N-Q 1 d319417dnq.htm MFS SERIES TRUST X - GLOBAL BOND FUND N-Q MFS SERIES TRUST X - GLOBAL BOND FUND N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4492

MFS SERIES TRUST X

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

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: November 30*

Date of reporting period: February 28, 2017

 

*

This Form N-Q pertains only to the following series of the Registrant: MFS Global Bond Fund. Each remaining series of the Registrant has a fiscal year end other than November 30th.

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

February 28, 2017

 

LOGO

 

MFS® GLOBAL BOND FUND

 

LOGO

PORTFOLIO OF INVESTMENTS

2/28/17 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

 

Issuer    Shares/Par     Value ($)  
Bonds - 83.9%                 
Airlines - 0.1%                 
Ryanair Ltd., 1.125%, 3/10/2023    EUR 550,000     $ 589,351  
Apparel Manufacturers - 0.1%                 
Christian Dior SE, 0.75%, 6/24/2021    EUR 700,000     $ 752,026  
Asset-Backed & Securitized - 6.6%                 
Cent CLO LP, 2014-21A, “A2AR”, FRN, 0%, 7/27/2026 (n)    $ 1,511,103     $ 1,511,103  
Chesapeake Funding II LLC, 2016-1A, “A2”, FRN, 1.92%, 3/15/2028 (n)      2,247,000       2,259,046  
Chesapeake Funding II LLC, 2016-2A, “A2”, FRN, 1.77%, 6/15/2028 (z)      1,646,000       1,654,257  
Commercial Mortgage Pass-Through Certificates, “A4”, 3.183%, 2/10/2048      3,104,000       3,128,665  
Commercial Mortgage Trust, 2015-DC1, “A5”, 3.35%, 2/10/2048      2,500,000       2,526,165  
Commercial Mortgage Trust, 2015-LC21, “A4”, 3.708%, 7/10/2048      2,234,604       2,317,770  
Credit Suisse Commercial Mortgage Trust, “AM”, FRN, 5.638%, 6/15/2039      130,000       131,138  
Flatiron CLO Ltd., 2013-1A, “A2R”, FRN, 2.58%, 1/17/2026 (n)      2,503,042       2,497,851  
Ford Credit Auto Owner Trust, 2014-1, “A”, 2.26%, 11/15/2025 (n)      3,503,000       3,534,231  
Ford Credit Floorplan Master Owner Trust, 2015-1, “A2”, FRN, 1.17%, 1/15/2020      4,839,000       4,847,075  
Greenwich Capital Commercial Funding Corp., 5.475%, 3/10/2039      42,342       42,338  
HarbourView CLO VII Ltd., “B1R”, FRN, 2.702%, 11/18/2026 (z)      2,559,988       2,549,779  
John Deere Owner Trust , “A2”, 1.15%, 10/15/2018      1,546,784       1,546,486  
JPMBB Commercial Mortgage Securities Trust, 2014-C26, 3.494%, 1/15/2048      3,108,537       3,203,332  
JPMorgan Chase Commercial Mortgage Trust, 2007-LD11, “AM”, FRN, 5.787%, 6/15/2049      2,455,705       2,490,994  
Loomis, Sayles & Co., CLO, “A1”, FRN, 2.553%, 10/15/2027 (z)      3,473,850       3,484,492  
Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C21, “A4”, 3.338%, 3/15/2048      691,382       703,328  
Morgan Stanley Capital I Trust, “AM”, FRN, 5.715%, 4/15/2049      2,458,000       2,460,975  
Wells Fargo Commercial Mortgage Trust, 2015-NXS1, “A5”, 3.148%, 5/15/2048      1,532,563       1,539,477  
    

 

 

  
      $ 42,428,502  
Automotive - 1.9%                 
Delphi Automotive PLC, 1.5%, 3/10/2025    EUR 650,000     $ 696,628  
FCA Capital Ireland PLC, 2%, 10/23/2019    EUR 1,600,000       1,761,889  
Ferrari N.V., 1.5%, 3/16/2023    EUR 1,400,000       1,507,938  
General Motors Co., 5.2%, 4/01/2045    $ 1,208,000       1,215,569  
General Motors Financial Co., Inc., 3.1%, 1/15/2019      893,000       909,228  
General Motors Financial Co., Inc., 3.45%, 4/10/2022      758,000       768,776  
General Motors Financial Co., Inc., 4.35%, 1/17/2027      410,000       418,915  
Jaguar Land Rover Automotive PLC, 3.875%, 3/01/2023    GBP 1,000,000       1,280,557  
Lear Corp., 5.25%, 1/15/2025    $ 1,971,000       2,099,115  
RCI Banque S.A., 1.25%, 6/08/2022    EUR 500,000       539,187  
ZF North America Capital, Inc., 4.75%, 4/29/2025 (n)    $ 1,258,000       1,295,740  
    

 

 

  
      $ 12,493,542  
Biotechnology - 0.3%                 
Life Technologies Corp., 6%, 3/01/2020    $ 1,780,000     $ 1,948,149  
Broadcasting - 0.8%                 
Omnicom Group, Inc., 3.65%, 11/01/2024    $ 1,000,000     $ 1,020,453  
Omnicom Group, Inc., 3.6%, 4/15/2026      910,000       913,028  
ProSiebenSat.1 Media SE, 2.625%, 4/15/2021    EUR 800,000       909,060  
SES S.A., 4.625% to 1/02/2022, FRN to 12/29/2049    EUR 1,000,000       1,101,458  
Time Warner, Inc., 3.8%, 2/15/2027    $ 1,128,000       1,115,889  
    

 

 

  
      $ 5,059,888  

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Brokerage & Asset Managers - 0.3%                 
Intercontinental Exchange, Inc., 2.75%, 12/01/2020    $ 604,000     $ 614,070  
Intercontinental Exchange, Inc., 3.75%, 12/01/2025      993,000       1,033,729  
    

 

 

  
      $ 1,647,799  
Building - 0.7%                 
HeidelbergCement AG, 2.25%, 3/30/2023    EUR 930,000     $ 1,064,375  
Imerys S.A., 1.5%, 1/15/2027    EUR 700,000       738,495  
Masco Corp., 4.45%, 4/01/2025    $ 355,000       369,573  
Masco Corp., 4.375%, 4/01/2026      1,580,000       1,643,042  
Owens Corning, 3.4%, 8/15/2026      816,000       790,959  
    

 

 

  
      $ 4,606,444  
Business Services - 1.1%                 
Cisco Systems, Inc., 2.2%, 2/28/2021    $ 1,278,000     $ 1,280,611  
Equinix, Inc., 5.75%, 1/01/2025      894,000       947,640  
Fidelity National Information Services, Inc., 3.875%, 6/05/2024      1,605,000       1,647,398  
Fidelity National Information Services, Inc., 5%, 10/15/2025      453,000       496,167  
Fidelity National Information Services, Inc., 3%, 8/15/2026      1,086,000       1,028,916  
Fidelity National Information Services, Inc., 4.5%, 8/15/2046      534,000       521,006  
MSCI, Inc., 5.75%, 8/15/2025 (n)      1,014,000       1,079,910  
    

 

 

  
      $ 7,001,648  
Cable TV - 1.3%                 
Charter Communications Operating LLC, 6.384%, 10/23/2035    $ 2,111,000     $ 2,412,035  
Comcast Corp., 4.65%, 7/15/2042      1,660,000       1,736,949  
NBCUniversal Enterprise, Inc., 1.974%, 4/15/2019 (n)      500,000       501,658  
Shaw Communications, 5.65%, 10/01/2019    CAD 769,000       634,347  
Sirius XM Radio, Inc., 5.375%, 7/15/2026 (n)    $ 837,000       853,740  
Sky PLC, 2.5%, 9/15/2026    EUR 1,300,000       1,495,357  
Time Warner Cable, Inc., 5.75%, 6/02/2031    GBP 350,000       532,093  
Time Warner Cable, Inc., 4.5%, 9/15/2042    $ 356,000       323,974  
    

 

 

  
      $ 8,490,153  
Chemicals - 0.9%                 
Air Liquide Finance Co., 2.25%, 9/27/2023 (n)    $ 1,053,000     $ 1,012,146  
Huntsman International LLC, 5.125%, 4/15/2021    EUR 500,000       590,743  
International Flavors & Fragrances, Inc., 1.75%, 3/14/2024    EUR 740,000       829,555  
Lanxess AG, 4.5% to 6/06/2023, FRN to 12/06/2076    EUR 1,000,000       1,138,855  
LyondellBasell Industries N.V., 5.75%, 4/15/2024    $ 799,000       918,375  
LyondellBasell Industries N.V., 4.625%, 2/26/2055      750,000       720,350  
PPG Industries, Inc., 0.875%, 11/03/2025    EUR 700,000       734,238  
    

 

 

  
      $ 5,944,262  
Computer Software - 0.3%                 
Microsoft Corp., 4.1%, 2/06/2037    $ 1,823,000     $ 1,889,981  
Computer Software - Systems - 0.4%                 
Apple, Inc., 3.6%, 7/31/2042    GBP 400,000     $ 576,062  
Apple, Inc., 3.85%, 8/04/2046    $ 1,939,000       1,868,603  
Apple, Inc., 4.25%, 2/09/2047      276,000       282,784  
    

 

 

  
      $ 2,727,449  
Conglomerates - 0.3%                 
General Electric Co., 1.25%, 5/26/2023    EUR 325,000     $ 362,685  
Johnson Controls International PLC, 1.375%, 2/25/2025    EUR 320,000       341,584  

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Conglomerates - continued                 
Johnson Controls International PLC, 4.5%, 2/15/2047    $ 226,000     $ 232,540  
Parker-Hannifin Corp., 1.125%, 3/01/2025 (z)    EUR 210,000       223,909  
Parker-Hannifin Corp., 4.1%, 3/01/2047 (n)    $ 581,000       588,587  
    

 

 

  
      $ 1,749,305  
Consumer Products - 0.3%                 
Newell Brands, Inc., 3.75%, 10/01/2021 (z)    EUR 650,000     $ 773,454  
Newell Rubbermaid, Inc., 5.375%, 4/01/2036    $ 340,000       387,662  
Spectrum Brands, Inc., 4%, 10/01/2026 (z)    EUR 620,000       678,779  
    

 

 

  
      $ 1,839,895  
Consumer Services - 0.9%                 
G4S International Finance PLC, 1.5%, 1/09/2023    EUR 500,000     $ 538,968  
Priceline Group, Inc., 2.15%, 11/25/2022    EUR 380,000       433,141  
Priceline Group, Inc., 1.8%, 3/03/2027    EUR 1,450,000       1,533,090  
Visa, Inc., 2.8%, 12/14/2022    $ 2,176,000       2,205,713  
Visa, Inc., 4.3%, 12/14/2045      1,126,000       1,208,337  
    

 

 

  
      $ 5,919,249  
Containers - 0.2%                 
Ball Corp., 5.25%, 7/01/2025    $ 455,000     $ 482,869  
Sealed Air Corp., 4.5%, 9/15/2023 (n)    EUR 625,000       741,216  
    

 

 

  
      $ 1,224,085  
Defense Electronics - 0.1%                 
BAE Systems, 4.125%, 6/08/2022    GBP 500,000     $ 702,753  
Electrical Equipment - 0.0%                 
Arrow Electronics, Inc., 3.5%, 4/01/2022    $ 285,000     $ 285,902  
Electronics - 0.5%                 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/2027 (n)    $ 1,612,000     $ 1,623,221  
Tyco Electronics Group S.A., 1.1%, 3/01/2023    EUR 1,175,000       1,269,790  
    

 

 

  
      $ 2,893,011  
Emerging Market Quasi-Sovereign - 0.6%                 
Corporacion Financiera de Desarrollo S.A., 4.75%, 7/15/2025 (n)    $ 3,108,000     $ 3,300,696  
Petroleos Mexicanos, 6.5%, 3/13/2027 (n)      384,000       408,096  
    

 

 

  
      $ 3,708,792  
Emerging Market Sovereign - 0.1%                 
Republic of Indonesia, 2.875%, 7/08/2021    EUR 550,000     $ 623,614  
Energy - Independent - 0.2%                 
Concho Resources, Inc., 4.375%, 1/15/2025    $ 1,016,000     $ 1,031,240  
Entertainment - 0.4%                 
Carnival Corp., 1.875%, 12/15/2017    $ 1,106,000     $ 1,109,668  
Carnival Corp., 1.875%, 11/07/2022    EUR 1,120,000       1,264,874  
    

 

 

  
      $ 2,374,542  
Financial Institutions - 0.0%                 
AerCap Ireland Capital Ltd., 4.625%, 10/30/2020    $ 150,000     $ 160,032  

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Food & Beverages - 1.9%                 
Anheuser-Busch InBev N.V., 1.5%, 4/18/2030    EUR 650,000     $ 671,776  
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 1/15/2022    $ 454,000       478,412  
Anheuser-Busch InBev Worldwide, Inc., 4.7%, 2/01/2036      1,747,000       1,878,790  
Coca-Cola Co., 1.1%, 9/02/2036    EUR 230,000       219,854  
Coca-Cola Enterprises, Inc., 1.875%, 3/18/2030    EUR 575,000       616,537  
Constellation Brands, Inc., 4.25%, 5/01/2023    $ 3,211,000       3,388,665  
Constellation Brands, Inc., 4.75%, 12/01/2025      667,000       717,825  
J.M. Smucker Co., 4.375%, 3/15/2045      195,000       197,682  
Kraft Foods Group, Inc., 2.25%, 6/05/2017      2,000,000       2,003,634  
PepsiCo, Inc., 3.1%, 7/17/2022      1,888,000       1,941,636  
    

 

 

  
      $ 12,114,811  
Food & Drug Stores - 0.3%                 
Walgreens Boots Alliance, Inc., 2.875%, 11/20/2020    GBP 850,000     $ 1,108,178  
Walgreens Boots Alliance, Inc., 4.5%, 11/18/2034    $ 967,000       981,770  
    

 

 

  
      $ 2,089,948  
Insurance - 0.8%                 
Aviva PLC, 3.375% to 12/04/2025, FRN to 12/04/2045    EUR 720,000     $ 761,204  
CNP Assurances S.A., 6% to 9/14/20, FRN to 9/14/2040    EUR 600,000       717,479  
Delta Lloyd Levensverzek, FRN, 9%, 8/29/2042    EUR 750,000       1,004,113  
Old Mutual PLC, 7.875%, 11/03/2025    GBP 950,000       1,396,988  
Unum Group, 4%, 3/15/2024    $ 1,000,000       1,019,713  
    

 

 

  
      $ 4,899,497  
Insurance - Health - 0.4%                 
Aetna, Inc., 2.8%, 6/15/2023    $ 1,038,000     $ 1,034,086  
UnitedHealth Group, Inc., 2.7%, 7/15/2020      1,554,000       1,589,546  
    

 

 

  
      $ 2,623,632  
Insurance - Property & Casualty - 1.3%                 
Berkshire Hathaway, Inc., 2.75%, 3/15/2023    $ 738,000     $ 740,996  
Berkshire Hathaway, Inc., 2.15%, 3/15/2028    EUR 830,000       946,198  
Berkshire Hathaway, Inc., 1.625%, 3/16/2035    EUR 475,000       471,762  
Chubb INA Holdings, Inc., 2.3%, 11/03/2020    $ 318,000       319,442  
Chubb INA Holdings, Inc., 2.875%, 11/03/2022      740,000       748,130  
CNA Financial Corp., 5.875%, 8/15/2020      1,000,000       1,113,739  
Liberty Mutual Group, Inc., 4.25%, 6/15/2023      1,149,000       1,208,491  
Liberty Mutual Group, Inc., 2.75%, 5/04/2026    EUR 400,000       451,901  
Liberty Mutual Group, Inc., 2.75%, 5/04/2026 (z)    EUR 300,000       338,926  
Marsh & McLennan Cos., Inc., 3.5%, 6/03/2024    $ 1,000,000       1,021,131  
Marsh & McLennan Cos., Inc., 4.35%, 1/30/2047      414,000       422,760  
QBE Capital Funding IV LP, 7.5% to 5/24/2021, FRN to 5/24/2041    GBP 450,000       625,129  
    

 

 

  
      $ 8,408,605  
International Market Quasi-Sovereign - 0.3%                 
Electricite de France S.A., 5.375% to 1/29/2025, FRN to 1/31/2049    EUR 800,000     $ 868,355  
Israel Electric Corp. Ltd., 5.625%, 6/21/2018 (n)    $ 769,000       802,121  
    

 

 

  
      $ 1,670,476  
International Market Sovereign - 29.3%                 
Commonwealth of Australia, 5.75%, 5/15/2021    AUD 5,310,000     $ 4,664,070  
Commonwealth of Australia, 3.75%, 4/21/2037    AUD 1,700,000       1,366,612  
Federal Republic of Germany, 2.5%, 7/04/2044    EUR 3,149,000       4,562,590  
Federal Republic of Germany, 0.5%, 2/15/2026    EUR 2,800,000       3,091,914  

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
International Market Sovereign - continued                 
Federal Republic of Germany, 6.25%, 1/04/2030    EUR 3,213,000     $ 5,915,899  
Federal Republic of Germany, 4%, 1/04/2037    EUR 480,000       815,464  
Government of Canada, 2.5%, 6/01/2024    CAD 19,364,000       15,664,837  
Government of Canada, 5.75%, 6/01/2033    CAD 5,156,000       5,779,285  
Government of Canada, 4%, 6/01/2041    CAD 1,129,000       1,102,896  
Government of Japan, 1.8%, 3/20/2043    JPY 656,100,000       7,304,730  
Government of Japan, 2.1%, 9/20/2024    JPY 22,600,000       233,538  
Government of Japan, 0.4%, 9/20/2025    JPY  1,055,500,000       9,706,523  
Government of Japan, 0.3%, 12/20/2025    JPY 51,500,000       469,558  
Government of Japan, 2.2%, 9/20/2027    JPY 1,580,900,000       17,198,593  
Government of Japan, 1.7%, 9/20/2032    JPY 171,000,000       1,826,182  
Government of Japan, 1.5%, 3/20/2034    JPY 1,594,000,000       16,596,357  
Government of Japan, 2.4%, 3/20/2037    JPY 806,600,000       9,570,643  
Government of Japan, 2%, 3/20/2052    JPY 176,700,000       2,127,714  
Kingdom of Belgium, 4%, 3/28/2032    EUR 3,557,000       5,333,933  
Kingdom of Denmark, 1.5%, 11/15/2023    DKK 10,168,000       1,605,044  
Kingdom of Denmark, 1.75%, 11/15/2025    DKK 18,925,000       3,060,915  
Kingdom of Spain, 5.4%, 1/31/2023    EUR 3,726,000       5,021,312  
Kingdom of Spain, 5.15%, 10/31/2028    EUR 2,372,000       3,399,125  
Kingdom of Sweden, 3.5%, 6/01/2022    SEK 12,430,000       1,641,750  
Kingdom of the Netherlands, 5.5%, 1/15/2028    EUR 2,720,000       4,432,667  
Republic of Austria, 1.75%, 10/20/2023    EUR 791,000       940,825  
Republic of France, 6%, 10/25/2025    EUR 5,746,000       8,832,069  
Republic of France, 4.75%, 4/25/2035    EUR 1,591,000       2,575,789  
Republic of France, 4.5%, 4/25/2041    EUR 1,011,000       1,659,276  
Republic of Italy, 5.5%, 9/01/2022    EUR 10,490,000       13,652,451  
Republic of Italy, 3.75%, 3/01/2021    EUR 8,599,000       10,243,329  
United Kingdom Treasury, 5%, 3/07/2018    GBP 735,000       957,507  
United Kingdom Treasury, 8%, 6/07/2021    GBP 717,000       1,182,457  
United Kingdom Treasury, 4.25%, 12/07/2027    GBP 2,537,000       4,135,500  
United Kingdom Treasury, 4.25%, 6/07/2032    GBP 1,186,000       2,022,560  
United Kingdom Treasury, 4.25%, 3/07/2036    GBP 1,407,000       2,476,350  
United Kingdom Treasury, 3.25%, 1/22/2044    GBP 2,320,000       3,767,909  
United Kingdom Treasury, 3.75%, 7/22/2052    GBP 874,000       1,681,710  
United Kingdom Treasury, 4%, 1/22/2060    GBP 398,000       857,618  
    

 

 

  
      $ 187,477,501  
Local Authorities - 0.2%                 
Province of Alberta, 1.25%, 6/01/2020    CAD 558,000     $ 419,265  
Province of Alberta, 4.5%, 12/01/2040    CAD 760,000       680,252  
Province of Manitoba, 4.15%, 6/03/2020    CAD 490,000       402,105  
    

 

 

  
      $ 1,501,622  
Major Banks - 5.3%                 
ABN AMRO Bank N.V., 1.8%, 6/04/2018 (n)    $ 1,764,000     $ 1,759,153  
Bank of America Corp., 2.625%, 4/19/2021      658,000       658,540  
Bank of America Corp., 3.248%, 10/21/2027      3,164,000       3,035,792  
Bank of New York Mellon Corp., 3.442 to 2/07/2027, FRN to 2/07/2028      1,341,000       1,353,003  
Barclays Bank PLC, 6%, 1/14/2021    EUR 850,000       1,060,714  
Barclays Bank PLC, 6.75% to 1/16/18, FRN to 1/16/2023    GBP 300,000       386,817  
Credit Agricole S.A., 7.375%, 12/18/2023    GBP 300,000       479,276  
Credit Agricole S.A., 7.875% to 10/26/19, FRN to 10/29/2049    EUR 700,000       859,872  
Credit Suisse Group AG, 6.5%, 8/08/2023 (n)    $ 534,000       581,393  
Goldman Sachs Group, Inc., 2.625%, 4/25/2021      648,000       648,356  

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Major Banks - continued                 
Goldman Sachs Group, Inc., 3.625%, 1/22/2023    $ 1,831,000     $ 1,879,274  
Goldman Sachs Group, Inc., 4%, 3/03/2024      2,000,000       2,083,908  
HSBC Holdings PLC, 4.375%, 11/23/2026      893,000       903,952  
JPMorgan Chase & Co., 4.25%, 10/15/2020      4,194,000       4,477,422  
JPMorgan Chase & Co., 2.95%, 10/01/2026      2,405,000       2,301,186  
JPMorgan Chase & Co., 4.26% to 2/22/2047, FRN to 2/22/2048      1,157,000       1,166,752  
Morgan Stanley, 2.2%, 12/07/2018      709,000       713,007  
Morgan Stanley, 2.5%, 4/21/2021      749,000       745,662  
Morgan Stanley, 5.5%, 7/28/2021      484,000       538,285  
Morgan Stanley, 3.125%, 7/27/2026      1,212,000       1,167,083  
Morgan Stanley, 3.95%, 4/23/2027      1,850,000       1,844,802  
Nationwide Building Society, 1.25%, 3/03/2025    EUR 700,000       760,593  
PNC Bank N.A., 2.6%, 7/21/2020    $ 2,435,000       2,465,966  
UBS Group Funding (Jersey) Ltd., 1.5%, 11/30/2024    EUR 1,000,000       1,072,062  
Wells Fargo & Co., 4.1%, 6/03/2026    $ 1,000,000       1,023,169  
    

 

 

  
      $ 33,966,039  
Medical & Health Technology & Services - 0.7%                 
Becton, Dickinson and Co., 3.734%, 12/15/2024    $ 462,000     $ 477,792  
Becton, Dickinson and Co., 4.685%, 12/15/2044      258,000       274,146  
HCA, Inc., 5.25%, 6/15/2026      788,000       832,325  
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045      1,026,000       1,006,144  
Thermo Fisher Scientific, Inc., 3%, 4/15/2023      1,323,000       1,308,324  
Universal Health Services, Inc., 5%, 6/01/2026 (n)      893,000       915,325  
    

 

 

  
      $ 4,814,056  
Medical Equipment - 0.3%                 
Medtronic, Inc., 3.5%, 3/15/2025    $ 1,900,000     $ 1,950,031  
Metals & Mining - 0.9%                 
Barrick Gold Corp., 4.1%, 5/01/2023    $ 785,000     $ 842,894  
Cameco Corp., 5.67%, 9/02/2019    CAD 775,000       628,204  
Glencore Finance (Europe) S.A., 6.5%, 2/27/2019    GBP 250,000       340,870  
Glencore Finance (Europe) S.A., 1.25%, 3/17/2021    EUR 1,000,000       1,084,458  
Glencore Finance (Europe) S.A., 1.75%, 3/17/2025    EUR 700,000       741,580  
Kinross Gold Corp., 5.95%, 3/15/2024    $ 768,000       812,160  
Southern Copper Corp., 5.25%, 11/08/2042      1,000,000       978,261  
Steel Dynamics, Inc., 5%, 12/15/2026 (n)      215,000       222,233  
    

 

 

  
      $ 5,650,660  
Midstream - 1.5%                 
APT Pipelines Ltd., 5%, 3/23/2035 (n)    $ 799,000     $ 810,749  
Dominion Gas Holdings LLC, 2.8%, 11/15/2020      1,960,000       1,987,493  
Enbridge, Inc., 6% to 1/15/2027, FRN to 1/15/2077      1,090,000       1,106,350  
Enterprise Products Operating LLC, 1.65%, 5/07/2018      887,000       885,149  
Enterprise Products Operating LLC, 3.9%, 2/15/2024      1,000,000       1,036,709  
Kinder Morgan Energy Partners LP, 5.4%, 9/01/2044      1,400,000       1,434,047  
Sabine Pass Liquefaction LLC, 5%, 3/15/2027 (n)      1,250,000       1,323,150  
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028 (z)      792,000       791,232  
    

 

 

  
      $ 9,374,879  
Mortgage-Backed - 6.4%                 
Fannie Mae, 4.26%, 12/01/2019    $ 178,284     $ 188,181  
Fannie Mae, 4.88%, 3/01/2020      414,655       433,045  
Fannie Mae, 3.99%, 7/01/2021      543,429       579,679  

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Mortgage-Backed - continued                 
Fannie Mae, 2.77%, 3/01/2022    $ 363,124     $ 370,248  
Fannie Mae, 5%, 8/01/2040      1,188,575       1,304,708  
Fannie Mae, 4%, 9/01/2040 - 2/01/2045      9,147,584       9,651,801  
Fannie Mae, 4.5%, 2/01/2041 - 2/01/2046      12,121,783       13,076,035  
Fannie Mae, 3.5%, 9/01/2045      2,380,290       2,442,724  
Freddie Mac, 1.426%, 8/25/2017      200,137       200,136  
Freddie Mac, 1.883%, 5/25/2019      2,440,000       2,446,861  
Freddie Mac, 2.637%, 1/25/2023      2,595,000       2,627,582  
Freddie Mac, 3.32%, 2/25/2023      12,000       12,583  
Freddie Mac, 2.673%, 3/25/2026      2,389,000       2,354,042  
Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042      2,763,631       2,975,792  
Freddie Mac, 5%, 7/01/2041      1,911,407       2,118,851  
Freddie Mac, 4%, 4/01/2044      140,274       147,669  
    

 

 

  
      $ 40,929,937  
Natural Gas - Distribution - 0.3%                 
GNL Quintero S.A., 4.634%, 7/31/2029 (n)    $ 1,600,000     $ 1,622,000  
Network & Telecom - 1.6%                 
AT&T, Inc., 2.45%, 6/30/2020    $ 3,487,000     $ 3,495,487  
AT&T, Inc., 4.75%, 5/15/2046      2,431,000       2,273,289  
British Telecommunications PLC, 5.75%, 12/07/2028    GBP 400,000       660,891  
Deutsche Telekom International Finance B.V., 1.5%, 4/03/2028    EUR 800,000       852,932  
Telecom Italia S.p.A./Milano, 3.625%, 1/19/2024    EUR 1,000,000       1,126,937  
Verizon Communications, Inc., 2.946%, 3/15/2022 (z)    $ 2,046,000       2,045,448  
    

 

 

  
      $ 10,454,984  
Oils - 0.1%                 
Valero Energy Corp., 4.9%, 3/15/2045    $ 653,000     $ 663,656  
Other Banks & Diversified Financials - 1.3%                 
Belfius Bank S.A., 3.125%, 5/11/2026    EUR 600,000     $ 647,462  
Capital One Financial Corp., 2.35%, 8/17/2018    $ 2,361,000       2,377,244  
Capital One Financial Corp., 3.2%, 2/05/2025      791,000       777,604  
Citizens Bank N.A., 2.55%, 5/13/2021      569,000       567,906  
Discover Financial Services, 3.95%, 11/06/2024      1,000,000       1,006,024  
Intesa Sanpaolo S.p.A., 5.25%, 1/28/2022    GBP 350,000       481,575  
Islandsbanki, 1.75%, 9/07/2020    EUR 1,250,000       1,363,978  
UniCredit S.p.A., 4.375% to 1/03/2022, FRN to 1/03/2027    EUR 1,200,000       1,304,806  
    

 

 

  
      $ 8,526,599  
Personal Computers & Peripherals - 0.1%                 
Equifax, Inc., 2.3%, 6/01/2021    $ 524,000     $ 516,877  
Pharmaceuticals - 0.5%                 
Celgene Corp., 2.875%, 8/15/2020    $ 2,480,000     $ 2,518,661  
Gilead Sciences, Inc., 2.35%, 2/01/2020      530,000       534,831  
    

 

 

  
      $ 3,053,492  
Real Estate - Apartment - 0.2%                 
Grand City Properties S.A., 3.75% to 2/18/2022, FRN to 12/29/2049    EUR 500,000     $ 550,125  
Vonovia Finance B.V., 2.125%, 7/09/2022    EUR 650,000       745,442  
    

 

 

  
      $ 1,295,567  

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
Real Estate - Office - 0.3%                 
Boston Properties LP, REIT, 3.7%, 11/15/2018    $ 545,000     $ 560,734  
Merlin Properties SOCIMI S.A., REIT, 2.225%, 4/25/2023    EUR 1,000,000       1,092,806  
    

 

 

  
      $ 1,653,540  
Retailers - 1.0%                 
Best Buy Co., Inc., 5.5%, 3/15/2021    $ 3,390,000     $ 3,681,601  
Hanesbrands Finance, 3.5%, 6/15/2024 (z)    EUR 450,000       495,203  
Home Depot, Inc., 3.35%, 9/15/2025    $ 2,338,000       2,416,456  
    

 

 

  
      $ 6,593,260  
Specialty Chemicals - 0.2%                 
Ecolab, Inc., 4.35%, 12/08/2021    $ 1,000,000     $ 1,083,421  
Ecolab, Inc., 2.625%, 7/08/2025    EUR 325,000       385,746  
    

 

 

  
      $ 1,469,167  
Specialty Stores - 0.1%                 
Rallye S.A., 4.25%, 3/11/2019    EUR 600,000     $ 659,006  
Supermarkets - 0.2%                 
Loblaw Cos. Ltd., 4.86%, 9/12/2023    CAD 776,000     $ 660,582  
Morrison (WM) Supermarkets, 3.5%, 7/27/2026    GBP 250,000       331,568  
    

 

 

  
      $ 992,150  
Supranational - 0.3%                 
International Bank for Reconstruction and Development, 2.8%, 1/13/2021    AUD 620,000     $ 479,157  
International Bank for Reconstruction and Development, 4.25%, 6/24/2025    AUD 590,000       487,834  
International Finance Corp., 3.25%, 7/22/2019    AUD 855,000       670,729  
    

 

 

  
      $ 1,637,720  
Telecommunications - Wireless - 0.9%                 
America Movil S.A.B. de C.V., 1.5%, 3/10/2024    EUR 560,000     $ 597,503  
American Tower Corp., REIT, 5%, 2/15/2024    $ 1,500,000       1,622,712  
Crown Castle International Corp., 5.25%, 1/15/2023      1,400,000       1,529,080  
Crown Castle International Corp., 3.7%, 6/15/2026      508,000       501,330  
Millicom International Cellular S.A., 6.625%, 10/15/2021 (n)      1,563,000       1,637,243  
    

 

 

  
      $ 5,887,868  
Telephone Services - 0.1%                 
TELUS Corp., 5.05%, 7/23/2020    CAD 785,000     $ 652,929  
Tobacco - 0.5%                 
Imperial Tobacco Finance PLC, 4.25%, 7/21/2025 (n)    $ 1,341,000     $ 1,392,474  
Philip Morris International, Inc., 4.875%, 11/15/2043      750,000       821,639  
Reynolds American, Inc., 3.25%, 6/12/2020      249,000       255,252  
Reynolds American, Inc., 4%, 6/12/2022      391,000       411,121  
Reynolds American, Inc., 4.45%, 6/12/2025      292,000       308,749  
    

 

 

  
      $ 3,189,235  
Transportation - Services - 0.2%                 
Compagnie Financiere et Industrielle des Autoroutes S.A., 0.75%, 9/09/2028    EUR 700,000     $ 688,781  
ERAC USA Finance LLC, 4.5%, 2/15/2045 (n)    $ 153,000       150,150  
Heathrow Funding Ltd., 4.625%, 10/31/2046    GBP 275,000       447,870  
    

 

 

  
      $ 1,286,801  
U.S. Government Agencies and Equivalents - 0.1%                 
Small Business Administration, 2.22%, 3/01/2033    $ 812,347     $ 794,955  

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Bonds - continued                 
U.S. Treasury Obligations - 5.8%                 
U.S. Treasury Bonds, 4.5%, 2/15/2036    $ 6,220,000     $ 7,949,210  
U.S. Treasury Bonds, 4.5%, 8/15/2039 (f)      2,328,000       2,959,924  
U.S. Treasury Bonds, 3.625%, 2/15/2044 (f)      6,323,000       7,106,458  
U.S. Treasury Notes, 2%, 2/15/2025      19,367,000       18,958,473  
    

 

 

  
      $ 36,974,065  
Utilities - Electric Power - 2.1%                 
Dominion Resources, Inc., 2.5%, 12/01/2019    $ 1,000,000     $ 1,011,069  
Duke Energy Florida LLC, 3.2%, 1/15/2027      1,164,000       1,176,171  
E.On International Finance, 6.375%, 6/07/2032    GBP 300,000       527,736  
EDP - Energias de Portugal S.A., 5.375% to 3/16/2021, FRN to 9/16/2075    EUR 1,200,000       1,342,777  
EDP Finance B.V., 4.9%, 10/01/2019 (n)    $ 554,000       582,896  
Emera U.S. Finance LP, 2.7%, 6/15/2021      321,000       319,448  
Emera U.S. Finance LP, 3.55%, 6/15/2026      367,000       362,371  
Enel S.p.A., 8.75% to 9/24/2023, FRN to 9/24/2073 (n)      1,000,000       1,152,500  
Enel S.p.A., 6.625% to 9/15/2021, FRN to 9/15/2076    GBP 390,000       519,017  
Engie Energia Chile S.A., 4.5%, 1/29/2025 (n)    $ 1,920,000       1,963,001  
Innogy Finance B.V., 4.75%, 1/31/2034    GBP 400,000       599,645  
PPL Capital Funding, Inc., 3.1%, 5/15/2026    $ 1,244,000       1,202,335  
PPL Capital Funding, Inc., 5%, 3/15/2044      750,000       807,876  
Southern Co., 2.95%, 7/01/2023      735,000       722,873  
Southern Co., 4.4%, 7/01/2046      1,110,000       1,105,619  
    

 

 

  
      $ 13,395,334  
Total Bonds     $ 536,882,513  
Floating Rate Loans (g)(r) - 0.4%                 
Automotive - 0.1%                 
Allison Transmission, Inc., Term Loan B, 3.3%, 9/23/2022    $ 660,774     $ 667,232  
Gaming & Lodging - 0.1%                 
Hilton Worldwide Finance LLC, Term Loan B1, 3.5%, 10/26/2020    $ 876,036     $ 881,922  
Medical & Health Technology & Services - 0.2%                 
DaVita Healthcare Partners, Inc., Term Loan B, 3.5%, 6/24/2021    $ 1,159,132     $ 1,172,413  
Total Floating Rate Loans     $ 2,721,567  
Money Market Funds - 15.0%                 
MFS Institutional Money Market Portfolio, 0.64% (v)      96,225,988     $ 96,225,988  
Total Investments     $ 635,830,068  
Other Assets, Less Liabilities - 0.7%       4,394,449  
Net Assets - 100.0%     $ 640,224,517  

 

(f) All or a portion of the security has been segregated as collateral for open futures contracts.
(g) The rate shown represents a weighted average coupon rate on settled positions at period end, unless otherwise indicated.
(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 $36,121,629, representing 5.6% of net assets.
(r) Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium.
(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.

 

9

Portfolio of Investments (unaudited) – continued

 

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

 

Restricted Securities    Acquisition
Date		     
Cost		      Value  
Chesapeake Funding II LLC, 2016-2A, “A2”, FRN, 1.77%, 6/15/2028      6/14/16        $1,646,000        $1,654,257  
Hanesbrands Finance, 3.5%, 6/15/2024      5/19/16        503,865        495,203  
HarbourView CLO VII Ltd., “B1R”, FRN, 2.702%, 11/18/2026      2/09/17        2,559,988        2,549,779  
Liberty Mutual Group, Inc., 2.75%, 5/04/2026      4/26/16        336,349        338,926  
Loomis, Sayles & Co., CLO, “A1”, FRN, 2.553%, 10/15/2027      7/27/16        3,457,275        3,484,492  
Newell Brands, Inc., 3.75%, 10/01/2021      9/13/16        813,058        773,454  
Parker-Hannifin Corp., 1.125%, 3/01/2025      2/21/17        220,342        223,909  
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028      2/28/17        791,232        791,232  
Spectrum Brands, Inc., 4%, 10/01/2026      9/14/16        697,438        678,779  
Verizon Communications, Inc., 2.946%, 3/15/2022      2/07/17        2,044,863        2,045,448  
Total Restricted Securities        $13,035,479  
% of Net assets        2.0%  

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

 

CLO   Collateralized Loan Obligation
FRN   Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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
CAD   Canadian Dollar
CHF   Swiss Franc
CNH   Chinese Yuan Renminbi (Offshore)
CZK   Czech Koruna
DKK   Danish Krone
EUR   Euro
GBP   British Pound
IDR   Indonesian Rupiah
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
RUB   Russian Ruble
SEK   Swedish Krona
SGD   Singapore Dollar
THB   Thailand Baht
TRY   Turkish Lira
ZAR   South African Rand

 

10

Portfolio of Investments (unaudited) – continued

 

Derivative Contracts at 2/28/17

Forward Foreign Currency Exchange Contracts at 2/28/17

 

Type    Currency      Counterparty  

Contracts to

Deliver/Receive

    Settlement
Date Range		    In Exchange
For		      Contracts
at Value		    

Unrealized
Appreciation

(Depreciation)

  
Asset Derivatives                  
BUY      CAD     

Citibank N.A.

   899,572    3/10/17      $675,040        $677,318       $2,278  
BUY      CAD     

JPMorgan Chase Bank N.A.

   1,241,000    3/10/17      927,058        934,390       7,332  
SELL      CAD     

Merrill Lynch International

   23,421,255    3/10/17      17,675,285        17,634,640       40,645  
BUY      CHF     

UBS AG

   4,774,000    3/10/17      4,752,258        4,755,190       2,932  
BUY      CNH     

JPMorgan Chase Bank N.A.

   40,947,000    4/26/17      5,882,344        5,946,878       64,534  
SELL      CNH     

JPMorgan Chase Bank N.A.

   42,649,000    4/26/17      6,403,273        6,194,066       209,207  
SELL      DKK     

Citibank N.A.

   22,676,203    3/10/17      3,294,116        3,232,754       61,362  
BUY      EUR     

Citibank N.A.

   2,615,711    3/10/17      2,761,843        2,771,915       10,072  
BUY      EUR     

Goldman Sachs International

   3,000,000    3/10/17      3,155,491        3,179,153       23,662  
BUY      EUR     

HSBC Bank

   1,468,000    3/10/17      1,538,552        1,555,665       17,113  
BUY      EUR     

JPMorgan Chase Bank N.A.

   362,000    3/10/17      380,355        383,618       3,263  
BUY      EUR     

Morgan Stanley Capital Services, Inc.

   4,426,284    3/10/17      4,669,395        4,690,611       21,216  
SELL      EUR     

Barclays Bank PLC

   4,984,000    3/10/17      5,341,682        5,281,633       60,049  
SELL      EUR     

Citibank N.A.

   3,222,048    3/10/17      3,441,299        3,414,461       26,838  
SELL      EUR     

Goldman Sachs International

   3,105,773    3/10/17      3,315,109        3,291,242       23,867  
SELL      EUR     

JPMorgan Chase Bank N.A.

   4,564,561    3/10/17      4,853,698        4,837,146       16,552  
BUY      GBP     

Citibank N.A.

   509,000    3/10/17      625,302        631,679       6,377  
BUY      GBP     

Goldman Sachs International

   1,844,051    3/10/17      2,255,058        2,288,503       33,445  
SELL      GBP     

Goldman Sachs International

   230,000    3/10/17      286,402        285,434       968  
SELL      GBP     

Merrill Lynch International

   3,898,320    3/10/17      4,951,841        4,837,891       113,950  
SELL      IDR     

JPMorgan Chase Bank N.A.

   2,115,961,427    4/10/17      158,085        157,954       131  
BUY      ILS     

Goldman Sachs International

   3,267,000    3/10/17      862,936        897,452       34,516  
BUY      INR     

Barclays Bank PLC

   132,412,000    3/14/17      1,978,365        1,981,505       3,140  
BUY      INR     

JPMorgan Chase Bank N.A.

   295,606,000    3/14/17      4,416,668        4,423,653       6,985  
BUY      JPY     

Barclays Bank PLC

   217,258,000    3/10/17      1,896,985        1,934,236       37,251  
BUY      JPY     

Goldman Sachs International

   5,085,442,880    3/10/17      44,827,396        45,275,408       448,012  
BUY      JPY     

JPMorgan Chase Bank N.A.

   108,251,000    3/10/17      919,882        963,752       43,870  
BUY      KRW     

Barclays Bank PLC

   8,929,623,000    3/16/17      7,640,646        7,898,073       257,427  
BUY      KRW     

JPMorgan Chase Bank N.A.

   132,947,000    3/16/17      112,925        117,589       4,664  
BUY      MXN     

JPMorgan Chase Bank N.A.

   37,831,463    3/10/17      1,841,762        1,880,637       38,875  
SELL      MYR     

Citibank N.A.

   3,590,000    3/03/17      808,559        808,512       47  
BUY      NOK     

Citibank N.A.

   60,229,546    3/10/17      7,174,626        7,184,759       10,133  
BUY      NZD     

JPMorgan Chase Bank N.A.

   1,363,791    3/10/17      973,821        982,082       8,261  
BUY      PLN     

Citibank N.A.

   5,021,000    3/10/17      1,214,680        1,234,794       20,114  
BUY      RUB     

JPMorgan Chase Bank N.A.

   377,172,000    4/10/17      6,326,266        6,399,050       72,784  
BUY      SEK     

Citibank N.A.

   66,437,926    3/10/17      7,311,879        7,362,802       50,923  
BUY      SEK     

Deutsche Bank AG

   2,139,000    3/10/17      236,840        237,049       209  
BUY      SGD     

Barclays Bank PLC

   1,772,000    3/10/17      1,250,092        1,264,500       14,408  
BUY      THB     

JPMorgan Chase Bank N.A.

   64,882,000    3/23/17      1,830,705        1,857,318       26,613  
SELL      TRY     

Citibank N.A.

   6,000    3/10/17      1,706        1,645       61  
BUY      ZAR     

JPMorgan Chase Bank N.A.

   15,132,000    3/10/17      1,100,629        1,151,967       51,338  
                  

 

 

  
                     $1,875,424  
                  

 

 

  
Liability Derivatives                  
BUY      AUD     

Westpac Banking Corp.

   8,354,116    3/10/17      $6,413,756        $6,403,856       $(9,900 ) 
SELL      AUD     

Goldman Sachs International

   364,000    3/10/17      269,005        279,025       (10,020 ) 
SELL      AUD     

Westpac Banking Corp.

   7,371,495    3/10/17      5,485,557        5,650,627       (165,070 ) 
BUY      CAD     

JPMorgan Chase Bank N.A.

   5,657,000    3/10/17      4,340,820        4,259,343       (81,477 ) 
BUY      CAD     

Merrill Lynch International

   2,662,000    3/10/17      2,042,650        2,004,308       (38,342 ) 
SELL      CAD     

Citibank N.A.

   889,691    3/10/17      667,332        669,878       (2,546 ) 
SELL      CAD     

Goldman Sachs International

   8,412,000    3/10/17      6,315,111        6,333,674       (18,563 ) 
SELL      CAD     

JPMorgan Chase Bank N.A.

   345,000    3/10/17      258,965        259,762       (797 ) 
BUY      CZK     

Goldman Sachs International

   14,293,000    3/10/17      570,796        560,564       (10,232 ) 
BUY      EUR     

Barclays Bank PLC

   609,234    3/10/17      654,860        645,615       (9,245 ) 
BUY      EUR     

Citibank N.A.

   13,002,547    3/10/17      13,986,729        13,779,028       (207,701 ) 

 

11

Portfolio of Investments (unaudited) – continued

 

Forward Foreign Currency Exchange Contracts at 2/28/17 - continued

 

Type    Currency      Counterparty  

Contracts to

Deliver/Receive

    Settlement
Date Range		    In Exchange
For		      Contracts
at Value		     

Unrealized
Appreciation

(Depreciation)

  
Liability Derivatives – continued              
BUY      EUR     

Goldman Sachs International

   4,449,481    3/10/17      $4,754,986        $4,715,194        $(39,792 ) 
BUY      EUR     

JPMorgan Chase Bank N.A.

   1,191,000    3/10/17      1,272,745        1,262,124        (10,621 ) 
BUY      EUR     

Merrill Lynch International

   7,200,000    3/10/17      7,667,087        7,629,967        (37,120 ) 
BUY      EUR     

Morgan Stanley Capital Services, Inc.

   1,234,982    3/10/17      1,332,932        1,308,732        (24,200 ) 
SELL      EUR     

JPMorgan Chase Bank N.A.

   1,952,963    3/10/17      2,050,133        2,069,589        (19,456 ) 
BUY      GBP     

Goldman Sachs International

   6,069,898    3/10/17      7,570,790        7,532,862        (37,928 ) 
SELL      GBP     

Goldman Sachs International

   337,000    3/10/17      414,297        418,224        (3,927 ) 
SELL      GBP     

JPMorgan Chase Bank N.A.

   5,384,000    3/10/17      6,660,118        6,681,649        (21,531 ) 
BUY      JPY     

Citibank N.A.

   36,225,000    3/10/17      323,018        322,509        (509 ) 
SELL      JPY     

Citibank N.A.

   30,534,000    3/10/17      261,076        271,842        (10,766 ) 
SELL      JPY     

Goldman Sachs International

   25,664,000    3/10/17      225,345        228,485        (3,140 ) 
SELL      JPY     

JPMorgan Chase Bank N.A.

   108,000,000    3/10/17      920,340        961,518        (41,178 ) 
BUY      MYR     

Citibank N.A.

   7,180,000    3/03/17-5/02/17      1,615,846        1,614,545        (1,301 ) 
SELL      NOK     

Citibank N.A.

   26,725,000    3/10/17      3,136,578        3,188,015        (51,437 ) 
SELL      NOK     

JPMorgan Chase Bank N.A.

   14,926,000    3/10/17      1,749,858        1,780,516        (30,658 ) 
SELL      NOK     

UBS AG

   12,374,000    3/10/17      1,452,654        1,476,089        (23,435 ) 
                   

 

 

  
                      $(910,892 ) 
                   

 

 

  

Futures Contracts at 2/28/17

 

Description    Currency      Contracts      Value    Expiration Date      Unrealized
Appreciation
(Depreciation)		  
Liability Derivatives               
Interest Rate Futures               
U.S. Treasury Note Ultra (Short)      USD        85      $11,384,688      June - 2017        $(36,843 ) 
U.S. Treasury Note 10 yr (Short)      USD        180      22,424,063      June - 2017        (18,460 ) 
              

 

 

  
                 $(55,303 ) 
              

 

 

  

At February 28, 2017, the fund had liquid securities with an aggregate value of $547,618 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.

 

12

Supplemental Information

2/28/17 (unaudited)

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

(1) Investment Concentration

The fund may invest between 25% and 35% of its total assets in the securities of issuers in any particular industry if, at the time of investment, that industry represents 20% or more of the global bond market, as a whole, as measured by an index determined by MFS to be an appropriate measure of the global bond market. At February 28, 2017, the fund did not have more than 25% of its assets invested in any one industry.

(2) Investment Valuations

Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other

 

13

Supplemental Information (unaudited) – continued

 

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 February 28, 2017 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
U.S. Treasury Bonds & U.S. Government Agency & Equivalents      $—        $37,769,020        $—        $37,769,020  
Non-U.S. Sovereign Debt      —        195,118,105        —        195,118,105  
U.S. Corporate Bonds      —        156,640,447        —        156,640,447  
Residential Mortgage-Backed Securities      —        40,929,937        —        40,929,937  
Commercial Mortgage-Backed Securities      —        18,544,182        —        18,544,182  
Asset-Backed Securities (including CDOs)      —        23,884,320        —        23,884,320  
Foreign Bonds      —        63,996,502        —        63,996,502  
Floating Rate Loans      —        2,721,567        —        2,721,567  
Mutual Funds      96,225,988        —        —        96,225,988  
Total Investments      $96,225,988        $539,604,080        $—        $635,830,068  
Other Financial Instruments                            
Futures Contracts - Liabilities      $(55,303 )       $—        $—        $(55,303 ) 
Forward Foreign Currency Exchange Contracts - Assets      —        1,875,424        —        1,875,424  
Forward Foreign Currency Exchange Contracts - Liabilities      —        (910,892 )       —        (910,892 ) 

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

(3) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate cost      $648,255,870  
Gross unrealized appreciation      7,499,340  
Gross unrealized depreciation      (19,925,142 ) 
Net unrealized appreciation (depreciation)      $(12,425,802 ) 

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

(4) Transactions in Underlying Affiliated Funds – Affiliated Issuers

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

 

Underlying Affiliated Fund    Beginning
Shares/Par
Amount		      Acquisitions
Shares/Par
Amount		      Dispositions
Shares/Par
Amount		      Ending
Shares/Par
Amount		  
MFS Institutional Money Market Portfolio      50,275,159        86,478,459        (40,527,630 )       96,225,988  
Underlying Affiliated Fund    Realized
Gain (Loss)		      Capital Gain
Distributions		      Dividend
Income		      Ending
Value		  
MFS Institutional Money Market Portfolio      $—        $—        $102,778        $96,225,988  

(5) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of February 28, 2017, are as follows:

 

United States     59.1%  
Japan     10.2%  
Italy     5.0%  
Canada     4.7%  
United Kingdom     4.6%  
Germany     3.5%  
France     3.2%  
Spain     1.5%  
Australia     1.2%  
Other Countries     7.0%  

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

 

14

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.

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: MFS SERIES TRUST X

 

By (Signature and Title)*   

DAVID L. DILORENZO

  David L. DiLorenzo, President

Date: April 13, 2017

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)*   

DAVID L. DILORENZO

  David L. DiLorenzo, President (Principal Executive Officer)

Date: April 13, 2017

 

By (Signature and Title)*   

JAMES O. YOST

  James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)

Date: April 13, 2017

 

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