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: September 30, 2022
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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back cover |
NS Solutions Corp. | 1.6% |
OBIC Co. Ltd. | 1.6% |
Symrise AG | 1.3% |
Daiseki Co. Ltd. | 1.2% |
T. Hasegawa Co. Ltd. | 1.2% |
Croda International PLC | 0.9% |
Dollarama, Inc. | 0.9% |
RS Group PLC | 0.8% |
Cellnex Telecom S.A. | 0.8% |
GEA Group AG | 0.8% |
Industrials | 18.4% |
Information Technology | 13.5% |
Materials | 12.8% |
Consumer Discretionary | 11.2% |
Consumer Staples | 9.8% |
Financials | 8.3% |
Health Care | 7.9% |
Communication Services | 5.8% |
Real Estate | 4.1% |
Utilities | 2.1% |
Energy | 1.7% |
Japan | 32.0% |
United Kingdom | 12.1% |
Germany | 4.9% |
Australia | 4.9% |
United States | 4.5% |
France | 3.7% |
India | 3.5% |
Hong Kong | 2.8% |
Brazil | 2.8% |
Other Countries | 28.8% |
Japanese Yen | 32.0% |
Euro | 15.7% |
British Pound Sterling | 12.5% |
United States Dollar | 5.6% |
Australian Dollar | 5.0% |
Hong Kong Dollar | 4.7% |
Indian Rupee | 2.9% |
Brazilian Real | 2.6% |
Swiss Franc | 2.5% |
Other Currencies | 16.5% |
(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. |
(b) | Security is not a benchmark constituent. |
(h) | Security was not held in the portfolio at period end. |
Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr |
A | 10/09/97 | (29.31)% | (1.00)% | 3.87% |
B | 10/02/00 | (29.85)% | (1.74)% | 3.09% |
C | 10/02/00 | (29.84)% | (1.74)% | 3.09% |
I | 10/09/97 | (29.15)% | (0.76)% | 4.12% |
R1 | 4/01/05 | (29.84)% | (1.74)% | 3.09% |
R2 | 10/31/03 | (29.48)% | (1.25)% | 3.61% |
R3 | 4/01/05 | (29.32)% | (1.01)% | 3.86% |
R4 | 4/01/05 | (29.16)% | (0.76)% | 4.12% |
R6 | 6/01/12 | (29.06)% | (0.63)% | 4.25% |
MSCI All Country World (ex-US) Small Mid Cap Index (net div) (f) | (28.85)% | (1.25)% | 3.74% |
A With Initial Sales Charge (5.75%) | (33.38)% | (2.17)% | 3.25% |
B With CDSC (Declining over six years from 4% to 0%) (v) | (32.54)% | (2.08)% | 3.09% |
C With CDSC (1% for 12 months) (v) | (30.51)% | (1.74)% | 3.09% |
(f) | Source: FactSet Research Systems Inc. |
(v) | Assuming redemption at the end of the applicable period. |
(e) | Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. |
April 1, 2022 through September 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/22 | Ending Account Value 9/30/22 | Expenses Paid During Period (p) 4/01/22-9/30/22 | |
A | Actual | 1.30% | $1,000.00 | $794.07 | $5.85 |
Hypothetical (h) | 1.30% | $1,000.00 | $1,018.55 | $6.58 | |
B | Actual | 2.05% | $1,000.00 | $791.03 | $9.20 |
Hypothetical (h) | 2.05% | $1,000.00 | $1,014.79 | $10.35 | |
C | Actual | 2.05% | $1,000.00 | $791.36 | $9.21 |
Hypothetical (h) | 2.05% | $1,000.00 | $1,014.79 | $10.35 | |
I | Actual | 1.05% | $1,000.00 | $794.98 | $4.72 |
Hypothetical (h) | 1.05% | $1,000.00 | $1,019.80 | $5.32 | |
R1 | Actual | 2.05% | $1,000.00 | $791.26 | $9.21 |
Hypothetical (h) | 2.05% | $1,000.00 | $1,014.79 | $10.35 | |
R2 | Actual | 1.55% | $1,000.00 | $793.25 | $6.97 |
Hypothetical (h) | 1.55% | $1,000.00 | $1,017.30 | $7.84 | |
R3 | Actual | 1.30% | $1,000.00 | $794.13 | $5.85 |
Hypothetical (h) | 1.30% | $1,000.00 | $1,018.55 | $6.58 | |
R4 | Actual | 1.05% | $1,000.00 | $794.98 | $4.72 |
Hypothetical (h) | 1.05% | $1,000.00 | $1,019.80 | $5.32 | |
R6 | Actual | 0.91% | $1,000.00 | $795.46 | $4.10 |
Hypothetical (h) | 0.91% | $1,000.00 | $1,020.51 | $4.61 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 95.4% | ||||
Aerospace & Defense – 1.0% | ||||
Babcock International Group PLC (a) | 1,393,969 | $4,304,420 | ||
LISI Group | 578,778 | 10,108,310 | ||
MTU Aero Engines Holding AG | 38,986 | 5,883,123 | ||
Saab AB, “B” | 138,860 | 4,319,625 | ||
Singapore Technologies Engineering Ltd. | 12,378,800 | 30,685,505 | ||
$55,300,983 | ||||
Airlines – 0.7% | ||||
Auckland International Airport Ltd. (a) | 312,696 | $1,260,002 | ||
Enav S.p.A. | 4,662,291 | 16,983,934 | ||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. (l) | 569,903 | 7,203,198 | ||
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR | 28,809 | 5,651,462 | ||
Mainfreight Ltd. | 262,213 | 9,866,787 | ||
$40,965,383 | ||||
Alcoholic Beverages – 0.8% | ||||
Carlsberg Group | 132,479 | $15,457,585 | ||
China Resources Beer Holdings Co. Ltd. | 4,316,000 | 29,896,412 | ||
$45,353,997 | ||||
Apparel Manufacturers – 0.6% | ||||
Burberry Group PLC | 574,654 | $11,459,245 | ||
Coats Group PLC | 5,250,030 | 2,969,192 | ||
Eclat Textile Co. Ltd. | 540,000 | 6,607,018 | ||
Pacific Textiles Holdings Ltd. | 38,809,000 | 12,112,903 | ||
$33,148,358 | ||||
Automotive – 1.9% | ||||
Cie Plastic Omnium S.A. | 319,197 | $4,162,289 | ||
Daikyonishikawa Corp. | 332,421 | 1,224,423 | ||
Hero MotoCorp Ltd. | 591,167 | 18,381,541 | ||
Koito Manufacturing Co. Ltd. | 1,291,600 | 17,700,525 | ||
Mahindra & Mahindra Ltd. | 922,321 | 14,246,057 | ||
NGK Spark Plug Co. Ltd | 748,600 | 13,278,127 | ||
Stanley Electric Co. Ltd. | 871,131 | 13,666,443 | ||
TS Tech Co. Ltd. | 997,300 | 9,799,542 | ||
USS Co. Ltd. | 800,800 | 12,325,127 | ||
$104,784,074 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Biotechnology – 0.6% | ||||
Abcam PLC (a) | 495,341 | $7,389,304 | ||
Virbac S.A. | 88,791 | 23,069,136 | ||
$30,458,440 | ||||
Broadcasting – 0.4% | ||||
4imprint Group PLC | 116,006 | $4,370,138 | ||
Nippon Television Holdings, Inc. | 767,100 | 6,141,430 | ||
TBS Holdings, Inc. | 891,400 | 9,763,843 | ||
$20,275,411 | ||||
Brokerage & Asset Managers – 2.8% | ||||
ASX Ltd. | 136,228 | $6,264,083 | ||
Bolsa Mexicana de Valores S.A. de C.V. | 5,389,000 | 9,014,892 | ||
Euronext N.V. | 228,582 | 14,464,260 | ||
Hargreaves Lansdown PLC | 432,848 | 4,154,621 | ||
IPH Ltd. | 6,574,487 | 39,582,193 | ||
JAFCO Group Co. Ltd. | 197,100 | 2,899,371 | ||
Japan Exchange Group, Inc. | 145,300 | 1,964,161 | ||
Moscow Exchange MICEX-RTS PJSC (a)(u) | 7,428,305 | 0 | ||
Omni Bridgeway Ltd. (a) | 5,790,314 | 13,914,906 | ||
Partners Group Holding AG | 3,296 | 2,647,901 | ||
Pinnacle Investment Management Group Ltd. (l) | 1,139,173 | 5,957,036 | ||
Rathbones Group PLC | 963,150 | 17,561,741 | ||
Schroders PLC | 4,326,635 | 18,732,069 | ||
TMX Group Ltd. | 191,146 | 17,582,083 | ||
$154,739,317 | ||||
Business Services – 6.9% | ||||
AEON Delight Co. Ltd. | 295,700 | $5,802,646 | ||
Amadeus Fire AG | 135,656 | 11,189,683 | ||
Bunzl PLC | 774,450 | 23,568,159 | ||
Central Automotive Products Ltd. | 47,300 | 718,340 | ||
Compass Group PLC | 1,325,120 | 26,488,106 | ||
Comture Corp. | 667,200 | 10,456,585 | ||
Doshisha Co. Ltd. | 141,800 | 1,413,849 | ||
Eurofins Scientific SE | 33,073 | 1,961,186 | ||
Fuji Soft, Inc. (l) | 339,500 | 19,130,226 | ||
Fullcast Holdings Co., Ltd. | 747,500 | 13,077,836 | ||
Gruppo Mutuionline S.p.A. | 143,416 | 2,816,341 | ||
Imdex Ltd. | 7,956,130 | 8,994,844 | ||
Intertek Group PLC | 495,834 | 20,398,904 | ||
Iwatani Corp. | 493,800 | 18,622,437 | ||
Johnson Service Group PLC (a) | 2,118,752 | 1,862,694 | ||
Karnov Group AB (a) | 1,201,680 | 5,868,678 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
NS Solutions Corp. | 3,613,300 | $86,626,179 | ||
Pasona Group, Inc. | 612,500 | 8,487,118 | ||
RS Group PLC | 4,251,051 | 45,364,404 | ||
San-Ai Obbli Co. Ltd. | 3,112,500 | 24,065,817 | ||
SCSK Corp. | 848,700 | 12,734,130 | ||
Sohgo Security Services Co. Ltd. | 569,000 | 14,328,426 | ||
Thoughtworks Holding, Inc. (a) | 105,309 | 1,104,691 | ||
TIS, Inc. | 546,200 | 14,502,972 | ||
$379,584,251 | ||||
Chemicals – 0.9% | ||||
Borregaard ASA | 112,533 | $1,329,085 | ||
IMCD Group N.V. | 208,397 | 24,732,322 | ||
JCU Corp. | 817,100 | 16,430,705 | ||
KH Neochem Co. Ltd. | 409,600 | 7,479,847 | ||
$49,971,959 | ||||
Computer Software – 3.6% | ||||
ARGO GRAPHICS, Inc. | 688,500 | $17,226,807 | ||
Douzone Bizon Co. Ltd. | 447,057 | 9,732,284 | ||
EMIS Group PLC | 489,193 | 10,301,743 | ||
OBIC Business Consultants Co. Ltd. | 91,900 | 2,827,685 | ||
OBIC Co. Ltd. | 651,800 | 86,419,931 | ||
Oracle Corp. Japan | 255,700 | 13,498,576 | ||
PCA Corp. (h) | 1,398,900 | 9,878,227 | ||
Sage Group PLC | 679,854 | 5,230,620 | ||
SimCorp A/S | 68,114 | 3,813,129 | ||
Temairazu, Inc. (l) | 261,400 | 9,487,748 | ||
Totvs S.A. | 1,920,700 | 10,450,294 | ||
Wisetech Global Ltd. | 605,647 | 19,892,836 | ||
$198,759,880 | ||||
Computer Software - Systems – 2.6% | ||||
Alten S.A. | 139,757 | $15,301,432 | ||
Amadeus IT Group S.A. (a) | 600,104 | 27,778,183 | ||
Cancom SE | 431,801 | 10,293,475 | ||
DTS Corp. | 633,900 | 15,075,759 | ||
Elecom Co. Ltd. | 850,200 | 8,497,807 | ||
Kardex Holding AG | 91,953 | 12,171,624 | ||
Pole To Win Holdings, Inc. | 1,706,900 | 10,920,952 | ||
Temenos AG | 86,543 | 5,827,368 | ||
Toshiba Tec Corp. | 209,700 | 5,430,815 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software - Systems – continued | ||||
Venture Corp. Ltd. | 2,727,700 | $31,067,385 | ||
$142,364,800 | ||||
Conglomerates – 0.3% | ||||
Ansell Ltd. | 1,061,273 | $16,974,359 | ||
Construction – 3.6% | ||||
Bellway PLC | 610,687 | $11,550,053 | ||
Breedon Group PLC | 67,967,739 | 40,302,952 | ||
Fletcher Building Ltd. (l) | 1,719,119 | 4,662,450 | ||
Forterra PLC (h) | 15,323,819 | 40,036,956 | ||
Grupo Cementos de Chihuahua S.A.B. de C.V. | 2,221,736 | 13,315,302 | ||
Ibstock PLC | 4,040,123 | 7,361,969 | ||
Kingspan Group PLC | 68,375 | 3,031,835 | ||
Marshalls PLC | 1,037,459 | 3,389,405 | ||
PT Indocement Tunggal Prakarsa Tbk | 24,754,200 | 15,443,435 | ||
Reliance Worldwide Corp. | 4,834,770 | 10,337,082 | ||
Rinnai Corp. | 89,900 | 6,453,817 | ||
Somfy S.A. | 92,596 | 8,630,202 | ||
Techtronic Industries Co. Ltd. | 1,483,000 | 14,010,564 | ||
Toto Ltd. | 145,700 | 4,865,095 | ||
Zhejiang Supor Co. Ltd. (a) | 2,302,302 | 14,977,041 | ||
$198,368,158 | ||||
Consumer Products – 2.0% | ||||
Amorepacific Corp. | 208,183 | $14,708,824 | ||
Dabur India Ltd. | 2,506,366 | 17,561,499 | ||
Essity AB | 864,312 | 17,060,831 | ||
Kobayashi Pharmaceutical Co. Ltd. | 273,600 | 15,951,109 | ||
Lion Corp. | 1,082,500 | 12,200,555 | ||
Mitsubishi Pencil Co. Ltd. | 231,500 | 2,256,937 | ||
PZ Cussons PLC | 364,404 | 789,355 | ||
Uni-Charm Corp. | 883,600 | 28,882,126 | ||
$109,411,236 | ||||
Consumer Services – 1.5% | ||||
Afya Ltd. (a) | 559,664 | $7,589,044 | ||
Asante, Inc. | 170,200 | 1,780,876 | ||
Carsales.com Ltd. | 582,054 | 6,926,440 | ||
Heian Ceremony Service Co. | 363,967 | 1,941,426 | ||
Localiza Rent a Car S.A. | 1,036,200 | 11,734,770 | ||
Meitec Corp. | 1,115,700 | 17,720,979 | ||
Park24 Co. Ltd. (a) | 358,200 | 4,625,688 | ||
Seek Ltd. | 762,170 | 9,222,087 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Services – continued | ||||
Trip.com Group Ltd. (a) | 364,981 | $9,970,207 | ||
Webjet Ltd. (a)(l) | 3,441,422 | 10,403,181 | ||
$81,914,698 | ||||
Containers – 1.7% | ||||
Mayr-Melnhof Karton AG | 133,652 | $17,153,893 | ||
Toyo Seikan Group Holdings, Ltd. | 1,427,000 | 17,222,416 | ||
Verallia | 1,784,413 | 40,005,125 | ||
Viscofan S.A. | 372,627 | 20,344,293 | ||
$94,725,727 | ||||
Electrical Equipment – 2.5% | ||||
Advantech Co. Ltd. | 1,994,191 | $18,207,324 | ||
Bharat Heavy Electricals Ltd. | 14,453,222 | 10,541,360 | ||
Halma PLC | 552,548 | 12,441,685 | ||
Legrand S.A. | 604,998 | 39,088,249 | ||
LS Electric Co. Ltd. | 622,072 | 20,179,975 | ||
OMRON Corp. | 163,021 | 7,430,117 | ||
Orbia Advance Corp. S.A.B. de C.V. | 2,872,244 | 4,817,617 | ||
Sagami Rubber Industries Co. Ltd. | 264,700 | 1,386,224 | ||
TAKUMA Co. Ltd. | 969,000 | 8,316,451 | ||
Voltronic Power Technology Corp. | 350,659 | 15,352,389 | ||
$137,761,391 | ||||
Electronics – 3.1% | ||||
Amano Corp. | 246,720 | $4,150,768 | ||
ASM International N.V. | 102,384 | 22,907,400 | ||
ASM Pacific Technology Ltd. | 3,105,500 | 18,694,787 | ||
Cembre S.p.A. | 542,000 | 12,592,000 | ||
Chroma Ate, Inc. | 5,253,000 | 29,444,328 | ||
Fukui Computer Holdings, Inc. | 205,100 | 4,806,550 | ||
Hirose Electric Co. Ltd. | 87,800 | 11,411,267 | ||
INTER ACTION Corp. | 467,700 | 4,927,934 | ||
Iriso Electronics Co. Ltd. | 218,500 | 5,985,991 | ||
Melexis N.V. | 178,211 | 12,058,220 | ||
Tripod Technology Corp. | 7,069,000 | 20,700,682 | ||
WIN Semiconductors Corp. | 2,853,000 | 11,133,925 | ||
Zuken, Inc. | 559,300 | 13,506,208 | ||
$172,320,060 | ||||
Energy - Independent – 0.6% | ||||
PT United Tractors Tbk | 14,165,800 | $30,536,358 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Integrated – 0.4% | ||||
Capricorn Energy PLC (a) | 545,875 | $1,493,267 | ||
Galp Energia SGPS S.A., “B” | 2,267,659 | 21,733,137 | ||
$23,226,404 | ||||
Engineering - Construction – 0.7% | ||||
Comsys Holdings Corp. (l) | 384,800 | $6,516,535 | ||
Corporacion Inmobiliaria Vesta S.A.B. de C.V. | 4,200,348 | 7,825,272 | ||
Doosan Bobcat, Inc. | 830,627 | 16,480,550 | ||
JGC Holdings Corp. | 257,000 | 3,220,803 | ||
Prologis Peroperty Mexico S.A. de C.V., REIT | 1,795,595 | 4,563,991 | ||
$38,607,151 | ||||
Entertainment – 1.2% | ||||
CTS Eventim AG (a) | 779,051 | $32,464,400 | ||
Toei Co. Ltd. (l) | 79,400 | 9,460,891 | ||
Toho Co. Ltd. | 605,800 | 21,830,944 | ||
$63,756,235 | ||||
Food & Beverages – 6.0% | ||||
ARIAKE JAPAN Co. Ltd. | 308,900 | $10,646,975 | ||
AVI Ltd. | 4,871,301 | 19,545,560 | ||
Bakkafrost P/f | 525,592 | 20,815,646 | ||
Britvic PLC | 655,513 | 5,211,707 | ||
Cranswick PLC | 995,669 | 29,793,941 | ||
Ezaki Glico Co. Ltd. | 454,000 | 11,182,961 | ||
Greencore Group PLC (a) | 1,183,806 | 950,488 | ||
Gruma S.A.B. de C.V. | 662,620 | 6,346,702 | ||
Kato Sangyo Co. Ltd. | 648,500 | 14,985,050 | ||
Kerry Group PLC | 206,732 | 18,365,606 | ||
Kikkoman Corp. | 121,900 | 6,853,591 | ||
Morinaga & Co. Ltd. | 878,000 | 24,076,908 | ||
Orion Corp. | 370,291 | 26,534,593 | ||
S Foods, Inc. | 841,000 | 17,635,839 | ||
Shenguan Holdings Group Ltd. | 13,203,505 | 477,633 | ||
T. Hasegawa Co. Ltd. (h)(l) | 3,128,400 | 64,351,878 | ||
Takasago International Corp. | 161,300 | 2,954,489 | ||
Tate & Lyle PLC | 376,983 | 2,842,123 | ||
Tingyi (Cayman Islands) Holdings Corp. | 13,534,000 | 23,165,255 | ||
Universal Robina Corp. | 13,463,790 | 26,181,186 | ||
$332,918,131 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Drug Stores – 1.5% | ||||
Cosmos Pharmaceutical Corp. | 59,200 | $5,841,244 | ||
DFI Retail Group Holdings Ltd. | 6,359,109 | 14,646,427 | ||
JM Holdings Co. Ltd. | 253,700 | 2,934,212 | ||
Patlac Corp. | 463,300 | 14,284,008 | ||
San-A Co. Ltd. | 87,700 | 2,644,998 | ||
Sendas Distribuidora S.A. | 1,753,600 | 5,705,169 | ||
Spencer's Retail Ltd. (a) | 723,473 | 682,505 | ||
Sugi Holdings Co. Ltd. | 234,200 | 9,401,658 | ||
Sundrug Co. Ltd. | 1,075,300 | 26,027,427 | ||
$82,167,648 | ||||
Forest & Paper Products – 0.2% | ||||
Suzano S.A. | 1,122,200 | $9,257,445 | ||
Furniture & Appliances – 1.0% | ||||
Codan Ltd. | 1,797,141 | $6,444,508 | ||
Howden Joinery Group PLC | 2,242,658 | 12,478,099 | ||
Paramount Bed Holdings Co. Ltd. (l) | 1,356,400 | 24,041,094 | ||
SEB S.A. | 162,083 | 10,166,284 | ||
Zojirushi Corp. | 177,300 | 1,913,091 | ||
$55,043,076 | ||||
Gaming & Lodging – 0.8% | ||||
Flutter Entertainment PLC (a) | 238,874 | $26,179,213 | ||
Shangri-La Asia Ltd. (a) | 29,944,000 | 20,790,074 | ||
$46,969,287 | ||||
General Merchandise – 1.1% | ||||
Dollarama, Inc. | 841,907 | $48,331,867 | ||
Falabella S.A. | 3,015,393 | 6,012,033 | ||
Magazine Luiza S.A. (a) | 5,190,959 | 4,311,084 | ||
Seria Co. Ltd. (l) | 183,200 | 3,188,318 | ||
$61,843,302 | ||||
Insurance – 1.9% | ||||
Admiral Group PLC | 212,870 | $4,517,653 | ||
AUB Group Ltd. | 2,779,348 | 33,725,055 | ||
Hiscox Ltd. | 1,978,378 | 19,342,108 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 174,448 | 22,376,513 | ||
Steadfast Group Ltd. | 7,747,030 | 22,828,475 | ||
$102,789,804 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Internet – 2.4% | ||||
Allegro.EU S.A. (a) | 1,061,840 | $4,546,346 | ||
Auto Trader Group PLC | 1,816,185 | 10,297,330 | ||
Demae-Can Co. Ltd. (a)(l) | 607,900 | 2,335,331 | ||
Digital Garage, Inc. | 353,700 | 8,376,493 | ||
Kakaku.com, Inc. | 556,300 | 9,353,495 | ||
MakeMyTrip Ltd. (a) | 1,069,505 | 32,833,803 | ||
Moneysupermarket.com Group PLC | 8,111,982 | 16,723,582 | ||
Proto Corp. | 1,137,400 | 8,106,774 | ||
Rakuten Group, Inc. | 119,300 | 511,886 | ||
Rightmove PLC | 2,982,371 | 15,819,002 | ||
Scout24 AG | 468,540 | 23,749,443 | ||
$132,653,485 | ||||
Leisure & Toys – 1.0% | ||||
DeNA Co. Ltd. | 339,900 | $4,295,427 | ||
GungHo Online Entertainment, Inc. | 326,600 | 5,020,970 | ||
Kawai Musical Instruments Manufacturing Co. Ltd. | 119,800 | 2,086,757 | ||
Konami Group Corp. | 80,900 | 3,733,932 | ||
NCSoft Corp. | 46,283 | 11,085,030 | ||
Thule Group AB | 296,227 | 5,883,481 | ||
VTech Holdings Ltd. | 3,825,465 | 21,860,532 | ||
$53,966,129 | ||||
Machinery & Tools – 5.6% | ||||
Aalberts Industries N.V. | 314,000 | $10,260,253 | ||
AirTAC International Group | 306,000 | 7,000,341 | ||
Azbil Corp. (l) | 820,800 | 21,423,459 | ||
Carel Industries S.p.A. | 139,219 | 2,601,540 | ||
Daifuku Co. Ltd. (l) | 84,700 | 3,985,400 | ||
Fuji Seal International, Inc. | 1,662,300 | 17,604,519 | ||
Fujitec Co. Ltd. (l) | 1,443,300 | 29,172,260 | ||
Fukushima Galilei Co. Ltd. | 610,000 | 14,987,540 | ||
GEA Group AG | 1,326,234 | 43,334,520 | ||
Haitian International Holdings Ltd. (a) | 13,725,000 | 25,827,549 | ||
METAWATER Co. Ltd. | 1,086,000 | 14,257,185 | ||
MISUMI Group, Inc. | 225,900 | 4,806,237 | ||
MonotaRO Co. Ltd. | 663,700 | 10,032,134 | ||
Nabtesco Corp. | 815,900 | 16,706,558 | ||
Nissei ASB Machine Co. Ltd. | 151,400 | 3,744,987 | ||
Obara Group, Inc. (l) | 128,500 | 2,845,830 | ||
Rational AG | 2,758 | 1,347,064 | ||
Rotork PLC | 2,206,516 | 5,751,447 | ||
Seven Group Holdings Ltd. | 980,316 | 10,535,545 | ||
Shima Seiki Manufacturing Ltd. (l) | 191,900 | 2,670,792 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Machinery & Tools – continued | ||||
SIG Combibloc Group AG | 1,599,421 | $32,495,613 | ||
Spirax-Sarco Engineering PLC | 110,367 | 12,677,895 | ||
THK Co. Ltd. | 133,700 | 2,313,265 | ||
Valmet Oyj | 369,810 | 7,458,305 | ||
VAT Group AG | 39,758 | 8,026,605 | ||
$311,866,843 | ||||
Major Banks – 0.2% | ||||
Resona Holdings, Inc. | 3,014,300 | $10,996,686 | ||
Medical & Health Technology & Services – 1.5% | ||||
ARATA Corp. | 148,400 | $4,214,219 | ||
Arvida Group Ltd. | 4,691,293 | 3,780,694 | ||
AS ONE Corp. | 358,400 | 14,743,032 | ||
BML, Inc. | 587,500 | 13,253,271 | ||
Burning Rock Biotech Ltd., ADR (a)(l) | 285,384 | 682,068 | ||
DKSH Holding Ltd. | 45,850 | 3,322,475 | ||
Guangzhou KingMed Diagnostics Group Co. Ltd. | 668,700 | 5,971,097 | ||
Hapvida Participacoes e Investimentos S.A. | 4,186,300 | 5,874,719 | ||
Hogy Medical Co. Ltd. | 79,600 | 1,952,463 | ||
ICON PLC (a) | 40,266 | 7,400,086 | ||
Medipal Holdings Corp. | 724,100 | 9,178,186 | ||
Ryman Healthcare Ltd. | 1,571,180 | 7,518,108 | ||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 2,590,718 | 3,219,745 | ||
$81,110,163 | ||||
Medical Equipment – 3.4% | ||||
ConvaTec Group PLC | 3,915,066 | $8,873,355 | ||
Demant A.S. (a) | 271,692 | 6,695,191 | ||
Eiken Chemical Co. Ltd. | 753,900 | 9,355,382 | ||
Fukuda Denshi Co. Ltd. | 312,700 | 15,512,928 | ||
Gerresheimer AG | 540,504 | 26,542,221 | ||
JEOL Ltd. | 239,800 | 7,904,250 | ||
Nakanishi, Inc. | 2,268,700 | 41,193,092 | ||
Nihon Kohden Corp. | 521,600 | 11,018,697 | ||
PerkinElmer, Inc. | 20,198 | 2,430,425 | ||
Shimadzu Corp. | 624,700 | 16,260,880 | ||
Smith & Nephew PLC | 1,794,613 | 20,704,169 | ||
Sonova Holding AG | 104,118 | 22,896,558 | ||
Straumann Group | 11,710 | 1,065,718 | ||
$190,452,866 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Metals & Mining – 0.7% | ||||
Deterra Royalties Ltd. | 3,908,506 | $10,000,304 | ||
Iluka Resources Ltd. | 2,666,873 | 15,372,207 | ||
MOIL Ltd. | 6,090,545 | 11,188,912 | ||
$36,561,423 | ||||
Natural Gas - Distribution – 1.3% | ||||
China Resources Gas Group Ltd. | 6,976,000 | $22,018,814 | ||
DCC PLC | 419,603 | 21,829,641 | ||
Italgas S.p.A. | 5,939,723 | 27,609,863 | ||
$71,458,318 | ||||
Network & Telecom – 0.1% | ||||
NOHMI BOSAI Ltd. | 678,100 | $7,534,033 | ||
Other Banks & Diversified Financials – 4.2% | ||||
AEON Financial Service Co. Ltd. | 2,490,600 | $24,691,008 | ||
AEON Thana Sinsap Public Co. Ltd. | 2,563,700 | 11,180,505 | ||
Allfunds Group PLC | 645,334 | 4,730,655 | ||
Banco Santander Chile S.A. | 157,118,269 | 5,489,344 | ||
Bancolombia S.A., ADR | 188,347 | 4,590,016 | ||
Bank of Kyoto Ltd. | 430,900 | 15,749,748 | ||
Chiba Bank Ltd. (l) | 3,432,551 | 18,475,487 | ||
Credicorp Ltd. | 45,767 | 5,620,188 | ||
E.Sun Financial Holding Co. Ltd. | 20,629,379 | 16,675,022 | ||
FinecoBank S.p.A. | 921,506 | 11,326,313 | ||
Iress Ltd. | 1,560,926 | 8,818,825 | ||
Julius Baer Group Ltd. | 391,642 | 17,041,659 | ||
Jyske Bank A.S. (a) | 285,747 | 14,742,106 | ||
Metropolitan Bank & Trust Co. | 27,226,417 | 22,524,200 | ||
Shizuoka Bank Ltd. (l) | 3,409,900 | 20,821,543 | ||
Shriram Transport Finance Co. Ltd. | 1,710,637 | 25,129,477 | ||
Zenkoku Hosho Co. Ltd. | 180,300 | 5,967,151 | ||
$233,573,247 | ||||
Pharmaceuticals – 1.9% | ||||
Daito Pharmaceutical Co. Ltd. | 632,900 | $10,720,260 | ||
Genomma Lab Internacional S.A., “B” (l) | 10,386,264 | 7,137,510 | ||
Hypera S.A. | 1,439,745 | 11,810,267 | ||
Ipca Laboratories Ltd. | 1,514,795 | 16,939,741 | ||
Kalbe Farma Tbk PT | 320,876,300 | 38,562,051 | ||
Santen Pharmaceutical Co. Ltd. | 2,042,300 | 13,686,755 | ||
Suzuken Co. Ltd./Aichi Japan | 339,200 | 7,733,939 | ||
$106,590,523 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pollution Control – 1.4% | ||||
ALS Ltd. | 1,231,065 | $7,925,768 | ||
Daiseki Co. Ltd. | 2,215,440 | 67,592,049 | ||
$75,517,817 | ||||
Precious Metals & Minerals – 0.5% | ||||
Agnico Eagle Mines Ltd. | 642,196 | $27,131,834 | ||
Compania de Minas Buenaventura S.A.A., ADR | 392,797 | 2,643,524 | ||
$29,775,358 | ||||
Printing & Publishing – 0.4% | ||||
China Literature Ltd. (a) | 2,235,200 | $6,251,108 | ||
Wolters Kluwer N.V. | 177,849 | 17,315,569 | ||
$23,566,677 | ||||
Railroad & Shipping – 0.5% | ||||
Rumo S.A. | 2,763,468 | $9,467,107 | ||
Sankyu, Inc. | 610,100 | 17,626,681 | ||
$27,093,788 | ||||
Real Estate – 3.5% | ||||
Big Yellow Group PLC, REIT | 1,051,241 | $12,379,082 | ||
CapitaLand India Trusts IEU, REIT | 12,556,800 | 9,129,530 | ||
CapitaLand Investment Ltd. | 5,080,900 | 12,238,539 | ||
CDL Hospitality Trusts, REIT | 460,877 | 373,164 | ||
Cedar Woods Properties Ltd. | 1,914,153 | 4,896,476 | ||
City Developments Ltd. | 2,898,600 | 15,281,298 | ||
Embassy Office Parks REIT | 3,371,200 | 14,331,627 | ||
ESR Group Ltd. | 6,615,600 | 16,687,226 | ||
LEG Immobilien SE | 642,550 | 38,640,302 | ||
Mapletree Commercial Trust, REIT | 10,507,100 | 12,549,885 | ||
Midland Holdings Ltd. (a)(h) | 43,113,000 | 3,066,471 | ||
Shaftesbury PLC, REIT | 1,325,995 | 5,415,699 | ||
Swire Properties Ltd. | 6,712,000 | 14,423,559 | ||
TAG Immobilien AG | 766,358 | 6,170,033 | ||
Unite Group PLC, REIT | 2,860,013 | 27,120,507 | ||
$192,703,398 | ||||
Restaurants – 1.6% | ||||
Cafe de Coral Holdings Ltd. | 16,092,000 | $19,899,625 | ||
Greggs PLC | 1,678,687 | 31,817,935 | ||
Sodexo | 490,376 | 36,880,827 | ||
$88,598,387 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Chemicals – 4.9% | ||||
Air Water, Inc. | 783,300 | $9,263,109 | ||
Croda International PLC | 691,556 | 49,400,778 | ||
Essentra PLC | 10,681,931 | 21,475,666 | ||
Japan Pure Chemical Co. Ltd. | 41,700 | 666,983 | ||
Kansai Paint Co. Ltd. | 1,037,000 | 14,666,890 | ||
Kureha Corp. | 137,000 | 8,378,646 | ||
Nihon Parkerizing Co. Ltd. | 1,049,600 | 6,765,596 | ||
Nitto Denko Corp. | 144,400 | 7,829,544 | ||
NOF Corp. | 320,000 | 11,602,407 | ||
Sika AG | 168,977 | 33,837,346 | ||
SK KAKEN Co. Ltd. | 118,100 | 31,293,685 | ||
Symrise AG | 735,961 | 72,452,434 | ||
Taisei Lamick Co. Ltd. | 219,800 | 4,162,729 | ||
$271,795,813 | ||||
Specialty Stores – 2.2% | ||||
ABC-Mart, Inc. | 192,300 | $8,277,683 | ||
Just Eat Takeaway (a) | 1,208,551 | 18,425,738 | ||
Just Eat Takeaway.com (a) | 75,723 | 1,169,572 | ||
Kitanotatsujin Corp. | 1,132,600 | 2,016,694 | ||
Lojas Renner S.A. | 2,236,999 | 11,549,199 | ||
Multiplan Empreendimentos Imobiliarios S.A. | 4,621,720 | 20,708,143 | ||
Nick Scali Ltd. | 400,116 | 2,359,923 | ||
Nishimatsuya Chain Co. Ltd. (l) | 1,316,100 | 12,161,720 | ||
Ryohin Keikaku Co. Ltd. | 1,186,100 | 9,845,688 | ||
Shimamura Co. Ltd. | 52,800 | 4,461,715 | ||
Vipshop Holdings Ltd., ADR (a) | 810,507 | 6,816,364 | ||
ZOZO, Inc. | 1,281,600 | 25,626,687 | ||
$123,419,126 | ||||
Telecommunications - Wireless – 0.8% | ||||
Cellnex Telecom S.A. | 1,466,587 | $45,216,879 | ||
Telephone Services – 1.0% | ||||
Helios Towers PLC (a) | 3,888,393 | $4,868,411 | ||
Hellenic Telecommunications Organization S.A. | 1,901,706 | 27,676,940 | ||
Infrastrutture Wireless Italiane S.p.A. | 1,249,006 | 10,920,252 | ||
NOS, SGPS S.A. | 2,166,413 | 7,073,666 | ||
Operadora de Sites Mexicanos, S.A. de C.V., REIT, “A-1” (l) | 6,836,700 | 5,682,681 | ||
$56,221,950 | ||||
Tobacco – 0.6% | ||||
Swedish Match AB | 3,231,010 | $31,988,008 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Trucking – 1.6% | ||||
Freightways Ltd. | 2,126,298 | $11,661,830 | ||
Hamakyorex Co. Ltd. | 114,900 | 2,496,401 | ||
Seino Holdings Co. Ltd. | 3,715,600 | 29,831,326 | ||
Senko Group Holdings Co. Ltd. | 657,300 | 4,350,735 | ||
SG Holdings Co. Ltd. | 1,043,800 | 14,185,355 | ||
Trancom Co. Ltd. | 95,100 | 4,981,962 | ||
Yamato Holdings Co. Ltd. | 1,477,400 | 22,116,445 | ||
$89,624,054 | ||||
Utilities - Electric Power – 1.0% | ||||
CESC Ltd. | 30,954,810 | $29,281,152 | ||
Energisa S.A., IEU | 1,279,200 | 9,933,669 | ||
Equatorial Energia S.A. | 2,025,500 | 10,100,559 | ||
Transmissora Alianca de Energia Eletrica S.A., IEU | 1,121,343 | 8,096,677 | ||
$57,412,057 | ||||
Utilities - Water – 0.2% | ||||
Aguas Andinas S.A., “A” | 36,715,629 | $7,128,372 | ||
Companhia de Saneamento Basico do Estado de Sao Paulo | 485,700 | 4,465,917 | ||
$11,594,289 | ||||
Total Common Stocks (Identified Cost, $5,549,729,632) | $5,275,588,640 | |||
Preferred Stocks – 0.2% | ||||
Metals & Mining – 0.2% | ||||
Gerdau S.A. (Identified Cost, $10,492,018) | 2,660,500 | $12,053,838 |
Strike Price | First Exercise | |||
Rights – 0.0% | ||||
Other Banks & Diversified Financials – 0.0% | ||||
Localiza Rent a Car S.A. (1 share for 1 right, Expiration 11/11/2022) (a) (Identified Cost, $0) | BRL 50.35 | 11/11/22 | 3,179 | $6,329 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 4.1% | ||||
Money Market Funds – 4.1% | ||||
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $225,019,152) | 225,023,753 | $225,046,256 | ||
Collateral for Securities Loaned – 0.1% | ||||
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 2.72% (j) (Identified Cost, $7,542,791) | 7,542,791 | $7,542,791 | ||
Other Assets, Less Liabilities – 0.2% | 8,996,151 | |||
Net Assets – 100.0% | $5,529,234,005 |
(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 $342,379,788 and $5,177,858,066, 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. | |||
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. | |||
(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 |
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: | |
BRL | Brazilian Real |
Assets | |
Investments in unaffiliated issuers, at value, including $42,557,199 of securities on loan (identified cost, $5,429,944,077) | $5,177,858,066 |
Investments in affiliated issuers, at value (identified cost, $362,839,516) | 342,379,788 |
Cash | 1,885,875 |
Receivables for | |
Investments sold | 4,523,610 |
Fund shares sold | 6,710,054 |
Interest and dividends | 29,166,463 |
Other assets | 2,348 |
Total assets | $5,562,526,204 |
Liabilities | |
Payable to custodian | $147,481 |
Payables for | |
Investments purchased | 8,554,625 |
Fund shares reacquired | 12,559,576 |
Collateral for securities loaned, at value (c) | 7,542,791 |
Payable to affiliates | |
Investment adviser | 264,070 |
Administrative services fee | 3,502 |
Shareholder servicing costs | 826,073 |
Distribution and service fees | 10,448 |
Payable for independent Trustees' compensation | 15,678 |
Deferred country tax expense payable | 2,418,002 |
Accrued expenses and other liabilities | 949,953 |
Total liabilities | $33,292,199 |
Net assets | $5,529,234,005 |
Net assets consist of | |
Paid-in capital | $5,501,628,467 |
Total distributable earnings (loss) | 27,605,538 |
Net assets | $5,529,234,005 |
Shares of beneficial interest outstanding | 206,361,568 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $546,844,772 | 21,042,556 | $25.99 |
Class B | 2,150,935 | 86,485 | 24.87 |
Class C | 14,754,905 | 606,060 | 24.35 |
Class I | 734,604,804 | 27,293,292 | 26.92 |
Class R1 | 1,196,042 | 50,814 | 23.54 |
Class R2 | 14,567,812 | 579,790 | 25.13 |
Class R3 | 109,711,915 | 4,270,606 | 25.69 |
Class R4 | 82,389,813 | 3,170,725 | 25.98 |
Class R6 | 4,023,013,007 | 149,261,240 | 26.95 |
(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 $27.58 [100 / 94.25 x $25.99]. 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 | $162,550,943 |
Dividends from affiliated issuers | 5,275,143 |
Income on securities loaned | 258,172 |
Other | 1,222 |
Foreign taxes withheld | (14,259,241) |
Total investment income | $153,826,239 |
Expenses | |
Management fee | $61,875,358 |
Distribution and service fees | 2,646,695 |
Shareholder servicing costs | 3,098,178 |
Program manager fees | 3,149 |
Administrative services fee | 649,368 |
Independent Trustees' compensation | 96,946 |
Custodian fee | 1,794,949 |
Shareholder communications | 220,752 |
Audit and tax fees | 83,562 |
Legal fees | 31,057 |
Miscellaneous | 373,293 |
Total expenses | $70,873,307 |
Fees paid indirectly | (3,776) |
Reduction of expenses by investment adviser and distributor | (1,012,021) |
Net expenses | $69,857,510 |
Net investment income (loss) | $83,968,729 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $1,844,487 country tax) | $364,702,164 |
Affiliated issuers | (10,132) |
Foreign currency | (5,935,229) |
Net realized gain (loss) | $358,756,803 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $446,275 decrease in deferred country tax) | $(2,757,703,181) |
Affiliated issuers | (43,758,594) |
Translation of assets and liabilities in foreign currencies | (1,007,094) |
Net unrealized gain (loss) | $(2,802,468,869) |
Net realized and unrealized gain (loss) | $(2,443,712,066) |
Change in net assets from operations | $(2,359,743,337) |
Year ended | ||
9/30/22 | 9/30/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $83,968,729 | $78,615,737 |
Net realized gain (loss) | 358,756,803 | 297,914,556 |
Net unrealized gain (loss) | (2,802,468,869) | 902,522,964 |
Change in net assets from operations | $(2,359,743,337) | $1,279,053,257 |
Total distributions to shareholders | $(403,492,683) | $(294,377,309) |
Change in net assets from fund share transactions | $79,421,966 | $446,999,628 |
Total change in net assets | $(2,683,814,054) | $1,431,675,576 |
Net assets | ||
At beginning of period | 8,213,048,059 | 6,781,372,483 |
At end of period | $5,529,234,005 | $8,213,048,059 |
Class A | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $38.59 | $33.91 | $32.56 | $35.00 | $33.42 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.27 | $0.27 | $0.13 | $0.29 | $0.22 |
Net realized and unrealized gain (loss) | (11.06) | 5.80 | 2.09 | (0.82) | 2.22 |
Total from investment operations | $(10.79) | $6.07 | $2.22 | $(0.53) | $2.44 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.37) | $(0.03) | $(0.35) | $(0.20) | $(0.28) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.81) | $(1.39) | $(0.87) | $(1.91) | $(0.86) |
Net asset value, end of period (x) | $25.99 | $38.59 | $33.91 | $32.56 | $35.00 |
Total return (%) (r)(s)(t)(x) | (29.31) | 18.25 | 6.83 | (0.85) | 7.40 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.30 | 1.28 | 1.29 | 1.29 | 1.30 |
Expenses after expense reductions (f) | 1.28 | 1.27 | 1.28 | 1.28 | 1.29 |
Net investment income (loss) | 0.84 | 0.73 | 0.39 | 0.90 | 0.62 |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $546,845 | $885,605 | $871,605 | $1,015,817 | $1,163,703 |
Class B | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $36.95 | $32.73 | $31.42 | $33.86 | $32.36 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.00(w) | $(0.04) | $(0.13) | $0.04 | $(0.05) |
Net realized and unrealized gain (loss) | (10.59) | 5.62 | 2.02 | (0.77) | 2.16 |
Total from investment operations | $(10.59) | $5.58 | $1.89 | $(0.73) | $2.11 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.05) | $— | $(0.06) | $— | $(0.03) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.49) | $(1.36) | $(0.58) | $(1.71) | $(0.61) |
Net asset value, end of period (x) | $24.87 | $36.95 | $32.73 | $31.42 | $33.86 |
Total return (%) (r)(s)(t)(x) | (29.85) | 17.37 | 6.03 | (1.57) | 6.59 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 2.05 | 2.03 | 2.04 | 2.04 | 2.05 |
Expenses after expense reductions (f) | 2.03 | 2.02 | 2.03 | 2.03 | 2.03 |
Net investment income (loss) | 0.01 | (0.11) | (0.43) | 0.12 | (0.14) |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $2,151 | $5,180 | $5,875 | $9,834 | $13,212 |
Class C | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $36.17 | $32.06 | $30.80 | $33.24 | $31.78 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.01 | $(0.05) | $(0.12) | $0.03 | $(0.08) |
Net realized and unrealized gain (loss) | (10.38) | 5.52 | 1.98 | (0.76) | 2.15 |
Total from investment operations | $(10.37) | $5.47 | $1.86 | $(0.73) | $2.07 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.01) | $— | $(0.08) | $— | $(0.03) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.45) | $(1.36) | $(0.60) | $(1.71) | $(0.61) |
Net asset value, end of period (x) | $24.35 | $36.17 | $32.06 | $30.80 | $33.24 |
Total return (%) (r)(s)(t)(x) | (29.84) | 17.39 | 6.04 | (1.60) | 6.58 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 2.05 | 2.03 | 2.04 | 2.04 | 2.04 |
Expenses after expense reductions (f) | 2.03 | 2.02 | 2.03 | 2.03 | 2.03 |
Net investment income (loss) | 0.03 | (0.14) | (0.40) | 0.10 | (0.25) |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $14,755 | $30,413 | $42,312 | $60,916 | $84,044 |
Class I | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $39.91 | $35.02 | $33.59 | $36.06 | $34.41 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.37 | $0.35 | $0.18 | $0.39 | $0.32 |
Net realized and unrealized gain (loss) | (11.44) | 6.02 | 2.21 | (0.86) | 2.27 |
Total from investment operations | $(11.07) | $6.37 | $2.39 | $(0.47) | $2.59 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.48) | $(0.12) | $(0.44) | $(0.29) | $(0.36) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.92) | $(1.48) | $(0.96) | $(2.00) | $(0.94) |
Net asset value, end of period (x) | $26.92 | $39.91 | $35.02 | $33.59 | $36.06 |
Total return (%) (r)(s)(t)(x) | (29.13) | 18.54 | 7.12 | (0.62) | 7.65 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.05 | 1.03 | 1.04 | 1.04 | 1.05 |
Expenses after expense reductions (f) | 1.03 | 1.02 | 1.03 | 1.03 | 1.04 |
Net investment income (loss) | 1.08 | 0.91 | 0.55 | 1.18 | 0.87 |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $734,605 | $1,235,625 | $1,230,970 | $2,049,197 | $2,094,665 |
Class R1 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $35.12 | $31.16 | $30.01 | $32.44 | $31.03 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.03 | $(0.02) | $(0.13) | $0.04 | $(0.07) |
Net realized and unrealized gain (loss) | (10.05) | 5.34 | 1.94 | (0.76) | 2.09 |
Total from investment operations | $(10.02) | $5.32 | $1.81 | $(0.72) | $2.02 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.12) | $— | $(0.14) | $— | $(0.03) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.56) | $(1.36) | $(0.66) | $(1.71) | $(0.61) |
Net asset value, end of period (x) | $23.54 | $35.12 | $31.16 | $30.01 | $32.44 |
Total return (%) (r)(s)(t)(x) | (29.84) | 17.41 | 6.03 | (1.61) | 6.59 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 2.05 | 2.03 | 2.04 | 2.04 | 2.05 |
Expenses after expense reductions (f) | 2.03 | 2.02 | 2.03 | 2.03 | 2.04 |
Net investment income (loss) | 0.11 | (0.07) | (0.45) | 0.14 | (0.21) |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $1,196 | $1,658 | $1,622 | $2,320 | $2,471 |
Class R2 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $37.36 | $32.92 | $31.63 | $34.02 | $32.51 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.19 | $0.15 | $0.01 | $0.22 | $0.12 |
Net realized and unrealized gain (loss) | (10.71) | 5.65 | 2.07 | (0.81) | 2.17 |
Total from investment operations | $(10.52) | $5.80 | $2.08 | $(0.59) | $2.29 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.27) | $— | $(0.27) | $(0.09) | $(0.20) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.71) | $(1.36) | $(0.79) | $(1.80) | $(0.78) |
Net asset value, end of period (x) | $25.13 | $37.36 | $32.92 | $31.63 | $34.02 |
Total return (%) (r)(s)(t)(x) | (29.48) | 17.95 | 6.58 | (1.10) | 7.13 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.55 | 1.53 | 1.54 | 1.54 | 1.55 |
Expenses after expense reductions (f) | 1.53 | 1.52 | 1.53 | 1.53 | 1.54 |
Net investment income (loss) | 0.60 | 0.42 | 0.03 | 0.71 | 0.35 |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $14,568 | $24,443 | $24,546 | $43,493 | $48,630 |
Class R3 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $38.19 | $33.58 | $32.25 | $34.69 | $33.14 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.26 | $0.29 | $0.13 | $0.29 | $0.20 |
Net realized and unrealized gain (loss) | (10.92) | 5.72 | 2.08 | (0.83) | 2.21 |
Total from investment operations | $(10.66) | $6.01 | $2.21 | $(0.54) | $2.41 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.40) | $(0.04) | $(0.36) | $(0.19) | $(0.28) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.84) | $(1.40) | $(0.88) | $(1.90) | $(0.86) |
Net asset value, end of period (x) | $25.69 | $38.19 | $33.58 | $32.25 | $34.69 |
Total return (%) (r)(s)(t)(x) | (29.32) | 18.25 | 6.86 | (0.88) | 7.39 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.30 | 1.28 | 1.29 | 1.29 | 1.30 |
Expenses after expense reductions (f) | 1.28 | 1.27 | 1.28 | 1.28 | 1.29 |
Net investment income (loss) | 0.79 | 0.78 | 0.42 | 0.92 | 0.58 |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $109,712 | $201,807 | $142,713 | $132,789 | $146,726 |
Class R4 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $38.57 | $33.89 | $32.54 | $35.00 | $33.43 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.34 | $0.32 | $0.21 | $0.36 | $0.31 |
Net realized and unrealized gain (loss) | (11.04) | 5.84 | 2.10 | (0.82) | 2.21 |
Total from investment operations | $(10.70) | $6.16 | $2.31 | $(0.46) | $2.52 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.45) | $(0.12) | $(0.44) | $(0.29) | $(0.37) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.89) | $(1.48) | $(0.96) | $(2.00) | $(0.95) |
Net asset value, end of period (x) | $25.98 | $38.57 | $33.89 | $32.54 | $35.00 |
Total return (%) (r)(s)(t)(x) | (29.16) | 18.56 | 7.10 | (0.61) | 7.65 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.05 | 1.03 | 1.04 | 1.04 | 1.05 |
Expenses after expense reductions (f) | 1.03 | 1.02 | 1.03 | 1.03 | 1.04 |
Net investment income (loss) | 1.02 | 0.85 | 0.66 | 1.14 | 0.87 |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $82,390 | $182,567 | $260,005 | $276,550 | $318,571 |
Class R6 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $39.97 | $35.06 | $33.64 | $36.11 | $34.45 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.43 | $0.42 | $0.28 | $0.44 | $0.37 |
Net realized and unrealized gain (loss) | (11.48) | 6.02 | 2.13 | (0.87) | 2.27 |
Total from investment operations | $(11.05) | $6.44 | $2.41 | $(0.43) | $2.64 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.53) | $(0.17) | $(0.47) | $(0.33) | $(0.40) |
From net realized gain | (1.44) | (1.36) | (0.52) | (1.71) | (0.58) |
Total distributions declared to shareholders | $(1.97) | $(1.53) | $(0.99) | $(2.04) | $(0.98) |
Net asset value, end of period (x) | $26.95 | $39.97 | $35.06 | $33.64 | $36.11 |
Total return (%) (r)(s)(t)(x) | (29.06) | 18.74 | 7.20 | (0.47) | 7.79 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.91 | 0.90 | 0.92 | 0.92 | 0.93 |
Expenses after expense reductions (f) | 0.90 | 0.89 | 0.91 | 0.91 | 0.92 |
Net investment income (loss) | 1.26 | 1.08 | 0.84 | 1.34 | 1.02 |
Portfolio turnover | 12 | 11 | 25 | 14 | 21 |
Net assets at end of period (000 omitted) | $4,023,013 | $5,635,101 | $4,191,916 | $3,385,991 | $2,654,886 |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(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. |
(w) | Per share amount was less than $0.01. |
(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 | $252,918,744 | $1,518,336,087 | $— | $1,771,254,831 |
United Kingdom | 74,713,569 | 591,828,706 | — | 666,542,275 |
Germany | 216,811,132 | 55,255,566 | — | 272,066,698 |
Australia | 43,725,359 | 227,650,774 | — | 271,376,133 |
France | 8,630,202 | 195,207,098 | — | 203,837,300 |
India | 58,354,342 | 132,763,332 | — | 191,117,674 |
Hong Kong | 49,590,203 | 106,601,965 | — | 156,192,168 |
Brazil | 153,107,901 | 6,329 | — | 153,114,230 |
China | 22,475,473 | 123,578,075 | — | 146,053,548 |
Other Countries | 401,379,174 | 1,054,714,776 | 0 | 1,456,093,950 |
Mutual Funds | 232,589,047 | — | — | 232,589,047 |
Total | $1,514,295,146 | $4,005,942,708 | $0 | $5,520,237,854 |
Equity Securities | |
Balance as of 9/30/21 | $— |
Transfers into level 3 | 0 |
Balance as of 9/30/22 | $0 |
Year ended 9/30/22 | Year ended 9/30/21 | |
Ordinary income (including any short-term capital gains) | $151,654,086 | $30,813,285 |
Long-term capital gains | 251,838,597 | 263,564,024 |
Total distributions | $403,492,683 | $294,377,309 |
As of 9/30/22 | |
Cost of investments | $5,824,631,936 |
Gross appreciation | 1,039,705,421 |
Gross depreciation | (1,344,099,503) |
Net unrealized appreciation (depreciation) | $(304,394,082) |
Undistributed ordinary income | 45,421,158 |
Undistributed long-term capital gain | 289,510,884 |
Other temporary differences | (2,932,422) |
Total distributable earnings (loss) | $27,605,538 |
Year ended 9/30/22 | Year ended 9/30/21 | ||
Class A | $40,558,715 | $34,439,503 | |
Class B | 195,811 | 226,041 | |
Class C | 1,150,960 | 1,691,213 | |
Class I | 58,815,770 | 49,800,067 | |
Class R1 | 71,241 | 63,826 | |
Class R2 | 1,080,274 | 985,810 | |
Class R3 | 9,283,025 | 5,729,175 | |
Class R4 | 7,139,611 | 10,931,144 | |
Class R6 | 284,691,435 | 190,105,108 | |
Class 529A | 468,895 | 353,468 | |
Class 529B | 3,931 | 5,468 | |
Class 529C | 33,015 | 46,486 | |
Total | $403,492,683 | $294,377,309 |
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% | $ 1,834,656 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 38,637 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 229,983 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 14,484 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 101,409 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 409,168 |
Class 529A | — | 0.25% | 0.25% | 0.22% | 14,784 |
Class 529B | 0.75% | 0.25% | 1.00% | 0.25% | 90 |
Class 529C | 0.75% | 0.25% | 1.00% | 1.00% | 3,484 |
Total Distribution and Service Fees | $2,646,695 |
(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 year ended September 30, 2022 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 year ended September 30, 2022, this rebate amounted to $429, $35, $41, $2,052, and $3 for Class A, Class R2, Class R3, Class 529A, and Class 529C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. For the year ended September 30, 2022, 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 | $739 |
Class B | 4,287 |
Class C | 562 |
Class 529B | — |
Class 529C | 8 |
Fee | |
Class 529A | $2,957 |
Class 529B | 18 |
Class 529C | 174 |
Total Program Manager Fees | $3,149 |
Year ended 9/30/22 | Year ended 9/30/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,023,143 | $33,970,510 | 1,633,368 | $60,461,808 | |
Class B | 58 | 1,984 | 70 | 2,445 | |
Class C | 10,852 | 331,084 | 19,171 | 670,704 | |
Class I | 3,526,867 | 122,378,252 | 4,466,640 | 176,060,527 | |
Class R1 | 9,526 | 281,112 | 7,224 | 248,475 | |
Class R2 | 101,721 | 3,217,527 | 87,614 | 3,181,716 | |
Class R3 | 1,051,751 | 37,466,728 | 2,418,020 | 88,308,082 | |
Class R4 | 553,764 | 18,112,531 | 923,114 | 34,339,882 | |
Class R6 | 16,208,229 | 575,363,909 | 27,999,530 | 1,071,646,468 | |
Class 529A | 39,063 | 1,282,894 | 42,151 | 1,534,486 | |
Class 529C | 892 | 29,321 | 2,414 | 82,279 | |
22,525,866 | $792,435,852 | 37,599,316 | $1,436,536,872 |
Year ended 9/30/22 | Year ended 9/30/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,009,595 | $36,870,405 | 852,189 | $30,389,063 | |
Class B | 5,528 | 194,428 | 6,527 | 224,197 | |
Class C | 32,746 | 1,127,105 | 49,239 | 1,655,408 | |
Class I | 1,458,992 | 55,076,952 | 1,273,747 | 46,886,629 | |
Class R1 | 2,141 | 71,240 | 1,955 | 63,826 | |
Class R2 | 30,289 | 1,071,615 | 28,076 | 971,154 | |
Class R3 | 257,147 | 9,283,025 | 162,346 | 5,729,175 | |
Class R4 | 179,428 | 6,538,372 | 291,429 | 10,366,130 | |
Class R6 | 7,081,328 | 267,390,965 | 4,773,203 | 175,749,343 | |
Class 529A | 12,747 | 455,719 | 9,862 | 344,770 | |
Class 529B | 117 | 3,931 | 166 | 5,468 | |
Class 529C | 998 | 32,942 | 1,437 | 46,486 | |
10,071,056 | $378,116,699 | 7,450,176 | $272,431,649 | ||
Shares reacquired | |||||
Class A | (3,938,988) | $(129,035,209) | (5,243,494) | $(197,696,673) | |
Class B | (59,284) | (1,789,431) | (45,929) | (1,630,289) | |
Class C | (278,446) | (8,460,526) | (547,318) | (19,016,756) | |
Class I | (8,651,169) | (288,754,908) | (9,935,921) | (381,178,465) | |
Class R1 | (8,065) | (246,053) | (14,029) | (479,802) | |
Class R2 | (206,456) | (6,406,185) | (207,156) | (7,529,035) | |
Class R3 | (2,322,289) | (76,361,082) | (1,546,835) | (57,369,357) | |
Class R4 | (2,295,925) | (80,799,395) | (4,153,168) | (154,392,635) | |
Class R6 | (15,027,341) | (489,236,861) | (11,326,477) | (440,173,690) | |
Class 529A | (309,521) | (9,204,770) | (48,527) | (1,776,855) | |
Class 529B | (2,428) | (74,067) | (2,588) | (87,821) | |
Class 529C | (25,377) | (762,098) | (19,215) | (637,515) | |
(33,125,289) | $(1,091,130,585) | (33,090,657) | $(1,261,968,893) |
Year ended 9/30/22 | Year ended 9/30/21 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (1,906,250) | $(58,194,294) | (2,757,937) | $(106,845,802) | |
Class B | (53,698) | (1,593,019) | (39,332) | (1,403,647) | |
Class C | (234,848) | (7,002,337) | (478,908) | (16,690,644) | |
Class I | (3,665,310) | (111,299,704) | (4,195,534) | (158,231,309) | |
Class R1 | 3,602 | 106,299 | (4,850) | (167,501) | |
Class R2 | (74,446) | (2,117,043) | (91,466) | (3,376,165) | |
Class R3 | (1,013,391) | (29,611,329) | 1,033,531 | 36,667,900 | |
Class R4 | (1,562,733) | (56,148,492) | (2,938,625) | (109,686,623) | |
Class R6 | 8,262,216 | 353,518,013 | 21,446,256 | 807,222,121 | |
Class 529A | (257,711) | (7,466,157) | 3,486 | 102,401 | |
Class 529B | (2,311) | (70,136) | (2,422) | (82,353) | |
Class 529C | (23,487) | (699,835) | (15,364) | (508,750) | |
(528,367) | $79,421,966 | 11,958,835 | $446,999,628 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
Forterra PLC | $57,296,296 | $— | $— | $— | $(17,259,340) | $40,036,956 |
MFS Institutional Money Market Portfolio | 45,980,405 | 1,352,007,224 | 1,172,957,983 | (10,132) | 26,742 | 225,046,256 |
Midland Holdings Ltd. | 6,537,244 | — | — | — | (3,470,773) | 3,066,471 |
PCA Corp. | 22,610,843 | — | — | — | (12,732,616) | 9,878,227 |
T. Hasegawa Co. Ltd. | 74,674,485 | — | — | — | (10,322,607) | 64,351,878 |
$207,099,273 | $1,352,007,224 | $1,172,957,983 | $(10,132) | $(43,758,594) | $342,379,788 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
Forterra PLC | $2,062,311 | $— |
MFS Institutional Money Market Portfolio | 1,590,375 | — |
Midland Holdings Ltd. | — | — |
PCA Corp. | 247,158 | — |
T. Hasegawa Co. Ltd. | 1,375,299 | — |
$5,275,143 | $— |
November 14, 2022
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEES | ||||||||||
Michael W. Roberge (k) (age 56) | Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 67) | Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
Steven E. Buller (age 71) | Trustee | February 2014 | 136 | Private investor | N/A | |||||
John A. Caroselli (age 68) | Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
Maureen R. Goldfarb (age 67) | Trustee | January 2009 | 136 | Private investor | N/A | |||||
Peter D. Jones (age 67) | Trustee | January 2019 | 136 | Private investor | N/A | |||||
James W. Kilman, Jr. (age 61) | Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
Clarence Otis, Jr. (age 66) | Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
Maryanne L. Roepke (age 66) | Trustee | May 2014 | 136 | Private investor | N/A | |||||
Laurie J. Thomsen (age 65) | Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 48) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel | ||||
Kino Clark (k) (age 54) | Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
John W. Clark, Jr. (k) (age 55) | Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President | ||||
David L. DiLorenzo (k) (age 54) | President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 55) | Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
Brian E. Langenfeld (k) (age 49) | Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
Rosa E. Licea-Mailloux(k) (age 46) | Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
Amanda S. Mooradian (k) (age 43) | Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 51) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
Kasey L. Phillips (k) (age 51) | Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
Matthew A. Stowe (k) (age 47) | Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
William B. Wilson(k) (age 40) | Assistant Secretary and Assistant Clerk | October 2022 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Counsel | ||||
James O. Yost (k) (age 62) | Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | JPMorgan Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
Portfolio Manager(s) | |
Peter Fruzzetti Jose Luis Garcia Lionel Gomez Robert Lau Sandeep Mehta Nicholas Spratt |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
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back cover |
U.S. Treasury Note 5 yr Future - DEC 2022 | 3.1% |
U.S. Treasury Notes, 1.375%, 1/31/2025 | 3.0% |
U.S. Treasury Notes, 0.375%, 11/30/2025 | 2.4% |
Goldman Sachs Group, Inc. | 2.1% |
UMBS, TBA, 2.5%, 30 year | 2.0% |
Microsoft Corp. | 2.0% |
Charles Schwab Corp. | 1.9% |
Cigna Corp. | 1.8% |
UMBS, TBA, 2%, 30 year | 1.7% |
Johnson & Johnson | 1.6% |
AAA | 4.3% |
AA | 1.8% |
A | 4.0% |
BBB | 9.0% |
BB | 0.1% |
B (o) | 0.0% |
CCC (o) | 0.0% |
U.S. Government | 10.9% |
Federal Agencies | 11.7% |
Not Rated | 2.8% |
Non-Fixed Income | 57.5% |
Cash & Cash Equivalents | 0.7% |
Other | (2.8)% |
Financials | 14.2% |
Health Care | 10.4% |
Industrials | 8.3% |
Information Technology | 7.0% |
Consumer Staples | 4.3% |
Communication Services | 3.3% |
Energy | 2.6% |
Consumer Discretionary | 2.3% |
Utilities | 2.2% |
Materials | 1.9% |
Convertible Debt | 0.7% |
Real Estate | 0.3% |
U.S. Treasury Securities | 13.6% |
Investment Grade Corporates | 12.9% |
Mortgage-Backed Securities | 11.7% |
Collateralized Debt Obligations | 3.4% |
Commercial Mortgage-Backed Securities | 2.0% |
Asset-Backed Securities | 0.4% |
Municipal Bonds | 0.3% |
Non-U.S. Government Bonds | 0.1% |
Emerging Markets Bonds | 0.1% |
High Yield Corporates | 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. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA 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. |
(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%. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. |
(r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's 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. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated. |
Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr |
A | 10/06/70 | (12.61)% | 4.11% | 6.45% |
B | 8/23/93 | (13.25)% | 3.34% | 5.66% |
C | 8/01/94 | (13.26)% | 3.34% | 5.66% |
I | 1/02/97 | (12.39)% | 4.38% | 6.72% |
R1 | 4/01/05 | (13.28)% | 3.34% | 5.65% |
R2 | 10/31/03 | (12.83)% | 3.86% | 6.18% |
R3 | 4/01/05 | (12.60)% | 4.11% | 6.45% |
R4 | 4/01/05 | (12.37)% | 4.37% | 6.72% |
R6 | 6/01/12 | (12.32)% | 4.45% | 6.80% |
Standard & Poor's 500 Stock Index (f) | (15.47)% | 9.24% | 11.70% |
Bloomberg U.S. Aggregate Bond Index (f) | (14.60)% | (0.27)% | 0.89% |
MFS Total Return Blended Index (f)(w) | (14.85)% | 5.70% | 7.50% |
A With Initial Sales Charge (5.75%) | (17.63)% | 2.88% | 5.83% |
B With CDSC (Declining over six years from 4% to 0%) (v) | (16.48)% | 3.01% | 5.66% |
C With CDSC (1% for 12 months) (v) | (14.07)% | 3.34% | 5.66% |
(f) | Source: FactSet Research Systems Inc. |
(v) | Assuming redemption at the end of the applicable period. |
(w) | The MFS Total Return Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period: |
9/30/22 | |
Standard & Poor's 500 Stock Index | 60% |
Bloomberg U.S. Aggregate Bond Index | 40% |
(a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
(g) | “Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
April 1, 2022 through September 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/22 | Ending Account Value 9/30/22 | Expenses Paid During Period (p) 4/01/22-9/30/22 | |
A | Actual | 0.72% | $1,000.00 | $874.59 | $3.38 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.46 | $3.65 | |
B | Actual | 1.47% | $1,000.00 | $871.50 | $6.90 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.70 | $7.44 | |
C | Actual | 1.47% | $1,000.00 | $871.79 | $6.90 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.70 | $7.44 | |
I | Actual | 0.47% | $1,000.00 | $876.13 | $2.21 |
Hypothetical (h) | 0.47% | $1,000.00 | $1,022.71 | $2.38 | |
R1 | Actual | 1.47% | $1,000.00 | $871.56 | $6.90 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.70 | $7.44 | |
R2 | Actual | 0.97% | $1,000.00 | $873.95 | $4.56 |
Hypothetical (h) | 0.97% | $1,000.00 | $1,020.21 | $4.91 | |
R3 | Actual | 0.72% | $1,000.00 | $874.70 | $3.38 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.46 | $3.65 | |
R4 | Actual | 0.47% | $1,000.00 | $876.31 | $2.21 |
Hypothetical (h) | 0.47% | $1,000.00 | $1,022.71 | $2.38 | |
R6 | Actual | 0.39% | $1,000.00 | $876.48 | $1.83 |
Hypothetical (h) | 0.39% | $1,000.00 | $1,023.11 | $1.98 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 56.2% | ||||
Aerospace & Defense – 2.3% | ||||
Honeywell International, Inc. | 354,594 | $59,206,560 | ||
Howmet Aerospace, Inc. | 907,179 | 28,059,047 | ||
L3Harris Technologies, Inc. | 229,905 | 47,781,156 | ||
Northrop Grumman Corp. | 53,825 | 25,314,974 | ||
$160,361,737 | ||||
Alcoholic Beverages – 0.4% | ||||
Constellation Brands, Inc., “A” | 115,706 | $26,575,354 | ||
Automotive – 1.5% | ||||
Aptiv PLC (a) | 401,082 | $31,368,623 | ||
Lear Corp. | 288,365 | 34,514,407 | ||
LKQ Corp. | 884,258 | 41,692,765 | ||
$107,575,795 | ||||
Broadcasting – 0.5% | ||||
Omnicom Group, Inc. | 446,942 | $28,197,571 | ||
Warner Bros. Discovery, Inc. (a) | 644,697 | 7,414,015 | ||
$35,611,586 | ||||
Brokerage & Asset Managers – 3.1% | ||||
Cboe Global Markets, Inc. | 233,781 | $27,438,876 | ||
Charles Schwab Corp. | 1,888,672 | 135,738,857 | ||
Invesco Ltd. | 1,365,802 | 18,711,487 | ||
NASDAQ, Inc. | 722,076 | 40,927,268 | ||
$222,816,488 | ||||
Business Services – 2.6% | ||||
Accenture PLC, “A” | 138,179 | $35,553,457 | ||
Amdocs Ltd. | 527,950 | 41,945,628 | ||
Cognizant Technology Solutions Corp., “A” | 414,762 | 23,823,929 | ||
Equifax, Inc. | 76,666 | 13,142,852 | ||
Fidelity National Information Services, Inc. | 453,677 | 34,284,371 | ||
Fiserv, Inc. (a) | 352,177 | 32,953,202 | ||
$181,703,439 | ||||
Cable TV – 1.2% | ||||
Comcast Corp., “A” | 3,002,602 | $88,066,317 | ||
Chemicals – 0.5% | ||||
PPG Industries, Inc. | 341,233 | $37,771,081 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software – 2.2% | ||||
Microsoft Corp. | 612,752 | $142,709,941 | ||
Oracle Corp. | 270,747 | 16,534,519 | ||
$159,244,460 | ||||
Construction – 1.6% | ||||
Masco Corp. | 1,303,345 | $60,853,178 | ||
Stanley Black & Decker, Inc. | 430,786 | 32,399,415 | ||
Vulcan Materials Co. | 148,090 | 23,355,274 | ||
$116,607,867 | ||||
Consumer Products – 0.2% | ||||
Kimberly-Clark Corp. | 111,848 | $12,587,374 | ||
Consumer Services – 0.2% | ||||
Booking Holdings, Inc. (a) | 6,400 | $10,516,544 | ||
Electrical Equipment – 1.0% | ||||
Johnson Controls International PLC | 1,398,218 | $68,820,290 | ||
Electronics – 2.3% | ||||
Applied Materials, Inc. | 352,440 | $28,875,409 | ||
Intel Corp. | 1,317,038 | 33,940,069 | ||
NXP Semiconductors N.V. | 281,670 | 41,549,142 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 313,148 | 21,469,427 | ||
Texas Instruments, Inc. | 230,226 | 35,634,380 | ||
$161,468,427 | ||||
Energy - Independent – 2.6% | ||||
ConocoPhillips | 776,499 | $79,466,908 | ||
Hess Corp. | 534,498 | 58,254,937 | ||
Pioneer Natural Resources Co. | 227,399 | 49,238,705 | ||
$186,960,550 | ||||
Food & Beverages – 1.8% | ||||
Archer Daniels Midland Co. | 338,770 | $27,254,047 | ||
Danone S.A. | 354,695 | 16,712,121 | ||
General Mills, Inc. | 385,352 | 29,521,817 | ||
J.M. Smucker Co. | 109,842 | 15,093,389 | ||
Mondelez International, Inc. | 317,858 | 17,428,154 | ||
PepsiCo, Inc. | 124,073 | 20,256,158 | ||
$126,265,686 | ||||
General Merchandise – 0.1% | ||||
Dollar Tree, Inc. (a) | 72,308 | $9,841,119 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Health Maintenance Organizations – 1.8% | ||||
Cigna Corp. | 473,384 | $131,349,858 | ||
Insurance – 3.2% | ||||
Aon PLC | 274,078 | $73,417,274 | ||
Chubb Ltd. | 371,551 | 67,577,696 | ||
Travelers Cos., Inc. | 208,769 | 31,983,410 | ||
Willis Towers Watson PLC | 268,619 | 53,976,302 | ||
$226,954,682 | ||||
Internet – 0.5% | ||||
Alphabet, Inc., “A” (a) | 383,977 | $36,727,400 | ||
Leisure & Toys – 0.3% | ||||
Electronic Arts, Inc. | 182,536 | $21,121,240 | ||
Machinery & Tools – 2.6% | ||||
Eaton Corp. PLC | 724,199 | $96,579,178 | ||
Ingersoll Rand, Inc. | 794,988 | 34,391,181 | ||
PACCAR, Inc. | 26,687 | 2,233,435 | ||
Regal Rexnord Corp. | 364,841 | 51,209,083 | ||
$184,412,877 | ||||
Major Banks – 6.2% | ||||
Bank of America Corp. | 2,831,520 | $85,511,904 | ||
Goldman Sachs Group, Inc. | 511,254 | 149,822,985 | ||
JPMorgan Chase & Co. | 1,082,078 | 113,077,151 | ||
Morgan Stanley | 698,943 | 55,223,486 | ||
PNC Financial Services Group, Inc. | 244,871 | 36,588,625 | ||
$440,224,151 | ||||
Medical & Health Technology & Services – 1.4% | ||||
ICON PLC (a) | 111,778 | $20,542,561 | ||
McKesson Corp. | 164,692 | 55,973,870 | ||
Quest Diagnostics, Inc. | 202,125 | 24,798,716 | ||
$101,315,147 | ||||
Medical Equipment – 2.5% | ||||
Becton, Dickinson and Co. | 95,698 | $21,324,385 | ||
Danaher Corp. | 259,707 | 67,079,721 | ||
Medtronic PLC | 667,146 | 53,872,040 | ||
Thermo Fisher Scientific, Inc. | 69,283 | 35,139,645 | ||
$177,415,791 | ||||
Metals & Mining – 0.2% | ||||
Rio Tinto PLC | 204,178 | $11,059,000 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 1.7% | ||||
Northern Trust Corp. | 392,027 | $33,541,830 | ||
Truist Financial Corp. | 2,074,718 | 90,333,222 | ||
$123,875,052 | ||||
Pharmaceuticals – 4.6% | ||||
Bayer AG | 605,552 | $27,944,967 | ||
Johnson & Johnson | 712,367 | 116,372,273 | ||
Merck & Co., Inc. | 1,291,345 | 111,210,632 | ||
Organon & Co. | 566,866 | 13,264,664 | ||
Roche Holding AG | 102,403 | 33,389,424 | ||
Vertex Pharmaceuticals, Inc. (a) | 93,831 | 27,167,828 | ||
$329,349,788 | ||||
Railroad & Shipping – 1.0% | ||||
Union Pacific Corp. | 354,502 | $69,064,080 | ||
Real Estate – 0.3% | ||||
STORE Capital Corp., REIT | 774,817 | $24,275,017 | ||
Restaurants – 0.2% | ||||
Wendy's Co. | 843,253 | $15,760,398 | ||
Specialty Chemicals – 0.8% | ||||
Axalta Coating Systems Ltd. (a) | 1,555,464 | $32,758,072 | ||
DuPont de Nemours, Inc. | 548,961 | 27,667,634 | ||
$60,425,706 | ||||
Specialty Stores – 0.9% | ||||
Home Depot, Inc. | 32,436 | $8,950,390 | ||
Ross Stores, Inc. | 105,413 | 8,883,154 | ||
Wal-Mart Stores, Inc. | 358,335 | 46,476,049 | ||
$64,309,593 | ||||
Telecommunications - Wireless – 0.8% | ||||
T-Mobile US, Inc. (a) | 428,969 | $57,554,771 | ||
Tobacco – 0.9% | ||||
Philip Morris International, Inc. | 769,056 | $63,839,338 | ||
Utilities - Electric Power – 2.2% | ||||
Duke Energy Corp. | 423,500 | $39,393,970 | ||
Exelon Corp. | 824,234 | 30,875,806 | ||
PG&E Corp. (a) | 3,032,913 | 37,911,412 | ||
Southern Co. | 744,313 | 50,613,284 | ||
$158,794,472 | ||||
Total Common Stocks (Identified Cost, $2,718,481,204) | $4,010,622,475 |
Issuer | Shares/Par | Value ($) | ||
Bonds – 41.5% | ||||
Aerospace & Defense – 0.1% | ||||
BAE Systems PLC, 3.4%, 4/15/2030 (n) | $ | 3,048,000 | $2,639,693 | |
Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025 | 1,566,000 | 1,500,699 | ||
Raytheon Technologies Corp., 4.125%, 11/16/2028 | 4,900,000 | 4,578,113 | ||
$8,718,505 | ||||
Asset-Backed & Securitized – 5.8% | ||||
ACRES 2021-FL2 Issuer Ltd., “AS”, FLR, 4.689% (LIBOR - 1mo. + 1.75%), 1/15/2037 (n) | $ | 6,082,500 | $5,850,673 | |
Allegro CLO Ltd., 2016-1A, “BR2”, FLR, 4.062% (LIBOR - 3mo. + 1.55%), 1/15/2030 (n) | 7,806,564 | 7,471,202 | ||
Arbor Realty Trust, Inc., CLO, 2020-FL1, “AS”, FLR, 4.359% (LIBOR - 1mo. + 1.4%), 2/15/2035 (n) | 3,610,000 | 3,503,458 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “AS”, FLR, 4.017% (LIBOR - 1mo. + 1.2%), 12/15/2035 (n) | 6,771,500 | 6,533,624 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 4.418% (LIBOR - 1mo. + 1.6%), 5/15/2036 (n) | 1,950,000 | 1,847,093 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, “B”, FLR, 4.417% (LIBOR - 1mo. + 1.6%), 8/15/2034 (n) | 5,818,000 | 5,410,740 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “B”, FLR, 4.385% (SOFR - 30 day + 2.1%), 1/15/2037 (n) | 16,706,500 | 16,163,006 | ||
AREIT 2019-CRE3 Trust, “AS”, FLR, 4.336% (LIBOR - 1mo. + 1.3%), 9/14/2036 (n) | 10,151,500 | 10,129,624 | ||
AREIT 2022-CRE6 Trust, “B”, FLR, 4.134% (SOFR - 30 day + 1.85%), 1/16/2037 (n) | 10,151,500 | 9,619,825 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 4.713% (LIBOR - 1mo. + 1.6%), 12/28/2040 (n) | 1,225,420 | 1,455,622 | ||
BDS 2019-FL4 Ltd., “A”, FLR, 4.039% (LIBOR - 1mo. + 1.10%), 8/15/2036 (n) | 531,483 | 531,483 | ||
BSPRT 2021-FL6 Issuer Ltd., “AS”, FLR, 4.118% (LIBOR - 1mo. + 1.3%), 3/15/2036 (n) | 17,122,500 | 16,432,018 | ||
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 4.867% (LIBOR - 1mo. + 2.05%), 12/15/2038 (n) | 2,794,000 | 2,695,746 | ||
BSPRT 2022-FL8 Issuer Ltd., “B”, FLR, 4.335% (SOFR - 30 day + 2.05%), 2/15/2037 (n) | 5,979,000 | 5,826,127 | ||
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n) | 3,701,374 | 3,249,632 | ||
BXMT 2021-FL4 Ltd., “AS”, FLR, 4.117% (LIBOR - 1mo. + 1.3%), 5/15/2038 (n) | 16,816,500 | 16,459,477 | ||
CHCP 2021-FL1 Ltd., “AS”, FLR, 4.336% (LIBOR - 1mo. + 1.3%) 2/15/2038 (n) | 7,049,000 | 6,873,452 | ||
Columbia Cent CLO 28 Ltd., “A-2-R”, 4.563%, 11/07/2030 (n) | 11,264,069 | 10,657,195 | ||
Commercial Mortgage Trust, 2015-DC1, “A5”, 3.35%, 2/10/2048 | 7,000,000 | 6,682,999 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Commercial Mortgage Trust, 2015-LC21, “A4”, 3.708%, 7/10/2048 | $ | 9,641,397 | $9,241,750 | |
Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050 | 11,000,000 | 10,586,601 | ||
Credit Acceptance Auto Loan Trust, 2021-3A, “B”, 1.38%, 7/15/2030 (n) | 3,623,000 | 3,286,520 | ||
CSAIL Commercial Mortgage Trust, 2015-C2, “A4”, 3.504%, 6/15/2057 | 5,534,308 | 5,272,277 | ||
Cutwater 2015-1A Ltd., “AR”, FLR, 3.732% (LIBOR - 3mo. + 1.22%), 1/15/2029 (n) | 5,440,801 | 5,389,125 | ||
Dryden Senior Loan Fund, 2013-26A, “AR”, CLO, FLR, 3.412% (LIBOR - 3mo. + 0.9%), 4/15/2029 (n) | 7,766,312 | 7,601,892 | ||
Dryden Senior Loan Fund, 2018-55A, “A1”, CLO, FLR, 3.532% (LIBOR - 3mo. + 1.02%), 4/15/2031 (n) | 11,647,598 | 11,418,280 | ||
GMAC Mortgage Corp. Loan Trust, 5.805%, 10/25/2036 | 229,541 | 230,730 | ||
GS Mortgage Securities Trust, 2015-GC30, ���A4”, 3.382%, 5/10/2050 | 10,734,280 | 10,212,634 | ||
JPMBB Commercial Mortgage Securities Trust, 2015-C28, “A4”, 3.227%, 10/15/2048 | 13,361,337 | 12,684,420 | ||
LCCM 2021-FL2 Trust, “B”, FLR, 4.718% (LIBOR - 1mo. + 1.9%), 12/13/2038 (n) | 8,231,500 | 7,975,690 | ||
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 4.567% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n) | 16,915,500 | 16,281,730 | ||
Magnetite XVI Ltd., 2015-16A, “AR”, FLR, 3.54% (LIBOR - 3mo. + 0.8%), 1/18/2028 (n) | 3,856,810 | 3,801,140 | ||
MF1 2020-FL4 Ltd., “A”, FLR, 4.66% (LIBOR - 1mo. + 1.7%), 11/15/2035 (n) | 3,873,348 | 3,854,755 | ||
MF1 2021-FL5 Ltd., “AS”, FLR, 4.159% (LIBOR - 1mo. + 1.2%), 7/15/2036 (n) | 17,497,000 | 17,012,263 | ||
MF1 2022-FL8 Ltd., “B”, FLR, 4.234% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 7,392,231 | 7,065,873 | ||
MidOcean Credit CLO, 2013-2A, “BR”, FLR, 4.456% (LIBOR - 3mo. + 1.65%), 1/29/2030 (n) | 12,682,806 | 12,083,962 | ||
Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C34, “A4”, 3.536%, 11/15/2052 | 4,195,516 | 3,862,322 | ||
Neuberger Berman CLO Ltd., 2013-15A, “BR2”, FLR, 3.862% (LIBOR - 3mo. + 1.35%), 10/15/2029 (n) | 5,618,950 | 5,310,953 | ||
Neuberger Berman CLO Ltd., 2015-20A, “ARR”, FLR, 3.672% (LIBOR - 3mo. + 1.16%), 7/15/2034 (n) | 5,725,000 | 5,470,117 | ||
Oaktree CLO 2019-1A Ltd., “BR”, FLR, 4.509% (LIBOR - 3mo. + 1.75%), 4/22/2030 (n) | 16,678,518 | 15,634,409 | ||
PFP III 2021-7 Ltd., “AS”, FLR, 3.967% (LIBOR - 1mo. + 1.15%), 4/14/2038 (n) | 12,525,375 | 11,990,253 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
ReadyCap Commercial Mortgage Trust, 2021-FL5, “A”, FLR, 4.084% (LIBOR - 1mo. + 1%), 4/25/2038 (z) | $ | 8,211,002 | $7,934,628 | |
ReadyCap Commercial Mortgage Trust, 2021-FL7, “B”, FLR, 4.884% (LIBOR - 1mo. + 1.8%), 11/25/2036 (z) | 3,695,000 | 3,506,132 | ||
Residential Funding Mortgage Securities, Inc., 4.352%, 12/25/2035 | 140,906 | 140,292 | ||
Santander Drive Auto Receivables Trust, 2022-6, “A2”, 4.37%, 5/15/2025 | 3,880,000 | 3,866,155 | ||
Santander Retail Auto Lease Trust, 2020-A, “B”, 1.88%, 3/20/2024 (n) | 4,984,000 | 4,958,645 | ||
Starwood Commercial Mortgage, 2022-FL3, “AS”, FLR, 4.085% (SOFR - 30 day + 1.8%), 11/15/2038 (n) | 17,154,000 | 16,416,920 | ||
TPG Real Estate Finance, 2021-FL4, “A”, FLR, 4.139% (LIBOR - 1mo. + 1.2%), 3/15/2038 (n) | 16,676,500 | 16,311,968 | ||
UBS Commercial Mortgage Trust, 2019-C16, “A4”, 3.605%, 4/15/2052 | 10,000,000 | 8,966,323 | ||
UBS Commercial Mortgage Trust, 2019-C17, “A4”, 2.921%, 9/15/2052 | 7,465,644 | 6,318,922 | ||
Verizon Owner Trust, 2020-A, “B”, 1.98%, 7/22/2024 | 7,967,000 | 7,846,153 | ||
Voya CLO 2012-4A Ltd., “A2R3”, FLR, 3.962% (LIBOR - 3mo. + 1.45%), 10/15/2030 (n) | 6,439,259 | 6,031,416 | ||
Wells Fargo Commercial Mortgage Trust, 2015-NXS1, “A5”, 3.148%, 5/15/2048 | 6,507,931 | 6,175,574 | ||
$412,133,820 | ||||
Automotive – 0.5% | ||||
General Motors Co., 6.75%, 4/01/2046 | $ | 2,545,000 | $2,317,246 | |
Hyundai Capital America, 2.65%, 2/10/2025 (n) | 2,611,000 | 2,433,019 | ||
Hyundai Capital America, 3%, 2/10/2027 (n) | 4,584,000 | 4,070,738 | ||
Lear Corp., 4.25%, 5/15/2029 | 2,163,000 | 1,906,650 | ||
Magna International, Inc., 2.45%, 6/15/2030 | 6,114,000 | 4,950,963 | ||
Stellantis N.V., 2.691%, 9/15/2031 (n) | 10,166,000 | 7,253,011 | ||
Volkswagen Group of America Finance LLC, 3.35%, 5/13/2025 (n) | 12,232,000 | 11,602,324 | ||
$34,533,951 | ||||
Broadcasting – 0.3% | ||||
Magallanes, Inc., 5.05%, 3/15/2042 (n) | $ | 6,397,000 | $4,786,516 | |
Magallanes, Inc., 5.141%, 3/15/2052 (n) | 5,588,000 | 4,061,462 | ||
Walt Disney Co., 3.5%, 5/13/2040 | 11,311,000 | 8,734,846 | ||
$17,582,824 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Brokerage & Asset Managers – 0.2% | ||||
Intercontinental Exchange, Inc., 2.1%, 6/15/2030 | $ | 6,958,000 | $5,535,068 | |
Morgan Stanley Domestic Holdings, Inc., 4.5%, 6/20/2028 | 3,038,000 | 2,888,289 | ||
Raymond James Financial, Inc., 4.95%, 7/15/2046 | 5,992,000 | 5,280,013 | ||
$13,703,370 | ||||
Building – 0.2% | ||||
Martin Marietta Materials, Inc., 2.5%, 3/15/2030 | $ | 622,000 | $499,597 | |
Masco Corp., 2%, 2/15/2031 | 12,460,000 | 9,332,188 | ||
Vulcan Materials Co., 3.5%, 6/01/2030 | 1,246,000 | 1,065,779 | ||
$10,897,564 | ||||
Business Services – 0.5% | ||||
Equinix, Inc., 2.625%, 11/18/2024 | $ | 9,037,000 | $8,552,354 | |
Equinix, Inc., 1.8%, 7/15/2027 | 5,883,000 | 4,916,221 | ||
Experian Finance PLC, 4.25%, 2/01/2029 (n) | 4,011,000 | 3,637,007 | ||
Fiserv, Inc., 2.65%, 6/01/2030 | 2,445,000 | 1,982,289 | ||
Global Payments, Inc., 1.2%, 3/01/2026 | 6,442,000 | 5,544,275 | ||
Global Payments, Inc., 2.9%, 11/15/2031 | 8,226,000 | 6,289,353 | ||
RELX Capital, Inc., 3%, 5/22/2030 | 2,015,000 | 1,699,993 | ||
Verisk Analytics, Inc., 4.125%, 3/15/2029 | 5,997,000 | 5,470,524 | ||
$38,092,016 | ||||
Cable TV – 0.4% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025 | $ | 4,865,000 | $4,744,149 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | 3,413,000 | 3,129,936 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 3.5%, 6/01/2041 | 6,803,000 | 4,347,377 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047 | 1,390,000 | 1,075,209 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.25%, 4/01/2053 | 5,724,000 | 4,383,184 | ||
Cox Communications, Inc., 1.8%, 10/01/2030 (n) | 4,310,000 | 3,180,050 | ||
Time Warner Entertainment Co. LP, 8.375%, 7/15/2033 | 6,553,000 | 6,990,464 | ||
$27,850,369 | ||||
Chemicals – 0.1% | ||||
RPM International, Inc., 2.95%, 1/15/2032 | $ | 4,666,000 | $3,591,066 | |
Sherwin-Williams Co., 2.3%, 5/15/2030 | 4,950,000 | 3,953,709 | ||
$7,544,775 | ||||
Computer Software – 0.1% | ||||
Dell International LLC/EMC Corp., 4.9%, 10/01/2026 | $ | 4,603,000 | $4,434,209 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Conglomerates – 0.3% | ||||
Carrier Global Corp., 3.377%, 4/05/2040 | $ | 10,528,000 | $7,611,294 | |
Roper Technologies, Inc., 4.2%, 9/15/2028 | 2,076,000 | 1,939,061 | ||
Roper Technologies, Inc., 2.95%, 9/15/2029 | 1,310,000 | 1,102,825 | ||
Roper Technologies, Inc., 2%, 6/30/2030 | 4,196,000 | 3,212,718 | ||
Westinghouse Air Brake Technologies Corp., 4.4%, 3/15/2024 | 966,000 | 947,809 | ||
Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025 | 2,623,000 | 2,445,029 | ||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | 6,723,000 | 6,214,615 | ||
$23,473,351 | ||||
Consumer Products – 0.1% | ||||
GSK Consumer Healthcare Capital US LLC, 3.375%, 3/24/2029 (n) | $ | 6,157,000 | $5,366,116 | |
Consumer Services – 0.1% | ||||
Booking Holdings, Inc., 4.625%, 4/13/2030 | $ | 4,593,000 | $4,316,661 | |
Electrical Equipment – 0.1% | ||||
Arrow Electronics, Inc., 2.95%, 2/15/2032 | $ | 9,575,000 | $7,282,673 | |
Electronics – 0.3% | ||||
Broadcom, Inc., 4.15%, 11/15/2030 | $ | 1,641,000 | $1,420,359 | |
Broadcom, Inc., 4.3%, 11/15/2032 | 4,290,000 | 3,602,033 | ||
Broadcom, Inc., 3.469%, 4/15/2034 (n) | 3,891,000 | 2,919,238 | ||
Broadcom, Inc., 3.187%, 11/15/2036 (n) | 7,412,000 | 5,069,409 | ||
Broadcom, Inc., 4.926%, 5/15/2037 (n) | 2,223,000 | 1,833,022 | ||
NXP B.V./NXP Funding LLC/NXP USA, Inc., 2.5%, 5/11/2031 | 7,167,000 | 5,386,049 | ||
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.25%, 5/11/2041 | 6,143,000 | 4,028,953 | ||
$24,259,063 | ||||
Energy - Independent – 0.0% | ||||
Diamondback Energy, Inc., 4.4%, 3/24/2051 | $ | 1,158,000 | $872,307 | |
Energy - Integrated – 0.3% | ||||
BP Capital Markets America, Inc., 2.721%, 1/12/2032 | $ | 13,688,000 | $11,120,100 | |
Eni S.p.A., 4.75%, 9/12/2028 (n) | 11,589,000 | 10,914,659 | ||
$22,034,759 | ||||
Financial Institutions – 0.6% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.875%, 1/16/2024 | $ | 1,093,000 | $1,075,263 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026 | 13,587,000 | 11,462,085 | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027 | 7,729,000 | 6,749,547 | ||
Air Lease Corp., 2.2%, 1/15/2027 | 4,561,000 | 3,861,707 | ||
Air Lease Corp., 2.875%, 1/15/2032 | 5,987,000 | 4,512,438 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | $ | 2,248,000 | $2,010,937 | |
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 7,097,000 | 5,943,342 | ||
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 5,867,000 | 4,589,580 | ||
Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n) | 2,057,000 | 2,013,597 | ||
$42,218,496 | ||||
Food & Beverages – 0.4% | ||||
Anheuser-Busch InBev S.A., 8%, 11/15/2039 | $ | 9,558,000 | $11,369,787 | |
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | 2,398,000 | 2,047,534 | ||
Constellation Brands, Inc., 3.5%, 5/09/2027 | 5,197,000 | 4,802,585 | ||
Diageo Capital PLC, 2.375%, 10/24/2029 | 8,369,000 | 6,999,035 | ||
Keurig Dr Pepper, Inc., 3.2%, 5/01/2030 | 986,000 | 838,895 | ||
$26,057,836 | ||||
Gaming & Lodging – 0.3% | ||||
GLP Capital LP/GLP Financing II, Inc., 5.3%, 1/15/2029 | $ | 5,014,000 | $4,570,044 | |
Las Vegas Sands Corp., 3.9%, 8/08/2029 | 2,476,000 | 2,047,102 | ||
Marriott International, Inc., 4%, 4/15/2028 | 5,286,000 | 4,786,452 | ||
Marriott International, Inc., 4.625%, 6/15/2030 | 6,716,000 | 6,069,117 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 23,000 | 18,059 | ||
Marriott International, Inc., 2.75%, 10/15/2033 | 5,250,000 | 3,810,951 | ||
$21,301,725 | ||||
Insurance – 0.4% | ||||
AIA Group Ltd., 3.375%, 4/07/2030 (n) | $ | 7,948,000 | $7,058,458 | |
Corebridge Financial, Inc., 3.9%, 4/05/2032 (n) | 11,118,000 | 9,384,360 | ||
Metropolitan Life Global Funding I, 3.3%, 3/21/2029 (n) | 15,225,000 | 13,440,102 | ||
$29,882,920 | ||||
Insurance - Health – 0.1% | ||||
Humana, Inc., 3.7%, 3/23/2029 | $ | 6,169,000 | $5,532,059 | |
Insurance - Property & Casualty – 0.4% | ||||
Aon Corp., 3.75%, 5/02/2029 | $ | 13,224,000 | $11,894,506 | |
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031 | 1,057,000 | 826,441 | ||
Brown & Brown, Inc., 4.2%, 3/17/2032 | 7,012,000 | 5,994,717 | ||
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 (n) | 10,369,000 | 9,560,524 | ||
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n) | 3,061,000 | 2,059,502 | ||
$30,335,690 | ||||
International Market Quasi-Sovereign – 0.1% | ||||
Temasek Financial I Ltd. (Republic of Singapore), 2.375%, 1/23/2023 (n) | $ | 10,140,000 | $10,079,363 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Machinery & Tools – 0.2% | ||||
Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $ | 10,029,000 | $9,308,064 | |
CNH Industrial Capital LLC, 4.2%, 1/15/2024 | 5,288,000 | 5,208,570 | ||
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | 1,459,000 | 1,299,121 | ||
$15,815,755 | ||||
Major Banks – 2.7% | ||||
Bank of America Corp., 3.004%, 12/20/2023 | $ | 1,671,000 | $1,662,128 | |
Bank of America Corp., 3.366% to 1/23/2025, FLR (LIBOR - 3mo. + 0.81%) to 1/23/2026 | 4,937,000 | 4,677,759 | ||
Bank of America Corp., 3.5%, 4/19/2026 | 8,221,000 | 7,722,860 | ||
Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR + 1.21%) to 10/20/2032 | 11,722,000 | 8,965,317 | ||
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032 | 3,616,000 | 2,614,226 | ||
Capital One Financial Corp., 3.75%, 3/09/2027 | 5,440,000 | 5,008,064 | ||
Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030 | 12,356,000 | 10,331,250 | ||
Credit Suisse Group AG, 3.091% to 5/14/2031, FLR (SOFR - 1 day + 1.73%) to 5/14/2032 (n) | 3,997,000 | 2,806,045 | ||
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 | 2,877,000 | 2,333,717 | ||
Goldman Sachs Group, Inc., 2.6%, 2/07/2030 | 10,872,000 | 8,766,921 | ||
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032 | 9,008,000 | 6,791,904 | ||
HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169 | 3,072,000 | 2,181,632 | ||
HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 9/09/2170 | 1,215,000 | 972,000 | ||
JPMorgan Chase & Co., 3.782% to 2/01/2027, FLR (LIBOR - 3mo. + 1.337%) to 2/01/2028 | 12,711,000 | 11,653,875 | ||
JPMorgan Chase & Co., 2.739% to 10/15/2029, FLR (SOFR - 1 day + 1.51%) to 10/15/2030 | 2,910,000 | 2,366,092 | ||
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031 | 1,546,000 | 1,224,581 | ||
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032 | 15,046,000 | 11,417,133 | ||
JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033 | 5,837,000 | 4,588,376 | ||
JPMorgan Chase & Co., 3.109% to 4/22/2040, FLR (SOFR - 1 day + 2.46%) to 4/22/2041 | 7,872,000 | 5,453,631 | ||
JPMorgan Chase & Co., 3.897% to 1/23/2048, FLR (LIBOR - 3mo. + 1.22%) to 1/23/2049 | 2,847,000 | 2,108,156 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Mitsubishi UFJ Financial Group, Inc., 2.852% to 1/19/2032, FLR (CMT - 1yr. + 1.1%) to 1/19/2033 | $ | 9,207,000 | $7,134,527 | |
Morgan Stanley, 3.875%, 4/29/2024 | 2,290,000 | 2,248,120 | ||
Morgan Stanley, 4%, 7/23/2025 | 2,685,000 | 2,598,799 | ||
Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031 | 19,340,000 | 15,680,301 | ||
Morgan Stanley, 2.943% to 1/21/2032, FLR (SOFR - 1 day + 1.29%) to 1/21/2033 | 10,273,000 | 8,121,456 | ||
Royal Bank of Canada, 1.15%, 6/10/2025 | 8,937,000 | 8,064,574 | ||
State Street Corp., 2.901% to 3/30/2025, FLR (SOFR + 2.6%) to 3/30/2026 | 1,121,000 | 1,058,120 | ||
Sumitomo Mitsui Financial Group, Inc., 2.472%, 1/14/2029 | 17,106,000 | 14,033,430 | ||
UBS Group AG, 2.095% to 2/11/2031, FLR (CMT - 1yr. + 1.0%) to 2/11/2032 (n) | 20,862,000 | 15,161,822 | ||
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | 17,236,000 | 13,977,846 | ||
$191,724,662 | ||||
Medical & Health Technology & Services – 0.4% | ||||
Alcon, Inc., 2.6%, 5/27/2030 (n) | $ | 944,000 | $761,584 | |
Becton, Dickinson and Co., 4.669%, 6/06/2047 | 5,389,000 | 4,626,679 | ||
Cigna Corp., 3.2%, 3/15/2040 | 1,517,000 | 1,090,553 | ||
HCA Healthcare, Inc., 4.375%, 3/15/2042 (n) | 4,148,000 | 3,100,028 | ||
HCA, Inc., 4.125%, 6/15/2029 | 5,801,000 | 5,087,418 | ||
HCA, Inc., 5.125%, 6/15/2039 | 5,707,000 | 4,789,159 | ||
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045 | 3,373,000 | 2,788,050 | ||
Northwell Healthcare, Inc., 3.979%, 11/01/2046 | 490,000 | 381,876 | ||
Northwell Healthcare, Inc., 4.26%, 11/01/2047 | 3,797,000 | 3,039,088 | ||
$25,664,435 | ||||
Medical Equipment – 0.1% | ||||
Boston Scientific Corp., 2.65%, 6/01/2030 | $ | 5,104,000 | $4,234,980 | |
Metals & Mining – 0.4% | ||||
Anglo American Capital PLC, 3.875%, 3/16/2029 (n) | $ | 1,639,000 | $1,408,417 | |
Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | 4,259,000 | 4,029,422 | ||
Anglo American Capital PLC, 2.625%, 9/10/2030 (n) | 14,840,000 | 11,422,890 | ||
Glencore Funding LLC, 4.125%, 5/30/2023 (n) | 3,717,000 | 3,693,434 | ||
Glencore Funding LLC, 2.5%, 9/01/2030 (n) | 5,444,000 | 4,163,176 | ||
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 2,292,000 | 1,773,311 | ||
$26,490,650 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Midstream – 0.4% | ||||
Cheniere Corpus Christi Holdings LLC, 3.7%, 11/15/2029 | $ | 5,846,000 | $5,069,741 | |
Enbridge, Inc., 2.5%, 1/15/2025 | 3,055,000 | 2,868,285 | ||
Kinder Morgan Energy Partners LP, 4.15%, 2/01/2024 | 4,439,000 | 4,378,520 | ||
ONEOK, Inc., 4.95%, 7/13/2047 | 7,267,000 | 5,592,264 | ||
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 6,093,000 | 5,109,054 | ||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 1,665,000 | 1,516,764 | ||
Spectra Energy Partners LP, 3.375%, 10/15/2026 | 2,677,000 | 2,469,567 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 2,470,000 | 2,057,012 | ||
$29,061,207 | ||||
Mortgage-Backed – 11.7% | ||||
Fannie Mae, 2.73%, 4/01/2023 | $ | 568,484 | $567,023 | |
Fannie Mae, 2.41%, 5/01/2023 | 862,482 | 858,937 | ||
Fannie Mae, 2.62%, 5/01/2023 | 565,566 | 563,444 | ||
Fannie Mae, 5.25%, 8/01/2024 | 872,692 | 876,637 | ||
Fannie Mae, 5%, 3/25/2025 - 3/01/2042 | 4,608,793 | 4,636,972 | ||
Fannie Mae, 4.54%, 7/01/2026 | 888,903 | 887,962 | ||
Fannie Mae, 3.95%, 1/01/2027 | 857,419 | 839,657 | ||
Fannie Mae, 3%, 11/01/2028 - 9/01/2046 | 8,064,710 | 7,518,511 | ||
Fannie Mae, 6.5%, 6/01/2031 - 7/01/2037 | 1,470,573 | 1,521,241 | ||
Fannie Mae, 2.5%, 11/01/2031 | 177,449 | 164,261 | ||
Fannie Mae, 5.5%, 2/01/2033 - 4/01/2040 | 6,830,713 | 6,938,626 | ||
Fannie Mae, 3%, 2/25/2033 (i) | 863,764 | 80,737 | ||
Fannie Mae, 4.5%, 8/01/2033 - 6/01/2044 | 11,831,382 | 11,570,438 | ||
Fannie Mae, 6%, 1/01/2034 - 7/01/2037 | 3,938,017 | 4,052,232 | ||
Fannie Mae, 3.5%, 4/01/2038 - 7/01/2046 | 31,781,703 | 29,214,228 | ||
Fannie Mae, 3.25%, 5/25/2040 | 268,930 | 250,978 | ||
Fannie Mae, 4%, 9/01/2040 - 6/01/2047 | 26,189,823 | 24,952,163 | ||
Fannie Mae, 2%, 10/25/2040 - 4/25/2046 | 773,117 | 717,479 | ||
Fannie Mae, 4%, 7/25/2046 (i) | 856,346 | 163,772 | ||
Fannie Mae, UMBS, 2%, 4/01/2037 - 9/01/2052 | 95,877,070 | 80,155,242 | ||
Fannie Mae, UMBS, 2.5%, 8/01/2037 - 7/01/2052 | 131,913,259 | 111,503,411 | ||
Fannie Mae, UMBS, 1.5%, 2/01/2042 | 482,730 | 384,466 | ||
Fannie Mae, UMBS, 3%, 6/01/2051 - 6/01/2052 | 17,385,199 | 15,245,068 | ||
Fannie Mae, UMBS, 3.5%, 5/01/2052 | 2,168,040 | 1,953,667 | ||
Fannie Mae, UMBS, 4.5%, 9/01/2052 | 3,175,004 | 3,033,212 | ||
Fannie Mae, UMBS, 5%, 9/01/2052 | 6,999,307 | 6,825,656 | ||
Freddie Mac, 2.51%, 11/25/2022 | 2,926,886 | 2,920,397 | ||
Freddie Mac, 3.111%, 2/25/2023 | 4,512,634 | 4,497,571 | ||
Freddie Mac, 3.32%, 2/25/2023 | 1,883,552 | 1,876,688 | ||
Freddie Mac, 3.25%, 4/25/2023 - 11/25/2061 | 7,728,445 | 7,502,090 | ||
Freddie Mac, 3.06%, 7/25/2023 | 1,116,000 | 1,104,346 | ||
Freddie Mac, 3.458%, 8/25/2023 | 2,556,682 | 2,534,617 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Freddie Mac, 1.043%, 4/25/2024 (i) | $ | 7,498,244 | $85,371 | |
Freddie Mac, 0.623%, 7/25/2024 (i) | 40,823,000 | 367,881 | ||
Freddie Mac, 0.714%, 7/25/2024 (i) | 12,365,593 | 92,804 | ||
Freddie Mac, 4.5%, 8/01/2024 - 5/01/2042 | 1,883,683 | 1,847,550 | ||
Freddie Mac, 0.433%, 8/25/2024 (i) | 44,106,000 | 358,361 | ||
Freddie Mac, 0.503%, 8/25/2024 (i) | 72,499,526 | 512,854 | ||
Freddie Mac, 3.064%, 8/25/2024 | 2,246,364 | 2,189,012 | ||
Freddie Mac, 0.469%, 10/25/2024 (i) | 53,299,381 | 282,940 | ||
Freddie Mac, 3.171%, 10/25/2024 | 3,005,000 | 2,920,810 | ||
Freddie Mac, 0.399%, 11/25/2024 (i) | 44,690,000 | 244,159 | ||
Freddie Mac, 2.67%, 12/25/2024 | 3,687,000 | 3,540,901 | ||
Freddie Mac, 3.329%, 5/25/2025 | 4,623,000 | 4,474,309 | ||
Freddie Mac, 3.01%, 7/25/2025 | 1,275,000 | 1,221,833 | ||
Freddie Mac, 3.5%, 12/01/2025 - 10/25/2058 | 15,140,086 | 13,988,167 | ||
Freddie Mac, 0.775%, 6/25/2027 (i) | 39,273,000 | 1,083,248 | ||
Freddie Mac, 0.887%, 6/25/2027 (i) | 12,560,773 | 356,247 | ||
Freddie Mac, 0.709%, 7/25/2027 (i) | 33,594,234 | 766,046 | ||
Freddie Mac, 0.459%, 8/25/2027 (i) | 27,934,000 | 432,424 | ||
Freddie Mac, 0.557%, 8/25/2027 (i) | 17,669,713 | 310,667 | ||
Freddie Mac, 0.406%, 9/25/2027 (i) | 30,183,000 | 410,887 | ||
Freddie Mac, 0.324%, 11/25/2027 (i) | 47,333,000 | 479,114 | ||
Freddie Mac, 0.416%, 11/25/2027 (i) | 33,613,029 | 413,750 | ||
Freddie Mac, 0.458%, 11/25/2027 (i) | 29,876,106 | 429,598 | ||
Freddie Mac, 0.375%, 12/25/2027 (i) | 29,308,000 | 364,785 | ||
Freddie Mac, 0.415%, 12/25/2027 (i) | 32,765,000 | 478,926 | ||
Freddie Mac, 0.493%, 12/25/2027 (i) | 51,385,874 | 828,757 | ||
Freddie Mac, 1.218%, 7/25/2029 (i) | 855,592 | 50,509 | ||
Freddie Mac, 1.268%, 8/25/2029 (i) | 13,362,762 | 824,656 | ||
Freddie Mac, 1.916%, 4/25/2030 (i) | 2,500,000 | 270,349 | ||
Freddie Mac, 1.985%, 4/25/2030 (i) | 7,819,828 | 878,138 | ||
Freddie Mac, 1.766%, 5/25/2030 (i) | 4,048,749 | 411,702 | ||
Freddie Mac, 1.905%, 5/25/2030 (i) | 8,995,049 | 984,039 | ||
Freddie Mac, 1.436%, 6/25/2030 (i) | 3,687,431 | 308,900 | ||
Freddie Mac, 1.703%, 8/25/2030 (i) | 3,331,192 | 332,879 | ||
Freddie Mac, 1.262%, 9/25/2030 (i) | 2,196,896 | 164,290 | ||
Freddie Mac, 1.172%, 11/25/2030 (i) | 4,320,889 | 303,666 | ||
Freddie Mac, 0.421%, 1/25/2031 (i) | 17,107,966 | 354,848 | ||
Freddie Mac, 0.873%, 1/25/2031 (i) | 6,541,106 | 340,973 | ||
Freddie Mac, 1.026%, 1/25/2031 (i) | 4,767,487 | 294,896 | ||
Freddie Mac, 0.612%, 3/25/2031 (i) | 13,860,277 | 462,756 | ||
Freddie Mac, 0.828%, 3/25/2031 (i) | 5,934,811 | 297,037 | ||
Freddie Mac, 1.333%, 5/25/2031 (i) | 2,518,959 | 207,890 | ||
Freddie Mac, 1.039%, 7/25/2031 (i) | 4,010,843 | 263,894 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Freddie Mac, 0.607%, 8/25/2031 (i) | $ | 5,126,459 | $180,739 | |
Freddie Mac, 0.632%, 9/25/2031 (i) | 16,898,337 | 613,038 | ||
Freddie Mac, 0.955%, 9/25/2031 (i) | 5,075,984 | 306,034 | ||
Freddie Mac, 0.441%, 11/25/2031 (i) | 25,136,487 | 661,761 | ||
Freddie Mac, 0.597%, 12/25/2031 (i) | 23,600,379 | 857,928 | ||
Freddie Mac, 0.664%, 12/25/2031 (i) | 40,016,231 | 1,632,006 | ||
Freddie Mac, 0.436%, 11/25/2032 (i) | 24,735,523 | 532,375 | ||
Freddie Mac, 3%, 2/15/2033 (i) | 1,076,779 | 71,145 | ||
Freddie Mac, 6%, 3/01/2033 - 6/01/2037 | 1,572,104 | 1,637,398 | ||
Freddie Mac, 5%, 9/01/2033 - 7/01/2041 | 2,417,673 | 2,433,431 | ||
Freddie Mac, 5.5%, 12/01/2033 - 10/01/2035 | 1,464,367 | 1,494,263 | ||
Freddie Mac, 6.5%, 5/01/2034 - 7/01/2037 | 592,446 | 612,918 | ||
Freddie Mac, 5.5%, 2/15/2036 (i) | 162,035 | 27,226 | ||
Freddie Mac, 4%, 8/01/2037 - 4/01/2044 | 5,563,504 | 5,301,140 | ||
Freddie Mac, 3%, 1/01/2038 - 2/25/2059 | 24,520,086 | 21,985,224 | ||
Freddie Mac, 4.5%, 12/15/2040 (i) | 128,299 | 11,724 | ||
Freddie Mac, 4%, 8/15/2044 (i) | 177,397 | 22,284 | ||
Freddie Mac, UMBS, 5%, 7/01/2035 - 8/01/2052 | 794,996 | 784,688 | ||
Freddie Mac, UMBS, 6%, 1/01/2036 - 3/01/2036 | 113,274 | 115,363 | ||
Freddie Mac, UMBS, 2%, 7/01/2037 - 8/01/2052 | 110,520,561 | 90,965,236 | ||
Freddie Mac, UMBS, 3.5%, 12/01/2046 - 9/01/2052 | 13,202,547 | 11,945,990 | ||
Freddie Mac, UMBS, 4%, 8/01/2047 - 5/01/2052 | 11,200,976 | 10,508,036 | ||
Freddie Mac, UMBS, 3%, 10/01/2047 - 4/01/2052 | 9,646,759 | 8,438,456 | ||
Freddie Mac, UMBS, 2.5%, 4/01/2048 - 6/01/2052 | 44,341,193 | 37,341,586 | ||
Freddie Mac, UMBS, 4.5%, 8/01/2052 - 10/01/2052 | 14,725,005 | 14,067,405 | ||
Ginnie Mae, 6%, 9/15/2032 - 1/15/2038 | 1,462,146 | 1,548,710 | ||
Ginnie Mae, 5.5%, 12/15/2032 - 4/20/2035 | 1,153,569 | 1,207,617 | ||
Ginnie Mae, 4.5%, 7/15/2033 - 9/20/2052 | 22,240,540 | 21,396,825 | ||
Ginnie Mae, 5%, 7/20/2033 - 8/20/2052 | 4,628,306 | 4,549,285 | ||
Ginnie Mae, 4%, 1/20/2041 - 9/20/2052 | 5,404,590 | 5,121,854 | ||
Ginnie Mae, 3.5%, 12/15/2041 - 3/20/2048 | 8,175,463 | 7,566,339 | ||
Ginnie Mae, 3%, 4/20/2045 - 6/20/2052 | 28,241,805 | 25,196,882 | ||
Ginnie Mae, 2.5%, 8/20/2051 - 6/20/2052 | 37,228,028 | 32,099,168 | ||
Ginnie Mae, 2%, 1/20/2052 | 10,405,664 | 8,699,268 | ||
Ginnie Mae, 0.585%, 2/16/2059 (i) | 7,015,671 | 254,383 | ||
Ginnie Mae, TBA, 3%, 10/20/2052 | 8,625,000 | 7,621,333 | ||
Ginnie Mae, TBA, 3.5%, 10/20/2052 - 11/21/2052 | 20,219,718 | 18,382,560 | ||
Ginnie Mae, TBA, 4%, 10/20/2052 | 11,475,000 | 10,715,229 | ||
Ginnie Mae, TBA, 4.5%, 10/20/2052 | 12,000,000 | 11,485,781 | ||
Ginnie Mae, TBA, 5%, 10/20/2052 | 13,225,000 | 12,943,003 | ||
UMBS, TBA, 2.5%, 10/18/2037 - 10/13/2052 | 14,782,500 | 12,815,045 | ||
UMBS, TBA, 3%, 10/18/2037 - 10/13/2052 | 29,825,000 | 26,219,319 | ||
UMBS, TBA, 2%, 10/13/2052 | 14,550,000 | 11,777,543 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
UMBS, TBA, 5.5%, 10/13/2052 - 11/25/2052 | $ | 11,575,000 | $11,487,402 | |
UMBS, TBA, 6%, 10/13/2052 | 2,075,000 | 2,107,989 | ||
UMBS, TBA, 4%, 11/25/2052 | 6,075,000 | 5,631,240 | ||
$832,518,721 | ||||
Municipals – 0.3% | ||||
New Jersey Economic Development Authority State Pension Funding Rev., Taxable, “A”, NPFG, 7.425%, 2/15/2029 | $ | 8,500,000 | $9,098,777 | |
New Jersey Turnpike Authority Rev., Taxable (Build America Bonds), “F”, 7.414%, 1/01/2040 | 5,815,000 | 7,114,266 | ||
State of Florida, Taxable, “A”, 2.154%, 7/01/2030 | 4,514,000 | 3,624,064 | ||
$19,837,107 | ||||
Natural Gas - Distribution – 0.1% | ||||
NiSource, Inc., 2.95%, 9/01/2029 | $ | 3,979,000 | $3,358,409 | |
NiSource, Inc., 5.65%, 2/01/2045 | 1,946,000 | 1,801,316 | ||
$5,159,725 | ||||
Natural Gas - Pipeline – 0.1% | ||||
APT Pipelines Ltd., 4.2%, 3/23/2025 (n) | $ | 8,334,000 | $7,980,342 | |
APT Pipelines Ltd., 4.25%, 7/15/2027 (n) | 777,000 | 719,602 | ||
$8,699,944 | ||||
Network & Telecom – 0.3% | ||||
AT&T, Inc., 2.75%, 6/01/2031 | $ | 6,826,000 | $5,464,006 | |
AT&T, Inc., 3.65%, 9/15/2059 | 5,210,000 | 3,375,562 | ||
Verizon Communications, Inc., 3.15%, 3/22/2030 | 3,413,000 | 2,903,050 | ||
Verizon Communications, Inc., 2.55%, 3/21/2031 | 4,203,000 | 3,355,793 | ||
Verizon Communications, Inc., 4.272%, 1/15/2036 | 4,812,000 | 4,105,813 | ||
Verizon Communications, Inc., 4.812%, 3/15/2039 | 6,030,000 | 5,307,459 | ||
$24,511,683 | ||||
Oils – 0.2% | ||||
Marathon Petroleum Corp., 4.75%, 9/15/2044 | $ | 2,845,000 | $2,282,185 | |
Phillips 66 Co., 2.15%, 12/15/2030 | 9,976,000 | 7,686,132 | ||
Valero Energy Corp., 6.625%, 6/15/2037 | 6,797,000 | 6,764,978 | ||
$16,733,295 | ||||
Other Banks & Diversified Financials – 0.2% | ||||
Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n) | $ | 19,423,000 | $16,552,417 | |
Pollution Control – 0.0% | ||||
Republic Services, Inc., 1.45%, 2/15/2031 | $ | 2,765,000 | $2,064,390 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Real Estate - Office – 0.0% | ||||
Boston Properties Ltd. LP, REIT, 2.55%, 4/01/2032 | $ | 4,222,000 | $3,112,983 | |
Real Estate - Retail – 0.1% | ||||
Brixmor Operating Partnership LP, REIT, 4.125%, 5/15/2029 | $ | 567,000 | $492,823 | |
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030 | 5,371,000 | 4,524,765 | ||
Realty Income Corp., REIT, 3.25%, 1/15/2031 | 1,594,000 | 1,360,213 | ||
$6,377,801 | ||||
Retailers – 0.1% | ||||
Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n) | $ | 6,827,000 | $4,650,272 | |
Best Buy Co., Inc., 4.45%, 10/01/2028 | 5,549,000 | 5,185,294 | ||
$9,835,566 | ||||
Specialty Stores – 0.1% | ||||
Genuine Parts Co., 2.75%, 2/01/2032 | $ | 9,067,000 | $7,017,419 | |
Telecommunications - Wireless – 0.6% | ||||
American Tower Corp., REIT, 3%, 6/15/2023 | $ | 2,324,000 | $2,294,113 | |
American Tower Corp., REIT, 3.6%, 1/15/2028 | 2,895,000 | 2,568,780 | ||
American Tower Trust I, REIT, 3.07%, 3/15/2048 (n) | 5,228,000 | 5,191,718 | ||
Crown Castle, Inc., REIT, 1.35%, 7/15/2025 | 2,267,000 | 2,034,395 | ||
Crown Castle, Inc., REIT, 3.65%, 9/01/2027 | 7,941,000 | 7,188,632 | ||
Rogers Communications, Inc., 3.8%, 3/15/2032 (n) | 17,162,000 | 14,842,579 | ||
T-Mobile USA, Inc., 2.05%, 2/15/2028 | 6,192,000 | 5,138,146 | ||
T-Mobile USA, Inc., 4.5%, 4/15/2050 | 7,223,000 | 5,782,402 | ||
$45,040,765 | ||||
Tobacco – 0.2% | ||||
B.A.T. International Finance PLC, 4.448%, 3/16/2028 | $ | 13,867,000 | $12,359,069 | |
Transportation - Services – 0.1% | ||||
ERAC USA Finance LLC, 7%, 10/15/2037 (n) | $ | 5,241,000 | $5,471,285 | |
U.S. Government Agencies and Equivalents – 0.0% | ||||
Small Business Administration, 4.35%, 7/01/2023 | $ | 14,474 | $14,405 | |
Small Business Administration, 4.77%, 4/01/2024 | 56,847 | 56,231 | ||
Small Business Administration, 5.18%, 5/01/2024 | 104,336 | 103,684 | ||
Small Business Administration, 5.52%, 6/01/2024 | 46,179 | 46,282 | ||
Small Business Administration, 4.99%, 9/01/2024 | 99,499 | 97,691 | ||
Small Business Administration, 4.95%, 3/01/2025 | 106,674 | 107,148 | ||
$425,441 | ||||
U.S. Treasury Obligations – 10.7% | ||||
U.S. Treasury Bonds, 3.5%, 2/15/2039 | $ | 5,140,000 | $4,893,641 | |
U.S. Treasury Bonds, 1.375%, 11/15/2040 | 15,000,000 | 9,696,680 | ||
U.S. Treasury Bonds, 1.75%, 8/15/2041 | 28,989,000 | 19,820,096 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
U.S. Treasury Obligations – continued | ||||
U.S. Treasury Bonds, 2.375%, 2/15/2042 | $ | 9,700,000 | $7,432,625 | |
U.S. Treasury Bonds, 2.875%, 5/15/2043 | 55,466,000 | 45,713,951 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2045 | 5,313,000 | 4,050,540 | ||
U.S. Treasury Bonds, 3%, 11/15/2045 | 215,000 | 179,424 | ||
U.S. Treasury Bonds, 2.875%, 11/15/2046 | 14,148,000 | 11,553,832 | ||
U.S. Treasury Bonds, 3%, 2/15/2048 | 22,502,000 | 18,943,871 | ||
U.S. Treasury Bonds, 2.375%, 11/15/2049 | 151,800,000 | 114,312,516 | ||
U.S. Treasury Bonds, 1.875%, 11/15/2051 | 9,015,000 | 5,961,521 | ||
U.S. Treasury Bonds, 2.25%, 2/15/2052 | 25,958,400 | 18,860,400 | ||
U.S. Treasury Notes, 0.5%, 11/30/2023 | 36,000,000 | 34,454,531 | ||
U.S. Treasury Notes, 2.25%, 3/31/2024 | 18,511,700 | 17,956,349 | ||
U.S. Treasury Notes, 1.375%, 1/31/2025 (f) | 231,500,000 | 216,832,304 | ||
U.S. Treasury Notes, 0.375%, 11/30/2025 | 193,700,000 | 171,734,722 | ||
U.S. Treasury Notes, 2.5%, 3/31/2027 | 50,000,000 | 46,707,031 | ||
U.S. Treasury Notes, 2.75%, 4/30/2027 | 15,067,600 | 14,219,459 | ||
$763,323,493 | ||||
Utilities - Electric Power – 0.8% | ||||
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | $ | 1,738,000 | $1,364,380 | |
Duke Energy Corp., 2.65%, 9/01/2026 | 1,236,000 | 1,121,330 | ||
Duke Energy Corp., 4.5%, 8/15/2032 | 10,428,000 | 9,430,262 | ||
Duke Energy Progress LLC, 3.45%, 3/15/2029 | 5,584,000 | 5,062,994 | ||
Enel Finance International N.V., 2.65%, 9/10/2024 | 2,783,000 | 2,633,981 | ||
Enel Finance International N.V., 4.75%, 5/25/2047 (n) | 2,194,000 | 1,606,049 | ||
Evergy, Inc., 2.9%, 9/15/2029 | 5,207,000 | 4,301,700 | ||
Exelon Corp., 4.05%, 4/15/2030 | 5,246,000 | 4,754,745 | ||
FirstEnergy Corp., 3.4%, 3/01/2050 | 3,479,000 | 2,278,745 | ||
Georgia Power Co., 3.7%, 1/30/2050 | 482,000 | 349,372 | ||
Jersey Central Power & Light Co., 4.3%, 1/15/2026 (n) | 4,141,000 | 3,975,081 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 2,958,000 | 2,346,932 | ||
Oncor Electric Delivery Co. LLC, 5.75%, 3/15/2029 | 3,548,000 | 3,647,798 | ||
Pacific Gas & Electric Co., 2.1%, 8/01/2027 | 1,561,000 | 1,261,863 | ||
Pacific Gas & Electric Co., 3%, 6/15/2028 | 4,502,000 | 3,709,405 | ||
Pacific Gas & Electric Co., 2.5%, 2/01/2031 | 6,796,000 | 4,945,122 | ||
Pacific Gas & Electric Co., 3.3%, 8/01/2040 | 3,004,000 | 1,923,033 | ||
Xcel Energy, Inc., 3.4%, 6/01/2030 | 3,122,000 | 2,709,150 | ||
$57,421,942 | ||||
Utilities - Gas – 0.0% | ||||
East Ohio Gas Co., 2%, 6/15/2030 (n) | $ | 3,679,000 | $2,860,888 | |
Total Bonds (Identified Cost, $3,387,106,936) | $2,960,820,045 |
Issuer | Shares/Par | Value ($) | ||
Convertible Preferred Stocks – 0.7% | ||||
Automotive – 0.1% | ||||
Aptiv PLC, 5.5% | 122,000 | $11,614,400 | ||
Medical Equipment – 0.3% | ||||
Boston Scientific Corp., 5.5% | 214,080 | $21,669,178 | ||
Telecommunications - Wireless – 0.3% | ||||
T-Mobile USA, Inc., 5.25% (a) | 16,855 | $18,998,386 | ||
Total Convertible Preferred Stocks (Identified Cost, $50,225,524) | $52,281,964 | |||
Preferred Stocks – 0.6% | ||||
Computer Software - Systems – 0.2% | ||||
Samsung Electronics Co. Ltd. | 327,955 | $10,671,167 | ||
Consumer Products – 0.4% | ||||
Henkel AG & Co. KGaA | 535,898 | $32,048,121 | ||
Total Preferred Stocks (Identified Cost, $57,603,958) | $42,719,288 | |||
Investment Companies (h) – 2.5% | ||||
Money Market Funds – 2.5% | ||||
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $177,270,992) | 177,278,346 | $177,296,073 | ||
Other Assets, Less Liabilities – (1.5)% | (110,283,228) | |||
Net Assets – 100.0% | $7,133,456,617 |
(a) | Non-income producing security. |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. |
(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 $177,296,073 and $7,066,443,772, 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 $569,701,675, representing 8.0% 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. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date | Cost | Value |
ReadyCap Commercial Mortgage Trust, 2021-FL5, “A”, FLR, 4.084% (LIBOR - 1mo. + 1%), 4/25/2038 | 3/19/21 | $8,211,002 | $7,934,628 |
ReadyCap Commercial Mortgage Trust, 2021-FL7, “B”, FLR, 4.884% (LIBOR - 1mo. + 1.8%), 11/25/2036 | 11/12/21 | 3,695,000 | 3,506,132 |
Total Restricted Securities | $11,440,760 | ||
% of Net assets | 0.2% |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
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 |
UMBS | Uniform Mortgage-Backed Security |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Ultra Note 10 yr | Short | USD | 847 | $100,356,266 | December – 2022 | $1,877,896 |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 2 yr | Long | USD | 219 | $44,980,547 | December – 2022 | $(710,036) |
U.S. Treasury Note 5 yr | Long | USD | 2,040 | 219,315,939 | December – 2022 | (7,625,618) |
U.S. Treasury Ultra Bond | Long | USD | 284 | 38,908,000 | December – 2022 | (3,065,011) |
$(11,400,665) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $6,213,417,622) | $7,066,443,772 |
Investments in affiliated issuers, at value (identified cost, $177,270,992) | 177,296,073 |
Cash | 7,228 |
Foreign currency, at value (identified cost, $500) | 511 |
Restricted cash for MBS/TBA | 1,295,327 |
Receivables for | |
Investments sold | 14,308,282 |
TBA sale commitments | 19,304,327 |
Fund shares sold | 5,852,539 |
Interest and dividends | 26,427,093 |
Other assets | 2,430 |
Total assets | $7,310,937,582 |
Liabilities | |
Payables for | |
Distributions | $598,517 |
Net daily variation margin on open futures contracts | 612,388 |
Investments purchased | 8,418,524 |
TBA purchase commitments | 155,928,827 |
Fund shares reacquired | 9,443,437 |
Payable to affiliates | |
Investment adviser | 138,265 |
Administrative services fee | 3,502 |
Shareholder servicing costs | 1,795,737 |
Distribution and service fees | 84,296 |
Payable for independent Trustees' compensation | 22,085 |
Accrued expenses and other liabilities | 435,387 |
Total liabilities | $177,480,965 |
Net assets | $7,133,456,617 |
Net assets consist of | |
Paid-in capital | $6,074,545,453 |
Total distributable earnings (loss) | 1,058,911,164 |
Net assets | $7,133,456,617 |
Shares of beneficial interest outstanding | 401,168,580 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $4,462,807,291 | 251,104,204 | $17.77 |
Class B | 48,448,530 | 2,717,453 | 17.83 |
Class C | 325,550,816 | 18,150,283 | 17.94 |
Class I | 871,532,447 | 49,053,150 | 17.77 |
Class R1 | 8,391,234 | 472,723 | 17.75 |
Class R2 | 88,487,132 | 4,957,707 | 17.85 |
Class R3 | 222,264,852 | 12,493,456 | 17.79 |
Class R4 | 203,954,442 | 11,460,925 | 17.80 |
Class R6 | 902,019,873 | 50,758,679 | 17.77 |
(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 $18.85 [100 / 94.25 x $17.77]. 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 | $105,054,479 |
Interest | 75,951,934 |
Dividends from affiliated issuers | 2,079,160 |
Other | 1,289,402 |
Income on securities loaned | 5,113 |
Foreign taxes withheld | (859,667) |
Total investment income | $183,520,421 |
Expenses | |
Management fee | $28,523,274 |
Distribution and service fees | 18,798,406 |
Shareholder servicing costs | 7,211,231 |
Program manager fees | 12,975 |
Administrative services fee | 649,368 |
Independent Trustees' compensation | 110,391 |
Custodian fee | 332,738 |
Shareholder communications | 227,673 |
Audit and tax fees | 78,965 |
Legal fees | 35,535 |
Miscellaneous | 370,284 |
Total expenses | $56,350,840 |
Fees paid indirectly | (7,100) |
Reduction of expenses by distributor | (36,350) |
Net expenses | $56,307,390 |
Net investment income (loss) | $127,213,031 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $295,445,081 |
Affiliated issuers | (25,995) |
Futures contracts | (7,639,159) |
Foreign currency | (165,314) |
Net realized gain (loss) | $287,614,613 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(1,441,307,926) |
Affiliated issuers | 25,081 |
Futures contracts | (9,522,769) |
Translation of assets and liabilities in foreign currencies | (256,205) |
Net unrealized gain (loss) | $(1,451,061,819) |
Net realized and unrealized gain (loss) | $(1,163,447,206) |
Change in net assets from operations | $(1,036,234,175) |
Year ended | ||
9/30/22 | 9/30/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $127,213,031 | $111,186,859 |
Net realized gain (loss) | 287,614,613 | 634,668,501 |
Net unrealized gain (loss) | (1,451,061,819) | 666,392,886 |
Change in net assets from operations | $(1,036,234,175) | $1,412,248,246 |
Total distributions to shareholders | $(682,742,351) | $(525,709,005) |
Change in net assets from fund share transactions | $365,177,591 | $97,080,425 |
Total change in net assets | $(1,353,798,935) | $983,619,666 |
Net assets | ||
At beginning of period | 8,487,255,552 | 7,503,635,886 |
At end of period | $7,133,456,617 | $8,487,255,552 |
Class A | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.04 | $19.78 | $19.42 | $19.09 | $19.29 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.31 | $0.28 | $0.36 | $0.41 | $0.37 |
Net realized and unrealized gain (loss) | (2.83) | 3.36 | 0.63 | 0.78 | 0.53 |
Total from investment operations | $(2.52) | $3.64 | $0.99 | $1.19 | $0.90 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.26) | $(0.33) | $(0.37) | $(0.39) | $(0.38) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.75) | $(1.38) | $(0.63) | $(0.86) | $(1.10) |
Net asset value, end of period (x) | $17.77 | $22.04 | $19.78 | $19.42 | $19.09 |
Total return (%) (r)(s)(t)(x) | (12.61) | 19.02 | 5.21 | 6.73 | 4.71 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.72 | 0.72 | 0.73 | 0.73 | 0.73 |
Expenses after expense reductions (f) | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
Net investment income (loss) | 1.52 | 1.32 | 1.87 | 2.20 | 1.95 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $4,462,807 | $5,207,735 | $4,476,559 | $4,666,095 | $4,838,039 |
Class B | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.10 | $19.82 | $19.45 | $19.12 | $19.31 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.15 | $0.12 | $0.22 | $0.27 | $0.23 |
Net realized and unrealized gain (loss) | (2.82) | 3.38 | 0.63 | 0.77 | 0.53 |
Total from investment operations | $(2.67) | $3.50 | $0.85 | $1.04 | $0.76 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.17) | $(0.22) | $(0.24) | $(0.23) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.60) | $(1.22) | $(0.48) | $(0.71) | $(0.95) |
Net asset value, end of period (x) | $17.83 | $22.10 | $19.82 | $19.45 | $19.12 |
Total return (%) (r)(s)(t)(x) | (13.25) | 18.16 | 4.44 | 5.90 | 3.94 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.47 | 1.47 | 1.48 | 1.48 | 1.48 |
Expenses after expense reductions (f) | 1.47 | 1.47 | 1.48 | 1.47 | 1.48 |
Net investment income (loss) | 0.73 | 0.57 | 1.12 | 1.44 | 1.19 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $48,449 | $80,923 | $94,906 | $124,982 | $152,200 |
Class C | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.23 | $19.92 | $19.55 | $19.21 | $19.40 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.16 | $0.12 | $0.22 | $0.27 | $0.23 |
Net realized and unrealized gain (loss) | (2.85) | 3.41 | 0.63 | 0.78 | 0.53 |
Total from investment operations | $(2.69) | $3.53 | $0.85 | $1.05 | $0.76 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.17) | $(0.22) | $(0.24) | $(0.23) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.60) | $(1.22) | $(0.48) | $(0.71) | $(0.95) |
Net asset value, end of period (x) | $17.94 | $22.23 | $19.92 | $19.55 | $19.21 |
Total return (%) (r)(s)(t)(x) | (13.26) | 18.22 | 4.41 | 5.92 | 3.91 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.47 | 1.47 | 1.48 | 1.48 | 1.48 |
Expenses after expense reductions (f) | 1.47 | 1.47 | 1.48 | 1.48 | 1.48 |
Net investment income (loss) | 0.75 | 0.57 | 1.12 | 1.44 | 1.18 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $325,551 | $450,129 | $482,340 | $602,145 | $695,252 |
Class I | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.04 | $19.77 | $19.41 | $19.08 | $19.28 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.36 | $0.34 | $0.41 | $0.45 | $0.42 |
Net realized and unrealized gain (loss) | (2.83) | 3.37 | 0.63 | 0.78 | 0.52 |
Total from investment operations | $(2.47) | $3.71 | $1.04 | $1.23 | $0.94 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.31) | $(0.39) | $(0.42) | $(0.43) | $(0.42) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.80) | $(1.44) | $(0.68) | $(0.90) | $(1.14) |
Net asset value, end of period (x) | $17.77 | $22.04 | $19.77 | $19.41 | $19.08 |
Total return (%) (r)(s)(t)(x) | (12.39) | 19.38 | 5.47 | 6.99 | 4.97 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.47 | 0.47 | 0.48 | 0.48 | 0.48 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 1.77 | 1.57 | 2.11 | 2.44 | 2.20 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $871,532 | $1,008,628 | $848,687 | $663,464 | $662,998 |
Class R1 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.02 | $19.75 | $19.39 | $19.06 | $19.26 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.16 | $0.12 | $0.22 | $0.27 | $0.23 |
Net realized and unrealized gain (loss) | (2.83) | 3.37 | 0.63 | 0.77 | 0.52 |
Total from investment operations | $(2.67) | $3.49 | $0.85 | $1.04 | $0.75 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.17) | $(0.23) | $(0.24) | $(0.23) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.60) | $(1.22) | $(0.49) | $(0.71) | $(0.95) |
Net asset value, end of period (x) | $17.75 | $22.02 | $19.75 | $19.39 | $19.06 |
Total return (%) (r)(s)(t)(x) | (13.28) | 18.20 | 4.42 | 5.93 | 3.93 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.47 | 1.47 | 1.48 | 1.48 | 1.48 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 0.76 | 0.57 | 1.12 | 1.44 | 1.19 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $8,391 | $10,420 | $9,119 | $10,508 | $12,068 |
Class R2 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.13 | $19.85 | $19.48 | $19.15 | $19.34 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.26 | $0.23 | $0.31 | $0.36 | $0.32 |
Net realized and unrealized gain (loss) | (2.84) | 3.38 | 0.64 | 0.78 | 0.54 |
Total from investment operations | $(2.58) | $3.61 | $0.95 | $1.14 | $0.86 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.21) | $(0.28) | $(0.32) | $(0.34) | $(0.33) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.70) | $(1.33) | $(0.58) | $(0.81) | $(1.05) |
Net asset value, end of period (x) | $17.85 | $22.13 | $19.85 | $19.48 | $19.15 |
Total return (%) (r)(s)(t)(x) | (12.83) | 18.75 | 4.97 | 6.43 | 4.48 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.97 | 0.97 | 0.98 | 0.98 | 0.98 |
Expenses after expense reductions (f) | N/A | N/A | N/A | 0.98 | 0.98 |
Net investment income (loss) | 1.26 | 1.07 | 1.62 | 1.94 | 1.69 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $88,487 | $118,257 | $125,160 | $165,893 | $194,859 |
Class R3 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.06 | $19.79 | $19.43 | $19.10 | $19.30 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.31 | $0.28 | $0.36 | $0.41 | $0.37 |
Net realized and unrealized gain (loss) | (2.83) | 3.37 | 0.63 | 0.78 | 0.53 |
Total from investment operations | $(2.52) | $3.65 | $0.99 | $1.19 | $0.90 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.26) | $(0.33) | $(0.37) | $(0.39) | $(0.38) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.75) | $(1.38) | $(0.63) | $(0.86) | $(1.10) |
Net asset value, end of period (x) | $17.79 | $22.06 | $19.79 | $19.43 | $19.10 |
Total return (%) (r)(s)(t)(x) | (12.60) | 19.05 | 5.20 | 6.71 | 4.70 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.72 | 0.72 | 0.73 | 0.73 | 0.73 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | 0.73 |
Net investment income (loss) | 1.51 | 1.32 | 1.86 | 2.19 | 1.94 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $222,265 | $294,584 | $284,813 | $290,210 | $325,625 |
Class R4 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.07 | $19.80 | $19.44 | $19.11 | $19.31 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.36 | $0.34 | $0.41 | $0.46 | $0.42 |
Net realized and unrealized gain (loss) | (2.83) | 3.37 | 0.63 | 0.77 | 0.52 |
Total from investment operations | $(2.47) | $3.71 | $1.04 | $1.23 | $0.94 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.31) | $(0.39) | $(0.42) | $(0.43) | $(0.42) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.80) | $(1.44) | $(0.68) | $(0.90) | $(1.14) |
Net asset value, end of period (x) | $17.80 | $22.07 | $19.80 | $19.44 | $19.11 |
Total return (%) (r)(s)(t)(x) | (12.37) | 19.35 | 5.47 | 6.98 | 4.96 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.47 | 0.47 | 0.48 | 0.48 | 0.48 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 1.77 | 1.57 | 2.11 | 2.45 | 2.19 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $203,954 | $252,366 | $251,641 | $236,165 | $249,073 |
Class R6 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $22.04 | $19.77 | $19.42 | $19.09 | $19.29 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.38 | $0.35 | $0.42 | $0.47 | $0.44 |
Net realized and unrealized gain (loss) | (2.83) | 3.37 | 0.63 | 0.78 | 0.52 |
Total from investment operations | $(2.45) | $3.72 | $1.05 | $1.25 | $0.96 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.33) | $(0.40) | $(0.44) | $(0.45) | $(0.44) |
From net realized gain | (1.49) | (1.05) | (0.26) | (0.47) | (0.72) |
Total distributions declared to shareholders | $(1.82) | $(1.45) | $(0.70) | $(0.92) | $(1.16) |
Net asset value, end of period (x) | $17.77 | $22.04 | $19.77 | $19.42 | $19.09 |
Total return (%) (r)(s)(t)(x) | (12.32) | 19.47 | 5.50 | 7.07 | 5.06 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.39 | 0.39 | 0.40 | 0.40 | 0.40 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 1.85 | 1.65 | 2.19 | 2.52 | 2.29 |
Portfolio turnover | 88 | 112 | 92 | 39 | 33 |
Net assets at end of period (000 omitted) | $902,020 | $1,023,815 | $895,481 | $753,666 | $632,943 |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(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 | $3,933,331,114 | $18,998,386 | $— | $3,952,329,500 |
Germany | 32,048,121 | 27,944,967 | — | 59,993,088 |
Switzerland | — | 33,389,424 | — | 33,389,424 |
Taiwan | 21,469,427 | — | — | 21,469,427 |
France | — | 16,712,121 | — | 16,712,121 |
United Kingdom | — | 11,059,000 | — | 11,059,000 |
South Korea | — | 10,671,167 | — | 10,671,167 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 763,748,934 | — | 763,748,934 |
Non - U.S. Sovereign Debt | — | 10,079,363 | — | 10,079,363 |
Municipal Bonds | — | 19,837,107 | — | 19,837,107 |
U.S. Corporate Bonds | — | 650,687,903 | — | 650,687,903 |
Residential Mortgage-Backed Securities | — | 832,889,743 | — | 832,889,743 |
Commercial Mortgage-Backed Securities | — | 144,484,731 | — | 144,484,731 |
Asset-Backed Securities (including CDOs) | — | 267,278,067 | — | 267,278,067 |
Foreign Bonds | — | 271,814,197 | — | 271,814,197 |
Mutual Funds | 177,296,073 | — | — | 177,296,073 |
Total | $4,164,144,735 | $3,079,595,110 | $— | $7,243,739,845 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $1,877,896 | $— | $— | $1,877,896 |
Futures Contracts – Liabilities | (11,400,665) | — | — | (11,400,665) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $1,877,896 | $(11,400,665) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities. |
Risk | Futures Contracts |
Interest Rate | $(7,639,159) |
Risk | Futures Contracts |
Interest Rate | $(9,522,769) |
Year ended 9/30/22 | Year ended 9/30/21 | |
Ordinary income (including any short-term capital gains) | $136,491,411 | $130,815,448 |
Long-term capital gains | 546,250,940 | 394,893,557 |
Total distributions | $682,742,351 | $525,709,005 |
As of 9/30/22 | |
Cost of investments | $6,426,846,526 |
Gross appreciation | 1,457,591,263 |
Gross depreciation | (650,220,713) |
Net unrealized appreciation (depreciation) | $807,370,550 |
Undistributed ordinary income | 30,315,410 |
Undistributed long-term capital gain | 235,019,406 |
Other temporary differences | (13,794,202) |
Total distributable earnings (loss) | $1,058,911,164 |
Year ended 9/30/22 | Year ended 9/30/21 | ||
Class A | $418,611,116 | $314,457,241 | |
Class B | 5,538,194 | 5,472,113 | |
Class C | 31,577,135 | 28,320,585 | |
Class I | 84,020,236 | 61,737,826 | |
Class R1 | 729,791 | 562,049 | |
Class R2 | 8,866,198 | 7,898,350 | |
Class R3 | 21,993,557 | 19,311,267 | |
Class R4 | 20,304,676 | 17,160,737 | |
Class R6 | 88,095,200 | 68,391,391 | |
Class 529A | 2,584,106 | 1,945,462 | |
Class 529B | 43,713 | 49,722 | |
Class 529C | 378,429 | 402,262 | |
Total | $682,742,351 | $525,709,005 |
Up to $6.3 billion | 0.35% |
In excess of $6.3 billion | 0.34% |
Up to $6.3 billion | 0.35% |
In excess of $6.3 billion and up to $10 billion | 0.34% |
In excess of $10 billion | 0.33% |
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% | $ 12,685,624 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 671,909 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 4,069,808 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 96,183 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 537,053 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 654,142 |
Class 529A | — | 0.25% | 0.25% | 0.23% | 57,717 |
Class 529B | 0.75% | 0.25% | 1.00% | 0.03% | 71 |
Class 529C | 0.75% | 0.25% | 1.00% | 0.99% | 25,899 |
Total Distribution and Service Fees | $18,798,406 |
(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 year ended September 30, 2022 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 year ended September 30, 2022, this rebate amounted to $30,165, $136, $82, $5,668, and $299 for Class A, Class B, Class C, Class 529A, and Class 529C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. For the year ended September 30, 2022, 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 | $153,011 |
Class B | 37,218 |
Class C | 19,362 |
Class 529B | — |
Class 529C | 159 |
Fee | |
Class 529A | $11,544 |
Class 529B | 136 |
Class 529C | 1,295 |
Total Program Manager Fees | $12,975 |
Purchases | Sales | |
U.S. Government securities | $5,892,719,726 | $5,824,208,386 |
Non-U.S. Government securities | 1,198,927,417 | 1,448,759,770 |
Year ended 9/30/22 | Year ended 9/30/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 33,466,090 | $685,904,737 | 35,529,198 | $759,881,984 | |
Class B | 64,882 | 1,352,760 | 46,486 | 983,047 | |
Class C | 2,025,034 | 42,058,580 | 2,380,447 | 51,310,840 | |
Class I | 8,055,892 | 165,126,705 | 8,858,172 | 191,141,092 | |
Class R1 | 65,465 | 1,324,712 | 29,456 | 627,029 | |
Class R2 | 1,082,159 | 22,119,106 | 789,919 | 16,983,114 | |
Class R3 | 1,890,128 | 38,458,674 | 2,862,773 | 61,700,508 | |
Class R4 | 1,620,907 | 32,981,077 | 1,730,353 | 37,112,969 | |
Class R6 | 10,669,076 | 220,675,812 | 15,376,841 | 327,670,573 | |
Class 529A | 434,771 | 8,989,314 | 329,670 | 6,949,344 | |
Class 529B | 1,403 | 30,325 | 4,078 | 89,728 | |
Class 529C | 13,616 | 288,833 | 26,351 | 563,293 | |
59,389,423 | $1,219,310,635 | 67,963,744 | $1,455,013,521 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 18,694,354 | $395,412,895 | 14,434,166 | $296,393,488 | |
Class B | 242,070 | 5,165,735 | 247,057 | 5,050,768 | |
Class C | 1,394,909 | 29,934,385 | 1,297,727 | 26,675,466 | |
Class I | 3,465,621 | 73,200,874 | 2,590,417 | 53,267,913 | |
Class R1 | 34,376 | 729,791 | 27,566 | 562,049 | |
Class R2 | 413,882 | 8,810,700 | 380,528 | 7,822,050 | |
Class R3 | 1,038,015 | 21,991,573 | 939,021 | 19,285,982 | |
Class R4 | 887,010 | 18,764,485 | 785,493 | 16,165,395 | |
Class R6 | 3,882,876 | 81,967,596 | 2,947,213 | 60,642,279 | |
Class 529A | 120,661 | 2,564,548 | 94,299 | 1,931,150 | |
Class 529B | 2,039 | 43,713 | 2,420 | 49,722 | |
Class 529C | 17,529 | 377,330 | 19,467 | 399,533 | |
30,193,342 | $638,963,625 | 23,765,374 | $488,245,795 |
Year ended 9/30/22 | Year ended 9/30/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (37,317,685) | $(760,718,025) | (40,066,467) | $(858,849,436) | |
Class B | (1,251,172) | (25,461,990) | (1,420,536) | (30,486,053) | |
Class C | (5,522,629) | (112,793,492) | (7,633,154) | (162,165,756) | |
Class I | (8,240,538) | (167,418,678) | (8,603,031) | (182,746,361) | |
Class R1 | (100,431) | (2,095,634) | (45,392) | (967,177) | |
Class R2 | (1,882,649) | (38,756,685) | (2,132,728) | (45,729,878) | |
Class R3 | (3,787,075) | (79,296,111) | (4,839,810) | (103,749,396) | |
Class R4 | (2,482,485) | (50,562,583) | (3,790,796) | (81,540,416) | |
Class R6 | (10,243,653) | (208,928,217) | (17,157,352) | (371,245,410) | |
Class 529A | (2,103,345) | (40,378,179) | (249,602) | (5,354,059) | |
Class 529B | (35,628) | (744,598) | (12,318) | (265,047) | |
Class 529C | (286,953) | (5,942,477) | (146,530) | (3,079,902) | |
(73,254,243) | $(1,493,096,669) | (86,097,716) | $(1,846,178,891) | ||
Net change | |||||
Class A | 14,842,759 | $320,599,607 | 9,896,897 | $197,426,036 | |
Class B | (944,220) | (18,943,495) | (1,126,993) | (24,452,238) | |
Class C | (2,102,686) | (40,800,527) | (3,954,980) | (84,179,450) | |
Class I | 3,280,975 | 70,908,901 | 2,845,558 | 61,662,644 | |
Class R1 | (590) | (41,131) | 11,630 | 221,901 | |
Class R2 | (386,608) | (7,826,879) | (962,281) | (20,924,714) | |
Class R3 | (858,932) | (18,845,864) | (1,038,016) | (22,762,906) | |
Class R4 | 25,432 | 1,182,979 | (1,274,950) | (28,262,052) | |
Class R6 | 4,308,299 | 93,715,191 | 1,166,702 | 17,067,442 | |
Class 529A | (1,547,913) | (28,824,317) | 174,367 | 3,526,435 | |
Class 529B | (32,186) | (670,560) | (5,820) | (125,597) | |
Class 529C | (255,808) | (5,276,314) | (100,712) | (2,117,076) | |
16,328,522 | $365,177,591 | 5,631,402 | $97,080,425 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $589,409,208 | $1,573,774,860 | $1,985,887,081 | $(25,995) | $25,081 | $177,296,073 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $2,079,160 | $— |
November 14, 2022
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEES | ||||||||||
Michael W. Roberge (k) (age 56) | Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 67) | Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
Steven E. Buller (age 71) | Trustee | February 2014 | 136 | Private investor | N/A | |||||
John A. Caroselli (age 68) | Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
Maureen R. Goldfarb (age 67) | Trustee | January 2009 | 136 | Private investor | N/A | |||||
Peter D. Jones (age 67) | Trustee | January 2019 | 136 | Private investor | N/A | |||||
James W. Kilman, Jr. (age 61) | Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
Clarence Otis, Jr. (age 66) | Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
Maryanne L. Roepke (age 66) | Trustee | May 2014 | 136 | Private investor | N/A | |||||
Laurie J. Thomsen (age 65) | Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 48) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel | ||||
Kino Clark (k) (age 54) | Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
John W. Clark, Jr. (k) (age 55) | Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President | ||||
David L. DiLorenzo (k) (age 54) | President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 55) | Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
Brian E. Langenfeld (k) (age 49) | Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
Rosa E. Licea-Mailloux(k) (age 46) | Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
Amanda S. Mooradian (k) (age 43) | Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 51) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
Kasey L. Phillips (k) (age 51) | Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
Matthew A. Stowe (k) (age 47) | Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
William B. Wilson(k) (age 40) | Assistant Secretary and Assistant Clerk | October 2022 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Counsel | ||||
James O. Yost (k) (age 62) | Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | JPMorgan Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Deloitte & Touche LLP 200 Berkeley Street Boston, MA 02116 |
Portfolio Manager(s) | |
Steven Gorham Alexander Mackey Joshua Marston Johnathan Munko Henry Peabody |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
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back cover |
Microsoft Corp. | 7.0% |
Alphabet, Inc., “A” | 4.3% |
Amazon.com, Inc. | 3.9% |
Apple, Inc. | 3.4% |
Visa, Inc., “A” | 2.2% |
ConocoPhillips | 1.8% |
JPMorgan Chase & Co. | 1.6% |
Danaher Corp. | 1.6% |
Charles Schwab Corp. | 1.6% |
Accenture PLC, “A” | 1.5% |
Technology | 29.0% |
Health Care | 15.7% |
Financial Services | 13.9% |
Capital Goods | 13.1% |
Consumer Cyclicals | 11.8% |
Energy | 7.9% |
Consumer Staples | 5.1% |
Telecommunications/Cable Television (s) | 2.4% |
(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. |
(b) | Security is not a benchmark constituent. |
Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr |
A | 10/13/71 | (16.34)% | 8.54% | 10.87% |
B | 9/07/93 | (16.97)% | 7.72% | 10.04% |
C | 1/03/94 | (16.97)% | 7.72% | 10.04% |
I | 1/02/97 | (16.15)% | 8.81% | 11.14% |
R1 | 4/01/05 | (16.98)% | 7.72% | 10.03% |
R2 | 10/31/03 | (16.55)% | 8.26% | 10.59% |
R3 | 4/01/05 | (16.34)% | 8.53% | 10.86% |
R4 | 4/01/05 | (16.15)% | 8.80% | 11.14% |
R6 | 5/01/06 | (16.09)% | 8.88% | 11.23% |
Standard & Poor’s 500 Stock Index (f) | (15.47)% | 9.24% | 11.70% |
A With Initial Sales Charge (5.75%) | (21.15)% | 7.26% | 10.22% |
B With CDSC (Declining over six years from 4% to 0%) (v) | (20.10)% | 7.43% | 10.04% |
C With CDSC (1% for 12 months) (v) | (17.75)% | 7.72% | 10.04% |
(f) | Source: FactSet Research Systems Inc. |
(v) | Assuming redemption at the end of the applicable period. |
(g) | “Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
April 1, 2022 through September 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/22 | Ending Account Value 9/30/22 | Expenses Paid During Period (p) 4/01/22-9/30/22 | |
A | Actual | 0.80% | $1,000.00 | $823.30 | $3.66 |
Hypothetical (h) | 0.80% | $1,000.00 | $1,021.06 | $4.05 | |
B | Actual | 1.55% | $1,000.00 | $820.36 | $7.07 |
Hypothetical (h) | 1.55% | $1,000.00 | $1,017.30 | $7.84 | |
C | Actual | 1.55% | $1,000.00 | $820.27 | $7.07 |
Hypothetical (h) | 1.55% | $1,000.00 | $1,017.30 | $7.84 | |
I | Actual | 0.55% | $1,000.00 | $824.35 | $2.52 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.31 | $2.79 | |
R1 | Actual | 1.55% | $1,000.00 | $820.25 | $7.07 |
Hypothetical (h) | 1.55% | $1,000.00 | $1,017.30 | $7.84 | |
R2 | Actual | 1.05% | $1,000.00 | $822.35 | $4.80 |
Hypothetical (h) | 1.05% | $1,000.00 | $1,019.80 | $5.32 | |
R3 | Actual | 0.80% | $1,000.00 | $823.35 | $3.66 |
Hypothetical (h) | 0.80% | $1,000.00 | $1,021.06 | $4.05 | |
R4 | Actual | 0.55% | $1,000.00 | $824.30 | $2.52 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.31 | $2.79 | |
R6 | Actual | 0.48% | $1,000.00 | $824.57 | $2.20 |
Hypothetical (h) | 0.48% | $1,000.00 | $1,022.66 | $2.43 |
(h) | 5% fund return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.4% | ||||
Aerospace & Defense – 4.3% | ||||
General Dynamics Corp. | 167,549 | $35,548,871 | ||
Honeywell International, Inc. | 438,207 | 73,167,423 | ||
Howmet Aerospace, Inc. | 1,223,333 | 37,837,690 | ||
L3Harris Technologies, Inc. | 178,624 | 37,123,426 | ||
Northrop Grumman Corp. | 101,142 | 47,569,106 | ||
Raytheon Technologies Corp. | 772,576 | 63,243,071 | ||
$294,489,587 | ||||
Alcoholic Beverages – 0.7% | ||||
Constellation Brands, Inc., “A” | 203,354 | $46,706,347 | ||
Apparel Manufacturers – 0.8% | ||||
NIKE, Inc., “B” | 626,566 | $52,080,166 | ||
Automotive – 0.3% | ||||
Aptiv PLC (a) | 274,385 | $21,459,651 | ||
Biotechnology – 0.2% | ||||
Illumina, Inc. (a) | 88,498 | $16,884,533 | ||
Broadcasting – 0.1% | ||||
Warner Bros. Discovery, Inc. (a) | 817,713 | $9,403,699 | ||
Brokerage & Asset Managers – 2.1% | ||||
Charles Schwab Corp. | 1,482,888 | $106,575,161 | ||
CME Group, Inc. | 189,273 | 33,525,926 | ||
$140,101,087 | ||||
Business Services – 4.4% | ||||
Accenture PLC, “A” | 393,585 | $101,269,420 | ||
Cognizant Technology Solutions Corp., “A” | 603,438 | 34,661,479 | ||
Equifax, Inc. | 156,789 | 26,878,338 | ||
Fidelity National Information Services, Inc. | 602,598 | 45,538,331 | ||
Fiserv, Inc. (a) | 678,084 | 63,448,320 | ||
Global Payments, Inc. | 187,495 | 20,258,835 | ||
Thoughtworks Holding, Inc. (a) | 803,395 | 8,427,614 | ||
$300,482,337 | ||||
Cable TV – 1.0% | ||||
Cable One, Inc. | 26,615 | $22,703,926 | ||
Charter Communications, Inc., “A” (a) | 147,511 | 44,747,462 | ||
$67,451,388 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software – 12.2% | ||||
Adobe Systems, Inc. (a) | 189,870 | $52,252,224 | ||
Atlassian Corp. PLC, “A” (a) | 159,311 | 33,549,304 | ||
Black Knight, Inc. (a) | 776,731 | 50,277,798 | ||
Cadence Design Systems, Inc. (a) | 437,536 | 71,506,508 | ||
Elastic N.V. (a) | 287,341 | 20,613,843 | ||
Microsoft Corp. (s) | 2,032,766 | 473,431,201 | ||
NICE Systems Ltd., ADR (a) | 146,167 | 27,514,476 | ||
Palo Alto Networks, Inc. (a) | 100,187 | 16,409,629 | ||
Salesforce, Inc. (a) | 571,017 | 82,135,085 | ||
$827,690,068 | ||||
Computer Software - Systems – 4.1% | ||||
Apple, Inc. (s) | 1,673,210 | $231,237,622 | ||
Constellation Software, Inc. | 35,840 | 49,869,842 | ||
$281,107,464 | ||||
Construction – 2.1% | ||||
AZEK Co., Inc. (a) | 1,073,963 | $17,849,265 | ||
Masco Corp. | 803,249 | 37,503,696 | ||
Sherwin-Williams Co. | 206,888 | 42,360,318 | ||
Vulcan Materials Co. | 279,579 | 44,092,404 | ||
$141,805,683 | ||||
Consumer Products – 1.3% | ||||
Colgate-Palmolive Co. | 719,999 | $50,579,930 | ||
Kimberly-Clark Corp. | 321,158 | 36,143,121 | ||
$86,723,051 | ||||
Consumer Services – 0.3% | ||||
Bright Horizons Family Solutions, Inc. (a) | 389,830 | $22,473,698 | ||
Electrical Equipment – 1.5% | ||||
Johnson Controls International PLC | 1,141,859 | $56,202,300 | ||
TE Connectivity Ltd. | 334,084 | 36,869,510 | ||
Vertiv Holdings Co. | 1,050,742 | 10,213,212 | ||
$103,285,022 | ||||
Electronics – 2.4% | ||||
Applied Materials, Inc. | 673,314 | $55,164,616 | ||
Lam Research Corp. | 101,432 | 37,124,112 | ||
NXP Semiconductors N.V. | 490,594 | 72,367,521 | ||
$164,656,249 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Independent – 4.4% | ||||
ConocoPhillips | 1,185,072 | $121,280,268 | ||
Diamondback Energy, Inc. | 324,634 | 39,105,412 | ||
Hess Corp. | 549,858 | 59,929,023 | ||
Pioneer Natural Resources Co. | 186,909 | 40,471,406 | ||
Valero Energy Corp. | 328,380 | 35,087,403 | ||
$295,873,512 | ||||
Energy - Renewables – 0.1% | ||||
Generac Holdings, Inc. (a) | 49,462 | $8,811,161 | ||
Food & Beverages – 2.5% | ||||
Hostess Brands, Inc. (a) | 782,506 | $18,185,439 | ||
Mondelez International, Inc. | 966,176 | 52,975,430 | ||
Oatly Group AB, ADR (a) | 2,588,947 | 6,808,931 | ||
PepsiCo, Inc. | 544,594 | 88,910,417 | ||
$166,880,217 | ||||
Gaming & Lodging – 0.4% | ||||
Marriott International, Inc., “A” | 202,911 | $28,435,948 | ||
General Merchandise – 1.6% | ||||
Dollar General Corp. | 187,585 | $44,994,138 | ||
Dollar Tree, Inc. (a) | 244,722 | 33,306,664 | ||
Five Below, Inc. (a) | 208,234 | 28,667,575 | ||
$106,968,377 | ||||
Health Maintenance Organizations – 2.2% | ||||
Cigna Corp. | 350,518 | $97,258,229 | ||
Humana, Inc. | 103,915 | 50,418,519 | ||
$147,676,748 | ||||
Insurance – 3.1% | ||||
Aon PLC | 278,785 | $74,678,138 | ||
Chubb Ltd. | 306,877 | 55,814,789 | ||
Reinsurance Group of America, Inc. | 304,091 | 38,257,688 | ||
Willis Towers Watson PLC | 194,036 | 38,989,594 | ||
$207,740,209 | ||||
Internet – 5.2% | ||||
Alphabet, Inc., “A” (a)(s) | 3,028,112 | $289,638,913 | ||
Alphabet, Inc., “C” (a) | 471,067 | 45,293,092 | ||
Gartner, Inc. (a) | 60,813 | 16,826,349 | ||
$351,758,354 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Leisure & Toys – 0.8% | ||||
Electronic Arts, Inc. | 454,374 | $52,575,616 | ||
Machinery & Tools – 2.0% | ||||
Ingersoll Rand, Inc. | 707,680 | $30,614,237 | ||
PACCAR, Inc. | 391,332 | 32,750,575 | ||
Regal Rexnord Corp. | 150,757 | 21,160,252 | ||
Roper Technologies, Inc. | 58,493 | 21,036,423 | ||
Wabtec Corp. | 390,891 | 31,798,983 | ||
$137,360,470 | ||||
Major Banks – 3.5% | ||||
JPMorgan Chase & Co. | 1,061,909 | $110,969,491 | ||
Morgan Stanley | 960,239 | 75,868,483 | ||
PNC Financial Services Group, Inc. | 357,614 | 53,434,684 | ||
$240,272,658 | ||||
Medical & Health Technology & Services – 1.6% | ||||
ICON PLC (a) | 232,140 | $42,662,689 | ||
McKesson Corp. | 188,413 | 64,035,926 | ||
$106,698,615 | ||||
Medical Equipment – 5.7% | ||||
Becton, Dickinson and Co. | 221,955 | $49,458,233 | ||
Boston Scientific Corp. (a) | 1,799,065 | 69,677,787 | ||
Danaher Corp. | 426,812 | 110,241,272 | ||
Envista Holdings Corp. (a) | 897,433 | 29,444,777 | ||
Maravai Lifesciences Holdings, Inc., “A” (a) | 1,163,580 | 29,706,197 | ||
Medtronic PLC | 708,520 | 57,212,990 | ||
STERIS PLC | 231,811 | 38,545,533 | ||
$384,286,789 | ||||
Natural Gas - Pipeline – 0.2% | ||||
Enterprise Products Partners LP | 692,784 | $16,474,404 | ||
Network & Telecom – 0.6% | ||||
Equinix, Inc., REIT | 76,002 | $43,232,978 | ||
Other Banks & Diversified Financials – 4.2% | ||||
Moody's Corp. | 125,114 | $30,416,464 | ||
Northern Trust Corp. | 378,212 | 32,359,819 | ||
Truist Financial Corp. | 1,567,163 | 68,234,277 | ||
Visa, Inc., “A” | 858,601 | 152,530,468 | ||
$283,541,028 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – 6.0% | ||||
Eli Lilly & Co. | 311,974 | $100,876,793 | ||
Johnson & Johnson | 419,818 | 68,581,468 | ||
Merck & Co., Inc. | 1,129,009 | 97,230,255 | ||
Vertex Pharmaceuticals, Inc. (a) | 338,914 | 98,129,160 | ||
Zoetis, Inc. | 292,677 | 43,401,072 | ||
$408,218,748 | ||||
Railroad & Shipping – 1.3% | ||||
Canadian Pacific Railway Ltd. | 890,263 | $59,398,347 | ||
CSX Corp. | 1,169,447 | 31,154,068 | ||
$90,552,415 | ||||
Real Estate – 1.1% | ||||
Extra Space Storage, Inc., REIT | 174,392 | $30,119,242 | ||
STORE Capital Corp., REIT | 1,331,632 | 41,720,031 | ||
$71,839,273 | ||||
Restaurants – 1.4% | ||||
Starbucks Corp. | 775,127 | $65,312,201 | ||
Wendy's Co. | 1,628,774 | 30,441,786 | ||
$95,753,987 | ||||
Specialty Chemicals – 1.5% | ||||
Air Products & Chemicals, Inc. | 155,716 | $36,239,785 | ||
Axalta Coating Systems Ltd. (a) | 877,631 | 18,482,909 | ||
DuPont de Nemours, Inc. | 944,723 | 47,614,039 | ||
$102,336,733 | ||||
Specialty Stores – 6.4% | ||||
Amazon.com, Inc. (a)(s) | 2,315,482 | $261,649,466 | ||
Home Depot, Inc. | 315,305 | 87,005,262 | ||
Ross Stores, Inc. | 462,720 | 38,993,414 | ||
Target Corp. | 313,834 | 46,569,827 | ||
$434,217,969 | ||||
Telecommunications - Wireless – 1.9% | ||||
SBA Communications Corp., REIT | 283,862 | $80,801,318 | ||
T-Mobile US, Inc. (a) | 361,966 | 48,564,978 | ||
$129,366,296 | ||||
Tobacco – 0.7% | ||||
Philip Morris International, Inc. (s) | 537,333 | $44,604,012 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – 3.2% | ||||
American Electric Power Co., Inc. | 351,454 | $30,383,198 | ||
Duke Energy Corp. | 569,969 | 53,018,517 | ||
NextEra Energy, Inc. | 731,432 | 57,351,583 | ||
PG&E Corp. (a) | 2,435,082 | 30,438,525 | ||
Southern Co. | 714,009 | 48,552,612 | ||
$219,744,435 | ||||
Total Common Stocks (Identified Cost, $5,016,580,130) | $6,752,020,982 | |||
Investment Companies (h) – 0.3% | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 2.64% (v) (Identified Cost, $20,050,590) | 20,052,215 | $20,054,221 | ||
Securities Sold Short – (0.5)% | ||||
Telecommunications - Wireless – (0.5)% | ||||
Crown Castle, Inc., REIT (Proceeds Received, $31,963,062) | (247,822) | $(35,822,670) | ||
Other Assets, Less Liabilities – 0.8% | 51,606,395 | |||
Net Assets – 100.0% | $6,787,858,928 |
(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 $20,054,221 and $6,752,020,982, 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: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $5,016,580,130) | $6,752,020,982 |
Investments in affiliated issuers, at value (identified cost, $20,050,590) | 20,054,221 |
Cash | 30,558 |
Deposits with brokers for | |
Securities sold short | 224,279 |
Receivables for | |
Investments sold | 48,863,100 |
Fund shares sold | 4,981,915 |
Interest and dividends | 7,496,472 |
Other assets | 2,604 |
Total assets | $6,833,674,131 |
Liabilities | |
Payables for | |
Securities sold short, at value (proceeds received, $31,963,062) | $35,822,670 |
Fund shares reacquired | 8,030,414 |
Payable to affiliates | |
Investment adviser | 160,449 |
Administrative services fee | 3,502 |
Shareholder servicing costs | 1,167,448 |
Distribution and service fees | 19,741 |
Payable for independent Trustees' compensation | 20,428 |
Accrued expenses and other liabilities | 590,551 |
Total liabilities | $45,815,203 |
Net assets | $6,787,858,928 |
Net assets consist of | |
Paid-in capital | $4,663,372,034 |
Total distributable earnings (loss) | 2,124,486,894 |
Net assets | $6,787,858,928 |
Shares of beneficial interest outstanding | 143,770,376 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,198,757,059 | 25,780,852 | $46.50 |
Class B | 7,126,373 | 175,153 | 40.69 |
Class C | 47,651,169 | 1,182,512 | 40.30 |
Class I | 3,665,406,378 | 76,343,393 | 48.01 |
Class R1 | 2,933,024 | 74,479 | 39.38 |
Class R2 | 32,035,659 | 720,946 | 44.44 |
Class R3 | 34,132,979 | 741,242 | 46.05 |
Class R4 | 11,619,575 | 249,642 | 46.55 |
Class R6 | 1,788,196,712 | 38,502,157 | 46.44 |
(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 $49.34 [100 / 94.25 x $46.50]. 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 | $106,939,674 |
Dividends from affiliated issuers | 337,009 |
Other | 133,201 |
Income on securities loaned | 23,547 |
Foreign taxes withheld | (349,998) |
Total investment income | $107,083,433 |
Expenses | |
Management fee | $34,263,592 |
Distribution and service fees | 4,685,560 |
Shareholder servicing costs | 4,700,343 |
Administrative services fee | 649,368 |
Independent Trustees' compensation | 107,788 |
Custodian fee | 279,426 |
Shareholder communications | 170,507 |
Audit and tax fees | 65,582 |
Legal fees | 36,188 |
Dividend and interest expense on securities sold short | 1,826,365 |
Interest expense and fees | 34,445 |
Miscellaneous | 282,758 |
Total expenses | $47,101,922 |
Fees paid indirectly | (366) |
Reduction of expenses by distributor | (11,871) |
Net expenses | $47,089,685 |
Net investment income (loss) | $59,993,748 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $415,003,601 |
Affiliated issuers | (96) |
Foreign currency | (1,034) |
Net realized gain (loss) | $415,002,471 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(1,803,942,433) |
Affiliated issuers | 3,631 |
Securities sold short | 6,691,293 |
Translation of assets and liabilities in foreign currencies | (1,218) |
Net unrealized gain (loss) | $(1,797,248,727) |
Net realized and unrealized gain (loss) | $(1,382,246,256) |
Change in net assets from operations | $(1,322,252,508) |
Year ended | ||
9/30/22 | 9/30/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $59,993,748 | $44,576,437 |
Net realized gain (loss) | 415,002,471 | 427,710,229 |
Net unrealized gain (loss) | (1,797,248,727) | 1,307,473,496 |
Change in net assets from operations | $(1,322,252,508) | $1,779,760,162 |
Total distributions to shareholders | $(482,432,724) | $(353,381,538) |
Change in net assets from fund share transactions | $110,267,716 | $478,783,631 |
Total change in net assets | $(1,694,417,516) | $1,905,162,255 |
Net assets | ||
At beginning of period | 8,482,276,444 | 6,577,114,189 |
At end of period | $6,787,858,928 | $8,482,276,444 |
Class A | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $58.66 | $48.66 | $44.50 | $46.73 | $43.26 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.29 | $0.20 | $0.33 | $0.37 | $0.35 |
Net realized and unrealized gain (loss) | (9.17) | 12.41 | 5.52 | 1.90 | 6.83 |
Total from investment operations | $(8.88) | $12.61 | $5.85 | $2.27 | $7.18 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.19) | $(0.28) | $(0.35) | $(0.28) | $(0.46) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.28) | $(2.61) | $(1.69) | $(4.50) | $(3.71) |
Net asset value, end of period (x) | $46.50 | $58.66 | $48.66 | $44.50 | $46.73 |
Total return (%) (r)(s)(t)(x) | (16.34) | 26.85 | 13.46 | 6.46 | 17.51 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.79 | 0.78 | 0.79 | 0.80 | 0.82 |
Expenses after expense reductions (f) | 0.78 | 0.78 | 0.78 | 0.79 | 0.81 |
Net investment income (loss) | 0.52 | 0.37 | 0.72 | 0.89 | 0.81 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $1,198,757 | $1,536,575 | $1,290,401 | $1,452,740 | $1,456,897 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.76 | 0.76 | 0.77 | 0.77 | 0.80 |
Class B | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $51.91 | $43.39 | $39.84 | $42.40 | $39.55 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $(0.12) | $(0.19) | $(0.01) | $0.05 | $0.03 |
Net realized and unrealized gain (loss) | (8.01) | 11.04 | 4.93 | 1.66 | 6.21 |
Total from investment operations | $(8.13) | $10.85 | $4.92 | $1.71 | $6.24 |
Less distributions declared to shareholders | |||||
From net investment income | $— | $— | $(0.03) | $(0.05) | $(0.14) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.09) | $(2.33) | $(1.37) | $(4.27) | $(3.39) |
Net asset value, end of period (x) | $40.69 | $51.91 | $43.39 | $39.84 | $42.40 |
Total return (%) (r)(s)(t)(x) | (16.97) | 25.91 | 12.61 | 5.63 | 16.65 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.53 | 1.53 | 1.54 | 1.55 | 1.57 |
Expenses after expense reductions (f) | 1.53 | 1.53 | 1.54 | 1.54 | 1.56 |
Net investment income (loss) | (0.25) | (0.39) | (0.03) | 0.14 | 0.06 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $7,126 | $12,047 | $13,373 | $17,765 | $21,445 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.51 | 1.51 | 1.52 | 1.52 | 1.55 |
Class C | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $51.44 | $43.02 | $39.53 | $42.05 | $39.27 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $(0.11) | $(0.19) | $(0.01) | $0.05 | $0.01 |
Net realized and unrealized gain (loss) | (7.94) | 10.94 | 4.90 | 1.65 | 6.17 |
Total from investment operations | $(8.05) | $10.75 | $4.89 | $1.70 | $6.18 |
Less distributions declared to shareholders | |||||
From net investment income | $— | $— | $(0.06) | $— | $(0.15) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.09) | $(2.33) | $(1.40) | $(4.22) | $(3.40) |
Net asset value, end of period (x) | $40.30 | $51.44 | $43.02 | $39.53 | $42.05 |
Total return (%) (r)(s)(t)(x) | (16.97) | 25.90 | 12.62 | 5.64 | 16.62 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.54 | 1.53 | 1.55 | 1.55 | 1.57 |
Expenses after expense reductions (f) | 1.54 | 1.53 | 1.54 | 1.55 | 1.56 |
Net investment income (loss) | (0.24) | (0.38) | (0.03) | 0.13 | 0.03 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $47,651 | $68,140 | $70,785 | $71,371 | $78,122 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.51 | 1.51 | 1.53 | 1.53 | 1.55 |
Class I | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $60.47 | $50.09 | $45.74 | $48.03 | $44.35 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.44 | $0.35 | $0.45 | $0.49 | $0.50 |
Net realized and unrealized gain (loss) | (9.47) | 12.77 | 5.70 | 1.93 | 6.99 |
Total from investment operations | $(9.03) | $13.12 | $6.15 | $2.42 | $7.49 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.34) | $(0.41) | $(0.46) | $(0.49) | $(0.56) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.43) | $(2.74) | $(1.80) | $(4.71) | $(3.81) |
Net asset value, end of period (x) | $48.01 | $60.47 | $50.09 | $45.74 | $48.03 |
Total return (%) (r)(s)(t)(x) | (16.15) | 27.16 | 13.76 | 6.68 | 17.83 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.54 | 0.53 | 0.55 | 0.55 | 0.57 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 0.77 | 0.62 | 0.97 | 1.13 | 1.09 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $3,665,406 | $4,577,919 | $3,492,027 | $2,835,696 | $2,752,743 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.51 | 0.51 | 0.53 | 0.53 | 0.56 |
Class R1 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $50.34 | $42.14 | $38.72 | $41.37 | $38.69 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $(0.11) | $(0.18) | $(0.02) | $0.04 | $0.03 |
Net realized and unrealized gain (loss) | (7.76) | 10.71 | 4.81 | 1.60 | 6.06 |
Total from investment operations | $(7.87) | $10.53 | $4.79 | $1.64 | $6.09 |
Less distributions declared to shareholders | |||||
From net investment income | $— | $— | $(0.03) | $(0.07) | $(0.16) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.09) | $(2.33) | $(1.37) | $(4.29) | $(3.41) |
Net asset value, end of period (x) | $39.38 | $50.34 | $42.14 | $38.72 | $41.37 |
Total return (%) (r)(s)(t)(x) | (16.98) | 25.92 | 12.62 | 5.62 | 16.64 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.54 | 1.53 | 1.54 | 1.55 | 1.57 |
Expenses after expense reductions (f) | 1.54 | 1.53 | N/A | N/A | N/A |
Net investment income (loss) | (0.23) | (0.39) | (0.04) | 0.12 | 0.07 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $2,933 | $3,416 | $3,596 | $4,187 | $4,947 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.51 | 1.51 | 1.53 | 1.53 | 1.56 |
Class R2 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $56.29 | $46.78 | $42.85 | $45.23 | $41.97 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.14 | $0.06 | $0.20 | $0.25 | $0.24 |
Net realized and unrealized gain (loss) | (8.76) | 11.92 | 5.33 | 1.82 | 6.60 |
Total from investment operations | $(8.62) | $11.98 | $5.53 | $2.07 | $6.84 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.14) | $(0.14) | $(0.26) | $(0.23) | $(0.33) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.23) | $(2.47) | $(1.60) | $(4.45) | $(3.58) |
Net asset value, end of period (x) | $44.44 | $56.29 | $46.78 | $42.85 | $45.23 |
Total return (%) (r)(s)(t)(x) | (16.55) | 26.53 | 13.19 | 6.18 | 17.21 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.04 | 1.03 | 1.04 | 1.05 | 1.07 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 0.27 | 0.12 | 0.47 | 0.63 | 0.56 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $32,036 | $43,862 | $19,726 | $21,738 | $21,137 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 1.01 | 1.02 | 1.03 | 1.03 | 1.06 |
Class R3 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $58.12 | $48.23 | $44.12 | $46.46 | $43.02 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.28 | $0.20 | $0.32 | $0.37 | $0.36 |
Net realized and unrealized gain (loss) | (9.08) | 12.29 | 5.48 | 1.86 | 6.77 |
Total from investment operations | $(8.80) | $12.49 | $5.80 | $2.23 | $7.13 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.18) | $(0.27) | $(0.35) | $(0.35) | $(0.44) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.27) | $(2.60) | $(1.69) | $(4.57) | $(3.69) |
Net asset value, end of period (x) | $46.05 | $58.12 | $48.23 | $44.12 | $46.46 |
Total return (%) (r)(s)(t)(x) | (16.34) | 26.85 | 13.46 | 6.44 | 17.50 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.79 | 0.78 | 0.79 | 0.80 | 0.82 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 0.52 | 0.37 | 0.72 | 0.88 | 0.81 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $34,133 | $43,493 | $40,434 | $44,941 | $45,930 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.76 | 0.76 | 0.78 | 0.78 | 0.81 |
Class R4 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $58.72 | $48.71 | $44.53 | $46.88 | $43.31 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.42 | $0.34 | $0.43 | $0.47 | $0.43 |
Net realized and unrealized gain (loss) | (9.16) | 12.40 | 5.55 | 1.88 | 6.88 |
Total from investment operations | $(8.74) | $12.74 | $5.98 | $2.35 | $7.31 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.34) | $(0.40) | $(0.46) | $(0.48) | $(0.49) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.43) | $(2.73) | $(1.80) | $(4.70) | $(3.74) |
Net asset value, end of period (x) | $46.55 | $58.72 | $48.71 | $44.53 | $46.88 |
Total return (%) (r)(s)(t)(x) | (16.13) | 27.16 | 13.76 | 6.69 | 17.84 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.53 | 0.53 | 0.54 | 0.55 | 0.57 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 0.76 | 0.62 | 0.97 | 1.13 | 0.97 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $11,620 | $16,260 | $14,246 | $16,869 | $17,148 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.51 | 0.51 | 0.53 | 0.53 | 0.56 |
Class R6 | Year ended | ||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |
Net asset value, beginning of period | $58.60 | $48.62 | $44.44 | $46.82 | $43.33 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.46 | $0.38 | $0.47 | $0.50 | $0.51 |
Net realized and unrealized gain (loss) | (9.15) | 12.37 | 5.53 | 1.86 | 6.83 |
Total from investment operations | $(8.69) | $12.75 | $6.00 | $2.36 | $7.34 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.38) | $(0.44) | $(0.48) | $(0.52) | $(0.60) |
From net realized gain | (3.09) | (2.33) | (1.34) | (4.22) | (3.25) |
Total distributions declared to shareholders | $(3.47) | $(2.77) | $(1.82) | $(4.74) | $(3.85) |
Net asset value, end of period (x) | $46.44 | $58.60 | $48.62 | $44.44 | $46.82 |
Total return (%) (r)(s)(t)(x) | (16.09) | 27.25 | 13.85 | 6.75 | 17.92 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.47 | 0.46 | 0.48 | 0.48 | 0.48 |
Expenses after expense reductions (f) | N/A | N/A | N/A | N/A | N/A |
Net investment income (loss) | 0.84 | 0.68 | 1.04 | 1.19 | 1.15 |
Portfolio turnover | 17 | 26 | 36 | 32 | 33 |
Net assets at end of period (000 omitted) | $1,788,197 | $2,180,565 | $1,632,527 | $1,433,024 | $1,441,866 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees (f) | 0.45 | 0.45 | 0.46 | 0.46 | 0.47 |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(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 | $6,752,020,982 | $— | $— | $6,752,020,982 |
Mutual Funds | 20,054,221 | — | — | 20,054,221 |
Total | $6,772,075,203 | $— | $— | $6,772,075,203 |
Securities Sold Short | $(35,822,670) | $— | $— | $(35,822,670) |
Year ended 9/30/22 | Year ended 9/30/21 | |
Ordinary income (including any short-term capital gains) | $104,031,455 | $58,736,825 |
Long-term capital gains | 378,401,269 | 294,644,713 |
Total distributions | $482,432,724 | $353,381,538 |
As of 9/30/22 | |
Cost of investments | $5,031,902,150 |
Gross appreciation | 2,244,899,341 |
Gross depreciation | (540,548,958) |
Net unrealized appreciation (depreciation) | $1,704,350,383 |
Undistributed ordinary income | 43,818,939 |
Undistributed long-term capital gain | 359,448,420 |
Other temporary differences | 16,869,152 |
Total distributable earnings (loss) | $2,124,486,894 |
Year ended 9/30/22 | Year ended 9/30/21 | ||
Class A | $85,011,553 | $67,772,858 | |
Class B | 683,436 | 678,032 | |
Class C | 3,981,765 | 3,758,024 | |
Class I | 258,213,877 | 184,417,277 | |
Class R1 | 207,362 | 154,178 | |
Class R2 | 2,424,401 | 965,562 | |
Class R3 | 2,423,554 | 2,113,247 | |
Class R4 | 906,505 | 792,558 | |
Class R6 | 128,580,271 | 92,729,802 | |
Total | $482,432,724 | $353,381,538 |
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% | $ 3,635,934 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 100,263 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 612,984 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 33,089 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 199,969 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 103,321 |
Total Distribution and Service Fees | $4,685,560 |
(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 year ended September 30, 2022 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 year ended September 30, 2022, this rebate amounted to $11,801, $60, $6, and $4 for Class A, Class B, Class C, and Class R1 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $2,569 |
Class B | 5,350 |
Class C | 4,079 |
Year ended 9/30/22 | Year ended 9/30/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,051,786 | $58,311,873 | 1,313,253 | $71,287,336 | |
Class B | 1,037 | 53,432 | 3,231 | 160,404 | |
Class C | 126,260 | 6,160,769 | 188,990 | 9,089,790 | |
Class I | 12,746,586 | 727,917,046 | 23,675,631 | 1,305,128,456 | |
Class R1 | 9,121 | 403,052 | 2,812 | 132,274 | |
Class R2 | 111,029 | 5,868,109 | 506,350 | 28,710,716 | |
Class R3 | 117,360 | 6,469,189 | 106,727 | 5,598,895 | |
Class R4 | 37,571 | 2,164,599 | 40,205 | 2,171,262 | |
Class R6 | 1,861,296 | 103,067,406 | 4,722,739 | 266,568,742 | |
16,062,046 | $910,415,475 | 30,559,938 | $1,688,847,875 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,321,232 | $78,296,097 | 1,254,465 | $62,535,102 | |
Class B | 12,948 | 675,501 | 15,181 | 673,937 | |
Class C | 73,864 | 3,816,563 | 82,820 | 3,642,408 | |
Class I | 4,189,873 | 255,875,509 | 3,558,639 | 182,487,033 | |
Class R1 | 4,106 | 207,362 | 3,583 | 154,178 | |
Class R2 | 42,696 | 2,422,998 | 20,034 | 960,037 | |
Class R3 | 41,294 | 2,423,554 | 42,787 | 2,113,247 | |
Class R4 | 14,051 | 831,800 | 14,773 | 735,552 | |
Class R6 | 2,154,549 | 127,204,589 | 1,825,081 | 90,651,764 | |
7,854,613 | $471,753,973 | 6,817,363 | $343,953,258 | ||
Shares reacquired | |||||
Class A | (2,785,111) | $(154,253,367) | (2,891,567) | $(156,164,737) | |
Class B | (70,900) | (3,458,392) | (94,521) | (4,570,173) | |
Class C | (342,258) | (16,472,060) | (592,574) | (28,172,778) | |
Class I | (16,302,923) | (923,270,505) | (21,243,735) | (1,177,600,668) | |
Class R1 | (6,604) | (314,997) | (23,864) | (1,066,978) | |
Class R2 | (212,046) | (11,192,643) | (168,829) | (8,821,278) | |
Class R3 | (165,730) | (9,096,817) | (239,523) | (12,837,540) | |
Class R4 | (78,897) | (4,525,719) | (70,543) | (3,744,743) | |
Class R6 | (2,726,427) | (149,317,232) | (2,915,000) | (161,038,607) | |
(22,690,896) | $(1,271,901,732) | (28,240,156) | $(1,554,017,502) |
Year ended 9/30/22 | Year ended 9/30/21 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (412,093) | $(17,645,397) | (323,849) | $(22,342,299) | |
Class B | (56,915) | (2,729,459) | (76,109) | (3,735,832) | |
Class C | (142,134) | (6,494,728) | (320,764) | (15,440,580) | |
Class I | 633,536 | 60,522,050 | 5,990,535 | 310,014,821 | |
Class R1 | 6,623 | 295,417 | (17,469) | (780,526) | |
Class R2 | (58,321) | (2,901,536) | 357,555 | 20,849,475 | |
Class R3 | (7,076) | (204,074) | (90,009) | (5,125,398) | |
Class R4 | (27,275) | (1,529,320) | (15,565) | (837,929) | |
Class R6 | 1,289,418 | 80,954,763 | 3,632,820 | 196,181,899 | |
1,225,763 | $110,267,716 | 9,137,145 | $478,783,631 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $90,355,775 | $716,636,483 | $786,941,572 | $(96) | $3,631 | $20,054,221 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $337,009 | $— |
MFS Research Fund:
November 14, 2022
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEES | ||||||||||
Michael W. Roberge (k) (age 56) | Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 67) | Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
Steven E. Buller (age 71) | Trustee | February 2014 | 136 | Private investor | N/A | |||||
John A. Caroselli (age 68) | Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
Maureen R. Goldfarb (age 67) | Trustee | January 2009 | 136 | Private investor | N/A | |||||
Peter D. Jones (age 67) | Trustee | January 2019 | 136 | Private investor | N/A | |||||
James W. Kilman, Jr. (age 61) | Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
Clarence Otis, Jr. (age 66) | Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
Maryanne L. Roepke (age 66) | Trustee | May 2014 | 136 | Private investor | N/A | |||||
Laurie J. Thomsen (age 65) | Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 48) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel | ||||
Kino Clark (k) (age 54) | Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
John W. Clark, Jr. (k) (age 55) | Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President | ||||
David L. DiLorenzo (k) (age 54) | President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 55) | Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
Brian E. Langenfeld (k) (age 49) | Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
Rosa E. Licea-Mailloux(k) (age 46) | Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
Amanda S. Mooradian (k) (age 43) | Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 51) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
Kasey L. Phillips (k) (age 51) | Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
Matthew A. Stowe (k) (age 47) | Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
William B. Wilson(k) (age 40) | Assistant Secretary and Assistant Clerk | October 2022 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Counsel | ||||
James O. Yost (k) (age 62) | Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | JPMorgan Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Deloitte & Touche LLP 200 Berkeley Street Boston, MA 02116 |
Portfolio Manager(s) | |
Joseph MacDougall |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
Item 1(b):
Not applicable
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code's definition 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.
A copy of the Code is attached hereto as EX-99.COE.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller, Kilman, and Otis and Ms. Roepke are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Deloitte & Touche LLP ("Deloitte") to serve as independent accountants to certain series of the Registrant and Ernst & Young LLP ("E&Y") to serve in the same capacity to certain other series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to each Fund's investment adviser, Massachusetts Financial Services Company ("MFS"), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Funds ("MFS Related Entities").
For the fiscal years ended September 30, 2022 and 2021, audit fees billed to each Fund by Deloitte and E&Y were as follows:
Fees billed by Deloitte: |
| Audit Fees | |
| 2022 |
| 2021 |
MFS Research Fund | 49,666 |
| 47,162 |
MFS Total Return Fund | 76,859 |
| 74,385 |
Total | 126,525 |
| 121,547 |
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Fees billed by E&Y: |
| Audit Fees | |
| 2022 |
| 2021 |
MFS International New Discovery Fund | 53,754 |
| 52,464 |
For the fiscal years ended September 30, 2022 and 2021, fees billed by Deloitte and E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
Fees billed by Deloitte: | Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | |||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
To MFS Research Fund | 0 | 0 | 400 | 7,873 | 0 | 0 |
To MFS Total Return Fund | 0 | 0 | 400 | 10,997 | 0 | 0 |
Total fees billed by Deloitte | 0 | 0 | 800 | 18,870 | 0 | 0 |
To above Funds: |
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Fees billed by Deloitte: | Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | |||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
To MFS and MFS Related |
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Entities of MFS Research Fund* | 0 | 0 | 0 | 0 | 3,790 | 5,390 |
To MFS and MFS Related |
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Entities of MFS Total Return |
| 0 |
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| 0 |
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| 0 |
| 0 |
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| 3,790 |
| 5,390 | ||||
Fund* |
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Fees billed by Deloitte |
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| Aggregate Fees for Non-audit Services |
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To MFS Research Fund, MFS and MFS |
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Related Entities# |
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| 4,190 |
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| 13,263 |
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To MFS Total Return Fund, MFS and MFS |
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Related Entities# |
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| 4,190 |
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| 16,387 |
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Fees billed by E&Y: | Audit-Related Fees1 |
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| Tax Fees2 |
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| All Other Fees4 |
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| 2022 |
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| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
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To MFS International New |
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Discovery Fund | 0 |
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| 0 |
| 632 |
| 9,936 |
| 1,331 |
| 2,630 |
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Fees billed by E&Y: | Audit-Related Fees1 |
| Tax Fees2 |
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| All Other Fees4 | |||||||||||||
| 2022 |
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| 2021 |
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
To MFS and MFS Related |
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Entities of MFS International | 662,511 |
| 1,668,649 |
| 0 |
| 0 |
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| 111,415 |
| 110,620 | ||||||||
New Discovery Fund* |
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Fees billed by E&Y: |
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To MFS International New Discovery Fund, |
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MFS and MFS Related Entities# |
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| 886,319 |
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| 2,028,265 |
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*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Funds (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).
# This amount reflects the aggregate fees billed by Deloitte or E&Y for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities.
1 The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.
2 The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.
3 The fees included under "All Other Fees" are fees for products and services provided by Deloitte other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".
4 The fees included under "All Other Fees" are fees for products and services provided by E&Y other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees," including fees for services related to review of internal controls and review of Rule 38a-1 compliance program.
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre- approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by- engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR 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)(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: Attached hereto as EX-99.COE.
(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: November 14, 2022
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: November 14, 2022
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)
Date: November 14, 2022
* Print name and title of each signing officer under his or her signature.