,000
|
|
|
$
|
10,021,650
|
|
|
|
|
|
|
Singapore - 0.3%
|
|
|
|
|
|
|
|
|
|
DBS Bank Ltd., 3.625% to 2017, FRN to 2022 (n)
|
|
$
|
16,330,000
|
|
|
$
|
16,836,834
|
|
|
|
|
|
|
Slovakia - 0.4%
|
|
|
|
|
|
|
|
|
|
Republic of Slovakia, 4.375%, 2022
|
|
$
|
5,446,000
|
|
|
$
|
5,813,006
|
|
|
Republic of Slovakia, 4.375%, 2022 (n)
|
|
|
16,537,000
|
|
|
|
17,651,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,464,434
|
|
|
Slovenia - 0.3%
|
|
|
|
|
|
|
|
|
|
Republic of Slovenia, 5.5%, 2022 (z)
|
|
$
|
19,034,000
|
|
|
$
|
19,052,969
|
|
|
|
|
|
|
South Africa - 1.0%
|
|
|
|
|
|
|
|
|
|
Myriad International Holdings B.V., 6.375%, 2017 (n)
|
|
$
|
4,138,000
|
|
|
$
|
4,686,285
|
|
|
Republic of South Africa, 5.5%, 2020
|
|
|
10,046,000
|
|
|
|
11,736,742
|
|
|
Republic of South Africa, 6.875%, 2019
|
|
|
6,145,000
|
|
|
|
7,652,983
|
|
|
Republic of South Africa, 4.665%, 2024
|
|
|
18,547,000
|
|
|
|
20,494,435
|
|
|
Transnet SOC Ltd., 4.5%, 2016 (n)
|
|
|
5,355,000
|
|
|
|
5,692,338
|
|
|
Transnet SOC Ltd., 4%, 2022 (n)
|
|
|
9,648,000
|
|
|
|
9,648,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
59,910,783
|
|
|
South Korea - 0.1%
|
|
|
|
|
|
|
|
|
|
Hyundai Capital America, 4%, 2017 (n)
|
|
$
|
6,012,000
|
|
|
$
|
6,499,032
|
|
|
|
|
|
|
Sri Lanka - 0.8%
|
|
|
|
|
|
|
|
|
|
Bank of Ceylon, 6.875%, 2017
|
|
$
|
6,149,000
|
|
|
$
|
6,594,803
|
|
|
Bank of Ceylon, 6.875%, 2017 (n)
|
|
|
10,010,000
|
|
|
|
10,735,725
|
|
|
Republic of Sri Lanka, 6.25%, 2020 (n)
|
|
|
12,141,000
|
|
|
|
13,597,920
|
|
|
Republic of Sri Lanka, 6.25%, 2021 (n)
|
|
|
4,650,000
|
|
|
|
5,199,630
|
|
|
Republic of Sri Lanka, 6.25%, 2020
|
|
|
1,555,000
|
|
|
|
1,741,600
|
|
|
Republic of Sri Lanka, 6.25%, 2021
|
|
|
2,952,000
|
|
|
|
3,300,926
|
|
|
Republic of Sri Lanka, 5.875%, 2022 (n)
|
|
|
8,390,000
|
|
|
|
9,187,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
50,357,654
|
|
|
Supranational - 0.2%
|
|
|
|
|
|
|
|
|
|
Eurasian Development Bank, 4.767%, 2022 (n)
|
|
$
|
10,431,000
|
|
|
$
|
10,678,736
|
|
|
|
|
|
|
Thailand - 0.8%
|
|
|
|
|
|
|
|
|
|
Bangkok Bank (Hong Kong), 3.875%, 2022 (n)
|
|
$
|
16,712,000
|
|
|
$
|
16,971,404
|
|
|
PTT PLC, 3.375%, 2022 (z)
|
|
|
10,488,000
|
|
|
|
10,347,052
|
|
|
PTT PLC, 4.5%, 2042 (z)
|
|
|
11,203,000
|
|
|
|
11,140,756
|
|
|
PTTEP Canada International Finance Ltd., 6.35%, 2042 (n)
|
|
|
10,289,000
|
|
|
|
13,018,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
51,477,812
|
|
|
Trinidad & Tobago - 0.4%
|
|
|
|
|
|
|
|
|
|
Petroleum Co. of Trinidad & Tobago Ltd., 9.75%, 2019
|
|
$
|
6,531,000
|
|
|
$
|
8,620,920
|
|
7
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Trinidad & Tobago - continued
|
|
|
|
|
|
|
|
|
|
Petroleum Co. of Trinidad & Tobago Ltd., 9.75%, 2019 (n)
|
|
$
|
2,286,000
|
|
|
$
|
3,017,520
|
|
|
Petroleum Co. of Trinidad & Tobago Ltd., 6%, 2022
|
|
|
11,285,000
|
|
|
|
12,216,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,854,452
|
|
|
Turkey - 10.1%
|
|
|
|
|
|
|
|
|
|
Akbank T.A.S., 3.875%, 2017 (z)
|
|
$
|
12,428,000
|
|
|
$
|
12,417,560
|
|
|
Akbank T.A.S., 5%, 2022 (z)
|
|
|
9,814,000
|
|
|
|
9,980,347
|
|
|
Republic of Turkey, 7%, 2020
|
|
|
52,795,000
|
|
|
|
65,914,557
|
|
|
Republic of Turkey, 5.625%, 2021
|
|
|
53,605,000
|
|
|
|
62,315,812
|
|
|
Republic of Turkey, 7.5%, 2019
|
|
|
49,371,000
|
|
|
|
62,676,484
|
|
|
Republic of Turkey, 6.75%, 2018
|
|
|
14,067,000
|
|
|
|
16,746,763
|
|
|
Republic of Turkey, 11.875%, 2030
|
|
|
5,182,000
|
|
|
|
9,832,845
|
|
|
Republic of Turkey, 6%, 2041
|
|
|
54,860,000
|
|
|
|
64,460,500
|
|
|
Republic of Turkey, 6.25%, 2022
|
|
|
68,232,000
|
|
|
|
82,663,068
|
|
|
Republic of Turkey, 7.375%, 2025
|
|
|
40,707,000
|
|
|
|
53,224,402
|
|
|
Republic of Turkey, 5.125%, 2022
|
|
|
33,950,000
|
|
|
|
38,108,875
|
|
|
Republic of Turkey, 7%, 2019
|
|
|
25,452,000
|
|
|
|
31,216,878
|
|
|
Republic of Turkey, 8%, 2034
|
|
|
9,175,000
|
|
|
|
13,120,250
|
|
|
Turkiye Garanti Bankasi A.S., 5.25%, 2022 (n)
|
|
|
15,076,000
|
|
|
|
15,603,660
|
|
|
Turkiye Halk Bankasi A.S., 4.875%, 2017 (n)
|
|
|
14,858,000
|
|
|
|
15,155,160
|
|
|
Turkiye Ihracat Kredi Bankasi A.S., 5.875%, 2019 (n)
|
|
|
12,015,000
|
|
|
|
13,144,410
|
|
|
Turkiye Ihracat Kredi Bankasi A.S., 5.375%, 2016
|
|
|
2,000,000
|
|
|
|
2,136,300
|
|
|
Turkiye Ihracat Kredi Bankasi A.S., 5.375%, 2016 (n)
|
|
|
12,511,000
|
|
|
|
13,363,625
|
|
|
Turkiye Is Bankasi A.S., 6%, 2022 (z)
|
|
|
9,912,000
|
|
|
|
10,115,650
|
|
|
Turkiye Vakiflar Bankasi, 6%, 2022 (z)
|
|
|
22,989,000
|
|
|
|
23,027,312
|
|
|
Turkiye Vakiflar Bankasi T.A.O., 5.75%, 2017 (n)
|
|
|
13,763,000
|
|
|
|
14,554,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
629,778,831
|
|
|
Ukraine - 1.2%
|
|
|
|
|
|
|
|
|
|
Biz Finance PLC, 8.375%, 2015
|
|
$
|
20,737,000
|
|
|
$
|
20,348,181
|
|
|
Government of Ukraine, 7.95%, 2021 (n)
|
|
|
2,719,000
|
|
|
|
2,879,258
|
|
|
Government of Ukraine, 6.25%, 2016 (n)
|
|
|
11,746,000
|
|
|
|
11,591,188
|
|
|
Government of Ukraine, 6.25%, 2016
|
|
|
4,928,000
|
|
|
|
4,863,049
|
|
|
Government of Ukraine, 7.95%, 2021
|
|
|
1,025,000
|
|
|
|
1,085,413
|
|
|
Government of Ukraine, 9.25%, 2017
|
|
|
409,000
|
|
|
|
446,043
|
|
|
Government of Ukraine, 9.25%, 2017 (n)
|
|
|
16,793,000
|
|
|
|
18,313,942
|
|
|
Naftogaz Ukraine, 9.5%, 2014
|
|
|
17,866,000
|
|
|
|
18,201,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
77,728,955
|
|
|
United Arab Emirates - 0.4%
|
|
|
|
|
|
|
|
|
|
Abu Dhabi National Energy Co. PJSC (TAQA), 5.875%, 2021 (n)
|
|
$
|
8,067,000
|
|
|
$
|
9,599,730
|
|
|
Dolphin Energy Ltd., 5.5%, 2021 (n)
|
|
|
10,478,000
|
|
|
|
12,138,763
|
|
|
Dolphin Energy Ltd., 5.5%, 2021
|
|
|
1,550,000
|
|
|
|
1,795,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,534,168
|
|
|
United States - 0.4%
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds, 6.5%, 2026 (f)
|
|
$
|
4,629,000
|
|
|
$
|
7,086,712
|
|
|
U.S. Treasury Notes, 1.75%, 2022
|
|
|
15,439,000
|
|
|
|
15,590,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
22,677,694
|
|
|
Uruguay - 0.7%
|
|
|
|
|
|
|
|
|
|
Navios South American Logistics, Inc., 9.25%, 2019
|
|
$
|
7,016,000
|
|
|
$
|
6,647,660
|
|
|
Republic of Uruguay, 8%, 2022
|
|
|
23,988,296
|
|
|
|
34,663,088
|
|
|
Republic of Uruguay, 7.625%, 2036
|
|
|
3,701,000
|
|
|
|
5,745,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,056,550
|
|
8
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Venezuela - 10.1%
|
|
|
|
|
|
|
|
|
|
Petroleos de Venezuela S.A., 8.5%, 2017
|
|
$
|
46,007,000
|
|
|
$
|
41,291,282
|
|
|
Petroleos de Venezuela S.A., 8%, 2013
|
|
|
4,394,000
|
|
|
|
4,415,970
|
|
|
Petroleos de Venezuela S.A., 5.25%, 2017
|
|
|
8,970,200
|
|
|
|
7,086,458
|
|
|
Republic of Venezuela, 7.65%, 2025
|
|
|
37,676,000
|
|
|
|
29,669,850
|
|
|
Republic of Venezuela, 7%, 2038
|
|
|
31,480,000
|
|
|
|
22,508,200
|
|
|
Republic of Venezuela, 5.75%, 2016
|
|
|
67,585,000
|
|
|
|
62,347,162
|
|
|
Republic of Venezuela, 9.25%, 2027
|
|
|
23,576,000
|
|
|
|
21,277,340
|
|
|
Republic of Venezuela, 11.75%, 2026
|
|
|
82,432,000
|
|
|
|
83,462,400
|
|
|
Republic of Venezuela, 12.75%, 2022
|
|
|
107,375,000
|
|
|
|
115,159,687
|
|
|
Republic of Venezuela, 7%, 2018
|
|
|
28,373,000
|
|
|
|
24,400,780
|
|
|
Republic of Venezuela, 9%, 2023
|
|
|
12,922,000
|
|
|
|
11,339,055
|
|
|
Republic of Venezuela, 11.95%, 2031
|
|
|
62,345,000
|
|
|
|
63,747,762
|
|
|
Republic of Venezuela, 8.5%, 2014
|
|
|
13,228,000
|
|
|
|
13,426,420
|
|
|
Republic of Venezuela, 8.25%, 2024
|
|
|
43,122,000
|
|
|
|
35,575,650
|
|
|
Republic of Venezuela, 7.75%, 2019
|
|
|
103,507,000
|
|
|
|
90,051,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
625,759,106
|
|
|
Vietnam - 0.1%
|
|
|
|
|
|
|
|
|
|
Republic of Vietnam, 6.75%, 2020
|
|
$
|
2,034,000
|
|
|
$
|
2,374,695
|
|
|
Republic of Vietnam, 6.875%, 2016
|
|
|
2,309,000
|
|
|
|
2,551,445
|
|
|
Republic of Vietnam, 6.75%, 2020 (n)
|
|
|
689,000
|
|
|
|
804,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,730,547
|
|
|
Zambia - 0.1%
|
|
|
|
|
|
|
|
|
|
Republic of Zambia, 5.375%, 2022 (n)
|
|
$
|
6,172,000
|
|
|
$
|
6,218,290
|
|
|
Total Bonds
|
|
|
|
|
|
$
|
5,705,901,204
|
|
|
|
|
|
|
Money Market Funds - 7.6%
|
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.16%, at Net Asset Value (v)
|
|
|
469,440,427
|
|
|
$
|
469,440,427
|
|
|
Total Investments
|
|
|
|
|
|
$
|
6,175,341,631
|
|
|
|
|
|
|
Other Assets, Less Liabilities - 0.6%
|
|
|
|
|
|
|
38,611,925
|
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
6,213,953,556
|
|
|
(a)
|
Non-income producing security.
|
|
(f)
|
All or a portion of the security has been segregated as collateral for open futures contracts.
|
|
(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 $1,659,147,143, representing 26.7% of net assets.
|
|
(v)
|
Underlying affiliated fund 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
|
|
|
Akbank T.A.S., 3.875%, 2017
|
|
10/15/12
|
|
|
$12,387,400
|
|
|
|
$12,417,560
|
|
|
Akbank T.A.S., 5%, 2022
|
|
10/15/12
|
|
|
9,716,126
|
|
|
|
9,980,347
|
|
|
Brunswick Rail, 6.5%, 2017
|
|
10/25/12-10/26/12
|
|
|
19,992,858
|
|
|
|
20,246,908
|
|
|
Caixa Economica Federal, 3.5%, 2022
|
|
10/26/12
|
|
|
14,275,256
|
|
|
|
14,325,862
|
|
|
Credit Suisse (Russian Federation, CLN), 7.6%, 2021
|
|
7/06/12
|
|
|
12,218,165
|
|
|
|
13,305,116
|
|
|
First Quantum Minerals Ltd., 7.25%, 2019
|
|
10/4/12-10/12/12
|
|
|
13,438,575
|
|
|
|
13,643,520
|
|
|
Industrial Senior Trust, 5.5%, 2022
|
|
10/25/12
|
|
|
14,514,400
|
|
|
|
14,541,891
|
|
9
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Securities – continued
|
|
Acquisition
Date
|
|
Cost
|
|
|
Value
|
|
|
Mexichem S.A.B. de C.V., 6.75%, 2042
|
|
10/12/12-10/17/12
|
|
|
$3,642,822
|
|
|
|
$3,599,640
|
|
|
PT Perusahaan Listrik Negara, 5.25%, 2042
|
|
10/16/12
|
|
|
7,599,405
|
|
|
|
7,877,537
|
|
|
PTT PLC, 3.375%, 2022
|
|
10/18/12
|
|
|
10,446,640
|
|
|
|
10,347,052
|
|
|
PTT PLC, 4.5%, 2042
|
|
10/18/12
|
|
|
11,057,629
|
|
|
|
11,140,756
|
|
|
Petroleos Mexicanos, 5.5%, 2044
|
|
10/12/12
|
|
|
10,694,637
|
|
|
|
10,510,870
|
|
|
Republic of Slovenia, 5.5%, 2022
|
|
10/19/12
|
|
|
18,746,777
|
|
|
|
19,052,969
|
|
|
Severstal (Steel Cap), 5.9%, 2022
|
|
10/4/12
|
|
|
13,006,000
|
|
|
|
12,911,707
|
|
|
Turkiye Is Bankasi A.S., 6%, 2022
|
|
10/18/12
|
|
|
9,912,000
|
|
|
|
10,115,650
|
|
|
Turkiye Vakiflar Bankasi, 6%, 2022
|
|
10/24/12
|
|
|
22,989,000
|
|
|
|
23,027,312
|
|
|
Total Restricted Securities
|
|
|
|
|
|
|
|
|
$207,044,697
|
|
|
% of Net assets
|
|
|
|
|
|
|
|
|
3.3%
|
|
The following abbreviations are used in this report and are defined:
|
|
|
|
|
CLN
|
|
Credit-Linked Note
|
|
COP
|
|
Certificate of Participation
|
|
FRN
|
|
Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
|
|
PLC
|
|
Public Limited Company
|
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
|
|
COP
|
|
Colombian Peso
|
|
INR
|
|
Indian Rupee
|
|
KRW
|
|
Korean Won
|
|
MXN
|
|
Mexican Peso
|
|
MYR
|
|
Malaysian Ringgit
|
|
PLN
|
|
Polish Zloty
|
|
RUB
|
|
Russian Ruble
|
|
ZAR
|
|
South African Rand
|
Derivative Contracts at 10/31/12
Forward Foreign Currency Exchange Contracts at 10/31/12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
57,890,000
|
|
11/05/12-12/04/12
|
|
$
|
28,333,703
|
|
|
$
|
28,451,977
|
|
|
$
|
118,274
|
|
|
BUY
|
|
|
BRL
|
|
|
UBS AG
|
|
32,273,000
|
|
11/05/12
|
|
|
15,887,855
|
|
|
|
15,889,811
|
|
|
|
1,956
|
|
|
BUY
|
|
|
BRL
|
|
|
UBS AG
|
|
113,539,000
|
|
12/04/12-2/04/13
|
|
|
55,288,000
|
|
|
|
55,545,752
|
|
|
|
257,752
|
|
|
SELL
|
|
|
BRL
|
|
|
UBS AG
|
|
32,273,000
|
|
11/05/12
|
|
|
15,890,202
|
|
|
|
15,889,811
|
|
|
|
391
|
|
|
SELL
|
|
|
MXN
|
|
|
Barclays Bank PLC
|
|
59,272,000
|
|
12/11/12
|
|
|
4,526,308
|
|
|
|
4,510,245
|
|
|
|
16,063
|
|
|
SELL
|
|
|
MXN
|
|
|
Deutsche Bank AG
|
|
776,375,000
|
|
11/20/12-12/11/12
|
|
|
59,697,192
|
|
|
|
59,143,361
|
|
|
|
553,831
|
|
|
SELL
|
|
|
MXN
|
|
|
JPMorgan Chase Bank N.A.
|
|
302,168,000
|
|
12/10/12-12/11/12
|
|
|
23,179,945
|
|
|
|
22,995,018
|
|
|
|
184,927
|
|
|
SELL
|
|
|
MXN
|
|
|
UBS AG
|
|
244,894,000
|
|
12/10/12-1/14/13
|
|
|
18,735,979
|
|
|
|
18,604,651
|
|
|
|
131,328
|
|
|
BUY
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
24,717,000
|
|
11/06/12-12/18/12
|
|
|
8,040,839
|
|
|
|
8,088,469
|
|
|
|
47,630
|
|
|
BUY
|
|
|
MYR
|
|
|
JPMorgan Chase Bank N.A.
|
|
23,302,000
|
|
11/06/12
|
|
|
7,608,319
|
|
|
|
7,647,700
|
|
|
|
39,381
|
|
|
SELL
|
|
|
MYR
|
|
|
JPMorgan Chase Bank N.A.
|
|
44,299,000
|
|
12/18/12
|
|
|
14,498,118
|
|
|
|
14,493,968
|
|
|
|
4,150
|
|
|
BUY
|
|
|
PLN
|
|
|
Deutsche Bank AG
|
|
113,445,000
|
|
11/23/12
|
|
|
34,176,464
|
|
|
|
35,455,884
|
|
|
|
1,279,420
|
|
|
BUY
|
|
|
PLN
|
|
|
JPMorgan Chase Bank N.A.
|
|
22,571,000
|
|
11/23/12
|
|
|
6,857,360
|
|
|
|
7,054,297
|
|
|
|
196,937
|
|
|
BUY
|
|
|
RUB
|
|
|
Barclays Bank PLC
|
|
207,222,000
|
|
1/28/13
|
|
|
6,502,102
|
|
|
|
6,514,230
|
|
|
|
12,128
|
|
|
BUY
|
|
|
RUB
|
|
|
JPMorgan Chase Bank N.A.
|
|
2,728,704,957
|
|
11/06/12-1/28/13
|
|
|
84,657,966
|
|
|
|
86,651,128
|
|
|
|
1,993,162
|
|
10
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts at 10/31/12 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
RUB
|
|
|
UBS AG
|
|
566,581,000
|
|
12/13/12-1/28/13
|
|
$
|
17,710,662
|
|
|
$
|
17,862,072
|
|
|
$
|
151,410
|
|
|
SELL
|
|
|
ZAR
|
|
|
JPMorgan Chase Bank N.A.
|
|
208,972,000
|
|
11/30/12
|
|
|
24,865,186
|
|
|
|
24,004,430
|
|
|
|
860,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,849,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
37,448,000
|
|
12/04/12
|
|
$
|
18,388,411
|
|
|
$
|
18,363,899
|
|
|
$
|
(24,512
|
)
|
|
SELL
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
32,273,000
|
|
11/05/12
|
|
|
15,887,855
|
|
|
|
15,889,811
|
|
|
|
(1,956
|
)
|
|
BUY
|
|
|
BRL
|
|
|
Goldman Sachs International
|
|
30,423,000
|
|
12/04/12
|
|
|
14,942,535
|
|
|
|
14,918,952
|
|
|
|
(23,583
|
)
|
|
BUY
|
|
|
BRL
|
|
|
JPMorgan Chase Bank N.A.
|
|
51,242,000
|
|
12/04/12
|
|
|
25,166,873
|
|
|
|
25,128,256
|
|
|
|
(38,617
|
)
|
|
BUY
|
|
|
BRL
|
|
|
UBS AG
|
|
70,272,000
|
|
12/04/12
|
|
|
34,523,213
|
|
|
|
34,460,263
|
|
|
|
(62,950
|
)
|
|
BUY
|
|
|
COP
|
|
|
Barclays Bank PLC
|
|
9,101,821,000
|
|
12/03/12
|
|
|
4,968,243
|
|
|
|
4,949,964
|
|
|
|
(18,279
|
)
|
|
BUY
|
|
|
COP
|
|
|
Deutsche Bank AG
|
|
3,215,905,000
|
|
12/03/12
|
|
|
1,751,582
|
|
|
|
1,748,948
|
|
|
|
(2,634
|
)
|
|
BUY
|
|
|
COP
|
|
|
JPMorgan Chase Bank N.A.
|
|
7,637,781,000
|
|
12/03/12
|
|
|
4,164,548
|
|
|
|
4,153,756
|
|
|
|
(10,792
|
)
|
|
BUY
|
|
|
COP
|
|
|
UBS AG
|
|
8,442,038,000
|
|
12/03/12
|
|
|
4,593,057
|
|
|
|
4,591,146
|
|
|
|
(1,911
|
)
|
|
BUY
|
|
|
INR
|
|
|
Deutsche Bank AG
|
|
1,314,174,000
|
|
11/21/12
|
|
|
24,710,013
|
|
|
|
24,336,410
|
|
|
|
(373,603
|
)
|
|
BUY
|
|
|
INR
|
|
|
JPMorgan Chase Bank N.A.
|
|
299,831,000
|
|
11/21/12-1/25/13
|
|
|
5,529,873
|
|
|
|
5,495,082
|
|
|
|
(34,791
|
)
|
|
BUY
|
|
|
KRW
|
|
|
Barclays Bank PLC
|
|
8,441,757,000
|
|
12/03/12
|
|
|
7,730,547
|
|
|
|
7,727,009
|
|
|
|
(3,538
|
)
|
|
BUY
|
|
|
KRW
|
|
|
JPMorgan Chase Bank N.A.
|
|
8,559,691,000
|
|
12/03/12
|
|
|
7,839,303
|
|
|
|
7,834,957
|
|
|
|
(4,346
|
)
|
|
BUY
|
|
|
MXN
|
|
|
Barclays Bank PLC
|
|
18,411,000
|
|
1/11/13
|
|
|
1,420,483
|
|
|
|
1,396,717
|
|
|
|
(23,766
|
)
|
|
BUY
|
|
|
MXN
|
|
|
Citibank N.A.
|
|
389,046,421
|
|
11/20/12-1/14/13
|
|
|
29,973,731
|
|
|
|
29,510,824
|
|
|
|
(462,907
|
)
|
|
BUY
|
|
|
MXN
|
|
|
Deutsche Bank AG
|
|
633,477,117
|
|
11/20/12-12/10/12
|
|
|
49,021,295
|
|
|
|
48,254,151
|
|
|
|
(767,144
|
)
|
|
BUY
|
|
|
MXN
|
|
|
JPMorgan Chase Bank N.A.
|
|
1,028,697,617
|
|
11/20/12-12/11/12
|
|
|
79,786,684
|
|
|
|
78,305,548
|
|
|
|
(1,481,136
|
)
|
|
BUY
|
|
|
MXN
|
|
|
UBS AG
|
|
891,697,921
|
|
12/11/12-1/14/13
|
|
|
68,985,742
|
|
|
|
67,762,043
|
|
|
|
(1,223,699
|
)
|
|
SELL
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
22,625,000
|
|
11/06/12
|
|
|
7,411,957
|
|
|
|
7,425,509
|
|
|
|
(13,552
|
)
|
|
SELL
|
|
|
MYR
|
|
|
JPMorgan Chase Bank N.A.
|
|
24,233,000
|
|
11/06/12-12/18/12
|
|
|
7,934,200
|
|
|
|
7,940,965
|
|
|
|
(6,765
|
)
|
|
SELL
|
|
|
PLN
|
|
|
Barclays Bank PLC
|
|
9,490,000
|
|
11/23/12
|
|
|
2,827,646
|
|
|
|
2,965,986
|
|
|
|
(138,340
|
)
|
|
SELL
|
|
|
PLN
|
|
|
Deutsche Bank AG
|
|
17,426,000
|
|
11/23/12
|
|
|
5,188,925
|
|
|
|
5,446,289
|
|
|
|
(257,364
|
)
|
|
SELL
|
|
|
PLN
|
|
|
JPMorgan Chase Bank N.A.
|
|
98,831,000
|
|
11/23/12
|
|
|
29,451,469
|
|
|
|
30,888,452
|
|
|
|
(1,436,983
|
)
|
|
SELL
|
|
|
PLN
|
|
|
UBS AG
|
|
10,202,000
|
|
11/23/12
|
|
|
3,046,390
|
|
|
|
3,188,514
|
|
|
|
(142,124
|
)
|
|
BUY
|
|
|
RUB
|
|
|
Barclays Bank PLC
|
|
12,211,000
|
|
12/14/12
|
|
|
389,382
|
|
|
|
386,451
|
|
|
|
(2,931
|
)
|
|
BUY
|
|
|
RUB
|
|
|
JPMorgan Chase Bank N.A.
|
|
655,920,000
|
|
11/06/12-12/14/12
|
|
|
20,904,262
|
|
|
|
20,765,377
|
|
|
|
(138,885
|
)
|
|
BUY
|
|
|
RUB
|
|
|
UBS AG
|
|
136,671,000
|
|
12/14/12
|
|
|
4,350,439
|
|
|
|
4,325,331
|
|
|
|
(25,108
|
)
|
|
BUY
|
|
|
ZAR
|
|
|
Barclays Bank PLC
|
|
106,692,000
|
|
11/30/12
|
|
|
12,599,684
|
|
|
|
12,255,616
|
|
|
|
(344,068
|
)
|
|
BUY
|
|
|
ZAR
|
|
|
JPMorgan Chase Bank N.A.
|
|
122,472,000
|
|
11/30/12
|
|
|
14,373,467
|
|
|
|
14,068,251
|
|
|
|
(305,216
|
)
|
|
SELL
|
|
|
ZAR
|
|
|
Deutsche Bank AG
|
|
20,140,000
|
|
1/11/13
|
|
|
2,264,830
|
|
|
|
2,298,421
|
|
|
|
(33,591
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(7,405,091
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts Outstanding at 10/31/12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Currency
|
|
|
Contracts
|
|
|
Value
|
|
Expiration Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Note 10 yr (Long)
|
|
|
USD
|
|
|
|
835
|
|
|
$111,081,094
|
|
December - 2012
|
|
|
$234,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond 30 yr (Long)
|
|
|
USD
|
|
|
|
361
|
|
|
53,901,813
|
|
December - 2012
|
|
|
$(202,714
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$32,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
Portfolio of Investments (unaudited) – continued
Swap Agreements at 10/31/12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Notional
Amount
|
|
|
Counterparty
|
|
Cash Flows to
Receive
|
|
Cash Flows
to Pay
|
|
Fair Value
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Default Swap Agreements
|
|
|
|
|
|
|
|
|
|
12/20/22
|
|
|
USD
|
|
|
|
31,365,235
|
|
|
Goldman Sachs International (a)
|
|
1.00% (fixed rate)
|
|
(1)
|
|
|
$(200,256
|
)
|
|
12/20/22
|
|
|
USD
|
|
|
|
11,333,415
|
|
|
Morgan Stanley Capital Services, Inc. (b)
|
|
1.00% (fixed rate)
|
|
(1)
|
|
|
(72,360
|
)
|
|
12/20/17
|
|
|
USD
|
|
|
|
13,158,000
|
|
|
Goldman Sachs International (c)
|
|
1.00% (fixed rate)
|
|
(2)
|
|
|
(928,952
|
)
|
|
12/20/22
|
|
|
USD
|
|
|
|
4,825,000
|
|
|
Deutsche Bank AG (d)
|
|
1.00% (fixed rate)
|
|
(3)
|
|
|
(237,666
|
)
|
|
12/20/22
|
|
|
USD
|
|
|
|
5,757,000
|
|
|
Merrill Lynch International (e)
|
|
1.00% (fixed rate)
|
|
(3)
|
|
|
(283,573
|
)
|
|
12/20/22
|
|
|
USD
|
|
|
|
9,212,000
|
|
|
Morgan Stanley Capital Services, Inc. (f)
|
|
1.00% (fixed rate)
|
|
(3)
|
|
|
(453,757
|
)
|
|
12/20/22
|
|
|
USD
|
|
|
|
34,297,000
|
|
|
Merrill Lynch International (g)
|
|
1.00% (fixed rate)
|
|
(4)
|
|
|
(3,223,566
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(5,400,130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Fund, as protection seller, to pay notional amount upon a defined credit event by Federal Republic of Brazil, 12.25%, 3/06/30, a BBB- rated bond. The fund entered into the
contract to gain issuer exposure.
|
|
(2)
|
Fund, as protection seller, to pay notional amount upon a defined credit event by Republic of Croatia, 5.0%, 4/15/14, a BBB- rated bond. The fund entered into the contract to
gain issuer exposure.
|
|
(3)
|
Fund, as protection seller, to pay notional amount upon a defined credit event by Republic of Phillippines, 10.625%, 3/16/25, a BB+ rated bond. The fund entered into the
contract to gain issuer exposure.
|
|
(4)
|
Fund, as protection seller, to pay notional amount upon a defined credit event by Russian Federation, 7.5%, 3/31/30, a BBB rated bond. The fund entered into the contract to gain
issuer exposure.
|
|
(a)
|
Net unamortized premiums received by the fund amounted to $1,272,314.
|
|
(b)
|
Net unamortized premiums received by the fund amounted to $459,734.
|
|
(c)
|
Net unamortized premiums received by the fund amounted to $1,520,587.
|
|
(d)
|
Net unamortized premiums received by the fund amounted to $214,495.
|
|
(e)
|
Net unamortized premiums received by the fund amounted to $255,927.
|
|
(f)
|
Net unamortized premiums received by the fund amounted to $409,519.
|
|
(g)
|
Net unamortized premiums received by the fund amounted to $3,160,889.
|
The credit ratings presented here are an indicator of the current payment/performance risk of the related swap agreement, the reference obligation for which may be
either a single security or, in the case of a credit default index, a basket of securities issued by corporate or sovereign issuers. Ratings are assigned to each reference security, including each individual security within a reference basket of
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. Ratings are shown in the S&P and Fitch scale (e.g., AAA). The ratings for a credit default index are calculated by MFS as a weighted average of
the external credit ratings of the individual securities that compose the index’s reference basket of securities.
Although contract-specific,
credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium, each as defined in the 2003 International Swaps and Derivatives
Association (ISDA) Credit Derivatives Definitions as amended by the relevant contract. Restructuring is generally not applicable when the reference obligation is issued by a North American corporation and obligation acceleration, obligation default,
or repudiation/moratorium are generally only applicable when the reference obligation is issued by a sovereign entity or an entity in an emerging country. The maximum amount of future, undiscounted payments that the fund, as protection seller, could
be required to make is equal to the swap agreement’s notional amount.
At October 31, 2012, the fund had cash collateral of $2,100,000 and
other liquid securities with an aggregate value of $2,149,440 to cover any commitments for securities sold short and 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.
12
Supplemental Information
10/31/12 (unaudited)
(1) Investment Valuations
Debt instruments and floating rate loans (other than short-term instruments), 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 generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a
third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing
service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party
pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. Securities and other assets
generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as
yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of
bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or
causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not
readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market
quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing
services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is
principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or
market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost
and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an
investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value
may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into
three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input
that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1
includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit
risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as
futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of October 31, 2012 in valuing the fund’s assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
U.S. Treasury Bonds & U.S. Government Agency & Equivalents
|
|
|
$—
|
|
|
|
$22,677,694
|
|
|
|
$—
|
|
|
|
$22,677,694
|
|
|
Non-U.S. Sovereign Debt
|
|
|
—
|
|
|
|
4,854,572,597
|
|
|
|
—
|
|
|
|
4,854,572,597
|
|
|
Foreign Bonds
|
|
|
—
|
|
|
|
828,650,913
|
|
|
|
—
|
|
|
|
828,650,913
|
|
|
Mutual Funds
|
|
|
469,440,427
|
|
|
|
—
|
|
|
|
—
|
|
|
|
469,440,427
|
|
|
Total Investments
|
|
|
$469,440,427
|
|
|
|
$5,705,901,204
|
|
|
|
$—
|
|
|
|
$6,175,341,631
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
|
$32,239
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$32,239
|
|
|
Swap Agreements
|
|
|
—
|
|
|
|
(5,400,130
|
)
|
|
|
—
|
|
|
|
(5,400,130
|
)
|
|
Forward Foreign Currency Exchange Contracts
|
|
|
—
|
|
|
|
(1,555,595
|
)
|
|
|
—
|
|
|
|
(1,555,595
|
)
|
For further information regarding security characteristics, see the Portfolio of Investments.
13
Supplemental Information (unaudited) – continued
(2) Portfolio Securities
The cost
and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
|
$5,618,313,248
|
|
|
Gross unrealized appreciation
|
|
|
570,168,815
|
|
|
Gross unrealized depreciation
|
|
|
(13,140,432
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
$557,028,383
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be an affiliated issuer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
281,155,526
|
|
|
|
600,513,298
|
|
|
|
(412,228,397
|
)
|
|
|
469,440,427
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending Value
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$142,112
|
|
|
|
$469,440,427
|
|
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of October 31, 2012, are as follows:
|
|
|
|
|
|
|
Russia
|
|
|
12.7%
|
|
|
Turkey
|
|
|
10.3%
|
|
|
Venezuela
|
|
|
10.3%
|
|
|
Mexico
|
|
|
9.6%
|
|
|
Brazil
|
|
|
7.8%
|
|
|
Indonesia
|
|
|
7.2%
|
|
|
United States
|
|
|
5.4%
|
|
|
Philippines
|
|
|
5.3%
|
|
|
Argentina
|
|
|
2.7%
|
|
|
Other Countries
|
|
|
28.7%
|
|
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative
holdings, if applicable.
14
QUARTERLY REPORT
October 31, 2012
MFS® EMERGING MARKETS
DEBT LOCAL CURRENCY FUND
PORTFOLIO OF INVESTMENTS
10/31/12 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - 70.5%
|
|
|
|
|
|
|
|
|
|
Foreign Bonds - 70.5%
|
|
|
|
|
|
|
|
|
|
Argentina - 0.2%
|
|
|
|
|
|
|
|
|
|
Republic of Argentina, FRN, 8.28%, 2033
|
|
$
|
116,147
|
|
|
$
|
75,496
|
|
|
|
|
|
|
Brazil - 0.9%
|
|
|
|
|
|
|
|
|
|
Banco do Estado Rio Grande do Sul S.A., 7.375%, 2022
|
|
$
|
200,000
|
|
|
$
|
227,000
|
|
|
Federative Republic of Brazil, 6%, 2016
|
|
BRL
|
193,113
|
|
|
|
107,575
|
|
|
Federative Republic of Brazil, 6%, 2022
|
|
BRL
|
8,778
|
|
|
|
5,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
339,860
|
|
|
Canada - 0.5%
|
|
|
|
|
|
|
|
|
|
First Quantum Minerals Ltd., 7.25%, 2019 (z)
|
|
$
|
200,000
|
|
|
$
|
204,000
|
|
|
|
|
|
|
Chile - 0.8%
|
|
|
|
|
|
|
|
|
|
Automotores Gildemeister S.A., 8.25%, 2021
|
|
$
|
100,000
|
|
|
$
|
108,000
|
|
|
Bonos del Banco Centro de Chile, 3%, 2017
|
|
CLP
|
90,931,160
|
|
|
|
193,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
301,299
|
|
|
Colombia - 1.6%
|
|
|
|
|
|
|
|
|
|
Republic of Colombia, 7.75%, 2021
|
|
COP
|
156,000,000
|
|
|
$
|
107,306
|
|
|
Republic of Colombia, 9.85%, 2027
|
|
COP
|
175,000,000
|
|
|
|
148,798
|
|
|
Titulos de Tesoreria, 7.5%, 2026
|
|
COP
|
556,500,000
|
|
|
|
335,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
591,930
|
|
|
Czech Republic - 0.1%
|
|
|
|
|
|
|
|
|
|
Czech Republic, 3.85%, 2021
|
|
CZK
|
420,000
|
|
|
$
|
24,900
|
|
|
|
|
|
|
Hungary - 4.3%
|
|
|
|
|
|
|
|
|
|
Republic of Hungary, 5.5%, 2014
|
|
HUF
|
37,550,000
|
|
|
$
|
170,767
|
|
|
Republic of Hungary, 8%, 2015
|
|
HUF
|
48,210,000
|
|
|
|
229,040
|
|
|
Republic of Hungary, 7.75%, 2015
|
|
HUF
|
23,310,000
|
|
|
|
110,381
|
|
|
Republic of Hungary, 5.5%, 2016
|
|
HUF
|
102,530,000
|
|
|
|
457,635
|
|
|
Republic of Hungary, 6.75%, 2017
|
|
HUF
|
34,740,000
|
|
|
|
160,422
|
|
|
Republic of Hungary, 7.5%, 2020
|
|
HUF
|
61,280,000
|
|
|
|
291,765
|
|
|
Republic of Hungary, 6%, 2023
|
|
HUF
|
43,200,000
|
|
|
|
181,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,601,370
|
|
|
Indonesia - 6.8%
|
|
|
|
|
|
|
|
|
|
Republic of Indonesia, 9.5%, 2015
|
|
IDR
|
809,000,000
|
|
|
$
|
92,724
|
|
|
Republic of Indonesia, 10.75%, 2016
|
|
IDR
|
1,781,000,000
|
|
|
|
216,923
|
|
|
Republic of Indonesia, 11.6%, 2018
|
|
IDR
|
584,000,000
|
|
|
|
78,847
|
|
|
Republic of Indonesia, 12.8%, 2021
|
|
IDR
|
855,000,000
|
|
|
|
131,683
|
|
|
Republic of Indonesia, 8.25%, 2021
|
|
IDR
|
2,234,000,000
|
|
|
|
272,680
|
|
|
Republic of Indonesia, 7%, 2022
|
|
IDR
|
2,150,000,000
|
|
|
|
245,059
|
|
|
Republic of Indonesia, 8.375%, 2026
|
|
IDR
|
5,556,000,000
|
|
|
|
694,165
|
|
|
Republic of Indonesia, 8.25%, 2032
|
|
IDR
|
6,476,000,000
|
|
|
|
803,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,535,771
|
|
|
Jamaica - 0.3%
|
|
|
|
|
|
|
|
|
|
Digicel Group Ltd., 8.25%, 2017
|
|
$
|
100,000
|
|
|
$
|
107,500
|
|
|
|
|
|
|
Kazakhstan - 0.5%
|
|
|
|
|
|
|
|
|
|
Halyk Savings Bank of Kazakhstan B.V., 7.25%, 2017
|
|
$
|
170,000
|
|
|
$
|
179,775
|
|
1
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Foreign Bonds - continued
|
|
|
|
|
|
|
|
|
|
Malaysia - 5.6%
|
|
|
|
|
|
|
|
|
|
Government of Malaysia, 4.262%, 2016
|
|
MYR
|
950,000
|
|
|
$
|
324,585
|
|
|
Government of Malaysia, 4.24%, 2018
|
|
MYR
|
694,000
|
|
|
|
238,500
|
|
|
Government of Malaysia, 4.378%, 2019
|
|
MYR
|
118,000
|
|
|
|
41,140
|
|
|
Government of Malaysia, 4.16%, 2021
|
|
MYR
|
1,885,000
|
|
|
|
648,246
|
|
|
Government of Malaysia, 3.418%, 2022
|
|
MYR
|
533,000
|
|
|
|
174,215
|
|
|
Government of Malaysia, 4.392%, 2026
|
|
MYR
|
468,000
|
|
|
|
166,050
|
|
|
Government of Malaysia, 4.498%, 2030
|
|
MYR
|
155,000
|
|
|
|
55,370
|
|
|
Government of Malaysia, 4.232%, 2031
|
|
MYR
|
461,000
|
|
|
|
158,879
|
|
|
Government of Malaysia, 4.127%, 2032
|
|
MYR
|
816,000
|
|
|
|
276,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,083,478
|
|
|
Mexico - 6.6%
|
|
|
|
|
|
|
|
|
|
BBVA Bancomer S.A. de C.V., 6.75%, 2022
|
|
$
|
162,000
|
|
|
$
|
183,465
|
|
|
CEMEX S.A.B. de C.V., 9.25%, 2020
|
|
|
86,000
|
|
|
|
89,440
|
|
|
Petroleos Mexicanos, 7.65%, 2021
|
|
MXN
|
4,230,000
|
|
|
|
352,349
|
|
|
United Mexican States, 8%, 2015
|
|
MXN
|
3,680,000
|
|
|
|
304,635
|
|
|
United Mexican States, 7.75%, 2017
|
|
MXN
|
3,050,000
|
|
|
|
259,800
|
|
|
United Mexican States, 8.5%, 2029
|
|
MXN
|
5,350,000
|
|
|
|
506,955
|
|
|
United Mexican States, 7.75%, 2031
|
|
MXN
|
1,800,000
|
|
|
|
158,433
|
|
|
United Mexican States, 10%, 2036
|
|
MXN
|
2,350,000
|
|
|
|
253,911
|
|
|
United Mexican States, 8.5%, 2038
|
|
MXN
|
3,720,000
|
|
|
|
351,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,460,605
|
|
|
Nigeria - 1.0%
|
|
|
|
|
|
|
|
|
|
Federal Republic of Nigeria, 0%, 2013
|
|
NGN
|
28,274,000
|
|
|
$
|
172,897
|
|
|
Federal Republic of Nigeria, 16.39%, 2022
|
|
NGN
|
25,428,000
|
|
|
|
189,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
362,757
|
|
|
Peru - 1.9%
|
|
|
|
|
|
|
|
|
|
Banco de Credito del Peru, FRN, 6.125%, 2027
|
|
$
|
82,000
|
|
|
$
|
91,738
|
|
|
Republic of Peru, 6.95%, 2031
|
|
PEN
|
363,000
|
|
|
|
170,651
|
|
|
Republic of Peru, 6.9%, 2037
|
|
PEN
|
506,000
|
|
|
|
239,186
|
|
|
Republic of Peru, 6.9%, 2037
|
|
PEN
|
440,000
|
|
|
|
207,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
709,563
|
|
|
Poland - 6.5%
|
|
|
|
|
|
|
|
|
|
Government of Poland, 5%, 2016
|
|
PLN
|
280,000
|
|
|
$
|
90,508
|
|
|
Government of Poland, 5.25%, 2017
|
|
PLN
|
1,549,000
|
|
|
|
509,484
|
|
|
Government of Poland, 5.5%, 2019
|
|
PLN
|
691,000
|
|
|
|
232,343
|
|
|
Government of Poland, 5.25%, 2020
|
|
PLN
|
920,000
|
|
|
|
303,849
|
|
|
Government of Poland, 5.75%, 2021
|
|
PLN
|
506,000
|
|
|
|
172,753
|
|
|
Government of Poland, 5.75%, 2022
|
|
PLN
|
3,191,000
|
|
|
|
1,094,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,403,671
|
|
|
Russia - 8.4%
|
|
|
|
|
|
|
|
|
|
Alfa Bank, 7.5%, 2019 (n)
|
|
$
|
200,000
|
|
|
$
|
205,552
|
|
|
Credit Suisse (Russian Federation, CLN), 7.35%, 2016 (z)
|
|
RUB
|
10,000,000
|
|
|
|
323,062
|
|
|
Credit Suisse First Boston (Russian Federation, CLN), 7.4%, 2017 (z)
|
|
RUB
|
32,000,000
|
|
|
|
1,037,370
|
|
|
Deutsche Bank (Russian Federation, CLN), 7.5%, 2018 (n)
|
|
RUB
|
35,000,000
|
|
|
|
1,138,193
|
|
|
Gaz Capital S.A., 4.95%, 2022
|
|
$
|
200,000
|
|
|
|
212,123
|
|
|
VimpelCom Ltd., 7.504%, 2022
|
|
|
200,000
|
|
|
|
216,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,132,300
|
|
2
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Foreign Bonds - continued
|
|
|
|
|
|
|
|
|
|
South Africa - 9.1%
|
|
|
|
|
|
|
|
|
|
Republic of South Africa, 13.5%, 2015
|
|
ZAR
|
2,181,000
|
|
|
$
|
304,474
|
|
|
Republic of South Africa, 8%, 2018
|
|
ZAR
|
5,331,000
|
|
|
|
672,202
|
|
|
Republic of South Africa, 7.25%, 2020
|
|
ZAR
|
1,422,000
|
|
|
|
171,159
|
|
|
Republic of South Africa, 6.75%, 2021
|
|
ZAR
|
170,000
|
|
|
|
19,709
|
|
|
Republic of South Africa, 5.5%, 2023
|
|
ZAR
|
611,338
|
|
|
|
102,091
|
|
|
Republic of South Africa, 10.5%, 2026
|
|
ZAR
|
2,851,000
|
|
|
|
406,360
|
|
|
Republic of South Africa, 7%, 2031
|
|
ZAR
|
2,163,000
|
|
|
|
218,932
|
|
|
Republic of South Africa, 6.25%, 2036
|
|
ZAR
|
4,857,000
|
|
|
|
432,517
|
|
|
Transnet Ltd., 9.25%, 2017
|
|
ZAR
|
5,000,000
|
|
|
|
635,064
|
|
|
Transnet Ltd., 10.5%, 2020
|
|
ZAR
|
3,000,000
|
|
|
|
401,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,363,955
|
|
|
Thailand - 4.1%
|
|
|
|
|
|
|
|
|
|
Kingdom of Thailand, 3.625%, 2015
|
|
THB
|
6,655,000
|
|
|
$
|
220,619
|
|
|
Kingdom of Thailand, 3.45%, 2019
|
|
THB
|
4,600,000
|
|
|
|
152,063
|
|
|
Kingdom of Thailand, 3.875%, 2019
|
|
THB
|
6,695,000
|
|
|
|
227,712
|
|
|
Kingdom of Thailand, 3.65%, 2021
|
|
THB
|
13,163,000
|
|
|
|
440,936
|
|
|
Kingdom of Thailand, 4.75%, 2024
|
|
THB
|
7,603,000
|
|
|
|
277,510
|
|
|
Kingdom of Thailand, 4.875%, 2029
|
|
THB
|
2,856,000
|
|
|
|
106,239
|
|
|
Kingdom of Thailand, 3.775%, 2032
|
|
THB
|
2,503,000
|
|
|
|
80,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,506,018
|
|
|
Turkey - 10.8%
|
|
|
|
|
|
|
|
|
|
Republic of Turkey, 11%, 2014
|
|
TRY
|
240,000
|
|
|
$
|
142,527
|
|
|
Republic of Turkey, 10%, 2015
|
|
TRY
|
490,000
|
|
|
|
292,497
|
|
|
Republic of Turkey, 9%, 2016
|
|
TRY
|
2,375,000
|
|
|
|
1,391,213
|
|
|
Republic of Turkey, 10.5%, 2020
|
|
TRY
|
878,000
|
|
|
|
562,802
|
|
|
Republic of Turkey, 9.5%, 2022
|
|
TRY
|
2,008,000
|
|
|
|
1,226,644
|
|
|
Republic of Turkey, 3%, 2022
|
|
TRY
|
298,228
|
|
|
|
184,011
|
|
|
Turkiye Vakiflar Bankasi, 6%, 2022 (z)
|
|
$
|
200,000
|
|
|
|
200,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,000,027
|
|
|
Venezuela - 0.5%
|
|
|
|
|
|
|
|
|
|
Republic of Venezuela, 12.75%, 2022
|
|
$
|
170,000
|
|
|
$
|
182,325
|
|
|
Republic of Venezuela, 9.25%, 2027
|
|
|
19,000
|
|
|
|
17,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
199,473
|
|
|
Total Bonds
|
|
|
|
|
|
$
|
26,183,748
|
|
|
|
|
|
|
Money Market Funds - 27.6%
|
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.16%, at Net Asset Value (v)
|
|
|
10,238,294
|
|
|
$
|
10,238,294
|
|
|
Total Investments
|
|
|
|
|
|
$
|
36,422,042
|
|
|
|
|
|
|
Other Assets, Less Liabilities - 1.9%
|
|
|
|
|
|
|
719,151
|
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
37,141,193
|
|
|
(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 $1,343,745 representing 3.6% of net assets.
|
|
(v)
|
Underlying affiliated fund 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.
|
3
Portfolio of Investments (unaudited) – continued
|
(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
|
|
|
Credit Suisse (Russian Federation, CLN), 7.35%, 2016
|
|
1/27/12
|
|
|
$329,538
|
|
|
|
$323,062
|
|
|
Credit Suisse First Boston (Russian Federation, CLN), 7.4%, 2017
|
|
6/29/12
|
|
|
968,373
|
|
|
|
1,037,370
|
|
|
First Quantum Minerals Ltd., 7.25%, 2019
|
|
10/22/12
|
|
|
207,483
|
|
|
|
204,000
|
|
|
Turkiye Vakiflar Bankasi, 6%, 2022
|
|
10/24/12
|
|
|
200,000
|
|
|
|
200,333
|
|
|
Total Restricted Securities
|
|
|
|
|
|
|
|
|
$1,764,765
|
|
|
% of Net assets
|
|
|
|
|
|
|
|
|
4.8%
|
|
The following abbreviations are used in this report and are defined:
|
|
|
|
|
BUBOR
|
|
Budapest Interbank Offered Rate
|
|
CDI
|
|
Interbank Deposit Certificates
|
|
CLN
|
|
Credit-Linked Note
|
|
FRN
|
|
Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
|
|
KLIBOR
|
|
Kuala Lumpur Interbank Offered Rate
|
|
THBFIX
|
|
Thai Baht Floating Rate Fixed
|
|
TIIE
|
|
Interbank Equilibrium Interest Rate
|
|
WIBOR
|
|
Warsaw Interbank Offered Rate
|
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless
otherwise indicated. A list of abbreviations is shown below:
|
|
|
|
|
BRL
|
|
Brazilian Real
|
|
CLP
|
|
Chilean Peso
|
|
COP
|
|
Colombian Peso
|
|
CZK
|
|
Czech Koruna
|
|
HUF
|
|
Hungarian Forint
|
|
IDR
|
|
Indonesian Rupiah
|
|
MXN
|
|
Mexican Peso
|
|
MYR
|
|
Malaysian Ringgit
|
|
NGN
|
|
Nigerian Naira
|
|
PEN
|
|
Peruvian Nuevo Sol
|
|
PLN
|
|
Polish Zloty
|
|
RUB
|
|
Russian Ruble
|
|
THB
|
|
Thailand Baht
|
|
TRY
|
|
Turkish Lira
|
|
ZAR
|
|
South African Rand
|
Derivative Contracts at 10/31/12
Forward Foreign Currency Exchange Contracts at 10/31/12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
BRL
|
|
|
Citibank N.A.
|
|
331,000
|
|
12/04/12
|
|
$
|
162,039
|
|
|
$
|
162,314
|
|
|
$
|
275
|
|
|
BUY
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
1,291,000
|
|
11/05/12-12/04/12
|
|
|
631,237
|
|
|
|
634,277
|
|
|
|
3,040
|
|
|
BUY
|
|
|
BRL
|
|
|
Goldman Sachs International
|
|
411,000
|
|
12/04/12
|
|
|
200,253
|
|
|
|
201,548
|
|
|
|
1,295
|
|
|
BUY
|
|
|
BRL
|
|
|
JPMorgan Chase Bank N.A.
|
|
336,000
|
|
12/04/12
|
|
|
164,585
|
|
|
|
164,769
|
|
|
|
184
|
|
|
BUY
|
|
|
BRL
|
|
|
UBS AG
|
|
7,196,227
|
|
12/04/12-2/04/13
|
|
|
3,506,730
|
|
|
|
3,526,445
|
|
|
|
19,715
|
|
|
BUY
|
|
|
BRL
|
|
|
UBS AG
|
|
604,000
|
|
11/05/12
|
|
|
297,347
|
|
|
|
297,383
|
|
|
|
37
|
|
|
SELL
|
|
|
BRL
|
|
|
UBS AG
|
|
604,000
|
|
11/05/12
|
|
|
297,390
|
|
|
|
297,383
|
|
|
|
7
|
|
|
SELL
|
|
|
CLP
|
|
|
Barclays Bank PLC
|
|
89,489,000
|
|
11/30/12
|
|
|
188,497
|
|
|
|
185,343
|
|
|
|
3,154
|
|
4
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts at 10/31/12 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
COP
|
|
|
JPMorgan Chase Bank N.A.
|
|
843,081,000
|
|
11/02/12-11/30/12
|
|
$
|
457,058
|
|
|
$
|
459,368
|
|
|
$
|
2,310
|
|
|
SELL
|
|
|
COP
|
|
|
Citibank N.A.
|
|
283,254,000
|
|
11/02/12
|
|
|
155,154
|
|
|
|
154,634
|
|
|
|
520
|
|
|
SELL
|
|
|
COP
|
|
|
JPMorgan Chase Bank N.A.
|
|
330,144,000
|
|
11/16/12
|
|
|
182,551
|
|
|
|
179,922
|
|
|
|
2,629
|
|
|
SELL
|
|
|
COP
|
|
|
UBS AG
|
|
266,136,000
|
|
11/02/12
|
|
|
145,330
|
|
|
|
145,289
|
|
|
|
41
|
|
|
SELL
|
|
|
CZK
|
|
|
Goldman Sachs International
|
|
440,461
|
|
1/11/13
|
|
|
23,110
|
|
|
|
22,763
|
|
|
|
347
|
|
|
BUY
|
|
|
IDR
|
|
|
JPMorgan Chase Bank N.A.
|
|
3,593,791,912
|
|
12/13/12
|
|
|
371,912
|
|
|
|
372,208
|
|
|
|
296
|
|
|
SELL
|
|
|
IDR
|
|
|
JPMorgan Chase Bank N.A.
|
|
2,604,172,000
|
|
12/13/12
|
|
|
269,862
|
|
|
|
269,713
|
|
|
|
149
|
|
|
BUY
|
|
|
INR
|
|
|
Citibank N.A.
|
|
4,146,000
|
|
11/21/12
|
|
|
76,370
|
|
|
|
76,777
|
|
|
|
407
|
|
|
SELL
|
|
|
MXN
|
|
|
Citibank N.A.
|
|
633,000
|
|
12/10/12
|
|
|
49,314
|
|
|
|
48,172
|
|
|
|
1,142
|
|
|
SELL
|
|
|
MXN
|
|
|
Deutsche Bank AG
|
|
2,651,000
|
|
11/20/12
|
|
|
204,343
|
|
|
|
202,150
|
|
|
|
2,193
|
|
|
SELL
|
|
|
MXN
|
|
|
JPMorgan Chase Bank N.A.
|
|
8,528,000
|
|
12/10/12-1/11/13
|
|
|
652,382
|
|
|
|
648,147
|
|
|
|
4,235
|
|
|
BUY
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
1,967,000
|
|
11/06/12-12/18/12
|
|
|
640,220
|
|
|
|
644,351
|
|
|
|
4,131
|
|
|
BUY
|
|
|
MYR
|
|
|
Credit Suisse Group
|
|
264,000
|
|
11/06/12
|
|
|
85,998
|
|
|
|
86,645
|
|
|
|
647
|
|
|
BUY
|
|
|
MYR
|
|
|
Deutsche Bank AG
|
|
2,013,466
|
|
11/06/12
|
|
|
645,942
|
|
|
|
660,818
|
|
|
|
14,876
|
|
|
BUY
|
|
|
MYR
|
|
|
HSBC BANKUSA
|
|
300,000
|
|
11/06/12
|
|
|
96,200
|
|
|
|
98,460
|
|
|
|
2,260
|
|
|
BUY
|
|
|
MYR
|
|
|
JPMorgan Chase Bank N.A.
|
|
2,512,015
|
|
11/06/12
|
|
|
807,899
|
|
|
|
824,442
|
|
|
|
16,543
|
|
|
BUY
|
|
|
NGN
|
|
|
JPMorgan Chase Bank N.A.
|
|
15,843,000
|
|
1/02/13
|
|
|
97,555
|
|
|
|
99,143
|
|
|
|
1,588
|
|
|
SELL
|
|
|
PEN
|
|
|
Deutsche Bank AG
|
|
1,583,911
|
|
1/24/13
|
|
|
610,959
|
|
|
|
608,463
|
|
|
|
2,496
|
|
|
BUY
|
|
|
PHP
|
|
|
JPMorgan Chase Bank N.A.
|
|
7,554,000
|
|
11/13/12
|
|
|
182,332
|
|
|
|
183,355
|
|
|
|
1,023
|
|
|
BUY
|
|
|
PLN
|
|
|
Barclays Bank PLC
|
|
221,000
|
|
11/23/12
|
|
|
68,401
|
|
|
|
69,071
|
|
|
|
670
|
|
|
BUY
|
|
|
PLN
|
|
|
Citibank N.A.
|
|
296,878
|
|
11/23/12
|
|
|
92,103
|
|
|
|
92,786
|
|
|
|
683
|
|
|
BUY
|
|
|
PLN
|
|
|
Deutsche Bank AG
|
|
6,425,408
|
|
11/23/12
|
|
|
1,932,836
|
|
|
|
2,008,185
|
|
|
|
75,349
|
|
|
BUY
|
|
|
PLN
|
|
|
UBS AG
|
|
85,000
|
|
11/23/12
|
|
|
26,493
|
|
|
|
26,566
|
|
|
|
73
|
|
|
SELL
|
|
|
PLN
|
|
|
Citibank N.A.
|
|
747,350
|
|
11/23/12
|
|
|
235,851
|
|
|
|
233,575
|
|
|
|
2,276
|
|
|
SELL
|
|
|
PLN
|
|
|
JPMorgan Chase Bank N.A.
|
|
1,448,919
|
|
11/23/12
|
|
|
455,551
|
|
|
|
452,842
|
|
|
|
2,709
|
|
|
BUY
|
|
|
RUB
|
|
|
Barclays Bank PLC
|
|
11,882,000
|
|
11/06/12-1/28/13
|
|
|
371,528
|
|
|
|
376,652
|
|
|
|
5,124
|
|
|
BUY
|
|
|
RUB
|
|
|
Citibank N.A.
|
|
2,367,000
|
|
11/06/12
|
|
|
75,125
|
|
|
|
75,414
|
|
|
|
289
|
|
|
BUY
|
|
|
RUB
|
|
|
JPMorgan Chase Bank N.A.
|
|
28,074,212
|
|
12/13/12-1/28/13
|
|
|
881,269
|
|
|
|
882,831
|
|
|
|
1,562
|
|
|
BUY
|
|
|
RUB
|
|
|
UBS AG
|
|
5,716,000
|
|
12/13/12-1/28/13
|
|
|
178,623
|
|
|
|
179,980
|
|
|
|
1,357
|
|
|
SELL
|
|
|
RUB
|
|
|
JPMorgan Chase Bank N.A.
|
|
229,000
|
|
11/06/12
|
|
|
7,340
|
|
|
|
7,296
|
|
|
|
44
|
|
|
BUY
|
|
|
THB
|
|
|
JPMorgan Chase Bank N.A.
|
|
33,840,366
|
|
11/30/12-1/11/13
|
|
|
1,091,861
|
|
|
|
1,099,708
|
|
|
|
7,847
|
|
|
BUY
|
|
|
THB
|
|
|
Merrill Lynch International Bank
|
|
1,608,030
|
|
11/30/12
|
|
|
51,667
|
|
|
|
52,292
|
|
|
|
625
|
|
|
BUY
|
|
|
TRY
|
|
|
Barclays Bank PLC
|
|
586,000
|
|
1/11/13
|
|
|
322,307
|
|
|
|
323,922
|
|
|
|
1,615
|
|
|
BUY
|
|
|
TRY
|
|
|
Citibank N.A.
|
|
50,000
|
|
1/11/13
|
|
|
27,491
|
|
|
|
27,638
|
|
|
|
147
|
|
|
BUY
|
|
|
TRY
|
|
|
JPMorgan Chase Bank N.A.
|
|
536,458
|
|
1/11/13
|
|
|
290,810
|
|
|
|
296,537
|
|
|
|
5,727
|
|
|
BUY
|
|
|
ZAR
|
|
|
Citibank N.A.
|
|
3,801,416
|
|
1/11/13
|
|
|
423,113
|
|
|
|
433,826
|
|
|
|
10,713
|
|
|
BUY
|
|
|
ZAR
|
|
|
Deutsche Bank AG
|
|
3,472,843
|
|
1/11/13
|
|
|
390,536
|
|
|
|
396,329
|
|
|
|
5,793
|
|
|
BUY
|
|
|
ZAR
|
|
|
Goldman Sachs International
|
|
1,283,529
|
|
11/30/12
|
|
|
146,473
|
|
|
|
147,438
|
|
|
|
965
|
|
|
SELL
|
|
|
ZAR
|
|
|
Barclays Bank PLC
|
|
9,665,415
|
|
11/30/12
|
|
|
1,141,428
|
|
|
|
1,110,258
|
|
|
|
31,170
|
|
|
SELL
|
|
|
ZAR
|
|
|
JPMorgan Chase Bank N.A.
|
|
2,989,000
|
|
11/30/12
|
|
|
350,793
|
|
|
|
343,344
|
|
|
|
7,449
|
|
|
SELL
|
|
|
PHP
|
|
|
Barclays Bank PLC
|
|
1,000
|
|
11/13/12
|
|
|
24
|
|
|
|
24
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
247,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
393,000
|
|
12/04/12
|
|
$
|
193,026
|
|
|
$
|
192,721
|
|
|
$
|
(305
|
)
|
|
SELL
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
604,000
|
|
11/05/12
|
|
|
297,347
|
|
|
|
297,383
|
|
|
|
(37
|
)
|
|
BUY
|
|
|
BRL
|
|
|
Goldman Sachs International
|
|
287,000
|
|
12/04/12
|
|
|
140,963
|
|
|
|
140,740
|
|
|
|
(223
|
)
|
|
BUY
|
|
|
BRL
|
|
|
JPMorgan Chase Bank N.A.
|
|
302,000
|
|
12/04/12
|
|
|
148,294
|
|
|
|
148,096
|
|
|
|
(198
|
)
|
|
BUY
|
|
|
COP
|
|
|
Citibank N.A.
|
|
627,191,000
|
|
11/02/12-11/16/12
|
|
|
345,766
|
|
|
|
342,074
|
|
|
|
(3,692
|
)
|
|
BUY
|
|
|
COP
|
|
|
JPMorgan Chase Bank N.A.
|
|
779,961,000
|
|
11/02/12-12/03/12
|
|
|
426,219
|
|
|
|
424,524
|
|
|
|
(1,695
|
)
|
|
BUY
|
|
|
COP
|
|
|
UBS AG
|
|
789,790,000
|
|
11/02/12-11/30/12
|
|
|
433,087
|
|
|
|
430,180
|
|
|
|
(2,907
|
)
|
|
SELL
|
|
|
COP
|
|
|
JPMorgan Chase Bank N.A.
|
|
473,030,000
|
|
11/02/12
|
|
|
257,923
|
|
|
|
258,237
|
|
|
|
(314
|
)
|
5
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts at 10/31/12 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Liability Derivatives – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
HUF
|
|
|
Barclays Bank PLC
|
|
110,726,493
|
|
1/25/13
|
|
$
|
503,387
|
|
|
$
|
501,524
|
|
|
$
|
(1,863
|
)
|
|
SELL
|
|
|
HUF
|
|
|
Barclays Bank PLC
|
|
92,323,000
|
|
1/25/13
|
|
|
415,403
|
|
|
|
418,167
|
|
|
|
(2,764
|
)
|
|
SELL
|
|
|
IDR
|
|
|
JPMorgan Chase Bank N.A.
|
|
1,591,407,000
|
|
12/13/12
|
|
|
164,241
|
|
|
|
164,822
|
|
|
|
(581
|
)
|
|
BUY
|
|
|
INR
|
|
|
Barclays Bank PLC
|
|
4,726,000
|
|
1/25/13
|
|
|
87,099
|
|
|
|
86,526
|
|
|
|
(573
|
)
|
|
BUY
|
|
|
INR
|
|
|
Credit Suisse Group
|
|
269,000
|
|
11/21/12
|
|
|
5,052
|
|
|
|
4,981
|
|
|
|
(71
|
)
|
|
BUY
|
|
|
INR
|
|
|
Deutsche Bank AG
|
|
6,959,000
|
|
11/21/12
|
|
|
130,875
|
|
|
|
128,870
|
|
|
|
(2,005
|
)
|
|
BUY
|
|
|
INR
|
|
|
JPMorgan Chase Bank N.A.
|
|
33,625,000
|
|
11/21/12-1/25/13
|
|
|
627,522
|
|
|
|
617,790
|
|
|
|
(9,732
|
)
|
|
BUY
|
|
|
KRW
|
|
|
Barclays Bank PLC
|
|
97,871,000
|
|
12/03/12
|
|
|
89,625
|
|
|
|
89,584
|
|
|
|
(41
|
)
|
|
BUY
|
|
|
KRW
|
|
|
JPMorgan Chase Bank N.A.
|
|
104,386,000
|
|
12/03/12
|
|
|
95,601
|
|
|
|
95,548
|
|
|
|
(53
|
)
|
|
BUY
|
|
|
MXN
|
|
|
Citibank N.A.
|
|
14,894,310
|
|
1/14/13
|
|
|
1,147,332
|
|
|
|
1,129,568
|
|
|
|
(17,764
|
)
|
|
BUY
|
|
|
MXN
|
|
|
Deutsche Bank AG
|
|
4,504,597
|
|
11/20/12-12/10/12
|
|
|
347,308
|
|
|
|
343,421
|
|
|
|
(3,887
|
)
|
|
BUY
|
|
|
MXN
|
|
|
JPMorgan Chase Bank N.A.
|
|
2,677,542
|
|
12/10/12-12/11/12
|
|
|
208,073
|
|
|
|
203,749
|
|
|
|
(4,324
|
)
|
|
BUY
|
|
|
MXN
|
|
|
UBS AG
|
|
16,116,255
|
|
12/11/12-1/14/13
|
|
|
1,241,833
|
|
|
|
1,222,798
|
|
|
|
(19,035
|
)
|
|
SELL
|
|
|
MXN
|
|
|
UBS AG
|
|
3,634,000
|
|
12/11/12
|
|
|
276,318
|
|
|
|
276,526
|
|
|
|
(208
|
)
|
|
SELL
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
435,000
|
|
11/06/12
|
|
|
142,506
|
|
|
|
142,767
|
|
|
|
(261
|
)
|
|
SELL
|
|
|
MYR
|
|
|
JPMorgan Chase Bank N.A.
|
|
1,608,216
|
|
11/06/12
|
|
|
525,933
|
|
|
|
527,815
|
|
|
|
(1,882
|
)
|
|
SELL
|
|
|
PLN
|
|
|
JPMorgan Chase Bank N.A.
|
|
2,195,528
|
|
11/23/12
|
|
|
658,700
|
|
|
|
686,186
|
|
|
|
(27,486
|
)
|
|
BUY
|
|
|
RUB
|
|
|
Barclays Bank PLC
|
|
5,103,000
|
|
12/13/12-12/14/12
|
|
|
161,729
|
|
|
|
161,529
|
|
|
|
(200
|
)
|
|
BUY
|
|
|
RUB
|
|
|
JPMorgan Chase Bank N.A.
|
|
26,520,000
|
|
11/06/12-12/14/12
|
|
|
846,258
|
|
|
|
840,171
|
|
|
|
(6,087
|
)
|
|
BUY
|
|
|
RUB
|
|
|
UBS AG
|
|
790,000
|
|
12/14/12
|
|
|
25,147
|
|
|
|
25,002
|
|
|
|
(145
|
)
|
|
SELL
|
|
|
TRY
|
|
|
Goldman Sachs International
|
|
60,000
|
|
1/11/13
|
|
|
32,821
|
|
|
|
33,166
|
|
|
|
(345
|
)
|
|
SELL
|
|
|
TRY
|
|
|
JPMorgan Chase Bank N.A.
|
|
442,873
|
|
1/11/13
|
|
|
243,153
|
|
|
|
244,807
|
|
|
|
(1,654
|
)
|
|
SELL
|
|
|
ZAR
|
|
|
Goldman Sachs International
|
|
73,000
|
|
11/30/12
|
|
|
8,232
|
|
|
|
8,385
|
|
|
|
(153
|
)
|
|
SELL
|
|
|
ZAR
|
|
|
JPMorgan Chase Bank N.A.
|
|
1,564,000
|
|
11/30/12
|
|
|
179,340
|
|
|
|
179,655
|
|
|
|
(315
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(110,800
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap Agreements at 10/31/12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Notional
Amount
|
|
|
Counterparty
|
|
Cash Flows to
Receive
|
|
Cash Flows to Pay
|
|
Fair Value
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
1/02/14
|
|
|
BRL
|
|
|
|
500,000
|
|
|
JPMorgan Chase Bank
|
|
8.03% (fixed rate)
|
|
CDI (floating rate)
|
|
|
$1,954
|
|
|
1/02/14
|
|
|
BRL
|
|
|
|
550,000
|
|
|
JPMorgan Chase Bank
|
|
10.41% (fixed rate)
|
|
CDI (floating rate)
|
|
|
10,997
|
|
|
1/02/14
|
|
|
BRL
|
|
|
|
600,000
|
|
|
JPMorgan Chase Bank
|
|
9.45% (fixed rate)
|
|
CDI (floating rate)
|
|
|
8,136
|
|
|
1/02/15
|
|
|
BRL
|
|
|
|
270,000
|
|
|
JPMorgan Chase Bank
|
|
8.70% (fixed rate)
|
|
CDI (floating rate)
|
|
|
2,585
|
|
|
1/02/15
|
|
|
BRL
|
|
|
|
600,000
|
|
|
JPMorgan Chase Bank
|
|
8.21% (fixed rate)
|
|
CDI (floating rate)
|
|
|
2,614
|
|
|
1/02/15
|
|
|
BRL
|
|
|
|
1,000,000
|
|
|
JPMorgan Chase Bank
|
|
8.36% (fixed rate)
|
|
CDI (floating rate)
|
|
|
5,741
|
|
|
10/27/16
|
|
|
PLN
|
|
|
|
917,000
|
|
|
JPMorgan Chase Bank
|
|
4.82% (fixed rate)
|
|
6-month WIBOR
|
|
|
12,352
|
|
|
10/19/16
|
|
|
MXN
|
|
|
|
1,100,000
|
|
|
JPMorgan Chase Bank
|
|
5.50% (fixed rate)
|
|
TIIE (floating rate)
|
|
|
567
|
|
|
10/19/16
|
|
|
MXN
|
|
|
|
3,400,000
|
|
|
JPMorgan Chase Bank
|
|
5.47% (fixed rate)
|
|
TIIE (floating rate)
|
|
|
1,464
|
|
|
10/28/16
|
|
|
THB
|
|
|
|
5,700,000
|
|
|
JPMorgan Chase Bank
|
|
3.2% (fixed rate)
|
|
6-month THBFIX
|
|
|
2,485
|
|
|
1/02/17
|
|
|
BRL
|
|
|
|
200,000
|
|
|
JPMorgan Chase Bank
|
|
9.24% (fixed rate)
|
|
CDI (floating rate)
|
|
|
2,878
|
|
|
1/02/17
|
|
|
BRL
|
|
|
|
300,000
|
|
|
JPMorgan Chase Bank
|
|
9.95% (fixed rate)
|
|
CDI (floating rate)
|
|
|
7,396
|
|
|
1/02/17
|
|
|
BRL
|
|
|
|
340,000
|
|
|
JPMorgan Chase Bank
|
|
10.325% (fixed rate)
|
|
CDI (floating rate)
|
|
|
10,258
|
|
|
1/02/17
|
|
|
BRL
|
|
|
|
800,000
|
|
|
JPMorgan Chase Bank
|
|
8.5982% (fixed rate)
|
|
CDI (floating rate)
|
|
|
3,320
|
|
|
3/26/17
|
|
|
PLN
|
|
|
|
500,000
|
|
|
JPMorgan Chase Bank
|
|
4.86% (fixed rate)
|
|
6-month WIBOR
|
|
|
7,945
|
|
|
1/04/21
|
|
|
BRL
|
|
|
|
650,000
|
|
|
JPMorgan Chase Bank
|
|
10.12% (fixed rate)
|
|
CDI (floating rate)
|
|
|
16,069
|
|
|
1/04/17
|
|
|
BRL
|
|
|
|
900,000
|
|
|
JPMorgan Chase Bank
|
|
9.14% (fixed rate)
|
|
CDI (floating rate)
|
|
|
11,472
|
|
|
5/02/17
|
|
|
PLN
|
|
|
|
1,000,000
|
|
|
JPMorgan Chase Bank
|
|
4.95% (fixed rate)
|
|
6-month WIBOR
|
|
|
9,962
|
|
|
1/02/17
|
|
|
BRL
|
|
|
|
1,800,000
|
|
|
JPMorgan Chase Bank
|
|
9.62% (fixed rate)
|
|
CDI (floating rate)
|
|
|
35,839
|
|
6
Portfolio of Investments (unaudited) – continued
Swap Agreements at 10/31/12 - continue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Notional
Amount
|
|
|
Counterparty
|
|
Cash Flows to
Receive
|
|
Cash Flows to Pay
|
|
Fair Value
|
|
|
Asset Derivatives – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
1/02/17
|
|
|
BRL
|
|
|
|
2,500,000
|
|
|
JPMorgan Chase Bank
|
|
10.455% (fixed rate)
|
|
CDI (floating rate)
|
|
|
$79,655
|
|
|
3/17/17
|
|
|
MXN
|
|
|
|
5,000,000
|
|
|
JPMorgan Chase Bank
|
|
5.75% (fixed rate)
|
|
TIIE (floating rate)
|
|
|
6,280
|
|
|
7/05/17
|
|
|
HUF
|
|
|
|
20,000,000
|
|
|
Barclays Bank PLC
|
|
6.56% (fixed rate)
|
|
6-month BUBOR
|
|
|
1,933
|
|
|
6/29/17
|
|
|
HUF
|
|
|
|
120,000,000
|
|
|
Deutsche Bank
|
|
6.45% (fixed rate)
|
|
6-month BUBOR
|
|
|
8,861
|
|
|
9/25/17
|
|
|
THB
|
|
|
|
5,000,000
|
|
|
JPMorgan Chase Bank
|
|
3.30% (fixed rate)
|
|
6-month THBFIX
|
|
|
1,897
|
|
|
9/25/17
|
|
|
HUF
|
|
|
|
30,000,000
|
|
|
JPMorgan Chase Bank
|
|
6.10% (fixed rate)
|
|
6-month BUBOR
|
|
|
341
|
|
|
10/03/17
|
|
|
THB
|
|
|
|
2,500,000
|
|
|
JPMorgan Chase Bank
|
|
3.27% (fixed rate)
|
|
6-month THBFIX
|
|
|
857
|
|
|
1/04/21
|
|
|
BRL
|
|
|
|
400,000
|
|
|
JPMorgan Chase Bank
|
|
9.43% (fixed rate)
|
|
CDI (floating rate)
|
|
|
4,770
|
|
|
1/04/21
|
|
|
BRL
|
|
|
|
500,000
|
|
|
JPMorgan Chase Bank
|
|
9.53% (fixed rate)
|
|
CDI (floating rate)
|
|
|
6,482
|
|
|
1/04/21
|
|
|
BRL
|
|
|
|
600,000
|
|
|
JPMorgan Chase Bank
|
|
9.03% (fixed rate)
|
|
CDI (floating rate)
|
|
|
2,207
|
|
|
1/04/21
|
|
|
BRL
|
|
|
|
1,500,000
|
|
|
JPMorgan Chase Bank
|
|
9.16% (fixed rate)
|
|
CDI (floating rate)
|
|
|
9,116
|
|
|
6/29/22
|
|
|
PLN
|
|
|
|
530,000
|
|
|
Deutsche Bank
|
|
4.74% (fixed rate)
|
|
6-month WIBOR
|
|
|
4,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$281,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
7/31/17
|
|
|
MYR
|
|
|
|
850,000
|
|
|
JPMorgan Chase Bank
|
|
3.075% (fixed rate)
|
|
3-month KLIBOR
|
|
|
$(2,386
|
)
|
|
8/07/17
|
|
|
MYR
|
|
|
|
300,000
|
|
|
JPMorgan Chase Bank
|
|
3.095% (fixed rate)
|
|
3-month KLIBOR
|
|
|
(756
|
)
|
|
8/17/17
|
|
|
MYR
|
|
|
|
500,000
|
|
|
JPMorgan Chase Bank
|
|
3.23% (fixed rate)
|
|
3-month KLIBOR
|
|
|
(218
|
)
|
|
8/21/17
|
|
|
THB
|
|
|
|
5,000,000
|
|
|
JPMorgan Chase Bank
|
|
3.03% (fixed rate)
|
|
6-month THBFIX
|
|
|
(157
|
)
|
|
9/25/17
|
|
|
MXN
|
|
|
|
1,000,000
|
|
|
JPMorgan Chase Bank
|
|
5.26% (fixed rate)
|
|
TIIE (floating rate)
|
|
|
(488
|
)
|
|
10/02/22
|
|
|
PLN
|
|
|
|
500,000
|
|
|
JPMorgan Chase Bank
|
|
4.36% (fixed rate)
|
|
6-month WIBOR
|
|
|
(267
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(4,272
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At October 31, 2012, the fund had cash collateral of $2,118 to cover any commitments 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.
7
Supplemental Information
10/31/12 (unaudited)
(1) Investment Valuations
Debt instruments and floating rate loans (other than short-term instruments), 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 generally are valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked
prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service. Open-end investment companies are
generally valued at net asset value per share. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid
quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign
securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair
valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by
the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and
floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an
investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s
net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing
services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and
trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source
and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund
could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into
different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the
significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own
assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as forward foreign currency exchange contracts, and swap agreements. The following is a summary
of the levels used as of October 31, 2012 in valuing the fund’s assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Non-U.S. Sovereign Debt
|
|
|
$—
|
|
|
|
$22,299,653
|
|
|
|
$—
|
|
|
|
$22,299,653
|
|
|
Foreign Bonds
|
|
|
—
|
|
|
|
3,884,095
|
|
|
|
—
|
|
|
|
3,884,095
|
|
|
Mutual Funds
|
|
|
10,238,294
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,238,294
|
|
|
Total Investments
|
|
|
$10,238,294
|
|
|
|
$26,183,748
|
|
|
|
$—
|
|
|
|
$36,422,042
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap Agreements
|
|
|
$—
|
|
|
|
$276,921
|
|
|
|
$—
|
|
|
|
$276,921
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
|
—
|
|
|
|
136,927
|
|
|
|
—
|
|
|
|
136,927
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
|
$35,996,510
|
|
|
Gross unrealized appreciation
|
|
|
737,828
|
|
|
Gross unrealized depreciation
|
|
|
(312,296
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
$425,532
|
|
8
Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be an affiliated issuer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
7,768,366
|
|
|
|
8,851,445
|
|
|
|
(6,381,517
|
)
|
|
|
10,238,294
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending Value
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$4,325
|
|
|
|
$10,238,294
|
|
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of October 31, 2012, are as follows:
|
|
|
|
|
|
|
Brazil
|
|
|
13.6%
|
|
|
Turkey
|
|
|
11.0%
|
|
|
Poland
|
|
|
9.5%
|
|
|
South Africa
|
|
|
9.3%
|
|
|
Mexico
|
|
|
9.0%
|
|
|
Russia
|
|
|
8.6%
|
|
|
Malaysia
|
|
|
7.1%
|
|
|
Indonesia
|
|
|
7.0%
|
|
|
Hungary
|
|
|
6.7%
|
|
|
Other Countries
|
|
|
18.2%
|
|
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative
holdings, if applicable.
9
|
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
|
(a)
|
Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures
provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s
rules and forms.
|
|
(b)
|
There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
File as exhibits as part of
this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this
instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but
are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: MFS SERIES TRUST X
|
|
|
|
|
By (Signature and Title)*
|
|
JOHN M. CORCORAN
|
|
|
|
John M. Corcoran, President
|
Date: December 14, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
|
|
|
|
|
By (Signature and Title)*
|
|
JOHN M. CORCORAN
|
|
|
|
John M. Corcoran, President (Principal Executive Officer)
|
Date: December 14, 2012
|
|
|
|
|
By (Signature and Title)*
|
|
DAVID L. DILORENZO
|
|
|
|
David L. DiLorenzo, Treasurer
(Principal Financial Officer
and Accounting Officer)
|
Date: December 14, 2012
|
*
|
Print name and title of each signing officer under his or her signature.
|
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