N-Q 1 d64764.htm MFS INSTITUTIONAL TRUST MFS Institutional Trust 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 811-6174
 
MFS INSTITUTIONAL TRUST
(Exact name of registrant as specified in charter)
 
500 Boylston Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)
 
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116 
(Name and address of agents for service)
 
Registrant’s telephone number, including area code: (617) 954-5000 
Date of fiscal year end: June 30
Date of reporting period: March 31, 2006

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

MFS Institutional International Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006

Issuer Shares/Par   Value ($)  
Common Stocks - 96.1%                 
Alcoholic Beverages - 3.2%                 
Diageo PLC        1,887,014   $ 29,705,067  
Pernod Ricard S.A. (l)        153,809     29,479,757  
            $ 59,184,824  
Apparel Manufacturers - 1.9%                 
LVMH Moet Hennessy Louis Vuitton S.A. (l)        361,218   $ 35,426,495  
Automotive - 3.5%                 
Bridgestone Corp.        1,132,000   $ 23,612,388  
Toyota Motor Corp.        741,100     40,488,322  
            $ 64,100,710  
Banks & Credit Companies - 14.6%                 
Banco Bilbao Vizcaya Argentaria S.A. (l)        1,777,440   $ 37,105,507  
Bangkok Bank Public Co. Ltd.        3,352,250     10,002,855  
Credit Agricole S.A. (l)        928,980     36,162,375  
Erste Bank der oesterreichischen Sparkassen AG (l)        265,760     15,677,326  
ORIX Corp.        42,800     13,327,839  
OTP Bank Ltd., GDR        254,860     17,712,770  
Powszechna Kasa Oszczednosci Bank Polski S.A.        752,650     8,071,501  
PT Bank Central Asia Tbk.        24,894,000     11,437,488  
Shinsei Bank Ltd.        3,581,000     25,071,108  
Svenska Handelsbanken AB, "A"        402,613     11,195,761  
UBS AG (l)        471,311     51,787,251  
UniCredito Italiano S.p.A. (l)        4,147,395     29,991,358  
            $ 267,543,139  
Broadcast & Cable TV - 2.1%                 
Grupo Televisa S.A., ADR        907,560   $ 18,060,444  
Societe Television Francaise 1 (l)        251,679     7,627,764  
WPP Group PLC        1,039,500     12,464,527  
            $ 38,152,735  
Brokerage & Asset Managers - 1.3%                 
Julius Baer Holding Ltd.        258,314   $ 23,368,671  
Business Services - 0.7%                 
Li & Fung Ltd.        5,484,000   $ 12,368,224  
Chemicals - 0.7%                 
Bayer AG        320,300   $ 12,837,193  
Computer Software - 0.8%                 
Check Point Software Technologies Ltd. (n)        763,070   $ 15,276,661  
Consumer Goods & Services - 4.4%                 
Kao Corp.        673,000   $ 17,726,327  
Reckitt Benckiser PLC        1,808,152     63,615,360  
            $ 81,341,687  
Electrical Equipment - 4.0%                 
Nitto Denko Corp.        190,100   $ 16,135,766  
Schneider Electric S.A. (l)        534,953     57,783,469  
            $ 73,919,235  
Electronics - 8.5%                 
Canon, Inc.        500,800   $ 33,146,965  
Nintendo Co. Ltd. (l)        189,400     28,322,699  
OMRON Corp.        389,400     11,182,905  
Ricoh Co. Ltd.        1,381,000     26,987,553  

1  

 

MFS Institutional International Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Electronics - continued                 
Samsung Electronics Co. Ltd.        85,310   $ 55,310,590  
Samsung Electronics Co. Ltd., GDR        3,400     1,110,950  
            $ 156,061,662  
Energy - Independent - 1.7%                 
CNOOC Ltd.        40,333,000   $ 31,187,721  
Energy - Integrated - 3.5%                 
BG Group PLC        1,433,529   $ 17,911,209  
TOTAL S.A. (l)        173,933     45,904,017  
            $ 63,815,226  
Food & Drug Stores - 1.9%                 
Tesco PLC        6,019,472   $ 34,495,302  
Food & Non-Alcoholic Beverages - 3.5%                 
Groupe Danone (l)        70,086   $ 8,589,991  
Nestle S.A. (l)        189,063     56,142,245  
            $ 64,732,236  
Gaming & Lodging - 4.6%                 
Ladbrokes PLC        7,266,624   $ 49,087,385  
William Hill Organization Ltd.        3,340,855     34,780,388  
            $ 83,867,773  
Insurance - 6.7%                 
Assicurazioni Generali S.p.A. (l)        706,014   $ 26,601,407  
AXA (l)        1,418,471     49,799,995  
QBE Insurance Group Ltd. (l)        1,385,875     21,737,003  
Swiss Reinsurance Co. (l)        365,450     25,545,747  
            $ 123,684,152  
Machinery & Tools - 1.4%                 
Atlas Copco AB, "A" (l)        461,890   $ 12,992,436  
Sandvik AB (l)        221,270     13,087,602  
            $ 26,080,038  
Medical Equipment - 1.5%                 
Smith & Nephew PLC        2,203,613   $ 19,554,370  
Synthes, Inc.        67,220     7,375,761  
            $ 26,930,131  
Metals & Mining - 0.5%                 
Companhia Vale do Rio Doce, ADR        186,240   $ 9,038,227  
Natural Gas - Distribution - 0.6%                 
Tokyo Gas Co. Ltd. (l)        2,454,000   $ 10,738,009  
Network & Telecom - 1.0%                 
Ericsson, Inc., "B" (l)        4,676,800   $ 17,780,682  
Pharmaceuticals - 9.4%                 
AstraZeneca PLC        443,290   $ 22,324,079  
GlaxoSmithKline PLC        1,221,420     31,921,930  
Roche Holding AG (l)        352,900     52,559,286  
Sanofi-Aventis (l)        401,351     38,194,804  
Schering AG (l)        259,980     27,038,767  
            $ 172,038,866  
Printing & Publishing - 0.4%                 
Yell Group PLC        697,125   $ 6,591,681  

2  

 

MFS Institutional International Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Railroad & Shipping - 0.8%                 
Canadian National Railway Co.        326,946   $ 14,804,115  
Specialty Chemicals - 5.1%                 
Asahi Glass Co. Ltd. (l)        2,505,000   $ 37,438,251  
Kaneka Corp.        994,000     11,916,683  
L'Air Liquide S.A., Bearer Shares        142,327     29,642,903  
L'Air Liquide S.A., Registered Shares        69,845     14,546,843  
            $ 93,544,680  
Specialty Stores - 2.3%                 
Esprit Holdings Ltd.        2,281,000   $ 17,755,548  
NEXT PLC        826,804     23,690,494  
            $ 41,446,042  
Telecommunications - Wireless - 1.3%                 
Hutchison Telecommunications International Ltd. (n)        13,903,000   $ 23,740,850  
Telephone Services - 1.6%                 
FastWeb S.p.A. (l)        226,240   $ 11,549,546  
Singapore Telecommunications Ltd.        11,469,360     18,802,230  
            $ 30,351,776  
Utilities - Electric Power - 2.6%                 
E.ON AG (l)        211,500   $ 23,283,825  
Iberdrola S.A.        382,750     12,361,173  
Veolia Environment (l)        218,692     12,150,469  
            $ 47,795,467  
    Total Common Stocks            $ 1,762,244,210  
Short-Term Obligations - 1.7%                 
General Electric Capital Corp., 4.84%, due 4/03/06 (y)      $ 31,080,000   $ 31,071,643  
Collateral for Securities Loaned - 19.1%                 
Navigator Securities Lending Prime Portfolio, at Net Asset Value        350,553,939   $ 350,553,939  
    Total Investments(k)            $ 2,143,869,792  
Other Assets, Less Liabilities - (16.9)%              (309,903,238 )
    Net Assets - 100.0%            $ 1,833,966,554  
  (k) As of March 31, 2006 the fund had one security representing $14,546,843 and 0.8% of net assets that were fair valued in accordance with the policies adopted by the Board of Trustees.
  (l) All or a portion of this security is on loan.
  (n) Non-income producing security.
  (y) The rate shown represents an annualized yield at time of purchase.

The following abbreviations are used in the Portfolio of Investments and are defined:
ADR American Depository Receipt
GDR Global Depository Receipt

See attached schedules.

For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

3  

 

MFS Institutional International Equity Fund
Supplemental Schedules (Unaudited) 03/31/2006

(1) Portfolio Securities

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

Aggregate Cost     $ 1,833,063,179  
Gross unrealized appreciation     $ 316,834,400  
Gross unrealized depreciation       (6,027,787 )
Net unrealized appreciation (depreciation)     $ 310,806,613  

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

(2) Country Weightings

Country weighting percentages of portfolio holdings based on total net assets as of March 31, 2006 are as follows:

France 20.2%
Great Britain 19.1%
Japan 16.4%
Switzerland 12.0%
Italy 3.8%
Germany 3.5%
South Korea 3.1%
Sweden 3.0%
Hong Kong 3.0%
Others 15.9%

4  

 

 

MFS Institutional Large Cap Growth Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006

Issuer Shares/Par   Value ($)  
Common Stocks - 98.2%                 
Aerospace - 1.4%                 
United Technologies Corp.        7,550   $ 437,673  
Apparel Manufacturers - 1.7%                 
NIKE, Inc., "B"        6,580   $ 559,958  
Automotive - 1.1%                 
Harman International Industries, Inc.        3,100   $ 344,503  
Banks & Credit Companies - 3.2%                 
American Express Co.        8,230   $ 432,486  
SLM Corp.        11,600     602,504  
            $ 1,034,990  
Biotechnology - 6.4%                 
Amgen, Inc. (n)        8,760   $ 637,290  
Celgene Corp. (n)        5,800     256,476  
Genzyme Corp. (n)        7,980     536,416  
Gilead Sciences, Inc. (n)        10,340     643,355  
            $ 2,073,537  
Broadcast & Cable TV - 0.8%                 
Walt Disney Co.        8,850   $ 246,827  
Brokerage & Asset Managers - 2.8%                 
Merrill Lynch & Co., Inc.        3,120   $ 245,731  
Morgan Stanley        10,700     672,174  
            $ 917,905  
Business Services - 4.8%                 
Accenture Ltd., "A"        9,410   $ 282,959  
Amdocs Ltd. (n)        20,640     744,278  
First Data Corp.        8,500     397,970  
Getty Images, Inc. (n)        1,530     114,566  
            $ 1,539,773  
Chemicals - 1.1%                 
3M Co.        4,900   $ 370,881  
Computer Software - 6.2%                 
Adobe Systems, Inc. (n)        13,970   $ 487,832  
Microsoft Corp.        28,830     784,464  
Oracle Corp. (n)        54,540     746,653  
            $ 2,018,949  
Computer Software - Systems - 2.7%                 
Apple Computer, Inc. (n)        3,300   $ 206,976  
Dell, Inc. (n)        22,290     663,350  
            $ 870,326  
Consumer Goods & Services - 2.1%                 
Procter & Gamble Co.        11,800   $ 679,916  
Electrical Equipment - 4.2%                 
Cooper Industries Ltd., "A"        2,260   $ 196,394  
General Electric Co.        33,100     1,151,218  
            $ 1,347,612  
Electronics - 6.2%                 
Analog Devices, Inc.        5,810   $ 222,465  
Intel Corp.        36,580     707,823  
Marvell Technology Group Ltd. (n)        2,400     129,840  
SanDisk Corp. (n)        8,570     492,946  

1  

 

MFS Institutional Large Cap Growth Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Electronics - continued                 
Xilinx, Inc.        17,550   $ 446,823  
            $ 1,999,897  
Food & Drug Stores - 0.9%                 
CVS Corp.        9,890   $ 295,414  
Food & Non-Alcoholic Beverages - 2.1%                 
PepsiCo, Inc.        11,920   $ 688,857  
Gaming & Lodging - 4.6%                 
Carnival Corp.        8,870   $ 420,172  
Harrah's Entertainment, Inc.        3,700     288,452  
International Game Technology        11,800     415,596  
Starwood Hotels & Resorts Worldwide, Inc.        5,500     372,515  
            $ 1,496,735  
General Merchandise - 4.9%                 
Kohl's Corp. (n)        7,450   $ 394,925  
Target Corp.        7,800     405,678  
Wal-Mart Stores, Inc.        16,950     800,718  
            $ 1,601,321  
Health Maintenance Organizations - 2.0%                 
UnitedHealth Group, Inc.        8,600   $ 480,396  
WellPoint, Inc. (n)        1,970     152,537  
            $ 632,933  
Insurance - 2.3%                 
American International Group, Inc.        11,140   $ 736,243  
Internet - 1.7%                 
Google, Inc., "A" (n)        1,390   $ 542,100  
Leisure & Toys - 1.0%                 
Electronic Arts, Inc. (n)        6,200   $ 339,264  
Medical Equipment - 3.4%                 
C.R. Bard, Inc.        2,400   $ 162,744  
Medtronic, Inc.        11,170     566,878  
St. Jude Medical, Inc. (n)        9,290     380,890  
            $ 1,110,512  
Network & Telecom - 10.0%                 
Cisco Systems, Inc. (n)        56,700   $ 1,228,689  
Corning, Inc. (n)        32,010     861,389  
Juniper Networks, Inc. (n)        12,240     234,029  
QUALCOMM, Inc.        18,260     924,139  
            $ 3,248,246  
Oil Services - 2.9%                 
GlobalSantaFe Corp.        6,610   $ 401,557  
Noble Corp.        2,350     190,585  
Weatherford International Ltd. (n)        7,400     338,550  
            $ 930,692  
Personal Computers & Peripherals - 2.7%                 
EMC Corp. (n)        64,890   $ 884,451  
Pharmaceuticals - 8.7%                 
Allergan, Inc.        2,240   $ 243,040  
Eli Lilly & Co.        12,820     708,946  
Johnson & Johnson        13,910     823,750  

2  

 

MFS Institutional Large Cap Growth Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Pharmaceuticals - continued                 
Wyeth        21,670   $ 1,051,428  
            $ 2,827,164  
Specialty Stores - 4.7%                 
Chico's FAS, Inc. (n)        3,900   $ 158,496  
Home Depot, Inc.        13,470     569,781  
Lowe's Cos., Inc.        2,220     143,057  
PETsMART, Inc.        10,300     289,842  
Williams-Sonoma, Inc. (n)        8,480     359,552  
            $ 1,520,728  
Trucking - 1.6%                 
FedEx Corp.        4,690   $ 529,689  
    Total Common Stocks            $ 31,827,096  
Repurchase Agreement - 1.8%                 
Morgan Stanley, 4.81%, dated 3/31/06, due 4/03/06, total to be                 
  received $584,234 (secured by various U.S. Treasury and                 
  Federal Agency obligations in a jointly traded account)      $ 584,000   $ 584,000  
    Total Investments            $ 32,411,096  
Other Assets, Less Liabilities - 0%              1,116  
    Net Assets - 100.0%            $ 32,412,212  
  (n) Non-income producing security.

See attached schedule. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

3  

 

MFS Institutional Large Cap Growth Fund
Supplemental Schedules (Unaudited) 03/31/2006

(1) 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     $ 30,623,586  
Gross unrealized appreciation     $ 2,655,492  
Gross unrealized depreciation       (867,982 )
Net unrealized appreciation (depreciation)     $ 1,787,510  

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

4  

 

 

MFS Institutional Large Cap Value Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006

Issuer Shares/Par   Value ($)  
Common Stocks - 98.2%                 
Aerospace - 6.9%                 
Lockheed Martin Corp.        49,100   $ 3,688,883  
Northrop Grumman Corp.        41,840     2,857,254  
United Technologies Corp.        28,890     1,674,753  
            $ 8,220,890  
Alcoholic Beverages - 0.8%                 
Diageo PLC, ADR        15,050   $ 954,622  
Apparel Manufacturers - 0.5%                 
NIKE, Inc., "B"        6,700   $ 570,170  
Automotive - 0.3%                 
Johnson Controls, Inc.        5,050   $ 383,447  
Banks & Credit Companies - 15.6%                 
American Express Co.        21,065   $ 1,106,966  
Bank of America Corp.        113,700     5,177,898  
Bank of New York Co., Inc.        10,300     371,212  
Citigroup, Inc.        78,880     3,725,502  
Fannie Mae        32,682     1,679,855  
Freddie Mac        9,140     557,540  
PNC Financial Services Group, Inc.        24,540     1,651,787  
SunTrust Banks, Inc.        32,380     2,355,969  
UBS AG        11,080     1,218,340  
Wells Fargo & Co.        10,060     642,532  
            $ 18,487,601  
Broadcast & Cable TV - 1.8%                 
CBS Corp., "B"        21,630   $ 518,687  
Viacom, Inc., "B" (n)        21,620     838,856  
Walt Disney Co.        26,900     750,241  
            $ 2,107,784  
Brokerage & Asset Managers - 6.2%                 
Ameriprise Financial, Inc.        2,653   $ 119,544  
Franklin Resources, Inc.        5,800     546,592  
Goldman Sachs Group, Inc.        24,590     3,859,646  
Lehman Brothers Holdings, Inc.        6,350     917,766  
Mellon Financial Corp.        32,710     1,164,476  
Merrill Lynch & Co., Inc.        9,570     753,733  
            $ 7,361,757  
Business Services - 1.2%                 
Accenture Ltd., "A"        46,750   $ 1,405,773  
Chemicals - 4.3%                 
Dow Chemical Co.        21,840   $ 886,704  
E.I. du Pont de Nemours & Co.        24,950     1,053,140  
Nalco Holding Co. (n)        14,700     260,190  
PPG Industries, Inc.        25,900     1,640,765  
Syngenta AG, ADR        43,010     1,209,011  
            $ 5,049,810  
Computer Software - 0.9%                 
Oracle Corp. (n)        54,330   $ 743,778  
Symantec Corp. (n)        18,600     313,038  
            $ 1,056,816  

1  

 

MFS Institutional Large Cap Value Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Computer Software - Systems - 0.2%                 
Dell, Inc. (n)        9,960   $ 296,410  
Construction - 2.5%                 
Masco Corp.        78,660   $ 2,555,663  
Sherwin-Williams Co.        7,840     387,610  
            $ 2,943,273  
Consumer Goods & Services - 0.3%                 
Kimberly-Clark Corp.        6,360   $ 367,608  
Containers - 0.3%                 
Smurfit-Stone Container Corp. (n)        23,060   $ 312,924  
Electrical Equipment - 1.7%                 
Cooper Industries Ltd., "A"        12,550   $ 1,090,595  
Tyco International Ltd.        9,980     268,262  
W.W. Grainger, Inc.        8,970     675,890  
            $ 2,034,747  
Electronics - 0.7%                 
Analog Devices, Inc.        8,690   $ 332,740  
Intel Corp.        27,920     540,252  
            $ 872,992  
Energy - Independent - 1.9%                 
Apache Corp.        8,130   $ 532,596  
Devon Energy Corp.        14,050     859,438  
EOG Resources, Inc.        12,020     865,440  
            $ 2,257,474  
Energy - Integrated - 9.4%                 
Amerada Hess Corp.        7,340   $ 1,045,216  
BP PLC, ADR        18,730     1,291,246  
Chevron Corp.        14,643     848,855  
ConocoPhillips        42,750     2,699,662  
Exxon Mobil Corp.        39,930     2,430,140  
TOTAL S.A., ADR        21,280     2,803,214  
            $ 11,118,333  
Food & Non-Alcoholic Beverages - 3.5%                 
Archer Daniels Midland Co.        22,942   $ 771,998  
Kellogg Co.        35,770     1,575,311  
Nestle S.A., ADR        8,610     623,364  
PepsiCo, Inc.        9,484     548,080  
Sara Lee Corp.        37,800     675,864  
            $ 4,194,617  
Forest & Paper Products - 1.1%                 
Bowater, Inc.        8,550   $ 252,909  
International Paper Co.        31,620     1,093,103  
            $ 1,346,012  
General Merchandise - 0.2%                 
Federated Department Stores, Inc.        3,190   $ 232,870  
Health Maintenance Organizations - 0.5%                 
CIGNA Corp.        4,130   $ 539,461  
Insurance - 7.4%                 
Allstate Corp.        61,936   $ 3,227,485  
Chubb Corp.        7,660     731,070  

2  

 

MFS Institutional Large Cap Value Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Insurance - continued                 
Genworth Financial, Inc., "A"        12,930   $ 432,250  
Hartford Financial Services Group, Inc.        13,290     1,070,510  
Lincoln National Corp.        6,820     372,304  
MetLife, Inc.        60,800     2,940,896  
            $ 8,774,515  
Leisure & Toys - 0.4%                 
Hasbro, Inc.        21,320   $ 449,852  
Machinery & Tools - 2.8%                 
Deere & Co.        32,230   $ 2,547,781  
Illinois Tool Works, Inc.        8,230     792,631  
            $ 3,340,412  
Medical Equipment - 0.2%                 
Baxter International, Inc.        5,610   $ 217,724  
Network & Telecom - 0.5%                 
Cisco Systems, Inc. (n)        27,820   $ 602,859  
Oil Services - 0.5%                 
Noble Corp.        8,040   $ 652,044  
Pharmaceuticals - 6.6%                 
Abbott Laboratories        21,440   $ 910,557  
Eli Lilly & Co.        8,330     460,649  
Johnson & Johnson        52,190     3,090,692  
Merck & Co., Inc.        52,230     1,840,063  
Wyeth        30,310     1,470,641  
            $ 7,772,602  
Printing & Publishing - 1.0%                 
Reed Elsevier PLC, ADR        18,290   $ 701,239  
Tribune Co.        16,130     442,446  
            $ 1,143,685  
Railroad & Shipping - 1.8%                 
Burlington Northern Santa Fe Corp.        20,540   $ 1,711,598  
Norfolk Southern Corp.        7,700     416,339  
            $ 2,127,937  
Specialty Chemicals - 1.4%                 
Air Products & Chemicals, Inc.        13,920   $ 935,285  
Praxair, Inc.        13,080     721,362  
            $ 1,656,647  
Specialty Stores - 1.3%                 
Gap, Inc.        65,460   $ 1,222,793  
Home Depot, Inc.        8,380     354,474  
            $ 1,577,267  
Telecommunications - Wireless - 1.0%                 
Vodafone Group PLC, ADR        57,072   $ 1,192,805  
Telephone Services - 3.5%                 
Sprint Nextel Corp.        120,100   $ 3,103,384  
Verizon Communications, Inc.        29,170     993,530  
            $ 4,096,914  
Tobacco - 3.2%                 
Altria Group, Inc.        54,250   $ 3,844,155  

3  

 

MFS Institutional Large Cap Value Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Trucking - 0.2%                 
CNF, Inc.        4,890   $ 244,207  
Utilities - Electric Power - 5.6%                 
Dominion Resources, Inc.        43,330   $ 2,991,070  
Entergy Corp.        6,310     435,011  
Exelon Corp.        7,350     388,815  
FPL Group, Inc.        29,340     1,177,708  
PPL Corp.        19,460     572,124  
Public Service Enterprise Group, Inc.        7,880     504,635  
TXU Corp.        11,840     529,958  
            $ 6,599,321  
    Total Common Stocks            $ 116,408,337  
Short-Term Obligations - 1.1%                 
General Electric Capital Corp., 4.84%, due 4/03/06 (y)      $ 1,358,000   $ 1,357,635  
    Total Investments            $ 117,765,972  
Other Assets, Less Liabilities - 0.7%              787,448  
    Net Assets - 100.0%            $ 118,553,420  
  (n) Non-income producing security.
  (y) The rate shown represents an annualized yield at time of purchase.

The following abbreviations are used in the Portfolio of Investments and are defined:
ADR American Depository Receipt

See attached schedules. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

4  

 

MFS Institutional Large Cap Value Fund
Supplemental Schedules (Unaudited) 03/31/2006

(1) 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     $ 100,009,171  
Gross unrealized appreciation     $ 19,816,196  
Gross unrealized depreciation       (2,059,395 )
Net unrealized appreciation (depreciation)     $ 17,756,801  

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

5  

 

 

MFS Institutional International Research Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006

Issuer Shares/Par   Value ($)  
Common Stocks - 97.7%                 
Airlines - 0.2%                 
Grupo Aeroportuario del Pacifico S.A. de C.V., ADR (n)        3,750   $ 119,813  
Grupo Aeroportuario del Sureste S.A. de C.V., ADR        7,780     259,696  
            $ 379,509  
Alcoholic Beverages - 1.7%                 
Diageo PLC        113,100   $ 1,780,402  
Grupo Modelo S.A. de C.V.,"C"        166,700     612,249  
Pernod Ricard S.A.        4,100     785,825  
            $ 3,178,476  
Apparel Manufacturers - 1.2%                 
Burberry Group PLC        150,130   $ 1,208,384  
LVMH Moet Hennessy Louis Vuitton S.A.        11,810     1,158,267  
            $ 2,366,651  
Automotive - 4.4%                 
Bayerische Motoren Werke AG        38,780   $ 2,136,741  
Compagnie Generale des Etablissements Michelin        3,080     193,602  
Continental AG        10,655     1,173,515  
Hyundai Mobis        16,900     1,495,729  
Nissan Motor Co. Ltd.        160,200     1,902,881  
Toyota Motor Corp.        25,600     1,398,598  
            $ 8,301,066  
Banks & Credit Companies - 22.0%                 
AEON Credit Service Co. Ltd.        37,200   $ 1,125,213  
Aiful Corp.        22,550     1,492,540  
Akbank T.A.S.        108,006     907,748  
Banco Bilbao Vizcaya Argentaria S.A.        107,890     2,252,292  
Banco Nossa Caixa S.A.        14,920     330,253  
Bank of Cyprus Public Co. Ltd.        68,400     573,816  
BNP Paribas        32,350     3,006,054  
BNP Paribas (n)        3,235     290,409  
Credit Agricole S.A.        59,409     2,312,612  
DEPFA Bank PLC        46,230     823,856  
Erste Bank der oesterreichischen Sparkassen AG        26,180     1,544,372  
Erste Bank der oesterreichischen Sparkassen AG (n)        3,468     201,846  
Hana Financial, Inc.        19,100     904,189  
HSBC Holdings PLC        141,332     2,368,402  
Mitsubishi Tokyo Financial Group, Inc.        97     1,483,495  
ORIX Corp.        11,170     3,478,317  
OTP Bank Ltd., GDR        22,260     1,547,070  
Royal Bank of Scotland Group PLC        84,215     2,739,144  
Shinhan Financial Group Co. Ltd.        48,280     2,161,346  
Shinsei Bank Ltd.        264,000     1,848,303  
Sumitomo Mitsui Financial Group, Inc.        111     1,226,050  
Svenska Handelsbanken AB, "A"        38,000     1,056,694  
Takefuji Corp.        23,970     1,509,135  
UBS AG        33,491     3,679,963  
Unibanco - Uniao de Bancos Brasileiros S.A., ADR        7,960     588,324  
UniCredito Italiano S.p.A.        288,090     2,083,286  
            $ 41,534,729  
Broadcast & Cable TV - 2.9%                 
Grupo Televisa S.A., ADR        86,000   $ 1,711,400  
Nippon Television Network Corp.        5,490     806,043  

1  

 

MFS Institutional International Research Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Broadcast & Cable TV - continued                 
WPP Group PLC        254,110   $ 3,047,004  
            $ 5,564,447  
Brokerage & Asset Managers - 0.3%                 
Singapore Exchange Ltd.        205,000   $ 507,269  
Chemicals - 1.2%                 
Hanwha Chemical Corp.        42,650   $ 544,263  
Syngenta AG        12,850     1,806,346  
            $ 2,350,609  
Computer Software - Systems - 0.7%                 
Capgemini S.A.        23,980   $ 1,307,031  
Conglomerates - 1.0%                 
Siemens AG        20,120   $ 1,879,120  
Construction - 2.8%                 
CEMEX S.A. de C.V., ADR        28,980   $ 1,891,814  
Consorcio ARA S.A. de C.V.        78,290     348,642  
Geberit AG        1,010     964,857  
Italcementi S.p.A.        62,270     1,034,212  
Italcementi S.p.A. - Ordinary        30,160     722,850  
Urbi Desarrollos Urbanos S.A. de C.V. (n)        32,730     249,434  
            $ 5,211,809  
Consumer Goods & Services - 1.8%                 
Kao Corp.        34,000   $ 895,535  
Reckitt Benckiser PLC        43,880     1,543,809  
Uni-Charm Corp.        18,800     923,268  
            $ 3,362,612  
Electrical Equipment - 1.3%                 
Schneider Electric S.A.        22,606   $ 2,441,809  
Electronics - 7.8%                 
Konica Minolta Holdings, Inc. (n)        65,000   $ 829,517  
Nintendo Co. Ltd.        8,400     1,256,128  
Nippon Electric Glass Co. Ltd.        31,000     771,741  
Ricoh Co. Ltd.        41,000     801,224  
Royal Philips Electronics N.V.        76,500     2,586,546  
Samsung Electronics Co. Ltd.        9,360     6,068,540  
Taiwan Semiconductor Manufacturing Co. Ltd.        1,197,000     2,367,741  
            $ 14,681,437  
Energy - Independent - 2.1%                 
Canadian Natural Resources Ltd.        8,230   $ 457,164  
CNOOC Ltd.        2,327,000     1,799,366  
Norsk Hydro A.S.A.        12,110     1,677,467  
            $ 3,933,997  
Energy - Integrated - 5.9%                 
LUKOIL, ADR        11,730   $ 978,282  
Petroleo Brasileiro S.A., ADR        9,960     863,233  
Statoil A.S.A.        80,900     2,332,568  
TOTAL S.A.        26,640     7,030,771  
            $ 11,204,854  
Food & Drug Stores - 2.0%                 
Sundrug Co. Ltd.        17,800   $ 470,351  

2  

 

MFS Institutional International Research Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Food & Drug Stores - continued                 
Tesco PLC        587,952   $ 3,369,329  
            $ 3,839,680  
Food & Non-Alcoholic Beverages - 2.4%                 
Nestle S.A.        13,497   $ 4,007,933  
Nong Shim Co. Ltd.        1,875     524,853  
            $ 4,532,786  
Forest & Paper Products - 1.4%                 
Aracruz Celulose S.A., ADR        31,840   $ 1,685,610  
Votorantim Celulose e Papel S.A., ADR        57,800     935,204  
            $ 2,620,814  
Insurance - 5.2%                 
Assicurazioni Generali S.p.A.        69,220   $ 2,608,092  
Aviva PLC        164,413     2,282,665  
AXA        85,040     2,985,603  
Corporacion Mapfre S.A.        28,300     576,719  
Swiss Reinsurance Co.        18,900     1,321,151  
            $ 9,774,230  
Internet - 0.1%                 
Universo Online S.A., IPS (n)        33,400   $ 231,516  
Machinery & Tools - 0.5%                 
Fanuc Ltd.        10,400   $ 1,001,164  
Metals & Mining - 6.3%                 
Arcelor S.A.        58,880   $ 2,322,000  
BHP Billiton PLC        173,400     3,166,256  
Companhia Siderurgica Nacional S.A., ADR        26,040     818,177  
Companhia Vale do Rio Doce, ADR        57,400     2,785,622  
POSCO        4,800     1,237,419  
Ternium S.A., ADR (n)        20,970     594,500  
Umicore        7,510     1,040,630  
            $ 11,964,604  
Natural Gas - Distribution - 0.5%                 
Tokyo Gas Co. Ltd.        204,000   $ 892,646  
Network & Telecom - 0.3%                 
TomTom N.V. (n)        14,210   $ 502,678  
Oil Services - 0.6%                 
Saipem S.p.A.        26,000   $ 601,713  
Vallourec S.A.        540     521,750  
            $ 1,123,463  
Pharmaceuticals - 6.8%                 
Astellas Pharma, Inc.        59,100   $ 2,244,590  
AstraZeneca PLC        49,540     2,494,834  
GlaxoSmithKline PLC        158,300     4,137,186  
Roche Holding AG        26,730     3,981,042  
            $ 12,857,652  
Real Estate - 1.0%                 
K.K. DaVinci Advisors (n)        1,345   $ 1,828,455  
Specialty Chemicals - 2.5%                 
Asahi Glass Co. Ltd.        137,000   $ 2,047,521  
Kaneka Corp.        136,000     1,630,452  

3  

 

MFS Institutional International Research Equity Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 03/31/2006 - continued

Issuer Shares/Par   Value ($)  
Common Stocks - continued                 
Specialty Chemicals - continued                 
Lonza Group AG        14,400   $ 987,255  
            $ 4,665,228  
Specialty Stores - 1.9%                 
Grupo Elektra S.A. de C.V.        60,050   $ 611,969  
NEXT PLC        59,460     1,703,713  
Yamada Denki Co. Ltd.        10,400     1,199,099  
            $ 3,514,781  
Telecommunications - Wireless - 1.4%                 
America Movil S.A. de C.V., "L", ADR        11,160   $ 382,342  
PT Indosat Tbk.        858,000     486,266  
Vodafone Group PLC        883,950     1,849,705  
            $ 2,718,313  
Telephone Services - 4.0%                 
FastWeb S.p.A.        34,124   $ 1,742,029  
Singapore Telecommunications Ltd.        970,720     1,591,344  
Telefonica S.A.        118,920     1,866,960  
Telenor A.S.A.        139,350     1,498,719  
TELUS Corp.        22,400     878,476  
            $ 7,577,528  
Trucking - 0.6%                 
TNT N.V.        32,780   $ 1,135,349  
Utilities - Electric Power - 2.9%                 
E.ON AG        32,240   $ 3,549,270  
Equatorial Energia S.A. (n)        18,900     126,640  
Suez S.A.        46,188     1,820,916  
            $ 5,496,826  
    Total Common Stocks            $ 184,483,138  
Warrant - 0.0% Strike Price First Exercise  
Syngenta AG (Chemicals) (n)  CHF   234 5/23/06   12,850   $ 16,170  
Short-Term Obligations - 1.2%                 
Abbey National North America LLC, 4.84%, due 4/03/06 (y)      $ 2,184,000   $ 2,183,413  
    Total Investments            $ 186,682,721  
Other Assets, Less Liabilities - 1.1%              2,044,125  
    Net Assets - 100.0%            $ 188,726,846  
  (n) Non-income producing security.
  (y) The rate shown represents an annualized yield at time of purchase.

The following abbreviations are used in the Portfolio of Investments and are defined:
ADR American Depository Receipt
GDR Global Depository Receipt
IPS International Preference Stock

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:
CHF Swiss Franc

See attached schedules. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

4  

 

MFS Institutional International Research Equity Fund
Supplemental Schedules (Unaudited) 03/31/2006

(1) 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     $ 147,763,222  
Gross unrealized appreciation     $ 39,441,580  
Gross unrealized depreciation       (522,081 )
Net unrealized appreciation (depreciation)     $ 38,919,499  

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

(2) Country Weightings

Country weighting percentages of portfolio holdings based on total net assets as of March 31, 2006, are as follows:

Japan 17.5%
Great Britain 16.8%
France 13.8%
Switzerland 8.9%
South Korea 6.9%
Germany 5.1%
Italy 4.6%
Brazil 4.4%
Mexico 3.3%
Others 18.7%

5  

 

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 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 INSTITUTIONAL TRUST


By (Signature and Title)* MARIA F. DWYER  
  Maria F. Dwyer, President  

Date: May 23, 2006

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)* MARIA F. DWYER  
  Maria F. Dwyer, President (Principal Executive Officer)  

Date: May 23, 2006


By (Signature and Title)* TRACY ATKINSON  
  Tracy Atkinson, Treasurer (Principal Financial Officer and Accounting Officer)  

Date: May 23, 2006


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