# EDGAR Filing Document

**Accession Number:** 0000783740
**File Stem:** 0001683863-23-002526
**Filing Date:** 2023-3
**Character Count:** 275502
**Document Hash:** 88e14f193a5281d8a6895cc8a779a24b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-002526.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001683863-23-002526

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**EFFECTIVENESS DATE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST X
- **CENTRAL INDEX KEY:** 0000783740
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04492
- **FILM NUMBER:** 23754944

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT MORTGAGE FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT INCOME PLUS FUND
- **DATE OF NAME CHANGE:** 19930312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS MFS GOVERNMENT INCOME PLUS FUND
- **DATE OF NAME CHANGE:** 19921015

## Series and Classes Contracts Data

### MFS Emerging Markets Debt Fund (Series ID: S000002511)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006900 | A            | MEDAX           |
| C000006901 | B            | MEDBX           |
| C000006902 | C            | MEDCX           |
| C000006903 | I            | MEDIX           |
| C000034483 | R6           | MEDHX           |
| C000074224 | R1           | MEDDX           |
| C000074225 | R2           | MEDEX           |
| C000074226 | R3           | MEDFX           |
| C000074227 | R4           | MEDGX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number 811-04492</u>

**MFS SERIES TRUST X**

(Exact name of registrant as specified in charter)

**<u>111 Huntington Avenue, Boston, Massachusetts 02199</u> (Address of principal executive offices) (Zip code)**

**Christopher R. Bohane**

**Massachusetts Financial Services Company**

**111Huntington Avenue <u>Boston, Massachusetts 02199</u>**

**(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: January 31, 2023

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

**ITEM 1. REPORTS TO STOCKHOLDERS.**

Item 1(a):

------

![](imgc4b633911.gif)

#### Semiannual Report
January 31, 2023

MFS<sup>®</sup> Emerging Markets

Debt Fund

![](imgaeecbc662.gif)

EMD-SEM

------

MFS<sup>®</sup> Emerging Markets

Debt Fund

CONTENTS

---

| | |
|:---|:---|
| [Letter from the Chair and CEO](#xx_ed20700e-f861-4028-b992-d7012d8bf1e9_1)<br>| 1 |
| [Portfolio composition](#xx_5e61a1f3-aaab-43c3-b3b1-97934332eacd_1)<br>| 2 |
| [Expense table](#xx_0e82ffed-f818-4b72-a056-4791337d64f9_1)<br>| 5 |
| [Portfolio of investments](#xx_05b17281-bfa6-4189-b7ce-acd65cdcf6ba_1)<br>| 7 |
| [Statement of assets and liabilities](#xx_bf2f64de-b486-4020-94bf-79f5ade1ea32_1)<br>| 30 |
| [Statement of operations](#xx_bf2f64de-b486-4020-94bf-79f5ade1ea32_3)<br>| 32 |
| [Statements of changes in net assets](#xx_bf2f64de-b486-4020-94bf-79f5ade1ea32_5)<br>| 34 |
| [Financial highlights](#xx_18205019-1e43-431b-94ac-cc5dc741a173_1)<br>| 35 |
| [Notes to financial statements](#xx_191ba140-4172-4f19-b6d7-02f907db666c_1)<br>| 41 |
| [Proxy voting policies and information](#xx_c94ee101-28e3-4d3f-92e0-fe2f6242f635_1)<br>| 58 |
| [Quarterly portfolio disclosure](#xx_c94ee101-28e3-4d3f-92e0-fe2f6242f635_1)<br>| 58 |
| [Further information](#xx_c94ee101-28e3-4d3f-92e0-fe2f6242f635_1)<br>| 58 |
| [Information about fund contracts and legal claims](#xx_c94ee101-28e3-4d3f-92e0-fe2f6242f635_1)<br>| 58 |
| [Provision of financial reports and summary prospectuses](#xx_c94ee101-28e3-4d3f-92e0-fe2f6242f635_1)<br>| 58 |

---

---

| | |
|:---|:---|
| [Contact information](#xx_9d0d4f41-fd5c-473e-b293-c9415ecc2946_2)<br>| back cover |

---

The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

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[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

### LETTER FROM THE CHAIR AND CEO
Dear Shareholders:

Markets — which rallied in late 2022 and early 2023 on signs of peaking inflation, hopes that monetary policy tightening cycles may be nearing an end, and a rapid reopening of China's economy — have recently run into turbulence. Inflation data suggest that price pressures will prove more persistent than expected, putting renewed upward pressure on interest rates. On a positive note, markets have largely adjusted to the challenges posed by Russia's invasion of Ukraine, thanks in part to mild European winter weather that has alleviated concerns over potential shortages of natural gas. Resilient labor markets in much of the developed world have further contributed to a brighter-than-expected economic backdrop. However, investors are mindful that the lagged effects of ongoing monetary policy tightening have yet to fully work their way through the global economy.

Tighter global financial conditions represent a headwind for richly valued growth equities and interest rate–sensitive parts of the economy, such as housing. Over the near term, we feel companies will face a challenging earnings backdrop as they are forced to absorb higher input and labor costs while pricing power dwindles. As for fixed income, the rise in interest rates has made bonds more attractive than they have been in years, which may provide balance for investors' portfolios.

During times of market transition, it is important to have a deep understanding of company fundamentals, and we have built our unique global research platform to do just that.

At MFS<sup>®</sup>, we put our clients' assets to work responsibly by carefully navigating increasingly complex global capital markets. Our investment team is guided by a commitment to long-term fundamental investing. Our global investment platform — combining collective expertise, long-term discipline, and thoughtful risk management — seeks to uncover what we believe are the best, most durable investment ideas in markets around the world, enabling us to potentially create value for investors.

Respectfully,

![](img64f7a2ce3.jpg)

#### Michael W. Roberge
Chair and Chief Executive Officer

MFS Investment Management

March 17, 2023

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

![](img5ec407a14.gif)

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio Composition

#### Portfolio structure (i)
![](imgb47f59235.jpg)

#### Fixed income sectors (i)

---

| | |
|:---|:---|
| Sovereign Emerging Markets | 43.8% |
| Emerging Markets Corporate Bonds | 24.4% |
| Other Government Entity-Emerging Markets Quasi Government | 20.9% |
| Government Securities Hedge (t) | &nbsp;&nbsp;3.3% |
| Developed Markets Corporate Bonds | &nbsp;&nbsp;2.5% |
| Sovereign Developed Markets | &nbsp;&nbsp;0.7% |
| Supranational | &nbsp;&nbsp;0.1% |

---

#### Portfolio facts
<u>Average Duration (d) </u> <u>6.8 </u> <br> <u>Average Effective Maturity (m) </u> <u>12.1 yrs. </u>

#### Composition including fixed income credit quality (a)(i)

---

| | |
|:---|:---|
| AA | &nbsp;&nbsp;2.8% |
| A | &nbsp;&nbsp;8.6% |
| BBB | 23.8% |
| BB | 32.7% |
| B | 18.5% |
| CCC | &nbsp;&nbsp;3.6% |
| CC | &nbsp;&nbsp;0.7% |
| C | &nbsp;&nbsp;0.3% |
| D | &nbsp;&nbsp;0.4% |
| U.S. Government | &nbsp;&nbsp;1.8% |
| Non-Fixed Income | &nbsp;&nbsp;0.1% |
| Not Rated | &nbsp;&nbsp;2.5% |
| Cash & Cash Equivalents | &nbsp;&nbsp;5.4% |
| Other | (1.2)% |

---

#### Non-U.S. issuer country weightings (i)(x)

---

| | |
|:---|:---|
| Mexico | &nbsp;&nbsp;8.5% |
| Indonesia | &nbsp;&nbsp;5.3% |
| India | &nbsp;&nbsp;5.0% |
| Chile | &nbsp;&nbsp;3.9% |
| Saudi Arabia | &nbsp;&nbsp;3.8% |
| Oman | &nbsp;&nbsp;3.6% |
| Dominican Republic | &nbsp;&nbsp;3.4% |
| United Arab Emirates | &nbsp;&nbsp;3.2% |
| Guatemala | &nbsp;&nbsp;2.8% |
| Other Countries | 50.7% |

---

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[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio Composition - continued

#### Non-U.S. currency exposure weightings (i)(y)

---

| | |
|:---|:---|
| Mexican Peso | &nbsp;&nbsp;0.7% |
| Thailand Baht | &nbsp;&nbsp;0.4% |
| Uruguay Peso | &nbsp;&nbsp;0.3% |
| Chilean Peso | &nbsp;&nbsp;0.3% |
| Malaysian Ringgit | &nbsp;&nbsp;0.2% |
| Brazilian Real | &nbsp;&nbsp;0.2% |
| Singapore Dollar | &nbsp;&nbsp;0.2% |
| Philippine Peso | &nbsp;&nbsp;0.1% |
| British Pound Sterling (o) | &nbsp;&nbsp;0.0% |
| Other Currencies | (1.5)% |

---

#### Emerging market local currency bond weights by country (i)

---

| | |
|:---|:---|
| Mexico | 0.4% |
| Uruguay | 0.3% |
| Brazil | 0.2% |

---

(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard &
Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies
rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4
rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA).
Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed income
securities and fixed income derivatives that have not been rated by any rating agency.

Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives), ETFs, and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(d) Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is
likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.

(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may
be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to
hold at a given point in time to have the same price sensitivity that results from the portfolio's ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more
representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.

(m) In determining each instrument's effective maturity for purposes of calculating the fund's dollar-weighted average effective maturity, MFS uses the instrument's
stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an
earlier date can be substantially shorter than the instrument's stated maturity.

(o) Less than 0.1%.

(t) For the purpose of managing the fund's duration (but not its credit exposure), the fund holds futures contracts and U.S. Treasury securities with a bond equivalent exposure of
3.3%.

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio Composition - continued

(x) Represents the portfolio's exposure to issuer countries as a percentage of the portfolio's net assets. United States issuer country exposure is 9.8% and includes Cash &
 Cash Equivalents and Other.

(y) Represents the portfolio's exposure to a particular currency as a percentage of the portfolio's net assets. United States Dollar currency exposure is 99.1% and includes
Cash & Cash Equivalents.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.

Percentages are based on net assets as of January 31, 2023.

The portfolio is actively managed and current holdings may be different.

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

### Expense Table

#### Fund expenses borne by the shareholders during the period, August 1, 2022 through January 31, 2023
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period August 1, 2022 through January 31, 2023.

#### Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Expense Table - continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Share<br> Class |  | Annualized<br> Expense<br> Ratio | Beginning<br> Account Value<br> 8/01/22 | Ending<br> Account Value<br> 1/31/23 | Expenses<br> Paid During<br> Period (p)<br> 8/01/22-1/31/23 |
| &nbsp;&nbsp;*A* | *Actual* | *1.06%* | *$1000.00* | *$1058.70* | *$5.50* |
| &nbsp;&nbsp;*A* | *Hypothetical (h)* | *1.06%* | *$1000.00* | *$1019.86* | *$5.40* |
| &nbsp;&nbsp;*B* | *Actual* | *1.82%* | *$1000.00* | *$1054.69* | *$9.43* |
| &nbsp;&nbsp;*B* | *Hypothetical (h)* | *1.82%* | *$1000.00* | *$1016.03* | *$9.25* |
| &nbsp;&nbsp;*C* | *Actual* | *1.82%* | *$1000.00* | *$1054.73* | *$9.43* |
| &nbsp;&nbsp;*C* | *Hypothetical (h)* | *1.82%* | *$1000.00* | *$1016.03* | *$9.25* |
| &nbsp;&nbsp;*I* | *Actual* | *0.81%* | *$1000.00* | *$1060.09* | *$4.21* |
| &nbsp;&nbsp;*I* | *Hypothetical (h)* | *0.81%* | *$1000.00* | *$1021.12* | *$4.13* |
| &nbsp;&nbsp;*R1* | *Actual* | *1.81%* | *$1000.00* | *$1054.69* | *$9.37* |
| &nbsp;&nbsp;*R1* | *Hypothetical (h)* | *1.81%* | *$1000.00* | *$1016.08* | *$9.20* |
| &nbsp;&nbsp;*R2* | *Actual* | *1.32%* | *$1000.00* | *$1057.35* | *$6.85* |
| &nbsp;&nbsp;*R2* | *Hypothetical (h)* | *1.32%* | *$1000.00* | *$1018.55* | *$6.72* |
| &nbsp;&nbsp;*R3* | *Actual* | *1.06%* | *$1000.00* | *$1058.71* | *$5.50* |
| &nbsp;&nbsp;*R3* | *Hypothetical (h)* | *1.06%* | *$1000.00* | *$1019.86* | *$5.40* |
| &nbsp;&nbsp;*R4* | *Actual* | *0.82%* | *$1000.00* | *$1060.05* | *$4.26* |
| &nbsp;&nbsp;*R4* | *Hypothetical (h)* | *0.82%* | *$1000.00* | *$1021.07* | *$4.18* |
| &nbsp;&nbsp;*R6* | *Actual* | *0.70%* | *$1000.00* | *$1060.67* | *$3.64* |
| &nbsp;&nbsp;*R6* | *Hypothetical (h)* | *0.70%* | *$1000.00* | *$1021.68* | *$3.57* |

---

(h) 5% class return per year before expenses.

(p) "Expenses Paid During Period" are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied
by 184/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.

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[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

### Portfolio of Investments
1/31/23 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – 93.5% | Bonds – 93.5% | Bonds – 93.5% |
| Angola – 1.9% | Angola – 1.9% | Angola – 1.9% |
| Republic of Angola, 8.75%, 4/14/2032 (n) | $&nbsp;&nbsp;26859000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24808852 |
| Republic of Angola, 9.375%, 5/08/2048 (n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445030 |
| Republic of Angola, 9.375%, 5/08/2048 | &nbsp;&nbsp;28916000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25736975 |
| Republic of Angola, 9.125%, 11/26/2049 (n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341871 |
| Republic of Angola, 9.125%, 11/26/2049 | &nbsp;&nbsp;92528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80901857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132234585 |
| Argentina – 1.8% | Argentina – 1.8% | Argentina – 1.8% |
| Province of Santa Fe, 7%, 3/23/2023 (n) | $&nbsp;&nbsp;&nbsp;2046000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1994850 |
| Province of Santa Fe, 7%, 3/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73125 |
| Republic of Argentina, 3.875%, 1/09/2038 | 167600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61566126 |
| Republic of Argentina, 3.5%, 7/09/2041 | 187739000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63874220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127508321 |
| Azerbaijan – 1.2% | Azerbaijan – 1.2% | Azerbaijan – 1.2% |
| Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 (n) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$548215 |
| Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 | &nbsp;&nbsp;46074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47478336 |
| State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030 | &nbsp;&nbsp;36039000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37708543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85735094 |
| Benin – 0.3% | Benin – 0.3% | Benin – 0.3% |
| Republic of Benin, 4.875%, 1/19/2032 | &nbsp;&nbsp;&nbsp;9102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7767765 |
| Republic of Benin, 4.875%, 1/19/2032 (n) | &nbsp;&nbsp;&nbsp;7911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751350 |
| Republic of Benin, 6.875%, 1/19/2052 (n) | &nbsp;&nbsp;&nbsp;4952000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899319 |
| Republic of Benin, 6.875%, 1/19/2052 | &nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20938187 |
| Bermuda – 0.7% | Bermuda – 0.7% | Bermuda – 0.7% |
| Government of Bermuda, 2.375%, 8/20/2030 (n) | $&nbsp;&nbsp;16826000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14386230 |
| Government of Bermuda, 2.375%, 8/20/2030 | &nbsp;&nbsp;&nbsp;8133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6953715 |
| Government of Bermuda, 5%, 7/15/2032 (n) | &nbsp;&nbsp;15892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15956091 |
| Government of Bermuda, 3.375%, 8/20/2050 (n) | &nbsp;&nbsp;15484000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11159679 |
| Government of Bermuda, 3.375%, 8/20/2050 | &nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49392655 |
| Brazil – 1.8% | Brazil – 1.8% | Brazil – 1.8% |
| Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 | $&nbsp;&nbsp;22101902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20803194 |
| Acu Petroleo Luxembourg S.à r.l., 7.5%, 1/13/2032 (n) | &nbsp;&nbsp;&nbsp;3955642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723209 |
| Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | &nbsp;&nbsp;17818000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17714656 |

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------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brazil – continued | Brazil – continued | Brazil – continued |
| Ero Copper Corp., 6.5%, 2/15/2030 (n) | $14609000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12441939 |
| Federative Republic of Brazil, 10%, 1/01/2025 | 44706000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8410777 |
| Federative Republic of Brazil, 10%, 1/01/2027 | 46884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8484870 |
| Hidrovias International Finance S.à r.l., 4.95%, 2/08/2031 | $19737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15152687 |
| MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n) | 11497428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10029049 |
| MV24 Capital B.V., 6.748%, 6/01/2034 | 17920550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17096204 |
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 14885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14103537 |
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 | &nbsp;&nbsp;1392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$129279042 |
| Bulgaria – 0.4% | Bulgaria – 0.4% | Bulgaria – 0.4% |
| Bulgarian Energy Holdings, 2.45%, 7/22/2028 | 23417000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20752179 |
| ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 (n) | &nbsp;&nbsp;6382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790117 |
| ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28628988 |
| Cameroon – 0.2% | Cameroon – 0.2% | Cameroon – 0.2% |
| Republic of Cameroon, 5.95%, 7/07/2032 | 16531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13688814 |
| Chile – 3.9% | Chile – 3.9% | Chile – 3.9% |
| AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n) | $&nbsp;&nbsp;2909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2749005 |
| AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 | 15419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14570955 |
| Agrosuper S.A., 4.6%, 1/20/2032 | &nbsp;&nbsp;4865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354175 |
| Agrosuper S.A., 4.6%, 1/20/2032 (n) | &nbsp;&nbsp;9107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150765 |
| Alfa Desarrollo S.p.A., 4.55%, 9/27/2051 (n) | 13782574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11052935 |
| Antofagasta PLC, 5.625%, 5/13/2032 (z) | 13544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13584654 |
| Banco del Estado de Chile, 2.704%, 1/09/2025 (n) | 11434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924577 |
| Banco del Estado de Chile, 2.704%, 1/09/2025 | 11598000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11081270 |
| Chile Electricity PEC S.p.A., 0%, 1/25/2028 | &nbsp;&nbsp;9915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404369 |
| Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 (n) | 17617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15238705 |
| Compania Cervecerias Unidas S.A., 3.35%, 1/19/2032 | &nbsp;&nbsp;6296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446040 |
| E.CL S.A., 4.5%, 1/29/2025 | 12732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12413700 |
| Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 | &nbsp;&nbsp;7960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7504935 |
| Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n) | &nbsp;&nbsp;4892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769700 |
| Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462500 |
| Empresa Nacional del Petroleo (Republic of Chile), 3.45%, 9/16/2031 (n) | 17839000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15209164 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Chile – continued | Chile – continued | Chile – continued |
| Empresa Nacional del Petroleo (Republic of Chile), 4.5%, 9/14/2047 | $15036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11810928 |
| ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n) | &nbsp;&nbsp;2031000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980225 |
| ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n) | 12882000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10788675 |
| ENGIE Energía Chile S.A., 3.4%, 1/28/2030 | &nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123750 |
| Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n) | 16053000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15422920 |
| Republic of Chile, 2.55%, 7/27/2033 | 18126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14761806 |
| Republic of Chile, 3.5%, 1/31/2034 | 14584000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12894239 |
| Republic of Chile, 4%, 1/31/2052 | 20620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16728943 |
| Republic of Chile, 3.25%, 9/21/2071 | 11703000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634456 |
| Transelec S.A., 4.625%, 7/26/2023 (n) | 10657000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10602223 |
| Transelec S.A., 3.875%, 1/12/2029 | &nbsp;&nbsp;5077000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670840 |
| VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 | 10286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7208069 |
| VTR Finance N.V., 6.375%, 7/15/2028 (n) | &nbsp;&nbsp;7102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927444 |
| VTR Finance N.V., 6.375%, 7/15/2028 | &nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$273780287 |
| China – 2.7% | China – 2.7% | China – 2.7% |
| AIA Group Ltd., 5.625%, 10/25/2027 (n) | $14262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14850601 |
| CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024 | 15094000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14781916 |
| China Southern Power Grid Co. Ltd., 3.5%, 5/08/2027 | 13925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13501674 |
| China Southern Power Grid Co. Ltd., 4.25%, 9/18/2028 | &nbsp;&nbsp;6151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121352 |
| Country Garden Holdings Co. Ltd., 2.7%, 7/12/2026 | &nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707295 |
| Country Garden Holdings Co. Ltd., 4.8%, 8/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595258 |
| Country Garden Holdings Co. Ltd., 3.875%, 10/22/2030 | &nbsp;&nbsp;3720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160270 |
| Country Garden Holdings Co. Ltd., 3.3%, 1/12/2031 | &nbsp;&nbsp;3009000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744396 |
| ENN Clean Energy International Investment Ltd., 3.375%, 5/12/2026 (n) | 11535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10505996 |
| Huarong Finance 2017 Co. Ltd. (People's Republic of China), 4.75%, 4/27/2027 | 11602000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10470805 |
| Huarong Finance 2019 Co. Ltd. (People's Republic of China), 3.25%, 11/13/2024 | 12054000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11313558 |
| Meituan, 2.125%, 10/28/2025 (n) | &nbsp;&nbsp;8941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8127002 |
| Meituan, 2.125%, 10/28/2025 | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454189 |
| Meituan, 3.05%, 10/28/2030 (n) | 17044000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13870267 |
| Meituan, 3.05%, 10/28/2030 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441375 |
| Prosus N.V., 3.061%, 7/13/2031 (n) | 14659000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11733389 |
| Prosus N.V., 4.193%, 1/19/2032 (n) | &nbsp;&nbsp;8286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122780 |
| Prosus N.V., 4.027%, 8/03/2050 (n) | &nbsp;&nbsp;8825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965223 |
| Prosus N.V., 4.027%, 8/03/2050 | &nbsp;&nbsp;2989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020402 |
| State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 (n) | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205741 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| China – continued | China – continued | China – continued |
| State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 | $29199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28336912 |
| Sunac China Holdings Ltd., 7.95%, 10/11/2023 (a)(d) | &nbsp;&nbsp;2854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815671 |
| Sunac China Holdings Ltd., 7.5%, 2/01/2024 (a) | 15115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288895 |
| Sunac China Holdings Ltd., 6.5%, 1/10/2025 (a) | &nbsp;&nbsp;7626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163480 |
| Times China Holdings Ltd., 6.75%, 7/08/2025 (a) | &nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770377 |
| Times China Holdings Ltd., 6.2%, 3/22/2026 (a) | &nbsp;&nbsp;9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877982 |
| Weibo Corp., 3.375%, 7/08/2030 | 10420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8705122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$189651928 |
| Colombia – 1.4% | Colombia – 1.4% | Colombia – 1.4% |
| Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n) | $&nbsp;&nbsp;9110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7122482 |
| Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 (n) | &nbsp;&nbsp;1917000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518028 |
| Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138068 |
| EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n) | 18491000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13202157 |
| EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713977 |
| Republic of Colombia, 3.125%, 4/15/2031 | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821894 |
| Republic of Colombia, 8%, 4/20/2033 | 18861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19315410 |
| Republic of Colombia, 5.2%, 5/15/2049 | 20753000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600573 |
| Sierracol Energy Andina LLC, 6%, 6/15/2028 (n) | 14693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12121423 |
| TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n) | 15374450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14490419 |
| TermoCandelaria Power Ltd., 7.875%, 1/30/2029 | &nbsp;&nbsp;4030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98842706 |
| Costa Rica – 0.6% | Costa Rica – 0.6% | Costa Rica – 0.6% |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 1/15/2031 (n) | $&nbsp;&nbsp;9185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8969152 |
| Republic of Costa Rica, 7%, 4/04/2044 | 16693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16192210 |
| Republic of Costa Rica, 7.158%, 3/12/2045 | 14664000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14389050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39550412 |
| Cote d'Ivoire – 1.0% | Cote d'Ivoire – 1.0% | Cote d'Ivoire – 1.0% |
| Republic of Cote d'Ivoire, 5.25%, 3/22/2030 | 15882000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14569153 |
| Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n) | 23363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19879870 |
| Republic of Cote d'Ivoire, 4.875%, 1/30/2032 | &nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445840 |
| Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n) | 14557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079843 |
| Republic of Cote d'Ivoire, 6.875%, 10/17/2040 | 18154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15064744 |
| Republic of Cote d'Ivoire, 6.625%, 3/22/2048 (n) | &nbsp;&nbsp;6440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047130 |
| Republic of Cote d'Ivoire, 6.625%, 3/22/2048 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73810755 |
| Czech Republic – 0.2% | Czech Republic – 0.2% | Czech Republic – 0.2% |
| PPF Telecom Group B.V., 3.25%, 9/29/2027 | 16215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16128904 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Dominican Republic – 3.4% | Dominican Republic – 3.4% | Dominican Republic – 3.4% |
| Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 | $20083000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20083000 |
| Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n) | &nbsp;&nbsp;5499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499000 |
| Dominican Republic, 5.5%, 2/22/2029 (n) | 19927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18744690 |
| Dominican Republic, 4.5%, 1/30/2030 (n) | &nbsp;&nbsp;7778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746346 |
| Dominican Republic, 4.5%, 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520418 |
| Dominican Republic, 7.05%, 2/03/2031 (n)(w) | 12994000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12994000 |
| Dominican Republic, 4.875%, 9/23/2032 (n) | 27609000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23503195 |
| Dominican Republic, 4.875%, 9/23/2032 | 30042000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25574377 |
| Dominican Republic, 6%, 2/22/2033 (n) | 25333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23364421 |
| Dominican Republic, 5.3%, 1/21/2041 (n) | &nbsp;&nbsp;7065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654405 |
| Dominican Republic, 5.3%, 1/21/2041 | 12400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9924222 |
| Dominican Republic, 6.5%, 2/15/2048 | &nbsp;&nbsp;8790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7580606 |
| Dominican Republic, 6.4%, 6/05/2049 | &nbsp;&nbsp;5782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916521 |
| Dominican Republic, 5.875%, 1/30/2060 (n) | &nbsp;&nbsp;&nbsp;&nbsp;896000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688237 |
| Dominican Republic, 5.875%, 1/30/2060 | 71103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54615791 |
| Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 (n) | &nbsp;&nbsp;8563000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7732988 |
| Empresa Generadora de Electricidad Haina S.A., 5.625%, 11/08/2028 | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10114384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$238256601 |
| Ecuador – 1.2% | Ecuador – 1.2% | Ecuador – 1.2% |
| Republic of Ecuador, 2.5%, 7/31/2035 | $93740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45616318 |
| Republic of Ecuador, 1.5%, 7/31/2040 (n) | &nbsp;&nbsp;3286161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379232 |
| Republic of Ecuador, 1.5%, 7/31/2040 | 87781000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36842491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83838041 |
| Egypt – 2.2% | Egypt – 2.2% | Egypt – 2.2% |
| Arab Republic of Egypt, 5.8%, 9/30/2027 (n) | $&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1986480 |
| Arab Republic of Egypt, 6.588%, 2/21/2028 (n) | 11093000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152169 |
| Arab Republic of Egypt, 7.6%, 3/01/2029 | &nbsp;&nbsp;9082000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493304 |
| Arab Republic of Egypt, 6.375%, 4/11/2031 (n) | &nbsp;&nbsp;9882000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530395 |
| Arab Republic of Egypt, 6.375%, 4/11/2031 | &nbsp;&nbsp;5700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343579 |
| Arab Republic of Egypt, 7.052%, 1/15/2032 (n) | $&nbsp;&nbsp;5316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984874 |
| Arab Republic of Egypt, 7.052%, 1/15/2032 | &nbsp;&nbsp;5996000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494602 |
| Arab Republic of Egypt, 7.625%, 5/29/2032 (n) | &nbsp;&nbsp;1286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978368 |
| Arab Republic of Egypt, 7.625%, 5/29/2032 | &nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195293 |
| Arab Republic of Egypt, 8.5%, 1/31/2047 (n) | &nbsp;&nbsp;1618000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138900 |
| Arab Republic of Egypt, 8.5%, 1/31/2047 | 47230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33244914 |
| Arab Republic of Egypt, 7.903%, 2/21/2048 | 17023000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11299186 |
| Arab Republic of Egypt, 8.7%, 3/01/2049 (n) | &nbsp;&nbsp;9028000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372811 |
| Arab Republic of Egypt, 8.7%, 3/01/2049 | 14386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10154991 |
| Arab Republic of Egypt, 8.875%, 5/29/2050 (n) | 10162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245465 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Egypt – continued | Egypt – continued | Egypt – continued |
| Arab Republic of Egypt, 8.875%, 5/29/2050 | $12448000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8875374 |
| Arab Republic of Egypt, 7.5%, 2/16/2061 (n) | 23442000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15182915 |
| Energean PLC, 6.5%, 4/30/2027 (n) | 19635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18374433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$155048053 |
| El Salvador – 0.1% | El Salvador – 0.1% | El Salvador – 0.1% |
| Republic of El Salvador, 7.65%, 6/15/2035 | $&nbsp;&nbsp;5693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2740885 |
| Republic of El Salvador, 7.124%, 1/20/2050 | &nbsp;&nbsp;5284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5186414 |
| Gabon – 0.6% | Gabon – 0.6% | Gabon – 0.6% |
| Republic of Gabon, 6.625%, 2/06/2031 | $&nbsp;&nbsp;4910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4120472 |
| Republic of Gabon, 7%, 11/24/2031 (n) | 11400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592690 |
| Republic of Gabon, 7%, 11/24/2031 | 34570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29089410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42802572 |
| Ghana – 0.5% | Ghana – 0.5% | Ghana – 0.5% |
| Kosmos Energy Ltd., 7.75%, 5/01/2027 | $&nbsp;&nbsp;6407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5701589 |
| Kosmos Energy Ltd., 7.5%, 3/01/2028 | &nbsp;&nbsp;8473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7237001 |
| Republic of Ghana, 7.75%, 4/07/2029 (a) | &nbsp;&nbsp;3909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446330 |
| Republic of Ghana, 8.625%, 4/07/2034 (a) | 16111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920793 |
| Republic of Ghana, 7.875%, 2/11/2035 (a) | 39192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14379545 |
| Republic of Ghana, 8.75%, 3/11/2061 (a) | &nbsp;&nbsp;4612000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36347146 |
| Guatemala – 2.8% | Guatemala – 2.8% | Guatemala – 2.8% |
| Banco Industrial S.A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n) | $12038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11261138 |
| Central America Bottling Co., 5.25%, 4/27/2029 (n) | 27802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26697983 |
| CT Trust, 5.125%, 2/03/2032 (n) | 17101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14908562 |
| Energuate Trust, 5.875%, 5/03/2027 (n) | &nbsp;&nbsp;5065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862400 |
| Energuate Trust, 5.875%, 5/03/2027 | 19650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18864000 |
| Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n) | 20925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19974286 |
| Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | &nbsp;&nbsp;9384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7943556 |
| Millicom International Cellular S.A., 4.5%, 4/27/2031 | &nbsp;&nbsp;3349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834929 |
| Republic of Guatemala, 4.875%, 2/13/2028 | &nbsp;&nbsp;4270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142118 |
| Republic of Guatemala, 5.25%, 8/10/2029 (n) | &nbsp;&nbsp;5667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519598 |
| Republic of Guatemala, 4.9%, 6/01/2030 | 10821000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10319437 |
| Republic of Guatemala, 3.7%, 10/07/2033 | 12124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220124 |
| Republic of Guatemala, 3.7%, 10/07/2033 (n) | &nbsp;&nbsp;9276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7819356 |
| Republic of Guatemala, 4.65%, 10/07/2041 (n) | &nbsp;&nbsp;9506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903398 |
| Republic of Guatemala, 4.65%, 10/07/2041 | &nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565845 |
| Republic of Guatemala, 6.125%, 6/01/2050 | 36857000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35761582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$196598312 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Hungary – 1.6% | Hungary – 1.6% | Hungary – 1.6% |
| MVM Energetika Zartkoruen Mukodo Reszvenytarsasag, 0.875%, 11/18/2027 | 18400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15095891 |
| Republic of Hungary, 6.125%, 5/22/2028 (n) | $18129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18743863 |
| Republic of Hungary, 5.25%, 6/16/2029 (n) | 13477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13261368 |
| Republic of Hungary, 6.25%, 9/22/2032 (n) | 23481000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24274893 |
| Republic of Hungary, 5.5%, 6/16/2034 (n) | 33398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32786950 |
| Republic of Hungary, 6.75%, 9/25/2052 (n) | &nbsp;&nbsp;6061000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110557320 |
| India – 5.0% | India – 5.0% | India – 5.0% |
| Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $13683000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12775972 |
| Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 | &nbsp;&nbsp;6100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5695639 |
| Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n) | &nbsp;&nbsp;9303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558615 |
| Adani Transmission Ltd., 4.25%, 5/21/2036 (n) | 12888785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9537701 |
| Adani Transmission Ltd., 4.25%, 5/21/2036 | &nbsp;&nbsp;6897735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104324 |
| Azure Power Energy Ltd., 3.575%, 8/19/2026 (n) | &nbsp;&nbsp;8099072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112370 |
| Azure Power Energy Ltd., 3.575%, 8/19/2026 | 12558028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477544 |
| Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 (n) | 13379550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11905653 |
| Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 3/25/2027 | &nbsp;&nbsp;4180990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720410 |
| Delhi International Airport Ltd., 6.45%, 6/04/2029 (n) | &nbsp;&nbsp;&nbsp;&nbsp;753000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708385 |
| Delhi International Airport Ltd., 6.45%, 6/04/2029 | &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198550 |
| Delhi International Airport Ltd. (Cliffton Ltd.), 6.25%, 10/25/2025 (n) | 19244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18281800 |
| Export-Import Bank of India, 3.25%, 1/15/2030 | &nbsp;&nbsp;7705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6818771 |
| Export-Import Bank of India, 2.25%, 1/13/2031 (n) | 28790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23276715 |
| Export-Import Bank of India, 2.25%, 1/13/2031 | &nbsp;&nbsp;9840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955640 |
| Export-Import Bank of India, 5.5%, 1/18/2033 (n) | 36446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36806196 |
| GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 (n) | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542500 |
| GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863750 |
| GMR Hyderabad International Airport Ltd., 4.25%, 10/27/2027 | &nbsp;&nbsp;2234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960335 |
| Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 14278205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12751294 |
| Greenko Power II Ltd. (Republic of India), 4.3%, 12/13/2028 (n) | &nbsp;&nbsp;7186375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185316 |
| Greenko Wind Projects (Mauritius) Ltd., 5.5%, 4/06/2025 (n) | 17819000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16798741 |
| Indian Railway Finance Corp., 3.249%, 2/13/2030 | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633154 |
| Indian Railway Finance Corp., 2.8%, 2/10/2031 (n) | 28111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23361928 |
| Indian Railway Finance Corp., 2.8%, 2/10/2031 | 14793000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12293871 |
| JSW Infrastructure Ltd., 4.95%, 1/21/2029 (n) | 17682000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15663742 |
| JSW Infrastructure Ltd., 4.95%, 1/21/2029 | &nbsp;&nbsp;5029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454980 |
| JSW Steel Ltd., 5.05%, 4/05/2032 (n) | 13380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250553 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| India – continued | India – continued | India – continued |
| Muthoot Finance Ltd., 4.4%, 9/02/2023 (n) | $11708000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11473840 |
| Muthoot Finance Ltd., 4.4%, 9/02/2023 | &nbsp;&nbsp;9200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9016000 |
| Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n) | &nbsp;&nbsp;8024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056065 |
| Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165732 |
| ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n) | 15857000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13642423 |
| Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n) | 18869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18184999 |
| UPL Ltd., 4.625%, 6/16/2030 | &nbsp;&nbsp;3366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$350018916 |
| Indonesia – 5.3% | Indonesia – 5.3% | Indonesia – 5.3% |
| Bank Negara Indonesia, 3.75%, 3/30/2026 | $11847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11082869 |
| Listrindo Capital B.V., 4.95%, 9/14/2026 (n) | &nbsp;&nbsp;1917000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812281 |
| Listrindo Capital B.V., 4.95%, 9/14/2026 | 17762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16791720 |
| Medco Bell Pte. Ltd., 6.375%, 1/30/2027 | 12798000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12284895 |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028 (n) | 19248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18335054 |
| Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n) | &nbsp;&nbsp;8456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540046 |
| PT Freeport Indonesia, 5.315%, 4/14/2032 (n) | 19166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18210017 |
| PT Freeport Indonesia, 6.2%, 4/14/2052 (n) | 19302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17854350 |
| PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 11422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9837186 |
| PT Indofood CBP Sukses Makmur Tbk, 3.541%, 4/27/2032 | 11288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453700 |
| PT Indofood CBP Sukses Makmur Tbk, 4.805%, 4/27/2052 | 22114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17031639 |
| PT Pertamina (Persero) (Republic of Indonesia), 5.625%, 5/20/2043 | &nbsp;&nbsp;7385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7091064 |
| PT Pertamina (Persero) (Republic of Indonesia), 6.5%, 11/07/2048 | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109854 |
| PT Pertamina (Persero) (Republic of Indonesia), 4.15%, 2/25/2060 | &nbsp;&nbsp;3363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497685 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), 6.15%, 5/21/2048 | &nbsp;&nbsp;2770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689876 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n) | &nbsp;&nbsp;6353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190264 |
| PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532633 |
| Republic of Indonesia, 4.125%, 1/15/2025 | &nbsp;&nbsp;9221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137884 |
| Republic of Indonesia, 3.4%, 9/18/2029 | &nbsp;&nbsp;7943000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7402876 |
| Republic of Indonesia, 3.55%, 3/31/2032 | 13122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12039990 |
| Republic of Indonesia, 4.7%, 6/06/2032 (n) | &nbsp;&nbsp;8154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8166233 |
| Republic of Indonesia, 4.65%, 9/20/2032 | 20029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19932884 |
| Republic of Indonesia, 4.85%, 1/11/2033 | 22204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22407193 |
| Republic of Indonesia, 1.1%, 3/12/2033 | 13750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11119455 |
| Republic of Indonesia, 4.625%, 4/15/2043 | $19819000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18584456 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Indonesia – continued | Indonesia – continued | Indonesia – continued |
| Republic of Indonesia, 5.125%, 1/15/2045 | $&nbsp;&nbsp;7336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7284061 |
| Republic of Indonesia, 4.35%, 1/11/2048 | 39048000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800339 |
| Republic of Indonesia, 5.45%, 9/20/2052 | 22801000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23401578 |
| Republic of Indonesia, 5.65%, 1/11/2053 | &nbsp;&nbsp;8148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552404 |
| Saka Energi Indonesia PT, 4.45%, 5/05/2024 (n) | &nbsp;&nbsp;1794000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737938 |
| Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n) | &nbsp;&nbsp;2730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372420 |
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n) | &nbsp;&nbsp;9811491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529346 |
| Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 | &nbsp;&nbsp;8480157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$370050487 |
| Israel – 0.7% | Israel – 0.7% | Israel – 0.7% |
| Energean Israel Finance Ltd., 4.875%, 3/30/2026 | $16100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15033375 |
| Leviathan Bond Ltd., 6.125%, 6/30/2025 (n) | 12448000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12354640 |
| Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | 24028000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23334648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50722663 |
| Jamaica – 0.2% | Jamaica – 0.2% | Jamaica – 0.2% |
| Government of Jamaica, 7.875%, 7/28/2045 | $&nbsp;&nbsp;9950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11632809 |
| Jordan – 1.3% | Jordan – 1.3% | Jordan – 1.3% |
| Hashemite Kingdom of Jordan, 7.75%, 1/15/2028 (n) | $14178000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14641620 |
| Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n) | 21674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19950180 |
| Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 | 12787000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11769999 |
| Hashemite Kingdom of Jordan, 7.375%, 10/10/2047 | 49209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44191060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90552859 |
| Kazakhstan – 2.1% | Kazakhstan – 2.1% | Kazakhstan – 2.1% |
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n) | $&nbsp;&nbsp;5565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5132621 |
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 | 10841000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998695 |
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 3.5%, 4/14/2033 | 16284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12335912 |
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.75%, 4/19/2047 | 12199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694472 |
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n) | &nbsp;&nbsp;2262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934010 |
| KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 | 30270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25880850 |
| KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027 | &nbsp;&nbsp;6227000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697705 |
| Republic of Kazakhstan, 6.5%, 7/21/2045 | 23684000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25098693 |
| Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 | 37468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33427451 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Kazakhstan – continued | Kazakhstan – continued | Kazakhstan – continued |
| Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n) | $17232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13119066 |
| Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$145364755 |
| Kenya – 0.7% | Kenya – 0.7% | Kenya – 0.7% |
| Republic of Kenya, 7%, 5/22/2027 | $11841000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10670043 |
| Republic of Kenya, 8%, 5/22/2032 | 34972000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30384373 |
| Republic of Kenya, 8.25%, 2/28/2048 | 10636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49385808 |
| Kuwait – 0.4% | Kuwait – 0.4% | Kuwait – 0.4% |
| EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026 | $&nbsp;&nbsp;2298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2235494 |
| EQUATE Petrochemical B.V. (State of Kuwait), 2.625%, 4/28/2028 (n) | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382000 |
| MEGlobal Canada ULC (State of Kuwait), 5.875%, 5/18/2030 (n) | &nbsp;&nbsp;3091000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193003 |
| NBK SPC Ltd. (State of Kuwait), 1.625% to 9/15/2026, FLR (SOFR - 1 day + 1.05%) to 9/15/2027 (n) | 21297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19007573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27818070 |
| Malaysia – 0.7% | Malaysia – 0.7% | Malaysia – 0.7% |
| Dua Capital Ltd. (Federation of Malaysia), 2.78%, 5/11/2031 | $38359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31285984 |
| GENM Capital Labuan Ltd., 3.882%, 4/19/2031 (n) | 13637000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11066894 |
| PETRONAS Capital Ltd. (Federation of Malaysia), 3.404%, 4/28/2061 | 14198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10359280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52712158 |
| Mexico – 8.4% | Mexico – 8.4% | Mexico – 8.4% |
| Banco Mercantil del Norte S.A., 6.625% to 1/24/2032, FLR (CMT - 10yr. + 5.034%) to 1/24/2171 | $&nbsp;&nbsp;8654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7639812 |
| Banco Mercantil del Norte S.A., 7.625% to 1/10/2028, FLR (CMT - 10yr. + 5.353%) to 10/06/2171 | &nbsp;&nbsp;7645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7559223 |
| Becle S.A.B. de C.V., 2.5%, 10/14/2031 | 21377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17097425 |
| Braskem Idesa S.A.P.I., 6.99%, 2/20/2032 | 12504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9260462 |
| CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 (n) | &nbsp;&nbsp;3254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345112 |
| CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644800 |
| Comision Federal de Electricidad (United Mexican States), 4.688%, 5/15/2029 (n) | 15292000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14087755 |
| Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n) | 17771000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14041520 |
| Electricidad Firme de Mexico, 4.9%, 11/20/2026 (n) | 16523000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14853463 |
| GCC S.A.B de C.V., 3.614%, 4/20/2032 (n) | 17024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14474700 |
| Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n) | 18002000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15906242 |
| Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 | &nbsp;&nbsp;2802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475796 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mexico – continued | Mexico – continued | Mexico – continued |
| Grupo Bimbo S.A.B. de C.V., 5.95% to 7/17/2023, FLR (CMT - 5yr. + 3.28%) to 7/17/2028, FLR (CMT - 5yr. + 3.53%) to 7/17/2043, FLR (CMT - 5yr. + 4.28%) to 7/17/2171 | $&nbsp;&nbsp;11208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11199034 |
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | &nbsp;&nbsp;&nbsp;5863000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559062 |
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 | &nbsp;&nbsp;12649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11993276 |
| Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n) | &nbsp;&nbsp;&nbsp;9897000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7819932 |
| Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | &nbsp;&nbsp;14716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11627576 |
| Petroleos Mexicanos, 6.49%, 1/23/2027 | &nbsp;&nbsp;12215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11470007 |
| Petroleos Mexicanos, 8.75%, 6/02/2029 | &nbsp;&nbsp;14268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13895196 |
| Petroleos Mexicanos, 6.84%, 1/23/2030 | &nbsp;&nbsp;24751000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21533914 |
| Petroleos Mexicanos, 5.95%, 1/28/2031 | &nbsp;&nbsp;51648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41346474 |
| Petroleos Mexicanos, 6.7%, 2/16/2032 | &nbsp;&nbsp;31847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26435094 |
| Petroleos Mexicanos, 10%, 2/07/2033 (n)(w) | &nbsp;&nbsp;53499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52268523 |
| Petroleos Mexicanos, 6.75%, 9/21/2047 | &nbsp;&nbsp;46871000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32519582 |
| Petroleos Mexicanos, 7.69%, 1/23/2050 | &nbsp;&nbsp;77399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57786186 |
| Petroleos Mexicanos, 6.95%, 1/28/2060 | &nbsp;&nbsp;48511000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33467002 |
| Total Play Telecomunicaciones S.A. de C.V., 6.375%, 9/20/2028 (n) | &nbsp;&nbsp;20292000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17174946 |
| United Mexican States, 5.75%, 3/05/2026 | 188400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060869 |
| United Mexican States, 5.4%, 2/09/2028 | $&nbsp;&nbsp;11941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12260120 |
| United Mexican States, 8.5%, 5/31/2029 | 132400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968007 |
| United Mexican States, 7.75%, 5/29/2031 | 288900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14503837 |
| United Mexican States, 4.875%, 5/19/2033 | $&nbsp;&nbsp;10569000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10146518 |
| United Mexican States, 1.45%, 10/25/2033 | &nbsp;&nbsp;10204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8102755 |
| United Mexican States, 3.5%, 2/12/2034 | $&nbsp;&nbsp;18320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15395423 |
| United Mexican States, 6.35%, 2/09/2035 | &nbsp;&nbsp;14498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390298 |
| United Mexican States, 4.5%, 1/31/2050 | &nbsp;&nbsp;29191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23559976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$593869917 |
| Morocco – 0.9% | Morocco – 0.9% | Morocco – 0.9% |
| Kingdom of Morocco, 3%, 12/15/2032 | $&nbsp;&nbsp;24733000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19755484 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 | &nbsp;&nbsp;12863000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12461031 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n) | &nbsp;&nbsp;&nbsp;1559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510281 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n) | &nbsp;&nbsp;17682000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13891333 |
| Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 | &nbsp;&nbsp;16764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13170134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60788263 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Nigeria – 0.9% | Nigeria – 0.9% | Nigeria – 0.9% |
| Federal Republic of Nigeria, 6.125%, 9/28/2028 (n) | $13582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10533113 |
| Federal Republic of Nigeria, 7.875%, 2/16/2032 | 23273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17512932 |
| Federal Republic of Nigeria, 7.375%, 9/28/2033 (n) | 22438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15987075 |
| Federal Republic of Nigeria, 7.696%, 2/23/2038 (n) | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232680 |
| Federal Republic of Nigeria, 7.696%, 2/23/2038 | 31700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21952250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66218050 |
| Oman – 3.5% | Oman – 3.5% | Oman – 3.5% |
| Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n) | $16730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16446192 |
| Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 | &nbsp;&nbsp;6350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242279 |
| Sultanate of Oman, 6.25%, 1/25/2031 (n) | &nbsp;&nbsp;3493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614976 |
| Sultanate of Oman, 6.25%, 1/25/2031 | 13043000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13498461 |
| Sultanate of Oman, 6.5%, 3/08/2047 | 30435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29065425 |
| Sultanate of Oman, 6.75%, 1/17/2048 (n) | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197054 |
| Sultanate of Oman, 6.75%, 1/17/2048 | 91621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90271423 |
| Sultanate of Oman, 7%, 1/25/2051 (n) | 15943000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16132722 |
| Sultanate of Oman, 7%, 1/25/2051 | 72116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72974180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$248442712 |
| Pakistan – 0.3% | Pakistan – 0.3% | Pakistan – 0.3% |
| Islamic Republic of Pakistan, 6%, 4/08/2026 (n) | $12855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5527650 |
| Islamic Republic of Pakistan, 6.875%, 12/05/2027 | &nbsp;&nbsp;7800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276000 |
| Islamic Republic of Pakistan, 7.375%, 4/08/2031 | 22826000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491051 |
| Islamic Republic of Pakistan, 8.875%, 4/08/2051 (n) | &nbsp;&nbsp;5978000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432448 |
| Islamic Republic of Pakistan, 8.875%, 4/08/2051 | &nbsp;&nbsp;3807000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22276217 |
| Panama – 1.7% | Panama – 1.7% | Panama – 1.7% |
| Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 5.125%, 8/11/2061 (n) | $&nbsp;&nbsp;6963000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5657438 |
| AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n) | 15859000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14067732 |
| Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n) | 10029000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9737731 |
| Autoridad del Canal de Panama, 4.95%, 7/29/2035 | &nbsp;&nbsp;5969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5795645 |
| Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n) | &nbsp;&nbsp;5840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024433 |
| Cable Onda S.A., 4.5%, 1/30/2030 (n) | &nbsp;&nbsp;6390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703075 |
| Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n) | &nbsp;&nbsp;6521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476579 |
| Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 | &nbsp;&nbsp;7400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214796 |
| Panama Canal Railway Co., 7%, 11/01/2026 | &nbsp;&nbsp;2459016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508196 |
| Panama Canal Railway Co., 7%, 11/01/2026 (n) | &nbsp;&nbsp;&nbsp;&nbsp;488040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497801 |
| Republic of Panama, 3.362%, 6/30/2031 (n) | 18229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15232882 |
| Republic of Panama, 3.298%, 1/19/2033 | &nbsp;&nbsp;3289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743668 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Panama – continued | Panama – continued | Panama – continued |
| Republic of Panama, 6.4%, 2/14/2035 | $16718000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17627277 |
| Republic of Panama, 4.5%, 1/19/2063 | 28206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21016732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$117303985 |
| Paraguay – 1.8% | Paraguay – 1.8% | Paraguay – 1.8% |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n) | $&nbsp;&nbsp;6079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5433106 |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787500 |
| Republic of Paraguay, 3.849%, 6/28/2033 (n) | &nbsp;&nbsp;6376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590965 |
| Republic of Paraguay, 6.1%, 8/11/2044 | &nbsp;&nbsp;7024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950638 |
| Republic of Paraguay, 5.6%, 3/13/2048 (n) | &nbsp;&nbsp;3088000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792728 |
| Republic of Paraguay, 5.6%, 3/13/2048 | 47844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43269198 |
| Republic of Paraguay, 5.4%, 3/30/2050 (n) | &nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228131 |
| Republic of Paraguay, 5.4%, 3/30/2050 | 53475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47653506 |
| Telefonica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n) | &nbsp;&nbsp;3483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237818 |
| Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 | &nbsp;&nbsp;9397000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8735510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125679100 |
| Peru – 1.1% | Peru – 1.1% | Peru – 1.1% |
| Consorcio Transmantaro S.A. (Republic of Peru), 5.2%, 4/11/2038 (n) | $&nbsp;&nbsp;5906000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5486438 |
| Gas Natural de Lima y Callao S.A., 4.375%, 4/01/2023 | 12928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12885725 |
| IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;300458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310224 |
| IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18884 |
| Peru LNG, 5.375%, 3/22/2030 | 17905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14847542 |
| Republic of Peru, 2.844%, 6/20/2030 | &nbsp;&nbsp;7759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6687783 |
| Republic of Peru, 2.783%, 1/23/2031 | 12414000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10507606 |
| Republic of Peru, 1.862%, 12/01/2032 | &nbsp;&nbsp;8554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390589 |
| San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n) | 22485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19345419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76480210 |
| Philippines – 1.2% | Philippines – 1.2% | Philippines – 1.2% |
| ICTSI Treasury B.V., 3.5%, 11/16/2031 | $19670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16660485 |
| Republic of Philippines, 3.556%, 9/29/2032 | &nbsp;&nbsp;8754000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082479 |
| Republic of Philippines, 5.609%, 4/13/2033 | 10398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060749 |
| Republic of Philippines, 1.2%, 4/28/2033 | &nbsp;&nbsp;9455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7936215 |
| Republic of Philippines, 5%, 7/17/2033 | $20883000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21218983 |
| Republic of Philippines, 1.75%, 4/28/2041 | &nbsp;&nbsp;7851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728838 |
| Republic of Philippines, 5.5%, 1/17/2048 | $14294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85578458 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Poland – 0.8% | Poland – 0.8% | Poland – 0.8% |
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n) | $11099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10105639 |
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364200 |
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 15169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12596186 |
| Republic of Poland, 5.75%, 11/16/2032 | 16913000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18271114 |
| Synthos S.A., 2.5%, 6/07/2028 (n) | 16571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14215769 |
| Synthos S.A., 2.5%, 6/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56067630 |
| Qatar – 1.8% | Qatar – 1.8% | Qatar – 1.8% |
| ABQ Finance Ltd., 2%, 7/06/2026 | $&nbsp;&nbsp;7997000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7208944 |
| CBQ Finance Ltd. Co., 2%, 5/12/2026 | 14800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13484263 |
| Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 (n) | 19025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16678076 |
| Qatar Petroleum, 2.25%, 7/12/2031 (n) | &nbsp;&nbsp;7030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5971212 |
| Qatar Petroleum, 3.125%, 7/12/2041 | 11537000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130266 |
| Qatar Petroleum, 3.3%, 7/12/2051 | 14336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926899 |
| QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027 | 15078000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14066266 |
| State of Qatar, 4.625%, 6/02/2046 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910848 |
| State of Qatar, 5.103%, 4/23/2048 (n) | &nbsp;&nbsp;1886000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944881 |
| State of Qatar, 5.103%, 4/23/2048 | &nbsp;&nbsp;7818000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062078 |
| State of Qatar, 4.817%, 3/14/2049 (n) | 15461000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15422347 |
| State of Qatar, 4.817%, 3/14/2049 | 21200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21147000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127953080 |
| Republic of Moldova – 0.2% | Republic of Moldova – 0.2% | Republic of Moldova – 0.2% |
| Aragvi Finance International DAC, 8.45%, 4/29/2026 (n) | $17038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12729431 |
| Aragvi Finance International DAC, 8.45%, 4/29/2026 | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14074247 |
| Romania – 1.5% | Romania – 1.5% | Romania – 1.5% |
| Republic of Romania, 5.25%, 11/25/2027 (n) | $19334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19001455 |
| Republic of Romania, 6.625%, 2/17/2028 (n) | 17640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18266220 |
| Republic of Romania, 1.75%, 7/13/2030 (n) | 12620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10032631 |
| Republic of Romania, 2%, 1/28/2032 | &nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838220 |
| Republic of Romania, 2%, 1/28/2032 (n) | &nbsp;&nbsp;7236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575860 |
| Republic of Romania, 7.125%, 1/17/2033 (n) | $19816000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20905880 |
| Republic of Romania, 2%, 4/14/2033 | &nbsp;&nbsp;5459000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043783 |
| Republic of Romania, 6%, 5/25/2034 (n) | $11538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11301471 |
| Republic of Romania, 2.625%, 12/02/2040 (n) | &nbsp;&nbsp;6079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930444 |
| Republic of Romania, 2.625%, 12/02/2040 | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004339 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Romania – continued | Romania – continued | Romania – continued |
| Republic of Romania, 2.75%, 4/14/2041 (n) | 11165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7231063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106131366 |
| Russia – 0.2% | Russia – 0.2% | Russia – 0.2% |
| Gazprom PJSC (Russian Federation), 1.85%, 11/17/2028 (n) | 16371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12369428 |
| Russian Federation, 4.25%, 6/23/2027 (a)(z) | $&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 |
| Russian Federation, 5.1%, 3/28/2035 (a)(z) | &nbsp;&nbsp;7400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13703428 |
| Saudi Arabia – 3.7% | Saudi Arabia – 3.7% | Saudi Arabia – 3.7% |
| Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 (n) | $14651000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13909659 |
| BSF Finance, 5.5%, 11/23/2027 | 15122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15462245 |
| Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/2023 | &nbsp;&nbsp;8675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8653313 |
| Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027 | 24231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23650134 |
| Kingdom of Saudi Arabia, 5.5%, 10/25/2032 (n) | 23313000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24975217 |
| Kingdom of Saudi Arabia, 4.875%, 7/18/2033 (n) | 11414000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613745 |
| Kingdom of Saudi Arabia, 4.625%, 10/04/2047 | 45729000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41466143 |
| Kingdom of Saudi Arabia, 5.25%, 1/16/2050 (n) | &nbsp;&nbsp;9684000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581543 |
| Kingdom of Saudi Arabia, 5.25%, 1/16/2050 | 12133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12004633 |
| Kingdom of Saudi Arabia, 3.25%, 11/17/2051 (n) | 19735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14406550 |
| Kingdom of Saudi Arabia, 5%, 1/18/2053 (n) | 11408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868858 |
| SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n) | &nbsp;&nbsp;7812000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907917 |
| Saudi Arabian Oil Co., 3.5%, 4/16/2029 | &nbsp;&nbsp;9681000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9074776 |
| Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n) | 12237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10360187 |
| Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n) | &nbsp;&nbsp;3926000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611920 |
| Saudi Arabian Oil Co., 3.5%, 11/24/2070 | 19081000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13356700 |
| Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046 | 36693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32834217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$262737757 |
| Senegal – 0.2% | Senegal – 0.2% | Senegal – 0.2% |
| Republic of Senegal, 6.25%, 5/23/2033 | $10733000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9256139 |
| Republic of Senegal, 6.75%, 3/13/2048 | &nbsp;&nbsp;5942000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13692199 |
| Serbia – 0.6% | Serbia – 0.6% | Serbia – 0.6% |
| Republic of Serbia, 6.25%, 5/26/2028 (n) | $18939000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19270433 |
| Republic of Serbia, 1.5%, 6/26/2029 | &nbsp;&nbsp;7166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883712 |
| Republic of Serbia, 6.5%, 9/26/2033 (n) | $15296000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15325062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40479207 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Singapore – 1.2% | Singapore – 1.2% | Singapore – 1.2% |
| Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 (n) | $&nbsp;&nbsp;8496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7742320 |
| Oversea-Chinese Banking Corp. Ltd., 1.832% to 9/10/2025, FLR (CMT - 1yr. + 1.58%) to 9/10/2030 | &nbsp;&nbsp;2040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859032 |
| Oversea-Chinese Banking Corp. Ltd., 4.602% to 6/15/2027, FLR (CMT - 5yr. + 1.575%) to 6/15/2032 | &nbsp;&nbsp;9730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528686 |
| Puma International Financing S.A., 5%, 1/24/2026 | 17156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15785235 |
| Puma International Financing S.A., 5%, 1/24/2026 (n) | &nbsp;&nbsp;6960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6403896 |
| United Overseas Bank Ltd., 2% to 10/14/2026, FLR (CMT - 5yr. + 1.23%) to 10/14/2031 (n) | 20069000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17795562 |
| United Overseas Bank Ltd., 3.863% to 10/07/2027, FLR (CMT - 5yr. + 1.45%) to 10/07/2032 (n) | 11168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10594856 |
| Vena Energy Capital Pte Ltd., 3.133%, 2/26/2025 | 16092000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14978037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84687624 |
| Slovenia – 0.2% | Slovenia – 0.2% | Slovenia – 0.2% |
| United Group B.V., 3.125%, 2/15/2026 | &nbsp;&nbsp;6062000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5662390 |
| United Group B.V., 3.625%, 2/15/2028 | &nbsp;&nbsp;6638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688481 |
| United Group B.V., 4.625%, 8/15/2028 (n) | &nbsp;&nbsp;5209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15936741 |
| South Africa – 1.9% | South Africa – 1.9% | South Africa – 1.9% |
| Eskom Holdings SOC Ltd. (Republic of South Africa), 7.125%, 2/11/2025 | $28634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27419919 |
| Eskom Holdings SOC Ltd. (Republic of South Africa), 6.35%, 8/10/2028 | 15400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14702996 |
| Eskom Holdings SOC Ltd. (Republic of South Africa), 8.45%, 8/10/2028 | &nbsp;&nbsp;8624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263810 |
| Petra Diamonds US$ Treasury PLC, 10.5% (10.5% PIK/9.75% Cash to 6/30/2023), 9.75% Cash to 3/08/2026 (n)(p) | &nbsp;&nbsp;9578727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291365 |
| Petra Diamonds US$ Treasury PLC, 10.5% (10.5% PIK/9.75% Cash to 6/30/2023), 9.75% Cash to 3/08/2026 (p) | &nbsp;&nbsp;&nbsp;&nbsp;842562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817285 |
| Republic of South Africa, 5.75%, 9/30/2049 | 29685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22601565 |
| Republic of South Africa, 7.3%, 4/20/2052 | 24904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22413600 |
| Sasol Financing (USA) LLC, 5.5%, 3/18/2031 | 28662000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25007595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130518135 |
| South Korea – 0.7% | South Korea – 0.7% | South Korea – 0.7% |
| Export–Import Bank of Korea, 4.5%, 9/15/2032 | $&nbsp;&nbsp;9550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9532237 |
| Korea Development Bank, 4.25%, 9/08/2032 | 14401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14033598 |
| SK Hynix, Inc., 6.25%, 1/17/2026 (n) | 11791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11915631 |
| SK Hynix, Inc., 6.375%, 1/17/2028 (n) | 15600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15837017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51318483 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Sri Lanka – 0.2% | Sri Lanka – 0.2% | Sri Lanka – 0.2% |
| Republic of Sri Lanka, 7.85%, 3/14/2029 (a)(n) | $&nbsp;&nbsp;3554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1203749 |
| Republic of Sri Lanka, 7.85%, 3/14/2029 (a) | 12814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340134 |
| Republic of Sri Lanka, 7.55%, 3/28/2030 (a)(n) | &nbsp;&nbsp;3761000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273822 |
| Republic of Sri Lanka, 7.55%, 3/28/2030 (a) | 16812000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12511800 |
| Supranational – 0.1% | Supranational – 0.1% | Supranational – 0.1% |
| West African Development Bank, 4.7%, 10/22/2031 | $&nbsp;&nbsp;1621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1430532 |
| West African Development Bank, 4.7%, 10/22/2031 (n) | &nbsp;&nbsp;5492000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6277222 |
| Thailand – 0.8% | Thailand – 0.8% | Thailand – 0.8% |
| Bangkok Bank Public Co. Ltd., 3.733% to 9/25/2029, FLR (CMT - 5yr. + 1.9%) to 9/25/2034 | $12626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11090931 |
| Bangkok Bank Public Co. Ltd., 3.466% to 9/23/2031, FLR (CMT - 5yr. + 2.15%) to 9/23/2036 (n) | 27357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23399289 |
| GC Treasury Center Co. Ltd. (Kingdom of Thailand), 5.2%, 3/30/2052 (n) | &nbsp;&nbsp;7791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736878 |
| Kasikornbank PLC (Hong Kong Branch), 3.343%, 10/02/2031 | 15476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13877329 |
| Thaioil Treasury Center Co. Ltd., 3.75%, 6/18/2050 (n) | &nbsp;&nbsp;7126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59929293 |
| Trinidad & Tobago – 0.3% | Trinidad & Tobago – 0.3% | Trinidad & Tobago – 0.3% |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | $21685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18865950 |
| Turkey – 2.5% | Turkey – 2.5% | Turkey – 2.5% |
| Republic of Turkey, 5.6%, 11/14/2024 | $&nbsp;&nbsp;5479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5264826 |
| Republic of Turkey, 4.25%, 3/13/2025 | 20496000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18979255 |
| Republic of Turkey, 4.75%, 1/26/2026 | 12711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11455458 |
| Republic of Turkey, 4.875%, 10/09/2026 | 26776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23629820 |
| Republic of Turkey, 9.875%, 1/15/2028 | 15931000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329275 |
| Republic of Turkey, 5.125%, 2/17/2028 | &nbsp;&nbsp;9183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7840445 |
| Republic of Turkey, 6.125%, 10/24/2028 | 16615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14599534 |
| Republic of Turkey, 5.25%, 3/13/2030 | 17082000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13648518 |
| Republic of Turkey, 5.95%, 1/15/2031 | &nbsp;&nbsp;8641000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7097890 |
| Republic of Turkey, 5.875%, 6/26/2031 | 12499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10089943 |
| Republic of Turkey, 9.375%, 1/19/2033 | 14554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14252791 |
| Republic of Turkey, 6.5%, 9/20/2033 | 11655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516308 |
| Republic of Turkey, 6.625%, 2/17/2045 | &nbsp;&nbsp;4856000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633745 |
| Republic of Turkey, 5.75%, 5/11/2047 | 14748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840662 |
| T.C. Ziraat Bankasi A.S. (Republic of Turkey), 9.5%, 8/01/2026 (n)(w) | 12961000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$178990159 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Ukraine – 0.7% | Ukraine – 0.7% | Ukraine – 0.7% |
| Government of Ukraine, 7.75%, 9/01/2029 (a) | $&nbsp;&nbsp;6110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1343436 |
| Government of Ukraine, 6.876%, 5/21/2031 (a)(n) | 14057000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762200 |
| Government of Ukraine, 6.876%, 5/21/2031 (a) | 14307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811325 |
| Government of Ukraine, 7.375% (7.375% cash or 7.375% PIK), 9/25/2034 (a)(p) | 49267000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730232 |
| Government of Ukraine, 7.253%, 3/15/2035 (a)(n) | 24720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817310 |
| Government of Ukraine, 7.253%, 3/15/2035 (a) | 25059000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883373 |
| Government of Ukraine, GDP Linked Bond, 0%, 5/31/2041 (a) | 29526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9269319 |
| NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (a)(z) | &nbsp;&nbsp;1969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403645 |
| NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 (a) | &nbsp;&nbsp;7385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513925 |
| NPC Ukrenergo (Government of Ukraine), 6.875%, 11/09/2028 (a)(n) | 12598000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195202 |
| PJSC State Savings Bank of Ukraine, 9.375%, 3/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492538 |
| PJSC State Savings Bank of Ukraine, 9.625%, 3/20/2025 | 10523250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162970 |
| Ukrainian Railways, 8.25%, 7/09/2026 (a) | 20234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147970 |
| Ukrainian Railways, 7.875%, 7/15/2028 (a) | 11762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51715296 |
| United Arab Emirates – 3.2% | United Arab Emirates – 3.2% | United Arab Emirates – 3.2% |
| Abu Dhabi Commercial Bank PJSC, 3.5%, 3/31/2027 | $13195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12574835 |
| Abu Dhabi Commercial Bank PJSC, 4.5%, 9/14/2027 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479000 |
| Abu Dhabi Crude Oil Pipeline, 4.6%, 11/02/2047 | 25688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24413567 |
| Abu Dhabi Ports Co. PJSC, 2.5%, 5/06/2031 | &nbsp;&nbsp;6845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841523 |
| DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 (n) | &nbsp;&nbsp;9533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625077 |
| DAE Funding LLC (United Arab Emirates), 3.375%, 3/20/2028 | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899996 |
| DAE Sukuk DIFC Ltd., 3.75%, 2/15/2026 (n) | 14841000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14299600 |
| DP World Salaam (United Arab Emirates), 6% to 1/01/2026, FLR (CMT - 5yr. + 5.75%) to 1/01/2031, FLR (CMT - 5yr. + 6.75%) to 1/01/2070 | 13555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13555000 |
| Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 (n) | &nbsp;&nbsp;9349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080684 |
| Emirates Sembcorp Water & Power Co. (United Arab Emirates), 4.45%, 8/01/2035 | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690940 |
| Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | &nbsp;&nbsp;8686669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8056143 |
| Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;811990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753052 |
| Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 (n) | &nbsp;&nbsp;7714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300445 |
| Galaxy Pipeline Assets Bidco Ltd., 2.625%, 3/31/2036 | &nbsp;&nbsp;9094000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7427567 |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 (n) | 20933107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17099569 |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/2040 | &nbsp;&nbsp;3769467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079154 |
| Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 (n) | &nbsp;&nbsp;1691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331824 |
| Galaxy Pipeline Assets Bidco Ltd., 3.25%, 9/30/2040 | 21941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17280631 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| United Arab Emirates – continued | United Arab Emirates – continued | United Arab Emirates – continued |
| GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 (n) | $&nbsp;&nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2076049 |
| GEMS Menasa Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 7/31/2026 | &nbsp;&nbsp;&nbsp;8883000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8769160 |
| MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 6/03/2031 | &nbsp;&nbsp;11429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821511 |
| MDGH - GMTN RSC Ltd. (United Arab Emirates), 5.5%, 4/28/2033 (n) | &nbsp;&nbsp;18302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19547561 |
| National Central Cooling Co., PJSC (United Arab Emirates), 2.5%, 10/21/2027 | &nbsp;&nbsp;14872000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13451724 |
| Sweihan PV Power Co. PJSC, 3.625%, 1/31/2049 (n) | &nbsp;&nbsp;13230952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11038345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$222492957 |
| United Kingdom – 0.0% | United Kingdom – 0.0% | United Kingdom – 0.0% |
| SCC Power PLC, 8% (8% cash/4% cash and 4% PIK) to 6/15/2024, 8% cash to 12/31/2028 (n)(p) | $&nbsp;&nbsp;&nbsp;6787557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2083101 |
| SCC Power PLC, 4% (4% cash or 4% PIK) to 6/15/2024, 4% cash to 5/17/2032 (n)(p) | &nbsp;&nbsp;&nbsp;3676593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2233842 |
| United States – 2.4% | United States – 2.4% | United States – 2.4% |
| Hyundai Capital America, 2.375%, 10/15/2027 (n) | $&nbsp;&nbsp;&nbsp;7289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6470164 |
| Hyundai Capital America, 1.8%, 1/10/2028 (n) | &nbsp;&nbsp;&nbsp;8786000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446362 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.625%, 1/15/2032 (n) | &nbsp;&nbsp;16013000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13377260 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033 (n) | &nbsp;&nbsp;13692000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13425827 |
| U.S. Treasury Bonds, 3.5%, 2/15/2039 (f) | &nbsp;&nbsp;32426000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32089074 |
| U.S. Treasury Bonds, 2.5%, 2/15/2046 | &nbsp;&nbsp;97083600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78004397 |
| U.S. Treasury Notes, 3.875%, 9/30/2029 | &nbsp;&nbsp;10111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10283993 |
| U.S. Treasury Notes, 2.75%, 8/15/2032 | &nbsp;&nbsp;&nbsp;7299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$167964980 |
| Uruguay – 1.2% | Uruguay – 1.2% | Uruguay – 1.2% |
| Oriental Republic of Uruguay, 8.5%, 3/15/2028 | 286311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6857916 |
| Oriental Republic of Uruguay, 8.25%, 5/21/2031 | 296221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876846 |
| Oriental Republic of Uruguay, 5.75%, 10/28/2034 | $&nbsp;&nbsp;20254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22404716 |
| Oriental Republic of Uruguay, 5.1%, 6/18/2050 | &nbsp;&nbsp;&nbsp;4424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463463 |
| Oriental Republic of Uruguay, 4.975%, 4/20/2055 | &nbsp;&nbsp;38338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37946942 |
| Oriental Republic of Uruguay, Inflation Linked Bond, 3.875%, 7/02/2040 | 238374061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85042625 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Uzbekistan – 1.1% | Uzbekistan – 1.1% | Uzbekistan – 1.1% |
| Ipoteka Bank (Republic of Uzbekistan), 5.5%, 11/19/2025 | $&nbsp;&nbsp;16090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15003925 |
| National Bank of Uzbekistan, 4.85%, 10/21/2025 | &nbsp;&nbsp;17246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16125010 |
| Republic of Uzbekistan, 3.7%, 11/25/2030 (n) | &nbsp;&nbsp;&nbsp;9636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7952109 |
| Republic of Uzbekistan, 3.9%, 10/19/2031 | &nbsp;&nbsp;&nbsp;7694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305417 |
| Uzbek Industrial and Construction Bank, 5.75%, 12/02/2024 | &nbsp;&nbsp;16685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16101025 |
| Uzbekneftegaz JSC (Republic of Uzbekistan), 4.75%, 11/16/2028 (n) | &nbsp;&nbsp;16046000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13459385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74946871 |
| Venezuela – 0.2% | Venezuela – 0.2% | Venezuela – 0.2% |
| Republic of Venezuela, 9%, 5/07/2023 (a)(d) | $&nbsp;&nbsp;10104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$884100 |
| Republic of Venezuela, 8.25%, 10/13/2024 (a)(d) | &nbsp;&nbsp;17593000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539388 |
| Republic of Venezuela, 7.65%, 4/21/2025 (a)(d) | &nbsp;&nbsp;33488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679040 |
| Republic of Venezuela, 9.25%, 9/15/2027 (a)(d) | &nbsp;&nbsp;&nbsp;8435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809013 |
| Republic of Venezuela, 7%, 3/31/2038 (a)(d) | &nbsp;&nbsp;68785500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11414381 |
| Vietnam – 0.9% | Vietnam – 0.9% | Vietnam – 0.9% |
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 (n) | $&nbsp;&nbsp;15030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13376701 |
| Mong Duong Finance Holdings B.V., 5.125%, 5/07/2029 | &nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6052001 |
| Socialist Republic of Vietnam, 4.8%, 11/19/2024 | &nbsp;&nbsp;45208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44529880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63958582 |
| Zambia – 0.2% | Zambia – 0.2% | Zambia – 0.2% |
| Republic of Zambia, 8.97%, 7/30/2027 (a)(d) | $&nbsp;&nbsp;34781000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17270923 |
| **Total Bonds (Identified Cost, $7,504,505,184)** |  | **$6583615352** |
| Common Stocks – 0.1% | Common Stocks – 0.1% | Common Stocks – 0.1% |
| Mexico – 0.0% |  |  |
| ICA Tenedora, S.A. de C.V. (a)(u) | &nbsp;&nbsp;&nbsp;2525968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2280421 |
| United Kingdom – 0.1% |  |  |
| Petra Diamonds Ltd. (a) | &nbsp;&nbsp;&nbsp;3038227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2959085 |
| **Total Common Stocks (Identified Cost, $2,688,831)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5239506** |
| Investment Companies (h) – 6.0% | Investment Companies (h) – 6.0% | Investment Companies (h) – 6.0% |
| Money Market Funds – 6.0% | Money Market Funds – 6.0% |  |
| MFS Institutional Money Market Portfolio, 4.29% (v) (Identified Cost, $427,303,717) | 427331115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$427373848 |
| Other Assets, Less Liabilities – 0.4% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27059707 |
| **Net Assets – 100.0%** |  | **$7043288413** |

---

(a) Non-income producing security.

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

(d) In default.

(f) All or a portion of the security has been segregated as collateral for open futures contracts.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $427,373,848 and $6,588,854,858, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $2,327,436,699, representing 33.0% of net assets.

(p) Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.

(u) The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund's level 3
holdings, please see Note 2 in the Notes to Financial Statements.

(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of
the fund at period end.

(w) When-issued security.

(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions
exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult.
The fund holds the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Value** |
| Antofagasta PLC, 5.625%, 5/13/2032 | &nbsp;&nbsp;5/10/22 | &nbsp;&nbsp;$13314909 | &nbsp;&nbsp;$13584654 |
| NAK Naftogaz Ukraine via Standard Bank London Holdings PLC, 7.625%, 11/08/2026 | &nbsp;&nbsp;11/04/19-10/22/20 | &nbsp;&nbsp;1933381 | &nbsp;&nbsp;403645 |
| Russian Federation, 4.25%, 6/23/2027 | &nbsp;&nbsp;6/21/17 | &nbsp;&nbsp;399902 | &nbsp;&nbsp;76000 |
| Russian Federation, 5.1%, 3/28/2035 | &nbsp;&nbsp;3/21/19 | &nbsp;&nbsp;7400000 | &nbsp;&nbsp;1258000 |
| Total Restricted Securities |  |  | &nbsp;&nbsp;$15322299 |
| % of Net assets |  |  | &nbsp;&nbsp;0.2% |

---

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | 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 |
| EUR | Euro |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PHP | Philippine Peso |
| SGD | Singapore Dollar |
| THB | Thai Baht |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

UYU Uruguayan Peso

#### Derivative Contracts at 1/31/23

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |
| **Currency<br> Purchased** | **Currency<br> Purchased** | **Currency<br> Sold** | **Currency<br> Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396000 | USD | 256811 | Banco Santander S.A | 2/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18192 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73089236 | USD | 14292851 | Goldman Sachs International | 2/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105281 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71304612 | USD | 13909768 | JPMorgan Chase Bank N.A. | 2/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136804 |
| CLP | 14765131342 | USD | 16259097 | Barclays Bank PLC | 3/06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196164 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10857464 | USD | 11838948 | Morgan Stanley Capital Services, Inc. | 4/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21976 |
| IDR | 10810193057 | USD | 681129 | Goldman Sachs International | 2/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39899 |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;151056603 | USD | 33787756 | Barclays Bank PLC | 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649377 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp;380638341 | USD | 6863295 | Barclays Bank PLC | 3/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101924 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp;189761411 | USD | 3404708 | Goldman Sachs International | 3/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67695 |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13804594 | USD | 10428265 | JPMorgan Chase Bank N.A. | 4/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96880 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;981580757 | USD | 28708415 | JPMorgan Chase Bank N.A. | 3/07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129290 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5563482 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;323654674 | USD | 17026122 | HSBC Bank | 4/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(81231) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273763 | BRL | 1396000 | Banco Santander S.A | 2/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1240) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14044877 | BRL | 73089236 | Goldman Sachs International | 2/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353255) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598964 | BRL | 28854824 | Goldman Sachs International | 4/04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20794) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13371214 | BRL | 71304612 | JPMorgan Chase Bank N.A. | 2/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(675357) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;302701218 | EUR | 278808601 | HSBC Bank | 4/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1875193) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16722905 | MYR | 76406819 | Barclays Bank PLC | 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1201758) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(4208828) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Long/<br> Short** | **Currency** | **Contracts** | **Notional<br> Amount** | **Expiration<br> Date** | **Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Bond | Long | USD | 245 | $31819375 | March – 2023 | &nbsp;&nbsp;&nbsp;$822145 |
| U.S. Treasury Note 10 yr | Long | USD | 879 | 100659234 | March – 2023 | &nbsp;&nbsp;1283155 |
| U.S. Treasury Ultra Bond | Long | USD | 326 | &nbsp;&nbsp;46210500 | March – 2023 | &nbsp;&nbsp;1977747 |
| U.S. Treasury Ultra Note 10 yr | Long | USD | 375 | &nbsp;&nbsp;45451172 | March – 2023 | &nbsp;&nbsp;&nbsp;&nbsp;642413 |
| Euro-Bund 10 yr | Short | EUR | 750 | 111557897 | March – 2023 | &nbsp;&nbsp;3643104 |
| Euro-OAT 10 yr | Short | EUR | &nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;9007864 | March – 2023 | &nbsp;&nbsp;&nbsp;&nbsp;314233 |
|  |  |  |  |  |  | $8682797 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Portfolio of Investments (unaudited) – continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** | **Uncleared Swap Agreements** |
| **Maturity<br> Date** | **Maturity<br> Date** | **Notional<br> Amount** | **Counterparty** | **Cash Flows<br> to Receive/<br> Frequency** | **Cash Flows<br> to Pay/<br> Frequency** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Net Unamortized<br> Upfront Payments<br> (Receipts)** | **Value** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** | ***Credit Default Swaps*** |  |  |  |
| 12/20/24 | USD | 20027000 | Barclays Bank PLC | (1) | 1.00%/Quarterly | $(38926) | $(245611) | $(284537) |

---

(1) Fund, as protection buyer, to receive notional amount upon a defined credit event by Republic of Korea, 2.75%, 1/19/2027.

At January 31, 2023, the fund had cash collateral of $280,000 and other liquid securities with an aggregate value of $12,496,795 to cover any collateral or margin obligations for certain derivative contracts. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

*Financial Statements*

### Statement of Assets and Liabilities
At 1/31/23 (unaudited)

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $7,507,194,015) | &nbsp;&nbsp;$6588854858 |
| Investments in affiliated issuers, at value (identified cost, $427,303,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427373848 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622281 |
| Restricted cash for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net daily variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42668232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13506737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86813455 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20347 |
| Total assets | &nbsp;&nbsp;$7177876347 |
| **Liabilities** |  |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2859720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21267412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares reacquired | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13888852 |
| &nbsp;&nbsp;&nbsp;&nbsp;When-issued investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78129297 |
| Uncleared swaps, at value (net of unamortized premiums received, $245,611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284537 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5708 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20759 |
| Deferred country tax expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11366471 |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428888 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$134587934 |
| Net assets | &nbsp;&nbsp;$7043288413 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp;$9181586526 |
| Total distributable earnings (loss) | &nbsp;&nbsp;(2138298113) |
| Net assets | &nbsp;&nbsp;$7043288413 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593312405 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Statement of Assets and Liabilities (unaudited) – continued

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**Shares<br> outstanding** | &nbsp;&nbsp;&nbsp;**Net asset value<br> per share (a)** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$284549177 | &nbsp;&nbsp;&nbsp;&nbsp;24005580 | &nbsp;&nbsp;&nbsp;$11.85 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152510 | &nbsp;&nbsp;&nbsp;&nbsp;11.68 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15975741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367853 | &nbsp;&nbsp;&nbsp;&nbsp;11.68 |
| Class I | &nbsp;&nbsp;&nbsp;4346754799 | &nbsp;&nbsp;&nbsp;366432628 | &nbsp;&nbsp;&nbsp;&nbsp;11.86 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26533 | &nbsp;&nbsp;&nbsp;&nbsp;11.93 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9841326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825467 | &nbsp;&nbsp;&nbsp;&nbsp;11.92 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37507755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152378 | &nbsp;&nbsp;&nbsp;&nbsp;11.90 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38439390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233512 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 |
| Class R6 | &nbsp;&nbsp;&nbsp;2308123152 | &nbsp;&nbsp;&nbsp;194115944 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 |

---

(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $12.38 [100 /
95.75 x $11.85]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6.

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

*Financial Statements*

### Statement of Operations
Six months ended 1/31/23 (unaudited)

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$201769974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7719099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47563 |
| Total investment income | &nbsp;&nbsp;$209536636 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | &nbsp;&nbsp;&nbsp;$23187506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Trustees' compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288350 |
| Total expenses | &nbsp;&nbsp;&nbsp;$27619680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464234) |
| Net expenses | &nbsp;&nbsp;&nbsp;$27155446 |
| Net investment income (loss) | &nbsp;&nbsp;$182381190 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Statement of Operations (unaudited) – continued

---

| | |
|:---|:---|
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of $3,278,071 country tax) | &nbsp;&nbsp;$(414403149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27291) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(17154670) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;(12859413) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385265) |
| Net realized gain (loss) | &nbsp;&nbsp;$(444503359) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of $24,287 increase in deferred country tax) | &nbsp;&nbsp;&nbsp;$632736562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11539786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784921 |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$647577026 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;$203073667 |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$385454857 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

*Financial Statements*

### Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | &nbsp;&nbsp;&nbsp;**Year ended** |
|  | **1/31/23<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**7/31/22** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$182381190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363447268 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(444503359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230431975) |
| Net unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;647577026 | &nbsp;&nbsp;&nbsp;&nbsp;(1818174207) |
| Change in net assets from operations | &nbsp;&nbsp;&nbsp;$385454857 | &nbsp;&nbsp;&nbsp;$(1685158914) |
| Total distributions to shareholders | &nbsp;&nbsp;$(292536766) | &nbsp;&nbsp;&nbsp;&nbsp;$(406066540) |
| Change in net assets from fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$(82095719) | &nbsp;&nbsp;&nbsp;&nbsp;$(437588065) |
| Total change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10822372 | &nbsp;&nbsp;&nbsp;$(2528813519) |
| **Net assets** |  |  |
| At beginning of period | &nbsp;&nbsp;7032466041 | &nbsp;&nbsp;&nbsp;&nbsp;9561279560 |
| At end of period | $7043288413 | &nbsp;&nbsp;&nbsp;&nbsp;$7032466041 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

*Financial Statements*

### Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$11.69 | &nbsp;&nbsp;&nbsp;&nbsp;$14.93 | &nbsp;&nbsp;&nbsp;&nbsp;$14.73 | &nbsp;&nbsp;&nbsp;&nbsp;$14.68 | &nbsp;&nbsp;&nbsp;&nbsp;$13.99 | &nbsp;&nbsp;&nbsp;&nbsp;$14.81 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.61 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; $0.64 | &nbsp;&nbsp;&nbsp;&nbsp; $(2.64) | &nbsp;&nbsp;&nbsp;&nbsp; $0.75 | &nbsp;&nbsp;&nbsp;&nbsp; $0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.34 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.18) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.64) |
| Net asset value, end of period (x) | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp;&nbsp;&nbsp; $11.69 | &nbsp;&nbsp;&nbsp;&nbsp; $14.93 | &nbsp;&nbsp;&nbsp;&nbsp; $14.73 | &nbsp;&nbsp;&nbsp;&nbsp; $14.68 | &nbsp;&nbsp;&nbsp;&nbsp; $13.99 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70(n) | &nbsp;&nbsp;&nbsp;&nbsp;(18.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $284549 | $315618 | $431359 | $377703 | &nbsp;&nbsp;$382984 | $330096 |

---

#### See Notes to Financial Statements

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | $11.56 | &nbsp;&nbsp;$14.87 | &nbsp;&nbsp;$14.75 | &nbsp;&nbsp;$14.71 | &nbsp;&nbsp;&nbsp;&nbsp;$14.13 | &nbsp;&nbsp;&nbsp;$14.97 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;&nbsp;0.15(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| Total from investment operations | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $(2.81) | &nbsp;&nbsp;&nbsp; $0.56 | &nbsp;&nbsp;&nbsp; $0.55 | &nbsp;&nbsp;&nbsp;&nbsp; $1.12 | &nbsp;&nbsp;&nbsp; $(0.31) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $(0.44) | &nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(0.53) |
| Net asset value, end of period (x) | $11.68 | $11.56 | $14.87 | $14.75 | &nbsp;&nbsp;&nbsp; $14.71 | &nbsp;&nbsp; $14.13 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;4.97(n) | &nbsp;&nbsp;&nbsp;(19.32) | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;(2.14) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.82(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $1781 | &nbsp;&nbsp;$2183 | &nbsp;&nbsp;$4286 | &nbsp;&nbsp;$8088 | &nbsp;&nbsp;$13938 | $19703 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$11.54 | &nbsp;&nbsp;&nbsp;$14.83 | &nbsp;&nbsp;&nbsp;$14.73 | &nbsp;&nbsp;&nbsp;$14.70 | &nbsp;&nbsp;&nbsp;&nbsp;$14.10 | &nbsp;&nbsp;&nbsp;&nbsp;$14.93 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;$0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) |
| Total from investment operations | &nbsp;&nbsp; $0.58 | &nbsp;&nbsp;&nbsp; $(2.79) | &nbsp;&nbsp;&nbsp;&nbsp; $0.54 | &nbsp;&nbsp;&nbsp;&nbsp; $0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.14 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.30) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53) |
| Net asset value, end of period (x) | $11.68 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $14.73 | &nbsp;&nbsp;&nbsp;&nbsp; $14.70 | &nbsp;&nbsp;&nbsp;&nbsp; $14.10 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;5.15(n) | &nbsp;&nbsp;&nbsp;(19.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.82(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $15976 | $18289 | $31537 | $62772 | &nbsp;&nbsp;$113863 | $142037 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.97 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.13) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.68) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.16 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $4346755 | $4294440 | $5960448 | $4345513 | &nbsp;&nbsp;$3879907 | $3658375 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R1** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | $11.75 | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;$14.82 | &nbsp;&nbsp;$14.88 | &nbsp;&nbsp;&nbsp;$14.22 | &nbsp;&nbsp;$15.04 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;&nbsp;$0.44 | &nbsp;&nbsp;&nbsp;&nbsp;$0.53 | &nbsp;&nbsp;&nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.01(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| Total from investment operations | &nbsp;&nbsp; $0.62 | &nbsp;&nbsp; $(2.75) | &nbsp;&nbsp;&nbsp; $0.62 | &nbsp;&nbsp;&nbsp; $0.45 | &nbsp;&nbsp;&nbsp;&nbsp; $1.20 | &nbsp;&nbsp; $(0.28) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $(0.44) | &nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;&nbsp;$(0.54) |
| Net asset value, end of period (x) | $11.93 | $11.75 | $15.00 | $14.82 | &nbsp;&nbsp; $14.88 | $14.22 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;5.48(n) | &nbsp;&nbsp;&nbsp;(18.71) | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;(1.98) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.81(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$316 | &nbsp;&nbsp;&nbsp;&nbsp;$305 | &nbsp;&nbsp;&nbsp;&nbsp;$333 | &nbsp;&nbsp;&nbsp;&nbsp;$582 | &nbsp;&nbsp;&nbsp;&nbsp;$648 | &nbsp;&nbsp;&nbsp;&nbsp;$617 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R2** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | $11.75 | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;&nbsp;$14.81 | &nbsp;&nbsp;&nbsp;$14.87 | &nbsp;&nbsp;&nbsp;&nbsp;$14.22 | &nbsp;&nbsp;&nbsp;$15.02 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;&nbsp;&nbsp;$0.50 | &nbsp;&nbsp;&nbsp;&nbsp;$0.48 | &nbsp;&nbsp;&nbsp;&nbsp;$0.52 | &nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;$0.57 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(g)(w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) |
| Total from investment operations | &nbsp;&nbsp; $0.64 | &nbsp;&nbsp; $(2.68) | &nbsp;&nbsp;&nbsp;&nbsp; $0.71 | &nbsp;&nbsp;&nbsp;&nbsp; $0.52 | &nbsp;&nbsp;&nbsp;&nbsp; $1.26 | &nbsp;&nbsp;&nbsp; $(0.19) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | $(0.47) | &nbsp;&nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;$(0.61) |
| Net asset value, end of period (x) | $11.92 | $11.75 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp;&nbsp; $14.87 | &nbsp;&nbsp; $14.22 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;5.65(n) | &nbsp;&nbsp;&nbsp;(18.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.33(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.32(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4.80(a) | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $9841 | &nbsp;&nbsp;$9831 | $12688 | $15944 | &nbsp;&nbsp;$18952 | $21881 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R3** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$11.72 | &nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;$14.75 | &nbsp;&nbsp;&nbsp;$14.80 | &nbsp;&nbsp;&nbsp;&nbsp;$14.16 | &nbsp;&nbsp;&nbsp;$14.96 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;$0.54 | &nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;$0.64 | &nbsp;&nbsp;&nbsp;&nbsp;$0.61 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(g)(w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) |
| Total from investment operations | &nbsp;&nbsp; $0.66 | &nbsp;&nbsp;&nbsp; $(2.64) | &nbsp;&nbsp;&nbsp;&nbsp; $0.77 | &nbsp;&nbsp;&nbsp;&nbsp; $0.56 | &nbsp;&nbsp;&nbsp;&nbsp; $1.29 | &nbsp;&nbsp;&nbsp; $(0.16) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;$(0.64) |
| Net asset value, end of period (x) | $11.90 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $14.96 | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp;&nbsp; $14.80 | &nbsp;&nbsp; $14.16 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;5.87(n) | &nbsp;&nbsp;&nbsp;(18.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.08(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;1.06(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5.05(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $37508 | $32029 | $36080 | $23775 | &nbsp;&nbsp;$32190 | $38001 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R4** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;$11.71 | &nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;$14.76 | &nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;$14.17 | &nbsp;&nbsp;&nbsp;$14.97 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;$0.57 | &nbsp;&nbsp;&nbsp;&nbsp;$0.55 | &nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;$0.67 | &nbsp;&nbsp;&nbsp;&nbsp;$0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) |
| Total from investment operations | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp;&nbsp; $(2.61) | &nbsp;&nbsp;&nbsp;&nbsp; $0.79 | &nbsp;&nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp;&nbsp; $1.35 | &nbsp;&nbsp;&nbsp; $(0.12) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;$(0.64) | &nbsp;&nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;&nbsp;$(0.68) |
| Net asset value, end of period (x) | $11.89 | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $14.96 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $14.17 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;6.01(n) | &nbsp;&nbsp;&nbsp;(17.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;(0.88) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.83(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;0.82(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5.30(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $38439 | $36790 | $40988 | $39791 | &nbsp;&nbsp;$75510 | $65918 |

---

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Financial Highlights – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6** | **<sub>Six months</sub><br> <sub>ended</sub>** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **1/31/23<br> (unaudited)** | **7/31/22** | **7/31/21** | **7/31/20** | &nbsp;&nbsp;**7/31/19**  | **7/31/18** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.00 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.65 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(0.09) |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.69) |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp; $11.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.22 |
| Total return (%) (r)(s)(t)(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** | **Ratios (%) (to average net assets)<br> and Supplemental data:** |
| Expenses before expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Expenses after expense reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net assets at end of period (000 omitted) | $2308123 | $2322980 | $3043561 | $1529701 | &nbsp;&nbsp;$1330252 | $1753566 |

---

(a) Annualized.

(d) Per share data is based on average shares outstanding.

(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and
losses at such time.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

(t) Total returns do not include any applicable sales charges.

(w) Per share amount was less than $0.01.

(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at
period end for financial reporting purposes.

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

### Notes to Financial Statements
(unaudited)

(1) Business and Organization

MFS Emerging Markets Debt Fund (the fund) is a diversified series of MFS Series Trust X (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(2) Significant Accounting Policies

**General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, and economic instability than developed markets.**

**Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.**

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Notes to Financial Statements (unaudited) - continued

**Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.**

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value.

Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service.

Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Notes to Financial Statements (unaudited) - continued

fund's net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund's foreign equity securities may often be valued at fair value. 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 significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of January 31, 2023 in valuing the fund's assets and liabilities:

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2959085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2959085 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2280421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280421 |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127245366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127245366 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4595593324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4595593324 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40719612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40719612 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1820057050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1820057050 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;427373848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427373848 |
| Total | &nbsp;&nbsp;$430332933 | &nbsp;&nbsp;&nbsp;$6583615352 | &nbsp;&nbsp;&nbsp;$2280421 | &nbsp;&nbsp;&nbsp;$7016228706 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8682797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8682797 |
| Forward Foreign Currency Exchange Contracts – Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563482 |
| Forward Foreign Currency Exchange Contracts – Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4208828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4208828) |
| Swap Agreements – Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284537) |

---

For further information regarding security characteristics, see the Portfolio of Investments.

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

---

| | |
|:---|:---|
|  | **Equity<br> Securities** |
| Balance as of 7/31/22 | $2106470 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation or depreciation | &nbsp;&nbsp;&nbsp;&nbsp;173951 |
| Balance as of 1/31/23 | $2280421 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at January 31, 2023 is $173,951. At January 31, 2023, the fund held one level 3 security.

**Inflation-Adjusted Debt Securities — The fund invests in inflation-adjusted debt securities issued by foreign corporations and/or foreign governments. The principal value of these debt securities is adjusted through income according to changes in an inflation index or another general price or wage index. These debt securities typically pay a fixed rate of interest, but this fixed rate is applied to the inflation-adjusted principal amount. The principal paid at maturity of the debt security is typically equal to the inflation-adjusted principal amount, or the security's original par value, whichever is greater. Other types of inflation-adjusted securities may use other methods to adjust for other measures of inflation.**

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Notes to Financial Statements (unaudited) - continued

**Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.**

**Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.**

The derivative instruments used by the fund during the period were futures contracts, forward foreign currency exchange contracts, and swap agreements. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at January 31, 2023 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Fair Value (a)** | &nbsp;&nbsp;**Fair Value (a)** |
| **Risk** | &nbsp;&nbsp;**Derivative Contracts** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| Interest Rate | &nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$8682797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Foreign Exchange | &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;5563482 | &nbsp;&nbsp;&nbsp;(4208828) |
| Credit | &nbsp;&nbsp;Uncleared Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284537) |
| Total |  | &nbsp;&nbsp;$14246279 | &nbsp;&nbsp;$(4493365) |

---

(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts
is reported separately within the Statement of Assets and Liabilities.

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Notes to Financial Statements (unaudited) - continued

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended January 31, 2023 as reported in the Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures<br> Contracts** | &nbsp;&nbsp;**Swap<br> Agreements** | &nbsp;&nbsp;**Forward Foreign<br> Currency<br> Exchange<br> Contracts** |
| Interest Rate | $(17154670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Foreign Exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12859413) |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;326429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $(17154670) | &nbsp;&nbsp;$326429 | &nbsp;&nbsp;$(12859413) |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended January 31, 2023 as reported in the Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Risk** | **Futures<br> Contracts** | &nbsp;&nbsp;**Swap<br> Agreements** | &nbsp;&nbsp;**Forward Foreign<br> Currency<br> Exchange<br> Contracts** |
| Interest Rate | $11539786 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Foreign Exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2479764 |
| Credit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $11539786 | &nbsp;&nbsp;$(5123) | &nbsp;&nbsp;$2479764 |

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options) and collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or

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Notes to Financial Statements (unaudited) - continued

delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.**

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange's clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

**Forward Foreign Currency Exchange Contracts — The fund entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used to hedge the fund's currency risk or for non-hedging purposes. For hedging purposes, the fund may enter into contracts to deliver or receive foreign currency that the fund will receive from or use in its normal investment activities. The fund may also use contracts to hedge against declines in the value of foreign currency denominated securities due to unfavorable exchange rate movements. For non-hedging purposes, the fund may enter into contracts with the intent of changing the relative exposure of the fund's portfolio of securities to different currencies to take advantage of anticipated exchange rate changes.**

Forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any unrealized gains or losses are recorded as a receivable or payable for forward foreign currency exchange contracts until the contract settlement date. On contract settlement date, any gain or loss on the contract is recorded as realized gains or losses on forward foreign currency exchange contracts.

Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potential inability of counterparties to meet the terms of their contracts. Generally, the fund's maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of

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Notes to Financial Statements (unaudited) - continued

foreign transactions. This risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA Master Agreement.

**Swap Agreements — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract ("uncleared swaps") while others are required to be centrally cleared ("cleared swaps").**

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Statement of Assets and Liabilities as "Uncleared swaps, at value" which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement ("ISDA") between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the true counterparty to the transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

The fund entered into credit default swap agreements in order to manage its exposure to the market or certain sectors of the market, to reduce its credit risk exposure to defaults of corporate and sovereign issuers or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. A credit default swap's reference obligation may be either a single security or a basket of securities issued by corporate or sovereign issuers. At the inception of the agreement, the protection buyer may make an upfront payment to or receive an upfront payment from the protection seller. Over the term of the agreement, the protection buyer will make a series of periodic payments to the protection seller based on a fixed percentage applied to the

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Notes to Financial Statements (unaudited) - continued

agreement's notional amount in exchange for a promise from the protection seller to make a specific payment should a defined credit event occur with respect to the reference obligation. Although agreement-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event occurs, the protection buyer will either (i) receive from the protection seller an amount equal to the agreement's notional amount and deliver the reference obligation (i.e., physical settlement) or (ii) receive from the protection seller a net settlement of cash equal to the agreement's notional amount less the recovery value of the reference obligation. Upon determination of the final price for the reference obligation (or upon delivery of the reference obligation in the case of physical settlement), the difference between the recovery value of the reference obligation and the agreement's notional amount is recorded as realized gain or loss on swap agreements in the Statement of Operations.

Credit default swap agreements are considered to have credit-risk-related contingent features since they trigger payment by the protection seller to the protection buyer upon the occurrence of a defined credit event. 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. The protection seller's payment obligation would be offset to the extent of the value of the agreement's deliverable obligation. At January 31, 2023, the fund did not hold any credit default swap agreements at an unrealized loss where it is the protection seller. The fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the agreement.

**Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.**

**Investment Transactions and Income — Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted upward or downward based on the rate of inflation. Interest is accrued based on the principal amount, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond is generally recorded as an increase or decrease in interest income, respectively, even though the adjusted principal is not received until maturity. Debt obligations may be placed on non-accrual status or set to accrue at a**

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Notes to Financial Statements (unaudited) - continued

rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the normal settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased in the Statement of Assets and Liabilities. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic or other factors.

**Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.**

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

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Notes to Financial Statements (unaudited) - continued

Book/tax differences primarily relate to defaulted bonds, amortization and accretion of debt securities, and wash sale loss deferrals.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year ended<br> 7/31/22** |
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$406066540 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 1/31/23** |  |
| Cost of investments | &nbsp;&nbsp;$8033902130 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61668393 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1079341817) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(1017673424) |
| **As of 7/31/22** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119603757 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659207347) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38847702) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1652764912) |

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of July 31, 2022, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(323175106) |
| Long-Term | &nbsp;&nbsp;(336032241) |
| Total | $(659207347) |

---

**Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to**

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Notes to Financial Statements (unaudited) - continued

Class A shares approximately eight years after purchase. The fund's distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> 1/31/23** | **Year ended<br> 7/31/22** |
| Class A | &nbsp;&nbsp;$11713504 | &nbsp;&nbsp;&nbsp;$17108259 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119038 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924715 |
| Class I | &nbsp;&nbsp;179261020 | &nbsp;&nbsp;&nbsp;246834890 |
| Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950 |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469037 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;1483153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423846 |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;1574836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862533 |
| Class R6 | &nbsp;&nbsp;&nbsp;97403635 | &nbsp;&nbsp;&nbsp;137312272 |
| Total | $292536766 | $406066540 |

---

(3) Transactions with Affiliates

**Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:**

---

| | |
|:---|:---|
| Up to $1 billion | 0.75% |
| In excess of $1 billion and up to $2.5 billion | 0.70% |
| In excess of $2.5 billion and up to $7.5 billion | 0.65% |
| In excess of $7.5 billion and up to $12.5 billion | 0.60% |
| In excess of $12.5 billion | 0.55% |

---

MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until November 30, 2023. For the six months ended January 31, 2023, this management fee reduction amounted to $464,149, which is included in the reduction of total expenses in the Statement of Operations.

The management fee incurred for the six months ended January 31, 2023 was equivalent to an annual effective rate of 0.66% of the fund's average daily net assets.

**Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $1,503 for the six months ended January 31, 2023, as its portion of the initial sales charge on sales of Class A shares of the fund.**

The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.

The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.

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Notes to Financial Statements (unaudited) - continued

#### Distribution Plan Fee Table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution<br> Fee Rate (d)** | &nbsp;&nbsp;**Service<br> Fee Rate (d)** | &nbsp;&nbsp;**Total<br> Distribution<br> Plan (d)** | &nbsp;&nbsp;**Annual<br> Effective<br> Rate (e)** | &nbsp;&nbsp;**Distribution<br> and Service<br> Fee** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;$358898 |
| Class B | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887 |
| Class C | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84937 |
| Class R1 | 0.75% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 |
| Class R2 | 0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24226 |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44472 |
| Total Distribution and Service Fees |  |  |  |  | &nbsp;&nbsp;$523972 |

---

(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class's average daily
net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.

(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended January 31, 2023 based on each class's average daily net assets. MFD has
voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its
affiliates' seed money. For the six months ended January 31, 2023, this rebate amounted to $85 for Class A shares and is included in the reduction of total expenses in the Statement of Operations.

Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the six months ended January 31, 2023, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $6670 |
| Class B | &nbsp;&nbsp;&nbsp;&nbsp;700 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;815 |

---

**Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the six months ended January 31, 2023, the fee was $86,261, which equated to 0.0025% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended January 31, 2023, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $2,749,150.**

**Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these**

------

[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Notes to Financial Statements (unaudited) - continued

services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the six months ended January 31, 2023 was equivalent to an annual effective rate of 0.0097% of the fund's average daily net assets.

**Trustees' and Officers' Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.**

**Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.**

(4) Portfolio Securities

For the six months ended January 31, 2023, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | &nbsp;&nbsp;**Sales** |
| U.S. Government securities | $1558963891 | &nbsp;&nbsp;$1627694755 |
| Non-U.S. Government securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52910729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113815 |

---

(5) Shares of Beneficial Interest

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 1/31/23** | **Six months ended<br> 1/31/23** | &nbsp;&nbsp;**Year ended<br> 7/31/22** | &nbsp;&nbsp;**Year ended<br> 7/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;4755716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53630019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5808445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79004826 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;104209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630943 |
| &nbsp;&nbsp;&nbsp;Class I | 64877606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743176821 | &nbsp;&nbsp;123427928 | &nbsp;&nbsp;&nbsp;&nbsp;1681599665 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62800 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693410 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;595545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11232688 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;135292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10434253 |
| &nbsp;&nbsp;&nbsp;Class R6 | 20987221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243677500 | &nbsp;&nbsp;&nbsp;&nbsp;54177614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738276764 |
|  | 91500280 | &nbsp;&nbsp;$1050723353 | &nbsp;&nbsp;185437812 | &nbsp;&nbsp;$2525938901 |

---

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[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

Notes to Financial Statements (unaudited) - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br> 1/31/23** | **Six months ended<br> 1/31/23** | &nbsp;&nbsp;**Year ended<br> 7/31/22** | &nbsp;&nbsp;**Year ended<br> 7/31/22** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Shares issued to shareholders<br> in reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8982761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12747263 |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114094 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889442 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;15255546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173742201 | &nbsp;&nbsp;&nbsp;&nbsp;17690742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237144073 |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468863 |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423033 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862533 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;7159066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81694849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8712003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117037563 |
|  | &nbsp;&nbsp;&nbsp;23562355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$268556329 | &nbsp;&nbsp;&nbsp;&nbsp;27705246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$371698814 |
| Shares reacquired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(8545469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(96664922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8637515) | &nbsp;&nbsp;&nbsp;&nbsp;$(115078022) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1461924) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4298927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(797488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10895183) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;(81107937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(925439845) | &nbsp;&nbsp;(172948471) | &nbsp;&nbsp;&nbsp;&nbsp;(2307915588) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23876) |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3316060) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3529351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9153575) |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2049949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(497934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6638480) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;(32299819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367876430) | &nbsp;&nbsp;&nbsp;&nbsp;(68009833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880743072) |
|  | (122946296) | &nbsp;&nbsp;$(1401375401) | &nbsp;&nbsp;(251899804) | &nbsp;&nbsp;$(3335225780) |
| Net change |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(3003507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(34052142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1882223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(23325933) |
| &nbsp;&nbsp;&nbsp;Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344278) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2484537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7374798) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8520823) | &nbsp;&nbsp;&nbsp;&nbsp;(31829801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389171850) |
| &nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50874 |
| &nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153787) |
| &nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502146 |
| &nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658306 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(4153532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42504081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5120216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25428745) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(7883661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(82095719) | &nbsp;&nbsp;&nbsp;&nbsp;(38756746) | &nbsp;&nbsp;&nbsp;&nbsp;$(437588065) |

---

The fund is one of several mutual funds in which certain MFS funds may invest. The MFS funds do not invest in the underlying funds for the purpose of exercising management or control. At the end of the period, the MFS Moderate Allocation Fund, the MFS Growth Allocation Fund, and the MFS Conservative Allocation Fund were the owners of record of approximately 3%, 3%, and 1%, respectively, of the value of

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Notes to Financial Statements (unaudited) - continued

outstanding voting shares of the fund. In addition, the MFS Lifetime 2020 Fund, the MFS Lifetime 2025 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2040 Fund, the MFS Lifetime 2045 Fund, and the MFS Lifetime Income Fund were each the owners of record of less than 1% of the value of outstanding voting shares of the fund.

Effective June 1, 2019, purchases of the fund's Class B shares were closed to new and existing investors subject to certain exceptions.

(6) Line of Credit

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 14, 2024 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the six months ended January 31, 2023, the fund's commitment fee and interest expense were $18,117 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

(7) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | $570154423 | &nbsp;&nbsp; $864552030 | &nbsp;&nbsp; $1007346430 | &nbsp;&nbsp; $(27291) | &nbsp;&nbsp; $41116 | &nbsp;&nbsp; $427373848 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | $7719099 | &nbsp;&nbsp; $— |

---

(8) LIBOR Transition

Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate ("LIBOR"). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021.

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Notes to Financial Statements (unaudited) - continued

In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.

(9) Russia and Ukraine Conflict

The fund invests in securities and/or derivative instruments that are economically tied to Russia and/or Ukraine. Escalation of the conflict between Russia and Ukraine in late February 2022 caused market volatility and disruption in the tradability of Russian securities, including closure of the local securities market, temporary restriction on securities sales by non-residents, and disruptions to clearance and payment systems. To the extent that the fund is unable to sell securities, whether due to market constraints or to the sanctions imposed on Russia by the United States and other countries, those securities are considered illiquid and the value of those securities reflects their illiquid classification. Management continues to monitor these events and to evaluate the related impacts on fund performance.

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#### Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

#### Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov.* A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Prospectus and Reports" tab.

#### Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site *(mfs.com)*. This information is available at *https://www.mfs.com/announcements* or at *mfs.com/openendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

#### Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

#### Provision of Financial Reports and Summary Prospectuses
The fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

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[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

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[**Table of Contents**](#JOB_EMD_-_103de6dd-e007-4f3b-bf82-568149d30591_TOC)

![](imgc4b633911.gif)

------

#### Save paper with eDelivery.
![](imgced784506.jpg)

MFS<sup>®</sup> will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.

To sign up:

1. Go to mfs.com.

2. Log in via MFS<sup>®</sup> Access.

3. Select eDelivery.

If you own your MFS fund shares through a financial institution or a retirement plan, MFS<sup>®</sup> TALK, MFS<sup>®</sup> Access, or eDelivery may not be available to you.

### CONTACT

#### WEB SITE
mfs.com

#### MFS TALK
1-800-637-8255

24 hours a day

#### ACCOUNT SERVICE AND LITERATURE

#### Shareholders
1-800-225-2606

#### Financial advisors
1-800-343-2829

#### Retirement plan services
1-800-637-1255

#### MAILING ADDRESS
MFS Service Center, Inc.

P.O. Box 219341

Kansas City, MO 64121-9341

#### OVERNIGHT MAIL
MFS Service Center, Inc.

Suite 219341

430 W 7th Street

Kansas City, MO 64105-1407

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**Item 1(b):**

Not applicable.

**ITEM 2. CODE OF ETHICS.**

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semi-annual reports.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semi-annual reports.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable to the Registrant.

**ITEM 6. INVESTMENTS**

A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable to the Registrant.

**ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

**ITEM 11. CONTROLS AND PROCEDURES.**

(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the Registrant.

**ITEM 13. EXHIBITS.**

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as [EX-99.302CERT](f24853d2.htm).

&nbsp;&nbsp;&nbsp;&nbsp;(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Change in the registrant's independent public accountant. Not applicable.

(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as [EX-99.906CERT](f24853d3.htm).

**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)\*

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo, President

Date: March 17, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\*

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo, President (Principal Executive Officer)

Date: March 17, 2023

By (Signature and Title)\*

<u>/S/ JAMES O. YOST</u>

James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: March 17, 2023

\* Print name and title of each signing officer under his or her signature.

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## Exhibit 99.302

**<u>EX-99.302CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, James O. Yost, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Series Trust X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 17, 2023

<u>/S/ JAMES O. YOST</u>

James O. Yost

Treasurer (Principal Financial Officer and Accounting Officer)

**<u>EX-99.302CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Series Trust X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 17, 2023

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, James O. Yost, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Series Trust X (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 17, 2023

<u>/S/ JAMES O. YOST</u>

James O. Yost

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS SERIES TRUST X**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Series Trust X (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 17, 2023

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**