Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (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 811-03327

MFS SERIES TRUST XIII

(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: February 28

Date of reporting period: November 30, 2012

ITEM 1.

SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT

November 30, 2012

LOGO

MFS® DIVERSIFIED

INCOME FUND

LOGO

PORTFOLIO OF INVESTMENTS

11/30/12 (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 - 51.6%
Aerospace - 0.7%
Bombardier, Inc., 7.5%, 2018 (n)	$	1,355,000	$	1,490,495
Bombardier, Inc., 7.75%, 2020 (n)		345,000		387,258
CPI International, Inc., 8%, 2018		1,090,000		1,036,858
Embraer Empresa Brasileria de Aeronaves, 5.15%, 2022		2,211,000		2,398,930
Heckler & Koch GmbH, 9.5%, 2018 (z)	EUR	260,000		297,566
Huntington Ingalls Industries, Inc., 7.125%, 2021	$	1,455,000		1,573,214
Kratos Defense & Security Solutions, Inc., 10%, 2017		1,315,000		1,433,350

			$	8,617,671
Agency - Other - 0.3%
Financing Corp., 9.4%, 2018	$	965,000	$	1,359,027
Financing Corp., 10.35%, 2018		715,000		1,081,457
Financing Corp., STRIPS, 0%, 2017		860,000		809,426

			$	3,249,910
Agricultural Products - 0.0%
Corporacion Azucarera del Peru S.A., 6.375%, 2022 (n)	$	137,000	$	147,611

Apparel Manufacturers - 0.2%
Hanesbrands, Inc., 8%, 2016	$	15,000	$	16,650
Hanesbrands, Inc., 6.375%, 2020		735,000		807,576
Jones Group, Inc., 6.875%, 2019		930,000		955,570
Levi Strauss & Co., 6.875%, 2022		105,000		110,114
Phillips-Van Heusen Corp., 7.375%, 2020		860,000		962,125

			$	2,852,035
Asset-Backed & Securitized - 0.2%
Citigroup Commercial Mortgage Trust, FRN, 5.702%, 2049	$	198,555	$	38,210
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.322%, 2049		100,000		115,226
Commercial Mortgage Pass-Through Certificates, “A4”, 5.306%, 2046		199,556		228,680
CWCapital Cobalt Ltd., “A4”, FRN, 5.996%, 2046		1,000,000		1,173,166
G-Force LLC, CDO, “A2”, 4.83%, 2036 (z)		145,287		146,195
JPMorgan Chase Commercial Mortgage Securities Corp., “A3”, FRN, 6.155%, 2051		105,201		112,166
JPMorgan Chase Commercial Mortgage Securities Corp., “A4”, FRN, 6.003%, 2049		1,124,877		1,312,366

			$	3,126,009
Automotive - 1.0%
Accuride Corp., 9.5%, 2018	$	850,000	$	803,250
Allison Transmission, Inc., 7.125%, 2019 (n)		1,330,000		1,416,450
Automotores Gildemeister S.A., 8.25%, 2021 (n)		1,225,000		1,326,063
Continental Rubber of America Corp., 4.5%, 2019 (n)		185,000		186,850
Ford Motor Co., 7.45%, 2031		215,000		269,825
Ford Motor Credit Co. LLC, 12%, 2015		1,890,000		2,319,975
Ford Motor Credit Co. LLC, 8.125%, 2020		780,000		991,270
General Motors Financial Co., Inc., 4.75%, 2017 (n)		365,000		379,887
General Motors Financial Co., Inc., 6.75%, 2018		610,000		687,677
Goodyear Tire & Rubber Co., 8.25%, 2020		165,000		180,675
Goodyear Tire & Rubber Co., 7%, 2022		250,000		266,875
Grupo Kuo S.A.B de C.V., 6.25%, 2022 (z)		232,000		236,918
Hyundai Capital America, 4%, 2017 (n)		213,000		230,811
Jaguar Land Rover PLC, 7.75%, 2018 (n)		685,000		750,075

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Automotive - continued
Jaguar Land Rover PLC, 8.125%, 2021 (n)	$	1,415,000	$	1,549,425
Lear Corp., 8.125%, 2020		733,000		819,128

			$	12,415,154
Broadcasting - 1.2%
Allbritton Communications Co., 8%, 2018	$	320,000	$	348,000
AMC Networks, Inc., 7.75%, 2021		274,000		310,990
Clear Channel Communications, Inc., 9%, 2021		636,000		561,270
Clear Channel Worldwide Holdings, Inc., 6.5%, 2022 (z)		200,000		199,000
Clear Channel Worldwide Holdings, Inc., 6.5%, 2022 (z)		555,000		557,775
Clear Channel Worldwide Holdings, Inc., “A”, 7.625%, 2020		30,000		28,950
Clear Channel Worldwide Holdings, Inc., “B”, 7.625%, 2020		965,000		945,700
Hughes Network Systems LLC, 7.625%, 2021		460,000		512,900
Inmarsat Finance PLC, 7.375%, 2017 (n)		460,000		489,900
Intelsat Bermuda Ltd., 11.25%, 2017		975,000		1,033,500
Intelsat Bermuda Ltd., 11.5%, 2017 (p)		2,150,000		2,281,688
Intelsat Jackson Holdings Ltd., 6.625%, 2022 (n)		610,000		610,000
LBI Media, Inc., 8.5%, 2017 (z)		125,000		31,563
Liberty Media Corp., 8.5%, 2029		605,000		650,375
Liberty Media Corp., 8.25%, 2030		230,000		248,400
Local TV Finance LLC, 9.25%, 2015 (p)(z)		413,826		418,999
Newport Television LLC, 13%, 2017 (n)(p)		787,432		842,552
Nexstar Broadcasting Group, Inc., 8.875%, 2017		185,000		202,113
Nexstar Broadcasting Group, Inc., 6.875%, 2020 (n)		145,000		145,725
Sinclair Broadcast Group, Inc., 9.25%, 2017 (n)		395,000		434,500
Sinclair Broadcast Group, Inc., 8.375%, 2018		30,000		33,450
SIRIUS XM Radio, Inc., 8.75%, 2015 (n)		405,000		459,169
SIRIUS XM Radio, Inc., 7.625%, 2018 (n)		1,250,000		1,381,250
SIRIUS XM Radio, Inc., 5.25%, 2022 (n)		110,000		109,725
Starz LLC/Starz Finance Corp., 5%, 2019 (n)		285,000		291,769
Townsquare Radio LLC, 9%, 2019 (z)		265,000		288,850
Univision Communications, Inc., 6.875%, 2019 (n)		1,220,000		1,256,600
Univision Communications, Inc., 7.875%, 2020 (n)		190,000		202,825
Univision Communications, Inc., 8.5%, 2021 (n)		840,000		865,200

			$	15,742,738
Brokerage & Asset Managers - 0.1%
E*TRADE Financial Corp., 6.375%, 2019	$	965,000	$	973,444

Building - 0.9%
Boise Cascade LLC/Finance Corp., 6.375%, 2020 (n)	$	520,000	$	527,800
Building Materials Holding Corp., 6.875%, 2018 (n)		420,000		450,450
Building Materials Holding Corp., 7%, 2020 (n)		460,000		501,400
Building Materials Holding Corp., 6.75%, 2021 (n)		645,000		706,275
CEMEX Finance LLC, 9.5%, 2016 (n)		435,000		467,625
CEMEX S.A.B. de C.V., 9%, 2018 (n)		1,064,000		1,125,180
CEMEX S.A.B. de C.V., FRN, 5.362%, 2015 (n)		1,155,000		1,143,450
HD Supply, Inc., 8.125%, 2019 (n)		615,000		693,413
HD Supply, Inc., 11.5%, 2020 (n)		305,000		333,213
Masonite International Corp., 8.25%, 2021 (n)		700,000		749,000
Nortek, Inc., 8.5%, 2021		1,045,000		1,136,438
Odebrecht Finance Ltd., 5.125%, 2022 (n)		223,000		239,725
Odebrecht Finance Ltd., 6%, 2023 (n)		1,645,000		1,891,750
Odebrecht Finance Ltd., 7.125%, 2042 (n)		230,000		266,225
Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10%, 2020 (n)		315,000		348,075

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Building - continued
USG Corp., 6.3%, 2016	$	770,000	$	793,100
USG Corp., 7.875%, 2020 (n)		310,000		343,325

			$	11,716,444
Business Services - 0.5%
Ceridian Corp., 12.25%, 2015 (p)	$	360,000	$	352,800
Ceridian Corp., 8.875%, 2019 (n)		160,000		171,200
Cielo S.A., 3.75%, 2022 (z)		422,000		417,780
Fidelity National Information Services, Inc., 7.625%, 2017		265,000		288,850
Fidelity National Information Services, Inc., 5%, 2022		515,000		538,175
iGate Corp., 9%, 2016		1,205,000		1,310,438
Iron Mountain, Inc., 8.375%, 2021		1,050,000		1,160,250
Legend Acquisition Sub, Inc., 10.75%, 2020 (n)		595,000		565,250
Lender Processing Services, Inc., 5.75%, 2023		420,000		438,375
SunGard Data Systems, Inc., 7.375%, 2018		190,000		202,588
Tencent Holdings Ltd., 3.375%, 2018 (n)		547,000		562,700

			$	6,008,406
Cable TV - 0.8%
Bresnan Broadband Holdings LLC, 8%, 2018 (n)	$	55,000	$	59,400
CCO Holdings LLC, 7.875%, 2018		1,855,000		2,003,400
CCO Holdings LLC, 8.125%, 2020		915,000		1,029,375
CCO Holdings LLC, 7.375%, 2020		280,000		311,500
Cequel Communications Holdings, 8.625%, 2017 (n)		400,000		427,000
DISH DBS Corp., 6.75%, 2021		525,000		593,250
EchoStar Corp., 7.125%, 2016		930,000		1,042,763
Myriad International Holdings B.V., 6.375%, 2017 (n)		793,000		900,055
Telenet Finance Luxembourg, 6.375%, 2020 (n)	EUR	600,000		819,737
UPC Holding B.V., 9.875%, 2018 (n)	$	830,000		928,563
UPCB Finance III Ltd., 6.625%, 2020 (n)		970,000		1,040,325
Virgin Media Finance PLC, 8.375%, 2019		67,000		76,715
Virgin Media Finance PLC, 4.875%, 2022		200,000		205,500
Virgin Media Finance PLC, 5.25%, 2022		600,000		631,500
Ziggo Bond Co. B.V., 8%, 2018 (n)	EUR	440,000		629,752

			$	10,698,835
Chemicals - 0.6%
Celanese U.S. Holdings LLC, 6.625%, 2018	$	820,000	$	899,950
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 8.875%, 2018		710,000		717,100
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 9%, 2020		55,000		48,813
Huntsman International LLC, 8.625%, 2021		1,080,000		1,223,100
INEOS Finance PLC, 8.375%, 2019 (n)		1,055,000		1,124,894
INEOS Group Holdings PLC, 8.5%, 2016 (n)		515,000		504,700
LyondellBasell Industries N.V., 5%, 2019		790,000		877,888
LyondellBasell Industries N.V., 6%, 2021		575,000		686,406
Momentive Performance Materials, Inc., 12.5%, 2014		429,000		442,943
Momentive Performance Materials, Inc., 11.5%, 2016		304,000		185,440
Polypore International, Inc., 7.5%, 2017		355,000		384,731
Sociedad Quimica y Minera de Chile S.A., 5.5%, 2020 (n)		859,000		972,447

			$	8,068,412
Computer Software - 0.3%
Infor U.S., Inc., 11.5%, 2018	$	820,000	$	951,200
Nuance Communications, Inc., 5.375%, 2020 (n)		600,000		618,000
Seagate HDD Cayman, 6.875%, 2020		455,000		474,906

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Computer Software - continued
Syniverse Holdings, Inc., 9.125%, 2019	$	1,300,000	$	1,387,750
TransUnion Holding Co., Inc., 9.625%, 2018		250,000		263,750
TransUnion LLC/TransUnion Financing Corp., 11.375%, 2018		515,000		597,400

			$	4,293,006
Computer Software - Systems - 0.2%
Audatex North America, Inc., 6.75%, 2018 (n)	$	555,000	$	595,238
CDW LLC/CDW Finance Corp., 12.535%, 2017		452,000		483,640
CDW LLC/CDW Finance Corp., 8.5%, 2019		965,000		1,039,788
DuPont Fabros Technology, Inc., REIT, 8.5%, 2017		685,000		751,788

			$	2,870,454
Conglomerates - 0.2%
Amsted Industries, Inc., 8.125%, 2018 (n)	$	1,090,000	$	1,160,850
Dynacast International LLC, 9.25%, 2019		375,000		401,250
Griffon Corp., 7.125%, 2018		1,055,000		1,116,981

			$	2,679,081
Construction - 0.0%
Empresas ICA, S.A.B. de C.V., 8.375%, 2017 (n)	$	188,000	$	198,340

Consumer Products - 0.2%
Easton-Bell Sports, Inc., 9.75%, 2016	$	245,000	$	263,990
Elizabeth Arden, Inc., 7.375%, 2021		690,000		767,625
FGI Operating Co./FGI Finance, Inc., 7.875%, 2020 (n)		50,000		54,500
Jarden Corp., 7.5%, 2020		870,000		946,125
Libbey Glass, Inc., 6.875%, 2020 (n)		215,000		230,050
Prestige Brands, Inc., 8.125%, 2020		50,000		56,125
Spectrum Brands Escrow Corp., 6.375%, 2020 (z)		255,000		264,563
Spectrum Brands Escrow Corp., 6.625%, 2022 (z)		60,000		62,850

			$	2,645,828
Consumer Services - 0.1%
Service Corp. International, 6.75%, 2015	$	60,000	$	66,300
Service Corp. International, 7%, 2017		1,125,000		1,293,750
Service Corp. International, 7%, 2019		325,000		355,875

			$	1,715,925
Containers - 0.6%
Ardagh Packaging Finance PLC, 7.375%, 2017 (n)	$	530,000	$	577,038
Ardagh Packaging Finance PLC, 9.125%, 2020 (n)		1,170,000		1,257,750
Ardagh Packaging Finance PLC, 9.125%, 2020 (n)		400,000		432,000
Ball Corp., 5%, 2022		307,000		325,420
Berry Plastics Group, Inc., 9.5%, 2018		290,000		317,550
Greif, Inc., 6.75%, 2017		775,000		856,375
Greif, Inc., 7.75%, 2019		680,000		780,300
Reynolds Group, 7.125%, 2019		845,000		912,600
Reynolds Group, 9.875%, 2019		695,000		736,700
Reynolds Group, 5.75%, 2020 (n)		900,000		920,250
Reynolds Group, 8.25%, 2021		320,000		317,600

			$	7,433,583

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Defense Electronics - 0.1%
Ducommun, Inc., 9.75%, 2018	$	705,000	$	749,063
MOOG, Inc., 7.25%, 2018		585,000		614,250

			$	1,363,313
Electrical Equipment - 0.0%
Avaya, Inc., 9.75%, 2015	$	330,000	$	261,525
Avaya, Inc., 7%, 2019 (n)		170,000		152,575

			$	414,100
Electronics - 0.2%
Freescale Semiconductor, Inc., 9.25%, 2018 (n)	$	1,055,000	$	1,135,444
Nokia Corp., 5.375%, 2019		220,000		198,000
Nokia Corp., 6.625%, 2039		190,000		160,075
Sensata Technologies B.V., 6.5%, 2019 (n)		1,150,000		1,213,250

			$	2,706,769
Emerging Market Quasi-Sovereign - 5.4%
Abu Dhabi National Energy Co. PJSC (TAQA), 5.875%, 2021 (n)	$	955,000	$	1,132,630
Banco do Brasil S.A., 3.875%, 2017		1,472,000		1,527,200
Banco do Brasil S.A., 5.875%, 2023 (n)		528,000		571,560
Banco do Estado Rio Grande do Sul S.A., 7.375%, 2022 (n)		1,685,000		1,851,394
Banco do Nordeste do Brasil (BNB), 3.625%, 2015 (n)		1,236,000		1,273,080
Banco do Nordeste do Brasil (BNB), 4.375%, 2019 (n)		1,032,000		1,060,380
Banco Nacional de Desenvolvimento Economico e Social, 6.5%, 2019		509,000		623,525
Biz Finance PLC, 8.375%, 2015		1,153,000		1,135,705
BNDES Participacoes S.A., 6.5%, 2019 (n)		248,000		303,800
Caixa Economica Federal, 3.5%, 2022 (z)		269,000		271,690
CEZ A.S., 4.25%, 2022 (n)		1,335,000		1,425,780
CNOOC Finance (2012) Ltd., 3.875%, 2022 (n)		2,245,000		2,420,988
CNOOC Finance (2012) Ltd., 5%, 2042 (n)		202,000		237,903
CNPC (HK) Overseas Capital Ltd., 4.5%, 2021 (n)		540,000		607,136
CNPC (HK) Overseas Capital Ltd., 5.95%, 2041 (n)		205,000		264,571
Comision Federal de Electricidad, 5.75%, 2042 (n)		1,575,000		1,791,563
Corporacion Financiera de Desarrollo S.A., 4.75%, 2022 (n)		2,106,000		2,345,031
Corporacion Nacional del Cobre de Chile, 3.75%, 2020 (n)		349,000		376,343
Corporacion Nacional del Cobre de Chile, 4.25%, 2042 (n)		1,234,000		1,240,176
Development Bank of Kazakhstan, 5.5%, 2015 (n)		2,149,000		2,347,783
Development Bank of Kazakhstan, 4.125%, 2022 (z)		769,000		767,078
Dolphin Energy Ltd., 5.5%, 2021 (n)		2,062,000		2,391,920
Ecopetrol S.A., 7.625%, 2019		1,852,000		2,389,080
Empresa Nacional del Petroleo, 4.75%, 2021 (n)		1,290,000		1,385,141
Gaz Capital S.A., 8.125%, 2014 (n)		784,000		855,344
Gaz Capital S.A., 9.25%, 2019		1,434,000		1,881,967
Gaz Capital S.A., 5.999%, 2021 (n)		2,212,000		2,527,763
Gaz Capital S.A., 4.95%, 2022 (n)		627,000		669,323
Gazprom Neft, 4.375%, 2022 (n)		1,107,000		1,118,624
Georgian Oil & Gas Corp., 6.875%, 2017 (n)		272,000		282,336
JSC Georgian Railway, 7.75%, 2022 (n)		1,203,000		1,356,383
Kazakhstan Temir Zholy Co., 6.95%, 2042 (n)		2,711,000		3,354,863
Majapahit Holding B.V., 7.75%, 2020		1,351,000		1,695,505
Naftogaz Ukraine, 9.5%, 2014		753,000		771,825
OJSC Russian Agricultural Bank, 5.298%, 2017 (n)		494,000		522,405
Pemex Project Funding Master Trust, 6.625%, 2035		1,446,000		1,829,190
Pertamina PT, 4.875%, 2022 (n)		2,381,000		2,595,290
Pertamina PT, 6%, 2042 (n)		486,000		549,180

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Emerging Market Quasi-Sovereign - continued
Petrobras International Finance Co., 7.875%, 2019	$	566,000	$	709,658
Petrobras International Finance Co., 5.375%, 2021		2,500,000		2,811,475
Petroleos Mexicanos, 5.5%, 2021		2,395,000		2,802,150
Petroleos Mexicanos, 5.5%, 2044		467,000		513,700
Petroleos Mexicanos, 5.5%, 2044 (z)		299,000		328,900
Petroleum Co. of Trinidad & Tobago Ltd., 6%, 2022		885,875		965,604
PT Perusahaan Listrik Negara, 5.5%, 2021 (n)		642,000		720,645
PT Perusahaan Listrik Negara, 5.25%, 2042 (z)		250,000		257,500
PTT PLC, 3.375%, 2022 (z)		350,000		348,214
PTT PLC, 4.5%, 2042 (z)		381,000		382,232
Ras Laffan Liquefied Natural Gas Co. Ltd., 5.832%, 2016 (n)		325,786		358,853
Sberbank of Russia, 6.125%, 2022 (n)		3,590,000		4,017,138
Sinopec Group Overseas Development (2012) Ltd., 3.9%, 2022 (n)		1,445,000		1,567,907
Transnet SOC Ltd., 4.5%, 2016 (n)		202,000		214,282
Turkiye Halk Bankasi A.S., 4.875%, 2017 (n)		484,000		520,300
Turkiye Ihracat Kredi Bankasi A.S., 5.875%, 2019 (n)		2,725,000		3,110,043
Turkiye Vakiflar Bankasi, 6%, 2022 (z)		627,000		661,478
Vnesheconombank, 6.025%, 2022 (n)		294,000		329,039

			$	70,370,573
Emerging Market Sovereign - 4.7%
Dominican Republic, 7.5%, 2021 (n)	$	1,270,000	$	1,484,630
Dominican Republic, 8.625%, 2027		833,000		995,435
Government of Aruba, 4.625%, 2023 (z)		2,150,000		2,145,700
Government of Mogolia, 4.125%, 2018 (z)		226,000		226,000
Government of Ukraine, 9.25%, 2017 (n)		375,000		408,750
Republic of Argentina, 7%, 2015		2,952,000		2,490,601
Republic of Argentina, 8.75%, 2017		2,327,000		1,838,330
Republic of Argentina, 8.28%, 2033		1,955,595		1,173,357
Republic of Colombia, 6.125%, 2041		562,000		775,560
Republic of Costa Rica, 4.25%, 2023 (z)		218,000		219,199
Republic of Guatemala, 5.75%, 2022 (n)		1,764,000		1,951,866
Republic of Indonesia, 6.875%, 2018		1,100,000		1,344,750
Republic of Indonesia, 4.875%, 2021 (n)		2,623,000		3,029,565
Republic of Latvia, 5.25%, 2017 (n)		1,133,000		1,264,711
Republic of Lithuania, 6.625%, 2022 (n)		1,794,000		2,282,865
Republic of Mongolia, 5.125%, 2022 (z)		268,000		268,670
Republic of Panama, 8.875%, 2027		427,000		696,010
Republic of Peru, 7.35%, 2025		787,000		1,149,020
Republic of Philippines, 5.5%, 2026		1,293,000		1,645,343
Republic of Philippines, 7.75%, 2031		389,000		601,978
Republic of Philippines, 6.375%, 2034		1,396,000		1,973,246
Republic of Romania, 6.75%, 2022 (n)		1,362,000		1,608,726
Republic of Serbia, 7.25%, 2021 (n)		281,000		316,828
Republic of Slovakia, 4.375%, 2022 (n)		4,190,000		4,508,398
Republic of Sri Lanka, 5.875%, 2022 (n)		214,000		229,515
Republic of Turkey, 5.625%, 2021		1,594,000		1,905,308
Republic of Turkey, 6.25%, 2022		2,021,000		2,536,355
Republic of Turkey, 6%, 2041		350,000		448,000
Republic of Uruguay, 4.125%, 2045		1,090,128		1,093,398
Republic of Uruguay, 8%, 2022		160,331		233,682
Republic of Uruguay, 7.625%, 2036		974,000		1,508,726
Republic of Venezuela, 7.75%, 2019		449,000		408,590
Republic of Venezuela, 12.75%, 2022		2,753,000		3,079,231
Republic of Venezuela, 9.25%, 2027		1,659,000		1,559,460

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Emerging Market Sovereign - continued
Republic of Venezuela, 7%, 2038	$	2,450,000	$	1,855,875
Republic of Vietnam, 6.875%, 2016		497,000		546,700
Republic of Zambia, 5.375%, 2022 (n)		200,000		199,000
Russian Federation, 4.5%, 2022 (n)		1,800,000		2,036,700
Russian Federation, 7.5%, 2030		1,264,025		1,606,702
Russian Federation, 5.625%, 2042 (n)		1,200,000		1,491,000
United Mexican States, 5.125%, 2020		1,672,000		2,001,384
United Mexican States, 3.625%, 2022		3,416,000		3,761,870

			$	60,901,034
Energy - Independent - 1.9%
BreitBurn Energy Partners LP, 8.625%, 2020	$	230,000	$	247,825
BreitBurn Energy Partners LP, 7.875%, 2022 (n)		880,000		904,200
Carrizo Oil & Gas, Inc., 8.625%, 2018		305,000		324,063
Chaparral Energy, Inc., 7.625%, 2022		750,000		770,625
Chesapeake Energy Corp., 6.875%, 2020		1,075,000		1,134,125
Concho Resources, Inc., 8.625%, 2017		670,000		729,463
Concho Resources, Inc., 6.5%, 2022		430,000		468,700
Continental Resources, Inc., 8.25%, 2019		1,005,000		1,130,625
Denbury Resources, Inc., 8.25%, 2020		1,330,000		1,502,900
Energy XXI Gulf Coast, Inc., 9.25%, 2017		1,235,000		1,392,463
EP Energy LLC, 9.375%, 2020		1,995,000		2,209,463
EPL Oil & Gas, Inc., 8.25%, 2018 (z)		260,000		258,050
EXCO Resources, Inc., 7.5%, 2018		605,000		571,725
Harvest Operations Corp., 6.875%, 2017		920,000		1,012,000
Hilcorp Energy I/Hilcorp Finance Co., 8%, 2020 (n)		175,000		191,625
Laredo Petroleum, Inc., 9.5%, 2019		880,000		985,600
LINN Energy LLC, 6.5%, 2019		145,000		147,175
LINN Energy LLC, 8.625%, 2020		605,000		660,963
LINN Energy LLC, 7.75%, 2021		785,000		828,175
MEG Energy Corp., 6.5%, 2021 (n)		225,000		234,844
Newfield Exploration Co., 6.875%, 2020		780,000		839,475
OGX Austria GmbH, 8.375%, 2022 (n)		227,000		185,005
OGX Petroleo e Gas Participacoes S.A., 8.5%, 2018 (n)		913,000		794,310
Plains Exploration & Production Co., 8.625%, 2019		1,100,000		1,226,500
Plains Exploration & Production Co., 6.5%, 2020		285,000		290,700
Plains Exploration & Production Co., 6.75%, 2022		380,000		391,400
QEP Resources, Inc., 6.875%, 2021		1,490,000		1,709,775
Range Resources Corp., 8%, 2019		420,000		462,000
Range Resources Corp., 5%, 2022		225,000		234,563
Samson Investment Co., 9.75%, 2020 (n)		395,000		417,713
SandRidge Energy, Inc., 8%, 2018 (n)		1,320,000		1,395,900
SM Energy Co., 6.5%, 2021		830,000		875,650
Whiting Petroleum Corp., 6.5%, 2018		440,000		474,100

			$	25,001,700
Energy - Integrated - 0.2%
Pacific Rubiales Energy Corp., 7.25%, 2021 (n)	$	2,574,000	$	2,989,186

Engineering - Construction - 0.1%
BakerCorp International, Inc., 8.25%, 2019	$	730,000	$	733,650

Entertainment - 0.2%
AMC Entertainment, Inc., 8.75%, 2019	$	405,000	$	445,500
AMC Entertainment, Inc., 9.75%, 2020		870,000		978,750

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Entertainment - continued
Cedar Fair LP, 9.125%, 2018	$	370,000	$	419,025
Cinemark USA, Inc., 8.625%, 2019		955,000		1,055,275

			$	2,898,550
Financial Institutions - 1.2%
Ally Financial, Inc., 5.5%, 2017	$	1,980,000	$	2,108,700
CIT Group, Inc., 5.25%, 2014 (n)		1,340,000		1,386,900
CIT Group, Inc., 5.25%, 2018		665,000		705,731
CIT Group, Inc., 6.625%, 2018 (n)		1,124,000		1,258,880
CIT Group, Inc., 5.5%, 2019 (n)		1,125,000		1,198,125
Credit Acceptance Corp., 9.125%, 2017		595,000		650,038
GMAC, Inc., 8%, 2031		90,000		114,300
Icahn Enterprises LP, 8%, 2018		1,291,000		1,371,688
International Lease Finance Corp., 4.875%, 2015		255,000		261,375
International Lease Finance Corp., 8.625%, 2015		270,000		300,713
International Lease Finance Corp., 7.125%, 2018 (n)		637,000		737,328
Nationstar Mortgage LLC/Capital Corp., 10.875%, 2015		720,000		776,700
Nationstar Mortgage LLC/Capital Corp., 9.625%, 2019 (n)		400,000		445,000
Nationstar Mortgage LLC/Capital Corp., 7.875%, 2020 (n)		225,000		233,156
PHH Corp., 9.25%, 2016		900,000		1,047,375
PHH Corp., 7.375%, 2019		610,000		661,850
SLM Corp., 8.45%, 2018		595,000		691,688
SLM Corp., 8%, 2020		1,750,000		1,999,375
SLM Corp., 7.25%, 2022		120,000		131,700

			$	16,080,622
Food & Beverages - 0.7%
Ajecorp B.V., 6.5%, 2022 (n)	$	200,000	$	216,000
ARAMARK Corp., 8.5%, 2015		160,000		161,802
B&G Foods, Inc., 7.625%, 2018		1,005,000		1,082,888
BRF - Brasil Foods S.A., 5.875%, 2022 (n)		1,175,000		1,292,500
Corporacion Jose R Lindey S.A., 6.75%, 2021 (n)		630,000		727,650
Grupo Bimbo S.A.B. de C.V., 4.5%, 2022 (n)		1,185,000		1,305,600
JBS USA LLC/JBS USA Finance, 8.25%, 2020 (n)		320,000		332,000
Pinnacle Foods Finance LLC, 8.25%, 2017		585,000		614,250
Sigma Alimentos S.A., 5.625%, 2018 (n)		2,360,000		2,672,700
TreeHouse Foods, Inc., 7.75%, 2018		485,000		531,075

			$	8,936,465
Forest & Paper Products - 0.3%
Ainsworth Lumber Co. Ltd., 7.5%, 2017 (z)	$	95,000	$	97,850
Boise, Inc., 8%, 2020		735,000		799,313
Georgia-Pacific Corp., 8%, 2024		88,000		124,530
Graphic Packaging Holding Co., 7.875%, 2018		630,000		696,150
Inversiones CMPC S.A., 4.75%, 2018 (n)		525,000		561,789
Sappi Papier Holding GmbH, 7.75%, 2017 (n)		225,000		240,750
Smurfit Kappa Group PLC, 4.875%, 2018 (n)		960,000		967,200
Smurfit Kappa Group PLC, 7.75%, 2019 (n)	EUR	225,000		323,042
Tembec Industries, Inc., 11.25%, 2018	$	340,000		357,850
Xerium Technologies, Inc., 8.875%, 2018		238,000		203,490

			$	4,371,964
Gaming & Lodging - 0.9%
Caesars Operating Escrow LLC, 8.5%, 2020 (n)	$	840,000	$	823,200
Choice Hotels International, Inc., 5.75%, 2022		105,000		114,975

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Gaming & Lodging - continued
Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (a)(d)(n)	$	505,000	$	316
GWR Operating Partnership LLP, 10.875%, 2017		145,000		165,663
Harrah’s Operating Co., Inc., 11.25%, 2017		810,000		870,244
Host Hotels & Resorts, Inc., REIT, 5.25%, 2022		345,000		378,638
Isle of Capri Casinos, Inc., 8.875%, 2020		585,000		619,369
MGM Mirage, 10.375%, 2014		35,000		39,113
MGM Mirage, 6.625%, 2015		585,000		623,025
MGM Resorts International, 11.375%, 2018		1,000,000		1,187,500
MGM Resorts International, 9%, 2020		840,000		934,500
Penn National Gaming, Inc., 8.75%, 2019		1,053,000		1,201,736
Pinnacle Entertainment, Inc., 8.75%, 2020		295,000		321,550
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.5%, 2019 (n)		105,000		112,613
Seven Seas Cruises S. DE R.L., 9.125%, 2019		930,000		967,200
Starwood Hotels & Resorts Worldwide, Inc., 6.75%, 2018		315,000		385,385
Viking Cruises Ltd., 8.5%, 2022 (n)		705,000		747,300
Wyndham Worldwide Corp., 7.375%, 2020		320,000		390,060
Wynn Las Vegas LLC, 7.75%, 2020		965,000		1,107,338

			$	10,989,725
Industrial - 0.2%
Altra Holdings, Inc., 8.125%, 2016	$	205,000	$	217,956
Dematic S.A., 8.75%, 2016 (z)		855,000		910,575
Hyva Global B.V., 8.625%, 2016 (n)		400,000		384,000
Mirror PIK S.A., 9%, 2016 (p)(z)		335,000		338,350
Mueller Water Products, Inc., 8.75%, 2020		237,000		270,180
Rexel S.A., 6.125%, 2019 (n)		420,000		434,700
SPL Logistics Escrow LLC, 8.875%, 2020 (n)		525,000		561,750

			$	3,117,511
Insurance - 0.3%
American International Group, Inc., 8.25%, 2018	$	485,000	$	630,845
American International Group, Inc., 8.175% to 2038, FRN to 2068		2,550,000		3,187,500
MetLife, Inc., 9.25% to 2038, FRN to 2068 (n)		300,000		414,000

			$	4,232,345
Insurance - Health - 0.0%
AMERIGROUP Corp., 7.5%, 2019	$	425,000	$	497,250

Insurance - Property & Casualty - 0.2%
Liberty Mutual Group, Inc., 10.75% to 2038, FRN to 2088 (n)	$	700,000	$	1,039,500
XL Group PLC, 6.5% to 2017, FRN to 2049		1,105,000		1,001,130

			$	2,040,630
International Market Quasi-Sovereign - 0.0%
Israel Electric Corp. Ltd., 6.7%, 2017 (n)	$	402,000	$	423,909

International Market Sovereign - 0.2%
Republic of Iceland, 4.875%, 2016 (n)	$	1,933,000	$	2,029,650
Republic of Iceland, 5.875%, 2022 (n)		483,000		527,678

			$	2,557,328
Internet - 0.0%
Baidu, Inc., 3.5%, 2022	$	383,000	$	387,643

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Local Authorities - 0.1%
Nashville & Davidson County, TN, Metropolitan Government Convention Center Authority (Build America Bonds), 6.731%, 2043	$	115,000	$	140,045
Port Authority NY & NJ (168th Series), 4.926%, 2051		395,000		444,055
San Francisco, CA, City & County Public Utilities Commission, Water Rev. (Build America Bonds), 6%, 2040		15,000		18,821
State of California (Build America Bonds), 7.625%, 2040		65,000		94,205
University of California Rev. (Build America Bonds), 5.77%, 2043		60,000		74,238

			$	771,364
Machinery & Tools - 0.4%
Ashtead Capital, Inc., 6.5%, 2022 (n)	$	210,000	$	223,650
Case New Holland, Inc., 7.875%, 2017		1,200,000		1,413,000
CNH America LLC, 7.25%, 2016		335,000		376,875
CNH Capital LLC, 3.875%, 2015 (n)		155,000		159,069
CNH Capital LLC, 6.25%, 2016		140,000		152,950
H&E Equipment Services LLC, 7%, 2022 (n)		575,000		606,625
NESCO LLC/NESCO Holdings Corp., 11.75%, 2017 (n)		625,000		672,656
RSC Equipment Rental, Inc., 8.25%, 2021		830,000		929,600
UR Financing Escrow Corp., 5.75%, 2018 (n)		265,000		285,538
UR Financing Escrow Corp., 7.625%, 2022 (n)		767,000		849,453

			$	5,669,416
Major Banks - 0.3%
Bank of America Corp., 5.65%, 2018	$	530,000	$	614,114
Barclays Bank PLC, 7.625%, 2022		400,000		396,000
DBS Bank Ltd., 3.625% to 2017, FRN to 2022 (n)		654,000		685,589
Royal Bank of Scotland Group PLC, 6.99% to 2017, FRN to 2049 (n)		100,000		92,000
Royal Bank of Scotland Group PLC, 7.648% to 2031, FRN to 2049		1,610,000		1,605,975

			$	3,393,678
Medical & Health Technology & Services - 1.3%
AmSurg Corp., 5.625%, 2020 (z)	$	410,000	$	414,100
Biomet, Inc., 6.5%, 2020 (n)		1,175,000		1,227,875
Catholic Health Initiatives, 2.95%, 2022		569,000		581,780
Davita, Inc., 6.375%, 2018		2,000,000		2,140,000
Davita, Inc., 6.625%, 2020		645,000		694,181
Fresenius Medical Care AG & Co. KGaA, 9%, 2015 (n)		175,000		201,688
Fresenius Medical Care Capital Trust III, 5.625%, 2019 (n)		615,000		656,513
HCA, Inc., 8.5%, 2019		1,640,000		1,840,900
HCA, Inc., 7.5%, 2022		1,975,000		2,246,563
HCA, Inc., 5.875%, 2022		435,000		473,063
HealthSouth Corp., 8.125%, 2020		1,615,000		1,776,500
Hologic, Inc., 6.25%, 2020 (n)		230,000		244,375
IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 2019		825,000		779,625
Physio-Control International, Inc., 9.875%, 2019 (n)		330,000		360,525
Select Medical Corp., 7.625%, 2015		89,000		89,668
Teleflex, Inc., 6.875%, 2019		365,000		393,288
Tenet Healthcare Corp., 9.25%, 2015		980,000		1,104,950
Tenet Healthcare Corp., 8%, 2020		325,000		348,563
Universal Health Services, Inc., 7%, 2018		1,030,000		1,112,400
Universal Hospital Services, Inc., 7.625%, 2020 (n)		560,000		582,400
Universal Hospital Services, Inc., FRN, 3.902%, 2015		65,000		64,513

			$	17,333,470
Metals & Mining - 0.9%
Arch Coal, Inc., 7.25%, 2020	$	525,000	$	471,188
Cloud Peak Energy, Inc., 8.25%, 2017		950,000		1,021,250

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Metals & Mining - continued
Cloud Peak Energy, Inc., 8.5%, 2019	$	410,000	$	444,850
Consol Energy, Inc., 8%, 2017		415,000		444,050
Consol Energy, Inc., 8.25%, 2020		970,000		1,035,475
First Quantum Minerals Ltd., 7.25%, 2019 (n)		875,000		879,375
Fortescue Metals Group Ltd., 8.25%, 2019 (n)		1,025,000		1,048,063
Peabody Energy Corp., 6%, 2018		230,000		240,350
Peabody Energy Corp., 6.25%, 2021		230,000		238,625
Southern Copper Corp., 6.75%, 2040		1,656,000		1,949,574
Southern Copper Corp., 5.25%, 2042		453,000		443,609
Vale Overseas Ltd., 5.625%, 2019		1,134,000		1,288,764
Vale Overseas Ltd., 4.375%, 2022		2,046,000		2,167,074
Vale Overseas Ltd., 6.875%, 2039		273,000		345,416

			$	12,017,663
Mortgage-Backed - 8.3%
Fannie Mae, 4.325%, 2013	$	137,776	$	138,155
Fannie Mae, 4.374%, 2013		68,151		68,555
Fannie Mae, 4.518%, 2013		67,236		67,295
Fannie Mae, 5.144%, 2013		38,173		38,710
Fannie Mae, 5.37%, 2013		6,324		6,330
Fannie Mae, 4.561%, 2014		65,696		68,188
Fannie Mae, 4.606%, 2014		111,673		115,237
Fannie Mae, 4.801%, 2014		149,650		153,190
Fannie Mae, 4.88%, 2014		94,969		100,264
Fannie Mae, 4.935%, 2014		153,770		157,948
Fannie Mae, 5.1%, 2014 - 2019		329,448		362,613
Fannie Mae, 4.56%, 2015		70,043		75,326
Fannie Mae, 4.564%, 2015		255,224		266,703
Fannie Mae, 4.6%, 2015 - 2019		155,194		179,423
Fannie Mae, 4.7%, 2015		138,316		148,960
Fannie Mae, 4.78%, 2015		78,449		84,663
Fannie Mae, 4.79%, 2015		119,171		128,769
Fannie Mae, 4.81%, 2015		176,884		190,966
Fannie Mae, 4.815%, 2015		106,185		114,121
Fannie Mae, 4.85%, 2015		170,729		182,228
Fannie Mae, 4.856%, 2015		61,840		66,684
Fannie Mae, 4.86%, 2015		149,981		159,623
Fannie Mae, 4.907%, 2015		193,999		210,430
Fannie Mae, 5.034%, 2015		123,338		135,569
Fannie Mae, 5.275%, 2015		122,012		132,163
Fannie Mae, 5.464%, 2015		456,227		502,519
Fannie Mae, 5.5%, 2015 - 2040		8,390,984		9,149,549
Fannie Mae, 5.09%, 2016		63,103		69,215
Fannie Mae, 5.153%, 2016		294,955		329,613
Fannie Mae, 5.273%, 2016		310,415		347,194
Fannie Mae, 5.35%, 2016		98,305		110,005
Fannie Mae, 5.395%, 2016		104,301		116,719
Fannie Mae, 5.424%, 2016		118,414		133,315
Fannie Mae, 5.45%, 2016		110,000		124,970
Fannie Mae, 5.725%, 2016		226,301		257,226
Fannie Mae, 5.845%, 2016		35,485		38,303
Fannie Mae, 5.93%, 2016		110,134		123,380
Fannie Mae, 1.114%, 2017		1,200,000		1,214,976
Fannie Mae, 1.9%, 2017		198,428		205,286

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Mortgage-Backed - continued
Fannie Mae, 2.71%, 2017	$	56,915	$	61,235
Fannie Mae, 3.308%, 2017		488,534		536,779
Fannie Mae, 5.05%, 2017 - 2019		120,215		135,131
Fannie Mae, 5.479%, 2017		197,042		230,109
Fannie Mae, 5.508%, 2017		62,617		70,624
Fannie Mae, 6%, 2017 - 2038		1,920,169		2,124,731
Fannie Mae, 6.5%, 2017 - 2037		550,961		624,089
Fannie Mae, 2.578%, 2018		900,000		967,997
Fannie Mae, 2.97%, 2018		261,022		283,610
Fannie Mae, 3.8%, 2018		89,833		100,628
Fannie Mae, 3.849%, 2018		295,348		333,552
Fannie Mae, 3.91%, 2018		117,336		131,757
Fannie Mae, 3.99%, 2018		150,000		170,105
Fannie Mae, 4%, 2018		117,523		132,862
Fannie Mae, 4.19%, 2018		107,820		122,751
Fannie Mae, 5.16%, 2018		213,750		237,089
Fannie Mae, 5.341%, 2018		373,828		432,454
Fannie Mae, 4.45%, 2019		90,477		105,405
Fannie Mae, 4.5%, 2019 - 2041		1,868,207		2,034,477
Fannie Mae, 4.67%, 2019		28,000		32,854
Fannie Mae, 4.83%, 2019		71,937		84,034
Fannie Mae, 4.876%, 2019		112,965		132,124
Fannie Mae, 5%, 2019 - 2041		4,691,478		5,122,755
Fannie Mae, 5.08%, 2019		23,861		27,461
Fannie Mae, 5.51%, 2019		115,069		133,358
Fannie Mae, 3.87%, 2020		70,659		80,389
Fannie Mae, 4.14%, 2020		42,717		49,257
Fannie Mae, 5.19%, 2020		108,956		126,174
Fannie Mae, 4.5%, 2025		103,387		111,547
Fannie Mae, 3%, 2027		684,847		723,280
Fannie Mae, 3.5%, 2042		713,174		769,660
Fannie Mae, TBA, 3%, 2042		9,194,000		9,664,777
Fannie Mae, TBA, 3.5%, 2042		3,130,000		3,337,936
Fannie Mae, TBA, 4%, 2042		4,844,000		5,187,225
Fannie Mae, TBA, 5%, 2042		5,000,000		5,421,875
Freddie Mac, 1.655%, 2016		1,277,929		1,319,234
Freddie Mac, 3.882%, 2017		555,000		626,387
Freddie Mac, 6%, 2017 - 2038		1,004,489		1,109,962
Freddie Mac, 2.303%, 2018		1,515,000		1,602,688
Freddie Mac, 2.323%, 2018		1,765,000		1,871,887
Freddie Mac, 2.412%, 2018 (n)		1,000,000		1,059,559
Freddie Mac, 2.699%, 2018		1,300,000		1,402,458
Freddie Mac, 3.154%, 2018		514,000		564,859
Freddie Mac, 5%, 2018 - 2040		799,607		863,176
Freddie Mac, 1.883%, 2019		1,000,000		1,031,210
Freddie Mac, 2.086%, 2019		1,175,000		1,226,639
Freddie Mac, 2.13%, 2019		1,200,000		1,256,489
Freddie Mac, 4.186%, 2019		146,000		169,604
Freddie Mac, 5.085%, 2019		162,000		195,984
Freddie Mac, 2.757%, 2020		279,069		298,058
Freddie Mac, 3.32%, 2020		254,637		277,613
Freddie Mac, 4.224%, 2020		99,963		117,006
Freddie Mac, 4.251%, 2020		230,000		267,708
Freddie Mac, 4.5%, 2024 - 2041		1,209,870		1,296,069

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Mortgage-Backed - continued
Freddie Mac, 5.5%, 2024 - 2038	$	1,121,101	$	1,225,248
Freddie Mac, 4%, 2025		258,967		275,019
Freddie Mac, 6.5%, 2037 - 2038		164,356		185,192
Freddie Mac, 3.5%, 2041 - 2042		1,070,037		1,153,865
Freddie Mac, TBA, 2.5%, 2027		8,730,000		9,097,841
Freddie Mac, TBA, 3%, 2042		1,850,000		1,939,609
Freddie Mac, TBA, 3.5%, 2042		3,190,000		3,386,883
Ginnie Mae, 4.5%, 2033 - 2041		2,296,510		2,531,235
Ginnie Mae, 5.5%, 2033 - 2042		958,465		1,057,061
Ginnie Mae, 4%, 2039 - 2040		397,886		437,771
Ginnie Mae, 3.5%, 2041 - 2042		782,802		856,292
Ginnie Mae, 5.612%, 2058		252,692		269,555
Ginnie Mae, 6.357%, 2058		180,292		194,145
Ginnie Mae, TBA, 3%, 2042		10,850,000		11,559,523
Ginnie Mae, TBA, 3.5%, 2042		2,000,000		2,180,313

			$	108,820,616
Natural Gas - Distribution - 0.1%
AmeriGas Finance LLC, 6.75%, 2020	$	685,000	$	746,650
Ferrellgas LP/Ferrellgas Finance Corp., 6.5%, 2021		570,000		552,900

			$	1,299,550
Natural Gas - Pipeline - 0.6%
Atlas Pipeline Partners LP, 8.75%, 2018	$	1,175,000	$	1,254,313
Crosstex Energy, Inc., 8.875%, 2018		1,500,000		1,627,500
El Paso Corp., 7%, 2017		545,000		622,925
El Paso Corp., 7.75%, 2032		1,370,000		1,607,435
Energy Transfer Equity LP, 7.5%, 2020		1,090,000		1,237,150
Enterprise Products Partners LP, 8.375% to 2016, FRN to 2066		537,000		608,153
Enterprise Products Partners LP, 7.034% to 2018, FRN to 2068		71,000		80,053
Inergy Midstream LP, 6%, 2020 (z)		260,000		264,550
MarkWest Energy Partners LP, 5.5%, 2023		465,000		489,413
Rockies Express Pipeline LLC, 5.625%, 2020 (n)		267,000		258,990

			$	8,050,482
Network & Telecom - 0.4%
Centurylink, Inc., 7.65%, 2042	$	745,000	$	777,143
Cincinnati Bell, Inc., 8.25%, 2017		260,000		277,550
Citizens Communications Co., 9%, 2031		260,000		276,250
Eileme 2 AB, 11.625%, 2020 (n)		400,000		458,000
Frontier Communications Corp., 8.125%, 2018		795,000		904,313
Qwest Communications International, Inc., 7.125%, 2018 (n)		780,000		820,341
TW Telecom Holdings, Inc., 5.375%, 2022 (n)		300,000		310,500
Windstream Corp., 8.125%, 2018		150,000		162,750
Windstream Corp., 7.75%, 2020		640,000		675,200

			$	4,662,047
Oil Services - 0.5%
Afren PLC, 11.5%, 2016 (n)	$	200,000	$	232,000
Afren PLC, 10.25%, 2019 (n)		216,000		251,100
Bristow Group, Inc., 6.25%, 2022		295,000		312,700
Chesapeake Energy Corp., 6.625%, 2019 (n)		175,000		164,500
Dresser-Rand Group, Inc., 6.5%, 2021		215,000		225,750
Edgen Murray Corp., 8.75%, 2020 (n)		605,000		605,000
Pioneer Energy Services Corp., 9.875%, 2018		535,000		579,138

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Oil Services - continued
Qgog Constellation S.A., 6.25%, 2019 (z)	$	547,000	$	551,103
Rosneft, 3.149%, 2017 (z)		472,000		476,720
Rosneft, 4.199%, 2022 (z)		782,000		791,384
Shale-Inland Holdings LLC/Finance Co., 8.75%, 2019 (n)		495,000		499,950
Unit Corp., 6.625%, 2021		820,000		834,350
Unit Corp., 6.625%, 2021 (n)		400,000		407,000

			$	5,930,695
Other Banks & Diversified Financials - 1.2%
Akbank T.A.S., 5%, 2022 (z)	$	227,000	$	241,029
Alfa Bank, 7.5%, 2019 (n)		455,000		473,823
Banco de Credito del Peru, 6.125% to 2022, FRN to 2027 (n)		432,000		480,600
Banco de Credito Inversion, 3%, 2017 (n)		300,000		301,680
Banco Santander S.A., 4.125%, 2022 (z)		306,000		308,295
Bancolombia S.A., 5.95%, 2021		1,374,000		1,583,535
Bancolombia S.A., 5.125%, 2022		473,000		490,738
Bangkok Bank (Hong Kong), 3.875%, 2022 (n)		581,000		598,646
BBVA Banco Continental S.A., 5%, 2022 (n)		398,000		428,367
BBVA Bancomer S.A. de C.V., 6.5%, 2021 (n)		1,770,000		1,982,400
BBVA Bancomer S.A. de C.V., 6.75%, 2022 (n)		416,000		464,880
BBVA Continental, 5.75%, 2017 (n)		500,000		552,500
Capital One Financial Corp., 10.25%, 2039		1,500,000		1,507,500
Groupe BPCE S.A., 12.5% to 2019, FRN to 2049 (n)		665,000		762,901
Grupo Aval Ltd., 4.75%, 2022 (n)		469,000		472,518
Industrial Senior Trust, 5.5%, 2022 (z)		276,000		276,000
LBG Capital No. 1 PLC, 7.875%, 2020 (n)		1,030,000		1,089,225
PKO Finance AB, 4.63%, 2022 (n)		590,000		607,700
Santander UK PLC, 8.963% to 2030, FRN to 2049		1,649,000		1,838,635
Turkiye is Bankasi A.S, 3.875%, 2017 (z)		380,000		393,300
Turkiye Is Bankasi A.S., 6%, 2022 (z)		284,000		300,685
UBS AG, 7.625%, 2022		310,000		340,472
Yapi ve Kredi Bankasi, 5.5%, 2022 (z)		671,000		679,388

			$	16,174,817
Pharmaceuticals - 0.2%
Capsugel FinanceCo. SCA, 9.875%, 2019 (n)	EUR	325,000	$	477,627
Valeant Pharmaceuticals International, Inc., 7%, 2020 (n)	$	760,000		826,500
Valeant Pharmaceuticals International, Inc., 7.25%, 2022 (n)		950,000		1,036,688

			$	2,340,815
Pollution Control - 0.1%
Heckmann Corp., 9.875%, 2018	$	505,000	$	513,838
Rough Rider Escrow, Inc., 9.875%, 2018 (n)		185,000		186,850

			$	700,688
Precious Metals & Minerals - 0.0%
IAMGOLD Corp., 6.75%, 2020 (n)	$	520,000	$	509,600

Printing & Publishing - 0.1%
American Media, Inc., 13.5%, 2018 (z)	$	26,083	$	22,692
Nielsen Finance LLC, 7.75%, 2018		385,000		429,275
Nielsen Finance LLC, 4.5%, 2020 (n)		345,000		344,138

			$	796,105

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Railroad & Shipping - 0.0%
Brunswick Rail Finance Ltd., 6.5%, 2017 (z)	$	321,000	$	326,988
Kansas City Southern de Mexico S.A. de C.V., 6.125%, 2021		145,000		163,125

			$	490,113
Real Estate - 0.2%
CB Richard Ellis Group, Inc., 11.625%, 2017	$	235,000	$	259,381
CNL Lifestyle Properties, Inc., REIT, 7.25%, 2019		140,000		134,400
Entertainment Properties Trust, REIT, 7.75%, 2020		715,000		832,934
Kennedy Wilson, Inc., 8.75%, 2019		210,000		224,175
MPT Operating Partnership LP, REIT, 6.875%, 2021		940,000		1,019,900
MPT Operating Partnership LP, REIT, 6.375%, 2022		230,000		240,350

			$	2,711,140
Retailers - 0.6%
Academy Ltd., 9.25%, 2019 (n)	$	330,000	$	363,825
Burlington Coat Factory Warehouse Corp., 10%, 2019		575,000		629,625
Cencosud S.A., 4.875%, 2023 (z)		296,000		296,420
J. Crew Group, Inc., 8.125%, 2019		885,000		929,250
Limited Brands, Inc., 6.9%, 2017		1,110,000		1,279,275
Limited Brands, Inc., 6.95%, 2033		60,000		60,450
Pantry, Inc., 8.375%, 2020 (n)		275,000		283,938
QVC, Inc., 7.375%, 2020 (n)		680,000		753,845
Rite Aid Corp., 9.25%, 2020		445,000		453,900
Sally Beauty Holdings, Inc., 6.875%, 2019		225,000		250,313
Toys “R” Us Property Co. II LLC, 8.5%, 2017		625,000		667,188
Toys “R” Us, Inc., 10.75%, 2017		580,000		632,200
Yankee Acquisition Corp., 8.5%, 2015		3,000		3,023
YCC Holdings LLC/Yankee Finance, Inc., 10.25%, 2016 (p)		470,000		486,450

			$	7,089,702
Specialty Chemicals - 0.0%
Koppers, Inc., 7.875%, 2019	$	180,000	$	197,775
Mexichem S.A.B. de C.V., 4.875%, 2022 (n)		268,000		283,410

			$	481,185
Specialty Stores - 0.1%
Gymboree Corp., 9.125%, 2018	$	285,000	$	261,488
Michaels Stores, Inc., 11.375%, 2016		125,000		130,781
Michaels Stores, Inc., 7.75%, 2018		675,000		731,531

			$	1,123,800
Steel - 0.0%
Severstal, 5.9%, 2022 (z)	$	403,000	$	396,955

Supermarkets - 0.0%
SUPERVALU, Inc., 7.5%, 2014	$	263,000	$	248,535

Supranational - 0.0%
Eurasian Development Bank, 4.767%, 2022 (n)	$	273,000	$	283,579

Telecommunications - Wireless - 1.4%
America Movil S.A.B. de C.V., 5%, 2020	$	877,000	$	1,031,385
America Movil S.A.B. de C.V., 3.125%, 2022		2,248,000		2,308,017
Clearwire Corp., 12%, 2015 (n)		510,000		538,050
Cricket Communications, Inc., 7.75%, 2016		500,000		528,750

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Telecommunications - Wireless - continued
Cricket Communications, Inc., 7.75%, 2020	$	620,000	$	640,150
Crown Castle International Corp., 9%, 2015		170,000		180,413
Crown Castle International Corp., 7.125%, 2019		1,235,000		1,361,588
Crown Castle International Corp., 5.25%, 2023 (z)		700,000		731,500
Digicel Group Ltd., 8.25%, 2017 (n)		856,000		918,060
Digicel Group Ltd., 10.5%, 2018 (n)		895,000		984,500
Digicel Group Ltd., 8.25%, 2020 (n)		396,000		420,750
Globo Comunicacoes e Participacoes S.A., 6.25% to 2015, 9.375% to 2049 (n)		1,499,000		1,611,425
MetroPCS Wireless, Inc., 7.875%, 2018		570,000		615,600
Sprint Capital Corp., 6.875%, 2028		770,000		793,100
Sprint Nextel Corp., 6%, 2016		1,780,000		1,931,300
Sprint Nextel Corp., 8.375%, 2017		870,000		1,009,200
Sprint Nextel Corp., 9%, 2018 (n)		235,000		289,638
Sprint Nextel Corp., 6%, 2022		625,000		629,688
Wind Acquisition Finance S.A., 11.75%, 2017 (n)		1,000,000		1,022,500
Wind Acquisition Finance S.A., 7.25%, 2018 (n)		700,000		693,000

			$	18,238,614
Telephone Services - 0.2%
Cogent Communications Group, Inc., 8.375%, 2018 (n)	$	105,000	$	113,925
Level 3 Financing, Inc., 9.375%, 2019		920,000		1,028,100
Level 3 Financing, Inc., 7%, 2020 (n)		170,000		172,975
Level 3 Financing, Inc., 8.625%, 2020		550,000		598,125
Oi S.A., 5.75%, 2022 (n)		676,000		699,660

			$	2,612,785
Transportation - 0.1%
Navios South American Logistics, Inc., 9.25%, 2019	$	623,000	$	594,965

Transportation - Services - 0.7%
ACL I Corp., 10.625%, 2016 (p)	$	905,302	$	878,363
Aguila American Resources Ltd., 7.875%, 2018 (n)		845,000		895,700
Avis Budget Car Rental LLC, 8.25%, 2019		405,000		448,031
Avis Budget Car Rental LLC, 9.75%, 2020		185,000		212,750
CEVA Group PLC, 8.375%, 2017 (n)		1,445,000		1,401,650
Commercial Barge Line Co., 12.5%, 2017		1,586,000		1,748,613
HDTFS, Inc., 5.875%, 2020 (n)		135,000		139,388
Navios Maritime Acquisition Corp., 8.625%, 2017		555,000		521,700
Navios Maritime Holdings, Inc., 8.875%, 2017		1,094,000		1,113,145
Swift Services Holdings, Inc., 10%, 2018		1,440,000		1,584,000

			$	8,943,340
U.S. Government Agencies and Equivalents - 0.4%
Aid-Egypt, 4.45%, 2015	$	170,000	$	188,899
Freddie Mac, 2.375%, 2022		4,680,000		4,918,848
Small Business Administration, 6.34%, 2021		117,179		130,714
Small Business Administration, 6.07%, 2022		117,043		130,726
Small Business Administration, 5.16%, 2028		211,376		243,535

			$	5,612,722
U.S. Treasury Obligations - 7.4%
U.S. Treasury Bonds, 9.25%, 2016	$	47,000	$	60,289
U.S. Treasury Bonds, 6.375%, 2027		106,000		163,588
U.S. Treasury Bonds, 5.25%, 2029		86,000		121,542
U.S. Treasury Bonds, 4.5%, 2036		70,000		94,084

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
U.S. Treasury Obligations - continued
U.S. Treasury Bonds, 4.375%, 2038	$	638,000	$	846,247
U.S. Treasury Bonds, 4.5%, 2039		7,020,000		9,518,685
U.S. Treasury Notes, 3.125%, 2013		305,000		312,363
U.S. Treasury Notes, 4%, 2014		18,000		18,814
U.S. Treasury Notes, 1.875%, 2014		32,141,000		32,796,387
U.S. Treasury Notes, 1.875%, 2014		417,000		426,611
U.S. Treasury Notes, 4%, 2015		1,397,000		1,510,833
U.S. Treasury Notes, 2.125%, 2015		14,254,000		14,899,877
U.S. Treasury Notes, 0.875%, 2016		26,530,000		26,959,043
U.S. Treasury Notes, 2.625%, 2018		955,000		1,052,216
U.S. Treasury Notes, 2.75%, 2019		1,590,000		1,771,484
U.S. Treasury Notes, 3.125%, 2019		454,000		517,525
U.S. Treasury Notes, 3.5%, 2020		1,584,000		1,856,250
U.S. Treasury Notes, 1.75%, 2022		3,303,000		3,370,091

			$	96,295,929
Utilities - Electric Power - 1.1%
AES Corp., 8%, 2017	$	1,260,000	$	1,445,850
Atlantic Power Corp., 9%, 2018		19,000		19,950
Calpine Corp., 8%, 2016 (n)		675,000		720,563
Calpine Corp., 7.875%, 2020 (n)		922,000		1,023,420
Covanta Holding Corp., 7.25%, 2020		705,000		776,700
Covanta Holding Corp., 6.375%, 2022		165,000		178,927
DPL, Inc., 7.25%, 2021		340,000		358,700
EDP Finance B.V., 6%, 2018 (n)		865,000		890,950
Empresa de Energia de Bogota S.A., 6.125%, 2021 (n)		200,000		225,000
Energy Future Holdings Corp., 10%, 2020		905,000		961,563
Energy Future Holdings Corp., 10%, 2020		2,445,000		2,726,175
Energy Future Holdings Corp., 11.75%, 2022 (n)		480,000		488,400
GenOn Energy, Inc., 9.5%, 2018		1,295,000		1,498,963
GenOn Energy, Inc., 9.875%, 2020		625,000		707,813
Hrvatska Electroprivreda, 6%, 2017 (z)		265,000		278,331
NRG Energy, Inc., 8.25%, 2020		1,160,000		1,287,600
Texas Competitive Electric Holdings Co. LLC, 11.5%, 2020 (n)		195,000		144,300

			$	13,733,205
Total Bonds			$	673,794,728

Common Stocks - 40.8%
Aerospace - 0.6%
Lockheed Martin Corp.		44,320	$	4,135,056
Northrop Grumman Corp.		47,342		3,157,711

			$	7,292,767
Automotive - 0.3%
Accuride Corp. (a)		5,511	$	16,919
Delphi Automotive PLC (a)		63,281		2,150,921
Johnson Controls, Inc.		51,394		1,415,391

			$	3,583,231
Broadcasting - 0.1%
CBS Corp., “B”		38,617	$	1,389,440
New Young Broadcasting Holding Co., Inc. (a)		21		72,450

			$	1,461,890

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Brokerage & Asset Managers - 0.1%
BlackRock, Inc.		9,344	$	1,841,142

Cable TV - 0.5%
Comcast Corp., “A”		41,237	$	1,533,192
Time Warner Cable, Inc.		46,860		4,446,545

			$	5,979,737
Chemicals - 0.5%
CF Industries Holdings, Inc.		15,463	$	3,309,546
Huntsman Corp.		212,558		3,494,454

			$	6,804,000
Computer Software - 0.2%
Microsoft Corp.		106,014	$	2,822,093

Computer Software - Systems - 0.5%
Apple, Inc.		3,606	$	2,110,520
Hewlett-Packard Co.		232,027		3,014,031
Seagate Technology PLC		79,589		1,997,684

			$	7,122,235
Construction - 0.1%
Stanley Black & Decker, Inc.		20,447	$	1,470,344

Consumer Products - 0.5%
Newell Rubbermaid, Inc.		68,026	$	1,483,647
Nu Skin Enterprises, Inc., “A”		78,474		3,562,720
Procter & Gamble Co.		12,136		847,457

			$	5,893,824
Electrical Equipment - 0.5%
General Electric Co.		285,548	$	6,033,629

Electronics - 0.4%
Intel Corp.		114,351	$	2,237,849
KLA-Tencor Corp.		59,345		2,698,417
Microchip Technology, Inc.		22,825		694,337

			$	5,630,603
Energy - Independent - 1.1%
Energy XXI (Bermuda) Ltd.		31,291	$	991,299
HollyFrontier Corp.		76,866		3,484,336
Marathon Oil Corp.		65,310		2,014,814
Marathon Petroleum Corp.		72,331		4,306,588
Occidental Petroleum Corp.		12,526		942,080
Valero Energy Corp.		33,863		1,092,420
WPX Energy, Inc. (a)		75,179		1,187,076

			$	14,018,613
Energy - Integrated - 2.3%
Chevron Corp.		109,610	$	11,584,681
Exxon Mobil Corp.		209,475		18,463,127

			$	30,047,808

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Entertainment - 0.2%
Regal Entertainment Group, “A”		138,379	$	2,155,945

Food & Beverages - 0.3%
Coca-Cola Enterprises, Inc.		85,207	$	2,656,754
General Mills, Inc.		32,167		1,318,525

			$	3,975,279
Food & Drug Stores - 0.4%
CVS Caremark Corp.		61,682	$	2,868,830
Kroger Co.		91,290		2,395,450

			$	5,264,280
Forest & Paper Products - 0.2%
Domtar Corp.		12,766	$	1,022,684
International Paper Co.		51,322		1,906,099

			$	2,928,783
General Merchandise - 0.3%
Macy’s, Inc.		106,898	$	4,136,953

Health Maintenance Organizations - 0.3%
Aetna, Inc.		97,709	$	4,220,052

Insurance - 2.1%
Aflac, Inc.		80,639	$	4,273,061
American International Group, Inc. (a)		105,564		3,497,335
Chubb Corp.		9,329		718,240
Everest Re Group Ltd.		40,346		4,376,331
Hartford Financial Services Group, Inc.		101,978		2,159,894
MetLife, Inc.		27,704		919,496
Prudential Financial, Inc.		93,825		4,890,159
Travelers Cos., Inc.		44,371		3,142,354
Validus Holdings Ltd.		114,075		4,045,100

			$	28,021,970
Leisure & Toys - 0.3%
Activision Blizzard, Inc.		94,626	$	1,082,521
Mattel, Inc.		88,433		3,317,122

			$	4,399,643
Machinery & Tools - 0.6%
Cummins, Inc.		19,109	$	1,875,739
Eaton Corp.		111,548		5,818,344

			$	7,694,083
Major Banks - 2.0%
Bank of New York Mellon Corp.		117,911	$	2,822,789
Goldman Sachs Group, Inc.		19,658		2,315,516
JPMorgan Chase & Co.		256,192		10,524,367
KeyCorp		326,512		2,638,217
PNC Financial Services Group, Inc.		92,454		5,190,368
Wells Fargo & Co.		91,500		3,020,415

			$	26,511,672

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Medical & Health Technology & Services - 0.4%
HCA Holdings, Inc. (a)		152,913	$	4,854,988

Medical Equipment - 0.1%
Medtronic, Inc.		23,638	$	995,396

Metals & Mining - 0.3%
Cliffs Natural Resources, Inc.		115,823	$	3,329,911

Natural Gas - Distribution - 0.2%
NiSource, Inc.		118,022	$	2,852,592

Other Banks & Diversified Financials - 1.0%
Citigroup, Inc.		107,863	$	3,728,824
Discover Financial Services		137,030		5,701,818
SunTrust Banks, Inc.		133,454		3,623,276

			$	13,053,918
Pharmaceuticals - 2.0%
Abbott Laboratories		41,719	$	2,711,735
Johnson & Johnson		94,009		6,555,248
Merck & Co., Inc.		131,277		5,815,571
Pfizer, Inc.		459,660		11,500,693

			$	26,583,247
Printing & Publishing - 0.0%
American Media Operations, Inc. (a)		6,684	$	31,749

Railroad & Shipping - 0.1%
Kansas City Southern Co.		12,376	$	967,184

Real Estate - 19.3%
Alexandria Real Estate Equities, Inc., REIT		113,653	$	7,719,312
Atrium European Real Estate Ltd.		734,819		4,216,411
AvalonBay Communities, Inc., REIT		85,555		11,275,293
Big Yellow Group PLC, REIT		820,860		4,541,181
BioMed Realty Trust, Inc., REIT		572,496		11,031,998
Boston Properties, Inc., REIT		88,875		9,121,241
Corporate Office Properties Trust, REIT		162,530		4,011,240
CubeSmart, REIT		226,160		3,121,008
DDR Corp., REIT		348,010		5,328,033
Digital Realty Trust, Inc., REIT		70,538		4,552,523
EastGroup Properties, Inc., REIT		184,470		9,644,092
EPR Properties, REIT		117,470		5,327,265
Equity Lifestyle Properties, Inc., REIT		106,606		6,997,618
Excel Trust, Inc. REIT		121,850		1,450,015
Federal Realty Investment Trust, REIT		64,777		6,739,399
Home Properties, Inc., REIT		133,540		7,864,171
Host Hotels & Resorts, Inc., REIT		580,678		8,530,160
Medical Properties Trust, Inc., REIT		1,059,597		12,365,497
Mid-America Apartment Communities, Inc., REIT		158,917		9,903,707
National Health Investors, Inc., REIT		27,400		1,520,700
National Retail Properties, Inc., REIT		227,970		7,003,238
Plum Creek Timber Co. Inc., REIT		230,636		9,882,753
Potlatch Corp., REIT		86,380		3,364,501

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Real Estate - continued
Public Storage, Inc., REIT		138,562	$	19,487,360
Retail Opportunity Investment Corp., REIT		319,020		4,048,364
Simon Property Group, Inc., REIT		193,921		29,501,202
Spirit Realty Capital, Inc., REIT (a)		185,920		3,017,482
Tanger Factory Outlet Centers, Inc., REIT		248,578		8,173,245
Ventas, Inc., REIT		158,862		10,111,566
Vornado Realty Trust, REIT		171,663		13,120,203
Weyerhaeuser Co., REIT		310,496		8,557,270

			$	251,528,048
Specialty Stores - 0.3%
American Eagle Outfitters, Inc.		132,365	$	2,806,138
Gap, Inc.		42,863		1,477,059

			$	4,283,197
Telephone Services - 0.8%
AT&T, Inc.		173,133	$	5,909,029
CenturyLink, Inc.		104,770		4,069,267

			$	9,978,296
Tobacco - 0.4%
Altria Group, Inc.		18,519	$	626,127
Lorillard, Inc.		29,068		3,521,879
Philip Morris International, Inc.		19,059		1,713,023

			$	5,861,029
Utilities - Electric Power - 1.5%
AES Corp.		100,008	$	1,067,085
Alliant Energy Corp.		68,236		3,058,338
American Electric Power Co., Inc.		114,268		4,873,530
Duke Energy Corp.		72,071		4,599,571
PG&E Corp.		72,491		2,968,506
PPL Corp.		119,387		3,504,008

			$	20,071,038
Total Common Stocks			$	533,701,169

Floating Rate Loans (g)(r) - 0.0%
Financial Institutions - 0.0%
Springleaf Finance Corp., Term Loan, 5.5%, 2017	$	147,839	$	145,775

Convertible Preferred Stocks - 0.0%
Automotive - 0.0%
General Motors Co., 4.75%	$	6,860	$	277,624

Preferred Stocks - 0.1%
Other Banks & Diversified Financials - 0.1%
Ally Financial, Inc., 7% (z)		620	$	603,648
GMAC Capital Trust I, 8.125%		22,075		575,054
Total Preferred Stocks			$	1,178,702

Portfolio of Investments (unaudited) – continued


Issuer	Strike Price		First Exercise		Shares/Par		Value ($)
Warrants - 0.0%
Broadcasting - 0.0%
New Young Broadcasting Holding Co., Inc. (1 share for 1 warrant) (a)	$	0.01		7/14/10		58	$	200,100

Convertible Bonds - 0.1%
Network & Telecom - 0.1%
Nortel Networks Corp., 2.125%, 2014 (a)(d)					$	940,000	$	944,700


Issuer/Expiration Date/Strike Price	Number of Contracts
Put Options Purchased - 0.0%
iShares Dow Jones U.S. Real Estate - January 2013 @ $50		2,750	$	5,500
iShares Dow Jones U.S. Real Estate - January 2013 @ 60		1,725		69,000
iShares Dow Jones U.S. Real Estate - March 2013 @ $57		1,725		94,875
Total Put Options Purchased			$	169,375
Issuer	Shares/Par
Money Market Funds - 10.7%
MFS Institutional Money Market Portfolio, 0.17%, at Net Asset Value (v)		139,426,336	$	139,426,336

Collateral for Securities Loaned - 0.1%
Morgan Stanley Repurchase Agreement, 0.22%, dated 11/30/12, due 12/03/12, total to be received $1,054,644 (secured by U.S. Treasury and Federal Agency obligations valued at $1,075,720 in an individually traded account), at Net Asset Value		1,054,625	$	1,054,625
Total Investments			$	1,350,893,134

Other Assets, Less Liabilities - (3.4)%				(44,862,319	)
Net Assets - 100.0%			$	1,306,030,815

(a)	Non-income producing security.

(d)	In default. Interest and/or scheduled principal payment(s) have been missed.

(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 $179,813,252, representing 13.8% of net assets.

(p)	Payment-in-kind security.

(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.

(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
Ainsworth Lumber Co. Ltd., 7.5%, 2017	11/14/12		$95,000		$97,850
Akbank T.A.S., 5%, 2022	10/15/12		224,751		241,029
Ally Financial, Inc., 7% (Preferred Stock)	4/13/11-11/27/12		597,000		603,648
AmSurg Corp., 5.625%, 2020	11/15/12-11/27/12		413,849		414,100
American Media, Inc., 13.5%, 2018	12/28/10		26,427		22,692
Banco Santander S.A., 4.125%, 2022	11/06/12		300,467		308,295
Brunswick Rail Finance Ltd., 6.5%, 2017	10/25/12		321,000		326,988
Caixa Economica Federal, 3.5%, 2022	10/26/12		267,791		271,690
Cencosud S.A., 4.875%, 2023	11/29/12		293,224		296,420

Portfolio of Investments (unaudited) – continued


Restricted Securities - continued	Acquisition Date	Cost		Value
Cielo S.A., 3.75%, 2022	11/09/12		$418,913		$417,780
Clear Channel Worldwide Holdings, Inc., 6.5%, 2022	11/06/12		198,005		199,000
Clear Channel Worldwide Holdings, Inc., 6.5%, 2022	11/06/12		555,000		557,775
Crown Castle International Corp., 5.25%, 2023	10/03/12		700,000		731,500
Dematic S.A., 8.75%, 2016	4/19/11-11/08/11		851,099		910,575
Development Bank of Kazakhstan, 4.125%, 2022	11/26/12		756,558		767,078
EPL Oil & Gas, Inc., 8.25%, 2018	11/27/12		260,000		258,050
G-Force LLC, CDO, “A2”, 4.83%, 2036	1/20/11		141,091		146,195
Government of Aruba, 4.625%, 2023	9/06/12		2,158,821		2,145,700
Government of Mogolia, 4.125%, 2018	11/28/12		225,991		226,000
Grupo Kuo S.A.B de C.V., 6.25%, 2022	11/29/12		232,000		236,918
Heckler & Koch GmbH, 9.5%, 2018	5/06/11-7/11/11		355,637		297,566
Hrvatska Electroprivreda, 6%, 2017	11/02/12		265,000		278,331
Industrial Senior Trust, 5.5%, 2022	10/25/12		276,000		276,000
Inergy Midstream LP, 6%, 2020	11/29/12		260,000		264,550
LBI Media, Inc., 8.5%, 2017	7/18/07		123,820		31,563
Local TV Finance LLC, 9.25%, 2015	11/09/07-2/16/11		406,751		418,999
Mirror PIK S.A., 9%, 2016	10/16/12		335,000		338,350
PT Perusahaan Listrik Negara, 5.25%, 2042	10/16/12		246,290		257,500
PTT PLC, 3.375%, 2022	10/18/12		348,629		348,214
PTT PLC, 4.5%, 2042	10/18/12		376,063		382,232
Petroleos Mexicanos, 5.5%, 2044	10/12/12		331,572		328,900
Qgog Constellation S.A., 6.25%, 2019	11/05/12		539,460		551,103
Republic of Costa Rica, 4.25%, 2023	11/16/12		217,976		219,199
Republic of Mongolia, 5.125%, 2022	11/28/12		268,000		268,670
Rosneft, 3.149%, 2017	11/29/12		472,000		476,720
Rosneft, 4.199%, 2022	11/29/12		782,000		791,384
Severstal, 5.9%, 2022	10/04/12		403,000		396,955
Spectrum Brands Escrow Corp., 6.375%, 2020	11/01/12		259,711		264,563
Spectrum Brands Escrow Corp., 6.625%, 2022	11/01/12		60,000		62,850
Townsquare Radio LLC, 9%, 2019	3/30/12		262,535		288,850
Turkiye is Bankasi A.S, 3.875%, 2017	11/01/12		377,473		393,300
Turkiye Is Bankasi A.S., 6%, 2022	10/18/12		284,000		300,685
Turkiye Vakiflar Bankasi, 6%, 2022	10/24/12		627,000		661,478
Yapi ve Kredi Bankasi, 5.5%, 2022	11/29/12		671,000		679,388
Total Restricted Securities					$17,756,633
% of Net assets					1.4%

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


CDO		Collateralized Debt Obligation
FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
PLC		Public Limited Company
REIT		Real Estate Investment Trust
STRIPS		Separate Trading of Registered Interest and Principal of Securities
TBA		To Be Announced

Portfolio of Investments (unaudited) – continued

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


EUR		Euro

Derivative Contracts at 11/30/12

Forward Foreign Currency Exchange Contracts at 11/30/12


Type	Currency		Counterparty	Contracts to Deliver/Receive	Settlement Date Range	In Exchange For		Contracts at Value		Net Unrealized Appreciation (Depreciation)
Liability Derivatives
SELL		EUR	Credit Suisse Group	534,609	1/11/13	$	691,746	$	695,575	$	(3,829	)
SELL		EUR	Deutsche Bank AG	660,199	1/11/13		850,688		858,979		(8,291	)
SELL		EUR	UBS AG	660,199	1/11/13		850,892		858,979		(8,087	)

										$	(20,207	)

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

Supplemental Information

11/30/12 (unaudited)

(1) Investment Valuations

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

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

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

Supplemental Information (unaudited) – continued

Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such forward foreign currency exchange contracts. The following is a summary of the levels used as of November 30, 2012 in valuing the fund’s assets or liabilities:


Investments at Value	Level 1		Level 2			Level 3		Total
Equity Securities:
United States		$525,861,431		$876,198			$31,749		$526,769,378
United Kingdom		4,541,181		—			—		4,541,181
Austria		4,216,411		—			—		4,216,411
U.S. Treasury Bonds & U.S. Government Agency & Equivalents		—		105,158,561			—		105,158,561
Non-U.S. Sovereign Debt		—		134,536,423			—		134,536,423
Corporate Bonds		—		228,558,119			—		228,558,119
Residential Mortgage-Backed Securities		—		108,820,616			—		108,820,616
Commercial Mortgage-Backed Securities		—		2,979,814			—		2,979,814
Asset-Backed Securities (including CDOs)		—		146,195			—		146,195
Foreign Bonds		—		94,539,700			—		94,539,700
Floating Rate Loans		—		145,775			—		145,775
Short Term Securities		—		1,054,625			—		1,054,625
Mutual Funds		139,426,336		—			—		139,426,336
Total Investments		$674,045,359		$676,816,026			$31,749		$1,350,893,134

Other Financial Instruments
Forward Foreign Currency Exchange Contracts		$—		$(20,207	)		$—		$(20,207	)

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

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period. The table presents the activity of level 3 securities held at the beginning and the end of the period.


	Equity Securities
Balance as of 2/29/12		$79,473
Change in unrealized appreciation (depreciation)		(47,724	)
Balance as of 11/30/12		$31,749

The net change in unrealized appreciation (depreciation) from investments still held as level 3 at November 30, 2012 is $(47,724).

(2) Portfolio Securities

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


Aggregate cost	$1,295,366,338
Gross unrealized appreciation	68,645,153
Gross unrealized depreciation	(13,118,357	)
Net unrealized appreciation (depreciation)	$55,526,796

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

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers

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


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		34,744,532		388,445,722		(283,763,918	)		139,426,336

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$82,516			$139,426,336

QUARTERLY REPORT

November 30, 2012

LOGO

MFS® GOVERNMENT SECURITIES FUND

LOGO

PORTFOLIO OF INVESTMENTS

11/30/12 (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 - 100.7%
Agency - Other - 4.8%
Financing Corp., 10.7%, 2017	$	14,360,000	$	20,948,856
Financing Corp., 9.4%, 2018		11,750,000		16,547,795
Financing Corp., 9.8%, 2018		14,975,000		21,786,454
Financing Corp., 10.35%, 2018		15,165,000		22,937,578
Financing Corp., STRIPS, 0%, 2017		18,780,000		17,675,717

			$	99,896,400
Asset-Backed & Securitized - 1.7%
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.322%, 2049	$	4,260,000	$	4,908,619
Commercial Mortgage Pass-Through Certificates, “A4”, 5.306%, 2046		9,314,763		10,674,188
CWCapital Cobalt Ltd., “A4”, FRN, 5.996%, 2046		3,800,000		4,458,031
JPMorgan Chase Commercial Mortgage Securities Corp., “A3”, FRN, 6.155%, 2051		5,341,614		5,695,245
JPMorgan Chase Commercial Mortgage Securities Corp., “A4”, FRN, 6.003%, 2049		9,056,290		10,565,747

			$	36,301,830
Local Authorities - 1.0%
Nashville & Davidson County, TN, Metropolitan Government Convention Center Authority (Build America Bonds), 6.731%, 2043	$	4,855,000	$	5,912,322
Port Authority NY & NJ (168th Series), 4.926%, 2051		7,130,000		8,015,475
San Francisco, CA, City & County Public Utilities Commission, Water Rev. (Build America Bonds), 6%, 2040		840,000		1,053,982
State of California (Build America Bonds), 7.625%, 2040		1,225,000		1,775,392
University of California Rev. (Build America Bonds), 5.77%, 2043		2,750,000		3,402,575

			$	20,159,746
Medical & Health Technology & Services - 0.2%
Catholic Health Initiatives, 2.95%, 2022	$	4,861,000	$	4,970,178

Mortgage-Backed - 51.8%
Fannie Mae, 4.325%, 2013	$	1,529,736	$	1,533,939
Fannie Mae, 4.374%, 2013		1,294,879		1,302,551
Fannie Mae, 4.518%, 2013		1,711,279		1,712,796
Fannie Mae, 5%, 2013 - 2041		72,880,815		79,165,886
Fannie Mae, 5.06%, 2013 - 2017		3,136,477		3,381,683
Fannie Mae, 5.144%, 2013		1,569,315		1,591,404
Fannie Mae, 5.37%, 2013 - 2018		2,006,484		2,280,869
Fannie Mae, 4.561%, 2014		1,798,867		1,867,101
Fannie Mae, 4.6%, 2014		1,647,712		1,699,744
Fannie Mae, 4.606%, 2014		5,099,242		5,261,948
Fannie Mae, 4.77%, 2014		1,414,038		1,478,182
Fannie Mae, 4.82%, 2014 - 2015		4,787,742		5,111,224
Fannie Mae, 4.826%, 2014		7,371,119		7,714,151
Fannie Mae, 4.858%, 2014		4,611,628		4,674,179
Fannie Mae, 4.92%, 2014		390,585		402,728
Fannie Mae, 4.935%, 2014		714,176		733,582
Fannie Mae, 5.1%, 2014 - 2019		3,698,699		3,990,967
Fannie Mae, 4.56%, 2015		2,136,611		2,297,761
Fannie Mae, 4.564%, 2015		678,545		709,061
Fannie Mae, 4.62%, 2015		3,052,634		3,240,344
Fannie Mae, 4.665%, 2015		1,444,771		1,542,292
Fannie Mae, 4.7%, 2015		1,940,436		2,067,617
Fannie Mae, 4.74%, 2015		1,644,662		1,763,272
Fannie Mae, 4.78%, 2015		1,783,180		1,924,428
Fannie Mae, 4.79%, 2015		1,849,896		1,998,889

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Mortgage-Backed - continued
Fannie Mae, 4.81%, 2015	$	1,715,774	$	1,852,366
Fannie Mae, 4.815%, 2015		1,899,752		2,041,724
Fannie Mae, 4.85%, 2015		1,322,274		1,411,326
Fannie Mae, 4.87%, 2015		1,259,753		1,354,671
Fannie Mae, 4.89%, 2015		1,167,019		1,249,267
Fannie Mae, 4.907%, 2015		2,540,053		2,755,187
Fannie Mae, 5.464%, 2015		5,000,220		5,507,568
Fannie Mae, 5.08%, 2016 - 2019		1,988,689		2,222,675
Fannie Mae, 5.09%, 2016		600,000		667,742
Fannie Mae, 5.153%, 2016		1,095,546		1,224,276
Fannie Mae, 5.27%, 2016		634,305		736,102
Fannie Mae, 5.273%, 2016		1,309,072		1,464,177
Fannie Mae, 5.35%, 2016		1,748,364		1,956,447
Fannie Mae, 5.424%, 2016		4,138,360		4,659,100
Fannie Mae, 5.45%, 2016		690,000		783,902
Fannie Mae, 5.725%, 2016		3,620,815		4,115,613
Fannie Mae, 6.5%, 2016 - 2037		10,678,829		12,110,253
Fannie Mae, 1.9%, 2017		823,478		851,938
Fannie Mae, 3.308%, 2017		4,885,339		5,367,791
Fannie Mae, 4.992%, 2017		4,274,960		4,570,637
Fannie Mae, 5.05%, 2017 - 2019		2,987,018		3,362,733
Fannie Mae, 5.3%, 2017		737,740		828,390
Fannie Mae, 5.38%, 2017		1,948,922		2,197,152
Fannie Mae, 5.5%, 2017 - 2038		112,255,937		122,848,848
Fannie Mae, 5.508%, 2017		1,359,692		1,533,553
Fannie Mae, 6%, 2017 - 2037		26,319,212		29,226,769
Fannie Mae, 2.578%, 2018		9,100,000		9,787,523
Fannie Mae, 3.8%, 2018		1,707,807		1,913,033
Fannie Mae, 3.91%, 2018		1,626,923		1,826,880
Fannie Mae, 3.99%, 2018		1,600,000		1,814,450
Fannie Mae, 4%, 2018		1,597,327		1,805,823
Fannie Mae, 4.19%, 2018		896,863		1,021,065
Fannie Mae, 5.16%, 2018		797,036		884,061
Fannie Mae, 5.68%, 2018		1,104,774		1,268,660
Fannie Mae, 2.43%, 2019		1,305,000		1,391,712
Fannie Mae, 4.5%, 2019 - 2041		36,424,752		39,645,681
Fannie Mae, 4.67%, 2019		1,180,000		1,384,548
Fannie Mae, 4.83%, 2019		1,584,779		1,851,409
Fannie Mae, 4.84%, 2019		605,407		703,392
Fannie Mae, 4.876%, 2019		5,221,546		6,107,124
Fannie Mae, 4.94%, 2019		420,096		487,391
Fannie Mae, 5.28%, 2019		572,674		664,443
Fannie Mae, 5.47%, 2019		381,944		438,168
Fannie Mae, 5.6%, 2019		1,309,682		1,486,054
Fannie Mae, 3.87%, 2020		1,846,814		2,101,135
Fannie Mae, 4.14%, 2020		1,434,001		1,653,517
Fannie Mae, 4.88%, 2020		880,234		989,259
Fannie Mae, 5.19%, 2020		1,967,083		2,277,929
Fannie Mae, 7.5%, 2024 - 2031		379,936		464,070
Fannie Mae, 4.5%, 2025		1,762,231		1,901,311
Fannie Mae, 3%, 2027		3,976,802		4,199,977
Fannie Mae, 3.5%, 2042		11,842,762		12,780,819
Fannie Mae, TBA, 3%, 2042 - 2043		72,560,000		76,271,700
Fannie Mae, TBA, 3.5%, 2042		14,060,000		15,011,246

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
Mortgage-Backed - continued
Fannie Mae, TBA, 4%, 2043	$	29,509,000	$	31,588,461
Freddie Mac, 1.655%, 2016		8,873,478		9,160,287
Freddie Mac, 5%, 2016 - 2040		22,685,124		24,394,166
Freddie Mac, 6.5%, 2016 - 2038		3,241,031		3,639,138
Freddie Mac, 3.882%, 2017		5,323,000		6,007,676
Freddie Mac, 6%, 2017 - 2038		23,795,285		26,171,337
Freddie Mac, 2.303%, 2018		2,438,882		2,580,045
Freddie Mac, 2.323%, 2018		4,783,000		5,072,654
Freddie Mac, 2.412%, 2018 (n)		7,000,000		7,416,913
Freddie Mac, 3.154%, 2018		5,293,000		5,816,732
Freddie Mac, 1.883%, 2019		1,100,000		1,134,331
Freddie Mac, 2.13%, 2019		10,400,000		10,889,570
Freddie Mac, 4.186%, 2019		2,800,000		3,252,682
Freddie Mac, 5.085%, 2019		6,865,000		8,305,140
Freddie Mac, 2.757%, 2020		7,365,764		7,866,946
Freddie Mac, 3.32%, 2020		7,498,088		8,174,634
Freddie Mac, 4.224%, 2020		4,281,146		5,011,069
Freddie Mac, 4.251%, 2020		3,106,000		3,615,223
Freddie Mac, 5.5%, 2021 - 2038		29,021,645		31,864,233
Freddie Mac, 4.5%, 2022 - 2041		19,934,597		21,333,855
Freddie Mac, 4%, 2025		6,389,549		6,785,608
Freddie Mac, 3.5%, 2041 - 2042		15,281,489		16,475,732
Freddie Mac, TBA, 2.5%, 2027 - 2028		65,880,000		68,633,747
Freddie Mac, TBA, 3%, 2042		20,260,000		21,241,344
Freddie Mac, TBA, 3.5%, 2043		28,620,000		30,386,392
Ginnie Mae, 4.5%, 2033 - 2041		38,623,784		42,568,353
Ginnie Mae, 5.5%, 2033 - 2042		19,392,858		21,383,075
Ginnie Mae, 4%, 2039 - 2040		4,386,024		4,825,697
Ginnie Mae, 3.5%, 2041 - 2042		11,029,907		12,065,833
Ginnie Mae, 5.612%, 2058		9,431,371		10,060,745
Ginnie Mae, 6.357%, 2058		4,271,010		4,599,177
Ginnie Mae, TBA, 3%, 2042 - 2043		70,250,000		74,814,485

			$	1,085,614,465
U.S. Government Agencies and Equivalents - 2.1%
Aid-Egypt, 4.45%, 2015	$	6,204,000	$	6,893,699
Freddie Mac, 2.375%, 2022		11,320,000		11,897,728
Small Business Administration, 6.35%, 2021		775,315		868,246
Small Business Administration, 6.34%, 2021		761,661		849,638
Small Business Administration, 6.44%, 2021		940,543		1,050,243
Small Business Administration, 6.625%, 2021		997,015		1,118,182
Small Business Administration, 6.07%, 2022		849,395		948,694
Small Business Administration, 4.98%, 2023		1,112,874		1,242,089
Small Business Administration, 4.89%, 2023		3,112,962		3,457,724
Small Business Administration, 4.77%, 2024		2,404,226		2,691,397
Small Business Administration, 5.52%, 2024		1,865,097		2,109,634
Small Business Administration, 4.99%, 2024		2,292,111		2,593,842
Small Business Administration, 4.86%, 2024		1,647,066		1,853,752
Small Business Administration, 4.86%, 2025		2,729,145		3,056,793
Small Business Administration, 5.11%, 2025		2,303,885		2,600,617
U.S. Department of Housing & Urban Development, 6.36%, 2016		486,000		487,691
U.S. Department of Housing & Urban Development, 6.59%, 2016		201,000		201,561

			$	43,921,530

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Bonds - continued
U.S. Treasury Obligations - 39.1%
U.S. Treasury Bonds, 7.5%, 2016	$	3,421,000	$	4,362,842
U.S. Treasury Bonds, 6.25%, 2023		1,445,000		2,099,766
U.S. Treasury Bonds, 6%, 2026		5,933,000		8,728,926
U.S. Treasury Bonds, 6.75%, 2026		6,811,000		10,704,978
U.S. Treasury Bonds, 6.375%, 2027		2,309,000		3,563,436
U.S. Treasury Bonds, 5.25%, 2029		2,438,000		3,445,579
U.S. Treasury Bonds, 6.25%, 2030		3,166,000		4,997,335
U.S. Treasury Bonds, 4.5%, 2036		2,662,000		3,577,893
U.S. Treasury Bonds, 5%, 2037		4,133,000		5,959,914
U.S. Treasury Bonds, 4.375%, 2038		3,297,000		4,373,161
U.S. Treasury Bonds, 4.5%, 2039		68,136,300		92,388,598
U.S. Treasury Notes, 1.375%, 2013		16,769,000		16,793,885
U.S. Treasury Notes, 3.625%, 2013		5,523,000		5,609,512
U.S. Treasury Notes, 3.375%, 2013		2,594,000		2,648,819
U.S. Treasury Notes, 3.125%, 2013		48,289,000		49,454,745
U.S. Treasury Notes, 4%, 2014		2,232,000		2,332,875
U.S. Treasury Notes, 1.875%, 2014		222,621,000		227,160,465
U.S. Treasury Notes, 1.875%, 2014		16,258,000		16,632,698
U.S. Treasury Notes, 2.625%, 2014		16,750,000		17,374,859
U.S. Treasury Notes, 4%, 2015		13,740,000		14,859,590
U.S. Treasury Notes, 2.125%, 2015		161,986,000		169,325,910
U.S. Treasury Notes, 2.625%, 2016		4,787,000		5,149,017
U.S. Treasury Notes, 0.875%, 2016		58,167,000		59,107,677
U.S. Treasury Notes, 4.75%, 2017		11,447,000		13,667,535
U.S. Treasury Notes, 2.625%, 2018		2,713,000		2,989,175
U.S. Treasury Notes, 2.75%, 2019		1,746,600		1,945,959
U.S. Treasury Notes, 3.125%, 2019		12,026,000		13,708,702
U.S. Treasury Notes, 3.5%, 2020		6,007,000		7,039,453
U.S. Treasury Notes, 2.625%, 2020		1,329,000		1,472,282
U.S. Treasury Notes, 3.125%, 2021		30,808,000		35,299,221
U.S. Treasury Notes, 1.75%, 2022		13,960,000		14,243,555

			$	821,018,362
Total Bonds			$	2,111,882,511

Money Market Funds - 14.3%
MFS Institutional Money Market Portfolio, 0.17%, at Net Asset Value (v)		299,065,100	$	299,065,100
Total Investments			$	2,410,947,611

Other Assets, Less Liabilities - (15.0)%				(314,361,122	)
Net Assets - 100.0%			$	2,096,586,489

(n)

(v)	Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

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


FRN		Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
STRIPS		Separate Trading of Registered Interest and Principal of Securities
TBA		To Be Announced

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

Supplemental Information

11/30/12 (unaudited)

(1) Investment Valuations

Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. 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 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.


Investments at Value	Level 1		Level 2		Level 3		Total
U.S. Treasury Bonds & U.S. Government Agency & Equivalents		$—		$964,836,292		$—		$964,836,292
Corporate Bonds		—		25,129,924		—		25,129,924
Residential Mortgage-Backed Securities		—		1,085,614,465		—		1,085,614,465
Commercial Mortgage-Backed Securities		—		36,301,830		—		36,301,830
Mutual Funds		299,065,100		—		—		299,065,100
Total Investments		$299,065,100		$2,111,882,511		$—		$2,410,947,611

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

(2) Portfolio Securities

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


Aggregate cost	$2,326,845,232
Gross unrealized appreciation	90,724,898
Gross unrealized depreciation	(6,622,519	)
Net unrealized appreciation (depreciation)	$84,102,379

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

Supplemental Information (unaudited) – continued

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		116,572,471		641,246,761		(458,754,132	)		299,065,100

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$199,808			$299,065,100

QUARTERLY REPORT

November 30, 2012

LOGO

MFS® GLOBAL REAL ESTATE FUND

LOGO

PORTFOLIO OF INVESTMENTS

11/30/12 (unaudited)

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


Issuer	Shares/Par		Value ($)
Common Stocks - 97.8%
Real Estate - 97.8%
Advance Residence Investment Corp., REIT		1,272	$	2,667,906
Alexandria Real Estate Equities, Inc., REIT		59,418		4,035,671
Ascendas India Trust		3,219,000		1,977,921
Atrium European Real Estate Ltd.		1,385,140		7,947,975
AvalonBay Communities, Inc., REIT		44,360		5,846,204
Beni Stabili S.p.A.		4,058,183		2,322,264
Big Yellow Group PLC, REIT		1,257,110		6,954,617
BioMed Realty Trust, Inc., REIT		294,933		5,683,359
Boston Properties, Inc., REIT		43,103		4,423,661
BR Malls Participacoes S.A.		197,071		2,531,636
British Land Co. PLC, REIT		430,713		3,795,369
CFS Retail Property Trust Group, REIT		2,384,143		4,826,895
Corio N.V., REIT		123,576		5,537,500
Corporate Office Properties Trust, REIT		69,840		1,723,651
CubeSmart, REIT		108,040		1,490,952
DDR Corp., REIT		185,080		2,833,575
Derwent London PLC, REIT		75,641		2,502,538
Digital Realty Trust, Inc., REIT		37,401		2,413,861
EastGroup Properties, Inc., REIT		92,060		4,812,897
EPR Properties, REIT		57,815		2,621,910
Equity Lifestyle Properties, Inc., REIT		55,266		3,627,660
Excel Trust, Inc. REIT		55,450		659,855
Federal Realty Investment Trust, REIT		33,805		3,517,072
Global Logistic Properties Ltd.		3,156,901		7,267,649
GSW Immobilien AG		74,662		3,164,545
Hammerson PLC, REIT		205,787		1,553,555
Hang Lung Properties Ltd.		2,085,256		7,641,257
Henderson Land Development Co. Ltd.		597,418		4,255,048
Home Properties, Inc., REIT		71,563		4,214,345
Host Hotels & Resorts, Inc., REIT		296,916		4,361,696
Kenedix Realty Investment Corp., REIT		1,142		3,788,888
Link, REIT		1,504,905		8,165,113
Macquarie Goodman Group, REIT		548,724		2,645,634
Medical Properties Trust, Inc., REIT		564,043		6,582,382
Mid-America Apartment Communities, Inc., REIT		83,721		5,217,493
Mitsubishi Estate Co. Ltd.		428,135		8,252,642
Mitsui Fudosan Co. Ltd.		400,274		8,346,831
National Health Investors, Inc., REIT		12,940		718,170
National Retail Properties, Inc., REIT		116,550		3,580,416
NTT Urban Development Corp.		5,822		4,929,649
Plum Creek Timber Co. Inc., REIT		118,044		5,058,185
Potlatch Corp., REIT		39,420		1,535,409
Primaris Retail, REIT		279,905		6,464,006
Public Storage, Inc., REIT		70,882		9,968,844
Retail Opportunity Investment Corp., REIT		165,500		2,100,195
SEGRO PLC, REIT		530,834		2,009,675
Simon Property Group, Inc., REIT		95,659		14,552,604
Spirit Realty Capital, Inc., REIT (a)		92,940		1,508,416
Stockland, IEU		2,192,675		7,757,251
Sun Hung Kai Properties Ltd.		440,231		6,441,407
TAG Immobilien AG		157,130		1,900,507
Tanger Factory Outlet Centers, Inc., REIT		128,392		4,221,529

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Real Estate - continued
Unibail-Rodamco		34,598	$	8,119,610
Ventas, Inc., REIT		90,403		5,754,151
Vornado Realty Trust, REIT		86,353		6,599,960
Westfield Group, REIT		664,491		7,225,879
Weyerhaeuser Co., REIT		147,679		4,070,033
Wharf Holdings Ltd.		301,596		2,321,256
Total Common Stocks			$	267,049,179

Money Market Funds - 1.9%
MFS Institutional Money Market Portfolio, 0.17%, at Net Asset Value (v)		5,124,120	$	5,124,120
Total Investments			$	272,173,299
Other Assets, Less Liabilities - 0.3%				690,572
Net Assets - 100.0%			$	272,863,871

(a)	Non-income producing security.

(v)	Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

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


IEU		International Equity Unit
PLC		Public Limited Company
REIT		Real Estate Investment Trust

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

Supplemental Information

11/30/12 (unaudited)

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Equity Securities		$267,049,179		$—		$—		$267,049,179
Mutual Funds		5,124,120		—		—		5,124,120
Total Investments		$272,173,299		$—		$—		$272,173,299

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

Of the level 1 investments presented above, equity investments amounting to $46,686,066 would have been considered level 2 investments at the beginning of the period. The primary reason for changes in the classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. The fund’s foreign equity securities may often be valued at fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period.

Supplemental Information (unaudited) – continued

(2) Portfolio Securities

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


Aggregate cost	$215,160,769
Gross unrealized appreciation	58,987,522
Gross unrealized depreciation	(1,974,992	)
Net unrealized appreciation (depreciation)	$57,012,530

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

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		5,523,158		64,117,717		(64,516,755	)		5,124,120

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$4,788			$5,124,120

(4) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of November 30, 2012, are as follows:


United States			47.4%
Hong Kong			10.6%
Japan			10.3%
Australia			8.2%
United Kingdom			6.2%
Singapore			3.4%
France			3.0%
Austria			2.9%
Canada			2.4%
Other Countries			5.6%

QUARTERLY REPORT

November 30, 2012

LOGO

MFS® NEW DISCOVERY VALUE FUND

LOGO

PORTFOLIO OF INVESTMENTS

11/30/12 (unaudited)

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


Issuer	Shares/Par		Value ($)
Common Stocks - 96.1%
Aerospace - 1.0%
Kaman Corp.		51,560	$	1,868,534

Apparel Manufacturers - 2.7%
Guess?, Inc.		78,960	$	2,042,695
Hanesbrands, Inc. (a)		88,237		3,185,356

			$	5,228,051
Broadcasting - 0.5%
Stroer Out-of-Home Media AG (a)		115,900	$	1,017,453

Brokerage & Asset Managers - 2.3%
FXCM, Inc. “A”		169,460	$	1,696,295
GFI Group, Inc.		402,354		1,122,568
NASDAQ OMX Group, Inc.		68,481		1,659,295

			$	4,478,158
Business Services - 4.6%
Dun & Bradstreet Corp.		14,585	$	1,154,840
FleetCor Technologies, Inc. (a)		24,158		1,260,806
G&K Services, Inc.		44,959		1,524,110
Global Payments, Inc.		42,470		1,864,858
Performant Financial Corp. (a)		132,250		1,277,535
Portfolio Recovery Associates, Inc. (a)		16,850		1,665,117

			$	8,747,266
Computer Software - 1.3%
OBIC Co. Ltd.		10,880	$	2,413,965

Computer Software - Systems - 2.1%
Ingram Micro, Inc., “A” (a)		123,679	$	2,003,600
NICE Systems Ltd., ADR (a)		58,829		1,987,244

			$	3,990,844
Construction - 2.0%
Beacon Roofing Supply, Inc. (a)		23,677	$	730,199
Lennox International, Inc.		39,532		2,078,988
M/I Homes, Inc. (a)		42,568		936,922

			$	3,746,109
Consumer Products - 1.1%
Sensient Technologies Corp.		58,990	$	2,135,438

Consumer Services - 1.0%
H&R Block, Inc.		107,245	$	1,933,627

Containers - 1.4%
Greif, Inc., “A”		47,196	$	1,936,452
Packaging Corp. of America		20,950		763,418

			$	2,699,870
Electronics - 7.8%
CEVA, Inc. (a)		64,250	$	970,818
Entegris, Inc. (a)		127,880		1,145,805

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Electronics - continued
Entropic Communications, Inc. (a)		272,308	$	1,413,278
Intermec, Inc. (a)		190,686		1,439,679
Lattice Semiconductor Corp. (a)		249,810		989,248
M/A-COM Technology Solutions Holdings, Inc. (a)		154,220		2,177,586
MaxLinear, Inc., “A” (a)		286,607		1,539,080
Micrel, Inc.		130,250		1,251,703
MKS Instruments, Inc.		41,930		1,016,802
Ultratech, Inc. (a)		45,240		1,484,777
Veeco Instruments, Inc. (a)		50,423		1,435,039

			$	14,863,815
Energy - Independent - 4.2%
Berry Petroleum Corp., “A”		58,077	$	1,806,775
Energy XXI (Bermuda) Ltd.		43,624		1,382,008
Resolute Energy Corp. (a)		202,070		1,725,678
SM Energy Co.		38,880		1,931,947
WPX Energy, Inc. (a)		82,180		1,297,622

			$	8,144,030
Engineering - Construction - 0.8%
Foster Wheeler AG (a)		71,095	$	1,596,794

Entertainment - 1.4%
Cinemark Holdings, Inc.		101,725	$	2,766,920

Gaming & Lodging - 1.0%
WMS Industries, Inc. (a)		107,535	$	1,817,341

Health Maintenance Organizations - 2.2%
Centene Corp. (a)		52,730	$	2,315,374
Molina Healthcare, Inc. (a)		67,560		1,880,870

			$	4,196,244
Insurance - 6.9%
Allied World Assurance Co.		23,253	$	1,887,446
Alterra Capital Holdings Ltd.		94,300		2,206,620
Aspen Insurance Holdings Ltd.		64,309		2,012,872
Everest Re Group Ltd.		18,892		2,049,215
Hanover Insurance Group, Inc.		57,570		2,104,183
Symetra Financial Corp.		134,349		1,643,088
Willis Group Holdings PLC		39,690		1,392,325

			$	13,295,749
Leisure & Toys - 2.1%
Brunswick Corp.		73,580	$	1,896,157
Callaway Golf Co.		325,901		2,196,573

			$	4,092,730
Machinery & Tools - 7.3%
Altra Holdings, Inc.		82,080	$	1,543,925
Columbus McKinnon Corp. (a)		116,750		1,746,580
Douglas Dynamics, Inc.		143,095		2,057,706
EnPro Industries, Inc. (a)		34,710		1,363,409
Herman Miller, Inc.		112,295		2,371,670
Kennametal, Inc.		53,930		2,055,812

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Machinery & Tools - continued
Polypore International, Inc. (a)		45,430	$	1,864,901
Regal Beloit Corp.		13,520		943,020

			$	13,947,023
Major Banks - 1.1%
Huntington Bancshares, Inc.		348,040	$	2,140,446

Medical & Health Technology & Services - 4.3%
Almost Family, Inc. (a)		85,275	$	1,691,856
Community Health Systems, Inc. (a)		38,202		1,125,431
Cross Country Healthcare, Inc. (a)		323,481		1,297,159
Health Management Associates, Inc., “A” (a)		266,150		2,115,893
MEDNAX, Inc. (a)		24,890		1,966,310

			$	8,196,649
Medical Equipment - 1.2%
Teleflex, Inc.		32,533	$	2,251,284

Metals & Mining - 2.0%
GrafTech International Ltd. (a)		188,070	$	1,824,279
TMS International Corp., “A” (a)		182,830		2,011,130

			$	3,835,409
Natural Gas - Distribution - 3.0%
AGL Resources, Inc.		44,187	$	1,722,409
NorthWestern Corp.		50,220		1,742,132
UGI Corp.		67,281		2,235,075

			$	5,699,616
Oil Services - 1.2%
Tesco Corp. (a)		220,880	$	2,385,504

Other Banks & Diversified Financials - 10.1%
Berkshire Hills Bancorp, Inc.		88,360	$	2,037,582
Brookline Bancorp, Inc.		226,385		1,915,217
CAI International, Inc. (a)		118,740		2,374,800
CapitalSource, Inc.		249,328		2,007,090
Cathay General Bancorp, Inc.		126,386		2,262,309
First Interstate BancSystem, Inc.		99,550		1,521,124
Glacier Bancorp, Inc.		127,630		1,854,464
PrivateBancorp, Inc.		119,820		1,963,850
Regional Management Corp. (a)		83,720		1,465,100
Sandy Spring Bancorp, Inc.		101,948		1,920,700

			$	19,322,236
Pollution Control - 1.1%
Progressive Waste Solutions Ltd.		99,286	$	2,065,149

Railroad & Shipping - 0.7%
Diana Shipping, Inc. (a)		192,824	$	1,432,682

Real Estate - 5.0%
BioMed Realty Trust, Inc., REIT		118,450	$	2,282,531
Capstead Mortgage Corp., REIT		137,812		1,673,038
EPR Properties, REIT		44,638		2,024,333

Portfolio of Investments (unaudited) – continued


Issuer	Shares/Par		Value ($)
Common Stocks - continued
Real Estate - continued
Hatteras Financial Corp., REIT		65,800	$	1,754,228
Select Income REIT		72,640		1,815,274

			$	9,549,404
Specialty Chemicals - 2.4%
A. Schulman, Inc.		43,922	$	1,149,878
Cabot Corp.		25,940		978,716
Koppers Holdings, Inc.		43,106		1,525,521
Quaker Chemical Corp.		19,750		961,430

			$	4,615,545
Specialty Stores - 5.0%
Children’s Place Retail Store, Inc. (a)		24,800	$	1,205,528
Destination Maternity Corp.		93,403		2,075,415
Express, Inc. (a)		155,610		2,323,257
Gordmans Stores, Inc. (a)		57,082		825,406
Kirkland’s, Inc. (a)		71,900		653,571
rue21, Inc. (a)		47,970		1,377,219
Tilly’s, Inc. (a)		83,510		1,104,837

			$	9,565,233
Tobacco - 1.2%
Schweitzer-Mauduit International, Inc.		58,790	$	2,202,861

Trucking - 2.2%
Celadon Group, Inc.		63,540	$	1,097,971
Landstar System, Inc.		29,744		1,504,154
Marten Transport Ltd.		89,430		1,692,016

			$	4,294,141
Utilities - Electric Power - 1.9%
El Paso Electric Co.		55,310	$	1,761,623
Great Plains Energy, Inc.		90,787		1,838,437

			$	3,600,060
Total Common Stocks			$	184,136,180

Money Market Funds - 4.2%
MFS Institutional Money Market Portfolio, 0.17%, at Net Asset Value (v)		8,067,654	$	8,067,654
Total Investments			$	192,203,834

Other Assets, Less Liabilities - (0.3)%				(479,595	)
Net Assets - 100.0%			$	191,724,239

(a)	Non-income producing security.

(v)	Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

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


ADR		American Depositary Receipt
PLC		Public Limited Company
REIT		Real Estate Investment Trust

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

Supplemental Information

11/30/12 (unaudited)

(1) Investment Valuations


Investments at Value	Level 1		Level 2		Level 3		Total
Equity Securities		$184,136,180		$—		$—		$184,136,180
Mutual Funds		8,067,654		—		—		8,067,654
Total Investments		$192,203,834		$—		$—		$192,203,834

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

Of the level 1 investments presented above, equity investments amounting to $2,413,965 would have been considered level 2 investments at the beginning of the period. The primary reason for changes in the classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. The fund’s foreign equity securities may often be valued at fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period.

Supplemental Information (unaudited) – continued

(2) Portfolio Securities

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


Aggregate cost	$184,316,000
Gross unrealized appreciation	16,577,759
Gross unrealized depreciation	(8,689,925	)
Net unrealized appreciation (depreciation)	$7,887,834

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

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers


Underlying Affiliated Fund	Beginning Shares/Par Amount		Acquisitions Shares/Par Amount		Dispositions Shares/Par Amount			Ending Shares/Par Amount
MFS Institutional Money Market Portfolio		6,717,269		40,120,167		(38,769,782	)		8,067,654

Underlying Affiliated Fund	Realized Gain (Loss)		Capital Gain Distributions		Dividend Income			Ending Value
MFS Institutional Money Market Portfolio		$—		$—		$9,306			$8,067,654

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 XIII


By (Signature and Title)*		JOHN M. CORCORAN
		John M. Corcoran, President

Date: January 15, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		JOHN M. CORCORAN
		John M. Corcoran, President (Principal Executive Officer)

Date: January 15, 2013

By (Signature and Title)*

DAVID L. DILORENZO

David L. DiLorenzo, Treasurer (Principal Financial Officer

and Accounting Officer)

Date: January 15, 2013

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

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