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 811-06102
MFS SERIES TRUST VI
(Exact name of registrant as specified in charter)
111 Huntington
Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including
area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: January 31, 2014
|
ITEM 1.
|
SCHEDULE OF INVESTMENTS.
|
QUARTERLY REPORT
January 31, 2014
MFS® GLOBAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
1/31/14 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
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Issuer
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Shares/Par
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Value ($)
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Common Stocks - 98.7%
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Aerospace - 5.3%
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Honeywell International, Inc.
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468,148
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$
|
42,709,144
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MTU Aero Engines AG
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123,690
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10,985,143
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United Technologies Corp.
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310,088
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35,356,234
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$
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89,050,521
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Alcoholic Beverages - 6.3%
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Carlsberg Group
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155,631
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$
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15,162,517
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Diageo PLC
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1,298,551
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38,435,057
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Heineken N.V.
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485,723
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29,649,582
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Pernod Ricard S.A.
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219,979
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23,628,047
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$
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106,875,203
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Apparel Manufacturers - 3.9%
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Burberry Group PLC
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400,331
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$
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9,529,348
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Compagnie Financiere Richemont S.A.
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216,252
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20,071,258
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LVMH Moet Hennessy Louis Vuitton S.A.
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171,267
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30,525,038
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NIKE, Inc., “B”
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86,450
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6,297,883
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$
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66,423,527
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Automotive - 1.0%
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Delphi Automotive PLC
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229,136
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$
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13,952,091
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Harley-Davidson, Inc.
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52,590
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3,244,277
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$
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17,196,368
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Broadcasting - 7.6%
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Omnicom Group, Inc.
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230,823
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$
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16,753,133
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Time Warner, Inc.
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458,650
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28,816,980
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Viacom, Inc., “B”
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80,362
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6,597,720
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Walt Disney Co.
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734,045
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53,299,007
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WPP Group PLC
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1,102,513
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23,144,618
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$
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128,611,458
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Brokerage & Asset Managers - 1.7%
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Deutsche Boerse AG
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136,444
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$
|
10,505,817
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Franklin Resources, Inc.
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356,142
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18,522,945
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$
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29,028,762
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Business Services - 4.6%
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Accenture PLC, “A”
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444,606
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$
|
35,515,127
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Adecco S.A.
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151,694
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11,937,756
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Brenntag AG
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47,486
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8,197,679
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Compass Group PLC
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1,413,501
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21,156,872
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$
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76,807,434
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Cable TV - 1.4%
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British Sky Broadcasting Group PLC
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651,630
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$
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9,383,839
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Time Warner Cable, Inc.
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100,490
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13,392,302
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$
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22,776,141
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Chemicals - 1.9%
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3M Co.
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244,312
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$
|
31,318,355
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|
1
Portfolio of Investments (unaudited) – continued
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Issuer
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Shares/Par
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Value ($)
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Common Stocks - continued
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Computer Software - 2.5%
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Check Point Software Technologies Ltd. (a)
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110,350
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|
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$
|
7,220,201
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|
Dassault Systemes S.A.
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29,416
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|
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3,487,685
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Oracle Corp.
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848,533
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31,310,868
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$
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42,018,754
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Computer Software - Systems - 0.3%
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Canon, Inc.
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167,300
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$
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4,896,753
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Consumer Products - 6.1%
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Colgate-Palmolive Co.
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|
372,969
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|
$
|
22,836,892
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|
International Flavors & Fragrances, Inc.
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|
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193,425
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|
16,766,079
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|
|
Procter & Gamble Co.
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74,225
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5,687,120
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Reckitt Benckiser Group PLC
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551,797
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41,390,931
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Svenska Cellulosa Aktiebolaget
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555,017
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15,799,779
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$
|
102,480,801
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Electrical Equipment - 3.7%
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|
Amphenol Corp., “A”
|
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172,138
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$
|
14,955,349
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|
|
Legrand S.A.
|
|
|
374,119
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|
|
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19,872,659
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Rockwell Automation, Inc.
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40,031
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4,597,160
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Schneider Electric S.A.
|
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|
290,047
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23,428,153
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$
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62,853,321
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Electronics - 2.8%
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Altera Corp.
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236,980
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|
$
|
7,922,241
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Hoya Corp.
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551,800
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|
15,247,538
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Microchip Technology, Inc.
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267,395
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11,995,340
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Samsung Electronics Co. Ltd.
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9,656
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11,426,310
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$
|
46,591,429
|
|
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Energy - Independent - 0.4%
|
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INPEX Corp.
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|
632,600
|
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|
$
|
7,442,595
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Food & Beverages - 4.9%
|
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Dr Pepper Snapple Group, Inc.
|
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|
219,099
|
|
|
$
|
10,490,460
|
|
|
Groupe Danone
|
|
|
389,391
|
|
|
|
25,736,036
|
|
|
Nestle S.A.
|
|
|
635,795
|
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|
46,142,735
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$
|
82,369,231
|
|
|
Food & Drug Stores - 0.2%
|
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|
|
|
|
|
|
|
|
Lawson, Inc.
|
|
|
56,200
|
|
|
$
|
4,075,611
|
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|
|
|
|
Gaming & Lodging - 0.3%
|
|
|
|
|
|
|
|
|
|
William Hill PLC
|
|
|
990,789
|
|
|
$
|
5,413,992
|
|
|
|
|
|
|
General Merchandise - 0.6%
|
|
|
|
|
|
|
|
|
|
Target Corp.
|
|
|
184,096
|
|
|
$
|
10,427,197
|
|
|
|
|
|
|
Insurance - 0.5%
|
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|
|
|
|
|
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|
|
Swiss Re Ltd.
|
|
|
88,468
|
|
|
$
|
7,650,021
|
|
|
|
|
|
|
Major Banks - 5.7%
|
|
|
|
|
|
|
|
|
|
Bank of New York Mellon Corp.
|
|
|
825,928
|
|
|
$
|
26,396,659
|
|
|
Goldman Sachs Group, Inc.
|
|
|
111,598
|
|
|
|
18,315,464
|
|
|
Standard Chartered PLC
|
|
|
875,524
|
|
|
|
17,846,996
|
|
2
Portfolio of Investments (unaudited) – continued
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|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
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|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Major Banks - continued
|
|
|
|
|
|
|
|
|
|
State Street Corp.
|
|
|
503,295
|
|
|
$
|
33,695,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
$
|
96,254,719
|
|
|
Medical Equipment - 8.1%
|
|
|
|
|
|
|
|
|
|
DENTSPLY International, Inc.
|
|
|
286,306
|
|
|
$
|
13,210,159
|
|
|
Medtronic, Inc.
|
|
|
365,549
|
|
|
|
20,675,451
|
|
|
Sonova Holding AG
|
|
|
86,450
|
|
|
|
11,880,737
|
|
|
St. Jude Medical, Inc.
|
|
|
383,795
|
|
|
|
23,307,870
|
|
|
Stryker Corp.
|
|
|
94,430
|
|
|
|
7,327,768
|
|
|
Thermo Fisher Scientific, Inc.
|
|
|
374,834
|
|
|
|
43,158,387
|
|
|
Waters Corp. (a)
|
|
|
153,158
|
|
|
|
16,582,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
136,142,789
|
|
|
Network & Telecom - 0.6%
|
|
|
|
|
|
|
|
|
|
Cisco Systems, Inc.
|
|
|
452,386
|
|
|
$
|
9,911,777
|
|
|
|
|
|
|
Oil Services - 2.9%
|
|
|
|
|
|
|
|
|
|
National Oilwell Varco, Inc.
|
|
|
211,966
|
|
|
$
|
15,899,570
|
|
|
Saipem S.p.A.
|
|
|
327,528
|
|
|
|
7,686,224
|
|
|
Schlumberger Ltd.
|
|
|
294,979
|
|
|
|
25,831,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
49,417,105
|
|
|
Other Banks & Diversified Financials - 8.5%
|
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
292,575
|
|
|
$
|
24,874,727
|
|
|
Credicorp Ltd.
|
|
|
27,689
|
|
|
|
3,652,733
|
|
|
Erste Group Bank AG
|
|
|
273,893
|
|
|
|
9,975,633
|
|
|
Grupo Financiero Banorte S.A. de C.V.
|
|
|
822,300
|
|
|
|
5,190,561
|
|
|
ICICI Bank Ltd.
|
|
|
492,501
|
|
|
|
7,618,871
|
|
|
Itau Unibanco Holding S.A., ADR
|
|
|
874,212
|
|
|
|
10,700,355
|
|
|
Julius Baer Group Ltd.
|
|
|
267,251
|
|
|
|
12,984,511
|
|
|
Kasikornbank PLC
|
|
|
988,800
|
|
|
|
5,092,275
|
|
|
Komercni Banka A.S.
|
|
|
16,682
|
|
|
|
3,613,244
|
|
|
Sberbank of Russia, ADR
|
|
|
413,503
|
|
|
|
4,474,102
|
|
|
UBS AG
|
|
|
942,004
|
|
|
|
18,691,504
|
|
|
Visa, Inc., “A”
|
|
|
166,725
|
|
|
|
35,917,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
142,786,083
|
|
|
Pharmaceuticals - 4.8%
|
|
|
|
|
|
|
|
|
|
Bayer AG
|
|
|
297,305
|
|
|
$
|
39,251,468
|
|
|
Johnson & Johnson
|
|
|
123,321
|
|
|
|
10,910,209
|
|
|
Merck KGaA
|
|
|
114,374
|
|
|
|
17,762,603
|
|
|
Roche Holding AG
|
|
|
45,888
|
|
|
|
12,617,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
80,542,025
|
|
|
Railroad & Shipping - 1.9%
|
|
|
|
|
|
|
|
|
|
Canadian National Railway Co.
|
|
|
545,294
|
|
|
$
|
29,173,229
|
|
|
Kuehne & Nagel International AG
|
|
|
26,505
|
|
|
|
3,522,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,695,925
|
|
|
Restaurants - 1.3%
|
|
|
|
|
|
|
|
|
|
McDonald’s Corp.
|
|
|
206,146
|
|
|
$
|
19,412,769
|
|
|
Whitbread PLC
|
|
|
36,286
|
|
|
|
2,237,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,650,261
|
|
3
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Specialty Chemicals - 5.7%
|
|
|
|
|
|
|
|
|
|
Akzo Nobel N.V.
|
|
|
311,017
|
|
|
$
|
22,403,820
|
|
|
L’Air Liquide S.A.
|
|
|
66,304
|
|
|
|
8,334,336
|
|
|
Linde AG
|
|
|
239,970
|
|
|
|
45,472,479
|
|
|
Praxair, Inc.
|
|
|
155,602
|
|
|
|
19,406,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
95,617,316
|
|
|
Specialty Stores - 1.6%
|
|
|
|
|
|
|
|
|
|
AutoZone, Inc. (a)
|
|
|
29,962
|
|
|
$
|
14,832,988
|
|
|
Sally Beauty Holdings, Inc. (a)
|
|
|
454,141
|
|
|
|
12,888,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,721,510
|
|
|
Trucking - 1.6%
|
|
|
|
|
|
|
|
|
|
United Parcel Service, Inc., “B”
|
|
|
280,545
|
|
|
$
|
26,716,300
|
|
|
Total Common Stocks
|
|
|
|
|
|
$
|
1,663,763,284
|
|
|
|
|
|
|
Money Market Funds - 1.1%
|
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
18,686,750
|
|
|
$
|
18,686,750
|
|
|
Total Investments
|
|
|
|
|
|
$
|
1,682,450,034
|
|
|
|
|
|
|
Other Assets, Less Liabilities - 0.2%
|
|
|
|
|
|
|
2,923,550
|
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
1,685,373,584
|
|
|
(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
|
|
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
1/31/14 (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 fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that
reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation
policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information
from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the
investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the
exchange or market on which the security is principally traded. 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 fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies
on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial
condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can
differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There
can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases,
the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value
measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active
markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs,
which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of January 31, 2014, in valuing the fund’s assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$862,036,098
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$862,036,098
|
|
|
United Kingdom
|
|
|
168,539,146
|
|
|
|
—
|
|
|
|
—
|
|
|
|
168,539,146
|
|
|
Switzerland
|
|
|
145,498,962
|
|
|
|
—
|
|
|
|
—
|
|
|
|
145,498,962
|
|
|
France
|
|
|
135,011,955
|
|
|
|
—
|
|
|
|
—
|
|
|
|
135,011,955
|
|
|
Germany
|
|
|
132,175,190
|
|
|
|
—
|
|
|
|
—
|
|
|
|
132,175,190
|
|
|
Netherlands
|
|
|
52,053,402
|
|
|
|
—
|
|
|
|
—
|
|
|
|
52,053,402
|
|
|
Japan
|
|
|
—
|
|
|
|
31,662,497
|
|
|
|
—
|
|
|
|
31,662,497
|
|
|
Canada
|
|
|
29,173,229
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,173,229
|
|
|
Sweden
|
|
|
15,799,779
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,799,779
|
|
|
Other Countries
|
|
|
72,767,845
|
|
|
|
19,045,181
|
|
|
|
—
|
|
|
|
91,813,026
|
|
|
Mutual Funds
|
|
|
18,686,750
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18,686,750
|
|
|
Total Investments
|
|
|
$1,631,742,356
|
|
|
|
$50,707,678
|
|
|
|
$—
|
|
|
|
$1,682,450,034
|
|
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 $50,707,678 would have been considered level 1 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 fund’s foreign equity securities may often be valued at fair value. The fund’s 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
|
|
|
$1,265,139,927
|
|
|
Gross unrealized appreciation
|
|
|
434,129,564
|
|
|
Gross unrealized depreciation
|
|
|
(16,819,457
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
$417,310,107
|
|
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
|
|
|
20,403,361
|
|
|
|
71,918,926
|
|
|
|
(73,635,537
|
)
|
|
|
18,686,750
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$5,881
|
|
|
|
$18,686,750
|
|
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of January 31, 2014, are as follows:
|
|
|
|
|
|
|
United States
|
|
|
52.4%
|
|
|
United Kingdom
|
|
|
10.0%
|
|
|
Switzerland
|
|
|
8.6%
|
|
|
France
|
|
|
8.0%
|
|
|
Germany
|
|
|
7.8%
|
|
|
Netherlands
|
|
|
3.1%
|
|
|
Japan
|
|
|
1.9%
|
|
|
Canada
|
|
|
1.7%
|
|
|
Sweden
|
|
|
0.9%
|
|
|
Other Countries
|
|
|
5.6%
|
|
6
QUARTERLY REPORT
January 31, 2014
MFS® GLOBAL TOTAL
RETURN FUND
PORTFOLIO OF INVESTMENTS
1/31/14 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - 59.0%
|
|
|
|
|
|
|
|
|
|
Aerospace - 3.6%
|
|
|
|
|
|
|
|
|
|
Cobham PLC
|
|
|
845,254
|
|
|
$
|
4,081,000
|
|
|
Honeywell International, Inc.
|
|
|
104,700
|
|
|
|
9,551,781
|
|
|
Lockheed Martin Corp.
|
|
|
101,980
|
|
|
|
15,389,802
|
|
|
Northrop Grumman Corp.
|
|
|
38,860
|
|
|
|
4,490,273
|
|
|
United Technologies Corp.
|
|
|
85,760
|
|
|
|
9,778,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,291,211
|
|
|
Alcoholic Beverages - 1.1%
|
|
|
|
|
|
|
|
|
|
Heineken N.V.
|
|
|
138,681
|
|
|
$
|
8,465,388
|
|
|
Pernod Ricard S.A.
|
|
|
40,996
|
|
|
|
4,403,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,868,788
|
|
|
Automotive - 0.7%
|
|
|
|
|
|
|
|
|
|
Johnson Controls, Inc.
|
|
|
101,360
|
|
|
$
|
4,674,723
|
|
|
USS Co. Ltd.
|
|
|
281,400
|
|
|
|
3,844,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,519,520
|
|
|
Broadcasting - 2.0%
|
|
|
|
|
|
|
|
|
|
Fuji Television Network, Inc.
|
|
|
148,900
|
|
|
$
|
2,779,864
|
|
|
Nippon Television Holdings, Inc.
|
|
|
159,800
|
|
|
|
2,729,841
|
|
|
Omnicom Group, Inc.
|
|
|
80,510
|
|
|
|
5,843,416
|
|
|
Viacom, Inc., “B”
|
|
|
46,940
|
|
|
|
3,853,774
|
|
|
Walt Disney Co.
|
|
|
118,830
|
|
|
|
8,628,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,835,141
|
|
|
Brokerage & Asset Managers - 1.0%
|
|
|
|
|
|
|
|
|
|
BlackRock, Inc.
|
|
|
18,579
|
|
|
$
|
5,582,432
|
|
|
Computershare Ltd.
|
|
|
188,879
|
|
|
|
1,839,988
|
|
|
Daiwa Securities Group, Inc.
|
|
|
351,000
|
|
|
|
3,269,955
|
|
|
Franklin Resources, Inc.
|
|
|
33,281
|
|
|
|
1,730,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,423,320
|
|
|
Business Services - 3.2%
|
|
|
|
|
|
|
|
|
|
Accenture PLC, “A”
|
|
|
132,400
|
|
|
$
|
10,576,112
|
|
|
Amadeus Holdings AG
|
|
|
203,687
|
|
|
|
8,064,190
|
|
|
Bunzl PLC
|
|
|
235,202
|
|
|
|
5,366,682
|
|
|
Compass Group PLC
|
|
|
613,770
|
|
|
|
9,186,731
|
|
|
Nomura Research Institute Ltd.
|
|
|
173,800
|
|
|
|
5,677,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
38,871,624
|
|
|
Cable TV - 0.5%
|
|
|
|
|
|
|
|
|
|
Comcast Corp., “Special A”
|
|
|
114,070
|
|
|
$
|
5,971,565
|
|
|
|
|
|
|
Chemicals - 1.8%
|
|
|
|
|
|
|
|
|
|
3M Co.
|
|
|
83,606
|
|
|
$
|
10,717,453
|
|
|
Givaudan S.A.
|
|
|
3,299
|
|
|
|
4,883,095
|
|
|
PPG Industries, Inc.
|
|
|
33,235
|
|
|
|
6,060,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,661,283
|
|
|
Computer Software - 0.5%
|
|
|
|
|
|
|
|
|
|
Oracle Corp.
|
|
|
178,110
|
|
|
$
|
6,572,259
|
|
1
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Computer Software - Systems - 1.1%
|
|
|
|
|
|
|
|
|
|
Canon, Inc.
|
|
|
141,900
|
|
|
$
|
4,153,313
|
|
|
International Business Machines Corp.
|
|
|
51,464
|
|
|
|
9,092,660
|
|
|
Recall Holdings Ltd. (a)
|
|
|
121,195
|
|
|
|
476,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,722,199
|
|
|
Construction - 0.6%
|
|
|
|
|
|
|
|
|
|
Geberit AG
|
|
|
12,225
|
|
|
$
|
3,548,911
|
|
|
Stanley Black & Decker, Inc.
|
|
|
51,670
|
|
|
|
3,999,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,548,169
|
|
|
Consumer Products - 3.2%
|
|
|
|
|
|
|
|
|
|
Henkel KGaA, IPS
|
|
|
97,626
|
|
|
$
|
10,583,489
|
|
|
Kao Corp.
|
|
|
392,700
|
|
|
|
12,440,355
|
|
|
Kose Corp.
|
|
|
70,300
|
|
|
|
2,200,866
|
|
|
Procter & Gamble Co.
|
|
|
82,380
|
|
|
|
6,311,956
|
|
|
Reckitt Benckiser Group PLC
|
|
|
93,560
|
|
|
|
7,018,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
38,554,710
|
|
|
Containers - 0.4%
|
|
|
|
|
|
|
|
|
|
Brambles Ltd.
|
|
|
605,982
|
|
|
$
|
4,755,509
|
|
|
|
|
|
|
Electrical Equipment - 1.6%
|
|
|
|
|
|
|
|
|
|
Danaher Corp.
|
|
|
67,690
|
|
|
$
|
5,035,459
|
|
|
Legrand S.A.
|
|
|
102,138
|
|
|
|
5,425,422
|
|
|
Pentair Ltd.
|
|
|
19,825
|
|
|
|
1,473,592
|
|
|
Spectris PLC
|
|
|
69,088
|
|
|
|
2,523,609
|
|
|
Tyco International Ltd.
|
|
|
123,770
|
|
|
|
5,011,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,469,529
|
|
|
Electronics - 1.0%
|
|
|
|
|
|
|
|
|
|
Halma PLC
|
|
|
296,695
|
|
|
$
|
2,919,105
|
|
|
Hirose Electric Co. Ltd.
|
|
|
22,500
|
|
|
|
3,158,090
|
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
|
|
395,544
|
|
|
|
6,692,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,769,799
|
|
|
Energy - Independent - 0.7%
|
|
|
|
|
|
|
|
|
|
Cairn Energy PLC (a)
|
|
|
518,633
|
|
|
$
|
1,838,164
|
|
|
Occidental Petroleum Corp.
|
|
|
77,660
|
|
|
|
6,800,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,638,850
|
|
|
Energy - Integrated - 2.5%
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
44,154
|
|
|
$
|
4,928,911
|
|
|
Exxon Mobil Corp.
|
|
|
125,230
|
|
|
|
11,541,197
|
|
|
Royal Dutch Shell PLC, “A”
|
|
|
297,430
|
|
|
|
10,284,962
|
|
|
Suncor Energy, Inc.
|
|
|
117,936
|
|
|
|
3,874,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30,629,618
|
|
|
Food & Beverages - 2.8%
|
|
|
|
|
|
|
|
|
|
General Mills, Inc.
|
|
|
133,920
|
|
|
$
|
6,430,838
|
|
|
Groupe Danone
|
|
|
197,165
|
|
|
|
13,031,235
|
|
|
Nestle S.A.
|
|
|
206,837
|
|
|
|
15,011,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
34,473,240
|
|
|
Food & Drug Stores - 1.2%
|
|
|
|
|
|
|
|
|
|
CVS Caremark Corp.
|
|
|
158,800
|
|
|
$
|
10,753,936
|
|
|
Lawson, Inc.
|
|
|
54,300
|
|
|
|
3,937,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,691,759
|
|
2
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
General Merchandise - 0.5%
|
|
|
|
|
|
|
|
|
|
Target Corp.
|
|
|
114,050
|
|
|
$
|
6,459,792
|
|
|
|
|
|
|
Insurance - 3.9%
|
|
|
|
|
|
|
|
|
|
ACE Ltd.
|
|
|
39,290
|
|
|
$
|
3,685,795
|
|
|
Aon PLC
|
|
|
65,210
|
|
|
|
5,246,797
|
|
|
Hiscox Ltd.
|
|
|
283,779
|
|
|
|
2,976,297
|
|
|
ING Groep N.V. (a)
|
|
|
412,792
|
|
|
|
5,478,249
|
|
|
MetLife, Inc.
|
|
|
162,800
|
|
|
|
7,985,340
|
|
|
Prudential Financial, Inc.
|
|
|
58,590
|
|
|
|
4,944,410
|
|
|
Swiss Re Ltd.
|
|
|
71,006
|
|
|
|
6,140,043
|
|
|
Travelers Cos., Inc.
|
|
|
92,550
|
|
|
|
7,522,464
|
|
|
Zurich Insurance Group AG
|
|
|
13,781
|
|
|
|
4,002,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,981,532
|
|
|
Leisure & Toys - 0.2%
|
|
|
|
|
|
|
|
|
|
Hasbro, Inc.
|
|
|
52,820
|
|
|
$
|
2,594,518
|
|
|
|
|
|
|
Machinery & Tools - 0.5%
|
|
|
|
|
|
|
|
|
|
GLORY Ltd.
|
|
|
75,800
|
|
|
$
|
1,860,659
|
|
|
Neopost S.A. (l)
|
|
|
44,596
|
|
|
|
3,783,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,643,882
|
|
|
Major Banks - 4.8%
|
|
|
|
|
|
|
|
|
|
Bank of New York Mellon Corp.
|
|
|
203,368
|
|
|
$
|
6,499,641
|
|
|
Goldman Sachs Group, Inc.
|
|
|
34,481
|
|
|
|
5,659,022
|
|
|
HSBC Holdings PLC
|
|
|
732,828
|
|
|
|
7,553,444
|
|
|
JPMorgan Chase & Co.
|
|
|
249,330
|
|
|
|
13,802,909
|
|
|
State Street Corp.
|
|
|
91,710
|
|
|
|
6,139,985
|
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
|
57,000
|
|
|
|
2,636,915
|
|
|
Toronto-Dominion Bank
|
|
|
23,417
|
|
|
|
2,025,163
|
|
|
Wells Fargo & Co.
|
|
|
309,430
|
|
|
|
14,029,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
58,346,635
|
|
|
Medical & Health Technology & Services - 0.4%
|
|
|
|
|
|
|
|
|
|
Kobayashi Pharmaceutical Co. Ltd.
|
|
|
54,700
|
|
|
$
|
2,968,403
|
|
|
Quest Diagnostics, Inc.
|
|
|
37,760
|
|
|
|
1,982,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,950,803
|
|
|
Medical Equipment - 1.3%
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories
|
|
|
175,190
|
|
|
$
|
6,422,465
|
|
|
Medtronic, Inc.
|
|
|
112,100
|
|
|
|
6,340,376
|
|
|
St. Jude Medical, Inc.
|
|
|
53,240
|
|
|
|
3,233,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,996,106
|
|
|
Network & Telecom - 1.3%
|
|
|
|
|
|
|
|
|
|
Ericsson, Inc., “B”
|
|
|
769,968
|
|
|
$
|
9,402,180
|
|
|
Nokia Oyj (a)
|
|
|
914,561
|
|
|
|
6,346,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,748,375
|
|
|
Other Banks & Diversified Financials - 0.7%
|
|
|
|
|
|
|
|
|
|
DNB A.S.A.
|
|
|
279,612
|
|
|
$
|
4,725,937
|
|
|
Hachijuni Bank Ltd.
|
|
|
184,000
|
|
|
|
1,017,982
|
|
|
North Pacific Ltd.
|
|
|
170,000
|
|
|
|
659,946
|
|
|
U.S. Bancorp
|
|
|
59,420
|
|
|
|
2,360,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,764,622
|
|
3
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 6.4%
|
|
|
|
|
|
|
|
|
|
Bayer AG
|
|
|
79,494
|
|
|
$
|
10,495,135
|
|
|
GlaxoSmithKline PLC
|
|
|
542,233
|
|
|
|
13,941,134
|
|
|
Johnson & Johnson
|
|
|
179,280
|
|
|
|
15,860,902
|
|
|
Novartis AG
|
|
|
117,040
|
|
|
|
9,268,706
|
|
|
Pfizer, Inc.
|
|
|
511,790
|
|
|
|
15,558,416
|
|
|
Roche Holding AG
|
|
|
37,256
|
|
|
|
10,244,219
|
|
|
Santen Pharmaceutical Co. Ltd.
|
|
|
57,200
|
|
|
|
2,403,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
77,772,504
|
|
|
Printing & Publishing - 0.3%
|
|
|
|
|
|
|
|
|
|
Moody’s Corp.
|
|
|
41,330
|
|
|
$
|
3,082,391
|
|
|
Pearson PLC
|
|
|
22,060
|
|
|
|
403,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,485,652
|
|
|
Railroad & Shipping - 0.2%
|
|
|
|
|
|
|
|
|
|
Canadian National Railway Co.
|
|
|
36,900
|
|
|
$
|
1,974,150
|
|
|
|
|
|
|
Real Estate - 0.7%
|
|
|
|
|
|
|
|
|
|
Deutsche Wohnen AG (a)
|
|
|
185,046
|
|
|
$
|
3,364,224
|
|
|
Deutsche Wohnen AG
|
|
|
287,020
|
|
|
|
5,378,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,743,032
|
|
|
Restaurants - 0.5%
|
|
|
|
|
|
|
|
|
|
McDonald’s Corp.
|
|
|
68,865
|
|
|
$
|
6,485,017
|
|
|
|
|
|
|
Specialty Stores - 0.2%
|
|
|
|
|
|
|
|
|
|
Esprit Holdings Ltd. (a)
|
|
|
1,349,350
|
|
|
$
|
2,544,435
|
|
|
|
|
|
|
Telecommunications - Wireless - 2.6%
|
|
|
|
|
|
|
|
|
|
KDDI Corp.
|
|
|
323,600
|
|
|
$
|
17,792,166
|
|
|
NTT DoCoMo, Inc.
|
|
|
158,100
|
|
|
|
2,541,614
|
|
|
Vodafone Group PLC
|
|
|
3,189,451
|
|
|
|
11,878,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
32,212,110
|
|
|
Telephone Services - 1.3%
|
|
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
|
109,480
|
|
|
$
|
3,647,874
|
|
|
TDC A.S.
|
|
|
348,130
|
|
|
|
3,272,135
|
|
|
Telecom Italia S.p.A.
|
|
|
2,249,424
|
|
|
|
1,896,124
|
|
|
Verizon Communications, Inc.
|
|
|
157,560
|
|
|
|
7,566,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,382,164
|
|
|
Tobacco - 2.8%
|
|
|
|
|
|
|
|
|
|
British American Tobacco PLC
|
|
|
161,499
|
|
|
$
|
7,741,636
|
|
|
Japan Tobacco, Inc.
|
|
|
248,500
|
|
|
|
7,675,323
|
|
|
Lorillard, Inc.
|
|
|
97,060
|
|
|
|
4,777,293
|
|
|
Philip Morris International, Inc.
|
|
|
171,610
|
|
|
|
13,409,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
33,603,857
|
|
|
Trucking - 0.9%
|
|
|
|
|
|
|
|
|
|
United Parcel Service, Inc., “B”
|
|
|
31,520
|
|
|
$
|
3,001,650
|
|
|
Yamato Holdings Co. Ltd.
|
|
|
380,700
|
|
|
|
7,985,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,986,995
|
|
|
Total Common Stocks
|
|
|
|
|
|
$
|
719,944,274
|
|
4
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - 36.5%
|
|
|
|
|
|
|
|
|
|
Asset-Backed & Securitized - 1.0%
|
|
|
|
|
|
|
|
|
|
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.322%, 2049
|
|
$
|
1,489,951
|
|
|
$
|
1,637,230
|
|
|
Commercial Mortgage Pass-Through Certificates, “A3”, 5.293%, 2049
|
|
|
995,797
|
|
|
|
1,014,304
|
|
|
Commercial Mortgage Pass-Through Certificates, “A4”, 5.306%, 2046
|
|
|
995,797
|
|
|
|
1,084,470
|
|
|
G-Force LLC, CDO, “A2”, 4.83%, 2036 (z)
|
|
|
30,098
|
|
|
|
30,745
|
|
|
Goldman Sachs Mortgage Securities Corp., FRN, 5.806%, 2045
|
|
|
3,520,000
|
|
|
|
3,880,057
|
|
|
JPMorgan Chase Commercial Mortgage Securities Corp., “A3”, FRN, 5.813%, 2049
|
|
|
1,058,797
|
|
|
|
1,081,169
|
|
|
JPMorgan Chase Commercial Mortgage Securities Corp., “A3”, FRN, 5.922%, 2051
|
|
|
1,023,480
|
|
|
|
1,032,362
|
|
|
JPMorgan Chase Commercial Mortgage Securities Corp., “A4”, FRN, 5.813%, 2049
|
|
|
1,040,000
|
|
|
|
1,161,100
|
|
|
Merrill Lynch Mortgage Trust, “A3”, FRN, 5.841%, 2050
|
|
|
163,699
|
|
|
|
168,634
|
|
|
Merrill Lynch Mortgage Trust, FRN, 5.841%, 2050
|
|
|
1,040,000
|
|
|
|
1,158,376
|
|
|
Wachovia Bank Commercial Mortgage Trust, “A4”, FRN, 5.922%, 2051
|
|
|
510,000
|
|
|
|
560,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,809,035
|
|
|
Automotive - 0.6%
|
|
|
|
|
|
|
|
|
|
Daimler Finance North America LLC, 1.875%, 2018 (n)
|
|
$
|
492,000
|
|
|
$
|
492,710
|
|
|
FCE Bank, 1.875%, 2016
|
|
EUR
|
350,000
|
|
|
|
480,420
|
|
|
Ford Motor Credit Co. LLC, 1.7%, 2016
|
|
$
|
853,000
|
|
|
|
863,060
|
|
|
RCI Banque S.A., 4.25%, 2017
|
|
EUR
|
450,000
|
|
|
|
659,676
|
|
|
Toyota Motor Credit Corp., 0.875%, 2015
|
|
$
|
1,163,000
|
|
|
|
1,171,322
|
|
|
TRW Automotive, Inc., 4.5%, 2021 (n)
|
|
|
227,000
|
|
|
|
229,838
|
|
|
TRW Automotive, Inc., 4.45%, 2023 (n)
|
|
|
520,000
|
|
|
|
504,400
|
|
|
Volkswagen International Finance N.V., 1.15%, 2015 (n)
|
|
|
1,810,000
|
|
|
|
1,825,457
|
|
|
Volkswagen International Finance N.V., 2.375%, 2017 (n)
|
|
|
534,000
|
|
|
|
551,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,778,743
|
|
|
Biotechnology - 0.1%
|
|
|
|
|
|
|
|
|
|
Life Technologies Corp., 6%, 2020
|
|
$
|
790,000
|
|
|
$
|
922,721
|
|
|
|
|
|
|
Broadcasting - 0.1%
|
|
|
|
|
|
|
|
|
|
Discovery Communications, Inc., 4.875%, 2043
|
|
$
|
610,000
|
|
|
$
|
586,198
|
|
|
Myriad International Holdings B.V., 6%, 2020 (n)
|
|
|
650,000
|
|
|
|
682,500
|
|
|
Vivendi S.A., 4%, 2017
|
|
EUR
|
400,000
|
|
|
|
585,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,854,663
|
|
|
Building - 0.2%
|
|
|
|
|
|
|
|
|
|
CRH Finance Ltd., 3.125%, 2023
|
|
EUR
|
350,000
|
|
|
$
|
482,505
|
|
|
Holcim GB Finance Ltd., 8.75%, 2017
|
|
GBP
|
200,000
|
|
|
|
394,929
|
|
|
Mohawk Industries, Inc., 6.125%, 2016
|
|
$
|
483,000
|
|
|
|
525,263
|
|
|
Owens Corning, Inc., 6.5%, 2016
|
|
|
157,000
|
|
|
|
174,641
|
|
|
Owens Corning, Inc., 4.2%, 2022
|
|
|
376,000
|
|
|
|
371,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,948,782
|
|
|
Business Services - 0.0%
|
|
|
|
|
|
|
|
|
|
Fidelity National Information Services, Inc., 5%, 2022
|
|
$
|
483,000
|
|
|
$
|
498,527
|
|
|
|
|
|
|
Cable TV - 0.3%
|
|
|
|
|
|
|
|
|
|
Comcast Corp., 4.65%, 2042
|
|
$
|
614,000
|
|
|
$
|
588,373
|
|
|
Cox Communications, Inc., 3.25%, 2022 (n)
|
|
|
495,000
|
|
|
|
463,432
|
|
|
NBCUniversal Media LLC, 5.15%, 2020
|
|
|
728,000
|
|
|
|
824,942
|
|
|
Shaw Communications, 5.65%, 2019
|
|
CAD
|
510,000
|
|
|
|
517,322
|
|
|
Time Warner Cable, Inc., 5.75%, 2031
|
|
GBP
|
250,000
|
|
|
|
371,577
|
|
|
Time Warner Cable, Inc., 4.5%, 2042
|
|
$
|
721,000
|
|
|
|
551,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,317,543
|
|
5
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Chemicals - 0.1%
|
|
|
|
|
|
|
|
|
|
Dow Chemical Co., 8.55%, 2019
|
|
$
|
580,000
|
|
|
$
|
746,261
|
|
|
FMC Corp., 4.1%, 2024
|
|
|
436,000
|
|
|
|
443,527
|
|
|
LyondellBasell Industries N.V., 5%, 2019
|
|
|
597,000
|
|
|
|
668,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,858,224
|
|
|
Conglomerates - 0.2%
|
|
|
|
|
|
|
|
|
|
Alstom S.A., 2.25%, 2017
|
|
EUR
|
400,000
|
|
|
$
|
545,466
|
|
|
Roper Industries, Inc., 1.85%, 2017
|
|
$
|
251,000
|
|
|
|
251,634
|
|
|
Siemens Financieringsmaat N.V., 5.25%, 2066
|
|
EUR
|
300,000
|
|
|
|
433,944
|
|
|
Siemens Financieringsmaat N.V., 6.125%, 2066
|
|
GBP
|
150,000
|
|
|
|
266,558
|
|
|
Voto Votorantim Ltd., 5.25%, 2017
|
|
EUR
|
350,000
|
|
|
|
506,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,003,762
|
|
|
Consumer Products - 0.2%
|
|
|
|
|
|
|
|
|
|
Henkel AG & Co. KgaA, 5.375%, 2104
|
|
EUR
|
300,000
|
|
|
$
|
427,220
|
|
|
Newell Rubbermaid, Inc., 4.7%, 2020
|
|
$
|
730,000
|
|
|
|
787,940
|
|
|
Prosegur Cia de Seguridad S.A., 2.75%, 2018
|
|
EUR
|
400,000
|
|
|
|
551,915
|
|
|
Reckitt Benckiser Treasury Services PLC, 3.625%, 2023 (n)
|
|
$
|
731,000
|
|
|
|
738,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,505,721
|
|
|
Defense Electronics - 0.0%
|
|
|
|
|
|
|
|
|
|
BAE Systems, 4.125%, 2022
|
|
GBP
|
350,000
|
|
|
$
|
589,179
|
|
|
|
|
|
|
Electronics - 0.0%
|
|
|
|
|
|
|
|
|
|
Tyco Electronics Group S.A., 2.375%, 2018
|
|
$
|
522,000
|
|
|
$
|
520,042
|
|
|
|
|
|
|
Emerging Market Quasi-Sovereign - 0.3%
|
|
|
|
|
|
|
|
|
|
Comision Federal de Electricidad, 5.75%, 2042 (n)
|
|
$
|
677,000
|
|
|
$
|
627,918
|
|
|
Corporacion Nacional del Cobre de Chile, 3.75%, 2020 (n)
|
|
|
271,000
|
|
|
|
275,247
|
|
|
Empresa Nacional del Petroleo, 6.25%, 2019
|
|
|
265,000
|
|
|
|
293,311
|
|
|
Gaz Capital S.A., 3.85%, 2020 (n)
|
|
|
1,081,000
|
|
|
|
1,026,950
|
|
|
Gaz Capital S.A., 3.389%, 2020
|
|
EUR
|
300,000
|
|
|
|
399,552
|
|
|
Pemex Project Funding Master Trust, 5.75%, 2018
|
|
$
|
523,000
|
|
|
|
578,046
|
|
|
Petroleos Mexicanos, 5.5%, 2021
|
|
|
232,000
|
|
|
|
247,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,448,104
|
|
|
Emerging Market Sovereign - 0.5%
|
|
|
|
|
|
|
|
|
|
Government of Thailand, 3.625%, 2023
|
|
THB
|
53,310,000
|
|
|
$
|
1,574,368
|
|
|
Republic of Colombia, 6.125%, 2041
|
|
$
|
613,000
|
|
|
|
639,053
|
|
|
Republic of Peru, 7.35%, 2025
|
|
|
700,000
|
|
|
|
871,500
|
|
|
Russian Federation, 4.5%, 2022 (n)
|
|
|
200,000
|
|
|
|
199,800
|
|
|
United Mexican States, 8.5%, 2029
|
|
MXN
|
27,890,000
|
|
|
|
2,319,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,604,414
|
|
|
Energy - Independent - 0.0%
|
|
|
|
|
|
|
|
|
|
EOG Resources, Inc., 2.625%, 2023
|
|
$
|
269,000
|
|
|
$
|
251,655
|
|
|
|
|
|
|
Energy - Integrated - 0.1%
|
|
|
|
|
|
|
|
|
|
BG Energy Capital PLC, 6.5%, 2072
|
|
EUR
|
350,000
|
|
|
$
|
521,610
|
|
|
Eni S.p.A., 4%, 2020
|
|
EUR
|
300,000
|
|
|
|
450,137
|
|
|
LUKOIL International Finance B.V., 4.563%, 2023 (n)
|
|
$
|
500,000
|
|
|
|
461,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,432,997
|
|
|
Financial Institutions - 0.1%
|
|
|
|
|
|
|
|
|
|
General Electric Capital Corp., 3.1%, 2023
|
|
$
|
989,000
|
|
|
$
|
953,291
|
|
|
International Lease Finance Corp., 7.125%, 2018 (n)
|
|
|
569,000
|
|
|
|
658,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,611,909
|
|
6
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Food & Beverages - 0.3%
|
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev S.A., 5.375%, 2020
|
|
$
|
672,000
|
|
|
$
|
778,632
|
|
|
BFF International Ltd., 7.25%, 2020
|
|
|
266,000
|
|
|
|
289,940
|
|
|
Coca-Cola Co., 4.25%, 2016
|
|
EUR
|
350,000
|
|
|
|
511,679
|
|
|
Conagra Foods, Inc., 3.2%, 2023
|
|
$
|
729,000
|
|
|
|
695,694
|
|
|
Grupo Bimbo S.A.B. de C.V., 4.5%, 2022 (n)
|
|
|
629,000
|
|
|
|
631,261
|
|
|
Tyson Foods, Inc., 6.6%, 2016
|
|
|
900,000
|
|
|
|
1,003,918
|
|
|
Wm. Wrigley Jr. Co., 2.9%, 2019 (n)
|
|
|
277,000
|
|
|
|
279,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,190,466
|
|
|
Food & Drug Stores - 0.0%
|
|
|
|
|
|
|
|
|
|
CVS Caremark Corp., 5.75%, 2017
|
|
$
|
305,000
|
|
|
$
|
347,378
|
|
|
|
|
|
|
Forest & Paper Products - 0.1%
|
|
|
|
|
|
|
|
|
|
Georgia-Pacific LLC, 5.4%, 2020 (n)
|
|
$
|
793,000
|
|
|
$
|
897,620
|
|
|
Packaging Corp. of America, 3.9%, 2022
|
|
|
483,000
|
|
|
|
480,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,378,360
|
|
|
Gaming & Lodging - 0.1%
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide Corp., 2.5%, 2018
|
|
$
|
500,000
|
|
|
$
|
506,145
|
|
|
Wyndham Worldwide Corp., 5.625%, 2021
|
|
|
350,000
|
|
|
|
382,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
888,261
|
|
|
Insurance - 0.5%
|
|
|
|
|
|
|
|
|
|
American International Group, Inc., 4.875%, 2022
|
|
$
|
226,000
|
|
|
$
|
245,946
|
|
|
American International Group, Inc., 4.875%, 2067
|
|
EUR
|
600,000
|
|
|
|
806,388
|
|
|
Assicurazioni Generali S.p.A., 7.75%, 2042
|
|
EUR
|
200,000
|
|
|
|
313,592
|
|
|
Aviva PLC, FRN, 5.7%, 2049
|
|
EUR
|
930,000
|
|
|
|
1,304,463
|
|
|
CNP Assurances S.A., 6% to 2020, FRN to 2040
|
|
EUR
|
450,000
|
|
|
|
652,434
|
|
|
Delta Lloyd Levensverzek, FRN, 9%, 2042
|
|
EUR
|
450,000
|
|
|
|
744,836
|
|
|
UnumProvident Corp., 6.85%, 2015 (n)
|
|
$
|
1,367,000
|
|
|
|
1,494,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,562,197
|
|
|
Insurance - Property & Casualty - 0.5%
|
|
|
|
|
|
|
|
|
|
Amlin PLC, 6.5%, 2026
|
|
GBP
|
200,000
|
|
|
$
|
340,287
|
|
|
AXIS Capital Holdings Ltd., 5.75%, 2014
|
|
$
|
1,440,000
|
|
|
|
1,498,147
|
|
|
Berkshire Hathaway, Inc., 4.5%, 2043
|
|
|
490,000
|
|
|
|
466,803
|
|
|
Chubb Corp., 6.375% to 2017, FRN to 2067
|
|
|
730,000
|
|
|
|
804,825
|
|
|
Clerical Medical Finance PLC, 4.25%, 2049
|
|
EUR
|
500,000
|
|
|
|
681,093
|
|
|
Marsh & McLennan Cos., Inc., 2.55%, 2018
|
|
$
|
293,000
|
|
|
|
296,612
|
|
|
QBE Capital Funding IV LP, 7.5% to 2021, FRN to 2041
|
|
GBP
|
300,000
|
|
|
|
528,078
|
|
|
ZFS Finance USA Trust II, 6.45% to 2016, FRN to 2065 (n)
|
|
$
|
1,259,000
|
|
|
|
1,347,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,962,975
|
|
|
International Market Quasi-Sovereign - 0.4%
|
|
|
|
|
|
|
|
|
|
Electricite De France, 6% to 2026, FRN to 2049
|
|
GBP
|
300,000
|
|
|
$
|
500,567
|
|
|
Electricite de France, FRN, 5.25%, 2049 (n)
|
|
$
|
810,000
|
|
|
|
782,663
|
|
|
ESB Finance Ltd., 4.375%, 2019
|
|
EUR
|
400,000
|
|
|
|
606,653
|
|
|
Statoil A.S.A., 4.25%, 2041
|
|
$
|
660,000
|
|
|
|
631,506
|
|
|
Statoil A.S.A., FRN, 0.526%, 2018
|
|
|
477,000
|
|
|
|
476,603
|
|
|
Temasek Financial I Ltd., 2.375%, 2023 (n)
|
|
|
1,450,000
|
|
|
|
1,341,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,339,716
|
|
|
International Market Sovereign - 19.7%
|
|
|
|
|
|
|
|
|
|
Federal Republic of Germany, 2.5%, 2044
|
|
EUR
|
1,369,000
|
|
|
$
|
1,851,817
|
|
|
Federal Republic of Germany, 3.25%, 2021
|
|
EUR
|
3,231,000
|
|
|
|
5,017,746
|
|
|
Federal Republic of Germany, 6.25%, 2030
|
|
EUR
|
3,483,000
|
|
|
|
7,218,682
|
|
7
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
International Market Sovereign - continued
|
|
|
|
|
|
|
|
|
|
Government of Australia, 5.75%, 2021
|
|
AUD
|
15,121,000
|
|
|
$
|
14,974,624
|
|
|
Government of Canada, 4.5%, 2015
|
|
CAD
|
4,984,000
|
|
|
|
4,682,879
|
|
|
Government of Canada, 4.25%, 2018
|
|
CAD
|
13,092,000
|
|
|
|
13,134,200
|
|
|
Government of Canada, 3.25%, 2021
|
|
CAD
|
8,191,000
|
|
|
|
7,982,502
|
|
|
Government of Canada, 5.75%, 2033
|
|
CAD
|
2,272,000
|
|
|
|
2,925,500
|
|
|
Government of Japan, 1.1%, 2020
|
|
JPY
|
3,250,400,000
|
|
|
|
33,409,989
|
|
|
Government of Japan, 2.1%, 2024
|
|
JPY
|
2,154,350,000
|
|
|
|
24,173,738
|
|
|
Government of Japan, 2.2%, 2027
|
|
JPY
|
542,700,000
|
|
|
|
6,194,227
|
|
|
Government of Japan, 2.4%, 2037
|
|
JPY
|
325,150,000
|
|
|
|
3,696,494
|
|
|
Government of Japan, 2%, 2052
|
|
JPY
|
127,000,000
|
|
|
|
1,344,716
|
|
|
Kingdom of Belgium, 4.25%, 2021
|
|
EUR
|
5,416,000
|
|
|
|
8,620,110
|
|
|
Kingdom of Spain, 5.4%, 2023
|
|
EUR
|
4,179,000
|
|
|
|
6,420,779
|
|
|
Kingdom of Spain, 5.5%, 2017
|
|
EUR
|
3,857,000
|
|
|
|
5,860,761
|
|
|
Kingdom of Spain, 4.6%, 2019
|
|
EUR
|
4,313,000
|
|
|
|
6,466,603
|
|
|
Kingdom of Sweden, 5%, 2020
|
|
SEK
|
19,340,000
|
|
|
|
3,543,140
|
|
|
Kingdom of the Netherlands, 3.5%, 2020
|
|
EUR
|
4,059,000
|
|
|
|
6,244,552
|
|
|
Kingdom of the Netherlands, 5.5%, 2028
|
|
EUR
|
1,035,000
|
|
|
|
1,926,371
|
|
|
Republic of Austria, 4.65%, 2018
|
|
EUR
|
2,195,000
|
|
|
|
3,425,771
|
|
|
Republic of Austria, 1.75%, 2023
|
|
EUR
|
2,026,000
|
|
|
|
2,689,047
|
|
|
Republic of France, 2.5%, 2020
|
|
EUR
|
2,381,000
|
|
|
|
3,440,365
|
|
|
Republic of France, 6%, 2025
|
|
EUR
|
2,350,000
|
|
|
|
4,337,779
|
|
|
Republic of France, 4.75%, 2035
|
|
EUR
|
2,910,000
|
|
|
|
5,018,630
|
|
|
Republic of Iceland, 4.875%, 2016 (n)
|
|
$
|
2,826,000
|
|
|
|
2,953,170
|
|
|
Republic of Ireland, 4.5%, 2020
|
|
EUR
|
4,879,000
|
|
|
|
7,388,501
|
|
|
Republic of Ireland, 5.4%, 2025
|
|
EUR
|
3,141,000
|
|
|
|
4,959,974
|
|
|
Republic of Italy, 5.25%, 2017
|
|
EUR
|
7,852,000
|
|
|
|
11,789,013
|
|
|
Republic of Italy, 3.75%, 2021
|
|
EUR
|
10,339,000
|
|
|
|
14,577,249
|
|
|
United Kingdom Treasury, 5%, 2018
|
|
GBP
|
3,229,000
|
|
|
|
6,055,329
|
|
|
United Kingdom Treasury, 8%, 2021
|
|
GBP
|
2,024,000
|
|
|
|
4,607,614
|
|
|
United Kingdom Treasury, 4.25%, 2027
|
|
GBP
|
189,000
|
|
|
|
351,958
|
|
|
United Kingdom Treasury, 4.25%, 2036
|
|
GBP
|
1,761,000
|
|
|
|
3,270,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
240,554,144
|
|
|
Major Banks - 2.0%
|
|
|
|
|
|
|
|
|
|
ABN AMRO Bank N.V., 4.25%, 2017 (n)
|
|
$
|
865,000
|
|
|
$
|
931,832
|
|
|
ABN AMRO Bank N.V., 7.125%, 2022
|
|
EUR
|
300,000
|
|
|
|
493,823
|
|
|
Banco Santander U.S. Debt S.A.U., 3.781%, 2015 (n)
|
|
$
|
1,000,000
|
|
|
|
1,030,000
|
|
|
Bank of America Corp., 4.125%, 2024
|
|
|
512,000
|
|
|
|
516,967
|
|
|
Barclays Bank PLC, 6%, 2021
|
|
EUR
|
1,167,000
|
|
|
|
1,810,788
|
|
|
Barclays Bank PLC, 6.75%, 2023
|
|
GBP
|
250,000
|
|
|
|
456,675
|
|
|
BBVA Senior Finance S.A., 3.25%, 2016
|
|
EUR
|
300,000
|
|
|
|
420,135
|
|
|
Credit Agricole S.A., 7.375%, 2023
|
|
GBP
|
200,000
|
|
|
|
396,486
|
|
|
Credit Agricole S.A., 7.875%, 2049
|
|
EUR
|
400,000
|
|
|
|
624,853
|
|
|
Credit Suisse Group AG, 6.5%, 2023 (n)
|
|
$
|
820,000
|
|
|
|
871,250
|
|
|
Goldman Sachs Group, Inc., 5.75%, 2022
|
|
|
1,181,000
|
|
|
|
1,334,091
|
|
|
HSBC Bank PLC, FRN, 0.876%, 2018 (n)
|
|
|
1,116,000
|
|
|
|
1,121,172
|
|
|
HSBC USA, Inc., 4.875%, 2020
|
|
|
1,000,000
|
|
|
|
1,080,079
|
|
|
ING Bank N.V., 4.875%, 2021
|
|
EUR
|
250,000
|
|
|
|
397,206
|
|
|
ING Bank N.V., 5.8%, 2023 (n)
|
|
$
|
630,000
|
|
|
|
659,505
|
|
|
ING Bank N.V., FRN, 1.642%, 2014 (n)
|
|
|
1,260,000
|
|
|
|
1,265,301
|
|
|
JPMorgan Chase & Co., 4.25%, 2020
|
|
|
1,190,000
|
|
|
|
1,274,595
|
|
|
JPMorgan Chase & Co., 6.75% to 2024, FRN to 2049
|
|
|
515,000
|
|
|
|
521,953
|
|
|
Morgan Stanley, 7.3%, 2019
|
|
|
980,000
|
|
|
|
1,197,036
|
|
|
Morgan Stanley, 5.5%, 2021
|
|
|
490,000
|
|
|
|
552,433
|
|
8
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Major Banks - continued
|
|
|
|
|
|
|
|
|
|
Nordea Bank AB, FRN, 0.697%, 2016 (n)
|
|
$
|
2,050,000
|
|
|
$
|
2,056,037
|
|
|
PNC Bank N.A., 3.8%, 2023
|
|
|
600,000
|
|
|
|
601,617
|
|
|
PNC Financial Services Group, Inc., FRN, 6.75%, 2049
|
|
|
640,000
|
|
|
|
673,600
|
|
|
Regions Financial Corp., 2%, 2018
|
|
|
602,000
|
|
|
|
588,723
|
|
|
Royal Bank of Scotland PLC, 5.5%, 2020
|
|
EUR
|
300,000
|
|
|
|
479,967
|
|
|
Royal Bank of Scotland PLC, 6.934%, 2018
|
|
EUR
|
400,000
|
|
|
|
610,620
|
|
|
Societe Generale S.A., 4.25%, 2022
|
|
EUR
|
300,000
|
|
|
|
463,660
|
|
|
Wells Fargo & Co., 2.1%, 2017
|
|
$
|
1,290,000
|
|
|
|
1,325,300
|
|
|
Wells Fargo & Co., 5.375%, 2043
|
|
|
301,000
|
|
|
|
308,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24,064,417
|
|
|
Medical & Health Technology & Services - 0.1%
|
|
|
|
|
|
|
|
|
|
Express Scripts Holding Co., 2.65%, 2017
|
|
$
|
1,390,000
|
|
|
$
|
1,440,059
|
|
|
|
|
|
|
Metals & Mining - 0.4%
|
|
|
|
|
|
|
|
|
|
Barrick Gold Corp., 4.1%, 2023
|
|
$
|
499,000
|
|
|
$
|
460,630
|
|
|
Barrick International (Barbados) Corp., 5.75%, 2016 (n)
|
|
|
705,000
|
|
|
|
783,505
|
|
|
Cameco Corp., 5.67%, 2019
|
|
CAD
|
520,000
|
|
|
|
524,860
|
|
|
Glencore Finance Europe, 6.5%, 2019
|
|
GBP
|
200,000
|
|
|
|
373,597
|
|
|
Plains Exploration & Production Co., 6.875%, 2023
|
|
$
|
600,000
|
|
|
|
663,000
|
|
|
Rio Tinto Finance (USA) PLC, 3.5%, 2022
|
|
|
500,000
|
|
|
|
494,897
|
|
|
Rio Tinto Finance PLC, 2%, 2020
|
|
EUR
|
300,000
|
|
|
|
407,672
|
|
|
Southern Copper Corp., 6.75%, 2040
|
|
$
|
559,000
|
|
|
|
539,390
|
|
|
Xstrata Finance Canada Ltd., 5.25%, 2017
|
|
EUR
|
300,000
|
|
|
|
451,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,699,347
|
|
|
Mortgage-Backed - 3.4%
|
|
|
|
|
|
|
|
|
|
Fannie Mae, 4.78%, 2015
|
|
$
|
321,709
|
|
|
$
|
334,581
|
|
|
Fannie Mae, 4.856%, 2015
|
|
|
254,611
|
|
|
|
264,633
|
|
|
Fannie Mae, 5.5%, 2015 - 2037
|
|
|
362,593
|
|
|
|
380,377
|
|
|
Fannie Mae, 5.09%, 2016
|
|
|
356,980
|
|
|
|
392,063
|
|
|
Fannie Mae, 5.432%, 2016
|
|
|
267,013
|
|
|
|
287,250
|
|
|
Fannie Mae, 4.997%, 2017
|
|
|
182,673
|
|
|
|
187,536
|
|
|
Fannie Mae, 5.05%, 2017
|
|
|
311,621
|
|
|
|
337,026
|
|
|
Fannie Mae, 2.578%, 2018
|
|
|
900,000
|
|
|
|
931,088
|
|
|
Fannie Mae, 3.849%, 2018
|
|
|
387,128
|
|
|
|
419,505
|
|
|
Fannie Mae, 5.194%, 2018
|
|
|
666,756
|
|
|
|
717,867
|
|
|
Fannie Mae, 5.1%, 2019
|
|
|
324,705
|
|
|
|
355,847
|
|
|
Fannie Mae, 5.18%, 2019
|
|
|
325,035
|
|
|
|
356,997
|
|
|
Fannie Mae, 5%, 2020 - 2040
|
|
|
4,383,162
|
|
|
|
4,810,602
|
|
|
Fannie Mae, 4.5%, 2025 - 2034
|
|
|
1,592,294
|
|
|
|
1,712,107
|
|
|
Fannie Mae, 6%, 2037 - 2038
|
|
|
805,388
|
|
|
|
894,073
|
|
|
Fannie Mae, 4%, 2041
|
|
|
1,410,960
|
|
|
|
1,479,088
|
|
|
Fannie Mae, 3.5%, 2043
|
|
|
3,680,826
|
|
|
|
3,742,525
|
|
|
Fannie Mae, TBA, 4.5%, 2044
|
|
|
1,200,000
|
|
|
|
1,279,687
|
|
|
Freddie Mac, 1.426%, 2017
|
|
|
927,000
|
|
|
|
932,751
|
|
|
Freddie Mac, 3.882%, 2017
|
|
|
733,000
|
|
|
|
792,119
|
|
|
Freddie Mac, 2.412%, 2018
|
|
|
802,000
|
|
|
|
824,479
|
|
|
Freddie Mac, 1.883%, 2019
|
|
|
1,250,000
|
|
|
|
1,240,140
|
|
|
Freddie Mac, 5.085%, 2019
|
|
|
589,000
|
|
|
|
669,993
|
|
|
Freddie Mac, 3.32%, 2020
|
|
|
443,010
|
|
|
|
469,087
|
|
|
Freddie Mac, 5.5%, 2037
|
|
|
313,195
|
|
|
|
346,750
|
|
|
Freddie Mac, 4.5%, 2040
|
|
|
3,759,017
|
|
|
|
4,025,484
|
|
|
Freddie Mac, 3.5%, 2043
|
|
|
16,405
|
|
|
|
16,620
|
|
|
Freddie Mac, TBA, 4%, 2044
|
|
|
5,180,000
|
|
|
|
5,394,484
|
|
9
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Mortgage-Backed - continued
|
|
|
|
|
|
|
|
|
|
Ginnie Mae, 5%, 2040
|
|
$
|
1,226,064
|
|
|
$
|
1,350,080
|
|
|
Ginnie Mae, 3.5%, 2043
|
|
|
3,449,428
|
|
|
|
3,558,463
|
|
|
Ginnie Mae, TBA, 4%, 2044
|
|
|
3,338,000
|
|
|
|
3,527,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
42,031,281
|
|
|
Natural Gas - Distribution - 0.1%
|
|
|
|
|
|
|
|
|
|
Gas Natural Fenosa, 3.875%, 2023
|
|
EUR
|
400,000
|
|
|
$
|
571,879
|
|
|
GDF SUEZ, 5%, 2060
|
|
GBP
|
250,000
|
|
|
|
436,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,008,671
|
|
|
Natural Gas - Pipeline - 0.3%
|
|
|
|
|
|
|
|
|
|
Enbridge, Inc., 3.19%, 2022
|
|
CAD
|
600,000
|
|
|
$
|
525,910
|
|
|
Energy Transfer Partners LP, 4.65%, 2021
|
|
$
|
482,000
|
|
|
|
504,004
|
|
|
Energy Transfer Partners LP, 3.6%, 2023
|
|
|
399,000
|
|
|
|
377,336
|
|
|
Spectra Energy Partners LP, 4.75%, 2024
|
|
|
1,158,000
|
|
|
|
1,221,850
|
|
|
Trans-Canada Pipelines Ltd., 5.1%, 2017
|
|
CAD
|
520,000
|
|
|
|
510,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,139,954
|
|
|
Network & Telecom - 0.3%
|
|
|
|
|
|
|
|
|
|
British Telecommunications PLC, 5.75%, 2028
|
|
GBP
|
330,000
|
|
|
$
|
615,816
|
|
|
Deutsche Telekom I, 4.875%, 2025
|
|
EUR
|
300,000
|
|
|
|
481,959
|
|
|
Telefonica Emisiones S.A.U., 3.987%, 2023
|
|
EUR
|
500,000
|
|
|
|
700,438
|
|
|
Verizon Communications, Inc., 5.15%, 2023
|
|
$
|
478,000
|
|
|
|
519,666
|
|
|
Verizon Communications, Inc., 6.4%, 2033
|
|
|
725,000
|
|
|
|
849,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,167,350
|
|
|
Other Banks & Diversified Financials - 1.2%
|
|
|
|
|
|
|
|
|
|
Banco de Credito del Peru, 6.125% to 2022, FRN to 2027 (n)
|
|
$
|
840,000
|
|
|
$
|
833,700
|
|
|
Banque Federative du Credit Mutuel, 2%, 2019
|
|
EUR
|
300,000
|
|
|
|
407,895
|
|
|
BB&T Corp., 3.95%, 2016
|
|
$
|
1,290,000
|
|
|
|
1,373,835
|
|
|
BBVA Bancomer S.A. de C.V., 6.75%, 2022 (n)
|
|
|
901,000
|
|
|
|
965,196
|
|
|
BPCE S.A., 5.15%, 2024 (n)
|
|
|
900,000
|
|
|
|
884,601
|
|
|
Caixabank S.A., 3.25%, 2016
|
|
EUR
|
400,000
|
|
|
|
559,454
|
|
|
Capital One Bank (USA) N.A., 3.375%, 2023
|
|
$
|
900,000
|
|
|
|
857,998
|
|
|
Citigroup, Inc., 6.125%, 2018
|
|
|
386,000
|
|
|
|
448,602
|
|
|
Deutsche Bank Capital Funding Trust, FRN, 2.288%, 2049
|
|
EUR
|
400,000
|
|
|
|
524,644
|
|
|
Discover Bank, 7%, 2020
|
|
$
|
1,065,000
|
|
|
|
1,258,755
|
|
|
Erste Group Bank AG, 7.125%, 2022
|
|
EUR
|
300,000
|
|
|
|
473,910
|
|
|
Intesa Sanpaolo S.p.A., 4.125%, 2016
|
|
EUR
|
300,000
|
|
|
|
428,508
|
|
|
Intesa Sanpaolo S.p.A., 5.25%, 2022
|
|
GBP
|
300,000
|
|
|
|
518,449
|
|
|
KBC Ifima N.V., 4.5%, 2017
|
|
EUR
|
300,000
|
|
|
|
446,849
|
|
|
LBG Capital No.2 PLC, 6.385%, 2020
|
|
EUR
|
600,000
|
|
|
|
855,750
|
|
|
Lloyds TSB Bank PLC, 6.5%, 2020
|
|
EUR
|
350,000
|
|
|
|
554,894
|
|
|
Macquarie Group Ltd., 3%, 2018 (n)
|
|
$
|
418,000
|
|
|
|
419,797
|
|
|
Rabobank Nederland N.V., 4%, 2022
|
|
GBP
|
250,000
|
|
|
|
430,085
|
|
|
Santander Financial Issuances Ltd., 4.5%, 2019
|
|
EUR
|
300,000
|
|
|
|
391,460
|
|
|
Svenska Handelsbanken AB, FRN, 0.696%, 2016
|
|
$
|
1,210,000
|
|
|
|
1,213,647
|
|
|
Swedbank AB, 2.125%, 2017 (n)
|
|
|
204,000
|
|
|
|
206,188
|
|
|
Swedbank AB, 1.75%, 2018 (n)
|
|
|
728,000
|
|
|
|
720,720
|
|
|
U.S. Bancorp, 2.95%, 2022
|
|
|
196,000
|
|
|
|
186,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,961,787
|
|
|
Personal Computers & Peripherals - 0.0%
|
|
|
|
|
|
|
|
|
|
Equifax, Inc., 3.3%, 2022
|
|
$
|
483,000
|
|
|
$
|
461,946
|
|
10
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 0.3%
|
|
|
|
|
|
|
|
|
|
AbbVie, Inc., 1.2%, 2015
|
|
$
|
1,670,000
|
|
|
$
|
1,686,865
|
|
|
Celgene Corp., 1.9%, 2017
|
|
|
483,000
|
|
|
|
488,278
|
|
|
Mylan, Inc., 2.55%, 2019
|
|
|
216,000
|
|
|
|
216,449
|
|
|
Teva Pharmaceutical Finance B.V., 2.95%, 2022
|
|
|
602,000
|
|
|
|
556,633
|
|
|
Watson Pharmaceuticals, Inc., 1.875%, 2017
|
|
|
531,000
|
|
|
|
529,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,478,003
|
|
|
Printing & Publishing - 0.1%
|
|
|
|
|
|
|
|
|
|
Moody’s Corp., 4.875%, 2024
|
|
$
|
670,000
|
|
|
$
|
704,502
|
|
|
Pearson Funding Five PLC, 3.25%, 2023 (n)
|
|
|
219,000
|
|
|
|
203,663
|
|
|
Wolters Kluwer N.V., 6.375%, 2018
|
|
EUR
|
300,000
|
|
|
|
485,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,393,289
|
|
|
Railroad & Shipping - 0.1%
|
|
|
|
|
|
|
|
|
|
CSX Corp., 4.1%, 2044
|
|
$
|
969,000
|
|
|
$
|
863,772
|
|
|
|
|
|
|
Real Estate - 0.2%
|
|
|
|
|
|
|
|
|
|
AvalonBay Communities, Inc., REIT, 3.625%, 2020
|
|
$
|
102,000
|
|
|
$
|
104,691
|
|
|
Boston Properties, Inc., REIT, 3.125%, 2023
|
|
|
669,000
|
|
|
|
623,533
|
|
|
ERP Operating LP, REIT, 3%, 2023
|
|
|
77,000
|
|
|
|
71,994
|
|
|
Hammerson PLC, 2.75%, 2019
|
|
EUR
|
300,000
|
|
|
|
420,657
|
|
|
Simon Property Group, Inc., REIT, 5.65%, 2020
|
|
$
|
640,000
|
|
|
|
741,742
|
|
|
WEA Finance LLC/WT Finance Australia, 3.375%, 2022 (n)
|
|
|
309,000
|
|
|
|
300,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,262,753
|
|
|
Retailers - 0.3%
|
|
|
|
|
|
|
|
|
|
Cencosud S.A., 5.5%, 2021
|
|
$
|
586,000
|
|
|
$
|
579,798
|
|
|
Dollar General Corp., 4.125%, 2017
|
|
|
500,000
|
|
|
|
539,518
|
|
|
Gap, Inc., 5.95%, 2021
|
|
|
738,000
|
|
|
|
825,315
|
|
|
Home Depot, Inc., 5.95%, 2041
|
|
|
678,000
|
|
|
|
814,990
|
|
|
Marks & Spencer PLC, 4.75%, 2025
|
|
GBP
|
300,000
|
|
|
|
496,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,256,553
|
|
|
Specialty Chemicals - 0.1%
|
|
|
|
|
|
|
|
|
|
Ecolab, Inc., 3%, 2016
|
|
$
|
500,000
|
|
|
$
|
525,645
|
|
|
Mexichem S.A.B. de C.V., 6.75%, 2042 (n)
|
|
|
609,000
|
|
|
|
569,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,095,060
|
|
|
Specialty Stores - 0.1%
|
|
|
|
|
|
|
|
|
|
Advance Auto Parts, Inc., 4.5%, 2023
|
|
$
|
394,000
|
|
|
$
|
401,187
|
|
|
Canadian Tire Corp. Ltd., 4.95%, 2015
|
|
CAD
|
535,000
|
|
|
|
500,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
902,106
|
|
|
Supermarkets - 0.1%
|
|
|
|
|
|
|
|
|
|
Delhaize Group, 3.125%, 2020
|
|
EUR
|
300,000
|
|
|
$
|
422,882
|
|
|
Morrison (WM) Supermarkets, 3.5%, 2026
|
|
GBP
|
200,000
|
|
|
|
298,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
721,546
|
|
|
Telecommunications - Wireless - 0.2%
|
|
|
|
|
|
|
|
|
|
America Movil S.A.B. de C.V., 4.75%, 2022
|
|
EUR
|
500,000
|
|
|
$
|
773,655
|
|
|
American Tower Corp., REIT, 4.7%, 2022
|
|
$
|
167,000
|
|
|
|
173,898
|
|
|
American Tower Corp., REIT, 3.5%, 2023
|
|
|
502,000
|
|
|
|
475,351
|
|
|
Crown Castle Towers LLC, 6.113%, 2020 (n)
|
|
|
615,000
|
|
|
|
705,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,128,768
|
|
11
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds - continued
|
|
|
|
|
|
|
|
|
|
Telephone Services - 0.0%
|
|
|
|
|
|
|
|
|
|
TELUS Corp., 5.05%, 2020
|
|
CAD
|
520,000
|
|
|
$
|
520,901
|
|
|
|
|
|
|
Tobacco - 0.2%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc., 2.85%, 2022
|
|
$
|
960,000
|
|
|
$
|
901,167
|
|
|
Imperial Tobacco Group PLC, 5.5%, 2026
|
|
GBP
|
350,000
|
|
|
|
642,152
|
|
|
Lorillard Tobacco Co., 8.125%, 2019
|
|
$
|
592,000
|
|
|
|
737,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,280,521
|
|
|
Transportation - Services - 0.1%
|
|
|
|
|
|
|
|
|
|
ERAC USA Finance Co., 2.75%, 2017 (n)
|
|
$
|
192,000
|
|
|
$
|
198,021
|
|
|
ERAC USA Finance Co., 7%, 2037 (n)
|
|
|
627,000
|
|
|
|
772,349
|
|
|
Hit Finance B.V., 4.875%, 2021
|
|
EUR
|
300,000
|
|
|
|
459,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,429,720
|
|
|
U.S. Government Agencies and Equivalents - 0.3%
|
|
|
|
|
|
|
|
|
|
Aid-Egypt, 4.45%, 2015
|
|
$
|
1,113,000
|
|
|
$
|
1,185,635
|
|
|
Small Business Administration, 5.09%, 2025
|
|
|
77,123
|
|
|
|
83,046
|
|
|
Small Business Administration, 5.21%, 2026
|
|
|
952,193
|
|
|
|
1,031,119
|
|
|
Small Business Administration, 5.31%, 2027
|
|
|
567,666
|
|
|
|
622,625
|
|
|
Small Business Administration, 2.22%, 2033
|
|
|
1,261,322
|
|
|
|
1,193,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,116,380
|
|
|
U.S. Treasury Obligations - 0.8%
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds, 4.5%, 2039
|
|
$
|
4,539,600
|
|
|
$
|
5,291,471
|
|
|
U.S. Treasury Notes, 4.75%, 2017 (f)
|
|
|
3,896,000
|
|
|
|
4,411,004
|
|
|
U.S. Treasury Notes, 3.5%, 2020
|
|
|
220,000
|
|
|
|
240,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,943,324
|
|
|
Utilities - Electric Power - 0.4%
|
|
|
|
|
|
|
|
|
|
CMS Energy Corp., 5.05%, 2022
|
|
$
|
631,000
|
|
|
$
|
698,783
|
|
|
E.On International Finance, 6.375%, 2032
|
|
GBP
|
250,000
|
|
|
|
504,932
|
|
|
Enel Finance International N.V., 4.875%, 2020
|
|
EUR
|
350,000
|
|
|
|
531,383
|
|
|
Enel S.p.A., 6.25%, 2019
|
|
GBP
|
300,000
|
|
|
|
556,757
|
|
|
NGG Finance PLC, 5.625%, 2073
|
|
GBP
|
300,000
|
|
|
|
493,170
|
|
|
PPL WEM Holdings PLC, 5.375%, 2021 (n)
|
|
$
|
189,000
|
|
|
|
207,475
|
|
|
Progress Energy, Inc., 7.05%, 2019
|
|
|
460,000
|
|
|
|
556,464
|
|
|
Red Electrica Finance S.A., 3.5%, 2016
|
|
EUR
|
300,000
|
|
|
|
430,026
|
|
|
Red Electrica Finance S.A., 4.75%, 2018
|
|
EUR
|
300,000
|
|
|
|
457,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,436,050
|
|
|
Utilities - Water - 0.0%
|
|
|
|
|
|
|
|
|
|
Veolia Environnement S.A., 4.45%, 2049
|
|
EUR
|
400,000
|
|
|
$
|
532,089
|
|
|
Total Bonds
|
|
|
|
|
|
$
|
445,515,165
|
|
|
|
|
|
|
Money Market Funds - 4.4%
|
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
53,579,524
|
|
|
$
|
53,579,524
|
|
|
|
|
|
|
Collateral for Securities Loaned - 0.2%
|
|
|
|
|
|
|
|
|
|
Goldman Sachs Repurchase Agreement, 0.03%, dated 1/31/14, due 2/03/14, total to be received $2,926,105 (secured by U.S. Treasury and Federal Agency
obligations valued at $2,984,619 in an individually traded account), at Value
|
|
$
|
2,926,097
|
|
|
$
|
2,926,097
|
|
|
Total Investments
|
|
|
|
|
|
$
|
1,221,965,060
|
|
|
|
|
|
|
Other Assets, Less Liabilities - (0.1)%
|
|
|
|
|
|
|
(1,310,119
|
)
|
|
Net Assets - 100.0%
|
|
|
|
|
|
$
|
1,220,654,941
|
|
12
Portfolio of Investments (unaudited) – continued
|
(a)
|
Non-income producing security.
|
|
(f)
|
All or a portion of the security has been segregated as collateral for open futures contracts.
|
|
(l)
|
A portion of this security is on loan.
|
|
(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 $34,171,801, representing 2.8% 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
|
|
|
G-Force LLC, CDO, “A2”, 4.83%, 2036
|
|
1/20/11
|
|
|
$29,252
|
|
|
|
$30,745
|
|
|
% of Net assets
|
|
|
|
|
|
|
|
|
0.0%
|
|
The following abbreviations are used in this report and are defined:
|
|
|
|
|
ADR
|
|
American Depositary Receipt
|
|
CDO
|
|
Collateralized Debt Obligation
|
|
FRN
|
|
Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
|
|
IPS
|
|
International Preference Stock
|
|
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
|
|
CAD
|
|
Canadian Dollar
|
|
CHF
|
|
Swiss Franc
|
|
CZK
|
|
Czech Koruna
|
|
DKK
|
|
Danish Krone
|
|
EUR
|
|
Euro
|
|
GBP
|
|
British Pound
|
|
ILS
|
|
Israeli Sheqel
|
|
INR
|
|
Indian Rupee
|
|
JPY
|
|
Japanese Yen
|
|
KRW
|
|
Korean Won
|
|
MXN
|
|
Mexican Peso
|
|
MYR
|
|
Malaysian Ringgit
|
|
NOK
|
|
Norwegian Krone
|
|
NZD
|
|
New Zealand Dollar
|
|
PLN
|
|
Polish Zloty
|
|
SEK
|
|
Swedish Krona
|
|
SGD
|
|
Singapore Dollar
|
|
THB
|
|
Thailand Baht
|
|
ZAR
|
|
South African Rand
|
Derivative Contracts at 1/31/14
Forward Foreign Currency Exchange Contracts at 1/31/14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELL
|
|
|
AUD
|
|
|
Credit Suisse Group
|
|
2,588,992
|
|
4/11/14
|
|
$
|
2,310,554
|
|
|
$
|
2,255,864
|
|
|
$
|
54,690
|
|
|
SELL
|
|
|
AUD
|
|
|
UBS AG
|
|
2,020,558
|
|
4/11/14
|
|
|
1,765,000
|
|
|
|
1,760,571
|
|
|
|
4,429
|
|
13
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts at 1/31/14 - 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
|
|
|
AUD
|
|
|
Westpac Banking Corp.
|
|
12,585,350
|
|
4/11/14
|
|
$
|
11,231,544
|
|
|
$
|
10,965,980
|
|
|
$
|
265,564
|
|
|
SELL
|
|
|
CAD
|
|
|
Citibank N.A.
|
|
2,502,000
|
|
4/11/14
|
|
|
2,321,115
|
|
|
|
2,243,013
|
|
|
|
78,102
|
|
|
SELL
|
|
|
CAD
|
|
|
Deutsche Bank AG
|
|
2,546,034
|
|
4/11/14
|
|
|
2,349,000
|
|
|
|
2,282,489
|
|
|
|
66,511
|
|
|
SELL
|
|
|
CAD
|
|
|
Goldman Sachs International
|
|
1,273,269
|
|
4/11/14
|
|
|
1,194,276
|
|
|
|
1,141,471
|
|
|
|
52,805
|
|
|
SELL
|
|
|
CAD
|
|
|
Merrill Lynch International Bank
|
|
16,684,678
|
|
4/11/14
|
|
|
15,315,475
|
|
|
|
14,957,614
|
|
|
|
357,861
|
|
|
SELL
|
|
|
CAD
|
|
|
UBS AG
|
|
6,061,104
|
|
4/11/14
|
|
|
5,559,340
|
|
|
|
5,433,707
|
|
|
|
125,633
|
|
|
SELL
|
|
|
EUR
|
|
|
Credit Suisse Group
|
|
10,990,085
|
|
4/11/14
|
|
|
15,001,993
|
|
|
|
14,822,734
|
|
|
|
179,259
|
|
|
SELL
|
|
|
EUR
|
|
|
Deutsche Bank AG
|
|
889,872
|
|
4/11/14
|
|
|
1,208,379
|
|
|
|
1,200,203
|
|
|
|
8,176
|
|
|
SELL
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
2,122,000
|
|
4/11/14
|
|
|
2,867,513
|
|
|
|
2,862,020
|
|
|
|
5,493
|
|
|
SELL
|
|
|
EUR
|
|
|
JPMorgan Chase Bank
|
|
9,458,635
|
|
4/11/14
|
|
|
12,906,582
|
|
|
|
12,757,211
|
|
|
|
149,371
|
|
|
BUY
|
|
|
GBP
|
|
|
Credit Suisse Group
|
|
2,927,350
|
|
4/11/14
|
|
|
4,805,157
|
|
|
|
4,809,902
|
|
|
|
4,745
|
|
|
BUY
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
171,000
|
|
4/11/14
|
|
|
280,136
|
|
|
|
280,969
|
|
|
|
833
|
|
|
BUY
|
|
|
GBP
|
|
|
Merrill Lynch International Bank
|
|
2,430,277
|
|
4/11/14
|
|
|
3,990,418
|
|
|
|
3,993,167
|
|
|
|
2,749
|
|
|
SELL
|
|
|
GBP
|
|
|
Credit Suisse Group
|
|
305,220
|
|
4/11/14
|
|
|
503,374
|
|
|
|
501,504
|
|
|
|
1,870
|
|
|
SELL
|
|
|
GBP
|
|
|
Deutsche Bank AG
|
|
378,017
|
|
4/11/14
|
|
|
622,286
|
|
|
|
621,117
|
|
|
|
1,169
|
|
|
SELL
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
406,000
|
|
4/11/14
|
|
|
671,714
|
|
|
|
667,095
|
|
|
|
4,619
|
|
|
BUY
|
|
|
ILS
|
|
|
JPMorgan Chase Bank
|
|
1,848,000
|
|
2/12/14
|
|
|
522,084
|
|
|
|
525,556
|
|
|
|
3,472
|
|
|
BUY
|
|
|
JPY
|
|
|
Citibank N.A.
|
|
70,000,000
|
|
4/11/14
|
|
|
677,705
|
|
|
|
685,366
|
|
|
|
7,661
|
|
|
BUY
|
|
|
JPY
|
|
|
Credit Suisse Group
|
|
192,123,000
|
|
4/11/14
|
|
|
1,852,478
|
|
|
|
1,881,065
|
|
|
|
28,587
|
|
|
BUY
|
|
|
JPY
|
|
|
Deutsche Bank AG
|
|
310,401,473
|
|
4/11/14
|
|
|
2,994,838
|
|
|
|
3,039,123
|
|
|
|
44,285
|
|
|
BUY
|
|
|
JPY
|
|
|
Goldman Sachs International
|
|
430,401,473
|
|
4/11/14
|
|
|
4,144,087
|
|
|
|
4,214,036
|
|
|
|
69,949
|
|
|
BUY
|
|
|
JPY
|
|
|
JPMorgan Chase Bank
|
|
426,752,000
|
|
4/11/14
|
|
|
4,176,138
|
|
|
|
4,178,304
|
|
|
|
2,166
|
|
|
SELL
|
|
|
MXN
|
|
|
Barclays Bank PLC
|
|
38,657,258
|
|
2/24/14
|
|
|
2,912,254
|
|
|
|
2,886,011
|
|
|
|
26,243
|
|
|
SELL
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
7,903,000
|
|
2/5/14
|
|
|
2,369,716
|
|
|
|
2,361,416
|
|
|
|
8,300
|
|
|
SELL
|
|
|
NZD
|
|
|
Citibank N.A.
|
|
2,585,416
|
|
4/11/14
|
|
|
2,135,000
|
|
|
|
2,080,675
|
|
|
|
54,325
|
|
|
SELL
|
|
|
SEK
|
|
|
Goldman Sachs International
|
|
4,557,077
|
|
4/11/14
|
|
|
706,808
|
|
|
|
694,840
|
|
|
|
11,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,620,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
AUD
|
|
|
Citibank N.A.
|
|
25,000
|
|
4/11/14
|
|
$
|
22,225
|
|
|
$
|
21,783
|
|
|
$
|
(442
|
)
|
|
SELL
|
|
|
CAD
|
|
|
Citibank N.A.
|
|
402,725
|
|
4/11/14
|
|
|
360,000
|
|
|
|
361,038
|
|
|
|
(1,038
|
)
|
|
BUY
|
|
|
CHF
|
|
|
Goldman Sachs International
|
|
3,592,000
|
|
4/11/14
|
|
|
3,983,056
|
|
|
|
3,964,032
|
|
|
|
(19,024
|
)
|
|
BUY
|
|
|
CZK
|
|
|
Citibank N.A.
|
|
12,895,000
|
|
4/11/14
|
|
|
643,160
|
|
|
|
631,924
|
|
|
|
(11,236
|
)
|
|
BUY
|
|
|
DKK
|
|
|
UBS AG
|
|
8,770,149
|
|
4/11/14
|
|
|
1,604,477
|
|
|
|
1,586,203
|
|
|
|
(18,274
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Barclays Bank PLC
|
|
8,919,200
|
|
3/18/14-4/11/14
|
|
|
12,261,832
|
|
|
|
12,029,494
|
|
|
|
(232,338
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Citibank N.A.
|
|
350,000
|
|
4/11/14
|
|
|
476,025
|
|
|
|
472,058
|
|
|
|
(3,967
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Credit Suisse Group
|
|
211,000
|
|
4/11/14
|
|
|
287,940
|
|
|
|
284,584
|
|
|
|
(3,356
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
1,313,000
|
|
4/11/14
|
|
|
1,779,207
|
|
|
|
1,770,892
|
|
|
|
(8,315
|
)
|
|
BUY
|
|
|
GBP
|
|
|
Citibank N.A.
|
|
349,000
|
|
4/11/14
|
|
|
578,066
|
|
|
|
573,439
|
|
|
|
(4,627
|
)
|
|
BUY
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
1,425,000
|
|
4/11/14
|
|
|
2,344,410
|
|
|
|
2,341,405
|
|
|
|
(3,005
|
)
|
|
SELL
|
|
|
GBP
|
|
|
Goldman Sachs International
|
|
284,949
|
|
4/11/14
|
|
|
468,125
|
|
|
|
468,197
|
|
|
|
(72
|
)
|
|
BUY
|
|
|
INR
|
|
|
Barclays Bank PLC
|
|
5,000,000
|
|
2/13/14
|
|
|
79,694
|
|
|
|
79,641
|
|
|
|
(53
|
)
|
|
BUY
|
|
|
INR
|
|
|
Deutsche Bank AG
|
|
136,814,000
|
|
2/13/14
|
|
|
2,202,238
|
|
|
|
2,179,190
|
|
|
|
(23,048
|
)
|
|
SELL
|
|
|
JPY
|
|
|
Credit Suisse Group
|
|
73,239,000
|
|
4/11/14
|
|
|
709,087
|
|
|
|
717,079
|
|
|
|
(7,992
|
)
|
|
SELL
|
|
|
JPY
|
|
|
JPMorgan Chase Bank
|
|
487,629,000
|
|
4/11/14
|
|
|
4,654,423
|
|
|
|
4,774,347
|
|
|
|
(119,924
|
)
|
|
BUY
|
|
|
KRW
|
|
|
Deutsche Bank AG
|
|
4,907,809,000
|
|
3/21/14
|
|
|
4,599,504
|
|
|
|
4,572,743
|
|
|
|
(26,761
|
)
|
|
BUY
|
|
|
KRW
|
|
|
JPMorgan Chase Bank
|
|
521,006,000
|
|
3/21/14
|
|
|
490,110
|
|
|
|
485,436
|
|
|
|
(4,674
|
)
|
|
BUY
|
|
|
MXN
|
|
|
JPMorgan Chase Bank
|
|
27,686,000
|
|
4/16/14
|
|
|
2,099,891
|
|
|
|
2,058,393
|
|
|
|
(41,498
|
)
|
|
BUY
|
|
|
MYR
|
|
|
Barclays Bank PLC
|
|
15,806,000
|
|
2/5/14-3/31/14
|
|
|
4,813,031
|
|
|
|
4,715,333
|
|
|
|
(97,698
|
)
|
|
BUY
|
|
|
MYR
|
|
|
Merrill Lynch International Bank
|
|
2,696,863
|
|
3/21/14
|
|
|
817,108
|
|
|
|
803,775
|
|
|
|
(13,333
|
)
|
|
BUY
|
|
|
NOK
|
|
|
Goldman Sachs International
|
|
4,739,526
|
|
4/11/14
|
|
|
776,062
|
|
|
|
753,204
|
|
|
|
(22,858
|
)
|
|
BUY
|
|
|
NZD
|
|
|
Westpac Banking Corp.
|
|
3,627,781
|
|
4/11/14
|
|
|
3,025,642
|
|
|
|
2,919,544
|
|
|
|
(106,098
|
)
|
14
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts at 1/31/14 - continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Liability Derivatives – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
PLN
|
|
|
Citibank N.A.
|
|
536,000
|
|
2/18/14
|
|
$
|
174,526
|
|
|
$
|
169,900
|
|
|
$
|
(4,626
|
)
|
|
BUY
|
|
|
PLN
|
|
|
JPMorgan Chase Bank
|
|
11,190,803
|
|
2/18/14
|
|
|
3,677,012
|
|
|
|
3,547,243
|
|
|
|
(129,769
|
)
|
|
BUY
|
|
|
SGD
|
|
|
Citibank N.A.
|
|
906,000
|
|
4/11/14
|
|
|
714,620
|
|
|
|
709,621
|
|
|
|
(4,999
|
)
|
|
SELL
|
|
|
THB
|
|
|
JPMorgan Chase Bank
|
|
14,423,250
|
|
3/06/14
|
|
|
434,108
|
|
|
|
434,304
|
|
|
|
(196
|
)
|
|
BUY
|
|
|
ZAR
|
|
|
Barclays Bank PLC
|
|
11,998,933
|
|
2/18/14
|
|
|
1,106,679
|
|
|
|
1,077,677
|
|
|
|
(29,002
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(938,223
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts Outstanding at 1/31/14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Currency
|
|
|
Contracts
|
|
|
Value
|
|
Expiration Date
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Treasury Note 10 yr (Short)
|
|
|
USD
|
|
|
|
36
|
|
|
$4,527,000
|
|
March - 2014
|
|
|
$104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 31, 2014, the fund had liquid securities with an aggregate value of $62,270 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.
15
Supplemental Information
1/31/14 (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. 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
fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at
fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily
available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued
at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and
prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. 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 fund’s net asset value may be deemed to have a material effect
on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the
correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in
determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair
valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an
investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in
determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in
its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs
(including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
16
Supplemental Information (unaudited) – continued
Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not
reflected in total investments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2014 in valuing the fund’s assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$359,100,481
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$359,100,481
|
|
|
Japan
|
|
|
—
|
|
|
|
91,735,159
|
|
|
|
—
|
|
|
|
91,735,159
|
|
|
United Kingdom
|
|
|
87,712,399
|
|
|
|
—
|
|
|
|
—
|
|
|
|
87,712,399
|
|
|
Switzerland
|
|
|
53,098,277
|
|
|
|
—
|
|
|
|
—
|
|
|
|
53,098,277
|
|
|
Germany
|
|
|
29,821,657
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,821,657
|
|
|
France
|
|
|
26,643,280
|
|
|
|
—
|
|
|
|
—
|
|
|
|
26,643,280
|
|
|
Netherlands
|
|
|
13,943,637
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13,943,637
|
|
|
Sweden
|
|
|
9,402,180
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,402,180
|
|
|
Spain
|
|
|
8,064,190
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,064,190
|
|
|
Other Countries
|
|
|
33,827,518
|
|
|
|
6,595,496
|
|
|
|
—
|
|
|
|
40,423,014
|
|
|
U.S. Treasury Bonds & U.S. Government Agency & Equivalents
|
|
|
—
|
|
|
|
14,059,704
|
|
|
|
—
|
|
|
|
14,059,704
|
|
|
Non-U.S. Sovereign Debt
|
|
|
—
|
|
|
|
253,946,376
|
|
|
|
—
|
|
|
|
253,946,376
|
|
|
U.S. Corporate Bonds
|
|
|
—
|
|
|
|
58,970,517
|
|
|
|
—
|
|
|
|
58,970,517
|
|
|
Residential Mortgage-Backed Securities
|
|
|
—
|
|
|
|
42,031,281
|
|
|
|
—
|
|
|
|
42,031,281
|
|
|
Commercial Mortgage-Backed Securities
|
|
|
—
|
|
|
|
12,778,289
|
|
|
|
—
|
|
|
|
12,778,289
|
|
|
Asset-Backed Securities (including CDOs)
|
|
|
—
|
|
|
|
30,745
|
|
|
|
—
|
|
|
|
30,745
|
|
|
Foreign Bonds
|
|
|
—
|
|
|
|
63,698,253
|
|
|
|
—
|
|
|
|
63,698,253
|
|
|
Short Term Securities
|
|
|
—
|
|
|
|
2,926,097
|
|
|
|
—
|
|
|
|
2,926,097
|
|
|
Mutual Funds
|
|
|
53,579,524
|
|
|
|
—
|
|
|
|
—
|
|
|
|
53,579,524
|
|
|
Total Investments
|
|
|
$675,193,143
|
|
|
|
$546,771,917
|
|
|
|
$—
|
|
|
|
$1,221,965,060
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
|
$104
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$104
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
|
—
|
|
|
|
682,612
|
|
|
|
—
|
|
|
|
682,612
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
Of the level 2 investments presented above, equity investments amounting to $98,330,655 would have been considered level 1 investments at the beginning of the
period. Of the level 1 investments presented above, equity investments amounting to $11,878,330 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 fund’s foreign equity securities may often be valued at fair value. The fund’s 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
|
|
|
$1,017,635,117
|
|
|
Gross unrealized appreciation
|
|
|
222,066,314
|
|
|
Gross unrealized depreciation
|
|
|
(17,736,371
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
$204,329,943
|
|
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
|
|
|
28,296,047
|
|
|
|
70,493,175
|
|
|
|
(45,209,698
|
)
|
|
|
53,579,524
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$9,857
|
|
|
|
$53,579,524
|
|
17
Supplemental Information (unaudited) – continued
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of January 31, 2014, are as follows:
|
|
|
|
|
|
|
United States
|
|
|
44.1%
|
|
|
Japan
|
|
|
13.3%
|
|
|
United Kingdom
|
|
|
9.5%
|
|
|
Switzerland
|
|
|
4.6%
|
|
|
Germany
|
|
|
4.0%
|
|
|
France
|
|
|
3.9%
|
|
|
Canada
|
|
|
3.4%
|
|
|
Spain
|
|
|
2.6%
|
|
|
Italy
|
|
|
2.6%
|
|
|
Other Countries
|
|
|
12.0%
|
|
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative
holdings, if applicable.
18
QUARTERLY REPORT
January 31, 2014
MFS® UTILITIES FUND
PORTFOLIO OF INVESTMENTS
1/31/14 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is
categorized by broad-based asset classes.
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - 95.2%
|
|
|
|
|
|
|
|
|
|
Broadcasting - 1.0%
|
|
|
|
|
|
|
|
|
|
Altice S.A. (a)
|
|
|
959,050
|
|
|
$
|
36,967,394
|
|
|
SIRIUS XM Radio, Inc. (a)
|
|
|
695,980
|
|
|
|
2,491,608
|
|
|
Twenty-First Century Fox, Inc.
|
|
|
412,490
|
|
|
|
13,125,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
52,584,434
|
|
|
Cable TV - 9.4%
|
|
|
|
|
|
|
|
|
|
Astro Malaysia Holdings Berhad
|
|
|
30,485,100
|
|
|
$
|
26,782,069
|
|
|
Charter Communications, Inc., “A” (a)
|
|
|
20,060
|
|
|
|
2,748,220
|
|
|
Comcast Corp., “Special A”
|
|
|
4,446,267
|
|
|
|
232,762,077
|
|
|
Liberty Global PLC, “A” (a)
|
|
|
626,401
|
|
|
|
50,068,232
|
|
|
Liberty Global PLC, “C” (a)
|
|
|
632,501
|
|
|
|
50,176,304
|
|
|
Time Warner Cable, Inc.
|
|
|
627,960
|
|
|
|
83,688,229
|
|
|
Ziggo N.V.
|
|
|
1,040,725
|
|
|
|
45,245,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
491,471,009
|
|
|
Energy - Independent - 5.0%
|
|
|
|
|
|
|
|
|
|
Anadarko Petroleum Corp.
|
|
|
475,893
|
|
|
$
|
38,399,806
|
|
|
Antero Resources Corp. (a)
|
|
|
590,540
|
|
|
|
34,688,320
|
|
|
Energen Corp.
|
|
|
716,809
|
|
|
|
50,692,732
|
|
|
EQT Corp.
|
|
|
915,904
|
|
|
|
85,005,050
|
|
|
Markwest Energy Partners LP
|
|
|
119,500
|
|
|
|
8,387,705
|
|
|
Noble Energy, Inc.
|
|
|
268,148
|
|
|
|
16,713,665
|
|
|
Range Resources Corp.
|
|
|
33,060
|
|
|
|
2,849,441
|
|
|
Rice Energy, Inc. (a)
|
|
|
448,270
|
|
|
|
10,543,310
|
|
|
Targa Resources Corp.
|
|
|
29,697
|
|
|
|
2,681,342
|
|
|
Western Gas Equity Partners LP
|
|
|
287,765
|
|
|
|
11,847,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
261,808,656
|
|
|
Internet - 0.1%
|
|
|
|
|
|
|
|
|
|
Iliad S.A.
|
|
|
33,526
|
|
|
$
|
7,677,764
|
|
|
|
|
|
|
Natural Gas - Distribution - 10.5%
|
|
|
|
|
|
|
|
|
|
AGL Energy Ltd.
|
|
|
1,146,880
|
|
|
$
|
15,210,640
|
|
|
AGL Resources, Inc.
|
|
|
330,600
|
|
|
|
15,796,068
|
|
|
Centrica PLC
|
|
|
4,963,706
|
|
|
|
25,393,410
|
|
|
China Resources Gas Group Ltd.
|
|
|
10,526,000
|
|
|
|
32,479,090
|
|
|
Gas Natural SDG S.A.
|
|
|
1,729,440
|
|
|
|
42,812,959
|
|
|
GDF Suez
|
|
|
2,611,561
|
|
|
|
57,711,449
|
|
|
Infraestructura Energetica Nova S.A.B. de C.V.
|
|
|
2,288,500
|
|
|
|
9,852,836
|
|
|
NiSource, Inc.
|
|
|
638,161
|
|
|
|
21,933,594
|
|
|
ONEOK, Inc.
|
|
|
1,475,078
|
|
|
|
101,028,092
|
|
|
Questar Corp.
|
|
|
535,890
|
|
|
|
12,496,955
|
|
|
Sempra Energy
|
|
|
992,204
|
|
|
|
91,987,233
|
|
|
Snam S.p.A.
|
|
|
10,182,270
|
|
|
|
55,892,608
|
|
|
Spectra Energy Corp.
|
|
|
1,837,587
|
|
|
|
66,061,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
548,656,187
|
|
|
Natural Gas - Pipeline - 10.1%
|
|
|
|
|
|
|
|
|
|
APA Group
|
|
|
2,398,331
|
|
|
$
|
12,558,665
|
|
|
Cheniere Energy, Inc. (a)
|
|
|
551,543
|
|
|
|
24,234,799
|
|
|
DCP Midstream Partners LP
|
|
|
68,686
|
|
|
|
3,450,098
|
|
|
Enagas S.A.
|
|
|
2,710,616
|
|
|
|
74,212,899
|
|
|
Enbridge, Inc.
|
|
|
1,239,119
|
|
|
|
52,023,528
|
|
1
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Natural Gas - Pipeline - continued
|
|
|
|
|
|
|
|
|
|
Energy Transfer Equity LP
|
|
|
47,900
|
|
|
$
|
1,998,388
|
|
|
Kinder Morgan, Inc.
|
|
|
4,082,068
|
|
|
|
138,831,133
|
|
|
ONEOK Partners LP
|
|
|
565,340
|
|
|
|
29,301,572
|
|
|
Plains All American Pipeline LP
|
|
|
52,910
|
|
|
|
2,671,426
|
|
|
Plains GP Holdings LP
|
|
|
106,550
|
|
|
|
2,708,503
|
|
|
SemGroup Corp., “A”
|
|
|
169,050
|
|
|
|
10,440,528
|
|
|
TransCanada Corp.
|
|
|
742,100
|
|
|
|
32,262,610
|
|
|
Williams Cos., Inc.
|
|
|
2,027,419
|
|
|
|
82,090,195
|
|
|
Williams Partners LP
|
|
|
1,322,792
|
|
|
|
66,271,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
533,056,223
|
|
|
Oil Services - 0.5%
|
|
|
|
|
|
|
|
|
|
Ensco PLC, “A”
|
|
|
311,808
|
|
|
$
|
15,705,769
|
|
|
Noble Corp. PLC
|
|
|
350,420
|
|
|
|
10,873,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
26,579,302
|
|
|
Telecommunications - Wireless - 6.8%
|
|
|
|
|
|
|
|
|
|
American Tower Corp., REIT
|
|
|
1,181,733
|
|
|
$
|
95,578,565
|
|
|
Cellcom Israel Ltd.
|
|
|
1,814,342
|
|
|
|
22,661,132
|
|
|
KDDI Corp.
|
|
|
50,700
|
|
|
|
2,787,586
|
|
|
MegaFon OJSC
|
|
|
437,063
|
|
|
|
13,037,589
|
|
|
Mobile TeleSystems OJSC
|
|
|
614,140
|
|
|
|
5,037,799
|
|
|
Mobile TeleSystems OJSC, ADR
|
|
|
3,190,933
|
|
|
|
55,043,594
|
|
|
SBA Communications Corp. (a)
|
|
|
296,925
|
|
|
|
27,539,794
|
|
|
TIM Participacoes S.A., ADR
|
|
|
1,040,290
|
|
|
|
27,078,749
|
|
|
Turkcell Iletisim Hizmetleri AS (a)
|
|
|
6,561,314
|
|
|
|
32,449,711
|
|
|
Vodafone Group PLC
|
|
|
20,750,294
|
|
|
|
77,279,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
358,493,914
|
|
|
Telephone Services - 6.5%
|
|
|
|
|
|
|
|
|
|
Bezeq - The Israel Telecommunication Corp. Ltd.
|
|
|
32,552,134
|
|
|
$
|
49,905,001
|
|
|
CenturyLink, Inc.
|
|
|
1,171,999
|
|
|
|
33,823,891
|
|
|
Portugal Telecom, SGPS, S.A.
|
|
|
3,540,225
|
|
|
|
15,589,400
|
|
|
PT Telekomunikasi Indonesia Tbk
|
|
|
31,491,500
|
|
|
|
5,815,811
|
|
|
PT XL Axiata Tbk
|
|
|
34,069,000
|
|
|
|
13,532,731
|
|
|
Quebecor, Inc., “B”
|
|
|
334,010
|
|
|
|
7,113,551
|
|
|
TDC A.S.
|
|
|
5,571,029
|
|
|
|
52,363,081
|
|
|
Telecom Italia S.p.A.
|
|
|
35,290,263
|
|
|
|
29,747,486
|
|
|
Telecom Italia S.p.A.
|
|
|
2,456,268
|
|
|
|
2,733,034
|
|
|
Telefonica Brasil S.A., ADR (l)
|
|
|
1,095,613
|
|
|
|
20,816,647
|
|
|
TELUS Corp.
|
|
|
78,770
|
|
|
|
2,753,325
|
|
|
Verizon Communications, Inc.
|
|
|
1,249,225
|
|
|
|
59,987,785
|
|
|
Windstream Holdings, Inc. (l)
|
|
|
6,367,757
|
|
|
|
47,630,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
341,812,565
|
|
|
Utilities - Electric Power - 45.3%
|
|
|
|
|
|
|
|
|
|
AES Corp.
|
|
|
7,375,843
|
|
|
$
|
103,704,353
|
|
|
Aksa Enerji Uretim A.S. (a)
|
|
|
15,403,849
|
|
|
|
14,619,947
|
|
|
ALLETE, Inc.
|
|
|
54,070
|
|
|
|
2,702,419
|
|
|
Alliant Energy Corp.
|
|
|
841,520
|
|
|
|
43,725,379
|
|
|
Ameren Corp.
|
|
|
297,950
|
|
|
|
11,274,428
|
|
|
American Electric Power Co., Inc.
|
|
|
1,961,942
|
|
|
|
95,762,389
|
|
|
Calpine Corp. (a)
|
|
|
7,231,446
|
|
|
|
137,252,845
|
|
|
Canadian Utilities Ltd., “A”
|
|
|
402,730
|
|
|
|
13,704,572
|
|
|
CenterPoint Energy, Inc.
|
|
|
2,557,866
|
|
|
|
59,854,064
|
|
|
CEZ A.S.
|
|
|
507,351
|
|
|
|
12,798,119
|
|
|
Cheung Kong Infrastructure Holdings Ltd.
|
|
|
5,187,000
|
|
|
|
30,498,796
|
|
2
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks - continued
|
|
|
|
|
|
|
|
|
|
Utilities - Electric Power - continued
|
|
|
|
|
|
|
|
|
|
China Longyuan Electric Power Group Corp.
|
|
|
13,421,000
|
|
|
$
|
15,984,667
|
|
|
CMS Energy Corp.
|
|
|
5,306,058
|
|
|
|
147,455,352
|
|
|
Companhia Energetica de Minas Gerais, IPS
|
|
|
6,530,801
|
|
|
|
37,697,735
|
|
|
Companhia Paranaense de Energia, ADR (l)
|
|
|
1,282,478
|
|
|
|
14,697,198
|
|
|
Companhia Paranaense de Energia, IPS
|
|
|
3,610,000
|
|
|
|
41,631,120
|
|
|
Covanta Holding Corp.
|
|
|
898,480
|
|
|
|
16,172,640
|
|
|
CPFL Energia S.A.
|
|
|
685,500
|
|
|
|
5,144,268
|
|
|
Dominion Resources, Inc.
|
|
|
1,374,540
|
|
|
|
93,345,011
|
|
|
DTE Energy Co.
|
|
|
1,048,830
|
|
|
|
71,551,183
|
|
|
Duke Energy Corp.
|
|
|
998,527
|
|
|
|
70,515,977
|
|
|
E.ON Russia JSC
|
|
|
55,428,817
|
|
|
|
3,643,780
|
|
|
Edison International
|
|
|
2,029,495
|
|
|
|
97,740,479
|
|
|
EDP Renovaveis S.A.
|
|
|
16,889,496
|
|
|
|
97,334,083
|
|
|
Enel Green Power S.p.A.
|
|
|
2,268,409
|
|
|
|
5,730,262
|
|
|
Energias de Portugal S.A.
|
|
|
41,737,227
|
|
|
|
156,826,721
|
|
|
Energias do Brasil S.A.
|
|
|
9,347,200
|
|
|
|
37,377,180
|
|
|
Great Plains Energy, Inc.
|
|
|
542,573
|
|
|
|
13,390,702
|
|
|
Infinis Energy PLC (a)
|
|
|
3,805,204
|
|
|
|
16,170,144
|
|
|
ITC Holdings Corp.
|
|
|
340,152
|
|
|
|
35,205,732
|
|
|
Light S.A.
|
|
|
1,684,890
|
|
|
|
13,314,349
|
|
|
National Grid PLC
|
|
|
1,299,520
|
|
|
|
16,855,256
|
|
|
NextEra Energy, Inc.
|
|
|
1,668,046
|
|
|
|
153,343,469
|
|
|
Northeast Utilities
|
|
|
3,078,095
|
|
|
|
134,820,561
|
|
|
NRG Energy, Inc.
|
|
|
4,947,665
|
|
|
|
137,792,470
|
|
|
OGE Energy Corp.
|
|
|
2,168,960
|
|
|
|
73,896,467
|
|
|
Pinnacle West Capital Corp.
|
|
|
831,740
|
|
|
|
43,774,476
|
|
|
Portland General Electric Co.
|
|
|
2,085,724
|
|
|
|
62,947,150
|
|
|
PPL Corp.
|
|
|
890,822
|
|
|
|
27,232,429
|
|
|
Public Service Enterprise Group, Inc.
|
|
|
3,072,835
|
|
|
|
102,448,319
|
|
|
Red Electrica de Espana
|
|
|
675,667
|
|
|
|
47,304,134
|
|
|
SSE PLC
|
|
|
2,855,992
|
|
|
|
61,363,196
|
|
|
Tractebel Energia S.A.
|
|
|
180,200
|
|
|
|
2,576,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,381,179,973
|
|
|
Total Common Stocks
|
|
|
|
|
|
$
|
5,003,320,027
|
|
|
|
|
|
|
Bonds - 0.1%
|
|
|
|
|
|
|
|
|
|
Asset-Backed & Securitized - 0.0%
|
|
|
|
|
|
|
|
|
|
Falcon Franchise Loan LLC, FRN, 8.951%, 2023 (i)(z)
|
|
$
|
441,903
|
|
|
$
|
38,401
|
|
|
|
|
|
|
Utilities - Electric Power - 0.1%
|
|
|
|
|
|
|
|
|
|
Viridian Group FundCo II, Ltd., 11.125%, 2017 (n)
|
|
$
|
5,999,000
|
|
|
$
|
6,568,905
|
|
|
Total Bonds
|
|
|
|
|
|
$
|
6,607,306
|
|
|
|
|
|
|
Convertible Preferred Stocks - 3.8%
|
|
|
|
|
|
|
|
|
|
Telecommunications - Wireless - 0.2%
|
|
|
|
|
|
|
|
|
|
Crown Castle International Corp., “A”, 4.5%
|
|
|
106,940
|
|
|
$
|
10,489,745
|
|
|
|
|
|
|
Utilities - Electric Power - 3.6%
|
|
|
|
|
|
|
|
|
|
Dominion Resources, Inc., “A”, 6.125%
|
|
|
570,160
|
|
|
$
|
31,889,049
|
|
|
Dominion Resources, Inc., “B”, 6%
|
|
|
588,320
|
|
|
|
32,963,570
|
|
|
NextEra Energy, Inc., 5.889%
|
|
|
766,880
|
|
|
|
45,844,086
|
|
|
PPL Corp., 8.75%
|
|
|
1,471,996
|
|
|
|
75,822,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
186,519,219
|
|
|
Total Convertible Preferred Stocks
|
|
|
|
|
|
$
|
197,008,964
|
|
3
Portfolio of Investments (unaudited) – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
|
|
|
|
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Bonds - 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadcasting - 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XM Satellite Radio, Inc., 7%, 2014 (z)
|
|
|
|
|
|
|
|
|
|
$
|
2,171,000
|
|
|
$
|
4,306,721
|
|
|
|
|
|
|
|
|
Telecommunications - Wireless - 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA Communications Corp., 4%, 2014
|
|
|
|
|
|
|
|
|
|
$
|
14,507,000
|
|
|
$
|
44,300,751
|
|
|
Total Convertible Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
48,607,472
|
|
|
|
|
Strike Price
|
|
|
First Exercise
|
|
|
|
|
|
|
|
|
Warrants - 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas - Pipeline - 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kinder Morgan, Inc. (1 share for 1 warrant) (a)
|
|
$
|
40
|
|
|
|
2/15/12
|
|
|
|
277,917
|
|
|
$
|
819,855
|
|
|
|
|
|
|
|
|
Money Market Funds - 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)
|
|
|
|
|
|
|
|
|
|
|
42,378,853
|
|
|
$
|
42,378,853
|
|
|
|
|
|
|
|
|
Collateral for Securities Loaned - 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs Repurchase Agreement, 0.03%, dated 1/31/14, due 2/03/14, total to be received $21,751,654 (secured by U.S. Treasury and Federal Agency obligations valued at $22,186,632 in an
individually traded account)
|
|
|
|
|
|
|
|
|
|
$
|
21,751,600
|
|
|
$
|
21,751,600
|
|
|
Merrill Lynch, Pierce, Fenner & Smith Repurchase Agreement, 0.02%, dated 1/31/14, due 2/03/14, total to be received $20,000,033 (secured by
U.S. Treasury and Federal Agency obligations valued at $20,400,003 in an individually traded account)
|
|
|
|
|
|
|
|
|
|
$
|
20,000,000
|
|
|
$
|
20,000,000
|
|
|
Total Collateral for Securities Loaned, at Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41,751,600
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,340,494,077
|
|
|
|
|
|
|
|
|
Other Assets, Less Liabilities - (1.6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(82,265,181
|
)
|
|
Net Assets - 100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,258,228,896
|
|
|
(a)
|
Non-income producing security.
|
|
(i)
|
Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the
security.
|
|
(l)
|
A portion of this security is on loan.
|
|
(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 $6,568,905, representing 0.1% 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.
|
|
(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
|
|
|
Falcon Franchise Loan LLC, FRN, 8.774%, 2023
|
|
1/18/02
|
|
|
$11,413
|
|
|
|
$38,401
|
|
|
XM Satellite Radio, Inc., 7%, 2014
|
|
10/21/13-12/19/13
|
|
|
4,613,210
|
|
|
|
4,306,721
|
|
|
Total Restricted Securities
|
|
|
|
|
|
|
|
|
$4,345,122
|
|
|
% of Net assets
|
|
|
|
|
|
|
|
|
0.1%
|
|
The following abbreviations are used in this report and are defined:
|
|
|
|
|
ADR
|
|
American Depositary Receipt
|
|
FRN
|
|
Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
|
|
IPS
|
|
International Preference Stock
|
|
PLC
|
|
Public Limited Company
|
|
REIT
|
|
Real Estate Investment Trust
|
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
|
|
GBP
|
|
British Pound
|
Derivative Contracts at 1/31/14
Forward Foreign Currency Exchange Contracts at 1/31/14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
Currency
|
|
|
Counterparty
|
|
Contracts to
Deliver/Receive
|
|
Settlement
Date Range
|
|
In Exchange
For
|
|
|
Contracts
at Value
|
|
|
Net Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELL
|
|
|
EUR
|
|
|
Barclays Bank PLC
|
|
75,326,407
|
|
3/18/14
|
|
$
|
103,633,544
|
|
|
$
|
101,594,081
|
|
|
$
|
2,039,463
|
|
|
SELL
|
|
|
EUR
|
|
|
Credit Suisse Group
|
|
75,260,492
|
|
4/11/14
|
|
|
102,690,291
|
|
|
|
101,506,611
|
|
|
|
1,183,680
|
|
|
SELL
|
|
|
EUR
|
|
|
Deutsche Bank AG
|
|
19,493,464
|
|
4/11/14
|
|
|
26,370,931
|
|
|
|
26,291,556
|
|
|
|
79,375
|
|
|
SELL
|
|
|
EUR
|
|
|
JPMorgan Chase Bank N.A.
|
|
73,438,278
|
|
4/11/14
|
|
|
100,208,660
|
|
|
|
99,048,923
|
|
|
|
1,159,737
|
|
|
SELL
|
|
|
EUR
|
|
|
UBS AG
|
|
75,326,407
|
|
4/11/14
|
|
|
102,846,006
|
|
|
|
101,595,513
|
|
|
|
1,250,493
|
|
|
SELL
|
|
|
GBP
|
|
|
UBS AG
|
|
924,056
|
|
4/11/14
|
|
|
1,518,896
|
|
|
|
1,518,308
|
|
|
|
588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,713,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUY
|
|
|
EUR
|
|
|
Citibank N.A.
|
|
2,686,999
|
|
4/11/14
|
|
$
|
3,660,380
|
|
|
$
|
3,624,055
|
|
|
$
|
(36,325
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Credit Suisse Group
|
|
2,645,063
|
|
4/11/14
|
|
|
3,616,103
|
|
|
|
3,567,495
|
|
|
|
(48,608
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Deutsche Bank AG
|
|
4,364,713
|
|
4/11/14
|
|
|
5,926,954
|
|
|
|
5,886,851
|
|
|
|
(40,103
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Goldman Sachs International
|
|
1,394,732
|
|
4/11/14
|
|
|
1,899,675
|
|
|
|
1,881,126
|
|
|
|
(18,549
|
)
|
|
BUY
|
|
|
EUR
|
|
|
Royal Bank of Scotland Group PLC
|
|
424,589
|
|
4/11/14
|
|
|
580,472
|
|
|
|
572,658
|
|
|
|
(7,814
|
)
|
|
BUY
|
|
|
EUR
|
|
|
UBS AG
|
|
4,172,262
|
|
4/11/14
|
|
|
5,708,589
|
|
|
|
5,627,284
|
|
|
|
(81,305
|
)
|
|
SELL
|
|
|
GBP
|
|
|
Barclays Bank PLC
|
|
3,699,713
|
|
4/11/14
|
|
|
6,056,284
|
|
|
|
6,078,965
|
|
|
|
(22,681
|
)
|
|
SELL
|
|
|
GBP
|
|
|
Credit Suisse Group
|
|
33,029,760
|
|
4/11/14
|
|
|
54,217,359
|
|
|
|
54,270,901
|
|
|
|
(53,542
|
)
|
|
SELL
|
|
|
GBP
|
|
|
Deutsche Bank AG
|
|
5,361,071
|
|
4/11/14
|
|
|
8,778,892
|
|
|
|
8,808,728
|
|
|
|
(29,836
|
)
|
|
SELL
|
|
|
GBP
|
|
|
Merrill Lynch International Bank
|
|
33,029,760
|
|
4/11/14
|
|
|
54,233,545
|
|
|
|
54,270,900
|
|
|
|
(37,355
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(376,118
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 31, 2014, the fund had cash collateral of $150,000 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.
5
Supplemental Information
1/31/14 (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. Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term
instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time
period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of
information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate,
maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates
provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the
value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments
are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be
readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be
valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or
market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded.
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 fund’s net asset value may be deemed to have a
material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such
as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to
assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value.
When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value
assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs
are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In
such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value
measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable
market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of
investments. Other financial instruments are derivative instruments not reflected in total investments, such as forward foreign currency exchange contracts.
6
Supplemental Information (unaudited) – continued
The following is a summary of the levels used as of January 31, 2014 in valuing the fund’s assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$3,593,047,744
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$3,593,047,744
|
|
|
Portugal
|
|
|
269,750,205
|
|
|
|
—
|
|
|
|
—
|
|
|
|
269,750,205
|
|
|
Brazil
|
|
|
200,333,398
|
|
|
|
—
|
|
|
|
—
|
|
|
|
200,333,398
|
|
|
United Kingdom
|
|
|
197,061,402
|
|
|
|
—
|
|
|
|
—
|
|
|
|
197,061,402
|
|
|
Spain
|
|
|
164,329,992
|
|
|
|
—
|
|
|
|
—
|
|
|
|
164,329,992
|
|
|
Canada
|
|
|
107,857,586
|
|
|
|
—
|
|
|
|
—
|
|
|
|
107,857,586
|
|
|
Italy
|
|
|
94,103,391
|
|
|
|
—
|
|
|
|
—
|
|
|
|
94,103,391
|
|
|
Russia
|
|
|
68,081,184
|
|
|
|
8,681,579
|
|
|
|
—
|
|
|
|
76,762,763
|
|
|
Israel
|
|
|
72,566,133
|
|
|
|
—
|
|
|
|
—
|
|
|
|
72,566,133
|
|
|
Other Countries
|
|
|
293,430,118
|
|
|
|
131,906,115
|
|
|
|
—
|
|
|
|
425,336,233
|
|
|
U.S. Corporate Bonds
|
|
|
—
|
|
|
|
48,607,472
|
|
|
|
—
|
|
|
|
48,607,472
|
|
|
Commercial Mortgage-Backed Securities
|
|
|
—
|
|
|
|
38,401
|
|
|
|
—
|
|
|
|
38,401
|
|
|
Foreign Bonds
|
|
|
—
|
|
|
|
6,568,904
|
|
|
|
—
|
|
|
|
6,568,904
|
|
|
Short-Term Securities
|
|
|
—
|
|
|
|
41,751,600
|
|
|
|
—
|
|
|
|
41,751,600
|
|
|
Mutual Funds
|
|
|
42,378,853
|
|
|
|
—
|
|
|
|
—
|
|
|
|
42,378,853
|
|
|
Total Investments
|
|
|
$5,102,940,006
|
|
|
|
$237,554,071
|
|
|
|
$—
|
|
|
|
$5,340,494,077
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
|
$—
|
|
|
|
$5,337,218
|
|
|
|
$—
|
|
|
|
$5,337,218
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
Of the level 2 investments presented above, equity investments amounting to $126,090,304 would have been considered level 1 investments at the beginning of the
period. Of the level 1 investments presented above, equity investments amounting to $77,279,395 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 fund’s foreign equity securities may often be valued at fair value. The fund’s 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
|
|
|
$4,450,744,762
|
|
|
Gross unrealized appreciation
|
|
|
1,075,925,239
|
|
|
Gross unrealized depreciation
|
|
|
(186,175,924
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
$889,749,315
|
|
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
|
|
|
115,909,948
|
|
|
|
238,815,345
|
|
|
|
(312,346,440
|
)
|
|
|
42,378,853
|
|
|
|
|
|
|
|
|
Underlying Affiliated Fund
|
|
Realized
Gain (Loss)
|
|
|
Capital Gain
Distributions
|
|
|
Dividend
Income
|
|
|
Ending
Value
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$34,215
|
|
|
|
$42,378,853
|
|
7
Supplemental Information (unaudited) – continued
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of January 31, 2014, are as follows:
|
|
|
|
|
|
|
United States
|
|
|
69.3%
|
|
|
Portugal
|
|
|
5.1%
|
|
|
United Kingdom
|
|
|
3.9%
|
|
|
Brazil
|
|
|
3.8%
|
|
|
Spain
|
|
|
3.1%
|
|
|
Canada
|
|
|
2.1%
|
|
|
Italy
|
|
|
1.8%
|
|
|
Russia
|
|
|
1.5%
|
|
|
Israel
|
|
|
1.4%
|
|
|
Other Countries
|
|
|
8.0%
|
|
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative
holdings, if applicable.
8
|
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
|
(a)
|
Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures
provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s
rules and forms.
|
|
(b)
|
There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
File as exhibits as part of
this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this
instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but
are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: MFS SERIES TRUST VI
|
|
|
|
|
By (Signature and Title)*
|
|
JOHN M. CORCORAN
|
|
|
|
John M. Corcoran, President
|
Date: March 18, 2014
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: March 18, 2014
|
|
|
|
|
By (Signature and Title)*
|
|
DAVID L. DILORENZO
|
|
|
|
David L. DiLorenzo, Treasurer
|
|
|
|
(Principal Financial Officer and Accounting Officer)
|
Date: March 18, 2014
|
*
|
Print name and title of each signing officer under his or her signature.
|
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