UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington
Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrants telephone number, including
area code: (617) 954-5000
Date of fiscal year end: May 31*
Date of reporting period: August 31, 2013
*
|
This Form N-Q pertains only to the following series of the Registrant: MFS Absolute Return Fund, MFS Aggressive Growth Allocation Fund, MFS Conservative Allocation
Fund, MFS Emerging Markets Equity Fund, MFS Global Bond Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS International Growth Fund, MFS International Value Fund and MFS Moderate Allocation Fund. The remaining series of
the Registrant have fiscal year ends of 7/31.
|
ITEM 1.
|
SCHEDULE OF INVESTMENTS.
|
QUARTERLY REPORT
August 31, 2013
MFS® AGGRESSIVE GROWTH
ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
Underlying Affiliated Funds - 99.9%
|
|
|
|
|
|
|
|
|
MFS Commodity Strategy Fund - Class R5 (v)
|
|
|
7,805,582
|
|
|
$
|
68,376,898
|
|
MFS Emerging Markets Equity Fund - Class R5
|
|
|
893,418
|
|
|
|
26,516,632
|
|
MFS Global Real Estate Fund - Class R5 (v)
|
|
|
4,610,852
|
|
|
|
65,520,208
|
|
MFS Growth Fund - Class R5 (a)
|
|
|
2,933,286
|
|
|
|
173,503,890
|
|
MFS International Growth Fund - Class R5
|
|
|
4,084,991
|
|
|
|
105,515,328
|
|
MFS International New Discovery Fund - Class R5
|
|
|
1,999,194
|
|
|
|
52,778,733
|
|
MFS International Value Fund - Class R5
|
|
|
3,397,999
|
|
|
|
105,168,081
|
|
MFS Mid Cap Growth Fund - Class R5 (a)
|
|
|
10,890,360
|
|
|
|
133,624,720
|
|
MFS Mid Cap Value Fund - Class R5
|
|
|
7,204,063
|
|
|
|
132,410,673
|
|
MFS New Discovery Fund - Class R5 (a)
|
|
|
1,215,955
|
|
|
|
33,609,000
|
|
MFS New Discovery Value Fund - Class R5
|
|
|
2,661,642
|
|
|
|
33,243,902
|
|
MFS Research Fund - Class R5
|
|
|
3,579,613
|
|
|
|
119,093,720
|
|
MFS Research International Fund - Class R5
|
|
|
6,491,703
|
|
|
|
105,230,504
|
|
MFS Value Fund - Class R5
|
|
|
5,757,041
|
|
|
|
171,674,960
|
|
Total Underlying Affiliated Funds
|
|
|
|
|
|
$
|
1,326,267,249
|
|
|
|
|
Money Market Funds - 0.0%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
67
|
|
|
$
|
67
|
|
Total Investments
|
|
|
|
|
|
$
|
1,326,267,316
|
|
|
|
|
Other Assets, Less Liabilities - 0.1%
|
|
|
|
|
|
|
922,141
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
1,327,189,457
|
|
(a)
|
Non-income producing security.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
See attached supplemental information. For more information see notes to financial statements
as disclosed in the most recent semiannual or annual report.
1
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of
this policy disclosure, fund refers to the underlying fund in which the fund of fund invests.
Equity securities, including restricted equity
securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that
day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales
reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other
than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally
are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily
traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not
traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement
price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by
a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates
provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, 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. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid
quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign
securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds investments (including any fair
valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by
the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and
floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an
investments 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 funds
net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis 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 funds net asset value may be deemed to have a material effect on the value of securities traded in
foreign markets. Accordingly, the funds 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 funds 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 funds 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 funds 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 investments level within the fair value
hierarchy is based on the lowest level of input that is significant to the fair value measurement. The funds 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).
2
Supplemental Information (unaudited) continued
Level 3 includes unobservable inputs, which may include the advisers own assumptions in determining the fair value of investments. The following is a summary of the levels used as of
August 31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual Funds
|
|
|
$1,326,267,316
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$1,326,267,316
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$900,043,668
|
|
Gross unrealized appreciation
|
|
|
432,801,931
|
|
Gross unrealized depreciation
|
|
|
(6,578,283
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$426,223,648
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be affiliated issuers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Commodity Strategy Fund
|
|
|
7,268,356
|
|
|
|
656,633
|
|
|
|
(119,407
|
)
|
|
|
7,805,582
|
|
MFS Emerging Markets Equity Fund
|
|
|
779,537
|
|
|
|
113,918
|
|
|
|
(37
|
)
|
|
|
893,418
|
|
MFS Global Real Estate Fund
|
|
|
4,039,061
|
|
|
|
571,791
|
|
|
|
|
|
|
|
4,610,852
|
|
MFS Growth Fund
|
|
|
2,956,978
|
|
|
|
11,230
|
|
|
|
(34,922
|
)
|
|
|
2,933,286
|
|
MFS Institutional Money Market Portfolio
|
|
|
807,417
|
|
|
|
17,633,154
|
|
|
|
(18,440,504
|
)
|
|
|
67
|
|
MFS International Growth Fund
|
|
|
3,885,087
|
|
|
|
209,331
|
|
|
|
(9,427
|
)
|
|
|
4,084,991
|
|
MFS International New Discovery Fund
|
|
|
1,931,625
|
|
|
|
67,779
|
|
|
|
(210
|
)
|
|
|
1,999,194
|
|
MFS International Value Fund
|
|
|
3,347,007
|
|
|
|
55,245
|
|
|
|
(4,253
|
)
|
|
|
3,397,999
|
|
MFS Mid Cap Growth Fund
|
|
|
11,136,011
|
|
|
|
17,276
|
|
|
|
(262,927
|
)
|
|
|
10,890,360
|
|
MFS Mid Cap Value Fund
|
|
|
7,329,072
|
|
|
|
21,671
|
|
|
|
(146,680
|
)
|
|
|
7,204,063
|
|
MFS New Discovery Fund
|
|
|
1,262,409
|
|
|
|
3,814
|
|
|
|
(50,268
|
)
|
|
|
1,215,955
|
|
MFS New Discovery Value Fund
|
|
|
2,742,994
|
|
|
|
10,127
|
|
|
|
(91,479
|
)
|
|
|
2,661,642
|
|
MFS Research Fund
|
|
|
3,590,283
|
|
|
|
39,262
|
|
|
|
(49,932
|
)
|
|
|
3,579,613
|
|
MFS Research International Fund
|
|
|
6,294,780
|
|
|
|
211,567
|
|
|
|
(14,644
|
)
|
|
|
6,491,703
|
|
MFS Value Fund
|
|
|
5,710,124
|
|
|
|
106,026
|
|
|
|
(59,109
|
)
|
|
|
5,757,041
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Commodity Strategy Fund
|
|
|
$44,736
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$68,376,898
|
|
MFS Emerging Markets Equity Fund
|
|
|
570
|
|
|
|
|
|
|
|
|
|
|
|
26,516,632
|
|
MFS Global Real Estate Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,520,208
|
|
MFS Growth Fund
|
|
|
1,021,065
|
|
|
|
|
|
|
|
|
|
|
|
173,503,890
|
|
MFS Institutional Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67
|
|
MFS International Growth Fund
|
|
|
130,985
|
|
|
|
|
|
|
|
|
|
|
|
105,515,328
|
|
MFS International New Discovery Fund
|
|
|
3,278
|
|
|
|
|
|
|
|
|
|
|
|
52,778,733
|
|
MFS International Value Fund
|
|
|
72,819
|
|
|
|
|
|
|
|
|
|
|
|
105,168,081
|
|
MFS Mid Cap Growth Fund
|
|
|
1,920,123
|
|
|
|
|
|
|
|
|
|
|
|
133,624,720
|
|
MFS Mid Cap Value Fund
|
|
|
1,506,752
|
|
|
|
|
|
|
|
|
|
|
|
132,410,673
|
|
MFS New Discovery Fund
|
|
|
800,814
|
|
|
|
|
|
|
|
|
|
|
|
33,609,000
|
|
3
Supplemental Information (unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Funds - continued
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS New Discovery Value Fund
|
|
|
$257,518
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$33,243,902
|
|
MFS Research Fund
|
|
|
985,527
|
|
|
|
|
|
|
|
|
|
|
|
119,093,720
|
|
MFS Research International Fund
|
|
|
96,224
|
|
|
|
|
|
|
|
|
|
|
|
105,230,504
|
|
MFS Value Fund
|
|
|
827,073
|
|
|
|
|
|
|
|
896,355
|
|
|
|
171,674,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$7,667,484
|
|
|
|
$
|
|
|
|
$896,355
|
|
|
|
$1,326,267,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
QUARTERLY REPORT
August 31, 2013
MFS® CONSERVATIVE ALLOCATION
FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
Underlying Affiliated Funds - 99.9%
|
|
|
|
|
|
|
|
|
MFS Absolute Return Fund - Class R5
|
|
|
5,075,308
|
|
|
$
|
48,976,724
|
|
MFS Commodity Strategy Fund - Class R5 (v)
|
|
|
2,809,293
|
|
|
|
24,609,410
|
|
MFS Emerging Markets Debt Fund - Class R5
|
|
|
5,026,940
|
|
|
|
72,186,858
|
|
MFS Global Bond Fund - Class R5
|
|
|
12,959,298
|
|
|
|
120,391,879
|
|
MFS Global Real Estate Fund - Class R5 (v)
|
|
|
1,674,131
|
|
|
|
23,789,408
|
|
MFS Government Securities Fund - Class R5
|
|
|
24,523,111
|
|
|
|
244,495,419
|
|
MFS Growth Fund - Class R5 (a)
|
|
|
2,515,923
|
|
|
|
148,816,866
|
|
MFS High Income Fund - Class R5
|
|
|
34,891,390
|
|
|
|
122,817,693
|
|
MFS Inflation-Adjusted Bond Fund - Class R5
|
|
|
23,349,630
|
|
|
|
243,303,142
|
|
MFS International Growth Fund - Class R5
|
|
|
1,877,327
|
|
|
|
48,491,359
|
|
MFS International Value Fund - Class R5
|
|
|
1,570,935
|
|
|
|
48,620,447
|
|
MFS Limited Maturity Fund - Class R5
|
|
|
40,607,664
|
|
|
|
244,864,215
|
|
MFS Mid Cap Growth Fund - Class R5 (a)
|
|
|
8,127,326
|
|
|
|
99,722,284
|
|
MFS Mid Cap Value Fund - Class R5
|
|
|
5,369,465
|
|
|
|
98,690,759
|
|
MFS New Discovery Fund - Class R5 (a)
|
|
|
911,669
|
|
|
|
25,198,522
|
|
MFS New Discovery Value Fund - Class R5
|
|
|
1,988,228
|
|
|
|
24,832,963
|
|
MFS Research Bond Fund - Class R5
|
|
|
39,123,126
|
|
|
|
415,878,834
|
|
MFS Research Fund - Class R5
|
|
|
4,416,716
|
|
|
|
146,944,154
|
|
MFS Research International Fund - Class R5
|
|
|
6,003,911
|
|
|
|
97,323,403
|
|
MFS Value Fund - Class R5
|
|
|
4,905,793
|
|
|
|
146,290,755
|
|
Total Underlying Affiliated Funds
|
|
|
|
|
|
$
|
2,446,245,094
|
|
|
|
|
Money Market Funds - 0.0%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
9
|
|
|
$
|
9
|
|
Total Investments
|
|
|
|
|
|
$
|
2,446,245,103
|
|
|
|
|
Other Assets, Less Liabilities - 0.1%
|
|
|
|
|
|
|
1,470,679
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
2,447,715,782
|
|
(a)
|
Non-income producing security.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
See attached supplemental information. For more information see notes to financial statements
as disclosed in the most recent semiannual or annual report.
1
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of
this policy disclosure, fund refers to the underlying fund in which the fund of fund invests.
Equity securities, including restricted equity
securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that
day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales
reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other
than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally
are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily
traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not
traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement
price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by
a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates
provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, 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. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing
service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party
pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds
investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value
as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for
most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value
if the adviser determines that an investments 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 funds net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a
frequent basis 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 funds net asset value may be deemed to have a material effect on the value
of securities traded in foreign markets. Accordingly, the funds 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 funds 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 funds 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
funds 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 investments level
within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The funds assessment of the significance of a particular input to the fair value measurement in its entirety requires
judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices
for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the advisers own assumptions in determining the fair value of investments.
2
Supplemental Information (unaudited) continued
The following is a summary of the levels used as of August 31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual Funds
|
|
|
$2,446,245,103
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$2,446,245,103
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$2,142,518,913
|
|
Gross unrealized appreciation
|
|
|
329,949,390
|
|
Gross unrealized depreciation
|
|
|
(26,223,200
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$303,726,190
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be affiliated issuers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Absolute Return Fund
|
|
|
4,977,526
|
|
|
|
111,073
|
|
|
|
(13,291
|
)
|
|
|
5,075,308
|
|
MFS Commodity Strategy Fund
|
|
|
2,705,567
|
|
|
|
123,827
|
|
|
|
(20,101
|
)
|
|
|
2,809,293
|
|
MFS Emerging Markets Debt Fund
|
|
|
4,560,787
|
|
|
|
466,153
|
|
|
|
|
|
|
|
5,026,940
|
|
MFS Global Bond Fund
|
|
|
11,959,691
|
|
|
|
999,607
|
|
|
|
|
|
|
|
12,959,298
|
|
MFS Global Real Estate Fund
|
|
|
1,513,487
|
|
|
|
165,154
|
|
|
|
(4,510
|
)
|
|
|
1,674,131
|
|
MFS Government Securities Fund
|
|
|
23,623,837
|
|
|
|
914,895
|
|
|
|
(15,621
|
)
|
|
|
24,523,111
|
|
MFS Growth Fund
|
|
|
2,575,177
|
|
|
|
537
|
|
|
|
(59,791
|
)
|
|
|
2,515,923
|
|
MFS High Income Fund
|
|
|
33,374,460
|
|
|
|
1,525,194
|
|
|
|
(8,264
|
)
|
|
|
34,891,390
|
|
MFS Inflation-Adjusted Bond Fund
|
|
|
21,763,313
|
|
|
|
1,586,317
|
|
|
|
|
|
|
|
23,349,630
|
|
MFS Institutional Money Market Portfolio
|
|
|
26
|
|
|
|
13,825,803
|
|
|
|
(13,825,820
|
)
|
|
|
9
|
|
MFS International Growth Fund
|
|
|
1,815,157
|
|
|
|
69,824
|
|
|
|
(7,654
|
)
|
|
|
1,877,327
|
|
MFS International Value Fund
|
|
|
1,565,246
|
|
|
|
25,118
|
|
|
|
(19,429
|
)
|
|
|
1,570,935
|
|
MFS Limited Maturity Fund
|
|
|
39,902,912
|
|
|
|
825,614
|
|
|
|
(120,862
|
)
|
|
|
40,607,664
|
|
MFS Mid Cap Growth Fund
|
|
|
8,398,151
|
|
|
|
|
|
|
|
(270,825
|
)
|
|
|
8,127,326
|
|
MFS Mid Cap Value Fund
|
|
|
5,537,758
|
|
|
|
|
|
|
|
(168,293
|
)
|
|
|
5,369,465
|
|
MFS New Discovery Fund
|
|
|
960,576
|
|
|
|
|
|
|
|
(48,907
|
)
|
|
|
911,669
|
|
MFS New Discovery Value Fund
|
|
|
2,079,945
|
|
|
|
|
|
|
|
(91,717
|
)
|
|
|
1,988,228
|
|
MFS Research Bond Fund
|
|
|
37,464,728
|
|
|
|
1,660,182
|
|
|
|
(1,784
|
)
|
|
|
39,123,126
|
|
MFS Research Fund
|
|
|
4,517,370
|
|
|
|
2,262
|
|
|
|
(102,916
|
)
|
|
|
4,416,716
|
|
MFS Research International Fund
|
|
|
5,887,856
|
|
|
|
181,195
|
|
|
|
(65,140
|
)
|
|
|
6,003,911
|
|
MFS Value Fund
|
|
|
4,966,507
|
|
|
|
35,100
|
|
|
|
(95,814
|
)
|
|
|
4,905,793
|
|
3
Supplemental Information (unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Absolute Return Fund
|
|
|
$(5,848
|
)
|
|
|
$
|
|
|
|
$143,033
|
|
|
|
$48,976,724
|
|
MFS Commodity Strategy Fund
|
|
|
(63,826
|
)
|
|
|
|
|
|
|
|
|
|
|
24,609,410
|
|
MFS Emerging Markets Debt Fund
|
|
|
|
|
|
|
|
|
|
|
908,661
|
|
|
|
72,186,858
|
|
MFS Global Bond Fund
|
|
|
|
|
|
|
|
|
|
|
1,149,173
|
|
|
|
120,391,879
|
|
MFS Global Real Estate Fund
|
|
|
(4,307
|
)
|
|
|
|
|
|
|
|
|
|
|
23,789,408
|
|
MFS Government Securities Fund
|
|
|
(7,874
|
)
|
|
|
|
|
|
|
1,451,940
|
|
|
|
244,495,419
|
|
MFS Growth Fund
|
|
|
288,281
|
|
|
|
|
|
|
|
|
|
|
|
148,816,866
|
|
MFS High Income Fund
|
|
|
(1,300
|
)
|
|
|
|
|
|
|
1,862,141
|
|
|
|
122,817,693
|
|
MFS Inflation-Adjusted Bond Fund
|
|
|
|
|
|
|
|
|
|
|
773,604
|
|
|
|
243,303,142
|
|
MFS Institutional Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
62
|
|
|
|
9
|
|
MFS International Growth Fund
|
|
|
257
|
|
|
|
|
|
|
|
|
|
|
|
48,491,359
|
|
MFS International Value Fund
|
|
|
19,321
|
|
|
|
|
|
|
|
|
|
|
|
48,620,447
|
|
MFS Limited Maturity Fund
|
|
|
(40,820
|
)
|
|
|
|
|
|
|
1,220,328
|
|
|
|
244,864,215
|
|
MFS Mid Cap Growth Fund
|
|
|
365,313
|
|
|
|
|
|
|
|
|
|
|
|
99,722,284
|
|
MFS Mid Cap Value Fund
|
|
|
567,195
|
|
|
|
|
|
|
|
|
|
|
|
98,690,759
|
|
MFS New Discovery Fund
|
|
|
204,320
|
|
|
|
|
|
|
|
|
|
|
|
25,198,522
|
|
MFS New Discovery Value Fund
|
|
|
112,750
|
|
|
|
|
|
|
|
|
|
|
|
24,832,963
|
|
MFS Research Bond Fund
|
|
|
(816
|
)
|
|
|
|
|
|
|
3,211,772
|
|
|
|
415,878,834
|
|
MFS Research Fund
|
|
|
385,372
|
|
|
|
|
|
|
|
|
|
|
|
146,944,154
|
|
MFS Research International Fund
|
|
|
23,468
|
|
|
|
|
|
|
|
|
|
|
|
97,323,403
|
|
MFS Value Fund
|
|
|
376,376
|
|
|
|
|
|
|
|
779,247
|
|
|
|
146,290,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$2,217,862
|
|
|
|
$
|
|
|
|
$11,499,961
|
|
|
|
$2,446,245,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
QUARTERLY REPORT
August 31, 2013
MFS® EMERGING MARKETS
EQUITY FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - 97.7%
|
|
|
|
|
|
|
|
|
Airlines - 0.3%
|
|
|
|
|
|
|
|
|
Copa Holdings S.A., A
|
|
|
19,027
|
|
|
$
|
2,488,351
|
|
|
|
|
Alcoholic Beverages - 2.2%
|
|
|
|
|
|
|
|
|
Companhia de Bebidas das Americas, ADR
|
|
|
199,730
|
|
|
$
|
6,946,609
|
|
SABMiller PLC
|
|
|
185,280
|
|
|
|
8,826,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,772,939
|
|
Apparel Manufacturers - 4.4%
|
|
|
|
|
|
|
|
|
Belle International Holdings Ltd.
|
|
|
4,396,000
|
|
|
$
|
6,039,535
|
|
Cia.Hering S.A.
|
|
|
335,600
|
|
|
|
4,488,357
|
|
Li & Fung Ltd.
|
|
|
8,356,000
|
|
|
|
12,284,353
|
|
Stella International Holdings
|
|
|
3,872,000
|
|
|
|
9,487,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,299,443
|
|
Automotive - 6.2%
|
|
|
|
|
|
|
|
|
Exide Industries Ltd.
|
|
|
2,999,029
|
|
|
$
|
5,685,309
|
|
Ford Otomotiv Sanayi A.S.
|
|
|
449,152
|
|
|
|
5,602,315
|
|
Geely Automobile Holdings Ltd.
|
|
|
11,430,000
|
|
|
|
5,981,443
|
|
Guangzhou Automobile Group Co. Ltd., H
|
|
|
7,040,000
|
|
|
|
7,135,575
|
|
Kia Motors Corp.
|
|
|
343,070
|
|
|
|
20,649,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
45,054,511
|
|
Brokerage & Asset Managers - 1.1%
|
|
|
|
|
|
|
|
|
BM&F Bovespa S.A.
|
|
|
1,233,200
|
|
|
$
|
6,042,083
|
|
Bolsa Mexicana de Valores S.A. de C.V.
|
|
|
961,000
|
|
|
|
2,264,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,307,025
|
|
Business Services - 2.5%
|
|
|
|
|
|
|
|
|
Cognizant Technology Solutions Corp., A (a)
|
|
|
179,740
|
|
|
$
|
13,174,942
|
|
LPS Brasil - Consultoria de Imoveis S.A.
|
|
|
508,500
|
|
|
|
3,241,596
|
|
Multiplus S.A.
|
|
|
164,500
|
|
|
|
1,796,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,213,252
|
|
Cable TV - 3.2%
|
|
|
|
|
|
|
|
|
Astro Malaysia Holdings Berhad
|
|
|
9,080,700
|
|
|
$
|
8,182,928
|
|
Dish TV India Ltd. (a)
|
|
|
1,995,579
|
|
|
|
1,270,873
|
|
Naspers Ltd.
|
|
|
172,776
|
|
|
|
14,256,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,710,279
|
|
Computer Software - Systems - 2.6%
|
|
|
|
|
|
|
|
|
Asustek Computer, Inc.
|
|
|
652,000
|
|
|
$
|
5,169,534
|
|
Hon Hai Precision Industry Co. Ltd.
|
|
|
5,054,309
|
|
|
|
13,643,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,813,391
|
|
Conglomerates - 0.7%
|
|
|
|
|
|
|
|
|
First Pacific Co. Ltd.
|
|
|
5,281,250
|
|
|
$
|
5,468,916
|
|
|
|
|
Construction - 1.1%
|
|
|
|
|
|
|
|
|
Anhui Conch Cement Co. Ltd.
|
|
|
2,565,500
|
|
|
$
|
8,241,181
|
|
|
|
|
Consumer Products - 1.5%
|
|
|
|
|
|
|
|
|
Dabur India Ltd.
|
|
|
3,364,124
|
|
|
$
|
8,290,646
|
|
Kimberly-Clark de Mexico S.A. de C.V., A
|
|
|
837,910
|
|
|
|
2,374,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,664,965
|
|
1
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Consumer Services - 2.0%
|
|
|
|
|
|
|
|
|
Abril Educacao S.A., IEU
|
|
|
186,600
|
|
|
$
|
2,580,859
|
|
Anhanguera Educacional Participacoes S.A.
|
|
|
638,000
|
|
|
|
3,703,472
|
|
Estacio Participacoes S.A.
|
|
|
534,800
|
|
|
|
3,935,995
|
|
Kroton Educacional S.A.
|
|
|
353,544
|
|
|
|
4,741,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,962,005
|
|
Electronics - 10.9%
|
|
|
|
|
|
|
|
|
Samsung Electronics Co. Ltd.
|
|
|
23,988
|
|
|
$
|
29,442,974
|
|
Seoul Semiconductor Co. Ltd.
|
|
|
210,318
|
|
|
|
7,040,462
|
|
Siliconware Precision Industries Co. Ltd.
|
|
|
11,446,000
|
|
|
|
12,796,036
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
|
9,131,695
|
|
|
|
30,304,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
79,584,228
|
|
Energy - Independent - 3.2%
|
|
|
|
|
|
|
|
|
China Shenhua Energy Co. Ltd.
|
|
|
2,784,000
|
|
|
$
|
8,652,374
|
|
INPEX Corp.
|
|
|
1,004
|
|
|
|
4,534,051
|
|
Reliance Industries Ltd.
|
|
|
795,079
|
|
|
|
10,275,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,461,561
|
|
Energy - Integrated - 3.4%
|
|
|
|
|
|
|
|
|
OAO Gazprom, ADR
|
|
|
1,066,520
|
|
|
$
|
8,382,847
|
|
OAO NOVATEK, GDR
|
|
|
36,250
|
|
|
|
4,342,750
|
|
Petroleo Brasileiro S.A., ADR
|
|
|
882,370
|
|
|
|
11,929,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24,655,239
|
|
Engineering - Construction - 0.7%
|
|
|
|
|
|
|
|
|
Mills Estruturas e Servicos de Engenharia S.A.
|
|
|
188,300
|
|
|
$
|
2,336,042
|
|
Promotora y Operadora de Infraestructura S.A.B. de C.V. (a)
|
|
|
312,600
|
|
|
|
3,049,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,386,004
|
|
Food & Beverages - 0.9%
|
|
|
|
|
|
|
|
|
Arca Continental S.A.B de C.V.
|
|
|
379,492
|
|
|
$
|
2,402,607
|
|
M. Dias Branco S.A. Industria e Comercio de Alimentos
|
|
|
114,800
|
|
|
|
4,385,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,788,290
|
|
Food & Drug Stores - 4.1%
|
|
|
|
|
|
|
|
|
Dairy Farm International Holdings Ltd.
|
|
|
444,600
|
|
|
$
|
4,534,920
|
|
E-Mart Co. Ltd.
|
|
|
36,286
|
|
|
|
6,689,190
|
|
Magnit OJSC
|
|
|
21,003
|
|
|
|
4,669,440
|
|
OKey Group S.A., GDR
|
|
|
708,266
|
|
|
|
9,143,714
|
|
Wumart Stores, Inc., H
|
|
|
2,806,000
|
|
|
|
5,297,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,334,686
|
|
Gaming & Lodging - 1.0%
|
|
|
|
|
|
|
|
|
Minor International PLC
|
|
|
4,032,400
|
|
|
$
|
2,680,751
|
|
Shangri-La Asia Ltd.
|
|
|
2,806,000
|
|
|
|
4,320,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,001,320
|
|
General Merchandise - 2.1%
|
|
|
|
|
|
|
|
|
Clicks Group Ltd.
|
|
|
591,093
|
|
|
$
|
3,152,228
|
|
Lojas Renner S.A.
|
|
|
67,900
|
|
|
|
1,633,220
|
|
Mr. Price Group Ltd.
|
|
|
268,565
|
|
|
|
3,270,895
|
|
PT Mitra Adiperkasa Tbk
|
|
|
3,047,000
|
|
|
|
1,325,389
|
|
Woolworths Ltd.
|
|
|
930,504
|
|
|
|
6,173,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,554,924
|
|
2
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Health Maintenance Organizations - 0.3%
|
|
|
|
|
|
|
|
|
OdontoPrev S.A.
|
|
|
532,900
|
|
|
$
|
1,967,706
|
|
|
|
|
Insurance - 1.9%
|
|
|
|
|
|
|
|
|
Brasil Insurance Participacoes e Administracao S.A.
|
|
|
607,400
|
|
|
$
|
4,862,357
|
|
China Pacific Insurance Co. Ltd.
|
|
|
2,777,000
|
|
|
|
9,242,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,105,030
|
|
Internet - 1.4%
|
|
|
|
|
|
|
|
|
51job, Inc., ADR (a)
|
|
|
40,950
|
|
|
$
|
2,581,897
|
|
NHN Corp.
|
|
|
18,909
|
|
|
|
7,561,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,143,214
|
|
Machinery & Tools - 2.0%
|
|
|
|
|
|
|
|
|
Glory Ltd.
|
|
|
240,800
|
|
|
$
|
5,023,232
|
|
Sinotruk Hong Kong Ltd.
|
|
|
5,417,000
|
|
|
|
2,651,326
|
|
Thermax Ltd.
|
|
|
284,139
|
|
|
|
2,324,031
|
|
TK Corp. (a)
|
|
|
213,227
|
|
|
|
4,501,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,500,469
|
|
Major Banks - 1.6%
|
|
|
|
|
|
|
|
|
Standard Chartered PLC
|
|
|
505,681
|
|
|
$
|
11,329,455
|
|
|
|
|
Medical & Health Technology & Services - 0.4%
|
|
|
|
|
|
|
|
|
Fleury S.A.
|
|
|
414,200
|
|
|
$
|
3,202,913
|
|
|
|
|
Medical Equipment - 0.7%
|
|
|
|
|
|
|
|
|
Top Glove Corp.
|
|
|
2,560,800
|
|
|
$
|
4,786,761
|
|
|
|
|
Metals & Mining - 5.2%
|
|
|
|
|
|
|
|
|
Gerdau S.A., ADR
|
|
|
880,540
|
|
|
$
|
6,322,277
|
|
Grupo Mexico S.A.B. de C.V., B
|
|
|
768,406
|
|
|
|
2,196,925
|
|
Iluka Resources Ltd.
|
|
|
1,051,055
|
|
|
|
9,954,282
|
|
Steel Authority of India Ltd.
|
|
|
3,992,524
|
|
|
|
2,794,827
|
|
Usinas Siderurgicas de Minas Gerais S.A., IPS (a)
|
|
|
1,055,800
|
|
|
|
4,562,249
|
|
Vale S.A., ADR
|
|
|
866,660
|
|
|
|
12,488,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
38,319,131
|
|
Network & Telecom - 1.0%
|
|
|
|
|
|
|
|
|
VTech Holdings Ltd.
|
|
|
508,300
|
|
|
$
|
7,472,638
|
|
|
|
|
Oil Services - 1.5%
|
|
|
|
|
|
|
|
|
Global Ports Investments PLC, GDR
|
|
|
102,310
|
|
|
$
|
1,074,255
|
|
Lamprell PLC (a)
|
|
|
1,802,560
|
|
|
|
4,134,273
|
|
Tenaris S.A., ADR
|
|
|
126,590
|
|
|
|
5,597,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,806,338
|
|
Other Banks & Diversified Financials - 14.2%
|
|
|
|
|
|
|
|
|
Banco Santander S.A., IEU
|
|
|
602,900
|
|
|
$
|
3,446,659
|
|
Bangkok Bank Public Co. Ltd.
|
|
|
2,249,300
|
|
|
|
12,549,478
|
|
Bank Negara Indonesia PT
|
|
|
431,500
|
|
|
|
151,233
|
|
China Construction Bank
|
|
|
18,047,490
|
|
|
|
13,158,994
|
|
CIMB Group Holdings Berhad
|
|
|
802,400
|
|
|
|
1,778,361
|
|
Compartamos S.A.B. de C.V.
|
|
|
1,649,820
|
|
|
|
2,893,143
|
|
Credicorp Ltd.
|
|
|
23,701
|
|
|
|
2,873,509
|
|
Grupo Financiero Banorte S.A. de C.V.
|
|
|
336,300
|
|
|
|
2,101,466
|
|
3
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Other Banks & Diversified Financials - continued
|
|
|
|
|
|
|
|
|
Grupo Financiero Santander Mexico S.A.B. de C.V., ADR
|
|
|
150,310
|
|
|
$
|
2,050,228
|
|
Hana Financial Group, Inc.
|
|
|
263,530
|
|
|
|
8,276,982
|
|
Housing Development Finance Corp. Ltd.
|
|
|
787,663
|
|
|
|
8,539,431
|
|
ICICI Bank Ltd.
|
|
|
578,193
|
|
|
|
7,006,311
|
|
Itau Unibanco Holding S.A., ADR
|
|
|
425,594
|
|
|
|
5,179,479
|
|
Kasikornbank Co. Ltd.
|
|
|
136,900
|
|
|
|
670,294
|
|
Komercni Banka A.S.
|
|
|
67,623
|
|
|
|
14,583,426
|
|
Sberbank of Russia
|
|
|
4,262,840
|
|
|
|
11,424,411
|
|
Turkiye Garanti Bankasi A.S.
|
|
|
2,137,015
|
|
|
|
7,337,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
104,020,565
|
|
Pharmaceuticals - 0.4%
|
|
|
|
|
|
|
|
|
Genomma Lab Internacional S.A., B (a)
|
|
|
1,298,000
|
|
|
$
|
2,782,331
|
|
|
|
|
Railroad & Shipping - 0.7%
|
|
|
|
|
|
|
|
|
All America Latina Logistica S.A.
|
|
|
651,600
|
|
|
$
|
2,520,702
|
|
CCR S.A.
|
|
|
317,040
|
|
|
|
2,305,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,826,133
|
|
Real Estate - 2.5%
|
|
|
|
|
|
|
|
|
Brasil Brokers Participacoes
|
|
|
1,287,700
|
|
|
$
|
2,833,431
|
|
Concentradora Fibra Hotelera Mexicana S.A. de C.V., REIT
|
|
|
939,000
|
|
|
|
1,686,700
|
|
Hang Lung Properties Ltd.
|
|
|
2,411,000
|
|
|
|
7,495,079
|
|
Macquarie Mexico Real Estate S.A. de C.V., REIT
|
|
|
1,851,000
|
|
|
|
3,370,618
|
|
Multiplan Empreendimentos Imobiliarios S.A.
|
|
|
149,469
|
|
|
|
3,003,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,389,053
|
|
Restaurants - 0.7%
|
|
|
|
|
|
|
|
|
Ajisen China Holdings Ltd.
|
|
|
4,529,000
|
|
|
$
|
4,853,977
|
|
|
|
|
Specialty Chemicals - 0.2%
|
|
|
|
|
|
|
|
|
Chugoku Marine Paints Ltd.
|
|
|
255,000
|
|
|
$
|
1,273,063
|
|
|
|
|
Telecommunications - Wireless - 4.5%
|
|
|
|
|
|
|
|
|
America Movil S.A.B. de C.V., L, ADR
|
|
|
354,220
|
|
|
$
|
6,836,446
|
|
China Mobile Ltd.
|
|
|
417,500
|
|
|
|
4,499,568
|
|
Mobile TeleSystems OJSC, ADR
|
|
|
405,505
|
|
|
|
8,580,486
|
|
MTN Group Ltd.
|
|
|
279,138
|
|
|
|
5,100,041
|
|
TIM Participacoes S.A., ADR
|
|
|
205,749
|
|
|
|
4,057,370
|
|
Turkcell Iletisim Hizmetleri A.S. (a)
|
|
|
782,560
|
|
|
|
4,091,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
33,165,679
|
|
Telephone Services - 2.5%
|
|
|
|
|
|
|
|
|
China Unicom (Hong Kong) Ltd.
|
|
|
8,678,000
|
|
|
$
|
13,109,730
|
|
PT XL Axiata Tbk
|
|
|
13,153,500
|
|
|
|
5,390,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,500,015
|
|
Utilities - Electric Power - 1.6%
|
|
|
|
|
|
|
|
|
Alupar Investimento S.A., IEU (a)
|
|
|
368,800
|
|
|
$
|
2,640,082
|
|
CESC Ltd.
|
|
|
748,255
|
|
|
|
3,479,890
|
|
Energias do Brasil S.A.
|
|
|
777,000
|
|
|
|
3,484,524
|
|
Tractebel Energia S.A.
|
|
|
164,500
|
|
|
|
2,357,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,962,425
|
|
4
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Utilities - Water - 0.3%
|
|
|
|
|
|
|
|
|
Aguas Andinas S.A.
|
|
|
2,784,015
|
|
|
$
|
1,904,806
|
|
Total Common Stocks
|
|
|
$
|
715,074,212
|
|
|
|
|
Money Market Funds - 2.0%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
14,826,777
|
|
|
$
|
14,826,777
|
|
Total Investments
|
|
|
$
|
729,900,989
|
|
|
|
Other Assets, Less Liabilities - 0.3%
|
|
|
|
2,132,581
|
|
Net Assets - 100.0%
|
|
|
$
|
732,033,570
|
|
(a)
|
Non-income producing security.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
The following abbreviations are used in this report and are defined:
|
|
|
ADR
|
|
American Depositary Receipt
|
GDR
|
|
Global Depositary Receipt
|
IEU
|
|
International Equity Unit
|
IPS
|
|
International Preference Stock
|
PLC
|
|
Public Limited Company
|
REIT
|
|
Real Estate Investment Trust
|
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent
semiannual or annual report.
5
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are
primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are
primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and
market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S.
dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary
responsibility for determining or causing to be determined the value of the funds investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that
reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation
policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information
from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investments 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 funds net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the
exchange or market on which the security is principally traded. Events that occur on a frequent basis 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 funds net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the funds 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 funds 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 funds 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 funds 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 investments level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value
measurement. The funds assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active
markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs,
which may include the advisers own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August, 31, 2013, in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
|
$122,996,856
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$122,996,856
|
|
China
|
|
|
11,234,271
|
|
|
|
80,211,424
|
|
|
|
|
|
|
|
91,445,695
|
|
South Korea
|
|
|
|
|
|
|
84,162,674
|
|
|
|
|
|
|
|
84,162,674
|
|
Taiwan
|
|
|
|
|
|
|
61,914,183
|
|
|
|
|
|
|
|
61,914,183
|
|
Hong Kong
|
|
|
43,568,595
|
|
|
|
7,495,079
|
|
|
|
|
|
|
|
51,063,674
|
|
India
|
|
|
21,079,303
|
|
|
|
28,587,151
|
|
|
|
|
|
|
|
49,666,454
|
|
Russia
|
|
|
42,948,463
|
|
|
|
4,669,440
|
|
|
|
|
|
|
|
47,617,903
|
|
Mexico
|
|
|
34,009,686
|
|
|
|
|
|
|
|
|
|
|
|
34,009,686
|
|
South Africa
|
|
|
31,952,834
|
|
|
|
|
|
|
|
|
|
|
|
31,952,834
|
|
Other Countries
|
|
|
77,727,923
|
|
|
|
62,516,330
|
|
|
|
|
|
|
|
140,244,253
|
|
Mutual Funds
|
|
|
14,826,777
|
|
|
|
|
|
|
|
|
|
|
|
14,826,777
|
|
Total Investments
|
|
|
$400,344,708
|
|
|
|
$329,556,281
|
|
|
|
$
|
|
|
|
$729,900,989
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
6
Supplemental Information (unaudited) continued
Of the level 2 investments presented above, equity investments amounting to $38,543,620 would have been considered level 1 investments at
the beginning of the period. Of the level 1 investments presented above, equity investments amounting to $137,596,578 would have been considered level 2 investments at the beginning of the period. The primary reason for changes in the
classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which
the investment is principally traded. The funds foreign equity securities may often be valued at fair value. The funds policy is to recognize transfers between the levels as of the end of the period.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$722,524,134
|
|
Gross unrealized appreciation
|
|
|
82,508,511
|
|
Gross unrealized depreciation
|
|
|
(75,131,656
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$7,376,855
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be an affiliated issuer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Institutional Money Market Portfolio
|
|
|
13,349,769
|
|
|
|
51,707,441
|
|
|
|
(50,230,433
|
)
|
|
|
14,826,777
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
|
|
$
|
|
|
|
$
|
|
|
|
$2,878
|
|
|
|
$14,826,777
|
|
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of August 31, 2013, are as follows:
|
|
|
|
|
Brazil
|
|
|
16.8%
|
|
China
|
|
|
12.5%
|
|
South Korea
|
|
|
11.5%
|
|
Taiwan
|
|
|
8.5%
|
|
Hong Kong
|
|
|
7.0%
|
|
India
|
|
|
6.8%
|
|
Russia
|
|
|
6.5%
|
|
Mexico
|
|
|
4.6%
|
|
South Africa
|
|
|
4.4%
|
|
Other Countries
|
|
|
21.4%
|
|
7
QUARTERLY REPORT
August 31, 2013
MFS® GROWTH
ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
Underlying Affiliated Funds - 100.0%
|
|
|
|
|
|
|
|
|
MFS Absolute Return Fund - Class R5
|
|
|
4,177,421
|
|
|
$
|
40,312,117
|
|
MFS Commodity Strategy Fund - Class R5 (v)
|
|
|
18,951,341
|
|
|
|
166,013,749
|
|
MFS Emerging Markets Debt Fund - Class R5
|
|
|
8,309,367
|
|
|
|
119,322,514
|
|
MFS Emerging Markets Equity Fund - Class R5
|
|
|
1,340,942
|
|
|
|
39,799,151
|
|
MFS Global Bond Fund - Class R5
|
|
|
17,124,937
|
|
|
|
159,090,660
|
|
MFS Global Real Estate Fund - Class R5 (v)
|
|
|
8,305,405
|
|
|
|
118,019,806
|
|
MFS Growth Fund - Class R5 (a)
|
|
|
7,390,352
|
|
|
|
437,139,316
|
|
MFS High Income Fund - Class R5
|
|
|
57,265,571
|
|
|
|
201,574,811
|
|
MFS Inflation-Adjusted Bond Fund - Class R5
|
|
|
19,282,463
|
|
|
|
200,923,263
|
|
MFS International Growth Fund - Class R5
|
|
|
7,597,996
|
|
|
|
196,256,240
|
|
MFS International New Discovery Fund - Class R5
|
|
|
2,979,307
|
|
|
|
78,653,698
|
|
MFS International Value Fund - Class R5
|
|
|
6,318,761
|
|
|
|
195,565,656
|
|
MFS Mid Cap Growth Fund - Class R5 (a)
|
|
|
29,196,675
|
|
|
|
358,243,195
|
|
MFS Mid Cap Value Fund - Class R5
|
|
|
19,320,725
|
|
|
|
355,114,930
|
|
MFS New Discovery Fund - Class R5 (a)
|
|
|
2,922,216
|
|
|
|
80,770,040
|
|
MFS New Discovery Value Fund - Class R5
|
|
|
6,351,088
|
|
|
|
79,325,090
|
|
MFS Research Bond Fund - Class R5
|
|
|
11,366,264
|
|
|
|
120,823,388
|
|
MFS Research Fund - Class R5
|
|
|
9,505,918
|
|
|
|
316,261,893
|
|
MFS Research International Fund - Class R5
|
|
|
16,896,457
|
|
|
|
273,891,569
|
|
MFS Value Fund - Class R5
|
|
|
14,563,345
|
|
|
|
434,278,954
|
|
Total Underlying Affiliated Funds
|
|
|
|
|
|
$
|
3,971,380,040
|
|
|
|
|
Money Market Funds - 0.0%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
21
|
|
|
$
|
21
|
|
Total Investments
|
|
|
|
|
|
$
|
3,971,380,061
|
|
|
|
|
Other Assets, Less Liabilities - 0.0%
|
|
|
|
|
|
|
729,962
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
3,972,110,023
|
|
(a)
|
Non-income producing security.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
See attached supplemental information. For more information see notes to financial statements
as disclosed in the most recent semiannual or annual report.
1
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of
this policy disclosure, fund refers to the underlying fund in which the fund of fund invests.
Equity securities, including restricted equity
securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that
day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales
reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other
than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally
are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily
traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not
traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement
price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by
a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates
provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, 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. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing
service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party
pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds
investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value
as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for
most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value
if the adviser determines that an investments 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 funds net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a
frequent basis 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 funds net asset value may be deemed to have a material effect on the value
of securities traded in foreign markets. Accordingly, the funds 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 funds 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 funds 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
funds 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 investments level
within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The funds assessment of the significance of a particular input to the fair value measurement in its entirety requires
judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices
for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the advisers own assumptions in determining the fair value of investments.
2
Supplemental Information (unaudited) continued
The following is a summary of the levels used as of August 31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual Funds
|
|
|
$3,971,380,061
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$3,971,380,061
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$3,060,301,211
|
|
Gross unrealized appreciation
|
|
|
944,989,485
|
|
Gross unrealized depreciation
|
|
|
(33,910,635
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$911,078,850
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be affiliated issuers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Absolute Return Fund
|
|
|
3,911,248
|
|
|
|
275,765
|
|
|
|
(9,592
|
)
|
|
|
4,177,421
|
|
MFS Commodity Strategy Fund
|
|
|
17,032,065
|
|
|
|
1,991,726
|
|
|
|
(72,450
|
)
|
|
|
18,951,341
|
|
MFS Emerging Markets Debt Fund
|
|
|
7,202,273
|
|
|
|
1,107,780
|
|
|
|
(686
|
)
|
|
|
8,309,367
|
|
MFS Emerging Markets Equity Fund
|
|
|
1,145,524
|
|
|
|
196,589
|
|
|
|
(1,171
|
)
|
|
|
1,340,942
|
|
MFS Global Bond Fund
|
|
|
15,162,203
|
|
|
|
1,964,586
|
|
|
|
(1,852
|
)
|
|
|
17,124,937
|
|
MFS Global Real Estate Fund
|
|
|
7,209,541
|
|
|
|
1,104,586
|
|
|
|
(8,722
|
)
|
|
|
8,305,405
|
|
MFS Growth Fund
|
|
|
7,295,432
|
|
|
|
107,351
|
|
|
|
(12,431
|
)
|
|
|
7,390,352
|
|
MFS High Income Fund
|
|
|
52,481,322
|
|
|
|
4,853,349
|
|
|
|
(69,100
|
)
|
|
|
57,265,571
|
|
MFS Inflation-Adjusted Bond Fund
|
|
|
17,211,552
|
|
|
|
2,089,581
|
|
|
|
(18,670
|
)
|
|
|
19,282,463
|
|
MFS Institutional Money Market Portfolio
|
|
|
33
|
|
|
|
24,678,666
|
|
|
|
(24,678,678
|
)
|
|
|
21
|
|
MFS International Growth Fund
|
|
|
7,121,404
|
|
|
|
483,609
|
|
|
|
(7,017
|
)
|
|
|
7,597,996
|
|
MFS International New Discovery Fund
|
|
|
2,829,037
|
|
|
|
151,449
|
|
|
|
(1,179
|
)
|
|
|
2,979,307
|
|
MFS International Value Fund
|
|
|
6,160,355
|
|
|
|
164,858
|
|
|
|
(6,452
|
)
|
|
|
6,318,761
|
|
MFS Mid Cap Growth Fund
|
|
|
29,237,065
|
|
|
|
110,567
|
|
|
|
(150,957
|
)
|
|
|
29,196,675
|
|
MFS Mid Cap Value Fund
|
|
|
19,297,556
|
|
|
|
156,737
|
|
|
|
(133,568
|
)
|
|
|
19,320,725
|
|
MFS New Discovery Fund
|
|
|
2,978,273
|
|
|
|
4,633
|
|
|
|
(60,690
|
)
|
|
|
2,922,216
|
|
MFS New Discovery Value Fund
|
|
|
6,436,932
|
|
|
|
19,746
|
|
|
|
(105,590
|
)
|
|
|
6,351,088
|
|
MFS Research Bond Fund
|
|
|
10,413,310
|
|
|
|
968,407
|
|
|
|
(15,453
|
)
|
|
|
11,366,264
|
|
MFS Research Fund
|
|
|
9,319,036
|
|
|
|
220,162
|
|
|
|
(33,280
|
)
|
|
|
9,505,918
|
|
MFS Research International Fund
|
|
|
16,195,438
|
|
|
|
737,442
|
|
|
|
(36,423
|
)
|
|
|
16,896,457
|
|
MFS Value Fund
|
|
|
14,108,195
|
|
|
|
488,386
|
|
|
|
(33,236
|
)
|
|
|
14,563,345
|
|
3
Supplemental Information (unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Absolute Return Fund
|
|
|
$332
|
|
|
|
$
|
|
|
|
$115,938
|
|
|
|
$40,312,117
|
|
MFS Commodity Strategy Fund
|
|
|
30,424
|
|
|
|
|
|
|
|
|
|
|
|
166,013,749
|
|
MFS Emerging Markets Debt Fund
|
|
|
2,181
|
|
|
|
|
|
|
|
1,461,636
|
|
|
|
119,322,514
|
|
MFS Emerging Markets Equity Fund
|
|
|
17,781
|
|
|
|
|
|
|
|
|
|
|
|
39,799,151
|
|
MFS Global Bond Fund
|
|
|
2,997
|
|
|
|
|
|
|
|
1,483,067
|
|
|
|
159,090,660
|
|
MFS Global Real Estate Fund
|
|
|
46,820
|
|
|
|
|
|
|
|
|
|
|
|
118,019,806
|
|
MFS Growth Fund
|
|
|
385,379
|
|
|
|
|
|
|
|
|
|
|
|
437,139,316
|
|
MFS High Income Fund
|
|
|
82,440
|
|
|
|
|
|
|
|
2,983,968
|
|
|
|
201,574,811
|
|
MFS Inflation-Adjusted Bond Fund
|
|
|
21,883
|
|
|
|
|
|
|
|
623,500
|
|
|
|
200,923,263
|
|
MFS Institutional Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
148
|
|
|
|
21
|
|
MFS International Growth Fund
|
|
|
96,422
|
|
|
|
|
|
|
|
|
|
|
|
196,256,240
|
|
MFS International New Discovery Fund
|
|
|
18,750
|
|
|
|
|
|
|
|
|
|
|
|
78,653,698
|
|
MFS International Value Fund
|
|
|
110,150
|
|
|
|
|
|
|
|
|
|
|
|
195,565,656
|
|
MFS Mid Cap Growth Fund
|
|
|
1,097,188
|
|
|
|
|
|
|
|
|
|
|
|
358,243,195
|
|
MFS Mid Cap Value Fund
|
|
|
1,592,725
|
|
|
|
|
|
|
|
|
|
|
|
355,114,930
|
|
MFS New Discovery Fund
|
|
|
1,041,962
|
|
|
|
|
|
|
|
|
|
|
|
80,770,040
|
|
MFS New Discovery Value Fund
|
|
|
447,029
|
|
|
|
|
|
|
|
|
|
|
|
79,325,090
|
|
MFS Research Bond Fund
|
|
|
31,170
|
|
|
|
|
|
|
|
912,020
|
|
|
|
120,823,388
|
|
MFS Research Fund
|
|
|
672,989
|
|
|
|
|
|
|
|
|
|
|
|
316,261,893
|
|
MFS Research International Fund
|
|
|
285,731
|
|
|
|
|
|
|
|
|
|
|
|
273,891,569
|
|
MFS Value Fund
|
|
|
530,530
|
|
|
|
|
|
|
|
2,220,392
|
|
|
|
434,278,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$6,514,883
|
|
|
|
$
|
|
|
|
$9,800,669
|
|
|
|
$3,971,380,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
QUARTERLY REPORT
August 31, 2013
MFS® INTERNATIONAL
DIVERSIFICATION FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
Underlying Affiliated Funds - 99.9%
|
|
|
|
|
|
|
|
|
MFS Emerging Markets Equity Fund - Class R5
|
|
|
11,984,795
|
|
|
$
|
355,708,703
|
|
MFS International Growth Fund - Class R5
|
|
|
33,705,391
|
|
|
|
870,610,262
|
|
MFS International New Discovery Fund - Class R5
|
|
|
13,260,980
|
|
|
|
350,089,873
|
|
MFS International Value Fund - Class R5
|
|
|
28,101,197
|
|
|
|
869,732,062
|
|
MFS Research International Fund - Class R5
|
|
|
64,286,465
|
|
|
|
1,042,083,596
|
|
Total Underlying Affiliated Funds
|
|
|
|
|
|
$
|
3,488,224,496
|
|
|
|
|
Money Market Funds - 0.1%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
1,887,074
|
|
|
$
|
1,887,074
|
|
Total Investments
|
|
|
|
|
|
$
|
3,490,111,570
|
|
|
|
|
Other Assets, Less Liabilities - (0.0)%
|
|
|
|
|
|
|
(563,099
|
)
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
3,489,548,471
|
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
See attached supplemental information. For more information see notes to financial statements
as disclosed in the most recent semiannual or annual report.
1
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of
this policy disclosure, fund refers to the underlying fund in which the fund of fund invests.
Equity securities, including restricted equity
securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that
day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales
reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other
than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally
are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily
traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not
traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement
price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by
a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates
provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, 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. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid
quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign
securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds investments (including any fair
valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by
the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and
floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an
investments 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 funds
net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis 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 funds net asset value may be deemed to have a material effect on the value of securities traded in
foreign markets. Accordingly, the funds 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 funds 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 funds 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 funds 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 investments level within the fair value
hierarchy is based on the lowest level of input that is significant to the fair value measurement. The funds 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).
2
Supplemental Information (unaudited) continued
Level 3 includes unobservable inputs, which may include the advisers own assumptions in determining the fair value of investments. The following is a summary of the levels used as of
August 31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual Funds
|
|
|
$3,490,111,570
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$3,490,111,570
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$3,224,482,184
|
|
Gross unrealized appreciation
|
|
|
268,304,870
|
|
Gross unrealized depreciation
|
|
|
(2,675,484
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$265,629,386
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be affiliated issuers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Emerging Markets Equity Fund
|
|
|
10,277,198
|
|
|
|
1,721,299
|
|
|
|
(13,702
|
)
|
|
|
11,984,795
|
|
MFS Institutional Money Market Portfolio
|
|
|
91,798
|
|
|
|
83,865,516
|
|
|
|
(82,070,240
|
)
|
|
|
1,887,074
|
|
MFS International Growth Fund
|
|
|
31,882,003
|
|
|
|
1,837,320
|
|
|
|
(13,932
|
)
|
|
|
33,705,391
|
|
MFS International New Discovery Fund
|
|
|
12,672,234
|
|
|
|
595,944
|
|
|
|
(7,198
|
)
|
|
|
13,260,980
|
|
MFS International Value Fund
|
|
|
27,552,984
|
|
|
|
576,908
|
|
|
|
(28,695
|
)
|
|
|
28,101,197
|
|
MFS Research International Fund
|
|
|
62,119,896
|
|
|
|
2,199,284
|
|
|
|
(32,715
|
)
|
|
|
64,286,465
|
|
|
|
|
|
|
Underlying Affiliated Funds
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Emerging Markets Equity Fund
|
|
|
$177,520
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$355,708,703
|
|
MFS Institutional Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
805
|
|
|
|
1,887,074
|
|
MFS International Growth Fund
|
|
|
148,748
|
|
|
|
|
|
|
|
|
|
|
|
870,610,262
|
|
MFS International New Discovery Fund
|
|
|
100,447
|
|
|
|
|
|
|
|
|
|
|
|
350,089,873
|
|
MFS International Value Fund
|
|
|
356,209
|
|
|
|
|
|
|
|
|
|
|
|
869,732,062
|
|
MFS Research International Fund
|
|
|
186,893
|
|
|
|
|
|
|
|
|
|
|
|
1,042,083,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$969,817
|
|
|
|
$
|
|
|
|
$805
|
|
|
|
$3,490,111,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
QUARTERLY REPORT
August 31, 2013
MFS® INTERNATIONAL
GROWTH FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - 98.3%
|
|
|
|
|
|
|
|
|
Aerospace - 1.2%
|
|
|
|
|
|
|
|
|
Rolls-Royce Holdings PLC
|
|
|
2,336,408
|
|
|
$
|
40,262,546
|
|
|
|
|
Airlines - 1.4%
|
|
|
|
|
|
|
|
|
Copa Holdings S.A., A
|
|
|
345,578
|
|
|
$
|
45,194,691
|
|
|
|
|
Alcoholic Beverages - 7.2%
|
|
|
|
|
|
|
|
|
Carlsberg A.S., B
|
|
|
421,360
|
|
|
$
|
40,872,499
|
|
Companhia de Bebidas das Americas, ADR
|
|
|
370,520
|
|
|
|
12,886,686
|
|
Diageo PLC
|
|
|
2,229,442
|
|
|
|
68,201,054
|
|
Heineken N.V. (l)
|
|
|
739,402
|
|
|
|
50,767,130
|
|
Pernod Ricard S.A.
|
|
|
545,304
|
|
|
|
63,306,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
236,033,745
|
|
Apparel Manufacturers - 6.7%
|
|
|
|
|
|
|
|
|
Adidas AG
|
|
|
177,613
|
|
|
$
|
18,779,377
|
|
Cia.Hering S.A.
|
|
|
1,309,400
|
|
|
|
17,512,083
|
|
Compagnie Financiere Richemont S.A.
|
|
|
378,265
|
|
|
|
35,938,122
|
|
Li & Fung Ltd.
|
|
|
32,390,400
|
|
|
|
47,617,892
|
|
LVMH Moet Hennessy Louis Vuitton S.A.
|
|
|
568,443
|
|
|
|
99,582,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
219,429,991
|
|
Automotive - 3.6%
|
|
|
|
|
|
|
|
|
Guangzhou Automobile Group Co. Ltd., H
|
|
|
17,736,000
|
|
|
$
|
17,976,783
|
|
Honda Motor Co. Ltd.
|
|
|
2,044,200
|
|
|
|
73,190,636
|
|
Toyota Motor Corp.
|
|
|
431,300
|
|
|
|
26,092,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
117,260,223
|
|
Broadcasting - 1.1%
|
|
|
|
|
|
|
|
|
Publicis Groupe S.A.
|
|
|
494,439
|
|
|
$
|
36,803,728
|
|
|
|
|
Brokerage & Asset Managers - 0.9%
|
|
|
|
|
|
|
|
|
Aberdeen Asset Management PLC
|
|
|
2,231,554
|
|
|
$
|
12,179,922
|
|
BM&F Bovespa S.A.
|
|
|
3,719,800
|
|
|
|
18,225,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,405,141
|
|
Business Services - 9.5%
|
|
|
|
|
|
|
|
|
Accenture PLC, A
|
|
|
843,090
|
|
|
$
|
60,913,253
|
|
Amadeus IT Holding S.A.
|
|
|
809,274
|
|
|
|
26,140,461
|
|
Brenntag AG
|
|
|
258,151
|
|
|
|
39,236,304
|
|
Capita Group PLC
|
|
|
2,839,756
|
|
|
|
41,961,353
|
|
Compass Group PLC
|
|
|
5,965,420
|
|
|
|
79,133,896
|
|
Experian Group Ltd.
|
|
|
2,067,730
|
|
|
|
36,209,292
|
|
Intertek Group PLC
|
|
|
466,545
|
|
|
|
23,150,620
|
|
LPS Brasil - Consultoria de Imoveis S.A.
|
|
|
1,194,500
|
|
|
|
7,614,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
314,359,901
|
|
Computer Software - 2.7%
|
|
|
|
|
|
|
|
|
Dassault Systems S.A.
|
|
|
112,720
|
|
|
$
|
14,398,567
|
|
OBIC Co. Ltd.
|
|
|
129,850
|
|
|
|
37,991,336
|
|
SAP AG
|
|
|
516,884
|
|
|
|
38,208,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
90,597,907
|
|
1
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Computer Software - Systems - 0.9%
|
|
|
|
|
|
|
|
|
NICE Systems Ltd., ADR
|
|
|
766,660
|
|
|
$
|
29,133,080
|
|
|
|
|
Construction - 0.4%
|
|
|
|
|
|
|
|
|
Bellway PLC
|
|
|
568,668
|
|
|
$
|
11,817,764
|
|
|
|
|
Consumer Products - 3.7%
|
|
|
|
|
|
|
|
|
LOreal S.A.
|
|
|
207,090
|
|
|
$
|
34,554,687
|
|
Reckitt Benckiser Group PLC
|
|
|
838,728
|
|
|
|
56,995,228
|
|
Uni-Charm Corp.
|
|
|
578,100
|
|
|
|
29,863,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
121,413,681
|
|
Electrical Equipment - 3.6%
|
|
|
|
|
|
|
|
|
Legrand S.A.
|
|
|
254,078
|
|
|
$
|
12,886,408
|
|
Mettler-Toledo International, Inc. (a)
|
|
|
195,221
|
|
|
|
42,993,521
|
|
Prysmian S.p.A.
|
|
|
1,121,937
|
|
|
|
24,911,174
|
|
Schneider Electric S.A.
|
|
|
515,509
|
|
|
|
39,448,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
120,239,672
|
|
Electronics - 3.0%
|
|
|
|
|
|
|
|
|
Samsung Electronics Co. Ltd.
|
|
|
32,049
|
|
|
$
|
39,337,080
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
|
|
3,503,725
|
|
|
|
58,021,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
97,358,766
|
|
Energy - Independent - 0.9%
|
|
|
|
|
|
|
|
|
INPEX Corp.
|
|
|
6,701
|
|
|
$
|
30,261,626
|
|
|
|
|
Energy - Integrated - 2.6%
|
|
|
|
|
|
|
|
|
BG Group PLC
|
|
|
3,401,834
|
|
|
$
|
64,685,276
|
|
Suncor Energy, Inc.
|
|
|
621,088
|
|
|
|
20,932,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
85,618,176
|
|
Food & Beverages - 6.1%
|
|
|
|
|
|
|
|
|
Chr. Hansen Holding A.S.
|
|
|
389,603
|
|
|
$
|
12,907,961
|
|
Groupe Danone
|
|
|
1,258,156
|
|
|
|
93,684,508
|
|
M. Dias Branco S.A. Industria e Comercio de Alimentos
|
|
|
389,000
|
|
|
|
14,860,894
|
|
Nestle S.A.
|
|
|
1,201,756
|
|
|
|
78,851,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
200,304,676
|
|
Food & Drug Stores - 2.1%
|
|
|
|
|
|
|
|
|
Dairy Farm International Holdings Ltd.
|
|
|
1,094,300
|
|
|
$
|
11,161,860
|
|
Lawson, Inc.
|
|
|
497,200
|
|
|
|
37,328,138
|
|
Sundrug Co. Ltd.
|
|
|
438,500
|
|
|
|
20,339,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
68,829,433
|
|
Gaming & Lodging - 0.8%
|
|
|
|
|
|
|
|
|
Sands China Ltd.
|
|
|
4,564,000
|
|
|
$
|
26,133,803
|
|
|
|
|
General Merchandise - 1.2%
|
|
|
|
|
|
|
|
|
Dollarama, Inc.
|
|
|
432,430
|
|
|
$
|
30,524,229
|
|
Lojas Renner S.A.
|
|
|
322,900
|
|
|
|
7,766,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
38,291,043
|
|
Insurance - 1.4%
|
|
|
|
|
|
|
|
|
AIA Group Ltd.
|
|
|
10,365,200
|
|
|
$
|
45,324,992
|
|
2
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Internet - 1.4%
|
|
|
|
|
|
|
|
|
NHN Corp.
|
|
|
47,188
|
|
|
$
|
18,869,347
|
|
Yahoo Japan Corp.
|
|
|
57,311
|
|
|
|
28,256,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,125,952
|
|
Machinery & Tools - 2.5%
|
|
|
|
|
|
|
|
|
KONE Oyj B
|
|
|
216,104
|
|
|
$
|
17,679,497
|
|
Schindler Holding AG
|
|
|
194,362
|
|
|
|
26,800,628
|
|
Weir Group PLC
|
|
|
1,165,680
|
|
|
|
39,290,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
83,770,517
|
|
Major Banks - 2.3%
|
|
|
|
|
|
|
|
|
HSBC Holdings PLC
|
|
|
3,180,256
|
|
|
$
|
33,316,282
|
|
Standard Chartered PLC
|
|
|
1,873,003
|
|
|
|
41,826,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
75,142,655
|
|
Medical & Health Technology & Services - 0.8%
|
|
|
|
|
|
|
|
|
Fresenius Medical Care AG & Co. KGaA
|
|
|
411,018
|
|
|
$
|
26,718,370
|
|
|
|
|
Medical Equipment - 2.4%
|
|
|
|
|
|
|
|
|
Essilor International S.A.
|
|
|
275,797
|
|
|
$
|
29,776,584
|
|
Sonova Holding AG
|
|
|
449,535
|
|
|
|
49,763,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
79,539,715
|
|
Metals & Mining - 1.1%
|
|
|
|
|
|
|
|
|
Rio Tinto Ltd.
|
|
|
712,706
|
|
|
$
|
36,698,021
|
|
|
|
|
Network & Telecom - 1.0%
|
|
|
|
|
|
|
|
|
Ericsson, Inc., B
|
|
|
2,902,716
|
|
|
$
|
34,119,456
|
|
|
|
|
Oil Services - 1.4%
|
|
|
|
|
|
|
|
|
Saipem S.p.A.
|
|
|
1,294,832
|
|
|
$
|
28,818,539
|
|
Technip
|
|
|
150,430
|
|
|
|
17,495,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
46,314,330
|
|
Other Banks & Diversified Financials - 6.0%
|
|
|
|
|
|
|
|
|
Banco Santander Chile, ADR
|
|
|
689,697
|
|
|
$
|
15,352,655
|
|
Credicorp Ltd.
|
|
|
304,739
|
|
|
|
36,946,556
|
|
HDFC Bank Ltd.
|
|
|
3,052,439
|
|
|
|
27,442,845
|
|
Itau Unibanco Holding S.A., ADR
|
|
|
2,968,043
|
|
|
|
36,121,083
|
|
Julius Baer Group Ltd.
|
|
|
738,982
|
|
|
|
32,563,020
|
|
Sberbank of Russia
|
|
|
7,063,350
|
|
|
|
18,929,778
|
|
UBS AG
|
|
|
1,503,649
|
|
|
|
29,121,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
196,477,067
|
|
Pharmaceuticals - 4.6%
|
|
|
|
|
|
|
|
|
Bayer AG
|
|
|
392,971
|
|
|
$
|
43,647,863
|
|
Novo Nordisk A/S, B
|
|
|
203,068
|
|
|
|
33,927,116
|
|
Roche Holding AG
|
|
|
235,912
|
|
|
|
58,848,058
|
|
Santen Pharmaceutical Co. Ltd.
|
|
|
359,700
|
|
|
|
16,705,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
153,128,562
|
|
Railroad & Shipping - 2.7%
|
|
|
|
|
|
|
|
|
Canadian National Railway Co.
|
|
|
590,890
|
|
|
$
|
55,384,120
|
|
Kuehne & Nagel, Inc. AG
|
|
|
259,110
|
|
|
|
32,275,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
87,659,738
|
|
3
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Restaurants - 0.7%
|
|
|
|
|
|
|
|
|
Whitbread PLC
|
|
|
491,189
|
|
|
$
|
23,444,831
|
|
|
|
|
Specialty Chemicals - 5.5%
|
|
|
|
|
|
|
|
|
Akzo Nobel N.V.
|
|
|
355,998
|
|
|
$
|
20,935,108
|
|
Croda International PLC
|
|
|
627,134
|
|
|
|
25,258,897
|
|
LAir Liquide S.A.
|
|
|
271,884
|
|
|
|
35,757,473
|
|
Linde AG
|
|
|
331,295
|
|
|
|
63,708,051
|
|
Symrise AG
|
|
|
847,734
|
|
|
|
37,063,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
182,722,612
|
|
Specialty Stores - 1.1%
|
|
|
|
|
|
|
|
|
Industria de Diseno Textil S.A.
|
|
|
284,892
|
|
|
$
|
37,709,229
|
|
|
|
|
Telecommunications - Wireless - 0.4%
|
|
|
|
|
|
|
|
|
MTN Group Ltd.
|
|
|
712,581
|
|
|
$
|
13,019,340
|
|
|
|
|
Telephone Services - 1.2%
|
|
|
|
|
|
|
|
|
China Unicom (Hong Kong) Ltd.
|
|
|
26,312,000
|
|
|
$
|
39,749,160
|
|
|
|
|
Tobacco - 2.2%
|
|
|
|
|
|
|
|
|
Japan Tobacco, Inc.
|
|
|
2,158,900
|
|
|
$
|
72,769,429
|
|
Total Common Stocks
|
|
|
|
|
|
$
|
3,241,183,569
|
|
|
|
|
Money Market Funds - 1.1%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
36,533,801
|
|
|
$
|
36,533,801
|
|
|
|
|
Collateral for Securities Loaned - 1.2%
|
|
|
|
|
|
|
|
|
Navigator Securities Lending Prime Portfolio, 0.16%, at Net Asset Value (j)
|
|
|
38,997,877
|
|
|
$
|
38,997,877
|
|
Total Investments
|
|
|
|
|
|
$
|
3,316,715,247
|
|
|
|
|
Other Assets, Less Liabilities - (0.6)%
|
|
|
|
|
|
|
(21,302,699
|
)
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
3,295,412,548
|
|
(a)
|
Non-income producing security.
|
(j)
|
The rate quoted is the annualized seven-day yield of the fund at period end.
|
(l)
|
A portion of this security is on loan.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
The following abbreviations are used in this report and are defined:
|
|
|
ADR
|
|
American Depositary Receipt
|
PLC
|
|
Public Limited Company
|
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent
semiannual or annual report.
4
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are
primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are
primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and
market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S.
dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary
responsibility for determining or causing to be determined the value of the funds investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that
reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation
policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information
from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investments 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 funds net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the
exchange or market on which the security is principally traded. Events that occur on a frequent basis 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 funds net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the funds 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 funds 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 funds 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 funds 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 investments level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value
measurement. The funds assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active
markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs,
which may include the advisers own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
|
$597,733,726
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$597,733,726
|
|
France
|
|
|
477,695,208
|
|
|
|
|
|
|
|
|
|
|
|
477,695,208
|
|
Japan
|
|
|
42,798,329
|
|
|
|
330,000,971
|
|
|
|
|
|
|
|
372,799,300
|
|
Switzerland
|
|
|
344,161,020
|
|
|
|
|
|
|
|
|
|
|
|
344,161,020
|
|
Germany
|
|
|
267,361,052
|
|
|
|
|
|
|
|
|
|
|
|
267,361,052
|
|
Hong Kong
|
|
|
58,779,752
|
|
|
|
71,458,795
|
|
|
|
|
|
|
|
130,238,547
|
|
Brazil
|
|
|
114,987,501
|
|
|
|
|
|
|
|
|
|
|
|
114,987,501
|
|
Canada
|
|
|
106,841,249
|
|
|
|
|
|
|
|
|
|
|
|
106,841,249
|
|
United States
|
|
|
103,906,774
|
|
|
|
|
|
|
|
|
|
|
|
103,906,774
|
|
Other Countries
|
|
|
572,828,842
|
|
|
|
152,630,350
|
|
|
|
|
|
|
|
725,459,192
|
|
Mutual Funds
|
|
|
75,531,678
|
|
|
|
|
|
|
|
|
|
|
|
75,531,678
|
|
Total Investments
|
|
|
$2,762,625,131
|
|
|
|
$554,090,116
|
|
|
|
$
|
|
|
|
$3,316,715,247
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
5
Supplemental Information (unaudited) continued
Of the level 2 investments presented above, equity investments amounting to $44,110,586 would have been considered level 1 investments at
the beginning of the period. Of the level 1 investments presented above, equity investments amounting to $2,069,982,619 would have been considered level 2 investments at the beginning of the period. The primary reason for changes in the
classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which
the investment is principally traded. The funds foreign equity securities may often be valued at fair value. The funds policy is to recognize transfers between the levels as of the end of the period.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$2,892,913,078
|
|
Gross unrealized appreciation
|
|
|
520,080,929
|
|
Gross unrealized depreciation
|
|
|
(96,278,760
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$423,802,169
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be an affiliated issuer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Institutional Money Market Portfolio
|
|
|
34,422,630
|
|
|
|
268,420,291
|
|
|
|
(266,309,120
|
)
|
|
|
36,533,801
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
|
|
$
|
|
|
|
$
|
|
|
|
$9,126
|
|
|
|
$36,533,801
|
|
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of August 31, 2013, are as follows:
|
|
|
|
|
United Kingdom
|
|
|
18.2%
|
|
France
|
|
|
14.5%
|
|
Japan
|
|
|
11.3%
|
|
Switzerland
|
|
|
10.5%
|
|
Germany
|
|
|
8.1%
|
|
United States
|
|
|
4.7%
|
|
Hong Kong
|
|
|
4.0%
|
|
Brazil
|
|
|
3.5%
|
|
Canada
|
|
|
3.2%
|
|
Other Countries
|
|
|
22.0%
|
|
6
QUARTERLY REPORT
August 31, 2013
MFS® INTERNATIONAL
VALUE FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - 94.0%
|
|
|
|
|
|
|
|
|
Aerospace - 1.1%
|
|
|
|
|
|
|
|
|
Cobham PLC
|
|
|
31,006,763
|
|
|
$
|
136,801,749
|
|
|
|
|
Alcoholic Beverages - 2.1%
|
|
|
|
|
|
|
|
|
Heineken N.V. (l)
|
|
|
3,785,701
|
|
|
$
|
259,925,151
|
|
|
|
|
Automotive - 0.7%
|
|
|
|
|
|
|
|
|
USS Co. Ltd.
|
|
|
708,230
|
|
|
$
|
88,358,192
|
|
|
|
|
Broadcasting - 1.6%
|
|
|
|
|
|
|
|
|
Fuji Television Network, Inc.
|
|
|
55,831
|
|
|
$
|
102,508,470
|
|
Nippon Television Holdings, Inc.
|
|
|
5,661,100
|
|
|
|
99,161,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
201,670,102
|
|
Brokerage & Asset Managers - 1.4%
|
|
|
|
|
|
|
|
|
Computershare Ltd.
|
|
|
6,571,643
|
|
|
$
|
56,123,034
|
|
Daiwa Securities Group, Inc.
|
|
|
10,213,000
|
|
|
|
81,843,936
|
|
IG Group Holdings PLC
|
|
|
3,781,142
|
|
|
|
33,282,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
171,249,711
|
|
Business Services - 7.2%
|
|
|
|
|
|
|
|
|
Amadeus IT Holding S.A.
|
|
|
6,388,355
|
|
|
$
|
206,351,052
|
|
Brenntag AG
|
|
|
545,789
|
|
|
|
82,954,330
|
|
Bunzl PLC
|
|
|
8,385,486
|
|
|
|
176,861,833
|
|
Compass Group PLC
|
|
|
19,110,026
|
|
|
|
253,502,823
|
|
Nomura Research, Inc.
|
|
|
5,349,900
|
|
|
|
166,288,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
885,958,168
|
|
Chemicals - 1.3%
|
|
|
|
|
|
|
|
|
Givaudan S.A.
|
|
|
115,289
|
|
|
$
|
155,255,110
|
|
|
|
|
Computer Software - 0.8%
|
|
|
|
|
|
|
|
|
OBIC Co. Ltd.
|
|
|
347,510
|
|
|
$
|
101,674,003
|
|
|
|
|
Computer Software - Systems - 1.8%
|
|
|
|
|
|
|
|
|
Canon, Inc.
|
|
|
4,250,300
|
|
|
$
|
127,356,382
|
|
Nintendo Co. Ltd.
|
|
|
496,100
|
|
|
|
55,824,315
|
|
Venture Corp. Ltd.
|
|
|
5,891,500
|
|
|
|
35,056,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
218,236,859
|
|
Construction - 0.7%
|
|
|
|
|
|
|
|
|
Geberit AG
|
|
|
347,041
|
|
|
$
|
84,443,100
|
|
|
|
|
Consumer Products - 7.0%
|
|
|
|
|
|
|
|
|
Henkel KGaA, IPS
|
|
|
2,740,071
|
|
|
$
|
265,449,697
|
|
Kao Corp.
|
|
|
10,484,900
|
|
|
|
305,000,772
|
|
KOSE Corp.
|
|
|
1,767,400
|
|
|
|
49,303,984
|
|
Reckitt Benckiser Group PLC
|
|
|
3,730,145
|
|
|
|
253,479,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
873,234,086
|
|
Containers - 0.3%
|
|
|
|
|
|
|
|
|
Brambles Ltd.
|
|
|
5,498,194
|
|
|
$
|
42,820,805
|
|
1
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Electrical Equipment - 1.7%
|
|
|
|
|
|
|
|
|
Legrand S.A.
|
|
|
2,672,762
|
|
|
$
|
135,557,990
|
|
Spectris PLC
|
|
|
2,116,913
|
|
|
|
72,861,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
208,419,694
|
|
Electronics - 2.9%
|
|
|
|
|
|
|
|
|
ASM International N.V.
|
|
|
976,086
|
|
|
$
|
30,522,441
|
|
Halma PLC
|
|
|
10,519,245
|
|
|
|
89,088,674
|
|
Hirose Electric Co. Ltd.
|
|
|
695,920
|
|
|
|
91,157,399
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
|
|
8,989,282
|
|
|
|
148,862,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
359,631,024
|
|
Energy - Independent - 0.5%
|
|
|
|
|
|
|
|
|
Cairn Energy PLC (a)
|
|
|
15,342,718
|
|
|
$
|
64,791,281
|
|
|
|
|
Energy - Integrated - 3.7%
|
|
|
|
|
|
|
|
|
BP PLC
|
|
|
26,681,081
|
|
|
$
|
184,493,362
|
|
Royal Dutch Shell PLC, A
|
|
|
8,588,963
|
|
|
|
277,852,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
462,346,287
|
|
Food & Beverages - 6.2%
|
|
|
|
|
|
|
|
|
Groupe Danone
|
|
|
5,852,689
|
|
|
$
|
435,801,512
|
|
ITO EN Ltd.
|
|
|
1,320,300
|
|
|
|
29,644,794
|
|
Nestle S.A.
|
|
|
4,579,506
|
|
|
|
300,477,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
765,923,324
|
|
Food & Drug Stores - 1.2%
|
|
|
|
|
|
|
|
|
Lawson, Inc.
|
|
|
1,979,100
|
|
|
$
|
148,584,309
|
|
|
|
|
Insurance - 6.9%
|
|
|
|
|
|
|
|
|
Admiral Group PLC
|
|
|
1,822,662
|
|
|
$
|
35,617,955
|
|
Amlin PLC
|
|
|
5,658,698
|
|
|
|
34,393,143
|
|
Catlin Group Ltd.
|
|
|
5,769,974
|
|
|
|
41,802,594
|
|
Delta Lloyd N.V.
|
|
|
3,533,790
|
|
|
|
67,487,762
|
|
Euler Hermes
|
|
|
402,362
|
|
|
|
45,467,337
|
|
Hiscox Ltd.
|
|
|
9,031,048
|
|
|
|
90,270,453
|
|
ING Groep N.V. (a)
|
|
|
10,786,317
|
|
|
|
117,110,866
|
|
Jardine Lloyd Thompson Group PLC
|
|
|
3,781,650
|
|
|
|
52,948,937
|
|
Sony Financial Holdings, Inc.
|
|
|
5,820,300
|
|
|
|
94,364,914
|
|
Swiss Re Ltd.
|
|
|
1,759,195
|
|
|
|
134,995,457
|
|
Zurich Insurance Group AG
|
|
|
551,854
|
|
|
|
137,362,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
851,822,400
|
|
Leisure & Toys - 0.4%
|
|
|
|
|
|
|
|
|
Sankyo Co. Ltd.
|
|
|
714,800
|
|
|
$
|
33,168,559
|
|
Yamaha Corp.
|
|
|
1,506,500
|
|
|
|
18,902,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
52,070,732
|
|
Machinery & Tools - 1.6%
|
|
|
|
|
|
|
|
|
Glory Ltd.
|
|
|
1,870,300
|
|
|
$
|
39,015,575
|
|
Neopost S.A. (l)
|
|
|
1,609,042
|
|
|
|
112,709,285
|
|
Schindler Holding AG
|
|
|
353,207
|
|
|
|
48,703,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
200,428,668
|
|
Major Banks - 3.3%
|
|
|
|
|
|
|
|
|
Bank of Ireland (a)
|
|
|
106,368,080
|
|
|
$
|
31,068,482
|
|
HSBC Holdings PLC
|
|
|
23,258,993
|
|
|
|
243,660,629
|
|
2
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Major Banks - continued
|
|
|
|
|
|
|
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
|
3,013,400
|
|
|
$
|
133,506,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
408,235,146
|
|
Medical & Health Technology & Services - 0.7%
|
|
|
|
|
|
|
|
|
Kobayashi Pharmaceutical Co. Ltd.
|
|
|
1,553,000
|
|
|
$
|
85,721,383
|
|
|
|
|
Medical Equipment - 0.4%
|
|
|
|
|
|
|
|
|
Nihon Kohden Corp.
|
|
|
1,459,300
|
|
|
$
|
53,685,024
|
|
|
|
|
Network & Telecom - 3.1%
|
|
|
|
|
|
|
|
|
Ericsson, Inc., B
|
|
|
23,725,807
|
|
|
$
|
278,880,754
|
|
Nokia Oyj (a)(l)
|
|
|
28,395,038
|
|
|
|
109,807,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
388,688,561
|
|
Other Banks & Diversified Financials - 4.4%
|
|
|
|
|
|
|
|
|
Chiba Bank Ltd.
|
|
|
6,369,000
|
|
|
$
|
43,385,973
|
|
DnB NOR A.S.A.
|
|
|
9,268,849
|
|
|
|
143,882,719
|
|
Hachijuni Bank Ltd.
|
|
|
6,249,000
|
|
|
|
35,038,342
|
|
Joyo Bank Ltd.
|
|
|
8,991,000
|
|
|
|
46,235,759
|
|
Julius Baer Group Ltd.
|
|
|
1,510,355
|
|
|
|
66,553,340
|
|
Jyske Bank A.S. (a)
|
|
|
624,380
|
|
|
|
28,817,113
|
|
North Pacific Bank Ltd.
|
|
|
9,365,400
|
|
|
|
36,379,962
|
|
Sydbank A.S. (a)
|
|
|
1,017,464
|
|
|
|
24,552,172
|
|
UniCredit S.p.A.
|
|
|
17,753,207
|
|
|
|
100,376,960
|
|
Unione di Banche Italiane S.c.p.A.
|
|
|
3,341,100
|
|
|
|
16,117,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
541,339,881
|
|
Pharmaceuticals - 10.7%
|
|
|
|
|
|
|
|
|
Bayer AG
|
|
|
2,284,320
|
|
|
$
|
253,722,761
|
|
GlaxoSmithKline PLC
|
|
|
15,167,446
|
|
|
|
386,774,739
|
|
Novartis AG
|
|
|
3,548,260
|
|
|
|
258,745,167
|
|
Roche Holding AG
|
|
|
1,355,872
|
|
|
|
338,221,174
|
|
Santen Pharmaceutical Co. Ltd.
|
|
|
1,984,600
|
|
|
|
92,170,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,329,634,498
|
|
Printing & Publishing - 1.3%
|
|
|
|
|
|
|
|
|
Pearson PLC
|
|
|
6,646,270
|
|
|
$
|
130,909,537
|
|
United Business Media Ltd.
|
|
|
3,246,851
|
|
|
|
34,768,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
165,678,214
|
|
Real Estate - 2.6%
|
|
|
|
|
|
|
|
|
Deutsche Annington Immobilien SE (a)
|
|
|
2,350,444
|
|
|
$
|
58,246,204
|
|
Deutsche Wohnen AG
|
|
|
6,464,324
|
|
|
|
113,373,220
|
|
GSW Immobilien AG
|
|
|
1,994,038
|
|
|
|
86,876,628
|
|
TAG Immobilien AG
|
|
|
5,863,470
|
|
|
|
68,551,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
327,047,729
|
|
Specialty Chemicals - 0.8%
|
|
|
|
|
|
|
|
|
Symrise AG
|
|
|
2,235,926
|
|
|
$
|
97,755,088
|
|
|
|
|
Specialty Stores - 0.5%
|
|
|
|
|
|
|
|
|
Esprit Holdings Ltd.
|
|
|
39,712,221
|
|
|
$
|
67,641,638
|
|
|
|
|
Telecommunications - Wireless - 6.8%
|
|
|
|
|
|
|
|
|
KDDI Corp.
|
|
|
9,501,394
|
|
|
$
|
451,861,433
|
|
NTT DoCoMo, Inc.
|
|
|
85,427
|
|
|
|
136,511,780
|
|
3
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
Telecommunications - Wireless - continued
|
|
|
|
|
|
|
|
|
Vodafone Group PLC
|
|
|
77,613,600
|
|
|
$
|
248,073,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
836,446,238
|
|
Telephone Services - 2.3%
|
|
|
|
|
|
|
|
|
China Unicom (Hong Kong) Ltd.
|
|
|
19,960,000
|
|
|
$
|
30,153,285
|
|
Deutsche Telekom AG
|
|
|
4,962,780
|
|
|
|
63,570,389
|
|
Royal KPN N.V. (a)
|
|
|
3,903,644
|
|
|
|
11,401,944
|
|
TDC A.S.
|
|
|
13,317,559
|
|
|
|
108,748,956
|
|
Telecom Italia S.p.A. - Savings Shares
|
|
|
117,206,270
|
|
|
|
65,122,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
278,996,914
|
|
Tobacco - 4.1%
|
|
|
|
|
|
|
|
|
British American Tobacco PLC
|
|
|
4,584,820
|
|
|
$
|
231,270,926
|
|
Japan Tobacco, Inc.
|
|
|
8,262,300
|
|
|
|
278,495,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
509,765,926
|
|
Trucking - 1.9%
|
|
|
|
|
|
|
|
|
Yamato Holdings Co. Ltd.
|
|
|
10,889,300
|
|
|
$
|
233,164,722
|
|
Total Common Stocks
|
|
|
|
|
|
$
|
11,657,445,717
|
|
Issuer/Expiration Date/Strike Price
|
|
Par Amount
of
Contracts
|
|
|
|
|
Put Options Purchased - 0.2%
|
|
|
|
|
|
|
|
|
JPY Currency - December 2013 @ $0.01
|
|
JPY
|
10,021,986,224
|
|
|
$
|
5,832,796
|
|
JPY Currency - January 2014 @ $0.01
|
|
|
9,107,954,777
|
|
|
|
2,705,063
|
|
JPY Currency - April 2014 @ $0.01
|
|
|
59,056,133,104
|
|
|
|
11,515,946
|
|
JPY Currency - June 2014 @ EUR 0.01
|
|
|
13,552,479,260
|
|
|
|
1,761,822
|
|
Total Put Options Purchased
|
|
|
|
|
|
$
|
21,815,627
|
|
|
|
|
Call Options Purchased - 0.0%
|
|
|
|
|
|
|
|
|
EUR Currency - December 2013 @ JPY 125
|
|
EUR
|
80,393,923
|
|
|
$
|
5,817,385
|
|
Issuer
|
|
Shares/Par
|
|
|
|
|
Money Market Funds - 4.9%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
606,600,057
|
|
|
$
|
606,600,057
|
|
|
|
|
Collateral for Securities Loaned - 0.7%
|
|
|
|
|
|
|
|
|
Navigator Securities Lending Prime Portfolio, 0.16%, at Net Asset Value (j)
|
|
|
83,714,542
|
|
|
$
|
83,714,542
|
|
Total Investments
|
|
|
|
|
|
$
|
12,375,393,328
|
|
|
|
|
Other Assets, Less Liabilities - 0.2%
|
|
|
|
|
|
|
22,312,964
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
12,397,706,292
|
|
(a)
|
Non-income producing security.
|
(j)
|
The rate quoted is the annualized seven-day yield of the fund at period end.
|
(l)
|
A portion of this security is on loan.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
The following abbreviations are used in this report and are defined:
|
|
|
ADR
|
|
American Depositary Receipt
|
IPS
|
|
International Preference Stock
|
PLC
|
|
Public Limited Company
|
4
Portfolio of Investments (unaudited) continued
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:
|
|
|
EUR
|
|
Euro
|
JPY
|
|
Japanese Yen
|
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent
semiannual or annual report.
5
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are
primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are
primarily traded. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price
as provided by a third-party pricing service on the exchange on which such options are primarily traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a
third-party pricing service on the exchange on which such options are primarily traded. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by
a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a
broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The
values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds investments (including any fair
valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by
the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and
floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an
investments 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 funds
net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis 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 funds net asset value may be deemed to have a material effect on the value of securities traded in
foreign markets. Accordingly, the funds 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 funds 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 funds 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 funds 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 investments level within the fair value
hierarchy is based on the lowest level of input that is significant to the fair value measurement. The funds assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers
factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities,
interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the advisers own assumptions in determining the fair value of investments.
6
Supplemental Information (unaudited) continued
The following is a summary of the levels used as of August 31, 2013, in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan
|
|
|
$225,676,692
|
|
|
|
$3,032,636,918
|
|
|
|
$
|
|
|
|
$3,258,313,610
|
|
United Kingdom
|
|
|
3,073,507,340
|
|
|
|
|
|
|
|
|
|
|
|
3,073,507,340
|
|
Switzerland
|
|
|
1,524,757,156
|
|
|
|
|
|
|
|
|
|
|
|
1,524,757,156
|
|
Germany
|
|
|
1,090,499,994
|
|
|
|
|
|
|
|
|
|
|
|
1,090,499,994
|
|
France
|
|
|
729,536,123
|
|
|
|
|
|
|
|
|
|
|
|
729,536,123
|
|
Netherlands
|
|
|
486,448,164
|
|
|
|
|
|
|
|
|
|
|
|
486,448,164
|
|
Sweden
|
|
|
278,880,754
|
|
|
|
|
|
|
|
|
|
|
|
278,880,754
|
|
Spain
|
|
|
206,351,052
|
|
|
|
|
|
|
|
|
|
|
|
206,351,052
|
|
Italy
|
|
|
181,616,841
|
|
|
|
|
|
|
|
|
|
|
|
181,616,841
|
|
Other Countries
|
|
|
595,739,759
|
|
|
|
231,794,924
|
|
|
|
|
|
|
|
827,534,683
|
|
Purchased Currency Options
|
|
|
|
|
|
|
27,633,012
|
|
|
|
|
|
|
|
27,633,012
|
|
Mutual Funds
|
|
|
690,314,599
|
|
|
|
|
|
|
|
|
|
|
|
690,314,599
|
|
Total Investments
|
|
|
$9,083,328,474
|
|
|
|
$3,292,064,854
|
|
|
|
$
|
|
|
|
$12,375,393,328
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
Of the level 2 investments presented above, equity investments amounting to $35,056,162 would have been considered level 1 investments at the beginning of the
period. Of the level 1 investments presented above, equity investments amounting to $7,963,943,580 would have been considered level 2 investments at the beginning of the period. The primary reason for changes in the classifications between levels 1
and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally
traded. The funds foreign equity securities may often be valued at fair value. The funds policy is to recognize transfers between the levels as of the end of the period.
(2) Portfolio Securities
The cost and unrealized appreciation and depreciation in the value of the investments
owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$10,702,066,915
|
|
Gross unrealized appreciation
|
|
|
1,819,695,848
|
|
Gross unrealized depreciation
|
|
|
(146,369,435
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$1,673,326,413
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be an affiliated issuer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Institutional Money Market Portfolio
|
|
|
521,655,427
|
|
|
|
996,678,109
|
|
|
|
(911,733,479
|
)
|
|
|
606,600,057
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
|
|
$
|
|
|
|
$
|
|
|
|
$152,407
|
|
|
|
$606,600,057
|
|
7
Supplemental Information (unaudited) continued
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of August 31, 2013, are as follows:
|
|
|
|
|
Japan
|
|
|
26.3%
|
|
United Kingdom
|
|
|
24.9%
|
|
Switzerland
|
|
|
12.3%
|
|
Germany
|
|
|
8.8%
|
|
France
|
|
|
5.9%
|
|
United States
|
|
|
5.7%
|
|
Netherlands
|
|
|
3.9%
|
|
Sweden
|
|
|
2.3%
|
|
Spain
|
|
|
1.7%
|
|
Other Countries
|
|
|
8.2%
|
|
8
QUARTERLY REPORT
August 31, 2013
MFS® MODERATE
ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
Underlying Affiliated Funds - 99.9%
|
|
|
|
|
|
|
|
|
MFS Absolute Return Fund - Class R5
|
|
|
5,163,916
|
|
|
$
|
49,831,786
|
|
MFS Commodity Strategy Fund - Class R5 (v)
|
|
|
17,546,203
|
|
|
|
153,704,739
|
|
MFS Emerging Markets Debt Fund - Class R5
|
|
|
10,301,498
|
|
|
|
147,929,509
|
|
MFS Global Bond Fund - Class R5
|
|
|
26,535,012
|
|
|
|
246,510,263
|
|
MFS Global Real Estate Fund - Class R5 (v)
|
|
|
6,875,295
|
|
|
|
97,697,938
|
|
MFS Government Securities Fund - Class R5
|
|
|
50,049,859
|
|
|
|
498,997,094
|
|
MFS Growth Fund - Class R5 (a)
|
|
|
6,674,931
|
|
|
|
394,822,199
|
|
MFS High Income Fund - Class R5
|
|
|
70,920,793
|
|
|
|
249,641,193
|
|
MFS Inflation-Adjusted Bond Fund - Class R5
|
|
|
23,917,482
|
|
|
|
249,220,159
|
|
MFS International Growth Fund - Class R5
|
|
|
5,652,054
|
|
|
|
145,992,558
|
|
MFS International New Discovery Fund - Class R5
|
|
|
1,846,638
|
|
|
|
48,751,239
|
|
MFS International Value Fund - Class R5
|
|
|
4,701,010
|
|
|
|
145,496,261
|
|
MFS Mid Cap Growth Fund - Class R5 (a)
|
|
|
28,217,787
|
|
|
|
346,232,253
|
|
MFS Mid Cap Value Fund - Class R5
|
|
|
18,662,524
|
|
|
|
343,017,191
|
|
MFS New Discovery Fund - Class R5 (a)
|
|
|
2,734,579
|
|
|
|
75,583,758
|
|
MFS New Discovery Value Fund - Class R5
|
|
|
5,934,255
|
|
|
|
74,118,842
|
|
MFS Research Bond Fund - Class R5
|
|
|
56,334,356
|
|
|
|
598,834,200
|
|
MFS Research Fund - Class R5
|
|
|
11,796,145
|
|
|
|
392,457,755
|
|
MFS Research International Fund - Class R5
|
|
|
17,991,981
|
|
|
|
291,650,009
|
|
MFS Value Fund - Class R5
|
|
|
13,143,626
|
|
|
|
391,942,924
|
|
Total Underlying Affiliated Funds
|
|
|
|
|
|
$
|
4,942,431,870
|
|
|
|
|
Money Market Funds - 0.0%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
63
|
|
|
$
|
63
|
|
Total Investments
|
|
|
|
|
|
$
|
4,942,431,933
|
|
|
|
|
Other Assets, Less Liabilities - 0.1%
|
|
|
|
|
|
|
2,532,323
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
4,944,964,256
|
|
(a)
|
Non-income producing security.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
See attached supplemental information. For more information see notes to financial statements
as disclosed in the most recent semiannual or annual report.
1
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of
this policy disclosure, fund refers to the underlying fund in which the fund of fund invests.
Equity securities, including restricted equity
securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that
day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Equity securities held short, for which there were no sales
reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other
than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally
are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily
traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not
traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement
price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by
a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates
provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, 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. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid
quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign
securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds investments (including any fair
valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by
the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and
floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an
investments 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 funds
net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis 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 funds net asset value may be deemed to have a material effect on the value of securities traded in
foreign markets. Accordingly, the funds 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 funds 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 funds 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 funds 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 investments level within the fair value
hierarchy is based on the lowest level of input that is significant to the fair value measurement. The funds 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).
2
Supplemental Information (unaudited) continued
Level 3 includes unobservable inputs, which may include the advisers own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August
31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual Funds
|
|
|
$4,942,431,933
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$4,942,431,933
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$4,085,162,302
|
|
Gross unrealized appreciation
|
|
|
901,436,455
|
|
Gross unrealized depreciation
|
|
|
(44,166,824
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$857,269,631
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be affiliated issuers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Absolute Return Fund
|
|
|
4,845,854
|
|
|
|
325,984
|
|
|
|
7,922
|
|
|
|
5,163,916
|
|
MFS Commodity Strategy Fund
|
|
|
15,824,936
|
|
|
|
1,767,498
|
|
|
|
46,231
|
|
|
|
17,546,203
|
|
MFS Emerging Markets Debt Fund
|
|
|
8,924,268
|
|
|
|
1,377,230
|
|
|
|
|
|
|
|
10,301,498
|
|
MFS Global Bond Fund
|
|
|
23,469,681
|
|
|
|
3,065,331
|
|
|
|
|
|
|
|
26,535,012
|
|
MFS Global Real Estate Fund
|
|
|
5,944,369
|
|
|
|
932,642
|
|
|
|
1,716
|
|
|
|
6,875,295
|
|
MFS Government Securities Fund
|
|
|
46,093,230
|
|
|
|
3,993,302
|
|
|
|
36,673
|
|
|
|
50,049,859
|
|
MFS Growth Fund
|
|
|
6,616,297
|
|
|
|
74,123
|
|
|
|
15,489
|
|
|
|
6,674,931
|
|
MFS High Income Fund
|
|
|
65,027,071
|
|
|
|
5,904,560
|
|
|
|
10,838
|
|
|
|
70,920,793
|
|
MFS Inflation-Adjusted Bond Fund
|
|
|
21,319,715
|
|
|
|
2,601,247
|
|
|
|
3,480
|
|
|
|
23,917,482
|
|
MFS Institutional Money Market Portfolio
|
|
|
23
|
|
|
|
39,903,862
|
|
|
|
39,903,822
|
|
|
|
63
|
|
MFS International Growth Fund
|
|
|
5,293,918
|
|
|
|
359,748
|
|
|
|
1,612
|
|
|
|
5,652,054
|
|
MFS International New Discovery Fund
|
|
|
1,752,713
|
|
|
|
94,213
|
|
|
|
288
|
|
|
|
1,846,638
|
|
MFS International Value Fund
|
|
|
4,573,539
|
|
|
|
127,730
|
|
|
|
259
|
|
|
|
4,701,010
|
|
MFS Mid Cap Growth Fund
|
|
|
28,304,859
|
|
|
|
45,793
|
|
|
|
132,865
|
|
|
|
28,217,787
|
|
MFS Mid Cap Value Fund
|
|
|
18,669,120
|
|
|
|
107,349
|
|
|
|
113,945
|
|
|
|
18,662,524
|
|
MFS New Discovery Fund
|
|
|
2,779,197
|
|
|
|
|
|
|
|
44,618
|
|
|
|
2,734,579
|
|
MFS New Discovery Value Fund
|
|
|
6,011,313
|
|
|
|
1,082
|
|
|
|
78,140
|
|
|
|
5,934,255
|
|
MFS Research Bond Fund
|
|
|
51,598,869
|
|
|
|
4,751,028
|
|
|
|
15,541
|
|
|
|
56,334,356
|
|
MFS Research Fund
|
|
|
11,602,303
|
|
|
|
230,527
|
|
|
|
36,685
|
|
|
|
11,796,145
|
|
MFS Research International Fund
|
|
|
17,197,448
|
|
|
|
817,824
|
|
|
|
23,291
|
|
|
|
17,991,981
|
|
MFS Value Fund
|
|
|
12,757,612
|
|
|
|
421,157
|
|
|
|
35,143
|
|
|
|
13,143,626
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Absolute Return Fund
|
|
|
$(3,474
|
)
|
|
|
$
|
|
|
|
$143,395
|
|
|
|
$49,831,786
|
|
MFS Commodity Strategy Fund
|
|
|
(149,708
|
)
|
|
|
|
|
|
|
|
|
|
|
153,704,739
|
|
MFS Emerging Markets Debt Fund
|
|
|
|
|
|
|
|
|
|
|
1,815,254
|
|
|
|
147,929,509
|
|
MFS Global Bond Fund
|
|
|
|
|
|
|
|
|
|
|
2,299,838
|
|
|
|
246,510,263
|
|
MFS Global Real Estate Fund
|
|
|
(2,379
|
)
|
|
|
|
|
|
|
|
|
|
|
97,697,938
|
|
3
Supplemental Information (unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund - continued
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Government Securities Fund
|
|
|
$(18,588
|
)
|
|
|
$
|
|
|
|
$2,896,516
|
|
|
|
$498,997,094
|
|
MFS Growth Fund
|
|
|
42,529
|
|
|
|
|
|
|
|
|
|
|
|
394,822,199
|
|
MFS High Income Fund
|
|
|
(3,056
|
)
|
|
|
|
|
|
|
3,699,867
|
|
|
|
249,641,193
|
|
MFS Inflation-Adjusted Bond Fund
|
|
|
(3,613
|
)
|
|
|
|
|
|
|
773,474
|
|
|
|
249,220,159
|
|
MFS Institutional Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
228
|
|
|
|
63
|
|
MFS International Growth Fund
|
|
|
(1,160
|
)
|
|
|
|
|
|
|
|
|
|
|
145,992,558
|
|
MFS International New Discovery Fund
|
|
|
(114
|
)
|
|
|
|
|
|
|
|
|
|
|
48,751,239
|
|
MFS International Value Fund
|
|
|
(212
|
)
|
|
|
|
|
|
|
|
|
|
|
145,496,261
|
|
MFS Mid Cap Growth Fund
|
|
|
101,404
|
|
|
|
|
|
|
|
|
|
|
|
346,232,253
|
|
MFS Mid Cap Value Fund
|
|
|
157,866
|
|
|
|
|
|
|
|
|
|
|
|
343,017,191
|
|
MFS New Discovery Fund
|
|
|
96,530
|
|
|
|
|
|
|
|
|
|
|
|
75,583,758
|
|
MFS New Discovery Value Fund
|
|
|
42,477
|
|
|
|
|
|
|
|
|
|
|
|
74,118,842
|
|
MFS Research Bond Fund
|
|
|
(5,706
|
)
|
|
|
|
|
|
|
4,521,025
|
|
|
|
598,834,200
|
|
MFS Research Fund
|
|
|
67,208
|
|
|
|
|
|
|
|
|
|
|
|
392,457,755
|
|
MFS Research International Fund
|
|
|
(79
|
)
|
|
|
|
|
|
|
|
|
|
|
291,650,009
|
|
MFS Value Fund
|
|
|
41,131
|
|
|
|
|
|
|
|
2,008,171
|
|
|
|
391,942,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$361,057
|
|
|
|
$
|
|
|
|
$18,157,768
|
|
|
|
$4,942,431,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
QUARTERLY REPORT
August 31, 2013
MFS® GLOBAL BOND FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - 93.1%
|
|
|
|
|
|
|
|
|
Asset-Backed & Securitized - 0.5%
|
|
|
|
|
|
|
|
|
Commercial Mortgage Pass-Through Certificates, A3, 5.293%, 2049
|
|
$
|
870,221
|
|
|
$
|
888,789
|
|
Commercial Mortgage Pass-Through Certificates, A4, 5.306%, 2046
|
|
|
870,221
|
|
|
|
954,943
|
|
JPMorgan Chase Commercial Mortgage Securities Corp., A3, FRN, 6.003%, 2049
|
|
|
1,111,221
|
|
|
|
1,160,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,004,641
|
|
Automotive - 0.0%
|
|
|
|
|
|
|
|
|
Automotores Gildemeister S.A., 8.25%, 2021
|
|
$
|
306,000
|
|
|
$
|
238,680
|
|
|
|
|
Broadcasting - 0.1%
|
|
|
|
|
|
|
|
|
Grupo Televisa S.A.B., 7.25%, 2043
|
|
MXN
|
11,230,000
|
|
|
$
|
691,812
|
|
|
|
|
Building - 0.3%
|
|
|
|
|
|
|
|
|
CEMEX Espana S.A., 9.25%, 2020
|
|
$
|
796,000
|
|
|
$
|
831,820
|
|
CEMEX S.A.B. de C.V., 6.5%, 2019 (z)
|
|
|
489,000
|
|
|
|
474,330
|
|
Grupo Cementos de Chihuahua S.A.B. de C.V., 8.125%, 2020 (n)
|
|
|
661,000
|
|
|
|
667,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,973,760
|
|
Business Services - 0.1%
|
|
|
|
|
|
|
|
|
Rolta LLC, 10.75%, 2018 (n)
|
|
$
|
912,000
|
|
|
$
|
859,560
|
|
|
|
|
Conglomerates - 0.2%
|
|
|
|
|
|
|
|
|
Metalloinvest Finance Ltd., 5.625%, 2020 (n)
|
|
$
|
945,000
|
|
|
$
|
883,575
|
|
|
|
|
Construction - 0.1%
|
|
|
|
|
|
|
|
|
Empresas ICA S.A.B. de C.V., 8.375%, 2017
|
|
$
|
526,000
|
|
|
$
|
504,960
|
|
Empresas ICA Sociedad Controladora S.A. de C.V., 8.9%, 2021
|
|
|
261,000
|
|
|
|
241,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
746,385
|
|
Consumer Products - 0.2%
|
|
|
|
|
|
|
|
|
Falabella S.A., 6.5%, 2023 (n)
|
|
CLP
|
717,500,000
|
|
|
$
|
1,343,838
|
|
|
|
|
Emerging Market Quasi-Sovereign - 2.5%
|
|
|
|
|
|
|
|
|
Banco de Reservas de La Republica Dominicana, 7%, 2023 (n)
|
|
$
|
968,000
|
|
|
$
|
948,640
|
|
Banco do Brasil S.A., FRN, 6.201%, 2049 (n)
|
|
|
680,000
|
|
|
|
530,400
|
|
Banco do Estado Rio Grande do Sul S.A., 7.375%, 2022 (n)
|
|
|
957,000
|
|
|
|
942,645
|
|
Empresa de Telecomunicaciones de Bogota S.A., 7%, 2023 (n)
|
|
COP
|
1,164,000,000
|
|
|
|
520,901
|
|
Gazprombank OJSC, 8.617%, 2015
|
|
RUB
|
81,500,000
|
|
|
|
2,460,458
|
|
Magyar Export-Import Bank, 5.5%, 2018 (n)
|
|
$
|
460,000
|
|
|
|
457,620
|
|
Novatek Finance Ltd., 7.75%, 2017 (n)
|
|
RUB
|
65,200,000
|
|
|
|
1,928,207
|
|
Petroleos Mexicanos, 7.65%, 2021
|
|
MXN
|
13,761,000
|
|
|
|
1,076,800
|
|
RZD Capital PLC, 8.3%, 2019
|
|
RUB
|
79,800,000
|
|
|
|
2,400,090
|
|
Transnet Ltd., 9.25%, 2017
|
|
ZAR
|
8,000,000
|
|
|
|
804,317
|
|
Transnet Ltd., 10.5%, 2020
|
|
ZAR
|
25,000,000
|
|
|
|
2,625,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,695,176
|
|
Emerging Market Sovereign - 36.4%
|
|
|
|
|
|
|
|
|
Brazil Notas do Tesouro Nacional, 6%, 2016
|
|
BRL
|
5,890,223
|
|
|
$
|
2,520,753
|
|
Brazil Notas do Tesouro Nacional, 10%, 2017
|
|
BRL
|
46,118,000
|
|
|
|
18,435,299
|
|
Brazil Notas do Tesouro Nacional, 10%, 2021
|
|
BRL
|
13,820,000
|
|
|
|
5,190,439
|
|
Dominican Republic, 5.875%, 2024 (n)
|
|
$
|
450,000
|
|
|
|
418,500
|
|
Federative Republic of Brazil, 10%, 2018
|
|
BRL
|
3,000,000
|
|
|
|
1,178,380
|
|
Federative Republic of Brazil, Capital Appreciation, 0%, 2014
|
|
BRL
|
3,447,000
|
|
|
|
1,401,076
|
|
1
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Emerging Market Sovereign - continued
|
|
|
|
|
|
|
|
|
Government of Malaysia, 3.172%, 2016
|
|
MYR
|
5,673,000
|
|
|
$
|
1,713,566
|
|
Government of Malaysia, 4.012%, 2017
|
|
MYR
|
2,896,000
|
|
|
|
892,779
|
|
Government of Malaysia, 3.26%, 2018
|
|
MYR
|
5,000,000
|
|
|
|
1,494,226
|
|
Government of Malaysia, 4.378%, 2019
|
|
MYR
|
4,738,000
|
|
|
|
1,481,800
|
|
Government of Malaysia, 4.16%, 2021
|
|
MYR
|
10,202,000
|
|
|
|
3,128,184
|
|
Government of Malaysia, 4.392%, 2026
|
|
MYR
|
3,568,000
|
|
|
|
1,106,454
|
|
Government of Poland, 3.75%, 2018
|
|
PLN
|
6,895,000
|
|
|
|
2,128,414
|
|
Government of Poland, 5.5%, 2019
|
|
PLN
|
7,655,000
|
|
|
|
2,555,361
|
|
Government of Poland, 5.75%, 2021
|
|
PLN
|
3,229,000
|
|
|
|
1,094,466
|
|
Government of Poland, Capital Appreciation, 0%, 2014
|
|
PLN
|
6,978,000
|
|
|
|
2,137,411
|
|
Government of Romania, 5.8%, 2015
|
|
RON
|
660,000
|
|
|
|
201,930
|
|
Government of Thailand, 3.625%, 2015
|
|
THB
|
63,462,000
|
|
|
|
1,995,589
|
|
Islamic Republic of Pakistan, 6.875%, 2017
|
|
$
|
318,000
|
|
|
|
297,330
|
|
Islamic Republic of Pakistan, 7.875%, 2036
|
|
|
453,000
|
|
|
|
353,340
|
|
Kingdom of Thailand, 3.875%, 2019
|
|
THB
|
448,815,000
|
|
|
|
13,998,817
|
|
Kingdom of Thailand, 3.65%, 2021
|
|
THB
|
118,166,000
|
|
|
|
3,548,185
|
|
Oriental Republic of Uruguay, 5%, 2018
|
|
UYU
|
12,579,695
|
|
|
|
590,916
|
|
Republic of Colombia, 7.5%, 2026
|
|
COP
|
4,656,200,000
|
|
|
|
2,308,443
|
|
Republic of Columbia, 11%, 2020
|
|
COP
|
7,470,000,000
|
|
|
|
4,593,487
|
|
Republic of Cote dIvoire, 5.75%, 2032
|
|
$
|
643,000
|
|
|
|
544,943
|
|
Republic of Croatia, 5.5%, 2023 (n)
|
|
|
828,000
|
|
|
|
790,740
|
|
Republic of Hungary, 6.75%, 2017
|
|
HUF
|
1,273,870,000
|
|
|
|
5,822,484
|
|
Republic of Hungary, 6.75%, 2017
|
|
HUF
|
1,158,770,000
|
|
|
|
5,299,701
|
|
Republic of Hungary, 5.375%, 2023
|
|
$
|
890,000
|
|
|
|
834,375
|
|
Republic of Hungary, 6%, 2023
|
|
HUF
|
93,140,000
|
|
|
|
391,013
|
|
Republic of Indonesia, 5.25%, 2018
|
|
IDR
|
32,246,000,000
|
|
|
|
2,651,971
|
|
Republic of Indonesia, 7%, 2022
|
|
IDR
|
44,574,000,000
|
|
|
|
3,725,888
|
|
Republic of Indonesia, 5.625%, 2023
|
|
IDR
|
14,519,000,000
|
|
|
|
1,088,723
|
|
Republic of Indonesia, 11%, 2025
|
|
IDR
|
15,000,000,000
|
|
|
|
1,603,713
|
|
Republic of Indonesia, 8.375%, 2026
|
|
IDR
|
32,665,000,000
|
|
|
|
2,895,468
|
|
Republic of Indonesia, 7%, 2027
|
|
IDR
|
21,626,000,000
|
|
|
|
1,693,157
|
|
Republic of Indonesia, 8.25%, 2032
|
|
IDR
|
26,890,000,000
|
|
|
|
2,316,320
|
|
Republic of Nigeria, Capital Appreciation, 0%, 2013
|
|
NGN
|
145,423,000
|
|
|
|
863,075
|
|
Republic of Nigeria, Capital Appreciation, 0%, 2013
|
|
NGN
|
185,788,000
|
|
|
|
1,089,261
|
|
Republic of Peru, 7.84%, 2020
|
|
PEN
|
4,422,000
|
|
|
|
1,766,218
|
|
Republic of Peru, GDN, 6.95%, 2031
|
|
PEN
|
2,160,000
|
|
|
|
767,350
|
|
Republic of Poland, 5.25%, 2017
|
|
PLN
|
12,236,000
|
|
|
|
4,006,395
|
|
Republic of Poland, 5.25%, 2020
|
|
PLN
|
8,749,000
|
|
|
|
2,879,519
|
|
Republic of South Africa, 13.5%, 2015
|
|
ZAR
|
43,216,000
|
|
|
|
4,752,898
|
|
Republic of South Africa, 8%, 2018
|
|
ZAR
|
54,277,000
|
|
|
|
5,377,760
|
|
Republic of South Africa, 7.25%, 2020
|
|
ZAR
|
16,745,000
|
|
|
|
1,580,087
|
|
Republic of South Africa, 6.75%, 2021
|
|
ZAR
|
22,433,000
|
|
|
|
2,034,712
|
|
Republic of South Africa, 5.5%, 2023
|
|
ZAR
|
4,119,826
|
|
|
|
537,665
|
|
Republic of South Africa, 10.5%, 2026
|
|
ZAR
|
23,289,000
|
|
|
|
2,630,095
|
|
Republic of South Africa, 7%, 2031
|
|
ZAR
|
33,613,000
|
|
|
|
2,702,281
|
|
Republic of South Africa, 6.5%, 2041
|
|
ZAR
|
8,674,000
|
|
|
|
610,837
|
|
Republic of Turkey, 7%, 2014
|
|
TRY
|
2,768,010
|
|
|
|
1,403,862
|
|
Republic of Turkey, 9%, 2017
|
|
TRY
|
11,468,000
|
|
|
|
5,484,390
|
|
Republic of Turkey, 6.3%, 2018
|
|
TRY
|
10,203,408
|
|
|
|
4,384,150
|
|
Republic of Turkey, 4.5%, 2015
|
|
TRY
|
5,204,746
|
|
|
|
2,601,416
|
|
Republic of Turkey, 9%, 2016
|
|
TRY
|
5,483,000
|
|
|
|
2,645,018
|
|
Republic of Turkey, 10.5%, 2020
|
|
TRY
|
4,224,000
|
|
|
|
2,138,157
|
|
Republic of Turkey, 8.5%, 2022
|
|
TRY
|
1,583,035
|
|
|
|
706,591
|
|
Republic of Turkey, Capital Appreciation, 0%, 2013
|
|
TRY
|
9,979,000
|
|
|
|
4,883,215
|
|
2
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Emerging Market Sovereign - continued
|
|
|
|
|
|
|
|
|
Republic of Venezuela, 12.75%, 2022
|
|
$
|
694,000
|
|
|
$
|
687,060
|
|
Russian Federation, 7.4%, 2017
|
|
RUB
|
30,000,000
|
|
|
|
919,859
|
|
Russian Federation, 7.4%, 2017
|
|
RUB
|
237,105,000
|
|
|
|
7,302,102
|
|
Russian Federation, 6.8%, 2019
|
|
RUB
|
46,363,000
|
|
|
|
1,370,140
|
|
Russian Federation, 7.35%, 2016
|
|
RUB
|
88,091,000
|
|
|
|
2,701,043
|
|
Russian Federation, 6.9%, 2016
|
|
RUB
|
55,955,000
|
|
|
|
1,700,589
|
|
Russian Federation, 7.5%, 2018
|
|
RUB
|
415,840,000
|
|
|
|
12,812,823
|
|
Russian Federation, 7.5%, 2019
|
|
RUB
|
92,262,000
|
|
|
|
2,830,318
|
|
Russian Federation, 8.15%, 2027
|
|
RUB
|
86,916,000
|
|
|
|
2,665,016
|
|
Russian Federation, 7.05%, 2028
|
|
RUB
|
28,853,000
|
|
|
|
797,302
|
|
Titulos de Tesoreria, 5%, 2018
|
|
COP
|
5,120,000,000
|
|
|
|
2,458,655
|
|
United Mexican States, 8%, 2015
|
|
MXN
|
19,130,000
|
|
|
|
1,544,839
|
|
United Mexican States, 7.75%, 2017
|
|
MXN
|
38,860,000
|
|
|
|
3,176,509
|
|
United Mexican States, 8%, 2020
|
|
MXN
|
40,780,000
|
|
|
|
3,398,023
|
|
United Mexican States, 8%, 2023
|
|
MXN
|
35,000,000
|
|
|
|
2,937,168
|
|
United Mexican States, 8.5%, 2029
|
|
MXN
|
57,560,000
|
|
|
|
4,931,265
|
|
United Mexican States, 7.75%, 2031
|
|
MXN
|
15,700,000
|
|
|
|
1,243,879
|
|
United Mexican States, 10%, 2036
|
|
MXN
|
32,400,000
|
|
|
|
3,115,415
|
|
United Mexican States, 8.5%, 2038
|
|
MXN
|
9,590,000
|
|
|
|
802,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
217,663,375
|
|
Energy - Integrated - 0.3%
|
|
|
|
|
|
|
|
|
Pacific Rubiales Energy Corp., 7.25%, 2021
|
|
$
|
967,000
|
|
|
$
|
1,000,845
|
|
Pacific Rubiales Energy Corp., 5.125%, 2023 (n)
|
|
|
597,000
|
|
|
|
528,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,529,190
|
|
Financial Institutions - 0.1%
|
|
|
|
|
|
|
|
|
TMK Capital S.A., 6.75%, 2020 (n)
|
|
$
|
722,000
|
|
|
$
|
693,120
|
|
|
|
|
Food & Beverages - 1.0%
|
|
|
|
|
|
|
|
|
Ajecorp B.V., 6.5%, 2022 (n)
|
|
$
|
747,000
|
|
|
$
|
726,458
|
|
BRF, S.A., 7.75%, 2018 (n)
|
|
BRL
|
5,198,000
|
|
|
|
1,775,549
|
|
Central American Bottling Corp., 6.75%, 2022 (n)
|
|
$
|
344,000
|
|
|
|
354,320
|
|
Central American Bottling Corp., 6.75%, 2022
|
|
|
311,000
|
|
|
|
320,330
|
|
Corporacion Lindley S.A., 4.625%, 2023 (n)
|
|
|
158,000
|
|
|
|
144,570
|
|
Cosan Luxembourg S.A., 9.5%, 2018 (n)
|
|
BRL
|
4,208,000
|
|
|
|
1,550,943
|
|
Marfrig Holding Europe B.V., 9.875%, 2017 (n)
|
|
$
|
577,000
|
|
|
|
574,115
|
|
Marfrig Overseas Ltd., 9.5%, 2020
|
|
|
120,000
|
|
|
|
113,700
|
|
Minerva Luxembourg S.A., 7.75%, 2023
|
|
|
601,000
|
|
|
|
582,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,142,955
|
|
Forest & Paper Products - 0.1%
|
|
|
|
|
|
|
|
|
Fibria Overseas Finance Ltd., 7.5%, 2020
|
|
$
|
101,000
|
|
|
$
|
107,313
|
|
Fibria Overseas Finance Ltd., 6.75%, 2021
|
|
|
422,000
|
|
|
|
442,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
549,358
|
|
Industrial - 0.1%
|
|
|
|
|
|
|
|
|
Hyva Global B.V., 8.625%, 2016
|
|
$
|
829,000
|
|
|
$
|
729,520
|
|
|
|
|
International Market Quasi-Sovereign - 0.2%
|
|
|
|
|
|
|
|
|
Israel Electric Corp. Ltd., 5.625%, 2018 (n)
|
|
$
|
516,000
|
|
|
$
|
525,804
|
|
Israel Electric Corp. Ltd., 6.875%, 2023 (n)
|
|
|
514,000
|
|
|
|
523,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,049,442
|
|
3
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
International Market Sovereign - 34.9%
|
|
|
|
|
|
|
|
|
Federal Republic of Germany, 4.25%, 2018
|
|
EUR
|
1,900,000
|
|
|
$
|
2,918,441
|
|
Federal Republic of Germany, 3.25%, 2021
|
|
EUR
|
6,481,000
|
|
|
|
9,712,549
|
|
Federal Republic of Germany, 6.25%, 2030
|
|
EUR
|
1,719,000
|
|
|
|
3,429,230
|
|
Government of Australia, 5.75%, 2021
|
|
AUD
|
5,445,000
|
|
|
|
5,512,691
|
|
Government of Canada, 4.5%, 2015
|
|
CAD
|
3,424,000
|
|
|
|
3,436,515
|
|
Government of Canada, 3.25%, 2021
|
|
CAD
|
4,270,000
|
|
|
|
4,302,107
|
|
Government of Canada, 5.75%, 2033
|
|
CAD
|
1,108,000
|
|
|
|
1,476,744
|
|
Government of Japan, 1.1%, 2020
|
|
JPY
|
2,770,800,000
|
|
|
|
29,445,320
|
|
Government of Japan, 2.1%, 2024
|
|
JPY
|
1,715,950,000
|
|
|
|
19,821,744
|
|
Government of Japan, 2.2%, 2027
|
|
JPY
|
1,200,900,000
|
|
|
|
13,935,540
|
|
Government of Japan, 2.4%, 2037
|
|
JPY
|
434,950,000
|
|
|
|
5,029,295
|
|
Government of Japan, 2%, 2052
|
|
JPY
|
111,700,000
|
|
|
|
1,183,745
|
|
Kingdom of Belgium, 4.25%, 2021
|
|
EUR
|
4,046,000
|
|
|
|
6,103,678
|
|
Kingdom of Spain, 4%, 2015
|
|
EUR
|
4,651,000
|
|
|
|
6,358,758
|
|
Kingdom of Spain, 5.5%, 2017
|
|
EUR
|
4,388,000
|
|
|
|
6,327,725
|
|
Kingdom of Spain, 4.6%, 2019
|
|
EUR
|
3,524,000
|
|
|
|
4,887,146
|
|
Kingdom of the Netherlands, 3.5%, 2020
|
|
EUR
|
1,340,000
|
|
|
|
1,982,859
|
|
Kingdom of the Netherlands, 5.5%, 2028
|
|
EUR
|
856,000
|
|
|
|
1,514,515
|
|
Republic of Austria, 1.75%, 2023
|
|
EUR
|
791,000
|
|
|
|
993,539
|
|
Republic of Finland, 3.875%, 2017
|
|
EUR
|
1,082,000
|
|
|
|
1,598,339
|
|
Republic of France, 2.5%, 2020
|
|
EUR
|
7,213,000
|
|
|
|
9,967,006
|
|
Republic of France, 6%, 2025
|
|
EUR
|
1,893,000
|
|
|
|
3,335,811
|
|
Republic of France, 4.75%, 2035
|
|
EUR
|
2,323,000
|
|
|
|
3,735,811
|
|
Republic of Ireland, 5.5%, 2017
|
|
EUR
|
4,475,000
|
|
|
|
6,527,114
|
|
Republic of Ireland, 4.5%, 2020
|
|
EUR
|
1,809,000
|
|
|
|
2,480,283
|
|
Republic of Italy, 4.25%, 2015
|
|
EUR
|
2,189,000
|
|
|
|
3,004,181
|
|
Republic of Italy, 5.25%, 2017
|
|
EUR
|
12,491,000
|
|
|
|
17,885,558
|
|
Republic of Italy, 3.75%, 2021
|
|
EUR
|
6,697,000
|
|
|
|
8,867,907
|
|
United Kingdom Treasury, 5%, 2018
|
|
GBP
|
735,000
|
|
|
|
1,320,568
|
|
United Kingdom Treasury, 8%, 2021
|
|
GBP
|
6,242,000
|
|
|
|
13,642,636
|
|
United Kingdom Treasury, 4.25%, 2027
|
|
GBP
|
1,648,000
|
|
|
|
2,880,218
|
|
United Kingdom Treasury, 4.25%, 2036
|
|
GBP
|
2,936,000
|
|
|
|
5,117,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
208,735,395
|
|
Machinery & Tools - 0.1%
|
|
|
|
|
|
|
|
|
Ferreycorp S.A.A., 4.875%, 2020 (n)
|
|
$
|
921,000
|
|
|
$
|
842,715
|
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
|
|
|
|
|
First Quantum Minerals Ltd., 7.25%, 2019 (n)
|
|
$
|
778,000
|
|
|
$
|
739,100
|
|
|
|
|
Mortgage-Backed - 0.1%
|
|
|
|
|
|
|
|
|
Freddie Mac, 1.426%, 2017
|
|
$
|
613,000
|
|
|
$
|
607,089
|
|
Freddie Mac, FRN, 3.32%, 2023
|
|
|
12,000
|
|
|
|
11,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
618,895
|
|
Network & Telecom - 0.1%
|
|
|
|
|
|
|
|
|
Telefonica Celular del Paraguay S.A., 6.75%, 2022 (n)
|
|
$
|
810,000
|
|
|
$
|
805,950
|
|
|
|
|
Oil Services - 0.3%
|
|
|
|
|
|
|
|
|
Afren PLC, 10.25%, 2019
|
|
$
|
711,000
|
|
|
$
|
806,985
|
|
Qgog Constellation S.A., 6.25%, 2019 (n)
|
|
|
725,000
|
|
|
|
659,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,466,735
|
|
Other Banks & Diversified Financials - 1.1%
|
|
|
|
|
|
|
|
|
Akbank T.A.S., 7.5%, 2018 (n)
|
|
TRY
|
3,795,000
|
|
|
$
|
1,627,080
|
|
Banco Santander Brasil S.A., 8%, 2016 (n)
|
|
BRL
|
3,841,000
|
|
|
|
1,448,857
|
|
4
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Other Banks & Diversified Financials - continued
|
|
|
|
|
|
|
|
|
BBVA Banco Continental S.A., 5%, 2022 (n)
|
|
$
|
216,000
|
|
|
$
|
203,040
|
|
Citigroup, Inc., 6.125%, 2018
|
|
|
232,000
|
|
|
|
266,169
|
|
Halyk Savings Bank of Kazakhstan B.V., 7.25%, 2017
|
|
|
351,000
|
|
|
|
368,989
|
|
Industrial Senior Trust Co., 5.5%, 2022
|
|
|
791,000
|
|
|
|
711,900
|
|
Turkiye Garanti Bankasi, 7.375%, 2018 (n)
|
|
TRY
|
3,857,000
|
|
|
|
1,640,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,266,806
|
|
Specialty Chemicals - 0.1%
|
|
|
|
|
|
|
|
|
Yingde Gases Group Co. Ltd., 8.125%, 2018 (n)
|
|
$
|
561,000
|
|
|
$
|
565,208
|
|
|
|
|
Telecommunications - Wireless - 0.4%
|
|
|
|
|
|
|
|
|
America Movil S.A.B de C.V., 6.45%, 2022
|
|
MXN
|
18,750,000
|
|
|
$
|
1,309,573
|
|
Digicel Group Ltd., 8.25%, 2017
|
|
$
|
541,000
|
|
|
|
562,640
|
|
Digicel Group Ltd., 8.25%, 2020 (n)
|
|
|
200,000
|
|
|
|
212,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,084,213
|
|
Telephone Services - 0.2%
|
|
|
|
|
|
|
|
|
Brasil Telecom S.A., 9.75%, 2016
|
|
BRL
|
3,819,000
|
|
|
$
|
1,392,540
|
|
|
|
|
Transportation - 0.4%
|
|
|
|
|
|
|
|
|
Far Eastern Shipping Co., 8%, 2018 (n)
|
|
$
|
902,000
|
|
|
$
|
805,035
|
|
Red de Carreteras de Occidente S.A.B. de C.V., 9%, 2028 (n)
|
|
MXN
|
20,160,000
|
|
|
|
1,320,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,125,472
|
|
Transportation - Services - 0.1%
|
|
|
|
|
|
|
|
|
Ultrapetrol (Bahamas) Ltd., 8.875%, 2021 (n)
|
|
$
|
381,000
|
|
|
$
|
406,718
|
|
|
|
|
U.S. Government Agencies and Equivalents - 0.2%
|
|
|
|
|
|
|
|
|
Small Business Administration, 2.22%, 2033
|
|
$
|
1,173,000
|
|
|
$
|
1,103,753
|
|
|
|
|
U.S. Treasury Obligations - 12.8%
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds, 6.875%, 2025
|
|
$
|
6,524,000
|
|
|
$
|
9,113,213
|
|
U.S. Treasury Bonds, 5.25%, 2029
|
|
|
5,220,000
|
|
|
|
6,471,986
|
|
U.S. Treasury Bonds, 4.5%, 2039
|
|
|
8,597,000
|
|
|
|
9,937,599
|
|
U.S. Treasury Notes, 4.125%, 2015 (f)
|
|
|
17,055,000
|
|
|
|
18,148,260
|
|
U.S. Treasury Notes, 4.75%, 2017
|
|
|
6,743,000
|
|
|
|
7,668,585
|
|
U.S. Treasury Notes, 3.5%, 2020
|
|
|
22,991,000
|
|
|
|
25,044,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
76,383,670
|
|
Total Bonds
|
|
|
|
|
|
$
|
556,331,557
|
|
Issuer/Expiration Date/Strike Price
|
|
Number
of
Contracts
|
|
|
|
|
Call Options Purchased - 0.0%
|
|
|
|
|
|
|
|
|
U.S. Treasury Note 10 year Futures - September 2013 @ $124
|
|
|
23
|
|
|
$
|
26,234
|
|
Issuer
|
|
Shares/Par
|
|
|
|
|
Money Market Funds - 5.8%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
34,959,686
|
|
|
$
|
34,959,686
|
|
Total Investments
|
|
|
|
|
|
$
|
591,317,477
|
|
|
|
|
Other Assets, Less Liabilities - 1.1%
|
|
|
|
|
|
|
6,526,257
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
597,843,734
|
|
5
Portfolio of Investments (unaudited) continued
(f)
|
All or a portion of the security has been segregated as collateral for open futures contracts.
|
(n)
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $28,965,759, representing 4.8% of net assets.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
(z)
|
Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in
transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve
time-consuming
negotiations and prompt sale at an acceptable price
may be difficult. The fund holds the following restricted securities:
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Securities
|
|
Acquisition
Date
|
|
Cost
|
|
|
Value
|
|
CEMEX S.A.B. de C.V., 6.5%, 2019
|
|
8/05/13
|
|
|
$489,000
|
|
|
|
$474,330
|
|
% of Net assets
|
|
|
|
0.1%
|
|
The following abbreviations are used in this report and are defined:
|
|
|
FRN
|
|
Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
|
PLC
|
|
Public Limited Company
|
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless
otherwise indicated. A list of abbreviations is shown below:
|
|
|
AUD
|
|
Australian Dollar
|
BRL
|
|
Brazilian Real
|
CAD
|
|
Canadian Dollar
|
CLP
|
|
Chilean Peso
|
CNY
|
|
Chinese Yuan Renminbi
|
COP
|
|
Colombian Peso
|
DKK
|
|
Danish Krone
|
EUR
|
|
Euro
|
GBP
|
|
British Pound
|
HUF
|
|
Hungarian Forint
|
IDR
|
|
Indonesian Rupiah
|
INR
|
|
Indian Rupee
|
JPY
|
|
Japanese Yen
|
KRW
|
|
Korean Won
|
MXN
|
|
Mexican Peso
|
MYR
|
|
Malaysian Ringgit
|
NGN
|
|
Nigerian Naira
|
NOK
|
|
Norwegian Krone
|
PEN
|
|
Peruvian Nuevo Sol
|
PHP
|
|
Philippine Peso
|
PLN
|
|
Polish Zloty
|
RON
|
|
Romanian New Leu
|
RUB
|
|
Russian Ruble
|
SEK
|
|
Swedish Krona
|
SGD
|
|
Singapore Dollar
|
THB
|
|
Thailand Baht
|
TRY
|
|
Turkish Lira
|
UYU
|
|
Uruguayan Peso
|
ZAR
|
|
South African Rand
|
6
Portfolio of Investments (unaudited) continued
Derivative Contracts at 8/31/13
Forward Foreign Currency Exchange Contracts at 8/31/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
SELL
|
|
|
AUD
|
|
|
Barclays Bank PLC
|
|
219,000
|
|
10/18/13
|
|
$
|
195,345
|
|
|
$
|
194,348
|
|
|
$
|
997
|
|
SELL
|
|
|
AUD
|
|
|
Goldman Sachs International
|
|
1,151,900
|
|
10/18/13
|
|
|
1,042,402
|
|
|
|
1,022,236
|
|
|
|
20,166
|
|
SELL
|
|
|
AUD
|
|
|
Westpac Banking Corp.
|
|
2,710,011
|
|
10/18/13
|
|
|
2,479,768
|
|
|
|
2,404,957
|
|
|
|
74,811
|
|
BUY
|
|
|
BRL
|
|
|
UBS AG
|
|
1,091,000
|
|
9/04/13
|
|
|
451,396
|
|
|
|
457,260
|
|
|
|
5,864
|
|
SELL
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
971,000
|
|
9/04/13
|
|
|
409,273
|
|
|
|
406,966
|
|
|
|
2,307
|
|
SELL
|
|
|
BRL
|
|
|
Goldman Sachs International
|
|
3,196,000
|
|
9/03/13-10/02/13
|
|
|
1,347,189
|
|
|
|
1,337,249
|
|
|
|
9,940
|
|
SELL
|
|
|
BRL
|
|
|
JPMorgan Chase Bank N.A.
|
|
59,150,438
|
|
9/03/13-10/02/13
|
|
|
25,251,430
|
|
|
|
24,712,822
|
|
|
|
538,608
|
|
SELL
|
|
|
BRL
|
|
|
UBS AG
|
|
1,008,000
|
|
9/04/13
|
|
|
437,653
|
|
|
|
422,473
|
|
|
|
15,180
|
|
SELL
|
|
|
CAD
|
|
|
Citibank N.A.
|
|
147,000
|
|
10/18/13
|
|
|
139,792
|
|
|
|
139,409
|
|
|
|
383
|
|
SELL
|
|
|
CAD
|
|
|
Deutsche Bank AG
|
|
734,000
|
|
10/18/13
|
|
|
704,946
|
|
|
|
696,096
|
|
|
|
8,850
|
|
SELL
|
|
|
CAD
|
|
|
Goldman Sachs International
|
|
1,889,930
|
|
10/18/13
|
|
|
1,810,537
|
|
|
|
1,792,333
|
|
|
|
18,204
|
|
BUY
|
|
|
CLP
|
|
|
Barclays Bank PLC
|
|
845,066,000
|
|
9/12/13
|
|
|
1,642,500
|
|
|
|
1,652,991
|
|
|
|
10,491
|
|
BUY
|
|
|
CNY
|
|
|
JPMorgan Chase Bank N.A.
|
|
9,298,000
|
|
9/13/13
|
|
|
1,490,303
|
|
|
|
1,518,589
|
|
|
|
28,286
|
|
SELL
|
|
|
COP
|
|
|
Deutsche Bank AG
|
|
8,509,122,087
|
|
9/23/13
|
|
|
4,409,174
|
|
|
|
4,394,340
|
|
|
|
14,834
|
|
BUY
|
|
|
DKK
|
|
|
Goldman Sachs International
|
|
9,740,522
|
|
10/18/13
|
|
|
1,703,570
|
|
|
|
1,726,466
|
|
|
|
22,896
|
|
BUY
|
|
|
EUR
|
|
|
Citibank N.A.
|
|
908,000
|
|
10/18/13
|
|
|
1,193,268
|
|
|
|
1,200,242
|
|
|
|
6,974
|
|
BUY
|
|
|
EUR
|
|
|
Credit Suisse Group
|
|
2,263,106
|
|
10/18/13
|
|
|
2,914,734
|
|
|
|
2,991,491
|
|
|
|
76,757
|
|
BUY
|
|
|
EUR
|
|
|
Deutsche Bank AG
|
|
475,000
|
|
10/18/13
|
|
|
627,736
|
|
|
|
627,880
|
|
|
|
144
|
|
BUY
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
2,924,630
|
|
10/18/13
|
|
|
3,805,807
|
|
|
|
3,865,928
|
|
|
|
60,121
|
|
BUY
|
|
|
EUR
|
|
|
UBS AG
|
|
700,000
|
|
10/18/13
|
|
|
921,696
|
|
|
|
925,296
|
|
|
|
3,600
|
|
SELL
|
|
|
EUR
|
|
|
Barclays Bank PLC
|
|
238,495
|
|
10/18/13
|
|
|
318,668
|
|
|
|
315,255
|
|
|
|
3,413
|
|
SELL
|
|
|
EUR
|
|
|
Citibank N.A.
|
|
6,398,874
|
|
10/18/13
|
|
|
8,585,259
|
|
|
|
8,458,365
|
|
|
|
126,894
|
|
SELL
|
|
|
EUR
|
|
|
Credit Suisse Group
|
|
260,000
|
|
10/18/13
|
|
|
344,463
|
|
|
|
343,682
|
|
|
|
781
|
|
SELL
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
4,773,978
|
|
10/18/13
|
|
|
6,389,058
|
|
|
|
6,310,492
|
|
|
|
78,566
|
|
BUY
|
|
|
GBP
|
|
|
Barclays Bank PLC
|
|
246,000
|
|
10/18/13
|
|
|
373,478
|
|
|
|
381,096
|
|
|
|
7,618
|
|
BUY
|
|
|
GBP
|
|
|
Citibank N.A.
|
|
89,000
|
|
10/18/13
|
|
|
134,470
|
|
|
|
137,876
|
|
|
|
3,406
|
|
BUY
|
|
|
GBP
|
|
|
Credit Suisse Group
|
|
552,000
|
|
10/18/13
|
|
|
846,114
|
|
|
|
855,142
|
|
|
|
9,028
|
|
BUY
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
496,000
|
|
10/18/13
|
|
|
754,218
|
|
|
|
768,388
|
|
|
|
14,170
|
|
SELL
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
888,000
|
|
10/18/13
|
|
|
1,379,942
|
|
|
|
1,375,663
|
|
|
|
4,279
|
|
SELL
|
|
|
HUF
|
|
|
Barclays Bank PLC
|
|
4,991,513
|
|
10/21/13
|
|
|
22,154
|
|
|
|
21,809
|
|
|
|
345
|
|
SELL
|
|
|
HUF
|
|
|
Goldman Sachs International
|
|
53,008,000
|
|
10/21/13
|
|
|
234,637
|
|
|
|
231,598
|
|
|
|
3,039
|
|
SELL
|
|
|
INR
|
|
|
Deutsche Bank AG
|
|
86,233,000
|
|
10/28/13
|
|
|
1,344,529
|
|
|
|
1,285,725
|
|
|
|
58,804
|
|
BUY
|
|
|
JPY
|
|
|
Barclays Bank PLC
|
|
101,936,000
|
|
10/18/13
|
|
|
1,033,475
|
|
|
|
1,038,422
|
|
|
|
4,947
|
|
BUY
|
|
|
JPY
|
|
|
Citibank N.A.
|
|
32,133,000
|
|
10/18/13
|
|
|
323,319
|
|
|
|
327,339
|
|
|
|
4,020
|
|
BUY
|
|
|
JPY
|
|
|
Credit Suisse Group
|
|
59,342,000
|
|
10/18/13
|
|
|
590,976
|
|
|
|
604,517
|
|
|
|
13,541
|
|
BUY
|
|
|
JPY
|
|
|
Deutsche Bank AG
|
|
39,081,000
|
|
10/18/13
|
|
|
391,662
|
|
|
|
398,118
|
|
|
|
6,456
|
|
BUY
|
|
|
JPY
|
|
|
Goldman Sachs International
|
|
54,416,000
|
|
10/18/13
|
|
|
547,743
|
|
|
|
554,336
|
|
|
|
6,593
|
|
BUY
|
|
|
JPY
|
|
|
Merrill Lynch International Bank
|
|
1,163,858,354
|
|
10/18/13
|
|
|
11,738,123
|
|
|
|
11,856,226
|
|
|
|
118,103
|
|
BUY
|
|
|
JPY
|
|
|
UBS AG
|
|
148,737,000
|
|
10/18/13
|
|
|
1,490,425
|
|
|
|
1,515,184
|
|
|
|
24,759
|
|
SELL
|
|
|
JPY
|
|
|
Goldman Sachs International
|
|
813,011,184
|
|
10/18/13
|
|
|
8,382,551
|
|
|
|
8,282,146
|
|
|
|
100,405
|
|
BUY
|
|
|
KRW
|
|
|
Barclays Bank PLC
|
|
990,854,000
|
|
10/28/13
|
|
|
888,021
|
|
|
|
889,544
|
|
|
|
1,523
|
|
BUY
|
|
|
KRW
|
|
|
Deutsche Bank AG
|
|
638,855,000
|
|
10/28/13
|
|
|
571,887
|
|
|
|
573,535
|
|
|
|
1,648
|
|
BUY
|
|
|
KRW
|
|
|
JPMorgan Chase Bank N.A.
|
|
782,478,000
|
|
9/12/13
|
|
|
698,516
|
|
|
|
704,515
|
|
|
|
5,999
|
|
BUY
|
|
|
KRW
|
|
|
Merrill Lynch International Bank
|
|
1,645,523,000
|
|
9/12/13
|
|
|
1,478,014
|
|
|
|
1,481,570
|
|
|
|
3,556
|
|
BUY
|
|
|
KRW
|
|
|
Merrill Lynch International Bank
|
|
638,469,000
|
|
9/12/13
|
|
|
571,184
|
|
|
|
574,855
|
|
|
|
3,671
|
|
BUY
|
|
|
KRW
|
|
|
UBS AG
|
|
779,297,000
|
|
10/28/13
|
|
|
698,608
|
|
|
|
699,618
|
|
|
|
1,010
|
|
BUY
|
|
|
MXN
|
|
|
Merrill Lynch International Bank
|
|
7,477,000
|
|
10/18/13
|
|
|
556,984
|
|
|
|
557,384
|
|
|
|
400
|
|
SELL
|
|
|
MXN
|
|
|
Barclays Bank PLC
|
|
3,643,000
|
|
10/18/13
|
|
|
279,004
|
|
|
|
271,573
|
|
|
|
7,431
|
|
SELL
|
|
|
MXN
|
|
|
Citibank N.A.
|
|
11,448,496
|
|
10/18/13
|
|
|
854,090
|
|
|
|
853,444
|
|
|
|
646
|
|
SELL
|
|
|
MXN
|
|
|
Barclays Bank PLC
|
|
9,078,175
|
|
10/18/13
|
|
|
716,866
|
|
|
|
676,746
|
|
|
|
40,120
|
|
7
Portfolio of Investments (unaudited) continued
Forward Foreign Currency Exchange Contracts at 8/31/13 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELL
|
|
|
MXN
|
|
|
JPMorgan Chase Bank N.A.
|
|
28,098,000
|
|
9/03/13
|
|
$
|
2,138,208
|
|
|
$
|
2,102,986
|
|
|
$
|
35,222
|
|
SELL
|
|
|
MXN
|
|
|
Merrill Lynch International Bank
|
|
3,718,000
|
|
9/03/13
|
|
|
296,507
|
|
|
|
278,273
|
|
|
|
18,234
|
|
SELL
|
|
|
MXN
|
|
|
UBS AG
|
|
9,905,000
|
|
9/03/13
|
|
|
760,344
|
|
|
|
741,337
|
|
|
|
19,007
|
|
BUY
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
50,628,010
|
|
10/21/13
|
|
|
15,281,160
|
|
|
|
15,366,725
|
|
|
|
85,565
|
|
SELL
|
|
|
NOK
|
|
|
Goldman Sachs International
|
|
9,602
|
|
10/18/13
|
|
|
1,568
|
|
|
|
1,566
|
|
|
|
2
|
|
BUY
|
|
|
PLN
|
|
|
Deutsche Bank AG
|
|
1,165,000
|
|
9/13/13
|
|
|
343,162
|
|
|
|
360,256
|
|
|
|
17,094
|
|
SELL
|
|
|
PLN
|
|
|
Goldman Sachs International
|
|
238,000
|
|
10/18/13
|
|
|
73,900
|
|
|
|
73,440
|
|
|
|
460
|
|
SELL
|
|
|
PLN
|
|
|
UBS AG
|
|
370,000
|
|
9/12/13
|
|
|
116,227
|
|
|
|
114,423
|
|
|
|
1,804
|
|
SELL
|
|
|
RUB
|
|
|
Credit Suisse Group
|
|
42,207,588
|
|
9/12/13
|
|
|
1,273,000
|
|
|
|
1,264,042
|
|
|
|
8,958
|
|
SELL
|
|
|
RUB
|
|
|
JPMorgan Chase Bank N.A.
|
|
375,591,563
|
|
9/12/13-9/18/13
|
|
|
11,360,063
|
|
|
|
11,247,914
|
|
|
|
112,149
|
|
BUY
|
|
|
SEK
|
|
|
Goldman Sachs International
|
|
7,379,772
|
|
10/18/13
|
|
|
1,097,523
|
|
|
|
1,112,406
|
|
|
|
14,883
|
|
SELL
|
|
|
SGD
|
|
|
Credit Suisse Group
|
|
2,000
|
|
10/18/13
|
|
|
1,586
|
|
|
|
1,568
|
|
|
|
18
|
|
SELL
|
|
|
THB
|
|
|
JPMorgan Chase Bank N.A.
|
|
338,833,801
|
|
9/17/13
|
|
|
10,825,804
|
|
|
|
10,517,975
|
|
|
|
307,829
|
|
SELL
|
|
|
TRY
|
|
|
Barclays Bank PLC
|
|
8,487,912
|
|
10/11/13-10/21/13
|
|
|
4,363,388
|
|
|
|
4,130,921
|
|
|
|
232,467
|
|
SELL
|
|
|
TRY
|
|
|
Citibank N.A.
|
|
3,415,000
|
|
10/11/13
|
|
|
1,720,345
|
|
|
|
1,663,114
|
|
|
|
57,231
|
|
SELL
|
|
|
TRY
|
|
|
Goldman Sachs International
|
|
6,386,978
|
|
10/11/13
|
|
|
3,167,425
|
|
|
|
3,110,475
|
|
|
|
56,950
|
|
SELL
|
|
|
TRY
|
|
|
JPMorgan Chase Bank N.A.
|
|
3,322,000
|
|
10/11/13
|
|
|
1,667,918
|
|
|
|
1,617,823
|
|
|
|
50,095
|
|
BUY
|
|
|
ZAR
|
|
|
Merrill Lynch International Bank
|
|
1,866,000
|
|
10/18/13
|
|
|
179,970
|
|
|
|
180,259
|
|
|
|
289
|
|
SELL
|
|
|
ZAR
|
|
|
Citibank N.A.
|
|
8,451,000
|
|
10/18/13
|
|
|
825,344
|
|
|
|
816,382
|
|
|
|
8,962
|
|
SELL
|
|
|
ZAR
|
|
|
Goldman Sachs International
|
|
1,864,000
|
|
10/18/13
|
|
|
185,514
|
|
|
|
180,066
|
|
|
|
5,448
|
|
SELL
|
|
|
ZAR
|
|
|
Merrill Lynch International Bank
|
|
29,000
|
|
10/18/13
|
|
|
2,829
|
|
|
|
2,801
|
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,607,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
AUD
|
|
|
Credit Suisse Group
|
|
277,000
|
|
10/18/13
|
|
$
|
250,696
|
|
|
$
|
245,819
|
|
|
$
|
(4,877
|
)
|
BUY
|
|
|
AUD
|
|
|
Westpac Banking Corp.
|
|
819,000
|
|
10/18/13
|
|
|
754,643
|
|
|
|
726,809
|
|
|
|
(27,834
|
)
|
BUY
|
|
|
BRL
|
|
|
Citibank N.A.
|
|
858,000
|
|
10/02/13
|
|
|
361,035
|
|
|
|
357,244
|
|
|
|
(3,791
|
)
|
BUY
|
|
|
BRL
|
|
|
Deutsche Bank AG
|
|
971,000
|
|
9/04/13
|
|
|
419,438
|
|
|
|
406,966
|
|
|
|
(12,472
|
)
|
BUY
|
|
|
BRL
|
|
|
Goldman Sachs International
|
|
2,375,000
|
|
9/03/13-9/04/13
|
|
|
1,049,327
|
|
|
|
995,411
|
|
|
|
(53,916
|
)
|
BUY
|
|
|
BRL
|
|
|
JPMorgan Chase Bank N.A.
|
|
31,929,219
|
|
9/03/13-10/02/13
|
|
|
13,559,595
|
|
|
|
13,378,762
|
|
|
|
(180,833
|
)
|
BUY
|
|
|
BRL
|
|
|
UBS AG
|
|
2,964,000
|
|
9/04/13
|
|
|
1,263,309
|
|
|
|
1,242,272
|
|
|
|
(21,037
|
)
|
SELL
|
|
|
BRL
|
|
|
UBS AG
|
|
3,047,000
|
|
9/04/13
|
|
|
1,269,079
|
|
|
|
1,277,059
|
|
|
|
(7,980
|
)
|
BUY
|
|
|
CAD
|
|
|
Citibank N.A.
|
|
53,000
|
|
10/18/13
|
|
|
51,107
|
|
|
|
50,263
|
|
|
|
(844
|
)
|
BUY
|
|
|
CAD
|
|
|
Credit Suisse Group
|
|
823,000
|
|
10/18/13
|
|
|
799,184
|
|
|
|
780,500
|
|
|
|
(18,684
|
)
|
SELL
|
|
|
CAD
|
|
|
Merrill Lynch International Bank
|
|
4,724,695
|
|
10/18/13
|
|
|
4,480,209
|
|
|
|
4,480,707
|
|
|
|
(498
|
)
|
SELL
|
|
|
CLP
|
|
|
Deutsche Bank AG
|
|
614,247,453
|
|
9/16/13
|
|
|
1,185,172
|
|
|
|
1,200,798
|
|
|
|
(15,626
|
)
|
SELL
|
|
|
CNY
|
|
|
JPMorgan Chase Bank N.A.
|
|
9,298,000
|
|
9/13/13
|
|
|
1,497,745
|
|
|
|
1,518,589
|
|
|
|
(20,844
|
)
|
SELL
|
|
|
COP
|
|
|
Deutsche Bank AG
|
|
80,208,000
|
|
9/23/13
|
|
|
41,387
|
|
|
|
41,422
|
|
|
|
(35
|
)
|
BUY
|
|
|
DKK
|
|
|
Citibank N.A.
|
|
696,000
|
|
10/18/13
|
|
|
124,410
|
|
|
|
123,363
|
|
|
|
(1,047
|
)
|
BUY
|
|
|
EUR
|
|
|
Barclays Bank PLC
|
|
1,519,000
|
|
10/18/13
|
|
|
2,021,481
|
|
|
|
2,007,893
|
|
|
|
(13,588
|
)
|
BUY
|
|
|
EUR
|
|
|
Citibank N.A.
|
|
93,000
|
|
10/18/13
|
|
|
124,071
|
|
|
|
122,932
|
|
|
|
(1,139
|
)
|
BUY
|
|
|
EUR
|
|
|
Credit Suisse Group
|
|
2,651,000
|
|
10/18/13
|
|
|
3,551,375
|
|
|
|
3,504,230
|
|
|
|
(47,145
|
)
|
BUY
|
|
|
EUR
|
|
|
Deutsche Bank AG
|
|
265,000
|
|
10/18/13
|
|
|
350,751
|
|
|
|
350,291
|
|
|
|
(460
|
)
|
BUY
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
594,049
|
|
10/18/13
|
|
|
792,915
|
|
|
|
785,245
|
|
|
|
(7,670
|
)
|
SELL
|
|
|
EUR
|
|
|
Barclays Bank PLC
|
|
13,618,032
|
|
10/18/13
|
|
|
17,474,010
|
|
|
|
18,001,023
|
|
|
|
(527,013
|
)
|
SELL
|
|
|
EUR
|
|
|
Citibank N.A.
|
|
682,411
|
|
10/18/13
|
|
|
890,563
|
|
|
|
902,047
|
|
|
|
(11,484
|
)
|
SELL
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
3,357,204
|
|
10/18/13
|
|
|
4,372,185
|
|
|
|
4,437,727
|
|
|
|
(65,542
|
)
|
SELL
|
|
|
EUR
|
|
|
Merrill Lynch International Bank
|
|
689,506
|
|
10/18/13
|
|
|
905,754
|
|
|
|
911,425
|
|
|
|
(5,671
|
)
|
BUY
|
|
|
GBP
|
|
|
Barclays Bank PLC
|
|
77,000
|
|
10/18/13
|
|
|
119,301
|
|
|
|
119,286
|
|
|
|
(15
|
)
|
BUY
|
|
|
GBP
|
|
|
Citibank N.A.
|
|
55,000
|
|
10/18/13
|
|
|
85,610
|
|
|
|
85,204
|
|
|
|
(406
|
)
|
BUY
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
970,000
|
|
10/18/13
|
|
|
1,513,146
|
|
|
|
1,502,695
|
|
|
|
(10,451
|
)
|
SELL
|
|
|
GBP
|
|
|
Credit Suisse Group
|
|
407,426
|
|
10/18/13
|
|
|
608,328
|
|
|
|
631,172
|
|
|
|
(22,844
|
)
|
8
Portfolio of Investments (unaudited) continued
Forward Foreign Currency Exchange Contracts at 8/31/13 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
Liability Derivatives continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELL
|
|
|
GBP
|
|
|
Deutsche Bank AG
|
|
353,000
|
|
10/18/13
|
|
$
|
534,782
|
|
|
$
|
546,857
|
|
|
$
|
(12,075
|
)
|
SELL
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
2,007,549
|
|
10/18/13
|
|
|
3,050,564
|
|
|
|
3,110,035
|
|
|
|
(59,471
|
)
|
SELL
|
|
|
GBP
|
|
|
Merrill Lynch International Bank
|
|
407,426
|
|
10/18/13
|
|
|
608,152
|
|
|
|
631,172
|
|
|
|
(23,020
|
)
|
BUY
|
|
|
HUF
|
|
|
Citibank N.A.
|
|
688,783,217
|
|
10/21/13
|
|
|
3,038,529
|
|
|
|
3,009,374
|
|
|
|
(29,155
|
)
|
BUY
|
|
|
HUF
|
|
|
Goldman Sachs International
|
|
149,717,000
|
|
10/21/13
|
|
|
666,327
|
|
|
|
654,131
|
|
|
|
(12,196
|
)
|
BUY
|
|
|
INR
|
|
|
Deutsche Bank AG
|
|
86,321,000
|
|
10/28/13
|
|
|
1,427,724
|
|
|
|
1,287,038
|
|
|
|
(140,686
|
)
|
BUY
|
|
|
JPY
|
|
|
Barclays Bank PLC
|
|
329,037,000
|
|
10/18/13
|
|
|
3,389,069
|
|
|
|
3,351,900
|
|
|
|
(37,169
|
)
|
BUY
|
|
|
JPY
|
|
|
Citibank N.A.
|
|
34,345,000
|
|
10/18/13
|
|
|
355,745
|
|
|
|
349,873
|
|
|
|
(5,872
|
)
|
BUY
|
|
|
JPY
|
|
|
Goldman Sachs International
|
|
168,687,000
|
|
10/18/13
|
|
|
1,736,938
|
|
|
|
1,718,415
|
|
|
|
(18,523
|
)
|
SELL
|
|
|
JPY
|
|
|
Barclays Bank PLC
|
|
26,313,000
|
|
10/18/13
|
|
|
267,700
|
|
|
|
268,051
|
|
|
|
(351
|
)
|
SELL
|
|
|
JPY
|
|
|
Deutsche Bank AG
|
|
103,596,356
|
|
10/18/13
|
|
|
1,026,760
|
|
|
|
1,055,336
|
|
|
|
(28,576
|
)
|
SELL
|
|
|
JPY
|
|
|
Goldman Sachs International
|
|
76,736,436
|
|
10/18/13
|
|
|
776,888
|
|
|
|
781,714
|
|
|
|
(4,826
|
)
|
BUY
|
|
|
MXN
|
|
|
Barclays Bank PLC
|
|
17,127,000
|
|
9/03/13-10/18/13
|
|
|
1,308,862
|
|
|
|
1,279,790
|
|
|
|
(29,072
|
)
|
BUY
|
|
|
MXN
|
|
|
Citibank N.A.
|
|
45,535,000
|
|
9/03/13-10/18/13
|
|
|
3,560,918
|
|
|
|
3,403,675
|
|
|
|
(157,243
|
)
|
BUY
|
|
|
MXN
|
|
|
Goldman Sachs International
|
|
63,216,456
|
|
9/03/13-10/18/13
|
|
|
4,950,395
|
|
|
|
4,713,499
|
|
|
|
(236,896
|
)
|
BUY
|
|
|
MXN
|
|
|
JPMorgan Chase Bank N.A.
|
|
5,707,181
|
|
10/03/13
|
|
|
427,584
|
|
|
|
426,019
|
|
|
|
(1,565
|
)
|
BUY
|
|
|
MXN
|
|
|
UBS AG
|
|
6,609,000
|
|
9/03/13-10/18/13
|
|
|
515,671
|
|
|
|
493,475
|
|
|
|
(22,196
|
)
|
SELL
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
3,810,000
|
|
10/21/13
|
|
|
1,145,424
|
|
|
|
1,156,420
|
|
|
|
(10,996
|
)
|
SELL
|
|
|
MYR
|
|
|
JPMorgan Chase Bank N.A.
|
|
2,226,000
|
|
10/21/13
|
|
|
671,291
|
|
|
|
675,640
|
|
|
|
(4,349
|
)
|
BUY
|
|
|
NGN
|
|
|
JPMorgan Chase Bank N.A.
|
|
352,741,400
|
|
9/27/13-10/16/13
|
|
|
2,166,758
|
|
|
|
2,136,352
|
|
|
|
(30,406
|
)
|
BUY
|
|
|
PEN
|
|
|
Deutsche Bank AG
|
|
2,958,358
|
|
10/16/13
|
|
|
1,051,674
|
|
|
|
1,045,573
|
|
|
|
(6,101
|
)
|
BUY
|
|
|
PEN
|
|
|
JPMorgan Chase Bank N.A.
|
|
1,411,000
|
|
10/16/13
|
|
|
501,511
|
|
|
|
498,690
|
|
|
|
(2,821
|
)
|
BUY
|
|
|
PHP
|
|
|
Barclays Bank PLC
|
|
30,153,000
|
|
11/29/13
|
|
|
677,139
|
|
|
|
675,614
|
|
|
|
(1,525
|
)
|
BUY
|
|
|
PLN
|
|
|
Citibank N.A.
|
|
5,175,000
|
|
9/12/13-10/18/13
|
|
|
1,634,923
|
|
|
|
1,598,225
|
|
|
|
(36,698
|
)
|
BUY
|
|
|
PLN
|
|
|
Deutsche Bank AG
|
|
45,031,065
|
|
10/18/13
|
|
|
14,166,236
|
|
|
|
13,895,234
|
|
|
|
(271,002
|
)
|
BUY
|
|
|
PLN
|
|
|
Goldman Sachs International
|
|
115,000
|
|
10/18/13
|
|
|
36,168
|
|
|
|
35,486
|
|
|
|
(682
|
)
|
BUY
|
|
|
PLN
|
|
|
JPMorgan Chase Bank N.A.
|
|
4,540,000
|
|
9/12/13
|
|
|
1,440,881
|
|
|
|
1,403,999
|
|
|
|
(36,882
|
)
|
SELL
|
|
|
PLN
|
|
|
Goldman Sachs International
|
|
1,729,097
|
|
10/18/13
|
|
|
522,392
|
|
|
|
533,547
|
|
|
|
(11,155
|
)
|
BUY
|
|
|
RON
|
|
|
JPMorgan Chase Bank N.A.
|
|
9,396,816
|
|
10/15/13
|
|
|
2,816,524
|
|
|
|
2,790,080
|
|
|
|
(26,444
|
)
|
BUY
|
|
|
RUB
|
|
|
JP Morgan Chase Bank N.A.
|
|
11,962,000
|
|
9/12/13
|
|
|
359,146
|
|
|
|
358,241
|
|
|
|
(905
|
)
|
BUY
|
|
|
SEK
|
|
|
Credit Suisse Group
|
|
407,000
|
|
10/18/13
|
|
|
62,048
|
|
|
|
61,350
|
|
|
|
(698
|
)
|
BUY
|
|
|
THB
|
|
|
JPMorgan Chase Bank N.A.
|
|
361,290,266
|
|
9/17/13
|
|
|
11,588,722
|
|
|
|
11,215,062
|
|
|
|
(373,660
|
)
|
BUY
|
|
|
TRY
|
|
|
Deutsche Bank AG
|
|
620,000
|
|
10/11/13
|
|
|
319,160
|
|
|
|
301,942
|
|
|
|
(17,218
|
)
|
BUY
|
|
|
TRY
|
|
|
Goldman Sachs International
|
|
3,024,000
|
|
10/11/13
|
|
|
1,542,429
|
|
|
|
1,472,696
|
|
|
|
(69,733
|
)
|
BUY
|
|
|
TRY
|
|
|
JPMorgan Chase Bank N.A.
|
|
3,266,316
|
|
10/11/13
|
|
|
1,638,235
|
|
|
|
1,590,704
|
|
|
|
(47,531
|
)
|
BUY
|
|
|
TRY
|
|
|
Merrill Lynch International Bank
|
|
1,395,000
|
|
10/11/13
|
|
|
681,458
|
|
|
|
679,369
|
|
|
|
(2,089
|
)
|
BUY
|
|
|
ZAR
|
|
|
Barclays Bank PLC
|
|
25,255,383
|
|
10/18/13
|
|
|
2,483,390
|
|
|
|
2,439,717
|
|
|
|
(43,673
|
)
|
BUY
|
|
|
ZAR
|
|
|
Deutsche Bank AG
|
|
14,834,000
|
|
10/18/13
|
|
|
1,441,510
|
|
|
|
1,432,992
|
|
|
|
(8,518
|
)
|
BUY
|
|
|
ZAR
|
|
|
Goldman Sachs International
|
|
1,464,000
|
|
10/18/13
|
|
|
145,675
|
|
|
|
141,425
|
|
|
|
(4,250
|
)
|
BUY
|
|
|
ZAR
|
|
|
Merrill Lynch International Bank
|
|
5,790,000
|
|
10/18/13
|
|
|
580,893
|
|
|
|
559,325
|
|
|
|
(21,568
|
)
|
BUY
|
|
|
ZAR
|
|
|
UBS AG
|
|
15,652,000
|
|
10/18/13
|
|
|
1,577,606
|
|
|
|
1,512,013
|
|
|
|
(65,593
|
)
|
SELL
|
|
|
ZAR
|
|
|
Barclays Bank PLC
|
|
5,153,982
|
|
10/18/13
|
|
|
495,078
|
|
|
|
497,884
|
|
|
|
(2,806
|
)
|
SELL
|
|
|
ZAR
|
|
|
Goldman Sachs International
|
|
23,886,388
|
|
10/18/13
|
|
|
2,276,814
|
|
|
|
2,307,471
|
|
|
|
(30,657
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(3,030,598
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
Portfolio of Investments (unaudited) continued
Futures Contracts Outstanding at 8/31/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Currency
|
|
|
Contracts
|
|
|
Value
|
|
Expiration Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Note 10 yr (Short)
|
|
|
USD
|
|
|
|
21
|
|
|
$2,609,906
|
|
December - 2013
|
|
|
$7,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond 30 yr (Short)
|
|
|
USD
|
|
|
|
90
|
|
|
$11,871,563
|
|
December - 2013
|
|
|
$(84,168
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap Agreements at 8/31/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Notional Amount
|
|
|
Counterparty
|
|
Cash Flows to
Receive
|
|
Cash Flows to Pay
|
|
Fair Value
|
|
Liability Derivatives
|
|
Interest Rate Swap Agreements
|
|
1/02/17
|
|
|
BRL
|
|
|
|
14,000,000
|
|
|
JPMorgan Chase Bank N.A.
|
|
10.38% (fixed rate)
|
|
CDI (floating rate)
|
|
|
$(156,892
|
)
|
1/02/17
|
|
|
BRL
|
|
|
|
10,000,000
|
|
|
JPMorgan Chase Bank N.A.
|
|
11.56% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(10,145
|
)
|
1/02/17
|
|
|
BRL
|
|
|
|
10,000,000
|
|
|
JPMorgan Chase Bank N.A.
|
|
11.68% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(368
|
)
|
6/12/17
|
|
|
ZAR
|
|
|
|
14,103,000
|
|
|
JPMorgan Chase Bank N.A.
|
|
7.85% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(7,682
|
)
|
6/13/17
|
|
|
ZAR
|
|
|
|
14,185,000
|
|
|
JPMorgan Chase Bank N.A.
|
|
7.80% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(8,909
|
)
|
6/14/17
|
|
|
ZAR
|
|
|
|
28,451,000
|
|
|
JPMorgan Chase Bank N.A.
|
|
7.55% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(29,291
|
)
|
6/18/17
|
|
|
ZAR
|
|
|
|
14,224,000
|
|
|
Merrill Lynch International
|
|
7.92% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(6,372
|
)
|
6/25/18
|
|
|
MXN
|
|
|
|
40,000,000
|
|
|
Merrill Lynch International
|
|
5.76% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(22,663
|
)
|
7/19/18
|
|
|
THB
|
|
|
|
89,683,000
|
|
|
JPMorgan Chase Bank N.A.
|
|
3.32% (fixed rate)
|
|
CDI (floating rate)
|
|
|
(28,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(270,322
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At August 31, 2013, the fund had cash collateral of $1,020,000 and other liquid securities with an aggregate value $224,525 to cover
any commitments for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as
disclosed in the most recent semiannual or annual report.
10
Supplemental Information
8/31/13 (unaudited)
(1) Investment Concentration
The funds performance could be closely tied to the market, currency, economic, political, regulatory, geopolitical, or other conditions in the countries or regions in which the fund invests and could be more
volatile than the performance of more geographically-diversified funds. The fund may invest between 25% and 35% of its total assets in the securities of issuers in any particular industry if, at the time of investment, that industry represents 20%
or more of the global bond market as a whole, as measured by an index determined by MFS to be an appropriate measure of the global bond market. At August 31, 2013, the fund did not have more than 25% of its assets invested in any one industry.
(2) Investment Valuations
Debt instruments and
floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of
60 days or less generally are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which
such options are primarily traded.
Exchange-traded
options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on
the exchange on which such options are primarily traded. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service.
Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position
are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid
and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, 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. Securities and other assets generally valued on the basis of information from a third-party
pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party
pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds
investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value
as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for
most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value
if the adviser determines that an investments 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 funds net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally
relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial
condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the funds 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 funds 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 funds 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 investments level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value
measurement. The funds assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active
markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs,
which may include the advisers own assumptions in determining the fair value of investments. Other
11
Supplemental Information (unaudited) continued
financial instruments are derivative instruments not reflected in total investments, such as future contracts, forward foreign currency exchange contracts, and swap agreements The following is a
summary of the levels used as of August 31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
U.S. Treasury Bonds & U.S. Government Agency & Equivalents
|
|
|
$26,234
|
|
|
|
$77,487,423
|
|
|
|
$
|
|
|
|
$77,513,657
|
|
Non-U.S. Sovereign Debt
|
|
|
|
|
|
|
442,143,388
|
|
|
|
|
|
|
|
442,143,388
|
|
U.S. Corporate Bonds
|
|
|
|
|
|
|
266,169
|
|
|
|
|
|
|
|
266,169
|
|
Residential Mortgage-Backed Securities
|
|
|
|
|
|
|
618,895
|
|
|
|
|
|
|
|
618,895
|
|
Commercial Mortgage-Backed Securities
|
|
|
|
|
|
|
3,004,641
|
|
|
|
|
|
|
|
3,004,641
|
|
Foreign Bonds
|
|
|
|
|
|
|
32,811,041
|
|
|
|
|
|
|
|
32,811,041
|
|
Mutual Funds
|
|
|
34,959,686
|
|
|
|
|
|
|
|
|
|
|
|
34,959,686
|
|
Total Investments
|
|
|
$34,985,920
|
|
|
|
$556,331,557
|
|
|
|
$
|
|
|
|
$591,317,477
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
|
$(76,839
|
)
|
|
|
$
|
|
|
|
$
|
|
|
|
$(76,839
|
)
|
Swap Agreements
|
|
|
|
|
|
|
(270,322
|
)
|
|
|
|
|
|
|
(270,322
|
)
|
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
(423,319
|
)
|
|
|
|
|
|
|
(423,319
|
)
|
For further information regarding security characteristics, see the Portfolio of Investments.
(3) Portfolio Securities
The cost and unrealized
appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$636,874,936
|
|
Gross unrealized appreciation
|
|
|
2,402,285
|
|
Gross unrealized depreciation
|
|
|
(47,959,744
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$(45,557,459
|
)
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(4) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be an affiliated issuer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Institutional Money Market Portfolio
|
|
|
47,497,951
|
|
|
|
89,939,926
|
|
|
|
(102,478,191
|
)
|
|
|
34,959,686
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
|
|
$
|
|
|
|
$
|
|
|
|
$9,343
|
|
|
|
$34,959,686
|
|
(5) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of August 31, 2013, are as follows:
|
|
|
|
|
United States
|
|
|
15.5%
|
|
Japan
|
|
|
11.7%
|
|
Brazil
|
|
|
8.3%
|
|
Russia
|
|
|
7.2%
|
|
Mexico
|
|
|
5.3%
|
|
South Africa
|
|
|
5.2%
|
|
Italy
|
|
|
5.0%
|
|
Turkey
|
|
|
4.7%
|
|
United Kingdom
|
|
|
3.9%
|
|
Other Countries
|
|
|
33.2%
|
|
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative
holdings, if applicable.
12
QUARTERLY REPORT
August 31, 2013
MFS® ABSOLUTE
RETURN FUND
PORTFOLIO OF INVESTMENTS
8/31/13 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - 92.1%
|
|
|
|
|
|
|
|
|
Asset-Backed & Securitized - 10.9%
|
|
|
|
|
|
|
|
|
AmeriCredit Automobile Receivables Trust, A2, 0.74%, 2016
|
|
$
|
560,000
|
|
|
$
|
560,132
|
|
Anthracite Ltd., A, CDO, FRN, 0.543%, 2019 (z)
|
|
|
42,463
|
|
|
|
42,205
|
|
ARI Fleet Lease Trust, A, FRN, 0.732%, 2020 (n)
|
|
|
369,678
|
|
|
|
370,496
|
|
ARI Fleet Lease Trust, A, FRN, 0.482%, 2021 (n)
|
|
|
479,491
|
|
|
|
478,641
|
|
Cent CDO XI Ltd., A1, FRN, 0.526%, 2019 (n)
|
|
|
428,934
|
|
|
|
421,270
|
|
Chesapeake Funding LLC, A, FRN, 0.932%, 2023 (n)
|
|
|
502,791
|
|
|
|
504,444
|
|
Chesapeake Funding LLC, A, FRN, 0.632%, 2025 (n)
|
|
|
800,000
|
|
|
|
798,616
|
|
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.322%, 2049
|
|
|
430,000
|
|
|
|
470,392
|
|
CNH Equipment Trust, A2, 0.45%, 2016
|
|
|
600,000
|
|
|
|
599,798
|
|
CNH Equipment Trust, A2, 0.63%, 2017
|
|
|
480,000
|
|
|
|
479,999
|
|
CNH Wholesale Master Note Trust, A, FRN, 0.79%, 2019 (n)
|
|
|
772,000
|
|
|
|
771,991
|
|
Credit Acceptance Auto Loan Trust, A, 2.2%, 2019 (z)
|
|
|
250,000
|
|
|
|
252,463
|
|
Credit Suisse Commercial Mortgage Trust, A4, FRN, 5.954%, 2039
|
|
|
317,771
|
|
|
|
351,193
|
|
Ford Credit Auto Owner Trust, A2, 0.4%, 2015
|
|
|
384,985
|
|
|
|
384,889
|
|
Ford Credit Floorplan Master Owner Trust, A, FRN, 0.532%, 2016
|
|
|
490,000
|
|
|
|
490,010
|
|
Ford Credit Floorplan Master Owner Trust, A2, FRN, 0.784%, 2015
|
|
|
312,000
|
|
|
|
312,095
|
|
GE Equipment Small Ticket LLC, A2, 0.73%, 2016 (n)
|
|
|
500,000
|
|
|
|
499,889
|
|
GE Equipment Transportation LLC, A2, 0.77%, 2014
|
|
|
29,391
|
|
|
|
29,394
|
|
GE Equipment Transportation LLC, A2, 0.47%, 2015
|
|
|
342,737
|
|
|
|
342,619
|
|
HLSS Servicer Advance Receivables Trust, 2013-T1, A1, 0.898%, 2044 (n)
|
|
|
740,000
|
|
|
|
739,556
|
|
Home Loan Servicing Solutions Ltd., 1.34%, 2043 (n)
|
|
|
200,000
|
|
|
|
200,120
|
|
Honda Auto Receivables Owner Trust, A2, 0.54%, 2016
|
|
|
740,000
|
|
|
|
740,083
|
|
Hyundai Auto Lease Securitization Trust, A2 , 0.51%, 2015 (n)
|
|
|
480,000
|
|
|
|
479,757
|
|
Hyundai Auto Lease Securitization Trust, A2, 0.75%, 2016 (n)
|
|
|
750,000
|
|
|
|
749,753
|
|
Hyundai Auto Receivables Trust, A3, 1.16%, 2015
|
|
|
32,360
|
|
|
|
32,399
|
|
John Deere Owner Trust, A2, 0.55%, 2016
|
|
|
250,000
|
|
|
|
249,989
|
|
JPMorgan Chase Commercial Mortgage Securities Corp., 5.42%, 2049
|
|
|
438,000
|
|
|
|
481,618
|
|
Kingsland III Ltd., A1, CDO, FRN, 0.477%, 2021 (z)
|
|
|
350,481
|
|
|
|
345,924
|
|
Mercedes Benz Master Owner Trust, FRN, 0.452%, 2016 (n)
|
|
|
1,000,000
|
|
|
|
996,563
|
|
Nissan Master Owner Trust Receivables 2013,A, FRN, 0.484%, 2018
|
|
|
760,000
|
|
|
|
759,057
|
|
Porsche Innovative Lease Owner Trust, 0.44%, 2015 (n)
|
|
|
261,725
|
|
|
|
261,650
|
|
Race Point CLO Ltd., A1A, FRN, 0.465%, 2021 (n)
|
|
|
620,000
|
|
|
|
610,541
|
|
Santander Drive Auto Receivable Trust, A2, 0.91%, 2015
|
|
|
99,617
|
|
|
|
99,643
|
|
Santander Drive Auto Receivable Trust, A2, 0.57%, 2015
|
|
|
348,940
|
|
|
|
348,870
|
|
Santander Drive Auto Receivable Trust, A2, 0.47%, 2016
|
|
|
313,256
|
|
|
|
313,187
|
|
Smart Trust, A2B, FRN, 0.732%, 2014 (n)
|
|
|
165,094
|
|
|
|
165,104
|
|
Smart Trust, A2B, FRN, 0.515%, 2015 (n)
|
|
|
327,414
|
|
|
|
327,548
|
|
Smart Trust, A2B, FRN, 0.25%, 2015
|
|
|
400,000
|
|
|
|
399,153
|
|
Volvo Financial Equipment LLC, A2, 0.53%, 2015 (n)
|
|
|
1,450,000
|
|
|
|
1,449,036
|
|
Wachovia Bank Commercial Mortgage Trust, A3, FRN, 6.123%, 2051
|
|
|
395,109
|
|
|
|
403,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,313,204
|
|
Automotive - 4.0%
|
|
|
|
|
|
|
|
|
American Honda Finance Corp., 1.6%, 2018 (n)
|
|
$
|
229,000
|
|
|
$
|
223,422
|
|
American Honda Finance Corp., 1.85%, 2014 (n)
|
|
|
620,000
|
|
|
|
628,640
|
|
American Honda Finance Corp., FRN, 0.486%, 2014 (n)
|
|
|
200,000
|
|
|
|
200,360
|
|
American Honda Finance Corp., FRN, 0.637%, 2016 (n)
|
|
|
200,000
|
|
|
|
200,085
|
|
Daimler Finance North America LLC, 0.945%, 2016 (n)
|
|
|
160,000
|
|
|
|
160,002
|
|
Daimler Finance North America LLC, FRN, 0.87%, 2015 (n)
|
|
|
700,000
|
|
|
|
702,169
|
|
Daimler Finance North America LLC, FRN, 1.472%, 2013 (n)
|
|
|
300,000
|
|
|
|
300,073
|
|
Daimler Finance North America LLC, FRN, 0.886%, 2014 (n)
|
|
|
700,000
|
|
|
|
701,325
|
|
Ford Motor Credit Co. LLC, 4.207%, 2016
|
|
|
200,000
|
|
|
|
209,470
|
|
1
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Automotive - continued
|
|
|
|
|
|
|
|
|
Harley-Davidson Financial Services, 3.875%, 2016 (n)
|
|
$
|
420,000
|
|
|
$
|
444,258
|
|
Hyundai Capital America, 1.625%, 2015 (n)
|
|
|
700,000
|
|
|
|
699,811
|
|
Nissan Motor Acceptance Corp., 4.5%, 2015 (n)
|
|
|
300,000
|
|
|
|
314,730
|
|
RCI Banque S.A., FRN, 2.139%, 2014 (n)
|
|
|
430,000
|
|
|
|
431,351
|
|
Toyota Motor Credit Corp., 1.25%, 2014
|
|
|
260,000
|
|
|
|
262,319
|
|
Toyota Motor Credit Corp., 3.2%, 2015
|
|
|
125,000
|
|
|
|
130,634
|
|
Volkswagen International Finance N.V., FRN, 1.022%, 2014 (n)
|
|
|
600,000
|
|
|
|
601,698
|
|
Volkswagen International Finance N.V., FRN, 0.864%, 2014 (n)
|
|
|
450,000
|
|
|
|
451,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,662,260
|
|
Banks & Diversified Financials (Covered Bonds) - 1.9%
|
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group, FRN, 0.881%, 2015 (n)
|
|
$
|
250,000
|
|
|
$
|
251,923
|
|
Commonwealth Bank of Australia, 0.75%, 2016 (n)
|
|
|
710,000
|
|
|
|
706,166
|
|
Credit Mutuel-CIC Home Loan, 1.5%, 2017 (n)
|
|
|
600,000
|
|
|
|
582,840
|
|
DnB Nor Boligkreditt A.S., 2.1%, 2015 (n)
|
|
|
500,000
|
|
|
|
512,600
|
|
Norddeutsche Landesbank, 0.875%, 2015 (n)
|
|
|
400,000
|
|
|
|
399,760
|
|
SpareBank 1 Boligkreditt A.S., 2.625%, 2016 (n)
|
|
|
400,000
|
|
|
|
414,040
|
|
Stadshypotek AB, 1.45%, 2013 (z)
|
|
|
250,000
|
|
|
|
250,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,117,532
|
|
Broadcasting - 0.5%
|
|
|
|
|
|
|
|
|
Vivendi S.A., 2.4%, 2015 (n)
|
|
$
|
390,000
|
|
|
$
|
396,930
|
|
WPP Finance, 8%, 2014
|
|
|
375,000
|
|
|
|
401,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
798,131
|
|
Brokerage & Asset Managers - 0.4%
|
|
|
|
|
|
|
|
|
BlackRock, Inc., 3.5%, 2014
|
|
$
|
125,000
|
|
|
$
|
129,583
|
|
BlackRock, Inc., 1.375%, 2015
|
|
|
500,000
|
|
|
|
506,575
|
|
Franklin Resources, Inc., 1.375%, 2017
|
|
|
97,000
|
|
|
|
94,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
730,538
|
|
Cable TV - 0.9%
|
|
|
|
|
|
|
|
|
Comcast Corp., 5.3%, 2014
|
|
$
|
125,000
|
|
|
$
|
127,076
|
|
DIRECTV Holdings LLC, 4.75%, 2014
|
|
|
425,000
|
|
|
|
442,169
|
|
DIRECTV Holdings LLC, 2.4%, 2017
|
|
|
120,000
|
|
|
|
119,205
|
|
NBCUniversal Enterprise Co., FRN, 0.805%, 2016 (n)
|
|
|
500,000
|
|
|
|
501,651
|
|
NBCUniversal Media LLC, 2.1%, 2014
|
|
|
400,000
|
|
|
|
403,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,593,946
|
|
Chemicals - 0.1%
|
|
|
|
|
|
|
|
|
Potash Corp. of Saskatchewan, Inc., 5.25%, 2014
|
|
$
|
100,000
|
|
|
$
|
103,192
|
|
|
|
|
Computer Software - 0.3%
|
|
|
|
|
|
|
|
|
Adobe Systems, Inc., 3.25%, 2015
|
|
$
|
425,000
|
|
|
$
|
438,835
|
|
|
|
|
Computer Software - Systems - 0.3%
|
|
|
|
|
|
|
|
|
Apple, Inc., FRN, 0.516%, 2018
|
|
$
|
500,000
|
|
|
$
|
499,317
|
|
|
|
|
Conglomerates - 1.1%
|
|
|
|
|
|
|
|
|
ABB Finance (USA), Inc., 1.625%, 2017
|
|
$
|
97,000
|
|
|
$
|
96,304
|
|
ABB Treasury Center USA, Inc., 2.5%, 2016 (n)
|
|
|
660,000
|
|
|
|
682,864
|
|
General Electric Co., 0.85%, 2015
|
|
|
200,000
|
|
|
|
199,986
|
|
Pentair Finance S.A., 1.35%, 2015
|
|
|
600,000
|
|
|
|
602,066
|
|
United Technologies Corp., FRN, 0.76%, 2015
|
|
|
240,000
|
|
|
|
241,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,822,802
|
|
2
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Consumer Products - 0.7%
|
|
|
|
|
|
|
|
|
Avon Products, Inc., 2.375%, 2016
|
|
$
|
140,000
|
|
|
$
|
141,023
|
|
LVMH Moet Hennessy Louis Vuitton S.A., 1.625%, 2017 (n)
|
|
|
290,000
|
|
|
|
285,206
|
|
Mattel, Inc., 1.7%, 2018
|
|
|
139,000
|
|
|
|
135,330
|
|
Newell Rubbermaid, Inc., 2%, 2015
|
|
|
400,000
|
|
|
|
405,443
|
|
Newell Rubbermaid, Inc., 2.05%, 2017
|
|
|
236,000
|
|
|
|
231,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,198,029
|
|
Consumer Services - 0.8%
|
|
|
|
|
|
|
|
|
eBay, Inc., 1.35%, 2017
|
|
$
|
264,000
|
|
|
$
|
260,291
|
|
Experian Finance PLC, 2.375%, 2017 (n)
|
|
|
249,000
|
|
|
|
245,424
|
|
Western Union Co., 2.375%, 2015
|
|
|
200,000
|
|
|
|
203,505
|
|
Western Union Co., FRN, 1.262%, 2015
|
|
|
560,000
|
|
|
|
560,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,270,087
|
|
Defense Electronics - 0.3%
|
|
|
|
|
|
|
|
|
BAE Systems Holdings, Inc., 4.95%, 2014 (n)
|
|
$
|
420,000
|
|
|
$
|
431,786
|
|
|
|
|
Electrical Equipment - 0.1%
|
|
|
|
|
|
|
|
|
Arrow Electronics, Inc., 3%, 2018
|
|
$
|
141,000
|
|
|
$
|
140,662
|
|
|
|
|
Electronics - 0.8%
|
|
|
|
|
|
|
|
|
Applied Materials, Inc., 2.65%, 2016
|
|
$
|
400,000
|
|
|
$
|
412,945
|
|
Broadcom Corp., 1.5%, 2013
|
|
|
125,000
|
|
|
|
125,177
|
|
Intel Corp., 1.35%, 2017
|
|
|
581,000
|
|
|
|
568,924
|
|
Tyco Electronics Group S.A., 1.6%, 2015
|
|
|
270,000
|
|
|
|
271,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,378,955
|
|
Emerging Market Quasi-Sovereign - 1.4%
|
|
|
|
|
|
|
|
|
CNOOC Finance (2013) Ltd., 1.125%, 2016
|
|
$
|
400,000
|
|
|
$
|
396,684
|
|
Corporacion Nacional del Cobre de Chile, 4.75%, 2014 (n)
|
|
|
425,000
|
|
|
|
441,967
|
|
Korea Development Bank, 1%, 2016
|
|
|
410,000
|
|
|
|
402,827
|
|
Korea Gas Corp., 2.25%, 2017 (n)
|
|
|
260,000
|
|
|
|
256,107
|
|
Petrobras International Finance Co., 3.875%, 2016
|
|
|
390,000
|
|
|
|
400,214
|
|
Rosneft, 3.149%, 2017 (n)
|
|
|
222,000
|
|
|
|
218,670
|
|
State Grid International Development Co. Ltd., 1.75%, 2018 (n)
|
|
|
319,000
|
|
|
|
306,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,422,992
|
|
Emerging Market Sovereign - 0.4%
|
|
|
|
|
|
|
|
|
Russian Federation, 3.25%, 2017 (n)
|
|
$
|
400,000
|
|
|
$
|
411,960
|
|
State of Qatar, 5.15%, 2014 (n)
|
|
|
300,000
|
|
|
|
307,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
719,100
|
|
Energy - Independent - 0.8%
|
|
|
|
|
|
|
|
|
Encana Corp., 5.9%, 2017
|
|
$
|
360,000
|
|
|
$
|
408,807
|
|
Encana Holdings Finance Corp., 5.8%, 2014
|
|
|
440,000
|
|
|
|
454,188
|
|
Hess Corp., 7%, 2014
|
|
|
400,000
|
|
|
|
410,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,273,387
|
|
Energy - Integrated - 2.7%
|
|
|
|
|
|
|
|
|
BG Energy Capital PLC, 2.875%, 2016 (n)
|
|
$
|
550,000
|
|
|
$
|
571,767
|
|
BP Capital Markets PLC, 3.125%, 2015
|
|
|
450,000
|
|
|
|
471,045
|
|
BP Capital Markets PLC, 0.7%, 2015
|
|
|
297,000
|
|
|
|
295,832
|
|
Cenovus Energy, Inc., 4.5%, 2014
|
|
|
425,000
|
|
|
|
441,405
|
|
Chevron Corp., 0.889%, 2016
|
|
|
210,000
|
|
|
|
209,782
|
|
Chevron Corp., 1.104%, 2017
|
|
|
314,000
|
|
|
|
305,378
|
|
Husky Energy, Inc., 5.9%, 2014
|
|
|
400,000
|
|
|
|
415,486
|
|
3
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Energy - Integrated - continued
|
|
|
|
|
|
|
|
|
Petro-Canada Financial Partnership, 5%, 2014
|
|
$
|
420,000
|
|
|
$
|
439,514
|
|
Shell International Finance B.V., 1.125%, 2017
|
|
|
600,000
|
|
|
|
590,068
|
|
Total Capital Canada Ltd., FRN, 0.648%, 2016
|
|
|
180,000
|
|
|
|
180,939
|
|
Total Capital International S.A., 1.5%, 2017
|
|
|
500,000
|
|
|
|
498,800
|
|
TOTAL S.A., 3%, 2015
|
|
|
125,000
|
|
|
|
130,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,550,264
|
|
Entertainment - 0.7%
|
|
|
|
|
|
|
|
|
Viacom, Inc., 1.25%, 2015
|
|
$
|
650,000
|
|
|
$
|
651,773
|
|
Walt Disney Co., 0.45%, 2015
|
|
|
490,000
|
|
|
|
487,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,139,344
|
|
Financial Institutions - 1.7%
|
|
|
|
|
|
|
|
|
General Electric Capital Corp., 1.875%, 2013
|
|
$
|
175,000
|
|
|
$
|
175,086
|
|
General Electric Capital Corp., 2.15%, 2015
|
|
|
200,000
|
|
|
|
203,972
|
|
General Electric Capital Corp., FRN, 1.121%, 2014
|
|
|
700,000
|
|
|
|
702,056
|
|
General Electric Capital Corp., FRN, 0.856%, 2015
|
|
|
250,000
|
|
|
|
252,089
|
|
General Electric Capital Corp., FRN, 0.871%, 2016
|
|
|
500,000
|
|
|
|
502,464
|
|
LeasePlan Corp. N.V., 3%, 2017 (n)
|
|
|
340,000
|
|
|
|
339,422
|
|
LeasePlan Corp. N.V., 2.5%, 2018 (n)
|
|
|
200,000
|
|
|
|
192,684
|
|
NYSE Euronext, 2%, 2017
|
|
|
412,000
|
|
|
|
409,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,777,247
|
|
Food & Beverages - 4.3%
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev S.A., 3.625%, 2015
|
|
$
|
500,000
|
|
|
$
|
523,276
|
|
Anheuser-Busch InBev S.A., 0.8%, 2016
|
|
|
300,000
|
|
|
|
298,697
|
|
Anheuser-Busch InBev S.A., 1.375%, 2017
|
|
|
130,000
|
|
|
|
128,535
|
|
Cadbury Schweppes U.S. Finance, 5.125%, 2013
|
|
|
125,000
|
|
|
|
125,415
|
|
Campbell Soup Co., FRN, 0.565%, 2014
|
|
|
600,000
|
|
|
|
600,992
|
|
Coca-Cola Co., 1.15%, 2018
|
|
|
270,000
|
|
|
|
262,010
|
|
Conagra Foods, Inc., 5.875%, 2014
|
|
|
325,000
|
|
|
|
335,188
|
|
Conagra Foods, Inc., 1.3%, 2016
|
|
|
310,000
|
|
|
|
312,017
|
|
Diageo Capital PLC, 7.375%, 2014
|
|
|
400,000
|
|
|
|
409,780
|
|
Diageo Capital PLC, 1.5%, 2017
|
|
|
300,000
|
|
|
|
297,254
|
|
General Mills, Inc., 5.2%, 2015
|
|
|
400,000
|
|
|
|
427,254
|
|
Heineken N.V., 0.8%, 2015 (n)
|
|
|
500,000
|
|
|
|
498,327
|
|
Ingredion, Inc., 3.2%, 2015
|
|
|
135,000
|
|
|
|
140,365
|
|
Ingredion, Inc., 1.8%, 2017
|
|
|
167,000
|
|
|
|
163,418
|
|
Kellogg Co., 4.45%, 2016
|
|
|
260,000
|
|
|
|
280,797
|
|
Kraft Foods Group, Inc., 1.625%, 2015
|
|
|
480,000
|
|
|
|
486,827
|
|
Molson Coors Brewing Co., 2%, 2017
|
|
|
500,000
|
|
|
|
502,149
|
|
PepsiCo, Inc., 2.5%, 2016
|
|
|
365,000
|
|
|
|
377,805
|
|
Pernod-Ricard S.A., 2.95%, 2017 (n)
|
|
|
410,000
|
|
|
|
418,866
|
|
SABMiller Holdings, Inc., 1.85%, 2015 (n)
|
|
|
220,000
|
|
|
|
222,750
|
|
SABMiller Holdings, Inc., 2.45%, 2017 (n)
|
|
|
340,000
|
|
|
|
346,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,158,030
|
|
Food & Drug Stores - 0.6%
|
|
|
|
|
|
|
|
|
CVS Caremark Corp., 3.25%, 2015
|
|
$
|
350,000
|
|
|
$
|
363,844
|
|
Walgreen Co., 1%, 2015
|
|
|
650,000
|
|
|
|
652,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,015,871
|
|
Gaming & Lodging - 0.3%
|
|
|
|
|
|
|
|
|
Wyndham Worldwide Corp., 2.95%, 2017
|
|
$
|
442,000
|
|
|
$
|
447,917
|
|
4
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Insurance - 2.7%
|
|
|
|
|
|
|
|
|
Aflac, Inc., 3.45%, 2015
|
|
$
|
400,000
|
|
|
$
|
419,430
|
|
American International Group, Inc., 3.65%, 2014
|
|
|
400,000
|
|
|
|
404,006
|
|
American International Group, Inc., 3%, 2015
|
|
|
140,000
|
|
|
|
144,025
|
|
American International Group, Inc., 5.85%, 2018
|
|
|
299,000
|
|
|
|
337,286
|
|
ING U.S., Inc., 2.9%, 2018
|
|
|
235,000
|
|
|
|
232,410
|
|
Lincoln National Corp., 4.3%, 2015
|
|
|
125,000
|
|
|
|
132,059
|
|
MassMutual Global Funding, FRN, 0.648%, 2014 (n)
|
|
|
130,000
|
|
|
|
130,190
|
|
MetLife Institutional Funding II LLC, FRN, 0.641%, 2015 (n)
|
|
|
350,000
|
|
|
|
350,811
|
|
MetLife, Inc., 1.756%, 2017
|
|
|
117,000
|
|
|
|
115,274
|
|
Metropolitan Life Global Funding I, 0.798%, 2016 (n)
|
|
|
530,000
|
|
|
|
531,206
|
|
New York Life Global Funding, 1.3%, 2015 (n)
|
|
|
740,000
|
|
|
|
745,832
|
|
PRICOA Global Funding I, FRN, 0.532%, 2015 (n)
|
|
|
290,000
|
|
|
|
290,002
|
|
Prudential Financial, Inc., FRN, 1.044%, 2018
|
|
|
650,000
|
|
|
|
651,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,484,410
|
|
Insurance - Health - 0.3%
|
|
|
|
|
|
|
|
|
Aetna, Inc., 1.5%, 2017
|
|
$
|
94,000
|
|
|
$
|
91,275
|
|
WellPoint, Inc., 5%, 2014
|
|
|
400,000
|
|
|
|
421,187
|
|
Wellpoint, Inc., 1.25%, 2015
|
|
|
30,000
|
|
|
|
30,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
542,615
|
|
Insurance - Property & Casualty - 1.0%
|
|
|
|
|
|
|
|
|
ACE Ltd., 2.6%, 2015
|
|
$
|
215,000
|
|
|
$
|
222,938
|
|
Aon Corp., 3.5%, 2015
|
|
|
375,000
|
|
|
|
393,020
|
|
AXIS Capital Holdings Ltd., 5.75%, 2014
|
|
|
370,000
|
|
|
|
391,090
|
|
Berkshire Hathaway, Inc., FRN, 0.964%, 2014
|
|
|
460,000
|
|
|
|
462,840
|
|
QBE Insurance Group Ltd., 2.4%, 2018 (n)
|
|
|
299,000
|
|
|
|
287,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,757,311
|
|
International Market Quasi-Sovereign - 5.9%
|
|
|
|
|
|
|
|
|
Achmea Hypotheekbank N.V., 3.2%, 2014 (n)
|
|
$
|
487,000
|
|
|
$
|
502,584
|
|
Bank Nederlandse Gemeenten N.V., 1.375%, 2018 (n)
|
|
|
650,000
|
|
|
|
634,184
|
|
Caisse dAmortissement de la Dette Sociale, 3.5%, 2014
|
|
|
800,000
|
|
|
|
820,050
|
|
Electricite de France PLC, 5.5%, 2014 (n)
|
|
|
500,000
|
|
|
|
509,320
|
|
FMS Wertmanagement, 0.625%, 2016
|
|
|
580,000
|
|
|
|
577,425
|
|
KfW Bankengruppe, 3.5%, 2014
|
|
|
175,000
|
|
|
|
177,888
|
|
KfW Bankengruppe, 0.5%, 2015
|
|
|
180,000
|
|
|
|
179,952
|
|
Kommunalbanken A.S., 1%, 2014 (n)
|
|
|
620,000
|
|
|
|
623,318
|
|
Kommunalbanken A.S., 0.375%, 2015 (n)
|
|
|
230,000
|
|
|
|
229,589
|
|
Kommunalbanken A.S., 1.75%, 2015 (n)
|
|
|
150,000
|
|
|
|
153,375
|
|
Kommunalbanken A.S., 1%, 2018 (n)
|
|
|
190,000
|
|
|
|
182,455
|
|
Kommunalbanken A.S., FRN, 0.396%, 2016 (n)
|
|
|
270,000
|
|
|
|
270,537
|
|
Kreditanstalt für Wiederaufbau, FRN, 0.233%, 2015
|
|
|
1,000,000
|
|
|
|
1,000,015
|
|
Landwirtschaftliche Rentenbank, 3.125%, 2016 (n)
|
|
|
300,000
|
|
|
|
316,044
|
|
Municipality Finance PLC, 2.375%, 2016
|
|
|
690,000
|
|
|
|
715,944
|
|
Nederlandse Waterschapsbank N.V., 1.375%, 2014 (n)
|
|
|
750,000
|
|
|
|
755,325
|
|
Oesterreichische Kontrollbank AG, 1.375%, 2014
|
|
|
1,000,000
|
|
|
|
1,004,430
|
|
Societe Financement de l Economie Francaise, 3.375%, 2014 (n)
|
|
|
150,000
|
|
|
|
153,012
|
|
Statoil A.S.A., 2.9%, 2014
|
|
|
125,000
|
|
|
|
128,244
|
|
Statoil A.S.A., 7.375%, 2016 (n)
|
|
|
400,000
|
|
|
|
460,643
|
|
Statoil A.S.A., 1.8%, 2016
|
|
|
180,000
|
|
|
|
183,761
|
|
Statoil A.S.A., FRN, 0.554%, 2018
|
|
|
290,000
|
|
|
|
290,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,868,240
|
|
5
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
International Market Sovereign - 2.4%
|
|
|
|
|
|
|
|
|
Kingdom of Denmark, 0.375%, 2016 (n)
|
|
$
|
590,000
|
|
|
$
|
583,569
|
|
Kingdom of Sweden, 1%, 2018 (n)
|
|
|
640,000
|
|
|
|
624,128
|
|
Kommuninvest i Sverige AB, 0.5%, 2016 (n)
|
|
|
1,500,000
|
|
|
|
1,483,380
|
|
Republic of Finland, 1.25%, 2015 (n)
|
|
|
1,000,000
|
|
|
|
1,014,200
|
|
Republic of Iceland, 4.875%, 2016 (n)
|
|
|
381,000
|
|
|
|
396,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,101,517
|
|
Local Authorities - 1.6%
|
|
|
|
|
|
|
|
|
Province of British Columbia, 2.85%, 2015
|
|
$
|
1,000,000
|
|
|
$
|
1,042,060
|
|
Province of Ontario, 2.3%, 2016
|
|
|
300,000
|
|
|
|
310,140
|
|
Province of Ontario, 1.1%, 2017
|
|
|
900,000
|
|
|
|
880,290
|
|
State of Illinois, 4.961%, 2016
|
|
|
355,000
|
|
|
|
373,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,606,273
|
|
Machinery & Tools - 0.2%
|
|
|
|
|
|
|
|
|
Caterpillar Financial Services Corp., 1.1%, 2015
|
|
$
|
300,000
|
|
|
$
|
302,097
|
|
|
|
|
Major Banks - 9.6%
|
|
|
|
|
|
|
|
|
ABN AMRO Bank N.V., 3%, 2014 (n)
|
|
$
|
200,000
|
|
|
$
|
201,799
|
|
ABN AMRO Bank N.V., 1.375%, 2016 (n)
|
|
|
750,000
|
|
|
|
746,775
|
|
ABN AMRO Bank N.V., FRN, 2.035%, 2014 (n)
|
|
|
230,000
|
|
|
|
231,419
|
|
ANZ National (International) Ltd., FRN, 1.272%, 2013 (n)
|
|
|
450,000
|
|
|
|
451,206
|
|
Bank of Montreal, 1.45%, 2018
|
|
|
1,700,000
|
|
|
|
1,647,648
|
|
Bank of Nova Scotia, FRN, 0.673%, 2016
|
|
|
800,000
|
|
|
|
799,603
|
|
Bank of Nova Scotia, FRN, 0.788%, 2016
|
|
|
230,000
|
|
|
|
230,719
|
|
BNP Paribas, 2.7%, 2018
|
|
|
580,000
|
|
|
|
577,660
|
|
BNP Paribas, FRN, 1.169%, 2014
|
|
|
380,000
|
|
|
|
380,918
|
|
Canadian Imperial Bank of Commerce, FRN, 0.786%, 2016
|
|
|
460,000
|
|
|
|
460,789
|
|
Commonwealth Bank of Australia, 3.75%, 2014 (n)
|
|
|
125,000
|
|
|
|
129,313
|
|
DBS Bank Ltd., 2.35%, 2017 (n)
|
|
|
420,000
|
|
|
|
424,111
|
|
DNB Bank A.S.A., 3.2%, 2017 (n)
|
|
|
620,000
|
|
|
|
644,075
|
|
HSBC Bank PLC, 3.1%, 2016 (n)
|
|
|
420,000
|
|
|
|
440,075
|
|
HSBC Bank PLC, FRN, 0.904%, 2018 (n)
|
|
|
444,000
|
|
|
|
443,804
|
|
HSBC USA, Inc., 1.625%, 2018
|
|
|
100,000
|
|
|
|
96,978
|
|
ING Bank N.V., 3.75%, 2017 (n)
|
|
|
232,000
|
|
|
|
241,127
|
|
ING Bank N.V., FRN, 1.208%, 2016 (n)
|
|
|
310,000
|
|
|
|
310,766
|
|
ING Bank N.V., FRN, 1.658%, 2014 (n)
|
|
|
350,000
|
|
|
|
352,942
|
|
KeyCorp, 3.75%, 2015
|
|
|
100,000
|
|
|
|
105,221
|
|
Macquarie Bank Ltd., 5%, 2017 (n)
|
|
|
580,000
|
|
|
|
625,936
|
|
National Australia Bank Ltd., 2%, 2015
|
|
|
420,000
|
|
|
|
427,852
|
|
Nordea Bank AB, FRN, 0.725%, 2016 (n)
|
|
|
550,000
|
|
|
|
551,340
|
|
PNC Bank N.A., 1.3%, 2016
|
|
|
330,000
|
|
|
|
329,954
|
|
PNC Bank N.A., FRN, 0.574%, 2016
|
|
|
250,000
|
|
|
|
249,183
|
|
PNC Funding Corp., 3.625%, 2015
|
|
|
125,000
|
|
|
|
129,969
|
|
Royal Bank of Scotland PLC, 2.55%, 2015
|
|
|
530,000
|
|
|
|
540,330
|
|
Royal Bank of Scotland PLC, 4.375%, 2016
|
|
|
120,000
|
|
|
|
127,306
|
|
Santander International Debt S.A., 2.991%, 2013 (n)
|
|
|
300,000
|
|
|
|
300,561
|
|
Santander U.S. Debt S.A.U., 3.724%, 2015 (n)
|
|
|
100,000
|
|
|
|
101,339
|
|
Standard Chartered PLC, 3.85%, 2015 (n)
|
|
|
100,000
|
|
|
|
104,191
|
|
Standard Chartered PLC, FRN, 1.215%, 2014 (n)
|
|
|
500,000
|
|
|
|
502,600
|
|
State Street Bank & Trust Co., FRN, 0.458%, 2015
|
|
|
406,000
|
|
|
|
403,274
|
|
Sumitomo Mitsui Banking Corp., 1.35%, 2015
|
|
|
420,000
|
|
|
|
423,312
|
|
Wells Fargo & Co., 3.75%, 2014
|
|
|
550,000
|
|
|
|
569,069
|
|
Wells Fargo & Co., 1.25%, 2015
|
|
|
250,000
|
|
|
|
251,343
|
|
6
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Major Banks - continued
|
|
|
|
|
|
|
|
|
Wells Fargo & Co., FRN, 0.794%, 2016
|
|
$
|
420,000
|
|
|
$
|
420,364
|
|
Westpac Banking Corp., 0.95%, 2016
|
|
|
410,000
|
|
|
|
408,513
|
|
Westpac Banking Corp., 2%, 2017
|
|
|
610,000
|
|
|
|
609,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,993,208
|
|
Medical & Health Technology & Services - 1.6%
|
|
|
|
|
|
|
|
|
Baxter International, Inc., 1.85%, 2017
|
|
$
|
210,000
|
|
|
$
|
210,835
|
|
Becton, Dickinson & Co., 1.75%, 2016
|
|
|
150,000
|
|
|
|
151,593
|
|
Catholic Health Initiatives, 1.6%, 2017
|
|
|
250,000
|
|
|
|
243,512
|
|
Covidien International Finance S.A., 6%, 2017
|
|
|
231,000
|
|
|
|
265,931
|
|
Covidien International Finance S.A., 1.35%, 2015
|
|
|
250,000
|
|
|
|
252,563
|
|
Express Scripts Holding Co., 2.1%, 2015
|
|
|
385,000
|
|
|
|
391,225
|
|
McKesson Corp., 0.95%, 2015
|
|
|
360,000
|
|
|
|
359,972
|
|
McKesson Corp., 3.25%, 2016
|
|
|
375,000
|
|
|
|
394,016
|
|
Thermo Fisher Scientific, Inc., 2.25%, 2016
|
|
|
440,000
|
|
|
|
446,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,715,849
|
|
Metals & Mining - 1.5%
|
|
|
|
|
|
|
|
|
Anglo American Capital, 2.15%, 2013 (n)
|
|
$
|
400,000
|
|
|
$
|
400,280
|
|
Barrick Gold Corp., 2.5%, 2018 (n)
|
|
|
200,000
|
|
|
|
188,362
|
|
Barrick International (Barbados) Corp., 5.75%, 2016 (n)
|
|
|
153,000
|
|
|
|
162,795
|
|
Freeport-McMoRan Copper & Gold, Inc., 2.15%, 2017
|
|
|
440,000
|
|
|
|
430,878
|
|
Freeport-McMoRan Copper & Gold, Inc., 2.375%, 2018 (n)
|
|
|
270,000
|
|
|
|
252,313
|
|
Glencore Funding LLC, FRN, 1.422%, 2016 (n)
|
|
|
370,000
|
|
|
|
357,106
|
|
Rio Tinto Finance (USA) Ltd., 2.5%, 2016
|
|
|
560,000
|
|
|
|
573,802
|
|
Rio Tinto Finance (USA) Ltd., FRN, 1.113%, 2016
|
|
|
150,000
|
|
|
|
150,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,515,866
|
|
Mortgage-Backed - 3.8%
|
|
|
|
|
|
|
|
|
Fannie Mae, 5.05%, 2016
|
|
$
|
753,307
|
|
|
$
|
805,846
|
|
Fannie Mae, 0.595%, 2015
|
|
|
981,576
|
|
|
|
976,653
|
|
Fannie Mae, 5.134%, 2016
|
|
|
165,858
|
|
|
|
178,598
|
|
Fannie Mae, 1.114%, 2017
|
|
|
410,000
|
|
|
|
403,121
|
|
Fannie Mae, 4%, 2025 (f)
|
|
|
991,362
|
|
|
|
1,047,316
|
|
Fannie Mae, TBA, 3%, 2028
|
|
|
960,000
|
|
|
|
977,400
|
|
Freddie Mac, 1.655%, 2016
|
|
|
197,790
|
|
|
|
199,523
|
|
Freddie Mac, 1.426%, 2017
|
|
|
147,000
|
|
|
|
145,582
|
|
Freddie Mac, 3.5%, 2026 (f)
|
|
|
536,065
|
|
|
|
560,037
|
|
Freddie Mac, 2.5%, 2028
|
|
|
1,123,418
|
|
|
|
1,115,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,409,595
|
|
Municipals - 0.5%
|
|
|
|
|
|
|
|
|
Florida Hurricane Catastrophe Fund Finance Corp. Rev., A, 1.298%, 2016
|
|
$
|
785,000
|
|
|
$
|
776,334
|
|
|
|
|
Natural Gas - Distribution - 0.3%
|
|
|
|
|
|
|
|
|
GDF Suez, 1.625%, 2017 (n)
|
|
$
|
550,000
|
|
|
$
|
542,185
|
|
|
|
|
Natural Gas - Pipeline - 1.4%
|
|
|
|
|
|
|
|
|
Energy Transfer Partners LP, 8.5%, 2014
|
|
$
|
257,000
|
|
|
$
|
268,459
|
|
Enterprise Products Operating LP, 3.2%, 2016
|
|
|
400,000
|
|
|
|
419,236
|
|
Enterprise Products Operating LP, 6.5%, 2019
|
|
|
400,000
|
|
|
|
471,354
|
|
Kinder Morgan Energy Partners LP, 5.125%, 2014
|
|
|
420,000
|
|
|
|
440,908
|
|
TransCanada PipeLines Ltd., FRN, 0.953%, 2016
|
|
|
660,000
|
|
|
|
664,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,264,014
|
|
7
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Network & Telecom - 1.5%
|
|
|
|
|
|
|
|
|
AT&T, Inc., 0.8%, 2015
|
|
$
|
620,000
|
|
|
$
|
618,307
|
|
AT&T, Inc., FRN, 0.65%, 2016
|
|
|
70,000
|
|
|
|
70,199
|
|
BellSouth Corp., 5.2%, 2014
|
|
|
520,000
|
|
|
|
544,185
|
|
France Telecom, 2.125%, 2015
|
|
|
125,000
|
|
|
|
127,127
|
|
Telecom Italia Capital, 5.25%, 2013
|
|
|
400,000
|
|
|
|
402,930
|
|
Verizon Communications, Inc., 0.7%, 2015
|
|
|
730,000
|
|
|
|
727,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,489,891
|
|
Oil Services - 0.1%
|
|
|
|
|
|
|
|
|
Transocean, Inc., 2.5%, 2017
|
|
$
|
155,000
|
|
|
$
|
153,576
|
|
|
|
|
Oils - 0.1%
|
|
|
|
|
|
|
|
|
Phillips 66, 1.95%, 2015
|
|
$
|
180,000
|
|
|
$
|
182,719
|
|
|
|
|
Other Banks & Diversified Financials - 5.0%
|
|
|
|
|
|
|
|
|
Abbey National Treasury Services PLC, 3.05%, 2018
|
|
$
|
238,000
|
|
|
$
|
238,899
|
|
American Express Centurion Bank, FRN, 0.715%, 2015
|
|
|
250,000
|
|
|
|
250,078
|
|
American Express Credit Corp., 2.8%, 2016
|
|
|
450,000
|
|
|
|
469,547
|
|
Bank of Tokyo-Mitsubishi UFJ Ltd., FRN, 0.712%, 2016 (n)
|
|
|
400,000
|
|
|
|
400,508
|
|
BB&T Corp., 2.05%, 2014
|
|
|
170,000
|
|
|
|
171,498
|
|
BB&T Corp., 1.45%, 2018
|
|
|
288,000
|
|
|
|
278,757
|
|
BBVA Senior Finance S.A. Unipersonal, FRN, 2.388%, 2014
|
|
|
300,000
|
|
|
|
302,071
|
|
Capital One Financial Corp., 2.15%, 2015
|
|
|
270,000
|
|
|
|
274,330
|
|
Capital One Financial Corp., FRN, 1.418%, 2014
|
|
|
450,000
|
|
|
|
452,821
|
|
Capital One Financial Corp., FRN, 0.907%, 2015
|
|
|
320,000
|
|
|
|
320,646
|
|
Danske Bank A.S., 3.75%, 2015 (n)
|
|
|
100,000
|
|
|
|
103,733
|
|
Groupe BPCE S.A., FRN, 1.516%, 2016
|
|
|
590,000
|
|
|
|
597,077
|
|
Intesa Sanpaolo S.p.A., 3.125%, 2016
|
|
|
370,000
|
|
|
|
368,953
|
|
Intesa Sanpaolo S.p.A., FRN, 2.662%, 2014 (n)
|
|
|
200,000
|
|
|
|
200,557
|
|
Lloyds TSB Bank PLC, 4.375%, 2015 (n)
|
|
|
675,000
|
|
|
|
703,015
|
|
National Bank of Canada, 1.5%, 2015
|
|
|
270,000
|
|
|
|
273,320
|
|
Nordea Bank AB, 1.75%, 2013 (n)
|
|
|
125,000
|
|
|
|
125,142
|
|
Santander Holdings USA, Inc., 3.45%, 2018
|
|
|
260,000
|
|
|
|
263,356
|
|
Santander UK PLC, 3.875%, 2014 (n)
|
|
|
100,000
|
|
|
|
103,027
|
|
Skandinaviska Enskilda, 1.75%, 2018 (n)
|
|
|
271,000
|
|
|
|
263,829
|
|
SunTrust Banks, Inc., 3.5%, 2017
|
|
|
303,000
|
|
|
|
317,508
|
|
Svenska Handelsbanken AB, 4.875%, 2014 (n)
|
|
|
100,000
|
|
|
|
103,361
|
|
Svenska Handelsbanken AB, 2.875%, 2017
|
|
|
289,000
|
|
|
|
297,812
|
|
Svenska Handelsbanken AB, FRN, 0.722%, 2016
|
|
|
680,000
|
|
|
|
681,036
|
|
Swedbank AB, 2.125%, 2017 (n)
|
|
|
311,000
|
|
|
|
306,882
|
|
Union Bank, FRN, 1.209%, 2014
|
|
|
500,000
|
|
|
|
502,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,370,515
|
|
Personal Computers & Peripherals - 0.2%
|
|
|
|
|
|
|
|
|
Hewlett-Packard Co., 2.625%, 2014
|
|
$
|
320,000
|
|
|
$
|
326,524
|
|
|
|
|
Pharmaceuticals - 2.3%
|
|
|
|
|
|
|
|
|
AbbVie, Inc., FRN, 1.027%, 2015
|
|
$
|
550,000
|
|
|
$
|
555,345
|
|
Amgen, Inc., 2.3%, 2016
|
|
|
450,000
|
|
|
|
462,526
|
|
Bristol-Myers Squibb Co., 0.875%, 2017
|
|
|
615,000
|
|
|
|
595,279
|
|
Celgene Corp., 2.45%, 2015
|
|
|
425,000
|
|
|
|
436,727
|
|
Mylan, Inc., 1.8%, 2016 (n)
|
|
|
170,000
|
|
|
|
170,107
|
|
Sanofi, 1.2%, 2014
|
|
|
200,000
|
|
|
|
201,784
|
|
Sanofi, 1.25%, 2018
|
|
|
800,000
|
|
|
|
772,482
|
|
8
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Pharmaceuticals - continued
|
|
|
|
|
|
|
|
|
Teva Pharmaceutical Finance III, 1.7%, 2014
|
|
$
|
420,000
|
|
|
$
|
422,796
|
|
Watson Pharmaceuticals, Inc., 1.875%, 2017
|
|
|
260,000
|
|
|
|
255,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,872,996
|
|
Printing & Publishing - 0.6%
|
|
|
|
|
|
|
|
|
Pearson PLC, 4%, 2016 (n)
|
|
$
|
500,000
|
|
|
$
|
529,540
|
|
Thomson Reuters Corp., 0.875%, 2016
|
|
|
410,000
|
|
|
|
407,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
936,678
|
|
Real Estate - 1.1%
|
|
|
|
|
|
|
|
|
ERP Operating, REIT, 5.125%, 2016
|
|
$
|
510,000
|
|
|
$
|
557,197
|
|
HCP, Inc., REIT, 2.7%, 2014
|
|
|
470,000
|
|
|
|
473,369
|
|
Health Care REIT, Inc., 2.25%, 2018
|
|
|
150,000
|
|
|
|
147,093
|
|
Mack-Cali Realty LP, 2.5%, 2017
|
|
|
200,000
|
|
|
|
195,242
|
|
Simon Property Group, Inc., REIT, 6.1%, 2016
|
|
|
222,000
|
|
|
|
247,682
|
|
Simon Property Group, Inc., REIT, 1.5%, 2018 (n)
|
|
|
167,000
|
|
|
|
161,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,782,032
|
|
Retailers - 0.5%
|
|
|
|
|
|
|
|
|
AutoZone, Inc., 6.5%, 2014
|
|
$
|
125,000
|
|
|
$
|
127,551
|
|
Home Depot, Inc., 5.25%, 2013
|
|
|
125,000
|
|
|
|
126,689
|
|
Wesfarmers Ltd., 2.983%, 2016 (n)
|
|
|
400,000
|
|
|
|
415,147
|
|
Wesfarmers Ltd., 1.874%, 2018 (n)
|
|
|
233,000
|
|
|
|
227,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
896,585
|
|
Specialty Chemicals - 0.6%
|
|
|
|
|
|
|
|
|
Air Products & Chemicals, Inc., 2%, 2016
|
|
$
|
104,000
|
|
|
$
|
105,782
|
|
Airgas, Inc., 2.95%, 2016
|
|
|
400,000
|
|
|
|
413,542
|
|
Ecolab, Inc., 2.375%, 2014
|
|
|
200,000
|
|
|
|
203,825
|
|
Ecolab, Inc., 1%, 2015
|
|
|
350,000
|
|
|
|
349,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,072,993
|
|
Supermarkets - 0.2%
|
|
|
|
|
|
|
|
|
Tesco PLC, 2%, 2014 (n)
|
|
$
|
280,000
|
|
|
$
|
283,676
|
|
Woolworths Ltd., 2.55%, 2015 (n)
|
|
|
125,000
|
|
|
|
128,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
412,378
|
|
Supranational - 1.7%
|
|
|
|
|
|
|
|
|
Council of Europe, 4.5%, 2014
|
|
$
|
800,000
|
|
|
$
|
827,056
|
|
European Investment Bank, 5%, 2013
|
|
|
1,000,000
|
|
|
|
1,005,100
|
|
International Bank for Reconstruction and Development, 0.5%, 2016
|
|
|
1,000,000
|
|
|
|
996,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,828,262
|
|
Telecommunications - Wireless - 0.8%
|
|
|
|
|
|
|
|
|
America Movil S.A.B. de C.V., 2.375%, 2016
|
|
$
|
200,000
|
|
|
$
|
202,727
|
|
American Tower Trust I, REIT, 1.551%, 2018 (n)
|
|
|
500,000
|
|
|
|
481,849
|
|
Crown Castle Towers LLC, 4.523%, 2015 (n)
|
|
|
560,000
|
|
|
|
582,613
|
|
Vodafone Group PLC, 4.15%, 2014
|
|
|
125,000
|
|
|
|
128,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,395,522
|
|
Tobacco - 1.1%
|
|
|
|
|
|
|
|
|
Altria Group, Inc., 8.5%, 2013
|
|
$
|
325,000
|
|
|
$
|
329,669
|
|
B.A.T. International Finance PLC, 8.125%, 2013 (n)
|
|
|
125,000
|
|
|
|
126,725
|
|
B.A.T. International Finance PLC, 1.4%, 2015 (n)
|
|
|
470,000
|
|
|
|
474,287
|
|
Imperial Tobacco Finance PLC, 2.05%, 2018 (n)
|
|
|
206,000
|
|
|
|
199,620
|
|
Lorillard Tobacco Co., 3.5%, 2016
|
|
|
190,000
|
|
|
|
198,265
|
|
9
Portfolio of Investments (unaudited) continued
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
Tobacco - continued
|
|
|
|
|
|
|
|
|
Reynolds American, Inc., 1.05%, 2015
|
|
$
|
420,000
|
|
|
$
|
420,058
|
|
Reynolds American, Inc., 7.625%, 2016
|
|
|
80,000
|
|
|
|
92,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,841,191
|
|
Transportation - Services - 0.2%
|
|
|
|
|
|
|
|
|
ERAC USA Finance Co., 1.4%, 2016 (n)
|
|
$
|
200,000
|
|
|
$
|
198,440
|
|
ERAC USA Finance Co., 2.75%, 2017 (n)
|
|
|
202,000
|
|
|
|
204,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
403,108
|
|
U.S. Government Agencies and Equivalents - 2.9%
|
|
|
|
|
|
|
|
|
Aid-Egypt, 4.45%, 2015
|
|
$
|
730,000
|
|
|
$
|
786,970
|
|
Federal Home Loan Bank, 1.375%, 2014 (f)
|
|
|
2,000,000
|
|
|
|
2,017,882
|
|
National Credit Union Administration, 1.4%, 2015
|
|
|
820,000
|
|
|
|
832,743
|
|
Private Export Funding Corp., 1.875%, 2018
|
|
|
610,000
|
|
|
|
607,301
|
|
Small Business Administration, 2.25%, 2021
|
|
|
648,847
|
|
|
|
665,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,910,500
|
|
Utilities - Electric Power - 4.4%
|
|
|
|
|
|
|
|
|
American Electric Power Co., Inc., 1.65%, 2017
|
|
$
|
220,000
|
|
|
$
|
213,962
|
|
Dominion Resources, Inc., 1.95%, 2016
|
|
|
460,000
|
|
|
|
467,852
|
|
Duke Energy Corp., 6.3%, 2014
|
|
|
525,000
|
|
|
|
537,097
|
|
Duke Energy Corp., 1.625%, 2017
|
|
|
110,000
|
|
|
|
108,741
|
|
Duke Energy Indiana, Inc., FRN, 0.619%, 2016
|
|
|
200,000
|
|
|
|
200,455
|
|
Enel Finance International S.A., 6.25%, 2017 (n)
|
|
|
410,000
|
|
|
|
448,774
|
|
Exelon Generation Co. LLC, 5.35%, 2014
|
|
|
400,000
|
|
|
|
406,853
|
|
Iberdrola Finance Ireland Ltd., 3.8%, 2014 (n)
|
|
|
475,000
|
|
|
|
486,699
|
|
ITC Holdings Corp., 5.875%, 2016 (z)
|
|
|
256,000
|
|
|
|
283,317
|
|
NextEra Energy Capital Co., 1.2%, 2015
|
|
|
70,000
|
|
|
|
70,273
|
|
NextEra Energy Capital Holdings, Inc., 1.611%, 2014
|
|
|
618,000
|
|
|
|
622,236
|
|
NextEra Energy Capital Holdings, Inc., 1.339%, 2015
|
|
|
280,000
|
|
|
|
280,360
|
|
Northeast Utilities, FRN, 1.022%, 2013
|
|
|
800,000
|
|
|
|
800,235
|
|
PG&E Corp., 5.75%, 2014
|
|
|
200,000
|
|
|
|
205,582
|
|
PPL WEM Holdings PLC, 3.9%, 2016 (n)
|
|
|
440,000
|
|
|
|
460,267
|
|
Progress Energy, Inc., 6.05%, 2014
|
|
|
500,000
|
|
|
|
514,312
|
|
PSEG Power LLC, 2.75%, 2016
|
|
|
190,000
|
|
|
|
196,795
|
|
Southern Co., 2.375%, 2015
|
|
|
550,000
|
|
|
|
566,001
|
|
Southern Co., 2.45%, 2018
|
|
|
50,000
|
|
|
|
50,076
|
|
Virginia Electric and Power Co., 1.2%, 2018
|
|
|
410,000
|
|
|
|
397,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,317,633
|
|
Total Bonds
|
|
|
|
|
|
$
|
154,076,045
|
|
|
|
|
Money Market Funds - 7.8%
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
13,094,088
|
|
|
$
|
13,094,088
|
|
Total Investments
|
|
|
|
|
|
$
|
167,170,133
|
|
|
|
|
Other Assets, Less Liabilities - 0.1%
|
|
|
|
|
|
|
148,658
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
167,318,791
|
|
(f)
|
All or a portion of the security has been segregated as collateral for open futures contracts.
|
(n)
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $53,652,095 representing 32.1% of net assets.
|
(v)
|
Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.
|
10
Portfolio of Investments (unaudited) continued
(z)
|
Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in
transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve
time-consuming
negotiations and prompt sale at an acceptable price
may be difficult. The fund holds the following restricted securities:
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Securities
|
|
Acquisition
Date
|
|
Cost
|
|
|
Value
|
|
Anthracite Ltd., A, CDO, FRN, 0.543%, 2019
|
|
5/11/11
|
|
|
$39,819
|
|
|
|
$42,205
|
|
Credit Acceptance Auto Loan Trust, A, 2.2%, 2019
|
|
3/22/12
|
|
|
249,976
|
|
|
|
252,463
|
|
ITC Holdings Corp., 5.875%, 2016
|
|
7/09/13
|
|
|
286,497
|
|
|
|
283,317
|
|
Kingsland III Ltd., A1, CDO, FRN, 0.477%, 2021
|
|
6/14/13
|
|
|
345,638
|
|
|
|
345,924
|
|
Stadshypotek AB, 1.45%, 2013
|
|
6/08/11
|
|
|
250,075
|
|
|
|
250,203
|
|
Total Restricted Securities
|
|
|
|
|
|
|
|
|
$1,174,112
|
|
% of Net assets
|
|
|
|
|
|
|
|
|
0.7%
|
|
The following abbreviations are used in this report and are defined:
|
|
|
CDO
|
|
Collateralized Debt Obligation
|
CLO
|
|
Collateralized Loan Obligation
|
FRN
|
|
Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
|
PLC
|
|
Public Limited Company
|
REIT
|
|
Real Estate Investment Trust
|
TBA
|
|
To Be Announced
|
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:
|
|
|
AUD
|
|
Australian Dollar
|
BRL
|
|
Brazilian Real
|
CAD
|
|
Canadian Dollar
|
CHF
|
|
Swiss Franc
|
EUR
|
|
Euro
|
GBP
|
|
British Pound
|
HKD
|
|
Hong Kong Dollar
|
JPY
|
|
Japanese Yen
|
KRW
|
|
Korean Won
|
MXN
|
|
Mexican Peso
|
NOK
|
|
Norwegian Krone
|
NZD
|
|
New Zealand Dollar
|
SEK
|
|
Swedish Krona
|
SGD
|
|
Singapore Dollar
|
TRY
|
|
Turkish Lira
|
ZAR
|
|
South African Rand
|
Derivative Contracts at 8/31/13
Forward Foreign Currency Exchange Contracts at 8/31/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELL
|
|
|
AUD
|
|
|
JPMorgan Chase Bank
|
|
6,769,282
|
|
11/12/13
|
|
$
|
6,013,550
|
|
|
$
|
5,997,327
|
|
|
$
|
16,223
|
|
SELL
|
|
|
CAD
|
|
|
JPMorgan Chase Bank
|
|
2,780,207
|
|
11/12/13
|
|
|
2,674,271
|
|
|
|
2,635,007
|
|
|
|
39,264
|
|
SELL
|
|
|
CHF
|
|
|
JPMorgan Chase Bank
|
|
5,927,337
|
|
11/12/13
|
|
|
6,391,108
|
|
|
|
6,373,988
|
|
|
|
17,120
|
|
BUY
|
|
|
GBP
|
|
|
JPMorgan Chase Bank
|
|
1,464,963
|
|
11/12/13
|
|
|
2,235,677
|
|
|
|
2,269,050
|
|
|
|
33,373
|
|
SELL
|
|
|
NOK
|
|
|
Goldman Sachs International
|
|
8,543,122
|
|
11/12/13
|
|
|
1,438,000
|
|
|
|
1,392,317
|
|
|
|
45,683
|
|
SELL
|
|
|
NZD
|
|
|
JPMorgan Chase Bank
|
|
5,230,770
|
|
11/12/13
|
|
|
4,084,025
|
|
|
|
4,022,762
|
|
|
|
61,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
212,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
Portfolio of Investments (unaudited) continued
Forward Foreign Currency Exchange Contracts at 8/31/13 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
1,535,238
|
|
11/12/13
|
|
$
|
2,044,000
|
|
|
$
|
2,029,565
|
|
|
$
|
(14,435
|
)
|
BUY
|
|
|
JPY
|
|
|
Goldman Sachs International
|
|
101,460,320
|
|
11/12/13
|
|
|
1,040,000
|
|
|
|
1,033,718
|
|
|
|
(6,282
|
)
|
SELL
|
|
|
JPY
|
|
|
Goldman Sachs International
|
|
226,889,242
|
|
11/12/13
|
|
|
2,296,227
|
|
|
|
2,311,638
|
|
|
|
(15,411
|
)
|
SELL
|
|
|
JPY
|
|
|
JPMorgan Chase Bank
|
|
25,165,064
|
|
11/12/13
|
|
|
254,684
|
|
|
|
256,392
|
|
|
|
(1,708
|
)
|
BUY
|
|
|
NOK
|
|
|
Goldman Sachs International
|
|
21,127,619
|
|
11/12/13
|
|
|
3,544,088
|
|
|
|
3,443,279
|
|
|
|
(100,809
|
)
|
BUY
|
|
|
NOK
|
|
|
JPMorgan Chase Bank
|
|
9,555,259
|
|
11/12/13
|
|
|
1,603,584
|
|
|
|
1,557,271
|
|
|
|
(46,313
|
)
|
BUY
|
|
|
SEK
|
|
|
Goldman Sachs International
|
|
23,099,767
|
|
11/12/13
|
|
|
3,497,661
|
|
|
|
3,479,970
|
|
|
|
(17,691
|
)
|
BUY
|
|
|
SEK
|
|
|
JPMorgan Chase Bank
|
|
14,557,514
|
|
11/12/13
|
|
|
2,202,080
|
|
|
|
2,193,082
|
|
|
|
(8,998
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(211,647
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts Outstanding at 8/31/13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Currency
|
|
|
Contracts
|
|
|
Value
|
|
Expiration Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAX Index (Long)
|
|
|
EUR
|
|
|
|
13
|
|
|
$3,486,760
|
|
September - 2013
|
|
|
$49,283
|
|
FTSE 100 Index (Long)
|
|
|
GBP
|
|
|
|
1
|
|
|
99,305
|
|
September - 2013
|
|
|
2,423
|
|
FTSE JSE Top 40 Index (Long)
|
|
|
ZAR
|
|
|
|
58
|
|
|
2,140,610
|
|
September - 2013
|
|
|
57,348
|
|
FTSE MIB Index (Short)
|
|
|
EUR
|
|
|
|
4
|
|
|
441,140
|
|
September - 2013
|
|
|
3,427
|
|
Hang Seng Index (Short)
|
|
|
HKD
|
|
|
|
12
|
|
|
1,659,929
|
|
September - 2013
|
|
|
27,303
|
|
KOSPI Index (Long)
|
|
|
KRW
|
|
|
|
1
|
|
|
111,998
|
|
September - 2013
|
|
|
822
|
|
Mex Bolsa Index (Short)
|
|
|
MXN
|
|
|
|
35
|
|
|
1,031,558
|
|
September - 2013
|
|
|
14,793
|
|
MSCI Singapore Index (Short)
|
|
|
SGD
|
|
|
|
62
|
|
|
3,313,862
|
|
September - 2013
|
|
|
60,410
|
|
MSCI Taiwan Index (Long)
|
|
|
USD
|
|
|
|
69
|
|
|
1,928,076
|
|
September - 2013
|
|
|
26,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$242,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada Treasury Bond 10 yr (Long)
|
|
|
CAD
|
|
|
|
41
|
|
|
$5,013,576
|
|
December - 2013
|
|
|
$21,642
|
|
Euro Bund (Short)
|
|
|
EUR
|
|
|
|
72
|
|
|
13,385,037
|
|
September - 2013
|
|
|
176,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$197,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$439,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amsterdam Index (Long)
|
|
|
EUR
|
|
|
|
5
|
|
|
$479,561
|
|
September - 2013
|
|
|
$(16,607
|
)
|
Australian SPI 200 Index (Short)
|
|
|
AUD
|
|
|
|
11
|
|
|
1,245,312
|
|
September - 2013
|
|
|
(105,484
|
)
|
Bovespa Index (Long)
|
|
|
BRL
|
|
|
|
74
|
|
|
1,536,106
|
|
October - 2013
|
|
|
(34,856
|
)
|
CAC 40 Index (Long)
|
|
|
EUR
|
|
|
|
51
|
|
|
2,653,027
|
|
September - 2013
|
|
|
(100,917
|
)
|
Hang Seng China ENT Index (Long)
|
|
|
HKD
|
|
|
|
42
|
|
|
2,636,744
|
|
September - 2013
|
|
|
(71,920
|
)
|
IBEX Index (Long)
|
|
|
EUR
|
|
|
|
3
|
|
|
328,889
|
|
September - 2013
|
|
|
(17,403
|
)
|
ISE 30 Index (Long)
|
|
|
TRY
|
|
|
|
104
|
|
|
414,442
|
|
October - 2013
|
|
|
(9,869
|
)
|
NIFTY Index (Short)
|
|
|
USD
|
|
|
|
21
|
|
|
228,690
|
|
September - 2013
|
|
|
(291
|
)
|
NIKKEI 225 Index (Long)
|
|
|
JPY
|
|
|
|
11
|
|
|
1,483,452
|
|
September - 2013
|
|
|
(31,811
|
)
|
OMX Index (Long)
|
|
|
SEK
|
|
|
|
29
|
|
|
531,879
|
|
September - 2013
|
|
|
(18,903
|
)
|
Russell 2000 Index (Short)
|
|
|
USD
|
|
|
|
16
|
|
|
1,616,160
|
|
September - 2013
|
|
|
(51,088
|
)
|
S&P 500 E-Mini Index (Long)
|
|
|
USD
|
|
|
|
5
|
|
|
407,825
|
|
September - 2013
|
|
|
(5,270
|
)
|
S&P TSX 60 Index (Short)
|
|
|
CAD
|
|
|
|
14
|
|
|
1,930,998
|
|
September - 2013
|
|
|
(70,232
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(534,651
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
Portfolio of Investments (unaudited) continued
Futures Contracts Outstanding at 8/31/13 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Currency
|
|
|
Contracts
|
|
|
Value
|
|
Expiration Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Liability Derivatives continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australian Treasury Bond 10 yr (Long)
|
|
|
AUD
|
|
|
|
47
|
|
|
$4,906,825
|
|
September - 2013
|
|
|
$(91,541
|
)
|
GB Govt Bond 10 yr (Short)
|
|
|
GBP
|
|
|
|
19
|
|
|
3,221,206
|
|
December - 2013
|
|
|
(1,546
|
)
|
Japan Govt Bond 10 yr (Short)
|
|
|
JPY
|
|
|
|
9
|
|
|
13,231,655
|
|
September - 2013
|
|
|
(154,166
|
)
|
U.S. Treasury Note 10 yr (Long)
|
|
|
USD
|
|
|
|
71
|
|
|
8,823,969
|
|
December - 2013
|
|
|
(25,758
|
)
|
U.S. Treasury Note 5 yr (Short)
|
|
|
USD
|
|
|
|
29
|
|
|
3,470,711
|
|
December - 2013
|
|
|
(4,633
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(277,644
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(812,295
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At August 31, 2013, the fund had cash collateral of $925,203 and other liquid securities with an aggregate value of $2,096,627
to cover any commitments for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements
as disclosed in the most recent semiannual or annual report.
13
Supplemental Information
8/31/13 (unaudited)
(1) Investment Valuations
Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing
service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a
third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing
service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party
pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be
valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other
market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the funds investments (including any fair
valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by
the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the funds valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and
floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an
investments 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 funds
net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing
services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and
trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the funds 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 funds 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 funds 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 investments level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The funds assessment of the
significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the advisers own
assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures contracts and forward foreign currency exchange contracts. The following is a
summary of the levels used as of August 31, 2013 in valuing the funds assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
U.S. Treasury Bonds & U.S. Government Agency & Equivalents
|
|
|
$
|
|
|
|
$4,910,500
|
|
|
|
$
|
|
|
|
$4,910,500
|
|
Non-U.S. Sovereign Debt
|
|
|
|
|
|
|
19,940,111
|
|
|
|
|
|
|
|
19,940,111
|
|
Municipal Bonds
|
|
|
|
|
|
|
776,334
|
|
|
|
|
|
|
|
776,334
|
|
U.S. Corporate Bonds
|
|
|
|
|
|
|
54,945,732
|
|
|
|
|
|
|
|
54,945,732
|
|
Residential Mortgage-Backed Securities
|
|
|
|
|
|
|
6,409,595
|
|
|
|
|
|
|
|
6,409,595
|
|
Commercial Mortgage-Backed Securities
|
|
|
|
|
|
|
1,706,319
|
|
|
|
|
|
|
|
1,706,319
|
|
Asset-Backed Securities (including CDOs)
|
|
|
|
|
|
|
16,606,881
|
|
|
|
|
|
|
|
16,606,881
|
|
Foreign Bonds
|
|
|
|
|
|
|
48,780,573
|
|
|
|
|
|
|
|
48,780,573
|
|
Mutual Funds
|
|
|
13,094,088
|
|
|
|
|
|
|
|
|
|
|
|
13,094,088
|
|
Total Investments
|
|
|
$13,094,088
|
|
|
|
$154,076,045
|
|
|
|
$
|
|
|
|
$167,170,133
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
|
$(268,275
|
)
|
|
|
$(104,166
|
)
|
|
|
$
|
|
|
|
$(372,441
|
)
|
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
1,279
|
|
|
|
|
|
|
|
1,279
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
14
Supplemental Information (unaudited) continued
(2) Portfolio Securities
The cost
and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
|
|
|
|
|
Aggregate cost
|
|
|
$166,777,191
|
|
Gross unrealized appreciation
|
|
|
1,105,124
|
|
Gross unrealized depreciation
|
|
|
(712,182
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
$392,942
|
|
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Transactions in Underlying Affiliated Funds Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the
following to be an affiliated issuer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Beginning
Shares/Par
Amount
|
|
|
Acquisitions
Shares/Par
Amount
|
|
|
Dispositions
Shares/Par
Amount
|
|
|
Ending
Shares/Par
Amount
|
|
MFS Institutional Money Market Portfolio
|
|
|
9,810,342
|
|
|
|
14,699,702
|
|
|
|
(11,415,956
|
)
|
|
|
13,094,088
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
MFS Institutional Money Market Portfolio
|
|
|
$
|
|
|
|
$
|
|
|
|
$3,583
|
|
|
|
$13,094,088
|
|
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of August 31, 2013, are as follows:
|
|
|
|
|
United States
|
|
|
65.3%
|
|
Canada
|
|
|
7.5%
|
|
France
|
|
|
6.2%
|
|
Australia
|
|
|
5.7%
|
|
Netherlands
|
|
|
3.6%
|
|
United Kingdom
|
|
|
3.4%
|
|
Sweden
|
|
|
3.1%
|
|
Germany
|
|
|
(2.6)%
|
|
Japan
|
|
|
(5.3)%
|
|
Other Countries
|
|
|
13.1%
|
|
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative
holdings, if applicable.
15
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
(a)
|
Based upon their evaluation of the effectiveness of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940 (the Act)) as conducted within 90 days of the filing date of this Form N-Q, the registrants 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 Commissions
rules and forms.
|
(b)
|
There were no changes in the registrants internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
|
File as exhibits as part of
this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this
instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but
are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: MFS SERIES TRUST X
|
|
|
By (Signature and Title)*
|
|
JOHN M. CORCORAN
|
|
|
John M. Corcoran, President
|
Date: October 17, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
|
|
|
By (Signature and Title)*
|
|
JOHN M. CORCORAN
|
|
|
John M. Corcoran, President
(Principal Executive Officer)
|
Date: October 17, 2013
|
|
|
By (Signature and Title)*
|
|
DAVID L. DILORENZO
|
|
|
David L. DiLorenzo, Treasurer
(Principal Financial Officer
and Accounting Officer)
|
Date: October 17, 2013
*
|
Print name and title of each signing officer under his or her signature.
|
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