TGLO TheGlobe com Inc (PK)

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 811-04253

MFS SERIES TRUST XV

(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*

 

*	This Form N-Q pertains only to the following series of the Registrant: MFS Global Alternative Strategy Fund. Effective February 1, 2014, MFS Diversified Target Return Fund was redesignated as “MFS Global Alternative Strategy Fund.”

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ITEM 1.

SCHEDULE OF INVESTMENTS.

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QUARTERLY REPORT

January 31, 2014

 

 

MFS® DIVERSIFIED TARGET RETURN FUND

 

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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 - 65.0%
Aerospace - 1.5%
BE Aerospace, Inc. (a)			1,830			$	145,430
Boeing Co.			1,553				194,529
FLIR Systems, Inc.			2,570				81,520
Honeywell International, Inc.			610				55,650
Lockheed Martin Corp.			7,550				1,139,371
MTU Aero Engines AG			720				63,945
Northrop Grumman Corp.			4,860				561,573
Precision Castparts Corp.			3,162				805,520
Raytheon Co.			2,840				269,999
Saab AB, “B”			3,410				88,485
TransDigm Group, Inc.			706				117,923
United Technologies Corp.			5,010				571,240
						$	4,095,185
Airlines - 0.4%
Alaska Air Group, Inc.			700			$	55,349
Controladora Vuela Compania de Aviacion S.A.B. de C.V., ADR (a)			6,830				79,501
Copa Holdings S.A., “A”			5,018				655,853
Delta Air Lines, Inc.			2,340				71,627
Stagecoach Group PLC			26,326				157,443
United Continental Holdings, Inc. (a)			910				41,714
						$	1,061,487
Alcoholic Beverages - 0.8%
Beam, Inc.			3,000			$	249,900
Constellation Brands, Inc., “A” (a)			1,800				138,006
Diageo PLC, ADR			3,160				379,358
Heineken N.V.			9,348				570,622
Pernod Ricard S.A.			7,655				822,227
						$	2,160,113
Apparel Manufacturers - 1.4%
Adidas AG			2,997			$	335,046
Christian Dior S.A.			707				129,394
Gerry Weber International AG			3,376				150,256
Guess?, Inc.			2,740				76,857
Hanesbrands, Inc.			4,570				325,110
Li & Fung Ltd.			416,000				572,821
LVMH Moet Hennessy Louis Vuitton S.A.			6,288				1,120,715
Michael Kors Holdings Ltd. (a)			7,225				577,494
NIKE, Inc., “B”			350				25,498
PVH Corp.			1,904				230,136
VF Corp.			7,406				432,881
Vince Holding Corp. (a)			2,100				49,056
						$	4,025,264
Automotive - 1.6%
Autoliv, Inc.			1,070			$	97,017
Delphi Automotive PLC			4,400				267,916
DENSO Corp.			3,800				196,405
Dorman Products, Inc. (a)			420				21,907
General Motors Co.			19,650				708,972
Goodyear Tire & Rubber Co.			31,060				734,880

 

1

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Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Automotive - continued
Guangzhou Automobile Group Co. Ltd., “H”			110,000			$	107,893
Honda Motor Co. Ltd.			25,200				946,848
Kia Motors Corp.			1,370				68,592
LKQ Corp. (a)			5,060				136,974
Tofas Turk Otomobil Fabriikasi A.S.			7,486				35,294
TRW Automotive Holdings Corp. (a)			7,870				583,561
USS Co. Ltd.			31,400				429,021
						$	4,335,280
Biotechnology - 0.9%
Abcam PLC			18,478			$	157,955
Alexion Pharmaceuticals, Inc. (a)			5,040				799,999
Amgen, Inc.			3,141				373,622
Biogen Idec, Inc. (a)			2,289				715,633
Celgene Corp. (a)			1,259				191,280
Gilead Sciences, Inc. (a)			350				28,228
Illumina, Inc. (a)			1,420				215,840
MiMedx Group, Inc. (a)			4,930				38,651
						$	2,521,208
Broadcasting - 1.1%
Discovery Communications, Inc., “A” (a)			2,515			$	200,647
Havas S.A.			20,672				162,180
Interpublic Group of Companies, Inc.			4,740				77,357
Nippon Television Holdings, Inc.			20,900				357,032
Publicis Groupe			8,229				730,056
RetailMeNot, Inc. (a)			2,190				77,548
Rightmove PLC			4,694				195,381
Scripps Networks Interactive, Inc., “A”			1,370				99,352
Stroer Media AG (a)			4,380				76,854
Time Warner, Inc.			510				32,043
Twenty-First Century Fox, Inc.			1,940				61,731
Twenty-First Century Fox, Inc., “B”			13,700				427,988
Viacom, Inc., “B”			4,640				380,944
Walt Disney Co.			610				44,292
						$	2,923,405
Brokerage & Asset Managers - 1.2%
Affiliated Managers Group, Inc. (a)			1,664			$	331,535
BlackRock, Inc.			1,428				429,071
BM&F Bovespa S.A.			70,400				279,762
Computershare Ltd.			50,243				489,448
Evercore Partners, Inc.			700				39,088
Franklin Resources, Inc.			801				41,660
FXCM, Inc., “A”			3,320				56,905
IG Group Holdings PLC			19,554				201,387
IntercontinentalExchange Group, Inc.			4,352				908,654
LPL Financial Holdings, Inc.			2,200				117,766
NASDAQ OMX Group, Inc.			5,330				203,340
Schroders PLC			5,388				218,510
TD Ameritrade Holding Corp.			2,140				66,875
						$	3,384,001
Business Services - 3.5%
Accenture PLC, “A”			21,630			$	1,727,804
Amadeus Holdings AG			19,588				775,510

 

2

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Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Business Services - continued
Brenntag AG			372			$	64,220
Bright Horizons Family Solutions, Inc. (a)			7,020				257,985
Brunel International N.V.			2,411				141,824
Bunzl PLC			27,761				633,432
Cognizant Technology Solutions Corp., “A” (a)			2,750				266,530
Compass Group PLC			127,040				1,901,498
Constant Contact, Inc. (a)			4,850				130,999
Copart, Inc. (a)			1,380				47,306
Experian Group Ltd.			3,717				63,548
Fidelity National Information Services, Inc.			2,280				115,596
FleetCor Technologies, Inc. (a)			13,170				1,400,234
Forrester Research, Inc.			2,910				109,241
Gartner, Inc. (a)			4,640				326,331
Global Payments, Inc.			1,890				124,910
Intertek Group PLC			4,748				221,044
Jones Lang LaSalle, Inc.			1,820				207,953
Mitsubishi Corp.			3,200				59,018
Nomura Research Institute Ltd.			5,400				176,414
Performant Financial Corp. (a)			4,100				34,973
Premier Farnell PLC			41,720				149,169
RE/MAX Holdings, Inc., “A” (a)			2,460				71,734
Realogy Holdings Corp. (a)			2,240				102,077
Resources Connection, Inc.			7,540				101,639
Serco Group PLC			18,588				133,564
Sodexo			2,241				220,910
Verisk Analytics, Inc., “A” (a)			1,700				108,562
Xoom Corp. (a)			2,670				73,131
						$	9,747,156
Cable TV - 1.1%
Charter Communications, Inc., “A” (a)			978			$	133,986
Comcast Corp., “A”			17,058				928,808
Comcast Corp., “Special A”			9,610				503,084
Dish Network Corp., “A” (a)			770				43,413
Time Warner Cable, Inc.			10,473				1,395,737
Ziggo N.V.			2,551				110,906
						$	3,115,934
Chemicals - 1.1%
3M Co.			2,446			$	313,553
Celanese Corp.			1,590				80,518
CF Industries Holdings, Inc.			1,657				382,535
Givaudan S.A.			347				513,620
LyondellBasell Industries N.V., “A”			10,370				816,741
Marrone Bio Innovations, Inc. (a)			690				10,964
Monsanto Co.			4,689				499,613
PPG Industries, Inc.			1,540				280,834
Victrex PLC			3,114				91,222
						$	2,989,600
Computer Software - 2.1%
Aspen Technology, Inc. (a)			13,220			$	602,435
Citrix Systems, Inc. (a)			5,804				313,822
CommVault Systems, Inc. (a)			1,580				109,131
Dassault Systemes S.A.			446				52,880

 

3

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Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Computer Software - continued
Intuit, Inc.			2,203			$	161,370
Microsoft Corp.			9,920				375,472
OBIC Co. Ltd.			8,900				274,461
Oracle Corp.			30,572				1,128,107
PTC, Inc. (a)			14,040				500,947
Qlik Technologies, Inc. (a)			8,850				239,127
Rovi Corp. (a)			4,570				96,930
Salesforce.com, Inc. (a)			651				39,405
SolarWinds, Inc. (a)			2,500				99,725
Symantec Corp.			36,950				791,100
TIBCO Software, Inc. (a)			5,110				108,792
VeriSign, Inc. (a)			14,479				850,641
						$	5,744,345
Computer Software - Systems - 1.8%
Apple, Inc. (s)			660			$	330,396
CDW Corp.			450				10,652
Cvent, Inc. (a)			1,320				50,437
E2open, Inc. (a)			1,900				45,505
EMC Corp.			11,543				279,802
Exa Corp. (a)			1,990				28,019
Fleetmatics Group PLC (a)			15,280				611,353
Hewlett-Packard Co.			41,240				1,195,960
Ingram Micro, Inc., “A” (a)			7,090				177,392
International Business Machines Corp.			6,406				1,131,812
Linx S.A.			1,400				25,439
MiX Telematics Ltd., ADR (a)			3,590				42,757
Model N, Inc. (a)			10,540				104,346
NCR Corp. (a)			2,010				70,732
NICE Systems Ltd.			4,165				164,019
NICE Systems Ltd., ADR			3,960				156,222
Recall Holdings Ltd. (a)			9,665				37,978
SciQuest, Inc. (a)			3,040				80,378
SS&C Technologies Holdings, Inc. (a)			5,710				221,662
Vantiv, Inc., “A” (a)			6,220				188,715
Xerox Corp.			10,010				108,609
						$	5,062,185
Conglomerates - 0.1%
DCC PLC			3,511			$	159,588
First Pacific Co. Ltd.			112,000				111,545
Hutchison Whampoa Ltd.			6,000				73,729
						$	344,862
Construction - 0.4%
Beacon Roofing Supply, Inc. (a)			1,220			$	46,104
Bellway PLC			8,307				212,212
Geberit AG			1,738				504,540
Lennox International, Inc.			530				45,877
Semen Indonesia Persero Tbk PT			67,500				78,743
Stanley Black & Decker, Inc.			1,281				99,149
						$	986,625
Consumer Products - 1.1%
Colgate-Palmolive Co.			555			$	33,983
Estee Lauder Cos., Inc., “A”			4,216				289,808

 

4

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Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Consumer Products - continued
Henkel KGaA, IPS			5,084			$	551,149
International Flavors & Fragrances, Inc.			710				61,543
Kao Corp.			16,500				522,704
Newell Rubbermaid, Inc.			4,740				146,466
Procter & Gamble Co.			930				71,257
Reckitt Benckiser Group PLC			15,694				1,177,225
Sensient Technologies Corp.			2,750				134,530
Uni-Charm Corp.			1,300				70,668
						$	3,059,333
Consumer Services - 1.0%
Apollo Group, Inc., “A” (a)			9,770			$	315,473
DeVry, Inc.			2,540				91,796
Diamond Resorts International, Inc. (a)			3,690				64,575
Estacio Participacoes S.A., ADR			18,750				146,438
HomeAway, Inc. (a)			3,324				135,819
Houghton Mifflin Harcourt Co. (a)			2,370				45,599
ITT Educational Services, Inc. (a)			16,940				498,036
Kroton Educacional S.A.			6,100				93,222
MakeMyTrip Ltd. (a)			3,440				95,460
Priceline.com, Inc. (a)			1,226				1,403,635
						$	2,890,053
Containers - 0.6%
Ball Corp.			1,040			$	53,238
Brambles Ltd.			48,350				379,432
Crown Holdings, Inc. (a)			680				27,948
Greif, Inc., “A”			2,800				141,764
Owens-Illinois, Inc. (a)			1,340				42,934
Packaging Corp. of America			12,310				795,226
Sealed Air Corp.			1,950				60,821
Silgan Holdings, Inc.			1,110				50,871
Viscofan S.A.			2,184				115,702
						$	1,667,936
Electrical Equipment - 1.7%
AMETEK, Inc.			12,932			$	639,099
Amphenol Corp., “A”			1,850				160,728
Danaher Corp. (s)			12,900				959,631
General Electric Co.			8,180				205,563
Legrand S.A.			459				24,381
Mettler-Toledo International, Inc. (a)			3,487				858,848
MSC Industrial Direct Co., Inc., “A”			940				78,979
Pentair Ltd.			3,018				224,328
Schneider Electric S.A.			2,337				188,768
Sensata Technologies Holding B.V. (a)			3,800				142,272
Siemens AG			1,547				196,042
Spectris PLC			9,081				331,706
Tyco International Ltd.			14,690				594,798
W.W. Grainger, Inc.			149				34,938
WESCO International, Inc. (a)			680				56,413
						$	4,696,494
Electronics - 1.5%
Altera Corp.			7,460			$	249,388
Analog Devices, Inc.			1,160				55,993

 

5

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Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Electronics - continued
Entegris, Inc. (a)			4,880			$	51,338
Entropic Communications, Inc. (a)			9,530				39,740
Halma PLC			72,583				714,125
Infineon Technologies AG			6,323				65,289
Jabil Circuit, Inc.			1,720				30,908
JDS Uniphase Corp. (a)			1,440				19,138
Lattice Semiconductor Corp. (a)			9,540				55,141
M/A-COM Technology Solutions Holdings, Inc. (a)			5,840				99,280
MaxLinear, Inc., “A” (a)			7,110				72,949
Media Tek, Inc.			9,000				118,835
Mellanox Technologies Ltd. (a)			2,960				110,319
Micrel, Inc.			7,270				72,555
Microchip Technology, Inc.			2,620				117,533
MKS Instruments, Inc.			1,610				48,509
NXP Semiconductors N.V. (a)			1,740				84,129
Rubicon Technology, Inc. (a)			5,670				62,200
SanDisk Corp.			2,400				166,920
Silicon Laboratories, Inc. (a)			3,190				150,696
Siliconware Precision Industries Co. Ltd., ADR			30,734				175,491
Stratasys Ltd. (a)			200				24,112
Taiwan Semiconductor Manufacturing Co. Ltd.			18,654				63,969
Taiwan Semiconductor Manufacturing Co. Ltd., ADR			68,662				1,161,761
Ultratech, Inc. (a)			9,090				229,977
Universal Display Corp. (a)			800				25,984
						$	4,066,279
Energy - Independent - 2.7%
Alpha Natural Resources, Inc. (a)			6,830			$	38,794
Anadarko Petroleum Corp.			5,340				430,885
Antero Resources Corp. (a)			2,080				122,179
Cabot Oil & Gas Corp.			18,506				739,870
Cairn Energy PLC (a)			5,297				18,774
Canadian Oil Sands Ltd.			4,190				75,504
Cenovus Energy, Inc.			1,640				42,909
Chesapeake Energy Corp.			8,500				228,735
Cimarex Energy Co.			480				47,030
CONSOL Energy, Inc.			6,950				259,583
Energen Corp.			1,600				113,152
EOG Resources, Inc.			83				13,715
EQT Corp.			1,150				106,732
Galp Energia SGPS S.A.			1,716				26,569
Goodrich Petroleum Corp. (a)			1,460				25,141
Gulfport Energy Corp. (a)			1,460				88,987
HollyFrontier Corp.			2,560				118,528
INPEX Corp.			69,500				817,674
Marathon Petroleum Corp.			13,319				1,159,419
Noble Energy, Inc.			1,637				102,034
Occidental Petroleum Corp.			6,020				527,171
Oil Search Ltd.			5,240				36,824
PDC Energy, Inc. (a)			710				35,401
Peabody Energy Corp.			7,690				131,115
Pioneer Natural Resources Co.			2,623				444,126
Range Resources Corp.			1,270				109,461
Reliance Industries Ltd.			3,361				44,585
Rice Energy, Inc. (a)			5,710				134,299

 

6

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Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Energy - Independent - continued
Rosetta Resources, Inc. (a)			840			$	35,792
SM Energy Co.			7,330				606,631
Valero Energy Corp.			13,290				679,119
Walter Energy, Inc.			6,800				77,248
						$	7,437,986
Energy - Integrated - 1.1%
BG Group PLC			29,338			$	492,898
Chevron Corp.			5,290				590,523
Exxon Mobil Corp. (s)			11,875				1,094,400
Hess Corp.			5,520				416,705
Petroleo Brasileiro S.A., ADR			5,570				62,440
Royal Dutch Shell PLC, “A”			10,270				355,131
						$	3,012,097
Engineering - Construction - 0.1%
Fluor Corp.			290			$	22,028
JGC Corp.			4,000				150,850
Team, Inc. (a)			1,760				74,501
						$	247,379
Entertainment - 0.1%
AMC Entertainment Holdings, Inc., “A” (a)			3,450			$	73,727
AMC Networks, Inc., “A” (a)			1,470				94,727
Carmike Cinemas, Inc. (a)			4,050				109,796
Cinemark Holdings, Inc.			2,580				75,620
DHX Media Ltd.			2,340				9,980
						$	363,850
Food & Beverages - 2.4%
Booker Group PLC			46,871			$	119,275
Britvic PLC			14,881				169,528
Bunge Ltd.			1,190				90,154
Coca-Cola Co.			11,927				451,079
Coca-Cola Enterprises, Inc.			1,780				77,056
Dr Pepper Snapple Group, Inc.			1,260				60,329
General Mills, Inc.			7,620				365,912
Groupe Danone			29,792				1,969,044
Grupo Lala S.A.B. de C.V.			15,300				32,604
Ingredion, Inc.			1,190				74,137
J.M. Smucker Co.			890				85,787
Kerry Group PLC			2,044				137,561
M. Dias Branco S.A. Industria e Comercio de Alimentos			1,500				51,286
Mead Johnson Nutrition Co., “A”			1,270				97,650
Mondelez International, Inc.			14,900				487,975
Nestle S.A.			25,144				1,824,822
Nestle S.A., ADR			6,770				491,841
Pinnacle Foods, Inc.			4,740				127,980
Tate & Lyle PLC			4,990				62,138
						$	6,776,158
Food & Drug Stores - 0.8%
Alimentation Couche-Tard, Inc.			2,023			$	147,800
Brazil Pharma S.A. (a)			13,100				27,250
Cosmos Pharmaceutical Corp.			736				92,202

 

7

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Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Food & Drug Stores - continued
CVS Caremark Corp.			11,362			$	769,435
Empire Co. Ltd., “A”			910				58,085
Fairway Group Holdings Corp. (a)			5,200				61,100
Kroger Co.			30,272				1,092,819
Sundrug Co. Ltd.			1,200				50,339
Wumart Stores, Inc.			12,000				15,295
						$	2,314,325
Furniture & Appliances - 0.0%
SodaStream International Ltd. (a)			1,080			$	39,485
Gaming & Lodging - 0.5%
Ladbrokes PLC			43,263			$	106,324
Norwegian Cruise Line Holdings Ltd. (a)			1,790				62,686
Paddy Power PLC			671				53,131
Sands China Ltd.			12,800				98,843
Wynn Resorts Ltd.			5,031				1,093,840
						$	1,414,824
General Merchandise - 0.7%
Five Below, Inc. (a)			1,740			$	63,771
Kohl’s Corp.			2,040				103,285
Macy’s, Inc.			20,190				1,074,108
Target Corp.			6,030				341,539
Wal-Mart Stores, Inc.			3,081				230,089
Woolworths Holdings Ltd.			14,144				77,011
						$	1,889,803
Health Maintenance Organizations - 0.5%
Aetna, Inc.			6,900			$	471,477
BioScrip, Inc. (a)			7,270				61,868
Molina Healthcare, Inc. (a)			1,570				56,520
Odontoprev S.A.			6,500				24,241
UnitedHealth Group, Inc.			630				45,536
WellPoint, Inc.			7,010				602,860
						$	1,262,502
Insurance - 3.3%
ACE Ltd.			290			$	27,205
Aflac, Inc.			6,270				393,631
AIA Group Ltd.			124,800				575,546
Allied World Assurance Co.			1,690				173,935
American International Group, Inc.			10,090				483,916
Amlin PLC			22,144				152,235
Aon PLC			1,050				84,483
Aspen Insurance Holdings Ltd.			2,040				79,356
Assurant, Inc.			3,370				220,230
Beazley PLC			153,388				644,255
Delta Lloyd N.V.			2,000				51,480
Everest Re Group Ltd.			7,954				1,151,421
Genworth Financial, Inc. (a)			2,390				35,253
Hanover Insurance Group, Inc.			2,270				126,053
Hartford Financial Services Group, Inc.			1,220				40,565
Hiscox Ltd.			15,552				163,111
ING Groep N.V. (a)			9,297				123,382

 

8

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Insurance - continued
Jardine Lloyd Thompson Group PLC			26,958			$	468,866
Lincoln National Corp.			1,930				92,698
MetLife, Inc.			15,810				775,481
Protective Life Corp.			1,290				63,223
Prudential Financial, Inc.			6,270				529,125
Sony Financial Holdings, Inc.			2,500				40,399
Storebrand A.S.A. (a)			16,166				96,083
Symetra Financial Corp.			7,810				149,562
Third Point Reinsurance Ltd. (a)			7,880				125,844
Travelers Cos., Inc.			13,100				1,064,768
Unum Group			1,540				49,588
Validus Holdings Ltd.			27,272				979,610
Zurich Insurance Group AG			313				90,898
						$	9,052,202
Internet - 1.7%
ChannelAdvisor Corp. (a)			250			$	10,843
eBay, Inc. (a)			5,790				308,028
Facebook, Inc., “A “ (a)			24,380				1,525,457
Google, Inc., “A” (a)			1,356				1,601,395
LinkedIn Corp., “A” (a)			1,352				290,964
Millennial Media, Inc. (a)			9,840				78,130
Naver Corp. (a)			573				362,613
Shutterfly, Inc. (a)			1,750				82,880
Yahoo Japan Corp.			15,500				87,264
Yahoo!, Inc. (a)			7,150				257,543
Yelp, Inc. (a)			3,030				230,129
						$	4,835,246
Leisure & Toys - 0.1%
Brunswick Corp.			1,640			$	67,994
Callaway Golf Co.			10,070				82,272
Hasbro, Inc.			700				34,384
Mattel, Inc.			1,350				51,084
						$	235,734
Machinery & Tools - 1.7%
Allison Transmission Holdings, Inc.			7,250			$	208,293
Atlas Copco AB, “A”			5,536				150,412
Burckhardt Compression Holding AG			399				179,883
Columbus McKinnon Corp. (a)			3,170				78,362
Cummins, Inc.			535				67,934
Douglas Dynamics, Inc.			5,460				79,279
Eaton Corp. PLC			1,830				133,755
Finning International, Inc.			2,120				51,299
Flowserve Corp.			1,686				121,948
GEA Group AG			6,706				314,609
Herman Miller, Inc.			2,320				65,030
IPG Photonics Corp. (a)			1,958				130,931
Joy Global, Inc.			9,200				485,668
Kennametal, Inc.			4,640				201,098
Nordson Corp.			780				54,070
Oshkosh Corp.			3,060				165,668
Polypore International, Inc. (a)			5,920				196,248
Proto Labs, Inc. (a)			570				45,235

 

9

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Machinery & Tools - continued
Regal Beloit Corp.			2,010			$	148,921
Roper Industries, Inc.			2,201				302,065
Schindler Holding AG			824				119,512
Spirax-Sarco Engineering PLC			3,494				167,719
SPX Corp.			840				83,639
Timken Co.			2,010				113,223
United Rentals, Inc. (a)			420				33,995
WABCO Holdings, Inc. (a)			2,650				228,483
Weir Group PLC			20,750				714,283
						$	4,641,562
Major Banks - 2.9%
Bank of America Corp.			2,200			$	36,850
Bank of New York Mellon Corp.			11,200				357,952
BNP Paribas			2,136				165,503
Comerica, Inc.			3,578				163,872
Goldman Sachs Group, Inc.			1,591				261,115
HSBC Holdings PLC			149,909				1,545,150
Huntington Bancshares, Inc.			22,210				201,445
JPMorgan Chase & Co. (s)			34,170				1,891,651
KeyCorp			7,660				97,742
Mitsubishi UFJ Financial Group, Inc.			18,100				108,696
Morgan Stanley			11,870				350,284
PNC Financial Services Group, Inc.			3,130				250,024
Regions Financial Corp.			5,910				60,105
Royal Bank of Scotland Group PLC (a)			23,550				131,627
Standard Chartered PLC			29,276				596,773
State Street Corp.			1,390				93,061
Sumitomo Mitsui Financial Group, Inc.			14,500				670,794
Wells Fargo & Co.			20,380				924,029
Westpac Banking Corp.			7,010				189,381
						$	8,096,054
Medical & Health Technology & Services - 1.7%
Advisory Board Co. (a)			1,150			$	72,807
AmerisourceBergen Corp.			8,230				553,221
Capital Senior Living Corp. (a)			3,560				79,993
Cardinal Health, Inc.			7,800				530,556
Cerner Corp. (a)			3,080				175,221
Community Health Systems, Inc. (a)			3,340				138,309
Cross Country Healthcare, Inc. (a)			7,450				80,460
Express Scripts Holding Co. (a)			4,532				338,495
HCA Holdings, Inc. (a)			7,400				371,998
Healthcare Services Group, Inc.			3,750				101,738
HealthStream, Inc. (a)			560				16,251
Henry Schein, Inc. (a)			1,490				171,186
Hogy Medical Co. Ltd.			3,300				171,508
Kobayashi Pharmaceutical Co. Ltd.			18,000				976,805
McKesson Corp.			3,825				667,118
MEDNAX, Inc. (a)			1,900				105,716
Miraca Holdings, Inc.			4,800				226,912
Universal Health Services, Inc.			410				33,628
						$	4,811,922

 

10

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Medical Equipment - 1.5%
Abbott Laboratories			29,189			$	1,070,069
Ansell Ltd.			6,034				100,804
Cardiovascular Systems, Inc. (a)			3,160				107,187
CareFusion Corp. (a)			2,080				84,802
Cepheid, Inc. (a)			2,460				130,036
Cooper Cos., Inc.			518				64,377
Covidien PLC			1,390				94,854
DENTSPLY International, Inc.			1,990				91,819
Endologix, Inc. (a)			10,100				161,600
Essilor International S.A.			2,393				240,541
GenMark Diagnostics, Inc. (a)			3,470				44,832
Globus Medical, Inc., “A” (a)			3,040				71,136
Nihon Kohden Corp.			2,100				81,816
Novadaq Technologies, Inc. (a)			1,120				22,949
NxStage Medical, Inc. (a)			3,400				44,030
PerkinElmer, Inc.			6,980				304,328
Sonova Holding AG			483				66,378
St. Jude Medical, Inc.			6,270				380,777
Stryker Corp.			400				31,040
TearLab Corp. (a)			6,070				40,608
Teleflex, Inc.			1,760				164,806
Thermo Fisher Scientific, Inc.			7,160				824,402
Uroplasty, Inc. (a)			5,280				23,866
						$	4,247,057
Metals & Mining - 0.6%
Cameco Corp.			2,800			$	59,416
Century Aluminum Co. (a)			5,590				65,235
Gerdau S.A., ADR			7,230				50,972
Globe Specialty Metals, Inc.			5,010				87,575
GrafTech International Ltd. (a)			22,030				225,808
Horsehead Holding Corp. (a)			9,660				147,991
Iluka Resources Ltd.			51,271				392,145
Molycorp, Inc. (a)			12,520				60,722
Rio Tinto Ltd.			3,709				212,339
Rio Tinto PLC			4,620				246,338
Uranium Participation Corp. (a)			4,070				20,172
						$	1,568,713
Natural Gas - Distribution - 0.3%
AGL Resources, Inc.			2,950			$	140,951
China Resources Gas Group Ltd.			12,000				37,027
GDF Suez			4,067				89,874
National Fuel Gas Co.			3,330				250,949
NiSource, Inc.			1,740				59,804
NorthWestern Corp.			1,060				47,923
Snam S.p.A.			11,190				61,424
Spectra Energy Corp.			2,720				97,784
Tokyo Gas Co. Ltd.			17,000				85,114
UGI Corp.			1,770				76,800
						$	947,650
Natural Gas - Pipeline - 0.1%
Kinder Morgan, Inc.			738			$	25,099
QEP Midstream Partners LP			2,220				53,058

 

11

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Natural Gas - Pipeline - continued
StealthGas, Inc. (a)			6,570			$	63,072
						$	141,229
Network & Telecom - 0.5%
Ericsson, Inc., “B”			81,713			$	997,808
Polycom, Inc. (a)			4,550				54,282
Qualcomm, Inc.			1,429				106,060
VTech Holdings Ltd.			12,900				155,453
						$	1,313,603
Oil Services - 0.5%
Atwood Oceanics, Inc. (a)			3,150			$	149,310
C&J Energy Services, Inc. (a)			5,590				130,694
Cameron International Corp. (a)			1,780				106,747
Dresser-Rand Group, Inc. (a)			2,510				143,070
Ensco PLC, “A”			1,480				74,548
FMC Technologies, Inc. (a)			1,700				84,048
Frank’s International N.V.			3,280				76,883
Halliburton Co.			840				41,168
John Wood Group PLC			9,237				97,638
Noble Corp. PLC			1,460				45,304
Schlumberger Ltd.			170				14,887
Schoeller-Bleckmann Nooter Apparatetechnik GMBH			1,192				124,529
Superior Energy Services, Inc.			3,120				73,757
Technip			540				46,065
Tesco Corp. (a)			4,900				103,488
Tidewater, Inc.			1,410				73,109
						$	1,385,245
Other Banks & Diversified Financials - 2.8%
Aaron’s, Inc.			3,240			$	87,124
Aeon Financial Service Co. Ltd.			1,900				43,942
American Express Co.			630				53,563
BB&T Corp.			3,770				141,036
Berkshire Hills Bancorp, Inc.			2,240				54,790
Brookline Bancorp, Inc.			9,520				84,728
CAI International, Inc. (a)			6,590				136,347
Cathay General Bancorp, Inc.			3,160				74,260
Chiba Bank Ltd.			21,000				132,088
Citigroup, Inc.			22,669				1,075,191
Credicorp Ltd.			4,434				584,933
DBS Group Holdings Ltd.			5,000				64,561
Discover Financial Services			23,408				1,255,839
Erste Group Bank AG			3,737				136,108
EZCORP, Inc., “A” (a)			9,100				99,918
Fifth Third Bancorp			29,960				629,759
First Interstate BancSystem, Inc.			2,920				74,927
First Republic Bank			1,520				73,766
HDFC Bank Ltd., ADR			1,550				48,500
Itau Unibanco Holding S.A., ADR			2,009				24,590
Julius Baer Group Ltd.			2,360				114,662
Jyske Bank (a)			2,609				133,412
Kasikornbank Public Co. Ltd., NVDR			8,800				45,320
KBC Group N.V.			8,799				520,437
MasterCard, Inc., “A”			3,573				270,405

 

12

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Other Banks & Diversified Financials - continued
New York Community Bancorp, Inc.			3,130			$	50,675
PrivateBancorp, Inc.			5,220				149,240
Public Bank Berhad			19,000				108,442
Regional Management Corp. (a)			1,360				45,193
Sandy Spring Bancorp, Inc.			2,600				64,922
Sberbank of Russia, ADR			2,613				28,273
SLM Corp.			5,610				127,684
SunTrust Banks, Inc.			1,980				73,300
TCF Financial Corp.			14,240				229,264
Textainer Group Holdings Ltd.			2,520				91,451
UniCredit S.p.A.			10,090				75,935
Visa, Inc., “A”			4,041				870,553
						$	7,875,138
Pharmaceuticals - 3.8%
Actavis PLC (a)			3,630			$	685,997
Aratana Therapeutics Inc. (a)			1,060				22,801
Bayer AG			13,206				1,743,512
Bristol-Myers Squibb Co.			14,210				710,074
Endo Health Solutions, Inc. (a)			13,560				893,333
Forest Laboratories, Inc. (a)			8,310				550,953
Genomma Lab Internacional S.A., “B” (a)			66,393				164,270
GlaxoSmithKline PLC			28,128				723,188
Johnson & Johnson			13,450				1,189,922
Kythera Biopharmaceuticals, Inc. (a)			1,650				75,900
Merck & Co., Inc.			5,060				268,028
Mylan, Inc. (a)			1,680				76,289
Novartis AG			4,520				357,951
Perrigo Co. PLC			1,671				260,108
Pfizer, Inc.			44,439				1,350,946
Roche Holding AG			2,869				788,884
Santen Pharmaceutical Co. Ltd.			2,500				105,070
TherapeuticsMD, Inc. (a)			3,880				25,530
Tsumura & Co.			4,000				99,364
Valeant Pharmaceuticals International, Inc. (a)			2,510				340,456
Zoetis, Inc.			780				23,681
						$	10,456,257
Pollution Control - 0.1%
Progressive Waste Solutions Ltd.			3,790			$	86,981
Stericycle, Inc. (a)			1,203				140,823
						$	227,804
Printing & Publishing - 0.2%
Moody’s Corp.			4,885			$	364,323
UBM PLC			21,983				245,737
						$	610,060
Railroad & Shipping - 0.5%
Canadian National Railway Co.			10,490			$	561,215
Diana Shipping, Inc. (a)			21,290				259,951
Kansas City Southern Co.			1,664				175,702
Navigator Holdings Ltd. (a)			1,400				31,892
Navios Maritime Holdings, Inc.			10,090				95,653
Union Pacific Corp.			877				152,808
						$	1,277,221

 

13

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Real Estate - 0.8%
Annaly Mortgage Management, Inc., REIT			4,270			$	45,988
Ascendas Real Estate Investment Trust, REIT			94,000				156,355
Big Yellow Group PLC, REIT			4,620				39,341
BioMed Realty Trust, Inc., REIT			4,360				85,064
Corporate Office Properties Trust, REIT			7,760				192,836
DDR Corp., REIT			4,230				66,284
Deutsche Wohnen AG (a)			1,848				33,598
EPR Properties, REIT			3,290				168,053
Equity Lifestyle Properties, Inc., REIT			1,350				53,069
Hatteras Financial Corp., REIT			4,920				88,265
Macquarie Mexico Real Estate S.A. de C.V., REIT			54,100				98,945
Mid-America Apartment Communities, Inc., REIT			980				63,249
Midland Holdings Ltd.			204,000				93,353
Mitsubishi Estate Co. Ltd.			3,000				73,303
Select Income, REIT			3,370				93,012
Simon Property Group, Inc., REIT			1,489				230,557
TAG Immobilien AG			7,130				86,402
Vornado Realty Trust, REIT			2,000				183,660
Weyerhaeuser Co., REIT			16,130				481,964
						$	2,333,298
Restaurants - 0.6%
ARAMARK Holdings Corp. (a)			2,290			$	56,586
Arcos Dorados Holdings, Inc.			26,102				231,264
BJ’s Restaurants, Inc. (a)			2,190				62,108
Chuy’s Holdings, Inc. (a)			410				14,809
McDonald’s Corp.			4,555				428,944
Starbucks Corp.			4,730				336,398
Whitbread PLC			6,706				413,510
YUM! Brands, Inc.			450				30,218
						$	1,573,837
Specialty Chemicals - 1.0%
Airgas, Inc.			1,210			$	124,920
Akzo Nobel N.V.			3,786				272,721
Albemarle Corp.			1,020				65,464
Chugoku Marine Paints Ltd.			5,000				27,128
Elementis PLC			42,188				177,474
Filtrona PLC			13,097				178,593
FMC Corp.			3,390				239,436
JSR Corp.			4,600				81,772
Kansai Paint Co. Ltd.			5,000				67,500
Linde AG			4,748				899,710
Rockwood Holdings, Inc.			1,750				119,928
Sika AG			75				247,174
Symrise AG			2,031				92,544
Taminco Corp. (a)			3,130				62,944
Tronox Ltd., “A”			3,870				84,985
Valspar Corp.			1,160				81,525
W.R. Grace & Co. (a)			300				28,296
						$	2,852,114
Specialty Stores - 1.6%
Advance Auto Parts, Inc.			950			$	109,070
Amazon.com, Inc. (a)			1,680				602,599

 

14

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Specialty Stores - continued
American Eagle Outfitters, Inc.			10,730			$	145,177
ANN, Inc. (a)			3,370				108,986
AutoZone, Inc. (a)			201				99,507
Bed Bath & Beyond, Inc. (a)			1,250				79,813
Best Buy Co., Inc.			2,730				64,264
Children’s Place Retail Stores, Inc. (a)			10,590				557,775
Citi Trends, Inc. (a)			4,420				70,720
Gordmans Stores, Inc.			5,900				42,598
Home Depot, Inc.			1,900				146,015
Industria de Diseno Textil S.A.			4,145				618,853
Kirkland’s, Inc. (a)			2,050				38,602
Monro Muffler Brake, Inc.			1,170				64,947
NEXT PLC			1,809				185,863
Nitori Co. Ltd.			1,550				150,127
Ross Stores, Inc.			9,732				660,900
Sally Beauty Holdings, Inc. (a)			2,410				68,396
Staples, Inc.			19,980				262,937
Tiffany & Co.			1,680				139,759
Tile Shop Holdings, Inc. (a)			4,450				62,879
Tilly’s, Inc. (a)			4,610				53,522
Tractor Supply Co.			1,778				118,255
						$	4,451,564
Telecommunications - Wireless - 0.8%
American Tower Corp., REIT			9,936			$	803,624
KDDI Corp.			20,100				1,105,138
SBA Communications Corp. (a)			170				15,768
TIM Participacoes S.A., ADR			4,410				114,792
Vodafone Group PLC			45,619				169,897
						$	2,209,219
Telephone Services - 0.8%
AT&T, Inc.			9,960			$	331,867
Bezeq - The Israel Telecommunication Corp. Ltd.			11,050				16,941
British Telecom Group, PLC			8,080				50,913
CenturyLink, Inc.			4,726				136,392
China Unicom (Hong Kong) Ltd.			312,000				406,954
Colt Group S.A. (a)			7,189				14,950
Frontier Communications Corp.			16,030				75,341
Quebecor, Inc., “B”			1,850				39,400
TDC A.S.			5,168				48,575
Telecom Italia S.p.A.			46,398				39,111
Telefonica Brasil S.A., ADR			1,840				34,960
Verizon Communications, Inc.			21,077				1,012,118
Windstream Holdings, Inc.			8,170				61,112
						$	2,268,634
Tobacco - 1.4%
Altria Group, Inc.			6,068			$	213,715
British American Tobacco PLC			7,989				382,962
Japan Tobacco, Inc.			30,700				948,219
Lorillard, Inc.			22,720				1,118,278
Philip Morris International, Inc.			13,401				1,047,154
Swedish Match AB			5,090				149,171
						$	3,859,499

 

15

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Common Stocks - continued
Trucking - 0.9%
Atlas Air Worldwide Holdings, Inc. (a)			14,539			$	513,663
Celadon Group, Inc.			2,420				50,288
DSV A.S.			6,988				224,075
Expeditors International of Washington, Inc.			970				39,634
Marten Transport Ltd.			5,110				97,448
Swift Transportation Co. (a)			35,660				777,388
Yamato Holdings Co. Ltd.			37,500				786,546
						$	2,489,042
Utilities - Electric Power - 1.0%
AES Corp.			68,150			$	958,189
American Electric Power Co., Inc.			540				26,357
Calpine Corp. (a)			2,500				47,450
CenterPoint Energy, Inc.			1,480				34,632
CMS Energy Corp.			4,960				137,838
DTE Energy Co.			860				58,669
Edison International			7,760				373,722
El Paso Electric Co.			2,030				73,953
Energias do Brasil S.A.			10,600				42,387
Great Plains Energy, Inc.			25,990				641,433
Northeast Utilities			3,340				146,292
NRG Energy, Inc.			2,325				64,751
Portland General Electric Co.			1,690				51,004
Public Service Enterprise Group, Inc.			3,020				100,687
Tractebel Energia S.A., ADR			9,364				131,845
						$	2,889,209
Total Common Stocks						$	180,284,267
Bonds - 18.2%
Automotive - 0.9%
American Honda Finance Corp., 2.125%, 2017 (n)		$	400,000			$	409,150
Daimler Finance North America LLC, 1.875%, 2018 (n)			250,000				250,361
Ford Motor Credit Co. LLC, 1.7%, 2016			800,000				809,435
Nissan Motor Acceptance Corp., 1.95%, 2017 (n)			400,000				400,333
TRW Automotive, Inc., 4.5%, 2021 (n)			209,000				211,613
TRW Automotive, Inc., 4.45%, 2023 (n)			325,000				315,250
						$	2,396,142
Biotechnology - 0.1%
Life Technologies Corp., 6%, 2020		$	325,000			$	379,600
Broadcasting - 0.7%
21st Century Fox America, Inc., 5.4%, 2043		$	300,000			$	315,362
CBS Corp., 3.375%, 2022			300,000				293,126
Discovery Communications, Inc., 4.875%, 2043			325,000				312,319
Myriad International Holdings B.V., 6%, 2020			300,000				315,000
Omnicom Group, Inc., 3.625%, 2022			300,000				299,125
WPP Finance, 3.625%, 2022			400,000				393,870
						$	1,928,802
Building - 0.2%
Mohawk Industries, Inc., 3.85%, 2023		$	300,000			$	293,625
Owens Corning, Inc., 4.2%, 2022			300,000				296,365
						$	589,990

 

16

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Bonds - continued
Business Services - 0.4%
Fidelity National Information Services, Inc., 3.5%, 2023		$	700,000			$	655,993
Tencent Holdings Ltd., 3.375%, 2018 (n)			400,000				406,231
						$	1,062,224
Cable TV - 0.7%
Comcast Corp., 4.65%, 2042		$	325,000			$	311,435
Cox Communications, Inc., 6.25%, 2018 (n)			400,000				462,378
DIRECTV Holdings LLC, 5.15%, 2042			300,000				276,051
NBCUniversal Enterprise, Inc., 1.974%, 2019 (n)			400,000				393,902
Time Warner Cable, Inc., 4.5%, 2042			625,000				478,413
						$	1,922,179
Chemicals - 0.5%
CF Industries, Inc., 4.95%, 2043		$	300,000			$	277,151
Dow Chemical Co., 8.55%, 2019			325,000				418,164
LyondellBasell Industries N.V., 5%, 2019			600,000				671,795
						$	1,367,110
Consumer Products - 0.3%
Mattel, Inc., 5.45%, 2041		$	300,000			$	316,524
Newell Rubbermaid, Inc., 4.7%, 2020			400,000				431,748
						$	748,272
Electronics - 0.1%
Tyco Electronics Group S.A., 3.5%, 2022		$	400,000			$	390,020
Energy - Independent - 1.0%
Anadarko Petroleum Corp., 6.375%, 2017		$	625,000			$	717,896
Continental Resources, Inc., 4.5%, 2023			400,000				409,892
EQT Corp., 4.875%, 2021			500,000				527,744
Noble Energy, Inc., 4.15%, 2021			300,000				315,063
Pioneer Natural Resources Co., 3.95%, 2022			300,000				304,930
Southwestern Energy Co., 7.5%, 2018			400,000				478,224
						$	2,753,749
Energy - Integrated - 0.1%
LUKOIL International Finance B.V., 4.563%, 2023		$	300,000			$	276,750
Entertainment - 0.1%
Time Warner, Inc., 5.35%, 2043		$	300,000			$	312,641
Financial Institutions - 0.6%
General Electric Capital Corp., 1.6%, 2017		$	800,000			$	802,925
General Electric Capital Corp., 3.15%, 2022			400,000				392,137
International Lease Finance Corp., 7.125%, 2018 (n)			325,000				376,188
						$	1,571,250
Food & Beverages - 1.2%
Anheuser-Busch Inbev S.A., 4.625%, 2044		$	600,000			$	611,862
BFF International Ltd., 7.25%, 2020			100,000				109,000
Conagra Foods, Inc., 3.2%, 2023			300,000				286,294
Grupo Bimbo S.A.B. de C.V., 4.5%, 2022 (n)			300,000				301,079
J.M. Smucker Co., 3.5%, 2021			400,000				404,684
Kraft Foods Group, Inc., 6.5%, 2040			300,000				367,399
SABMiller Holdings, Inc., 3.75%, 2022 (n)			300,000				307,131
Tyson Foods, Inc., 4.5%, 2022			400,000				416,952

 

17

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Bonds - continued
Food & Beverages - continued
Wm. Wrigley Jr. Co., 2.9%, 2019 (n)		$	600,000			$	605,072
						$	3,409,473
Food & Drug Stores - 0.4%
CVS Caremark Corp., 2.75%, 2022		$	300,000			$	282,696
CVS Caremark Corp., 5.75%, 2041			325,000				368,209
Walgreen Co., 1.8%, 2017			400,000				403,774
						$	1,054,679
Forest & Paper Products - 0.3%
Georgia-Pacific LLC, 5.4%, 2020 (n)		$	325,000			$	367,877
International Paper Co., 6%, 2041			300,000				340,761
Packaging Corp. of America, 3.9%, 2022			230,000				228,924
						$	937,562
Gaming & Lodging - 0.5%
Carnival Corp., 1.875%, 2017		$	471,000			$	471,603
Wyndham Worldwide Corp., 2.5%, 2018			500,000				506,145
Wyndham Worldwide Corp., 4.25%, 2022			300,000				302,674
						$	1,280,422
Insurance - 0.5%
American International Group, Inc., 3.8%, 2017		$	300,000			$	321,209
American International Group, Inc., 4.875%, 2022			325,000				353,683
Prudential Financial, Inc., 4.75%, 2015			800,000				850,522
						$	1,525,414
Insurance - Health - 0.2%
Wellpoint, Inc., 1.875%, 2018		$	500,000			$	498,833
Insurance - Property & Casualty - 0.2%
CNA Financial Corp., 5.875%, 2020		$	400,000			$	463,176
Major Banks - 1.8%
Bank of America Corp., 2%, 2018		$	800,000			$	800,699
Bank of America Corp., 4.125%, 2024			561,000				566,443
Goldman Sachs Group, Inc., 5.625%, 2017			600,000				662,786
Goldman Sachs Group, Inc., 2.625%, 2019			500,000				500,426
JPMorgan Chase & Co., 4.25%, 2020			800,000				856,870
JPMorgan Chase & Co. , 6.75% to 2024, FRN to 2049			500,000				506,750
Morgan Stanley, 1.75%, 2016			300,000				304,384
Morgan Stanley, 5.5%, 2021			450,000				507,336
Regions Financial Corp., 2%, 2018			325,000				317,832
						$	5,023,526
Medical & Health Technology & Services - 0.3%
Express Scripts Holding Co., 2.65%, 2017		$	500,000			$	518,007
Thermo Fisher Scientific, Inc., 3.15%, 2023			400,000				382,906
						$	900,913
Metals & Mining - 0.6%
Barrick Gold Corp., 4.1%, 2023		$	325,000			$	300,010
Plains Exploration & Production Co., 6.875%, 2023			625,000				690,625
Rio Tinto Finance (USA) PLC, 3.5%, 2022			325,000				321,683
Southern Copper Corp., 5.25%, 2042			625,000				503,134
						$	1,815,452

 

18

---

Portfolio of Investments (unaudited) – continued

 

Issuer		Shares/Par				Value ($)
Bonds - continued
Natural Gas - Pipeline - 1.0%
El Paso Pipeline Partners LP, 5%, 2021		$	500,000			$	531,253
Energy Transfer Partners LP, 6.5%, 2042			325,000				355,880
Enterprise Products Partners LP, 4.45%, 2043			300,000				279,024
Kinder Morgan Energy Partners LP, 5.3%, 2020			300,000				334,675
NiSource Finance Corp., 3.85%, 2023			300,000				297,383
NiSource Finance Corp., 4.8%, 2044			300,000				286,945
Spectra Energy Partners LP, 4.75%, 2024			300,000				316,541
Williams Cos., Inc., 3.7%, 2023			300,000				269,811
						$	2,671,512
Network & Telecom - 0.6%
AT&T, Inc., 1.4%, 2017		$	400,000			$	395,864
Verizon Communications, Inc., 3.65%, 2018			800,000				851,042
Verizon Communications, Inc., 5.15%, 2023			325,000				353,329
						$	1,600,235
Other Banks & Diversified Financials - 1.4%
American Express Co., 2.65%, 2022		$	325,000			$	306,881
BB&T Corp., 3.95%, 2016			425,000				452,620
BPCE S.A., 5.15%, 2024			300,000				294,867
Capital One Bank (USA) N.A., 3.375%, 2023			350,000				333,666
Capital One Financial Corp., 2.15%, 2015			500,000				507,885
Citigroup, Inc., 1.25%, 2016			500,000				502,308
Discover Bank, 7%, 2020			500,000				590,965
Macquarie Group Ltd., 3%, 2018 (n)			325,000				326,398
Swedbank AB, 2.125%, 2017 (n)			300,000				303,218
U.S. Bancorp, 3%, 2022			300,000				295,194
						$	3,914,002
Pharmaceuticals - 1.0%
AbbVie, Inc., 1.75%, 2017		$	400,000			$	401,878
Amgen, Inc., 2.3%, 2016			500,000				516,200
Celgene Corp., 2.45%, 2015			500,000				514,457
Mylan, Inc., 2.55%, 2019			400,000				400,832
Teva Pharmaceutical Finance B.V., 2.95%, 2022			600,000				554,784
Watson Pharmaceuticals, Inc., 4.625%, 2042			300,000				284,079
						$	2,672,230
Pollution Control - 0.1%
Republic Services, Inc., 5.25%, 2021		$	300,000			$	335,120
Printing & Publishing - 0.1%
Moody’s Corp., 4.875%, 2024		$	300,000			$	315,449
Railroad & Shipping - 0.1%
CSX Corp., 4.1%, 2044		$	325,000			$	289,707
Real Estate - 0.6%
Boston Properties LP, REIT, 3.7%, 2018		$	400,000			$	425,604
ERP Operating LP, REIT, 5.375%, 2016			400,000				441,040
Simon Property Group, Inc., REIT, 4.375%, 2021			400,000				431,768
WEA Finance LLC, 6.75%, 2019 (n)			300,000				358,769
						$	1,657,181

 

19

---

Portfolio of Investments (unaudited) – continued

 

Issuer										Shares/Par				Value ($)
Bonds - continued
Retailers - 0.5%
Dollar General Corp., 3.25%, 2023										$	325,000			$	300,329
Gap, Inc., 5.95%, 2021											625,000				698,946
Home Depot, Inc., 4.875%, 2044											300,000				314,042
														$	1,313,317
Specialty Chemicals - 0.2%
Ecolab, Inc., 4.35%, 2021										$	400,000			$	426,921
Mexichem S.A.B. de C.V., 6.75%, 2042											300,000				280,500
														$	707,421
Specialty Stores - 0.1%
Advance Auto Parts, Inc., 4.5%, 2023										$	325,000			$	330,928
Telecommunications - Wireless - 0.3%
American Tower Corp., REIT, 3.5%, 2023										$	325,000			$	307,747
American Tower Corp., REIT, 5%, 2024											400,000				421,084
														$	728,831
Tobacco - 0.4%
Altria Group, Inc., 4%, 2024										$	325,000			$	324,518
Lorillard Tobacco Co., 8.125%, 2019											725,000				902,823
														$	1,227,341
Utilities - Electric Power - 0.1%
PPL Corp., 4.2%, 2022										$	300,000			$	307,958
Total Bonds														$	50,679,411
		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				246			$	726
Issuer/Expiration Date/Strike Price										Number of Contracts
Call Options Purchased - 0.3%
S&P 500 Index - March 2014 @ $1,825											443			$	785,439
Issuer										Shares/Par
Money Market Funds - 10.5%
MFS Institutional Money Market Portfolio, 0.09%, at Net Asset Value (v)											29,044,150			$	29,044,150
Total Investments														$	260,793,993
Other Assets, Less Liabilities - 6.0%															16,712,177
Net Assets - 100.0%														$	277,506,170

 

(a)	Non-income producing security.

(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 $6,089,817, representing 2.2% of net assets.

(s)	Security or a portion of the security was pledged to cover collateral requirements for securities sold short and certain derivative transactions. At January 31, 2014, the fund had no short sales outstanding.

(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.

 

20

---

Portfolio of Investments (unaudited) – continued

 

The following abbreviations are used in this report and are defined:

 

ADR		American Depositary Receipt
BBSW		Bank Bill Swap Reference Rate
EURIBOR		Euro Interbank Offered Rate
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
IPS		International Preference Stock
LIBOR		London Interbank Offered Rate
NVDR		Non-Voting Depositary Receipt
PLC		Public Limited Company
REIT		Real Estate Investment Trust

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:

 

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNY		Chinese Yuan Renminbi
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippine Peso
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
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			Barclays Bank PLC		17,795,000		4/22/14		$	15,769,538			$	15,493,522			$	276,016
SELL			BRL			JPMorgan Chase Bank N.A.		760,000		2/28/14			324,495				313,001				11,494
SELL			CAD			Goldman Sachs International		14,350,000		4/22/14			13,078,448				12,861,031				217,417
SELL			CHF			Barclays Bank PLC		1,495,000		3/27/14			1,668,732				1,649,610				19,122
SELL			CHF			Morgan Stanley Capital Services, Inc.		18,715,000		3/27/14			20,885,396				20,650,465				234,931
SELL			CLP			JPMorgan Chase Bank N.A.		2,464,400,000		2/28/14			4,684,192				4,424,256				259,936
SELL			EUR			Barclays Bank PLC		10,225,000		3/27/14			13,974,978				13,790,703				184,275
SELL			EUR			Morgan Stanley Capital Services, Inc.		4,040,000		4/22/14			5,501,875				5,448,949				52,926
SELL			HKD			JPMorgan Chase Bank N.A.		6,500,000		4/22/14			838,327				837,339				988
SELL			NOK			JPMorgan Chase Bank N.A.		31,500,000		3/27/14			5,095,783				5,008,820				86,963
SELL			NZD			Barclays Bank PLC		33,050,000		4/22/14			27,390,551				26,574,087				816,464
SELL			SGD			JPMorgan Chase Bank N.A.		1,175,000		4/22/14			923,104				920,330				2,774
																				$	2,163,306
Liability Derivatives
BUY			AUD			Morgan Stanley Capital Services, Inc.		6,274,960		4/22/14		$	5,501,875			$	5,463,401			$	(38,474	)
SELL			AUD			Barclays Bank PLC		1,640,000		4/22/14			1,424,112				1,427,895				(3,783	)

 

21

---

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			CAD			Goldman Sachs International		5,916,549		4/22/14		$	5,390,000			$	5,302,643			$	(87,357	)
BUY			CLP			JPMorgan Chase Bank N.A.		2,464,400,000		2/28/14			4,631,808				4,424,256				(207,552	)
SELL			CNY			JPMorgan Chase Bank N.A.		3,510,000		2/28/14			572,314				578,946				(6,632	)
BUY			EUR			JPMorgan Chase Bank N.A.		3,640,000		4/22/14			4,950,338				4,909,449				(40,889	)
SELL			GBP			Morgan Stanley Capital Services, Inc.		8,020,000		3/27/14			13,110,484				13,179,162				(68,678	)
SELL			JPY			Morgan Stanley Capital Services, Inc.		730,700,000		3/27/14			7,015,408				7,153,590				(138,182	)
BUY			KRW			JPMorgan Chase Bank N.A.		4,259,000,000		2/28/14			3,988,948				3,973,259				(15,689	)
BUY			MXN			JPMorgan Chase Bank N.A.		55,960,000		3/27/14			4,283,540				4,167,079				(116,461	)
BUY			NOK			JPMorgan Chase Bank N.A.		27,710,000		3/27/14			4,480,684				4,406,172				(74,512	)
BUY			PHP			JPMorgan Chase Bank N.A.		467,919,860		2/28/14			10,568,255				10,320,655				(247,600	)
BUY			PLN			JPMorgan Chase Bank N.A.		12,520,000		3/27/14			4,083,892				3,958,916				(124,976	)
BUY			SEK			JPMorgan Chase Bank N.A.		32,931,707		3/27/14			5,095,783				5,022,540				(73,243	)
SELL			SEK			Barclays Bank PLC		48,030,000		3/27/14			7,287,313				7,325,239				(37,926	)
BUY			ZAR			JPMorgan Chase Bank N.A.		48,820,000		4/22/14			4,430,713				4,341,265				(89,448	)
SELL			ZAR			Barclays Bank PLC		48,820,000		4/22/14			4,272,480				4,341,266				(68,786	)
																				$	(1,440,188	)

Futures Contracts at 1/31/14

 

Description		Currency				Contracts				Value		Expiration Date		Unrealized Appreciation (Depreciation)
Asset Derivatives
Equity Futures
AEX Index (Short)			EUR				33			$3,435,948		February - 2014			$158,798
CAC 40 Index (Short)			EUR				348			19,557,715		February - 2014			381,555
Canadian S&P/TSX 60 Index (Long)			CAD				68			9,574,644		March - 2014			409,835
FTSE MIB Index (Long)			EUR				104			13,604,984		March - 2014			421,802
MSCI Singapore Free Index (Short)			SGD				56			3,004,008		February - 2014			13,339
OMX Index (Short)			SEK				187			3,718,507		February - 2014			86,841
															$1,472,170
Interest Rate Futures
Euro-BTP (Long)			EUR				36			$5,713,255		March - 2014			$177,170
															$1,649,340
Liability Derivatives
Equity Futures
ASX SPI 200 Index (Short)			AUD				112			$12,600,594		March - 2014			$(229,434	)
DAX Index (Short)			EUR				2			628,730		March - 2014			(12,547	)
DJ Euro Stroxx 50 Index (Long)			EUR				167			6,777,258		March - 2014			(126,518	)
E-mini NASDAQ-100 (Long)			USD				15			1,054,200		March - 2014			(10,911	)
E-mini Russell 2000 Index (Short)			USD				140			15,796,200		March - 2014			(76,066	)
E-mini S&P MidCap 400 Index (Short)			USD				97			12,709,910		March - 2014			(272,803	)
FTSE 100 Index (Long)			GBP				67			7,113,476		March - 2014			(267,440	)
Hang Seng Index (Long)			HKD				43			6,033,738		February - 2014			(62,882	)
MSCI Taiwan Index (Long)			USD				124			3,605,415		February - 2014			(179,661	)
S&P 500 Index (Short)			USD				217			96,380,550		March - 2014			(40,235	)
Topix Index (Long)			JPY				3			351,750		March - 2014			(12,222	)
															$(1,290,719	)

 

22

---

Portfolio of Investments (unaudited) – continued

 

Futures Contracts at 1/31/14 - continued

 

Description

Currency

Contracts

Value

Expiration Date

Unrealized Appreciation (Depreciation)

Liability Derivatives – continued

Interest Rate Futures

U.S. Treasury Note 10 yr (Short)

USD

178

$22,383,500

March - 2014

$(147,631

)

$(1,438,350

)

Swap Agreements at 1/31/14

 

Expiration

Notional Amount

Counterparty

Cash Flows to Receive

Cash Flows to Pay

Fair Value

Asset Derivatives

Interest Rate Swaps Agreements

9/14/21

EUR

4,900,000

Deutsche Bank

2.469% (fixed rate)

6-Month EURIBOR

$511,509

Credit Default Swaps Agreements

6/20/18

USD

61,000,000

Citibank N.A. (a)

1.00% (fixed rate)

(1)

$1,029,494

6/20/18

USD

6,900,000

Deutsche Bank (b)

1.00% (fixed rate)

(1)

116,451

$1,145,945

$1,657,454

Liability Derivatives

Interest Rate Swaps Agreements

8/23/22

GBP

4,500,000

Deutsche Bank

1.9925% (fixed rate)

6-Month LIBOR

$(309,647

)

10/31/22

AUD

6,600,000

Deutsche Bank

3.73% (fixed rate)

6-Month BBSW

(213,979

)

1/15/23

GBP

1,700,000

Deutsche Bank

2.025% (fixed rate)

6-Month LIBOR

(142,306

)

1/16/23

AUD

6,700,000

Citibank N.A.

3.9425% (fixed rate)

6-Month BBSW

(151,480

)

2/13/23

AUD

3,800,000

Citibank N.A.

3.985% (fixed rate)

6-Month BBSW

(57,669

)

2/13/43

USD

1,700,000

Deutsche Bank

2.964% (fixed rate)

3-Month LIBOR

(187,753

)

4/26/23

AUD

5,100,000

Citibank N.A.

3.87% (fixed rate)

6-Month BBSW

(141,104

)

4/24/23

GBP

1,300,000

Citibank N.A.

1.865% (fixed rate)

6-Month LIBOR

(140,463

)

7/30/23

GBP

6,000,000

JPMorgan Chase Bank N.A.

2.4325% (fixed rate)

6-Month LIBOR

(237,478

)

5/29/43

USD

8,400,000

Citibank N.A.

3.087% (fixed rate)

3-Month LIBOR

(804,874

)

$(2,386,753

)

Cleared Swap Agreements at 10/31/13

 

Expiration

Notional Amount

Counterparty

Cash Flows to Receive

Cash Flows to Pay

Fair Value

Asset Derivatives

6/20/18

USD

48,600,000

Deutsche Bank (c)

5.00% (fixed rate)

(2)

$3,955,399

 

(1)	Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the CDX.NA.IG.20 Index, a BBB+ rated credit default index. The fund entered into the contract to manage market/sector exposure.

 

(2)	Fund, as protection seller, to pay notional amount upon a defined credit event by a reference obligation specified in the CDX.NA.HY.20 Index, a B rated credit default index. The fund entered into the contract to manage market/sector exposure.

 

(a)	Net unamortized premiums paid by the fund amounted to $262,755.

 

(b)	Net unamortized premiums paid by the fund amounted to $58,072.

 

(c)	Net unamortized premiums paid by the fund amounted to $2,937,398.

The credit ratings presented here are an indicator of the current payment/performance risk of the related swap agreement, the reference obligation for which may be either a single security or, in the case of a credit default index, a basket of securities issued by corporate or sovereign issuers. Ratings are assigned to each reference security, including each individual security within a reference basket of securities, utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is

 

23

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Portfolio of Investments (unaudited) – continued

 

assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). The ratings for a credit default index are calculated by MFS as a weighted average of the external credit ratings of the individual securities that compose the index’s reference basket of securities.

Although contract-specific, credit events generally consist of a combination of the following: bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium, each as defined in the 2003 International Swaps and Derivatives Association (ISDA) Credit Derivatives Definitions as amended by the relevant contract. Restructuring is generally not applicable when the reference obligation is issued by a North American corporation and obligation acceleration, obligation default, or repudiation/moratorium are generally only applicable when the reference obligation is issued by a sovereign entity or an entity in an emerging country. The maximum amount of future, undiscounted payments that the fund, as protection seller, could be required to make is equal to the swap agreement’s notional amount.

At January 31, 2014, the fund had cash collateral of $13,864,404 and other liquid securities with an aggregate value of $535,170 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.

 

24

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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. Equity securities held short, for which there were no sales reported for that day, are generally valued at the last quoted daily ask quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price as provided by a third-party pricing service on the exchange on which such options are primarily traded. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation as provided by a third-party pricing service on the exchange on which such options are primarily traded. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the 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

 

25

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Supplemental Information (unaudited) – continued

 

financial instruments are derivative instruments not reflected in total investments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of 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			$120,872,720				$—				$—				$120,872,720
United Kingdom			15,964,750				—				—				15,964,750
Japan			270,872				9,942,269				—				10,213,141
France			5,962,538				—				—				5,962,538
Switzerland			5,300,165				—				—				5,300,165
Germany			4,673,176				—				—				4,673,176
Australia			264,183				1,574,168				—				1,838,351
Hong Kong			—				1,681,290				—				1,681,290
Taiwan			1,337,252				182,804				—				1,520,056
Other Countries			11,546,899				1,497,346				—				13,044,245
U.S. Corporate Bonds			—				44,267,143				—				44,267,143
Foreign Bonds			—				6,412,268				—				6,412,268
Mutual Funds			29,044,150				—				—				29,044,150
Total Investments			$195,236,705				$65,557,288				$—				$260,793,993
Other Financial Instruments
Futures Contracts			$681,850				$(470,860	)			$—				$210,990
Swap Agreements			—				3,226,100				—				3,226,100
Forward Foreign Currency Exchange Contracts			—				723,118				—				723,118

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

Of the level 2 investments presented above, equity investments amounting to $14,541,203 would have been considered level 1 investments at the beginning of the period. Of the level 1 investments presented above, equity investments amounting to $169,897 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			$256,422,631
Gross unrealized appreciation			10,032,436
Gross unrealized depreciation			(5,661,074	)
Net unrealized appreciation (depreciation)			$4,371,362

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			18,186,874				76,080,620				(65,223,344	)			29,044,150
Underlying Affiliated Fund		Realized Gain (Loss)				Capital Gain Distributions				Dividend Income				Ending Value
MFS Institutional Money Market Portfolio			$—				$—				$4,431				$29,044,150

 

26

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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			62.2%
United Kingdom			15.2%
Italy			5.4%
Canada			4.5%
Germany			3.9%
Hong Kong			3.3%
Switzerland			2.9%
Australia			2.2%
France			(3.5)%
Other Countries			3.9%

The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.

(5) Subsequent Event

Effective February 1, 2014, the fund changed its name from MFS Diversified Target Return Fund to MFS Global Alternative Strategy Fund. Prior to February 1, 2014, MFS, in conjunction with UBS, attempted to achieve the fund’s objective by generating returns from a combination of (i) MFS’ individual security selection of primarily equity securities and (ii) UBS’ tactical market and currency exposure strategies using derivatives. Effective February 1, 2014, MFS and UBS seek to achieve the fund’s objective by generating returns from a combination of (i) individual security selection of U.S. and foreign equity securities and debt instruments and (ii) a tactical asset allocation overlay to manage the fund’s exposure to asset classes, markets, and currencies, primarily using derivatives.

 

27

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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.

 

ITEM 3.

EXHIBITS.

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.

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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.

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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 XV

 

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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