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 811-04492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: May 31*
Date of reporting period: November 30, 2022
*This Form N-CSR pertains to the following series of the Registrant: MFS Aggressive Growth Allocation Fund, MFS Blended Research Growth Equity Fund, MFS Blended Research Small Cap Equity Fund, MFS Blended Research Value Equity Fund, MFS Blended Research Mid Cap Equity Fund, MFS Conservative Allocation Fund, MFS Emerging Markets Equity Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS International Growth Fund, MFS International Intrinsic Value Fund, MFS International Large Cap Value Fund, MFS Managed Wealth Fund, and MFS Moderate Allocation Fund. The remaining series of the Registrant have fiscal year ends other than May 31.
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
1 | |
2 | |
6 | |
11 | |
15 | |
18 | |
19 | |
20 | |
44 | |
61 | |
64 | |
64 | |
64 | |
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64 |
back cover |
MFS Total Return Bond Fund | 14.8% |
MFS Government Securities Fund | 9.8% |
MFS Inflation-Adjusted Bond Fund | 9.8% |
MFS Limited Maturity Fund | 9.7% |
MFS Global Opportunistic Bond Fund | 6.9% |
MFS Value Fund | 6.1% |
MFS Research Fund | 6.1% |
MFS Growth Fund | 6.1% |
MFS Mid Cap Growth Fund | 4.1% |
MFS Mid Cap Value Fund | 4.1% |
MFS High Income Fund | 3.9% |
MFS Research International Fund | 3.6% |
MFS Global Real Estate Fund | 2.0% |
MFS Emerging Markets Debt Fund | 2.0% |
MFS Emerging Markets Debt Local Currency Fund | 2.0% |
MFS Commodity Strategy Fund | 1.9% |
MFS International Growth Fund | 1.6% |
MFS International Large Cap Value Fund | 1.6% |
MFS International Intrinsic Value Fund | 1.5% |
MFS New Discovery Value Fund | 1.0% |
MFS New Discovery Fund | 1.0% |
Cash & Cash Equivalents | 0.4% |
MFS Government Securities Fund | 9.6% |
MFS Total Return Bond Fund | 8.7% |
MFS Value Fund | 8.2% |
MFS Research Fund | 8.1% |
MFS Growth Fund | 8.0% |
MFS Mid Cap Value Fund | 7.2% |
MFS Mid Cap Growth Fund | 7.1% |
MFS Inflation-Adjusted Bond Fund | 6.7% |
MFS Research International Fund | 5.2% |
MFS Global Opportunistic Bond Fund | 4.9% |
MFS High Income Fund | 3.9% |
MFS Global Real Estate Fund | 3.0% |
MFS Emerging Markets Debt Fund | 3.0% |
MFS Commodity Strategy Fund | 2.9% |
MFS International Large Cap Value Fund | 2.1% |
MFS International Growth Fund | 2.1% |
MFS International Intrinsic Value Fund | 2.1% |
MFS Emerging Markets Debt Local Currency Fund | 2.0% |
MFS New Discovery Value Fund | 1.5% |
MFS New Discovery Fund | 1.5% |
MFS International New Discovery Fund | 1.1% |
MFS Emerging Markets Equity Fund | 1.0% |
Cash & Cash Equivalents | 0.1% |
MFS Value Fund | 10.4% |
MFS Research Fund | 10.1% |
MFS Growth Fund | 9.6% |
MFS Mid Cap Value Fund | 9.3% |
MFS Mid Cap Growth Fund | 9.0% |
MFS Research International Fund | 7.1% |
MFS Inflation-Adjusted Bond Fund | 4.8% |
MFS High Income Fund | 3.9% |
MFS Global Real Estate Fund | 3.8% |
MFS Commodity Strategy Fund | 3.7% |
MFS International Growth Fund | 3.1% |
MFS International Large Cap Value Fund | 3.1% |
MFS International Intrinsic Value Fund | 3.1% |
MFS Emerging Markets Debt Fund | 3.0% |
MFS Global Opportunistic Bond Fund | 2.9% |
MFS Total Return Bond Fund | 2.9% |
MFS New Discovery Value Fund | 2.0% |
MFS International New Discovery Fund | 2.0% |
MFS Emerging Markets Debt Local Currency Fund | 2.0% |
MFS Emerging Markets Equity Fund | 2.0% |
MFS New Discovery Fund | 2.0% |
Cash & Cash Equivalents | 0.2% |
MFS Value Fund | 12.3% |
MFS Growth Fund | 11.6% |
MFS Research Fund | 10.9% |
MFS Mid Cap Value Fund | 10.1% |
MFS Mid Cap Growth Fund | 9.9% |
MFS Research International Fund | 8.2% |
MFS International Large Cap Value Fund | 5.2% |
MFS International Growth Fund | 5.2% |
MFS International Intrinsic Value Fund | 5.1% |
MFS Global Real Estate Fund | 4.8% |
MFS Commodity Strategy Fund | 4.7% |
MFS International New Discovery Fund | 4.0% |
MFS Emerging Markets Equity Fund | 3.0% |
MFS New Discovery Value Fund | 2.5% |
MFS New Discovery Fund | 2.4% |
Cash & Cash Equivalents | 0.1% |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.35% | $1,000.00 | $972.92 | $1.73 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.31 | $1.78 | |
B | Actual | 1.10% | $1,000.00 | $969.64 | $5.43 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.55 | $5.57 | |
C | Actual | 1.10% | $1,000.00 | $969.53 | $5.43 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.55 | $5.57 | |
I | Actual | 0.10% | $1,000.00 | $974.48 | $0.49 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.57 | $0.51 | |
R1 | Actual | 1.10% | $1,000.00 | $969.12 | $5.43 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.55 | $5.57 | |
R2 | Actual | 0.60% | $1,000.00 | $971.95 | $2.97 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.06 | $3.04 | |
R3 | Actual | 0.35% | $1,000.00 | $973.23 | $1.73 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.31 | $1.78 | |
R4 | Actual | 0.10% | $1,000.00 | $974.26 | $0.49 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.57 | $0.51 | |
R6 | Actual | 0.03% | $1,000.00 | $974.83 | $0.15 |
Hypothetical (h) | 0.03% | $1,000.00 | $1,024.92 | $0.15 |
(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. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.34% | $1,000.00 | $974.62 | $1.68 |
Hypothetical (h) | 0.34% | $1,000.00 | $1,023.36 | $1.72 | |
B | Actual | 1.09% | $1,000.00 | $971.45 | $5.39 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.60 | $5.52 | |
C | Actual | 1.09% | $1,000.00 | $971.43 | $5.39 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.60 | $5.52 | |
I | Actual | 0.09% | $1,000.00 | $975.82 | $0.45 |
Hypothetical (h) | 0.09% | $1,000.00 | $1,024.62 | $0.46 | |
R1 | Actual | 1.09% | $1,000.00 | $971.42 | $5.39 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.60 | $5.52 | |
R2 | Actual | 0.59% | $1,000.00 | $973.68 | $2.92 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 | |
R3 | Actual | 0.34% | $1,000.00 | $974.88 | $1.68 |
Hypothetical (h) | 0.34% | $1,000.00 | $1,023.36 | $1.72 | |
R4 | Actual | 0.09% | $1,000.00 | $976.44 | $0.45 |
Hypothetical (h) | 0.09% | $1,000.00 | $1,024.62 | $0.46 | |
R6 | Actual | 0.02% | $1,000.00 | $976.18 | $0.10 |
Hypothetical (h) | 0.02% | $1,000.00 | $1,024.97 | $0.10 |
(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. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.34% | $1,000.00 | $978.75 | $1.69 |
Hypothetical (h) | 0.34% | $1,000.00 | $1,023.36 | $1.72 | |
B | Actual | 1.09% | $1,000.00 | $975.13 | $5.40 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.60 | $5.52 | |
C | Actual | 1.09% | $1,000.00 | $975.17 | $5.40 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.60 | $5.52 | |
I | Actual | 0.09% | $1,000.00 | $980.28 | $0.45 |
Hypothetical (h) | 0.09% | $1,000.00 | $1,024.62 | $0.46 | |
R1 | Actual | 1.09% | $1,000.00 | $975.42 | $5.40 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.60 | $5.52 | |
R2 | Actual | 0.59% | $1,000.00 | $977.72 | $2.93 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 | |
R3 | Actual | 0.34% | $1,000.00 | $978.54 | $1.69 |
Hypothetical (h) | 0.34% | $1,000.00 | $1,023.36 | $1.72 | |
R4 | Actual | 0.09% | $1,000.00 | $980.04 | $0.45 |
Hypothetical (h) | 0.09% | $1,000.00 | $1,024.62 | $0.46 | |
R6 | Actual | 0.02% | $1,000.00 | $980.30 | $0.10 |
Hypothetical (h) | 0.02% | $1,000.00 | $1,024.97 | $0.10 |
(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. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.38% | $1,000.00 | $981.38 | $1.89 |
Hypothetical (h) | 0.38% | $1,000.00 | $1,023.16 | $1.93 | |
B | Actual | 1.13% | $1,000.00 | $978.07 | $5.60 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.40 | $5.72 | |
C | Actual | 1.13% | $1,000.00 | $978.12 | $5.60 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.40 | $5.72 | |
I | Actual | 0.13% | $1,000.00 | $982.83 | $0.65 |
Hypothetical (h) | 0.13% | $1,000.00 | $1,024.42 | $0.66 | |
R1 | Actual | 1.13% | $1,000.00 | $977.75 | $5.60 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.40 | $5.72 | |
R2 | Actual | 0.63% | $1,000.00 | $980.53 | $3.13 |
Hypothetical (h) | 0.63% | $1,000.00 | $1,021.91 | $3.19 | |
R3 | Actual | 0.38% | $1,000.00 | $981.22 | $1.89 |
Hypothetical (h) | 0.38% | $1,000.00 | $1,023.16 | $1.93 | |
R4 | Actual | 0.13% | $1,000.00 | $982.56 | $0.65 |
Hypothetical (h) | 0.13% | $1,000.00 | $1,024.42 | $0.66 | |
R6 | Actual | 0.04% | $1,000.00 | $982.84 | $0.20 |
Hypothetical (h) | 0.04% | $1,000.00 | $1,024.87 | $0.20 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 99.9% | ||||
Bond Funds – 58.9% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 6,742,783 | $78,351,139 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 14,826,426 | 77,987,001 | ||
MFS Global Opportunistic Bond Fund - Class R6 | 33,772,383 | 267,139,554 | ||
MFS Government Securities Fund - Class R6 | 43,276,578 | 378,670,060 | ||
MFS High Income Fund - Class R6 | 51,922,333 | 152,651,658 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 39,422,256 | 377,665,217 | ||
MFS Limited Maturity Fund - Class R6 | 66,119,151 | 373,573,200 | ||
MFS Total Return Bond Fund - Class R6 | 60,782,625 | 571,964,499 | ||
$2,278,002,328 | ||||
International Stock Funds – 8.3% | ||||
MFS International Growth Fund - Class R6 | 1,575,746 | $60,540,170 | ||
MFS International Intrinsic Value Fund - Class R6 | 1,421,831 | 60,115,020 | ||
MFS International Large Cap Value Fund - Class R6 | 4,914,749 | 60,353,116 | ||
MFS Research International Fund - Class R6 | 6,879,247 | 140,749,381 | ||
$321,757,687 | ||||
Specialty Funds – 3.9% | ||||
MFS Commodity Strategy Fund - Class R6 | 14,979,495 | $74,597,884 | ||
MFS Global Real Estate Fund - Class R6 | 4,627,356 | 78,803,870 | ||
$153,401,754 | ||||
U.S. Stock Funds – 28.5% | ||||
MFS Growth Fund - Class R6 | 1,635,410 | $234,975,677 | ||
MFS Mid Cap Growth Fund - Class R6 | 6,241,775 | 158,416,250 | ||
MFS Mid Cap Value Fund - Class R6 | 5,103,512 | 157,443,359 | ||
MFS New Discovery Fund - Class R6 | 1,451,622 | 39,121,211 | ||
MFS New Discovery Value Fund - Class R6 | 2,129,369 | 39,393,329 | ||
MFS Research Fund - Class R6 | 4,489,781 | 236,027,814 | ||
MFS Value Fund - Class R6 | 4,543,822 | 236,642,231 | ||
$1,102,019,871 | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) | 10,517,349 | $10,517,349 | ||
Total Investment Companies (Identified Cost, $3,312,489,830) | $3,865,698,989 | |||
Other Assets, Less Liabilities – 0.1% | 2,852,053 | |||
Net Assets – 100.0% | $3,868,551,042 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
Bond Funds – 38.8% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 16,726,256 | $194,359,095 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 24,466,308 | 128,692,780 | ||
MFS Global Opportunistic Bond Fund - Class R6 | 39,481,625 | 312,299,657 | ||
MFS Government Securities Fund - Class R6 | 70,486,897 | 616,760,352 | ||
MFS High Income Fund - Class R6 | 85,304,299 | 250,794,638 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 45,096,602 | 432,025,442 | ||
MFS Total Return Bond Fund - Class R6 | 59,439,144 | 559,322,342 | ||
$2,494,254,306 | ||||
International Stock Funds – 13.6% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 2,197,786 | $66,263,253 | ||
MFS International Growth Fund - Class R6 | 3,514,769 | 135,037,421 | ||
MFS International Intrinsic Value Fund - Class R6 | 3,150,555 | 133,205,454 | ||
MFS International Large Cap Value Fund - Class R6 | 11,011,092 | 135,216,206 | ||
MFS International New Discovery Fund - Class R6 | 2,135,857 | 66,446,516 | ||
MFS Research International Fund - Class R6 | 16,416,899 | 335,889,766 | ||
$872,058,616 | ||||
Specialty Funds – 5.9% | ||||
MFS Commodity Strategy Fund - Class R6 | 36,808,239 | $183,305,030 | ||
MFS Global Real Estate Fund - Class R6 | 11,472,035 | 195,368,757 | ||
$378,673,787 | ||||
U.S. Stock Funds – 41.6% | ||||
MFS Growth Fund - Class R6 | 3,571,362 | $513,133,336 | ||
MFS Mid Cap Growth Fund - Class R6 | 18,020,373 | 457,357,073 | ||
MFS Mid Cap Value Fund - Class R6 | 14,862,685 | 458,513,813 | ||
MFS New Discovery Fund - Class R6 | 3,576,595 | 96,389,241 | ||
MFS New Discovery Value Fund - Class R6 | 5,328,629 | 98,579,636 | ||
MFS Research Fund - Class R6 | 9,881,133 | 519,451,160 | ||
MFS Value Fund - Class R6 | 10,143,881 | 528,293,297 | ||
$2,671,717,556 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) | 6,393,961 | $6,393,961 | ||
Total Investment Companies (Identified Cost, $4,819,690,618) | $6,423,098,226 | |||
Other Assets, Less Liabilities – 0.0% | 1,986,528 | |||
Net Assets – 100.0% | $6,425,084,754 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 99.9% | ||||
Bond Funds – 19.5% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 15,463,561 | $179,686,585 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 22,851,458 | 120,198,670 | ||
MFS Global Opportunistic Bond Fund - Class R6 | 22,285,571 | 176,278,864 | ||
MFS High Income Fund - Class R6 | 80,995,135 | 238,125,697 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 29,970,576 | 287,118,119 | ||
MFS Total Return Bond Fund - Class R6 | 18,472,106 | 173,822,515 | ||
$1,175,230,450 | ||||
International Stock Funds – 20.4% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 3,948,109 | $119,035,494 | ||
MFS International Growth Fund - Class R6 | 4,893,833 | 188,021,046 | ||
MFS International Intrinsic Value Fund - Class R6 | 4,340,535 | 183,517,814 | ||
MFS International Large Cap Value Fund - Class R6 | 15,278,665 | 187,622,007 | ||
MFS International New Discovery Fund - Class R6 | 3,904,837 | 121,479,473 | ||
MFS Research International Fund - Class R6 | 21,019,683 | 430,062,725 | ||
$1,229,738,559 | ||||
Specialty Funds – 7.5% | ||||
MFS Commodity Strategy Fund - Class R6 | 45,748,193 | $227,825,998 | ||
MFS Global Real Estate Fund - Class R6 | 13,404,882 | 228,285,143 | ||
$456,111,141 | ||||
U.S. Stock Funds – 52.4% | ||||
MFS Growth Fund - Class R6 | 4,052,307 | $582,235,476 | ||
MFS Mid Cap Growth Fund - Class R6 | 21,406,589 | 543,299,221 | ||
MFS Mid Cap Value Fund - Class R6 | 18,116,783 | 558,902,755 | ||
MFS New Discovery Fund - Class R6 | 4,386,921 | 118,227,513 | ||
MFS New Discovery Value Fund - Class R6 | 6,688,528 | 123,737,780 | ||
MFS Research Fund - Class R6 | 11,640,327 | 611,931,992 | ||
MFS Value Fund - Class R6 | 12,103,693 | 630,360,313 | ||
$3,168,695,050 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) | 7,730,558 | $7,730,558 | ||
Total Investment Companies (Identified Cost, $3,974,988,261) | $6,037,505,758 | |||
Other Assets, Less Liabilities – 0.1% | 3,593,858 | |||
Net Assets – 100.0% | $6,041,099,616 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
International Stock Funds – 30.7% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 2,437,976 | $73,504,975 | ||
MFS International Growth Fund - Class R6 | 3,286,548 | 126,269,188 | ||
MFS International Intrinsic Value Fund - Class R6 | 2,944,176 | 124,479,758 | ||
MFS International Large Cap Value Fund - Class R6 | 10,312,679 | 126,639,703 | ||
MFS International New Discovery Fund - Class R6 | 3,165,907 | 98,491,364 | ||
MFS Research International Fund - Class R6 | 9,756,450 | 199,616,963 | ||
$749,001,951 | ||||
Specialty Funds – 9.5% | ||||
MFS Commodity Strategy Fund - Class R6 | 22,901,349 | $114,048,721 | ||
MFS Global Real Estate Fund - Class R6 | 6,900,390 | 117,513,638 | ||
$231,562,359 | ||||
U.S. Stock Funds – 59.7% | ||||
MFS Growth Fund - Class R6 | 1,971,827 | $283,312,085 | ||
MFS Mid Cap Growth Fund - Class R6 | 9,549,905 | 242,376,579 | ||
MFS Mid Cap Value Fund - Class R6 | 7,988,423 | 246,442,859 | ||
MFS New Discovery Fund - Class R6 | 2,217,142 | 59,751,989 | ||
MFS New Discovery Value Fund - Class R6 | 3,327,113 | 61,551,590 | ||
MFS Research Fund - Class R6 | 5,061,553 | 266,085,819 | ||
MFS Value Fund - Class R6 | 5,759,904 | 299,975,809 | ||
$1,459,496,730 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) | 2,312,731 | $2,312,730 | ||
Total Investment Companies (Identified Cost, $1,445,857,277) | $2,442,373,770 | |||
Other Assets, Less Liabilities – 0.0% | 740,466 | |||
Net Assets – 100.0% | $2,443,114,236 |
(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 each fund’s investments in affiliated issuers were as follows: |
Affiliated Issuers | |
MFS Conservative Allocation Fund | $3,865,698,989 |
MFS Moderate Allocation Fund | 6,423,098,226 |
MFS Growth Allocation Fund | 6,037,505,758 |
MFS Aggressive Growth Allocation Fund | 2,442,373,770 |
(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. |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Assets | ||||
Investments in affiliated issuers, at value (identified cost, $3,312,489,830, $4,819,690,618, $3,974,988,261, and $1,445,857,277, respectively) | $3,865,698,989 | $6,423,098,226 | $6,037,505,758 | $2,442,373,770 |
Receivables for | ||||
Investments sold | 8,396,199 | 7,521,546 | 8,010,340 | 501,935 |
Fund shares sold | 4,283,552 | 8,801,988 | 5,764,070 | 2,984,694 |
Receivable from investment adviser | — | 40,968 | 71,664 | 20,855 |
Other assets | — | 183 | 248 | — |
Total assets | $3,878,378,740 | $6,439,462,911 | $6,051,352,080 | $2,445,881,254 |
Liabilities | ||||
Payable to custodian | $6,788 | $9,218 | $8,393 | $3,562 |
Payables for | ||||
Investments purchased | — | — | — | 152,654 |
Fund shares reacquired | 8,569,181 | 12,182,579 | 8,287,242 | 1,884,537 |
Payable to affiliates | ||||
Investment adviser | 3,271 | — | — | — |
Administrative services fee | 96 | 96 | 96 | 96 |
Shareholder servicing costs | 1,064,066 | 1,929,968 | 1,721,441 | 620,209 |
Distribution and service fees | 56,995 | 96,908 | 89,602 | 35,322 |
Payable for independent Trustees' compensation | 124 | — | 86 | 37 |
Accrued expenses and other liabilities | 127,177 | 159,388 | 145,604 | 70,601 |
Total liabilities | $9,827,698 | $14,378,157 | $10,252,464 | $2,767,018 |
Net assets | $3,868,551,042 | $6,425,084,754 | $6,041,099,616 | $2,443,114,236 |
Net assets consist of | ||||
Paid-in capital | $3,376,236,762 | $4,817,939,255 | $3,919,677,620 | $1,430,231,925 |
Total distributable earnings (loss) | 492,314,280 | 1,607,145,499 | 2,121,421,996 | 1,012,882,311 |
Net assets | $3,868,551,042 | $6,425,084,754 | $6,041,099,616 | $2,443,114,236 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Net assets | ||||
Class A | $2,623,796,640 | $4,702,098,538 | $4,304,161,027 | $1,424,210,523 |
Class B | 21,883,494 | 55,722,465 | 57,662,464 | 24,209,105 |
Class C | 327,175,737 | 463,524,926 | 440,783,162 | 224,519,233 |
Class I | 431,773,619 | 421,764,202 | 410,399,899 | 241,298,937 |
Class R1 | 10,448,043 | 22,542,339 | 17,852,593 | 15,230,589 |
Class R2 | 43,866,552 | 96,896,903 | 112,876,502 | 52,596,906 |
Class R3 | 85,267,274 | 176,124,007 | 125,719,872 | 84,513,440 |
Class R4 | 254,331,490 | 275,103,990 | 322,516,265 | 178,801,758 |
Class R6 | 70,008,193 | 211,307,384 | 249,127,832 | 197,733,745 |
Total net assets | $3,868,551,042 | $6,425,084,754 | $6,041,099,616 | $2,443,114,236 |
Shares of beneficial interest outstanding | ||||
Class A | 164,576,670 | 252,599,645 | 190,702,392 | 52,977,089 |
Class B | 1,378,702 | 3,036,860 | 2,580,032 | 920,296 |
Class C | 20,878,598 | 25,498,386 | 20,042,104 | 8,660,022 |
Class I | 26,788,103 | 22,278,865 | 17,945,236 | 8,781,291 |
Class R1 | 682,729 | 1,273,747 | 833,097 | 597,483 |
Class R2 | 2,844,212 | 5,344,378 | 5,145,833 | 2,008,516 |
Class R3 | 5,399,291 | 9,550,501 | 5,626,645 | 3,171,858 |
Class R4 | 15,935,710 | 14,793,440 | 14,274,720 | 6,611,990 |
Class R6 | 4,342,994 | 11,161,649 | 10,883,656 | 7,191,777 |
Total shares of beneficial interest outstanding | 242,827,009 | 345,537,471 | 268,033,715 | 90,920,322 |
Class A shares | ||||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $15.94 | $18.61 | $22.57 | $26.88 |
Offering price per share (100 / 94.25 x net asset value per share) | $16.91 | $19.75 | $23.95 | $28.52 |
Class B shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $15.87 | $18.35 | $22.35 | $26.31 |
Class C shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $15.67 | $18.18 | $21.99 | $25.93 |
Class I shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.12 | $18.93 | $22.87 | $27.48 |
Class R1 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $15.30 | $17.70 | $21.43 | $25.49 |
Class R2 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $15.42 | $18.13 | $21.94 | $26.19 |
Class R3 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $15.79 | $18.44 | $22.34 | $26.64 |
Class R4 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $15.96 | $18.60 | $22.59 | $27.04 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Class R6 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.12 | $18.93 | $22.89 | $27.49 |
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. |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Net investment income (loss) | ||||
Dividends from affiliated issuers | $47,422,710 | $58,272,525 | $38,170,741 | $3,836,142 |
Other | 435 | 675 | 628 | 272 |
Total investment income | $47,423,145 | $58,273,200 | $38,171,369 | $3,836,414 |
Expenses | ||||
Distribution and service fees | $5,427,203 | $9,047,486 | $8,223,437 | $3,194,125 |
Shareholder servicing costs | 1,515,555 | 2,557,341 | 2,738,271 | 1,336,299 |
Administrative services fee | 8,775 | 8,775 | 8,775 | 8,775 |
Independent Trustees' compensation | 31,849 | 50,042 | 46,002 | 18,844 |
Custodian fee | 44,154 | 56,183 | 51,209 | 24,539 |
Shareholder communications | 53,083 | 95,658 | 113,663 | 48,843 |
Audit and tax fees | 21,154 | 21,204 | 20,693 | 20,617 |
Legal fees | 9,606 | 15,523 | 14,256 | 5,625 |
Miscellaneous | 176,324 | 214,138 | 190,281 | 134,057 |
Total expenses | $7,287,703 | $12,066,350 | $11,406,587 | $4,791,724 |
Reduction of expenses by investment adviser and distributor | (226) | (352,008) | (535,389) | (165,116) |
Net expenses | $7,287,477 | $11,714,342 | $10,871,198 | $4,626,608 |
Net investment income (loss) | $40,135,668 | $46,558,858 | $27,300,171 | $(790,194) |
Realized and unrealized gain (loss) | ||||
Realized gain (loss) (identified cost basis) | ||||
Investments in affiliated issuers | $(31,607,361) | $(7,767,661) | $6,909,065 | $(1,718,639) |
Capital gain distributions from affiliated issuers | 905,690 | 2,201,782 | 2,709,422 | 1,329,311 |
Net realized gain (loss) | $(30,701,671) | $(5,565,879) | $9,618,487 | $(389,328) |
Change in unrealized appreciation or depreciation | ||||
Affiliated issuers | $(127,278,066) | $(217,199,311) | $(169,964,692) | $(43,823,320) |
Net realized and unrealized gain (loss) | $(157,979,737) | $(222,765,190) | $(160,346,205) | $(44,212,648) |
Change in net assets from operations | $(117,844,069) | $(176,206,332) | $(133,046,034) | $(45,002,842) |
Six months ended 11/30/22 (unaudited) | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $40,135,668 | $46,558,858 | $27,300,171 | $(790,194) |
Net realized gain (loss) | (30,701,671) | (5,565,879) | 9,618,487 | (389,328) |
Net unrealized gain (loss) | (127,278,066) | (217,199,311) | (169,964,692) | (43,823,320) |
Change in net assets from operations | $(117,844,069) | $(176,206,332) | $(133,046,034) | $(45,002,842) |
Total distributions to shareholders | $(33,662,094) | $(39,174,982) | $— | $— |
Change in net assets from fund share transactions | $(153,542,651) | $(61,801,283) | $(7,900,374) | $30,168,551 |
Total change in net assets | $(305,048,814) | $(277,182,597) | $(140,946,408) | $(14,834,291) |
Net assets | ||||
At beginning of period | 4,173,599,856 | 6,702,267,351 | 6,182,046,024 | 2,457,948,527 |
At end of period | $3,868,551,042 | $6,425,084,754 | $6,041,099,616 | $2,443,114,236 |
Year ended 5/31/22 | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $124,444,472 | $214,421,199 | $214,514,692 | $78,617,916 |
Net realized gain (loss) | 42,146,426 | 200,984,852 | 284,205,403 | 123,762,212 |
Net unrealized gain (loss) | (454,606,612) | (868,583,445) | (894,980,135) | (361,857,283) |
Change in net assets from operations | $(288,015,714) | $(453,177,394) | $(396,260,040) | $(159,477,155) |
Total distributions to shareholders | $(164,329,909) | $(402,198,738) | $(471,264,055) | $(176,765,468) |
Change in net assets from fund share transactions | $444,927,773 | $421,834,666 | $483,753,606 | $232,393,742 |
Total change in net assets | $(7,417,850) | $(433,541,466) | $(383,770,489) | $(103,848,881) |
Net assets | ||||
At beginning of period | 4,181,017,706 | 7,135,808,817 | 6,565,816,513 | 2,561,797,408 |
At end of period | $4,173,599,856 | $6,702,267,351 | $6,182,046,024 | $2,457,948,527 |
Six months ended | Year ended | |||||
Class A | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $16.53 | $18.19 | $15.98 | $15.45 | $15.50 | $15.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.16 | $0.51 | $0.26 | $0.33 | $0.35 | $0.32 |
Net realized and unrealized gain (loss) | (0.61) | (1.50) | 2.43 | 0.75 | 0.31 | 0.43 |
Total from investment operations | $(0.45) | $(0.99) | $2.69 | $1.08 | $0.66 | $0.75 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.47) | $(0.27) | $(0.34) | $(0.35) | $(0.33) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.14) | $(0.67) | $(0.48) | $(0.55) | $(0.71) | $(0.68) |
Net asset value, end of period (x) | $15.94 | $16.53 | $18.19 | $15.98 | $15.45 | $15.50 |
Total return (%) (r)(s)(t)(x) | (2.71)(n) | (5.80) | 17.04 | 7.07 | 4.60 | 4.91 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.34 | 0.32 | 0.33 | 0.33 | 0.32 |
Expenses after expense reductions (h) | 0.35(a) | 0.34 | 0.32 | 0.33 | 0.33 | 0.32 |
Net investment income (loss) (l) | 2.07(a) | 2.83 | 1.51 | 2.05 | 2.30 | 2.05 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $2,623,797 | $2,760,128 | $2,471,451 | $1,417,121 | $1,294,553 | $1,321,127 |
Six months ended | Year ended | |||||
Class B | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $16.44 | $18.09 | $15.89 | $15.35 | $15.40 | $15.33 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.10 | $0.36 | $0.13 | $0.21 | $0.24 | $0.20 |
Net realized and unrealized gain (loss) | (0.60) | (1.49) | 2.42 | 0.76 | 0.30 | 0.43 |
Total from investment operations | $(0.50) | $(1.13) | $2.55 | $0.97 | $0.54 | $0.63 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.32) | $(0.14) | $(0.22) | $(0.23) | $(0.21) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.07) | $(0.52) | $(0.35) | $(0.43) | $(0.59) | $(0.56) |
Net asset value, end of period (x) | $15.87 | $16.44 | $18.09 | $15.89 | $15.35 | $15.40 |
Total return (%) (r)(s)(t)(x) | (3.04)(n) | (6.53) | 16.12 | 6.31 | 3.81 | 4.13 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.09 | 1.07 | 1.08 | 1.08 | 1.07 |
Expenses after expense reductions (h) | 1.10(a) | 1.09 | 1.07 | 1.08 | 1.08 | 1.07 |
Net investment income (loss) (l) | 1.32(a) | 2.02 | 0.79 | 1.32 | 1.56 | 1.31 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $21,883 | $28,023 | $45,913 | $63,965 | $93,839 | $116,669 |
Six months ended | Year ended | |||||
Class C | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $16.24 | $17.88 | $15.71 | $15.20 | $15.25 | $15.20 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.10 | $0.37 | $0.14 | $0.20 | $0.23 | $0.20 |
Net realized and unrealized gain (loss) | (0.60) | (1.48) | 2.38 | 0.75 | 0.32 | 0.41 |
Total from investment operations | $(0.50) | $(1.11) | $2.52 | $0.95 | $0.55 | $0.61 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.33) | $(0.14) | $(0.23) | $(0.24) | $(0.21) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.07) | $(0.53) | $(0.35) | $(0.44) | $(0.60) | $(0.56) |
Net asset value, end of period (x) | $15.67 | $16.24 | $17.88 | $15.71 | $15.20 | $15.25 |
Total return (%) (r)(s)(t)(x) | (3.05)(n) | (6.50) | 16.15 | 6.24 | 3.88 | 4.05 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.09 | 1.07 | 1.08 | 1.08 | 1.07 |
Expenses after expense reductions (h) | 1.10(a) | 1.09 | 1.07 | 1.08 | 1.08 | 1.07 |
Net investment income (loss) (l) | 1.33(a) | 2.07 | 0.80 | 1.30 | 1.55 | 1.31 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $327,176 | $392,290 | $484,043 | $542,274 | $535,354 | $571,300 |
Six months ended | Year ended | |||||
Class I | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $16.71 | $18.38 | $16.14 | $15.60 | $15.64 | $15.57 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.19 | $0.55 | $0.31 | $0.37 | $0.40 | $0.36 |
Net realized and unrealized gain (loss) | (0.62) | (1.51) | 2.45 | 0.76 | 0.31 | 0.43 |
Total from investment operations | $(0.43) | $(0.96) | $2.76 | $1.13 | $0.71 | $0.79 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.51) | $(0.31) | $(0.38) | $(0.39) | $(0.37) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.16) | $(0.71) | $(0.52) | $(0.59) | $(0.75) | $(0.72) |
Net asset value, end of period (x) | $16.12 | $16.71 | $18.38 | $16.14 | $15.60 | $15.64 |
Total return (%) (r)(s)(t)(x) | (2.55)(n) | (5.57) | 17.32 | 7.34 | 4.89 | 5.13 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.09 | 0.07 | 0.08 | 0.08 | 0.07 |
Expenses after expense reductions (h) | N/A | 0.09 | N/A | N/A | N/A | N/A |
Net investment income (loss) (l) | 2.33(a) | 3.06 | 1.79 | 2.30 | 2.58 | 2.32 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $431,774 | $508,191 | $519,688 | $400,869 | $367,586 | $358,866 |
Six months ended | Year ended | |||||
Class R1 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $15.87 | $17.49 | $15.38 | $14.89 | $14.96 | $14.92 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.10 | $0.35 | $0.13 | $0.20 | $0.23 | $0.20 |
Net realized and unrealized gain (loss) | (0.59) | (1.44) | 2.34 | 0.73 | 0.30 | 0.41 |
Total from investment operations | $(0.49) | $(1.09) | $2.47 | $0.93 | $0.53 | $0.61 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.33) | $(0.15) | $(0.23) | $(0.24) | $(0.22) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.08) | $(0.53) | $(0.36) | $(0.44) | $(0.60) | $(0.57) |
Net asset value, end of period (x) | $15.30 | $15.87 | $17.49 | $15.38 | $14.89 | $14.96 |
Total return (%) (r)(s)(t)(x) | (3.09)(n) | (6.51) | 16.18 | 6.27 | 3.83 | 4.08 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.09 | 1.07 | 1.08 | 1.08 | 1.07 |
Expenses after expense reductions (h) | N/A | 1.09 | N/A | N/A | N/A | N/A |
Net investment income (loss) (l) | 1.33(a) | 2.03 | 0.78 | 1.31 | 1.53 | 1.31 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $10,448 | $11,188 | $13,269 | $11,468 | $11,465 | $12,794 |
Six months ended | Year ended | |||||
Class R2 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $15.99 | $17.62 | $15.49 | $14.99 | $15.06 | $15.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.14 | $0.44 | $0.21 | $0.28 | $0.31 | $0.28 |
Net realized and unrealized gain (loss) | (0.59) | (1.45) | 2.36 | 0.74 | 0.30 | 0.40 |
Total from investment operations | $(0.45) | $(1.01) | $2.57 | $1.02 | $0.61 | $0.68 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.42) | $(0.23) | $(0.31) | $(0.32) | $(0.29) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.12) | $(0.62) | $(0.44) | $(0.52) | $(0.68) | $(0.64) |
Net asset value, end of period (x) | $15.42 | $15.99 | $17.62 | $15.49 | $14.99 | $15.06 |
Total return (%) (r)(s)(t)(x) | (2.81)(n) | (6.06) | 16.75 | 6.81 | 4.34 | 4.58 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.60(a) | 0.59 | 0.57 | 0.58 | 0.58 | 0.57 |
Expenses after expense reductions (h) | N/A | 0.59 | N/A | 0.58 | 0.58 | 0.57 |
Net investment income (loss) (l) | 1.83(a) | 2.55 | 1.28 | 1.81 | 2.06 | 1.81 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $43,867 | $48,041 | $54,728 | $56,260 | $64,220 | $72,083 |
Six months ended | Year ended | |||||
Class R3 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $16.37 | $18.02 | $15.84 | $15.31 | $15.37 | $15.31 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.16 | $0.51 | $0.26 | $0.32 | $0.35 | $0.32 |
Net realized and unrealized gain (loss) | (0.60) | (1.50) | 2.40 | 0.76 | 0.30 | 0.42 |
Total from investment operations | $(0.44) | $(0.99) | $2.66 | $1.08 | $0.65 | $0.74 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.46) | $(0.27) | $(0.34) | $(0.35) | $(0.33) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.14) | $(0.66) | $(0.48) | $(0.55) | $(0.71) | $(0.68) |
Net asset value, end of period (x) | $15.79 | $16.37 | $18.02 | $15.84 | $15.31 | $15.37 |
Total return (%) (r)(s)(t)(x) | (2.68)(n) | (5.81) | 16.98 | 7.14 | 4.57 | 4.88 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.34 | 0.32 | 0.33 | 0.33 | 0.32 |
Expenses after expense reductions (h) | N/A | 0.34 | N/A | N/A | N/A | N/A |
Net investment income (loss) (l) | 2.07(a) | 2.84 | 1.53 | 2.06 | 2.33 | 2.05 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $85,267 | $91,528 | $109,177 | $95,119 | $101,884 | $112,696 |
Six months ended | Year ended | |||||
Class R4 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $16.55 | $18.21 | $15.99 | $15.46 | $15.51 | $15.44 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.18 | $0.54 | $0.31 | $0.36 | $0.41 | $0.37 |
Net realized and unrealized gain (loss) | (0.61) | (1.49) | 2.43 | 0.76 | 0.29 | 0.42 |
Total from investment operations | $(0.43) | $(0.95) | $2.74 | $1.12 | $0.70 | $0.79 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.51) | $(0.31) | $(0.38) | $(0.39) | $(0.37) |
From net realized gain | — | (0.20) | (0.21) | (0.21) | (0.36) | (0.35) |
Total distributions declared to shareholders | $(0.16) | $(0.71) | $(0.52) | $(0.59) | $(0.75) | $(0.72) |
Net asset value, end of period (x) | $15.96 | $16.55 | $18.21 | $15.99 | $15.46 | $15.51 |
Total return (%) (r)(s)(t)(x) | (2.57)(n) | (5.57) | 17.36 | 7.34 | 4.86 | 5.17 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.09 | 0.07 | 0.08 | 0.08 | 0.07 |
Expenses after expense reductions (h) | N/A | 0.09 | N/A | N/A | N/A | N/A |
Net investment income (loss) (l) | 2.32(a) | 3.00 | 1.77 | 2.29 | 2.65 | 2.36 |
Portfolio turnover | 1(n) | 9 | 6 | 12 | 4 | 6 |
Net assets at end of period (000 omitted) | $254,331 | $267,840 | $269,196 | $234,301 | $179,833 | $196,658 |
Six months ended | Year ended | |
Class R6 | 11/30/22 (unaudited) | 5/31/22(i) |
Net asset value, beginning of period | $16.71 | $18.54 |
Income (loss) from investment operations | ||
Net investment income (loss) (d)(l) | $0.19 | $0.16 |
Net realized and unrealized gain (loss) | (0.62) | (1.39) |
Total from investment operations | $(0.43) | $(1.23) |
Less distributions declared to shareholders | ||
From net investment income | $(0.16) | $(0.40) |
From net realized gain | — | (0.20) |
Total distributions declared to shareholders | $(0.16) | $(0.60) |
Net asset value, end of period (x) | $16.12 | $16.71 |
Total return (%) (r)(s)(t)(x) | (2.52)(n) | (6.95)(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||
Expenses before expense reductions (h) | 0.03(a) | 0.04(a) |
Expenses after expense reductions (h) | N/A | 0.03(a) |
Net investment income (loss) (l) | 2.39(a) | 1.44(a) |
Portfolio turnover | 1(n) | 9 |
Net assets at end of period (000 omitted) | $70,008 | $66,370 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $19.22 | $21.57 | $18.02 | $17.56 | $17.88 | $17.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.14 | $0.63 | $0.25 | $0.33 | $0.37 | $0.34 |
Net realized and unrealized gain (loss) | (0.63) | (1.79) | 4.04 | 0.97 | 0.30 | 0.96 |
Total from investment operations | $(0.49) | $(1.16) | $4.29 | $1.30 | $0.67 | $1.30 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.61) | $(0.24) | $(0.34) | $(0.37) | $(0.38) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.12) | $(1.19) | $(0.74) | $(0.84) | $(0.99) | $(0.79) |
Net asset value, end of period (x) | $18.61 | $19.22 | $21.57 | $18.02 | $17.56 | $17.88 |
Total return (%) (r)(s)(t)(x) | (2.54)(n) | (5.96) | 24.18 | 7.35 | 4.25 | 7.56 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.36 | 0.33 | 0.34 | 0.34 | 0.33 |
Expenses after expense reductions (h) | 0.34(a) | 0.35 | 0.33 | 0.34 | 0.34 | 0.33 |
Net investment income (loss) (l) | 1.50(a) | 2.99 | 1.23 | 1.79 | 2.09 | 1.93 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $4,702,099 | $4,812,425 | $4,687,031 | $3,173,202 | $3,038,919 | $3,071,863 |
Six months ended | Year ended | |||||
Class B | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $18.93 | $21.28 | $17.79 | $17.33 | $17.65 | $17.16 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.07 | $0.46 | $0.10 | $0.19 | $0.24 | $0.21 |
Net realized and unrealized gain (loss) | (0.61) | (1.76) | 3.99 | 0.97 | 0.30 | 0.94 |
Total from investment operations | $(0.54) | $(1.30) | $4.09 | $1.16 | $0.54 | $1.15 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.47) | $(0.10) | $(0.20) | $(0.24) | $(0.25) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.04) | $(1.05) | $(0.60) | $(0.70) | $(0.86) | $(0.66) |
Net asset value, end of period (x) | $18.35 | $18.93 | $21.28 | $17.79 | $17.33 | $17.65 |
Total return (%) (r)(s)(t)(x) | (2.86)(n) | (6.67) | 23.24 | 6.57 | 3.49 | 6.75 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.11 | 1.08 | 1.09 | 1.09 | 1.08 |
Expenses after expense reductions (h) | 1.09(a) | 1.10 | 1.08 | 1.09 | 1.09 | 1.08 |
Net investment income (loss) (l) | 0.76(a) | 2.20 | 0.50 | 1.05 | 1.36 | 1.19 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $55,722 | $69,914 | $116,059 | $149,969 | $210,011 | $256,958 |
Six months ended | Year ended | |||||
Class C | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $18.76 | $21.10 | $17.65 | $17.21 | $17.53 | $17.05 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.07 | $0.46 | $0.10 | $0.18 | $0.23 | $0.21 |
Net realized and unrealized gain (loss) | (0.61) | (1.75) | 3.95 | 0.97 | 0.31 | 0.93 |
Total from investment operations | $(0.54) | $(1.29) | $4.05 | $1.15 | $0.54 | $1.14 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.47) | $(0.10) | $(0.21) | $(0.24) | $(0.25) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.04) | $(1.05) | $(0.60) | $(0.71) | $(0.86) | $(0.66) |
Net asset value, end of period (x) | $18.18 | $18.76 | $21.10 | $17.65 | $17.21 | $17.53 |
Total return (%) (r)(s)(t)(x) | (2.86)(n) | (6.66) | 23.19 | 6.55 | 3.53 | 6.74 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.11 | 1.08 | 1.09 | 1.09 | 1.08 |
Expenses after expense reductions (h) | 1.09(a) | 1.10 | 1.08 | 1.09 | 1.09 | 1.08 |
Net investment income (loss) (l) | 0.75(a) | 2.22 | 0.53 | 1.04 | 1.34 | 1.20 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $463,525 | $537,508 | $721,781 | $874,127 | $917,199 | $990,317 |
Six months ended | Year ended | |||||
Class I | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $19.55 | $21.91 | $18.29 | $17.81 | $18.12 | $17.60 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.16 | $0.70 | $0.30 | $0.37 | $0.42 | $0.40 |
Net realized and unrealized gain (loss) | (0.64) | (1.82) | 4.11 | 1.00 | 0.31 | 0.95 |
Total from investment operations | $(0.48) | $(1.12) | $4.41 | $1.37 | $0.73 | $1.35 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.66) | $(0.29) | $(0.39) | $(0.42) | $(0.42) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.14) | $(1.24) | $(0.79) | $(0.89) | $(1.04) | $(0.83) |
Net asset value, end of period (x) | $18.93 | $19.55 | $21.91 | $18.29 | $17.81 | $18.12 |
Total return (%) (r)(s)(t)(x) | (2.42)(n) | (5.69) | 24.49 | 7.62 | 4.51 | 7.78 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.11 | 0.08 | 0.09 | 0.09 | 0.08 |
Expenses after expense reductions (h) | 0.09(a) | 0.10 | N/A | N/A | N/A | N/A |
Net investment income (loss) (l) | 1.75(a) | 3.26 | 1.50 | 2.04 | 2.35 | 2.21 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $421,764 | $448,966 | $476,798 | $310,815 | $275,276 | $266,965 |
Six months ended | Year ended | |||||
Class R1 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $18.27 | $20.58 | $17.23 | $16.83 | $17.17 | $16.72 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.06 | $0.45 | $0.09 | $0.18 | $0.23 | $0.21 |
Net realized and unrealized gain (loss) | (0.58) | (1.70) | 3.87 | 0.93 | 0.30 | 0.90 |
Total from investment operations | $(0.52) | $(1.25) | $3.96 | $1.11 | $0.53 | $1.11 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.05) | $(0.48) | $(0.11) | $(0.21) | $(0.25) | $(0.25) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.05) | $(1.06) | $(0.61) | $(0.71) | $(0.87) | $(0.66) |
Net asset value, end of period (x) | $17.70 | $18.27 | $20.58 | $17.23 | $16.83 | $17.17 |
Total return (%) (r)(s)(t)(x) | (2.86)(n) | (6.65) | 23.25 | 6.49 | 3.53 | 6.71 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.11 | 1.08 | 1.09 | 1.09 | 1.08 |
Expenses after expense reductions (h) | 1.09(a) | 1.10 | N/A | 1.09 | 1.09 | N/A |
Net investment income (loss) (l) | 0.75(a) | 2.21 | 0.49 | 1.03 | 1.37 | 1.21 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $22,542 | $25,035 | $26,919 | $24,120 | $26,171 | $27,412 |
Six months ended | Year ended | |||||
Class R2 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $18.72 | $21.04 | $17.59 | $17.16 | $17.49 | $17.01 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.11 | $0.56 | $0.20 | $0.27 | $0.32 | $0.30 |
Net realized and unrealized gain (loss) | (0.61) | (1.74) | 3.95 | 0.96 | 0.30 | 0.92 |
Total from investment operations | $(0.50) | $(1.18) | $4.15 | $1.23 | $0.62 | $1.22 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.56) | $(0.20) | $(0.30) | $(0.33) | $(0.33) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.09) | $(1.14) | $(0.70) | $(0.80) | $(0.95) | $(0.74) |
Net asset value, end of period (x) | $18.13 | $18.72 | $21.04 | $17.59 | $17.16 | $17.49 |
Total return (%) (r)(s)(t)(x) | (2.63)(n) | (6.20) | 23.88 | 7.06 | 4.02 | 7.27 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.60(a) | 0.61 | 0.58 | 0.59 | 0.59 | 0.58 |
Expenses after expense reductions (h) | 0.59(a) | 0.60 | 0.58 | 0.59 | 0.59 | 0.58 |
Net investment income (loss) (l) | 1.26(a) | 2.70 | 1.01 | 1.53 | 1.84 | 1.69 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $96,897 | $107,117 | $128,654 | $124,725 | $136,699 | $166,412 |
Six months ended | Year ended | |||||
Class R3 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $19.04 | $21.38 | $17.86 | $17.41 | $17.74 | $17.24 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.14 | $0.63 | $0.25 | $0.33 | $0.37 | $0.35 |
Net realized and unrealized gain (loss) | (0.62) | (1.78) | 4.01 | 0.96 | 0.29 | 0.94 |
Total from investment operations | $(0.48) | $(1.15) | $4.26 | $1.29 | $0.66 | $1.29 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.61) | $(0.24) | $(0.34) | $(0.37) | $(0.38) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.12) | $(1.19) | $(0.74) | $(0.84) | $(0.99) | $(0.79) |
Net asset value, end of period (x) | $18.44 | $19.04 | $21.38 | $17.86 | $17.41 | $17.74 |
Total return (%) (r)(s)(t)(x) | (2.51)(n) | (5.97) | 24.21 | 7.35 | 4.22 | 7.56 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.36 | 0.33 | 0.34 | 0.34 | 0.33 |
Expenses after expense reductions (h) | 0.34(a) | 0.35 | N/A | N/A | 0.34 | 0.33 |
Net investment income (loss) (l) | 1.51(a) | 2.97 | 1.24 | 1.83 | 2.09 | 1.95 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $176,124 | $196,975 | $250,644 | $219,996 | $270,597 | $312,677 |
Six months ended | Year ended | |||||
Class R4 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $19.20 | $21.55 | $18.00 | $17.54 | $17.86 | $17.36 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.16 | $0.69 | $0.30 | $0.37 | $0.44 | $0.39 |
Net realized and unrealized gain (loss) | (0.62) | (1.80) | 4.04 | 0.98 | 0.28 | 0.94 |
Total from investment operations | $(0.46) | $(1.11) | $4.34 | $1.35 | $0.72 | $1.33 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.66) | $(0.29) | $(0.39) | $(0.42) | $(0.42) |
From net realized gain | — | (0.58) | (0.50) | (0.50) | (0.62) | (0.41) |
Total distributions declared to shareholders | $(0.14) | $(1.24) | $(0.79) | $(0.89) | $(1.04) | $(0.83) |
Net asset value, end of period (x) | $18.60 | $19.20 | $21.55 | $18.00 | $17.54 | $17.86 |
Total return (%) (r)(s)(t)(x) | (2.36)(n) | (5.74) | 24.50 | 7.62 | 4.52 | 7.78 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.11 | 0.08 | 0.09 | 0.09 | 0.08 |
Expenses after expense reductions (h) | 0.09(a) | 0.10 | N/A | N/A | N/A | N/A |
Net investment income (loss) (l) | 1.75(a) | 3.24 | 1.49 | 2.04 | 2.50 | 2.21 |
Portfolio turnover | 2(n) | 11 | 7 | 8 | 2 | 2 |
Net assets at end of period (000 omitted) | $275,104 | $296,478 | $334,080 | $252,825 | $210,597 | $280,436 |
Six months ended | Year ended | |
Class R6 | 11/30/22 (unaudited) | 5/31/22(i) |
Net asset value, beginning of period | $19.55 | $22.22 |
Income (loss) from investment operations | ||
Net investment income (loss) (d)(l) | $0.17 | $0.15 |
Net realized and unrealized gain (loss) | (0.64) | (1.67) |
Total from investment operations | $(0.47) | $(1.52) |
Less distributions declared to shareholders | ||
From net investment income | $(0.15) | $(0.57) |
From net realized gain | — | (0.58) |
Total distributions declared to shareholders | $(0.15) | $(1.15) |
Net asset value, end of period (x) | $18.93 | $19.55 |
Total return (%) (r)(s)(t)(x) | (2.38)(n) | (7.39)(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||
Expenses before expense reductions (h) | 0.03(a) | 0.03(a) |
Expenses after expense reductions (h) | 0.02(a) | 0.02(a) |
Net investment income (loss) (l) | 1.82(a) | 1.12(a) |
Portfolio turnover | 2(n) | 11 |
Net assets at end of period (000 omitted) | $211,307 | $207,850 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $23.06 | $26.18 | $20.57 | $20.26 | $20.87 | $19.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.10 | $0.83 | $0.23 | $0.33 | $0.38 | $0.36 |
Net realized and unrealized gain (loss) | (0.59) | (2.10) | 6.25 | 1.03 | 0.21 | 1.66 |
Total from investment operations | $(0.49) | $(1.27) | $6.48 | $1.36 | $0.59 | $2.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.83) | $(0.23) | $(0.34) | $(0.39) | $(0.40) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.85) | $(0.87) | $(1.05) | $(1.20) | $(0.99) |
Net asset value, end of period (x) | $22.57 | $23.06 | $26.18 | $20.57 | $20.26 | $20.87 |
Total return (%) (r)(s)(t)(x) | (2.12)(n) | (5.64) | 31.90 | 6.41 | 3.58 | 10.27 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.37 | 0.35 | 0.36 | 0.36 | 0.35 |
Expenses after expense reductions (h) | 0.34(a) | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
Net investment income (loss) (l) | 0.96(a) | 3.24 | 0.96 | 1.57 | 1.87 | 1.72 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $4,304,161 | $4,361,480 | $4,279,764 | $2,944,439 | $2,852,131 | $2,852,681 |
Six months ended | Year ended | |||||
Class B | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $22.92 | $25.99 | $20.39 | $20.08 | $20.65 | $19.64 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.02 | $0.63 | $0.05 | $0.17 | $0.23 | $0.20 |
Net realized and unrealized gain (loss) | (0.59) | (2.10) | 6.21 | 1.00 | 0.23 | 1.64 |
Total from investment operations | $(0.57) | $(1.47) | $6.26 | $1.17 | $0.46 | $1.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.58) | $(0.02) | $(0.15) | $(0.22) | $(0.24) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.60) | $(0.66) | $(0.86) | $(1.03) | $(0.83) |
Net asset value, end of period (x) | $22.35 | $22.92 | $25.99 | $20.39 | $20.08 | $20.65 |
Total return (%) (r)(s)(t)(x) | (2.49)(n) | (6.36) | 30.98 | 5.56 | 2.85 | 9.42 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.10 | 1.11 | 1.11 | 1.10 |
Expenses after expense reductions (h) | 1.09(a) | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 |
Net investment income (loss) (l) | 0.22(a) | 2.46 | 0.23 | 0.83 | 1.13 | 0.98 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $57,662 | $69,836 | $109,514 | $126,962 | $177,893 | $214,832 |
Six months ended | Year ended | |||||
Class C | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $22.55 | $25.63 | $20.12 | $19.85 | $20.43 | $19.44 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.02 | $0.62 | $0.06 | $0.17 | $0.23 | $0.20 |
Net realized and unrealized gain (loss) | (0.58) | (2.07) | 6.12 | 0.99 | 0.22 | 1.62 |
Total from investment operations | $(0.56) | $(1.45) | $6.18 | $1.16 | $0.45 | $1.82 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.61) | $(0.03) | $(0.18) | $(0.22) | $(0.24) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.63) | $(0.67) | $(0.89) | $(1.03) | $(0.83) |
Net asset value, end of period (x) | $21.99 | $22.55 | $25.63 | $20.12 | $19.85 | $20.43 |
Total return (%) (r)(s)(t)(x) | (2.48)(n) | (6.39) | 30.98 | 5.56 | 2.84 | 9.43 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.10 | 1.11 | 1.11 | 1.10 |
Expenses after expense reductions (h) | 1.09(a) | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 |
Net investment income (loss) (l) | 0.22(a) | 2.46 | 0.26 | 0.82 | 1.13 | 1.00 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $440,783 | $490,305 | $638,016 | $694,541 | $714,230 | $764,750 |
Six months ended | Year ended | |||||
Class I | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $23.33 | $26.47 | $20.78 | $20.45 | $21.06 | $20.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.13 | $0.91 | $0.29 | $0.38 | $0.44 | $0.42 |
Net realized and unrealized gain (loss) | (0.59) | (2.13) | 6.33 | 1.05 | 0.21 | 1.66 |
Total from investment operations | $(0.46) | $(1.22) | $6.62 | $1.43 | $0.65 | $2.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.90) | $(0.29) | $(0.39) | $(0.45) | $(0.45) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.92) | $(0.93) | $(1.10) | $(1.26) | $(1.04) |
Net asset value, end of period (x) | $22.87 | $23.33 | $26.47 | $20.78 | $20.45 | $21.06 |
Total return (%) (r)(s)(t)(x) | (1.97)(n) | (5.44) | 32.24 | 6.69 | 3.84 | 10.50 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.12 | 0.10 | 0.11 | 0.11 | 0.10 |
Expenses after expense reductions (h) | 0.09(a) | 0.10 | 0.10 | 0.10 | 0.10 | N/A |
Net investment income (loss) (l) | 1.21(a) | 3.50 | 1.23 | 1.80 | 2.13 | 1.99 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $410,400 | $421,692 | $434,119 | $294,213 | $237,232 | $195,227 |
Six months ended | Year ended | |||||
Class R1 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $21.97 | $25.02 | $19.69 | $19.42 | $20.02 | $19.07 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.02 | $0.62 | $0.05 | $0.16 | $0.23 | $0.19 |
Net realized and unrealized gain (loss) | (0.56) | (2.02) | 5.98 | 0.98 | 0.21 | 1.59 |
Total from investment operations | $(0.54) | $(1.40) | $6.03 | $1.14 | $0.44 | $1.78 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.63) | $(0.06) | $(0.16) | $(0.23) | $(0.24) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.65) | $(0.70) | $(0.87) | $(1.04) | $(0.83) |
Net asset value, end of period (x) | $21.43 | $21.97 | $25.02 | $19.69 | $19.42 | $20.02 |
Total return (%) (r)(s)(t)(x) | (2.46)(n) | (6.38) | 30.91 | 5.59 | 2.85 | 9.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.10 | 1.11 | 1.11 | 1.10 |
Expenses after expense reductions (h) | 1.09(a) | 1.10 | 1.10 | 1.10 | 1.10 | N/A |
Net investment income (loss) (l) | 0.21(a) | 2.53 | 0.21 | 0.82 | 1.18 | 0.96 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $17,853 | $18,598 | $21,519 | $19,543 | $23,326 | $30,764 |
Six months ended | Year ended | |||||
Class R2 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $22.44 | $25.52 | $20.06 | $19.78 | $20.39 | $19.41 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.08 | $0.75 | $0.17 | $0.27 | $0.33 | $0.30 |
Net realized and unrealized gain (loss) | (0.58) | (2.05) | 6.10 | 1.00 | 0.21 | 1.61 |
Total from investment operations | $(0.50) | $(1.30) | $6.27 | $1.27 | $0.54 | $1.91 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.76) | $(0.17) | $(0.28) | $(0.34) | $(0.34) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.78) | $(0.81) | $(0.99) | $(1.15) | $(0.93) |
Net asset value, end of period (x) | $21.94 | $22.44 | $25.52 | $20.06 | $19.78 | $20.39 |
Total return (%) (r)(s)(t)(x) | (2.23)(n) | (5.89) | 31.62 | 6.12 | 3.34 | 9.94 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.61(a) | 0.62 | 0.60 | 0.61 | 0.61 | 0.60 |
Expenses after expense reductions (h) | 0.59(a) | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 |
Net investment income (loss) (l) | 0.72(a) | 2.97 | 0.72 | 1.30 | 1.64 | 1.46 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $112,877 | $122,694 | $142,619 | $123,459 | $138,541 | $160,632 |
Six months ended | Year ended | |||||
Class R3 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $22.83 | $25.93 | $20.37 | $20.08 | $20.69 | $19.68 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.10 | $0.82 | $0.23 | $0.33 | $0.39 | $0.36 |
Net realized and unrealized gain (loss) | (0.59) | (2.07) | 6.20 | 1.01 | 0.20 | 1.64 |
Total from investment operations | $(0.49) | $(1.25) | $6.43 | $1.34 | $0.59 | $2.00 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.83) | $(0.23) | $(0.34) | $(0.39) | $(0.40) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.85) | $(0.87) | $(1.05) | $(1.20) | $(0.99) |
Net asset value, end of period (x) | $22.34 | $22.83 | $25.93 | $20.37 | $20.08 | $20.69 |
Total return (%) (r)(s)(t)(x) | (2.15)(n) | (5.64) | 31.94 | 6.35 | 3.59 | 10.25 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.37 | 0.35 | 0.36 | 0.36 | 0.35 |
Expenses after expense reductions (h) | 0.34(a) | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
Net investment income (loss) (l) | 0.97(a) | 3.22 | 0.98 | 1.59 | 1.90 | 1.75 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $125,720 | $140,484 | $170,541 | $147,888 | $170,299 | $202,407 |
Six months ended | Year ended | |||||
Class R4 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $23.05 | $26.17 | $20.55 | $20.24 | $20.86 | $19.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.13 | $0.91 | $0.29 | $0.38 | $0.44 | $0.39 |
Net realized and unrealized gain (loss) | (0.59) | (2.11) | 6.26 | 1.03 | 0.20 | 1.67 |
Total from investment operations | $(0.46) | $(1.20) | $6.55 | $1.41 | $0.64 | $2.06 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.90) | $(0.29) | $(0.39) | $(0.45) | $(0.45) |
From net realized gain | — | (1.02) | (0.64) | (0.71) | (0.81) | (0.59) |
Total distributions declared to shareholders | $— | $(1.92) | $(0.93) | $(1.10) | $(1.26) | $(1.04) |
Net asset value, end of period (x) | $22.59 | $23.05 | $26.17 | $20.55 | $20.24 | $20.86 |
Total return (%) (r)(s)(t)(x) | (2.00)(n) | (5.43) | 32.26 | 6.66 | 3.83 | 10.50 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.12 | 0.11 | 0.11 | 0.11 | 0.10 |
Expenses after expense reductions (h) | 0.09(a) | 0.10 | 0.10 | 0.10 | 0.10 | N/A |
Net investment income (loss) (l) | 1.21(a) | 3.52 | 1.23 | 1.81 | 2.16 | 1.90 |
Portfolio turnover | 1(n) | 11 | 7 | 4 | 3 | 2 |
Net assets at end of period (000 omitted) | $322,516 | $328,631 | $360,879 | $264,076 | $232,530 | $230,032 |
Six months ended | Year ended | |
Class R6 | 11/30/22 (unaudited) | 5/31/22(i) |
Net asset value, beginning of period | $23.35 | $27.02 |
Income (loss) from investment operations | ||
Net investment income (loss) (d)(l) | $0.14 | $0.12 |
Net realized and unrealized gain (loss) | (0.60) | (1.87) |
Total from investment operations | $(0.46) | $(1.75) |
Less distributions declared to shareholders | ||
From net investment income | $— | $(0.90) |
From net realized gain | — | (1.02) |
Total distributions declared to shareholders | $��� | $(1.92) |
Net asset value, end of period (x) | $22.89 | $23.35 |
Total return (%) (r)(s)(t)(x) | (1.97)(n) | (7.27)(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||
Expenses before expense reductions (h) | 0.04(a) | 0.04(a) |
Expenses after expense reductions (h) | 0.02(a) | 0.02(a) |
Net investment income (loss) (l) | 1.28(a) | 0.75(a) |
Portfolio turnover | 1(n) | 11 |
Net assets at end of period (000 omitted) | $249,128 | $228,326 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $27.39 | $31.03 | $23.23 | $22.94 | $23.63 | $21.80 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.92 | $0.14 | $0.28 | $0.34 | $0.30 |
Net realized and unrealized gain (loss) | (0.50) | (2.46) | 8.66 | 1.18 | 0.16 | 2.47 |
Total from investment operations | $(0.51) | $(1.54) | $8.80 | $1.46 | $0.50 | $2.77 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.94) | $(0.15) | $(0.29) | $(0.34) | $(0.32) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(2.10) | $(1.00) | $(1.17) | $(1.19) | $(0.94) |
Net asset value, end of period (x) | $26.88 | $27.39 | $31.03 | $23.23 | $22.94 | $23.63 |
Total return (%) (r)(s)(t)(x) | (1.86)(n) | (5.78) | 38.35 | 5.97 | 2.82 | 12.82 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.39(a) | 0.39 | 0.40 | 0.41 | 0.40 | 0.39 |
Expenses after expense reductions (h) | 0.38(a) | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 |
Net investment income (loss) (l) | (0.05)(a) | 3.02 | 0.50 | 1.18 | 1.47 | 1.30 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $1,424,211 | $1,424,073 | $1,386,555 | $928,555 | $869,146 | $859,070 |
Six months ended | Year ended | |||||
Class B | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $26.90 | $30.47 | $22.88 | $22.60 | $23.26 | $21.46 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.10) | $0.69 | $(0.06) | $0.10 | $0.17 | $0.13 |
Net realized and unrealized gain (loss) | (0.49) | (2.44) | 8.50 | 1.15 | 0.17 | 2.43 |
Total from investment operations | $(0.59) | $(1.75) | $8.44 | $1.25 | $0.34 | $2.56 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.66) | $— | $(0.09) | $(0.15) | $(0.14) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(1.82) | $(0.85) | $(0.97) | $(1.00) | $(0.76) |
Net asset value, end of period (x) | $26.31 | $26.90 | $30.47 | $22.88 | $22.60 | $23.26 |
Total return (%) (r)(s)(t)(x) | (2.19)(n) | (6.48) | 37.30 | 5.18 | 2.03 | 12.02 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.14(a) | 1.14 | 1.15 | 1.16 | 1.15 | 1.14 |
Expenses after expense reductions (h) | 1.13(a) | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
Net investment income (loss) (l) | (0.80)(a) | 2.27 | (0.22) | 0.44 | 0.73 | 0.57 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $24,209 | $27,855 | $40,147 | $41,016 | $52,512 | $61,264 |
Six months ended | Year ended | |||||
Class C | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $26.51 | $30.09 | $22.61 | $22.36 | $23.02 | $21.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.10) | $0.67 | $(0.05) | $0.09 | $0.16 | $0.13 |
Net realized and unrealized gain (loss) | (0.48) | (2.39) | 8.38 | 1.15 | 0.18 | 2.40 |
Total from investment operations | $(0.58) | $(1.72) | $8.33 | $1.24 | $0.34 | $2.53 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.70) | $— | $(0.11) | $(0.15) | $(0.15) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(1.86) | $(0.85) | $(0.99) | $(1.00) | $(0.77) |
Net asset value, end of period (x) | $25.93 | $26.51 | $30.09 | $22.61 | $22.36 | $23.02 |
Total return (%) (r)(s)(t)(x) | (2.19)(n) | (6.47) | 37.26 | 5.20 | 2.04 | 11.97 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.14(a) | 1.14 | 1.14 | 1.16 | 1.15 | 1.14 |
Expenses after expense reductions (h) | 1.13(a) | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
Net investment income (loss) (l) | (0.80)(a) | 2.27 | (0.20) | 0.41 | 0.72 | 0.58 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $224,519 | $232,876 | $264,940 | $234,144 | $221,719 | $227,357 |
Six months ended | Year ended | |||||
Class I | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $27.96 | $31.62 | $23.65 | $23.33 | $24.02 | $22.14 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.03 | $1.00 | $0.22 | $0.35 | $0.39 | $0.37 |
Net realized and unrealized gain (loss) | (0.51) | (2.48) | 8.80 | 1.20 | 0.17 | 2.51 |
Total from investment operations | $(0.48) | $(1.48) | $9.02 | $1.55 | $0.56 | $2.88 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(1.02) | $(0.20) | $(0.35) | $(0.40) | $(0.38) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(2.18) | $(1.05) | $(1.23) | $(1.25) | $(1.00) |
Net asset value, end of period (x) | $27.48 | $27.96 | $31.62 | $23.65 | $23.33 | $24.02 |
Total return (%) (r)(s)(t)(x) | (1.72)(n) | (5.52) | 38.67 | 6.24 | 3.05 | 13.11 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.14(a) | 0.14 | 0.15 | 0.16 | 0.15 | 0.14 |
Expenses after expense reductions (h) | 0.13(a) | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
Net investment income (loss) (l) | 0.20(a) | 3.22 | 0.78 | 1.46 | 1.67 | 1.58 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $241,299 | $240,621 | $241,144 | $178,491 | $167,527 | $142,897 |
Six months ended | Year ended | |||||
Class R1 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $26.07 | $29.60 | $22.25 | $22.00 | $22.69 | $20.97 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.10) | $0.69 | $(0.06) | $0.09 | $0.15 | $0.12 |
Net realized and unrealized gain (loss) | (0.48) | (2.37) | 8.26 | 1.13 | 0.18 | 2.37 |
Total from investment operations | $(0.58) | $(1.68) | $8.20 | $1.22 | $0.33 | $2.49 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.69) | $— | $(0.09) | $(0.17) | $(0.15) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(1.85) | $(0.85) | $(0.97) | $(1.02) | $(0.77) |
Net asset value, end of period (x) | $25.49 | $26.07 | $29.60 | $22.25 | $22.00 | $22.69 |
Total return (%) (r)(s)(t)(x) | (2.22)(n) | (6.46) | 37.28 | 5.21 | 2.03 | 11.94 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.14(a) | 1.14 | 1.14 | 1.16 | 1.15 | 1.14 |
Expenses after expense reductions (h) | 1.13(a) | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
Net investment income (loss) (l) | (0.80)(a) | 2.34 | (0.24) | 0.40 | 0.69 | 0.53 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $15,231 | $15,536 | $18,496 | $14,484 | $17,093 | $17,228 |
Six months ended | Year ended | |||||
Class R2 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $26.71 | $30.30 | $22.71 | $22.44 | $23.13 | $21.36 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.04) | $0.83 | $0.07 | $0.21 | $0.28 | $0.25 |
Net realized and unrealized gain (loss) | (0.48) | (2.40) | 8.44 | 1.16 | 0.16 | 2.40 |
Total from investment operations | $(0.52) | $(1.57) | $8.51 | $1.37 | $0.44 | $2.65 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.86) | $(0.07) | $(0.22) | $(0.28) | $(0.26) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(2.02) | $(0.92) | $(1.10) | $(1.13) | $(0.88) |
Net asset value, end of period (x) | $26.19 | $26.71 | $30.30 | $22.71 | $22.44 | $23.13 |
Total return (%) (r)(s)(t)(x) | (1.95)(n) | (6.01) | 37.93 | 5.73 | 2.56 | 12.50 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.64(a) | 0.64 | 0.65 | 0.66 | 0.65 | 0.64 |
Expenses after expense reductions (h) | 0.63(a) | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
Net investment income (loss) (l) | (0.30)(a) | 2.76 | 0.27 | 0.91 | 1.23 | 1.09 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $52,597 | $55,975 | $65,485 | $55,453 | $63,038 | $70,426 |
Six months ended | Year ended | |||||
Class R3 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $27.15 | $30.76 | $23.04 | $22.75 | $23.44 | $21.63 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.91 | $0.15 | $0.29 | $0.34 | $0.30 |
Net realized and unrealized gain (loss) | (0.50) | (2.43) | 8.56 | 1.17 | 0.15 | 2.45 |
Total from investment operations | $(0.51) | $(1.52) | $8.71 | $1.46 | $0.49 | $2.75 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.93) | $(0.14) | $(0.29) | $(0.33) | $(0.32) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(2.09) | $(0.99) | $(1.17) | $(1.18) | $(0.94) |
Net asset value, end of period (x) | $26.64 | $27.15 | $30.76 | $23.04 | $22.75 | $23.44 |
Total return (%) (r)(s)(t)(x) | (1.88)(n) | (5.75) | 38.28 | 6.00 | 2.78 | 12.82 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.39(a) | 0.39 | 0.40 | 0.41 | 0.40 | 0.39 |
Expenses after expense reductions (h) | 0.38(a) | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 |
Net investment income (loss) (l) | (0.05)(a) | 3.00 | 0.54 | 1.20 | 1.48 | 1.33 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $84,513 | $91,223 | $105,120 | $87,315 | $97,866 | $137,905 |
Six months ended | Year ended | |||||
Class R4 | 11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 |
Net asset value, beginning of period | $27.52 | $31.15 | $23.32 | $23.01 | $23.71 | $21.87 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.03 | $1.02 | $0.21 | $0.34 | $0.39 | $0.35 |
Net realized and unrealized gain (loss) | (0.51) | (2.47) | 8.67 | 1.20 | 0.16 | 2.49 |
Total from investment operations | $(0.48) | $(1.45) | $8.88 | $1.54 | $0.55 | $2.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(1.02) | $(0.20) | $(0.35) | $(0.40) | $(0.38) |
From net realized gain | — | (1.16) | (0.85) | (0.88) | (0.85) | (0.62) |
Total distributions declared to shareholders | $— | $(2.18) | $(1.05) | $(1.23) | $(1.25) | $(1.00) |
Net asset value, end of period (x) | $27.04 | $27.52 | $31.15 | $23.32 | $23.01 | $23.71 |
Total return (%) (r)(s)(t)(x) | (1.74)(n) | (5.51) | 38.61 | 6.29 | 3.05 | 13.09 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.14(a) | 0.14 | 0.15 | 0.16 | 0.15 | 0.14 |
Expenses after expense reductions (h) | 0.13(a) | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
Net investment income (loss) (l) | 0.20(a) | 3.31 | 0.77 | 1.44 | 1.69 | 1.53 |
Portfolio turnover | 2(n) | 13 | 7 | 6 | 5 | 2 |
Net assets at end of period (000 omitted) | $178,802 | $183,201 | $200,635 | $137,680 | $109,384 | $91,311 |
Six months ended | Year ended | |
Class R6 | 11/30/22 (unaudited) | 5/31/22(i) |
Net asset value, beginning of period | $27.97 | $32.28 |
Income (loss) from investment operations | ||
Net investment income (loss) (d)(l) | $0.04 | $0.01 |
Net realized and unrealized gain (loss) | (0.52) | (2.12) |
Total from investment operations | $(0.48) | $(2.11) |
Less distributions declared to shareholders | ||
From net investment income | $— | $(1.04) |
From net realized gain | — | (1.16) |
Total distributions declared to shareholders | $— | $(2.20) |
Net asset value, end of period (x) | $27.49 | $27.97 |
Total return (%) (r)(s)(t)(x) | (1.72)(n) | (7.35)(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||
Expenses before expense reductions (h) | 0.05(a) | 0.08(a) |
Expenses after expense reductions (h) | 0.04(a) | 0.05(a) |
Net investment income (loss) (l) | 0.29(a) | 0.05(a) |
Portfolio turnover | 2(n) | 13 |
Net assets at end of period (000 omitted) | $197,734 | $186,590 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Level 1 | Level 2 | Level 3 | Total | |
MFS Conservative Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $3,865,698,989 | $�� | $— | $3,865,698,989 |
MFS Moderate Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $6,423,098,226 | $— | $— | $6,423,098,226 |
MFS Growth Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $6,037,505,758 | $— | $— | $6,037,505,758 |
Level 1 | Level 2 | Level 3 | Total | |
MFS Aggressive Growth Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $2,442,373,770 | $— | $— | $2,442,373,770 |
Year ended 5/31/22 | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Ordinary income (including any short-term capital gains) | $130,737,104 | $243,876,428 | $237,936,259 | $92,864,812 |
Long-term capital gains | 33,592,805 | 158,322,310 | 233,327,796 | 83,900,656 |
Total distributions | $164,329,909 | $402,198,738 | $471,264,055 | $176,765,468 |
As of 11/30/22 | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Cost of investments | $3,392,235,605 | $4,929,700,814 | $3,981,362,387 | $1,480,941,248 |
Gross appreciation | 720,289,997 | 1,871,587,615 | 2,250,538,838 | 976,307,524 |
Gross depreciation | (246,826,613) | (378,190,203) | (194,395,467) | (14,875,002) |
Net unrealized appreciation (depreciation) | $473,463,384 | $1,493,397,412 | $2,056,143,371 | $961,432,522 |
As of 5/31/22 | ||||
Undistributed ordinary income | 11,083,062 | 14,291,680 | 7,703,797 | — |
Undistributed long-term capital gain | 28,675,917 | 90,776,492 | 118,651,932 | 56,835,283 |
Post-October capital loss deferral | — | — | — | (1,955,297) |
Late year ordinary loss deferral | — | — | — | (2,250,675) |
Net unrealized appreciation (depreciation) | 604,061,464 | 1,717,458,641 | 2,128,112,301 | 1,005,255,842 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | ||||||||||||
Six Months Ended 11/30/22 | Year Ended 5/31/22 (i) | Six Months Ended 11/30/22 | Year Ended 5/31/22 (i) | Six Months Ended 11/30/22 | Year Ended 5/31/22 (i) | Six Months Ended 11/30/22 | Year Ended 5/31/22 (i) | ||||||||
Class A | $22,933,011 | $103,815,228 | $29,290,785 | $276,567,034 | $— | $319,597,176 | $— | $98,862,321 | |||||||
Class B | 106,115 | 1,042,785 | 126,068 | 4,499,766 | — | 5,492,859 | — | 2,062,940 | |||||||
Class C | 1,658,118 | 13,721,590 | 1,133,041 | 32,006,084 | — | 36,297,415 | — | 15,834,763 | |||||||
Class I | 4,588,610 | 21,657,438 | 3,147,982 | 28,009,118 | — | 32,588,097 | — | 17,809,105 | |||||||
Class R1 | 54,340 | 389,398 | 59,740 | 1,381,570 | — | 1,300,149 | — | 1,027,487 | |||||||
Class R2 | 343,020 | 1,861,528 | 519,746 | 6,454,199 | — | 9,351,146 | — | 4,123,946 | |||||||
Class R3 | 749,840 | 4,011,626 | 1,171,025 | 13,005,624 | — | 11,541,626 | — | 6,811,884 | |||||||
Class R4 | 2,547,671 | 10,300,331 | 2,136,677 | 18,863,008 | — | 26,880,368 | — | 14,448,809 | |||||||
Class R6 | 681,369 | 15,372 | 1,589,918 | 33,821 | — | 27,228 | — | 5,690 | |||||||
Class 529A | — | 6,591,833 | — | 18,455,392 | — | 24,828,235 | — | 14,466,884 | |||||||
Class 529B | — | 102,684 | — | 321,991 | — | 532,633 | — | 120,341 | |||||||
Class 529C | — | 820,096 | — | 2,601,131 | — | 2,827,123 | — | 1,191,298 | |||||||
Total | $33,662,094 | $164,329,909 | $39,174,982 | $402,198,738 | $— | $471,264,055 | $— | $176,765,468 |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Class A | 0.10% | 0.10% | 0.10% | 0.13% |
Class B | 0.10% | 0.10% | 0.10% | 0.13% |
Class C | 0.10% | 0.10% | 0.10% | 0.13% |
Class I | 0.10% | 0.10% | 0.10% | 0.13% |
Class R1 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R2 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R3 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R4 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R6 | 0.03% | 0.02% | 0.02% | 0.05% |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
$93,811 | $238,524 | $413,992 | $212,534 |
Class A | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | — | 0.25% | 0.25% | 0.25% | $3,281,115 |
MFS Moderate Allocation Fund | — | 0.25% | 0.25% | 0.25% | 5,742,687 |
MFS Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 5,173,001 |
MFS Aggressive Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 1,684,783 |
Class B | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $120,940 |
MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 303,100 |
MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 303,816 |
MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 122,967 |
Class C | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $1,754,744 |
MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2,413,387 |
MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2,219,241 |
MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,081,248 |
Class R1 | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $52,547 |
MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 114,883 |
MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 87,423 |
MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 72,829 |
Class R2 | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | $110,734 |
MFS Moderate Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 247,394 |
MFS Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 279,158 |
MFS Aggressive Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 128,106 |
Class R3 | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | — | 0.25% | 0.25% | 0.25% | $107,123 |
MFS Moderate Allocation Fund | — | 0.25% | 0.25% | 0.25% | 226,035 |
MFS Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 160,798 |
MFS Aggressive Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 104,192 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Total Distribution and Service Fees | $5,427,203 | $9,047,486 | $8,223,437 | $3,194,125 |
(d) | In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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 six months ended November 30, 2022, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations: |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Class A | $180 | $481 | $1,416 | $327 |
Class B | 19 | 11 | 5 | 7 |
Class C | 27 | 12 | 66 | 106 |
Class R2 | — | 60 | 96 | — |
CDSC Imposed | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Class A | $332,636 | $170,946 | $114,802 | $40,638 |
Class B | 9,615 | 12,948 | 13,587 | 2,781 |
Class C | 27,769 | 30,411 | 28,010 | 17,930 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Expenses paid | $152,469 | $353,127 | $451,274 | $237,325 |
Annual percentage of average daily net assets | 0.0078% | 0.0111% | 0.0154% | 0.0204% |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
$1,363,086 | $2,204,214 | $2,286,997 | $1,098,974 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Percentage of average daily net assets | 0.0004% | 0.0003% | 0.0003% | 0.0008% |
Fund | Class | Shares | Amount |
MFS Conservative Allocation Fund | Class R6 | 2,697 | $50,000 |
MFS Moderate Allocation Fund | Class R6 | 2,250 | 50,000 |
MFS Growth Allocation Fund | Class R6 | 1,850 | 50,000 |
MFS Aggressive Growth Allocation Fund | Class R6 | 1,549 | 50,000 |
Fund | Class | Shares | Amount |
MFS Conservative Allocation Fund | Class R6 | 2,795 | $46,285 |
MFS Moderate Allocation Fund | Class R6 | 2,375 | 45,909 |
MFS Growth Allocation Fund | Class R6 | 1,983 | 45,708 |
MFS Aggressive Growth Allocation Fund | Class R6 | 1,654 | 45,568 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Purchases | $45,297,147 | $109,752,083 | $86,923,353 | $62,472,366 |
Sales | $240,146,366 | $223,128,950 | $106,331,490 | $37,041,166 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | ||||||||||
Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 18,992,211 | $ 298,652,785 | 67,679,957 | $ 1,221,314,304 | 24,562,506 | $ 446,289,461 | 64,087,563 | $ 1,359,111,133 | |||
Class B | 14,566 | 228,509 | 93,027 | 1,665,420 | 18,983 | 340,340 | 36,785 | 762,264 | |||
Class C | 777,562 | 12,054,953 | 4,830,361 | 86,218,196 | 1,333,495 | 23,686,976 | 4,234,381 | 87,982,540 | |||
Class I | 2,517,798 | 40,047,514 | 11,090,692 | 201,830,274 | 2,818,265 | 51,474,418 | 5,790,239 | 125,696,224 | |||
Class R1 | 47,658 | 722,404 | 126,121 | 2,165,139 | 71,366 | 1,232,826 | 148,640 | 3,003,937 | |||
Class R2 | 205,721 | 3,139,483 | 802,943 | 13,797,950 | 362,565 | 6,438,979 | 1,100,525 | 22,278,112 | |||
Class R3 | 359,692 | 5,578,809 | 1,835,554 | 32,616,119 | 466,687 | 8,392,559 | 2,001,055 | 41,362,889 | |||
Class R4 | 1,157,768 | 18,286,048 | 5,579,880 | 98,938,943 | 1,430,960 | 25,920,962 | 3,178,768 | 66,866,175 | |||
Class R6 | 775,085 | 12,368,097 | 4,011,762 | 66,084,891 | 1,277,696 | 23,810,684 | 10,755,093 | 205,732,457 | |||
Class 529A | — | — | 7,021,015 | 124,154,124 | — | — | 7,030,533 | 145,839,839 | |||
Class 529B | — | — | 59,317 | 1,058,613 | — | — | 54,771 | 1,158,960 | |||
Class 529C | — | — | 619,502 | 11,001,161 | — | — | 501,716 | 10,539,056 | |||
24,848,061 | $391,078,602 | 103,750,131 | $1,860,845,134 | 32,342,523 | $587,587,205 | 98,920,069 | $2,070,333,586 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 1,436,938 | $ 22,189,105 | 5,509,883 | $ 100,451,582 | 1,608,520 | $ 28,491,162 | 12,475,152 | $ 268,574,303 | |||
Class B | 6,776 | 104,202 | 55,157 | 1,004,048 | 7,087 | 123,467 | 207,077 | 4,400,978 | |||
Class C | 104,884 | 1,592,438 | 735,835 | 13,226,348 | 63,650 | 1,099,111 | 1,477,992 | 31,133,054 | |||
Class I | 252,144 | 3,936,546 | 993,915 | 18,297,574 | 148,323 | 2,671,882 | 1,084,011 | 23,712,133 | |||
Class R1 | 3,666 | 54,340 | 22,170 | 389,398 | 3,551 | 59,740 | 67,341 | 1,381,570 | |||
Class R2 | 22,354 | 334,071 | 102,661 | 1,813,555 | 30,012 | 517,840 | 306,461 | 6,431,465 | |||
Class R3 | 49,033 | 749,798 | 222,035 | 4,011,206 | 66,712 | 1,170,907 | 609,638 | 13,005,624 | |||
Class R4 | 145,002 | 2,240,941 | 492,350 | 8,976,215 | 95,794 | 1,694,278 | 697,878 | 15,003,351 | |||
Class R6 | 43,676 | 681,369 | 878 | 15,372 | 88,276 | 1,589,918 | 1,640 | 33,821 | |||
Class 529A | — | — | 353,307 | 6,399,773 | — | — | 846,016 | 18,099,800 | |||
Class 529B | — | — | 5,727 | 102,348 | — | — | 15,125 | 317,806 | |||
Class 529C | — | — | 44,437 | 789,847 | — | — | 122,704 | 2,551,571 | |||
2,064,473 | $31,882,810 | 8,538,355 | $155,477,266 | 2,111,925 | $37,418,305 | 17,911,035 | $384,645,476 |
MFS Conservative Allocation Fund − continued | MFS Moderate Allocation Fund − continued | ||||||||||
Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares reacquired | |||||||||||
Class A | (22,866,491) | $(358,055,587) | (42,044,231) | $ (749,032,903) | (23,957,125) | $(432,322,018) | (43,477,163) | $ (912,895,376) | |||
Class B | (346,945) | (5,399,255) | (981,518) | (17,507,879) | (681,856) | (12,148,911) | (2,004,737) | (41,816,299) | |||
Class C | (4,162,024) | (63,954,311) | (8,473,584) | (148,571,403) | (4,546,215) | (80,138,599) | (11,266,526) | (232,666,725) | |||
Class I | (6,398,862) | (101,148,646) | (9,942,137) | (174,501,245) | (3,657,602) | (67,116,345) | (5,662,496) | (121,101,541) | |||
Class R1 | (73,808) | (1,107,872) | (201,826) | (3,392,524) | (171,352) | (2,970,111) | (153,547) | (3,078,840) | |||
Class R2 | (388,117) | (5,862,744) | (1,007,115) | (17,330,569) | (769,769) | (13,454,949) | (1,800,271) | (36,971,719) | |||
Class R3 | (600,230) | (9,392,474) | (2,523,982) | (43,995,048) | (1,327,308) | (23,618,446) | (3,990,332) | (82,425,614) | |||
Class R4 | (1,555,283) | (24,493,511) | (4,668,604) | (83,521,684) | (2,172,340) | (39,508,755) | (3,940,095) | (82,866,417) | |||
Class R6 | (447,767) | (7,089,663) | (40,640) | (679,766) | (837,693) | (15,528,659) | (123,363) | (2,401,071) | |||
Class 529A | — | — | (17,226,421) | (286,120,415) | — | — | (23,331,934) | (443,822,099) | |||
Class 529B | — | — | (262,623) | (4,524,684) | — | — | (381,081) | (7,643,019) | |||
Class 529C | — | — | (2,466,975) | (42,216,507) | — | — | (3,305,962) | (65,455,676) | |||
(36,839,527) | $(576,504,063) | (89,839,656) | $(1,571,394,627) | (38,121,260) | $(686,806,793) | (99,437,507) | $(2,033,144,396) | ||||
Net change | |||||||||||
Class A | (2,437,342) | $ (37,213,697) | 31,145,609 | $ 572,732,983 | 2,213,901 | $ 42,458,605 | 33,085,552 | $ 714,790,060 | |||
Class B | (325,603) | (5,066,544) | (833,334) | (14,838,411) | (655,786) | (11,685,104) | (1,760,875) | (36,653,057) | |||
Class C | (3,279,578) | (50,306,920) | (2,907,388) | (49,126,859) | (3,149,070) | (55,352,512) | (5,554,153) | (113,551,131) | |||
Class I | (3,628,920) | (57,164,586) | 2,142,470 | 45,626,603 | (691,014) | (12,970,045) | 1,211,754 | 28,306,816 | |||
Class R1 | (22,484) | (331,128) | (53,535) | (837,987) | (96,435) | (1,677,545) | 62,434 | 1,306,667 | |||
Class R2 | (160,042) | (2,389,190) | (101,511) | (1,719,064) | (377,192) | (6,498,130) | (393,285) | (8,262,142) | |||
Class R3 | (191,505) | (3,063,867) | (466,393) | (7,367,723) | (793,909) | (14,054,980) | (1,379,639) | (28,057,101) | |||
Class R4 | (252,513) | (3,966,522) | 1,403,626 | 24,393,474 | (645,586) | (11,893,515) | (63,449) | (996,891) | |||
Class R6 | 370,994 | 5,959,803 | 3,972,000 | 65,420,497 | 528,279 | 9,871,943 | 10,633,370 | 203,365,207 | |||
Class 529A | — | — | (9,852,099) | (155,566,518) | — | — | (15,455,385) | (279,882,460) | |||
Class 529B | — | — | (197,579) | (3,363,723) | — | — | (311,185) | (6,166,253) | |||
Class 529C | — | — | (1,803,036) | (30,425,499) | — | — | (2,681,542) | (52,365,049) | |||
(9,926,993) | $(153,542,651) | 22,448,830 | $444,927,773 | (3,666,812) | $(61,801,283) | 17,393,597 | $421,834,666 |
MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | ||||||||||
Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 16,677,461 | $ 361,588,133 | 42,486,620 | $ 1,089,837,005 | 4,927,256 | $ 126,226,293 | 12,227,052 | $ 371,603,360 | |||
Class B | 10,354 | 228,032 | 16,966 | 431,802 | 1,814 | 43,591 | 3,830 | 120,168 | |||
Class C | 1,250,763 | 26,495,481 | 3,167,900 | 79,542,973 | 832,989 | 20,573,482 | 2,034,053 | 59,961,959 | |||
Class I | 1,969,963 | 43,215,449 | 4,398,105 | 114,910,801 | 1,237,067 | 32,973,605 | 2,976,116 | 92,283,196 | |||
Class R1 | 44,826 | 923,427 | 164,341 | 3,928,779 | 39,999 | 975,754 | 85,168 | 2,449,701 | |||
Class R2 | 282,308 | 5,973,281 | 936,936 | 22,514,274 | 143,275 | 3,593,359 | 484,136 | 14,072,406 | |||
Class R3 | 295,121 | 6,373,044 | 1,400,278 | 35,173,792 | 270,632 | 6,861,310 | 663,636 | 19,830,110 | |||
Class R4 | 1,263,188 | 27,669,549 | 2,448,459 | 63,516,154 | 655,098 | 17,016,488 | 1,342,716 | 41,535,284 | |||
Class R6 | 1,430,210 | 31,895,414 | 9,810,608 | 221,561,239 | 678,247 | 17,799,557 | 6,695,872 | 180,042,173 | |||
Class 529A | — | — | 5,009,586 | 125,064,969 | — | — | 1,945,476 | 58,222,496 | |||
Class 529B | — | — | 18,369 | 474,433 | — | — | 919 | 27,627 | |||
Class 529C | — | — | 238,070 | 6,028,200 | — | — | 70,856 | 2,121,609 | |||
23,224,194 | $504,361,810 | 70,096,238 | $1,762,984,421 | 8,786,377 | $226,063,439 | 28,529,830 | $842,270,089 |
MFS Growth Allocation Fund − continued | MFS Aggressive Growth Allocation Fund − continued | ||||||||||
Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | Six Months Ended 11/30/22 | Year ended 5/31/22 (i) | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | — | $ — | 12,000,801 | $ 312,260,853 | — | $ — | 3,087,985 | $ 96,345,134 | |||
Class B | — | — | 206,595 | 5,361,134 | — | — | 66,577 | 2,046,565 | |||
Class C | — | — | 1,400,635 | 35,758,201 | — | — | 511,180 | 15,488,749 | |||
Class I | — | — | 1,109,514 | 29,191,324 | — | — | 470,323 | 14,965,686 | |||
Class R1 | — | — | 52,257 | 1,300,149 | — | — | 34,491 | 1,027,487 | |||
Class R2 | — | — | 368,587 | 9,343,689 | — | — | 135,389 | 4,123,946 | |||
Class R3 | — | — | 448,045 | 11,541,626 | — | — | 220,307 | 6,811,884 | |||
Class R4 | — | — | 895,617 | 23,277,073 | — | — | 423,080 | 13,246,638 | |||
Class R6 | — | — | 1,035 | 27,227 | — | — | 179 | 5,690 | |||
Class 529A | — | — | 952,223 | 24,538,771 | — | — | 463,564 | 14,342,681 | |||
Class 529B | — | — | 20,809 | 531,680 | — | — | 3,968 | 120,314 | |||
Class 529C | — | — | 111,480 | 2,800,278 | — | — | 39,442 | 1,173,784 | |||
— | $— | 17,567,598 | $455,932,005 | — | $— | 5,456,485 | $169,698,558 | ||||
Shares reacquired | |||||||||||
Class A | (15,134,557) | $(327,690,791) | (28,783,172) | $ (733,349,747) | (3,940,921) | $(100,867,758) | (8,015,329) | $ (243,001,870) | |||
Class B | (477,568) | (10,248,752) | (1,390,197) | (35,406,190) | (116,873) | (2,917,715) | (352,686) | (10,532,362) | |||
Class C | (2,949,553) | (62,339,022) | (7,723,646) | (194,063,690) | (955,843) | (23,574,526) | (2,566,060) | (75,602,980) | |||
Class I | (2,096,794) | (45,932,101) | (3,835,578) | (98,174,500) | (1,060,940) | (27,835,258) | (2,466,759) | (73,773,013) | |||
Class R1 | (58,074) | (1,194,102) | (230,239) | (5,645,494) | (38,453) | (933,043) | (148,576) | (4,406,606) | |||
Class R2 | (604,884) | (12,551,824) | (1,425,828) | (35,217,718) | (230,046) | (5,670,449) | (685,380) | (20,121,709) | |||
Class R3 | (823,067) | (17,844,353) | (2,269,886) | (56,210,144) | (459,043) | (11,709,923) | (941,107) | (28,192,601) | |||
Class R4 | (1,244,344) | (27,260,921) | (2,876,306) | (72,971,374) | (700,592) | (18,191,015) | (1,548,611) | (46,551,128) | |||
Class R6 | (326,525) | (7,200,318) | (31,672) | (734,488) | (158,576) | (4,195,201) | (23,945) | (671,629) | |||
Class 529A | — | — | (19,450,265) | (438,339,175) | — | — | (9,405,661) | (250,775,106) | |||
Class 529B | — | — | (383,865) | (9,333,936) | — | — | (88,666) | (2,545,589) | |||
Class 529C | — | — | (2,335,240) | (55,716,364) | — | — | (834,437) | (23,400,312) | |||
(23,715,366) | $(512,262,184) | (70,735,894) | $(1,735,162,820) | (7,661,287) | $(195,894,888) | (27,077,217) | $(779,574,905) | ||||
Net change | |||||||||||
Class A | 1,542,904 | $ 33,897,342 | 25,704,249 | $ 668,748,111 | 986,335 | $ 25,358,535 | 7,299,708 | $ 224,946,624 | |||
Class B | (467,214) | (10,020,720) | (1,166,636) | (29,613,254) | (115,059) | (2,874,124) | (282,279) | (8,365,629) | |||
Class C | (1,698,790) | (35,843,541) | (3,155,111) | (78,762,516) | (122,854) | (3,001,044) | (20,827) | (152,272) | |||
Class I | (126,831) | (2,716,652) | 1,672,041 | 45,927,625 | 176,127 | 5,138,347 | 979,680 | 33,475,869 | |||
Class R1 | (13,248) | (270,675) | (13,641) | (416,566) | 1,546 | 42,711 | (28,917) | (929,418) | |||
Class R2 | (322,576) | (6,578,543) | (120,305) | (3,359,755) | (86,771) | (2,077,090) | (65,855) | (1,925,357) | |||
Class R3 | (527,946) | (11,471,309) | (421,563) | (9,494,726) | (188,411) | (4,848,613) | (57,164) | (1,550,607) | |||
Class R4 | 18,844 | 408,628 | 467,770 | 13,821,853 | (45,494) | (1,174,527) | 217,185 | 8,230,794 | |||
Class R6 | 1,103,685 | 24,695,096 | 9,779,971 | 220,853,978 | 519,671 | 13,604,356 | 6,672,106 | 179,376,234 | |||
Class 529A | — | — | (13,488,456) | (288,735,435) | — | — | (6,996,621) | (178,209,929) | |||
Class 529B | — | — | (344,687) | (8,327,823) | — | — | (83,779) | (2,397,648) | |||
Class 529C | — | — | (1,985,690) | (46,887,886) | — | — | (724,139) | (20,104,919) | |||
(491,172) | $(7,900,374) | 16,927,942 | $483,753,606 | 1,125,090 | $30,168,551 | 6,909,098 | $232,393,742 |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Commitment Fee | $9,804 | $15,532 | $14,214 | $5,821 |
Interest Expense | — | — | — | — |
MFS Conservative Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $83,079,130 | $6,115,049 | $3,249,464 | $(42,223) | $(11,304,608) | $74,597,884 |
MFS Emerging Markets Debt Fund | 83,643,879 | 3,245,515 | 3,728,451 | (1,101,914) | (3,707,890) | 78,351,139 |
MFS Emerging Markets Debt Local Currency Fund (a) | 83,343,589 | 2,685,728 | 4,055,661 | (2,371,341) | (1,615,314) | 77,987,001 |
MFS Global Opportunistic Bond Fund (a) | 287,935,623 | 3,272,439 | 16,032,338 | (4,304,968) | (3,731,202) | 267,139,554 |
MFS Global Real Estate Fund | 84,318,651 | 5,909,194 | 2,262,719 | (424,628) | (8,736,628) | 78,803,870 |
MFS Government Securities Fund | 409,673,533 | 7,849,464 | 17,216,322 | (3,061,170) | (18,575,445) | 378,670,060 |
MFS Growth Fund | 247,247,275 | 5,438,290 | 8,908,034 | (2,233,858) | (6,567,996) | 234,975,677 |
MFS High Income Fund | 169,119,202 | 4,493,622 | 12,644,905 | (2,328,305) | (5,987,956) | 152,651,658 |
MFS Inflation-Adjusted Bond Fund | 410,899,456 | 20,761,142 | 16,832,136 | (2,888,577) | (34,274,668) | 377,665,217 |
MFS Institutional Money Market Portfolio | 7,733,465 | 97,147,848 | 94,365,151 | 1,136 | 51 | 10,517,349 |
MFS International Growth Fund | 63,110,627 | 370,621 | 3,856,488 | (660,991) | 1,576,401 | 60,540,170 |
MFS International Intrinsic Value Fund | 62,794,817 | 781,739 | 2,794,678 | (785,608) | 118,750 | 60,115,020 |
MFS International Large Cap Value Fund | 63,383,869 | 1,542,157 | 3,678,631 | (707,316) | (186,963) | 60,353,116 |
MFS Limited Maturity Fund | 411,792,685 | 8,270,250 | 36,555,503 | (2,871,832) | (7,062,400) | 373,573,200 |
MFS Mid Cap Growth Fund | 165,518,903 | 777,756 | 10,153,109 | (2,931,707) | 5,204,407 | 158,416,250 |
MFS Mid Cap Value Fund | 171,691,951 | 651,644 | 14,132,132 | 1,932,358 | (2,700,462) | 157,443,359 |
MFS New Discovery Fund | 41,090,110 | 274,317 | 2,092,785 | (1,418,239) | 1,267,808 | 39,121,211 |
MFS New Discovery Value Fund | 42,809,500 | 1,755,062 | 3,350,348 | (416,261) | (1,404,624) | 39,393,329 |
MFS Research Fund | 256,826,968 | 109,891 | 21,004,116 | (2,766,136) | 2,861,207 | 236,027,814 |
MFS Research International Fund | 147,472,537 | 3,277,566 | 6,465,683 | (813,230) | (2,721,809) | 140,749,381 |
MFS Total Return Bond Fund | 619,252,579 | 13,292,797 | 24,648,148 | (5,439,025) | (30,493,704) | 571,964,499 |
MFS Value Fund | 255,701,666 | 2,633,827 | 26,484,715 | 4,026,474 | 764,979 | 236,642,231 |
$4,168,440,015 | $190,655,918 | $334,511,517 | $(31,607,361) | $(127,278,066) | $3,865,698,989 |
MFS Conservative Allocation Fund - continued | ||
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Debt Fund | 2,130,010 | — |
MFS Emerging Markets Debt Local Currency Fund (a) | 1,796,078 | — |
MFS Global Opportunistic Bond Fund (a) | 2,222,530 | — |
MFS Global Real Estate Fund | — | — |
MFS Government Securities Fund | 4,147,634 | — |
MFS Growth Fund | — | — |
MFS High Income Fund | 4,136,564 | — |
MFS Inflation-Adjusted Bond Fund | 16,195,926 | — |
MFS Institutional Money Market Portfolio | 117,478 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS Limited Maturity Fund | 4,490,859 | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 588,010 | 905,690 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Total Return Bond Fund | 9,122,417 | — |
MFS Value Fund | 2,475,204 | — |
$47,422,710 | $905,690 |
MFS Moderate Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $210,700,131 | $8,283,011 | $6,981,245 | $(387,882) | $(28,308,985) | $183,305,030 |
MFS Emerging Markets Debt Fund | 200,428,491 | 8,731,688 | 3,356,502 | (1,199,913) | (10,244,669) | 194,359,095 |
MFS Emerging Markets Debt Local Currency Fund (a) | 133,760,968 | 5,101,389 | 3,830,455 | (2,302,738) | (4,036,384) | 128,692,780 |
MFS Emerging Markets Equity Fund | 66,622,912 | 4,376,167 | 573,917 | (290,891) | (3,871,018) | 66,263,253 |
MFS Global Opportunistic Bond Fund (a) | 330,921,434 | 4,990,104 | 14,375,531 | (4,108,631) | (5,127,719) | 312,299,657 |
MFS Global Real Estate Fund | 203,024,043 | 15,678,336 | 1,321,266 | (259,429) | (21,752,927) | 195,368,757 |
MFS Government Securities Fund | 660,526,138 | 14,351,734 | 23,065,709 | (4,063,770) | (30,988,041) | 616,760,352 |
MFS Growth Fund | 514,962,048 | 19,875,327 | 2,884,883 | (780,953) | (18,038,203) | 513,133,336 |
MFS High Income Fund | 271,874,741 | 7,051,784 | 14,674,108 | (3,139,515) | (10,318,264) | 250,794,638 |
MFS Inflation-Adjusted Bond Fund | 464,531,396 | 24,839,278 | 15,170,309 | (2,496,508) | (39,678,415) | 432,025,442 |
MFS Institutional Money Market Portfolio | 5,161,027 | 87,968,452 | 86,734,677 | (1,108) | 267 | 6,393,961 |
MFS International Growth Fund | 134,460,460 | 940,425 | 2,694,748 | (661,202) | 2,992,486 | 135,037,421 |
MFS International Intrinsic Value Fund | 131,563,973 | 4,405,111 | 1,691,212 | (528,257) | (544,161) | 133,205,454 |
MFS International Large Cap Value Fund | 136,048,402 | 4,401,872 | 3,711,855 | (693,672) | (828,541) | 135,216,206 |
MFS International New Discovery Fund | 66,744,542 | 2,225,748 | 856,983 | (291,088) | (1,375,703) | 66,446,516 |
MFS Mid Cap Growth Fund | 450,283,906 | 5,684,389 | 5,086,023 | (1,448,454) | 7,923,255 | 457,357,073 |
MFS Mid Cap Value Fund | 485,841,457 | 645,654 | 25,805,392 | 12,950,228 | (15,118,134) | 458,513,813 |
MFS New Discovery Fund | 95,346,143 | 2,214,759 | 851,445 | (605,267) | 285,051 | 96,389,241 |
MFS New Discovery Value Fund | 103,507,549 | 3,708,498 | 4,289,717 | (430,911) | (3,915,783) | 98,579,636 |
MFS Research Fund | 548,401,577 | 136,890 | 29,118,334 | (4,662,542) | 4,693,569 | 519,451,160 |
MFS Research International Fund | 336,749,493 | 12,267,360 | 5,905,030 | (1,293,624) | (5,928,433) | 335,889,766 |
MFS Total Return Bond Fund | 597,146,048 | 14,810,616 | 17,819,043 | (3,880,057) | (30,935,222) | 559,322,342 |
MFS Value Fund | 551,193,371 | 5,439,981 | 39,065,241 | 12,808,523 | (2,083,337) | 528,293,297 |
$6,699,800,250 | $258,128,573 | $309,863,625 | $(7,767,661) | $(217,199,311) | $6,423,098,226 |
MFS Moderate Allocation Fund - continued | ||
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Debt Fund | 5,171,996 | — |
MFS Emerging Markets Debt Local Currency Fund (a) | 2,905,130 | — |
MFS Emerging Markets Equity Fund | — | — |
MFS Global Opportunistic Bond Fund (a) | 2,572,482 | — |
MFS Global Real Estate Fund | — | — |
MFS Government Securities Fund | 6,732,457 | — |
MFS Growth Fund | — | — |
MFS High Income Fund | 6,726,339 | — |
MFS Inflation-Adjusted Bond Fund | 18,399,355 | — |
MFS Institutional Money Market Portfolio | 66,268 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 1,429,485 | 2,201,782 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Total Return Bond Fund | 8,870,809 | — |
MFS Value Fund | 5,398,204 | — |
$58,272,525 | $2,201,782 |
MFS Growth Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $271,870,893 | $2,374,355 | $9,717,963 | $(589,858) | $(36,111,429) | $227,825,998 |
MFS Emerging Markets Debt Fund | 183,237,446 | 8,417,654 | 1,502,792 | (548,564) | (9,917,159) | 179,686,585 |
MFS Emerging Markets Debt Local Currency Fund (a) | 122,656,283 | 4,849,182 | 1,553,498 | (940,375) | (4,812,922) | 120,198,670 |
MFS Emerging Markets Equity Fund | 120,509,064 | 6,195,529 | 14,677 | (6,367) | (7,648,055) | 119,035,494 |
MFS Global Opportunistic Bond Fund (a) | 182,689,616 | 2,864,311 | 4,237,205 | (1,321,260) | (3,716,598) | 176,278,864 |
MFS Global Real Estate Fund | 248,747,533 | 7,248,026 | 87,071 | 2,210 | (27,625,555) | 228,285,143 |
MFS Growth Fund | 587,441,178 | 17,552,824 | 948,886 | (200,949) | (21,608,691) | 582,235,476 |
MFS High Income Fund | 250,545,543 | 6,528,124 | 6,704,970 | (1,490,983) | (10,752,017) | 238,125,697 |
MFS Inflation-Adjusted Bond Fund | 306,605,869 | 14,701,193 | 6,344,236 | (968,027) | (26,876,680) | 287,118,119 |
MFS Institutional Money Market Portfolio | 9,163,193 | 70,152,544 | 71,584,924 | (773) | 518 | 7,730,558 |
MFS International Growth Fund | 184,773,980 | 1,782,115 | 1,877,910 | (296,881) | 3,639,742 | 188,021,046 |
MFS International Intrinsic Value Fund | 179,999,861 | 5,671,676 | 641,664 | (171,691) | (1,340,368) | 183,517,814 |
MFS International Large Cap Value Fund | 188,054,381 | 3,716,864 | 1,994,198 | (295,417) | (1,859,623) | 187,622,007 |
MFS International New Discovery Fund | 121,814,970 | 2,991,650 | 193,272 | (69,782) | (3,064,093) | 121,479,473 |
MFS Mid Cap Growth Fund | 523,762,248 | 12,416,927 | 815,168 | (222,178) | 8,157,392 | 543,299,221 |
MFS Mid Cap Value Fund | 577,903,960 | 97,585 | 17,500,390 | 7,723,165 | (9,321,565) | 558,902,755 |
MFS New Discovery Fund | 113,656,895 | 4,900,786 | 36,483 | (25,684) | (268,001) | 118,227,513 |
MFS New Discovery Value Fund | 127,317,535 | 4,484,726 | 2,890,775 | (184,240) | (4,989,466) | 123,737,780 |
MFS Research Fund | 627,776,569 | — | 16,711,949 | (2,861,495) | 3,728,867 | 611,931,992 |
MFS Research International Fund | 431,585,030 | 9,884,062 | 1,715,223 | (395,884) | (9,295,260) | 430,062,725 |
MFS Total Return Bond Fund | 182,878,819 | 4,769,469 | 3,138,431 | (694,299) | (9,993,043) | 173,822,515 |
MFS Value Fund | 637,635,658 | 6,251,673 | 27,704,729 | 10,468,397 | 3,709,314 | 630,360,313 |
$6,180,626,524 | $197,851,275 | $177,916,414 | $6,909,065 | $(169,964,692) | $6,037,505,758 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Debt Fund | 4,750,288 | — |
MFS Emerging Markets Debt Local Currency Fund (a) | 2,681,016 | — |
MFS Emerging Markets Equity Fund | — | — |
MFS Global Opportunistic Bond Fund (a) | 1,433,328 | — |
MFS Global Real Estate Fund | — | — |
MFS Growth Fund | — | — |
MFS High Income Fund | 6,271,855 | — |
MFS Inflation-Adjusted Bond Fund | 12,178,666 | — |
MFS Institutional Money Market Portfolio | 104,785 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 1,759,064 | 2,709,422 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Total Return Bond Fund | 2,740,066 | — |
MFS Value Fund | 6,251,673 | — |
$38,170,741 | $2,709,422 |
MFS Aggressive Growth Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $128,366,427 | $7,565,987 | $4,261,377 | $(120,977) | $(17,501,339) | $114,048,721 |
MFS Emerging Markets Equity Fund | 74,019,796 | 4,716,517 | 557,673 | (239,784) | (4,433,881) | 73,504,975 |
MFS Global Real Estate Fund | 122,877,985 | 8,259,220 | 98,096 | (10,631) | (13,514,840) | 117,513,638 |
MFS Growth Fund | 285,251,490 | 10,795,616 | 2,451,376 | (599,936) | (9,683,709) | 283,312,085 |
MFS Institutional Money Market Portfolio | 3,096,144 | 42,043,436 | 42,826,492 | (404) | 46 | 2,312,730 |
MFS International Growth Fund | 122,862,802 | 2,471,838 | 1,266,266 | (265,723) | 2,466,537 | 126,269,188 |
MFS International Intrinsic Value Fund | 121,197,148 | 4,889,425 | 618,543 | (181,558) | (806,714) | 124,479,758 |
MFS International Large Cap Value Fund | 123,538,274 | 5,364,506 | 1,010,637 | (188,574) | (1,063,866) | 126,639,703 |
MFS International New Discovery Fund | 97,747,463 | 3,471,636 | 216,411 | (78,392) | (2,432,932) | 98,491,364 |
MFS Mid Cap Growth Fund | 237,643,119 | 4,012,344 | 2,832,104 | (846,804) | 4,400,024 | 242,376,579 |
MFS Mid Cap Value Fund | 250,933,890 | 876,820 | 4,820,563 | 1,228,443 | (1,775,731) | 246,442,859 |
MFS New Discovery Fund | 59,162,678 | 1,378,581 | 629,003 | (450,597) | 290,330 | 59,751,989 |
MFS New Discovery Value Fund | 62,354,074 | 2,578,500 | 896,379 | (108,226) | (2,376,379) | 61,551,590 |
MFS Research Fund | 272,828,655 | 342,411 | 7,439,196 | (1,371,561) | 1,725,510 | 266,085,819 |
MFS Research International Fund | 196,713,758 | 7,929,835 | 722,664 | (179,292) | (4,124,674) | 199,616,963 |
MFS Value Fund | 299,536,142 | 2,956,869 | 9,220,877 | 1,695,377 | 5,008,298 | 299,975,809 |
$2,458,129,845 | $109,653,541 | $79,867,657 | $(1,718,639) | $(43,823,320) | $2,442,373,770 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Equity Fund | — | — |
MFS Global Real Estate Fund | — | — |
MFS Growth Fund | — | — |
MFS Institutional Money Market Portfolio | 27,713 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 863,041 | 1,329,311 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Value Fund | 2,945,388 | — |
$3,836,142 | $1,329,311 |
(a) | Amounts reflect the impact of a return of capital distribution adjustment which has the effect of reducing dividend income and increasing realized gain (loss) and/or change in unrealized appreciation (depreciation). |
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37 | |
37 | |
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back cover |
Active Security Selection (a) | Derivative Overlay Positions (b) | Net Market Exposure (c) | |||
Strategic Allocation | MFS International Equity Fund | 30.8% | |||
MFS Growth Fund | 30.7% | ||||
MFS Value Fund | 30.7% | ||||
Market Exposure Overlay | Mini Russell 1000 Growth Future DEC 16 22 | (23.8)% | |||
Mini MSCI EAFE Index Future DEC 16 22 | (23.9)% | ||||
Mini Russell 1000 Value Index Future DEC 16 22 | (24.0)% | ||||
Net Equity Exposure | 20.5% | ||||
Russell 2000 Index Option 1700.00 PUT DEC 16 22 | (0.1)% | ||||
Russell 2000 Index Option 1600.00 PUT MAR 17 23 | (0.2)% | ||||
Russell Index Option PUT(s) | (0.3)% | ||||
Standard & Poor's 500 Index Option 3500.00 PUT DEC 16 22 | (0.1)% | ||||
Standard & Poor's 500 Index Option 3000.00 PUT JUN 16 23 | (0.3)% | ||||
Standard & Poors Index Option PUT(s) | (0.4)% | ||||
Downside Hedge(s) | (0.7)% | ||||
Net Equivalent Equity Exposure | 92.2% | (72.4)% | 19.8% | ||
Limited Maturity U.S. Treasury Notes | 6.4% | ||||
Cash | Cash & Cash Equivalents (d) | 1.5% | |||
Other (e) | 72.3% | ||||
Total Net Exposure Summary | 100.0% |
Microsoft Corp. | 3.6% |
Amazon.com, Inc. | 1.7% |
Alphabet, Inc., “A” | 1.7% |
Apple, Inc. | 1.6% |
Nestle S.A. | 1.6% |
Thermo Fisher Scientific, Inc. | 1.3% |
Aon PLC | 1.2% |
Mini Russell 1000 Growth Future DEC 16 22 | (23.8)% |
Mini MSCI EAFE Index Future DEC 16 22 | (23.9)% |
Mini Russell 1000 Value Index Future DEC 16 22 | (24.0)% |
(a) | Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time. |
(b) | Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions. |
(c) | For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts. |
(d) | Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. |
(e) | Other includes currency derivatives and/or the offsetting of the leverage produced by the fund’s derivative positions. |
(i) | For purposes of this presentation, the components include a look-through to the individual holdings within the underlying affiliated funds. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.93% | $1,000.00 | $1,008.00 | $4.68 |
Hypothetical (h) | 0.93% | $1,000.00 | $1,020.41 | $4.71 | |
B | Actual | 1.67% | $1,000.00 | $1,003.71 | $8.39 |
Hypothetical (h) | 1.67% | $1,000.00 | $1,016.70 | $8.44 | |
C | Actual | 1.67% | $1,000.00 | $1,003.72 | $8.39 |
Hypothetical (h) | 1.67% | $1,000.00 | $1,016.70 | $8.44 | |
I | Actual | 0.67% | $1,000.00 | $1,008.85 | $3.37 |
Hypothetical (h) | 0.67% | $1,000.00 | $1,021.71 | $3.40 | |
R1 | Actual | 1.67% | $1,000.00 | $1,003.70 | $8.39 |
Hypothetical (h) | 1.67% | $1,000.00 | $1,016.70 | $8.44 | |
R2 | Actual | 1.17% | $1,000.00 | $1,006.28 | $5.88 |
Hypothetical (h) | 1.17% | $1,000.00 | $1,019.20 | $5.92 | |
R3 | Actual | 0.92% | $1,000.00 | $1,007.10 | $4.63 |
Hypothetical (h) | 0.92% | $1,000.00 | $1,020.46 | $4.66 | |
R4 | Actual | 0.67% | $1,000.00 | $1,008.85 | $3.37 |
Hypothetical (h) | 0.67% | $1,000.00 | $1,021.71 | $3.40 | |
R6 | Actual | 0.60% | $1,000.00 | $1,009.73 | $3.02 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.06 | $3.04 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 6.4% | ||||
U.S. Treasury Obligations – 6.4% | ||||
U.S. Treasury Notes, 1.625%, 12/15/2022 (f) | $ | 1,000,000 | $999,277 | |
U.S. Treasury Notes, 0.5%, 3/15/2023 (f) | 1,000,000 | 988,622 | ||
U.S. Treasury Notes, 1.375%, 6/30/2023 (f) | 1,000,000 | 980,977 | ||
U.S. Treasury Notes, 1.375%, 9/30/2023 (f) | 1,000,000 | 972,461 | ||
U.S. Treasury Notes, 0.75%, 12/31/2023 | 1,000,000 | 958,477 | ||
U.S. Treasury Notes, 2.25%, 3/31/2024 | 1,000,000 | 969,609 | ||
Total Bonds (Identified Cost, $5,993,962) | $5,869,423 | |||
Investment Companies (h) – 95.3% | ||||
International Stock Funds – 30.8% | ||||
MFS International Equity Fund - Class R6 | 967,538 | $28,242,429 | ||
U.S. Stock Funds – 61.4% | ||||
MFS Growth Fund - Class R6 | 196,101 | $28,175,749 | ||
MFS Value Fund - Class R6 | 539,377 | 28,090,764 | ||
$56,266,513 | ||||
Money Market Funds – 3.1% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) | 2,848,294 | $2,848,294 | ||
Total Investment Companies (Identified Cost, $60,113,569) | $87,357,236 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 0.1% | |||||
Market Index Securities – 0.1% | |||||
Russell 2000 Index – December 2022 @ $1,700 | Put | Exchange Traded | $ 1,131,946 | 6 | $1,476 |
Russell 2000 Index – March 2023 @ $1,600 | Put | Exchange Traded | 1,131,946 | 6 | 15,480 |
S&P 500 Index – December 2022 @ $3,500 | Put | Exchange Traded | 4,080,110 | 10 | 1,510 |
S&P 500 Index – June 2023 @ $3,000 | Put | Exchange Traded | 4,080,110 | 10 | 33,100 |
Total Purchased Options (Premiums Paid, $288,970) | $51,566 |
Other Assets, Less Liabilities – (1.8)% | (1,657,383) | |||
Net Assets – 100.0% | $91,620,842 |
(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 $87,357,236 and $5,920,989, respectively. | |||
(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. |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Equity Futures | ||||||
Mini Russell 1000 Growth Index | Short | USD | 186 | $21,769,440 | December – 2022 | $375,684 |
Liability Derivatives | ||||||
Equity Futures | ||||||
Mini MSCI EAFE Index | Short | USD | 221 | $21,876,790 | December – 2022 | $(1,859,315) |
Mini Russell 1000 Value Index | Short | USD | 281 | 21,979,820 | December – 2022 | (843,437) |
$(2,702,752) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $6,282,932) | $5,920,989 |
Investments in affiliated issuers, at value (identified cost, $60,113,569) | 87,357,236 |
Receivables for | |
Investments sold | 57,779 |
Fund shares sold | 65,478 |
Interest | 23,634 |
Receivable from investment adviser | 3,758 |
Total assets | $93,428,874 |
Liabilities | |
Payable to custodian | $997 |
Payables for | |
Net daily variation margin on open futures contracts | 1,687,150 |
Fund shares reacquired | 33,205 |
Payable to affiliates | |
Administrative services fee | 129 |
Shareholder servicing costs | 24,877 |
Distribution and service fees | 250 |
Payable for independent Trustees' compensation | 38 |
Accrued expenses and other liabilities | 61,386 |
Total liabilities | $1,808,032 |
Net assets | $91,620,842 |
Net assets consist of | |
Paid-in capital | $89,455,198 |
Total distributable earnings (loss) | 2,165,644 |
Net assets | $91,620,842 |
Shares of beneficial interest outstanding | 8,052,599 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $4,568,492 | 402,948 | $11.34 |
Class B | 80,348 | 7,416 | 10.83 |
Class C | 3,245,030 | 301,078 | 10.78 |
Class I | 76,294,517 | 6,689,860 | 11.40 |
Class R1 | 56,209 | 5,187 | 10.84 |
Class R2 | 58,330 | 5,198 | 11.22 |
Class R3 | 59,355 | 5,228 | 11.35 |
Class R4 | 60,413 | 5,297 | 11.40 |
Class R6 | 7,198,148 | 630,387 | 11.42 |
(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 $12.03 [100 / 94.25 x $11.34]. 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 from affiliated issuers | $333,125 |
Interest | 45,712 |
Other | 24 |
Total investment income | $378,861 |
Expenses | |
Management fee | $163,307 |
Distribution and service fees | 24,783 |
Shareholder servicing costs | 38,845 |
Administrative services fee | 12,264 |
Independent Trustees' compensation | 1,902 |
Custodian fee | 6,354 |
Shareholder communications | 6,058 |
Audit and tax fees | 24,040 |
Legal fees | 241 |
Registration fees | 64,574 |
Miscellaneous | 27,371 |
Total expenses | $369,739 |
Reduction of expenses by investment adviser | (33,007) |
Net expenses | $336,732 |
Net investment income (loss) | $42,129 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(9,221) |
Affiliated issuers | 2,496,317 |
Futures contracts | 3,385,226 |
Net realized gain (loss) | $5,872,322 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(252,206) |
Affiliated issuers | (2,262,782) |
Futures contracts | (2,783,026) |
Net unrealized gain (loss) | $(5,298,014) |
Net realized and unrealized gain (loss) | $574,308 |
Change in net assets from operations | $616,437 |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $42,129 | $564,356 |
Net realized gain (loss) | 5,872,322 | 6,634,967 |
Net unrealized gain (loss) | (5,298,014) | (9,257,549) |
Change in net assets from operations | $616,437 | $(2,058,226) |
Total distributions to shareholders | $— | $(151,087) |
Change in net assets from fund share transactions | $(12,689,743) | $(27,822,282) |
Total change in net assets | $(12,073,306) | $(30,031,595) |
Net assets | ||
At beginning of period | 103,694,148 | 133,725,743 |
At end of period | $91,620,842 | $103,694,148 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $11.25 | $11.46 | $11.54 | $10.91 | $10.37 | $10.14 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $0.03 | $(0.01) | $0.09 | $0.07 | $0.04 |
Net realized and unrealized gain (loss) | 0.10 | (0.24) | (0.05) | 0.60 | 0.51 | 0.27 |
Total from investment operations | $0.09 | $(0.21) | $(0.06) | $0.69 | $0.58 | $0.31 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.02) | $(0.06) | $(0.04) | $(0.08) |
Net asset value, end of period (x) | $11.34 | $11.25 | $11.46 | $11.54 | $10.91 | $10.37 |
Total return (%) (r)(s)(t)(x) | 0.80(n) | (1.83) | (0.54) | 6.30 | 5.59 | 3.08 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.99(a) | 0.94 | 0.91 | 1.20 | 1.43 | 1.73 |
Expenses after expense reductions (h) | 0.93(a) | 0.92 | 0.88 | 0.74 | 0.71 | 0.75 |
Net investment income (loss) | (0.17)(a)(l) | 0.29 | (0.07) | 0.77 | 0.64 | 0.41 |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $4,568 | $10,280 | $14,339 | $12,826 | $8,205 | $4,698 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $10.79 | $11.08 | $11.23 | $10.66 | $10.19 | $9.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.06) | $(0.09) | $(0.01) | $(0.03) | $(0.04) |
Net realized and unrealized gain (loss) | 0.09 | (0.23) | (0.06) | 0.58 | 0.50 | 0.25 |
Total from investment operations | $0.04 | $(0.29) | $(0.15) | $0.57 | $0.47 | $0.21 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
Net asset value, end of period (x) | $10.83 | $10.79 | $11.08 | $11.23 | $10.66 | $10.19 |
Total return (%) (r)(s)(t)(x) | 0.37(n) | (2.62) | (1.34) | 5.35 | 4.61 | 2.10 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.75(a) | 1.69 | 1.66 | 1.96 | 2.18 | 2.49 |
Expenses after expense reductions (h) | 1.67(a) | 1.67 | 1.65 | 1.67 | 1.65 | 1.64 |
Net investment income (loss) | (0.86)(a)(l) | (0.53) | (0.84) | (0.05) | (0.31) | (0.42) |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $80 | $80 | $74 | $75 | $98 | $89 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $10.74 | $11.02 | $11.18 | $10.62 | $10.15 | $9.93 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.06) | $(0.09) | $(0.02) | $(0.03) | $(0.04) |
Net realized and unrealized gain (loss) | 0.09 | (0.22) | (0.06) | 0.58 | 0.50 | 0.26 |
Total from investment operations | $0.04 | $(0.28) | $(0.15) | $0.56 | $0.47 | $0.22 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.01) | $— | $— | $— |
Net asset value, end of period (x) | $10.78 | $10.74 | $11.02 | $11.18 | $10.62 | $10.15 |
Total return (%) (r)(s)(t)(x) | 0.37(n) | (2.54) | (1.35) | 5.27 | 4.63 | 2.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.75(a) | 1.69 | 1.67 | 1.94 | 2.19 | 2.47 |
Expenses after expense reductions (h) | 1.67(a) | 1.67 | 1.66 | 1.67 | 1.65 | 1.65 |
Net investment income (loss) | (0.85)(a)(l) | (0.54) | (0.86) | (0.19) | (0.27) | (0.40) |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $3,245 | $3,870 | $6,363 | $2,462 | $1,074 | $905 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $11.30 | $11.50 | $11.57 | $10.94 | $10.39 | $10.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.06 | $0.02 | $0.08 | $0.07 | $0.08 |
Net realized and unrealized gain (loss) | 0.09 | (0.24) | (0.06) | 0.61 | 0.52 | 0.24 |
Total from investment operations | $0.10 | $(0.18) | $(0.04) | $0.69 | $0.59 | $0.32 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.03) | $(0.06) | $(0.04) | $(0.10) |
Net asset value, end of period (x) | $11.40 | $11.30 | $11.50 | $11.57 | $10.94 | $10.39 |
Total return (%) (r)(s)(t)(x) | 0.88(n) | (1.61) | (0.37) | 6.33 | 5.74 | 3.12 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.75(a) | 0.69 | 0.66 | 0.94 | 1.16 | 1.48 |
Expenses after expense reductions (h) | 0.67(a) | 0.67 | 0.65 | 0.67 | 0.65 | 0.65 |
Net investment income (loss) | 0.14(a)(l) | 0.54 | 0.17 | 0.67 | 0.64 | 0.73 |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $76,295 | $82,106 | $105,346 | $78,292 | $24,169 | $14,632 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $10.80 | $11.08 | $11.23 | $10.66 | $10.19 | $9.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.06) | $(0.09) | $(0.01) | $(0.03) | $(0.04) |
Net realized and unrealized gain (loss) | 0.09 | (0.22) | (0.06) | 0.58 | 0.50 | 0.25 |
Total from investment operations | $0.04 | $(0.28) | $(0.15) | $0.57 | $0.47 | $0.21 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
Net asset value, end of period (x) | $10.84 | $10.80 | $11.08 | $11.23 | $10.66 | $10.19 |
Total return (%) (r)(s)(t)(x) | 0.37(n) | (2.53) | (1.34) | 5.35 | 4.61 | 2.10 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.74(a) | 1.68 | 1.66 | 1.96 | 2.19 | 2.48 |
Expenses after expense reductions (h) | 1.67(a) | 1.67 | 1.65 | 1.67 | 1.65 | 1.65 |
Net investment income (loss) | (0.86)(a)(l) | (0.51) | (0.83) | (0.10) | (0.29) | (0.36) |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $56 | $56 | $57 | $58 | $55 | $53 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $11.15 | $11.39 | $11.48 | $10.86 | $10.33 | $10.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.02) | $(0.00)(w) | $(0.04) | $0.04 | $0.02 | $0.01 |
Net realized and unrealized gain (loss) | 0.09 | (0.24) | (0.05) | 0.59 | 0.51 | 0.26 |
Total from investment operations | $0.07 | $(0.24) | $(0.09) | $0.63 | $0.53 | $0.27 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.01) | $— | $(0.05) |
Net asset value, end of period (x) | $11.22 | $11.15 | $11.39 | $11.48 | $10.86 | $10.33 |
Total return (%) (r)(s)(t)(x) | 0.63(n) | (2.11) | (0.78) | 5.79 | 5.13 | 2.66 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.24(a) | 1.19 | 1.16 | 1.46 | 1.69 | 1.98 |
Expenses after expense reductions (h) | 1.17(a) | 1.17 | 1.15 | 1.17 | 1.15 | 1.15 |
Net investment income (loss) | (0.36)(a)(l) | (0.01) | (0.33) | 0.40 | 0.21 | 0.13 |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $58 | $58 | $59 | $60 | $56 | $54 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $11.27 | $11.48 | $11.55 | $10.92 | $10.37 | $10.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $0.03 | $(0.01) | $0.07 | $0.05 | $0.04 |
Net realized and unrealized gain (loss) | 0.09 | (0.24) | (0.06) | 0.59 | 0.52 | 0.25 |
Total from investment operations | $0.08 | $(0.21) | $(0.07) | $0.66 | $0.57 | $0.29 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.03) | $(0.02) | $(0.07) |
Net asset value, end of period (x) | $11.35 | $11.27 | $11.48 | $11.55 | $10.92 | $10.37 |
Total return (%) (r)(s)(t)(x) | 0.71(n) | (1.83) | (0.61) | 6.09 | 5.49 | 2.90 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.99(a) | 0.94 | 0.91 | 1.21 | 1.44 | 1.73 |
Expenses after expense reductions (h) | 0.92(a) | 0.92 | 0.90 | 0.92 | 0.90 | 0.90 |
Net investment income (loss) | (0.12)(a)(l) | 0.24 | (0.09) | 0.65 | 0.45 | 0.38 |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $59 | $59 | $60 | $60 | $57 | $54 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $11.30 | $11.50 | $11.57 | $10.93 | $10.39 | $10.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.06 | $0.02 | $0.10 | $0.07 | $0.07 |
Net realized and unrealized gain (loss) | 0.09 | (0.24) | (0.07) | 0.60 | 0.51 | 0.25 |
Total from investment operations | $0.10 | $(0.18) | $(0.05) | $0.70 | $0.58 | $0.32 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.02) | $(0.06) | $(0.04) | $(0.10) |
Net asset value, end of period (x) | $11.40 | $11.30 | $11.50 | $11.57 | $10.93 | $10.39 |
Total return (%) (r)(s)(t)(x) | 0.88(n) | (1.60) | (0.40) | 6.43 | 5.64 | 3.15 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.74(a) | 0.69 | 0.66 | 0.96 | 1.19 | 1.48 |
Expenses after expense reductions (h) | 0.67(a) | 0.67 | 0.65 | 0.67 | 0.65 | 0.65 |
Net investment income (loss) | 0.13(a)(l) | 0.49 | 0.16 | 0.90 | 0.71 | 0.64 |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $60 | $60 | $61 | $61 | $57 | $54 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18(i) | |
Net asset value, beginning of period | $11.31 | $11.51 | $11.57 | $10.93 | $10.39 | $10.21 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.07 | $0.04 | $0.09 | $0.08 | $(0.01) |
Net realized and unrealized gain (loss) | 0.10 | (0.24) | (0.07) | 0.61 | 0.51 | 0.29 |
Total from investment operations | $0.11 | $(0.17) | $(0.03) | $0.70 | $0.59 | $0.28 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.03) | $(0.03) | $(0.06) | $(0.05) | $(0.10) |
Net asset value, end of period (x) | $11.42 | $11.31 | $11.51 | $11.57 | $10.93 | $10.39 |
Total return (%) (r)(s)(t)(x) | 0.97(n) | (1.53) | (0.27) | 6.44 | 5.67 | 2.80(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.67(a) | 0.61 | 0.59 | 0.91 | 1.18 | 1.53(a) |
Expenses after expense reductions (h) | 0.60(a) | 0.59 | 0.58 | 0.62 | 0.64 | 0.64(a) |
Net investment income (loss) | 0.21(a)(l) | 0.59 | 0.32 | 0.84 | 0.74 | (0.17)(a)(l) |
Portfolio turnover | 16(n) | 19 | 50 | 28 | 17 | 18 |
Net assets at end of period (000 omitted) | $7,198 | $7,125 | $7,366 | $14,345 | $5,621 | $4,348 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, October 2, 2017, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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: | ||||
United States | $36,086 | $15,480 | $— | $51,566 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 5,869,423 | — | 5,869,423 |
Mutual Funds | 87,357,236 | — | — | 87,357,236 |
Total | $87,393,322 | $5,884,903 | $— | $93,278,225 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $375,684 | $— | $— | $375,684 |
Futures Contracts – Liabilities | (2,702,752) | — | — | (2,702,752) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Equity | Purchased Option Contracts | $51,566 | $— |
Equity | Future Contracts | 375,684 | (2,702,752) |
Total | $427,250 | $(2,702,752) |
(a) | The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. 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 |
Equity | $3,385,226 |
Risk | Futures Contracts | Unaffiliated Issuers (Purchased Options) |
Equity | $(2,783,026) | $(210,624) |
Gross Amounts of: | Derivative Assets | Derivative Liabilities |
Futures Contracts (a) | $— | $(1,687,150) |
Purchased Options | 51,566 | — |
Total Gross Amount of Derivative Assets and Liabilities Presented in the Statement of Assets & Liabilities | $51,566 | $(1,687,150) |
Less: Derivatives Assets and Liabilities Not Subject to a Master Netting Agreement or Similar Arrangement | 51,566 | (1,687,150) |
Total Gross Amount of Derivative Assets and Liabilities Subject to a Master Netting Agreement or Similar Arrangement | $— | $— |
(a) | The amount presented here represents the fund's current day net variation margin for futures contracts. This amount, which is recognized within the Statement of Assets and Liabilities, differs from the fair value of the futures contracts which is presented in the tables that follow the Portfolio of Investments. |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $151,087 |
As of 11/30/22 | |
Cost of investments | $67,644,520 |
Gross appreciation | 25,995,649 |
Gross depreciation | (361,944) |
Net unrealized appreciation (depreciation) | $25,633,705 |
As of 5/31/22 | |
Undistributed ordinary income | 562,419 |
Capital loss carryforwards | (27,188,685) |
Net unrealized appreciation (depreciation) | 28,175,473 |
Short-Term | $(14,495,161) |
Long-Term | (12,693,524) |
Total | $(27,188,685) |
Six months ended 11/30/22 | Year ended 5/31/22 | |
Class I | $— | $133,675 |
Class R4 | — | 89 |
Class R6 | — | 17,323 |
Total | $— | $151,087 |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.91% | 1.66% | 1.66% | 0.66% | 1.66% | 1.16% | 0.91% | 0.66% | 0.63% |
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% | $ 6,446 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 398 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 17,444 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 278 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 144 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 73 |
Total Distribution and Service Fees | $24,783 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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 six months ended November 30, 2022, there were no service fee rebates. |
Purchases | Sales | |
U.S. Government securities | $970,980 | $— |
Non-U.S. Government securities | 12,809,635 | 22,483,367 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 56,750 | $629,116 | 305,058 | $3,514,808 | |
Class B | — | — | 926 | 10,000 | |
Class C | 10,689 | 113,957 | 42,571 | 467,117 | |
Class I | 1,271,594 | 14,320,374 | 3,433,370 | 39,470,696 | |
Class R6 | 8,038 | 90,854 | 159,359 | 1,845,380 | |
1,347,071 | $15,154,301 | 3,941,284 | $45,308,001 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class I | — | $— | 11,407 | $132,667 | |
Class R4 | — | — | 7 | 89 | |
Class R6 | — | — | 18 | 211 | |
— | $— | 11,432 | $132,967 | ||
Shares reacquired | |||||
Class A | (567,851) | $(6,299,556) | (642,334) | $(7,261,632) | |
Class B | (23) | (243) | (196) | (2,119) | |
Class C | (70,036) | (745,712) | (259,488) | (2,851,807) | |
Class I | (1,845,613) | (20,714,359) | (5,338,533) | (61,202,601) | |
Class R6 | (7,453) | (84,174) | (169,394) | (1,945,091) | |
(2,490,976) | $(27,844,044) | (6,409,945) | $(73,263,250) |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (511,101) | $(5,670,440) | (337,276) | $(3,746,824) | |
Class B | (23) | (243) | 730 | 7,881 | |
Class C | (59,347) | (631,755) | (216,917) | (2,384,690) | |
Class I | (574,019) | (6,393,985) | (1,893,756) | (21,599,238) | |
Class R4 | — | — | 7 | 89 | |
Class R6 | 585 | 6,680 | (10,017) | (99,500) | |
(1,143,905) | $(12,689,743) | (2,457,229) | $(27,822,282) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Growth Fund | $29,971,176 | $4,869,489 | $5,978,545 | $364,987 | $(1,051,358) | $28,175,749 |
MFS Institutional Money Market Portfolio | 3,547,981 | 63,275,893 | 63,974,459 | (1,121) | — | 2,848,294 |
MFS International Equity Fund | 31,678,368 | 4,671,018 | 8,262,370 | 826,482 | (671,069) | 28,242,429 |
MFS Value Fund | 32,007,066 | 3,560,537 | 8,242,453 | 1,305,969 | (540,355) | 28,090,764 |
$97,204,591 | $76,376,937 | $86,457,827 | $2,496,317 | $(2,262,782) | $87,357,236 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Growth Fund | $— | $— |
MFS Institutional Money Market Portfolio | 41,718 | — |
MFS International Equity Fund | — | — |
MFS Value Fund | 291,407 | — |
$333,125 | $— |
Equity Fund
Equity Fund
1 | |
2 | |
4 | |
6 | |
11 | |
13 | |
14 | |
15 | |
21 | |
34 | |
38 | |
38 | |
38 | |
38 | |
38 |
back cover |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7.9% |
Samsung Electronics Co. Ltd. | 6.0% |
Tencent Holdings Ltd. | 5.3% |
Alibaba Group Holding Ltd. | 3.7% |
Yum China Holdings, Inc. | 2.5% |
Tata Consultancy Services Ltd. | 2.1% |
Ping An Insurance Co. of China Ltd., “H” | 2.1% |
HDFC Bank Ltd. | 2.0% |
UPL Ltd. | 2.0% |
Credicorp Ltd. | 1.8% |
Information Technology | 21.3% |
Financials | 19.5% |
Consumer Discretionary | 14.7% |
Communication Services | 11.5% |
Consumer Staples | 10.6% |
Materials | 6.2% |
Energy | 5.9% |
Industrials | 3.3% |
Real Estate | 2.6% |
Health Care | 1.5% |
Utilities | 1.2% |
China | 30.3% |
South Korea | 13.0% |
India | 12.5% |
Taiwan | 10.9% |
Brazil | 7.2% |
Hong Kong | 4.5% |
United States | 2.9% |
Mexico | 2.8% |
South Africa | 2.6% |
Other Countries | 13.3% |
Hong Kong Dollar | 25.3% |
South Korean Won | 13.0% |
Indian Rupee | 11.8% |
Taiwan Dollar | 10.9% |
United States Dollar | 7.9% |
Brazilian Real | 7.2% |
Chinese Renminbi | 7.0% |
Euro | 3.3% |
Mexican Peso | 2.8% |
Other Currencies | 10.8% |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account value 11/30/22 | Expenses Paid During Period (p) 6/01/22–11/30/22 | |
A | Actual | 1.31% | $1,000.00 | $932.53 | $6.35 |
Hypothetical (h) | 1.31% | $1,000.00 | $1,018.50 | $6.63 | |
B | Actual | 2.06% | $1,000.00 | $928.80 | $9.96 |
Hypothetical (h) | 2.06% | $1,000.00 | $1,014.74 | $10.40 | |
C | Actual | 2.06% | $1,000.00 | $929.12 | $9.96 |
Hypothetical (h) | 2.06% | $1,000.00 | $1,014.74 | $10.40 | |
I | Actual | 1.06% | $1,000.00 | $933.33 | $5.14 |
Hypothetical (h) | 1.06% | $1,000.00 | $1,019.75 | $5.37 | |
R1 | Actual | 2.06% | $1,000.00 | $928.84 | $9.96 |
Hypothetical (h) | 2.06% | $1,000.00 | $1,014.74 | $10.40 | |
R2 | Actual | 1.56% | $1,000.00 | $931.22 | $7.55 |
Hypothetical (h) | 1.56% | $1,000.00 | $1,017.25 | $7.89 | |
R3 | Actual | 1.31% | $1,000.00 | $932.18 | $6.35 |
Hypothetical (h) | 1.31% | $1,000.00 | $1,018.50 | $6.63 | |
R4 | Actual | 1.06% | $1,000.00 | $933.62 | $5.14 |
Hypothetical (h) | 1.06% | $1,000.00 | $1,019.75 | $5.37 | |
R6 | Actual | 0.91% | $1,000.00 | $934.30 | $4.41 |
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 – 98.3% | ||||
Alcoholic Beverages – 4.5% | ||||
Ambev S.A., ADR | 27,001,730 | $82,355,276 | ||
China Resources Beer Holdings Co. Ltd. | 12,662,000 | 87,712,952 | ||
Jiangsu Yanghe Brewery JSC Ltd., “A” | 795,344 | 15,785,694 | ||
Kweichow Moutai Co. Ltd., “A” | 448,409 | 100,763,787 | ||
$286,617,709 | ||||
Automotive – 2.5% | ||||
BYD Co. Ltd. | 946,500 | $23,775,132 | ||
Hero MotoCorp Ltd. | 1,683,937 | 59,351,244 | ||
Mahindra & Mahindra Ltd. | 4,958,793 | 80,262,631 | ||
$163,389,007 | ||||
Biotechnology – 1.0% | ||||
Hugel, Inc. (a)(h) | 703,732 | $61,796,033 | ||
Brokerage & Asset Managers – 1.2% | ||||
B3 Brasil Bolsa Balcao S.A. | 31,856,000 | $78,145,987 | ||
Moscow Exchange MICEX-RTS PJSC (a)(u) | 65,313,565 | 0 | ||
$78,145,987 | ||||
Business Services – 4.6% | ||||
Cognizant Technology Solutions Corp., “A” | 1,241,572 | $77,238,194 | ||
Kingsoft Cloud Holdings, ADR (a) | 2,985,027 | 9,014,781 | ||
Tata Consultancy Services Ltd. | 3,222,023 | 135,531,749 | ||
Tech Mahindra Ltd. | 5,392,065 | 72,413,888 | ||
$294,198,612 | ||||
Chemicals – 2.0% | ||||
UPL Ltd. | 12,903,011 | $125,951,819 | ||
Computer Software – 2.7% | ||||
Naver Corp. | 639,187 | $92,938,808 | ||
NetEase.com, Inc., ADR | 1,140,733 | 81,128,931 | ||
$174,067,739 | ||||
Computer Software - Systems – 7.6% | ||||
Hon Hai Precision Industry Co. Ltd. | 30,132,000 | $98,947,689 | ||
Samsung Electronics Co. Ltd. | 8,068,111 | 387,460,703 | ||
$486,408,392 | ||||
Conglomerates – 0.5% | ||||
LG Corp. | 496,775 | $32,091,081 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Construction – 4.4% | ||||
Anhui Conch Cement Co. Ltd. | 16,304,000 | $59,229,367 | ||
Gree Electric Appliances, Inc., “A” | 11,824,538 | 53,457,030 | ||
Midea Group Co. Ltd., “A” | 6,317,532 | 42,654,214 | ||
Techtronic Industries Co. Ltd. | 8,007,000 | 96,420,792 | ||
Zhejiang Supor Co. Ltd., “A” | 4,858,452 | 31,271,086 | ||
$283,032,489 | ||||
Consumer Products – 0.5% | ||||
AmorePacific Corp. | 346,088 | $34,887,453 | ||
Electronics – 8.8% | ||||
Delta Electronics, Inc. | 5,487,000 | $54,313,991 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 31,998,695 | 511,217,521 | ||
$565,531,512 | ||||
Energy - Independent – 2.2% | ||||
PT United Tractors Tbk | 43,029,400 | $84,245,337 | ||
PTT Global Chemical PLC | 44,066,500 | 59,979,923 | ||
$144,225,260 | ||||
Energy - Integrated – 4.5% | ||||
China Petroleum & Chemical Corp. | 193,942,000 | $92,077,428 | ||
Galp Energia SGPS S.A., “B” | 8,608,001 | 105,785,342 | ||
LUKOIL PJSC (u) | 1,176,212 | 0 | ||
Petroleo Brasileiro S.A., ADR | 8,093,543 | 94,613,518 | ||
$292,476,288 | ||||
Engineering - Construction – 0.7% | ||||
Doosan Bobcat, Inc. | 1,679,162 | $45,993,803 | ||
Food & Beverages – 3.7% | ||||
Gruma S.A.B. de C.V. | 4,915,782 | $61,359,375 | ||
Inner Mongolia Yili Industrial Group Co. Ltd., “A” | 23,593,400 | 95,880,460 | ||
Orion Corp. | 626,175 | 56,165,460 | ||
Tingyi (Cayman Islands) Holding Corp. | 16,762,000 | 27,382,472 | ||
$240,787,767 | ||||
Food & Drug Stores – 0.6% | ||||
BIM Birlesik Magazalar A.S. | 3,720,150 | $26,936,924 | ||
Raia Drogasil S.A. | 3,176,614 | 14,109,851 | ||
$41,046,775 | ||||
Forest & Paper Products – 0.2% | ||||
Suzano S.A. | 964,900 | $9,882,632 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – 6.3% | ||||
AIA Group Ltd. | 10,822,800 | $110,381,577 | ||
Discovery Ltd. (a) | 7,174,776 | 53,410,546 | ||
Ping An Insurance Co. of China Ltd., “H” | 21,412,500 | 132,647,723 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 714,309 | 111,832,022 | ||
$408,271,868 | ||||
Internet – 6.4% | ||||
Baidu, Inc., ADR (a) | 265,922 | $28,879,129 | ||
MakeMyTrip Ltd. (a) | 1,465,360 | 43,506,538 | ||
Tencent Holdings Ltd. | 9,112,300 | 342,410,233 | ||
$414,795,900 | ||||
Leisure & Toys – 0.5% | ||||
NCsoft Corp. | 50,513 | $18,390,250 | ||
VTech Holdings Ltd. | 2,560,800 | 16,244,841 | ||
$34,635,091 | ||||
Machinery & Tools – 0.6% | ||||
AirTAC International Group | 1,228,000 | $38,183,867 | ||
Major Banks – 2.3% | ||||
Bandhan Bank Ltd. (a) | 12,657,236 | $37,251,724 | ||
Erste Group Bank AG | 1,858,678 | 58,514,248 | ||
Nedbank Group Ltd. | 3,716,086 | 49,132,977 | ||
$144,898,949 | ||||
Medical & Health Technology & Services – 0.1% | ||||
Burning Rock Biotech Ltd., ADR (a) | 3,493,786 | $8,769,403 | ||
Metals & Mining – 1.0% | ||||
Vale S.A., ADR | 4,006,357 | $66,104,890 | ||
Natural Gas - Distribution – 1.2% | ||||
China Resources Gas Group Ltd. | 22,046,300 | $78,216,116 | ||
Network & Telecom – 0.1% | ||||
GDS Holdings Ltd., “A” (a) | 4,419,700 | $8,527,602 | ||
Other Banks & Diversified Financials – 9.7% | ||||
China Construction Bank Corp. | 124,280,490 | $75,495,797 | ||
China Merchants Bank Co Ltd. “A” | 7,025,700 | 34,661,366 | ||
Credicorp Ltd. | 748,789 | 114,976,551 | ||
Emirates NBD PJSC | 12,915,170 | 46,588,985 | ||
Grupo Financiero Inbursa S.A. de C.V. (a) | 6,263,268 | 11,631,227 | ||
HDFC Bank Ltd. | 6,439,680 | 128,442,007 | ||
Housing Development Finance Corp. Ltd. | 3,103,614 | 103,455,791 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Komercní banka A.S. | 844,134 | $25,193,311 | ||
Muthoot Finance Ltd. | 1,286,827 | 17,077,632 | ||
Sberbank of Russia PJSC (a)(u) | 50,760,059 | 0 | ||
Tisco Financial Group PCL | 25,099,000 | 69,393,237 | ||
$626,915,904 | ||||
Pharmaceuticals – 0.4% | ||||
Genomma Lab Internacional S.A., “B” | 32,495,767 | $26,274,177 | ||
Precious Metals & Minerals – 1.3% | ||||
Gold Fields Ltd., ADR | 5,559,705 | $61,990,711 | ||
Polymetal International PLC (a) | 6,292,661 | 18,071,764 | ||
$80,062,475 | ||||
Real Estate – 2.2% | ||||
Emaar Properties PJSC | 42,104,483 | $69,932,473 | ||
ESR Group Ltd. | 15,881,200 | 36,261,121 | ||
Hang Lung Properties Ltd. | 18,386,000 | 33,959,781 | ||
$140,153,375 | ||||
Restaurants – 2.5% | ||||
Yum China Holdings, Inc. | 2,933,432 | $161,690,772 | ||
Specialty Stores – 8.7% | ||||
Alibaba Group Holding Ltd. (a) | 21,727,148 | $237,124,418 | ||
JD.com, Inc., “A” | 1,133,559 | 32,281,262 | ||
JD.com, Inc., ADR | 125,725 | 7,188,956 | ||
Lojas Renner S.A. | 20,322,177 | 90,658,444 | ||
Meituan, “B” (a) | 1,048,500 | 22,518,831 | ||
Multiplan Empreendimentos Imobiliarios S.A. | 6,598,228 | 29,155,360 | ||
Vipshop Holdings Ltd., ADR (a) | 5,616,687 | 62,626,060 | ||
Walmart de Mexico S.A.B. de C.V. | 20,288,294 | 80,673,677 | ||
$562,227,008 | ||||
Telecommunications - Wireless – 2.0% | ||||
Advanced Info Service Public Co. Ltd. | 5,931,800 | $31,791,017 | ||
Etihad Etisalat Co. | 5,791,353 | 56,230,467 | ||
PT Telekom Indonesia | 167,525,800 | 43,022,231 | ||
$131,043,715 | ||||
Telephone Services – 0.8% | ||||
Hellenic Telecommunications Organization S.A. | 3,209,507 | $49,262,244 | ||
Total Common Stocks (Identified Cost, $6,772,369,094) | $6,340,563,714 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 2.2% | ||||
Money Market Funds – 2.2% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $142,548,300) | 142,545,404 | $142,545,404 | ||
Other Assets, Less Liabilities – (0.5)% | (33,182,734) | |||
Net Assets – 100.0% | $6,449,926,384 |
(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 $204,341,437 and $6,278,767,681, respectively. | |||
(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 |
PCL | Public Company Limited |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $6,676,214,532) | $6,278,767,681 |
Investments in affiliated issuers, at value (identified cost, $238,702,862) | 204,341,437 |
Foreign currency, at value (identified cost, $21,084,023) | 21,096,396 |
Receivables for | |
Investments sold | 43,440,742 |
Fund shares sold | 2,565,996 |
Interest and dividends | 12,126,826 |
Receivable from investment adviser | 44,478 |
Other assets | 26,485 |
Total assets | $6,562,410,041 |
Liabilities | |
Payable to custodian | $2,129,631 |
Payables for | |
Investments purchased | 89,392,946 |
Fund shares reacquired | 9,409,470 |
Payable to affiliates | |
Administrative services fee | 3,503 |
Shareholder servicing costs | 109,210 |
Distribution and service fees | 2,413 |
Payable for independent Trustees' compensation | 1,338 |
Deferred country tax expense payable | 9,361,455 |
Accrued expenses and other liabilities | 2,073,691 |
Total liabilities | $112,483,657 |
Net assets | $6,449,926,384 |
Net assets consist of | |
Paid-in capital | $7,537,067,716 |
Total distributable earnings (loss) | (1,087,141,332) |
Net assets | $6,449,926,384 |
Shares of beneficial interest outstanding | 214,327,291 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $152,877,598 | 5,370,302 | $28.47 |
Class B | 781,695 | 30,107 | 25.96 |
Class C | 4,334,043 | 171,344 | 25.29 |
Class I | 87,971,446 | 2,922,319 | 30.10 |
Class R1 | 1,224,950 | 49,390 | 24.80 |
Class R2 | 2,191,216 | 84,735 | 25.86 |
Class R3 | 1,232,445 | 43,318 | 28.45 |
Class R4 | 4,044,004 | 142,349 | 28.41 |
Class R6 | 6,195,268,987 | 205,513,427 | 30.15 |
(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 $30.21 [100 / 94.25 x $28.47]. 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 | $102,114,319 |
Dividends from affiliated issuers | 1,149,129 |
Other | 649,078 |
Interest | 6,394 |
Income on securities loaned | 1,044 |
Foreign taxes withheld | (9,992,997) |
Total investment income | $93,926,967 |
Expenses | |
Management fee | $27,379,845 |
Distribution and service fees | 229,462 |
Shareholder servicing costs | 247,406 |
Administrative services fee | 348,673 |
Independent Trustees' compensation | 50,107 |
Custodian fee | 1,510,815 |
Shareholder communications | 40,963 |
Audit and tax fees | 55,473 |
Legal fees | 15,500 |
Miscellaneous | 234,599 |
Total expenses | $30,112,843 |
Reduction of expenses by investment adviser and distributor | (1,887,055) |
Net expenses | $28,225,788 |
Net investment income (loss) | $65,701,179 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $5,618,350 country tax) | $(266,780,841) |
Affiliated issuers | (669,265) |
Foreign currency | (1,708,731) |
Net realized gain (loss) | $(269,158,837) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $2,651,732 increase in deferred country tax) | $(218,943,342) |
Affiliated issuers | (5,098,336) |
Translation of assets and liabilities in foreign currencies | (193,004) |
Net unrealized gain (loss) | $(224,234,682) |
Net realized and unrealized gain (loss) | $(493,393,519) |
Change in net assets from operations | $(427,692,340) |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $65,701,179 | $129,143,215 |
Net realized gain (loss) | (269,158,837) | (264,573,890) |
Net unrealized gain (loss) | (224,234,682) | (1,931,641,505) |
Change in net assets from operations | $(427,692,340) | $(2,067,072,180) |
Total distributions to shareholders | $— | $(166,001,001) |
Change in net assets from fund share transactions | $75,894,522 | $1,602,080,719 |
Total change in net assets | $(351,797,818) | $(630,992,462) |
Net assets | ||
At beginning of period | 6,801,724,202 | 7,432,716,664 |
At end of period | $6,449,926,384 | $6,801,724,202 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $30.53 | $41.38 | $28.13 | $31.63 | $34.99 | $30.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.49 | $0.33 | $0.58 | $0.24 | $0.10 |
Net realized and unrealized gain (loss) | (2.31) | (10.64) | 13.12 | (3.50) | (3.46) | 4.53 |
Total from investment operations | $(2.06) | $(10.15) | $13.45 | $(2.92) | $(3.22) | $4.63 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.70) | $(0.20) | $(0.58) | $(0.14) | $(0.03) |
Net asset value, end of period (x) | $28.47 | $30.53 | $41.38 | $28.13 | $31.63 | $34.99 |
Total return (%) (r)(s)(t)(x) | (6.75)(n) | (24.78) | 47.89 | (9.55) | (9.19) | 15.24 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.37(a) | 1.35 | 1.34 | 1.39 | 1.44 | 1.49 |
Expenses after expense reductions | 1.31(a) | 1.31 | 1.31 | 1.30 | 1.42 | 1.48 |
Net investment income (loss) | 1.78(a) | 1.38 | 0.89 | 1.82 | 0.72 | 0.28 |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $152,878 | $168,750 | $204,557 | $118,726 | $120,862 | $154,713 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $27.95 | $37.84 | $25.78 | $29.01 | $32.18 | $28.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.20 | $0.05 | $0.35 | $(0.01) | $(0.15) |
Net realized and unrealized gain (loss) | (2.13) | (9.73) | 12.01 | (3.26) | (3.16) | 4.18 |
Total from investment operations | $(1.99) | $(9.53) | $12.06 | $(2.91) | $(3.17) | $4.03 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.36) | $— | $(0.32) | $— | $— |
Net asset value, end of period (x) | $25.96 | $27.95 | $37.84 | $25.78 | $29.01 | $32.18 |
Total return (%) (r)(s)(t)(x) | (7.12)(n) | (25.33) | 46.78 | (10.24) | (9.85) | 14.32 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.12(a) | 2.09 | 2.09 | 2.13 | 2.19 | 2.24 |
Expenses after expense reductions | 2.06(a) | 2.06 | 2.06 | 2.06 | 2.17 | 2.23 |
Net investment income (loss) | 1.11(a) | 0.59 | 0.16 | 1.19 | (0.04) | (0.48) |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $782 | $1,166 | $2,396 | $2,393 | $3,672 | $5,385 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $27.23 | $36.91 | $25.15 | $28.33 | $31.42 | $27.49 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.20 | $0.06 | $0.33 | $(0.01) | $(0.15) |
Net realized and unrealized gain (loss) | (2.07) | (9.49) | 11.70 | (3.17) | (3.08) | 4.08 |
Total from investment operations | $(1.94) | $(9.29) | $11.76 | $(2.84) | $(3.09) | $3.93 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.39) | $— | $(0.34) | $— | $— |
Net asset value, end of period (x) | $25.29 | $27.23 | $36.91 | $25.15 | $28.33 | $31.42 |
Total return (%) (r)(s)(t)(x) | (7.12)(n) | (25.33) | 46.76 | (10.23) | (9.83) | 14.30 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.12(a) | 2.09 | 2.09 | 2.13 | 2.19 | 2.24 |
Expenses after expense reductions | 2.06(a) | 2.06 | 2.06 | 2.06 | 2.17 | 2.23 |
Net investment income (loss) | 1.06(a) | 0.62 | 0.18 | 1.16 | (0.04) | (0.49) |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $4,334 | $5,427 | $10,467 | $10,082 | $14,116 | $17,790 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $32.24 | $43.63 | $29.64 | $33.29 | $36.85 | $32.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.30 | $0.60 | $0.43 | $0.66 | $0.32 | $0.21 |
Net realized and unrealized gain (loss) | (2.44) | (11.21) | 13.84 | (3.65) | (3.63) | 4.74 |
Total from investment operations | $(2.14) | $(10.61) | $14.27 | $(2.99) | $(3.31) | $4.95 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.78) | $(0.28) | $(0.66) | $(0.25) | $(0.10) |
Net asset value, end of period (x) | $30.10 | $32.24 | $43.63 | $29.64 | $33.29 | $36.85 |
Total return (%) (r)(s)(t)(x) | (6.64)(n) | (24.59) | 48.24 | (9.32) | (8.96) | 15.48 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.12(a) | 1.09 | 1.09 | 1.15 | 1.20 | 1.24 |
Expenses after expense reductions | 1.06(a) | 1.06 | 1.06 | 1.06 | 1.17 | 1.23 |
Net investment income (loss) | 2.04(a) | 1.59 | 1.11 | 1.98 | 0.92 | 0.59 |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $87,971 | $93,329 | $168,061 | $94,350 | $69,443 | $62,565 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $26.70 | $36.41 | $24.80 | $27.97 | $31.17 | $27.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.16 | $0.05 | $0.30 | $(0.05) | $(0.14) |
Net realized and unrealized gain (loss) | (2.03) | (9.30) | 11.56 | (3.09) | (3.04) | 4.05 |
Total from investment operations | $(1.90) | $(9.14) | $11.61 | $(2.79) | $(3.09) | $3.91 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.57) | $— | $(0.38) | $(0.11) | $— |
Net asset value, end of period (x) | $24.80 | $26.70 | $36.41 | $24.80 | $27.97 | $31.17 |
Total return (%) (r)(s)(t)(x) | (7.12)(n) | (25.33) | 46.81 | (10.22) | (9.89) | 14.34 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.12(a) | 2.10 | 2.09 | 2.14 | 2.19 | 2.24 |
Expenses after expense reductions | 2.06(a) | 2.06 | 2.06 | 2.06 | 2.17 | 2.24 |
Net investment income (loss) | 1.04(a) | 0.53 | 0.16 | 1.08 | (0.18) | (0.45) |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $1,225 | $1,414 | $725 | $1,742 | $1,844 | $637 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $27.77 | $37.68 | $25.64 | $28.87 | $31.96 | $27.81 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.36 | $0.22 | $0.49 | $0.14 | $0.01 |
Net realized and unrealized gain (loss) | (2.10) | (9.68) | 11.94 | (3.22) | (3.15) | 4.14 |
Total from investment operations | $(1.91) | $(9.32) | $12.16 | $(2.73) | $(3.01) | $4.15 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.59) | $(0.12) | $(0.50) | $(0.08) | $— |
Net asset value, end of period (x) | $25.86 | $27.77 | $37.68 | $25.64 | $28.87 | $31.96 |
Total return (%) (r)(s)(t)(x) | (6.88)(n) | (24.96) | 47.47 | (9.76) | (9.42) | 14.92 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.62(a) | 1.59 | 1.59 | 1.63 | 1.69 | 1.74 |
Expenses after expense reductions | 1.56(a) | 1.56 | 1.56 | 1.56 | 1.67 | 1.73 |
Net investment income (loss) | 1.54(a) | 1.11 | 0.67 | 1.68 | 0.48 | 0.03 |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $2,191 | $2,427 | $4,227 | $3,431 | $4,614 | $6,067 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $30.51 | $41.17 | $27.95 | $31.47 | $34.84 | $30.27 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.56 | $0.41 | $0.51 | $0.21 | $0.09 |
Net realized and unrealized gain (loss) | (2.31) | (10.69) | 12.96 | (3.41) | (3.42) | 4.51 |
Total from investment operations | $(2.06) | $(10.13) | $13.37 | $(2.90) | $(3.21) | $4.60 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.53) | $(0.15) | $(0.62) | $(0.16) | $(0.03) |
Net asset value, end of period (x) | $28.45 | $30.51 | $41.17 | $27.95 | $31.47 | $34.84 |
Total return (%) (r)(s)(t)(x) | (6.75)(n) | (24.78) | 47.89 | (9.55) | (9.19) | 15.20 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.37(a) | 1.34 | 1.34 | 1.39 | 1.44 | 1.49 |
Expenses after expense reductions | 1.31(a) | 1.31 | 1.31 | 1.31 | 1.42 | 1.48 |
Net investment income (loss) | 1.78(a) | 1.52 | 1.13 | 1.64 | 0.66 | 0.26 |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $1,232 | $1,406 | $5,103 | $6,246 | $2,405 | $2,465 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $30.43 | $41.24 | $28.03 | $31.47 | $34.85 | $30.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.27 | $0.60 | $0.43 | $0.81 | $0.30 | $0.17 |
Net realized and unrealized gain (loss) | (2.29) | (10.62) | 13.06 | (3.63) | (3.43) | 4.52 |
Total from investment operations | $(2.02) | $(10.02) | $13.49 | $(2.82) | $(3.13) | $4.69 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.79) | $(0.28) | $(0.62) | $(0.25) | $(0.10) |
Net asset value, end of period (x) | $28.41 | $30.43 | $41.24 | $28.03 | $31.47 | $34.85 |
Total return (%) (r)(s)(t)(x) | (6.64)(n) | (24.57) | 48.20 | (9.31) | (8.97) | 15.52 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.12(a) | 1.10 | 1.09 | 1.13 | 1.19 | 1.24 |
Expenses after expense reductions | 1.06(a) | 1.06 | 1.06 | 1.06 | 1.17 | 1.23 |
Net investment income (loss) | 1.94(a) | 1.70 | 1.20 | 2.54 | 0.93 | 0.49 |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $4,044 | $3,264 | $3,037 | $2,673 | $6,917 | $7,023 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $32.26 | $43.67 | $29.66 | $33.30 | $36.86 | $32.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.32 | $0.66 | $0.47 | $0.70 | $0.37 | $0.23 |
Net realized and unrealized gain (loss) | (2.43) | (11.24) | 13.86 | (3.64) | (3.65) | 4.76 |
Total from investment operations | $(2.11) | $(10.58) | $14.33 | $(2.94) | $(3.28) | $4.99 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.83) | $(0.32) | $(0.70) | $(0.28) | $(0.13) |
Net asset value, end of period (x) | $30.15 | $32.26 | $43.67 | $29.66 | $33.30 | $36.86 |
Total return (%) (r)(s)(t)(x) | (6.54)(n) | (24.49) | 48.43 | (9.21) | (8.86) | 15.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.98(a) | 0.95 | 0.98 | 1.03 | 1.06 | 1.14 |
Expenses after expense reductions | 0.91(a) | 0.92 | 0.95 | 0.95 | 1.04 | 1.13 |
Net investment income (loss) | 2.17(a) | 1.76 | 1.20 | 2.10 | 1.07 | 0.64 |
Portfolio turnover | 19(n) | 38 | 37 | 32 | 27 | 24 |
Net assets at end of period (000 omitted) | $6,195,269 | $6,524,541 | $7,034,144 | $3,336,889 | $1,817,161 | $1,327,862 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
China | $386,680,504 | $1,566,490,498 | $— | $1,953,171,002 |
South Korea | — | 841,555,613 | — | 841,555,613 |
India | 60,584,170 | 742,660,853 | — | 803,245,023 |
Taiwan | — | 702,663,068 | — | 702,663,068 |
Brazil | 465,025,958 | — | — | 465,025,958 |
Hong Kong | 16,244,841 | 277,023,271 | — | 293,268,112 |
Mexico | 179,938,456 | — | — | 179,938,456 |
South Africa | 111,123,688 | 53,410,546 | — | 164,534,234 |
Thailand | — | 161,164,177 | — | 161,164,177 |
Other Countries | 471,564,009 | 304,434,062 | 0 | 775,998,071 |
Mutual Funds | 142,545,404 | — | — | 142,545,404 |
Total | $1,833,707,030 | $4,649,402,088 | $0 | $6,483,109,118 |
Equity Securities | |
Balance as of 5/31/22 | $9,364,582 |
Change in unrealized appreciation or depreciation | (9,364,582) |
Balance as of 11/30/22 | $0 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $166,001,001 |
As of 11/30/22 | |
Cost of investments | $7,051,964,082 |
Gross appreciation | 829,674,337 |
Gross depreciation | (1,398,529,301) |
Net unrealized appreciation (depreciation) | $(568,854,964) |
As of 5/31/22 | |
Undistributed ordinary income | 18,141,574 |
Capital loss carryforwards | (328,502,043) |
Other temporary differences | (1,623,505) |
Net unrealized appreciation (depreciation) | (347,465,018) |
Short-Term | $(70,477,063) |
Long-Term | (258,024,980) |
Total | $(328,502,043) |
Six months ended 11/30/22 | Year ended 5/31/22 | |
Class A | $— | $3,746,308 |
Class B | — | 19,273 |
Class C | — | 92,736 |
Class I | — | 2,540,071 |
Class R1 | — | 30,209 |
Class R2 | — | 60,871 |
Class R3 | — | 24,405 |
Class R4 | — | 67,017 |
Class R6 | — | 159,420,111 |
Total | $— | $166,001,001 |
Up to $500 million | 1.05% |
In excess of $500 million and up to $1 billion | 0.95% |
In excess of $1 billion and up to $4 billion | 0.90% |
In excess of $4 billion and up to $10 billion | 0.85% |
In excess of $10 billion | 0.80% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
1.31% | 2.06% | 2.06% | 1.06% | 2.06% | 1.56% | 1.31% | 1.06% | 0.95% |
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% | $ 188,965 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 4,489 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 22,948 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 6,157 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 5,388 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 1,515 |
Total Distribution and Service Fees | $229,462 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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 six months ended November 30, 2022, this rebate amounted to $16 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $4,669 |
Class B | 687 |
Class C | 78 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 591,869 | $16,125,469 | 1,679,530 | $60,751,635 | |
Class B | 48 | 1,236 | 963 | 31,949 | |
Class C | 6,221 | 151,375 | 40,334 | 1,296,195 | |
Class I | 734,440 | 21,384,555 | 1,072,350 | 40,125,547 | |
Class R1 | 2,685 | 65,724 | 36,663 | 1,236,444 | |
Class R2 | 6,266 | 154,961 | 15,641 | 502,926 | |
Class R3 | 5,141 | 141,953 | 19,233 | 670,524 | |
Class R4 | 57,538 | 1,527,216 | 73,753 | 2,450,523 | |
Class R6 | 16,367,194 | 465,310,447 | 40,873,031 | 1,604,441,159 | |
17,771,402 | $504,862,936 | 43,811,498 | $1,711,506,902 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 102,772 | $3,671,014 | |
Class B | — | — | 569 | 18,679 | |
Class C | — | — | 2,639 | 84,368 | |
Class I | — | — | 61,187 | 2,305,538 | |
Class R1 | — | — | 964 | 30,209 | |
Class R2 | — | — | 1,847 | 60,076 | |
Class R3 | — | — | 684 | 24,404 | |
Class R4 | — | — | 1,885 | 67,017 | |
Class R6 | — | — | 4,230,665 | 159,411,469 | |
— | $— | 4,403,212 | $165,672,774 | ||
Shares reacquired | |||||
Class A | (749,032) | $(20,365,217) | (1,198,700) | $(41,848,332) | |
Class B | (11,672) | (294,956) | (23,115) | (723,772) | |
Class C | (34,171) | (825,933) | (127,255) | (3,991,921) | |
Class I | (706,646) | (20,118,721) | (2,090,700) | (76,600,389) | |
Class R1 | (6,274) | (147,215) | (4,550) | (137,415) | |
Class R2 | (8,929) | (224,329) | (42,273) | (1,371,669) | |
Class R3 | (7,907) | (222,065) | (97,790) | (3,639,461) | |
Class R4 | (22,443) | (592,737) | (42,018) | (1,471,477) | |
Class R6 | (13,072,377) | (386,177,241) | (3,973,878) | (145,314,521) | |
(14,619,451) | $(428,968,414) | (7,600,279) | $(275,098,957) |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (157,163) | $(4,239,748) | 583,602 | $22,574,317 | |
Class B | (11,624) | (293,720) | (21,583) | (673,144) | |
Class C | (27,950) | (674,558) | (84,282) | (2,611,358) | |
Class I | 27,794 | 1,265,834 | (957,163) | (34,169,304) | |
Class R1 | (3,589) | (81,491) | 33,077 | 1,129,238 | |
Class R2 | (2,663) | (69,368) | (24,785) | (808,667) | |
Class R3 | (2,766) | (80,112) | (77,873) | (2,944,533) | |
Class R4 | 35,095 | 934,479 | 33,620 | 1,046,063 | |
Class R6 | 3,294,817 | 79,133,206 | 41,129,818 | 1,618,538,107 | |
3,151,951 | $75,894,522 | 40,614,431 | $1,602,080,719 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
Hugel, Inc. | $47,738,861 | $20,193,966 | $377,074 | $(664,280) | $(5,095,440) | $61,796,033 |
MFS Institutional Money Market Portfolio | 149,697,470 | 751,175,037 | 758,319,222 | (4,985) | (2,896) | 142,545,404 |
$197,436,331 | $771,369,003 | $758,696,296 | $(669,265) | $(5,098,336) | $204,341,437 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
Hugel, Inc. | $— | $— |
MFS Institutional Money Market Portfolio | 1,149,129 | — |
$1,149,129 | $— |
1 | |
2 | |
4 | |
6 | |
11 | |
13 | |
14 | |
15 | |
24 | |
37 | |
41 | |
41 | |
41 | |
41 | |
41 |
back cover |
Nestle S.A. | 4.6% |
Roche Holding AG | 4.2% |
LVMH Moet Hennessy Louis Vuitton SE | 3.7% |
Hitachi Ltd. | 3.5% |
SAP SE | 3.3% |
Schneider Electric SE | 3.1% |
Linde PLC | 3.0% |
Novartis AG | 3.0% |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
EssilorLuxottica | 2.8% |
Industrials | 16.8% |
Health Care | 15.3% |
Consumer Staples | 14.3% |
Information Technology | 12.8% |
Materials | 12.3% |
Financials | 11.4% |
Consumer Discretionary | 11.1% |
Communication Services | 2.4% |
Energy | 0.8% |
Utilities | 0.7% |
France | 15.9% |
Switzerland | 13.5% |
Germany | 9.9% |
United Kingdom | 8.9% |
Japan | 8.7% |
Canada | 7.8% |
United States | 5.2% |
Taiwan | 4.3% |
China | 4.3% |
Other Countries | 21.5% |
Euro | 33.9% |
Swiss Franc | 13.5% |
British Pound Sterling | 10.5% |
Japanese Yen | 8.7% |
Hong Kong Dollar | 6.5% |
Canadian Dollar | 6.2% |
United States Dollar | 5.2% |
Taiwan Dollar | 4.3% |
Indian Rupee | 3.9% |
Other Currencies | 7.3% |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 1.08% | $1,000.00 | $1,015.72 | $5.46 |
Hypothetical (h) | 1.08% | $1,000.00 | $1,019.65 | $5.47 | |
B | Actual | 1.83% | $1,000.00 | $1,011.79 | $9.23 |
Hypothetical (h) | 1.83% | $1,000.00 | $1,015.89 | $9.25 | |
C | Actual | 1.83% | $1,000.00 | $1,011.90 | $9.23 |
Hypothetical (h) | 1.83% | $1,000.00 | $1,015.89 | $9.25 | |
I | Actual | 0.83% | $1,000.00 | $1,016.94 | $4.20 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.91 | $4.20 | |
R1 | Actual | 1.83% | $1,000.00 | $1,011.61 | $9.23 |
Hypothetical (h) | 1.83% | $1,000.00 | $1,015.89 | $9.25 | |
R2 | Actual | 1.33% | $1,000.00 | $1,014.17 | $6.72 |
Hypothetical (h) | 1.33% | $1,000.00 | $1,018.40 | $6.73 | |
R3 | Actual | 1.08% | $1,000.00 | $1,015.59 | $5.46 |
Hypothetical (h) | 1.08% | $1,000.00 | $1,019.65 | $5.47 | |
R4 | Actual | 0.83% | $1,000.00 | $1,016.96 | $4.20 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.91 | $4.20 | |
R6 | Actual | 0.71% | $1,000.00 | $1,017.75 | $3.59 |
Hypothetical (h) | 0.71% | $1,000.00 | $1,021.51 | $3.60 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 97.9% | ||||
Aerospace & Defense – 0.7% | ||||
Rolls-Royce Holdings PLC (a) | 85,075,430 | $94,125,057 | ||
Alcoholic Beverages – 4.5% | ||||
Diageo PLC | 7,038,069 | $327,027,143 | ||
Pernod Ricard S.A. (l) | 1,289,679 | 257,958,525 | ||
$584,985,668 | ||||
Apparel Manufacturers – 5.8% | ||||
Burberry Group PLC | 4,619,161 | $121,908,086 | ||
Kering S.A. | 249,863 | 151,540,258 | ||
LVMH Moet Hennessy Louis Vuitton SE | 617,935 | 478,442,817 | ||
$751,891,161 | ||||
Automotive – 0.4% | ||||
Koito Manufacturing Co. Ltd. | 3,205,400 | $51,149,076 | ||
Brokerage & Asset Managers – 1.7% | ||||
Deutsche Boerse AG | 861,136 | $157,966,499 | ||
London Stock Exchange Group PLC | 673,232 | 67,693,935 | ||
$225,660,434 | ||||
Business Services – 1.6% | ||||
Experian PLC | 5,753,587 | $204,567,044 | ||
Chemicals – 0.8% | ||||
UPL Ltd. | 11,351,241 | $110,804,327 | ||
Computer Software – 5.9% | ||||
Aveva Group PLC | 815,953 | $31,282,838 | ||
Dassault Systemes SE | 1,731,711 | 64,971,138 | ||
Kingsoft Corp. | 11,739,200 | 37,521,486 | ||
Naver Corp. | 501,327 | 72,893,744 | ||
NICE Systems Ltd., ADR (a) | 235,757 | 45,776,937 | ||
Oracle Corp. Japan | 915,500 | 54,261,254 | ||
SAP SE | 4,001,052 | 433,035,480 | ||
Wisetech Global Ltd. | 816,167 | 32,455,801 | ||
$772,198,678 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software - Systems – 5.6% | ||||
Amadeus IT Group S.A. (a) | 2,696,066 | $146,786,021 | ||
Cap Gemini S.A. | 708,720 | 129,036,894 | ||
Hitachi Ltd. | 8,403,800 | 451,626,576 | ||
$727,449,491 | ||||
Construction – 0.3% | ||||
Kingspan Group PLC | 663,134 | $37,180,451 | ||
Consumer Products – 4.1% | ||||
AmorePacific Corp. | 1,107,208 | $111,612,271 | ||
Kao Corp. | 1,757,000 | 70,116,846 | ||
KOSE Corp. | 502,100 | 53,485,968 | ||
Reckitt Benckiser Group PLC | 4,135,967 | 299,239,525 | ||
$534,454,610 | ||||
Electrical Equipment – 4.3% | ||||
Prysmian S.p.A. | 4,414,516 | $155,416,652 | ||
Schneider Electric SE | 2,690,013 | 398,924,852 | ||
$554,341,504 | ||||
Electronics – 5.6% | ||||
ASML Holding N.V. | 207,990 | $126,514,314 | ||
Delta Electronics, Inc. | 18,601,000 | 184,125,122 | ||
SK Hynix, Inc. | 563,912 | 37,300,721 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4,566,600 | 378,936,468 | ||
$726,876,625 | ||||
Energy - Independent – 0.8% | ||||
Reliance Industries Ltd. | 3,112,806 | $104,918,219 | ||
Entertainment – 0.2% | ||||
Lottery Corp. Ltd. (a) | 8,523,284 | $26,987,064 | ||
Food & Beverages – 4.6% | ||||
Nestle S.A. | 4,986,802 | $593,425,422 | ||
Food & Drug Stores – 0.5% | ||||
Ocado Group PLC (a) | 1,756,375 | $13,326,177 | ||
Sugi Holdings Co. Ltd. | 1,191,800 | 54,090,639 | ||
$67,416,816 | ||||
Gaming & Lodging – 2.3% | ||||
Aristocrat Leisure Ltd. | 3,345,598 | $80,915,247 | ||
Flutter Entertainment PLC (a) | 1,445,207 | 217,314,115 | ||
$298,229,362 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – 3.2% | ||||
AIA Group Ltd. | 35,068,400 | $357,662,091 | ||
Ping An Insurance Co. of China Ltd., “H” | 10,096,500 | 62,546,537 | ||
$420,208,628 | ||||
Internet – 1.6% | ||||
Tencent Holdings Ltd. | 3,443,300 | $129,387,877 | ||
Z Holdings Corp. | 27,180,300 | 74,065,955 | ||
$203,453,832 | ||||
Leisure & Toys – 0.5% | ||||
Prosus N.V. | 913,052 | $60,046,175 | ||
Machinery & Tools – 3.7% | ||||
Assa Abloy AB | 8,342,528 | $192,635,163 | ||
GEA Group AG | 3,531,407 | 142,560,067 | ||
Ritchie Bros. Auctioneers, Inc. | 2,646,372 | 145,091,577 | ||
$480,286,807 | ||||
Major Banks – 1.5% | ||||
DBS Group Holdings Ltd. | 7,733,300 | $201,077,388 | ||
Medical & Health Technology & Services – 0.3% | ||||
Alcon, Inc. | 559,092 | $38,681,463 | ||
Medical Equipment – 5.6% | ||||
EssilorLuxottica | 1,914,335 | $359,241,898 | ||
QIAGEN N.V. (a) | 3,737,265 | 184,385,877 | ||
Sonova Holding AG | 291,059 | 74,594,642 | ||
Terumo Corp. | 3,618,400 | 107,150,324 | ||
$725,372,741 | ||||
Natural Gas - Distribution – 0.7% | ||||
China Resources Gas Group Ltd. | 26,505,300 | $94,035,807 | ||
Other Banks & Diversified Financials – 4.8% | ||||
AEON Financial Service Co. Ltd. (l) | 4,761,900 | $51,172,377 | ||
Credicorp Ltd. | 737,216 | 113,199,517 | ||
Element Fleet Management Corp. | 11,248,752 | 159,388,331 | ||
Grupo Financiero Banorte S.A. de C.V. | 12,036,196 | 96,257,129 | ||
HDFC Bank Ltd. | 10,563,209 | 210,687,451 | ||
$630,704,805 | ||||
Pharmaceuticals – 9.5% | ||||
Bayer AG | 3,113,816 | $180,005,095 | ||
Hypera S.A. | 5,706,172 | 48,865,905 | ||
Merck KGaA | 361,918 | 65,574,406 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Novartis AG | 4,385,329 | $390,978,411 | ||
Roche Holding AG | 1,685,557 | 548,284,750 | ||
$1,233,708,567 | ||||
Precious Metals & Minerals – 2.6% | ||||
Agnico Eagle Mines Ltd. | 3,209,502 | $161,650,195 | ||
Franco-Nevada Corp. | 1,248,122 | 182,316,836 | ||
$343,967,031 | ||||
Railroad & Shipping – 2.8% | ||||
Canadian National Railway Co. | 1,565,697 | $201,082,466 | ||
Canadian Pacific Railway Ltd. | 2,016,652 | 165,107,151 | ||
$366,189,617 | ||||
Restaurants – 0.8% | ||||
Yum China Holdings, Inc. | 1,404,839 | $77,434,726 | ||
Yum China Holdings, Inc. | 599,550 | 33,248,045 | ||
$110,682,771 | ||||
Specialty Chemicals – 8.8% | ||||
Akzo Nobel N.V. | 1,492,589 | $107,982,835 | ||
L'Air Liquide S.A. | 1,604,326 | 234,889,477 | ||
Linde PLC | 1,186,543 | 395,232,818 | ||
Nitto Denko Corp. | 1,633,700 | 103,464,535 | ||
Showa Denko K. K. | 4,008,800 | 64,493,016 | ||
Sika AG | 430,965 | 111,131,121 | ||
Symrise AG | 1,145,742 | 129,896,638 | ||
$1,147,090,440 | ||||
Specialty Stores – 1.1% | ||||
Alibaba Group Holding Ltd. (a) | 11,803,500 | $128,820,316 | ||
Just Eat Takeaway (a) | 738,430 | 17,285,579 | ||
$146,105,895 | ||||
Tobacco – 0.7% | ||||
ITC Ltd. | 20,337,966 | $85,499,851 | ||
Total Common Stocks (Identified Cost, $10,275,224,508) | $12,753,772,827 | |||
Investment Companies (h) – 2.1% | ||||
Money Market Funds – 2.1% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $276,291,118) | 276,295,687 | $276,295,687 |
Issuer | Shares/Par | Value ($) | ||
Collateral for Securities Loaned – 0.0% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 3.86% (j) (Identified Cost, $2,608,176) | 2,608,176 | $2,608,176 | ||
Other Assets, Less Liabilities – 0.0% | 604,205 | |||
Net Assets – 100.0% | $13,033,280,895 |
(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 $276,295,687 and $12,756,381,003, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
Assets | |
Investments in unaffiliated issuers, at value, including $2,865,846 of securities on loan (identified cost, $10,277,832,684) | $12,756,381,003 |
Investments in affiliated issuers, at value (identified cost, $276,291,118) | 276,295,687 |
Foreign currency, at value (identified cost, $88,147) | 89,121 |
Receivables for | |
Fund shares sold | 15,147,090 |
Interest and dividends | 40,664,667 |
Other assets | 72,011 |
Total assets | $13,088,649,579 |
Liabilities | |
Payable to custodian | $123,363 |
Payables for | |
Investments purchased | 15,832,167 |
Fund shares reacquired | 18,795,635 |
Collateral for securities loaned, at value (c) | 2,608,176 |
Payable to affiliates | |
Investment adviser | 468,715 |
Administrative services fee | 3,502 |
Shareholder servicing costs | 1,449,963 |
Distribution and service fees | 12,447 |
Deferred country tax expense payable | 14,850,106 |
Accrued expenses and other liabilities | 1,224,610 |
Total liabilities | $55,368,684 |
Net assets | $13,033,280,895 |
Net assets consist of | |
Paid-in capital | $10,134,106,886 |
Total distributable earnings (loss) | 2,899,174,009 |
Net assets | $13,033,280,895 |
Shares of beneficial interest outstanding | 330,294,471 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $548,796,704 | 14,392,844 | $38.13 |
Class B | 1,285,694 | 36,543 | 35.18 |
Class C | 27,987,433 | 822,928 | 34.01 |
Class I | 3,250,050,925 | 75,202,651 | 43.22 |
Class R1 | 6,817,553 | 205,879 | 33.11 |
Class R2 | 39,276,273 | 1,143,244 | 34.36 |
Class R3 | 160,929,657 | 4,259,800 | 37.78 |
Class R4 | 225,818,776 | 5,883,606 | 38.38 |
Class R6 | 8,772,317,880 | 228,346,976 | 38.42 |
(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 $40.46 [100 / 94.25 x $38.13]. 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 | $63,752,771 |
Dividends from affiliated issuers | 1,677,735 |
Income on securities loaned | 6,766 |
Other | 5,747 |
Foreign taxes withheld | (6,465,263) |
Total investment income | $58,977,756 |
Expenses | |
Management fee | $40,790,079 |
Distribution and service fees | 1,062,198 |
Shareholder servicing costs | 2,516,532 |
Administrative services fee | 348,673 |
Independent Trustees' compensation | 56,604 |
Custodian fee | 780,066 |
Shareholder communications | 150,201 |
Audit and tax fees | 40,439 |
Legal fees | 29,459 |
Miscellaneous | 326,024 |
Total expenses | $46,100,275 |
Reduction of expenses by investment adviser and distributor | (818,489) |
Net expenses | $45,281,786 |
Net investment income (loss) | $13,695,970 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $4,780,668 country tax) | $210,915,854 |
Affiliated issuers | 45 |
Foreign currency | 1,573,138 |
Net realized gain (loss) | $212,489,037 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $696,805 increase in deferred country tax) | $3,458,166 |
Affiliated issuers | 4,096 |
Translation of assets and liabilities in foreign currencies | 200,790 |
Net unrealized gain (loss) | $3,663,052 |
Net realized and unrealized gain (loss) | $216,152,089 |
Change in net assets from operations | $229,848,059 |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $13,695,970 | $116,011,781 |
Net realized gain (loss) | 212,489,037 | 543,815,219 |
Net unrealized gain (loss) | 3,663,052 | (2,408,457,443) |
Change in net assets from operations | $229,848,059 | $(1,748,630,443) |
Total distributions to shareholders | $— | $(922,994,870) |
Change in net assets from fund share transactions | $240,589,885 | $714,185,698 |
Total change in net assets | $470,437,944 | $(1,957,439,615) |
Net assets | ||
At beginning of period | 12,562,842,951 | 14,520,282,566 |
At end of period | $13,033,280,895 | $12,562,842,951 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $37.54 | $45.69 | $33.66 | $32.76 | $34.20 | $31.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $0.21 | $0.22 | $0.23 | $0.42 | $0.37 |
Net realized and unrealized gain (loss) | 0.60 | (5.48) | 12.05 | 1.20 | (0.73) | 3.50 |
Total from investment operations | $0.59 | $(5.27) | $12.27 | $1.43 | $(0.31) | $3.87 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.32) | $(0.24) | $(0.35) | $(0.29) | $(0.23) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.88) | $(0.24) | $(0.53) | $(1.13) | $(0.76) |
Net asset value, end of period (x) | $38.13 | $37.54 | $45.69 | $33.66 | $32.76 | $34.20 |
Total return (%) (r)(s)(t)(x) | 1.57(n) | (12.34) | 36.52 | 4.24 | (0.64) | 12.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.09(a) | 1.08 | 1.08 | 1.08 | 1.10 | 1.15 |
Expenses after expense reductions | 1.08(a) | 1.06 | 1.06 | 1.07 | 1.09 | 1.14 |
Net investment income (loss) | (0.08)(a)(l) | 0.49 | 0.53 | 0.66 | 1.28 | 1.12 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $548,797 | $534,840 | $650,731 | $546,391 | $402,964 | $360,401 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $34.77 | $42.52 | $31.38 | $30.67 | $32.01 | $29.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.13) | $(0.13) | $(0.09) | $(0.06) | $0.11 | $0.07 |
Net realized and unrealized gain (loss) | 0.54 | (5.06) | 11.23 | 1.15 | (0.61) | 3.32 |
Total from investment operations | $0.41 | $(5.19) | $11.14 | $1.09 | $(0.50) | $3.39 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.20) | $— | $(0.00)(w) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.56) | $— | $(0.38) | $(0.84) | $(0.53) |
Net asset value, end of period (x) | $35.18 | $34.77 | $42.52 | $31.38 | $30.67 | $32.01 |
Total return (%) (r)(s)(t)(x) | 1.18(n) | (12.99) | 35.50 | 3.44 | (1.36) | 11.68 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.84(a) | 1.83 | 1.82 | 1.83 | 1.85 | 1.90 |
Expenses after expense reductions | 1.83(a) | 1.81 | 1.81 | 1.82 | 1.84 | 1.89 |
Net investment income (loss) | (0.82)(a)(l) | (0.33) | (0.24) | (0.18) | 0.35 | 0.23 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $1,286 | $1,559 | $2,439 | $2,922 | $4,599 | $6,537 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $33.61 | $41.19 | $30.40 | $29.76 | $31.15 | $28.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.13) | $(0.11) | $(0.08) | $(0.04) | $0.14 | $0.09 |
Net realized and unrealized gain (loss) | 0.53 | (4.91) | 10.87 | 1.10 | (0.64) | 3.21 |
Total from investment operations | $0.40 | $(5.02) | $10.79 | $1.06 | $(0.50) | $3.30 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.00)(w) | $— | $(0.24) | $(0.05) | $(0.05) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.56) | $— | $(0.42) | $(0.89) | $(0.58) |
Net asset value, end of period (x) | $34.01 | $33.61 | $41.19 | $30.40 | $29.76 | $31.15 |
Total return (%) (r)(s)(t)(x) | 1.19(n) | (12.99) | 35.49 | 3.46 | (1.37) | 11.67 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.84(a) | 1.83 | 1.82 | 1.83 | 1.85 | 1.90 |
Expenses after expense reductions | 1.83(a) | 1.81 | 1.81 | 1.82 | 1.84 | 1.89 |
Net investment income (loss) | (0.83)(a)(l) | (0.29) | (0.21) | (0.14) | 0.48 | 0.30 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $27,987 | $30,292 | $41,907 | $39,530 | $42,015 | $42,981 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $42.50 | $51.32 | $37.75 | $36.61 | $38.08 | $34.52 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.37 | $0.39 | $0.34 | $0.60 | $0.50 |
Net realized and unrealized gain (loss) | 0.69 | (6.20) | 13.49 | 1.35 | (0.86) | 3.90 |
Total from investment operations | $0.72 | $(5.83) | $13.88 | $1.69 | $(0.26) | $4.40 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.43) | $(0.31) | $(0.37) | $(0.37) | $(0.31) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.99) | $(0.31) | $(0.55) | $(1.21) | $(0.84) |
Net asset value, end of period (x) | $43.22 | $42.50 | $51.32 | $37.75 | $36.61 | $38.08 |
Total return (%) (r)(s)(t)(x) | 1.69(n) | (12.10) | 36.85 | 4.51 | (0.41) | 12.84 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.84(a) | 0.83 | 0.83 | 0.83 | 0.85 | 0.90 |
Expenses after expense reductions | 0.83(a) | 0.81 | 0.82 | 0.82 | 0.84 | 0.89 |
Net investment income (loss) | 0.17(a)(l) | 0.77 | 0.84 | 0.89 | 1.63 | 1.35 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $3,250,051 | $3,251,727 | $3,722,298 | $2,457,330 | $1,974,109 | $1,371,442 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $32.73 | $40.23 | $29.72 | $29.12 | $30.57 | $27.93 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.13) | $(0.08) | $(0.06) | $(0.03) | $0.18 | $0.14 |
Net realized and unrealized gain (loss) | 0.51 | (4.81) | 10.62 | 1.07 | (0.68) | 3.11 |
Total from investment operations | $0.38 | $(4.89) | $10.56 | $1.04 | $(0.50) | $3.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.05) | $(0.05) | $(0.26) | $(0.11) | $(0.08) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.61) | $(0.05) | $(0.44) | $(0.95) | $(0.61) |
Net asset value, end of period (x) | $33.11 | $32.73 | $40.23 | $29.72 | $29.12 | $30.57 |
Total return (%) (r)(s)(t)(x) | 1.16(n) | (12.99) | 35.53 | 3.45 | (1.39) | 11.69 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.84(a) | 1.83 | 1.83 | 1.83 | 1.85 | 1.90 |
Expenses after expense reductions | 1.83(a) | 1.81 | 1.81 | 1.82 | 1.84 | 1.89 |
Net investment income (loss) | (0.82)(a)(l) | (0.21) | (0.17) | (0.11) | 0.61 | 0.47 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $6,818 | $6,895 | $7,424 | $4,890 | $4,266 | $3,663 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $33.87 | $41.51 | $30.63 | $29.92 | $31.31 | $28.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $0.10 | $0.10 | $0.15 | $0.28 | $0.25 |
Net realized and unrealized gain (loss) | 0.54 | (4.96) | 10.97 | 1.07 | (0.64) | 3.23 |
Total from investment operations | $0.49 | $(4.86) | $11.07 | $1.22 | $(0.36) | $3.48 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.22) | $(0.19) | $(0.33) | $(0.19) | $(0.18) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.78) | $(0.19) | $(0.51) | $(1.03) | $(0.71) |
Net asset value, end of period (x) | $34.36 | $33.87 | $41.51 | $30.63 | $29.92 | $31.31 |
Total return (%) (r)(s)(t)(x) | 1.45(n) | (12.55) | 36.20 | 3.95 | (0.89) | 12.27 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.34(a) | 1.33 | 1.33 | 1.33 | 1.35 | 1.40 |
Expenses after expense reductions | 1.33(a) | 1.31 | 1.31 | 1.32 | 1.34 | 1.39 |
Net investment income (loss) | (0.33)(a)(l) | 0.26 | 0.28 | 0.48 | 0.92 | 0.83 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $39,276 | $34,618 | $40,886 | $34,149 | $18,890 | $23,650 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $37.20 | $45.30 | $33.38 | $32.51 | $33.96 | $30.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $0.21 | $0.23 | $0.23 | $0.48 | $0.36 |
Net realized and unrealized gain (loss) | 0.59 | (5.43) | 11.94 | 1.18 | (0.79) | 3.48 |
Total from investment operations | $0.58 | $(5.22) | $12.17 | $1.41 | $(0.31) | $3.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.32) | $(0.25) | $(0.36) | $(0.30) | $(0.24) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.88) | $(0.25) | $(0.54) | $(1.14) | $(0.77) |
Net asset value, end of period (x) | $37.78 | $37.20 | $45.30 | $33.38 | $32.51 | $33.96 |
Total return (%) (r)(s)(t)(x) | 1.56(n) | (12.33) | 36.55 | 4.22 | (0.63) | 12.52 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.09(a) | 1.08 | 1.08 | 1.08 | 1.10 | 1.15 |
Expenses after expense reductions | 1.08(a) | 1.06 | 1.06 | 1.07 | 1.09 | 1.14 |
Net investment income (loss) | (0.08)(a)(l) | 0.49 | 0.58 | 0.69 | 1.47 | 1.09 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $160,930 | $149,194 | $182,926 | $124,732 | $59,575 | $30,465 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $37.74 | $45.91 | $33.79 | $32.83 | $34.28 | $31.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.33 | $0.31 | $0.31 | $0.53 | $0.45 |
Net realized and unrealized gain (loss) | 0.61 | (5.51) | 12.12 | 1.20 | (0.76) | 3.52 |
Total from investment operations | $0.64 | $(5.18) | $12.43 | $1.51 | $(0.23) | $3.97 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.43) | $(0.31) | $(0.37) | $(0.38) | $(0.33) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(2.99) | $(0.31) | $(0.55) | $(1.22) | $(0.86) |
Net asset value, end of period (x) | $38.38 | $37.74 | $45.91 | $33.79 | $32.83 | $34.28 |
Total return (%) (r)(s)(t)(x) | 1.70(n) | (12.11) | 36.87 | 4.48 | (0.40) | 12.81 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.84(a) | 0.83 | 0.83 | 0.83 | 0.85 | 0.90 |
Expenses after expense reductions | 0.83(a) | 0.81 | 0.81 | 0.82 | 0.84 | 0.89 |
Net investment income (loss) | 0.17(a)(l) | 0.76 | 0.77 | 0.91 | 1.60 | 1.36 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $225,819 | $224,116 | $273,949 | $262,925 | $209,454 | $167,066 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $37.75 | $45.93 | $33.80 | $32.81 | $34.27 | $31.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.38 | $0.39 | $0.34 | $0.56 | $0.51 |
Net realized and unrealized gain (loss) | 0.62 | (5.51) | 12.08 | 1.21 | (0.78) | 3.49 |
Total from investment operations | $0.67 | $(5.13) | $12.47 | $1.55 | $(0.22) | $4.00 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.49) | $(0.34) | $(0.38) | $(0.40) | $(0.35) |
From net realized gain | — | (2.56) | — | (0.18) | (0.84) | (0.53) |
Total distributions declared to shareholders | $— | $(3.05) | $(0.34) | $(0.56) | $(1.24) | $(0.88) |
Net asset value, end of period (x) | $38.42 | $37.75 | $45.93 | $33.80 | $32.81 | $34.27 |
Total return (%) (r)(s)(t)(x) | 1.77(n) | (12.01) | 37.00 | 4.60 | (0.34) | 12.95 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.72(a) | 0.71 | 0.72 | 0.74 | 0.77 | 0.80 |
Expenses after expense reductions | 0.71(a) | 0.69 | 0.71 | 0.73 | 0.76 | 0.79 |
Net investment income (loss) | 0.29(a)(l) | 0.89 | 0.96 | 1.00 | 1.69 | 1.53 |
Portfolio turnover | 8(n) | 12 | 23 | 17 | 17 | 12 |
Net assets at end of period (000 omitted) | $8,772,318 | $8,329,602 | $9,597,724 | $7,506,854 | $6,016,478 | $4,347,824 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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: | ||||
France | $— | $2,075,005,859 | $— | $2,075,005,859 |
Switzerland | 548,284,750 | 1,208,811,059 | — | 1,757,095,809 |
Germany | 129,896,638 | 1,163,527,424 | — | 1,293,424,062 |
United Kingdom | 31,282,838 | 1,127,886,967 | — | 1,159,169,805 |
Japan | — | 1,135,076,566 | — | 1,135,076,566 |
Canada | 1,014,636,556 | — | — | 1,014,636,556 |
Taiwan | 378,936,468 | 184,125,122 | — | 563,061,590 |
China | 77,434,726 | 485,560,068 | — | 562,994,794 |
India | — | 511,909,848 | — | 511,909,848 |
Other Countries | 699,332,306 | 1,982,065,632 | — | 2,681,397,938 |
Mutual Funds | 278,903,863 | — | — | 278,903,863 |
Total | $3,158,708,145 | $9,873,968,545 | $— | $13,032,676,690 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $270,917,484 |
Long-term capital gains | 652,077,386 |
Total distributions | $922,994,870 |
As of 11/30/22 | |
Cost of investments | $10,632,844,292 |
Gross appreciation | 3,386,630,501 |
Gross depreciation | (986,798,103) |
Net unrealized appreciation (depreciation) | $2,399,832,398 |
As of 5/31/22 | |
Undistributed ordinary income | 116,493,776 |
Undistributed long-term capital gain | 216,006,542 |
Post-October capital loss deferral | (10,037,803) |
Other temporary differences | (3,963,547) |
Net unrealized appreciation (depreciation) | 2,350,826,982 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $40,847,465 | |
Class B | — | 125,004 | |
Class C | — | 2,420,107 | |
Class I | — | 215,860,122 | |
Class R1 | — | 494,877 | |
Class R2 | — | 2,697,084 | |
Class R3 | — | 11,487,587 | |
Class R4 | — | 16,174,642 | |
Class R6 | — | 632,887,982 | |
Total | $— | $922,994,870 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2 billion | 0.80% |
In excess of $2 billion and up to $5 billion | 0.70% |
In excess of $5 billion and up to $10 billion | 0.65% |
In excess of $10 billion and up to $20 billion | 0.62% |
In excess of $20 billion | 0.60% |
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% | $ 628,595 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 6,662 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 134,048 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 31,872 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 82,550 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 178,471 |
Total Distribution and Service Fees | $1,062,198 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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 six months ended November 30, 2022, this rebate amounted to $11 for Class A shares, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $3,273 |
Class B | 841 |
Class C | 616 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,533,324 | $53,561,998 | 2,493,395 | $106,890,437 | |
Class B | 187 | 6,000 | 132 | 5,134 | |
Class C | 46,950 | 1,502,923 | 80,222 | 3,100,489 | |
Class I | 15,398,736 | 608,187,929 | 19,757,359 | 939,764,882 | |
Class R1 | 28,368 | 855,372 | 53,432 | 1,982,428 | |
Class R2 | 266,656 | 8,332,877 | 385,551 | 14,647,471 | |
Class R3 | 808,284 | 28,238,407 | 971,524 | 41,597,776 | |
Class R4 | 896,624 | 32,060,328 | 2,067,677 | 86,536,916 | |
Class R6 | 22,782,790 | 804,841,479 | 22,626,945 | 985,839,048 | |
41,761,919 | $1,537,587,313 | 48,436,237 | $2,180,364,581 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 718,108 | $30,857,117 | |
Class B | — | — | 3,070 | 122,629 | |
Class C | — | — | 56,734 | 2,189,925 | |
Class I | — | — | 4,036,074 | 196,072,454 | |
Class R1 | — | — | 13,165 | 494,877 | |
Class R2 | — | — | 69,164 | 2,684,269 | |
Class R3 | — | — | 269,852 | 11,487,587 | |
Class R4 | — | — | 323,071 | 13,937,302 | |
Class R6 | — | — | 13,956,815 | 601,957,439 | |
— | $— | 19,446,053 | $859,803,599 | ||
Shares reacquired | |||||
Class A | (1,387,095) | $(48,789,477) | (3,207,148) | $(134,098,035) | |
Class B | (8,466) | (275,097) | (15,731) | (629,324) | |
Class C | (125,293) | (3,926,097) | (253,076) | (9,625,780) | |
Class I | (16,712,296) | (658,391,476) | (19,801,953) | (934,132,572) | |
Class R1 | (33,187) | (1,008,756) | (40,443) | (1,521,928) | |
Class R2 | (145,567) | (4,593,503) | (417,631) | (15,887,122) | |
Class R3 | (559,561) | (19,621,515) | (1,268,584) | (53,863,640) | |
Class R4 | (951,213) | (33,473,905) | (2,418,992) | (104,302,465) | |
Class R6 | (15,064,400) | (526,917,602) | (24,900,996) | (1,071,921,616) | |
(34,987,078) | $(1,296,997,428) | (52,324,554) | $(2,325,982,482) |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 146,229 | $4,772,521 | 4,355 | $3,649,519 | |
Class B | (8,279) | (269,097) | (12,529) | (501,561) | |
Class C | (78,343) | (2,423,174) | (116,120) | (4,335,366) | |
Class I | (1,313,560) | (50,203,547) | 3,991,480 | 201,704,764 | |
Class R1 | (4,819) | (153,384) | 26,154 | 955,377 | |
Class R2 | 121,089 | 3,739,374 | 37,084 | 1,444,618 | |
Class R3 | 248,723 | 8,616,892 | (27,208) | (778,277) | |
Class R4 | (54,589) | (1,413,577) | (28,244) | (3,828,247) | |
Class R6 | 7,718,390 | 277,923,877 | 11,682,764 | 515,874,871 | |
6,774,841 | $240,589,885 | 15,557,736 | $714,185,698 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $95,663,451 | $923,592,412 | $742,964,317 | $45 | $4,096 | $276,295,687 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $1,677,735 | $— |
1 | |
2 | |
4 | |
6 | |
11 | |
13 | |
14 | |
15 | |
24 | |
37 | |
41 | |
41 | |
41 | |
41 | |
41 |
back cover |
Nestle S.A. | 4.5% |
Schneider Electric SE | 3.8% |
Franco-Nevada Corp. | 3.1% |
Cadence Design Systems, Inc. | 2.6% |
Pernod Ricard S.A. | 2.6% |
Legrand S.A. | 2.4% |
TotalEnergies SE | 2.4% |
Diageo PLC | 2.4% |
Analog Devices, Inc. | 2.2% |
Samsung Electronics Co. Ltd. | 2.1% |
Consumer Staples | 20.9% |
Industrials | 20.5% |
Information Technology | 20.5% |
Materials | 12.5% |
Financials | 7.3% |
Health Care | 5.9% |
Energy | 4.1% |
Consumer Discretionary | 3.0% |
Real Estate | 1.0% |
Equity Warrants (o) | 0.0% |
France | 17.8% |
Japan | 15.4% |
Switzerland | 14.2% |
United States | 12.2% |
United Kingdom | 11.6% |
Germany | 10.2% |
Canada | 4.5% |
Denmark | 2.4% |
South Korea | 2.1% |
Other Countries | 9.6% |
Euro | 32.7% |
Japanese Yen | 15.4% |
Swiss Franc | 14.2% |
United States Dollar | 12.2% |
British Pound Sterling | 11.6% |
Canadian Dollar | 4.5% |
Danish Krone | 2.4% |
South Korean Won | 2.1% |
Australian Dollar | 1.7% |
Other Currencies | 3.2% |
(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. |
(o) | Less than 0.1%. |
(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 and Other. |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 1.01% | $1,000.00 | $987.98 | $5.03 |
Hypothetical (h) | 1.01% | $1,000.00 | $1,020.00 | $5.11 | |
B | Actual | 1.76% | $1,000.00 | $984.14 | $8.75 |
Hypothetical (h) | 1.76% | $1,000.00 | $1,016.24 | $8.90 | |
C | Actual | 1.76% | $1,000.00 | $984.23 | $8.75 |
Hypothetical (h) | 1.76% | $1,000.00 | $1,016.24 | $8.90 | |
I | Actual | 0.76% | $1,000.00 | $989.13 | $3.79 |
Hypothetical (h) | 0.76% | $1,000.00 | $1,021.26 | $3.85 | |
R1 | Actual | 1.76% | $1,000.00 | $984.16 | $8.75 |
Hypothetical (h) | 1.76% | $1,000.00 | $1,016.24 | $8.90 | |
R2 | Actual | 1.26% | $1,000.00 | $986.68 | $6.28 |
Hypothetical (h) | 1.26% | $1,000.00 | $1,018.75 | $6.38 | |
R3 | Actual | 1.01% | $1,000.00 | $987.87 | $5.03 |
Hypothetical (h) | 1.01% | $1,000.00 | $1,020.00 | $5.11 | |
R4 | Actual | 0.76% | $1,000.00 | $989.21 | $3.79 |
Hypothetical (h) | 0.76% | $1,000.00 | $1,021.26 | $3.85 | |
R6 | Actual | 0.66% | $1,000.00 | $989.70 | $3.29 |
Hypothetical (h) | 0.66% | $1,000.00 | $1,021.76 | $3.35 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 94.5% | ||||
Airlines – 0.7% | ||||
Ryanair Holdings PLC, ADR (a) | 2,069,998 | $156,678,148 | ||
Alcoholic Beverages – 4.9% | ||||
Diageo PLC | 11,141,915 | $517,714,252 | ||
Pernod Ricard S.A. (l) | 2,809,408 | 561,931,103 | ||
$1,079,645,355 | ||||
Apparel Manufacturers – 2.3% | ||||
Adidas AG | 927,377 | $118,256,464 | ||
Compagnie Financiere Richemont S.A. | 1,518,382 | 201,976,783 | ||
LVMH Moet Hennessy Louis Vuitton SE | 233,692 | 180,938,543 | ||
$501,171,790 | ||||
Automotive – 1.0% | ||||
Compagnie Generale des Establissments Michelin | 3,899,672 | $110,226,539 | ||
Knorr-Bremse AG | 1,887,895 | 106,855,952 | ||
$217,082,491 | ||||
Brokerage & Asset Managers – 2.6% | ||||
Deutsche Boerse AG | 2,160,899 | $396,394,589 | ||
Euronext N.V. | 2,403,295 | 184,699,204 | ||
$581,093,793 | ||||
Business Services – 5.6% | ||||
Experian PLC | 9,483,972 | $337,199,754 | ||
Intertek Group PLC | 3,733,679 | 182,876,907 | ||
Nomura Research Institute Ltd. | 7,469,854 | 165,780,955 | ||
Secom Co. Ltd. | 3,326,700 | 206,249,403 | ||
SGS S.A. | 127,800 | 298,829,773 | ||
Sohgo Security Services Co. Ltd. | 1,562,900 | 42,531,705 | ||
$1,233,468,497 | ||||
Chemicals – 1.5% | ||||
Givaudan S.A. | 93,169 | $317,761,028 | ||
Computer Software – 6.8% | ||||
ANSYS, Inc. (a) | 1,107,563 | $281,653,271 | ||
Cadence Design Systems, Inc. (a) | 3,376,053 | 580,816,158 | ||
Dassault Systemes SE | 4,837,772 | 181,505,777 | ||
NICE Systems Ltd., ADR (a) | 337,429 | 65,518,589 | ||
OBIC Co. Ltd. | 679,000 | 108,143,296 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software – continued | ||||
SAP SE | 2,572,010 | $278,369,685 | ||
$1,496,006,776 | ||||
Computer Software - Systems – 3.8% | ||||
Amadeus IT Group S.A. (a) | 3,990,335 | $217,251,875 | ||
Cap Gemini S.A. | 906,717 | 165,086,276 | ||
Samsung Electronics Co. Ltd. | 9,456,193 | 454,121,564 | ||
$836,459,715 | ||||
Construction – 1.5% | ||||
CRH PLC | 4,161,420 | $166,588,647 | ||
Geberit AG | 316,618 | 153,415,550 | ||
$320,004,197 | ||||
Consumer Products – 7.7% | ||||
Beiersdorf AG | 1,645,064 | $178,250,947 | ||
Kao Corp. | 2,538,000 | 101,284,322 | ||
Kobayashi Pharmaceutical Co. Ltd. | 2,273,100 | 141,076,777 | ||
KOSE Corp. | 470,700 | 50,141,097 | ||
Lion Corp. | 6,167,500 | 65,821,643 | ||
L'Oréal | 945,964 | 357,769,019 | ||
Reckitt Benckiser Group PLC | 5,986,209 | 433,105,568 | ||
ROHTO Pharmaceutical Co. Ltd. (h) | 7,665,500 | 250,464,483 | ||
Svenska Cellulosa Aktiebolaget | 7,751,914 | 106,158,067 | ||
$1,684,071,923 | ||||
Electrical Equipment – 7.3% | ||||
Halma PLC | 978,618 | $26,156,262 | ||
Legrand S.A. | 6,419,063 | 530,813,748 | ||
OMRON Corp. | 1,841,200 | 96,069,359 | ||
Schneider Electric SE | 5,703,827 | 845,868,901 | ||
Yokogawa Electric Corp. | 6,106,100 | 115,171,698 | ||
�� | $1,614,079,968 | |||
Electronics – 6.6% | ||||
Analog Devices, Inc. | 2,836,413 | $487,607,759 | ||
ASML Holding N.V. | 198,948 | 121,014,326 | ||
DISCO Corp. | 467,600 | 140,527,400 | ||
Hirose Electric Co. Ltd. (h) | 2,563,900 | 346,494,169 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4,194,999 | 348,101,017 | ||
$1,443,744,671 | ||||
Energy - Independent – 1.7% | ||||
Woodside Energy Group Ltd. | 14,720,810 | $371,443,152 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Integrated – 2.4% | ||||
TotalEnergies SE (l) | 8,423,325 | $526,176,253 | ||
Food & Beverages – 7.0% | ||||
Chocoladefabriken Lindt & Sprungli AG | 6,507 | $68,852,099 | ||
Ezaki Glico Co. Ltd. | 3,071,100 | 80,048,998 | ||
ITO EN Ltd. | 3,454,400 | 133,651,202 | ||
Nestle S.A. | 8,367,858 | 995,768,364 | ||
Toyo Suisan Kaisha Ltd. (h) | 6,070,300 | 254,936,575 | ||
$1,533,257,238 | ||||
Food & Drug Stores – 0.1% | ||||
Ocado Group PLC (a) | 3,229,077 | $24,500,036 | ||
Insurance – 0.4% | ||||
Hiscox Ltd. | 7,739,693 | $95,233,252 | ||
Machinery & Tools – 6.2% | ||||
Epiroc AB | 9,906,832 | $192,891,011 | ||
GEA Group AG | 5,237,413 | 211,430,160 | ||
IMI PLC (h) | 16,960,315 | 275,550,464 | ||
Schindler Holding AG | 1,187,002 | 226,202,487 | ||
SMC Corp. | 555,600 | 254,148,411 | ||
Spirax-Sarco Engineering PLC | 1,521,402 | 209,482,054 | ||
$1,369,704,587 | ||||
Major Banks – 2.2% | ||||
Bank of Ireland Group PLC | 12,524,808 | $103,320,921 | ||
Resona Holdings, Inc. | 28,711,100 | 138,487,382 | ||
UBS Group AG | 12,716,560 | 236,630,756 | ||
$478,439,059 | ||||
Medical & Health Technology & Services – 0.5% | ||||
Haleon PLC (a) | 32,895,141 | $113,274,209 | ||
Medical Equipment – 4.5% | ||||
Agilent Technologies, Inc. | 1,322,122 | $204,902,468 | ||
Bruker BioSciences Corp. | 2,686,646 | 181,106,807 | ||
EssilorLuxottica | 1,457,414 | 273,496,630 | ||
Nihon Kohden Corp. | 578,500 | 13,527,231 | ||
Shimadzu Corp. | 10,331,500 | 318,570,702 | ||
$991,603,838 | ||||
Metals & Mining – 1.1% | ||||
Glencore PLC | 33,965,379 | $229,779,850 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 2.0% | ||||
Chiba Bank Ltd. | 15,995,900 | $97,271,178 | ||
Hachijuni Bank Ltd. | 10,338,900 | 39,302,408 | ||
Julius Baer Group Ltd. | 1,512,252 | 87,576,048 | ||
Jyske Bank A.S. (a) | 1,312,546 | 80,654,489 | ||
Mebuki Financial Group, Inc. | 22,597,670 | 51,367,616 | ||
North Pacific Bank Ltd. | 15,497,700 | 27,775,653 | ||
Sydbank A.S. | 1,740,408 | 64,335,546 | ||
$448,282,938 | ||||
Pharmaceuticals – 2.8% | ||||
Bayer AG | 3,221,744 | $186,244,253 | ||
Roche Holding AG | 1,060,993 | 345,124,064 | ||
Santen Pharmaceutical Co. Ltd. | 10,770,200 | 87,985,528 | ||
$619,353,845 | ||||
Precious Metals & Minerals – 4.5% | ||||
Agnico Eagle Mines Ltd. (l) | 3,377,598 | $170,116,541 | ||
Franco-Nevada Corp. | 4,612,540 | 673,767,226 | ||
Wheaton Precious Metals Corp. | 3,645,261 | 142,271,273 | ||
$986,155,040 | ||||
Printing & Publishing – 1.2% | ||||
Wolters Kluwer N.V. | 2,417,681 | $267,046,138 | ||
Real Estate – 1.1% | ||||
LEG Immobilien SE | 1,195,086 | $75,181,800 | ||
TAG Immobilien AG | 5,004,797 | 29,685,555 | ||
Vonovia SE, REIT | 5,170,613 | 126,871,189 | ||
$231,738,544 | ||||
Specialty Chemicals – 4.3% | ||||
Croda International PLC | 1,186,752 | $97,461,392 | ||
Kansai Paint Co. Ltd. | 4,955,300 | 68,335,826 | ||
Novozymes A.S. | 6,458,401 | 377,165,487 | ||
Sika AG | 719,163 | 185,447,519 | ||
Symrise AG | 1,978,301 | 224,286,662 | ||
$952,696,886 | ||||
Specialty Stores – 0.2% | ||||
Zalando SE (a) | 1,525,982 | $47,225,245 | ||
Total Common Stocks (Identified Cost, $15,661,313,135) | $20,767,178,462 |
Issuer | Shares/Par | Value ($) | ||
Preferred Stocks – 1.2% | ||||
Consumer Products – 1.2% | ||||
Henkel AG & Co. KGaA (Identified Cost, $285,857,904) | 3,651,489 | $260,054,181 |
Strike Price | First Exercise | |||
Warrants – 0.0% | ||||
Apparel Manufacturers – 0.0% | ||||
Compagnie Financiere Richemont S.A. (1 share for 2 warrants, Expiration 12/04/23) (a) (Identified Cost, $0) | CHF 67.00 | 11/20/23 | 4,568,796 | $4,055,787 |
Investment Companies (h) – 3.9% | ||||
Money Market Funds – 3.9% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $866,641,921) | 866,710,383 | $866,710,383 | ||
Collateral for Securities Loaned – 0.5% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 3.86% (j) (Identified Cost, $100,168,778) | 100,168,778 | $100,168,778 | ||
Other Assets, Less Liabilities – (0.1)% | (13,133,886) | |||
Net Assets – 100.0% | $21,985,033,705 |
(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 $1,994,156,074 and $20,004,011,517, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
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: | |
CHF | Swiss Franc |
Assets | |
Investments in unaffiliated issuers, at value, including $131,605,014 of securities on loan (identified cost, $15,174,276,049) | $20,004,011,517 |
Investments in affiliated issuers, at value (identified cost, $1,739,705,689) | 1,994,156,074 |
Foreign currency, at value (identified cost, $3,649,762) | 3,678,376 |
Receivables for | |
Investments sold | 18,842,684 |
Fund shares sold | 18,683,564 |
Interest and dividends | 98,069,490 |
Other assets | 40,187 |
Total assets | $22,137,481,892 |
Liabilities | |
Payable to custodian | $132,576 |
Payables for | |
Investments purchased | 6,626,862 |
Fund shares reacquired | 39,614,125 |
Collateral for securities loaned, at value (c) | 100,168,778 |
Payable to affiliates | |
Investment adviser | 754,596 |
Administrative services fee | 3,502 |
Shareholder servicing costs | 3,241,720 |
Distribution and service fees | 49,560 |
Deferred country tax expense payable | 243,813 |
Accrued expenses and other liabilities | 1,612,655 |
Total liabilities | $152,448,187 |
Net assets | $21,985,033,705 |
Net assets consist of | |
Paid-in capital | $13,676,629,767 |
Total distributable earnings (loss) | 8,308,403,938 |
Net assets | $21,985,033,705 |
Shares of beneficial interest outstanding | 512,474,542 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $2,056,142,664 | 49,039,804 | $41.93 |
Class B | 5,951,440 | 152,243 | 39.09 |
Class C | 79,126,433 | 2,149,151 | 36.82 |
Class I | 7,332,847,952 | 164,420,525 | 44.60 |
Class R1 | 8,103,610 | 217,353 | 37.28 |
Class R2 | 142,551,930 | 3,702,044 | 38.51 |
Class R3 | 979,388,267 | 23,572,144 | 41.55 |
Class R4 | 721,264,024 | 17,103,092 | 42.17 |
Class R6 | 10,659,657,385 | 252,118,186 | 42.28 |
(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 $44.49 [100 / 94.25 x $41.93]. 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 | $92,250,297 |
Dividends from affiliated issuers | 16,238,953 |
Other | 12,446 |
Income on securities loaned | 2,918 |
Foreign taxes withheld | (8,468,300) |
Total investment income | $100,036,314 |
Expenses | |
Management fee | $71,360,003 |
Distribution and service fees | 4,684,919 |
Shareholder servicing costs | 6,181,904 |
Administrative services fee | 348,673 |
Independent Trustees' compensation | 57,066 |
Custodian fee | 940,233 |
Shareholder communications | 314,023 |
Audit and tax fees | 33,295 |
Legal fees | 61,192 |
Miscellaneous | 701,248 |
Total expenses | $84,682,556 |
Reduction of expenses by investment adviser and distributor | (1,524,134) |
Net expenses | $83,158,422 |
Net investment income (loss) | $16,877,892 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $1,924,991,482 |
Affiliated issuers | 19,662,688 |
Foreign currency | (1,691,344) |
Net realized gain (loss) | $1,942,962,826 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(2,387,075,184) |
Affiliated issuers | 12,733,636 |
Translation of assets and liabilities in foreign currencies | 1,715,271 |
Net unrealized gain (loss) | $(2,372,626,277) |
Net realized and unrealized gain (loss) | $(429,663,451) |
Change in net assets from operations | $(412,785,559) |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $16,877,892 | $194,762,942 |
Net realized gain (loss) | 1,942,962,826 | 2,354,393,584 |
Net unrealized gain (loss) | (2,372,626,277) | (6,880,011,146) |
Change in net assets from operations | $(412,785,559) | $(4,330,854,620) |
Total distributions to shareholders | $— | $(2,264,172,425) |
Change in net assets from fund share transactions | $(2,124,101,117) | $(889,370,986) |
Total change in net assets | $(2,536,886,676) | $(7,484,398,031) |
Net assets | ||
At beginning of period | 24,521,920,381 | 32,006,318,412 |
At end of period | $21,985,033,705 | $24,521,920,381 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $42.44 | $53.83 | $44.47 | $42.09 | $42.91 | $40.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.02) | $0.20 | $0.32 | $0.21 | $0.39 | $0.43 |
Net realized and unrealized gain (loss) | (0.49) | (7.57) | 11.78 | 3.93 | 0.45 | 2.67 |
Total from investment operations | $(0.51) | $(7.37) | $12.10 | $4.14 | $0.84 | $3.10 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.39) | $(0.21) | $(0.37) | $(0.51) | $(0.61) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(4.02) | $(2.74) | $(1.76) | $(1.66) | $(1.07) |
Net asset value, end of period (x) | $41.93 | $42.44 | $53.83 | $44.47 | $42.09 | $42.91 |
Total return (%) (r)(s)(t)(x) | (1.20)(n) | (15.10) | 27.66 | 9.84 | 2.29 | 7.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.03(a) | 0.98 | 0.97 | 0.99 | 0.99 | 0.98 |
Expenses after expense reductions | 1.01(a) | 0.96 | 0.96 | 0.98 | 0.98 | 0.97 |
Net investment income (loss) | (0.10)(a)(l) | 0.40 | 0.63 | 0.48 | 0.93 | 1.02 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $2,056,143 | $2,345,833 | $3,046,287 | $2,651,120 | $2,959,958 | $3,594,359 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $39.72 | $50.76 | $42.18 | $39.99 | $40.80 | $38.94 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.16) | $(0.25) | $(0.08) | $(0.12) | $0.06 | $0.11 |
Net realized and unrealized gain (loss) | (0.47) | (7.01) | 11.19 | 3.72 | 0.46 | 2.53 |
Total from investment operations | $(0.63) | $(7.26) | $11.11 | $3.60 | $0.52 | $2.64 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.15) | $— | $(0.02) | $(0.18) | $(0.32) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(3.78) | $(2.53) | $(1.41) | $(1.33) | $(0.78) |
Net asset value, end of period (x) | $39.09 | $39.72 | $50.76 | $42.18 | $39.99 | $40.80 |
Total return (%) (r)(s)(t)(x) | (1.59)(n) | (15.74) | 26.75 | 8.99 | 1.53 | 6.79 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.78(a) | 1.72 | 1.72 | 1.74 | 1.74 | 1.73 |
Expenses after expense reductions | 1.76(a) | 1.71 | 1.71 | 1.73 | 1.73 | 1.72 |
Net investment income (loss) | (0.86)(a)(l) | (0.52) | (0.16) | (0.29) | 0.16 | 0.27 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $5,951 | $8,336 | $19,911 | $25,231 | $35,571 | $46,522 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $37.41 | $48.04 | $40.04 | $38.05 | $38.91 | $37.19 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.15) | $(0.23) | $(0.09) | $(0.11) | $0.07 | $0.11 |
Net realized and unrealized gain (loss) | (0.44) | (6.60) | 10.62 | 3.54 | 0.42 | 2.40 |
Total from investment operations | $(0.59) | $(6.83) | $10.53 | $3.43 | $0.49 | $2.51 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.17) | $— | $(0.05) | $(0.20) | $(0.33) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(3.80) | $(2.53) | $(1.44) | $(1.35) | $(0.79) |
Net asset value, end of period (x) | $36.82 | $37.41 | $48.04 | $40.04 | $38.05 | $38.91 |
Total return (%) (r)(s)(t)(x) | (1.58)(n) | (15.73) | 26.73 | 9.00 | 1.53 | 6.77 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.78(a) | 1.73 | 1.72 | 1.74 | 1.74 | 1.73 |
Expenses after expense reductions | 1.76(a) | 1.71 | 1.71 | 1.73 | 1.73 | 1.72 |
Net investment income (loss) | (0.86)(a)(l) | (0.50) | (0.19) | (0.27) | 0.17 | 0.28 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $79,126 | $117,583 | $264,432 | $395,411 | $496,745 | $627,662 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $45.09 | $56.87 | $46.83 | $44.24 | $45.02 | $42.85 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.34 | $0.47 | $0.34 | $0.53 | $0.58 |
Net realized and unrealized gain (loss) | (0.52) | (8.04) | 12.44 | 4.13 | 0.47 | 2.77 |
Total from investment operations | $(0.49) | $(7.70) | $12.91 | $4.47 | $1.00 | $3.35 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.45) | $(0.34) | $(0.49) | $(0.63) | $(0.72) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(4.08) | $(2.87) | $(1.88) | $(1.78) | $(1.18) |
Net asset value, end of period (x) | $44.60 | $45.09 | $56.87 | $46.83 | $44.24 | $45.02 |
Total return (%) (r)(s)(t)(x) | (1.09)(n) | (14.89) | 28.01 | 10.10 | 2.56 | 7.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.78(a) | 0.73 | 0.72 | 0.74 | 0.74 | 0.73 |
Expenses after expense reductions | 0.76(a) | 0.71 | 0.71 | 0.73 | 0.73 | 0.72 |
Net investment income (loss) | 0.15(a)(l) | 0.63 | 0.89 | 0.74 | 1.22 | 1.30 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $7,332,848 | $8,888,439 | $12,285,870 | $10,468,862 | $10,871,918 | $11,680,254 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $37.88 | $48.67 | $40.54 | $38.51 | $39.39 | $37.64 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.15) | $(0.17) | $(0.06) | $(0.10) | $0.08 | $0.12 |
Net realized and unrealized gain (loss) | (0.45) | (6.74) | 10.72 | 3.58 | 0.41 | 2.43 |
Total from investment operations | $(0.60) | $(6.91) | $10.66 | $3.48 | $0.49 | $2.55 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.25) | $— | $(0.06) | $(0.22) | $(0.34) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(3.88) | $(2.53) | $(1.45) | $(1.37) | $(0.80) |
Net asset value, end of period (x) | $37.28 | $37.88 | $48.67 | $40.54 | $38.51 | $39.39 |
Total return (%) (r)(s)(t)(x) | (1.58)(n) | (15.73) | 26.72 | 9.01 | 1.52 | 6.79 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.78(a) | 1.73 | 1.72 | 1.74 | 1.73 | 1.73 |
Expenses after expense reductions | 1.76(a) | 1.71 | 1.71 | 1.73 | 1.73 | 1.72 |
Net investment income (loss) | (0.85)(a)(l) | (0.37) | (0.12) | (0.25) | 0.20 | 0.31 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $8,104 | $8,909 | $11,648 | $9,836 | $11,321 | $12,943 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $39.03 | $49.87 | $41.36 | $39.25 | $40.13 | $38.32 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.06) | $0.06 | $0.18 | $0.09 | $0.27 | $0.29 |
Net realized and unrealized gain (loss) | (0.46) | (6.94) | 10.95 | 3.67 | 0.41 | 2.51 |
Total from investment operations | $(0.52) | $(6.88) | $11.13 | $3.76 | $0.68 | $2.80 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.33) | $(0.09) | $(0.26) | $(0.41) | $(0.53) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(3.96) | $(2.62) | $(1.65) | $(1.56) | $(0.99) |
Net asset value, end of period (x) | $38.51 | $39.03 | $49.87 | $41.36 | $39.25 | $40.13 |
Total return (%) (r)(s)(t)(x) | (1.33)(n) | (15.30) | 27.36 | 9.56 | 2.02 | 7.34 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.28(a) | 1.23 | 1.22 | 1.24 | 1.24 | 1.23 |
Expenses after expense reductions | 1.26(a) | 1.21 | 1.21 | 1.23 | 1.23 | 1.22 |
Net investment income (loss) | (0.35)(a)(l) | 0.12 | 0.38 | 0.23 | 0.69 | 0.74 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $142,552 | $153,967 | $224,998 | $219,474 | $295,690 | $358,138 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $42.06 | $53.38 | $44.11 | $41.78 | $42.62 | $40.63 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.02) | $0.20 | $0.31 | $0.21 | $0.40 | $0.45 |
Net realized and unrealized gain (loss) | (0.49) | (7.49) | 11.70 | 3.89 | 0.43 | 2.63 |
Total from investment operations | $(0.51) | $(7.29) | $12.01 | $4.10 | $0.83 | $3.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.40) | $(0.21) | $(0.38) | $(0.52) | $(0.63) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(4.03) | $(2.74) | $(1.77) | $(1.67) | $(1.09) |
Net asset value, end of period (x) | $41.55 | $42.06 | $53.38 | $44.11 | $41.78 | $42.62 |
Total return (%) (r)(s)(t)(x) | (1.21)(n) | (15.09) | 27.68 | 9.81 | 2.28 | 7.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.03(a) | 0.98 | 0.97 | 0.99 | 0.99 | 0.98 |
Expenses after expense reductions | 1.01(a) | 0.96 | 0.96 | 0.98 | 0.98 | 0.97 |
Net investment income (loss) | (0.10)(a)(l) | 0.39 | 0.62 | 0.49 | 0.97 | 1.06 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $979,388 | $1,034,115 | $1,383,344 | $1,320,257 | $1,353,427 | $1,450,342 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $42.63 | $53.98 | $44.58 | $42.20 | $43.03 | $41.01 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.32 | $0.45 | $0.33 | $0.51 | $0.55 |
Net realized and unrealized gain (loss) | (0.49) | (7.59) | 11.82 | 3.93 | 0.44 | 2.66 |
Total from investment operations | $(0.46) | $(7.27) | $12.27 | $4.26 | $0.95 | $3.21 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.45) | $(0.34) | $(0.49) | $(0.63) | $(0.73) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(4.08) | $(2.87) | $(1.88) | $(1.78) | $(1.19) |
Net asset value, end of period (x) | $42.17 | $42.63 | $53.98 | $44.58 | $42.20 | $43.03 |
Total return (%) (r)(s)(t)(x) | (1.08)(n) | (14.89) | 27.99 | 10.09 | 2.56 | 7.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.78(a) | 0.73 | 0.72 | 0.74 | 0.74 | 0.73 |
Expenses after expense reductions | 0.76(a) | 0.71 | 0.71 | 0.73 | 0.73 | 0.72 |
Net investment income (loss) | 0.16(a)(l) | 0.61 | 0.88 | 0.75 | 1.22 | 1.30 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $721,264 | $781,557 | $1,183,942 | $1,019,909 | $1,048,956 | $1,157,723 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $42.72 | $54.06 | $44.63 | $42.24 | $43.09 | $41.06 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.40 | $0.51 | $0.37 | $0.56 | $0.62 |
Net realized and unrealized gain (loss) | (0.49) | (7.63) | 11.84 | 3.94 | 0.42 | 2.64 |
Total from investment operations | $(0.44) | $(7.23) | $12.35 | $4.31 | $0.98 | $3.26 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.48) | $(0.39) | $(0.53) | $(0.68) | $(0.77) |
From net realized gain | — | (3.63) | (2.53) | (1.39) | (1.15) | (0.46) |
Total distributions declared to shareholders | $— | $(4.11) | $(2.92) | $(1.92) | $(1.83) | $(1.23) |
Net asset value, end of period (x) | $42.28 | $42.72 | $54.06 | $44.63 | $42.24 | $43.09 |
Total return (%) (r)(s)(t)(x) | (1.03)(n) | (14.81) | 28.15 | 10.21 | 2.64 | 7.97 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.68(a) | 0.62 | 0.62 | 0.63 | 0.63 | 0.63 |
Expenses after expense reductions | 0.66(a) | 0.60 | 0.61 | 0.62 | 0.62 | 0.62 |
Net investment income (loss) | 0.25(a)(l) | 0.78 | 1.01 | 0.85 | 1.34 | 1.46 |
Portfolio turnover | 9(n) | 10 | 7 | 7 | 6 | 14 |
Net assets at end of period (000 omitted) | $10,659,657 | $11,183,181 | $13,585,886 | $11,561,818 | $10,706,826 | $10,625,510 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by companies in which the fund invests and the actual annual net investment income ratio may differ. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
France | $— | $3,918,511,993 | $— | $3,918,511,993 |
Japan | — | 3,395,165,017 | — | 3,395,165,017 |
Switzerland | 349,179,851 | 2,772,460,407 | — | 3,121,640,258 |
United Kingdom | 275,550,464 | 2,266,783,536 | — | 2,542,334,000 |
Germany | 561,251,643 | 1,677,855,039 | — | 2,239,106,682 |
United States | 1,736,086,463 | — | — | 1,736,086,463 |
Canada | 986,155,040 | — | — | 986,155,040 |
Denmark | 64,335,546 | 457,819,976 | — | 522,155,522 |
South Korea | — | 454,121,564 | — | 454,121,564 |
Other Countries | 570,297,754 | 1,545,714,137 | — | 2,116,011,891 |
Mutual Funds | 966,879,161 | — | — | 966,879,161 |
Total | $5,509,735,922 | $16,488,431,669 | $— | $21,998,167,591 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $358,168,433 |
Long-term capital gains | 1,906,003,992 |
Total distributions | $2,264,172,425 |
As of 11/30/22 | |
Cost of investments | $16,943,427,101 |
Gross appreciation | 6,172,399,821 |
Gross depreciation | (1,117,659,331) |
Net unrealized appreciation (depreciation) | $5,054,740,490 |
As of 5/31/22 | |
Undistributed ordinary income | 195,336,522 |
Undistributed long-term capital gain | 1,105,404,050 |
Other temporary differences | (8,633,112) |
Net unrealized appreciation (depreciation) | 7,429,082,037 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $217,763,508 | |
Class B | — | 1,129,603 | |
Class C | — | 17,012,360 | |
Class I | — | 832,113,114 | |
Class R1 | — | 901,313 | |
Class R2 | — | 15,548,735 | |
Class R3 | — | 102,200,406 | |
Class R4 | — | 78,381,372 | |
Class R6 | — | 999,122,014 | |
Total | $— | $2,264,172,425 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2 billion | 0.80% |
In excess of $2 billion and up to $10 billion | 0.70% |
In excess of $10 billion and up to $15 billion | 0.65% |
In excess of $15 billion and up to $20 billion | 0.55% |
In excess of $20 billion and up to $25 billion | 0.50% |
In excess of $25 billion and up to $30 billion | 0.45% |
In excess of $30 billion and up to $35 billion | 0.43% |
In excess of $35 billion | 0.41% |
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% | $ 2,627,087 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 33,435 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 460,346 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 39,806 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 344,408 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 1,179,837 |
Total Distribution and Service Fees | $4,684,919 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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 six months ended November 30, 2022, this rebate amounted to $526 and $1 for Class A and Class R3 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $464 |
Class B | 1,069 |
Class C | 321 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 8,037,241 | $307,303,880 | 10,279,910 | $495,582,124 | |
Class B | 81 | 2,885 | 1,926 | 94,710 | |
Class C | 10,234 | 353,328 | 34,925 | 1,610,985 | |
Class I | 7,315,616 | 304,848,719 | 20,052,793 | 1,069,026,618 | |
Class R1 | 14,202 | 494,630 | 23,934 | 1,099,404 | |
Class R2 | 277,903 | 10,039,625 | 506,846 | 23,169,895 | |
Class R3 | 1,503,391 | 58,566,698 | 7,979,778 | 410,670,659 | |
Class R4 | 1,432,847 | 57,226,908 | 3,231,877 | 164,071,767 | |
Class R6 | 11,932,088 | 467,518,884 | 33,455,875 | 1,649,747,940 | |
30,523,603 | $1,206,355,557 | 75,567,864 | $3,815,074,102 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 3,702,121 | $193,620,921 | |
Class B | — | — | 20,645 | 1,014,099 | |
Class C | — | — | 361,686 | 16,731,614 | |
Class I | — | — | 13,385,203 | 742,878,767 | |
Class R1 | — | — | 19,238 | 901,313 | |
Class R2 | — | — | 321,831 | 15,496,148 | |
Class R3 | — | — | 1,971,839 | 102,200,405 | |
Class R4 | — | — | 1,345,419 | 70,607,593 | |
Class R6 | — | — | 18,110,430 | 951,884,189 | |
— | $— | 39,238,412 | $2,095,335,049 | ||
Shares reacquired | |||||
Class A | (14,271,827) | $(551,396,292) | (15,293,387) | $(762,719,283) | |
Class B | (57,716) | (2,120,461) | (204,959) | (9,719,254) | |
Class C | (1,004,465) | (34,491,862) | (2,757,292) | (121,228,370) | |
Class I | (40,039,347) | (1,672,086,737) | (52,340,999) | (2,750,887,414) | |
Class R1 | (32,041) | (1,112,876) | (47,286) | (2,169,741) | |
Class R2 | (521,202) | (18,744,852) | (1,394,678) | (66,449,940) | |
Class R3 | (2,520,493) | (97,593,476) | (11,275,088) | (571,149,040) | |
Class R4 | (2,661,908) | (102,584,105) | (8,176,489) | (416,568,844) | |
Class R6 | (21,585,538) | (850,326,013) | (41,125,810) | (2,098,888,251) | |
(82,694,537) | $(3,330,456,674) | (132,615,988) | $(6,799,780,137) | ||
Net change | |||||
Class A | (6,234,586) | $(244,092,412) | (1,311,356) | $(73,516,238) | |
Class B | (57,635) | (2,117,576) | (182,388) | (8,610,445) | |
Class C | (994,231) | (34,138,534) | (2,360,681) | (102,885,771) | |
Class I | (32,723,731) | (1,367,238,018) | (18,903,003) | (938,982,029) | |
Class R1 | (17,839) | (618,246) | (4,114) | (169,024) | |
Class R2 | (243,299) | (8,705,227) | (566,001) | (27,783,897) | |
Class R3 | (1,017,102) | (39,026,778) | (1,323,471) | (58,277,976) | |
Class R4 | (1,229,061) | (45,357,197) | (3,599,193) | (181,889,484) | |
Class R6 | (9,653,450) | (382,807,129) | 10,440,495 | 502,743,878 | |
(52,170,934) | $(2,124,101,117) | (17,809,712) | $(889,370,986) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
Hirose Electric Co. Ltd. | $356,896,633 | $— | $— | $— | $(10,402,464) | $346,494,169 |
IMI PLC | 301,554,515 | — | — | — | (26,004,051) | 275,550,464 |
ITO EN Ltd.* | 191,926,495 | — | 42,587,764 | 17,571,268 | (33,258,797) | — |
MFS Institutional Money Market Portfolio | 919,522,220 | 2,129,710,321 | 2,182,476,023 | (6,470) | (39,665) | 866,710,383 |
ROHTO Pharmaceutical Co. Ltd. | 196,795,568 | — | — | — | 53,668,915 | 250,464,483 |
Toyo Suisan Kaisha Ltd. | 266,668,004 | — | 42,599,017 | 2,097,890 | 28,769,698 | 254,936,575 |
$2,233,363,435 | $2,129,710,321 | $2,267,662,804 | $19,662,688 | $12,733,636 | $1,994,156,074 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
Hirose Electric Co. Ltd. | $3,514,867 | $— |
IMI PLC | 1,720,921 | — |
ITO EN Ltd.* | — | — |
MFS Institutional Money Market Portfolio | 8,409,149 | — |
ROHTO Pharmaceutical Co. Ltd. | 955,335 | — |
Toyo Suisan Kaisha Ltd. | 1,638,681 | — |
$16,238,953 | $— |
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back cover |
MFS Research International Fund | 27.5% |
MFS Emerging Markets Equity Fund | 17.5% |
MFS International Growth Fund | 15.0% |
MFS International Large Cap Value Fund | 15.0% |
MFS International Intrinsic Value Fund | 14.9% |
MFS International New Discovery Fund | 9.9% |
Cash & Cash Equivalents | 0.2% |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.35% | $1,000.00 | $977.54 | $1.74 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.31 | $1.78 | |
B | Actual | 1.10% | $1,000.00 | $973.49 | $5.44 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.55 | $5.57 | |
C | Actual | 1.10% | $1,000.00 | $973.56 | $5.44 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.55 | $5.57 | |
I | Actual | 0.10% | $1,000.00 | $978.73 | $0.50 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.57 | $0.51 | |
R1 | Actual | 1.10% | $1,000.00 | $973.59 | $5.44 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.55 | $5.57 | |
R2 | Actual | 0.60% | $1,000.00 | $976.17 | $2.97 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.06 | $3.04 | |
R3 | Actual | 0.35% | $1,000.00 | $977.35 | $1.73 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.31 | $1.78 | |
R4 | Actual | 0.10% | $1,000.00 | $978.66 | $0.50 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.57 | $0.51 | |
R6 | Actual | 0.00% | $1,000.00 | $978.76 | $0.00 |
Hypothetical (h) | 0.00% | $1,000.00 | $1,025.07 | $0.00 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 99.9% | ||||
International Stock Funds – 99.8% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 192,325,311 | $5,798,608,135 | ||
MFS International Growth Fund - Class R6 | 129,175,599 | 4,962,926,515 | ||
MFS International Intrinsic Value Fund - Class R6 | 116,879,339 | 4,941,658,458 | ||
MFS International Large Cap Value Fund - Class R6 | 403,489,388 | 4,954,849,687 | ||
MFS International New Discovery Fund - Class R6 | 105,741,290 | 3,289,611,514 | ||
MFS Research International Fund - Class R6 | 444,156,132 | 9,087,434,452 | ||
$33,035,088,761 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) | 40,811,715 | $40,811,715 | ||
Total Investment Companies (Identified Cost, $30,955,693,964) | $33,075,900,476 | |||
Other Assets, Less Liabilities – 0.1% | 33,677,865 | |||
Net Assets – 100.0% | $33,109,578,341 |
(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 value of the fund’s investments in affiliated issuers was $33,075,900,476. | |||
(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. |
Assets | |
Investments in affiliated issuers, at value (identified cost, $30,955,693,964) | $33,075,900,476 |
Receivables for | |
Investments sold | 35,846,063 |
Fund shares sold | 56,578,803 |
Receivable from investment adviser | 376,689 |
Other assets | 34,807 |
Total assets | $33,168,736,838 |
Liabilities | |
Payable to custodian | $8,393 |
Payables for | |
Investments purchased | 5,395,314 |
Fund shares reacquired | 47,413,004 |
Payable to affiliates | |
Administrative services fee | 96 |
Shareholder servicing costs | 5,923,851 |
Distribution and service fees | 81,358 |
Accrued expenses and other liabilities | 336,481 |
Total liabilities | $59,158,497 |
Net assets | $33,109,578,341 |
Net assets consist of | |
Paid-in capital | $31,027,377,907 |
Total distributable earnings (loss) | 2,082,200,434 |
Net assets | $33,109,578,341 |
Shares of beneficial interest outstanding | 1,567,606,727 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $3,450,590,829 | 165,191,483 | $20.89 |
Class B | 10,822,802 | 526,354 | 20.56 |
Class C | 323,945,540 | 15,999,961 | 20.25 |
Class I | 13,909,469,252 | 657,140,269 | 21.17 |
Class R1 | 6,880,465 | 345,606 | 19.91 |
Class R2 | 60,328,602 | 2,945,783 | 20.48 |
Class R3 | 1,160,191,256 | 56,023,112 | 20.71 |
Class R4 | 992,793,935 | 47,062,348 | 21.10 |
Class R6 | 13,194,555,660 | 622,371,811 | 21.20 |
(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 $22.16 [100 / 94.25 x $20.89]. 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 from affiliated issuers | $522,341 |
Other | 3,278 |
Total investment income | $525,619 |
Expenses | |
Distribution and service fees | $7,359,175 |
Shareholder servicing costs | 10,303,100 |
Administrative services fee | 8,775 |
Independent Trustees' compensation | 57,378 |
Custodian fee | 50,497 |
Shareholder communications | 902,029 |
Audit and tax fees | 20,578 |
Legal fees | 80,678 |
Miscellaneous | 511,320 |
Total expenses | $19,293,530 |
Reduction of expenses by investment adviser and distributor | (2,115,472) |
Net expenses | $17,178,058 |
Net investment income (loss) | $(16,652,439) |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Investments in affiliated issuers | $(454,852,128) |
Change in unrealized appreciation or depreciation | |
Affiliated issuers | $(354,335,686) |
Net realized and unrealized gain (loss) | $(809,187,814) |
Change in net assets from operations | $(825,840,253) |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $(16,652,439) | $735,326,573 |
Net realized gain (loss) | (454,852,128) | 658,157,333 |
Net unrealized gain (loss) | (354,335,686) | (7,082,594,212) |
Change in net assets from operations | $(825,840,253) | $(5,689,110,306) |
Total distributions to shareholders | $— | $(1,060,185,290) |
Change in net assets from fund share transactions | $(668,116,884) | $2,882,410,782 |
Total change in net assets | $(1,493,957,137) | $(3,866,884,814) |
Net assets | ||
At beginning of period | 34,603,535,478 | 38,470,420,292 |
At end of period | $33,109,578,341 | $34,603,535,478 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $21.37 | $25.51 | $18.80 | $18.71 | $19.68 | $18.07 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.03) | $0.40 | $0.10 | $0.25 | $0.37 | $0.21 |
Net realized and unrealized gain (loss) | (0.45) | (3.92) | 6.96 | 0.32 | (0.85) | 1.68 |
Total from investment operations | $(0.48) | $(3.52) | $7.06 | $0.57 | $(0.48) | $1.89 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.41) | $(0.12) | $(0.26) | $(0.37) | $(0.28) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.62) | $(0.35) | $(0.48) | $(0.49) | $(0.28) |
Net asset value, end of period (x) | $20.89 | $21.37 | $25.51 | $18.80 | $18.71 | $19.68 |
Total return (%) (r)(s)(t)(x) | (2.25)(n) | (14.16) | 37.66 | 2.80 | (2.15) | 10.46 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.37 | 0.36 | 0.37 | 0.36 | 0.38 |
Expenses after expense reductions (h) | 0.35(a) | 0.35 | 0.34 | 0.35 | 0.34 | 0.35 |
Net investment income (loss) (l) | (0.35)(a) | 1.64 | 0.46 | 1.31 | 1.96 | 1.09 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $3,450,591 | $3,644,253 | $4,381,231 | $2,778,815 | $2,458,587 | $2,263,605 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $21.12 | $25.16 | $18.61 | $18.50 | $19.43 | $17.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.11) | $0.21 | $(0.06) | $0.10 | $0.22 | $0.07 |
Net realized and unrealized gain (loss) | (0.45) | (3.86) | 6.84 | 0.31 | (0.82) | 1.66 |
Total from investment operations | $(0.56) | $(3.65) | $6.78 | $0.41 | $(0.60) | $1.73 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.18) | $— | $(0.08) | $(0.21) | $(0.14) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.39) | $(0.23) | $(0.30) | $(0.33) | $(0.14) |
Net asset value, end of period (x) | $20.56 | $21.12 | $25.16 | $18.61 | $18.50 | $19.43 |
Total return (%) (r)(s)(t)(x) | (2.65)(n) | (14.73) | 36.51 | 2.08 | (2.93) | 9.71 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.11 | 1.12 | 1.11 | 1.12 |
Expenses after expense reductions (h) | 1.10(a) | 1.10 | 1.09 | 1.10 | 1.09 | 1.10 |
Net investment income (loss) (l) | (1.10)(a) | 0.89 | (0.28) | 0.53 | 1.20 | 0.36 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $10,823 | $13,672 | $21,542 | $20,424 | $27,434 | $34,421 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $20.80 | $24.83 | $18.36 | $18.28 | $19.20 | $17.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.10) | $0.22 | $(0.06) | $0.10 | $0.22 | $0.07 |
Net realized and unrealized gain (loss) | (0.45) | (3.82) | 6.76 | 0.30 | (0.81) | 1.64 |
Total from investment operations | $(0.55) | $(3.60) | $6.70 | $0.40 | $(0.59) | $1.71 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.22) | $— | $(0.10) | $(0.21) | $(0.16) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.43) | $(0.23) | $(0.32) | $(0.33) | $(0.16) |
Net asset value, end of period (x) | $20.25 | $20.80 | $24.83 | $18.36 | $18.28 | $19.20 |
Total return (%) (r)(s)(t)(x) | (2.64)(n) | (14.75) | 36.57 | 2.04 | (2.87) | 9.67 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.11 | 1.12 | 1.11 | 1.12 |
Expenses after expense reductions (h) | 1.10(a) | 1.10 | 1.09 | 1.10 | 1.09 | 1.10 |
Net investment income (loss) (l) | (1.10)(a) | 0.92 | (0.28) | 0.53 | 1.21 | 0.37 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $323,946 | $379,572 | $489,683 | $419,045 | $472,251 | $517,523 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $21.63 | $25.81 | $19.01 | $18.91 | $19.89 | $18.25 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.47 | $0.16 | $0.30 | $0.42 | $0.30 |
Net realized and unrealized gain (loss) | (0.45) | (3.97) | 7.03 | 0.32 | (0.86) | 1.66 |
Total from investment operations | $(0.46) | $(3.50) | $7.19 | $0.62 | $(0.44) | $1.96 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.47) | $(0.16) | $(0.30) | $(0.42) | $(0.32) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.68) | $(0.39) | $(0.52) | $(0.54) | $(0.32) |
Net asset value, end of period (x) | $21.17 | $21.63 | $25.81 | $19.01 | $18.91 | $19.89 |
Total return (%) (r)(s)(t)(x) | (2.13)(n) | (13.93) | 38.00 | 3.04 | (1.91) | 10.78 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.12 | 0.11 | 0.12 | 0.11 | 0.13 |
Expenses after expense reductions (h) | 0.10(a) | 0.10 | 0.09 | 0.10 | 0.09 | 0.10 |
Net investment income (loss) (l) | (0.10)(a) | 1.94 | 0.71 | 1.56 | 2.21 | 1.56 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $13,909,469 | $15,504,823 | $17,850,569 | $9,936,595 | $7,848,998 | $5,199,628 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $20.45 | $24.40 | $18.04 | $17.99 | $18.93 | $17.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.10) | $0.20 | $(0.07) | $0.12 | $0.22 | $0.06 |
Net realized and unrealized gain (loss) | (0.44) | (3.75) | 6.66 | 0.28 | (0.81) | 1.63 |
Total from investment operations | $(0.54) | $(3.55) | $6.59 | $0.40 | $(0.59) | $1.69 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.19) | $— | $(0.13) | $(0.23) | $(0.15) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.40) | $(0.23) | $(0.35) | $(0.35) | $(0.15) |
Net asset value, end of period (x) | $19.91 | $20.45 | $24.40 | $18.04 | $17.99 | $18.93 |
Total return (%) (r)(s)(t)(x) | (2.64)(n) | (14.78) | 36.61 | 2.04 | (2.91) | 9.70 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.11 | 1.12 | 1.11 | 1.12 |
Expenses after expense reductions (h) | 1.10(a) | 1.10 | 1.09 | 1.10 | 1.09 | 1.10 |
Net investment income (loss) (l) | (1.10)(a) | 0.86 | (0.31) | 0.67 | 1.23 | 0.33 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $6,880 | $7,056 | $10,359 | $7,756 | $8,625 | $8,912 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $20.98 | $25.05 | $18.49 | $18.39 | $19.34 | $17.76 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.06) | $0.34 | $0.06 | $0.19 | $0.33 | $0.16 |
Net realized and unrealized gain (loss) | (0.44) | (3.85) | 6.80 | 0.33 | (0.84) | 1.65 |
Total from investment operations | $(0.50) | $(3.51) | $6.86 | $0.52 | $(0.51) | $1.81 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.35) | $(0.07) | $(0.20) | $(0.32) | $(0.23) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.56) | $(0.30) | $(0.42) | $(0.44) | $(0.23) |
Net asset value, end of period (x) | $20.48 | $20.98 | $25.05 | $18.49 | $18.39 | $19.34 |
Total return (%) (r)(s)(t)(x) | (2.38)(n) | (14.34) | 37.21 | 2.60 | (2.41) | 10.20 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.61(a) | 0.62 | 0.61 | 0.62 | 0.61 | 0.62 |
Expenses after expense reductions (h) | 0.60(a) | 0.60 | 0.59 | 0.60 | 0.59 | 0.60 |
Net investment income (loss) (l) | (0.60)(a) | 1.43 | 0.26 | 1.02 | 1.75 | 0.84 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $60,329 | $65,430 | $74,611 | $53,110 | $61,929 | $73,998 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $21.19 | $25.30 | $18.66 | $18.57 | $19.54 | $17.95 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.03) | $0.40 | $0.11 | $0.24 | $0.35 | $0.21 |
Net realized and unrealized gain (loss) | (0.45) | (3.89) | 6.88 | 0.33 | (0.82) | 1.66 |
Total from investment operations | $(0.48) | $(3.49) | $6.99 | $0.57 | $(0.47) | $1.87 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.41) | $(0.12) | $(0.26) | $(0.38) | $(0.28) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.62) | $(0.35) | $(0.48) | $(0.50) | $(0.28) |
Net asset value, end of period (x) | $20.71 | $21.19 | $25.30 | $18.66 | $18.57 | $19.54 |
Total return (%) (r)(s)(t)(x) | (2.27)(n) | (14.14) | 37.61 | 2.83 | (2.15) | 10.44 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.37 | 0.36 | 0.38 | 0.36 | 0.38 |
Expenses after expense reductions (h) | 0.35(a) | 0.35 | 0.34 | 0.35 | 0.34 | 0.35 |
Net investment income (loss) (l) | (0.35)(a) | 1.66 | 0.49 | 1.25 | 1.86 | 1.09 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $1,160,191 | $1,178,451 | $1,318,182 | $724,023 | $523,367 | $391,082 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $21.56 | $25.72 | $18.95 | $18.85 | $19.82 | $18.19 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.47 | $0.18 | $0.32 | $0.42 | $0.26 |
Net realized and unrealized gain (loss) | (0.45) | (3.95) | 6.99 | 0.30 | (0.85) | 1.69 |
Total from investment operations | $(0.46) | $(3.48) | $7.17 | $0.62 | $(0.43) | $1.95 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.47) | $(0.17) | $(0.30) | $(0.42) | $(0.32) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.68) | $(0.40) | $(0.52) | $(0.54) | $(0.32) |
Net asset value, end of period (x) | $21.10 | $21.56 | $25.72 | $18.95 | $18.85 | $19.82 |
Total return (%) (r)(s)(t)(x) | (2.13)(n) | (13.91) | 37.96 | 3.04 | (1.89) | 10.75 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.12 | 0.11 | 0.12 | 0.11 | 0.13 |
Expenses after expense reductions (h) | 0.10(a) | 0.10 | 0.09 | 0.10 | 0.09 | 0.10 |
Net investment income (loss) (l) | (0.10)(a) | 1.91 | 0.77 | 1.62 | 2.22 | 1.32 |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1 |
Net assets at end of period (000 omitted) | $992,794 | $1,017,358 | $1,277,938 | $721,937 | $779,264 | $948,409 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18(i) | |
Net asset value, beginning of period | $21.66 | $25.84 | $19.03 | $18.92 | $19.90 | $19.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.00 | $0.49 | $0.19 | $0.32 | $0.43 | $0.02 |
Net realized and unrealized gain (loss) | (0.46) | (3.97) | 7.03 | 0.33 | (0.85) | 1.12 |
Total from investment operations | $(0.46) | $(3.48) | $7.22 | $0.65 | $(0.42) | $1.14 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.49) | $(0.18) | $(0.32) | $(0.44) | $(0.33) |
From net realized gain | — | (0.21) | (0.23) | (0.22) | (0.12) | — |
Total distributions declared to shareholders | $— | $(0.70) | $(0.41) | $(0.54) | $(0.56) | $(0.33) |
Net asset value, end of period (x) | $21.20 | $21.66 | $25.84 | $19.03 | $18.92 | $19.90 |
Total return (%) (r)(s)(t)(x) | (2.12)(n) | (13.84) | 38.12 | 3.17 | (1.82) | 5.98(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.01(a) | 0.01 | 0.02 | 0.02 | 0.02 | 0.03(a) |
Expenses after expense reductions (h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
Net investment income (loss) (l) | 0.00(a) | 2.03 | 0.81 | 1.65 | 2.25 | 0.13(a) |
Portfolio turnover | 3(n) | 4 | 9 | 6 | 1 | 1(n) |
Net assets at end of period (000 omitted) | $13,194,556 | $12,792,920 | $13,046,306 | $6,984,049 | $4,526,554 | $2,698,739 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, October 2, 2017, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $33,075,900,476 | $— | $— | $33,075,900,476 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $738,095,672 |
Long-term capital gains | 322,089,618 |
Total distributions | $1,060,185,290 |
As of 11/30/22 | |
Cost of investments | $31,125,292,478 |
Gross appreciation | 2,973,035,633 |
Gross depreciation | (1,022,427,635) |
Net unrealized appreciation (depreciation) | $1,950,607,998 |
As of 5/31/22 | |
Undistributed long-term capital gain | 616,528,315 |
Late year ordinary loss deferral | (13,431,312) |
Net unrealized appreciation (depreciation) | 2,304,943,684 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $102,576,698 | |
Class B | — | 284,895 | |
Class C | — | 8,280,369 | |
Class I | — | 495,699,263 | |
Class R1 | — | 137,313 | |
Class R2 | — | 1,683,327 | |
Class R3 | — | 32,728,112 | |
Class R4 | — | 32,021,282 | |
Class R6 | — | 386,774,031 | |
Total | $— | $1,060,185,290 |
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% | $ 4,129,353 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 56,859 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 1,643,186 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 32,232 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 147,764 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 1,349,781 |
Total Distribution and Service Fees | $7,359,175 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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 six months ended November 30, 2022, this rebate amounted to $58, $1, and $6 for Class A, Class C, and Class R3 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $37,906 |
Class B | 9,621 |
Class C | 13,166 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 11,610,453 | $227,221,552 | 31,079,218 | $752,544,000 | |
Class B | 2,450 | 48,527 | 5,666 | 132,851 | |
Class C | 481,065 | 9,203,910 | 2,264,870 | 54,187,044 | |
Class I | 110,713,900 | 2,196,227,677 | 221,220,798 | 5,381,413,886 | |
Class R1 | 28,476 | 531,334 | 73,863 | 1,672,639 | |
Class R2 | 367,972 | 7,099,184 | 830,211 | 19,908,525 | |
Class R3 | 5,662,849 | 109,114,670 | 13,456,389 | 322,800,274 | |
Class R4 | 3,741,753 | 74,083,293 | 7,618,750 | 184,547,758 | |
Class R6 | 89,514,971 | 1,762,917,028 | 156,784,794 | 3,836,352,557 | |
222,123,889 | $4,386,447,175 | 433,334,559 | $10,553,559,534 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 3,779,417 | $93,578,375 | |
Class B | — | — | 11,292 | 277,227 | |
Class C | — | — | 305,025 | 7,372,464 | |
Class I | — | — | 17,086,810 | 427,853,723 | |
Class R1 | — | — | 5,777 | 137,313 | |
Class R2 | — | — | 68,185 | 1,659,616 | |
Class R3 | — | — | 1,333,120 | 32,728,103 | |
Class R4 | — | — | 1,248,994 | 31,162,393 | |
Class R6 | — | — | 14,853,691 | 372,084,952 | |
— | $— | 38,692,311 | $966,854,166 | ||
Shares reacquired | |||||
Class A | (16,913,083) | $(328,681,527) | (36,108,897) | $(871,737,061) | |
Class B | (123,430) | (2,366,985) | (225,749) | (5,334,966) | |
Class C | (2,733,272) | (51,585,025) | (4,040,802) | (93,133,886) | |
Class I | (170,314,834) | (3,335,916,532) | (213,070,176) | (5,032,296,815) | |
Class R1 | (27,909) | (517,081) | (159,181) | (3,746,980) | |
Class R2 | (540,434) | (10,097,846) | (758,075) | (18,129,820) | |
Class R3 | (5,250,057) | (102,167,024) | (11,274,550) | (270,832,851) | |
Class R4 | (3,868,055) | (76,855,760) | (11,361,347) | (277,056,068) | |
Class R6 | (57,879,296) | (1,146,376,279) | (85,835,831) | (2,065,734,471) | |
(257,650,370) | $(5,054,564,059) | (362,834,608) | $(8,638,002,918) | ||
Net change | |||||
Class A | (5,302,630) | $(101,459,975) | (1,250,262) | $(25,614,686) | |
Class B | (120,980) | (2,318,458) | (208,791) | (4,924,888) | |
Class C | (2,252,207) | (42,381,115) | (1,470,907) | (31,574,378) | |
Class I | (59,600,934) | (1,139,688,855) | 25,237,432 | 776,970,794 | |
Class R1 | 567 | 14,253 | (79,541) | (1,937,028) | |
Class R2 | (172,462) | (2,998,662) | 140,321 | 3,438,321 | |
Class R3 | 412,792 | 6,947,646 | 3,514,959 | 84,695,526 | |
Class R4 | (126,302) | (2,772,467) | (2,493,603) | (61,345,917) | |
Class R6 | 31,635,675 | 616,540,749 | 85,802,654 | 2,142,703,038 | |
(35,526,481) | $(668,116,884) | 109,192,262 | $2,882,410,782 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Emerging Markets Equity Fund | $6,124,405,478 | $426,455,705 | $368,607,954 | $(162,113,916) | $(221,531,178) | $5,798,608,135 |
MFS Institutional Money Market Portfolio | 44,389,736 | 662,230,565 | 665,799,304 | (9,236) | (46) | 40,811,715 |
MFS International Growth Fund | 5,171,427,369 | 5,641,668 | 275,424,980 | (77,445,318) | 138,727,776 | 4,962,926,515 |
MFS International Intrinsic Value Fund | 5,116,992,818 | 119,528,697 | 228,227,082 | (81,972,062) | 15,336,087 | 4,941,658,458 |
MFS International Large Cap Value Fund | 5,183,541,096 | 143,382,325 | 293,429,032 | (27,105,598) | (51,539,104) | 4,954,849,687 |
MFS International New Discovery Fund | 3,429,640,120 | 60,312,996 | 102,363,553 | (38,425,254) | (59,552,795) | 3,289,611,514 |
MFS Research International Fund | 9,505,614,419 | 71,866,287 | 246,489,084 | (67,780,744) | (175,776,426) | 9,087,434,452 |
$34,576,011,036 | $1,489,418,243 | $2,180,340,989 | $(454,852,128) | $(354,335,686) | $33,075,900,476 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Emerging Markets Equity Fund | $— | $— |
MFS Institutional Money Market Portfolio | 522,341 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Research International Fund | — | — |
$522,341 | $— |
Growth Equity Fund
Growth Equity Fund
1 | |
2 | |
3 | |
5 | |
10 | |
12 | |
13 | |
14 | |
23 | |
34 | |
38 | |
38 | |
38 | |
38 | |
38 |
back cover |
Apple, Inc. | 11.9% |
Microsoft Corp. | 11.1% |
Amazon.com, Inc. | 4.6% |
Alphabet, Inc., “A” | 3.4% |
Alphabet, Inc., “C” | 3.2% |
Visa, Inc., “A” | 2.3% |
Home Depot, Inc. | 2.1% |
Tesla, Inc. | 2.0% |
Applied Materials, Inc. | 1.9% |
McKesson Corp. | 1.9% |
Information Technology | 42.8% |
Consumer Discretionary | 15.7% |
Health Care | 11.6% |
Communication Services | 7.9% |
Industrials | 6.8% |
Consumer Staples | 4.7% |
Financials | 3.8% |
Energy | 2.3% |
Real Estate | 1.6% |
Utilities | 1.0% |
Materials | 0.8% |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.74% | $1,000.00 | $960.35 | $3.64 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.36 | $3.75 | |
B | Actual | 1.49% | $1,000.00 | $957.06 | $7.31 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.60 | $7.54 | |
C | Actual | 1.49% | $1,000.00 | $957.03 | $7.31 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.60 | $7.54 | |
I | Actual | 0.49% | $1,000.00 | $961.88 | $2.41 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.61 | $2.48 | |
R1 | Actual | 1.49% | $1,000.00 | $957.03 | $7.31 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.60 | $7.54 | |
R2 | Actual | 0.99% | $1,000.00 | $959.15 | $4.86 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.10 | $5.01 | |
R3 | Actual | 0.74% | $1,000.00 | $960.55 | $3.64 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.36 | $3.75 | |
R4 | Actual | 0.49% | $1,000.00 | $961.32 | $2.41 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.61 | $2.48 | |
R6 | Actual | 0.42% | $1,000.00 | $961.95 | $2.07 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.96 | $2.13 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.0% | ||||
Aerospace & Defense – 2.3% | ||||
General Dynamics Corp. | 10,767 | $2,717,483 | ||
Howmet Aerospace, Inc. | 53,004 | 1,996,661 | ||
Textron, Inc. | 12,485 | 891,179 | ||
$5,605,323 | ||||
Apparel Manufacturers – 0.7% | ||||
NIKE, Inc., “B” | 16,312 | $1,789,263 | ||
Automotive – 2.1% | ||||
Allison Transmission Holdings, Inc. | 7,150 | $320,320 | ||
Tesla, Inc. (a) | 24,535 | 4,776,964 | ||
$5,097,284 | ||||
Biotechnology – 0.3% | ||||
Exelixis, Inc. (a) | 39,437 | $673,584 | ||
Brokerage & Asset Managers – 1.1% | ||||
Raymond James Financial, Inc. | 23,235 | $2,716,171 | ||
Business Services – 3.8% | ||||
Accenture PLC, “A” | 12,009 | $3,613,869 | ||
Dropbox, Inc. (a) | 119,279 | 2,810,213 | ||
GoDaddy, Inc. (a) | 34,684 | 2,744,545 | ||
$9,168,627 | ||||
Cable TV – 0.3% | ||||
Charter Communications, Inc., “A” (a) | 1,506 | $589,283 | ||
Computer Software – 14.3% | ||||
Adobe Systems, Inc. (a) | 9,497 | $3,275,800 | ||
Atlassian Corp. (a) | 16,086 | 2,116,114 | ||
CrowdStrike Holdings, Inc. (a) | 16,874 | 1,985,226 | ||
Microsoft Corp. | 105,543 | 26,928,241 | ||
Palo Alto Networks, Inc. (a) | 2,567 | 436,133 | ||
$34,741,514 | ||||
Computer Software - Systems – 13.3% | ||||
Apple, Inc. | 195,399 | $28,924,914 | ||
ServiceNow, Inc. (a) | 8,018 | 3,337,893 | ||
$32,262,807 | ||||
Construction – 0.3% | ||||
Masco Corp. | 14,033 | $712,596 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – 1.0% | ||||
Colgate-Palmolive Co. | 31,543 | $2,443,952 | ||
Consumer Services – 2.9% | ||||
Airbnb, Inc., “A” (a) | 3,836 | $391,809 | ||
Booking Holdings, Inc. (a) | 1,849 | 3,844,903 | ||
Expedia Group, Inc. (a) | 26,562 | 2,837,884 | ||
$7,074,596 | ||||
Electrical Equipment – 0.1% | ||||
Armstrong World Industries, Inc. | 3,858 | $294,790 | ||
Electronics – 6.3% | ||||
Applied Materials, Inc. | 41,371 | $4,534,262 | ||
Lam Research Corp. | 7,603 | 3,591,505 | ||
Micron Technology, Inc. | 8,982 | 517,812 | ||
NVIDIA Corp. | 12,425 | 2,102,683 | ||
NXP Semiconductors N.V. | 8,195 | 1,441,009 | ||
Texas Instruments, Inc. | 16,688 | 3,011,516 | ||
$15,198,787 | ||||
Energy - Renewables – 0.5% | ||||
Enphase Energy, Inc. (a) | 3,982 | $1,276,589 | ||
Food & Beverages – 2.3% | ||||
Archer Daniels Midland Co. | 24,918 | $2,429,505 | ||
Darling Ingredients, Inc. (a) | 2,049 | 147,180 | ||
PepsiCo, Inc. | 15,511 | 2,877,445 | ||
$5,454,130 | ||||
Food & Drug Stores – 0.8% | ||||
Albertsons Cos., Inc., “A” | 97,034 | $2,032,862 | ||
Gaming & Lodging – 0.7% | ||||
Marriott International, Inc., “A” | 9,741 | $1,610,674 | ||
Health Maintenance Organizations – 2.9% | ||||
Cigna Corp. | 9,474 | $3,115,904 | ||
Humana, Inc. | 680 | 373,932 | ||
UnitedHealth Group, Inc. | 6,231 | 3,413,092 | ||
$6,902,928 | ||||
Insurance – 2.4% | ||||
Ameriprise Financial, Inc. | 3,840 | $1,274,688 | ||
Equitable Holdings, Inc. | 91,529 | 2,905,130 | ||
MetLife, Inc. | 17,553 | 1,346,315 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – continued | ||||
Reinsurance Group of America, Inc. | 2,432 | $351,181 | ||
$5,877,314 | ||||
Internet – 8.6% | ||||
Alphabet, Inc., “A” (a) | 81,619 | $8,242,703 | ||
Alphabet, Inc., “C” (a) | 75,922 | 7,702,287 | ||
Gartner, Inc. (a) | 11,286 | 3,954,276 | ||
Meta Platforms, Inc., “A” (a) | 8,632 | 1,019,439 | ||
$20,918,705 | ||||
Leisure & Toys – 2.0% | ||||
Brunswick Corp. | 19,860 | $1,473,612 | ||
Mattel, Inc. (a) | 7,606 | 138,657 | ||
Polaris, Inc. | 13,713 | 1,564,105 | ||
Roblox Corp., “A” (a) | 53,014 | 1,684,255 | ||
$4,860,629 | ||||
Machinery & Tools – 0.5% | ||||
Ingersoll Rand, Inc. | 21,348 | $1,152,152 | ||
Medical & Health Technology & Services – 2.8% | ||||
IDEXX Laboratories, Inc. (a) | 780 | $332,179 | ||
IQVIA Holdings, Inc. (a) | 3,110 | 678,042 | ||
McKesson Corp. | 11,774 | 4,493,901 | ||
Medpace Holdings, Inc. (a) | 2,070 | 434,472 | ||
Syneos Health, Inc. (a) | 22,665 | 799,621 | ||
$6,738,215 | ||||
Medical Equipment – 1.6% | ||||
Abbott Laboratories | 1,306 | $140,499 | ||
Align Technology, Inc. (a) | 5,751 | 1,130,992 | ||
Bruker BioSciences Corp. | 2,504 | 168,795 | ||
Danaher Corp. | 5,243 | 1,433,489 | ||
Envista Holdings Corp. (a) | 10,086 | 344,134 | ||
Maravai Lifesciences Holdings, Inc., “A” (a) | 43,824 | 652,101 | ||
$3,870,010 | ||||
Natural Gas - Pipeline – 2.3% | ||||
Cheniere Energy, Inc. | 24,288 | $4,259,144 | ||
Targa Resources Corp. | 17,883 | 1,330,316 | ||
$5,589,460 | ||||
Network & Telecom – 1.2% | ||||
Equinix, Inc., REIT | 4,170 | $2,880,010 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 3.2% | ||||
Mastercard, Inc., “A” | 4,212 | $1,501,157 | ||
Signature Bank | 1,870 | 260,865 | ||
SLM Corp. | 22,091 | 385,709 | ||
Visa, Inc., “A” | 25,270 | 5,483,590 | ||
$7,631,321 | ||||
Pharmaceuticals – 4.1% | ||||
AbbVie, Inc. | 4,507 | $726,438 | ||
Eli Lilly & Co. | 5,012 | 1,859,853 | ||
Merck & Co., Inc. | 34,582 | 3,808,170 | ||
Vertex Pharmaceuticals, Inc. (a) | 11,282 | 3,569,625 | ||
$9,964,086 | ||||
Railroad & Shipping – 1.4% | ||||
CSX Corp. | 87,138 | $2,848,541 | ||
Union Pacific Corp. | 2,920 | 634,896 | ||
$3,483,437 | ||||
Real Estate – 0.4% | ||||
Extra Space Storage, Inc., REIT | 5,759 | $925,414 | ||
Specialty Chemicals – 1.1% | ||||
Chemours Co. | 57,784 | $1,794,193 | ||
Univar Solutions, Inc. (a) | 28,871 | 956,496 | ||
$2,750,689 | ||||
Specialty Stores – 8.7% | ||||
Amazon.com, Inc. (a) | 115,828 | $11,182,035 | ||
Costco Wholesale Corp. | 2,330 | 1,256,453 | ||
Home Depot, Inc. | 15,872 | 5,142,369 | ||
Lululemon Athletica, Inc. (a) | 2,542 | 966,748 | ||
O'Reilly Automotive, Inc. (a) | 2,228 | 1,926,195 | ||
Ulta Beauty, Inc. (a) | 887 | 412,313 | ||
Wal-Mart Stores, Inc. | 1,849 | 281,825 | ||
$21,167,938 | ||||
Trucking – 1.7% | ||||
United Parcel Service, Inc., “B” | 21,187 | $4,019,810 | ||
Utilities - Electric Power – 1.0% | ||||
Vistra Corp. | 102,805 | $2,501,246 | ||
Total Common Stocks (Identified Cost, $179,132,701) | $239,976,196 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 0.7% | ||||
Money Market Funds – 0.7% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $1,587,876) | 1,587,876 | $1,587,876 | ||
Other Assets, Less Liabilities – 0.3% | 752,677 | |||
Net Assets – 100.0% | $242,316,749 |
(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 $1,587,876 and $239,976,196, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $179,132,701) | $239,976,196 |
Investments in affiliated issuers, at value (identified cost, $1,587,876) | 1,587,876 |
Receivables for | |
Fund shares sold | 135,255 |
Dividends | 866,513 |
Receivable from investment adviser | 20,646 |
Other assets | 40,146 |
Total assets | $242,626,632 |
Liabilities | |
Payable to custodian | $1,189 |
Payables for | |
Fund shares reacquired | 251,337 |
Payable to affiliates | |
Administrative services fee | 245 |
Shareholder servicing costs | 24,168 |
Distribution and service fees | 325 |
Accrued expenses and other liabilities | 32,619 |
Total liabilities | $309,883 |
Net assets | $242,316,749 |
Net assets consist of | |
Paid-in capital | $180,962,025 |
Total distributable earnings (loss) | 61,354,724 |
Net assets | $242,316,749 |
Shares of beneficial interest outstanding | 15,737,215 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $15,768,369 | 1,033,221 | $15.26 |
Class B | 430,771 | 29,289 | 14.71 |
Class C | 812,728 | 55,292 | 14.70 |
Class I | 54,458,291 | 3,538,991 | 15.39 |
Class R1 | 815,252 | 55,463 | 14.70 |
Class R2 | 217,721 | 14,268 | 15.26 |
Class R3 | 132,348 | 8,630 | 15.34 |
Class R4 | 111,570 | 7,238 | 15.41 |
Class R6 | 169,569,699 | 10,994,823 | 15.42 |
(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 $16.19 [100 / 94.25 x $15.26]. 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 | $1,805,915 |
Dividends from affiliated issuers | 23,526 |
Other | 3,309 |
Foreign taxes withheld | (3,594) |
Total investment income | $1,829,156 |
Expenses | |
Management fee | $450,344 |
Distribution and service fees | 29,487 |
Shareholder servicing costs | 35,504 |
Administrative services fee | 22,941 |
Independent Trustees' compensation | 2,774 |
Custodian fee | 7,812 |
Shareholder communications | 3,912 |
Audit and tax fees | 30,073 |
Legal fees | 1,612 |
Registration fees | 63,322 |
Miscellaneous | 15,750 |
Total expenses | $663,531 |
Reduction of expenses by investment adviser and distributor | (135,778) |
Net expenses | $527,753 |
Net investment income (loss) | $1,301,403 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(5,508,274) |
Affiliated issuers | (453) |
Net realized gain (loss) | $(5,508,727) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(2,676,255) |
Net realized and unrealized gain (loss) | $(8,184,982) |
Change in net assets from operations | $(6,883,579) |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $1,301,403 | $735,983 |
Net realized gain (loss) | (5,508,727) | 31,068,981 |
Net unrealized gain (loss) | (2,676,255) | (43,439,427) |
Change in net assets from operations | $(6,883,579) | $(11,634,463) |
Total distributions to shareholders | $— | $(39,168,208) |
Change in net assets from fund share transactions | $19,825,411 | $16,530,203 |
Total change in net assets | $12,941,832 | $(34,272,468) |
Net assets | ||
At beginning of period | 229,374,917 | 263,647,385 |
At end of period | $242,316,749 | $229,374,917 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $15.89 | $20.10 | $15.79 | $13.25 | $14.09 | $12.07 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.01 | $0.02 | $0.06 | $0.08 | $0.08 |
Net realized and unrealized gain (loss) | (0.70) | (0.76) | 5.50 | 3.12 | (0.03)(g) | 2.12 |
Total from investment operations | $(0.63) | $(0.75) | $5.52 | $3.18 | $0.05 | $2.20 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.04) | $(0.08) | $(0.07) | $(0.07) |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.46) | $(1.21) | $(0.64) | $(0.89) | $(0.18) |
Net asset value, end of period (x) | $15.26 | $15.89 | $20.10 | $15.79 | $13.25 | $14.09 |
Total return (%) (r)(s)(t)(x) | (3.96)(n) | (6.92) | 35.89 | 24.34 | 0.95 | 18.28 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.86(a) | 0.86 | 0.86 | 0.90 | 0.89 | 0.90 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.89(a) | 0.03 | 0.08 | 0.42 | 0.59 | 0.61 |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $15,768 | $15,472 | $71,049 | $57,531 | $52,918 | $55,474 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $15.37 | $19.67 | $15.55 | $13.08 | $13.95 | $11.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $(0.14) | $(0.12) | $(0.05) | $(0.02) | $(0.03) |
Net realized and unrealized gain (loss) | (0.67) | (0.70) | 5.41 | 3.08 | (0.03)(g) | 2.11 |
Total from investment operations | $(0.66) | $(0.84) | $5.29 | $3.03 | $(0.05) | $2.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.46) | $(1.17) | $(0.56) | $(0.82) | $(0.11) |
Net asset value, end of period (x) | $14.71 | $15.37 | $19.67 | $15.55 | $13.08 | $13.95 |
Total return (%) (r)(s)(t)(x) | (4.29)(n) | (7.58) | 34.89 | 23.42 | 0.17 | 17.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.61(a) | 1.63 | 1.61 | 1.65 | 1.64 | 1.65 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 0.11(a) | (0.73) | (0.67) | (0.33) | (0.14) | (0.25) |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $431 | $467 | $550 | $408 | $428 | $333 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $15.36 | $19.66 | $15.54 | $13.07 | $13.95 | $11.97 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $(0.14) | $(0.12) | $(0.05) | $(0.01) | $(0.03) |
Net realized and unrealized gain (loss) | (0.67) | (0.70) | 5.41 | 3.08 | (0.05)(g) | 2.12 |
Total from investment operations | $(0.66) | $(0.84) | $5.29 | $3.03 | $(0.06) | $2.09 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $(0.00)(w) | $— |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.46) | $(1.17) | $(0.56) | $(0.82) | $(0.11) |
Net asset value, end of period (x) | $14.70 | $15.36 | $19.66 | $15.54 | $13.07 | $13.95 |
Total return (%) (r)(s)(t)(x) | (4.30)(n) | (7.58) | 34.91 | 23.44 | 0.13 | 17.50 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.61(a) | 1.63 | 1.60 | 1.65 | 1.65 | 1.65 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 0.12(a) | (0.74) | (0.67) | (0.33) | (0.11) | (0.26) |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $813 | $874 | $859 | $613 | $525 | $338 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $16.00 | $20.21 | $15.87 | $13.31 | $14.17 | $12.10 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.05 | $0.06 | $0.10 | $0.13 | $0.10 |
Net realized and unrealized gain (loss) | (0.70) | (0.75) | 5.54 | 3.14 | (0.05)(g) | 2.14 |
Total from investment operations | $(0.61) | $(0.70) | $5.60 | $3.24 | $0.08 | $2.24 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.05) | $(0.09) | $(0.12) | $(0.12) | $(0.06) |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.51) | $(1.26) | $(0.68) | $(0.94) | $(0.17) |
Net asset value, end of period (x) | $15.39 | $16.00 | $20.21 | $15.87 | $13.31 | $14.17 |
Total return (%) (r)(s)(t)(x) | (3.81)(n) | (6.66) | 36.23 | 24.71 | 1.18 | 18.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.61(a) | 0.64 | 0.60 | 0.65 | 0.64 | 0.65 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 1.14(a) | 0.27 | 0.33 | 0.68 | 0.98 | 0.75 |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $54,458 | $53,045 | $4,866 | $2,366 | $1,560 | $195 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $15.36 | $19.66 | $15.54 | $13.08 | $13.95 | $11.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $(0.13) | $(0.12) | $(0.05) | $(0.02) | $(0.04) |
Net realized and unrealized gain (loss) | (0.68) | (0.71) | 5.41 | 3.07 | (0.03)(g) | 2.12 |
Total from investment operations | $(0.66) | $(0.84) | $5.29 | $3.02 | $(0.05) | $2.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.46) | $(1.17) | $(0.56) | $(0.82) | $(0.11) |
Net asset value, end of period (x) | $14.70 | $15.36 | $19.66 | $15.54 | $13.08 | $13.95 |
Total return (%) (r)(s)(t)(x) | (4.30)(n) | (7.58) | 34.91 | 23.34 | 0.18 | 17.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.61(a) | 1.63 | 1.60 | 1.64 | 1.64 | 1.65 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 0.21(a) | (0.70) | (0.67) | (0.33) | (0.16) | (0.27) |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $815 | $495 | $320 | $87 | $170 | $166 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $15.91 | $20.15 | $15.84 | $13.29 | $14.10 | $12.06 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $(0.04) | $(0.03) | $0.03 | $0.04 | $0.03 |
Net realized and unrealized gain (loss) | (0.70) | (0.74) | 5.52 | 3.13 | (0.03)(g) | 2.14 |
Total from investment operations | $(0.65) | $(0.78) | $5.49 | $3.16 | $0.01 | $2.17 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.01) | $(0.05) | $— | $(0.02) |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.46) | $(1.18) | $(0.61) | $(0.82) | $(0.13) |
Net asset value, end of period (x) | $15.26 | $15.91 | $20.15 | $15.84 | $13.29 | $14.10 |
Total return (%) (r)(s)(t)(x) | (4.09)(n) | (7.07) | 35.52 | 24.10 | 0.61 | 18.04 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.11(a) | 1.13 | 1.11 | 1.16 | 1.14 | 1.15 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 0.64(a) | (0.23) | (0.17) | 0.17 | 0.29 | 0.25 |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $218 | $200 | $182 | $266 | $106 | $175 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $15.97 | $20.17 | $15.85 | $13.30 | $14.14 | $12.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.00 | $0.02 | $0.06 | $0.08 | $0.07 |
Net realized and unrealized gain (loss) | (0.70) | (0.74) | 5.52 | 3.14 | (0.03)(g) | 2.13 |
Total from investment operations | $(0.63) | $(0.74) | $5.54 | $3.20 | $0.05 | $2.20 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.05) | $(0.09) | $(0.07) | $(0.04) |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.46) | $(1.22) | $(0.65) | $(0.89) | $(0.15) |
Net asset value, end of period (x) | $15.34 | $15.97 | $20.17 | $15.85 | $13.30 | $14.14 |
Total return (%) (r)(s)(t)(x) | (3.94)(n) | (6.85) | 35.85 | 24.35 | 0.98 | 18.23 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.86(a) | 0.88 | 0.85 | 0.90 | 0.89 | 0.90 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.93(a) | 0.02 | 0.08 | 0.42 | 0.59 | 0.49 |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $132 | $122 | $130 | $90 | $72 | $72 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $16.03 | $20.23 | $15.87 | $13.32 | $14.17 | $12.10 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.05 | $0.06 | $0.10 | $0.12 | $0.10 |
Net realized and unrealized gain (loss) | (0.71) | (0.75) | 5.56 | 3.13 | (0.04)(g) | 2.15 |
Total from investment operations | $(0.62) | $(0.70) | $5.62 | $3.23 | $0.08 | $2.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.04) | $(0.09) | $(0.12) | $(0.11) | $(0.07) |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.50) | $(1.26) | $(0.68) | $(0.93) | $(0.18) |
Net asset value, end of period (x) | $15.41 | $16.03 | $20.23 | $15.87 | $13.32 | $14.17 |
Total return (%) (r)(s)(t)(x) | (3.87)(n) | (6.64) | 36.34 | 24.60 | 1.18 | 18.65 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.61(a) | 0.63 | 0.60 | 0.65 | 0.64 | 0.65 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 1.13(a) | 0.27 | 0.33 | 0.67 | 0.84 | 0.74 |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $112 | $116 | $124 | $91 | $73 | $72 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $16.03 | $20.23 | $15.89 | $13.32 | $14.18 | $12.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.07 | $0.08 | $0.11 | $0.13 | $0.11 |
Net realized and unrealized gain (loss) | (0.70) | (0.75) | 5.53 | 3.16 | (0.05)(g) | 2.15 |
Total from investment operations | $(0.61) | $(0.68) | $5.61 | $3.27 | $0.08 | $2.26 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.06) | $(0.10) | $(0.14) | $(0.12) | $(0.08) |
From net realized gain | — | (3.46) | (1.17) | (0.56) | (0.82) | (0.11) |
Total distributions declared to shareholders | $— | $(3.52) | $(1.27) | $(0.70) | $(0.94) | $(0.19) |
Net asset value, end of period (x) | $15.42 | $16.03 | $20.23 | $15.89 | $13.32 | $14.18 |
Total return (%) (r)(s)(t)(x) | (3.81)(n) | (6.57) | 36.29 | 24.86 | 1.22 | 18.71 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.54(a) | 0.54 | 0.52 | 0.55 | 0.55 | 0.57 |
Expenses after expense reductions | 0.42(a) | 0.40 | 0.40 | 0.39 | 0.40 | 0.39 |
Net investment income (loss) | 1.20(a) | 0.36 | 0.42 | 0.77 | 0.93 | 0.83 |
Portfolio turnover | 29(n) | 55 | 71 | 61 | 60 | 73 |
Net assets at end of period (000 omitted) | $169,570 | $158,585 | $185,568 | $145,833 | $126,840 | $128,183 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $239,976,196 | $— | $— | $239,976,196 |
Mutual Funds | 1,587,876 | — | — | 1,587,876 |
Total | $241,564,072 | $— | $— | $241,564,072 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $14,461,131 |
Long-term capital gains | 24,707,077 |
Total distributions | $39,168,208 |
As of 11/30/22 | |
Cost of investments | $181,461,968 |
Gross appreciation | 68,764,449 |
Gross depreciation | (8,662,345) |
Net unrealized appreciation (depreciation) | $60,102,104 |
As of 5/31/22 | |
Undistributed ordinary income | 743,727 |
Undistributed long-term capital gain | 4,715,998 |
Net unrealized appreciation (depreciation) | 62,778,578 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $2,461,208 | |
Class B | — | 93,259 | |
Class C | — | 175,029 | |
Class I | — | 10,085,787 | |
Class R1 | — | 54,367 | |
Class R2 | — | 32,290 | |
Class R3 | — | 22,372 | |
Class R4 | — | 21,500 | |
Class R6 | — | 26,222,396 | |
Total | $— | $39,168,208 |
Up to $1 billion | 0.40% |
In excess of $1 billion and up to $2.5 billion | 0.375% |
In excess of $2.5 billion | 0.35% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.45% |
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% | $ 18,937 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 2,209 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 4,015 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 3,668 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 506 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 152 |
Total Distribution and Service Fees | $29,487 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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 six months ended November 30, 2022, this rebate amounted to $1 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $447 |
Class B | — |
Class C | 11 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 201,408 | $3,074,000 | 558,522 | $11,123,957 | |
Class B | — | — | 2,389 | 51,520 | |
Class C | 6,042 | 88,519 | 59,481 | 1,153,404 | |
Class I | 934,771 | 13,923,425 | 3,225,480 | 70,888,946 | |
Class R1 | 23,267 | 347,767 | 14,526 | 237,520 | |
Class R2 | 1,930 | 28,782 | 1,924 | 35,541 | |
Class R3 | 997 | 14,331 | 48 | 980 | |
Class R6 | 1,709,369 | 25,341,452 | 2,084,953 | 37,340,839 | |
2,877,784 | $42,818,276 | 5,947,323 | $120,832,707 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 126,281 | $2,461,208 | |
Class B | — | — | 4,929 | 93,259 | |
Class C | — | — | 9,059 | 171,304 | |
Class I | — | — | 514,290 | 10,085,224 | |
Class R1 | — | — | 2,875 | 54,367 | |
Class R2 | — | — | 1,653 | 32,290 | |
Class R3 | — | — | 1,142 | 22,372 | |
Class R4 | — | — | 1,094 | 21,500 | |
Class R6 | — | — | 1,335,153 | 26,222,396 | |
— | $— | 1,996,476 | $39,163,920 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (141,923) | $(2,145,880) | (3,246,554) | $(71,734,979) | |
Class B | (1,065) | (14,964) | (4,927) | (99,573) | |
Class C | (7,621) | (109,422) | (55,368) | (945,146) | |
Class I | (710,912) | (11,020,234) | (665,416) | (12,973,803) | |
Class R1 | (31) | (452) | (1,446) | (27,220) | |
Class R2 | (210) | (3,592) | (53) | (1,051) | |
Class R3 | (2) | (23) | (2) | (43) | |
Class R6 | (607,080) | (9,698,298) | (2,700,684) | (57,684,609) | |
(1,468,844) | $(22,992,865) | (6,674,450) | $(143,466,424) | ||
Net change | |||||
Class A | 59,485 | $928,120 | (2,561,751) | $(58,149,814) | |
Class B | (1,065) | (14,964) | 2,391 | 45,206 | |
Class C | (1,579) | (20,903) | 13,172 | 379,562 | |
Class I | 223,859 | 2,903,191 | 3,074,354 | 68,000,367 | |
Class R1 | 23,236 | 347,315 | 15,955 | 264,667 | |
Class R2 | 1,720 | 25,190 | 3,524 | 66,780 | |
Class R3 | 995 | 14,308 | 1,188 | 23,309 | |
Class R4 | — | — | 1,094 | 21,500 | |
Class R6 | 1,102,289 | 15,643,154 | 719,422 | 5,878,626 | |
1,408,940 | $19,825,411 | 1,269,349 | $16,530,203 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $1,776,491 | $39,491,110 | $39,679,272 | $(453) | $— | $1,587,876 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $23,526 | $— |
Small Cap Equity Fund
Small Cap Equity Fund
1 | |
2 | |
3 | |
5 | |
12 | |
14 | |
15 | |
16 | |
25 | |
38 | |
42 | |
42 | |
42 | |
42 | |
42 |
back cover |
Prestige Consumer Healthcare, Inc. | 1.7% |
Portland General Electric Co. | 1.7% |
Cathay General Bancorp, Inc. | 1.6% |
Reinsurance Group of America, Inc. | 1.6% |
Grand Canyon Education, Inc. | 1.5% |
Magnolia Oil & Gas Corp., “A” | 1.5% |
Umpqua Holdings Corp. | 1.5% |
SLM Corp. | 1.4% |
Silicon Laboratories, Inc. | 1.4% |
Hostess Brands, Inc. | 1.4% |
Health Care | 16.9% |
Financials | 16.6% |
Industrials | 15.3% |
Information Technology | 12.8% |
Consumer Discretionary | 11.8% |
Real Estate | 7.6% |
Energy | 6.5% |
Materials | 3.8% |
Communication Services | 2.6% |
Consumer Staples | 2.2% |
Utilities | 2.2% |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.99% | $1,000.00 | $990.92 | $4.94 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.10 | $5.01 | |
B | Actual | 1.74% | $1,000.00 | $986.97 | $8.67 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.34 | $8.80 | |
C | Actual | 1.74% | $1,000.00 | $987.67 | $8.67 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.34 | $8.80 | |
I | Actual | 0.74% | $1,000.00 | $992.36 | $3.70 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.36 | $3.75 | |
R1 | Actual | 1.74% | $1,000.00 | $987.68 | $8.67 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.34 | $8.80 | |
R2 | Actual | 1.24% | $1,000.00 | $990.17 | $6.19 |
Hypothetical (h) | 1.24% | $1,000.00 | $1,018.85 | $6.28 | |
R3 | Actual | 0.99% | $1,000.00 | $990.93 | $4.94 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.10 | $5.01 | |
R4 | Actual | 0.74% | $1,000.00 | $992.37 | $3.70 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.36 | $3.75 | |
R6 | Actual | 0.63% | $1,000.00 | $992.38 | $3.15 |
Hypothetical (h) | 0.63% | $1,000.00 | $1,021.91 | $3.19 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.3% | ||||
Aerospace & Defense – 0.9% | ||||
CACI International, Inc., “A” (a) | 9,605 | $2,999,642 | ||
Apparel Manufacturers – 1.5% | ||||
FIGS, Inc. (a) | 132,660 | $1,038,728 | ||
Skechers USA, Inc., “A” (a) | 96,410 | 4,065,610 | ||
$5,104,338 | ||||
Automotive – 2.2% | ||||
REV Group, Inc. | 159,991 | $2,222,275 | ||
Titan International, Inc. (a) | 120,841 | 1,731,651 | ||
Visteon Corp. (a) | 22,831 | 3,351,591 | ||
$7,305,517 | ||||
Biotechnology – 4.1% | ||||
Adaptive Biotechnologies Corp. (a) | 201,144 | $1,766,044 | ||
Alector, Inc. (a) | 61,590 | 522,899 | ||
AlloVir, Inc. (a) | 112,825 | 847,316 | ||
BioAtla, Inc. (a) | 97,436 | 1,072,771 | ||
Dynavax Technologies Corp. (a) | 16,042 | 199,081 | ||
Exelixis, Inc. (a) | 44,733 | 764,040 | ||
iTeos Therapeutics, Inc. (a) | 98,312 | 1,980,987 | ||
Lyell Immunopharma, Inc. (a) | 178,711 | 752,373 | ||
Novavax, Inc. (a)(l) | 14,790 | 243,887 | ||
Sana Biotechnology, Inc. (a) | 184,046 | 918,390 | ||
Sangamo Therapeutics, Inc. (a) | 171,994 | 629,498 | ||
Varex Imaging Corp. (a) | 75,968 | 1,613,560 | ||
Vir Biotechnology, Inc. (a) | 84,678 | 2,389,613 | ||
$13,700,459 | ||||
Broadcasting – 0.5% | ||||
Entravision Communications Corp., “A” | 312,116 | $1,735,365 | ||
Business Services – 4.3% | ||||
BlueLinx Holdings, Inc. (a) | 24,695 | $1,713,833 | ||
Boise Cascade Corp. | 31,367 | 2,322,413 | ||
Forrester Research, Inc. (a) | 79,158 | 2,784,779 | ||
HireRight Holdings Corp. (a) | 80,451 | 1,019,314 | ||
Paya, Inc. (a) | 72,319 | 673,290 | ||
StoneCo Ltd., “A” (a) | 33,650 | 393,032 | ||
TaskUs, Inc., “A” (a) | 183,388 | 3,607,242 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Yext, Inc. (a) | 357,219 | $1,903,977 | ||
$14,417,880 | ||||
Cable TV – 0.1% | ||||
Cable One, Inc. | 387 | $280,300 | ||
Chemicals – 1.7% | ||||
Avient Corp. | 38,459 | $1,331,066 | ||
Element Solutions, Inc. | 214,171 | 4,189,185 | ||
$5,520,251 | ||||
Computer Software – 4.3% | ||||
Clear Secure, Inc., “A” | 49,464 | $1,537,341 | ||
Domo, Inc., “B” (a) | 6,562 | 93,837 | ||
Elastic N.V. (a) | 21,555 | 1,318,950 | ||
Eventbrite, Inc. (a) | 422,043 | 3,076,694 | ||
Everbridge, Inc. (a) | 56,742 | 1,852,059 | ||
Paycor HCM, Inc. (a) | 97,572 | 2,821,782 | ||
Paylocity Holding Corp. (a) | 16,928 | 3,687,426 | ||
$14,388,089 | ||||
Computer Software - Systems – 2.3% | ||||
Box, Inc., “A” (a) | 156,931 | $4,307,756 | ||
Rapid7, Inc. (a) | 29,320 | 862,008 | ||
Rimini Street, Inc. (a) | 261,044 | 1,096,385 | ||
Verint Systems, Inc. (a) | 39,885 | 1,568,677 | ||
$7,834,826 | ||||
Construction – 1.3% | ||||
AZEK Co., Inc. (a) | 78,407 | $1,516,391 | ||
GMS, Inc. (a) | 58,609 | 2,877,702 | ||
$4,394,093 | ||||
Consumer Products – 2.2% | ||||
Herbalife Ltd. (a) | 52,146 | $913,598 | ||
Nu Skin Enterprises, Inc., “A” | 16,172 | 674,534 | ||
Prestige Consumer Healthcare, Inc. (a) | 93,275 | 5,732,682 | ||
$7,320,814 | ||||
Consumer Services – 2.0% | ||||
Grand Canyon Education, Inc. (a) | 44,999 | $5,088,037 | ||
TravelCenters of America LLC (a) | 33,684 | 1,722,937 | ||
$6,810,974 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electrical Equipment – 0.5% | ||||
Vertiv Holdings Co. | 131,101 | $1,815,749 | ||
Electronics – 5.1% | ||||
Advanced Energy Industries, Inc. | 42,566 | $3,943,314 | ||
Alpha and Omega Semiconductor Ltd. (a) | 49,340 | 1,730,847 | ||
Photronics, Inc. (a) | 76,207 | 1,432,692 | ||
Plexus Corp. (a) | 40,708 | 4,486,836 | ||
Sanmina Corp. (a) | 11,510 | 760,696 | ||
Silicon Laboratories, Inc. (a) | 32,724 | 4,759,378 | ||
$17,113,763 | ||||
Energy - Independent – 3.0% | ||||
Alpha Metallurgical Resources | 3,253 | $557,011 | ||
CONSOL Energy, Inc. | 7,462 | 577,932 | ||
CVR Energy, Inc. | 57,292 | 2,111,210 | ||
Magnolia Oil & Gas Corp., “A” | 193,965 | 5,058,607 | ||
Par Pacific Holdings, Inc. (a) | 74,237 | 1,739,373 | ||
$10,044,133 | ||||
Energy - Integrated – 0.5% | ||||
National Gas Fuel Co. | 24,695 | $1,635,550 | ||
Engineering - Construction – 1.9% | ||||
APi Group, Inc. (a) | 112,744 | $2,166,940 | ||
Dycom Industries, Inc. (a) | 44,354 | 4,042,423 | ||
$6,209,363 | ||||
Food & Beverages – 1.5% | ||||
Cal-Maine Foods, Inc. | 5,142 | $299,676 | ||
Hostess Brands, Inc. (a) | 172,174 | 4,545,393 | ||
$4,845,069 | ||||
Food & Drug Stores – 0.3% | ||||
United Natural Foods, Inc. (a) | 19,156 | $913,358 | ||
Gaming & Lodging – 1.9% | ||||
International Game Technology PLC | 180,760 | $4,435,850 | ||
Target Hospitality Corp. (a) | 119,823 | 1,732,641 | ||
$6,168,491 | ||||
General Merchandise – 0.6% | ||||
Dillards, Inc., “A” (l) | 5,710 | $2,053,887 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – 4.8% | ||||
Brighthouse Financial, Inc. (a) | 38,067 | $2,121,855 | ||
Hanover Insurance Group, Inc. | 18,231 | 2,685,426 | ||
Jackson Financial, Inc. | 53,629 | 2,003,043 | ||
Radian Group, Inc. | 7,854 | 153,703 | ||
Reinsurance Group of America, Inc. | 36,685 | 5,297,314 | ||
Voya Financial, Inc. | 55,653 | 3,671,985 | ||
$15,933,326 | ||||
Internet – 0.6% | ||||
ZipRecruiter, Inc., “A” (a) | 116,115 | $1,922,864 | ||
Leisure & Toys – 2.9% | ||||
Brunswick Corp. | 46,708 | $3,465,734 | ||
Funko, Inc., “A” (a) | 172,471 | 1,638,474 | ||
Malibu Boats, Inc., “A” (a) | 33,498 | 1,933,170 | ||
MasterCraft Boat Holdings, Inc. | 12,782 | 328,753 | ||
Polaris, Inc. | 20,320 | 2,317,699 | ||
$9,683,830 | ||||
Machinery & Tools – 3.3% | ||||
Flowserve Corp. | 39,810 | $1,248,442 | ||
ITT, Inc. | 4,243 | 358,618 | ||
Regal Rexnord Corp. | 28,827 | 3,779,508 | ||
Timken Co. | 54,054 | 4,107,023 | ||
Titan Machinery, Inc. (a) | 37,507 | 1,651,433 | ||
$11,145,024 | ||||
Major Banks – 0.5% | ||||
First Financial Corp. | 37,063 | $1,781,618 | ||
Medical & Health Technology & Services – 2.3% | ||||
Cross Country Healthcare, Inc. (a) | 34,701 | $1,241,602 | ||
Health Catalyst, Inc. (a) | 79,920 | 837,562 | ||
HealthEquity, Inc. (a) | 39,388 | 2,500,350 | ||
Medpace Holdings, Inc. (a) | 7,414 | 1,556,124 | ||
ModivCare, Inc. (a) | 1,590 | 122,430 | ||
Syneos Health, Inc. (a) | 44,669 | 1,575,922 | ||
$7,833,990 | ||||
Medical Equipment – 5.4% | ||||
AngioDynamics, Inc. (a) | 50,504 | $654,027 | ||
Avanos Medical, Inc. (a) | 57,083 | 1,535,533 | ||
Bioventus, Inc., “A” (a) | 119,033 | 232,114 | ||
CareDx, Inc. (a) | 15,951 | 206,565 | ||
Envista Holdings Corp. (a) | 113,636 | 3,877,260 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Medical Equipment – continued | ||||
Inogen, Inc. (a) | 36,079 | $805,283 | ||
Integer Holdings Corp. (a) | 21,821 | 1,621,737 | ||
Maravai Lifesciences Holdings, Inc., “A” (a) | 221,132 | 3,290,444 | ||
Organogenesis Holdings, Inc. (a) | 233,805 | 640,626 | ||
Quidel Corp. (a) | 48,419 | 4,241,989 | ||
Zynex, Inc. (l) | 56,424 | 774,137 | ||
$17,879,715 | ||||
Metals & Mining – 0.8% | ||||
Ryerson Holding Corp. | 87,241 | $2,572,737 | ||
United States Steel Corp. | 8,286 | 217,839 | ||
$2,790,576 | ||||
Natural Gas - Pipeline – 1.1% | ||||
Equitrans Midstream Corp. | 438,333 | $3,677,614 | ||
Oil Services – 2.0% | ||||
Cactus, Inc., “A” | 43,391 | $2,360,036 | ||
ChampionX Corp. | 135,895 | 4,191,002 | ||
$6,551,038 | ||||
Other Banks & Diversified Financials – 11.3% | ||||
Amalgamated Financial Corp. | 65,414 | $1,744,591 | ||
Atlanticus Holdings Corp. (a) | 6,421 | 184,925 | ||
Bank OZK | 14,615 | 674,482 | ||
Cathay General Bancorp, Inc. | 116,547 | 5,415,939 | ||
Enova International, Inc. (a) | 7,269 | 293,232 | ||
First BanCorp. | 91,401 | 1,405,747 | ||
First Hawaiian, Inc. | 125,013 | 3,319,095 | ||
Navient Corp. | 67,350 | 1,115,990 | ||
OFG Bancorp | 65,444 | 1,895,913 | ||
Preferred Bank | 20,636 | 1,559,875 | ||
Silvergate Capital Corp., “A” (a) | 14,421 | 395,568 | ||
SLM Corp. | 274,903 | 4,799,807 | ||
UMB Financial Corp. | 47,715 | 4,080,587 | ||
Umpqua Holdings Corp. | 242,527 | 4,916,022 | ||
United Community Bank, Inc. | 39,591 | 1,542,861 | ||
Wintrust Financial Corp. | 48,203 | 4,407,200 | ||
$37,751,834 | ||||
Pharmaceuticals – 3.1% | ||||
Alkermes PLC (a) | 19,536 | $484,102 | ||
Coherus BioSciences, Inc. (a) | 88,022 | 603,831 | ||
Eagle Pharmaceuticals, Inc. (a) | 15,314 | 556,205 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Emergent BioSolutions, Inc. (a) | 22,458 | $276,233 | ||
Intercept Pharmaceuticals, Inc. (a) | 126,581 | 1,887,323 | ||
Macrogenics, Inc. (a) | 78,267 | 503,257 | ||
Phibro Animal Health Corp., “A” | 42,737 | 526,092 | ||
REGENXBIO, Inc. (a) | 35,358 | 845,056 | ||
United Therapeutics Corp. (a) | 11,500 | 3,218,735 | ||
Vanda Pharmaceuticals, Inc. (a) | 122,272 | 1,333,988 | ||
$10,234,822 | ||||
Railroad & Shipping – 0.9% | ||||
Scorpio Tankers, Inc. | 18,598 | $948,870 | ||
Teekay Tankers LTD., “A” (a) | 59,970 | 2,023,388 | ||
$2,972,258 | ||||
Real Estate – 7.6% | ||||
DiamondRock Hospitality Co., REIT | 121,806 | $1,146,195 | ||
Empire State Realty Trust, REIT, “A” | 313,223 | 2,414,949 | ||
EPR Properties, REIT | 78,360 | 3,260,560 | ||
Equity Commonwealth, REIT | 39,593 | 1,072,574 | ||
National Storage Affiliates Trust, REIT | 91,701 | 3,650,617 | ||
Phillips Edison & Co., REIT | 122,545 | 3,949,625 | ||
Piedmont Office Realty Trust, Inc., REIT | 240,440 | 2,502,980 | ||
Spirit Realty Capital, Inc., REIT | 98,371 | 4,074,527 | ||
STAG Industrial, Inc., REIT | 56,219 | 1,850,167 | ||
Uniti Group, Inc., REIT | 173,982 | 1,325,743 | ||
$25,247,937 | ||||
Restaurants – 0.8% | ||||
Texas Roadhouse, Inc. | 27,479 | $2,729,214 | ||
Specialty Chemicals – 2.4% | ||||
Chemours Co. | 120,945 | $3,755,342 | ||
Univar Solutions, Inc. (a) | 128,082 | 4,243,357 | ||
$7,998,699 | ||||
Specialty Stores – 2.3% | ||||
Builders FirstSource, Inc. (a) | 51,804 | $3,311,830 | ||
Urban Outfitters, Inc. (a) | 123,085 | 3,562,080 | ||
Zumiez, Inc. (a) | 39,057 | 908,075 | ||
$7,781,985 | ||||
Telephone Services – 0.5% | ||||
EchoStar Corp., “A” (a) | 88,299 | $1,536,403 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Tobacco – 0.0% | ||||
Vector Group Ltd. | 13,873 | $153,990 | ||
Trucking – 1.3% | ||||
Landstar System, Inc. | 9,122 | $1,577,924 | ||
Saia, Inc. (a) | 11,572 | 2,818,823 | ||
$4,396,747 | ||||
Utilities - Electric Power – 1.7% | ||||
IDACORP, Inc. | 1,508 | $166,679 | ||
Portland General Electric Co. | 112,330 | 5,530,006 | ||
$5,696,685 | ||||
Total Common Stocks (Identified Cost, $301,742,288) | $328,312,080 | |||
Investment Companies (h) – 1.5% | ||||
Money Market Funds – 1.5% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $5,182,434) | 5,182,447 | $5,182,447 | ||
Collateral for Securities Loaned – 0.1% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 3.86% (j) (Identified Cost, $308,208) | 308,208 | $308,208 | ||
Other Assets, Less Liabilities – 0.1% | 293,882 | |||
Net Assets – 100.0% | $334,096,617 |
(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 $5,182,447 and $328,620,288, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value, including $1,318,206 of securities on loan (identified cost, $302,050,496) | $328,620,288 |
Investments in affiliated issuers, at value (identified cost, $5,182,434) | 5,182,447 |
Receivables for | |
Fund shares sold | 406,838 |
Interest and dividends | 442,584 |
Receivable from investment adviser | 26,603 |
Other assets | 43,144 |
Total assets | $334,721,904 |
Liabilities | |
Payable to custodian | $1,589 |
Payables for | |
Fund shares reacquired | 181,826 |
Collateral for securities loaned, at value (c) | 308,208 |
Payable to affiliates | |
Administrative services fee | 319 |
Shareholder servicing costs | 80,005 |
Distribution and service fees | 1,462 |
Payable for independent Trustees' compensation | 65 |
Accrued expenses and other liabilities | 51,813 |
Total liabilities | $625,287 |
Net assets | $334,096,617 |
Net assets consist of | |
Paid-in capital | $300,148,440 |
Total distributable earnings (loss) | 33,948,177 |
Net assets | $334,096,617 |
Shares of beneficial interest outstanding | 23,418,777 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $38,700,954 | 2,728,780 | $14.18 |
Class B | 521,792 | 38,271 | 13.63 |
Class C | 6,678,567 | 490,325 | 13.62 |
Class I | 121,030,186 | 8,466,608 | 14.30 |
Class R1 | 3,773,264 | 276,801 | 13.63 |
Class R2 | 14,786,403 | 1,049,001 | 14.10 |
Class R3 | 650,861 | 45,799 | 14.21 |
Class R4 | 19,418,532 | 1,356,589 | 14.31 |
Class R6 | 128,536,058 | 8,966,603 | 14.33 |
(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 $15.05 [100 / 94.25 x $14.18]. 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 | $2,440,476 |
Dividends from affiliated issuers | 39,598 |
Other | 17,249 |
Income on securities loaned | 3,143 |
Foreign taxes withheld | (4,929) |
Total investment income | $2,495,537 |
Expenses | |
Management fee | $1,027,055 |
Distribution and service fees | 136,466 |
Shareholder servicing costs | 136,651 |
Administrative services fee | 30,272 |
Independent Trustees' compensation | 3,577 |
Custodian fee | 11,582 |
Shareholder communications | 13,791 |
Audit and tax fees | 31,135 |
Legal fees | 761 |
Miscellaneous | 84,836 |
Total expenses | $1,476,126 |
Reduction of expenses by investment adviser | (238,045) |
Net expenses | $1,238,081 |
Net investment income (loss) | $1,257,456 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(2,656,673) |
Affiliated issuers | 321 |
Net realized gain (loss) | $(2,656,352) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(598,826) |
Affiliated issuers | 13 |
Net unrealized gain (loss) | $(598,813) |
Net realized and unrealized gain (loss) | $(3,255,165) |
Change in net assets from operations | $(1,997,709) |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $1,257,456 | $1,513,260 |
Net realized gain (loss) | (2,656,352) | 41,868,598 |
Net unrealized gain (loss) | (598,813) | (69,290,970) |
Change in net assets from operations | $(1,997,709) | $(25,909,112) |
Total distributions to shareholders | $— | $(42,864,222) |
Change in net assets from fund share transactions | $(1,766,185) | $48,713,888 |
Total change in net assets | $(3,763,894) | $(20,059,446) |
Net assets | ||
At beginning of period | 337,860,511 | 357,919,957 |
At end of period | $334,096,617 | $337,860,511 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.31 | $17.57 | $11.33 | $12.77 | $13.83 | $11.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.03 | $0.04 | $0.06 | $0.06 | $0.05 |
Net realized and unrealized gain (loss) | (0.17) | (1.18) | 6.26 | (1.28) | (0.44) | 2.32 |
Total from investment operations | $(0.13) | $(1.15) | $6.30 | $(1.22) | $(0.38) | $2.37 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.06) | $(0.05) | $(0.04) | $(0.06) |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.11) | $(0.06) | $(0.22) | $(0.68) | $(0.45) |
Net asset value, end of period (x) | $14.18 | $14.31 | $17.57 | $11.33 | $12.77 | $13.83 |
Total return (%) (r)(s)(t)(x) | (0.91)(n) | (7.52) | 55.75 | (9.87) | (2.28) | 20.15 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.14(a) | 1.13 | 1.12 | 1.16 | 1.22 | 1.28 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 0.59(a) | 0.16 | 0.26 | 0.48 | 0.41 | 0.41 |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $38,701 | $40,921 | $73,141 | $57,133 | $60,929 | $43,682 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $13.81 | $17.15 | $11.10 | $12.56 | $13.67 | $11.81 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $(0.08) | $(0.07) | $(0.03) | $(0.05) | $(0.05) |
Net realized and unrealized gain (loss) | (0.17) | (1.15) | 6.12 | (1.26) | (0.42) | 2.30 |
Total from investment operations | $(0.18) | $(1.23) | $6.05 | $(1.29) | $(0.47) | $2.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.11) | $— | $(0.17) | $(0.64) | $(0.39) |
Net asset value, end of period (x) | $13.63 | $13.81 | $17.15 | $11.10 | $12.56 | $13.67 |
Total return (%) (r)(s)(t)(x) | (1.30)(n) | (8.21) | 54.50 | (10.53) | (3.00) | 19.28 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.89(a) | 1.88 | 1.86 | 1.91 | 1.97 | 2.07 |
Expenses after expense reductions | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | (0.17)(a) | (0.50) | (0.52) | (0.27) | (0.36) | (0.39) |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $522 | $664 | $615 | $387 | $500 | $403 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $13.79 | $17.14 | $11.09 | $12.55 | $13.66 | $11.80 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $(0.09) | $(0.07) | $(0.03) | $(0.03) | $(0.05) |
Net realized and unrealized gain (loss) | (0.16) | (1.15) | 6.12 | (1.26) | (0.44) | 2.30 |
Total from investment operations | $(0.17) | $(1.24) | $6.05 | $(1.29) | $(0.47) | $2.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.00)(w) | $(0.00)(w) | $— |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.11) | $— | $(0.17) | $(0.64) | $(0.39) |
Net asset value, end of period (x) | $13.62 | $13.79 | $17.14 | $11.09 | $12.55 | $13.66 |
Total return (%) (r)(s)(t)(x) | (1.23)(n) | (8.27) | 54.55 | (10.53) | (2.97) | 19.30 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.89(a) | 1.88 | 1.87 | 1.91 | 1.97 | 2.07 |
Expenses after expense reductions | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | (0.16)(a) | (0.53) | (0.50) | (0.26) | (0.21) | (0.40) |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $6,679 | $6,593 | $7,503 | $5,133 | $3,234 | $406 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.40 | $17.67 | $11.39 | $12.83 | $13.90 | $11.94 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.09 | $0.07 | $0.09 | $0.09 | $0.08 |
Net realized and unrealized gain (loss) | (0.16) | (1.22) | 6.31 | (1.27) | (0.45) | 2.33 |
Total from investment operations | $(0.10) | $(1.13) | $6.38 | $(1.18) | $(0.36) | $2.41 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.03) | $(0.10) | $(0.09) | $(0.07) | $(0.06) |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.14) | $(0.10) | $(0.26) | $(0.71) | $(0.45) |
Net asset value, end of period (x) | $14.30 | $14.40 | $17.67 | $11.39 | $12.83 | $13.90 |
Total return (%) (r)(s)(t)(x) | (0.69)(n) | (7.39) | 56.17 | (9.58) | (2.06) | 20.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.89(a) | 0.88 | 0.87 | 0.91 | 0.97 | 1.05 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.84(a) | 0.52 | 0.46 | 0.74 | 0.69 | 0.64 |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $121,030 | $115,533 | $80,950 | $53,562 | $39,397 | $12,225 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $13.80 | $17.15 | $11.09 | $12.56 | $13.67 | $11.81 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $(0.08) | $(0.07) | $(0.03) | $0.07 | $(0.05) |
Net realized and unrealized gain (loss) | (0.16) | (1.16) | 6.13 | (1.27) | (0.54)(g) | 2.30 |
Total from investment operations | $(0.17) | $(1.24) | $6.06 | $(1.30) | $(0.47) | $2.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.00)(w) | $— | $— |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.11) | $— | $(0.17) | $(0.64) | $(0.39) |
Net asset value, end of period (x) | $13.63 | $13.80 | $17.15 | $11.09 | $12.56 | $13.67 |
Total return (%) (r)(s)(t)(x) | (1.23)(n) | (8.26) | 54.64 | (10.59) | (3.00) | 19.28 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.89(a) | 1.88 | 1.86 | 1.91 | 1.97 | 2.07 |
Expenses after expense reductions | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | (0.16)(a) | (0.50) | (0.52) | (0.27) | 0.54 | (0.39) |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $3,773 | $3,853 | $4,996 | $2,897 | $3,339 | $79 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.24 | $17.54 | $11.32 | $12.78 | $13.84 | $11.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $(0.00)(w) | $(0.00)(w) | $0.03 | $0.16 | $0.01 |
Net realized and unrealized gain (loss) | (0.16) | (1.19) | 6.26 | (1.27) | (0.58)(g) | 2.33 |
Total from investment operations | $(0.14) | $(1.19) | $6.26 | $(1.24) | $(0.42) | $2.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.04) | $(0.05) | $(0.00)(w) | $— |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.11) | $(0.04) | $(0.22) | $(0.64) | $(0.39) |
Net asset value, end of period (x) | $14.10 | $14.24 | $17.54 | $11.32 | $12.78 | $13.84 |
Total return (%) (r)(s)(t)(x) | (0.98)(n) | (7.77) | 55.37 | (10.07) | (2.57) | 19.91 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.39(a) | 1.38 | 1.36 | 1.41 | 1.47 | 1.57 |
Expenses after expense reductions | 1.24(a) | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 |
Net investment income (loss) | 0.34(a) | (0.01) | (0.03) | 0.23 | 1.22 | 0.11 |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $14,786 | $14,633 | $16,870 | $9,315 | $9,647 | $72 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.34 | $17.61 | $11.35 | $12.83 | $13.88 | $11.92 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.04 | $0.03 | $0.06 | $0.05 | $0.05 |
Net realized and unrealized gain (loss) | (0.17) | (1.20) | 6.29 | (1.28) | (0.42) | 2.33 |
Total from investment operations | $(0.13) | $(1.16) | $6.32 | $(1.22) | $(0.37) | $2.38 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.06) | $(0.09) | $(0.04) | $(0.03) |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.11) | $(0.06) | $(0.26) | $(0.68) | $(0.42) |
Net asset value, end of period (x) | $14.21 | $14.34 | $17.61 | $11.35 | $12.83 | $13.88 |
Total return (%) (r)(s)(t)(x) | (0.91)(n) | (7.55) | 55.83 | (9.92) | (2.23) | 20.21 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.14(a) | 1.13 | 1.12 | 1.16 | 1.21 | 1.32 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 0.62(a) | 0.21 | 0.23 | 0.52 | 0.38 | 0.36 |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $651 | $450 | $667 | $537 | $70 | $72 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.42 | $17.68 | $11.40 | $12.84 | $13.91 | $11.94 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.08 | $0.07 | $0.10 | $0.09 | $0.08 |
Net realized and unrealized gain (loss) | (0.17) | (1.21) | 6.30 | (1.28) | (0.45) | 2.34 |
Total from investment operations | $(0.11) | $(1.13) | $6.37 | $(1.18) | $(0.36) | $2.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.09) | $(0.09) | $(0.07) | $(0.06) |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.13) | $(0.09) | $(0.26) | $(0.71) | $(0.45) |
Net asset value, end of period (x) | $14.31 | $14.42 | $17.68 | $11.40 | $12.84 | $13.91 |
Total return (%) (r)(s)(t)(x) | (0.76)(n) | (7.34) | 56.09 | (9.60) | (2.09) | 20.54 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.89(a) | 0.88 | 0.87 | 0.95 | 0.96 | 1.07 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.84(a) | 0.48 | 0.53 | 0.96 | 0.63 | 0.61 |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $19,419 | $20,000 | $23,281 | $19,044 | $71 | $73 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.44 | $17.70 | $11.40 | $12.85 | $13.91 | $11.94 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.10 | $0.09 | $0.10 | $0.10 | $0.09 |
Net realized and unrealized gain (loss) | (0.18) | (1.21) | 6.32 | (1.28) | (0.44) | 2.34 |
Total from investment operations | $(0.11) | $(1.11) | $6.41 | $(1.18) | $(0.34) | $2.43 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.04) | $(0.11) | $(0.10) | $(0.08) | $(0.07) |
From net realized gain | — | (2.11) | — | (0.17) | (0.64) | (0.39) |
Total distributions declared to shareholders | $— | $(2.15) | $(0.11) | $(0.27) | $(0.72) | $(0.46) |
Net asset value, end of period (x) | $14.33 | $14.44 | $17.70 | $11.40 | $12.85 | $13.91 |
Total return (%) (r)(s)(t)(x) | (0.76)(n) | (7.23) | 56.40 | (9.59) | (1.93) | 20.62 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.78(a) | 0.77 | 0.77 | 0.82 | 0.88 | 0.99 |
Expenses after expense reductions | 0.63(a) | 0.63 | 0.65 | 0.65 | 0.66 | 0.65 |
Net investment income (loss) | 0.95(a) | 0.60 | 0.60 | 0.83 | 0.72 | 0.71 |
Portfolio turnover | 30(n) | 72 | 80 | 75 | 64 | 90 |
Net assets at end of period (000 omitted) | $128,536 | $135,216 | $136,883 | $102,332 | $53,947 | $49,503 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $328,312,080 | $— | $— | $328,312,080 |
Mutual Funds | 5,490,655 | — | — | 5,490,655 |
Total | $333,802,735 | $— | $— | $333,802,735 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $13,674,761 |
Long-term capital gains | 29,189,461 |
Total distributions | $42,864,222 |
As of 11/30/22 | |
Cost of investments | $310,402,833 |
Gross appreciation | 57,601,873 |
Gross depreciation | (34,201,971) |
Net unrealized appreciation (depreciation) | $23,399,902 |
As of 5/31/22 | |
Undistributed long-term capital gain | 12,569,661 |
Post-October capital loss deferral | (622,490) |
Net unrealized appreciation (depreciation) | 23,998,715 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $4,830,087 | |
Class B | — | 96,826 | |
Class C | — | 874,950 | |
Class I | — | 14,641,868 | |
Class R1 | — | 638,480 | |
Class R2 | — | 2,046,590 | |
Class R3 | — | 69,834 | |
Class R4 | — | 2,676,974 | |
Class R6 | — | 15,393,649 | |
Class 529A | — | 1,419,650 | |
Class 529B | — | 33,079 | |
Class 529C | — | 142,235 | |
Total | $— | $42,864,222 |
Up to $1 billion | 0.65% |
In excess of $1 billion and up to $2.5 billion | 0.60% |
In excess of $2.5 billion | 0.575% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.99% | 1.74% | 1.74% | 0.74% | 1.74% | 1.24% | 0.99% | 0.74% | 0.70% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.99% | 1.74% | 1.74% | 0.74% | 1.74% | 1.24% | 0.99% | 0.74% | 0.67% |
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% | $ 48,088 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 2,841 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 31,675 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 18,201 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 34,965 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 696 |
Total Distribution and Service Fees | $136,466 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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. There were no service fee rebates for the six months ended November 30, 2022. |
Amount | |
Class A | $5,446 |
Class B | — |
Class C | 107 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 268,850 | $3,636,749 | 1,256,363 | $20,990,656 | |
Class B | 2,968 | 37,368 | 34,990 | 576,506 | |
Class C | 50,379 | 659,814 | 138,797 | 2,200,234 | |
Class I | 1,709,991 | 22,705,198 | 4,313,598 | 73,991,621 | |
Class R1 | 26,183 | 339,993 | 55,221 | 895,793 | |
Class R2 | 101,549 | 1,350,133 | 313,139 | 5,308,871 | |
Class R3 | 14,899 | 214,944 | 5,174 | 90,920 | |
Class R4 | 43,086 | 592,268 | 125,161 | 2,069,619 | |
Class R6 | 745,650 | 10,203,748 | 2,970,062 | 45,165,924 | |
Class 529A | — | — | 173,089 | 2,819,477 | |
Class 529B | — | — | 287 | 5,000 | |
Class 529C | — | — | 5,218 | 83,524 | |
2,963,555 | $39,740,215 | 9,391,099 | $154,198,145 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 310,316 | $4,822,317 | |
Class B | — | — | 6,434 | 96,826 | |
Class C | — | — | 58,214 | 874,950 | |
Class I | — | — | 936,438 | 14,636,522 | |
Class R1 | — | — | 42,452 | 638,480 | |
Class R2 | — | — | 132,209 | 2,046,590 | |
Class R3 | — | — | 4,485 | 69,834 | |
Class R4 | — | — | 171,053 | 2,676,974 | |
Class R6 | — | — | 983,361 | 15,389,599 | |
Class 529A | — | — | 90,441 | 1,406,356 | |
Class 529B | — | — | 2,176 | 33,079 | |
Class 529C | — | — | 9,419 | 141,759 | |
— | $— | 2,746,998 | $42,833,286 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (399,990) | $(5,356,360) | (2,868,509) | $(50,253,172) | |
Class B | (12,751) | (165,924) | (29,249) | (451,937) | |
Class C | (38,030) | (493,037) | (156,734) | (2,435,474) | |
Class I | (1,264,282) | (17,392,366) | (1,811,319) | (29,563,854) | |
Class R1 | (28,460) | (367,521) | (109,895) | (1,717,307) | |
Class R2 | (80,221) | (1,083,440) | (379,309) | (6,276,757) | |
Class R3 | (452) | (6,219) | (16,173) | (281,779) | |
Class R4 | (73,117) | (1,009,192) | (226,318) | (3,809,944) | |
Class R6 | (1,145,586) | (15,632,341) | (2,322,334) | (39,218,688) | |
Class 529A | — | — | (911,535) | (12,586,970) | |
Class 529B | — | — | (19,698) | (306,317) | |
Class 529C | — | — | (91,832) | (1,415,344) | |
(3,042,889) | $(41,506,400) | (8,942,905) | $(148,317,543) | ||
Net change | |||||
Class A | (131,140) | $(1,719,611) | (1,301,830) | $(24,440,199) | |
Class B | (9,783) | (128,556) | 12,175 | 221,395 | |
Class C | 12,349 | 166,777 | 40,277 | 639,710 | |
Class I | 445,709 | 5,312,832 | 3,438,717 | 59,064,289 | |
Class R1 | (2,277) | (27,528) | (12,222) | (183,034) | |
Class R2 | 21,328 | 266,693 | 66,039 | 1,078,704 | |
Class R3 | 14,447 | 208,725 | (6,514) | (121,025) | |
Class R4 | (30,031) | (416,924) | 69,896 | 936,649 | |
Class R6 | (399,936) | (5,428,593) | 1,631,089 | 21,336,835 | |
Class 529A | — | — | (648,005) | (8,361,137) | |
Class 529B | — | — | (17,235) | (268,238) | |
Class 529C | — | — | (77,195) | (1,190,061) | |
(79,334) | $(1,766,185) | 3,195,192 | $48,713,888 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $2,378,593 | $33,373,250 | $30,569,730 | $321 | $13 | $5,182,447 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $39,598 | $— |
Value Equity Fund
Value Equity Fund
1 | |
2 | |
3 | |
5 | |
11 | |
13 | |
14 | |
15 | |
24 | |
35 | |
39 | |
39 | |
39 | |
39 | |
39 |
back cover |
JPMorgan Chase & Co. | 2.4% |
Merck & Co., Inc. | 2.3% |
Johnson & Johnson | 2.3% |
Wells Fargo & Co. | 2.1% |
Alphabet, Inc., “A” | 2.0% |
Goldman Sachs Group, Inc. | 1.9% |
Cigna Corp. | 1.8% |
Valero Energy Corp. | 1.7% |
Chubb Ltd. | 1.6% |
General Dynamics Corp. | 1.6% |
Financials | 20.9% |
Health Care | 17.1% |
Industrials | 10.0% |
Information Technology | 9.3% |
Energy | 7.9% |
Communication Services | 7.7% |
Consumer Staples | 6.3% |
Consumer Discretionary | 6.0% |
Real Estate | 5.0% |
Utilities | 4.9% |
Materials | 3.6% |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.74% | $1,000.00 | $1,028.57 | $3.76 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.36 | $3.75 | |
B | Actual | 1.49% | $1,000.00 | $1,024.24 | $7.56 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.60 | $7.54 | |
C | Actual | 1.49% | $1,000.00 | $1,024.36 | $7.56 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.60 | $7.54 | |
I | Actual | 0.49% | $1,000.00 | $1,030.14 | $2.49 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.61 | $2.48 | |
R1 | Actual | 0.74% | $1,000.00 | $1,028.30 | $3.76 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.36 | $3.75 | |
R2 | Actual | 0.99% | $1,000.00 | $1,026.86 | $5.03 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.10 | $5.01 | |
R3 | Actual | 0.74% | $1,000.00 | $1,028.86 | $3.76 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.36 | $3.75 | |
R4 | Actual | 0.49% | $1,000.00 | $1,029.41 | $2.49 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.61 | $2.48 | |
R6 | Actual | 0.41% | $1,000.00 | $1,030.06 | $2.09 |
Hypothetical (h) | 0.41% | $1,000.00 | $1,023.01 | $2.08 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.7% | ||||
Aerospace & Defense – 4.7% | ||||
CACI International, Inc., “A” (a) | 1,428 | $445,964 | ||
General Dynamics Corp. | 15,491 | 3,909,774 | ||
Honeywell International, Inc. | 15,871 | 3,484,478 | ||
Raytheon Technologies Corp. | 38,623 | 3,812,863 | ||
$11,653,079 | ||||
Airlines – 0.3% | ||||
United Airlines Holdings, Inc. (a) | 16,822 | $743,028 | ||
Alcoholic Beverages – 0.4% | ||||
Constellation Brands, Inc., “A” | 4,101 | $1,055,392 | ||
Automotive – 0.4% | ||||
General Motors Co. | 23,469 | $951,903 | ||
Biotechnology – 2.5% | ||||
Biogen, Inc. (a) | 9,895 | $3,019,657 | ||
Gilead Sciences, Inc. | 24,044 | 2,111,785 | ||
Moderna, Inc. (a) | 6,384 | 1,123,009 | ||
$6,254,451 | ||||
Broadcasting – 1.1% | ||||
Walt Disney Co. (a) | 28,263 | $2,766,100 | ||
Brokerage & Asset Managers – 1.5% | ||||
Citigroup, Inc. | 14,517 | $702,768 | ||
Invesco Ltd. | 29,963 | 572,593 | ||
Raymond James Financial, Inc. | 21,730 | 2,540,237 | ||
$3,815,598 | ||||
Business Services – 3.6% | ||||
Accenture PLC, “A” | 4,510 | $1,357,194 | ||
Amdocs Ltd. | 24,177 | 2,148,368 | ||
Cognizant Technology Solutions Corp., “A” | 11,222 | 698,121 | ||
Fidelity National Information Services, Inc. | 29,949 | 2,173,698 | ||
Fiserv, Inc. (a) | 7,544 | 787,292 | ||
GoDaddy, Inc. (a) | 13,915 | 1,101,094 | ||
PayPal Holdings, Inc. (a) | 9,326 | 731,252 | ||
$8,997,019 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Cable TV – 2.2% | ||||
Charter Communications, Inc., “A” (a) | 6,620 | $2,590,340 | ||
Comcast Corp., “A” | 77,328 | 2,833,298 | ||
$5,423,638 | ||||
Computer Software – 0.8% | ||||
Microsoft Corp. | 8,196 | $2,091,127 | ||
Computer Software - Systems – 0.2% | ||||
Block, Inc., “A” (a) | 6,294 | $426,544 | ||
Consumer Products – 1.2% | ||||
Colgate-Palmolive Co. | 37,351 | $2,893,955 | ||
Consumer Services – 1.7% | ||||
Booking Holdings, Inc. (a) | 1,554 | $3,231,465 | ||
Expedia Group, Inc. (a) | 8,727 | 932,393 | ||
$4,163,858 | ||||
Electrical Equipment – 1.0% | ||||
Amphenol Corp., “A” | 32,056 | $2,578,264 | ||
Electronics – 3.6% | ||||
Applied Materials, Inc. | 20,745 | $2,273,652 | ||
Corning, Inc. | 21,684 | 740,075 | ||
Intel Corp. | 51,417 | 1,546,109 | ||
Lam Research Corp. | 1,499 | 708,098 | ||
Micron Technology, Inc. | 17,706 | 1,020,751 | ||
NXP Semiconductors N.V. | 7,133 | 1,254,267 | ||
Texas Instruments, Inc. | 8,016 | 1,446,567 | ||
$8,989,519 | ||||
Energy - Independent – 4.9% | ||||
ConocoPhillips | 19,622 | $2,423,513 | ||
EOG Resources, Inc. | 23,404 | 3,321,730 | ||
Marathon Petroleum Corp. | 18,913 | 2,303,793 | ||
Valero Energy Corp. | 31,897 | 4,262,077 | ||
$12,311,113 | ||||
Energy - Integrated – 1.5% | ||||
Chevron Corp. | 6,042 | $1,107,559 | ||
Exxon Mobil Corp. | 23,421 | 2,607,694 | ||
$3,715,253 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – 3.2% | ||||
Archer Daniels Midland Co. | 35,534 | $3,464,565 | ||
Mondelez International, Inc. | 48,077 | 3,250,486 | ||
Tyson Foods, Inc., “A” | 20,761 | 1,376,039 | ||
$8,091,090 | ||||
Food & Drug Stores – 0.3% | ||||
Albertsons Cos., Inc., “A” | 37,669 | $789,166 | ||
Forest & Paper Products – 0.3% | ||||
Weyerhaeuser Co., REIT | 24,379 | $797,437 | ||
Gaming & Lodging – 0.5% | ||||
Marriott International, Inc., “A” | 8,123 | $1,343,138 | ||
Health Maintenance Organizations – 3.2% | ||||
Cigna Corp. | 13,650 | $4,489,348 | ||
Humana, Inc. | 6,342 | 3,487,466 | ||
$7,976,814 | ||||
Insurance – 8.3% | ||||
Ameriprise Financial, Inc. | 5,855 | $1,943,567 | ||
Berkshire Hathaway, Inc., “B” (a) | 11,413 | 3,636,182 | ||
Chubb Ltd. | 18,691 | 4,104,357 | ||
Equitable Holdings, Inc. | 90,870 | 2,884,214 | ||
Everest Re Group Ltd. | 5,401 | 1,825,214 | ||
Hartford Financial Services Group, Inc. | 11,226 | 857,329 | ||
MetLife, Inc. | 43,977 | 3,373,036 | ||
Reinsurance Group of America, Inc. | 14,106 | 2,036,906 | ||
$20,660,805 | ||||
Internet – 2.3% | ||||
Alphabet, Inc., “A” (a) | 50,005 | $5,050,005 | ||
Meta Platforms, Inc., “A” (a) | 6,541 | 772,492 | ||
$5,822,497 | ||||
Leisure & Toys – 1.3% | ||||
Brunswick Corp. | 22,392 | $1,661,486 | ||
Polaris, Inc. | 13,224 | 1,508,330 | ||
$3,169,816 | ||||
Machinery & Tools – 1.6% | ||||
Eaton Corp. PLC | 14,153 | $2,313,308 | ||
PACCAR, Inc. | 10,134 | 1,073,292 | ||
Wabtec Corp. | 6,915 | 699,037 | ||
$4,085,637 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – 9.6% | ||||
Bank of America Corp. | 94,418 | $3,573,721 | ||
Goldman Sachs Group, Inc. | 12,015 | 4,639,592 | ||
JPMorgan Chase & Co. | 43,262 | 5,977,943 | ||
Morgan Stanley | 9,163 | 852,801 | ||
PNC Financial Services Group, Inc. | 17,708 | 2,979,548 | ||
Regions Financial Corp. | 27,150 | 630,152 | ||
Wells Fargo & Co. | 110,473 | 5,297,180 | ||
$23,950,937 | ||||
Medical & Health Technology & Services – 1.9% | ||||
McKesson Corp. | 10,158 | $3,877,105 | ||
Syneos Health, Inc. (a) | 25,696 | 906,555 | ||
$4,783,660 | ||||
Medical Equipment – 2.1% | ||||
Abbott Laboratories | 7,038 | $757,148 | ||
Boston Scientific Corp. (a) | 21,079 | 954,246 | ||
Medtronic PLC | 30,039 | 2,374,283 | ||
Quidel Corp. (a) | 4,950 | 433,669 | ||
Thermo Fisher Scientific, Inc. | 1,294 | 724,925 | ||
$5,244,271 | ||||
Metals & Mining – 0.4% | ||||
United States Steel Corp. | 39,751 | $1,045,054 | ||
Natural Gas - Distribution – 1.0% | ||||
UGI Corp. | 64,963 | $2,510,820 | ||
Natural Gas - Pipeline – 0.8% | ||||
Cheniere Energy, Inc. | 11,499 | $2,016,465 | ||
Oil Services – 0.6% | ||||
NOV, Inc. | 69,768 | $1,566,989 | ||
Other Banks & Diversified Financials – 1.5% | ||||
American Express Co. | 4,486 | $706,949 | ||
SLM Corp. | 127,182 | 2,220,597 | ||
Zions Bancorp NA | 13,706 | 710,245 | ||
$3,637,791 | ||||
Pharmaceuticals – 7.4% | ||||
Johnson & Johnson | 32,459 | $5,777,702 | ||
Merck & Co., Inc. | 52,843 | 5,819,071 | ||
Organon & Co. | 14,548 | 378,539 | ||
Pfizer, Inc. | 62,372 | 3,126,708 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Vertex Pharmaceuticals, Inc. (a) | 10,817 | $3,422,499 | ||
$18,524,519 | ||||
Pollution Control – 0.3% | ||||
Republic Services, Inc. | 4,328 | $602,847 | ||
Railroad & Shipping – 1.2% | ||||
CSX Corp. | 92,895 | $3,036,738 | ||
Real Estate – 4.7% | ||||
EPR Properties, REIT | 34,437 | $1,432,924 | ||
Extra Space Storage, Inc., REIT | 8,438 | 1,355,902 | ||
Host Hotels & Resorts, Inc., REIT | 75,844 | 1,436,485 | ||
Life Storage, Inc., REIT | 7,239 | 778,120 | ||
Prologis, Inc., REIT | 10,011 | 1,179,196 | ||
Public Storage, Inc., REIT | 8,259 | 2,460,852 | ||
Spirit Realty Capital, Inc., REIT | 22,795 | 944,169 | ||
VICI Properties, Inc., REIT | 27,006 | 923,605 | ||
W.P. Carey, Inc., REIT | 14,788 | 1,165,294 | ||
$11,676,547 | ||||
Restaurants – 0.7% | ||||
Starbucks Corp. | 16,068 | $1,642,150 | ||
Specialty Chemicals – 4.0% | ||||
Chemours Co. | 108,400 | $3,365,820 | ||
Corteva, Inc. | 10,307 | 692,218 | ||
DuPont de Nemours, Inc. | 29,261 | 2,063,193 | ||
Linde PLC | 5,244 | 1,764,501 | ||
Univar Solutions, Inc. (a) | 61,609 | 2,041,107 | ||
$9,926,839 | ||||
Specialty Stores – 3.0% | ||||
Builders FirstSource, Inc. (a) | 22,357 | $1,429,283 | ||
Home Depot, Inc. | 2,369 | 767,532 | ||
O'Reilly Automotive, Inc. (a) | 2,296 | 1,984,984 | ||
Target Corp. | 6,044 | 1,009,771 | ||
Wal-Mart Stores, Inc. | 15,250 | 2,324,405 | ||
$7,515,975 | ||||
Telecommunications - Wireless – 1.2% | ||||
T-Mobile US, Inc. (a) | 19,740 | $2,989,820 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Telephone Services – 0.9% | ||||
Altice USA, Inc., “A” (a) | 114,550 | $522,348 | ||
AT&T, Inc. | 74,786 | 1,441,874 | ||
Lumen Technologies, Inc. | 61,169 | 334,595 | ||
$2,298,817 | ||||
Tobacco – 0.3% | ||||
Altria Group, Inc. | 14,346 | $668,237 | ||
Trucking – 0.6% | ||||
United Parcel Service, Inc., “B” | 7,773 | $1,474,771 | ||
Utilities - Electric Power – 3.9% | ||||
American Electric Power Co., Inc. | 29,765 | $2,881,252 | ||
Exelon Corp. | 83,046 | 3,435,613 | ||
PG&E Corp. (a) | 106,594 | 1,673,526 | ||
Vistra Corp. | 66,069 | 1,607,459 | ||
$9,597,850 | ||||
Total Common Stocks (Identified Cost, $194,451,510) | $246,277,338 | |||
Investment Companies (h) – 1.1% | ||||
Money Market Funds – 1.1% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $2,841,731) | 2,841,727 | $2,841,727 | ||
Other Assets, Less Liabilities – 0.2% | 553,708 | |||
Net Assets – 100.0% | $249,672,773 |
(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 $2,841,727 and $246,277,338, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $194,451,510) | $246,277,338 |
Investments in affiliated issuers, at value (identified cost, $2,841,731) | 2,841,727 |
Receivables for | |
Fund shares sold | 48,920 |
Dividends | 703,706 |
Receivable from investment adviser | 16,279 |
Other assets | 39,885 |
Total assets | $249,927,855 |
Liabilities | |
Payable to custodian | $1,253 |
Payables for | |
Fund shares reacquired | 186,478 |
Payable to affiliates | |
Administrative services fee | 254 |
Shareholder servicing costs | 25,850 |
Distribution and service fees | 424 |
Payable for independent Trustees' compensation | 2 |
Accrued expenses and other liabilities | 40,821 |
Total liabilities | $255,082 |
Net assets | $249,672,773 |
Net assets consist of | |
Paid-in capital | $179,139,130 |
Total distributable earnings (loss) | 70,533,643 |
Net assets | $249,672,773 |
Shares of beneficial interest outstanding | 16,196,702 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $23,580,050 | 1,523,314 | $15.48 |
Class B | 740,802 | 48,705 | 15.21 |
Class C | 1,121,954 | 74,097 | 15.14 |
Class I | 54,370,811 | 3,535,946 | 15.38 |
Class R1 | 94,211 | 6,174 | 15.26 |
Class R2 | 115,324 | 7,543 | 15.29 |
Class R3 | 321,401 | 20,970 | 15.33 |
Class R4 | 100,120 | 6,502 | 15.40 |
Class R6 | 169,228,100 | 10,973,451 | 15.42 |
(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 $16.42 [100 / 94.25 x $15.48]. 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 | $2,811,538 |
Dividends from affiliated issuers | 28,120 |
Other | 2,900 |
Foreign taxes withheld | (1,239) |
Total investment income | $2,841,319 |
Expenses | |
Management fee | $456,406 |
Distribution and service fees | 32,937 |
Shareholder servicing costs | 36,297 |
Administrative services fee | 23,172 |
Independent Trustees' compensation | 2,834 |
Custodian fee | 7,624 |
Shareholder communications | 3,528 |
Audit and tax fees | 30,073 |
Legal fees | 525 |
Registration fees | 61,848 |
Miscellaneous | 15,546 |
Total expenses | $670,790 |
Reduction of expenses by investment adviser | (135,831) |
Net expenses | $534,959 |
Net investment income (loss) | $2,306,360 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $5,695,700 |
Affiliated issuers | (218) |
Net realized gain (loss) | $5,695,482 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(463,777) |
Affiliated issuers | (4) |
Net unrealized gain (loss) | $(463,781) |
Net realized and unrealized gain (loss) | $5,231,701 |
Change in net assets from operations | $7,538,061 |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $2,306,360 | $3,818,870 |
Net realized gain (loss) | 5,695,482 | 31,722,729 |
Net unrealized gain (loss) | (463,781) | (27,171,160) |
Change in net assets from operations | $7,538,061 | $8,370,439 |
Total distributions to shareholders | $— | $(28,729,192) |
Change in net assets from fund share transactions | $3,042,342 | $(2,957,326) |
Total change in net assets | $10,580,403 | $(23,316,079) |
Net assets | ||
At beginning of period | 239,092,370 | 262,408,449 |
At end of period | $249,672,773 | $239,092,370 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $15.05 | $16.28 | $11.48 | $12.07 | $12.84 | $11.85 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.19 | $0.20 | $0.24 | $0.23 | $0.22 |
Net realized and unrealized gain (loss) | 0.30 | 0.29 | 4.82 | (0.57) | (0.47) | 1.22 |
Total from investment operations | $0.43 | $0.48 | $5.02 | $(0.33) | $(0.24) | $1.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.01) | $(0.22) | $(0.26) | $(0.22) | $(0.16) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.71) | $(0.22) | $(0.26) | $(0.53) | $(0.45) |
Net asset value, end of period (x) | $15.48 | $15.05 | $16.28 | $11.48 | $12.07 | $12.84 |
Total return (%) (r)(s)(t)(x) | 2.86(n) | 3.02 | 44.17 | (3.04) | (1.62) | 12.18 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.86(a) | 0.86 | 0.86 | 0.91 | 0.90 | 0.91 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 1.76(a) | 1.17 | 1.48 | 1.96 | 1.83 | 1.72 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $23,580 | $17,572 | $68,612 | $52,735 | $51,642 | $53,388 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.85 | $16.28 | $11.46 | $12.07 | $12.81 | $11.79 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.09 | $0.10 | $0.15 | $0.14 | $0.10 |
Net realized and unrealized gain (loss) | 0.29 | 0.28 | 4.82 | (0.59) | (0.45) | 1.24 |
Total from investment operations | $0.36 | $0.37 | $4.92 | $(0.44) | $(0.31) | $1.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.10) | $(0.10) | $(0.17) | $(0.12) | $(0.03) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.80) | $(0.10) | $(0.17) | $(0.43) | $(0.32) |
Net asset value, end of period (x) | $15.21 | $14.85 | $16.28 | $11.46 | $12.07 | $12.81 |
Total return (%) (r)(s)(t)(x) | 2.42(n) | 2.32 | 43.10 | (3.87) | (2.26) | 11.36 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.61(a) | 1.60 | 1.61 | 1.65 | 1.64 | 1.66 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 1.01(a) | 0.56 | 0.73 | 1.20 | 1.08 | 0.80 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $741 | $439 | $140 | $132 | $163 | $164 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.78 | $16.22 | $11.45 | $12.05 | $12.76 | $11.74 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.08 | $0.10 | $0.15 | $0.14 | $0.10 |
Net realized and unrealized gain (loss) | 0.29 | 0.28 | 4.81 | (0.58) | (0.46) | 1.23 |
Total from investment operations | $0.36 | $0.36 | $4.91 | $(0.43) | $(0.32) | $1.33 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.10) | $(0.14) | $(0.17) | $(0.08) | $(0.02) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.80) | $(0.14) | $(0.17) | $(0.39) | $(0.31) |
Net asset value, end of period (x) | $15.14 | $14.78 | $16.22 | $11.45 | $12.05 | $12.76 |
Total return (%) (r)(s)(t)(x) | 2.44(n) | 2.29 | 43.08 | (3.76) | (2.32) | 11.33 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.61(a) | 1.61 | 1.61 | 1.66 | 1.65 | 1.67 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 1.00(a) | 0.53 | 0.72 | 1.20 | 1.07 | 0.77 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $1,122 | $974 | $873 | $456 | $470 | $539 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.93 | $16.37 | $11.54 | $12.13 | $12.91 | $11.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.24 | $0.28 | $0.27 | $0.23 |
Net realized and unrealized gain (loss) | 0.31 | 0.27 | 4.84 | (0.58) | (0.48) | 1.24 |
Total from investment operations | $0.45 | $0.52 | $5.08 | $(0.30) | $(0.21) | $1.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.26) | $(0.25) | $(0.29) | $(0.26) | $(0.16) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.96) | $(0.25) | $(0.29) | $(0.57) | $(0.45) |
Net asset value, end of period (x) | $15.38 | $14.93 | $16.37 | $11.54 | $12.13 | $12.91 |
Total return (%) (r)(s)(t)(x) | 3.01(n) | 3.25 | 44.51 | (2.84) | (1.37) | 12.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.61(a) | 0.61 | 0.61 | 0.65 | 0.65 | 0.67 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 1.99(a) | 1.61 | 1.70 | 2.18 | 2.14 | 1.81 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $54,371 | $56,857 | $1,517 | $488 | $923 | $822 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.84 | $16.22 | $11.45 | $12.05 | $12.81 | $11.80 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.20 | $0.10 | $0.15 | $0.14 | $0.10 |
Net realized and unrealized gain (loss) | 0.30 | 0.28 | 4.80 | (0.58) | (0.47) | 1.24 |
Total from investment operations | $0.42 | $0.48 | $4.90 | $(0.43) | $(0.33) | $1.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.16) | $(0.13) | $(0.17) | $(0.12) | $(0.04) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.86) | $(0.13) | $(0.17) | $(0.43) | $(0.33) |
Net asset value, end of period (x) | $15.26 | $14.84 | $16.22 | $11.45 | $12.05 | $12.81 |
Total return (%) (r)(s)(t)(x) | 2.83(n) | 3.04 | 43.07 | (3.79) | (2.35) | 11.37 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.86(a) | 0.86 | 1.61 | 1.65 | 1.64 | 1.66 |
Expenses after expense reductions | 0.74(a) | 0.74 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 1.75(a) | 1.27 | 0.72 | 1.21 | 1.09 | 0.78 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $94 | $92 | $89 | $62 | $65 | $66 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.89 | $16.31 | $11.50 | $12.10 | $12.87 | $11.85 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.16 | $0.17 | $0.21 | $0.20 | $0.16 |
Net realized and unrealized gain (loss) | 0.29 | 0.29 | 4.83 | (0.57) | (0.47) | 1.25 |
Total from investment operations | $0.40 | $0.45 | $5.00 | $(0.36) | $(0.27) | $1.41 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.17) | $(0.19) | $(0.24) | $(0.19) | $(0.10) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.87) | $(0.19) | $(0.24) | $(0.50) | $(0.39) |
Net asset value, end of period (x) | $15.29 | $14.89 | $16.31 | $11.50 | $12.10 | $12.87 |
Total return (%) (r)(s)(t)(x) | 2.69(n) | 2.81 | 43.83 | (3.31) | (1.85) | 11.93 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.11(a) | 1.11 | 1.11 | 1.16 | 1.14 | 1.16 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 1.49(a) | 1.03 | 1.23 | 1.71 | 1.59 | 1.29 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $115 | $111 | $104 | $77 | $78 | $69 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.90 | $16.36 | $11.53 | $12.13 | $12.90 | $11.87 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.21 | $0.20 | $0.25 | $0.23 | $0.21 |
Net realized and unrealized gain (loss) | 0.31 | 0.27 | 4.85 | (0.58) | (0.47) | 1.24 |
Total from investment operations | $0.43 | $0.48 | $5.05 | $(0.33) | $(0.24) | $1.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.24) | $(0.22) | $(0.27) | $(0.22) | $(0.13) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.94) | $(0.22) | $(0.27) | $(0.53) | $(0.42) |
Net asset value, end of period (x) | $15.33 | $14.90 | $16.36 | $11.53 | $12.13 | $12.90 |
Total return (%) (r)(s)(t)(x) | 2.89(n) | 3.02 | 44.17 | (3.09) | (1.64) | 12.24 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.86(a) | 0.86 | 0.86 | 0.90 | 0.90 | 0.91 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 1.74(a) | 1.33 | 1.48 | 1.93 | 1.77 | 1.64 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $321 | $312 | $103 | $71 | $122 | $187 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.96 | $16.37 | $11.54 | $12.14 | $12.91 | $11.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.23 | $0.28 | $0.27 | $0.23 |
Net realized and unrealized gain (loss) | 0.30 | 0.30 | 4.85 | (0.58) | (0.48) | 1.25 |
Total from investment operations | $0.44 | $0.54 | $5.08 | $(0.30) | $(0.21) | $1.48 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.25) | $(0.25) | $(0.30) | $(0.25) | $(0.16) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.95) | $(0.25) | $(0.30) | $(0.56) | $(0.45) |
Net asset value, end of period (x) | $15.40 | $14.96 | $16.37 | $11.54 | $12.14 | $12.91 |
Total return (%) (r)(s)(t)(x) | 2.94(n) | 3.38 | 44.52 | (2.86) | (1.33) | 12.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.61(a) | 0.61 | 0.61 | 0.66 | 0.64 | 0.66 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 2.00(a) | 1.53 | 1.73 | 2.21 | 2.09 | 1.78 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $100 | $97 | $94 | $65 | $67 | $68 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $14.97 | $16.39 | $11.56 | $12.15 | $12.92 | $11.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.25 | $0.29 | $0.28 | $0.24 |
Net realized and unrealized gain (loss) | 0.30 | 0.29 | 4.85 | (0.57) | (0.47) | 1.25 |
Total from investment operations | $0.45 | $0.54 | $5.10 | $(0.28) | $(0.19) | $1.49 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.26) | $(0.27) | $(0.31) | $(0.27) | $(0.17) |
From net realized gain | — | (1.70) | — | — | (0.31) | (0.29) |
Total distributions declared to shareholders | $— | $(1.96) | $(0.27) | $(0.31) | $(0.58) | $(0.46) |
Net asset value, end of period (x) | $15.42 | $14.97 | $16.39 | $11.56 | $12.15 | $12.92 |
Total return (%) (r)(s)(t)(x) | 3.01(n) | 3.41 | 44.57 | (2.69) | (1.23) | 12.55 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.53(a) | 0.52 | 0.52 | 0.56 | 0.55 | 0.57 |
Expenses after expense reductions | 0.41(a) | 0.40 | 0.40 | 0.39 | 0.39 | 0.39 |
Net investment income (loss) | 2.07(a) | 1.61 | 1.83 | 2.32 | 2.18 | 1.87 |
Portfolio turnover | 23(n) | 49 | 57 | 45 | 43 | 61 |
Net assets at end of period (000 omitted) | $169,228 | $162,638 | $190,875 | $140,463 | $121,952 | $120,575 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $246,277,338 | $— | $— | $246,277,338 |
Mutual Funds | 2,841,727 | — | — | 2,841,727 |
Total | $249,119,065 | $— | $— | $249,119,065 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $10,329,068 |
Long-term capital gains | 18,400,124 |
Total distributions | $28,729,192 |
As of 11/30/22 | |
Cost of investments | $198,923,292 |
Gross appreciation | 56,146,147 |
Gross depreciation | (5,950,374) |
Net unrealized appreciation (depreciation) | $50,195,773 |
As of 5/31/22 | |
Undistributed ordinary income | 182,343 |
Undistributed long-term capital gain | 12,046,393 |
Net unrealized appreciation (depreciation) | 50,766,846 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $1,156,935 | |
Class B | — | 16,608 | |
Class C | — | 95,418 | |
Class I | — | 7,070,348 | |
Class R1 | — | 10,209 | |
Class R2 | — | 11,959 | |
Class R3 | — | 45,837 | |
Class R4 | — | 11,200 | |
Class R6 | — | 20,310,678 | |
Total | $— | $28,729,192 |
Up to $1 billion | 0.40% |
In excess of $1 billion and up to $2.5 billion | 0.375% |
In excess of $2.5 billion | 0.35% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.45% |
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% | $ 24,200 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 2,999 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 4,995 |
Class R1 | 0.75% | 0.25% | 1.00% | 0.25% | 109 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 266 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 368 |
Total Distribution and Service Fees | $32,937 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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. There were no service fee rebates for the six months ended November 30, 2022. For the six months ended November 30, 2022, the 0.75% distribution fee was not imposed for Class R1 shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341. |
Amount | |
Class A | $605 |
Class B | — |
Class C | 1 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 489,440 | $6,909,668 | 808,927 | $12,548,262 | |
Class B | 20,214 | 283,345 | 20,726 | 309,690 | |
Class C | 14,242 | 196,203 | 23,721 | 360,431 | |
Class I | 424,475 | 5,818,786 | 4,029,472 | 66,121,385 | |
Class R2 | 65 | 910 | 367 | 5,664 | |
Class R3 | 1,055 | 14,996 | 18,330 | 313,928 | |
Class R6 | 848,115 | 12,241,515 | 779,380 | 12,264,658 | |
1,797,606 | $25,465,423 | 5,680,923 | $91,924,018 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 75,079 | $1,123,177 | |
Class B | — | — | 1,121 | 16,608 | |
Class C | — | — | 6,472 | 95,418 | |
Class I | — | — | 476,760 | 7,070,348 | |
Class R1 | — | — | 693 | 10,209 | |
Class R2 | — | — | 809 | 11,959 | |
Class R3 | — | — | 3,094 | 45,837 | |
Class R4 | — | — | 754 | 11,193 | |
Class R6 | — | — | 1,366,802 | 20,310,678 | |
— | $— | 1,931,584 | $28,695,427 | ||
Shares reacquired | |||||
Class A | (133,526) | $(1,879,105) | (3,932,274) | $(64,548,934) | |
Class B | (1,053) | (15,243) | (905) | (13,815) | |
Class C | (6,064) | (84,015) | (18,089) | (280,448) | |
Class I | (695,642) | (9,873,820) | (791,836) | (12,255,820) | |
Class R2 | — | — | (106) | (1,738) | |
Class R3 | (1,002) | (14,401) | (6,831) | (102,978) | |
Class R6 | (737,305) | (10,556,497) | (2,928,911) | (46,373,038) | |
(1,574,592) | $(22,423,081) | (7,678,952) | $(123,576,771) |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 355,914 | $5,030,563 | (3,048,268) | $(50,877,495) | |
Class B | 19,161 | 268,102 | 20,942 | 312,483 | |
Class C | 8,178 | 112,188 | 12,104 | 175,401 | |
Class I | (271,167) | (4,055,034) | 3,714,396 | 60,935,913 | |
Class R1 | — | — | 693 | 10,209 | |
Class R2 | 65 | 910 | 1,070 | 15,885 | |
Class R3 | 53 | 595 | 14,593 | 256,787 | |
Class R4 | — | — | 754 | 11,193 | |
Class R6 | 110,810 | 1,685,018 | (782,729) | (13,797,702) | |
223,014 | $3,042,342 | (66,445) | $(2,957,326) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $2,413,907 | $22,064,380 | $21,636,338 | $(218) | $(4) | $2,841,727 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $28,120 | $— |
Mid Cap Equity Fund
Mid Cap Equity Fund
1 | |
2 | |
3 | |
5 | |
11 | |
13 | |
14 | |
15 | |
24 | |
36 | |
40 | |
40 | |
40 | |
40 | |
40 |
back cover |
Ameriprise Financial, Inc. | 1.9% |
Gartner, Inc. | 1.8% |
Cadence Design Systems, Inc. | 1.8% |
Everest Re Group Ltd. | 1.8% |
Corteva, Inc. | 1.7% |
Valero Energy Corp. | 1.7% |
PG&E Corp. | 1.6% |
Hartford Financial Services Group, Inc. | 1.6% |
Cheniere Energy, Inc. | 1.6% |
Reinsurance Group of America, Inc. | 1.6% |
Information Technology | 16.9% |
Industrials | 14.9% |
Financials | 14.9% |
Consumer Discretionary | 13.3% |
Health Care | 9.8% |
Real Estate | 7.5% |
Energy | 5.9% |
Materials | 5.1% |
Utilities | 4.6% |
Communication Services | 3.5% |
Consumer Staples | 2.4% |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.84% | $1,000.00 | $1,004.04 | $4.22 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.86 | $4.26 | |
B | Actual | 1.59% | $1,000.00 | $1,000.82 | $7.98 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.10 | $8.04 | |
C | Actual | 1.59% | $1,000.00 | $1,000.82 | $7.98 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.10 | $8.04 | |
I | Actual | 0.59% | $1,000.00 | $1,005.69 | $2.97 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 | |
R1 | Actual | 1.59% | $1,000.00 | $1,000.82 | $7.98 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.10 | $8.04 | |
R2 | Actual | 1.09% | $1,000.00 | $1,003.26 | $5.47 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.60 | $5.52 | |
R3 | Actual | 0.84% | $1,000.00 | $1,004.07 | $4.22 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.86 | $4.26 | |
R4 | Actual | 0.59% | $1,000.00 | $1,005.68 | $2.97 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 | |
R6 | Actual | 0.50% | $1,000.00 | $1,006.48 | $2.51 |
Hypothetical (h) | 0.50% | $1,000.00 | $1,022.56 | $2.54 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.8% | ||||
Aerospace & Defense – 3.1% | ||||
CACI International, Inc., “A” (a) | 12,412 | $3,876,268 | ||
Huntington Ingalls Industries, Inc. | 23,087 | 5,355,260 | ||
Textron, Inc. | 84,961 | 6,064,516 | ||
$15,296,044 | ||||
Airlines – 1.2% | ||||
Southwest Airlines Co. (a) | 59,491 | $2,374,286 | ||
United Airlines Holdings, Inc. (a) | 77,841 | 3,438,237 | ||
$5,812,523 | ||||
Automotive – 1.3% | ||||
Lear Corp. | 12,575 | $1,813,818 | ||
LKQ Corp. | 35,672 | 1,938,060 | ||
Visteon Corp. (a) | 17,388 | 2,552,558 | ||
$6,304,436 | ||||
Biotechnology – 2.3% | ||||
AbCellera Biologics, Inc. (a) | 45,290 | $582,882 | ||
Beam Therapeutics, Inc. (a) | 20,577 | 950,452 | ||
Biogen, Inc. (a) | 24,175 | 7,377,485 | ||
Exelixis, Inc. (a) | 152,303 | 2,601,335 | ||
$11,512,154 | ||||
Broadcasting – 0.4% | ||||
Fox Corp. | 57,694 | $1,760,821 | ||
Brokerage & Asset Managers – 1.5% | ||||
Raymond James Financial, Inc. | 65,047 | $7,603,994 | ||
Business Services – 4.6% | ||||
Amdocs Ltd. | 34,559 | $3,070,913 | ||
CoStar Group, Inc. (a) | 27,491 | 2,227,871 | ||
Dropbox, Inc. (a) | 305,983 | 7,208,959 | ||
GoDaddy, Inc. (a) | 87,304 | 6,908,365 | ||
WEX, Inc. (a) | 20,613 | 3,486,483 | ||
$22,902,591 | ||||
Chemicals – 0.7% | ||||
Avient Corp. | 76,455 | $2,646,108 | ||
CF Industries Holdings, Inc. | 5,655 | 611,814 | ||
$3,257,922 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software – 3.2% | ||||
Atlassian Corp. (a) | 9,820 | $1,291,821 | ||
Cadence Design Systems, Inc. (a) | 52,378 | 9,011,111 | ||
CrowdStrike Holdings, Inc. (a) | 42,578 | 5,009,302 | ||
Paylocity Holding Corp. (a) | 2,309 | 502,969 | ||
$15,815,203 | ||||
Computer Software - Systems – 2.4% | ||||
Box, Inc., “A” (a) | 80,127 | $2,199,486 | ||
Dell Technologies, Inc. | 94,257 | 4,221,771 | ||
Verint Systems, Inc. (a) | 30,348 | 1,193,587 | ||
Western Digital Corp. (a) | 18,677 | 686,380 | ||
Zebra Technologies Corp., “A” (a) | 12,452 | 3,365,526 | ||
$11,666,750 | ||||
Construction – 2.5% | ||||
Beacon Roofing Supply, Inc. (a) | 63,172 | $3,688,613 | ||
Eagle Materials, Inc. | 23,756 | 3,238,893 | ||
Masco Corp. | 3,943 | 200,226 | ||
Toll Brothers, Inc. | 86,989 | 4,167,643 | ||
Vulcan Materials Co. | 5,400 | 989,982 | ||
$12,285,357 | ||||
Consumer Services – 1.6% | ||||
Expedia Group, Inc. (a) | 71,819 | $7,673,142 | ||
TripAdvisor, Inc. (a) | 16,817 | 342,899 | ||
$8,016,041 | ||||
Electrical Equipment – 0.9% | ||||
AMETEK, Inc. | 20,126 | $2,866,345 | ||
nVent Electric PLC | 41,921 | 1,677,259 | ||
$4,543,604 | ||||
Electronics – 4.4% | ||||
Advanced Energy Industries, Inc. | 2,738 | $253,648 | ||
Amkor Technology, Inc. | 126,420 | 3,542,289 | ||
Cirrus Logic, Inc. (a) | 38,182 | 2,852,577 | ||
Corning, Inc. | 186,103 | 6,351,696 | ||
Lam Research Corp. | 7,745 | 3,658,583 | ||
Monolithic Power Systems, Inc. | 3,144 | 1,200,882 | ||
Silicon Laboratories, Inc. (a) | 27,227 | 3,959,895 | ||
$21,819,570 | ||||
Energy - Independent – 1.7% | ||||
Valero Energy Corp. | 61,576 | $8,227,785 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Renewables – 0.5% | ||||
Enphase Energy, Inc. (a) | 7,589 | $2,432,958 | ||
Engineering - Construction – 0.2% | ||||
Comfort Systems USA, Inc. | 6,855 | $868,940 | ||
Entertainment – 0.7% | ||||
Live Nation Entertainment, Inc. (a) | 48,044 | $3,495,681 | ||
Food & Beverages – 1.6% | ||||
Archer Daniels Midland Co. | 72,630 | $7,081,425 | ||
Tyson Foods, Inc., “A” | 11,889 | 788,003 | ||
$7,869,428 | ||||
Food & Drug Stores – 0.8% | ||||
Albertsons Cos., Inc., “A” | 182,160 | $3,816,252 | ||
Gaming & Lodging – 2.3% | ||||
International Game Technology PLC | 220,004 | $5,398,898 | ||
Marriott International, Inc., “A” | 35,337 | 5,842,973 | ||
$11,241,871 | ||||
General Merchandise – 0.7% | ||||
Dillards, Inc., “A” | 9,938 | $3,574,699 | ||
Insurance – 8.8% | ||||
Ameriprise Financial, Inc. | 28,153 | $9,345,388 | ||
Equitable Holdings, Inc. | 135,678 | 4,306,420 | ||
Everest Re Group Ltd. | 26,350 | 8,904,719 | ||
Hartford Financial Services Group, Inc. | 105,158 | 8,030,916 | ||
Lincoln National Corp. | 26,196 | 1,020,072 | ||
Reinsurance Group of America, Inc. | 55,167 | 7,966,115 | ||
Voya Financial, Inc. | 60,569 | 3,996,343 | ||
$43,569,973 | ||||
Internet – 1.8% | ||||
Gartner, Inc. (a) | 25,735 | $9,016,772 | ||
Leisure & Toys – 4.0% | ||||
Brunswick Corp. | 79,966 | $5,933,477 | ||
Electronic Arts, Inc. | 46,758 | 6,115,011 | ||
Polaris, Inc. | 42,450 | 4,841,847 | ||
Roblox Corp., “A” (a) | 98,938 | 3,143,261 | ||
$20,033,596 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Machinery & Tools – 4.8% | ||||
AGCO Corp. | 18,054 | $2,396,127 | ||
Cummins, Inc. | 4,239 | 1,064,667 | ||
Ingersoll Rand, Inc. | 32,859 | 1,773,400 | ||
Kennametal, Inc. | 40,335 | 1,065,651 | ||
PACCAR, Inc. | 74,125 | 7,850,579 | ||
Timken Co. | 46,990 | 3,570,300 | ||
Wabtec Corp. | 39,100 | 3,952,619 | ||
Zurn Elkay Water Solutions Corp. | 85,736 | 2,075,669 | ||
$23,749,012 | ||||
Major Banks – 0.2% | ||||
Regions Financial Corp. | 35,786 | $830,593 | ||
Medical & Health Technology & Services – 3.8% | ||||
McKesson Corp. | 20,431 | $7,798,104 | ||
Medpace Holdings, Inc. (a) | 33,114 | 6,950,297 | ||
Syneos Health, Inc. (a) | 115,899 | 4,088,917 | ||
$18,837,318 | ||||
Medical Equipment – 2.6% | ||||
Align Technology, Inc. (a) | 11,356 | $2,233,271 | ||
Hologic, Inc. (a) | 101,240 | 7,710,438 | ||
Maravai Lifesciences Holdings, Inc., “A” (a) | 123,573 | 1,838,766 | ||
Quidel Corp. (a) | 12,467 | 1,092,234 | ||
$12,874,709 | ||||
Metals & Mining – 0.8% | ||||
Reliance Steel & Aluminum Co. | 12,608 | $2,663,944 | ||
United States Steel Corp. | 58,448 | 1,536,598 | ||
$4,200,542 | ||||
Natural Gas - Distribution – 1.3% | ||||
NiSource, Inc. | 10,797 | $301,668 | ||
UGI Corp. | 157,076 | 6,070,988 | ||
$6,372,656 | ||||
Natural Gas - Pipeline – 3.0% | ||||
Cheniere Energy, Inc. | 45,709 | $8,015,530 | ||
Targa Resources Corp. | 95,115 | 7,075,605 | ||
$15,091,135 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Network & Telecom – 0.4% | ||||
Fortinet, Inc. (a) | 4,082 | $216,999 | ||
Motorola Solutions, Inc. | 6,799 | 1,850,688 | ||
$2,067,687 | ||||
Oil Services – 1.2% | ||||
NOV, Inc. | 258,539 | $5,806,786 | ||
Other Banks & Diversified Financials – 4.4% | ||||
East West Bancorp, Inc. | 89,834 | $6,307,245 | ||
SLM Corp. | 400,268 | 6,988,679 | ||
Umpqua Holdings Corp. | 114,448 | 2,319,861 | ||
Zions Bancorp NA | 118,923 | 6,162,590 | ||
$21,778,375 | ||||
Pharmaceuticals – 1.0% | ||||
Organon & Co. | 199,198 | $5,183,132 | ||
Pollution Control – 0.7% | ||||
Republic Services, Inc. | 25,965 | $3,616,665 | ||
Real Estate – 7.6% | ||||
Apple Hospitality, Inc., REIT | 72,394 | $1,235,042 | ||
EPR Properties, REIT | 83,616 | 3,479,262 | ||
Extra Space Storage, Inc., REIT | 37,273 | 5,989,398 | ||
Host Hotels & Resorts, Inc., REIT | 176,483 | 3,342,588 | ||
Life Storage, Inc., REIT | 52,061 | 5,596,037 | ||
National Retail Properties, Inc., REIT | 100,372 | 4,653,246 | ||
National Storage Affiliates Trust, REIT | 84,635 | 3,369,319 | ||
Phillips Edison & Co., REIT | 105,246 | 3,392,078 | ||
Spirit Realty Capital, Inc., REIT | 17,128 | 709,442 | ||
STORE Capital Corp., REIT | 47,791 | 1,524,533 | ||
VICI Properties, Inc., REIT | 121,040 | 4,139,568 | ||
$37,430,513 | ||||
Restaurants – 1.2% | ||||
Texas Roadhouse, Inc. | 58,937 | $5,853,623 | ||
Specialty Chemicals – 3.6% | ||||
Ashland, Inc. | 4,714 | $527,355 | ||
Chemours Co. | 148,318 | 4,605,274 | ||
Corteva, Inc. | 123,259 | 8,278,074 | ||
Univar Solutions, Inc. (a) | 140,284 | 4,647,609 | ||
$18,058,312 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Stores – 4.8% | ||||
AutoZone, Inc. (a) | 2,185 | $5,635,115 | ||
Builders FirstSource, Inc. (a) | 114,349 | 7,310,331 | ||
Lululemon Athletica, Inc. (a) | 12,193 | 4,637,120 | ||
O'Reilly Automotive, Inc. (a) | 3,024 | 2,614,369 | ||
Ulta Beauty, Inc. (a) | 7,721 | 3,589,030 | ||
$23,785,965 | ||||
Telephone Services – 0.5% | ||||
Altice USA, Inc., “A” (a) | 263,432 | $1,201,250 | ||
Lumen Technologies, Inc. | 209,779 | 1,147,491 | ||
$2,348,741 | ||||
Trucking – 0.4% | ||||
Saia, Inc. (a) | 7,923 | $1,929,964 | ||
Utilities - Electric Power – 3.3% | ||||
Constellation Energy | 18,173 | $1,746,789 | ||
DTE Energy Co. | 3,966 | 460,096 | ||
PG&E Corp. (a) | 516,619 | 8,110,918 | ||
Vistra Corp. | 258,573 | 6,291,081 | ||
$16,608,884 | ||||
Total Common Stocks (Identified Cost, $434,858,043) | $489,169,577 | |||
Investment Companies (h) – 0.8% | ||||
Money Market Funds – 0.8% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $4,126,145) | 4,126,121 | $4,126,121 | ||
Other Assets, Less Liabilities – 0.4% | 2,041,247 | |||
Net Assets – 100.0% | $495,336,945 |
(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 $4,126,121 and $489,169,577, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $434,858,043) | $489,169,577 |
Investments in affiliated issuers, at value (identified cost, $4,126,145) | 4,126,121 |
Receivables for | |
Fund shares sold | 350,752 |
Interest and dividends | 1,860,412 |
Receivable from investment adviser | 16,451 |
Other assets | 43,520 |
Total assets | $495,566,833 |
Liabilities | |
Payables for | |
Fund shares reacquired | $141,148 |
Payable to affiliates | |
Administrative services fee | 448 |
Shareholder servicing costs | 48,604 |
Distribution and service fees | 625 |
Accrued expenses and other liabilities | 39,063 |
Total liabilities | $229,888 |
Net assets | $495,336,945 |
Net assets consist of | |
Paid-in capital | $424,843,651 |
Total distributable earnings (loss) | 70,493,294 |
Net assets | $495,336,945 |
Shares of beneficial interest outstanding | 39,929,805 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $27,360,052 | 2,200,547 | $12.43 |
Class B | 211,524 | 17,363 | 12.18 |
Class C | 3,688,186 | 303,020 | 12.17 |
Class I | 121,461,313 | 9,810,753 | 12.38 |
Class R1 | 137,738 | 11,302 | 12.19 |
Class R2 | 394,054 | 32,033 | 12.30 |
Class R3 | 2,399,817 | 194,281 | 12.35 |
Class R4 | 891,980 | 71,931 | 12.40 |
Class R6 | 338,792,281 | 27,288,575 | 12.42 |
(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 $13.19 [100 / 94.25 x $12.43]. 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 | $4,675,676 |
Dividends from affiliated issuers | 44,491 |
Other | 21,274 |
Income on securities loaned | 1,394 |
Total investment income | $4,742,835 |
Expenses | |
Management fee | $1,115,233 |
Distribution and service fees | 49,848 |
Shareholder servicing costs | 74,630 |
Administrative services fee | 40,753 |
Independent Trustees' compensation | 4,351 |
Custodian fee | 16,118 |
Shareholder communications | 4,170 |
Audit and tax fees | 29,604 |
Legal fees | 927 |
Miscellaneous | 78,811 |
Total expenses | $1,414,445 |
Fees paid indirectly | (19) |
Reduction of expenses by investment adviser | (194,307) |
Net expenses | $1,220,119 |
Net investment income (loss) | $3,522,716 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(3,902,480) |
Affiliated issuers | 204 |
Net realized gain (loss) | $(3,902,276) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $5,692,543 |
Affiliated issuers | (24) |
Translation of assets and liabilities in foreign currencies | (7) |
Net unrealized gain (loss) | $5,692,512 |
Net realized and unrealized gain (loss) | $1,790,236 |
Change in net assets from operations | $5,312,952 |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $3,522,716 | $4,066,017 |
Net realized gain (loss) | (3,902,276) | 58,379,846 |
Net unrealized gain (loss) | 5,692,512 | (61,160,411) |
Change in net assets from operations | $5,312,952 | $1,285,452 |
Total distributions to shareholders | $— | $(78,786,915) |
Change in net assets from fund share transactions | $30,358,095 | $86,053,579 |
Total change in net assets | $35,671,047 | $8,552,116 |
Net assets | ||
At beginning of period | 459,665,898 | 451,113,782 |
At end of period | $495,336,945 | $459,665,898 |
Class A | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.38 | $15.36 | $10.70 | $11.14 | $12.07 | $11.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.07 | $0.08 | $0.10 | $0.11 | $0.09 |
Net realized and unrealized gain (loss) | (0.03) | (0.05)(g) | 4.68 | 0.02 | (0.27) | 1.36 |
Total from investment operations | $0.05 | $0.02 | $4.76 | $0.12 | $(0.16) | $1.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.10) | $(0.10) | $(0.09) | $(0.10) |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.00) | $(0.10) | $(0.56) | $(0.77) | $(0.41) |
Net asset value, end of period (x) | $12.43 | $12.38 | $15.36 | $10.70 | $11.14 | $12.07 |
Total return (%) (r)(s)(t)(x) | 0.40(n) | (1.00) | 44.61 | 0.51 | (0.52) | 13.20 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.93(a) | 0.94 | 0.92 | 0.96 | 0.97 | 0.94 |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 1.34(a) | 0.45 | 0.58 | 0.89 | 0.96 | 0.71 |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $27,360 | $19,061 | $133,584 | $74,843 | $74,051 | $77,738 |
Class B | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.17 | $15.26 | $10.64 | $11.08 | $12.03 | $10.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $(0.01) | $(0.02) | $0.02 | $0.02 | $(0.00)(w) |
Net realized and unrealized gain (loss) | (0.02) | (0.08) | 4.65 | 0.01 | (0.26) | 1.35 |
Total from investment operations | $0.01 | $(0.09) | $4.63 | $0.03 | $(0.24) | $1.35 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.00)(w) | $(0.01) | $(0.01) | $(0.03) | $— |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.00) | $(0.01) | $(0.47) | $(0.71) | $(0.31) |
Net asset value, end of period (x) | $12.18 | $12.17 | $15.26 | $10.64 | $11.08 | $12.03 |
Total return (%) (r)(s)(t)(x) | 0.08(n) | (1.78) | 43.56 | (0.23) | (1.27) | 12.35 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.68(a) | 1.70 | 1.67 | 1.71 | 1.72 | 1.67 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
Net investment income (loss) | 0.50(a) | (0.05) | (0.16) | 0.15 | 0.21 | (0.04) |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $212 | $236 | $126 | $92 | $99 | $66 |
Class C | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.16 | $15.25 | $10.64 | $11.10 | $12.03 | $10.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.01 | $(0.02) | $0.02 | $0.02 | $(0.00)(w) |
Net realized and unrealized gain (loss) | (0.02) | (0.09) | 4.64 | 0.01 | (0.25) | 1.35 |
Total from investment operations | $0.01 | $(0.08) | $4.62 | $0.03 | $(0.23) | $1.35 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.01) | $(0.01) | $(0.03) | $(0.02) | $(0.00)(w) |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.01) | $(0.01) | $(0.49) | $(0.70) | $(0.31) |
Net asset value, end of period (x) | $12.17 | $12.16 | $15.25 | $10.64 | $11.10 | $12.03 |
Total return (%) (r)(s)(t)(x) | 0.08(n) | (1.74) | 43.49 | (0.28) | (1.27) | 12.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.68(a) | 1.70 | 1.66 | 1.71 | 1.72 | 1.67 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
Net investment income (loss) | 0.57(a) | 0.11 | (0.16) | 0.16 | 0.21 | (0.04) |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $3,688 | $3,161 | $350 | $138 | $109 | $98 |
Class I | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.31 | $15.38 | $10.71 | $11.16 | $12.11 | $11.04 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.15 | $0.11 | $0.13 | $0.14 | $0.11 |
Net realized and unrealized gain (loss) | (0.02) | (0.08) | 4.68 | 0.02 | (0.28) | 1.37 |
Total from investment operations | $0.07 | $0.07 | $4.79 | $0.15 | $(0.14) | $1.48 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.14) | $(0.12) | $(0.14) | $(0.13) | $(0.10) |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.14) | $(0.12) | $(0.60) | $(0.81) | $(0.41) |
Net asset value, end of period (x) | $12.38 | $12.31 | $15.38 | $10.71 | $11.16 | $12.11 |
Total return (%) (r)(s)(t)(x) | 0.57(n) | (0.73) | 44.98 | 0.71 | (0.30) | 13.51 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.68(a) | 0.71 | 0.67 | 0.71 | 0.71 | 0.67 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
Net investment income (loss) | 1.57(a) | 1.07 | 0.84 | 1.18 | 1.26 | 0.95 |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $121,461 | $108,560 | $5,410 | $4,368 | $2,336 | $69 |
Class R1 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.18 | $15.26 | $10.65 | $11.09 | $12.03 | $10.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $(0.01) | $(0.02) | $0.02 | $0.02 | $(0.01) |
Net realized and unrealized gain (loss) | (0.02) | (0.07) | 4.64 | 0.02 | (0.26) | 1.36 |
Total from investment operations | $0.01 | $(0.08) | $4.62 | $0.04 | $(0.24) | $1.35 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.01) | $(0.02) | $(0.02) | $— |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.00) | $(0.01) | $(0.48) | $(0.70) | $(0.31) |
Net asset value, end of period (x) | $12.19 | $12.18 | $15.26 | $10.65 | $11.09 | $12.03 |
Total return (%) (r)(s)(t)(x) | 0.08(n) | (1.72) | 43.45 | (0.16) | (1.31) | 12.35 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.68(a) | 1.70 | 1.67 | 1.71 | 1.72 | 1.67 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
Net investment income (loss) | 0.52(a) | (0.08) | (0.16) | 0.15 | 0.22 | (0.05) |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $138 | $136 | $142 | $98 | $97 | $62 |
Class R2 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.26 | $15.33 | $10.70 | $11.15 | $12.07 | $11.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.06 | $0.04 | $0.07 | $0.08 | $0.05 |
Net realized and unrealized gain (loss) | (0.02) | (0.07) | 4.68 | 0.02 | (0.25) | 1.35 |
Total from investment operations | $0.04 | $(0.01) | $4.72 | $0.09 | $(0.17) | $1.40 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.06) | $(0.09) | $(0.08) | $(0.07) | $(0.04) |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.06) | $(0.09) | $(0.54) | $(0.75) | $(0.35) |
Net asset value, end of period (x) | $12.30 | $12.26 | $15.33 | $10.70 | $11.15 | $12.07 |
Total return (%) (r)(s)(t)(x) | 0.33(n) | (1.27) | 44.24 | 0.21 | (0.71) | 12.82 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.18(a) | 1.20 | 1.17 | 1.21 | 1.22 | 1.17 |
Expenses after expense reductions (f) | 1.09(a) | 1.09 | 1.09 | 1.09 | 1.09 | 1.09 |
Net investment income (loss) | 1.06(a) | 0.42 | 0.30 | 0.65 | 0.70 | 0.45 |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $394 | $292 | $253 | $62 | $62 | $62 |
Class R3 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.30 | $15.36 | $10.71 | $11.16 | $12.09 | $11.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.10 | $0.08 | $0.07 | $0.11 | $0.08 |
Net realized and unrealized gain (loss) | (0.02) | (0.07) | 4.68 | 0.05 | (0.26) | 1.36 |
Total from investment operations | $0.05 | $0.03 | $4.76 | $0.12 | $(0.15) | $1.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.09) | $(0.11) | $(0.11) | $(0.10) | $(0.07) |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.09) | $(0.11) | $(0.57) | $(0.78) | $(0.38) |
Net asset value, end of period (x) | $12.35 | $12.30 | $15.36 | $10.71 | $11.16 | $12.09 |
Total return (%) (r)(s)(t)(x) | 0.41(n) | (0.94) | 44.60 | 0.51 | (0.50) | 13.17 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.93(a) | 0.95 | 0.92 | 1.00 | 0.97 | 0.92 |
Expenses after expense reductions (f) | 0.84(a) | 0.82 | 0.82 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 1.27(a) | 0.74 | 0.62 | 0.72 | 0.95 | 0.71 |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $2,400 | $1,947 | $1,422 | $1,015 | $62 | $63 |
Class R4 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.33 | $15.39 | $10.72 | $11.17 | $12.11 | $11.04 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.13 | $0.11 | $0.13 | $0.14 | $0.11 |
Net realized and unrealized gain (loss) | (0.02) | (0.06) | 4.69 | 0.02 | (0.27) | 1.37 |
Total from investment operations | $0.07 | $0.07 | $4.80 | $0.15 | $(0.13) | $1.48 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.13) | $(0.13) | $(0.14) | $(0.13) | $(0.10) |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.13) | $(0.13) | $(0.60) | $(0.81) | $(0.41) |
Net asset value, end of period (x) | $12.40 | $12.33 | $15.39 | $10.72 | $11.17 | $12.11 |
Total return (%) (r)(s)(t)(x) | 0.57(n) | (0.71) | 44.95 | 0.73 | (0.30) | 13.51 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.68(a) | 0.70 | 0.67 | 0.71 | 0.72 | 0.67 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
Net investment income (loss) | 1.51(a) | 0.92 | 0.84 | 1.18 | 1.21 | 0.96 |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $892 | $934 | $953 | $685 | $63 | $63 |
Class R6 | Six months ended | Year ended | ||||
11/30/22 (unaudited) | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | 5/31/18 | |
Net asset value, beginning of period | $12.34 | $15.40 | $10.73 | $11.17 | $12.11 | $11.04 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.15 | $0.12 | $0.14 | $0.15 | $0.12 |
Net realized and unrealized gain (loss) | (0.01) | (0.07) | 4.69 | 0.02 | (0.27) | 1.36 |
Total from investment operations | $0.08 | $0.08 | $4.81 | $0.16 | $(0.12) | $1.48 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.14) | $(0.14) | $(0.14) | $(0.14) | $(0.10) |
From net realized gain | — | (3.00) | (0.00)(w) | (0.46) | (0.68) | (0.31) |
Total distributions declared to shareholders | $— | $(3.14) | $(0.14) | $(0.60) | $(0.82) | $(0.41) |
Net asset value, end of period (x) | $12.42 | $12.34 | $15.40 | $10.73 | $11.17 | $12.11 |
Total return (%) (r)(s)(t)(x) | 0.65(n) | (0.60) | 45.02 | 0.87 | (0.17) | 13.52 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.58(a) | 0.59 | 0.58 | 0.61 | 0.61 | 0.62 |
Expenses after expense reductions (f) | 0.50(a) | 0.48 | 0.51 | 0.49 | 0.48 | 0.52 |
Net investment income (loss) | 1.61(a) | 1.04 | 0.94 | 1.25 | 1.32 | 1.03 |
Portfolio turnover | 32(n) | 89 | 103 | 81 | 80 | 84 |
Net assets at end of period (000 omitted) | $338,792 | $325,339 | $308,874 | $233,687 | $199,437 | $196,721 |
(a) | Annualized. |
(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. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $489,169,577 | $— | $— | $489,169,577 |
Mutual Funds | 4,126,121 | — | — | 4,126,121 |
Total | $493,295,698 | $— | $— | $493,295,698 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $27,978,081 |
Long-term capital gains | 50,808,834 |
Total distributions | $78,786,915 |
As of 11/30/22 | |
Cost of investments | $440,556,997 |
Gross appreciation | 80,127,024 |
Gross depreciation | (27,388,323) |
Net unrealized appreciation (depreciation) | $52,738,701 |
As of 5/31/22 | |
Undistributed ordinary income | 1,374,917 |
Undistributed long-term capital gain | 17,891,176 |
Post-October capital loss deferral | (1,131,940) |
Other temporary differences | 7 |
Net unrealized appreciation (depreciation) | 47,046,182 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $3,214,828 | |
Class B | — | 32,697 | |
Class C | — | 81,663 | |
Class I | — | 17,109,421 | |
Class R1 | — | 27,402 | |
Class R2 | — | 52,067 | |
Class R3 | — | 282,530 | |
Class R4 | — | 194,232 | |
Class R6 | — | 57,792,075 | |
Total | $— | $78,786,915 |
Up to $1 billion | 0.50% |
In excess of $1 billion and up to $2.5 billion | 0.475% |
In excess of $2.5 billion | 0.45% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.84% | 1.59% | 1.59% | 0.59% | 1.59% | 1.09% | 0.84% | 0.59% | 0.55% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.84% | 1.59% | 1.59% | 0.59% | 1.59% | 1.09% | 0.84% | 0.59% | 0.52% |
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% | $ 27,482 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 1,068 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 17,361 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 652 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 861 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 2,424 |
Total Distribution and Service Fees | $49,848 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2022 based on each class's average daily net assets. MFD has |
Amount | |
Class A | $— |
Class B | — |
Class C | 154 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 763,239 | $9,000,430 | 1,577,326 | $23,567,383 | |
Class B | 612 | 7,467 | 11,501 | 154,841 | |
Class C | 92,593 | 1,062,500 | 239,049 | 3,062,382 | |
Class I | 3,038,563 | 34,809,995 | 8,351,378 | 123,939,516 | |
Class R1 | 162 | 1,852 | 136 | 1,787 | |
Class R2 | 8,329 | 94,618 | 3,852 | 49,347 | |
Class R3 | 70,535 | 834,796 | 74,920 | 957,641 | |
Class R4 | 5,149 | 60,126 | 9,169 | 131,044 | |
Class R6 | 2,471,561 | 28,994,794 | 6,125,597 | 76,232,995 | |
6,450,743 | $74,866,578 | 16,392,928 | $228,096,936 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 244,745 | $3,213,505 | |
Class B | — | — | 2,525 | 32,697 | |
Class C | — | — | 6,311 | 81,663 | |
Class I | — | — | 1,312,072 | 17,109,421 | |
Class R1 | — | — | 2,115 | 27,402 | |
Class R2 | — | — | 3,999 | 52,067 | |
Class R3 | — | — | 21,666 | 282,530 | |
Class R4 | — | — | 14,872 | 194,232 | |
Class R6 | — | — | 4,425,121 | 57,792,075 | |
— | $— | 6,033,426 | $78,785,592 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (102,901) | $(1,204,698) | (8,980,754) | $(141,584,500) | |
Class B | (2,655) | (30,438) | (2,848) | (36,663) | |
Class C | (49,504) | (584,809) | (8,359) | (119,910) | |
Class I | (2,048,414) | (23,621,032) | (1,194,563) | (16,605,615) | |
Class R1 | — | — | (397) | (5,584) | |
Class R2 | (117) | (1,440) | (542) | (6,864) | |
Class R3 | (34,633) | (415,237) | (30,800) | (411,638) | |
Class R4 | (9,015) | (105,507) | (10,157) | (142,015) | |
Class R6 | (1,556,516) | (18,545,322) | (4,229,260) | (61,916,160) | |
(3,803,755) | $(44,508,483) | (14,457,680) | $(220,828,949) | ||
Net change | |||||
Class A | 660,338 | $7,795,732 | (7,158,683) | $(114,803,612) | |
Class B | (2,043) | (22,971) | 11,178 | 150,875 | |
Class C | 43,089 | 477,691 | 237,001 | 3,024,135 | |
Class I | 990,149 | 11,188,963 | 8,468,887 | 124,443,322 | |
Class R1 | 162 | 1,852 | 1,854 | 23,605 | |
Class R2 | 8,212 | 93,178 | 7,309 | 94,550 | |
Class R3 | 35,902 | 419,559 | 65,786 | 828,533 | |
Class R4 | (3,866) | (45,381) | 13,884 | 183,261 | |
Class R6 | 915,045 | 10,449,472 | 6,321,458 | 72,108,910 | |
2,646,988 | $30,358,095 | 7,968,674 | $86,053,579 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $5,037,629 | $66,433,992 | $67,345,680 | $204 | $(24) | $4,126,121 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $44,491 | $— |
1 | |
2 | |
4 | |
6 | |
11 | |
13 | |
14 | |
15 | |
23 | |
35 | |
39 | |
39 | |
39 | |
39 | |
39 |
back cover |
Eni S.p.A. | 3.0% |
BNP Paribas | 2.8% |
UBS AG | 2.8% |
Willis Towers Watson PLC | 2.6% |
NatWest Group PLC | 2.6% |
Schneider Electric SE | 2.3% |
Mitsubishi UFJ Financial Group, Inc. | 2.3% |
Roche Holding AG | 2.2% |
Rio Tinto PLC | 2.2% |
Glencore PLC | 2.1% |
Financials | 27.1% |
Industrials | 16.6% |
Consumer Staples | 11.3% |
Information Technology | 9.4% |
Materials | 6.5% |
Consumer Discretionary | 6.5% |
Energy | 6.2% |
Health Care | 5.5% |
Utilities | 5.0% |
Communication Services | 4.2% |
United Kingdom | 25.1% |
Japan | 12.4% |
France | 10.4% |
United States | 9.3% |
Switzerland | 9.1% |
Germany | 7.6% |
Canada | 7.5% |
Ireland | 3.2% |
Spain | 3.1% |
Other Countries | 12.3% |
Euro | 33.1% |
British Pound Sterling | 24.5% |
Japanese Yen | 12.4% |
Swiss Franc | 9.1% |
United States Dollar | 8.5% |
Canadian Dollar | 7.1% |
Australian Dollar | 1.6% |
South Korean Won | 1.3% |
Hong Kong Dollar | 0.8% |
Other Currencies | 1.6% |
(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. |
(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. |
June 1, 2022 through November 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/22 | Ending Account Value 11/30/22 | Expenses Paid During Period (p) 6/01/22-11/30/22 | |
A | Actual | 0.96% | $1,000.00 | $986.30 | $4.78 |
Hypothetical (h) | 0.96% | $1,000.00 | $1,020.26 | $4.86 | |
C | Actual | 1.71% | $1,000.00 | $982.16 | $8.50 |
Hypothetical (h) | 1.71% | $1,000.00 | $1,016.50 | $8.64 | |
I | Actual | 0.71% | $1,000.00 | $988.74 | $3.54 |
Hypothetical (h) | 0.71% | $1,000.00 | $1,021.51 | $3.60 | |
R1 | Actual | 1.71% | $1,000.00 | $983.01 | $8.50 |
Hypothetical (h) | 1.71% | $1,000.00 | $1,016.50 | $8.64 | |
R2 | Actual | 1.21% | $1,000.00 | $985.50 | $6.02 |
Hypothetical (h) | 1.21% | $1,000.00 | $1,019.00 | $6.12 | |
R3 | Actual | 0.96% | $1,000.00 | $986.32 | $4.78 |
Hypothetical (h) | 0.96% | $1,000.00 | $1,020.26 | $4.86 | |
R4 | Actual | 0.71% | $1,000.00 | $987.15 | $3.54 |
Hypothetical (h) | 0.71% | $1,000.00 | $1,021.51 | $3.60 | |
R6 | Actual | 0.64% | $1,000.00 | $987.14 | $3.19 |
Hypothetical (h) | 0.64% | $1,000.00 | $1,021.86 | $3.24 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 96.4% | ||||
Aerospace & Defense – 2.0% | ||||
BAE Systems PLC | 3,714,149 | $36,870,015 | ||
Dassault Aviation S.A. | 236,175 | 37,540,877 | ||
Safran S.A. | 276,247 | 33,990,139 | ||
$108,401,031 | ||||
Airlines – 1.1% | ||||
Ryanair Holdings PLC, ADR (a) | 804,260 | $60,874,439 | ||
Alcoholic Beverages – 1.2% | ||||
Diageo PLC | 806,678 | $37,482,651 | ||
Kirin Holdings Co. Ltd. | 1,771,500 | 27,955,511 | ||
$65,438,162 | ||||
Apparel Manufacturers – 2.6% | ||||
Burberry Group PLC | 1,498,298 | $39,542,800 | ||
Compagnie Financiere Richemont S.A. | 577,948 | 76,879,256 | ||
Gildan Activewear, Inc. | 406,105 | 11,759,127 | ||
LVMH Moet Hennessy Louis Vuitton SE | 20,928 | 16,203,728 | ||
$144,384,911 | ||||
Automotive – 2.8% | ||||
Aptiv PLC (a) | 247,498 | $26,400,612 | ||
Compagnie Generale des Establissments Michelin | 747,713 | 21,134,550 | ||
Continental AG | 806,969 | 48,099,846 | ||
Koito Manufacturing Co. Ltd. | 2,229,800 | 35,581,272 | ||
Magna International, Inc. (l) | 352,088 | 21,685,100 | ||
$152,901,380 | ||||
Broadcasting – 0.8% | ||||
WPP Group PLC | 4,103,663 | $43,643,765 | ||
Brokerage & Asset Managers – 3.5% | ||||
Barclays PLC | 27,370,177 | $53,425,398 | ||
Deutsche Boerse AG | 491,685 | 90,194,528 | ||
IG Group Holdings PLC | 4,780,815 | 47,637,790 | ||
$191,257,716 | ||||
Business Services – 2.8% | ||||
CGI, Inc. (a) | 642,382 | $56,083,962 | ||
Experian PLC | 450,832 | 16,029,188 | ||
RS Group PLC | 4,149,066 | 46,867,303 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Secom Co. Ltd. | 542,500 | $33,634,022 | ||
$152,614,475 | ||||
Computer Software – 0.4% | ||||
SAP SE | 184,267 | $19,943,291 | ||
Computer Software - Systems – 6.3% | ||||
Amadeus IT Group S.A. (a) | 1,069,858 | $58,247,903 | ||
Capgemini | 461,506 | 84,026,553 | ||
Fujitsu Ltd. | 476,100 | 64,648,230 | ||
Hitachi Ltd. | 1,274,700 | 68,503,343 | ||
Samsung Electronics Co. Ltd. | 1,446,875 | 69,484,320 | ||
$344,910,349 | ||||
Construction – 0.8% | ||||
Techtronic Industries Co. Ltd. | 3,893,500 | $46,885,769 | ||
Consumer Products – 1.2% | ||||
Reckitt Benckiser Group PLC | 933,732 | $67,556,001 | ||
Electrical Equipment – 2.8% | ||||
Legrand S.A. | 344,200 | $28,463,046 | ||
Schneider Electric SE | 862,199 | 127,862,800 | ||
$156,325,846 | ||||
Electronics – 2.5% | ||||
Kyocera Corp. | 1,187,700 | $60,889,276 | ||
NXP Semiconductors N.V. | 198,441 | 34,893,865 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 510,110 | 42,328,928 | ||
$138,112,069 | ||||
Energy - Independent – 1.6% | ||||
Woodside Energy Group Ltd. | 3,482,916 | $87,882,782 | ||
Energy - Integrated – 4.6% | ||||
Eni S.p.A. | 11,143,621 | $165,419,840 | ||
Galp Energia SGPS S.A., “B” | 2,691,115 | 33,071,617 | ||
Suncor Energy, Inc. (l) | 1,658,716 | 54,540,392 | ||
$253,031,849 | ||||
Food & Beverages – 1.5% | ||||
Danone S.A. | 736,925 | $38,508,896 | ||
Nestle S.A. | 369,965 | 44,025,537 | ||
$82,534,433 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Drug Stores – 1.3% | ||||
Tesco PLC | 26,610,510 | $73,856,645 | ||
General Merchandise – 0.6% | ||||
B&M European Value Retail S.A. | 6,855,236 | $34,216,122 | ||
Insurance – 5.9% | ||||
Chubb Ltd. | 235,825 | $51,784,812 | ||
Manulife Financial Corp. | 3,334,989 | 60,072,693 | ||
St. James's Place PLC | 4,975,880 | 70,304,472 | ||
Willis Towers Watson PLC | 588,514 | 144,868,606 | ||
$327,030,583 | ||||
Leisure & Toys – 0.4% | ||||
Nintendo Co. Ltd. | 477,300 | $20,540,948 | ||
Machinery & Tools – 3.6% | ||||
Aalberts Industries N.V. | 719,102 | $28,918,309 | ||
Daikin Industries Ltd. | 371,100 | 61,413,589 | ||
SMC Corp. | 112,800 | 51,598,166 | ||
Toyota Industries Corp. | 538,000 | 30,853,674 | ||
Weir Group PLC | 1,241,042 | 26,838,011 | ||
$199,621,749 | ||||
Major Banks – 15.5% | ||||
ABN AMRO Group N.V., GDR | 2,029,481 | $26,351,289 | ||
Bank of Ireland Group PLC | 9,880,930 | 81,510,770 | ||
BNP Paribas | 2,762,434 | 156,395,205 | ||
DBS Group Holdings Ltd. | 618,300 | 16,076,726 | ||
Lloyds Banking Group PLC | 49,327,976 | 28,404,998 | ||
Mitsubishi UFJ Financial Group, Inc. | 23,180,800 | 127,026,741 | ||
NatWest Group PLC | 45,354,360 | 144,208,512 | ||
Resona Holdings, Inc. | 3,928,600 | 18,949,519 | ||
Toronto-Dominion Bank | 1,515,145 | 100,844,465 | ||
UBS AG | 8,323,201 | 154,878,784 | ||
$854,647,009 | ||||
Medical & Health Technology & Services – 1.0% | ||||
Haleon PLC (a) | 7,789,861 | $26,824,325 | ||
ICON PLC (a) | 131,484 | 28,326,913 | ||
$55,151,238 | ||||
Metals & Mining – 4.3% | ||||
Glencore PLC | 17,131,616 | $115,897,378 | ||
Rio Tinto PLC | 1,774,969 | 120,581,894 | ||
$236,479,272 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Network & Telecom – 0.5% | ||||
LM Ericsson Telephone Co., “B” | 4,668,357 | $29,399,477 | ||
Other Banks & Diversified Financials – 2.2% | ||||
AIB Group PLC | 9,918,620 | $32,245,577 | ||
Julius Baer Group Ltd. | 983,386 | 56,948,881 | ||
KBC Group N.V. | 603,099 | 33,752,757 | ||
$122,947,215 | ||||
Pharmaceuticals – 5.0% | ||||
Bayer AG | 1,370,918 | $79,250,738 | ||
Novartis AG | 503,707 | 44,908,503 | ||
Roche Holding AG | 379,372 | 123,403,648 | ||
Sanofi | 294,695 | 26,624,677 | ||
$274,187,566 | ||||
Printing & Publishing – 2.0% | ||||
RELX PLC | 1,236,327 | $34,991,720 | ||
Wolters Kluwer N.V. | 662,581 | 73,185,706 | ||
$108,177,426 | ||||
Railroad & Shipping – 1.2% | ||||
Canadian Pacific Railway Ltd. | 818,339 | $66,998,977 | ||
Restaurants – 0.5% | ||||
Yum China Holdings, Inc. | 463,825 | $25,566,034 | ||
Specialty Chemicals – 2.2% | ||||
Linde PLC | 282,931 | $94,243,202 | ||
Nitto Denko Corp. | 476,100 | 30,152,088 | ||
$124,395,290 | ||||
Telecommunications - Wireless – 2.3% | ||||
KDDI Corp. | 1,769,500 | $52,959,887 | ||
Vodafone Group PLC | 67,784,010 | 75,316,494 | ||
$128,276,381 | ||||
Telephone Services – 0.7% | ||||
Quebecor, Inc., “B” | 1,813,511 | $39,083,882 | ||
Tobacco – 3.7% | ||||
British American Tobacco PLC | 1,319,066 | $54,128,169 | ||
Imperial Brands PLC | 4,251,285 | 109,206,192 | ||
Philip Morris International, Inc. | 395,200 | 39,389,584 | ||
$202,723,945 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – 5.0% | ||||
E.ON SE | 8,024,976 | $76,375,775 | ||
Iberdrola S.A. | 10,186,075 | 115,295,013 | ||
National Grid PLC | 6,635,774 | 81,934,600 | ||
$273,605,388 | ||||
Total Common Stocks (Identified Cost, $4,791,484,540) | $5,313,603,415 | |||
Preferred Stocks – 1.9% | ||||
Consumer Products – 1.9% | ||||
Henkel AG & Co. KGaA (Identified Cost, $136,909,149) | 1,454,826 | $103,610,765 | ||
Investment Companies (h) – 0.5% | ||||
Money Market Funds – 0.5% | ||||
MFS Institutional Money Market Portfolio, 3.67% (v) (Identified Cost, $24,093,558) | 24,094,028 | $24,094,028 | ||
Collateral for Securities Loaned – 0.2% | ||||
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.57% (j) (Identified Cost, $12,392,468) | 12,392,468 | $12,392,468 | ||
Other Assets, Less Liabilities – 1.0% | 56,501,442 | |||
Net Assets – 100.0% | $5,510,202,118 |
(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 $24,094,028 and $5,429,606,648, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Assets | |
Investments in unaffiliated issuers, at value, including $15,207,422 of securities on loan (identified cost, $4,940,786,157) | $5,429,606,648 |
Investments in affiliated issuers, at value (identified cost, $24,093,558) | 24,094,028 |
Cash | 863,004 |
Receivables for | |
Investments sold | 57,922,066 |
Fund shares sold | 182,243 |
Interest and dividends | 26,415,395 |
Receivable from investment adviser | 352,700 |
Total assets | $5,539,436,084 |
Liabilities | |
Payables for | |
Investments purchased | $1,145,884 |
Fund shares reacquired | 15,343,421 |
Collateral for securities loaned, at value (c) | 12,392,468 |
Payable to affiliates | |
Administrative services fee | 3,502 |
Shareholder servicing costs | 993 |
Distribution and service fees | 112 |
Payable for independent Trustees' compensation | 961 |
Accrued expenses and other liabilities | 346,625 |
Total liabilities | $29,233,966 |
Net assets | $5,510,202,118 |
Net assets consist of | |
Paid-in capital | $4,916,289,781 |
Total distributable earnings (loss) | 593,912,337 |
Net assets | $5,510,202,118 |
Shares of beneficial interest outstanding | 448,664,425 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $3,453,332 | 282,296 | $12.23 |
Class C | 1,097,255 | 90,595 | 12.11 |
Class I | 4,118,115 | 335,100 | 12.29 |
Class R1 | 83,503 | 6,877 | 12.14 |
Class R2 | 84,836 | 6,940 | 12.22 |
Class R3 | 85,378 | 6,966 | 12.26 |
Class R4 | 86,009 | 6,997 | 12.29 |
Class R6 | 5,501,193,690 | 447,928,654 | 12.28 |
(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 $12.98 [100 / 94.25 x $12.23]. 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 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 | $87,307,937 |
Dividends from affiliated issuers | 662,924 |
Income on securities loaned | 70,667 |
Other | 872 |
Foreign taxes withheld | (3,810,215) |
Total investment income | $84,232,185 |
Expenses | |
Management fee | $18,924,618 |
Distribution and service fees | 9,018 |
Shareholder servicing costs | 9,932 |
Administrative services fee | 348,663 |
Independent Trustees' compensation | 42,187 |
Custodian fee | 391,840 |
Shareholder communications | 2,894 |
Audit and tax fees | 33,135 |
Legal fees | 13,199 |
Miscellaneous | 114,285 |
Total expenses | $19,889,771 |
Fees paid indirectly | (5,694) |
Reduction of expenses by investment adviser | (3,204,907) |
Net expenses | $16,679,170 |
Net investment income (loss) | $67,553,015 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(68,173,554) |
Affiliated issuers | (1,430) |
Foreign currency | (2,247,305) |
Net realized gain (loss) | $(70,422,289) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(81,514,847) |
Affiliated issuers | 470 |
Translation of assets and liabilities in foreign currencies | 363,784 |
Net unrealized gain (loss) | $(81,150,593) |
Net realized and unrealized gain (loss) | $(151,572,882) |
Change in net assets from operations | $(84,019,867) |
Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $67,553,015 | $155,423,700 |
Net realized gain (loss) | (70,422,289) | 78,863,875 |
Net unrealized gain (loss) | (81,150,593) | (582,365,618) |
Change in net assets from operations | $(84,019,867) | $(348,078,043) |
Total distributions to shareholders | $— | $(252,705,889) |
Change in net assets from fund share transactions | $(156,618,607) | $546,188,105 |
Total change in net assets | $(240,638,474) | $(54,595,827) |
Net assets | ||
At beginning of period | 5,750,840,592 | 5,805,436,419 |
At end of period | $5,510,202,118 | $5,750,840,592 |
Class A | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.41 | $13.66 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.13 | $0.35 | $0.29 |
Net realized and unrealized gain (loss) | (0.31) | (1.11) | 3.42 |
Total from investment operations | $(0.18) | $(0.76) | $3.71 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.27) | $(0.05) |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.49) | $(0.05) |
Net asset value, end of period (x) | $12.23 | $12.41 | $13.66 |
Total return (%) (r)(s)(t)(x) | (1.45)(n) | (5.74) | 37.16(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 1.09(a) | 1.04 | 1.04(a) |
Expenses after expense reductions (f) | 0.96(a) | 0.96 | 0.93(a) |
Net investment income (loss) | 2.23(a) | 2.72 | 2.61(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $3,453 | $2,956 | $1,187 |
Class C | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.33 | $13.61 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.08 | $0.22 | $0.16 |
Net realized and unrealized gain (loss) | (0.30) | (1.08) | 3.45 |
Total from investment operations | $(0.22) | $(0.86) | $3.61 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.20) | $— |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.42) | $(0.00)(w) |
Net asset value, end of period (x) | $12.11 | $12.33 | $13.61 |
Total return (%) (r)(s)(t)(x) | (1.78)(n) | (6.46) | 36.11(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 1.84(a) | 1.78 | 1.81(a) |
Expenses after expense reductions (f) | 1.71(a) | 1.71 | 1.68(a) |
Net investment income (loss) | 1.48(a) | 1.69 | 1.49(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $1,097 | $1,111 | $636 |
Class I | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.43 | $13.69 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.12 | $0.41 | $0.31 |
Net realized and unrealized gain (loss) | (0.26) | (1.16) | 3.44 |
Total from investment operations | $(0.14) | $(0.75) | $3.75 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.29) | $(0.06) |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.51) | $(0.06) |
Net asset value, end of period (x) | $12.29 | $12.43 | $13.69 |
Total return (%) (r)(s)(t)(x) | (1.13)(n) | (5.60) | 37.58(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 0.83(a) | 0.79 | 0.79(a) |
Expenses after expense reductions (f) | 0.71(a) | 0.71 | 0.68(a) |
Net investment income (loss) | 2.08(a) | 3.15 | 2.82(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $4,118 | $18,972 | $2,775 |
Class R1 | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.36 | $13.61 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.08 | $0.19 | $0.09 |
Net realized and unrealized gain (loss) | (0.30) | (1.06) | 3.52 |
Total from investment operations | $(0.22) | $(0.87) | $3.61 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.16) | $— |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.38) | $(0.00)(w) |
Net asset value, end of period (x) | $12.14 | $12.36 | $13.61 |
Total return (%) (r)(s)(t)(x) | (1.78)(n) | (6.49) | 36.11(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 1.84(a) | 1.78 | 1.83(a) |
Expenses after expense reductions (f) | 1.71(a) | 1.71 | 1.68(a) |
Net investment income (loss) | 1.49(a) | 1.43 | 0.85(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $84 | $85 | $91 |
Class R2 | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.41 | $13.66 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.11 | $0.25 | $0.14 |
Net realized and unrealized gain (loss) | (0.30) | (1.05) | 3.52 |
Total from investment operations | $(0.19) | $(0.80) | $3.66 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.23) | $(0.00)(w) |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.45) | $(0.00)(w) |
Net asset value, end of period (x) | $12.22 | $12.41 | $13.66 |
Total return (%) (r)(s)(t)(x) | (1.53)(n) | (6.01) | 36.63(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 1.34(a) | 1.28 | 1.33(a) |
Expenses after expense reductions (f) | 1.21(a) | 1.21 | 1.18(a) |
Net investment income (loss) | 2.00(a) | 1.94 | 1.36(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $85 | $86 | $92 |
Class R3 | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.43 | $13.68 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.13 | $0.29 | $0.17 |
Net realized and unrealized gain (loss) | (0.30) | (1.06) | 3.54 |
Total from investment operations | $(0.17) | $(0.77) | $3.71 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.26) | $(0.03) |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.48) | $(0.03) |
Net asset value, end of period (x) | $12.26 | $12.43 | $13.68 |
Total return (%) (r)(s)(t)(x) | (1.37)(n) | (5.77) | 37.15(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 1.09(a) | 1.03 | 1.08(a) |
Expenses after expense reductions (f) | 0.96(a) | 0.96 | 0.93(a) |
Net investment income (loss) | 2.24(a) | 2.19 | 1.61(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $85 | $87 | $92 |
Class R4 | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.45 | $13.70 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.14 | $0.32 | $0.19 |
Net realized and unrealized gain (loss) | (0.30) | (1.06) | 3.57 |
Total from investment operations | $(0.16) | $(0.74) | $3.76 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.29) | $(0.06) |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.51) | $(0.06) |
Net asset value, end of period (x) | $12.29 | $12.45 | $13.70 |
Total return (%) (r)(s)(t)(x) | (1.29)(n) | (5.53) | 37.67(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 0.84(a) | 0.78 | 0.83(a) |
Expenses after expense reductions (f) | 0.71(a) | 0.71 | 0.68(a) |
Net investment income (loss) | 2.50(a) | 2.44 | 1.86(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $86 | $87 | $92 |
Class R6 | Six months ended | Year ended | |
11/30/22 (unaudited) | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.44 | $13.68 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.15 | $0.32 | $0.30 |
Net realized and unrealized gain (loss) | (0.31) | (1.04) | 3.44 |
Total from investment operations | $(0.16) | $(0.72) | $3.74 |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.30) | $(0.06) |
From net realized gain | — | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.52) | $(0.06) |
Net asset value, end of period (x) | $12.28 | $12.44 | $13.68 |
Total return (%) (r)(s)(t)(x) | (1.29)(n) | (5.45) | 37.49(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 0.76(a) | 0.74 | 0.78(a) |
Expenses after expense reductions (f) | 0.64(a) | 0.66 | 0.67(a) |
Net investment income (loss) | 2.57(a) | 2.45 | 2.74(a) |
Portfolio turnover | 11(n) | 24 | 18(n) |
Net assets at end of period (000 omitted) | $5,501,194 | $5,727,457 | $5,800,471 |
(a) | Annualized. |
(c) | For the period from the commencement of the fund’s investment operations, June 30, 2020, through the stated period end. |
(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. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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: | ||||
United Kingdom | $— | $1,385,764,443 | $— | $1,385,764,443 |
Japan | — | 684,706,266 | — | 684,706,266 |
France | — | 570,750,471 | — | 570,750,471 |
Switzerland | 123,403,648 | 377,640,961 | — | 501,044,609 |
United States | 419,907,594 | — | — | 419,907,594 |
Germany | 151,710,611 | 265,764,332 | — | 417,474,943 |
Canada | 411,068,598 | — | — | 411,068,598 |
Ireland | 60,874,439 | 113,756,347 | — | 174,630,786 |
Spain | — | 173,542,916 | — | 173,542,916 |
Other Countries | 67,894,962 | 610,428,592 | — | 678,323,554 |
Mutual Funds | 36,486,496 | — | — | 36,486,496 |
Total | $1,271,346,348 | $4,182,354,328 | $— | $5,453,700,676 |
Year ended 5/31/22 | |
Ordinary income (including any short-term capital gains) | $224,222,247 |
Long-term capital gains | 28,483,642 |
Total distributions | $252,705,889 |
As of 11/30/22 | |
Cost of investments | $4,980,404,124 |
Gross appreciation | 776,857,906 |
Gross depreciation | (303,561,354) |
Net unrealized appreciation (depreciation) | $473,296,552 |
As of 5/31/22 | |
Undistributed ordinary income | 70,635,396 |
Undistributed long-term capital gain | 54,539,676 |
Other temporary differences | (2,053,798) |
Net unrealized appreciation (depreciation) | 554,810,930 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||
Class A | $— | $44,809 | |
Class C | — | 20,642 | |
Class I | — | 262,931 | |
Class R1 | — | 2,590 | |
Class R2 | — | 3,035 | |
Class R3 | — | 3,262 | |
Class R4 | — | 3,491 | |
Class R6 | — | 252,365,129 | |
Total | $— | $252,705,889 |
Up to $2.5 billion | 0.75% |
In excess of $2.5 billion and up to $5 billion | 0.70% |
In excess of $5 billion and up to $10 billion | 0.65% |
In excess of $10 billion and up to $20 billion | 0.62% |
In excess of $20 billion | 0.60% |
Classes | |||||||
A | C | I | R1 | R2 | R3 | R4 | R6 |
0.96% | 1.71% | 0.71% | 1.71% | 1.21% | 0.96% | 0.71% | 0.67% |
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% | $ 3,281 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 5,057 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 385 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 196 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 99 |
Total Distribution and Service Fees | $9,018 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 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. There were no service fee rebates for the six months ended November 30, 2022. |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 104,073 | $1,170,028 | 193,779 | $2,446,410 | |
Class C | 6,416 | 68,585 | 49,421 | 593,169 | |
Class I | 302,575 | 3,376,721 | 2,181,127 | 28,793,466 | |
Class R2 | 7 | 80 | — | — | |
Class R6 | 14,827,706 | 161,418,355 | 70,081,025 | 936,904,478 | |
15,240,777 | $166,033,769 | 72,505,352 | $968,737,523 |
Six months ended 11/30/22 | Year ended 5/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 3,428 | $44,809 | |
Class C | — | — | 1,583 | 20,642 | |
Class I | — | — | 20,102 | 262,931 | |
Class R1 | — | — | 198 | 2,590 | |
Class R2 | — | — | 232 | 3,035 | |
Class R3 | — | — | 249 | 3,262 | |
Class R4 | — | — | 267 | 3,491 | |
Class R6 | — | — | 19,293,970 | 252,365,129 | |
— | $— | 19,320,029 | $252,705,889 | ||
Shares reacquired | |||||
Class A | (60,025) | $(677,481) | (45,874) | $(591,474) | |
Class C | (5,903) | (66,333) | (7,648) | (92,261) | |
Class I | (1,493,236) | (16,596,860) | (878,234) | (11,620,858) | |
Class R6 | (27,438,045) | (305,311,702) | (52,799,127) | (662,950,714) | |
(28,997,209) | $(322,652,376) | (53,730,883) | $(675,255,307) | ||
Net change | |||||
Class A | 44,048 | $492,547 | 151,333 | $1,899,745 | |
Class C | 513 | 2,252 | 43,356 | 521,550 | |
Class I | (1,190,661) | (13,220,139) | 1,322,995 | 17,435,539 | |
Class R1 | — | — | 198 | 2,590 | |
Class R2 | 7 | 80 | 232 | 3,035 | |
Class R3 | — | — | 249 | 3,262 | |
Class R4 | — | — | 267 | 3,491 | |
Class R6 | (12,610,339) | (143,893,347) | 36,575,868 | 526,318,893 | |
(13,756,432) | $(156,618,607) | 38,094,498 | $546,188,105 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $17,441,567 | $472,674,207 | $466,020,786 | $(1,430) | $470 | $24,094,028 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $662,924 | $— |
Item 1(b):
Not applicable
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's 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.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series 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: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or
240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST X
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: January 13, 2023
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: January 13, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: January 13, 2023
* Print name and title of each signing officer under his or her signature.