UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02031
MFS SERIES TRUST V
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue, Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: September 30
Date of reporting period: March 31, 2021
ITEM 1. | REPORTS TO STOCKHOLDERS. |
1(a):
1 | |
2 | |
4 | |
7 | |
21 | |
23 | |
24 | |
25 | |
39 | |
52 | |
52 | |
52 | |
52 | |
52 |
back cover |
OBIC Co. Ltd. | 1.9% |
Croda International PLC | 1.5% |
LEG Immobilien AG | 1.3% |
Symrise AG | 1.2% |
Cellnex Telecom S.A. | 1.2% |
Just Eat Takeaway.com N.V. | 1.0% |
SG Holdings Co. Ltd. | 1.0% |
Nomura Research Institute Ltd. | 0.9% |
Flutter Entertainment PLC | 0.9% |
Daiseki Co. Ltd. | 0.8% |
Industrials | 19.6% |
Information Technology | 13.1% |
Consumer Discretionary | 12.8% |
Materials | 12.1% |
Consumer Staples | 9.8% |
Financials | 8.8% |
Health Care | 7.7% |
Communication Services | 6.0% |
Real Estate | 4.4% |
Utilities | 1.7% |
Energy | 1.5% |
Japan | 31.4% |
United Kingdom | 13.3% |
Germany | 6.4% |
Australia | 4.3% |
Netherlands | 3.0% |
Hong Kong | 3.0% |
China | 2.8% |
India | 2.8% |
Switzerland | 2.8% |
Other Countries | 30.2% |
Japanese Yen | 31.4% |
Euro | 18.2% |
British Pound Sterling | 14.4% |
Hong Kong Dollar | 4.5% |
Australian Dollar | 4.3% |
United States Dollar | 3.7% |
Swiss Franc | 2.8% |
Indian Rupee | 2.4% |
Brazilian Real | 2.3% |
Other Currencies | 16.0% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents. |
October 1, 2020 through March 31, 2021
Share Class | Annualized Expense Ratio | Beginning Account Value 10/01/20 | Ending Account Value 3/31/21 | Expenses Paid During Period (p) 10/01/20-3/31/21 | |
A | Actual | 1.27% | $1,000.00 | $1,130.14 | $6.74 |
Hypothetical (h) | 1.27% | $1,000.00 | $1,018.60 | $6.39 | |
B | Actual | 2.02% | $1,000.00 | $1,126.04 | $10.71 |
Hypothetical (h) | 2.02% | $1,000.00 | $1,014.86 | $10.15 | |
C | Actual | 2.02% | $1,000.00 | $1,126.18 | $10.71 |
Hypothetical (h) | 2.02% | $1,000.00 | $1,014.86 | $10.15 | |
I | Actual | 1.02% | $1,000.00 | $1,131.67 | $5.42 |
Hypothetical (h) | 1.02% | $1,000.00 | $1,019.85 | $5.14 | |
R1 | Actual | 2.02% | $1,000.00 | $1,125.92 | $10.71 |
Hypothetical (h) | 2.02% | $1,000.00 | $1,014.86 | $10.15 | |
R2 | Actual | 1.52% | $1,000.00 | $1,128.71 | $8.07 |
Hypothetical (h) | 1.52% | $1,000.00 | $1,017.35 | $7.64 | |
R3 | Actual | 1.27% | $1,000.00 | $1,130.15 | $6.74 |
Hypothetical (h) | 1.27% | $1,000.00 | $1,018.60 | $6.39 | |
R4 | Actual | 1.02% | $1,000.00 | $1,131.85 | $5.42 |
Hypothetical (h) | 1.02% | $1,000.00 | $1,019.85 | $5.14 | |
R6 | Actual | 0.89% | $1,000.00 | $1,132.15 | $4.73 |
Hypothetical (h) | 0.89% | $1,000.00 | $1,020.49 | $4.48 | |
529A | Actual | 1.29% | $1,000.00 | $1,130.19 | $6.85 |
Hypothetical (h) | 1.29% | $1,000.00 | $1,018.50 | $6.49 | |
529B | Actual | 1.32% | $1,000.00 | $1,129.73 | $7.01 |
Hypothetical (h) | 1.32% | $1,000.00 | $1,018.35 | $6.64 | |
529C | Actual | 2.07% | $1,000.00 | $1,125.77 | $10.97 |
Hypothetical (h) | 2.07% | $1,000.00 | $1,014.61 | $10.40 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 97.3% | ||||
Aerospace – 1.0% | ||||
LISI Group (a) | 608,820 | $ 17,741,986 | ||
MTU Aero Engines Holding AG | 38,986 | 9,175,780 | ||
Saab AB, “B” | 568,022 | 15,544,517 | ||
Singapore Technologies Engineering Ltd. | 12,378,800 | 35,948,552 | ||
$78,410,835 | ||||
Airlines – 0.7% | ||||
Auckland International Airport Ltd. (a) | 2,773,766 | $ 15,187,634 | ||
Enav S.p.A. | 4,662,291 | 22,679,060 | ||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. (a) | 516,082 | 5,394,754 | ||
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR (a) | 45,460 | 8,082,334 | ||
$51,343,782 | ||||
Alcoholic Beverages – 0.5% | ||||
Carlsberg Group | 132,479 | $ 20,354,555 | ||
China Resources Beer Holdings Co. Ltd. | 1,518,000 | 11,928,116 | ||
Compania Cervecerias Unidas S.A., ADR | 435,271 | 7,691,239 | ||
$39,973,910 | ||||
Apparel Manufacturers – 0.6% | ||||
Burberry Group PLC (a) | 574,654 | $ 15,040,259 | ||
Coats Group PLC | 5,250,030 | 4,118,246 | ||
Pacific Textiles Holdings Ltd. | 38,809,000 | 24,900,556 | ||
$44,059,061 | ||||
Automotive – 3.1% | ||||
Autoliv, Inc., SDR (a) | 72,648 | $ 6,709,591 | ||
Cie Plastic Omnium S.A. | 319,197 | 11,693,830 | ||
Daikyonishikawa Corp. | 332,421 | 2,337,076 | ||
Hella KGaA Hueck & Co. (a) | 117,496 | 6,589,001 | ||
Hero MotoCorp Ltd. | 591,167 | 23,558,143 | ||
Koito Manufacturing Co. Ltd. | 645,800 | 43,539,645 | ||
Mahindra & Mahindra Ltd. | 3,436,522 | 37,470,314 | ||
NGK Spark Plug Co. Ltd | 837,800 | 14,540,210 | ||
PT United Tractors Tbk | 21,991,700 | 33,631,367 | ||
Stanley Electric Co. Ltd. | 871,131 | 26,042,359 | ||
USS Co. Ltd. | 1,960,700 | 38,422,758 | ||
$244,534,294 | ||||
Biotechnology – 0.1% | ||||
Abcam PLC (a) | 495,341 | $ 9,498,821 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Broadcasting – 0.3% | ||||
4imprint Group PLC (a) | 170,992 | $ 5,775,375 | ||
iClick Interactive Asia Group Ltd. (a) | 901,311 | 10,608,430 | ||
Nippon Television Holdings, Inc. | 767,100 | 10,116,117 | ||
$26,499,922 | ||||
Brokerage & Asset Managers – 3.2% | ||||
ASX Ltd. | 329,604 | $ 17,809,760 | ||
Bolsa Mexicana de Valores S.A. de C.V. | 3,203,400 | 6,464,945 | ||
Daiwa Securities Group, Inc. | 10,116,400 | 52,511,039 | ||
Euronext N.V. | 163,274 | 16,447,395 | ||
Hargreaves Lansdown PLC | 770,285 | 16,369,418 | ||
JAFCO Group Co. | 65,700 | 3,917,596 | ||
Japan Exchange Group, Inc. | 145,300 | 3,415,344 | ||
Moscow Exchange MICEX-RTS PJSC | 7,428,305 | 17,074,984 | ||
Omni Bridgeway Ltd. | 4,742,622 | 12,674,133 | ||
Partners Group Holding AG | 3,641 | 4,649,724 | ||
Rathbone Brothers PLC | 1,046,540 | 25,392,577 | ||
Schroders PLC | 815,686 | 39,357,666 | ||
TMX Group Ltd. | 366,031 | 38,036,117 | ||
$254,120,698 | ||||
Business Services – 8.1% | ||||
AEON Delight Co. Ltd. | 295,700 | $ 8,635,402 | ||
Amadeus Fire AG (a) | 165,357 | 24,200,487 | ||
Auto Trader Group PLC (a) | 4,004,305 | 30,604,737 | ||
Bunzl PLC | 774,450 | 24,801,667 | ||
Cancom SE | 431,801 | 24,883,171 | ||
Central Automotive Products Ltd. | 47,300 | 1,187,874 | ||
Cerved Information Solutions S.p.A. (a) | 4,383,395 | 48,474,041 | ||
Compass Group PLC (a) | 1,481,700 | 29,853,646 | ||
Comture Corp. | 667,200 | 16,202,970 | ||
DKSH Holding Ltd. | 45,850 | 3,519,460 | ||
Doshisha Co. Ltd. | 141,800 | 2,403,374 | ||
Electrocomponents PLC | 4,855,902 | 66,474,861 | ||
EPS Holdings, Inc. | 1,022,100 | 10,462,412 | ||
Eurofins Scientific SE (a) | 37,120 | 3,548,181 | ||
Fuji Soft, Inc. | 339,500 | 17,631,279 | ||
Fullcast Holdings Co., Ltd. | 492,800 | 8,892,431 | ||
Intertek Group PLC | 495,834 | 38,292,850 | ||
IPH Ltd. | 6,793,970 | 34,245,346 | ||
Iwatani Corp. | 493,800 | 30,581,999 | ||
Johnson Service Group PLC (a) | 1,680,493 | 3,447,291 | ||
Karnov Group AB | 1,201,680 | 7,182,465 | ||
Nomura Research Institute Ltd. | 2,417,100 | 75,130,215 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
NS Solutions Corp. | 1,963,700 | $ 62,249,600 | ||
SAN-AI OIL Co. Ltd. | 2,304,200 | 27,418,686 | ||
SCSK Corp. | 282,900 | 16,817,243 | ||
Sohgo Security Services Co. Ltd. | 569,000 | 26,935,863 | ||
$644,077,551 | ||||
Cable TV – 0.1% | ||||
NOS, SGPS S.A. | 2,643,538 | $ 9,622,639 | ||
Chemicals – 0.8% | ||||
IMCD Group N.V. | 267,104 | $ 37,118,095 | ||
KH Neochem Co. Ltd. | 409,600 | 10,350,515 | ||
Orica Ltd. | 1,258,415 | 13,333,816 | ||
$60,802,426 | ||||
Computer Software – 3.1% | ||||
ARGO GRAPHICS, Inc. | 509,800 | $ 14,656,473 | ||
OBIC Business Consultants Co. Ltd. | 91,900 | 4,826,805 | ||
OBIC Co. Ltd. | 817,200 | 150,360,697 | ||
Oracle Corp. | 255,700 | 25,134,723 | ||
PCA Corp. | 352,100 | 13,530,688 | ||
Sage Group PLC | 679,854 | 5,743,448 | ||
Totvs S.A. | 1,920,700 | 9,871,968 | ||
Wisetech Global Ltd. | 932,215 | 20,823,019 | ||
$244,947,821 | ||||
Computer Software - Systems – 2.1% | ||||
Alten S.A. (a) | 261,738 | $ 30,724,710 | ||
Amadeus IT Group S.A. (a) | 732,307 | 51,852,921 | ||
EMIS Group PLC | 489,193 | 7,418,416 | ||
Globant S.A. (a) | 42,937 | 8,914,151 | ||
SimCorp A/S | 61,945 | 7,670,799 | ||
Temenos AG | 86,543 | 12,457,467 | ||
Toshiba Tec Corp. (a) | 209,700 | 7,705,753 | ||
Venture Corp. Ltd. | 2,727,700 | 40,783,531 | ||
$167,527,748 | ||||
Conglomerates – 0.9% | ||||
Ansell Ltd. | 1,061,273 | $ 31,713,841 | ||
DCC PLC | 419,603 | 36,385,430 | ||
$68,099,271 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Construction – 3.2% | ||||
Bellway PLC | 610,687 | $ 28,649,622 | ||
Breedon Group PLC (a) | 16,317,666 | 21,010,829 | ||
Forterra PLC (h) | 15,323,819 | 60,629,947 | ||
Grupo Cementos de Chihuahua S.A.B. de C.V. | 2,221,736 | 15,419,921 | ||
Ibstock PLC | 4,572,917 | 13,881,900 | ||
Kingspan Group PLC | 84,112 | 7,131,538 | ||
Marshalls PLC | 938,311 | 8,854,388 | ||
PT Indocement Tunggal Prakarsa Tbk | 24,754,200 | 20,901,142 | ||
Rinnai Corp. | 89,900 | 10,090,167 | ||
Somfy S.A. | 110,711 | 18,513,871 | ||
Techtronic Industries Co. Ltd. | 1,918,000 | 32,970,754 | ||
Toto Ltd. | 145,700 | 8,994,195 | ||
Zhejiang Supor Co. Ltd. | 815,145 | 8,897,578 | ||
$255,945,852 | ||||
Consumer Products – 3.0% | ||||
Amorepacific Corp. | 188,200 | $ 43,079,024 | ||
Dabur India Ltd. | 1,800,271 | 13,308,666 | ||
Essity AB (l) | 864,312 | 27,304,637 | ||
Kobayashi Pharmaceutical Co. Ltd. | 273,600 | 25,525,292 | ||
Lion Corp. | 1,082,500 | 21,107,406 | ||
Milbon Co. Ltd. | 39,792 | 2,189,770 | ||
Mitsubishi Pencil Co. Ltd. | 231,500 | 3,352,680 | ||
PZ Cussons PLC | 364,404 | 1,341,321 | ||
T. Hasegawa Co. Ltd. (h) | 3,028,900 | 58,040,665 | ||
Takasago International Corp. | 161,300 | 3,840,931 | ||
Uni-Charm Corp. | 883,600 | 37,067,708 | ||
$236,158,100 | ||||
Consumer Services – 2.0% | ||||
51job, Inc., ADR (a) | 498,506 | $ 31,206,476 | ||
Anima Holdings S.A. (a) | 7,282,161 | 12,937,669 | ||
Asante, Inc. | 170,200 | 2,762,243 | ||
Heian Ceremony Service Co. | 363,967 | 2,899,245 | ||
Localiza Rent a Car S.A. | 445,900 | 4,731,793 | ||
MakeMyTrip Ltd. (a) | 1,069,505 | 33,774,968 | ||
Meitec Corp. | 371,900 | 20,585,816 | ||
Moneysupermarket.com Group PLC | 5,518,542 | 20,282,560 | ||
Park24 Co. Ltd. | 358,200 | 6,693,302 | ||
Seek Ltd. (a) | 663,791 | 14,415,654 | ||
Webjet Ltd. (a)(l) | 2,591,938 | 11,036,925 | ||
$161,326,651 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Containers – 2.2% | ||||
Gerresheimer AG | 485,954 | $ 48,268,689 | ||
Mayr-Melnhof Karton AG | 133,652 | 27,491,091 | ||
SIG Combibloc Group AG | 2,162,064 | 50,005,522 | ||
Toyo Seikan Group Holdings, Ltd. | 1,427,000 | 17,040,547 | ||
Verallia | 175,016 | 6,311,169 | ||
Viscofan S.A. | 372,627 | 25,738,104 | ||
$174,855,122 | ||||
Electrical Equipment – 2.5% | ||||
Advantech Co. Ltd. | 1,855,191 | $ 23,072,129 | ||
Bharat Heavy Electricals Ltd. (a) | 14,453,222 | 9,672,168 | ||
Cembre S.p.A. | 542,000 | 14,745,999 | ||
Halma PLC | 670,891 | 21,956,897 | ||
Legrand S.A. | 604,998 | 56,276,046 | ||
LS Electric Co. Ltd. | 524,371 | 28,359,680 | ||
OMRON Corp. | 208,121 | 16,310,534 | ||
Sagami Rubber Industries Co. Ltd. | 264,700 | 2,690,356 | ||
TAKUMA Co. Ltd. | 212,600 | 4,625,637 | ||
Voltronic Power Technology Corp. | 590,659 | 23,013,214 | ||
$200,722,660 | ||||
Electronics – 3.4% | ||||
Amano Corp. | 246,720 | $ 6,007,833 | ||
ASM International N.V. | 167,688 | 48,768,635 | ||
ASM Pacific Technology Ltd. | 1,795,700 | 23,005,533 | ||
Chroma Ate, Inc. | 4,438,000 | 29,611,392 | ||
Fukui Computer Holdings, Inc. | 205,100 | 7,344,516 | ||
Hirose Electric Co. Ltd. | 87,800 | 13,547,172 | ||
Iriso Electronics Co. Ltd. | 218,500 | 9,798,469 | ||
Kardex Holding AG | 105,770 | 21,575,894 | ||
Melexis N.V. | 178,211 | 18,861,171 | ||
Silicon Motion Technology Corp., ADR | 488,986 | 29,040,879 | ||
Tripod Technology Corp. | 7,316,000 | 36,111,740 | ||
Win Semiconductors Corp. | 656,000 | 9,067,533 | ||
Zuken, Inc. | 559,300 | 14,274,841 | ||
$267,015,608 | ||||
Energy - Independent – 0.3% | ||||
Oil Search Ltd. | 6,729,806 | $ 20,896,105 | ||
Energy - Integrated – 0.1% | ||||
Cairn Energy PLC | 2,040,461 | $ 4,787,691 | ||
Galp Energia SGPS S.A. | 394,349 | 4,587,535 | ||
$9,375,226 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Engineering - Construction – 0.2% | ||||
Babcock International Group PLC (a) | 1,393,969 | $ 4,393,065 | ||
JGC Holdings Corp. | 257,000 | 3,171,225 | ||
NIPPO Corp. | 415,000 | 11,353,534 | ||
$18,917,824 | ||||
Entertainment – 1.2% | ||||
CTS Eventim AG (a) | 947,076 | $ 54,909,845 | ||
Toei Co. Ltd. | 71,600 | 15,499,580 | ||
Toho Co. Ltd. | 605,800 | 24,653,321 | ||
$95,062,746 | ||||
Food & Beverages – 4.9% | ||||
ARIAKE JAPAN Co. Ltd. | 143,600 | $ 8,717,177 | ||
AVI Ltd. | 4,871,301 | 24,620,532 | ||
Bakkafrost P/f | 603,953 | 47,839,469 | ||
Britvic PLC | 655,513 | 7,568,406 | ||
Cranswick PLC | 548,024 | 27,470,194 | ||
Ezaki Glico Co. Ltd. | 454,000 | 18,225,604 | ||
Greencore Group PLC (a) | 1,183,806 | 2,565,496 | ||
Gruma S.A.B. de C.V. | 815,362 | 9,629,406 | ||
JBS S.A. | 1,558,538 | 8,384,343 | ||
Kato Sangyo Co. Ltd. | 547,900 | 17,738,096 | ||
Kerry Group PLC | 206,732 | 25,867,774 | ||
Kikkoman Corp. | 121,900 | 7,278,992 | ||
Morinaga & Co. Ltd. | 666,200 | 23,837,176 | ||
Orion Corp. | 269,950 | 31,353,561 | ||
Ridley Corp. NPV (h) | 21,241,987 | 19,401,299 | ||
S Foods, Inc. | 841,000 | 28,811,296 | ||
Shenguan Holdings Group Ltd. | 13,203,505 | 628,407 | ||
Tata Consumer Products Ltd. | 1,203,509 | 10,537,623 | ||
Tate & Lyle PLC | 439,814 | 4,651,745 | ||
Tingyi (Cayman Islands) Holdings Corp. | 17,074,000 | 31,362,694 | ||
Universal Robina Corp. | 10,155,080 | 27,826,436 | ||
$384,315,726 | ||||
Food & Drug Stores – 1.8% | ||||
Cosmos Pharmaceutical Corp. | 59,200 | $ 9,246,377 | ||
Dairy Farm International Holdings Ltd. | 6,359,109 | 27,437,253 | ||
JM Holdings Co. Ltd. | 253,700 | 5,227,853 | ||
Matsumotokiyoshi Holdings Co. Ltd. | 90,800 | 4,054,347 | ||
Patlac Corp. | 279,300 | 15,142,810 | ||
San-A Co. Ltd. | 87,700 | 3,654,689 | ||
Sendas Distribuidora S.A. (a) | 787,400 | 10,329,584 | ||
Spencer's Retail Ltd. (a) | 723,473 | 698,599 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Drug Stores – continued | ||||
Sugi Holdings Co. Ltd. | 234,200 | $ 18,588,432 | ||
Sundrug Co. Ltd. | 849,700 | 31,146,916 | ||
WM Morrison Supermarkets PLC | 5,473,985 | 13,768,472 | ||
$139,295,332 | ||||
Forest & Paper Products – 0.2% | ||||
Suzano S.A. (a) | 1,122,200 | $ 13,667,009 | ||
Furniture & Appliances – 1.1% | ||||
Howden Joinery Group PLC | 3,364,217 | $ 33,995,877 | ||
Hunter Douglas N.V. (a) | 316,639 | 24,952,876 | ||
SEB S.A. | 162,083 | 28,587,240 | ||
Zojirushi Corp. | 177,300 | 3,107,482 | ||
$90,643,475 | ||||
Gaming & Lodging – 1.5% | ||||
Flutter Entertainment PLC (a) | 317,160 | $ 67,793,563 | ||
Shangri-La Asia Ltd. (a) | 29,944,000 | 29,928,208 | ||
Tabcorp Holdings Ltd. | 5,767,252 | 20,595,654 | ||
$118,317,425 | ||||
General Merchandise – 0.9% | ||||
B&M European Value Retail S.A. | 986,148 | $ 7,175,460 | ||
Dollarama, Inc. | 841,907 | 37,194,777 | ||
Lojas Renner S.A. | 1,716,010 | 12,984,440 | ||
Magazine Luiza S.A. | 1,918,400 | 6,898,353 | ||
Seria Co. Ltd. | 183,200 | 6,394,834 | ||
$70,647,864 | ||||
Health Maintenance Organizations – 0.0% | ||||
Odontoprev S.A. | 1,233,600 | $ 2,882,012 | ||
Insurance – 1.6% | ||||
Admiral Group PLC | 212,870 | $ 9,100,275 | ||
AUB Group Ltd. | 2,508,681 | 36,784,286 | ||
Hiscox Ltd. (a) | 1,978,378 | 23,466,480 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 200,389 | 33,699,624 | ||
Steadfast Group Ltd. | 7,183,503 | 20,823,826 | ||
$123,874,491 | ||||
Internet – 1.4% | ||||
Allegro.EU S.A. (a) | 349,332 | $ 4,912,164 | ||
Demae-Can Co. Ltd. (a)(l) | 607,900 | 13,430,166 | ||
Kakaku.com, Inc. | 289,200 | 7,921,405 | ||
Proto Corp. | 1,137,400 | 12,077,528 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Internet – continued | ||||
Rakuten | 119,300 | $ 1,421,149 | ||
Rightmove PLC | 3,865,561 | 31,025,801 | ||
Scout24 AG | 461,819 | 35,039,912 | ||
Temairazu, Inc. | 35,300 | 1,689,697 | ||
$107,517,822 | ||||
Leisure & Toys – 0.8% | ||||
BANDAI NAMCO Holdings, Inc. | 105,300 | $ 7,528,491 | ||
DeNA Co. Ltd. | 339,900 | 6,667,838 | ||
GungHo Online Entertainment, Inc. | 326,600 | 6,474,778 | ||
Kawai Musical Instruments Manufacturing Co. Ltd. | 119,800 | 3,797,114 | ||
Konami Holdings Corp. | 161,300 | 9,645,049 | ||
Thule Group AB | 743,910 | 32,300,027 | ||
$66,413,297 | ||||
Machinery & Tools – 6.1% | ||||
Aalberts Industries N.V. | 440,996 | $ 22,341,140 | ||
Azbil Corp. | 820,800 | 35,504,667 | ||
Carel Industries S.p.A. | 183,606 | 3,737,864 | ||
Doosan Bobcat, Inc. (a) | 1,026,172 | 38,281,927 | ||
Fuji Seal International, Inc. | 1,662,300 | 37,141,840 | ||
Fujitec Co. Ltd. | 1,443,300 | 30,736,522 | ||
Fujitsu General Ltd. | 248,000 | 6,909,731 | ||
Fukushima Galilei Co. Ltd. | 610,000 | 24,019,869 | ||
GEA Group AG | 1,447,925 | 59,344,459 | ||
Haitian International Holdings Ltd. | 11,009,000 | 43,899,487 | ||
METAWATER Co. Ltd. | 548,600 | 10,990,401 | ||
MISUMI Group, Inc. | 225,900 | 6,576,815 | ||
MonotaRO Co. Ltd. | 778,600 | 21,171,804 | ||
Nabtesco Corp. | 815,900 | 37,505,639 | ||
Nissei ASB Machine Co. Ltd. | 151,400 | 7,241,033 | ||
NOHMI BOSAI Ltd. | 678,100 | 13,198,012 | ||
Obara Group, Inc. | 128,500 | 4,406,366 | ||
Rational AG | 2,758 | 2,142,728 | ||
Rotork PLC | 855,644 | 4,206,421 | ||
Shima Seiki Manufacturing Ltd. | 191,900 | 4,473,181 | ||
Spirax-Sarco Engineering PLC | 126,386 | 19,862,875 | ||
T.K. Corp. | 828,332 | 6,460,377 | ||
THK Co. Ltd. | 133,700 | 4,624,710 | ||
Valmet Oyj | 516,500 | 18,782,743 | ||
VAT Group AG | 75,145 | 21,053,162 | ||
$484,613,773 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Medical & Health Technology & Services – 1.5% | ||||
AS ONE Corp. | 179,200 | $ 22,512,278 | ||
BML, Inc. | 587,500 | 20,295,213 | ||
Burning Rock Biotech Ltd. (a) | 344,591 | 9,276,390 | ||
Fleury S.A. | 143,546 | 652,870 | ||
Hapvida Participacoes e Investimentos S.A. | 3,481,800 | 9,204,549 | ||
Hogy Medical Co. Ltd. | 79,600 | 2,426,281 | ||
ICON PLC (a) | 45,930 | 9,019,274 | ||
Medipal Holdings Corp. | 724,100 | 13,926,001 | ||
Ramsay Health Care Ltd. | 357,306 | 18,259,491 | ||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 2,590,718 | 3,297,520 | ||
Sonic Healthcare Ltd. | 484,031 | 12,944,152 | ||
$121,814,019 | ||||
Medical Equipment – 3.1% | ||||
ConvaTec Group PLC | 3,915,066 | $ 10,584,125 | ||
Demant A.S. (a) | 271,692 | 11,508,870 | ||
Eiken Chemical Co. Ltd. | 753,900 | 14,727,349 | ||
Fukuda Denshi Co. Ltd. | 248,900 | 18,930,968 | ||
JEOL Ltd. | 279,000 | 11,105,235 | ||
Nakanishi, Inc. | 2,268,700 | 47,310,052 | ||
Nihon Kohden Corp. | 521,600 | 15,252,031 | ||
PerkinElmer, Inc. | 25,787 | 3,308,214 | ||
Shimadzu Corp. | 624,700 | 22,725,803 | ||
Smith & Nephew PLC | 1,794,613 | 34,092,457 | ||
Sonova Holding AG (a) | 122,207 | 32,376,483 | ||
Straumann Holding AG | 1,171 | 1,460,730 | ||
Terumo Corp. | 520,000 | 18,849,376 | ||
$242,231,693 | ||||
Metals & Mining – 0.3% | ||||
Iluka Resources Ltd. | 2,666,873 | $ 14,679,740 | ||
MOIL Ltd. | 6,090,545 | 12,541,164 | ||
$27,220,904 | ||||
Natural Gas - Distribution – 1.0% | ||||
China Resources Gas Group Ltd. | 6,742,000 | $ 37,481,896 | ||
Italgas S.p.A. | 5,939,723 | 38,554,116 | ||
$76,036,012 | ||||
Network & Telecom – 0.4% | ||||
VTech Holdings Ltd. | 3,825,465 | $ 34,502,377 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 3.4% | ||||
AEON Financial Service Co. Ltd. | 2,490,600 | $ 33,298,727 | ||
AEON Thana Sinsap Public Co. Ltd. | 2,563,700 | 17,556,218 | ||
Banco Santander Chile S.A. | 157,118,269 | 9,813,963 | ||
Bancolombia S.A., ADR | 188,347 | 6,025,220 | ||
Bank of Kyoto Ltd. | 323,000 | 19,957,761 | ||
Chiba Bank Ltd. | 2,538,451 | 16,580,995 | ||
E.Sun Financial Holding Co. Ltd. | 34,330,866 | 31,430,491 | ||
FinecoBank S.p.A. (a) | 988,057 | 16,169,581 | ||
Grupo Financiero Inbursa S.A. de C.V. (a) | 2,689,101 | 2,443,142 | ||
Julius Baer Group Ltd. | 391,642 | 25,044,535 | ||
Jyske Bank (a) | 285,747 | 13,631,347 | ||
Metropolitan Bank & Trust Co. | 27,226,417 | 24,905,545 | ||
Shizuoka Bank Ltd. | 1,025,000 | 8,053,737 | ||
Shriram Transport Finance Co. Ltd. | 2,154,616 | 42,064,461 | ||
$266,975,723 | ||||
Pharmaceuticals – 2.0% | ||||
Daito Pharmaceutical Co. Ltd. | 458,900 | $ 14,934,037 | ||
Genomma Lab Internacional S.A., “B” (a) | 10,367,073 | 10,453,552 | ||
Hypera S.A. | 2,281,199 | 12,981,231 | ||
Kalbe Farma Tbk PT | 333,929,300 | 36,094,251 | ||
Santen Pharmaceutical Co. Ltd. | 2,042,300 | 28,156,231 | ||
Suzuken Co. Ltd./Aichi Japan | 339,200 | 13,274,257 | ||
Virbac S.A. (a) | 88,791 | 22,855,483 | ||
Yunnan Baiyao Group Co. Ltd. | 907,041 | 16,704,039 | ||
$155,453,081 | ||||
Pollution Control – 1.0% | ||||
Bingo Industries Ltd. | 4,918,421 | $ 11,311,656 | ||
Daiseki Co. Ltd. | 1,846,200 | 66,861,702 | ||
$78,173,358 | ||||
Precious Metals & Minerals – 0.5% | ||||
Agnico-Eagle Mines Ltd. | 620,986 | $ 35,899,286 | ||
Compania de Minas Buenaventura S.A.A., ADR (a) | 392,797 | 3,939,754 | ||
$39,839,040 | ||||
Printing & Publishing – 0.5% | ||||
China Literature Ltd. (a) | 2,235,200 | $ 22,230,394 | ||
Wolters Kluwer N.V. | 201,689 | 17,530,914 | ||
$39,761,308 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Railroad & Shipping – 0.6% | ||||
DFDS A.S. (a) | 147,164 | $ 7,535,391 | ||
Rumo S.A. (a) | 2,763,468 | 9,942,033 | ||
Sankyu, Inc. | 610,100 | 26,778,830 | ||
Senko Group Holdings Co. Ltd. | 657,300 | 6,234,910 | ||
$50,491,164 | ||||
Real Estate – 4.4% | ||||
Ascendas India Trust, REIT | 12,556,800 | $ 13,878,606 | ||
Big Yellow Group PLC, REIT | 1,051,241 | 16,159,036 | ||
City Developments Ltd. | 2,898,600 | 17,231,384 | ||
Concentradora Fibra Danhos S.A. de C.V., REIT | 2,803,415 | 3,497,497 | ||
Deutsche Wohnen SE | 322,516 | 15,045,373 | ||
Embassy Office Parks REIT | 3,371,200 | 15,028,540 | ||
ESR Cayman Ltd. (a) | 6,615,600 | 21,747,524 | ||
Hibernia PLC, REIT | 4,300,372 | 5,567,523 | ||
LEG Immobilien AG | 807,166 | 106,166,571 | ||
Mapletree Commercial Trust, REIT | 18,072,300 | 28,549,492 | ||
Midland Holdings Ltd. (a)(h) | 43,113,000 | 5,323,893 | ||
Multiplan Empreendimentos Imobiliarios S.A. | 5,249,892 | 22,842,041 | ||
Prologis Peroperty Mexico S.A. de C.V., REIT | 2,375,819 | 5,103,951 | ||
Shaftesbury PLC, REIT (a) | 1,325,995 | 11,726,727 | ||
TAG Immobilien AG | 639,688 | 18,258,946 | ||
Unite Group PLC, REIT (a) | 3,010,336 | 44,281,026 | ||
$350,408,130 | ||||
Restaurants – 1.1% | ||||
Cafe de Coral Holdings Ltd. | 16,092,000 | $ 34,857,962 | ||
Greggs PLC (a) | 1,766,374 | 54,644,165 | ||
$89,502,127 | ||||
Special Products & Services – 0.1% | ||||
Deterra Royalties Ltd. | 2,666,873 | $ 7,966,155 | ||
Specialty Chemicals – 6.2% | ||||
Air Water, Inc. | 783,300 | $ 13,724,109 | ||
Croda International PLC | 1,384,892 | 121,196,786 | ||
Essentra PLC | 8,369,828 | 33,462,070 | ||
Japan Pure Chemical Co. Ltd. | 41,700 | 1,054,504 | ||
JCU Corp. | 676,100 | 25,539,718 | ||
Kansai Paint Co. Ltd. | 1,037,000 | 27,778,166 | ||
Kureha Corp. | 137,000 | 9,489,533 | ||
Nihon Parkerizing Co. Ltd. | 1,049,600 | 11,327,812 | ||
Nitto Denko Corp. | 144,400 | 12,397,144 | ||
NOF Corp. | 320,000 | 16,733,348 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Chemicals – continued | ||||
Orbia Advance Corp. S.A.B. de C.V. | 5,260,384 | $ 14,044,334 | ||
Sika AG | 180,793 | 51,646,945 | ||
SK KAKEN Co. Ltd. | 118,100 | 41,224,340 | ||
Symrise AG | 810,743 | 98,308,411 | ||
Taisei Lamick Co. Ltd. | 219,800 | 5,688,476 | ||
Tikkurila Oyj | 131,380 | 5,215,247 | ||
$488,830,943 | ||||
Specialty Stores – 2.2% | ||||
ABC-Mart, Inc. | 192,300 | $ 10,863,919 | ||
Esprit Holdings Ltd. (a) | 6,185,199 | 615,635 | ||
Just Eat Takeaway.com (a) | 75,723 | 6,981,719 | ||
Just Eat Takeaway.com N.V. (a) | 848,851 | 78,262,089 | ||
Kitanotatsujin Corp. | 1,132,600 | 6,530,160 | ||
Ryohin Keikaku Co. Ltd. | 1,186,100 | 28,044,342 | ||
Shimamura Co. Ltd. | 52,800 | 6,089,465 | ||
Zozo, Inc. | 1,281,600 | 37,957,678 | ||
$175,345,007 | ||||
Telecommunications - Wireless – 1.2% | ||||
Cellnex Telecom S.A. | 1,681,690 | $ 96,830,988 | ||
Telephone Services – 0.8% | ||||
Helios Towers PLC (a) | 3,888,393 | $ 9,059,310 | ||
Hellenic Telecommunications Organization S.A. | 2,120,009 | 34,010,321 | ||
Infrastrutture Wireless Italiane S.p.A. | 1,249,006 | 13,914,739 | ||
Telesites S.A.B. de C.V. (a) | 4,881,500 | 5,075,069 | ||
$62,059,439 | ||||
Tobacco – 0.3% | ||||
Swedish Match AB | 323,101 | $ 25,223,739 | ||
Trucking – 2.9% | ||||
Freightways Ltd. | 1,868,239 | $ 14,743,993 | ||
Hamakyorex Co. Ltd. | 114,900 | 3,378,829 | ||
Kintetsu World Express, Inc. | 277,200 | 7,208,544 | ||
Mainfreight Ltd. | 262,213 | 12,709,191 | ||
Seino Holdings Co. Ltd. | 3,715,600 | 51,744,910 | ||
SG Holdings Co. Ltd. | 3,331,200 | 76,636,028 | ||
Trancom Co. Ltd. | 95,100 | 7,583,951 | ||
Yamato Holdings Co. Ltd. | 1,901,400 | 52,117,851 | ||
$226,123,297 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – 0.6% | ||||
CESC Ltd. | 3,095,481 | $ 25,201,618 | ||
Energisa S.A., IEU | 1,100,800 | 8,843,715 | ||
Equatorial Energia S.A. | 1,668,800 | 7,352,783 | ||
Transmissora Alianca de Energia Eletrica S.A., IEU | 1,333,873 | 9,223,231 | ||
$50,621,347 | ||||
Utilities - Water – 0.2% | ||||
Aguas Andinas S.A., “A” | 27,052,934 | $ 8,369,705 | ||
Companhia de Saneamento Basico do Estado de Sao Paulo | 485,700 | 3,555,176 | ||
$11,924,881 | ||||
Total Common Stocks (Identified Cost, $5,374,933,725) | $ 7,703,317,631 | |||
Preferred Stocks – 0.2% | ||||
Metals & Mining – 0.2% | ||||
Gerdau S.A. (Identified Cost, $10,492,018) | 2,660,500 | $ 14,284,120 |
Strike Price | First Exercise | |||
Rights – 0.0% | ||||
Specialty Stores – 0.0% | ||||
Esprit Holdings Ltd. (0.5 share for 1 right, Expiration 04/28/2021) (a) (Identified Cost, $0) | HKD 0.75 | 4/14/21 | 3,092,599 | $ 14,321 |
Investment Companies (h) – 2.2% | ||||
Money Market Funds – 2.2% | ||||
MFS Institutional Money Market Portfolio, 0.05% (v) (Identified Cost, $174,312,329) | 174,312,691 | $ 174,312,691 | ||
Collateral for Securities Loaned – 0.1% | ||||
JPMorgan U.S. Government Money Market Fund, 0.04% (j) (Identified Cost, $14,196,325) | 14,196,325 | $ 14,196,325 | ||
Other Assets, Less Liabilities – 0.2% | 12,610,271 | |||
Net Assets – 100.0% | $7,918,735,359 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $317,708,495 and $7,588,416,593, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. |
(v) | Affiliated issuer 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 |
IEU | International Equity Unit |
REIT | Real Estate Investment Trust |
SDR | Swedish Depository Receipt |
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: | |
HKD | Hong Kong Dollar |
Assets | |
Investments in unaffiliated issuers, at value, including $24,607,367 of securities on loan (identified cost, $5,265,807,229) | $7,588,416,593 |
Investments in affiliated issuers, at value (identified cost, $308,127,168) | 317,708,495 |
Cash | 552,135 |
Receivables for | |
Investments sold | 2,413,568 |
Fund shares sold | 16,361,991 |
Interest and dividends | 28,946,558 |
Other assets | 21,249 |
Total assets | $7,954,420,589 |
Liabilities | |
Payable to custodian | $147 |
Payables for | |
Investments purchased | 8,621,109 |
Fund shares reacquired | 6,580,189 |
Collateral for securities loaned, at value (c) | 14,196,325 |
Payable to affiliates | |
Investment adviser | 367,626 |
Administrative services fee | 3,089 |
Shareholder servicing costs | 1,215,871 |
Distribution and service fees | 17,435 |
Program manager fees | 29 |
Payable for independent Trustees' compensation | 20,690 |
Deferred country tax expense payable | 4,032,820 |
Accrued expenses and other liabilities | 629,900 |
Total liabilities | $35,685,230 |
Net assets | $7,918,735,359 |
Net assets consist of | |
Paid-in capital | $5,472,532,960 |
Total distributable earnings (loss) | 2,446,202,399 |
Net assets | $7,918,735,359 |
Shares of beneficial interest outstanding | 209,203,060 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $923,502,205 | 25,046,051 | $36.87 |
Class B | 5,483,295 | 154,722 | 35.44 |
Class C | 34,485,492 | 994,190 | 34.69 |
Class I | 1,228,164,222 | 32,245,954 | 38.09 |
Class R1 | 1,659,866 | 49,283 | 33.68 |
Class R2 | 25,504,472 | 713,545 | 35.74 |
Class R3 | 187,737,483 | 5,144,681 | 36.49 |
Class R4 | 230,896,571 | 6,273,241 | 36.81 |
Class R6 | 5,270,701,328 | 138,285,905 | 38.11 |
Class 529A | 9,590,941 | 265,314 | 36.15 |
Class 529B | 131,198 | 3,846 | 34.11 |
Class 529C | 878,286 | 26,328 | 33.36 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Classes A and 529A, for which the maximum offering prices per share were $39.12 [100 / 94.25 x $36.87] and $38.36 [100 / 94.25 x $36.15], respectively. On sales of $50,000 or more, the maximum offering prices of Class A and Class 529A shares are reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class 529B, and Class 529C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, R6, and 529A. |
Net investment income (loss) | |
Income | |
Dividends | $50,099,303 |
Non-cash dividends (including $439,753 from affiliated issuers) | 9,517,139 |
Dividends from affiliated issuers | 614,265 |
Income on securities loaned | 122,835 |
Foreign taxes withheld | (5,436,946) |
Total investment income | $54,916,596 |
Expenses | |
Management fee | $32,157,166 |
Distribution and service fees | 1,642,541 |
Shareholder servicing costs | 1,916,538 |
Program manager fees | 2,603 |
Administrative services fee | 269,213 |
Independent Trustees' compensation | 47,331 |
Custodian fee | 813,808 |
Shareholder communications | 157,307 |
Audit and tax fees | 86,687 |
Legal fees | 26,580 |
Miscellaneous | 141,623 |
Total expenses | $37,261,397 |
Fees paid indirectly | (185) |
Reduction of expenses by investment adviser and distributor | (414,973) |
Net expenses | $36,846,239 |
Net investment income (loss) | $18,070,357 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $1,514,903 country tax) | $169,817,446 |
Affiliated issuers | 2,290 |
Foreign currency | (32,152) |
Net realized gain (loss) | $169,787,584 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $220,411 increase in deferred country tax) | $673,073,869 |
Affiliated issuers | 31,385,308 |
Translation of assets and liabilities in foreign currencies | (128,287) |
Net unrealized gain (loss) | $704,330,890 |
Net realized and unrealized gain (loss) | $874,118,474 |
Change in net assets from operations | $892,188,831 |
Six months ended | Year ended | |
3/31/21 | 9/30/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $18,070,357 | $45,549,752 |
Net realized gain (loss) | 169,787,584 | 276,632,618 |
Net unrealized gain (loss) | 704,330,890 | 93,081,912 |
Change in net assets from operations | $892,188,831 | $415,264,282 |
Total distributions to shareholders | $(294,377,310) | $(200,001,992) |
Change in net assets from fund share transactions | $539,551,355 | $(420,485,944) |
Total change in net assets | $1,137,362,876 | $(205,223,654) |
Net assets | ||
At beginning of period | 6,781,372,483 | 6,986,596,137 |
At end of period | $7,918,735,359 | $6,781,372,483 |
Class A | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $33.91 | $32.56 | $35.00 | $33.42 | $29.34 | $26.70 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.13 | $0.29 | $0.22 | $0.20(c) | $0.26 |
Net realized and unrealized gain (loss) | 4.32 | 2.09 | (0.82) | 2.22 | 4.54 | 2.62 |
Total from investment operations | $4.35 | $2.22 | $(0.53) | $2.44 | $4.74 | $2.88 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.03) | $(0.35) | $(0.20) | $(0.28) | $(0.36) | $(0.24) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.39) | $(0.87) | $(1.91) | $(0.86) | $(0.66) | $(0.24) |
Net asset value, end of period (x) | $36.87 | $33.91 | $32.56 | $35.00 | $33.42 | $29.34 |
Total return (%) (r)(s)(t)(x) | 12.98(n) | 6.83 | (0.85) | 7.40 | 16.69(c) | 10.87 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.28(a) | 1.29 | 1.29 | 1.30 | 1.33(c) | 1.37 |
Expenses after expense reductions (f) | 1.27(a) | 1.28 | 1.28 | 1.29 | 1.30(c) | 1.33 |
Net investment income (loss) | 0.19(a)(l) | 0.39 | 0.90 | 0.62 | 0.68(c) | 0.92 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $923,502 | $871,605 | $1,015,817 | $1,163,703 | $1,224,654 | $1,359,996 |
Class B | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $32.73 | $31.42 | $33.86 | $32.36 | $28.40 | $25.83 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.10) | $(0.13) | $0.04 | $(0.05) | $(0.02)(c) | $0.04 |
Net realized and unrealized gain (loss) | 4.17 | 2.02 | (0.77) | 2.16 | 4.41 | 2.55 |
Total from investment operations | $4.07 | $1.89 | $(0.73) | $2.11 | $4.39 | $2.59 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.06) | $— | $(0.03) | $(0.13) | $(0.02) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.36) | $(0.58) | $(1.71) | $(0.61) | $(0.43) | $(0.02) |
Net asset value, end of period (x) | $35.44 | $32.73 | $31.42 | $33.86 | $32.36 | $28.40 |
Total return (%) (r)(s)(t)(x) | 12.57(n) | 6.03 | (1.57) | 6.59 | 15.81(c) | 10.04 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 2.03(a) | 2.04 | 2.04 | 2.05 | 2.07(c) | 2.12 |
Expenses after expense reductions (f) | 2.02(a) | 2.03 | 2.03 | 2.03 | 2.05(c) | 2.08 |
Net investment income (loss) | (0.58)(a)(l) | (0.43) | 0.12 | (0.14) | (0.06)(c) | 0.16 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $5,483 | $5,875 | $9,834 | $13,212 | $15,120 | $17,469 |
Class C | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $32.06 | $30.80 | $33.24 | $31.78 | $27.93 | $25.42 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.10) | $(0.12) | $0.03 | $(0.08) | $(0.01)(c) | $0.05 |
Net realized and unrealized gain (loss) | 4.09 | 1.98 | (0.76) | 2.15 | 4.32 | 2.50 |
Total from investment operations | $3.99 | $1.86 | $(0.73) | $2.07 | $4.31 | $2.55 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.08) | $— | $(0.03) | $(0.16) | $(0.04) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.36) | $(0.60) | $(1.71) | $(0.61) | $(0.46) | $(0.04) |
Net asset value, end of period (x) | $34.69 | $32.06 | $30.80 | $33.24 | $31.78 | $27.93 |
Total return (%) (r)(s)(t)(x) | 12.58(n) | 6.04 | (1.60) | 6.58 | 15.81(c) | 10.06 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 2.03(a) | 2.04 | 2.04 | 2.04 | 2.07(c) | 2.12 |
Expenses after expense reductions (f) | 2.02(a) | 2.03 | 2.03 | 2.03 | 2.05(c) | 2.08 |
Net investment income (loss) | (0.59)(a)(l) | (0.40) | 0.10 | (0.25) | (0.04)(c) | 0.17 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $34,485 | $42,312 | $60,916 | $84,044 | $152,036 | $166,306 |
Class I | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $35.02 | $33.59 | $36.06 | $34.41 | $30.20 | $27.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.18 | $0.39 | $0.32 | $0.32(c) | $0.33 |
Net realized and unrealized gain (loss) | 4.47 | 2.21 | (0.86) | 2.27 | 4.63 | 2.71 |
Total from investment operations | $4.55 | $2.39 | $(0.47) | $2.59 | $4.95 | $3.04 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.44) | $(0.29) | $(0.36) | $(0.44) | $(0.32) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.48) | $(0.96) | $(2.00) | $(0.94) | $(0.74) | $(0.32) |
Net asset value, end of period (x) | $38.09 | $35.02 | $33.59 | $36.06 | $34.41 | $30.20 |
Total return (%) (r)(s)(t)(x) | 13.13(n) | 7.12 | (0.62) | 7.65 | 16.98(c) | 11.14 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.03(a) | 1.04 | 1.04 | 1.05 | 1.07(c) | 1.12 |
Expenses after expense reductions (f) | 1.02(a) | 1.03 | 1.03 | 1.04 | 1.05(c) | 1.08 |
Net investment income (loss) | 0.43(a)(l) | 0.55 | 1.18 | 0.87 | 1.03(c) | 1.15 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $1,228,164 | $1,230,970 | $2,049,197 | $2,094,665 | $1,876,295 | $1,670,850 |
Class R1 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $31.16 | $30.01 | $32.44 | $31.03 | $27.32 | $24.82 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.09) | $(0.13) | $0.04 | $(0.07) | $(0.01)(c) | $0.05 |
Net realized and unrealized gain (loss) | 3.97 | 1.94 | (0.76) | 2.09 | 4.21 | 2.45 |
Total from investment operations | $3.88 | $1.81 | $(0.72) | $2.02 | $4.20 | $2.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.14) | $— | $(0.03) | $(0.19) | $— |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.36) | $(0.66) | $(1.71) | $(0.61) | $(0.49) | $— |
Net asset value, end of period (x) | $33.68 | $31.16 | $30.01 | $32.44 | $31.03 | $27.32 |
Total return (%) (r)(s)(t)(x) | 12.59(n) | 6.03 | (1.61) | 6.59 | 15.79(c) | 10.07 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 2.03(a) | 2.04 | 2.04 | 2.05 | 2.07(c) | 2.12 |
Expenses after expense reductions (f) | 2.02(a) | 2.03 | 2.03 | 2.04 | 2.05(c) | 2.08 |
Net investment income (loss) | (0.56)(a)(l) | (0.45) | 0.14 | (0.21) | (0.02)(c) | 0.19 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $1,660 | $1,622 | $2,320 | $2,471 | $3,928 | $3,265 |
Class R2 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $32.92 | $31.63 | $34.02 | $32.51 | $28.56 | $25.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $0.01 | $0.22 | $0.12 | $0.13(c) | $0.18 |
Net realized and unrealized gain (loss) | 4.19 | 2.07 | (0.81) | 2.17 | 4.41 | 2.57 |
Total from investment operations | $4.18 | $2.08 | $(0.59) | $2.29 | $4.54 | $2.75 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.27) | $(0.09) | $(0.20) | $(0.29) | $(0.17) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.36) | $(0.79) | $(1.80) | $(0.78) | $(0.59) | $(0.17) |
Net asset value, end of period (x) | $35.74 | $32.92 | $31.63 | $34.02 | $32.51 | $28.56 |
Total return (%) (r)(s)(t)(x) | 12.84(n) | 6.58 | (1.10) | 7.13 | 16.37(c) | 10.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.54 | 1.54 | 1.55 | 1.57(c) | 1.62 |
Expenses after expense reductions (f) | 1.52(a) | 1.53 | 1.53 | 1.54 | 1.55(c) | 1.58 |
Net investment income (loss) | (0.07)(a)(l) | 0.03 | 0.71 | 0.35 | 0.46(c) | 0.66 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $25,504 | $24,546 | $43,493 | $48,630 | $52,892 | $54,065 |
Class R3 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $33.58 | $32.25 | $34.69 | $33.14 | $29.11 | $26.50 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.13 | $0.29 | $0.20 | $0.22(c) | $0.25 |
Net realized and unrealized gain (loss) | 4.26 | 2.08 | (0.83) | 2.21 | 4.48 | 2.61 |
Total from investment operations | $4.31 | $2.21 | $(0.54) | $2.41 | $4.70 | $2.86 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.36) | $(0.19) | $(0.28) | $(0.37) | $(0.25) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.40) | $(0.88) | $(1.90) | $(0.86) | $(0.67) | $(0.25) |
Net asset value, end of period (x) | $36.49 | $33.58 | $32.25 | $34.69 | $33.14 | $29.11 |
Total return (%) (r)(s)(t)(x) | 12.98(n) | 6.86 | (0.88) | 7.39 | 16.70(c) | 10.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.28(a) | 1.29 | 1.29 | 1.30 | 1.32(c) | 1.37 |
Expenses after expense reductions (f) | 1.27(a) | 1.28 | 1.28 | 1.29 | 1.30(c) | 1.33 |
Net investment income (loss) | 0.26(a)(l) | 0.42 | 0.92 | 0.58 | 0.73(c) | 0.92 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $187,737 | $142,713 | $132,789 | $146,726 | $174,621 | $157,360 |
Class R4 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $33.89 | $32.54 | $35.00 | $33.43 | $29.36 | $26.72 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.21 | $0.36 | $0.31 | $0.29(c) | $0.32 |
Net realized and unrealized gain (loss) | 4.33 | 2.10 | (0.82) | 2.21 | 4.52 | 2.64 |
Total from investment operations | $4.40 | $2.31 | $(0.46) | $2.52 | $4.81 | $2.96 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.44) | $(0.29) | $(0.37) | $(0.44) | $(0.32) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.48) | $(0.96) | $(2.00) | $(0.95) | $(0.74) | $(0.32) |
Net asset value, end of period (x) | $36.81 | $33.89 | $32.54 | $35.00 | $33.43 | $29.36 |
Total return (%) (r)(s)(t)(x) | 13.15(n) | 7.10 | (0.61) | 7.65 | 16.98(c) | 11.16 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.03(a) | 1.04 | 1.04 | 1.05 | 1.07(c) | 1.12 |
Expenses after expense reductions (f) | 1.02(a) | 1.03 | 1.03 | 1.04 | 1.05(c) | 1.08 |
Net investment income (loss) | 0.39(a)(l) | 0.66 | 1.14 | 0.87 | 0.96(c) | 1.15 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $230,897 | $260,005 | $276,550 | $318,571 | $330,370 | $312,467 |
Class R6 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $35.06 | $33.64 | $36.11 | $34.45 | $30.24 | $27.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.28 | $0.44 | $0.37 | $0.35(c) | $0.38 |
Net realized and unrealized gain (loss) | 4.47 | 2.13 | (0.87) | 2.27 | 4.64 | 2.70 |
Total from investment operations | $4.58 | $2.41 | $(0.43) | $2.64 | $4.99 | $3.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.47) | $(0.33) | $(0.40) | $(0.48) | $(0.35) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.53) | $(0.99) | $(2.04) | $(0.98) | $(0.78) | $(0.35) |
Net asset value, end of period (x) | $38.11 | $35.06 | $33.64 | $36.11 | $34.45 | $30.24 |
Total return (%) (r)(s)(t)(x) | 13.22(n) | 7.20 | (0.47) | 7.79 | 17.10(c) | 11.30 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.91(a) | 0.92 | 0.92 | 0.93 | 0.96(c) | 1.00 |
Expenses after expense reductions (f) | 0.89(a) | 0.91 | 0.91 | 0.92 | 0.94(c) | 0.95 |
Net investment income (loss) | 0.58(a)(l) | 0.84 | 1.34 | 1.02 | 1.13(c) | 1.32 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $5,270,701 | $4,191,916 | $3,385,991 | $2,654,886 | $2,131,042 | $1,027,737 |
Class 529A | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $33.28 | $31.97 | $34.42 | $32.89 | $28.90 | $26.31 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.13 | $0.29 | $0.22 | $0.22(c) | $0.25 |
Net realized and unrealized gain (loss) | 4.24 | 2.05 | (0.83) | 2.18 | 4.44 | 2.59 |
Total from investment operations | $4.27 | $2.18 | $(0.54) | $2.40 | $4.66 | $2.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.35) | $(0.20) | $(0.29) | $(0.37) | $(0.25) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.40) | $(0.87) | $(1.91) | $(0.87) | $(0.67) | $(0.25) |
Net asset value, end of period (x) | $36.15 | $33.28 | $31.97 | $34.42 | $32.89 | $28.90 |
Total return (%) (r)(s)(t)(x) | 12.99(n) | 6.84 | (0.88) | 7.41 | 16.67(c) | 10.87 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.33(a) | 1.34 | 1.34 | 1.36 | 1.42(c) | 1.47 |
Expenses after expense reductions (f) | 1.29(a) | 1.29 | 1.29 | 1.29 | 1.30(c) | 1.33 |
Net investment income (loss) | 0.17(a)(l) | 0.42 | 0.91 | 0.64 | 0.74(c) | 0.93 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $9,591 | $8,460 | $8,131 | $8,529 | $7,540 | $6,193 |
Class 529B | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $31.48 | $30.11 | $32.70 | $31.15 | $27.51 | $24.85 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.09 | $0.05 | $0.20 | $0.08(c) | $0.20 |
Net realized and unrealized gain (loss) | 4.02 | 1.94 | (0.77) | 2.08 | 4.22 | 2.46 |
Total from investment operations | $4.04 | $2.03 | $(0.72) | $2.28 | $4.30 | $2.66 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.05) | $(0.14) | $(0.16) | $(0.15) | $(0.36) | $— |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.41) | $(0.66) | $(1.87) | $(0.73) | $(0.66) | $— |
Net asset value, end of period (x) | $34.11 | $31.48 | $30.11 | $32.70 | $31.15 | $27.51 |
Total return (%) (r)(s)(t)(x) | 12.97(n) | 6.75 | (1.55) | 7.43 | 16.19(c) | 10.70 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.33(a) | 1.38 | 1.97 | 1.31 | 1.79(c) | 1.61 |
Expenses after expense reductions (f) | 1.32(a) | 1.37 | 1.95 | 1.27 | 1.71(c) | 1.50 |
Net investment income (loss) | 0.12(a)(l) | 0.29 | 0.17 | 0.62 | 0.30(c) | 0.76 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $131 | $149 | $209 | $269 | $297 | $330 |
Class 529C | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $30.89 | $29.71 | $32.15 | $30.78 | $27.08 | $24.66 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.10) | $(0.12) | $0.03 | $(0.06) | $(0.02)(c) | $0.04 |
Net realized and unrealized gain (loss) | 3.93 | 1.90 | (0.76) | 2.06 | 4.18 | 2.43 |
Total from investment operations | $3.83 | $1.78 | $(0.73) | $2.00 | $4.16 | $2.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.08) | $— | $(0.05) | $(0.16) | $(0.05) |
From net realized gain | (1.36) | (0.52) | (1.71) | (0.58) | (0.30) | — |
Total distributions declared to shareholders | $(1.36) | $(0.60) | $(1.71) | $(0.63) | $(0.46) | $(0.05) |
Net asset value, end of period (x) | $33.36 | $30.89 | $29.71 | $32.15 | $30.78 | $27.08 |
Total return (%) (r)(s)(t)(x) | 12.54(n) | 5.99 | (1.66) | 6.56 | 15.75(c) | 10.03 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 2.08(a) | 2.09 | 2.09 | 2.11 | 2.17(c) | 2.22 |
Expenses after expense reductions (f) | 2.07(a) | 2.08 | 2.08 | 2.08 | 2.10(c) | 2.12 |
Net investment income (loss) | (0.63)(a)(l) | (0.40) | 0.09 | (0.20) | (0.08)(c) | 0.14 |
Portfolio turnover | 8(n) | 25 | 14 | 21 | 17 | 13 |
Net assets at end of period (000 omitted) | $878 | $1,200 | $1,350 | $1,686 | $2,020 | $1,909 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
Japan | $733,472,068 | $1,753,582,550 | $— | $2,487,054,618 |
United Kingdom | 1,055,366,822 | — | — | 1,055,366,822 |
Germany | 502,333,373 | — | — | 502,333,373 |
Australia | 13,333,816 | 326,381,042 | — | 339,714,858 |
Netherlands | 235,955,468 | — | — | 235,955,468 |
Hong Kong | 70,124,384 | 165,179,632 | — | 235,304,016 |
China | 135,879,462 | 88,344,445 | — | 224,223,907 |
India | 83,881,540 | 139,974,724 | — | 223,856,264 |
Switzerland | 223,789,922 | — | — | 223,789,922 |
Other Countries | 1,630,920,856 | 559,095,968 | — | 2,190,016,824 |
Mutual Funds | 188,509,016 | — | — | 188,509,016 |
Total | $4,873,566,727 | $3,032,558,361 | $— | $7,906,125,088 |
Year ended 9/30/20 | |
Ordinary income (including any short-term capital gains) | $91,000,636 |
Long-term capital gains | 109,001,356 |
Total distributions | $200,001,992 |
As of 3/31/21 | |
Cost of investments | $5,608,324,033 |
Gross appreciation | 2,622,252,491 |
Gross depreciation | (324,451,436) |
Net unrealized appreciation (depreciation) | $2,297,801,055 |
As of 9/30/20 | |
Undistributed ordinary income | 26,183,169 |
Undistributed long-term capital gain | 230,422,136 |
Other temporary differences | (1,335,895) |
Net unrealized appreciation (depreciation) | 1,593,121,468 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||
Class A | $34,439,503 | $26,406,418 | |
Class B | 226,041 | 169,796 | |
Class C | 1,691,213 | 1,112,066 | |
Class I | 49,800,067 | 56,642,556 | |
Class R1 | 63,826 | 50,392 | |
Class R2 | 985,810 | 1,025,511 | |
Class R3 | 5,729,175 | 3,792,677 | |
Class R4 | 10,931,144 | 7,982,678 | |
Class R6 | 190,105,108 | 102,569,301 | |
Class 529A | 353,468 | 220,057 | |
Class 529B | 5,469 | 4,469 | |
Class 529C | 46,486 | 26,071 | |
Total | $294,377,310 | $200,001,992 |
Up to $500 million | 0.975% |
In excess of $500 million and up to $1 billion | 0.925% |
In excess of $1 billion and up to $3 billion | 0.90% |
In excess of $3 billion and up to $5 billion | 0.85% |
In excess of $5 billion and up to $10 billion | 0.80% |
In excess of $10 billion | 0.75% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 1,139,356 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 28,949 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 196,196 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 8,059 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 63,757 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 189,364 |
Class 529A | — | 0.25% | 0.25% | 0.21% | 11,569 |
Class 529B | 0.75% | 0.25% | 1.00% | 0.25% | 165 |
Class 529C | 0.75% | 0.25% | 1.00% | 1.00% | 5,126 |
Total Distribution and Service Fees | $1,642,541 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended March 31, 2021 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended March 31, 2021, this rebate amounted to $303, $2, $1, $10, $1,713, and $2 for Class A, Class B, Class C, Class R2, Class 529A, and Class 529C, respectively, and is included in the reduction of total expenses in the Statement of Operations. For the six months ended March 31, 2021, the 0.75% distribution fee was not imposed for Class 529B shares due to the sales charge limitation contained in the Financial Industry Regulatory Authority (“FINRA”) Rule 2341. |
Amount | |
Class A | $116 |
Class B | 1,850 |
Class C | 851 |
Class 529B | — |
Class 529C | 31 |
Fee | |
Class 529A | $2,314 |
Class 529B | 33 |
Class 529C | 256 |
Total Program Manager Fees | $2,603 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,031,222 | $37,326,000 | 2,600,496 | $80,931,701 | |
Class B | 62 | 2,341 | 776 | 24,640 | |
Class C | 11,769 | 402,694 | 59,247 | 1,820,573 | |
Class I | 1,691,869 | 63,291,652 | 6,380,843 | 208,231,953 | |
Class R1 | 3,841 | 128,616 | 21,545 | 652,024 | |
Class R2 | 46,752 | 1,648,816 | 197,296 | 6,106,880 | |
Class R3 | 1,493,868 | 53,684,500 | 1,422,289 | 43,337,490 | |
Class R4 | 562,392 | 20,474,800 | 1,497,904 | 46,286,463 | |
Class R6 | 19,276,777 | 726,643,615 | 29,655,893 | 937,470,504 | |
Class 529A | 26,709 | 950,093 | 24,909 | 766,176 | |
Class 529B | — | 3 | — | — | |
Class 529C | 810 | 26,662 | 6,241 | 184,586 | |
24,146,071 | $904,579,792 | 41,867,439 | $1,325,812,990 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 852,189 | $30,389,063 | 702,847 | $23,784,330 | |
Class B | 6,527 | 224,197 | 5,133 | 168,651 | |
Class C | 49,239 | 1,655,408 | 31,749 | 1,022,005 | |
Class I | 1,273,747 | 46,886,629 | 1,416,222 | 49,397,834 | |
Class R1 | 1,955 | 63,826 | 1,611 | 50,392 | |
Class R2 | 28,076 | 971,154 | 29,051 | 956,353 | |
Class R3 | 162,346 | 5,729,175 | 113,163 | 3,792,099 | |
Class R4 | 291,429 | 10,366,130 | 223,643 | 7,550,198 | |
Class R6 | 4,773,203 | 175,749,343 | 2,760,920 | 96,328,499 | |
Class 529A | 9,862 | 344,770 | 6,624 | 220,057 | |
Class 529B | 166 | 5,469 | 142 | 4,469 | |
Class 529C | 1,437 | 46,486 | 840 | 26,071 | |
7,450,176 | $272,431,650 | 5,291,945 | $183,300,958 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (2,544,103) | $(91,543,173) | (8,798,044) | $(276,566,703) | |
Class B | (31,382) | (1,091,135) | (139,435) | (4,169,126) | |
Class C | (386,634) | (13,180,348) | (748,840) | (22,693,596) | |
Class I | (5,873,798) | (219,744,235) | (33,644,188) | (1,035,097,460) | |
Class R1 | (8,575) | (280,733) | (48,405) | (1,510,330) | |
Class R2 | (106,985) | (3,753,038) | (855,674) | (27,203,886) | |
Class R3 | (761,999) | (27,235,272) | (1,401,881) | (44,428,680) | |
Class R4 | (2,252,663) | (81,244,948) | (2,547,593) | (80,193,139) | |
Class R6 | (5,316,843) | (197,966,077) | (13,531,532) | (436,269,431) | |
Class 529A | (25,482) | (905,491) | (31,618) | (1,008,514) | |
Class 529B | (1,053) | (33,789) | (2,336) | (69,535) | |
Class 529C | (14,770) | (481,848) | (13,662) | (389,492) | |
(17,324,287) | $(637,460,087) | (61,763,208) | $(1,929,599,892) | ||
Net change | |||||
Class A | (660,692) | $(23,828,110) | (5,494,701) | $(171,850,672) | |
Class B | (24,793) | (864,597) | (133,526) | (3,975,835) | |
Class C | (325,626) | (11,122,246) | (657,844) | (19,851,018) | |
Class I | (2,908,182) | (109,565,954) | (25,847,123) | (777,467,673) | |
Class R1 | (2,779) | (88,291) | (25,249) | (807,914) | |
Class R2 | (32,157) | (1,133,068) | (629,327) | (20,140,653) | |
Class R3 | 894,215 | 32,178,403 | 133,571 | 2,700,909 | |
Class R4 | (1,398,842) | (50,404,018) | (826,046) | (26,356,478) | |
Class R6 | 18,733,137 | 704,426,881 | 18,885,281 | 597,529,572 | |
Class 529A | 11,089 | 389,372 | (85) | (22,281) | |
Class 529B | (887) | (28,317) | (2,194) | (65,066) | |
Class 529C | (12,523) | (408,700) | (6,581) | (178,835) | |
14,271,960 | $539,551,355 | (14,603,824) | $(420,485,944) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
Forterra PLC | $34,998,369 | $— | $— | $— | $25,631,578 | $60,629,947 |
MFS Institutional Money Market Portfolio | 41,803,333 | 774,682,734 | 642,173,375 | 2,290 | (2,291) | 174,312,691 |
Midland Holdings Ltd. | 3,894,052 | — | — | — | 1,429,841 | 5,323,893 |
Ridley Corp. NPV | 12,438,203 | — | — | — | 6,963,096 | 19,401,299 |
T. Hasegawa Co. Ltd. | 53,547,491 | 7,130,090 | — | — | (2,636,916) | 58,040,665 |
$146,681,448 | $781,812,824 | $642,173,375 | $2,290 | $31,385,308 | $317,708,495 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
Forterra PLC | $— | $— |
MFS Institutional Money Market Portfolio | 83,457 | — |
Midland Holdings Ltd. | 439,753 | — |
Ridley Corp. NPV | — | — |
T. Hasegawa Co. Ltd. | 530,808 | — |
$1,054,018 | $— |
1 | |
2 | |
3 | |
5 | |
11 | |
13 | |
15 | |
16 | |
25 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
Microsoft Corp. | 6.4% |
Amazon.com, Inc. | 4.7% |
Alphabet, Inc., “A” | 4.3% |
Apple, Inc. | 2.8% |
Facebook, Inc., “A” | 2.8% |
Visa, Inc., “A” | 2.1% |
Adobe Systems, Inc. | 1.9% |
Bank of America Corp. | 1.7% |
salesforce.com, inc. | 1.6% |
Charles Schwab Corp. | 1.5% |
Technology | 31.0% |
Financial Services | 14.2% |
Capital Goods | 13.8% |
Consumer Cyclicals | 13.4% |
Health Care (s) | 13.1% |
Energy | 5.3% |
Consumer Staples | 4.6% |
Telecommunications/Cable Television (s) | 3.2% |
(k) | The sectors set forth above and the associated portfolio composition are based on MFS’ own custom sector classification methodology. |
(s) | Includes securities sold short. |
October 1, 2020 through March 31, 2021
Share Class | Annualized Expense Ratio | Beginning Account Value 10/01/20 | Ending Account Value 3/31/21 | Expenses Paid During Period (p) 10/01/20-3/31/21 | |
A | Actual | 0.78% | $1,000.00 | $1,163.84 | $4.21 |
Hypothetical(h) | 0.78% | $1,000.00 | $1,021.04 | $3.93 | |
B | Actual | 1.53% | $1,000.00 | $1,159.64 | $8.24 |
Hypothetical(h) | 1.53% | $1,000.00 | $1,017.30 | $7.70 | |
C | Actual | 1.53% | $1,000.00 | $1,159.38 | $8.24 |
Hypothetical(h) | 1.53% | $1,000.00 | $1,017.30 | $7.70 | |
I | Actual | 0.54% | $1,000.00 | $1,165.23 | $2.92 |
Hypothetical(h) | 0.54% | $1,000.00 | $1,022.24 | $2.72 | |
R1 | Actual | 1.53% | $1,000.00 | $1,159.39 | $8.24 |
Hypothetical(h) | 1.53% | $1,000.00 | $1,017.30 | $7.70 | |
R2 | Actual | 1.03% | $1,000.00 | $1,162.17 | $5.55 |
Hypothetical(h) | 1.03% | $1,000.00 | $1,019.80 | $5.19 | |
R3 | Actual | 0.78% | $1,000.00 | $1,163.71 | $4.21 |
Hypothetical(h) | 0.78% | $1,000.00 | $1,021.04 | $3.93 | |
R4 | Actual | 0.54% | $1,000.00 | $1,165.09 | $2.91 |
Hypothetical(h) | 0.54% | $1,000.00 | $1,022.24 | $2.72 | |
R6 | Actual | 0.47% | $1,000.00 | $1,165.41 | $2.54 |
Hypothetical(h) | 0.47% | $1,000.00 | $1,022.59 | $2.37 |
(h) | 5% fund return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.9% | ||||
Aerospace – 3.1% | ||||
Honeywell International, Inc. | 407,372 | $ 88,428,240 | ||
L3Harris Technologies, Inc. | 252,984 | 51,274,797 | ||
Northrop Grumman Corp. | 107,720 | 34,862,501 | ||
Raytheon Technologies Corp. | 848,112 | 65,533,614 | ||
$240,099,152 | ||||
Alcoholic Beverages – 0.6% | ||||
Constellation Brands, Inc., “A” | 196,787 | $ 44,867,436 | ||
Apparel Manufacturers – 1.2% | ||||
NIKE, Inc., “B” | 708,493 | $ 94,151,635 | ||
Biotechnology – 1.0% | ||||
Illumina, Inc. (a) | 94,255 | $ 36,199,575 | ||
Vertex Pharmaceuticals, Inc. (a) | 203,275 | 43,681,765 | ||
$79,881,340 | ||||
Brokerage & Asset Managers – 1.9% | ||||
Cboe Global Markets, Inc. | 347,913 | $ 34,335,534 | ||
Charles Schwab Corp. | 1,745,461 | 113,769,148 | ||
$148,104,682 | ||||
Business Services – 4.1% | ||||
Accenture PLC, “A” | 248,322 | $ 68,598,953 | ||
Fidelity National Information Services, Inc. | 641,787 | 90,241,670 | ||
Fiserv, Inc. (a) | 722,181 | 85,968,426 | ||
Global Payments, Inc. | 352,286 | 71,013,812 | ||
$315,822,861 | ||||
Cable TV – 1.5% | ||||
Cable One, Inc. | 14,369 | $ 26,271,705 | ||
Charter Communications, Inc., “A” (a) | 143,924 | 88,803,986 | ||
$115,075,691 | ||||
Chemicals – 0.5% | ||||
FMC Corp. | 336,373 | $ 37,206,218 | ||
Computer Software – 11.3% | ||||
Adobe Systems, Inc. (a) | 312,909 | $ 148,747,551 | ||
Atlassian Corp. PLC, “A” (a) | 169,670 | 35,759,649 | ||
Cadence Design Systems, Inc. (a) | 548,520 | 75,141,755 | ||
Microsoft Corp. (s) | 2,120,063 | 499,847,254 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software – continued | ||||
salesforce.com, inc. (a) | 579,161 | $ 122,706,841 | ||
$882,203,050 | ||||
Computer Software - Systems – 4.6% | ||||
Apple, Inc. | 1,782,024 | $ 217,674,232 | ||
Constellation Software, Inc. | 38,172 | 53,308,973 | ||
EPAM Systems, Inc. (a) | 120,607 | 47,843,591 | ||
TransUnion | 459,267 | 41,334,030 | ||
$360,160,826 | ||||
Construction – 2.8% | ||||
AvalonBay Communities, Inc., REIT | 105,446 | $ 19,455,842 | ||
AZEK Co. LLC (a) | 616,971 | 25,943,630 | ||
Masco Corp. | 776,080 | 46,487,192 | ||
Otis Worldwide Corp. | 592,442 | 40,552,655 | ||
Sherwin-Williams Co. | 63,180 | 46,627,472 | ||
Vulcan Materials Co. | 225,390 | 38,034,562 | ||
$217,101,353 | ||||
Consumer Products – 1.3% | ||||
Colgate-Palmolive Co. | 706,978 | $ 55,731,076 | ||
Kimberly-Clark Corp. | 342,044 | 47,561,218 | ||
$103,292,294 | ||||
Electrical Equipment – 1.6% | ||||
Johnson Controls International PLC | 946,022 | $ 56,449,133 | ||
Sensata Technologies Holding PLC (a) | 650,837 | 37,716,004 | ||
TE Connectivity Ltd. | 245,189 | 31,656,352 | ||
$125,821,489 | ||||
Electronics – 3.4% | ||||
Applied Materials, Inc. | 812,505 | $ 108,550,668 | ||
Lam Research Corp. | 122,255 | 72,771,066 | ||
NXP Semiconductors N.V. | 421,459 | 84,856,555 | ||
$266,178,289 | ||||
Energy - Independent – 1.9% | ||||
ConocoPhillips | 1,136,306 | $ 60,190,129 | ||
Diamondback Energy, Inc. | 271,104 | 19,923,433 | ||
Pioneer Natural Resources Co. | 271,516 | 43,122,171 | ||
Valero Energy Corp. | 349,735 | 25,041,026 | ||
$148,276,759 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – 2.0% | ||||
Hostess Brands, Inc. (a) | 1,519,297 | $ 21,786,719 | ||
Mondelez International, Inc. | 1,029,009 | 60,227,897 | ||
PepsiCo, Inc. | 522,489 | ��� 73,906,069 | ||
$155,920,685 | ||||
Food & Drug Stores – 1.3% | ||||
Wal-Mart Stores, Inc. | 726,452 | $ 98,673,975 | ||
Gaming & Lodging – 0.6% | ||||
Penn National Gaming, Inc. (a) | 171,419 | $ 17,971,568 | ||
Wyndham Hotels & Resorts, Inc. | 411,462 | 28,711,818 | ||
$46,683,386 | ||||
General Merchandise – 0.9% | ||||
Dollar General Corp. | 349,124 | $ 70,739,505 | ||
Health Maintenance Organizations – 1.7% | ||||
Cigna Corp. | 335,577 | $ 81,122,384 | ||
Humana, Inc. | 131,169 | 54,992,603 | ||
$136,114,987 | ||||
Insurance – 2.9% | ||||
Aon PLC | 481,768 | $ 110,859,635 | ||
Chubb Ltd. | 431,622 | 68,183,327 | ||
Reinsurance Group of America, Inc. | 323,867 | 40,823,435 | ||
Willis Towers Watson PLC | 32,836 | 7,515,504 | ||
$227,381,901 | ||||
Internet – 7.0% | ||||
Alphabet, Inc., “A” (a)(s) | 161,253 | $ 332,587,538 | ||
Facebook, Inc., “A” (a) | 729,283 | 214,795,722 | ||
$547,383,260 | ||||
Leisure & Toys – 1.1% | ||||
Electronic Arts, Inc. | 606,542 | $ 82,107,591 | ||
Machinery & Tools – 2.0% | ||||
Ingersoll Rand, Inc. (a) | 1,207,858 | $ 59,438,692 | ||
Roper Technologies, Inc. | 150,547 | 60,721,627 | ||
Trane Technologies PLC | 193,303 | 32,003,245 | ||
$152,163,564 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – 4.2% | ||||
Bank of America Corp. | 3,415,696 | $ 132,153,278 | ||
Goldman Sachs Group, Inc. | 340,235 | 111,256,845 | ||
PNC Financial Services Group, Inc. | 496,351 | 87,064,929 | ||
$330,475,052 | ||||
Medical & Health Technology & Services – 1.9% | ||||
ICON PLC (a) | 263,249 | $ 51,694,206 | ||
Laboratory Corp. of America Holdings (a) | 196,776 | 50,183,783 | ||
McKesson Corp. | 224,842 | 43,853,184 | ||
$145,731,173 | ||||
Medical Equipment – 4.7% | ||||
Becton, Dickinson and Co. | 258,086 | $ 62,753,611 | ||
Boston Scientific Corp. (a) | 1,774,587 | 68,587,787 | ||
Danaher Corp. | 469,301 | 105,630,269 | ||
Medtronic PLC | 754,597 | 89,140,544 | ||
STERIS PLC | 205,844 | 39,209,165 | ||
$365,321,376 | ||||
Metals & Mining – 0.3% | ||||
Howmet Aerospace, Inc. (a) | 638,445 | $ 20,513,238 | ||
Natural Gas - Pipeline – 0.5% | ||||
Enterprise Products Partners LP | 1,658,763 | $ 36,525,961 | ||
Network & Telecom – 0.5% | ||||
Equinix, Inc., REIT | 62,965 | $ 42,790,384 | ||
Other Banks & Diversified Financials – 4.0% | ||||
Northern Trust Corp. | 516,078 | $ 54,244,958 | ||
Truist Financial Corp. | 1,612,927 | 94,065,903 | ||
Visa, Inc., “A” | 781,253 | 165,414,698 | ||
$313,725,559 | ||||
Pharmaceuticals – 3.8% | ||||
Eli Lilly & Co. | 393,560 | $ 73,524,879 | ||
Johnson & Johnson | 547,896 | 90,046,708 | ||
Merck & Co., Inc. | 1,092,369 | 84,210,726 | ||
Zoetis, Inc. | 311,709 | 49,087,933 | ||
$296,870,246 | ||||
Railroad & Shipping – 1.8% | ||||
Canadian Pacific Railway Ltd. | 160,603 | $ 60,915,112 | ||
Kansas City Southern Co. | 291,210 | 76,856,143 | ||
$137,771,255 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Real Estate – 1.1% | ||||
Extra Space Storage, Inc., REIT | 289,548 | $ 38,379,587 | ||
STORE Capital Corp., REIT | 1,366,344 | 45,772,524 | ||
$84,152,111 | ||||
Restaurants – 1.7% | ||||
Starbucks Corp. | 959,515 | $ 104,846,204 | ||
Texas Roadhouse, Inc. (a) | 279,415 | 26,807,075 | ||
$131,653,279 | ||||
Specialty Chemicals – 1.9% | ||||
Air Products & Chemicals, Inc. | 165,844 | $ 46,658,551 | ||
Axalta Coating Systems Ltd. (a) | 1,402,646 | 41,490,268 | ||
DuPont de Nemours, Inc. | 725,117 | 56,037,042 | ||
$144,185,861 | ||||
Specialty Stores – 6.6% | ||||
Amazon.com, Inc. (a)(s) | 119,423 | $ 369,504,316 | ||
Home Depot, Inc. | 280,299 | 85,561,270 | ||
Ross Stores, Inc. | 512,606 | 61,466,585 | ||
$516,532,171 | ||||
Telecommunications - Wireless – 2.0% | ||||
SBA Communications Corp., REIT | 339,627 | $ 94,263,474 | ||
T-Mobile USA, Inc. (a) | 493,559 | 61,838,007 | ||
$156,101,481 | ||||
Tobacco – 0.7% | ||||
Philip Morris International, Inc. | 653,039 | $ 57,950,681 | ||
Utilities - Electric Power – 2.9% | ||||
American Electric Power Co., Inc. | 374,311 | $ 31,704,142 | ||
Duke Energy Corp. | 607,036 | 58,597,185 | ||
NextEra Energy, Inc. | 778,998 | 58,900,039 | ||
PG&E Corp. (a) | 2,593,441 | 30,369,194 | ||
Southern Co. | 760,443 | 47,269,137 | ||
$226,839,697 | ||||
Total Common Stocks (Identified Cost, $4,579,061,749) | $7,702,551,454 | |||
Investment Companies (h) – 1.3% | ||||
Money Market Funds – 1.3% | ||||
MFS Institutional Money Market Portfolio, 0.05% (v) (Identified Cost, $100,749,696) | 100,749,696 | $ 100,749,696 |
Issuer | Shares/Par | Value ($) | ||
Securities Sold Short – (0.3)% | ||||
Telecommunications - Wireless – (0.3)% | ||||
Crown Castle International Corp., REIT (Proceeds Received, $9,666,704) | (116,649) | $ (20,078,792) | ||
Other Assets, Less Liabilities – 0.1% | 7,708,131 | |||
Net Assets – 100.0% | $7,790,930,489 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $100,749,696 and $7,702,551,454, respectively. | |||
(s) | Security or a portion of the security was pledged to cover collateral requirements for securities sold short. | |||
(v) | Affiliated issuer 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: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $4,579,061,749) | $7,702,551,454 |
Investments in affiliated issuers, at value (identified cost, $100,749,696) | 100,749,696 |
Cash | 15,638 |
Deposits with brokers for | |
Securities sold short | 594,285 |
Receivables for | |
Fund shares sold | 14,125,717 |
Dividends | 6,384,751 |
Other assets | 60,358 |
Total assets | $7,824,481,899 |
Liabilities | |
Payables for | |
Securities sold short, at value (proceeds received, $9,666,704) | $20,078,792 |
Fund shares reacquired | 11,478,306 |
Payable to affiliates | |
Investment adviser | 178,725 |
Administrative services fee | 3,089 |
Shareholder servicing costs | 1,524,651 |
Distribution and service fees | 23,761 |
Payable for independent Trustees' compensation | 23,090 |
Accrued expenses and other liabilities | 240,996 |
Total liabilities | $33,551,410 |
Net assets | $7,790,930,489 |
Net assets consist of | |
Paid-in capital | $4,519,420,797 |
Total distributable earnings (loss) | 3,271,509,692 |
Net assets | $7,790,930,489 |
Shares of beneficial interest outstanding | 142,813,155 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,440,319,374 | 26,761,327 | $53.82 |
Class B | 13,126,106 | 274,573 | 47.81 |
Class C | 69,383,088 | 1,464,655 | 47.37 |
Class I | 4,288,813,134 | 77,407,214 | 55.41 |
Class R1 | 3,136,330 | 67,659 | 46.35 |
Class R2 | 22,113,479 | 427,701 | 51.70 |
Class R3 | 43,929,539 | 823,827 | 53.32 |
Class R4 | 15,008,998 | 278,964 | 53.80 |
Class R6 | 1,895,100,441 | 35,307,235 | 53.67 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $57.10 [100 / 94.25 x $53.82]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $43,917,086 |
Income on securities loaned | 210,809 |
Other | 197,229 |
Dividends from affiliated issuers | 24,316 |
Foreign taxes withheld | (114,899) |
Total investment income | $44,234,541 |
Expenses | |
Management fee | $14,880,285 |
Distribution and service fees | 2,250,482 |
Shareholder servicing costs | 2,109,535 |
Administrative services fee | 269,213 |
Independent Trustees' compensation | 44,485 |
Custodian fee | 113,766 |
Shareholder communications | 80,086 |
Audit and tax fees | 29,573 |
Legal fees | 25,281 |
Dividend and interest expense on securities sold short | 631,752 |
Interest expense and fees | 16,938 |
Miscellaneous | 157,756 |
Total expenses | $20,609,152 |
Fees paid indirectly | (24) |
Reduction of expenses by distributor | (9,285) |
Net expenses | $20,599,843 |
Net investment income (loss) | $23,634,698 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $155,905,575 |
Securities sold short | (796,289) |
Foreign currency | 2,057 |
Net realized gain (loss) | $155,111,343 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $896,685,350 |
Securities sold short | (4,967,050) |
Translation of assets and liabilities in foreign currencies | 154 |
Net unrealized gain (loss) | $891,718,454 |
Net realized and unrealized gain (loss) | $1,046,829,797 |
Change in net assets from operations | $1,070,464,495 |
Six months ended | Year ended | |
3/31/21 (unaudited) | 9/30/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $23,634,698 | $55,505,186 |
Net realized gain (loss) | 155,111,343 | 351,966,796 |
Net unrealized gain (loss) | 891,718,454 | 398,521,518 |
Change in net assets from operations | $1,070,464,495 | $805,993,500 |
Total distributions to shareholders | $(353,381,538) | $(231,258,947) |
Change in net assets from fund share transactions | $496,733,343 | $104,049,057 |
Total change in net assets | $1,213,816,300 | $678,783,610 |
Net assets | ||
At beginning of period | 6,577,114,189 | 5,898,330,579 |
At end of period | $7,790,930,489 | $6,577,114,189 |
Class A | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $48.66 | $44.50 | $46.73 | $43.26 | $38.88 | $36.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.33 | $0.37 | $0.35 | $0.33(c) | $0.46 |
Net realized and unrealized gain (loss) | 7.65 | 5.52 | 1.90 | 6.83 | 6.15 | 4.56 |
Total from investment operations | $7.77 | $5.85 | $2.27 | $7.18 | $6.48 | $5.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.28) | $(0.35) | $(0.28) | $(0.46) | $(0.38) | $(0.29) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.61) | $(1.69) | $(4.50) | $(3.71) | $(2.10) | $(2.51) |
Net asset value, end of period (x) | $53.82 | $48.66 | $44.50 | $46.73 | $43.26 | $38.88 |
Total return (%) (r)(s)(t)(x) | 16.38(n) | 13.46 | 6.46 | 17.51 | 17.46(c) | 14.39 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.78(a) | 0.79 | 0.80 | 0.82 | 0.82(c) | 0.83 |
Expenses after expense reductions (f) | 0.78(a) | 0.78 | 0.79 | 0.81 | 0.82(c) | 0.82 |
Net investment income (loss) | 0.46(a) | 0.72 | 0.89 | 0.81 | 0.82(c) | 1.25 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $1,440,319 | $1,290,401 | $1,452,740 | $1,456,897 | $2,643,928 | $2,331,409 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.77(a) | 0.77 | 0.77 | 0.80 | 0.81(c) | 0.82 |
Class B | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $43.39 | $39.84 | $42.40 | $39.55 | $35.70 | $33.56 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.07) | $(0.01) | $0.05 | $0.03 | $0.03(c) | $0.16 |
Net realized and unrealized gain (loss) | 6.82 | 4.93 | 1.66 | 6.21 | 5.64 | 4.21 |
Total from investment operations | $6.75 | $4.92 | $1.71 | $6.24 | $5.67 | $4.37 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.03) | $(0.05) | $(0.14) | $(0.10) | $(0.01) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.33) | $(1.37) | $(4.27) | $(3.39) | $(1.82) | $(2.23) |
Net asset value, end of period (x) | $47.81 | $43.39 | $39.84 | $42.40 | $39.55 | $35.70 |
Total return (%) (r)(s)(t)(x) | 15.96(n) | 12.61 | 5.63 | 16.65 | 16.59(c) | 13.54 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.54 | 1.55 | 1.57 | 1.57(c) | 1.58 |
Expenses after expense reductions (f) | 1.53(a) | 1.54 | 1.54 | 1.56 | 1.57(c) | 1.57 |
Net investment income (loss) | (0.30)(a) | (0.03) | 0.14 | 0.06 | 0.07(c) | 0.47 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $13,126 | $13,373 | $17,765 | $21,445 | $22,131 | $24,104 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.52(a) | 1.52 | 1.52 | 1.55 | 1.56(c) | 1.57 |
Class C | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $43.02 | $39.53 | $42.05 | $39.27 | $35.48 | $33.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.07) | $(0.01) | $0.05 | $0.01 | $0.03(c) | $0.16 |
Net realized and unrealized gain (loss) | 6.75 | 4.90 | 1.65 | 6.17 | 5.60 | 4.17 |
Total from investment operations | $6.68 | $4.89 | $1.70 | $6.18 | $5.63 | $4.33 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.06) | $— | $(0.15) | $(0.12) | $(0.02) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.33) | $(1.40) | $(4.22) | $(3.40) | $(1.84) | $(2.24) |
Net asset value, end of period (x) | $47.37 | $43.02 | $39.53 | $42.05 | $39.27 | $35.48 |
Total return (%) (r)(s)(t)(x) | 15.94(n) | 12.62 | 5.64 | 16.62 | 16.61(c) | 13.51 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.55 | 1.55 | 1.57 | 1.57(c) | 1.58 |
Expenses after expense reductions (f) | 1.53(a) | 1.54 | 1.55 | 1.56 | 1.57(c) | 1.58 |
Net investment income (loss) | (0.30)(a) | (0.03) | 0.13 | 0.03 | 0.07(c) | 0.49 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $69,383 | $70,785 | $71,371 | $78,122 | $133,255 | $134,406 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.52(a) | 1.53 | 1.53 | 1.55 | 1.56(c) | 1.57 |
Class I | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $50.09 | $45.74 | $48.03 | $44.35 | $39.81 | $37.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.45 | $0.49 | $0.50 | $0.44(c) | $0.57 |
Net realized and unrealized gain (loss) | 7.87 | 5.70 | 1.93 | 6.99 | 6.29 | 4.66 |
Total from investment operations | $8.06 | $6.15 | $2.42 | $7.49 | $6.73 | $5.23 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.41) | $(0.46) | $(0.49) | $(0.56) | $(0.47) | $(0.38) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.74) | $(1.80) | $(4.71) | $(3.81) | $(2.19) | $(2.60) |
Net asset value, end of period (x) | $55.41 | $50.09 | $45.74 | $48.03 | $44.35 | $39.81 |
Total return (%) (r)(s)(t)(x) | 16.52(n) | 13.76 | 6.68 | 17.83 | 17.74(c) | 14.68 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.54(a) | 0.55 | 0.55 | 0.57 | 0.57(c) | 0.58 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | 0.57(c) | 0.58 |
Net investment income (loss) | 0.72(a) | 0.97 | 1.13 | 1.09 | 1.07(c) | 1.52 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $4,288,813 | $3,492,027 | $2,835,696 | $2,752,743 | $1,065,739 | $927,500 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.52(a) | 0.53 | 0.53 | 0.56 | 0.56(c) | 0.57 |
Class R1 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $42.14 | $38.72 | $41.37 | $38.69 | $34.99 | $32.95 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.07) | $(0.02) | $0.04 | $0.03 | $0.02(c) | $0.17 |
Net realized and unrealized gain (loss) | 6.61 | 4.81 | 1.60 | 6.06 | 5.52 | 4.11 |
Total from investment operations | $6.54 | $4.79 | $1.64 | $6.09 | $5.54 | $4.28 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.03) | $(0.07) | $(0.16) | $(0.12) | $(0.02) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.33) | $(1.37) | $(4.29) | $(3.41) | $(1.84) | $(2.24) |
Net asset value, end of period (x) | $46.35 | $42.14 | $38.72 | $41.37 | $38.69 | $34.99 |
Total return (%) (r)(s)(t)(x) | 15.94(n) | 12.62 | 5.62 | 16.64 | 16.59(c) | 13.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.54 | 1.55 | 1.57 | 1.57(c) | 1.58 |
Expenses after expense reductions (f) | 1.53(a) | N/A | N/A | N/A | 1.57(c) | 1.58 |
Net investment income (loss) | (0.30)(a) | (0.04) | 0.12 | 0.07 | 0.07(c) | 0.50 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $3,136 | $3,596 | $4,187 | $4,947 | $4,189 | $4,500 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.52(a) | 1.53 | 1.53 | 1.56 | 1.56(c) | 1.57 |
Class R2 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $46.78 | $42.85 | $45.23 | $41.97 | $37.77 | $35.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.20 | $0.25 | $0.24 | $0.22(c) | $0.35 |
Net realized and unrealized gain (loss) | 7.34 | 5.33 | 1.82 | 6.60 | 5.98 | 4.44 |
Total from investment operations | $7.39 | $5.53 | $2.07 | $6.84 | $6.20 | $4.79 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.26) | $(0.23) | $(0.33) | $(0.28) | $(0.17) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.47) | $(1.60) | $(4.45) | $(3.58) | $(2.00) | $(2.39) |
Net asset value, end of period (x) | $51.70 | $46.78 | $42.85 | $45.23 | $41.97 | $37.77 |
Total return (%) (r)(s)(t)(x) | 16.22(n) | 13.19 | 6.18 | 17.21 | 17.19(c) | 14.10 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.03(a) | 1.04 | 1.05 | 1.07 | 1.07(c) | 1.08 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | 1.07(c) | 1.08 |
Net investment income (loss) | 0.20(a) | 0.47 | 0.63 | 0.56 | 0.57(c) | 0.97 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $22,113 | $19,726 | $21,738 | $21,137 | $26,054 | $27,545 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.02(a) | 1.03 | 1.03 | 1.06 | 1.06(c) | 1.07 |
Class R3 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $48.23 | $44.12 | $46.46 | $43.02 | $38.67 | $36.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.32 | $0.37 | $0.36 | $0.33(c) | $0.46 |
Net realized and unrealized gain (loss) | 7.57 | 5.48 | 1.86 | 6.77 | 6.11 | 4.53 |
Total from investment operations | $7.69 | $5.80 | $2.23 | $7.13 | $6.44 | $4.99 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.27) | $(0.35) | $(0.35) | $(0.44) | $(0.37) | $(0.27) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.60) | $(1.69) | $(4.57) | $(3.69) | $(2.09) | $(2.49) |
Net asset value, end of period (x) | $53.32 | $48.23 | $44.12 | $46.46 | $43.02 | $38.67 |
Total return (%) (r)(s)(t)(x) | 16.37(n) | 13.46 | 6.44 | 17.50 | 17.46(c) | 14.39 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.78(a) | 0.79 | 0.80 | 0.82 | 0.82(c) | 0.83 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | 0.82(c) | 0.83 |
Net investment income (loss) | 0.46(a) | 0.72 | 0.88 | 0.81 | 0.83(c) | 1.24 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $43,930 | $40,434 | $44,941 | $45,930 | $45,780 | $56,488 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.77(a) | 0.78 | 0.78 | 0.81 | 0.81(c) | 0.82 |
Class R4 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $48.71 | $44.53 | $46.88 | $43.31 | $38.91 | $36.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.43 | $0.47 | $0.43 | $0.43(c) | $0.56 |
Net realized and unrealized gain (loss) | 7.64 | 5.55 | 1.88 | 6.88 | 6.16 | 4.55 |
Total from investment operations | $7.82 | $5.98 | $2.35 | $7.31 | $6.59 | $5.11 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.40) | $(0.46) | $(0.48) | $(0.49) | $(0.47) | $(0.38) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.73) | $(1.80) | $(4.70) | $(3.74) | $(2.19) | $(2.60) |
Net asset value, end of period (x) | $53.80 | $48.71 | $44.53 | $46.88 | $43.31 | $38.91 |
Total return (%) (r)(s)(t)(x) | 16.51(n) | 13.76 | 6.69 | 17.84 | 17.77(c) | 14.66 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.54(a) | 0.54 | 0.55 | 0.57 | 0.57(c) | 0.58 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | 0.57(c) | 0.58 |
Net investment income (loss) | 0.71(a) | 0.97 | 1.13 | 0.97 | 1.08(c) | 1.52 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $15,009 | $14,246 | $16,869 | $17,148 | $49,141 | $57,922 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.52(a) | 0.53 | 0.53 | 0.56 | 0.56(c) | 0.57 |
Class R6 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $48.62 | $44.44 | $46.82 | $43.33 | $38.94 | $36.42 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.47 | $0.50 | $0.51 | $0.46(c) | $0.58 |
Net realized and unrealized gain (loss) | 7.62 | 5.53 | 1.86 | 6.83 | 6.16 | 4.58 |
Total from investment operations | $7.82 | $6.00 | $2.36 | $7.34 | $6.62 | $5.16 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.44) | $(0.48) | $(0.52) | $(0.60) | $(0.51) | $(0.42) |
From net realized gain | (2.33) | (1.34) | (4.22) | (3.25) | (1.72) | (2.22) |
Total distributions declared to shareholders | $(2.77) | $(1.82) | $(4.74) | $(3.85) | $(2.23) | $(2.64) |
Net asset value, end of period (x) | $53.67 | $48.62 | $44.44 | $46.82 | $43.33 | $38.94 |
Total return (%) (r)(s)(t)(x) | 16.54(n) | 13.85 | 6.75 | 17.92 | 17.86(c) | 14.80 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.47(a) | 0.48 | 0.48 | 0.48 | 0.49(c) | 0.48 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | 0.49(c) | 0.48 |
Net investment income (loss) | 0.78(a) | 1.04 | 1.19 | 1.15 | 1.16(c) | 1.57 |
Portfolio turnover | 17(n) | 36 | 32 | 33 | 38 | 47 |
Net assets at end of period (000 omitted) | $1,895,100 | $1,632,527 | $1,433,024 | $1,441,866 | $1,393,491 | $1,374,807 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.45(a) | 0.46 | 0.46 | 0.47 | 0.47(c) | 0.48 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $7,702,551,454 | $— | $— | $7,702,551,454 |
Mutual Funds | 100,749,696 | — | — | 100,749,696 |
Total | $7,803,301,150 | $— | $— | $7,803,301,150 |
Securities Sold Short | $(20,078,792) | $— | $— | $(20,078,792) |
Year ended 9/30/20 | |
Ordinary income (including any short-term capital gains) | $71,259,895 |
Long-term capital gains | 159,999,052 |
Total distributions | $231,258,947 |
As of 3/31/21 | |
Cost of investments | $4,686,379,440 |
Gross appreciation | 3,140,853,042 |
Gross depreciation | (23,931,332) |
Net unrealized appreciation (depreciation) | $3,116,921,710 |
As of 9/30/20 | |
Undistributed ordinary income | 40,190,903 |
Undistributed long-term capital gain | 293,885,359 |
Other temporary differences | 12,844,408 |
Net unrealized appreciation (depreciation) | 2,207,506,065 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||
Class A | $67,772,858 | $54,649,668 | |
Class B | 678,032 | 588,792 | |
Class C | 3,758,024 | 2,470,790 | |
Class I | 184,417,277 | 111,319,986 | |
Class R1 | 154,178 | 140,647 | |
Class R2 | 965,562 | 824,722 | |
Class R3 | 2,113,247 | 1,734,371 | |
Class R4 | 792,558 | 684,330 | |
Class R6 | 92,729,802 | 58,845,641 | |
Total | $353,381,538 | $231,258,947 |
Up to $5 billion | 0.43% |
In excess of $5 billion and up to $10 billion | 0.40% |
In excess of $10 billion | 0.37% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 1,707,053 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 66,354 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 356,029 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 15,745 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 52,750 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 52,551 |
Total Distribution and Service Fees | $2,250,482 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended March 31, 2021 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended March 31, 2021, this rebate amounted to $9,270, $2, $12, and $1 for Class A, Class B, Class C, and Class R1, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $2,374 |
Class B | 3,959 |
Class C | 3,442 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 776,571 | $39,824,904 | 2,146,837 | $94,779,226 | |
Class B | 1,645 | 78,127 | 2,808 | 105,101 | |
Class C | 104,935 | 4,750,917 | 360,794 | 14,082,771 | |
Class I | 17,689,393 | 944,996,487 | 23,413,170 | 1,067,432,087 | |
Class R1 | 1,499 | 66,465 | 5,829 | 224,965 | |
Class R2 | 89,581 | 4,363,603 | 111,513 | 4,718,386 | |
Class R3 | 78,774 | 3,973,926 | 223,615 | 9,797,456 | |
Class R4 | 23,954 | 1,231,155 | 91,918 | 3,958,285 | |
Class R6 | 1,071,172 | 54,047,034 | 4,459,462 | 193,327,059 | |
19,837,524 | $1,053,332,618 | 30,815,946 | $1,388,425,336 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,254,443 | $62,533,851 | 1,111,543 | $50,199,664 | |
Class B | 15,157 | 672,687 | 14,312 | 579,770 | |
Class C | 82,820 | 3,642,408 | 58,284 | 2,341,264 | |
Class I | 3,558,640 | 182,487,033 | 2,376,892 | 110,264,003 | |
Class R1 | 3,583 | 154,178 | 3,574 | 140,647 | |
Class R2 | 20,034 | 960,037 | 18,326 | 797,170 | |
Class R3 | 42,787 | 2,113,247 | 38,748 | 1,734,371 | |
Class R4 | 14,773 | 735,552 | 14,365 | 648,021 | |
Class R6 | 1,825,081 | 90,651,764 | 1,277,717 | 57,497,281 | |
6,817,318 | $343,950,757 | 4,913,761 | $224,202,191 | ||
Shares reacquired | |||||
Class A | (1,786,481) | $(91,444,208) | (9,390,942) | $(424,020,468) | |
Class B | (50,406) | (2,292,140) | (154,851) | (6,093,574) | |
Class C | (368,510) | (16,673,927) | (579,017) | (22,979,229) | |
Class I | (13,560,141) | (714,501,301) | (18,063,926) | (819,703,317) | |
Class R1 | (22,748) | (1,011,627) | (32,199) | (1,290,411) | |
Class R2 | (103,626) | (5,130,243) | (215,438) | (9,175,266) | |
Class R3 | (136,061) | (6,857,427) | (442,642) | (19,888,632) | |
Class R4 | (52,245) | (2,663,948) | (192,636) | (8,923,401) | |
Class R6 | (1,168,937) | (59,975,211) | (4,401,221) | (196,504,172) | |
(17,249,155) | $(900,550,032) | (33,472,872) | $(1,508,578,470) |
Six months ended 3/31/21 | Year ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 244,533 | $10,914,547 | (6,132,562) | $(279,041,578) | |
Class B | (33,604) | (1,541,326) | (137,731) | (5,408,703) | |
Class C | (180,755) | (8,280,602) | (159,939) | (6,555,194) | |
Class I | 7,687,892 | 412,982,219 | 7,726,136 | 357,992,773 | |
Class R1 | (17,666) | (790,984) | (22,796) | (924,799) | |
Class R2 | 5,989 | 193,397 | (85,599) | (3,659,710) | |
Class R3 | (14,500) | (770,254) | (180,279) | (8,356,805) | |
Class R4 | (13,518) | (697,241) | (86,353) | (4,317,095) | |
Class R6 | 1,727,316 | 84,723,587 | 1,335,958 | 54,320,168 | |
9,405,687 | $496,733,343 | 2,256,835 | $104,049,057 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $67,432,432 | $498,581,905 | $465,264,641 | $— | $— | $100,749,696 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $24,316 | $— |
1 | |
2 | |
5 | |
8 | |
28 | |
30 | |
32 | |
33 | |
45 | |
59 | |
59 | |
59 | |
59 | |
59 |
back cover |
U.S. Treasury Notes, 0.125%, 12/31/2022 | 2.7% |
Goldman Sachs Group, Inc. | 2.1% |
U.S. Treasury Notes, 1.375%, 1/31/2025 | 2.1% |
Comcast Corp., “A” | 2.0% |
Microsoft Corp. | 1.9% |
Johnson & Johnson | 1.8% |
JPMorgan Chase & Co. | 1.8% |
Cigna Corp. | 1.6% |
Charles Schwab Corp. | 1.5% |
U.S. Treasury Notes, 0.375%, 11/30/2025 | 1.5% |
AAA | 4.3% |
AA | 1.0% |
A | 4.2% |
BBB | 8.5% |
BB | 0.2% |
B (o) | 0.0% |
CCC (o) | 0.0% |
U.S. Government | 8.9% |
Federal Agencies | 11.7% |
Not Rated | 0.4% |
Non-Fixed Income | 60.5% |
Cash & Cash Equivalents | 0.3% |
Financials | 14.9% |
Health Care | 9.6% |
Industrials | 9.6% |
Information Technology | 8.4% |
Consumer Staples | 5.2% |
Communication Services | 3.5% |
Utilities | 2.4% |
Consumer Discretionary | 2.1% |
Materials | 1.9% |
Energy | 1.3% |
Convertible Debt | 1.1% |
Real Estate | 0.5% |
Investment Grade Corporates | 12.9% |
Mortgage-Backed Securities | 11.7% |
U.S. Treasury Securities | 8.9% |
Commercial Mortgage-Backed Securities | 2.3% |
Collateralized Debt Obligations | 2.1% |
Asset-Backed Securities | 0.5% |
Municipal Bonds | 0.3% |
Emerging Markets Bonds | 0.2% |
High Yield Corporates | 0.2% |
Non-U.S. Government Bonds | 0.1% |
U.S. Government Agencies (o) | 0.0% |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives) and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(o) | Less than 0.1%. |
October 1, 2020 through March 31, 2021
Share Class | Annualized Expense Ratio | Beginning Account Value 10/01/20 | Ending Account Value 3/31/21 | Expenses Paid During Period (p) 10/01/20-3/31/21 | |
A | Actual | 0.72% | $1,000.00 | $1,142.91 | $3.85 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.34 | $3.63 | |
B | Actual | 1.46% | $1,000.00 | $1,138.80 | $7.79 |
Hypothetical (h) | 1.46% | $1,000.00 | $1,017.65 | $7.34 | |
C | Actual | 1.46% | $1,000.00 | $1,139.06 | $7.79 |
Hypothetical (h) | 1.46% | $1,000.00 | $1,017.65 | $7.34 | |
I | Actual | 0.47% | $1,000.00 | $1,144.37 | $2.51 |
Hypothetical (h) | 0.47% | $1,000.00 | $1,022.59 | $2.37 | |
R1 | Actual | 1.46% | $1,000.00 | $1,138.89 | $7.79 |
Hypothetical (h) | 1.46% | $1,000.00 | $1,017.65 | $7.34 | |
R2 | Actual | 0.97% | $1,000.00 | $1,141.47 | $5.18 |
Hypothetical (h) | 0.97% | $1,000.00 | $1,020.09 | $4.89 | |
R3 | Actual | 0.72% | $1,000.00 | $1,143.33 | $3.85 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.34 | $3.63 | |
R4 | Actual | 0.47% | $1,000.00 | $1,144.14 | $2.51 |
Hypothetical (h) | 0.47% | $1,000.00 | $1,022.59 | $2.37 | |
R6 | Actual | 0.39% | $1,000.00 | $1,145.32 | $2.09 |
Hypothetical (h) | 0.39% | $1,000.00 | $1,022.99 | $1.97 | |
529A | Actual | 0.74% | $1,000.00 | $1,142.68 | $3.95 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.24 | $3.73 | |
529B | Actual | 0.75% | $1,000.00 | $1,142.94 | $4.01 |
Hypothetical (h) | 0.75% | $1,000.00 | $1,021.19 | $3.78 | |
529C | Actual | 1.51% | $1,000.00 | $1,138.80 | $8.05 |
Hypothetical (h) | 1.51% | $1,000.00 | $1,017.40 | $7.59 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 59.2% | ||||
Aerospace – 2.5% | ||||
Honeywell International, Inc. | 428,838 | $ 93,087,865 | ||
L3Harris Technologies, Inc. | 260,199 | 52,737,133 | ||
Lockheed Martin Corp. | 76,437 | 28,243,472 | ||
Northrop Grumman Corp. | 105,088 | 34,010,680 | ||
$208,079,150 | ||||
Alcoholic Beverages – 0.6% | ||||
Constellation Brands, Inc., “A” | 75,448 | $ 17,202,144 | ||
Diageo PLC | 788,739 | 32,506,495 | ||
$49,708,639 | ||||
Automotive – 1.2% | ||||
Aptiv PLC (a) | 98,455 | $ 13,576,945 | ||
Lear Corp. | 287,467 | 52,103,394 | ||
LKQ Corp. (a) | 847,550 | 35,876,791 | ||
$101,557,130 | ||||
Biotechnology – 0.2% | ||||
Vertex Pharmaceuticals, Inc. (a) | 90,649 | $ 19,479,564 | ||
Broadcasting – 0.3% | ||||
Discovery Communications, Inc., “A” (a) | 351,334 | $ 15,268,975 | ||
Omnicom Group, Inc. | 113,438 | 8,411,428 | ||
$23,680,403 | ||||
Brokerage & Asset Managers – 3.4% | ||||
BlackRock, Inc. | 35,482 | $ 26,752,009 | ||
Blackstone Group, Inc. | 354,904 | 26,450,995 | ||
Cboe Global Markets, Inc. | 264,585 | 26,111,894 | ||
Charles Schwab Corp. | 1,938,346 | 126,341,392 | ||
Invesco Ltd. | 1,049,964 | 26,480,092 | ||
NASDAQ, Inc. | 185,585 | 27,366,364 | ||
T. Rowe Price Group, Inc. | 138,152 | 23,706,883 | ||
$283,209,629 | ||||
Business Services – 2.7% | ||||
Accenture PLC, “A” | 274,904 | $ 75,942,230 | ||
Amdocs Ltd. | 451,681 | 31,685,422 | ||
Equifax, Inc. | 145,756 | 26,400,784 | ||
Fidelity National Information Services, Inc. | 309,835 | 43,565,900 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Fiserv, Inc. (a) | 398,579 | $ 47,446,844 | ||
$225,041,180 | ||||
Cable TV – 2.0% | ||||
Comcast Corp., “A” | 3,143,102 | $ 170,073,249 | ||
Chemicals – 1.2% | ||||
3M Co. | 218,399 | $ 42,081,119 | ||
PPG Industries, Inc. | 386,193 | 58,029,360 | ||
$100,110,479 | ||||
Computer Software – 2.3% | ||||
Microsoft Corp. | 693,489 | $ 163,503,901 | ||
Oracle Corp. | 426,916 | 29,956,696 | ||
$193,460,597 | ||||
Construction – 1.6% | ||||
Masco Corp. | 1,274,766 | $ 76,358,483 | ||
Otis Worldwide Corp. | 177,019 | 12,116,951 | ||
Stanley Black & Decker, Inc. | 149,405 | 29,831,696 | ||
Vulcan Materials Co. | 105,558 | 17,812,913 | ||
$136,120,043 | ||||
Consumer Products – 0.7% | ||||
Colgate-Palmolive Co. | 407,369 | $ 32,112,898 | ||
Kimberly-Clark Corp. | 199,097 | 27,684,438 | ||
$59,797,336 | ||||
Electrical Equipment – 1.1% | ||||
Johnson Controls International PLC | 1,582,452 | $ 94,424,911 | ||
Electronics – 3.5% | ||||
Applied Materials, Inc. | 378,186 | $ 50,525,650 | ||
Intel Corp. | 1,234,010 | 78,976,640 | ||
NXP Semiconductors N.V. | 208,816 | 42,043,013 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 428,871 | 50,726,862 | ||
Texas Instruments, Inc. | 364,834 | 68,949,978 | ||
$291,222,143 | ||||
Energy - Independent – 1.1% | ||||
ConocoPhillips | 464,668 | $ 24,613,464 | ||
Hess Corp. | 560,767 | 39,679,873 | ||
Pioneer Natural Resources Co. | 92,530 | 14,695,615 | ||
Valero Energy Corp. | 220,067 | 15,756,797 | ||
$94,745,749 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – 2.2% | ||||
Archer Daniels Midland Co. | 535,654 | $ 30,532,278 | ||
Danone S.A. | 401,430 | 27,539,282 | ||
General Mills, Inc. | 436,128 | 26,743,369 | ||
J.M. Smucker Co. | 124,315 | 15,729,577 | ||
Mondelez International, Inc. | 359,739 | 21,055,524 | ||
Nestle S.A. | 362,570 | 40,409,590 | ||
PepsiCo, Inc. | 170,205 | 24,075,497 | ||
$186,085,117 | ||||
Food & Drug Stores – 0.7% | ||||
Wal-Mart Stores, Inc. | 405,550 | $ 55,085,856 | ||
Health Maintenance Organizations – 1.7% | ||||
Cigna Corp. | 570,923 | $ 138,014,926 | ||
Insurance – 3.2% | ||||
Aon PLC | 298,229 | $ 68,625,475 | ||
Chubb Ltd. | 472,542 | 74,647,460 | ||
Marsh & McLennan Cos., Inc. | 204,246 | 24,877,163 | ||
Reinsurance Group of America, Inc. | 103,328 | 13,024,494 | ||
Travelers Cos., Inc. | 321,892 | 48,412,557 | ||
Willis Towers Watson PLC | 172,986 | 39,593,036 | ||
$269,180,185 | ||||
Internet – 0.4% | ||||
Alphabet, Inc., “A” (a) | 17,363 | $ 35,811,535 | ||
Leisure & Toys – 0.3% | ||||
Electronic Arts, Inc. | 206,587 | $ 27,965,682 | ||
Machinery & Tools – 2.4% | ||||
Caterpillar, Inc. | 125,016 | $ 28,987,460 | ||
Eaton Corp. PLC | 819,620 | 113,337,053 | ||
Ingersoll Rand, Inc. (a) | 630,586 | 31,031,137 | ||
Trane Technologies PLC | 186,755 | 30,919,158 | ||
$204,274,808 | ||||
Major Banks – 5.9% | ||||
Bank of America Corp. | 2,720,507 | $ 105,256,416 | ||
Goldman Sachs Group, Inc. | 539,875 | 176,539,125 | ||
JPMorgan Chase & Co. | 979,641 | 149,130,749 | ||
Morgan Stanley | 193,086 | 14,995,059 | ||
PNC Financial Services Group, Inc. | 259,099 | 45,448,556 | ||
$491,369,905 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Medical & Health Technology & Services – 1.5% | ||||
ICON PLC (a) | 100,269 | $ 19,689,824 | ||
McKesson Corp. | 264,316 | 51,552,193 | ||
Quest Diagnostics, Inc. | 390,022 | 50,055,423 | ||
$121,297,440 | ||||
Medical Equipment – 2.7% | ||||
Becton, Dickinson and Co. | 108,306 | $ 26,334,604 | ||
Danaher Corp. | 332,920 | 74,933,633 | ||
Medtronic PLC | 755,051 | 89,194,175 | ||
Thermo Fisher Scientific, Inc. | 78,411 | 35,785,212 | ||
$226,247,624 | ||||
Metals & Mining – 0.2% | ||||
Rio Tinto PLC | 231,081 | $ 17,680,539 | ||
Natural Gas - Pipeline – 0.2% | ||||
Enterprise Products Partners LP | 748,664 | $ 16,485,581 | ||
Other Banks & Diversified Financials – 2.5% | ||||
Northern Trust Corp. | 265,527 | $ 27,909,543 | ||
Truist Financial Corp. | 1,995,463 | 116,375,402 | ||
U.S. Bancorp | 1,159,840 | 64,150,750 | ||
$208,435,695 | ||||
Pharmaceuticals – 3.6% | ||||
Bayer AG | 235,318 | $ 14,890,662 | ||
Johnson & Johnson | 920,325 | 151,255,414 | ||
Merck & Co., Inc. | 1,259,757 | 97,114,667 | ||
Roche Holding AG | 115,896 | 37,454,831 | ||
$300,715,574 | ||||
Railroad & Shipping – 1.1% | ||||
Union Pacific Corp. | 423,921 | $ 93,436,428 | ||
Real Estate – 0.5% | ||||
Public Storage, Inc., REIT | 53,514 | $ 13,205,115 | ||
STORE Capital Corp., REIT | 876,908 | 29,376,418 | ||
$42,581,533 | ||||
Specialty Chemicals – 0.8% | ||||
Axalta Coating Systems Ltd. (a) | 1,102,673 | $ 32,617,067 | ||
DuPont de Nemours, Inc. | 399,491 | 30,872,665 | ||
$63,489,732 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Stores – 0.9% | ||||
Home Depot, Inc. | 150,687 | $ 45,997,207 | ||
Target Corp. | 139,272 | 27,585,605 | ||
$73,582,812 | ||||
Telecommunications - Wireless – 0.4% | ||||
T-Mobile USA, Inc. (a) | 288,819 | $ 36,186,132 | ||
Tobacco – 1.0% | ||||
Philip Morris International, Inc. | 952,516 | $ 84,526,270 | ||
Trucking – 0.2% | ||||
United Parcel Service, Inc., “B” | 108,720 | $ 18,481,313 | ||
Utilities - Electric Power – 2.4% | ||||
Duke Energy Corp. | 680,827 | $ 65,720,230 | ||
Exelon Corp. | 760,218 | 33,251,935 | ||
PG&E Corp. (a) | 2,357,531 | 27,606,688 | ||
Pinnacle West Capital Corp. | 216,513 | 17,613,333 | ||
Southern Co. | 870,861 | 54,132,720 | ||
$198,324,906 | ||||
Total Common Stocks (Identified Cost, $2,769,807,520) | $ 4,959,969,795 | |||
Bonds – 39.0% | ||||
Aerospace – 0.2% | ||||
BAE Systems PLC, 3.4%, 4/15/2030 (n) | $ | 3,048,000 | $ 3,233,137 | |
Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025 | 1,837,000 | 2,003,549 | ||
L3Harris Technologies, Inc., 3.85%, 6/15/2023 | 6,859,000 | 7,317,361 | ||
Raytheon Technologies Corp., 4.125%, 11/16/2028 | 4,900,000 | 5,514,897 | ||
$18,068,944 | ||||
Apparel Manufacturers – 0.0% | ||||
NIKE, Inc., “B”, 3.25%, 3/27/2040 | $ | 2,500,000 | $ 2,618,492 | |
Asset-Backed & Securitized – 4.9% | ||||
ALM Loan Funding, CLO, 2013-7R2A, “A1B2”, FLR, 1.641% (LIBOR - 3mo. + 1.4%), 10/15/2027 (n) | $ | 13,305,000 | $ 13,084,337 | |
Arbor Realty Trust, Inc., CLO, 2020-FL1, “AS”, FLR, 1.506% (LIBOR - 1mo. + 1.4%), 2/15/2035 (n) | 3,610,000 | 3,609,040 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “AS”, FLR, 1.33% (LIBOR - 1mo. + 1.2%) 12/15/2035 (n) | 6,771,500 | 6,737,643 | ||
AREIT CRE Trust, 2018-CRE2, “A”, FLR, 1.086% (LIBOR - 1mo. + 0.98%), 11/14/2035 (n) | 3,651,138 | 3,649,067 | ||
AREIT CRE Trust, 2019-CRE3, “AS”, FLR, 1.406% (LIBOR - 1mo. + 1.3%), 9/14/2036 (n) | 10,151,500 | 10,139,196 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Avis Budget Rental Car Funding LLC, 2019-1A, “A”, 3.45%, 3/20/2023 (n) | $ | 11,630,000 | $ 11,888,954 | |
Bancorp Commercial Mortgage Trust, 2019-CRE6, “AS”, FLR, 1.406% (LIBOR - 1mo. + 1.3%), 9/15/2036 (n) | 10,512,013 | 10,512,009 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 1.709% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n) | 1,946,008 | 2,036,984 | ||
BDS Ltd., 2019-FL4, “A”, FLR, 1.208% (LIBOR - 1mo. + 1.10%), 8/15/2036 (n) | 7,275,500 | 7,266,406 | ||
BPCRE Holder LLC, 0.956%, 2/15/2037 (n) | 4,188,000 | 4,189,290 | ||
BSPRT Issuer Ltd., 2021-FL6, “AS”, FLR, 1.403% (LIBOR - 1mo. + 1.3%) 3/15/2036 (n) | 15,922,500 | 15,882,694 | ||
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n) | 5,007,000 | 4,974,014 | ||
CHCP 2021-FL1 Ltd., “AS”, FLR, 1.406% (LIBOR - 1mo. + 1.3%) 2/15/2038 (n) | 7,049,000 | 7,055,636 | ||
Chesapeake Funding II LLC, 2018-1A, “A1”, 3.04%, 4/15/2030 (n) | 1,353,496 | 1,361,126 | ||
Commercial Mortgage Pass-Through Certificates, 2019-BN17, “A4”, 3.714%, 4/15/2052 | 8,356,000 | 9,186,784 | ||
Commercial Mortgage Trust, 2015-DC1, “A5”, 3.35%, 2/10/2048 | 7,000,000 | 7,534,654 | ||
Commercial Mortgage Trust, 2015-LC21, “A4”, 3.708%, 7/10/2048 | 9,641,397 | 10,553,402 | ||
Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050 | 11,000,000 | 12,098,235 | ||
CSAIL Commercial Mortgage Trust, 2015-C2, “A4”, 3.504%, 6/15/2057 | 5,534,308 | 5,973,786 | ||
Cutwater Ltd., 2015-1A, “AR”, FLR, 1.461% (LIBOR - 3mo. + 1.22%), 1/15/2029 (n) | 12,108,176 | 12,108,381 | ||
Dryden Senior Loan Fund, 2013-26A, “AR”, CLO, FLR, 1.141% (LIBOR - 3mo. + 0.9%), 4/15/2029 (n) | 8,528,000 | 8,517,988 | ||
Dryden Senior Loan Fund, 2018-55A, “A1”, CLO, FLR, 1.261% (LIBOR - 3mo. + 1.02%), 4/15/2031 (n) | 11,647,598 | 11,652,478 | ||
Exantas Capital Corp. CLO Ltd., 2019-RS07, “A”, FLR, 1.108% (LIBOR - 1mo. + 1%), 4/15/2036 (n) | 589,235 | 588,386 | ||
Exeter Automobile Receivables Trust, 2020-1, 2.26%, 4/15/2024 (n) | 2,195,000 | 2,214,879 | ||
Figueroa CLO Ltd., 2014-1A, “BR”, FLR, 1.741% (LIBOR - 3mo. + 1.5%), 1/15/2027 (n) | 3,980,000 | 3,990,264 | ||
Fort CRE LLC, 2018-1A, “A1”, FLR, 1.458% (LIBOR - 1mo. + 1.35%), 11/16/2035 (n) | 3,888,635 | 3,888,631 | ||
GLS Auto Receivables Trust, 2020-1A, ��A”, 2.17%, 2/15/2024 (n) | 1,514,565 | 1,527,175 | ||
GMAC Mortgage Corp. Loan Trust, FGIC, 5.805%, 10/25/2036 | 450,774 | 475,562 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
GS Mortgage Securities Trust, 2015-GC30, “A4”, 3.382%, 5/10/2050 | $ | 10,734,280 | $ 11,582,643 | |
GS Mortgage Securities Trust, 2019-GSA1, “A4”, 3.047%, 11/10/2052 | 6,631,389 | 6,964,817 | ||
JPMBB Commercial Mortgage Securities Trust, 2015-C28, “A4”, 3.227%, 10/15/2048 | 13,361,337 | 14,284,241 | ||
KKR Real Estate Financial Trust, Inc., 2018-FL1, “A”, FLR, 1.208% (LIBOR - 1mo. + 1.1%), 6/15/2036 (n) | 6,559,027 | 6,559,027 | ||
Magnetite XVI Ltd., 2015-16A, “AR”, FLR, 1.023% (LIBOR - 3mo. + 0.8%), 1/18/2028 (n) | 4,884,590 | 4,868,348 | ||
MF1 CLO Ltd., 2019-FL2, “A”, FLR, 1.239% (LIBOR - 1mo. + 1.13%), 12/25/2034 (n) | 9,635,525 | 9,628,664 | ||
MF1 CLO Ltd., 2021-FL5, “AS”, FLR, 1.308% (LIBOR - 1mo. + 1.2%), 7/15/2036 (n) | 17,497,000 | 17,497,000 | ||
MF1 Multi-Family Housing Mortgage Loan Trust, 2020-FL4, “A”, FLR, 1.806% (LIBOR - 1mo. + 1.7%), 11/15/2035 (n) | 5,349,000 | 5,387,170 | ||
Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C34, “A4”, 3.536%, 11/15/2052 | 4,195,516 | 4,578,981 | ||
Morgan Stanley Capital I Trust, 2017-H1, “A5”, 3.53%, 6/15/2050 | 3,903,759 | 4,259,181 | ||
Mountain Hawk CLO Ltd., 2014-3A, “BR”, FLR, 2.023% (LIBOR - 3mo. + 1.8%), 4/18/2025 (n) | 13,096,831 | 13,117,851 | ||
Neuberger Berman CLO Ltd., 2015-20, “AR”, FLR, 1.041% (LIBOR - 3mo. + 0.8%), 1/15/2028 (n) | 4,868,516 | 4,861,369 | ||
Oaktree CLO Ltd., 2015-1A, “A2AR”, FLR, 1.574% (LIBOR - 3mo. + 1.35%), 10/20/2027 (n) | 2,435,945 | 2,434,722 | ||
PFP III Ltd., 2021-7, “AS”, FLR, 1.25% (LIBOR - 1mo. + 1.15%), 4/14/2038 (n) | 12,526,000 | 12,479,028 | ||
Ready Capital Mortgage Financing LLC, 2021-FL5, FLR, 1.11% (LIBOR - 1mo. + 1%) 4/25/2038 (n) | 10,100,000 | 10,100,212 | ||
Residential Funding Mortgage Securities, Inc., FGIC, 5.32%, 12/25/2035 | 226,384 | 224,834 | ||
Santander Retail Auto Lease Trust, 2020-A, “B”, 1.88%, 3/20/2024 (n) | 4,984,000 | �� 5,099,639 | ||
Sound Point CLO Ltd., 2015-3A, “AR”, FLR, 1.114% (LIBOR - 3mo. + 0.89%), 1/20/2028 (n) | 739,124 | 738,970 | ||
TPG Real Estate Finance Trust (TRTX), 2021-FL4, “A”, FLR, 1.306% (LIBOR - 1mo. + 1.2%), 3/15/2038 (n) | 16,676,500 | 16,686,923 | ||
UBS Commercial Mortgage Trust, 2017-C8, “A4”, 3.983%, 2/15/2051 | 8,990,000 | 9,970,812 | ||
UBS Commercial Mortgage Trust, 2019-C16, “A4”, 3.605%, 4/15/2052 | 30,000,000 | 32,768,304 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
UBS Commercial Mortgage Trust, 2019-C17, “A4”, 2.921%, 9/15/2052 | $ | 7,465,644 | $ 7,733,402 | |
Verizon Owner Trust, 2020-A, “B”, 1.98%, 7/22/2024 | 7,967,000 | 8,184,452 | ||
Veros Auto Receivables Trust, 2020-1, “A”, 1.67%, 9/15/2023 (n) | 2,615,253 | 2,624,119 | ||
Wells Fargo Commercial Mortgage Trust, 2015-NXS1, “A5”, 3.148%, 5/15/2048 | 6,507,931 | 6,970,206 | ||
$412,301,916 | ||||
Automotive – 0.5% | ||||
General Motors Co., 6.75%, 4/01/2046 | $ | 2,985,000 | $ 4,019,676 | |
Hyundai Capital America, 2.65%, 2/10/2025 (n) | 3,063,000 | 3,162,991 | ||
Hyundai Capital America, 3%, 2/10/2027 (n) | 5,234,000 | 5,442,696 | ||
Lear Corp., 3.8%, 9/15/2027 | 6,786,000 | 7,384,584 | ||
Lear Corp., 4.25%, 5/15/2029 | 2,537,000 | 2,809,035 | ||
Magna International, Inc., 2.45%, 6/15/2030 | 7,173,000 | 7,179,915 | ||
Volkswagen Group of America Finance LLC, 3.35%, 5/13/2025 (n) | 12,752,000 | 13,686,877 | ||
$43,685,774 | ||||
Broadcasting – 0.1% | ||||
RELX Capital, Inc., 3%, 5/22/2030 | $ | 2,015,000 | $ 2,088,406 | |
Walt Disney Co., 3.5%, 5/13/2040 | 4,720,000 | 4,981,304 | ||
Walt Disney Co., 3.6%, 1/13/2051 | 2,898,000 | 3,057,713 | ||
$10,127,423 | ||||
Brokerage & Asset Managers – 0.4% | ||||
E*TRADE Financial Corp., 2.95%, 8/24/2022 | $ | 2,032,000 | $ 2,098,316 | |
E*TRADE Financial Corp., 4.5%, 6/20/2028 | 3,038,000 | 3,463,596 | ||
Intercontinental Exchange, Inc., 2.35%, 9/15/2022 | 1,111,000 | 1,139,453 | ||
Intercontinental Exchange, Inc., 4%, 10/15/2023 | 2,712,000 | 2,942,249 | ||
Intercontinental Exchange, Inc., 2.1%, 6/15/2030 | 6,958,000 | 6,698,745 | ||
Intercontinental Exchange, Inc., 1.85%, 9/15/2032 | 2,066,000 | 1,888,987 | ||
National Securities Clearing Corp., 1.5%, 4/23/2025 (n) | 4,047,000 | 4,086,835 | ||
Raymond James Financial, Inc., 4.95%, 7/15/2046 | 5,992,000 | 7,324,605 | ||
$29,642,786 | ||||
Building – 0.3% | ||||
CRH America Finance, Inc., 4.5%, 4/04/2048 (n) | $ | 2,978,000 | $ 3,420,023 | |
Martin Marietta Materials, Inc., 3.5%, 12/15/2027 | 2,501,000 | 2,736,450 | ||
Martin Marietta Materials, Inc., 2.5%, 3/15/2030 | 730,000 | 725,534 | ||
Masco Corp., 2%, 2/15/2031 | 13,605,000 | 12,891,928 | ||
Vulcan Materials Co., 3.5%, 6/01/2030 | 1,246,000 | 1,335,109 | ||
$21,109,044 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Business Services – 0.7% | ||||
Equinix, Inc., 2.625%, 11/18/2024 | $ | 9,037,000 | $ 9,516,676 | |
Equinix, Inc., 1.8%, 7/15/2027 | 5,883,000 | 5,768,385 | ||
Fiserv, Inc., 2.65%, 6/01/2030 | 1,391,000 | 1,399,923 | ||
Fiserv, Inc., 4.4%, 7/01/2049 | 4,754,000 | 5,469,785 | ||
Global Payments, Inc., 1.2%, 3/01/2026 | 7,558,000 | 7,436,861 | ||
Tencent Holdings Ltd., 2.39%, 6/03/2030 (n) | 5,676,000 | 5,477,821 | ||
Verisk Analytics, Inc., 4.125%, 3/15/2029 | 7,035,000 | 7,813,029 | ||
Visa, Inc., 3.15%, 12/14/2025 | 13,528,000 | 14,747,737 | ||
Western Union Co., 2.85%, 1/10/2025 | 1,860,000 | 1,949,083 | ||
$59,579,300 | ||||
Cable TV – 0.4% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025 | $ | 4,865,000 | $ 5,517,684 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.5%, 6/01/2041 | 6,803,000 | 6,452,673 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047 | 1,390,000 | 1,610,994 | ||
Comcast Corp., 2.8%, 1/15/2051 | 3,124,000 | 2,854,704 | ||
Cox Communications, Inc., 1.8%, 10/01/2030 (n) | 4,310,000 | 3,985,005 | ||
Time Warner Entertainment Co. LP, 8.375%, 7/15/2033 | 6,553,000 | 9,477,024 | ||
$29,898,084 | ||||
Chemicals – 0.1% | ||||
Sherwin-Williams Co., 2.3%, 5/15/2030 | $ | 5,104,000 | $ 5,023,131 | |
Sherwin-Williams Co., 4.5%, 6/01/2047 | 4,928,000 | 5,740,972 | ||
$10,764,103 | ||||
Computer Software – 0.1% | ||||
Dell International LLC/EMC Corp., 4.9%, 10/01/2026 (n) | $ | 5,400,000 | $ 6,123,455 | |
Microsoft Corp., 2.525%, 6/01/2050 | 5,955,000 | 5,423,099 | ||
$11,546,554 | ||||
Computer Software - Systems – 0.2% | ||||
Apple, Inc., 2.85%, 5/11/2024 | $ | 6,161,000 | $ 6,571,092 | |
Apple, Inc., 2.05%, 9/11/2026 | 1,228,000 | 1,268,766 | ||
Apple, Inc., 3.35%, 2/09/2027 | 1,532,000 | 1,682,326 | ||
Apple, Inc., 3.85%, 5/04/2043 | 4,830,000 | 5,448,212 | ||
$14,970,396 | ||||
Conglomerates – 0.3% | ||||
Carrier Global Corp., 3.377%, 4/05/2040 | $ | 9,457,000 | $ 9,360,881 | |
Roper Technologies, Inc., 4.2%, 9/15/2028 | 2,435,000 | 2,740,218 | ||
Roper Technologies, Inc., 2.95%, 9/15/2029 | 1,537,000 | 1,599,579 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Conglomerates – continued | ||||
Roper Technologies, Inc., 2%, 6/30/2030 | $ | 4,923,000 | $ 4,685,093 | |
Westinghouse Air Brake Technologies Corp., 4.4%, 3/15/2024 | 966,000 | 1,050,214 | ||
Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025 | 2,623,000 | 2,773,900 | ||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | 5,675,000 | 6,462,342 | ||
$28,672,227 | ||||
Consumer Products – 0.2% | ||||
Kimberly-Clark Corp., 3.1%, 3/26/2030 | $ | 822,000 | $ 882,885 | |
Reckitt Benckiser Treasury Services PLC, 3.625%, 9/21/2023 (n) | 5,562,000 | 5,920,259 | ||
Reckitt Benckiser Treasury Services PLC, 2.75%, 6/26/2024 (n) | 5,870,000 | 6,207,296 | ||
$13,010,440 | ||||
Consumer Services – 0.5% | ||||
Amazon.com, Inc., 2.5%, 6/03/2050 | $ | 5,163,000 | $ 4,599,754 | |
Booking Holdings, Inc., 2.75%, 3/15/2023 | 10,635,000 | 11,081,787 | ||
Booking Holdings, Inc., 4.5%, 4/13/2027 | 1,489,000 | 1,726,859 | ||
Booking Holdings, Inc., 4.625%, 4/13/2030 | 4,593,000 | 5,346,680 | ||
Experian Finance PLC, 4.25%, 2/01/2029 (n) | 4,705,000 | 5,276,847 | ||
IHS Markit Ltd., 3.625%, 5/01/2024 | 1,115,000 | 1,196,200 | ||
IHS Markit Ltd., 4.75%, 2/15/2025 (n) | 1,803,000 | 2,018,458 | ||
IHS Markit Ltd., 4%, 3/01/2026 (n) | 5,470,000 | 6,022,470 | ||
IHS Markit Ltd., 4.25%, 5/01/2029 | 1,676,000 | 1,889,665 | ||
$39,158,720 | ||||
Electronics – 0.4% | ||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.5%, 1/15/2028 | $ | 8,597,000 | $ 9,122,825 | |
Broadcom, Inc., 4.15%, 11/15/2030 | 1,932,000 | 2,087,533 | ||
Broadcom, Inc., 4.3%, 11/15/2032 | 5,034,000 | 5,476,271 | ||
Broadcom, Inc., 3.469%, 4/15/2034 (n) | 3,962,000 | 3,985,823 | ||
Intel Corp., 4.75%, 3/25/2050 | 6,881,000 | 8,619,428 | ||
$29,291,880 | ||||
Energy - Independent – 0.0% | ||||
Diamondback Energy, Inc., 4.4%, 3/24/2051 | $ | 1,158,000 | $ 1,180,022 | |
Energy - Integrated – 0.1% | ||||
Eni S.p.A., 4.75%, 9/12/2028 (n) | $ | 5,494,000 | $ 6,301,227 | |
Total Capital International S.A., 3.127%, 5/29/2050 | 5,602,000 | 5,256,724 | ||
$11,557,951 | ||||
Financial Institutions – 0.3% | ||||
AerCap Ireland Capital DAC, 4.875%, 1/16/2024 | $ | 1,093,000 | $ 1,189,176 | |
AerCap Ireland Capital DAC, 3.65%, 7/21/2027 | 7,729,000 | 8,105,995 | ||
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 2,248,000 | 2,349,032 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | $ | 2,344,000 | $ 2,323,607 | |
Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n) | 7,358,000 | 7,997,846 | ||
$21,965,656 | ||||
Food & Beverages – 0.5% | ||||
Anheuser-Busch InBev S.A., 8%, 11/15/2039 | $ | 5,349,000 | $ 8,428,406 | |
Constellation Brands, Inc., 3.5%, 5/09/2027 | 9,041,000 | 9,830,068 | ||
Diageo Capital PLC, 2.375%, 10/24/2029 | 8,369,000 | 8,442,962 | ||
General Mills, Inc., 4%, 4/17/2025 | 6,879,000 | 7,603,453 | ||
General Mills, Inc., 2.875%, 4/15/2030 | 1,416,000 | 1,460,809 | ||
Keurig Dr Pepper, Inc., 3.2%, 5/01/2030 | 1,157,000 | 1,223,412 | ||
Keurig Dr Pepper, Inc., 3.8%, 5/01/2050 | 2,366,000 | 2,506,969 | ||
PepsiCo, Inc., 3.5%, 3/19/2040 | 1,843,000 | 1,978,063 | ||
$41,474,142 | ||||
Gaming & Lodging – 0.3% | ||||
GLP Capital LP/GLP Financing II, Inc., 5.3%, 1/15/2029 | $ | 5,014,000 | $ 5,620,443 | |
Las Vegas Sands Corp., 3.9%, 8/08/2029 | 2,905,000 | 2,990,957 | ||
Marriott International, Inc., 4%, 4/15/2028 | 5,953,000 | 6,335,656 | ||
Marriott International, Inc., 4.625%, 6/15/2030 | 5,630,000 | 6,294,096 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 23,000 | 22,602 | ||
$21,263,754 | ||||
Insurance – 0.0% | ||||
AIA Group Ltd., 3.375%, 4/07/2030 (n) | $ | 2,277,000 | $ 2,424,914 | |
Insurance - Health – 0.1% | ||||
UnitedHealth Group, Inc., 3.75%, 7/15/2025 | $ | 8,953,000 | $ 9,911,612 | |
UnitedHealth Group, Inc., 3.5%, 8/15/2039 | 1,189,000 | 1,276,907 | ||
$11,188,519 | ||||
Insurance - Property & Casualty – 0.5% | ||||
American International Group, Inc., 4.875%, 6/01/2022 | $ | 9,557,000 | $ 10,035,918 | |
American International Group, Inc., 3.75%, 7/10/2025 | 6,297,000 | 6,873,229 | ||
Aon Corp., 3.75%, 5/02/2029 | 12,218,000 | 13,435,316 | ||
Hartford Financial Services Group, Inc., 3.6%, 8/19/2049 | 2,896,000 | 2,998,538 | ||
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n) | 3,061,000 | 3,148,012 | ||
Marsh & McLennan Cos., Inc., 4.75%, 3/15/2039 | 2,598,000 | 3,196,106 | ||
$39,687,119 | ||||
International Market Quasi-Sovereign – 0.1% | ||||
Temasek Financial I Ltd. (Republic of Singapore), 2.375%, 1/23/2023 (n) | $ | 10,140,000 | $ 10,499,298 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Internet – 0.0% | ||||
Alphabet, Inc., 1.9%, 8/15/2040 | $ | 3,078,000 | $ 2,651,928 | |
Machinery & Tools – 0.1% | ||||
CNH Industrial Capital LLC, 4.2%, 1/15/2024 | $ | 5,288,000 | $ 5,763,878 | |
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | 1,459,000 | 1,476,293 | ||
$7,240,171 | ||||
Major Banks – 1.9% | ||||
Bank of America Corp., 4.1%, 7/24/2023 | $ | 7,282,000 | $ 7,866,419 | |
Bank of America Corp., 3.004%, 12/20/2023 | 1,671,000 | 1,737,858 | ||
Bank of America Corp., 4.125%, 1/22/2024 | 9,739,000 | 10,643,918 | ||
Bank of America Corp., 3.366% to 1/23/2025, FLR (LIBOR - 3mo. + 0.81%) to 1/23/2026 | 4,937,000 | 5,303,382 | ||
Bank of America Corp., 3.5%, 4/19/2026 | 8,221,000 | 9,008,211 | ||
Bank of America Corp., 2.676% to 6/19/2040, FLR (SOFR + 1.93%) to 6/19/2041 | 6,422,000 | 5,999,707 | ||
Bank of New York Mellon Corp., 1.6%, 4/24/2025 | 5,925,000 | 6,035,996 | ||
Goldman Sachs Group, Inc., 2.6%, 2/07/2030 | 16,055,000 | 16,239,158 | ||
HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 3/02/2071 | 1,426,000 | 1,418,870 | ||
HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 3/02/2071 | 3,604,000 | 3,549,940 | ||
JPMorgan Chase & Co., 3.2%, 1/25/2023 | 13,381,000 | 14,055,040 | ||
JPMorgan Chase & Co., 3.782% to 2/01/2027, FLR (LIBOR - 3mo. + 1.337%) to 2/01/2028 | 14,911,000 | 16,455,104 | ||
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR + 2.515%) to 5/13/2031 | 1,814,000 | 1,844,933 | ||
JPMorgan Chase & Co., 3.109% to 4/22/2040, FLR (SOFR + 2.46%) to 4/22/2041 | 9,236,000 | 9,166,248 | ||
JPMorgan Chase & Co., 3.897% to 1/23/2048, FLR (LIBOR - 3mo. + 1.22%) to 1/23/2049 | 3,340,000 | 3,664,712 | ||
Morgan Stanley, 3.125%, 1/23/2023 | 912,000 | 954,876 | ||
Morgan Stanley, 3.875%, 4/29/2024 | 5,957,000 | 6,504,167 | ||
Morgan Stanley, 4%, 7/23/2025 | 2,685,000 | 2,978,545 | ||
Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR + 1.143%) to 1/22/2031 | 13,558,000 | 13,786,054 | ||
PNC Bank N.A., 2.7%, 10/22/2029 | 2,565,000 | 2,610,012 | ||
Royal Bank of Canada, 1.15%, 6/10/2025 | 8,937,000 | 8,913,332 | ||
State Street Corp., 2.901% to 3/30/2025, FLR (SOFR + 2.6%) to 3/30/2026 | 1,315,000 | 1,398,540 | ||
UBS Group AG, 2.095% to 2/11/2031, FLR (CMT - 1yr. + 1.0%) to 2/11/2032 (n) | 12,248,000 | 11,579,300 | ||
$161,714,322 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Medical & Health Technology & Services – 0.6% | ||||
Alcon, Inc., 2.6%, 5/27/2030 (n) | $ | 944,000 | $ 945,939 | |
Alcon, Inc., 3.8%, 9/23/2049 (n) | 4,513,000 | 4,668,237 | ||
Becton, Dickinson and Co., 4.669%, 6/06/2047 | 5,389,000 | 6,415,136 | ||
Cigna Corp., 3.2%, 3/15/2040 | 1,780,000 | 1,777,425 | ||
HCA, Inc., 4.125%, 6/15/2029 | 6,805,000 | 7,536,608 | ||
HCA, Inc., 5.125%, 6/15/2039 | 6,696,000 | 8,000,323 | ||
Laboratory Corp. of America Holdings, 3.2%, 2/01/2022 | 1,361,000 | 1,392,518 | ||
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045 | 4,836,000 | 5,504,486 | ||
Northwell Healthcare, Inc., 3.979%, 11/01/2046 | 490,000 | 520,548 | ||
Northwell Healthcare, Inc., 4.26%, 11/01/2047 | 3,797,000 | 4,259,432 | ||
Thermo Fisher Scientific, Inc., 2.95%, 9/19/2026 | 3,907,000 | 4,181,105 | ||
Thermo Fisher Scientific, Inc., 3.2%, 8/15/2027 | 7,086,000 | 7,673,155 | ||
$52,874,912 | ||||
Medical Equipment – 0.2% | ||||
Boston Scientific Corp., 3.75%, 3/01/2026 | $ | 7,432,000 | $ 8,202,212 | |
Boston Scientific Corp., 2.65%, 6/01/2030 | 5,104,000 | 5,143,649 | ||
Zimmer Biomet Holdings, Inc., 3.55%, 4/01/2025 | 6,531,000 | 7,073,718 | ||
$20,419,579 | ||||
Metals & Mining – 0.3% | ||||
Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | $ | 2,982,000 | $ 3,558,329 | |
Anglo American Capital PLC, 2.625%, 9/10/2030 (n) | 8,665,000 | 8,487,109 | ||
Glencore Funding LLC, 4.125%, 5/30/2023 (n) | 3,717,000 | 3,974,848 | ||
Glencore Funding LLC, 2.5%, 9/01/2030 (n) | 5,444,000 | 5,231,268 | ||
$21,251,554 | ||||
Midstream – 0.6% | ||||
Cheniere Corpus Christi Holdings LLC, 3.7%, 11/15/2029 | $ | 4,814,000 | $ 5,070,583 | |
Enbridge, Inc., 2.5%, 1/15/2025 | 3,055,000 | 3,182,311 | ||
Enterprise Products Operating LLC, 4.2%, 1/31/2050 | 2,536,000 | 2,673,090 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 7,971,000 | 7,721,895 | ||
Kinder Morgan Energy Partners LP, 4.15%, 2/01/2024 | 5,207,000 | 5,652,295 | ||
ONEOK, Inc., 4.95%, 7/13/2047 | 7,267,000 | 7,589,217 | ||
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 5,064,000 | 5,153,757 | ||
Sabine Pass Liquefaction LLC, 5%, 3/15/2027 | 6,594,000 | 7,502,101 | ||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 1,665,000 | 1,867,240 | ||
Spectra Energy Partners LP, 3.375%, 10/15/2026 | 2,677,000 | 2,876,900 | ||
$49,289,389 | ||||
Mortgage-Backed – 11.7% | ||||
Fannie Mae, 2.73%, 4/01/2023 | $ | 592,974 | $ 613,100 | |
Fannie Mae, 2.41%, 5/01/2023 | 899,514 | 926,774 | ||
Fannie Mae, 2.55%, 5/01/2023 | 845,100 | 872,643 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Fannie Mae, 2.59%, 5/01/2023 | $ | 890,263 | $ 919,892 | |
Fannie Mae, 2.62%, 5/01/2023 | 590,582 | 610,506 | ||
Fannie Mae, 5.25%, 8/01/2024 | 909,418 | 1,000,458 | ||
Fannie Mae, 5%, 3/25/2025 - 3/01/2042 | 7,122,656 | 8,204,585 | ||
Fannie Mae, 3.5%, 5/25/2025 - 7/01/2046 | 50,880,647 | 54,847,573 | ||
Fannie Mae, 2.7%, 7/01/2025 | 1,007,000 | 1,073,752 | ||
Fannie Mae, 3.43%, 6/01/2026 | 1,108,939 | 1,219,958 | ||
Fannie Mae, 4.54%, 7/01/2026 | 925,224 | 1,035,492 | ||
Fannie Mae, 2.66%, 12/25/2026 | 4,546,939 | 4,850,014 | ||
Fannie Mae, 3.95%, 1/01/2027 | 891,516 | 995,219 | ||
Fannie Mae, 3%, 11/01/2028 - 9/01/2050 | 34,185,327 | 35,868,970 | ||
Fannie Mae, 4.96%, 6/01/2030 | 473,691 | 547,206 | ||
Fannie Mae, 6.5%, 6/01/2031 - 7/01/2037 | 2,103,570 | 2,420,810 | ||
Fannie Mae, 2.5%, 11/01/2031 - 3/01/2051 | 19,910,269 | 20,515,794 | ||
Fannie Mae, 5.5%, 2/01/2033 - 4/01/2040 | 10,230,464 | 11,818,952 | ||
Fannie Mae, 3%, 2/25/2033 (i) | 1,223,777 | 122,880 | ||
Fannie Mae, 4.5%, 8/01/2033 - 6/01/2044 | 19,299,518 | 21,613,411 | ||
Fannie Mae, 6%, 1/01/2034 - 7/01/2037 | 5,508,942 | 6,372,802 | ||
Fannie Mae, 3.25%, 5/25/2040 | 449,709 | 484,002 | ||
Fannie Mae, 4%, 9/01/2040 - 6/01/2047 | 43,221,336 | 47,502,492 | ||
Fannie Mae, 2%, 10/25/2040 - 2/01/2051 | 3,400,550 | 3,448,276 | ||
Fannie Mae, 4%, 7/25/2046 (i) | 1,093,083 | 208,826 | ||
Fannie Mae, TBA, 2%, 4/19/2036 - 5/13/2051 | 149,750,000 | 149,904,794 | ||
Fannie Mae, TBA, 2.5%, 4/19/2036 - 5/13/2051 | 93,950,000 | 96,628,469 | ||
Fannie Mae, TBA, 3%, 4/19/2036 - 6/14/2051 | 76,550,000 | 79,855,412 | ||
Fannie Mae, TBA, 1.5%, 5/18/2036 | 9,975,000 | 10,001,288 | ||
Fannie Mae, TBA, 3.5%, 5/25/2036 - 5/13/2051 | 18,175,000 | 19,217,577 | ||
Fannie Mae, TBA, 4%, 4/14/2051 - 5/13/2051 | 10,350,000 | 11,107,813 | ||
Freddie Mac, 6%, 5/01/2021 - 6/01/2037 | 2,274,428 | 2,676,916 | ||
Freddie Mac, 2.791%, 1/25/2022 | 3,187,229 | 3,232,533 | ||
Freddie Mac, 2.51%, 11/25/2022 | 4,700,000 | 4,849,303 | ||
Freddie Mac, 3.111%, 2/25/2023 | 5,200,000 | 5,436,209 | ||
Freddie Mac, 3.32%, 2/25/2023 | 2,023,000 | 2,125,576 | ||
Freddie Mac, 3.25%, 4/25/2023 | 6,006,000 | 6,314,233 | ||
Freddie Mac, 3.06%, 7/25/2023 | 1,116,000 | 1,177,231 | ||
Freddie Mac, 3.458%, 8/25/2023 | 2,578,000 | 2,746,268 | ||
Freddie Mac, 0.88%, 4/25/2024 (i) | 9,780,826 | 207,072 | ||
Freddie Mac, 0.504%, 7/25/2024 (i) | 40,823,000 | 683,797 | ||
Freddie Mac, 0.604%, 7/25/2024 (i) | 13,750,245 | 209,730 | ||
Freddie Mac, 4.5%, 8/01/2024 - 5/01/2042 | 3,111,149 | 3,473,242 | ||
Freddie Mac, 0.315%, 8/25/2024 (i) | 44,106,000 | 538,133 | ||
Freddie Mac, 0.411%, 8/25/2024 (i) | 80,856,787 | 929,974 | ||
Freddie Mac, 3.064%, 8/25/2024 | 2,295,000 | 2,456,749 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Freddie Mac, 0.36%, 10/25/2024 (i) | $ | 56,994,954 | $ 607,663 | |
Freddie Mac, 3.171%, 10/25/2024 | 3,005,000 | 3,248,337 | ||
Freddie Mac, 0.278%, 11/25/2024 (i) | 44,690,000 | 466,085 | ||
Freddie Mac, 2.67%, 12/25/2024 | 3,687,000 | 3,927,994 | ||
Freddie Mac, 3.329%, 5/25/2025 | 4,698,000 | 5,138,231 | ||
Freddie Mac, 3.01%, 7/25/2025 | 1,275,000 | 1,379,408 | ||
Freddie Mac, 3.151%, 11/25/2025 | 2,984,000 | 3,251,058 | ||
Freddie Mac, 3.5%, 12/01/2025 - 10/25/2058 | 31,632,919 | 34,025,232 | ||
Freddie Mac, 0.635%, 6/25/2027 (i) | 39,273,000 | 1,544,709 | ||
Freddie Mac, 0.75%, 6/25/2027 (i) | 12,701,028 | 524,052 | ||
Freddie Mac, 0.576%, 7/25/2027 (i) | 34,041,070 | 1,131,498 | ||
Freddie Mac, 0.329%, 8/25/2027 (i) | 27,934,000 | 626,060 | ||
Freddie Mac, 0.431%, 8/25/2027 (i) | 18,020,582 | 463,998 | ||
Freddie Mac, 0.279%, 9/25/2027 (i) | 30,183,000 | 583,117 | ||
Freddie Mac, 0.196%, 11/25/2027 (i) | 47,333,000 | 694,153 | ||
Freddie Mac, 0.29%, 11/25/2027 (i) | 33,889,330 | 611,919 | ||
Freddie Mac, 0.325%, 11/25/2027 (i) | 30,213,685 | 625,647 | ||
Freddie Mac, 0.24%, 12/25/2027 (i) | 29,308,000 | 517,981 | ||
Freddie Mac, 0.288%, 12/25/2027 (i) | 32,765,000 | 664,225 | ||
Freddie Mac, 0.368%, 12/25/2027 (i) | 51,979,299 | 1,186,880 | ||
Freddie Mac, 3.65%, 2/25/2028 | 2,634,000 | 2,977,387 | ||
Freddie Mac, 3.9%, 4/25/2028 | 4,975,000 | 5,697,282 | ||
Freddie Mac, 3.926%, 7/25/2028 | 160,692 | 184,811 | ||
Freddie Mac, 1.089%, 7/25/2029 (i) | 857,633 | 68,626 | ||
Freddie Mac, 1.144%, 8/25/2029 (i) | 13,424,971 | 1,126,958 | ||
Freddie Mac, 1.799%, 4/25/2030 (i) | 2,500,000 | 360,315 | ||
Freddie Mac, 1.868%, 4/25/2030 (i) | 7,819,828 | 1,180,208 | ||
Freddie Mac, 1.662%, 5/25/2030 (i) | 4,048,749 | 551,741 | ||
Freddie Mac, 1.796%, 5/25/2030 (i) | 8,995,049 | 1,306,454 | ||
Freddie Mac, 1.341%, 6/25/2030 (i) | 3,687,431 | 409,006 | ||
Freddie Mac, 1.6%, 8/25/2030 (i) | 3,331,192 | 446,424 | ||
Freddie Mac, 1.169%, 9/25/2030 (i) | 2,196,896 | 218,656 | ||
Freddie Mac, 1.081%, 11/25/2030 (i) | 4,320,889 | 404,466 | ||
Freddie Mac, 0.423%, 1/25/2031 (i) | 17,132,376 | 474,658 | ||
Freddie Mac, 0.936%, 1/25/2031 (i) | 4,767,487 | 389,384 | ||
Freddie Mac, 0.781%, 2/25/2031 (i) | 6,541,106 | 455,118 | ||
Freddie Mac, 0.307%, 11/25/2032 (i) | 25,777,221 | 710,887 | ||
Freddie Mac, 3%, 2/15/2033 (i) | 1,695,655 | 130,303 | ||
Freddie Mac, 5%, 9/01/2033 - 7/01/2041 | 4,199,267 | 4,854,685 | ||
Freddie Mac, 5.5%, 12/01/2033 - 10/01/2035 | 2,177,102 | 2,519,874 | ||
Freddie Mac, 6.5%, 5/01/2034 - 7/01/2037 | 1,142,666 | 1,291,427 | ||
Freddie Mac, 5.5%, 2/15/2036 (i) | 243,807 | 44,977 | ||
Freddie Mac, 4%, 8/01/2037 - 8/01/2047 | 24,046,291 | 26,156,469 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Freddie Mac, 3%, 1/01/2038 - 2/25/2059 | $ | 36,937,220 | $ 39,100,319 | |
Freddie Mac, 2.5%, 8/01/2040 | 1,042,306 | 1,082,622 | ||
Freddie Mac, 4.5%, 12/15/2040 (i) | 237,726 | 22,397 | ||
Freddie Mac, 4%, 8/15/2044 (i) | 303,665 | 39,164 | ||
Ginnie Mae, 6%, 9/15/2032 - 1/15/2038 | 2,062,397 | 2,449,182 | ||
Ginnie Mae, 5.5%, 12/15/2032 - 4/20/2035 | 1,651,105 | 1,911,257 | ||
Ginnie Mae, 4.5%, 7/15/2033 - 7/20/2049 | 8,389,501 | 9,287,281 | ||
Ginnie Mae, 5%, 7/20/2033 - 10/15/2034 | 545,654 | 632,299 | ||
Ginnie Mae, 4%, 1/20/2041 - 2/20/2042 | 4,806,952 | 5,325,278 | ||
Ginnie Mae, 3.5%, 12/15/2041 - 3/20/2048 | 13,960,207 | 15,109,699 | ||
Ginnie Mae, 3%, 4/20/2045 - 9/20/2050 | 33,512,079 | 35,361,701 | ||
Ginnie Mae, 2.5%, 12/20/2050 | 13,468,785 | 13,899,420 | ||
Ginnie Mae, 0.566%, 2/16/2059 (i) | 10,122,431 | 449,413 | ||
Ginnie Mae, TBA, 2.5%, 2/20/2051 - 5/15/2051 | 34,304,623 | 35,350,488 | ||
Ginnie Mae, TBA, 2%, 4/15/2051 | 20,825,000 | 21,015,760 | ||
Ginnie Mae, TBA, 3.5%, 4/15/2051 - 5/20/2051 | 32,569,718 | 34,383,201 | ||
Ginnie Mae, TBA, 4%, 5/15/2051 | 5,050,000 | 5,397,977 | ||
Ginnie Mae, TBA, 3%, 5/20/2051 | 13,025,000 | 13,573,220 | ||
$979,435,747 | ||||
Municipals – 0.3% | ||||
New Jersey Economic Development Authority State Pension Funding Rev., “A”, NPFG, 7.425%, 2/15/2029 | $ | 8,500,000 | $ 10,872,881 | |
New Jersey Turnpike Authority Rev. (Build America Bonds), “F”, 7.414%, 1/01/2040 | 5,815,000 | 9,136,197 | ||
State of Florida, “A”, 2.154%, 7/01/2030 | 4,514,000 | 4,510,317 | ||
$24,519,395 | ||||
Natural Gas - Distribution – 0.1% | ||||
NiSource, Inc., 2.95%, 9/01/2029 | $ | 4,669,000 | $ 4,802,866 | |
NiSource, Inc., 5.65%, 2/01/2045 | 2,282,000 | 2,924,347 | ||
$7,727,213 | ||||
Natural Gas - Pipeline – 0.1% | ||||
APT Pipelines Ltd., 4.2%, 3/23/2025 (n) | $ | 8,334,000 | $ 9,071,713 | |
APT Pipelines Ltd., 4.25%, 7/15/2027 (n) | 777,000 | 859,608 | ||
$9,931,321 | ||||
Network & Telecom – 0.3% | ||||
AT&T, Inc., 3%, 6/30/2022 | $ | 5,547,000 | $ 5,701,192 | |
AT&T, Inc., 3.65%, 9/15/2059 (n) | 5,210,000 | 4,745,958 | ||
Verizon Communications, Inc., 2.1%, 3/22/2028 | 878,000 | 882,556 | ||
Verizon Communications, Inc., 2.55%, 3/21/2031 | 1,646,000 | 1,641,610 | ||
Verizon Communications, Inc., 4.272%, 1/15/2036 | 4,812,000 | 5,433,504 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Network & Telecom – continued | ||||
Verizon Communications, Inc., 4.812%, 3/15/2039 | $ | 6,030,000 | $ 7,200,759 | |
$25,605,579 | ||||
Oils – 0.3% | ||||
Marathon Petroleum Corp., 4.75%, 9/15/2044 | $ | 3,338,000 | $ 3,693,047 | |
Phillips 66 Co., 2.15%, 12/15/2030 | 11,084,000 | 10,477,676 | ||
Valero Energy Corp., 4.9%, 3/15/2045 | 7,194,000 | 8,063,987 | ||
$22,234,710 | ||||
Other Banks & Diversified Financials – 0.3% | ||||
BBVA Bancomer S.A. de C.V., 6.75%, 9/30/2022 (n) | $ | 4,730,000 | $ 5,089,291 | |
Branch Banking & Trust Co., 2.25%, 3/11/2030 | 7,823,000 | 7,628,233 | ||
Capital One Financial Corp., 3.75%, 3/09/2027 | 5,440,000 | 5,968,685 | ||
Citigroup, Inc., 2.666% to 1/29/2030, FLR (SOFR + 1.146%) to 1/29/2031 | 9,244,000 | 9,281,217 | ||
$27,967,426 | ||||
Pollution Control – 0.1% | ||||
Republic Services, Inc., 3.95%, 5/15/2028 | $ | 3,824,000 | $ 4,265,681 | |
Republic Services, Inc., 1.45%, 2/15/2031 | 3,244,000 | 2,963,310 | ||
$7,228,991 | ||||
Real Estate - Office – 0.0% | ||||
Boston Properties, Inc., REIT, 2.55%, 4/01/2032 | $ | 4,222,000 | $ 4,044,119 | |
Real Estate - Other – 0.0% | ||||
Prologis LP, REIT, 2.25%, 4/15/2030 | $ | 2,305,000 | $ 2,277,485 | |
Real Estate - Retail – 0.2% | ||||
Brixmor Operating Partnership LP, REIT, 4.125%, 5/15/2029 | $ | 567,000 | $ 611,740 | |
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030 | 5,371,000 | 5,781,529 | ||
Realty Income Corp., REIT, 3.25%, 1/15/2031 | 1,870,000 | 1,972,482 | ||
VEREIT Operating Partnership LP, REIT, 3.1%, 12/15/2029 | 4,964,000 | 5,067,346 | ||
$13,433,097 | ||||
Retailers – 0.3% | ||||
Best Buy Co., Inc., 4.45%, 10/01/2028 | $ | 6,509,000 | $ 7,417,010 | |
Home Depot, Inc., 5.95%, 4/01/2041 | 1,440,000 | 1,994,014 | ||
Home Depot, Inc., 3.9%, 6/15/2047 | 3,505,000 | 3,927,757 | ||
Target Corp., 2.25%, 4/15/2025 | 9,228,000 | 9,664,772 | ||
$23,003,553 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Specialty Stores – 0.0% | ||||
TJX Cos., Inc., 3.75%, 4/15/2027 | $ | 1,229,000 | $ 1,367,730 | |
TJX Cos., Inc., 3.875%, 4/15/2030 | 1,474,000 | 1,640,094 | ||
$3,007,824 | ||||
Telecommunications - Wireless – 0.5% | ||||
American Tower Corp., REIT, 3%, 6/15/2023 | $ | 2,827,000 | $ 2,974,660 | |
American Tower Corp., REIT, 3.6%, 1/15/2028 | 3,431,000 | 3,699,059 | ||
American Tower Corp., REIT, 3.1%, 6/15/2050 | 5,084,000 | 4,658,442 | ||
American Tower Trust I, REIT, 3.07%, 3/15/2023 (n) | 5,228,000 | 5,288,922 | ||
Crown Castle International Corp., 1.35%, 7/15/2025 | 2,267,000 | 2,261,349 | ||
Crown Castle International Corp., 3.65%, 9/01/2027 | 7,941,000 | 8,648,954 | ||
T-Mobile USA, Inc., 2.05%, 2/15/2028 (n) | 5,133,000 | 5,041,581 | ||
T-Mobile USA, Inc., 4.5%, 4/15/2050 (n) | 7,223,000 | 8,094,383 | ||
$40,667,350 | ||||
Telephone Services – 0.0% | ||||
Deutsche Telekom AG, 3.625%, 1/21/2050 (n) | $ | 3,648,000 | $ 3,691,423 | |
Transportation - Services – 0.1% | ||||
ERAC USA Finance LLC, 7%, 10/15/2037 (n) | $ | 5,241,000 | $ 7,542,204 | |
U.S. Government Agencies and Equivalents – 0.0% | ||||
Small Business Administration, 4.35%, 7/01/2023 | $ | 45,186 | $ 46,721 | |
Small Business Administration, 4.77%, 4/01/2024 | 139,502 | 144,993 | ||
Small Business Administration, 5.18%, 5/01/2024 | 225,835 | 236,915 | ||
Small Business Administration, 5.52%, 6/01/2024 | 123,235 | 129,798 | ||
Small Business Administration, 4.99%, 9/01/2024 | 249,916 | 262,220 | ||
Small Business Administration, 4.95%, 3/01/2025 | 228,295 | 239,793 | ||
$1,060,440 | ||||
U.S. Treasury Obligations – 8.8% | ||||
U.S. Treasury Bonds, 3.5%, 2/15/2039 | $ | 5,140,000 | $ 6,150,532 | |
U.S. Treasury Bonds, 1.375%, 11/15/2040 | 15,000,000 | 12,724,219 | ||
U.S. Treasury Bonds, 2.875%, 5/15/2043 | 55,466,000 | 60,533,773 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2045 | 5,313,000 | 5,410,751 | ||
U.S. Treasury Bonds, 3%, 11/15/2045 | 215,000 | 239,414 | ||
U.S. Treasury Bonds, 2.875%, 11/15/2046 | 14,148,000 | 15,413,583 | ||
U.S. Treasury Bonds, 3%, 2/15/2048 | 22,502,000 | 25,146,864 | ||
U.S. Treasury Bonds, 2.375%, 11/15/2049 | 93,310,000 | 92,435,219 | ||
U.S. Treasury Notes, 0.125%, 12/31/2022 | 227,750,000 | 227,643,242 | ||
U.S. Treasury Notes, 1.375%, 1/31/2025 | 167,000,000 | 171,768,633 | ||
U.S. Treasury Notes, 0.375%, 11/30/2025 | 127,000,000 | 124,167,304 | ||
$741,633,534 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Utilities - Electric Power – 0.9% | ||||
Berkshire Hathaway Energy Co., 3.75%, 11/15/2023 | $ | 3,241,000 | $ 3,477,094 | |
Berkshire Hathaway Energy Co., 4.25%, 10/15/2050 | 841,000 | 960,518 | ||
Duke Energy Corp., 2.65%, 9/01/2026 | 1,449,000 | 1,515,430 | ||
Duke Energy Progress LLC, 3.45%, 3/15/2029 | 6,550,000 | 7,115,317 | ||
Enel Finance International N.V., 2.65%, 9/10/2024 | 2,783,000 | 2,927,108 | ||
Enel Finance International N.V., 4.875%, 6/14/2029 (n) | 5,515,000 | 6,420,838 | ||
Enel Finance International N.V., 4.75%, 5/25/2047 (n) | 2,194,000 | 2,588,863 | ||
Evergy, Inc., 2.9%, 9/15/2029 | 5,207,000 | 5,303,213 | ||
Exelon Corp., 4.05%, 4/15/2030 | 6,154,000 | 6,826,484 | ||
FirstEnergy Corp., 3.4%, 3/01/2050 | 3,479,000 | 3,026,730 | ||
Georgia Power Co., 3.7%, 1/30/2050 | 482,000 | 492,729 | ||
Jersey Central Power & Light Co., 4.3%, 1/15/2026 (n) | 4,141,000 | 4,523,471 | ||
Northern States Power Co., 2.6%, 6/01/2051 | 6,156,000 | 5,493,213 | ||
Oncor Electric Delivery Co. LLC, 5.75%, 3/15/2029 | 4,162,000 | 5,146,945 | ||
Pacific Gas & Electric Co., 2.1%, 8/01/2027 | 1,561,000 | 1,527,919 | ||
Pacific Gas & Electric Co., 3.3%, 8/01/2040 | 3,004,000 | 2,707,803 | ||
PPL Capital Funding, Inc., 5%, 3/15/2044 | 1,618,000 | 1,923,744 | ||
PPL Corp., 3.4%, 6/01/2023 | 4,493,000 | 4,727,966 | ||
Xcel Energy, Inc., 3.4%, 6/01/2030 | 3,122,000 | 3,353,264 | ||
Xcel Energy, Inc., 3.5%, 12/01/2049 | 3,681,000 | 3,671,908 | ||
$73,730,557 | ||||
Utilities - Gas – 0.1% | ||||
East Ohio Gas Co., 2%, 6/15/2030 (n) | $ | 4,317,000 | $ 4,127,170 | |
Total Bonds (Identified Cost, $3,190,547,696) | $ 3,273,998,451 | |||
Convertible Preferred Stocks – 1.0% | ||||
Automotive – 0.2% | ||||
Aptiv PLC, 5.5% | 122,000 | $ 19,262,580 | ||
Medical Equipment – 0.4% | ||||
Boston Scientific Corp., 5.5% | 214,080 | $ 22,962,221 | ||
Danaher Corp., 4.75% | 3,976 | 6,083,717 | ||
$29,045,938 | ||||
Telecommunications - Wireless – 0.2% | ||||
T-Mobile USA, Inc., 5.25% | 16,855 | $ 18,994,068 | ||
Utilities - Electric Power – 0.2% | ||||
CenterPoint Energy, Inc., 7% | 493,865 | $ 20,579,355 | ||
Total Convertible Preferred Stocks (Identified Cost, $79,675,432) | $ 87,881,941 |
Issuer | Shares/Par | Value ($) | ||
Preferred Stocks – 0.3% | ||||
Computer Software - Systems – 0.3% | ||||
Samsung Electronics Co. Ltd. (Identified Cost, $14,047,615) | 371,167 | $ 24,013,797 | ||
Investment Companies (h) – 5.6% | ||||
Money Market Funds – 5.6% | ||||
MFS Institutional Money Market Portfolio, 0.05% (v) (Identified Cost, $470,239,594) | 470,239,593 | $ 470,239,593 | ||
Other Assets, Less Liabilities – (5.1)% | (430,765,205) | |||
Net Assets – 100.0% | $ 8,385,338,372 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which 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. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $470,239,593 and $8,345,863,984, respectively. | |||
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. | |||
(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 $485,303,899, representing 5.8% of net assets. | |||
(v) | Affiliated issuer 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 |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
FGIC | Financial Guaranty Insurance Co. |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $6,054,078,263) | $8,345,863,984 |
Investments in affiliated issuers, at value (identified cost, $470,239,594) | 470,239,593 |
Cash | 551,437 |
Receivables for | |
Investments sold | 28,239,182 |
TBA sale commitments | 316,218,280 |
Fund shares sold | 9,148,268 |
Interest and dividends | 24,844,387 |
Other assets | 61,593 |
Total assets | $9,195,166,724 |
Liabilities | |
Payables for | |
Distributions | $885,921 |
Investments purchased | 7,734,139 |
TBA purchase commitments | 789,189,324 |
Fund shares reacquired | 9,373,682 |
Payable to affiliates | |
Investment adviser | 160,157 |
Administrative services fee | 3,089 |
Shareholder servicing costs | 2,043,071 |
Distribution and service fees | 102,190 |
Program manager fees | 109 |
Payable for independent Trustees' compensation | 26,790 |
Accrued expenses and other liabilities | 309,880 |
Total liabilities | $809,828,352 |
Net assets | $8,385,338,372 |
Net assets consist of | |
Paid-in capital | $5,847,174,123 |
Total distributable earnings (loss) | 2,538,164,249 |
Net assets | $8,385,338,372 |
Shares of beneficial interest outstanding | 393,507,667 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $5,069,464,931 | 238,032,417 | $21.30 |
Class B | 92,888,139 | 4,351,138 | 21.35 |
Class C | 464,577,430 | 21,638,801 | 21.47 |
Class I | 937,951,553 | 44,052,141 | 21.29 |
Class R1 | 10,180,474 | 478,647 | 21.27 |
Class R2 | 128,287,863 | 6,001,033 | 21.38 |
Class R3 | 301,007,391 | 14,121,242 | 21.32 |
Class R4 | 269,537,764 | 12,640,687 | 21.32 |
Class R6 | 1,071,620,828 | 50,318,737 | 21.30 |
Class 529A | 33,087,228 | 1,558,614 | 21.23 |
Class 529B | 743,486 | 34,840 | 21.34 |
Class 529C | 5,991,285 | 279,370 | 21.45 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Classes A and 529A, for which the maximum offering prices per share were $22.60 [100 / 94.25 x $21.30] and $22.53 [100 / 94.25 x $21.23], respectively. On sales of $50,000 or more, the maximum offering prices of Class A and Class 529A shares are reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class 529B, and Class 529C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, R6, and 529A. |
Net investment income (loss) | |
Income | |
Dividends | $52,631,026 |
Interest | 34,010,630 |
Dividends from affiliated issuers | 170,559 |
Income on securities loaned | 156,054 |
Other | 51,208 |
Foreign taxes withheld | (400,546) |
Total investment income | $86,618,931 |
Expenses | |
Management fee | $13,872,125 |
Distribution and service fees | 9,653,480 |
Shareholder servicing costs | 3,508,166 |
Program manager fees | 9,367 |
Administrative services fee | 269,213 |
Independent Trustees' compensation | 47,999 |
Custodian fee | 145,252 |
Shareholder communications | 128,768 |
Audit and tax fees | 66,891 |
Legal fees | 29,669 |
Miscellaneous | 183,985 |
Total expenses | $27,914,915 |
Fees paid indirectly | (166) |
Reduction of expenses by distributor | (20,762) |
Net expenses | $27,893,987 |
Net investment income (loss) | $58,724,944 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $339,011,689 |
Affiliated issuers | (23,612) |
Foreign currency | 37,144 |
Net realized gain (loss) | $339,025,221 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $663,866,780 |
Affiliated issuers | 23,612 |
Translation of assets and liabilities in foreign currencies | (84,139) |
Net unrealized gain (loss) | $663,806,253 |
Net realized and unrealized gain (loss) | $1,002,831,474 |
Change in net assets from operations | $1,061,556,418 |
Six months ended | Year ended | |
3/31/21 (unaudited) | 9/30/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $58,724,944 | $137,534,398 |
Net realized gain (loss) | 339,025,221 | 387,515,245 |
Net unrealized gain (loss) | 663,806,253 | (158,487,426) |
Change in net assets from operations | $1,061,556,418 | $366,562,217 |
Total distributions to shareholders | $(469,929,158) | $(242,786,662) |
Change in net assets from fund share transactions | $290,075,226 | $(168,398,465) |
Total change in net assets | $881,702,486 | $(44,622,910) |
Net assets | ||
At beginning of period | 7,503,635,886 | 7,548,258,796 |
At end of period | $8,385,338,372 | $7,503,635,886 |
Class A | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.78 | $19.42 | $19.09 | $19.29 | $18.19 | $17.38 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.36 | $0.41 | $0.37 | $0.38(c) | $0.35 |
Net realized and unrealized gain (loss) | 2.61 | 0.63 | 0.78 | 0.53 | 1.36 | 1.41 |
Total from investment operations | $2.76 | $0.99 | $1.19 | $0.90 | $1.74 | $1.76 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.37) | $(0.39) | $(0.38) | $(0.39) | $(0.44) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.24) | $(0.63) | $(0.86) | $(1.10) | $(0.64) | $(0.95) |
Net asset value, end of period (x) | $21.30 | $19.78 | $19.42 | $19.09 | $19.29 | $18.19 |
Total return (%) (r)(s)(t)(x) | 14.29(n) | 5.21 | 6.73 | 4.71 | 9.78(c) | 10.50 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.72(a) | 0.73 | 0.73 | 0.73 | 0.74(c) | 0.74 |
Expenses after expense reductions (f) | 0.72(a) | 0.72 | 0.72 | 0.72 | 0.73(c) | 0.73 |
Net investment income (loss) | 1.45(a) | 1.87 | 2.20 | 1.95 | 2.03(c) | 1.99 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $5,069,465 | $4,476,559 | $4,666,095 | $4,838,039 | $4,779,558 | $4,733,090 |
Class B | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.82 | $19.45 | $19.12 | $19.31 | $18.21 | $17.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.22 | $0.27 | $0.23 | $0.24(c) | $0.22 |
Net realized and unrealized gain (loss) | 2.62 | 0.63 | 0.77 | 0.53 | 1.36 | 1.40 |
Total from investment operations | $2.69 | $0.85 | $1.04 | $0.76 | $1.60 | $1.62 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.22) | $(0.24) | $(0.23) | $(0.25) | $(0.30) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.16) | $(0.48) | $(0.71) | $(0.95) | $(0.50) | $(0.81) |
Net asset value, end of period (x) | $21.35 | $19.82 | $19.45 | $19.12 | $19.31 | $18.21 |
Total return (%) (r)(s)(t)(x) | 13.88(n) | 4.44 | 5.90 | 3.94 | 8.94(c) | 9.66 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.46(a) | 1.48 | 1.48 | 1.48 | 1.49(c) | 1.49 |
Expenses after expense reductions (f) | 1.46(a) | 1.48 | 1.47 | 1.48 | 1.48(c) | 1.49 |
Net investment income (loss) | 0.70(a) | 1.12 | 1.44 | 1.19 | 1.29(c) | 1.24 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $92,888 | $94,906 | $124,982 | $152,200 | $184,889 | $205,806 |
Class C | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.92 | $19.55 | $19.21 | $19.40 | $18.29 | $17.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.22 | $0.27 | $0.23 | $0.24(c) | $0.22 |
Net realized and unrealized gain (loss) | 2.64 | 0.63 | 0.78 | 0.53 | 1.37 | 1.41 |
Total from investment operations | $2.71 | $0.85 | $1.05 | $0.76 | $1.61 | $1.63 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.22) | $(0.24) | $(0.23) | $(0.25) | $(0.31) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.16) | $(0.48) | $(0.71) | $(0.95) | $(0.50) | $(0.82) |
Net asset value, end of period (x) | $21.47 | $19.92 | $19.55 | $19.21 | $19.40 | $18.29 |
Total return (%) (r)(s)(t)(x) | 13.91(n) | 4.41 | 5.92 | 3.91 | 8.95(c) | 9.62 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.46(a) | 1.48 | 1.48 | 1.48 | 1.49(c) | 1.49 |
Expenses after expense reductions (f) | 1.46(a) | 1.48 | 1.48 | 1.48 | 1.49(c) | 1.49 |
Net investment income (loss) | 0.70(a) | 1.12 | 1.44 | 1.18 | 1.28(c) | 1.24 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $464,577 | $482,340 | $602,145 | $695,252 | $1,054,574 | $1,102,670 |
Class I | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.77 | $19.41 | $19.08 | $19.28 | $18.18 | $17.38 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.41 | $0.45 | $0.42 | $0.39(c) | $0.39 |
Net realized and unrealized gain (loss) | 2.61 | 0.63 | 0.78 | 0.52 | 1.40 | 1.40 |
Total from investment operations | $2.79 | $1.04 | $1.23 | $0.94 | $1.79 | $1.79 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.22) | $(0.42) | $(0.43) | $(0.42) | $(0.44) | $(0.48) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.27) | $(0.68) | $(0.90) | $(1.14) | $(0.69) | $(0.99) |
Net asset value, end of period (x) | $21.29 | $19.77 | $19.41 | $19.08 | $19.28 | $18.18 |
Total return (%) (r)(s)(t)(x) | 14.44(n) | 5.47 | 6.99 | 4.97 | 10.06(c) | 10.71 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.47(a) | 0.48 | 0.48 | 0.48 | 0.49(c) | 0.49 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 1.70(a) | 2.11 | 2.44 | 2.20 | 2.10(c) | 2.22 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $937,952 | $848,687 | $663,464 | $662,998 | $593,250 | $329,965 |
Class R1 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.75 | $19.39 | $19.06 | $19.26 | $18.17 | $17.36 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.22 | $0.27 | $0.23 | $0.24(c) | $0.22 |
Net realized and unrealized gain (loss) | 2.62 | 0.63 | 0.77 | 0.52 | 1.35 | 1.41 |
Total from investment operations | $2.69 | $0.85 | $1.04 | $0.75 | $1.59 | $1.63 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.23) | $(0.24) | $(0.23) | $(0.25) | $(0.31) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.17) | $(0.49) | $(0.71) | $(0.95) | $(0.50) | $(0.82) |
Net asset value, end of period (x) | $21.27 | $19.75 | $19.39 | $19.06 | $19.26 | $18.17 |
Total return (%) (r)(s)(t)(x) | 13.89(n) | 4.42 | 5.93 | 3.93 | 8.90(c) | 9.68 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.46(a) | 1.48 | 1.48 | 1.48 | 1.49(c) | 1.49 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 0.70(a) | 1.12 | 1.44 | 1.19 | 1.28(c) | 1.24 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $10,180 | $9,119 | $10,508 | $12,068 | $12,517 | $14,031 |
Class R2 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.85 | $19.48 | $19.15 | $19.34 | $18.24 | $17.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.31 | $0.36 | $0.32 | $0.33(c) | $0.31 |
Net realized and unrealized gain (loss) | 2.63 | 0.64 | 0.78 | 0.54 | 1.36 | 1.40 |
Total from investment operations | $2.75 | $0.95 | $1.14 | $0.86 | $1.69 | $1.71 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.32) | $(0.34) | $(0.33) | $(0.34) | $(0.39) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.22) | $(0.58) | $(0.81) | $(1.05) | $(0.59) | $(0.90) |
Net asset value, end of period (x) | $21.38 | $19.85 | $19.48 | $19.15 | $19.34 | $18.24 |
Total return (%) (r)(s)(t)(x) | 14.15(n) | 4.97 | 6.43 | 4.48 | 9.48(c) | 10.19 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.97(a) | 0.98 | 0.98 | 0.98 | 0.99(c) | 0.99 |
Expenses after expense reductions (f) | N/A | N/A | 0.98 | 0.98 | 0.99(c) | N/A |
Net investment income (loss) | 1.20(a) | 1.62 | 1.94 | 1.69 | 1.76(c) | 1.73 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $128,288 | $125,160 | $165,893 | $194,859 | $229,263 | $205,848 |
Class R3 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.79 | $19.43 | $19.10 | $19.30 | $18.20 | $17.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.36 | $0.41 | $0.37 | $0.37(c) | $0.35 |
Net realized and unrealized gain (loss) | 2.62 | 0.63 | 0.78 | 0.53 | 1.37 | 1.41 |
Total from investment operations | $2.77 | $0.99 | $1.19 | $0.90 | $1.74 | $1.76 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.37) | $(0.39) | $(0.38) | $(0.39) | $(0.44) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.24) | $(0.63) | $(0.86) | $(1.10) | $(0.64) | $(0.95) |
Net asset value, end of period (x) | $21.32 | $19.79 | $19.43 | $19.10 | $19.30 | $18.20 |
Total return (%) (r)(s)(t)(x) | 14.33(n) | 5.20 | 6.71 | 4.70 | 9.77(c) | 10.48 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.72(a) | 0.73 | 0.73 | 0.73 | 0.74(c) | 0.74 |
Expenses after expense reductions (f) | N/A | N/A | N/A | 0.73 | N/A | N/A |
Net investment income (loss) | 1.45(a) | 1.86 | 2.19 | 1.94 | 2.01(c) | 1.99 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $301,007 | $284,813 | $290,210 | $325,625 | $331,072 | $297,313 |
Class R4 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.80 | $19.44 | $19.11 | $19.31 | $18.20 | $17.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.41 | $0.46 | $0.42 | $0.43(c) | $0.39 |
Net realized and unrealized gain (loss) | 2.61 | 0.63 | 0.77 | 0.52 | 1.37 | 1.40 |
Total from investment operations | $2.79 | $1.04 | $1.23 | $0.94 | $1.80 | $1.79 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.22) | $(0.42) | $(0.43) | $(0.42) | $(0.44) | $(0.48) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.27) | $(0.68) | $(0.90) | $(1.14) | $(0.69) | $(0.99) |
Net asset value, end of period (x) | $21.32 | $19.80 | $19.44 | $19.11 | $19.31 | $18.20 |
Total return (%) (r)(s)(t)(x) | 14.41(n) | 5.47 | 6.98 | 4.96 | 10.10(c) | 10.69 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.47(a) | 0.48 | 0.48 | 0.48 | 0.49(c) | 0.49 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 1.70(a) | 2.11 | 2.45 | 2.19 | 2.29(c) | 2.23 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $269,538 | $251,641 | $236,165 | $249,073 | $291,662 | $297,677 |
Class R6 | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.77 | $19.42 | $19.09 | $19.29 | $18.19 | $17.38 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.42 | $0.47 | $0.44 | $0.42(c) | $0.41 |
Net realized and unrealized gain (loss) | 2.62 | 0.63 | 0.78 | 0.52 | 1.38 | 1.41 |
Total from investment operations | $2.80 | $1.05 | $1.25 | $0.96 | $1.80 | $1.82 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.22) | $(0.44) | $(0.45) | $(0.44) | $(0.45) | $(0.50) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.27) | $(0.70) | $(0.92) | $(1.16) | $(0.70) | $(1.01) |
Net asset value, end of period (x) | $21.30 | $19.77 | $19.42 | $19.09 | $19.29 | $18.19 |
Total return (%) (r)(s)(t)(x) | 14.53(n) | 5.50 | 7.07 | 5.06 | 10.14(c) | 10.86 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.39(a) | 0.40 | 0.40 | 0.40 | 0.40(c) | 0.41 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 1.78(a) | 2.19 | 2.52 | 2.29 | 2.27(c) | 2.31 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $1,071,621 | $895,481 | $753,666 | $632,943 | $389,609 | $169,348 |
Class 529A | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.72 | $19.36 | $19.03 | $19.24 | $18.14 | $17.34 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.35 | $0.40 | $0.36 | $0.37(c) | $0.34 |
Net realized and unrealized gain (loss) | 2.60 | 0.64 | 0.78 | 0.52 | 1.36 | 1.40 |
Total from investment operations | $2.75 | $0.99 | $1.18 | $0.88 | $1.73 | $1.74 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.37) | $(0.38) | $(0.37) | $(0.38) | $(0.43) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.24) | $(0.63) | $(0.85) | $(1.09) | $(0.63) | $(0.94) |
Net asset value, end of period (x) | $21.23 | $19.72 | $19.36 | $19.03 | $19.24 | $18.14 |
Total return (%) (r)(s)(t)(x) | 14.27(n) | 5.19 | 6.71 | 4.63 | 9.77(c) | 10.42 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.77(a) | 0.78 | 0.78 | 0.79 | 0.84(c) | 0.84 |
Expenses after expense reductions (f) | 0.74(a) | 0.76 | 0.76 | 0.77 | 0.77(c) | 0.77 |
Net investment income (loss) | 1.43(a) | 1.83 | 2.16 | 1.91 | 1.97(c) | 1.95 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $33,087 | $27,080 | $26,158 | $24,945 | $23,275 | $21,204 |
Class 529B | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.81 | $19.45 | $19.11 | $19.31 | $18.21 | $17.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.36 | $0.30 | $0.22 | $0.23(c) | $0.21 |
Net realized and unrealized gain (loss) | 2.62 | 0.64 | 0.79 | 0.52 | 1.36 | 1.41 |
Total from investment operations | $2.77 | $1.00 | $1.09 | $0.74 | $1.59 | $1.62 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.38) | $(0.28) | $(0.22) | $(0.24) | $(0.30) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.24) | $(0.64) | $(0.75) | $(0.94) | $(0.49) | $(0.81) |
Net asset value, end of period (x) | $21.34 | $19.81 | $19.45 | $19.11 | $19.31 | $18.21 |
Total return (%) (r)(s)(t)(x) | 14.29(n) | 5.21 | 6.16 | 3.86 | 8.88(c) | 9.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.75(a) | 0.71 | 1.29 | 1.54 | 1.59(c) | 1.59 |
Expenses after expense reductions (f) | N/A | N/A | N/A | 1.53 | 1.53(c) | 1.54 |
Net investment income (loss) | 1.41(a) | 1.88 | 1.63 | 1.14 | 1.23(c) | 1.19 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $743 | $753 | $981 | $1,228 | $1,483 | $1,580 |
Class 529C | Six months ended | Year ended | ||||
3/31/21 (unaudited) | 9/30/20 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |
Net asset value, beginning of period | $19.90 | $19.53 | $19.20 | $19.39 | $18.28 | $17.47 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.21 | $0.26 | $0.22 | $0.23(c) | $0.21 |
Net realized and unrealized gain (loss) | 2.63 | 0.64 | 0.77 | 0.53 | 1.37 | 1.41 |
Total from investment operations | $2.70 | $0.85 | $1.03 | $0.75 | $1.60 | $1.62 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.22) | $(0.23) | $(0.22) | $(0.24) | $(0.30) |
From net realized gain | (1.05) | (0.26) | (0.47) | (0.72) | (0.25) | (0.51) |
Total distributions declared to shareholders | $(1.15) | $(0.48) | $(0.70) | $(0.94) | $(0.49) | $(0.81) |
Net asset value, end of period (x) | $21.45 | $19.90 | $19.53 | $19.20 | $19.39 | $18.28 |
Total return (%) (r)(s)(t)(x) | 13.88(n) | 4.38 | 5.82 | 3.89 | 8.91(c) | 9.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.51(a) | 1.53 | 1.53 | 1.54 | 1.59(c) | 1.59 |
Expenses after expense reductions (f) | 1.51(a) | 1.52 | 1.53 | 1.53 | 1.53(c) | 1.54 |
Net investment income (loss) | 0.66(a) | 1.07 | 1.39 | 1.14 | 1.22(c) | 1.18 |
Portfolio turnover | 58(n) | 92 | 39 | 33 | 38 | 32 |
Net assets at end of period (000 omitted) | $5,991 | $7,096 | $7,994 | $9,088 | $11,223 | $10,428 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $4,745,916,570 | $18,994,068 | $— | $4,764,910,638 |
Switzerland | 77,864,421 | — | — | 77,864,421 |
Taiwan | 50,726,862 | — | — | 50,726,862 |
United Kingdom | 50,187,034 | — | — | 50,187,034 |
Netherlands | 42,043,013 | — | — | 42,043,013 |
France | 27,539,282 | — | — | 27,539,282 |
South Korea | — | 24,013,797 | — | 24,013,797 |
Ireland | 19,689,824 | — | — | 19,689,824 |
Germany | 14,890,662 | — | — | 14,890,662 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 742,693,974 | — | 742,693,974 |
Non - U.S. Sovereign Debt | — | 10,499,298 | — | 10,499,298 |
Municipal Bonds | — | 24,519,395 | — | 24,519,395 |
U.S. Corporate Bonds | — | 905,357,429 | — | 905,357,429 |
Residential Mortgage-Backed Securities | — | 980,136,143 | — | 980,136,143 |
Commercial Mortgage-Backed Securities | — | 195,645,088 | — | 195,645,088 |
Asset-Backed Securities (including CDOs) | — | 215,956,432 | — | 215,956,432 |
Foreign Bonds | — | 199,190,692 | — | 199,190,692 |
Mutual Funds | 470,239,593 | — | — | 470,239,593 |
Total | $5,499,097,261 | $3,317,006,316 | $— | $8,816,103,577 |
Year ended 9/30/20 | |
Ordinary income (including any short-term capital gains) | $142,526,798 |
Long-term capital gains | 100,259,864 |
Total distributions | $242,786,662 |
As of 3/31/21 | |
Cost of investments | $6,555,389,620 |
Gross appreciation | 2,313,332,691 |
Gross depreciation | (52,618,734) |
Net unrealized appreciation (depreciation) | $2,260,713,957 |
As of 9/30/20 | |
Undistributed ordinary income | 19,871,793 |
Undistributed long-term capital gain | 347,077,815 |
Other temporary differences | (10,076,626) |
Net unrealized appreciation (depreciation) | 1,589,664,007 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||
Class A | $280,851,115 | $148,579,563 | |
Class B | 5,259,851 | 2,841,336 | |
Class C | 27,196,881 | 14,004,622 | |
Class I | 54,124,915 | 24,450,966 | |
Class R1 | 535,307 | 255,049 | |
Class R2 | 7,261,680 | 4,494,387 | |
Class R3 | 17,410,125 | 9,409,536 | |
Class R4 | 15,165,634 | 8,493,195 | |
Class R6 | 59,958,910 | 29,176,726 | |
Class 529A | 1,731,255 | 861,670 | |
Class 529B | 45,070 | 29,330 | |
Class 529C | 388,415 | 190,282 | |
Total | $469,929,158 | $242,786,662 |
Up to $6.3 billion | 0.35% |
In excess of $6.3 billion | 0.34% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 5,991,346 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 474,475 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 2,386,529 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 48,481 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 315,105 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 366,284 |
Class 529A | — | 0.25% | 0.25% | 0.23% | 37,742 |
Class 529B | 0.75% | 0.25% | 1.00% | 0.24% | 899 |
Class 529C | 0.75% | 0.25% | 1.00% | 0.99% | 32,619 |
Total Distribution and Service Fees | $9,653,480 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended March 31, 2021 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended March 31, 2021, this rebate amounted to $17,082, $21, $175, $3,287, and $197 for Class A, Class B, Class C, Class 529A, and Class 529C, respectively, and is included in the reduction of total expenses in the Statement of Operations. For the six months ended March 31, 2021, the 0.75% distribution fee was not imposed for Class 529B shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341. |
Amount | |
Class A | $19,882 |
Class B | 38,846 |
Class C | 11,560 |
Class 529B | — |
Class 529C | 58 |
Fee | |
Class 529A | $7,548 |
Class 529B | 190 |
Class 529C | 1,629 |
Total Program Manager Fees | $9,367 |
Purchases | Sales | |
U.S. Government securities | $3,955,175,822 | $3,504,869,819 |
Non-U.S. Government securities | 587,549,576 | 1,096,617,734 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 18,787,804 | $388,040,560 | 24,244,922 | $467,717,424 | |
Class B | 30,470 | 627,110 | 69,578 | 1,339,708 | |
Class C | 1,273,046 | 26,549,624 | 3,147,838 | 60,751,269 | |
Class I | 3,975,450 | 82,632,240 | 15,604,973 | 302,663,094 | |
Class R1 | 17,182 | 356,641 | 48,451 | 914,084 | |
Class R2 | 447,574 | 9,354,466 | 629,504 | 12,161,205 | |
Class R3 | 1,247,406 | 25,895,465 | 3,050,178 | 59,042,685 | |
Class R4 | 899,616 | 18,654,143 | 3,077,902 | 58,668,724 | |
Class R6 | 8,918,461 | 184,595,323 | 15,939,311 | 305,273,223 | |
Class 529A | 212,814 | 4,363,377 | 205,668 | 3,982,163 | |
Class 529B | 999 | 20,907 | 2,310 | 43,644 | |
Class 529C | 13,378 | 275,667 | 42,487 | 810,891 | |
35,824,200 | $741,365,523 | 66,063,122 | $1,273,368,114 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 13,008,973 | $264,780,244 | 7,175,980 | $140,010,597 | |
Class B | 238,212 | 4,854,810 | 133,761 | 2,628,215 | |
Class C | 1,250,146 | 25,615,133 | 621,418 | 12,264,023 | |
Class I | 2,295,037 | 46,715,534 | 1,058,122 | 20,629,701 | |
Class R1 | 26,354 | 535,307 | 13,036 | 255,049 | |
Class R2 | 352,177 | 7,191,312 | 221,662 | 4,348,411 | |
Class R3 | 853,391 | 17,385,086 | 481,858 | 9,409,536 | |
Class R4 | 701,741 | 14,305,533 | 396,633 | 7,738,472 | |
Class R6 | 2,598,486 | 52,904,727 | 1,305,621 | 25,430,628 | |
Class 529A | 84,690 | 1,718,714 | 44,283 | 861,670 | |
Class 529B | 2,210 | 45,070 | 1,500 | 29,330 | |
Class 529C | 18,847 | 385,723 | 9,650 | 190,282 | |
21,430,264 | $436,437,193 | 11,463,524 | $223,795,914 |
Six months ended 3/31/21 | Year ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (20,128,908) | $(415,846,956) | (45,371,858) | $(871,739,779) | |
Class B | (706,210) | (14,643,023) | (1,839,462) | (35,132,306) | |
Class C | (5,092,340) | (105,372,942) | (10,354,610) | (199,543,720) | |
Class I | (5,144,963) | (106,079,338) | (7,915,480) | (149,700,779) | |
Class R1 | (26,572) | (545,928) | (141,680) | (2,667,322) | |
Class R2 | (1,105,314) | (22,859,949) | (3,059,965) | (57,869,272) | |
Class R3 | (2,369,959) | (48,823,147) | (4,076,529) | (78,305,802) | |
Class R4 | (1,671,113) | (34,377,267) | (2,913,685) | (55,522,481) | |
Class R6 | (6,481,888) | (134,479,353) | (10,777,935) | (208,327,064) | |
Class 529A | (112,436) | (2,317,077) | (227,508) | (4,398,205) | |
Class 529B | (6,375) | (132,710) | (16,245) | (312,994) | |
Class 529C | (109,375) | (2,249,800) | (104,830) | (2,042,769) | |
(42,955,453) | $(887,727,490) | (86,799,787) | $(1,665,562,493) | ||
Net change | |||||
Class A | 11,667,869 | $236,973,848 | (13,950,956) | $(264,011,758) | |
Class B | (437,528) | (9,161,103) | (1,636,123) | (31,164,383) | |
Class C | (2,569,148) | (53,208,185) | (6,585,354) | (126,528,428) | |
Class I | 1,125,524 | 23,268,436 | 8,747,615 | 173,592,016 | |
Class R1 | 16,964 | 346,020 | (80,193) | (1,498,189) | |
Class R2 | (305,563) | (6,314,171) | (2,208,799) | (41,359,656) | |
Class R3 | (269,162) | (5,542,596) | (544,493) | (9,853,581) | |
Class R4 | (69,756) | (1,417,591) | 560,850 | 10,884,715 | |
Class R6 | 5,035,059 | 103,020,697 | 6,466,997 | 122,376,787 | |
Class 529A | 185,068 | 3,765,014 | 22,443 | 445,628 | |
Class 529B | (3,166) | (66,733) | (12,435) | (240,020) | |
Class 529C | (77,150) | (1,588,410) | (52,693) | (1,041,596) | |
14,299,011 | $290,075,226 | (9,273,141) | $(168,398,465) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $335,623,836 | $968,878,404 | $834,262,647 | $(23,612) | $23,612 | $470,239,593 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $170,559 | $— |
1(b):
Not applicable.
ITEM 2. | CODE OF ETHICS. |
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
ITEM 6. | INVESTMENTS |
A schedule of investments for each series of the Registrant is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to the Registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. | 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 report on Form N-CSR, 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 period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 13. | EXHIBITS. |
(a) | File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated. |
(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable. |
(2) | 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 as EX-99.302CERT. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(4) | Change in the registrant’s independent public accountant. Not applicable. |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT. |
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 V
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: May 14, 2021
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)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President (Principal Executive Officer) |
Date: May 14, 2021
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: May 14, 2021
* | Print name and title of each signing officer under his or her signature. |