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 811-04777
MFS SERIES TRUST I
(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
111Huntington 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: August 31
Date of reporting period: February 29, 2024
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
1 | |
2 | |
4 | |
8 | |
10 | |
11 | |
12 | |
21 | |
32 | |
32 | |
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32 |
back cover |
JPMorgan Chase & Co. | 4.8% |
Progressive Corp. | 3.2% |
Cigna Group | 3.1% |
Marsh & McLennan Cos., Inc. | 2.5% |
ConocoPhillips | 2.5% |
McKesson Corp. | 2.5% |
Comcast Corp., “A” | 2.4% |
Aon PLC | 2.3% |
Johnson & Johnson | 2.2% |
Lowe's Cos., Inc. | 2.2% |
Financials | 26.0% |
Industrials | 17.5% |
Health Care | 15.1% |
Information Technology | 8.5% |
Consumer Staples | 7.9% |
Utilities | 7.1% |
Energy | 5.7% |
Consumer Discretionary | 3.6% |
Materials | 3.0% |
Communication Services | 2.6% |
Real Estate | 2.1% |
(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. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 0.80% | $1,000.00 | $1,097.95 | $4.17 |
Hypothetical (h) | 0.80% | $1,000.00 | $1,020.89 | $4.02 | |
B | Actual | 1.55% | $1,000.00 | $1,094.03 | $8.07 |
Hypothetical (h) | 1.55% | $1,000.00 | $1,017.16 | $7.77 | |
C | Actual | 1.55% | $1,000.00 | $1,093.92 | $8.07 |
Hypothetical (h) | 1.55% | $1,000.00 | $1,017.16 | $7.77 | |
I | Actual | 0.55% | $1,000.00 | $1,099.44 | $2.87 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.13 | $2.77 | |
R1 | Actual | 1.55% | $1,000.00 | $1,093.93 | $8.07 |
Hypothetical (h) | 1.55% | $1,000.00 | $1,017.16 | $7.77 | |
R2 | Actual | 1.05% | $1,000.00 | $1,096.79 | $5.47 |
Hypothetical (h) | 1.05% | $1,000.00 | $1,019.64 | $5.27 | |
R3 | Actual | 0.80% | $1,000.00 | $1,098.04 | $4.17 |
Hypothetical (h) | 0.80% | $1,000.00 | $1,020.89 | $4.02 | |
R4 | Actual | 0.55% | $1,000.00 | $1,099.27 | $2.87 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.13 | $2.77 | |
R6 | Actual | 0.44% | $1,000.00 | $1,099.94 | $2.30 |
Hypothetical (h) | 0.44% | $1,000.00 | $1,022.68 | $2.21 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.1% | ||||
Aerospace & Defense – 8.6% | ||||
Boeing Co. (a) | 4,080,194 | $831,217,122 | ||
General Dynamics Corp. | 4,118,211 | 1,125,301,156 | ||
Honeywell International, Inc. | 4,771,458 | 948,231,848 | ||
Northrop Grumman Corp. | 2,488,388 | 1,147,196,636 | ||
RTX Corp. | 10,489,011 | 940,549,616 | ||
$4,992,496,378 | ||||
Alcoholic Beverages – 1.3% | ||||
Diageo PLC | 20,097,722 | $751,440,001 | ||
Brokerage & Asset Managers – 4.8% | ||||
BlackRock, Inc. | 803,394 | $651,825,688 | ||
Citigroup, Inc. | 14,246,653 | 790,546,775 | ||
KKR & Co., Inc. | 5,837,362 | 573,579,190 | ||
NASDAQ, Inc. | 14,319,436 | 804,752,303 | ||
$2,820,703,956 | ||||
Business Services – 3.1% | ||||
Accenture PLC, “A” | 3,337,554 | $1,250,848,488 | ||
Equifax, Inc. | 2,026,455 | 554,417,824 | ||
$1,805,266,312 | ||||
Cable TV – 2.6% | ||||
Charter Communications, Inc., “A” (a) | 387,916 | $114,020,150 | ||
Comcast Corp., “A” | 32,547,398 | 1,394,656,004 | ||
$1,508,676,154 | ||||
Chemicals – 0.7% | ||||
PPG Industries, Inc. | 2,842,941 | $402,560,446 | ||
Construction – 0.8% | ||||
Otis Worldwide Corp. | 2,118,458 | $201,889,047 | ||
Sherwin-Williams Co. | 824,461 | 273,745,786 | ||
$475,634,833 | ||||
Consumer Products – 1.9% | ||||
Kenvue, Inc. | 29,853,176 | $567,210,344 | ||
Kimberly-Clark Corp. | 3,352,888 | 406,269,439 | ||
Reckitt Benckiser Group PLC | 2,614,363 | 164,939,457 | ||
$1,138,419,240 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electrical Equipment – 0.6% | ||||
Johnson Controls International PLC | 6,372,973 | $377,726,110 | ||
Electronics – 6.3% | ||||
Analog Devices, Inc. | 5,677,008 | $1,088,963,674 | ||
KLA Corp. | 1,542,996 | 1,052,786,171 | ||
NXP Semiconductors N.V. | 2,938,000 | 733,706,740 | ||
Texas Instruments, Inc. | 4,918,529 | 823,017,458 | ||
$3,698,474,043 | ||||
Energy - Independent – 4.8% | ||||
ConocoPhillips | 13,097,091 | $1,473,946,621 | ||
EOG Resources, Inc. | 4,169,162 | 477,202,282 | ||
Pioneer Natural Resources Co. | 3,712,293 | 873,094,191 | ||
$2,824,243,094 | ||||
Energy - Integrated – 0.9% | ||||
Chevron Corp. | 3,434,737 | $522,114,371 | ||
Food & Beverages – 3.3% | ||||
Mondelez International, Inc. | 5,139,537 | $375,545,968 | ||
Nestle S.A. | 7,457,524 | 773,791,375 | ||
PepsiCo, Inc. | 4,656,214 | 769,858,423 | ||
$1,919,195,766 | ||||
Gaming & Lodging – 1.4% | ||||
Marriott International, Inc., “A” | 3,243,802 | $810,528,806 | ||
Health Maintenance Organizations – 3.9% | ||||
Cigna Group | 5,351,788 | $1,798,950,018 | ||
Elevance Health, Inc. | 944,759 | 473,560,449 | ||
$2,272,510,467 | ||||
Insurance – 11.7% | ||||
Aon PLC | 4,181,298 | $1,321,248,355 | ||
Chubb Ltd. | 4,256,758 | 1,071,298,286 | ||
Marsh & McLennan Cos., Inc. | 7,304,554 | 1,477,492,137 | ||
Progressive Corp. | 9,936,921 | 1,883,642,745 | ||
Travelers Cos., Inc. | 4,824,407 | 1,066,000,971 | ||
$6,819,682,494 | ||||
Machinery & Tools – 4.2% | ||||
Eaton Corp. PLC | 2,853,503 | $824,662,367 | ||
Illinois Tool Works, Inc. | 2,455,720 | 643,766,998 | ||
PACCAR, Inc. | 3,906,914 | 433,237,694 | ||
Trane Technologies PLC | 1,898,659 | 535,364,878 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Machinery & Tools – continued | ||||
Veralto Corp. | 349,729 | $30,223,580 | ||
$2,467,255,517 | ||||
Major Banks – 7.5% | ||||
JPMorgan Chase & Co. | 14,935,146 | $2,778,833,265 | ||
Morgan Stanley | 11,910,853 | 1,024,809,792 | ||
PNC Financial Services Group, Inc. | 4,075,665 | 599,937,888 | ||
$4,403,580,945 | ||||
Medical & Health Technology & Services – 2.5% | ||||
McKesson Corp. | 2,745,110 | $1,431,327,805 | ||
Medical Equipment – 2.1% | ||||
Abbott Laboratories | 5,301,862 | $629,012,908 | ||
Boston Scientific Corp. (a) | 4,773,705 | 316,067,008 | ||
Medtronic PLC | 3,046,879 | 253,987,833 | ||
$1,199,067,749 | ||||
Other Banks & Diversified Financials – 2.0% | ||||
American Express Co. | 5,263,117 | $1,154,833,132 | ||
Pharmaceuticals – 6.7% | ||||
AbbVie, Inc. | 4,395,935 | $773,904,357 | ||
Johnson & Johnson | 7,998,495 | 1,290,797,123 | ||
Merck & Co., Inc. | 6,763,495 | 859,978,389 | ||
Pfizer, Inc. | 31,561,289 | 838,267,836 | ||
Roche Holding AG | 607,320 | 159,289,731 | ||
$3,922,237,436 | ||||
Railroad & Shipping – 2.7% | ||||
Canadian National Railway Co. | 2,709,635 | $351,412,563 | ||
Union Pacific Corp. | 4,941,619 | 1,253,639,324 | ||
$1,605,051,887 | ||||
Real Estate – 2.2% | ||||
Prologis, Inc., REIT | 7,931,120 | $1,056,980,362 | ||
Public Storage, Inc., REIT | 700,386 | 198,818,574 | ||
$1,255,798,936 | ||||
Specialty Chemicals – 1.8% | ||||
Corteva, Inc. | 5,876,525 | $314,511,618 | ||
DuPont de Nemours, Inc. | 10,680,618 | 738,991,960 | ||
$1,053,503,578 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Stores – 3.6% | ||||
Lowe's Cos., Inc. | 5,277,990 | $1,270,253,853 | ||
Target Corp. | 5,326,479 | 814,525,169 | ||
$2,084,779,022 | ||||
Utilities - Electric Power – 7.1% | ||||
American Electric Power Co., Inc. | 2,817,461 | $240,019,503 | ||
Dominion Energy, Inc. | 16,500,081 | 789,198,874 | ||
Duke Energy Corp. | 10,514,291 | 965,527,342 | ||
Exelon Corp. | 11,206,709 | 401,648,451 | ||
PG&E Corp. | 24,015,458 | 400,817,994 | ||
Southern Co. | 14,350,708 | 965,085,113 | ||
Xcel Energy, Inc. | 6,851,918 | 361,027,559 | ||
$4,123,324,836 | ||||
Total Common Stocks (Identified Cost, $31,978,511,374) | $57,840,433,314 | |||
Investment Companies (h) – 0.8% | ||||
Money Market Funds – 0.8% | ||||
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $437,718,012) | 437,718,012 | $437,718,012 | ||
Other Assets, Less Liabilities – 0.1% | 84,552,609 | |||
Net Assets – 100.0% | $58,362,703,935 |
(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 $437,718,012 and $57,840,433,314, 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, $31,978,511,374) | $57,840,433,314 |
Investments in affiliated issuers, at value (identified cost, $437,718,012) | 437,718,012 |
Receivables for | |
Investments sold | 35,992,917 |
Fund shares sold | 42,965,887 |
Dividends | 143,927,301 |
Other assets | 212,130 |
Total assets | $58,501,249,561 |
Liabilities | |
Payables for | |
Investments purchased | $63,372,094 |
Fund shares reacquired | 60,810,937 |
Payable to affiliates | |
Investment adviser | 1,350,185 |
Administrative services fee | 3,368 |
Shareholder servicing costs | 11,885,134 |
Distribution and service fees | 177,597 |
Payable for independent Trustees' compensation | 16,186 |
Accrued expenses and other liabilities | 930,125 |
Total liabilities | $138,545,626 |
Net assets | $58,362,703,935 |
Net assets consist of | |
Paid-in capital | $30,737,669,159 |
Total distributable earnings (loss) | 27,625,034,776 |
Net assets | $58,362,703,935 |
Shares of beneficial interest outstanding | 1,183,288,418 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $7,893,224,832 | 160,435,409 | $49.20 |
Class B | 21,295,302 | 434,066 | 49.06 |
Class C | 445,571,148 | 9,180,101 | 48.54 |
Class I | 24,697,693,725 | 498,375,087 | 49.56 |
Class R1 | 9,898,736 | 206,170 | 48.01 |
Class R2 | 274,952,726 | 5,661,454 | 48.57 |
Class R3 | 2,659,881,989 | 54,346,736 | 48.94 |
Class R4 | 1,753,940,361 | 35,654,797 | 49.19 |
Class R6 | 20,606,245,116 | 418,994,598 | 49.18 |
(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 $52.20 [100 / 94.25 x $49.20]. 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 | $663,387,963 |
Dividends from affiliated issuers | 5,898,189 |
Other | 281,788 |
Income on securities loaned | 200,526 |
Interest | 76,121 |
Foreign taxes withheld | (1,441,479) |
Total investment income | $668,403,108 |
Expenses | |
Management fee | $122,520,815 |
Distribution and service fees | 15,572,884 |
Shareholder servicing costs | 20,252,709 |
Administrative services fee | 305,292 |
Independent Trustees' compensation | 77,141 |
Custodian fee | 292,063 |
Shareholder communications | 991,326 |
Audit and tax fees | 35,248 |
Legal fees | 150,941 |
Miscellaneous | 656,152 |
Total expenses | $160,854,571 |
Reduction of expenses by investment adviser and distributor | (3,581,505) |
Net expenses | $157,273,066 |
Net investment income (loss) | $511,130,042 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $2,650,652,798 |
Affiliated issuers | (79,268) |
Foreign currency | 9,483 |
Net realized gain (loss) | $2,650,583,013 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $2,171,176,652 |
Affiliated issuers | (15,926) |
Translation of assets and liabilities in foreign currencies | (614,832) |
Net unrealized gain (loss) | $2,170,545,894 |
Net realized and unrealized gain (loss) | $4,821,128,907 |
Change in net assets from operations | $5,332,258,949 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $511,130,042 | $1,097,933,123 |
Net realized gain (loss) | 2,650,583,013 | 3,510,313,500 |
Net unrealized gain (loss) | 2,170,545,894 | (625,627,855) |
Change in net assets from operations | $5,332,258,949 | $3,982,618,768 |
Total distributions to shareholders | $(4,106,086,983) | $(4,195,325,497) |
Change in net assets from fund share transactions | $40,108,892 | $(1,092,875,927) |
Total change in net assets | $1,266,280,858 | $(1,305,582,656) |
Net assets | ||
At beginning of period | 57,096,423,077 | 58,402,005,733 |
At end of period | $58,362,703,935 | $57,096,423,077 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $48.21 | $48.43 | $53.60 | $41.31 | $41.31 | $40.82 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.38 | $0.80 | $0.70 | $0.59 | $0.63 | $0.79 |
Net realized and unrealized gain (loss) | 4.15 | 2.43 | (4.12) | 12.77 | 0.57 | 1.03 |
Total from investment operations | $4.53 | $3.23 | $(3.42) | $13.36 | $1.20 | $1.82 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.38) | $(0.76) | $(0.69) | $(0.60) | $(0.65) | $(0.79) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.54) | $(3.45) | $(1.75) | $(1.07) | $(1.20) | $(1.33) |
Net asset value, end of period (x) | $49.20 | $48.21 | $48.43 | $53.60 | $41.31 | $41.31 |
Total return (%) (r)(s)(t)(x) | 9.80(n) | 6.90 | (6.59) | 32.85 | 2.93 | 4.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.81(a) | 0.80 | 0.81 | 0.80 | 0.83 | 0.83 |
Expenses after expense reductions | 0.80(a) | 0.79 | 0.79 | 0.79 | 0.82 | 0.82 |
Net investment income (loss) | 1.61(a) | 1.67 | 1.36 | 1.25 | 1.56 | 2.00 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $7,893,225 | $7,661,572 | $7,741,830 | $8,523,158 | $6,460,837 | $6,520,132 |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $48.04 | $48.25 | $53.38 | $41.12 | $41.09 | $40.59 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.44 | $0.30 | $0.23 | $0.32 | $0.49 |
Net realized and unrealized gain (loss) | 4.15 | 2.42 | (4.08) | 12.74 | 0.58 | 1.03 |
Total from investment operations | $4.35 | $2.86 | $(3.78) | $12.97 | $0.90 | $1.52 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.38) | $(0.29) | $(0.24) | $(0.32) | $(0.48) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.33) | $(3.07) | $(1.35) | $(0.71) | $(0.87) | $(1.02) |
Net asset value, end of period (x) | $49.06 | $48.04 | $48.25 | $53.38 | $41.12 | $41.09 |
Total return (%) (r)(s)(t)(x) | 9.40(n) | 6.07 | (7.29) | 31.87 | 2.15 | 4.08 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.56(a) | 1.55 | 1.56 | 1.55 | 1.58 | 1.58 |
Expenses after expense reductions | 1.55(a) | 1.54 | 1.54 | 1.54 | 1.56 | 1.57 |
Net investment income (loss) | 0.84(a) | 0.92 | 0.59 | 0.50 | 0.79 | 1.24 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $21,295 | $26,011 | $35,955 | $52,833 | $55,897 | $84,737 |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $47.58 | $47.82 | $52.94 | $40.80 | $40.80 | $40.31 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.43 | $0.30 | $0.23 | $0.32 | $0.49 |
Net realized and unrealized gain (loss) | 4.10 | 2.42 | (4.05) | 12.63 | 0.56 | 1.03 |
Total from investment operations | $4.30 | $2.85 | $(3.75) | $12.86 | $0.88 | $1.52 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.18) | $(0.40) | $(0.31) | $(0.25) | $(0.33) | $(0.49) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.34) | $(3.09) | $(1.37) | $(0.72) | $(0.88) | $(1.03) |
Net asset value, end of period (x) | $48.54 | $47.58 | $47.82 | $52.94 | $40.80 | $40.80 |
Total return (%) (r)(s)(t)(x) | 9.39(n) | 6.11 | (7.29) | 31.86 | 2.14 | 4.10 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.56(a) | 1.55 | 1.56 | 1.55 | 1.58 | 1.58 |
Expenses after expense reductions | 1.55(a) | 1.54 | 1.54 | 1.54 | 1.57 | 1.57 |
Net investment income (loss) | 0.85(a) | 0.92 | 0.60 | 0.50 | 0.80 | 1.24 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $445,571 | $476,461 | $562,575 | $686,442 | $650,697 | $881,020 |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $48.54 | $48.75 | $53.94 | $41.56 | $41.56 | $41.06 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.44 | $0.93 | $0.83 | $0.71 | $0.74 | $0.90 |
Net realized and unrealized gain (loss) | 4.19 | 2.44 | (4.14) | 12.85 | 0.56 | 1.02 |
Total from investment operations | $4.63 | $3.37 | $(3.31) | $13.56 | $1.30 | $1.92 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.45) | $(0.89) | $(0.82) | $(0.71) | $(0.75) | $(0.88) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.61) | $(3.58) | $(1.88) | $(1.18) | $(1.30) | $(1.42) |
Net asset value, end of period (x) | $49.56 | $48.54 | $48.75 | $53.94 | $41.56 | $41.56 |
Total return (%) (r)(s)(t)(x) | 9.94(n) | 7.15 | (6.36) | 33.20 | 3.18 | 5.11 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.56(a) | 0.55 | 0.56 | 0.55 | 0.58 | 0.58 |
Expenses after expense reductions | 0.55(a) | 0.54 | 0.54 | 0.54 | 0.57 | 0.57 |
Net investment income (loss) | 1.86(a) | 1.93 | 1.60 | 1.50 | 1.81 | 2.25 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $24,697,694 | $24,247,677 | $24,634,555 | $27,444,959 | $21,027,882 | $20,076,773 |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $47.10 | $47.39 | $52.47 | $40.45 | $40.47 | $40.01 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.43 | $0.30 | $0.23 | $0.32 | $0.48 |
Net realized and unrealized gain (loss) | 4.07 | 2.38 | (4.01) | 12.52 | 0.55 | 1.02 |
Total from investment operations | $4.26 | $2.81 | $(3.71) | $12.75 | $0.87 | $1.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.41) | $(0.31) | $(0.26) | $(0.34) | $(0.50) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.35) | $(3.10) | $(1.37) | $(0.73) | $(0.89) | $(1.04) |
Net asset value, end of period (x) | $48.01 | $47.10 | $47.39 | $52.47 | $40.45 | $40.47 |
Total return (%) (r)(s)(t)(x) | 9.39(n) | 6.08 | (7.28) | 31.88 | 2.13 | 4.08 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.56(a) | 1.55 | 1.56 | 1.55 | 1.58 | 1.58 |
Expenses after expense reductions | 1.55(a) | 1.54 | 1.54 | 1.54 | 1.57 | 1.57 |
Net investment income (loss) | 0.84(a) | 0.92 | 0.60 | 0.50 | 0.80 | 1.24 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $9,899 | $13,878 | $16,339 | $20,580 | $18,914 | $21,820 |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $47.62 | $47.88 | $53.01 | $40.86 | $40.87 | $40.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.31 | $0.67 | $0.56 | $0.46 | $0.52 | $0.68 |
Net realized and unrealized gain (loss) | 4.12 | 2.41 | (4.07) | 12.64 | 0.56 | 1.03 |
Total from investment operations | $4.43 | $3.08 | $(3.51) | $13.10 | $1.08 | $1.71 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.32) | $(0.65) | $(0.56) | $(0.48) | $(0.54) | $(0.69) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.48) | $(3.34) | $(1.62) | $(0.95) | $(1.09) | $(1.23) |
Net asset value, end of period (x) | $48.57 | $47.62 | $47.88 | $53.01 | $40.86 | $40.87 |
Total return (%) (r)(s)(t)(x) | 9.68(n) | 6.62 | (6.83) | 32.53 | 2.66 | 4.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.06(a) | 1.05 | 1.06 | 1.05 | 1.08 | 1.08 |
Expenses after expense reductions | 1.05(a) | 1.04 | 1.04 | 1.04 | 1.07 | 1.07 |
Net investment income (loss) | 1.35(a) | 1.42 | 1.10 | 1.00 | 1.30 | 1.73 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $274,953 | $298,178 | $323,438 | $409,939 | $359,598 | $437,221 |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $47.97 | $48.22 | $53.37 | $41.14 | $41.15 | $40.66 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.38 | $0.80 | $0.69 | $0.59 | $0.63 | $0.79 |
Net realized and unrealized gain (loss) | 4.13 | 2.41 | (4.08) | 12.71 | 0.56 | 1.03 |
Total from investment operations | $4.51 | $3.21 | $(3.39) | $13.30 | $1.19 | $1.82 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.38) | $(0.77) | $(0.70) | $(0.60) | $(0.65) | $(0.79) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.54) | $(3.46) | $(1.76) | $(1.07) | $(1.20) | $(1.33) |
Net asset value, end of period (x) | $48.94 | $47.97 | $48.22 | $53.37 | $41.14 | $41.15 |
Total return (%) (r)(s)(t)(x) | 9.80(n) | 6.87 | (6.58) | 32.85 | 2.92 | 4.87 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.81(a) | 0.80 | 0.81 | 0.80 | 0.83 | 0.83 |
Expenses after expense reductions | 0.80(a) | 0.79 | 0.79 | 0.79 | 0.82 | 0.82 |
Net investment income (loss) | 1.61(a) | 1.67 | 1.35 | 1.25 | 1.56 | 1.99 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $2,659,882 | $2,553,121 | $2,479,059 | $2,774,355 | $2,036,093 | $2,096,743 |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $48.21 | $48.44 | $53.61 | $41.31 | $41.32 | $40.82 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.44 | $0.92 | $0.82 | $0.70 | $0.73 | $0.89 |
Net realized and unrealized gain (loss) | 4.15 | 2.43 | (4.11) | 12.78 | 0.56 | 1.03 |
Total from investment operations | $4.59 | $3.35 | $(3.29) | $13.48 | $1.29 | $1.92 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.45) | $(0.89) | $(0.82) | $(0.71) | $(0.75) | $(0.88) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.61) | $(3.58) | $(1.88) | $(1.18) | $(1.30) | $(1.42) |
Net asset value, end of period (x) | $49.19 | $48.21 | $48.44 | $53.61 | $41.31 | $41.32 |
Total return (%) (r)(s)(t)(x) | 9.93(n) | 7.16 | (6.36) | 33.20 | 3.17 | 5.14 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.56(a) | 0.55 | 0.56 | 0.55 | 0.58 | 0.58 |
Expenses after expense reductions | 0.55(a) | 0.54 | 0.54 | 0.54 | 0.57 | 0.57 |
Net investment income (loss) | 1.85(a) | 1.92 | 1.59 | 1.50 | 1.80 | 2.24 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $1,753,940 | $1,803,820 | $1,936,377 | $2,625,508 | $2,323,830 | $2,916,674 |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $48.20 | $48.43 | $53.60 | $41.31 | $41.32 | $40.83 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.46 | $0.97 | $0.88 | $0.76 | $0.78 | $0.93 |
Net realized and unrealized gain (loss) | 4.16 | 2.43 | (4.11) | 12.76 | 0.55 | 1.02 |
Total from investment operations | $4.62 | $3.40 | $(3.23) | $13.52 | $1.33 | $1.95 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.48) | $(0.94) | $(0.88) | $(0.76) | $(0.79) | $(0.92) |
From net realized gain | (3.16) | (2.69) | (1.06) | (0.47) | (0.55) | (0.54) |
Total distributions declared to shareholders | $(3.64) | $(3.63) | $(1.94) | $(1.23) | $(1.34) | $(1.46) |
Net asset value, end of period (x) | $49.18 | $48.20 | $48.43 | $53.60 | $41.31 | $41.32 |
Total return (%) (r)(s)(t)(x) | 9.99(n) | 7.28 | (6.26) | 33.33 | 3.29 | 5.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.45(a) | 0.45 | 0.44 | 0.45 | 0.47 | 0.48 |
Expenses after expense reductions | 0.44(a) | 0.44 | 0.43 | 0.44 | 0.46 | 0.47 |
Net investment income (loss) | 1.96(a) | 2.03 | 1.72 | 1.60 | 1.92 | 2.35 |
Portfolio turnover | 8(n) | 12 | 12 | 8 | 16 | 11 |
Net assets at end of period (000 omitted) | $20,606,245 | $20,015,706 | $20,671,878 | $22,910,207 | $16,158,507 | $14,716,194 |
(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 | $57,840,433,314 | $— | $— | $57,840,433,314 |
Mutual Funds | 437,718,012 | — | — | 437,718,012 |
Total | $58,278,151,326 | $— | $— | $58,278,151,326 |
Year ended 8/31/23 | |
Ordinary income (including any short-term capital gains) | $1,070,687,344 |
Long-term capital gains | 3,124,638,153 |
Total distributions | $4,195,325,497 |
As of 2/29/24 | |
Cost of investments | $32,524,222,858 |
Gross appreciation | 26,403,670,790 |
Gross depreciation | (649,742,322) |
Net unrealized appreciation (depreciation) | $25,753,928,468 |
As of 8/31/23 | |
Undistributed ordinary income | 205,880,062 |
Undistributed long-term capital gain | 2,587,376,057 |
Other temporary differences | 962,440 |
Net unrealized appreciation (depreciation) | 23,604,644,251 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Class A | $544,441,624 | $551,687,615 | |
Class B | 1,602,171 | 2,129,786 | |
Class C | 30,852,173 | 35,146,957 | |
Class I | 1,735,756,246 | 1,755,219,721 | |
Class R1 | 924,640 | 1,026,641 | |
Class R2 | 20,720,921 | 22,240,355 | |
Class R3 | 183,140,701 | 181,399,016 | |
Class R4 | 129,856,525 | 138,758,105 | |
Class R6 | 1,458,791,982 | 1,507,717,301 | |
Total | $4,106,086,983 | $4,195,325,497 |
Up to $7.5 billion | 0.60% |
In excess of $7.5 billion and up to $10 billion | 0.53% |
In excess of $10 billion and up to $20 billion | 0.50% |
In excess of $20 billion and up to $25 billion | 0.45% |
In excess of $25 billion and up to $30 billion | 0.42% |
In excess of $30 billion and up to $35 billion | 0.40% |
In excess of $35 billion and up to $40 billion | 0.38% |
In excess of $40 billion and up to $45 billion | 0.36% |
In excess of $45 billion and up to $50 billion | 0.35% |
In excess of $50 billion and up to $60 billion | 0.34% |
In excess of $60 billion and up to $70 billion | 0.33% |
In excess of $70 billion | 0.32% |
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% | $ 9,349,310 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 115,527 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 2,222,782 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 60,676 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 703,204 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 3,121,385 |
Total Distribution and Service Fees | $15,572,884 |
(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 February 29, 2024 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 February 29, 2024, this rebate amounted to $230, $14, and $107 for Class A, Class C, and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $27,202 |
Class B | 4,532 |
Class C | 10,212 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 8,977,816 | $424,489,708 | 20,294,433 | $967,333,947 | |
Class B | 5,922 | 277,814 | 15,754 | 744,064 | |
Class C | 634,567 | 29,637,426 | 1,350,932 | 63,865,236 | |
Class I | 41,832,133 | 1,989,869,588 | 88,474,107 | 4,248,776,372 | |
Class R1 | 19,663 | 907,734 | 93,477 | 4,462,218 | |
Class R2 | 516,666 | 23,989,517 | 909,315 | 42,973,930 | |
Class R3 | 3,756,361 | 177,439,518 | 8,233,341 | 390,788,500 | |
Class R4 | 2,201,224 | 104,262,255 | 6,512,350 | 309,671,787 | |
Class R6 | 23,028,700 | 1,087,652,532 | 58,826,001 | 2,802,427,943 | |
80,973,052 | $3,838,526,092 | 184,709,710 | $8,831,043,997 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 9,591,371 | $449,144,946 | 9,622,375 | $454,773,857 | |
Class B | 33,146 | 1,549,906 | 43,305 | 2,047,339 | |
Class C | 559,775 | 25,895,606 | 625,070 | 29,265,383 | |
Class I | 30,341,226 | 1,430,279,639 | 30,616,507 | 1,455,075,269 | |
Class R1 | 20,205 | 924,640 | 22,146 | 1,026,641 | |
Class R2 | 446,661 | 20,656,854 | 473,548 | 22,137,591 | |
Class R3 | 3,929,128 | 183,015,015 | 3,856,794 | 181,396,095 | |
Class R4 | 2,710,815 | 126,869,217 | 2,861,279 | 135,064,057 | |
Class R6 | 28,668,550 | 1,340,897,859 | 29,120,615 | 1,373,877,958 | |
76,300,877 | $3,579,233,682 | 77,241,639 | $3,654,664,190 | ||
Shares reacquired | |||||
Class A | (17,066,249) | $(807,125,727) | (30,835,478) | $(1,469,949,612) | |
Class B | (146,388) | (6,911,572) | (262,928) | (12,473,864) | |
Class C | (2,028,795) | (94,678,365) | (3,725,416) | (175,284,541) | |
Class I | (73,344,707) | (3,495,013,166) | (124,906,760) | (6,004,551,022) | |
Class R1 | (128,338) | (5,914,454) | (165,796) | (7,819,288) | |
Class R2 | (1,563,140) | (73,238,730) | (1,876,566) | (88,377,011) | |
Class R3 | (6,557,405) | (307,029,295) | (10,288,096) | (488,102,680) | |
Class R4 | (6,674,796) | (316,120,847) | (11,933,485) | (570,618,867) | |
Class R6 | (47,971,163) | (2,271,618,726) | (99,479,797) | (4,761,407,229) | |
(155,480,981) | $(7,377,650,882) | (283,474,322) | $(13,578,584,114) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 1,502,938 | $66,508,927 | (918,670) | $(47,841,808) | |
Class B | (107,320) | (5,083,852) | (203,869) | (9,682,461) | |
Class C | (834,453) | (39,145,333) | (1,749,414) | (82,153,922) | |
Class I | (1,171,348) | (74,863,939) | (5,816,146) | (300,699,381) | |
Class R1 | (88,470) | (4,082,080) | (50,173) | (2,330,429) | |
Class R2 | (599,813) | (28,592,359) | (493,703) | (23,265,490) | |
Class R3 | 1,128,084 | 53,425,238 | 1,802,039 | 84,081,915 | |
Class R4 | (1,762,757) | (84,989,375) | (2,559,856) | (125,883,023) | |
Class R6 | 3,726,087 | 156,931,665 | (11,533,181) | (585,101,328) | |
1,792,948 | $40,108,892 | (21,522,973) | $(1,092,875,927) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $160,098,874 | $3,845,150,483 | $3,567,436,151 | $(79,268) | $(15,926) | $437,718,012 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $5,898,189 | $— |
Equity Fund
Equity Fund
1 | |
3 | |
5 | |
11 | |
13 | |
14 | |
15 | |
24 | |
35 | |
35 | |
35 | |
35 | |
35 |
back cover |
McKesson Corp. | 3.0% |
Microsoft Corp. | 2.8% |
Merck & Co., Inc. | 2.7% |
DBS Group Holdings Ltd. | 2.6% |
Constellation Software, Inc. | 2.4% |
Johnson & Johnson | 2.4% |
Eli Lilly & Co. | 2.2% |
Colgate-Palmolive Co. | 2.1% |
Jollibee Foods Corp. | 2.1% |
KDDI Corp. | 2.0% |
Information Technology | 16.9% |
Health Care | 16.7% |
Financials | 16.3% |
Consumer Staples | 11.2% |
Industrials | 10.1% |
Communication Services | 9.6% |
Consumer Discretionary | 8.2% |
Utilities | 6.9% |
Materials | 2.0% |
Real Estate | 1.2% |
Energy | 0.5% |
Equity Warrants (o) | 0.0% |
United States | 58.5% |
Japan | 10.3% |
Canada | 5.3% |
Singapore | 4.9% |
Philippines | 3.8% |
Switzerland | 3.8% |
South Korea | 2.7% |
United Kingdom | 2.1% |
Thailand | 1.6% |
Other Countries | 7.0% |
United States Dollar | 59.4% |
Japanese Yen | 10.3% |
Singapore Dollar | 4.9% |
Canadian Dollar | 4.8% |
Euro | 4.0% |
Philippine Peso | 3.8% |
Swiss Franc | 3.8% |
South Korean Won | 2.7% |
British Pound Sterling | 2.1% |
Other Currencies | 4.2% |
(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. |
(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. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 1.00% | $1,000.00 | $1,094.68 | $5.21 |
Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
B | Actual | 1.75% | $1,000.00 | $1,090.27 | $9.09 |
Hypothetical (h) | 1.75% | $1,000.00 | $1,016.16 | $8.77 | |
C | Actual | 1.75% | $1,000.00 | $1,090.70 | $9.10 |
Hypothetical (h) | 1.75% | $1,000.00 | $1,016.16 | $8.77 | |
I | Actual | 0.75% | $1,000.00 | $1,096.11 | $3.91 |
Hypothetical (h) | 0.75% | $1,000.00 | $1,021.13 | $3.77 | |
R1 | Actual | 1.75% | $1,000.00 | $1,090.85 | $9.10 |
Hypothetical (h) | 1.75% | $1,000.00 | $1,016.16 | $8.77 | |
R2 | Actual | 1.25% | $1,000.00 | $1,093.19 | $6.51 |
Hypothetical (h) | 1.25% | $1,000.00 | $1,018.65 | $6.27 | |
R3 | Actual | 1.00% | $1,000.00 | $1,094.51 | $5.21 |
Hypothetical (h) | 1.00% | $1,000.00 | $1,019.89 | $5.02 | |
R4 | Actual | 0.75% | $1,000.00 | $1,096.14 | $3.91 |
Hypothetical (h) | 0.75% | $1,000.00 | $1,021.13 | $3.77 | |
R6 | Actual | 0.66% | $1,000.00 | $1,096.80 | $3.44 |
Hypothetical (h) | 0.66% | $1,000.00 | $1,021.58 | $3.32 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.3% | ||||
Aerospace & Defense – 2.2% | ||||
General Dynamics Corp. | 9,460 | $2,584,945 | ||
Singapore Technologies Engineering Ltd. | 961,000 | 2,842,540 | ||
$5,427,485 | ||||
Automotive – 0.5% | ||||
Bridgestone Corp. | 30,400 | $1,307,086 | ||
Brokerage & Asset Managers – 0.4% | ||||
IG Group Holdings PLC | 113,054 | $997,529 | ||
Business Services – 4.8% | ||||
Accenture PLC, “A” | 8,588 | $3,218,611 | ||
Fiserv, Inc. (a) | 8,356 | 1,247,300 | ||
NS Solutions Corp. | 103,000 | 3,442,036 | ||
Secom Co. Ltd. | 20,800 | 1,515,048 | ||
Serco Group PLC | 520,712 | 1,231,112 | ||
Sohgo Security Services Co. Ltd. | 180,400 | 999,107 | ||
$11,653,214 | ||||
Cable TV – 0.7% | ||||
Comcast Corp., “A” | 41,552 | $1,780,503 | ||
Computer Software – 4.4% | ||||
ACI Worldwide, Inc. (a) | 85,666 | $2,819,268 | ||
Check Point Software Technologies Ltd. (a) | 6,436 | 1,032,463 | ||
Microsoft Corp. | 16,335 | 6,756,810 | ||
$10,608,541 | ||||
Computer Software - Systems – 6.0% | ||||
Apple, Inc. | 6,423 | $1,160,957 | ||
Constellation Software, Inc. | 2,079 | 5,788,066 | ||
Fujitsu Ltd. | 12,800 | 1,996,585 | ||
Hitachi Ltd. | 18,000 | 1,520,611 | ||
SS&C Technologies Holdings, Inc. | 22,878 | 1,458,701 | ||
Venture Corp. Ltd. | 263,300 | 2,739,549 | ||
$14,664,469 | ||||
Construction – 0.6% | ||||
AvalonBay Communities, Inc., REIT | 7,538 | $1,334,452 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – 3.8% | ||||
Colgate-Palmolive Co. | 59,903 | $5,182,807 | ||
Kimberly-Clark Corp. | 21,139 | 2,561,413 | ||
Procter & Gamble Co. | 9,040 | 1,436,818 | ||
$9,181,038 | ||||
Consumer Services – 0.4% | ||||
Booking Holdings, Inc. | 310 | $1,075,337 | ||
Electrical Equipment – 0.4% | ||||
TE Connectivity Ltd. | 7,438 | $1,067,799 | ||
Electronics – 2.6% | ||||
Analog Devices, Inc. | 16,364 | $3,138,942 | ||
Kyocera Corp. | 213,300 | 3,136,472 | ||
$6,275,414 | ||||
Energy - Integrated – 0.5% | ||||
TotalEnergies SE | 18,638 | $1,188,291 | ||
Food & Beverages – 4.7% | ||||
General Mills, Inc. | 50,745 | $3,256,814 | ||
J.M. Smucker Co. | 13,483 | 1,620,252 | ||
Mondelez International, Inc. | 26,666 | 1,948,485 | ||
Nestle S.A. | 17,111 | 1,775,434 | ||
PepsiCo, Inc. | 17,561 | 2,903,536 | ||
$11,504,521 | ||||
Food & Drug Stores – 1.3% | ||||
Sundrug Co. Ltd. | 50,900 | $1,586,551 | ||
Tesco PLC | 462,165 | 1,626,493 | ||
$3,213,044 | ||||
General Merchandise – 0.9% | ||||
Dollarama, Inc. | 29,165 | $2,256,008 | ||
Health Maintenance Organizations – 0.7% | ||||
Cigna Group | 5,214 | $1,752,634 | ||
Insurance – 6.8% | ||||
Chubb Ltd. | 8,526 | $2,145,739 | ||
Everest Group Ltd. | 11,331 | 4,179,779 | ||
MetLife, Inc. | 30,811 | 2,148,759 | ||
Reinsurance Group of America, Inc. | 15,980 | 2,826,063 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 15,430 | 3,453,094 | ||
Zurich Insurance Group AG | 3,220 | 1,711,313 | ||
$16,464,747 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Internet – 1.5% | ||||
Alphabet, Inc., “A” (a) | 25,888 | $3,584,452 | ||
Leisure & Toys – 2.1% | ||||
Electronic Arts, Inc. | 29,601 | $4,128,748 | ||
Sankyo Co. Ltd. | 89,000 | 1,015,141 | ||
$5,143,889 | ||||
Machinery & Tools – 1.7% | ||||
Eaton Corp. PLC | 14,163 | $4,093,107 | ||
Major Banks – 5.9% | ||||
DBS Group Holdings Ltd. | 253,600 | $6,281,809 | ||
JPMorgan Chase & Co. | 24,565 | 4,570,564 | ||
Mitsubishi UFJ Financial Group, Inc. | 115,400 | 1,186,945 | ||
Royal Bank of Canada | 11,717 | 1,137,486 | ||
Wells Fargo & Co. | 23,384 | 1,299,917 | ||
$14,476,721 | ||||
Medical & Health Technology & Services – 3.0% | ||||
McKesson Corp. | 14,035 | $7,317,989 | ||
Medical Equipment – 1.0% | ||||
Becton, Dickinson and Co. | 4,695 | $1,105,907 | ||
Medtronic PLC | 16,162 | 1,347,265 | ||
$2,453,172 | ||||
Natural Gas - Distribution – 1.5% | ||||
Atmos Energy Corp. | 8,778 | $991,124 | ||
Italgas S.p.A. | 471,091 | 2,568,686 | ||
$3,559,810 | ||||
Network & Telecom – 0.8% | ||||
Motorola Solutions, Inc. | 5,725 | $1,891,483 | ||
Other Banks & Diversified Financials – 2.7% | ||||
Banco de Oro Unibank, Inc. | 1,567,050 | $4,265,030 | ||
Mastercard, Inc., “A” | 2,587 | 1,228,204 | ||
Visa, Inc., “A” | 4,078 | 1,152,606 | ||
$6,645,840 | ||||
Pharmaceuticals – 11.9% | ||||
Eli Lilly & Co. | 7,190 | $5,418,959 | ||
Johnson & Johnson | 35,848 | 5,785,150 | ||
Merck & Co., Inc. | 50,635 | 6,438,240 | ||
Novartis AG | 14,592 | 1,476,608 | ||
Novo Nordisk A.S., “B” | 14,703 | 1,747,560 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Roche Holding AG | 16,063 | $4,213,053 | ||
Sanofi | 10,910 | 1,036,357 | ||
Vertex Pharmaceuticals, Inc. (a) | 7,115 | 2,993,565 | ||
$29,109,492 | ||||
Pollution Control – 1.7% | ||||
Republic Services, Inc. | 22,628 | $4,154,501 | ||
Precious Metals & Minerals – 1.5% | ||||
Franco-Nevada Corp. | 35,670 | $3,734,554 | ||
Railroad & Shipping – 1.1% | ||||
Sankyu, Inc. | 43,700 | $1,542,267 | ||
West Japan Railway Co. | 24,200 | 1,005,805 | ||
$2,548,072 | ||||
Real Estate – 0.7% | ||||
Public Storage, Inc., REIT | 5,742 | $1,629,982 | ||
Restaurants – 4.2% | ||||
Jollibee Foods Corp. | 1,031,760 | $5,025,276 | ||
McDonald's Corp. | 8,598 | 2,513,024 | ||
Starbucks Corp. | 29,008 | 2,752,859 | ||
$10,291,159 | ||||
Specialty Chemicals – 0.4% | ||||
RPM International, Inc. | 9,137 | $1,053,953 | ||
Specialty Stores – 2.6% | ||||
AutoZone, Inc. (a) | 765 | $2,299,605 | ||
TJX Cos., Inc. | 18,059 | 1,790,369 | ||
Walmart Stores, Inc. | 38,493 | 2,256,075 | ||
$6,346,049 | ||||
Telecommunications - Wireless – 3.6% | ||||
Advanced Info Service Public Co. Ltd. | 700,500 | $3,984,442 | ||
KDDI Corp. | 159,500 | 4,845,004 | ||
$8,829,446 | ||||
Telephone Services – 2.1% | ||||
Koninklijke KPN N.V. | 996,501 | $3,643,551 | ||
Orange S.A. | 116,843 | 1,339,367 | ||
$4,982,918 | ||||
Tobacco – 0.5% | ||||
British American Tobacco PLC | 42,164 | $1,248,093 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Trucking – 0.6% | ||||
Knight-Swift Transportation Holdings, Inc. | 27,349 | $1,540,843 | ||
Utilities - Electric Power – 5.5% | ||||
CLP Holdings Ltd. | 410,000 | $3,416,885 | ||
Duke Energy Corp. | 13,497 | 1,239,430 | ||
Edison International | 40,543 | 2,757,735 | ||
Equatorial Energia S.A. | 157,100 | 1,080,179 | ||
Evergy, Inc. | 24,960 | 1,236,518 | ||
PG&E Corp. | 91,309 | 1,523,947 | ||
Xcel Energy, Inc. | 39,509 | 2,081,729 | ||
$13,336,423 | ||||
Total Common Stocks (Identified Cost, $178,152,312) | $239,724,060 | |||
Preferred Stocks – 1.3% | ||||
Computer Software - Systems – 1.3% | ||||
Samsung Electronics Co. Ltd. (Identified Cost, $2,789,892) | 65,235 | $3,115,760 |
Strike Price | First Exercise | |||
Warrants – 0.0% | ||||
Computer Software - Systems – 0.0% | ||||
Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a)(Identified Cost, $0) | CAD 11.5 | N/A | 2,938 | $0 |
Investment Companies (h) – 0.2% | ||||
Money Market Funds – 0.2% | ||||
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $549,123) | 549,123 | $549,123 | ||
Other Assets, Less Liabilities – 0.2% | 428,816 | |||
Net Assets – 100.0% | $243,817,759 |
(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 $549,123 and $242,839,820, 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 |
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: | |
CAD | Canadian Dollar |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $180,942,204) | $242,839,820 |
Investments in affiliated issuers, at value (identified cost, $549,123) | 549,123 |
Cash | 10,174 |
Foreign currency, at value (identified cost, $22) | 22 |
Receivables for | |
Fund shares sold | 143,227 |
Dividends | 582,335 |
Receivable from investment adviser | 3,868 |
Other assets | 41,494 |
Total assets | $244,170,063 |
Liabilities | |
Payables for | |
Fund shares reacquired | $225,214 |
Payable to affiliates | |
Administrative services fee | 247 |
Shareholder servicing costs | 32,539 |
Distribution and service fees | 660 |
Payable for independent Trustees' compensation | 1,221 |
Deferred foreign capital gains tax expense payable | 24,600 |
Payable for audit and tax fees | 31,920 |
Accrued expenses and other liabilities | 35,903 |
Total liabilities | $352,304 |
Net assets | $243,817,759 |
Net assets consist of | |
Paid-in capital | $176,066,536 |
Total distributable earnings (loss) | 67,751,223 |
Net assets | $243,817,759 |
Shares of beneficial interest outstanding | 14,924,679 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $31,540,331 | 1,930,069 | $16.34 |
Class B | 289,406 | 17,871 | 16.19 |
Class C | 3,644,052 | 225,518 | 16.16 |
Class I | 101,518,557 | 6,209,822 | 16.35 |
Class R1 | 157,551 | 9,689 | 16.26 |
Class R2 | 183,153 | 11,202 | 16.35 |
Class R3 | 103,319 | 6,312 | 16.37 |
Class R4 | 101,607 | 6,214 | 16.35 |
Class R6 | 106,279,783 | 6,507,982 | 16.33 |
(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 $17.34 [100 / 94.25 x $16.34]. 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 | $2,512,338 |
Dividends from affiliated issuers | 26,507 |
Other | 8,443 |
Interest | 1,995 |
Income on securities loaned | 1,522 |
Foreign taxes withheld | (100,839) |
Total investment income | $2,449,966 |
Expenses | |
Management fee | $697,795 |
Distribution and service fees | 58,432 |
Shareholder servicing costs | 73,956 |
Administrative services fee | 23,194 |
Independent Trustees' compensation | 3,508 |
Custodian fee | 32,615 |
Shareholder communications | 12,559 |
Audit and tax fees | 34,338 |
Legal fees | 766 |
Registration fees | 65,437 |
Miscellaneous | 28,311 |
Total expenses | $1,030,911 |
Reduction of expenses by investment adviser | (64,196) |
Net expenses | $966,715 |
Net investment income (loss) | $1,483,251 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (includes $32,236 foreign capital gains tax) | $8,347,191 |
Affiliated issuers | (67) |
Foreign currency | (19,748) |
Net realized gain (loss) | $8,327,376 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (includes $64,316 decrease in deferred foreign capital gains tax) | $10,031,201 |
Affiliated issuers | (187) |
Translation of assets and liabilities in foreign currencies | (8,506) |
Net unrealized gain (loss) | $10,022,508 |
Net realized and unrealized gain (loss) | $18,349,884 |
Change in net assets from operations | $19,833,135 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $1,483,251 | $4,864,434 |
Net realized gain (loss) | 8,327,376 | (18,112) |
Net unrealized gain (loss) | 10,022,508 | 23,359,410 |
Change in net assets from operations | $19,833,135 | $28,205,732 |
Total distributions to shareholders | $(3,004,293) | $(10,214,151) |
Change in net assets from fund share transactions | $(91,583,396) | $61,624,592 |
Total change in net assets | $(74,754,554) | $79,616,173 |
Net assets | ||
At beginning of period | 318,572,313 | 238,956,140 |
At end of period | $243,817,759 | $318,572,313 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $15.08 | $14.14 | $17.04 | $14.18 | $13.92 | $13.73 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.22 | $0.19 | $0.17 | $0.23 | $0.25 |
Net realized and unrealized gain (loss) | 1.35 | 1.25 | (1.64) | 2.90 | 0.39 | 0.56 |
Total from investment operations | $1.42 | $1.47 | $(1.45) | $3.07 | $0.62 | $0.81 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.19) | $(0.16) | $(0.21) | $(0.27) | $(0.23) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.16) | $(0.53) | $(1.45) | $(0.21) | $(0.36) | $(0.62) |
Net asset value, end of period (x) | $16.34 | $15.08 | $14.14 | $17.04 | $14.18 | $13.92 |
Total return (%) (r)(s)(t)(x) | 9.47(n) | 10.67 | (9.35) | 21.83 | 4.60 | 6.38 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.05(a) | 1.03 | 1.05 | 1.04 | 1.05 | 1.05 |
Expenses after expense reductions | 1.00(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.98 |
Net investment income (loss) | 0.88(a)(l) | 1.50 | 1.23 | 1.14 | 1.68 | 1.86 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $31,540 | $33,745 | $25,531 | $25,815 | $23,494 | $19,981 |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $14.94 | $14.00 | $16.90 | $14.08 | $13.82 | $13.63 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.11 | $0.07 | $0.06 | $0.12 | $0.14 |
Net realized and unrealized gain (loss) | 1.34 | 1.24 | (1.62) | 2.86 | 0.40 | 0.57 |
Total from investment operations | $1.35 | $1.35 | $(1.55) | $2.92 | $0.52 | $0.71 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.03) | $(0.07) | $(0.06) | $(0.10) | $(0.17) | $(0.13) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.10) | $(0.41) | $(1.35) | $(0.10) | $(0.26) | $(0.52) |
Net asset value, end of period (x) | $16.19 | $14.94 | $14.00 | $16.90 | $14.08 | $13.82 |
Total return (%) (r)(s)(t)(x) | 9.03(n) | 9.90 | (10.03) | 20.88 | 3.81 | 5.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.80(a) | 1.78 | 1.80 | 1.78 | 1.80 | 1.79 |
Expenses after expense reductions | 1.75(a) | 1.74 | 1.74 | 1.74 | 1.75 | 1.74 |
Net investment income (loss) | 0.15(a)(l) | 0.75 | 0.48 | 0.40 | 0.88 | 1.03 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $289 | $361 | $438 | $475 | $410 | $410 |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $14.91 | $13.98 | $16.88 | $14.05 | $13.80 | $13.62 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.11 | $0.07 | $0.06 | $0.12 | $0.14 |
Net realized and unrealized gain (loss) | 1.34 | 1.24 | (1.62) | 2.88 | 0.39 | 0.57 |
Total from investment operations | $1.35 | $1.35 | $(1.55) | $2.94 | $0.51 | $0.71 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.03) | $(0.08) | $(0.06) | $(0.11) | $(0.17) | $(0.14) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.10) | $(0.42) | $(1.35) | $(0.11) | $(0.26) | $(0.53) |
Net asset value, end of period (x) | $16.16 | $14.91 | $13.98 | $16.88 | $14.05 | $13.80 |
Total return (%) (r)(s)(t)(x) | 9.07(n) | 9.89 | (10.04) | 21.00 | 3.77 | 5.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.80(a) | 1.78 | 1.80 | 1.79 | 1.80 | 1.80 |
Expenses after expense reductions | 1.75(a) | 1.74 | 1.74 | 1.74 | 1.75 | 1.74 |
Net investment income (loss) | 0.09(a)(l) | 0.74 | 0.49 | 0.39 | 0.90 | 1.02 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $3,644 | $3,405 | $3,001 | $3,133 | $3,261 | $2,876 |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $15.09 | $14.14 | $17.05 | $14.18 | $13.92 | $13.73 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.26 | $0.24 | $0.21 | $0.26 | $0.28 |
Net realized and unrealized gain (loss) | 1.34 | 1.25 | (1.66) | 2.90 | 0.39 | 0.56 |
Total from investment operations | $1.44 | $1.51 | $(1.42) | $3.11 | $0.65 | $0.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.22) | $(0.20) | $(0.24) | $(0.30) | $(0.26) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.18) | $(0.56) | $(1.49) | $(0.24) | $(0.39) | $(0.65) |
Net asset value, end of period (x) | $16.35 | $15.09 | $14.14 | $17.05 | $14.18 | $13.92 |
Total return (%) (r)(s)(t)(x) | 9.61(n) | 11.02 | (9.18) | 22.21 | 4.85 | 6.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.80(a) | 0.78 | 0.80 | 0.79 | 0.80 | 0.79 |
Expenses after expense reductions | 0.75(a) | 0.74 | 0.74 | 0.74 | 0.75 | 0.74 |
Net investment income (loss) | 1.27(a)(l) | 1.77 | 1.53 | 1.38 | 1.88 | 2.09 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $101,519 | $179,777 | $124,266 | $102,723 | $106,849 | $118,907 |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $15.00 | $14.07 | $16.97 | $14.13 | $13.88 | $13.69 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.11 | $0.07 | $0.06 | $0.12 | $0.14 |
Net realized and unrealized gain (loss) | 1.35 | 1.24 | (1.63) | 2.89 | 0.39 | 0.58 |
Total from investment operations | $1.36 | $1.35 | $(1.56) | $2.95 | $0.51 | $0.72 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.03) | $(0.08) | $(0.05) | $(0.11) | $(0.17) | $(0.14) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.10) | $(0.42) | $(1.34) | $(0.11) | $(0.26) | $(0.53) |
Net asset value, end of period (x) | $16.26 | $15.00 | $14.07 | $16.97 | $14.13 | $13.88 |
Total return (%) (r)(s)(t)(x) | 9.08(n) | 9.82 | (10.00) | 20.96 | 3.74 | 5.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.80(a) | 1.78 | 1.80 | 1.78 | 1.80 | 1.79 |
Expenses after expense reductions | 1.75(a) | 1.74 | 1.74 | 1.74 | 1.75 | 1.74 |
Net investment income (loss) | 0.09(a)(l) | 0.74 | 0.48 | 0.40 | 0.90 | 1.03 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $158 | $140 | $130 | $149 | $109 | $96 |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $15.09 | $14.14 | $17.04 | $14.18 | $13.92 | $13.73 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.18 | $0.15 | $0.15 | $0.19 | $0.21 |
Net realized and unrealized gain (loss) | 1.35 | 1.26 | (1.65) | 2.88 | 0.40 | 0.57 |
Total from investment operations | $1.40 | $1.44 | $(1.50) | $3.03 | $0.59 | $0.78 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.15) | $(0.11) | $(0.17) | $(0.24) | $(0.20) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.14) | $(0.49) | $(1.40) | $(0.17) | $(0.33) | $(0.59) |
Net asset value, end of period (x) | $16.35 | $15.09 | $14.14 | $17.04 | $14.18 | $13.92 |
Total return (%) (r)(s)(t)(x) | 9.32(n) | 10.46 | (9.63) | 21.56 | 4.33 | 6.09 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.30(a) | 1.28 | 1.30 | 1.28 | 1.30 | 1.29 |
Expenses after expense reductions | 1.25(a) | 1.24 | 1.24 | 1.24 | 1.25 | 1.24 |
Net investment income (loss) | 0.59(a)(l) | 1.25 | 0.98 | 0.94 | 1.37 | 1.53 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $183 | $166 | $137 | $263 | $170 | $75 |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $15.11 | $14.16 | $17.06 | $14.20 | $13.94 | $13.74 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.22 | $0.19 | $0.18 | $0.23 | $0.24 |
Net realized and unrealized gain (loss) | 1.35 | 1.26 | (1.64) | 2.89 | 0.39 | 0.58 |
Total from investment operations | $1.42 | $1.48 | $(1.45) | $3.07 | $0.62 | $0.82 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.19) | $(0.16) | $(0.21) | $(0.27) | $(0.23) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.16) | $(0.53) | $(1.45) | $(0.21) | $(0.36) | $(0.62) |
Net asset value, end of period (x) | $16.37 | $15.11 | $14.16 | $17.06 | $14.20 | $13.94 |
Total return (%) (r)(s)(t)(x) | 9.45(n) | 10.72 | (9.34) | 21.81 | 4.58 | 6.42 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.05(a) | 1.03 | 1.05 | 1.04 | 1.05 | 1.04 |
Expenses after expense reductions | 1.00(a) | 0.99 | 0.99 | 0.99 | 1.00 | 0.99 |
Net investment income (loss) | 0.86(a)(l) | 1.50 | 1.23 | 1.15 | 1.65 | 1.78 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $103 | $104 | $92 | $98 | $79 | $71 |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $15.09 | $14.15 | $17.05 | $14.18 | $13.92 | $13.73 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.25 | $0.23 | $0.21 | $0.26 | $0.27 |
Net realized and unrealized gain (loss) | 1.36 | 1.25 | (1.64) | 2.90 | 0.39 | 0.57 |
Total from investment operations | $1.44 | $1.50 | $(1.41) | $3.11 | $0.65 | $0.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.22) | $(0.20) | $(0.24) | $(0.30) | $(0.26) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.18) | $(0.56) | $(1.49) | $(0.24) | $(0.39) | $(0.65) |
Net asset value, end of period (x) | $16.35 | $15.09 | $14.15 | $17.05 | $14.18 | $13.92 |
Total return (%) (r)(s)(t)(x) | 9.61(n) | 10.94 | (9.12) | 22.21 | 4.85 | 6.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.80(a) | 0.78 | 0.80 | 0.79 | 0.81 | 0.79 |
Expenses after expense reductions | 0.75(a) | 0.74 | 0.74 | 0.74 | 0.75 | 0.74 |
Net investment income (loss) | 1.09(a)(l) | 1.75 | 1.47 | 1.40 | 1.89 | 2.03 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $102 | $93 | $84 | $92 | $75 | $72 |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $15.07 | $14.13 | $17.03 | $14.17 | $13.91 | $13.72 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.27 | $0.24 | $0.22 | $0.27 | $0.28 |
Net realized and unrealized gain (loss) | 1.36 | 1.24 | (1.64) | 2.90 | 0.40 | 0.57 |
Total from investment operations | $1.45 | $1.51 | $(1.40) | $3.12 | $0.67 | $0.85 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.23) | $(0.21) | $(0.26) | $(0.32) | $(0.27) |
From net realized gain | (0.07) | (0.34) | (1.29) | — | (0.09) | (0.39) |
Total distributions declared to shareholders | $(0.19) | $(0.57) | $(1.50) | $(0.26) | $(0.41) | $(0.66) |
Net asset value, end of period (x) | $16.33 | $15.07 | $14.13 | $17.03 | $14.17 | $13.91 |
Total return (%) (r)(s)(t)(x) | 9.68(n) | 11.04 | (9.06) | 22.25 | 4.94 | 6.68 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.72(a) | 0.69 | 0.72 | 0.71 | 0.73 | 0.72 |
Expenses after expense reductions | 0.66(a) | 0.66 | 0.66 | 0.67 | 0.67 | 0.67 |
Net investment income (loss) | 1.18(a)(l) | 1.83 | 1.54 | 1.44 | 2.01 | 2.11 |
Portfolio turnover | 17(n) | 25 | 46 | 36 | 43 | 65 |
Net assets at end of period (000 omitted) | $106,280 | $100,782 | $85,277 | $94,987 | $84,631 | $76,901 |
(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: | ||||
United States | $141,784,574 | $— | $— | $141,784,574 |
Japan | 25,098,658 | — | — | 25,098,658 |
Canada | 12,916,114 | 0 | — | 12,916,114 |
Singapore | 11,863,898 | — | — | 11,863,898 |
Philippines | 9,290,306 | — | — | 9,290,306 |
Switzerland | 9,176,408 | — | — | 9,176,408 |
South Korea | 6,568,854 | — | — | 6,568,854 |
United Kingdom | 5,103,227 | — | — | 5,103,227 |
Thailand | 3,984,442 | — | — | 3,984,442 |
Other Countries | 17,053,339 | — | — | 17,053,339 |
Mutual Funds | 549,123 | — | — | 549,123 |
Total | $243,388,943 | $0 | $— | $243,388,943 |
Year ended 8/31/23 | |
Ordinary income (including any short-term capital gains) | $4,151,143 |
Long-term capital gains | 6,063,008 |
Total distributions | $10,214,151 |
As of 2/29/24 | |
Cost of investments | $178,623,472 |
Gross appreciation | 65,812,820 |
Gross depreciation | (1,047,349) |
Net unrealized appreciation (depreciation) | $64,765,471 |
As of 8/31/23 | |
Undistributed ordinary income | 882,991 |
Undistributed long-term capital gain | 1,058,108 |
Other temporary differences | (81,759) |
Net unrealized appreciation (depreciation) | 49,063,041 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Class A | $315,481 | $1,112,251 | |
Class B | 2,104 | 12,527 | |
Class C | 22,440 | 89,340 | |
Class I | 1,451,816 | 5,415,928 | |
Class R1 | 925 | 4,004 | |
Class R2 | 1,526 | 5,190 | |
Class R3 | 1,026 | 3,520 | |
Class R4 | 1,104 | 3,378 | |
Class R6 | 1,207,871 | 3,568,013 | |
Total | $3,004,293 | $10,214,151 |
Up to $1 billion | 0.55% |
In excess of $1 billion and up to $2.5 billion | 0.525% |
In excess of $2.5 billion | 0.50% |
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% | 0.68% |
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% | $ 38,271 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 1,596 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 17,295 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 724 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 422 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 124 |
Total Distribution and Service Fees | $58,432 |
(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 February 29, 2024 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 February 29, 2024. |
Amount | |
Class A | $27 |
Class B | 60 |
Class C | 60 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 101,460 | $1,581,776 | 763,945 | $10,796,108 | |
Class B | — | — | 203 | 2,836 | |
Class C | 15,783 | 234,038 | 58,865 | 857,045 | |
Class I | 770,068 | 11,660,055 | 5,998,445 | 86,974,089 | |
Class R1 | 309 | 4,729 | 597 | 8,588 | |
Class R2 | 428 | 6,577 | 1,835 | 25,644 | |
Class R3 | 37 | 543 | 358 | 5,146 | |
Class R6 | 560,842 | 8,589,533 | 1,444,761 | 21,340,030 | |
1,448,927 | $22,077,251 | 8,269,008 | $120,009,486 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 20,453 | $315,411 | 78,207 | $1,112,206 | |
Class B | 137 | 2,103 | 889 | 12,527 | |
Class C | 1,457 | 22,440 | 6,347 | 89,340 | |
Class I | 81,421 | 1,250,325 | 297,414 | 4,233,954 | |
Class R1 | 60 | 925 | 283 | 4,004 | |
Class R2 | 99 | 1,526 | 365 | 5,190 | |
Class R3 | 66 | 1,026 | 247 | 3,520 | |
Class R4 | 72 | 1,104 | 237 | 3,378 | |
Class R6 | 77,274 | 1,188,794 | 246,294 | 3,498,889 | |
181,039 | $2,783,654 | 630,284 | $8,963,008 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (429,444) | $(6,444,993) | (410,326) | $(5,952,978) | |
Class B | (6,446) | (97,642) | (8,182) | (119,906) | |
Class C | (20,078) | (303,767) | (51,489) | (743,328) | |
Class I | (6,557,102) | (97,241,961) | (3,165,950) | (45,242,152) | |
Class R1 | (4) | (58) | (803) | (11,566) | |
Class R2 | (336) | (5,013) | (906) | (13,075) | |
Class R3 | (648) | (9,685) | (230) | (3,504) | |
Class R6 | (816,101) | (12,341,182) | (1,039,716) | (15,261,393) | |
(7,830,159) | $(116,444,301) | (4,677,602) | $(67,347,902) | ||
Net change | |||||
Class A | (307,531) | $(4,547,806) | 431,826 | $5,955,336 | |
Class B | (6,309) | (95,539) | (7,090) | (104,543) | |
Class C | (2,838) | (47,289) | 13,723 | 203,057 | |
Class I | (5,705,613) | (84,331,581) | 3,129,909 | 45,965,891 | |
Class R1 | 365 | 5,596 | 77 | 1,026 | |
Class R2 | 191 | 3,090 | 1,294 | 17,759 | |
Class R3 | (545) | (8,116) | 375 | 5,162 | |
Class R4 | 72 | 1,104 | 237 | 3,378 | |
Class R6 | (177,985) | (2,562,855) | 651,339 | 9,577,526 | |
(6,200,193) | $(91,583,396) | 4,221,690 | $61,624,592 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $4,060,471 | $17,881,229 | $21,392,323 | $(67) | $(187) | $549,123 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $26,507 | $— |
Equity Fund
Equity Fund
1 | |
2 | |
4 | |
9 | |
11 | |
12 | |
13 | |
22 | |
32 | |
32 | |
32 | |
32 | |
32 |
back cover |
Eli Lilly & Co. | 3.0% |
Accenture PLC, “A” | 2.7% |
Motorola Solutions, Inc. | 2.6% |
Merck & Co., Inc. | 2.6% |
Johnson & Johnson | 2.6% |
Amphenol Corp., “A” | 2.6% |
TE Connectivity Ltd. | 2.5% |
McKesson Corp. | 2.5% |
Cognizant Technology Solutions Corp., “A” | 2.5% |
Republic Services, Inc. | 2.4% |
Information Technology | 22.0% |
Health Care | 17.8% |
Financials | 14.3% |
Industrials | 13.6% |
Consumer Staples | 10.0% |
Consumer Discretionary | 8.0% |
Utilities | 5.3% |
Communication Services | 4.5% |
Real Estate | 2.5% |
Materials | 1.7% |
(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. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 0.89% | $1,000.00 | $1,118.08 | $4.69 |
Hypothetical (h) | 0.89% | $1,000.00 | $1,020.44 | $4.47 | |
B | Actual | 1.64% | $1,000.00 | $1,113.65 | $8.62 |
Hypothetical (h) | 1.64% | $1,000.00 | $1,016.71 | $8.22 | |
C | Actual | 1.64% | $1,000.00 | $1,113.82 | $8.62 |
Hypothetical (h) | 1.64% | $1,000.00 | $1,016.71 | $8.22 | |
I | Actual | 0.64% | $1,000.00 | $1,118.80 | $3.37 |
Hypothetical (h) | 0.64% | $1,000.00 | $1,021.68 | $3.22 | |
R1 | Actual | 1.64% | $1,000.00 | $1,113.71 | $8.62 |
Hypothetical (h) | 1.64% | $1,000.00 | $1,016.71 | $8.22 | |
R2 | Actual | 1.14% | $1,000.00 | $1,116.44 | $6.00 |
Hypothetical (h) | 1.14% | $1,000.00 | $1,019.19 | $5.72 | |
R3 | Actual | 0.89% | $1,000.00 | $1,117.57 | $4.69 |
Hypothetical (h) | 0.89% | $1,000.00 | $1,020.44 | $4.47 | |
R4 | Actual | 0.64% | $1,000.00 | $1,119.31 | $3.37 |
Hypothetical (h) | 0.64% | $1,000.00 | $1,021.68 | $3.22 | |
R6 | Actual | 0.55% | $1,000.00 | $1,119.78 | $2.90 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.13 | $2.77 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.7% | ||||
Aerospace & Defense – 4.8% | ||||
CACI International, Inc., “A” (a) | 13,559 | $5,082,591 | ||
General Dynamics Corp. | 8,605 | 2,351,316 | ||
Honeywell International, Inc. | 11,871 | 2,359,124 | ||
Huntington Ingalls Industries, Inc. | 8,209 | 2,393,909 | ||
Teledyne Technologies, Inc. (a) | 23,438 | 10,014,354 | ||
$22,201,294 | ||||
Apparel Manufacturers – 0.5% | ||||
Skechers USA, Inc., “A” (a) | 33,980 | $2,100,304 | ||
Broadcasting – 1.1% | ||||
Omnicom Group, Inc. | 59,721 | $5,278,739 | ||
Brokerage & Asset Managers – 0.6% | ||||
Cboe Global Markets, Inc. | 15,579 | $2,991,168 | ||
Business Services – 6.6% | ||||
Accenture PLC, “A” | 33,687 | $12,625,214 | ||
Cognizant Technology Solutions Corp., “A” | 143,792 | 11,362,444 | ||
Fiserv, Inc. (a) | 21,976 | 3,280,358 | ||
Insperity, Inc. | 15,779 | 1,606,144 | ||
Verisk Analytics, Inc., “A” | 7,900 | 1,911,010 | ||
$30,785,170 | ||||
Cable TV – 0.6% | ||||
Comcast Corp., “A” | 67,984 | $2,913,114 | ||
Computer Software – 3.5% | ||||
Intuit, Inc. | 9,515 | $6,307,398 | ||
Microsoft Corp. | 24,140 | 9,985,270 | ||
$16,292,668 | ||||
Computer Software - Systems – 0.8% | ||||
NetApp, Inc. | 41,716 | $3,717,730 | ||
Construction – 0.4% | ||||
AvalonBay Communities, Inc., REIT | 10,772 | $1,906,967 | ||
Consumer Products – 3.4% | ||||
Colgate-Palmolive Co. | 53,727 | $4,648,460 | ||
Kimberly-Clark Corp. | 17,793 | 2,155,978 | ||
Procter & Gamble Co. | 43,840 | 6,967,930 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – continued | ||||
Reynolds Consumer Products, Inc. | 65,239 | $1,924,550 | ||
$15,696,918 | ||||
Containers – 0.5% | ||||
Graphic Packaging Holding Co. | 82,022 | $2,128,471 | ||
Electrical Equipment – 6.3% | ||||
AMETEK, Inc. | 16,696 | $3,008,285 | ||
Amphenol Corp., “A” | 108,811 | 11,886,514 | ||
Hubbell, Inc. | 6,403 | 2,437,430 | ||
TE Connectivity Ltd. | 81,479 | 11,697,125 | ||
$29,029,354 | ||||
Electronics – 2.6% | ||||
Analog Devices, Inc. | 34,690 | $6,654,236 | ||
Corning, Inc. | 167,800 | 5,409,872 | ||
$12,064,108 | ||||
Food & Beverages – 5.2% | ||||
General Mills, Inc. | 149,082 | $9,568,083 | ||
J.M. Smucker Co. | 34,602 | 4,158,122 | ||
Mondelez International, Inc. | 36,370 | 2,657,556 | ||
PepsiCo, Inc. | 45,992 | 7,604,317 | ||
$23,988,078 | ||||
Gaming & Lodging – 1.0% | ||||
Hilton Worldwide Holdings, Inc. | 13,065 | $2,669,441 | ||
Ryman Hospitality Properties, Inc., REIT | 16,119 | 1,909,779 | ||
$4,579,220 | ||||
Health Maintenance Organizations – 1.5% | ||||
Cigna Group | 9,260 | $3,112,656 | ||
UnitedHealth Group, Inc. | 7,859 | 3,879,203 | ||
$6,991,859 | ||||
Insurance – 7.6% | ||||
Ameriprise Financial, Inc. | 4,900 | $1,996,064 | ||
Aon PLC | 6,120 | 1,933,859 | ||
Assurant, Inc. | 20,385 | 3,698,858 | ||
Chubb Ltd. | 24,507 | 6,167,677 | ||
Everest Group Ltd. | 22,691 | 8,370,256 | ||
Hanover Insurance Group, Inc. | 15,680 | 2,061,449 | ||
Hartford Financial Services Group, Inc. | 34,573 | 3,313,476 | ||
MetLife, Inc. | 39,516 | 2,755,846 | ||
Reinsurance Group of America, Inc. | 16,633 | 2,941,546 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – continued | ||||
Voya Financial, Inc. | 31,119 | $2,127,295 | ||
$35,366,326 | ||||
Internet – 2.2% | ||||
Alphabet, Inc., “A” (a) | 71,884 | $9,953,059 | ||
Machinery & Tools – 2.9% | ||||
Eaton Corp. PLC | 35,574 | $10,280,886 | ||
PACCAR, Inc. | 29,080 | 3,224,681 | ||
$13,505,567 | ||||
Major Banks – 1.6% | ||||
Bank of America Corp. | 63,132 | $2,179,317 | ||
JPMorgan Chase & Co. | 17,494 | 3,254,934 | ||
Wells Fargo & Co. | 39,253 | 2,182,074 | ||
$7,616,325 | ||||
Medical & Health Technology & Services – 2.5% | ||||
McKesson Corp. | 22,432 | $11,696,269 | ||
Medical Equipment – 3.5% | ||||
Abbott Laboratories | 20,055 | $2,379,325 | ||
Hologic, Inc. (a) | 29,979 | 2,212,450 | ||
Medtronic PLC | 61,176 | 5,099,631 | ||
STERIS PLC | 28,225 | 6,573,885 | ||
$16,265,291 | ||||
Network & Telecom – 2.6% | ||||
Motorola Solutions, Inc. | 37,059 | $12,243,923 | ||
Other Banks & Diversified Financials – 3.7% | ||||
M&T Bank Corp. | 13,495 | $1,885,791 | ||
Mastercard, Inc., “A” | 7,022 | 3,333,765 | ||
Northern Trust Corp. | 23,435 | 1,924,716 | ||
Visa, Inc., “A” | 34,904 | 9,865,267 | ||
$17,009,539 | ||||
Pharmaceuticals – 10.3% | ||||
Eli Lilly & Co. | 18,257 | $13,759,936 | ||
Johnson & Johnson | 73,741 | 11,900,323 | ||
Merck & Co., Inc. | 94,830 | 12,057,634 | ||
Pfizer, Inc. | 66,159 | 1,757,183 | ||
Vertex Pharmaceuticals, Inc. (a) | 6,069 | 2,553,471 | ||
Zoetis, Inc. | 27,557 | 5,465,380 | ||
$47,493,927 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pollution Control – 4.4% | ||||
Republic Services, Inc. | 59,945 | $11,005,902 | ||
Waste Connections, Inc. | 31,493 | 5,241,695 | ||
Waste Management, Inc. | 19,446 | 3,999,070 | ||
$20,246,667 | ||||
Railroad & Shipping – 0.6% | ||||
CSX Corp. | 67,652 | $2,566,717 | ||
Real Estate – 1.7% | ||||
Brixmor Property Group, Inc., REIT | 80,429 | $1,818,500 | ||
NNN REIT, Inc. | 52,248 | 2,125,971 | ||
Public Storage, Inc., REIT | 13,465 | 3,822,309 | ||
$7,766,780 | ||||
Restaurants – 2.7% | ||||
McDonald's Corp. | 19,220 | $5,617,622 | ||
Starbucks Corp. | 42,077 | 3,993,107 | ||
Texas Roadhouse, Inc. | 19,527 | 2,916,748 | ||
$12,527,477 | ||||
Specialty Chemicals – 1.2% | ||||
Ecolab, Inc. | 14,883 | $3,346,294 | ||
RPM International, Inc. | 18,478 | 2,131,437 | ||
$5,477,731 | ||||
Specialty Stores – 5.7% | ||||
AutoZone, Inc. (a) | 2,903 | $8,726,476 | ||
Home Depot, Inc. | 10,485 | 3,990,696 | ||
O'Reilly Automotive, Inc. (a) | 3,269 | 3,554,776 | ||
Ulta Beauty, Inc. (a) | 6,283 | 3,446,603 | ||
Walmart Stores, Inc. | 116,217 | 6,811,478 | ||
$26,530,029 | ||||
Telecommunications - Wireless – 0.6% | ||||
T-Mobile USA, Inc. | 17,107 | $2,793,573 | ||
Trucking – 1.2% | ||||
J.B. Hunt Transport Services, Inc. | 12,102 | $2,496,764 | ||
Landstar System, Inc. | 16,541 | 3,146,098 | ||
$5,642,862 | ||||
Utilities - Electric Power – 5.3% | ||||
DTE Energy Co. | 26,407 | $2,861,199 | ||
Duke Energy Corp. | 49,116 | 4,510,322 | ||
Edison International | 49,701 | 3,380,662 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – continued | ||||
Evergy, Inc. | 56,236 | $2,785,931 | ||
Exelon Corp. | 148,268 | 5,313,925 | ||
Sempra Energy | 27,618 | 1,949,831 | ||
Xcel Energy, Inc. | 71,550 | 3,769,970 | ||
$24,571,840 | ||||
Total Common Stocks (Identified Cost, $322,657,240) | $461,939,064 | |||
Investment Companies (h) – 0.3% | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $1,465,587) | 1,465,587 | $1,465,587 | ||
Other Assets, Less Liabilities – (0.0)% | (31,187) | |||
Net Assets – 100.0% | $463,373,464 |
(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 $1,465,587 and $461,939,064, 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, $322,657,240) | $461,939,064 |
Investments in affiliated issuers, at value (identified cost, $1,465,587) | 1,465,587 |
Receivables for | |
Fund shares sold | 317,129 |
Dividends | 648,764 |
Other assets | 53,058 |
Total assets | $464,423,602 |
Liabilities | |
Payables for | |
Fund shares reacquired | $885,482 |
Payable to affiliates | |
Investment adviser | 1,488 |
Administrative services fee | 419 |
Shareholder servicing costs | 104,090 |
Distribution and service fees | 3,778 |
Payable for independent Trustees' compensation | 1,553 |
Accrued expenses and other liabilities | 53,328 |
Total liabilities | $1,050,138 |
Net assets | $463,373,464 |
Net assets consist of | |
Paid-in capital | $313,889,856 |
Total distributable earnings (loss) | 149,483,608 |
Net assets | $463,373,464 |
Shares of beneficial interest outstanding | 23,647,991 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $176,818,692 | 9,032,254 | $19.58 |
Class B | 1,267,021 | 64,940 | 19.51 |
Class C | 22,479,678 | 1,158,276 | 19.41 |
Class I | 144,853,869 | 7,385,824 | 19.61 |
Class R1 | 692,623 | 35,456 | 19.54 |
Class R2 | 544,117 | 27,629 | 19.69 |
Class R3 | 451,831 | 22,979 | 19.66 |
Class R4 | 473,743 | 24,139 | 19.63 |
Class R6 | 115,791,890 | 5,896,494 | 19.64 |
(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 $20.77 [100 / 94.25 x $19.58]. 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 | $4,016,779 |
Dividends from affiliated issuers | 42,423 |
Other | 5,920 |
Foreign taxes withheld | (2,734) |
Total investment income | $4,062,388 |
Expenses | |
Management fee | $1,102,566 |
Distribution and service fees | 327,321 |
Shareholder servicing costs | 168,384 |
Administrative services fee | 36,480 |
Independent Trustees' compensation | 4,744 |
Custodian fee | 16,775 |
Shareholder communications | 18,635 |
Audit and tax fees | 30,544 |
Legal fees | 1,215 |
Miscellaneous | 87,831 |
Total expenses | $1,794,495 |
Reduction of expenses by investment adviser | (103,256) |
Net expenses | $1,691,239 |
Net investment income (loss) | $2,371,149 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $15,021,765 |
Affiliated issuers | (10) |
Foreign currency | (18) |
Net realized gain (loss) | $15,021,737 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $32,970,346 |
Affiliated issuers | (269) |
Net unrealized gain (loss) | $32,970,077 |
Net realized and unrealized gain (loss) | $47,991,814 |
Change in net assets from operations | $50,362,963 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $2,371,149 | $4,616,650 |
Net realized gain (loss) | 15,021,737 | 23,922,755 |
Net unrealized gain (loss) | 32,970,077 | 7,185,609 |
Change in net assets from operations | $50,362,963 | $35,725,014 |
Total distributions to shareholders | $(25,798,037) | $(53,530,565) |
Change in net assets from fund share transactions | $(6,486,513) | $31,136,077 |
Total change in net assets | $18,078,413 | $13,330,526 |
Net assets | ||
At beginning of period | 445,295,051 | 431,964,525 |
At end of period | $463,373,464 | $445,295,051 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.55 | $19.36 | $22.51 | $17.32 | $16.28 | $15.05 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.16 | $0.13 | $0.14 | $0.18 | $0.18 |
Net realized and unrealized gain (loss) | 2.02 | 1.26 | (2.15) | 5.22 | 1.04 | 1.68 |
Total from investment operations | $2.11 | $1.42 | $(2.02) | $5.36 | $1.22 | $1.86 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.16) | $(0.12) | $(0.17) | $(0.16) | $(0.17) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.08) | $(2.23) | $(1.13) | $(0.17) | $(0.18) | $(0.63) |
Net asset value, end of period (x) | $19.58 | $18.55 | $19.36 | $22.51 | $17.32 | $16.28 |
Total return (%) (r)(s)(t)(x) | 11.81(n) | 8.02 | (9.47) | 31.16 | 7.64 | 13.23 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.94(a) | 0.93 | 0.94 | 0.92 | 0.92 | 1.05 |
Expenses after expense reductions | 0.89(a) | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 |
Net investment income (loss) | 0.95(a) | 0.89 | 0.63 | 0.71 | 1.11 | 1.22 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $176,819 | $166,624 | $161,776 | $171,216 | $135,199 | $85,022 |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.48 | $19.28 | $22.46 | $17.29 | $16.25 | $15.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.03 | $(0.03) | $(0.01) | $0.06 | $0.07 |
Net realized and unrealized gain (loss) | 2.01 | 1.25 | (2.14) | 5.22 | 1.03 | 1.68 |
Total from investment operations | $2.03 | $1.28 | $(2.17) | $5.21 | $1.09 | $1.75 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.01) | $(0.00)(w) | $(0.04) | $(0.03) | $(0.06) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.00) | $(2.08) | $(1.01) | $(0.04) | $(0.05) | $(0.52) |
Net asset value, end of period (x) | $19.51 | $18.48 | $19.28 | $22.46 | $17.29 | $16.25 |
Total return (%) (r)(s)(t)(x) | 11.37(n) | 7.23 | (10.15) | 30.19 | 6.77 | 12.41 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.69(a) | 1.68 | 1.69 | 1.67 | 1.67 | 1.81 |
Expenses after expense reductions | 1.64(a) | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 |
Net investment income (loss) | 0.19(a) | 0.14 | (0.14) | (0.04) | 0.35 | 0.48 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $1,267 | $1,492 | $1,712 | $2,511 | $2,198 | $2,558 |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.39 | $19.20 | $22.37 | $17.22 | $16.20 | $14.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.03 | $(0.03) | $(0.01) | $0.06 | $0.07 |
Net realized and unrealized gain (loss) | 2.00 | 1.25 | (2.13) | 5.20 | 1.03 | 1.67 |
Total from investment operations | $2.02 | $1.28 | $(2.16) | $5.19 | $1.09 | $1.74 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.02) | $— | $(0.04) | $(0.05) | $(0.06) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.00) | $(2.09) | $(1.01) | $(0.04) | $(0.07) | $(0.52) |
Net asset value, end of period (x) | $19.41 | $18.39 | $19.20 | $22.37 | $17.22 | $16.20 |
Total return (%) (r)(s)(t)(x) | 11.38(n) | 7.23 | (10.14) | 30.20 | 6.75 | 12.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.69(a) | 1.68 | 1.69 | 1.67 | 1.67 | 1.81 |
Expenses after expense reductions | 1.64(a) | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 |
Net investment income (loss) | 0.20(a) | 0.14 | (0.14) | (0.03) | 0.35 | 0.47 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $22,480 | $22,224 | $25,754 | $32,839 | $29,429 | $21,859 |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.59 | $19.39 | $22.55 | $17.34 | $16.31 | $15.07 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.21 | $0.17 | $0.19 | $0.22 | $0.23 |
Net realized and unrealized gain (loss) | 2.01 | 1.27 | (2.15) | 5.23 | 1.03 | 1.68 |
Total from investment operations | $2.12 | $1.48 | $(1.98) | $5.42 | $1.25 | $1.91 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.21) | $(0.17) | $(0.21) | $(0.20) | $(0.21) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.10) | $(2.28) | $(1.18) | $(0.21) | $(0.22) | $(0.67) |
Net asset value, end of period (x) | $19.61 | $18.59 | $19.39 | $22.55 | $17.34 | $16.31 |
Total return (%) (r)(s)(t)(x) | 11.88(n) | 8.34 | (9.28) | 31.55 | 7.82 | 13.55 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.69(a) | 0.69 | 0.68 | 0.67 | 0.67 | 0.78 |
Expenses after expense reductions | 0.64(a) | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 |
Net investment income (loss) | 1.20(a) | 1.14 | 0.82 | 0.99 | 1.35 | 1.46 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $144,854 | $141,858 | $163,689 | $335,165 | $464,428 | $246,245 |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.51 | $19.32 | $22.50 | $17.33 | $16.29 | $15.06 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.03 | $(0.03) | $(0.01) | $0.05 | $0.07 |
Net realized and unrealized gain (loss) | 2.01 | 1.25 | (2.14) | 5.23 | 1.05 | 1.68 |
Total from investment operations | $2.03 | $1.28 | $(2.17) | $5.22 | $1.10 | $1.75 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.02) | $(0.00)(w) | $(0.05) | $(0.04) | $(0.06) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.00) | $(2.09) | $(1.01) | $(0.05) | $(0.06) | $(0.52) |
Net asset value, end of period (x) | $19.54 | $18.51 | $19.32 | $22.50 | $17.33 | $16.29 |
Total return (%) (r)(s)(t)(x) | 11.37(n) | 7.22 | (10.12) | 30.18 | 6.79 | 12.37 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.69(a) | 1.68 | 1.69 | 1.67 | 1.67 | 1.81 |
Expenses after expense reductions | 1.64(a) | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 |
Net investment income (loss) | 0.20(a) | 0.15 | (0.14) | (0.07) | 0.34 | 0.48 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $693 | $608 | $522 | $683 | $340 | $164 |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.65 | $19.45 | $22.61 | $17.39 | $16.36 | $15.12 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.12 | $0.07 | $0.09 | $0.14 | $0.15 |
Net realized and unrealized gain (loss) | 2.02 | 1.26 | (2.16) | 5.25 | 1.04 | 1.68 |
Total from investment operations | $2.09 | $1.38 | $(2.09) | $5.34 | $1.18 | $1.83 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.11) | $(0.06) | $(0.12) | $(0.13) | $(0.13) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.05) | $(2.18) | $(1.07) | $(0.12) | $(0.15) | $(0.59) |
Net asset value, end of period (x) | $19.69 | $18.65 | $19.45 | $22.61 | $17.39 | $16.36 |
Total return (%) (r)(s)(t)(x) | 11.64(n) | 7.74 | (9.72) | 30.88 | 7.29 | 12.94 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.19(a) | 1.19 | 1.19 | 1.17 | 1.17 | 1.30 |
Expenses after expense reductions | 1.14(a) | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 |
Net investment income (loss) | 0.70(a) | 0.64 | 0.34 | 0.45 | 0.86 | 0.98 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $544 | $480 | $511 | $742 | $531 | $368 |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.63 | $19.43 | $22.59 | $17.38 | $16.34 | $15.10 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.16 | $0.13 | $0.14 | $0.18 | $0.19 |
Net realized and unrealized gain (loss) | 2.02 | 1.27 | (2.16) | 5.24 | 1.05 | 1.68 |
Total from investment operations | $2.11 | $1.43 | $(2.03) | $5.38 | $1.23 | $1.87 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.16) | $(0.12) | $(0.17) | $(0.17) | $(0.17) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.08) | $(2.23) | $(1.13) | $(0.17) | $(0.19) | $(0.63) |
Net asset value, end of period (x) | $19.66 | $18.63 | $19.43 | $22.59 | $17.38 | $16.34 |
Total return (%) (r)(s)(t)(x) | 11.76(n) | 8.04 | (9.49) | 31.17 | 7.65 | 13.24 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.94(a) | 0.93 | 0.94 | 0.92 | 0.93 | 1.05 |
Expenses after expense reductions | 0.89(a) | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 |
Net investment income (loss) | 1.01(a) | 0.89 | 0.62 | 0.70 | 1.15 | 1.22 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $452 | $717 | $644 | $786 | $573 | $100 |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.60 | $19.41 | $22.56 | $17.36 | $16.32 | $15.08 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.21 | $0.18 | $0.18 | $0.22 | $0.22 |
Net realized and unrealized gain (loss) | 2.03 | 1.26 | (2.15) | 5.23 | 1.04 | 1.69 |
Total from investment operations | $2.13 | $1.47 | $(1.97) | $5.41 | $1.26 | $1.91 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.21) | $(0.17) | $(0.21) | $(0.20) | $(0.21) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.10) | $(2.28) | $(1.18) | $(0.21) | $(0.22) | $(0.67) |
Net asset value, end of period (x) | $19.63 | $18.60 | $19.41 | $22.56 | $17.36 | $16.32 |
Total return (%) (r)(s)(t)(x) | 11.93(n) | 8.27 | (9.22) | 31.47 | 7.87 | 13.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.69(a) | 0.68 | 0.69 | 0.66 | 0.67 | 0.81 |
Expenses after expense reductions | 0.64(a) | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 |
Net investment income (loss) | 1.04(a) | 1.15 | 0.87 | 0.96 | 1.35 | 1.48 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $474 | $105 | $97 | $107 | $81 | $75 |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $18.61 | $19.42 | $22.57 | $17.37 | $16.32 | $15.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.23 | $0.20 | $0.20 | $0.23 | $0.23 |
Net realized and unrealized gain (loss) | 2.02 | 1.25 | (2.15) | 5.23 | 1.05 | 1.68 |
Total from investment operations | $2.14 | $1.48 | $(1.95) | $5.43 | $1.28 | $1.91 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.22) | $(0.19) | $(0.23) | $(0.21) | $(0.22) |
From net realized gain | (0.98) | (2.07) | (1.01) | — | (0.02) | (0.46) |
Total distributions declared to shareholders | $(1.11) | $(2.29) | $(1.20) | $(0.23) | $(0.23) | $(0.68) |
Net asset value, end of period (x) | $19.64 | $18.61 | $19.42 | $22.57 | $17.37 | $16.32 |
Total return (%) (r)(s)(t)(x) | 11.98(n) | 8.38 | (9.13) | 31.57 | 8.02 | 13.56 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.60(a) | 0.59 | 0.59 | 0.58 | 0.59 | 0.71 |
Expenses after expense reductions | 0.55(a) | 0.55 | 0.54 | 0.55 | 0.56 | 0.56 |
Net investment income (loss) | 1.29(a) | 1.24 | 0.97 | 1.06 | 1.45 | 1.53 |
Portfolio turnover | 17(n) | 39 | 36 | 20 | 34 | 28 |
Net assets at end of period (000 omitted) | $115,792 | $111,186 | $77,259 | $84,532 | $78,929 | $31,283 |
(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. |
(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 | $461,939,064 | $— | $— | $461,939,064 |
Mutual Funds | 1,465,587 | — | — | 1,465,587 |
Total | $463,404,651 | $— | $— | $463,404,651 |
Year ended 8/31/23 | |
Ordinary income (including any short-term capital gains) | $4,455,041 |
Long-term capital gains | 49,075,524 |
Total distributions | $53,530,565 |
As of 2/29/24 | |
Cost of investments | $327,218,550 |
Gross appreciation | 141,233,560 |
Gross depreciation | (5,047,459) |
Net unrealized appreciation (depreciation) | $136,186,101 |
As of 8/31/23 | |
Undistributed ordinary income | 818,373 |
Undistributed long-term capital gain | 20,833,266 |
Net unrealized appreciation (depreciation) | 103,267,043 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Class A | $9,497,077 | $18,813,377 | |
Class B | 70,806 | 177,694 | |
Class C | 1,156,683 | 2,701,740 | |
Class I | 8,456,867 | 18,857,445 | |
Class R1 | 31,720 | 59,153 | |
Class R2 | 27,414 | 59,104 | |
Class R3 | 41,886 | 74,687 | |
Class R4 | 6,244 | 11,418 | |
Class R6 | 6,509,340 | 12,775,947 | |
Total | $25,798,037 | $53,530,565 |
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 |
0.89% | 1.64% | 1.64% | 0.64% | 1.64% | 1.14% | 0.89% | 0.64% | 0.57% |
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% | $ 207,289 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 6,797 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 108,185 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 3,039 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 1,231 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 780 |
Total Distribution and Service Fees | $327,321 |
(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 February 29, 2024 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 February 29, 2024. |
Amount | |
Class A | $436 |
Class B | 5 |
Class C | 251 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 439,180 | $8,141,150 | 1,332,574 | $24,505,921 | |
Class B | 969 | 18,693 | 606 | 11,045 | |
Class C | 28,241 | 527,464 | 59,549 | 1,074,355 | |
Class I | 987,431 | 18,483,532 | 2,054,548 | 37,776,114 | |
Class R1 | 3,222 | 60,484 | 5,047 | 91,888 | |
Class R2 | 429 | 7,887 | 1,742 | 32,427 | |
Class R3 | 419 | 7,764 | 1,538 | 27,966 | |
Class R4 | 18,170 | 336,746 | — | — | |
Class R6 | 426,900 | 7,898,599 | 2,721,212 | 51,989,024 | |
1,904,961 | $35,482,319 | 6,176,816 | $115,508,740 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 519,222 | $9,489,379 | 1,067,944 | $18,796,644 | |
Class B | 3,614 | 65,948 | 10,125 | 177,694 | |
Class C | 63,706 | 1,156,238 | 154,689 | 2,700,846 | |
Class I | 439,494 | 8,045,087 | 958,144 | 16,889,423 | |
Class R1 | 1,736 | 31,720 | 3,367 | 59,153 | |
Class R2 | 1,490 | 27,414 | 3,338 | 59,104 | |
Class R3 | 2,282 | 41,886 | 4,226 | 74,687 | |
Class R4 | 341 | 6,244 | 647 | 11,417 | |
Class R6 | 352,576 | 6,460,891 | 717,770 | 12,668,509 | |
1,384,461 | $25,324,807 | 2,920,250 | $51,437,477 | ||
Shares reacquired | |||||
Class A | (907,851) | $(16,871,777) | (1,775,632) | $(32,379,458) | |
Class B | (20,382) | (376,374) | (18,756) | (337,524) | |
Class C | (142,050) | (2,628,049) | (347,146) | (6,289,710) | |
Class I | (1,673,457) | (31,193,057) | (3,821,184) | (70,231,608) | |
Class R1 | (2,380) | (43,238) | (2,568) | (47,178) | |
Class R2 | (13) | (242) | (5,654) | (101,309) | |
Class R3 | (18,240) | (338,705) | (370) | (6,733) | |
Class R6 | (857,705) | (15,842,197) | (1,443,491) | (26,416,620) | |
(3,622,078) | $(67,293,639) | (7,414,801) | $(135,810,140) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 50,551 | $758,752 | 624,886 | $10,923,107 | |
Class B | (15,799) | (291,733) | (8,025) | (148,785) | |
Class C | (50,103) | (944,347) | (132,908) | (2,514,509) | |
Class I | (246,532) | (4,664,438) | (808,492) | (15,566,071) | |
Class R1 | 2,578 | 48,966 | 5,846 | 103,863 | |
Class R2 | 1,906 | 35,059 | (574) | (9,778) | |
Class R3 | (15,539) | (289,055) | 5,394 | 95,920 | |
Class R4 | 18,511 | 342,990 | 647 | 11,417 | |
Class R6 | (78,229) | (1,482,707) | 1,995,491 | 38,240,913 | |
(332,656) | $(6,486,513) | 1,682,265 | $31,136,077 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $2,701,240 | $34,551,951 | $35,787,325 | $(10) | $(269) | $1,465,587 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $42,423 | $— |
1 | |
2 | |
4 | |
5 | |
7 | |
8 | |
9 | |
15 | |
24 | |
24 | |
24 | |
24 | |
24 |
back cover |
A-1+ | 60.1% |
A-1 | 40.1% |
Other Assets Less Liabilities | (0.2)% |
0 - 7 days | 32.1% |
8 - 29 days | 28.6% |
30 - 59 days | 14.4% |
60 - 89 days | 18.6% |
90 - 365 days | 6.5% |
Other Assets Less Liabilities | (0.2)% |
(a) | Ratings are assigned to portfolio securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. Ratings are shown in the S&P scale. All ratings are subject to change. The fund did not hold unrated securities. The fund is not rated by these agencies. |
(u) | For purposes of this presentation, accrued interest, where applicable, is included. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 0.42% | $1,000.00 | $1,024.85 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
B | Actual | 0.42% | $1,000.00 | $1,024.85 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
C | Actual | 0.42% | $1,000.00 | $1,024.85 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
I | Actual | 0.42% | $1,000.00 | $1,024.85 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
R1 | Actual | 0.42% | $1,000.00 | $1,024.85 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
R2 | Actual | 0.42% | $1,000.00 | $1,024.85 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
R3 | Actual | 0.42% | $1,000.00 | $1,024.87 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
R4 | Actual | 0.42% | $1,000.00 | $1,024.85 | $2.11 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.77 | $2.11 | |
R6 | Actual | 0.37% | $1,000.00 | $1,025.12 | $1.86 |
Hypothetical (h) | 0.37% | $1,000.00 | $1,023.02 | $1.86 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
U.S. Government Agencies and Equivalents (y) – 73.3% | ||||
Fannie Mae, 5.24%, due 4/22/2024 | $23,500,000 | $23,324,507 | ||
Federal Farm Credit Bank, 5.29%, due 5/14/2024 | 11,000,000 | 10,881,970 | ||
Federal Farm Credit Bank, 5.16%, due 6/06/2024 | 13,900,000 | 13,709,365 | ||
Federal Home Loan Bank, 5.32%, due 3/18/2024 | 19,300,000 | 19,252,198 | ||
Federal Home Loan Bank, 5.33%, due 4/24/2024 | 19,800,000 | 19,643,778 | ||
Freddie Mac, 5.26%, due 3/18/2024 | 40,500,000 | 40,400,837 | ||
U.S. Treasury Bill, 5.29%, due 3/19/2024 | 19,000,000 | 18,950,415 | ||
U.S. Treasury Bill, 5.32%, due 3/05/2024 | 25,000,000 | 24,985,415 | ||
U.S. Treasury Bill, 5.27%, due 3/12/2024 | 13,400,000 | 13,378,727 | ||
U.S. Treasury Bill, 5.33%, due 3/26/2024 | 45,100,000 | 44,935,385 | ||
U.S. Treasury Bill, 5.34%, due 4/02/2024 | 26,100,000 | 25,977,794 | ||
U.S. Treasury Bill, 5.26%, due 4/30/2024 | 35,000,000 | 34,697,250 | ||
U.S. Treasury Bill, 5.29%, due 5/09/2024 | 23,800,000 | 23,561,836 | ||
U.S. Treasury Bill, 5.31%, due 5/23/2024 | 19,900,000 | 19,659,563 | ||
U.S. Treasury Bill, 5.15%, due 6/13/2024 | 17,500,000 | 17,243,304 | ||
Total U.S. Government Agencies and Equivalents, at Amortized Cost and Value | $350,602,344 | |||
Repurchase Agreements – 26.9% | ||||
BofA Securities, Inc. Repurchase Agreement, 5.29%, dated 2/29/2024, due 3/01/2024, total to be received $64,421,465 (secured by U.S. Treasury and/or U.S. Government Agency Securities valued at $65,864,685) | $64,412,000 | $64,412,000 | ||
Fixed Income Clearing Corp. – State Street Bank & Trust Co. Repurchase Agreement, 5.28%, dated 2/29/2024, due 3/01/2024, total to be received $64,421,035 (secured by U.S. Treasury and/or U.S. Government Agency Securities valued at $65,699,854) | 64,411,588 | 64,411,588 | ||
Total Repurchase Agreements, at Cost and Value | $128,823,588 | |||
Other Assets, Less Liabilities – (0.2)% | (834,131) | |||
Net Assets – 100.0% | $478,591,801 |
(y) | The rate shown represents an annualized yield at time of purchase. |
Assets | |
Investments in unaffiliated issuers, at cost and value | $350,602,344 |
Investments in unaffiliated repurchase agreements, at cost and value | 128,823,588 |
Cash | 2 |
Receivables for | |
Fund shares sold | 87,141 |
Interest | 18,912 |
Receivable from investment adviser and distributor | 48,774 |
Other assets | 9,650 |
Total assets | $479,590,411 |
Liabilities | |
Payables for | |
Distributions | $9,112 |
Fund shares reacquired | 889,948 |
Payable to affiliates | |
Administrative services fee | 429 |
Shareholder servicing costs | 52,854 |
Payable for independent Trustees' compensation | 4,569 |
Accrued expenses and other liabilities | 41,698 |
Total liabilities | $998,610 |
Net assets | $478,591,801 |
Net assets consist of | |
Paid-in capital | $478,595,958 |
Total distributable earnings (loss) | (4,157) |
Net assets | $478,591,801 |
Shares of beneficial interest outstanding | 478,821,477 |
Net assets | Shares outstanding | Net asset value per share | |
Class A | $155,160,647 | 155,235,343 | $1.00 |
Class B | 2,871,220 | 2,872,593 | 1.00 |
Class C | 18,813,690 | 18,822,736 | 1.00 |
Class I | 16,959,788 | 16,967,951 | 1.00 |
Class R1 | 6,845,985 | 6,849,230 | 1.00 |
Class R2 | 18,038,729 | 18,047,369 | 1.00 |
Class R3 | 17,814,794 | 17,823,275 | 1.00 |
Class R4 | 2,855,931 | 2,857,296 | 1.00 |
Class R6 | 239,231,017 | 239,345,684 | 1.00 |
Net investment income (loss) | |
Income | |
Interest | $12,734,345 |
Expenses | |
Management fee | $948,394 |
Distribution and service fees | 410,424 |
Shareholder servicing costs | 183,013 |
Administrative services fee | 38,841 |
Independent Trustees' compensation | 5,122 |
Custodian fee | 12,001 |
Shareholder communications | 6,805 |
Audit and tax fees | 24,186 |
Legal fees | 1,459 |
Miscellaneous | 97,700 |
Total expenses | $1,727,945 |
Reduction of expenses by investment adviser and distributor | (783,737) |
Net expenses | $944,208 |
Net investment income (loss) | $11,790,137 |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $5,132 |
Change in net assets from operations | $11,795,269 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $11,790,137 | $18,508,906 |
Net realized gain (loss) | 5,132 | — |
Change in net assets from operations | $11,795,269 | $18,508,906 |
Total distributions to shareholders | $(11,790,137) | $(18,508,906) |
Change in net assets from fund share transactions | $(120,987) | $(29,311,697) |
Total change in net assets | $(115,855) | $(29,311,697) |
Net assets | ||
At beginning of period | 478,707,656 | 508,019,353 |
At end of period | $478,591,801 | $478,707,656 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.00(w) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.00(w) | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.00)(w) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.83 | 0.28 | 0.00 | 0.54 | 1.58 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.83(a) | 0.83 | 0.91 | 0.91 | 0.96 | 0.98 |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.21 | 0.05 | 0.44 | 0.72 |
Net investment income (loss) | 4.95(a) | 3.74 | 0.33 | 0.00 | 0.44 | 1.57 |
Net assets at end of period (000 omitted) | $155,161 | $161,677 | $173,514 | $128,482 | $140,426 | $99,511 |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.00(w) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.00(w) | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.00)(w) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.83 | 0.28 | 0.00 | 0.54 | 1.58 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.58(a) | 1.58 | 1.66 | 1.66 | 1.71 | 1.73 |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.18 | 0.05 | 0.47 | 0.72 |
Net investment income (loss) | 4.95(a) | 3.68 | 0.25 | 0.00 | 0.49 | 1.57 |
Net assets at end of period (000 omitted) | $2,871 | $3,501 | $5,194 | $6,792 | $9,528 | $8,977 |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.00(w) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.00(w) | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.00)(w) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.83 | 0.28 | 0.00 | 0.54 | 1.58 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.58(a) | 1.58 | 1.66 | 1.66 | 1.71 | 1.73 |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.25 | 0.05 | 0.40 | 0.72 |
Net investment income (loss) | 4.95(a) | 3.56 | 0.40 | 0.00 | 0.37 | 1.57 |
Net assets at end of period (000 omitted) | $18,814 | $22,344 | $43,674 | $23,748 | $34,508 | $19,438 |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19(i) | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.00(w) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.00(w) | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.00)(w) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.83 | 0.28 | 0.00 | 0.54 | 1.52(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.58(a) | 0.58 | 0.66 | 0.65 | 0.69 | 0.73(a) |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.20 | 0.05 | 0.23 | 0.72(a) |
Net investment income (loss) | 4.95(a) | 3.75 | 0.29 | 0.00 | 0.06 | 1.60(a) |
Net assets at end of period (000 omitted) | $16,960 | $17,492 | $17,382 | $12,819 | $9,797 | $56 |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.00(w) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.00(w) | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.00)(w) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.82 | 0.28 | 0.00 | 0.54 | 1.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.58(a) | 1.58 | 1.66 | 1.65 | 1.71 | 1.73 |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.19 | 0.05 | 0.47 | 0.72 |
Net investment income (loss) | 4.95(a) | 3.70 | 0.27 | 0.00 | 0.48 | 1.57 |
Net assets at end of period (000 omitted) | $6,846 | $6,818 | $9,298 | $8,761 | $9,209 | $7,610 |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.01 | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.01 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.01) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.82 | 0.28 | 0.00 | 0.54 | 1.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.08(a) | 1.08 | 1.16 | 1.16 | 1.21 | 1.23 |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.19 | 0.05 | 0.48 | 0.72 |
Net investment income (loss) | 4.95(a) | 3.67 | 0.26 | 0.00 | 0.51 | 1.57 |
Net assets at end of period (000 omitted) | $18,039 | $17,342 | $23,726 | $26,432 | $33,676 | $31,672 |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.00(w) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.00(w) | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.00)(w) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.82 | 0.28 | 0.00 | 0.54 | 1.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.83(a) | 0.83 | 0.91 | 0.90 | 0.96 | 0.98 |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.19 | 0.05 | 0.44 | 0.72 |
Net investment income (loss) | 4.95(a) | 3.74 | 0.29 | 0.00 | 0.44 | 1.55 |
Net assets at end of period (000 omitted) | $17,815 | $19,628 | $21,166 | $21,266 | $24,536 | $16,471 |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.00(w) | $0.00 | $0.01 | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.00)(w) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.01 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.01) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.49(n) | 3.83 | 0.28 | 0.00 | 0.54 | 1.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.58(a) | 0.58 | 0.66 | 0.65 | 0.71 | 0.73 |
Expenses after expense reductions | 0.42(a) | 0.43 | 0.19 | 0.05 | 0.49 | 0.72 |
Net investment income (loss) | 4.95(a) | 3.77 | 0.27 | 0.00 | 0.54 | 1.57 |
Net assets at end of period (000 omitted) | $2,856 | $2,787 | $2,684 | $2,676 | $2,709 | $2,676 |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19(i) | |
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.04 | $0.01 | $0.00 | $0.00(w) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) | — | (0.01) | 0.00(w) | 0.00(w) | 0.00(w) |
Total from investment operations | $0.02 | $0.04 | $0.00(w) | $0.00(w) | $0.00(w) | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.04) | $(0.00)(w) | $— | $(0.00)(w) | $(0.02) |
From net realized gain | — | — | (0.00)(w) | — | — | — |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return (%) (r)(t) | 2.51(n) | 3.89 | 0.30 | 0.00 | 0.58 | 1.58(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.53(a) | 0.53 | 0.56 | 0.59 | 0.65 | 0.66(a) |
Expenses after expense reductions | 0.37(a) | 0.37 | 0.37 | 0.05 | 0.42 | 0.65(a) |
Net investment income (loss) | 4.99(a) | 3.85 | 0.99 | 0.00 | 0.46 | 1.65(a) |
Net assets at end of period (000 omitted) | $239,231 | $227,118 | $211,381 | $113 | $113 | $54 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(i) | For Class I and Class R6, the period is from the class inception, September 18, 2018, through the stated period end. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Short-Term Securities | $— | $479,425,932 | $— | $479,425,932 |
Year ended 8/31/23 | |
Ordinary income (including any short-term capital gains) | $18,508,906 |
As of 2/29/24 | |
Cost of investments | $479,425,932 |
As of 8/31/23 | |
Undistributed ordinary income | 10,793 |
Capital loss carryforwards | (4,685) |
Other temporary differences | (15,397) |
Short-Term | $(4,685) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Class A | $3,976,491 | $6,583,697 | |
Class B | 80,960 | 162,141 | |
Class C | 462,956 | 1,035,237 | |
Class I | 404,492 | 622,554 | |
Class R1 | 167,804 | 319,569 | |
Class R2 | 427,260 | 729,550 | |
Class R3 | 451,521 | 690,748 | |
Class R4 | 69,277 | 102,789 | |
Class R6 | 5,749,376 | 8,262,621 | |
Total | $11,790,137 | $18,508,906 |
Up to $1 billion | 0.40% |
In excess of $1 billion | 0.35% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.37% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.00% | $ 200,720 |
Class B | 0.75% | 0.25% | 1.00% | 0.00% | 16,341 |
Class C | 0.75% | 0.25% | 1.00% | 0.00% | 93,481 |
Class R1 | 0.75% | 0.25% | 1.00% | 0.00% | 33,904 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.00% | 43,178 |
Class R3 | — | 0.25% | 0.25% | 0.00% | 22,800 |
Total Distribution and Service Fees | $410,424 |
(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 February 29, 2024 based on each class's average daily net assets. MFD has agreed in writing to waive any distribution and/or service fees for Class A, Class B, Class C, Class R1, Class R2, and Class R3 shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue until at least December 31, 2024. These reductions, for the six months ended February 29, 2024, for Class A, Class B, Class C, Class R1, Class R2, and Class R3 shares, amounted to $200,720, $16,341, $93,481, $33,904, $43,178, and $22,800, respectively, and are included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $7,611 |
Class B | 1,256 |
Class C | 726 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Shares sold | |||
Class A | 39,321,577 | 108,710,224 | |
Class B | 463,644 | 1,303,534 | |
Class C | 7,310,170 | 14,199,535 | |
Class I | 4,900,790 | 8,642,718 | |
Class R1 | 609,079 | 1,604,037 | |
Class R2 | 1,877,877 | 4,229,786 | |
Class R3 | 2,807,838 | 7,598,397 | |
Class R6 | 34,463,250 | 57,435,889 | |
91,754,225 | 203,724,120 | ||
Shares issued to shareholders in reinvestment of distributions | |||
Class A | 3,891,978 | 6,463,828 | |
Class B | 78,447 | 157,188 | |
Class C | 450,590 | 1,009,707 | |
Class I | 394,420 | 615,814 | |
Class R1 | 167,828 | 319,569 | |
Class R2 | 427,325 | 728,922 | |
Class R3 | 452,144 | 690,468 | |
Class R4 | 69,289 | 102,788 | |
Class R6 | 5,750,397 | 8,170,377 | |
11,682,418 | 18,258,661 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Shares reacquired | |||
Class A | (49,734,501) | (127,012,391) | |
Class B | (1,172,484) | (3,154,476) | |
Class C | (11,293,338) | (36,548,215) | |
Class I | (5,827,817) | (9,147,729) | |
Class R1 | (748,692) | (4,404,972) | |
Class R2 | (1,608,470) | (11,344,876) | |
Class R3 | (5,074,660) | (9,826,584) | |
Class R6 | (28,097,668) | (49,855,234) | |
(103,557,630) | (251,294,477) | ||
Net change | |||
Class A | (6,520,946) | (11,838,339) | |
Class B | (630,393) | (1,693,754) | |
Class C | (3,532,578) | (21,338,973) | |
Class I | (532,607) | 110,803 | |
Class R1 | 28,215 | (2,481,366) | |
Class R2 | 696,732 | (6,386,168) | |
Class R3 | (1,814,678) | (1,537,719) | |
Class R4 | 69,289 | 102,788 | |
Class R6 | 12,115,979 | 15,751,032 | |
(120,987) | (29,311,696) |
1 | |
2 | |
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back cover |
RB Global, Inc. | 2.1% |
Summit Materials, Inc., “A” | 2.0% |
GFL Environmental, Inc. | 1.8% |
Jacobs Solutions, Inc. | 1.8% |
nVent Electric PLC | 1.8% |
KBR, Inc. | 1.8% |
CACI International, Inc., “A” | 1.8% |
Crane Co. | 1.7% |
Onto Innovation, Inc. | 1.7% |
U.S. Foods Holding Corp. | 1.6% |
Industrials | 22.2% |
Information Technology | 21.5% |
Health Care | 21.4% |
Consumer Discretionary | 11.8% |
Energy | 5.2% |
Financials | 4.5% |
Consumer Staples | 3.6% |
Materials | 3.2% |
Real Estate | 2.0% |
Communication Services | 0.5% |
Equity Warrants (o) | 0.0% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(o) | Less than 0.1%. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 1.27% | $1,000.00 | $1,082.05 | $6.57 |
Hypothetical (h) | 1.27% | $1,000.00 | $1,018.55 | $6.37 | |
B | Actual | 2.02% | $1,000.00 | $1,078.39 | $10.44 |
Hypothetical (h) | 2.02% | $1,000.00 | $1,014.82 | $10.12 | |
C | Actual | 2.02% | $1,000.00 | $1,077.99 | $10.44 |
Hypothetical (h) | 2.02% | $1,000.00 | $1,014.82 | $10.12 | |
I | Actual | 1.02% | $1,000.00 | $1,083.30 | $5.28 |
Hypothetical (h) | 1.02% | $1,000.00 | $1,019.79 | $5.12 | |
R1 | Actual | 2.02% | $1,000.00 | $1,078.36 | $10.44 |
Hypothetical (h) | 2.02% | $1,000.00 | $1,014.82 | $10.12 | |
R2 | Actual | 1.52% | $1,000.00 | $1,080.34 | $7.86 |
Hypothetical (h) | 1.52% | $1,000.00 | $1,017.30 | $7.62 | |
R3 | Actual | 1.27% | $1,000.00 | $1,082.26 | $6.58 |
Hypothetical (h) | 1.27% | $1,000.00 | $1,018.55 | $6.37 | |
R4 | Actual | 1.03% | $1,000.00 | $1,083.40 | $5.34 |
Hypothetical (h) | 1.03% | $1,000.00 | $1,019.74 | $5.17 | |
R6 | Actual | 0.89% | $1,000.00 | $1,084.43 | $4.61 |
Hypothetical (h) | 0.89% | $1,000.00 | $1,020.44 | $4.47 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 95.9% | ||||
Aerospace & Defense – 4.0% | ||||
AeroVironment, Inc. (a) | 100,354 | $12,723,883 | ||
CACI International, Inc., “A” (a) | 115,122 | 43,153,482 | ||
KBR, Inc. | 724,398 | 43,485,612 | ||
$99,362,977 | ||||
Apparel Manufacturers – 1.9% | ||||
Deckers Outdoor Corp. (a) | 18,058 | $16,172,564 | ||
On Holding AG (a) | 189,853 | 6,648,652 | ||
Skechers USA, Inc., “A” (a) | 403,415 | 24,935,081 | ||
$47,756,297 | ||||
Automotive – 2.0% | ||||
Lear Corp. | 135,218 | $18,572,192 | ||
Visteon Corp. (a) | 267,451 | 30,254,057 | ||
$48,826,249 | ||||
Biotechnology – 2.1% | ||||
Adaptive Biotechnologies Corp. (a) | 1,431,544 | $5,883,646 | ||
BioAtla, Inc. (a) | 339,507 | 916,669 | ||
BridgeBio Pharma, Inc. (a) | 176,816 | 6,038,266 | ||
CG Oncology, Inc. (a) | 171,101 | 7,649,926 | ||
Immunocore Holdings PLC, ADR (a) | 205,435 | 13,809,341 | ||
Lyell Immunopharma, Inc. (a) | 676,627 | 1,975,751 | ||
MaxCyte, Inc. (a) | 1,667,412 | 7,670,095 | ||
Oxford Nanopore Technologies PLC (a) | 3,166,452 | 5,316,024 | ||
Prelude Therapeutics, Inc. (a) | 327,699 | 1,409,106 | ||
$50,668,824 | ||||
Brokerage & Asset Managers – 2.8% | ||||
GCM Grosvenor, Inc., “A” | 2,116,336 | $17,925,366 | ||
Hamilton Lane, Inc., “A” | 204,153 | 23,446,972 | ||
WisdomTree Investments, Inc. | 3,260,558 | 26,280,097 | ||
$67,652,435 | ||||
Business Services – 4.9% | ||||
ExlService Holdings, Inc. (a) | 987,803 | $30,740,429 | ||
Keywords Studios PLC | 849,584 | 15,378,639 | ||
Remitly Global, Inc. (a) | 1,321,508 | 27,249,495 | ||
Thoughtworks Holding, Inc. (a) | 3,526,607 | 11,003,014 | ||
TriNet Group, Inc. | 144,148 | 18,452,386 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
WNS (Holdings) Ltd., ADR (a) | 299,333 | $17,271,514 | ||
$120,095,477 | ||||
Chemicals – 0.5% | ||||
Element Solutions, Inc. | 518,041 | $12,173,964 | ||
Computer Software – 9.9% | ||||
Alkami Technology, Inc. (a) | 914,735 | $22,822,638 | ||
Altair Engineering, Inc., “A” (a) | 187,408 | 15,944,673 | ||
AvidXchange Holdings, Inc. (a) | 1,174,048 | 15,603,098 | ||
Definitive Healthcare Corp. (a) | 2,277,814 | 21,684,789 | ||
DoubleVerify Holdings, Inc. (a) | 1,256,994 | 38,828,545 | ||
Kinaxis, Inc. (a) | 222,799 | 23,094,988 | ||
Pagerduty, Inc. (a) | 1,399,652 | 33,815,592 | ||
Procore Technologies, Inc. (a) | 399,271 | 31,155,116 | ||
Sabre Corp. (a) | 3,483,404 | 9,231,021 | ||
Zeta Global Holdings Corp. (a) | 2,859,529 | 30,025,055 | ||
$242,205,515 | ||||
Computer Software - Systems – 5.0% | ||||
Five9, Inc. (a) | 583,836 | $35,613,996 | ||
Guidewire Software, Inc. (a) | 254,304 | 30,348,640 | ||
Q2 Holdings, Inc. (a) | 676,984 | 31,296,970 | ||
Rapid7, Inc. (a) | 433,971 | 25,422,021 | ||
$122,681,627 | ||||
Construction – 2.5% | ||||
AZEK Co., Inc. (a) | 271,068 | $13,041,082 | ||
Summit Materials, Inc., “A” (a) | 1,151,565 | 49,183,341 | ||
$62,224,423 | ||||
Consumer Products – 0.8% | ||||
e.l.f. Beauty, Inc. (a) | 91,922 | $19,168,495 | ||
Consumer Services – 2.0% | ||||
Boyd Group Services, Inc. | 114,111 | $26,780,750 | ||
European Wax Center, Inc., “A” (a) | 1,636,567 | 23,206,520 | ||
$49,987,270 | ||||
Containers – 0.5% | ||||
UFP Technologies, Inc. (a) | 55,456 | $11,552,039 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electrical Equipment – 3.5% | ||||
Littlefuse, Inc. | 92,647 | $22,072,221 | ||
nVent Electric PLC | 654,707 | 44,074,875 | ||
Sensata Technologies Holding PLC | 598,304 | 20,593,624 | ||
$86,740,720 | ||||
Electronics – 5.9% | ||||
Advanced Energy Industries, Inc. | 296,928 | $30,049,114 | ||
Allegro MicroSystems, Inc. (a) | 630,825 | 19,864,679 | ||
Formfactor, Inc. (a) | 801,911 | 34,506,230 | ||
Nova Ltd. (a) | 113,357 | 19,661,772 | ||
Onto Innovation, Inc. (a) | 226,640 | 41,738,022 | ||
$145,819,817 | ||||
Energy - Independent – 2.9% | ||||
Matador Resources Co. | 560,778 | $35,413,131 | ||
Permian Resources Corp. | 2,348,153 | 36,537,260 | ||
$71,950,391 | ||||
Energy - Renewables – 0.4% | ||||
Nextracker, Inc. “A” (a) | 171,256 | $9,631,437 | ||
Engineering - Construction – 3.9% | ||||
Corporacion Inmobiliaria Vesta S.A.B. de C.V., ADR | 348,312 | $12,257,099 | ||
Jacobs Solutions, Inc. | 304,115 | 44,598,465 | ||
TopBuild Corp. (a) | 95,282 | 38,339,571 | ||
$95,195,135 | ||||
Entertainment – 0.5% | ||||
Vivid Seats, Inc., “A” (a) | 2,144,528 | $12,910,059 | ||
Food & Beverages – 1.2% | ||||
Duckhorn Portfolio, Inc. (a) | 2,464,650 | $23,438,821 | ||
Oatly Group AB, ADR (a)(l) | 4,713,107 | 5,231,549 | ||
$28,670,370 | ||||
Gaming & Lodging – 1.0% | ||||
Genius Sports Ltd. (a) | 3,522,320 | $25,043,695 | ||
General Merchandise – 1.9% | ||||
Five Below, Inc. (a) | 113,028 | $22,682,459 | ||
Ollie's Bargain Outlet Holdings, Inc. (a) | 293,407 | 23,522,439 | ||
$46,204,898 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Leisure & Toys – 1.7% | ||||
Brunswick Corp. | 245,130 | $21,424,362 | ||
Corsair Gaming, Inc. (a) | 1,136,360 | 14,715,862 | ||
Funko, Inc., “A” (a) | 813,640 | 5,728,026 | ||
$41,868,250 | ||||
Machinery & Tools – 3.8% | ||||
Crane Co. | 347,295 | $42,217,180 | ||
RB Global, Inc. | 668,229 | 50,725,264 | ||
$92,942,444 | ||||
Medical & Health Technology & Services – 1.9% | ||||
Certara, Inc. (a) | 1,696,143 | $28,630,894 | ||
HealthEquity, Inc. (a) | 225,091 | 18,594,767 | ||
$47,225,661 | ||||
Medical Equipment – 10.5% | ||||
Bio-Techne Corp. | 420,812 | $30,959,139 | ||
Bruker BioSciences Corp. | 368,160 | 31,860,566 | ||
CryoPort, Inc. (a) | 1,309,513 | 23,139,095 | ||
Envista Holdings Corp. (a) | 823,494 | 17,005,151 | ||
Fractyl Health, Inc. (a) | 639,147 | 5,752,323 | ||
Gerresheimer AG | 180,591 | 21,157,800 | ||
Maravai Lifesciences Holdings, Inc., “A” (a) | 701,825 | 5,425,107 | ||
Masimo Corp. (a) | 155,727 | 20,017,149 | ||
Natera, Inc. (a) | 327,943 | 28,363,790 | ||
OptiNose, Inc. (a) | 1,816,449 | 3,233,279 | ||
Outset Medical, Inc. (a) | 465,250 | 1,465,538 | ||
PROCEPT BioRobotics Corp. (a) | 313,518 | 15,155,460 | ||
Qiagen N.V. | 707,031 | 30,253,857 | ||
Shockwave Medical, Inc. (a) | 93,558 | 24,406,475 | ||
$258,194,729 | ||||
Oil Services – 2.3% | ||||
Cactus, Inc., “A” | 230,818 | $10,594,546 | ||
ChampionX Corp. | 336,923 | 10,464,829 | ||
TechnipFMC PLC | 1,598,235 | 34,665,717 | ||
$55,725,092 | ||||
Pharmaceuticals – 5.6% | ||||
Amicus Therapeutics, Inc. (a) | 1,661,704 | $21,303,045 | ||
Annexon, Inc. (a) | 495,468 | 2,759,757 | ||
Ascendis Pharma, ADR (a) | 96,354 | 14,237,267 | ||
Collegium Pharmaceutical, Inc. (a) | 432,733 | 15,885,628 | ||
Harmony Biosciences Holdings (a) | 333,527 | 10,706,217 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Kymera Therapeutics, Inc. (a) | 235,728 | $10,065,586 | ||
Legend Biotech Corp., ADR (a) | 171,060 | 11,146,270 | ||
Neurocrine Biosciences, Inc. (a) | 94,387 | 12,308,065 | ||
SpringWorks Therapeutics, Inc. (a) | 307,648 | 15,154,740 | ||
Ultragenyx Pharmaceutical Inc. (a) | 135,693 | 7,018,042 | ||
Viking Therapeutics, Inc. (a) | 225,029 | 17,338,484 | ||
$137,923,101 | ||||
Pollution Control – 1.9% | ||||
GFL Environmental, Inc. | 1,259,582 | $45,445,719 | ||
Real Estate – 1.5% | ||||
STAG Industrial, Inc., REIT | 975,474 | $36,229,104 | ||
Restaurants – 1.6% | ||||
U.S. Foods Holding Corp. (a) | 790,847 | $40,167,119 | ||
Specialty Chemicals – 0.7% | ||||
Axalta Coating Systems Ltd. (a) | 552,302 | $18,076,844 | ||
Specialty Stores – 1.7% | ||||
ACV Auctions, Inc. (a) | 1,031,787 | $18,314,219 | ||
Chewy, Inc., “A” (a) | 1,389,585 | 24,512,280 | ||
$42,826,499 | ||||
Trucking – 2.6% | ||||
Knight-Swift Transportation Holdings, Inc. | 539,538 | $30,397,571 | ||
Saia, Inc. (a) | 31,835 | 18,317,859 | ||
XPO, Inc. (a) | 126,140 | 15,177,165 | ||
$63,892,595 | ||||
Total Common Stocks (Identified Cost, $2,055,685,199) | $2,357,039,271 |
Strike Price | First Exercise | |||
Warrants – 0.0% | ||||
Medical Equipment – 0.0% | ||||
OptiNose, Inc. (1 share for 1 warrant, Expiration 11/23/27) (a)(Identified Cost, $6,275) | $ 2.565 | 11/23/22 | 627,544 | $0 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 3.7% | ||||
Money Market Funds – 3.7% | ||||
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $90,779,218) | 90,785,936 | $90,785,936 | ||
Collateral for Securities Loaned – 0.2% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34% (j) (Identified Cost, $5,253,394) | 5,253,394 | $5,253,394 | ||
Other Assets, Less Liabilities – 0.2% | 5,640,891 | |||
Net Assets – 100.0% | $2,458,719,492 |
(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 $90,785,936 and $2,362,292,665, 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 |
Assets | |
Investments in unaffiliated issuers, at value, including $4,708,304 of securities on loan (identified cost, $2,060,944,868) | $2,362,292,665 |
Investments in affiliated issuers, at value (identified cost, $90,779,218) | 90,785,936 |
Receivables for | |
Investments sold | 31,716,443 |
Fund shares sold | 1,879,793 |
Interest and dividends | 1,724,545 |
Other assets | 49,876 |
Total assets | $2,488,449,258 |
Liabilities | |
Payables for | |
Investments purchased | $15,853,869 |
Fund shares reacquired | 7,935,749 |
Collateral for securities loaned, at value (c) | 5,253,394 |
Payable to affiliates | |
Investment adviser | 112,196 |
Administrative services fee | 1,990 |
Shareholder servicing costs | 454,433 |
Distribution and service fees | 14,398 |
Payable for independent Trustees' compensation | 6,566 |
Accrued expenses and other liabilities | 97,171 |
Total liabilities | $29,729,766 |
Net assets | $2,458,719,492 |
Net assets consist of | |
Paid-in capital | $2,652,945,025 |
Total distributable earnings (loss) | (194,225,533) |
Net assets | $2,458,719,492 |
Shares of beneficial interest outstanding | 89,346,570 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $783,250,603 | 31,952,713 | $24.51 |
Class B | 3,601,569 | 244,925 | 14.70 |
Class C | 23,838,314 | 1,612,930 | 14.78 |
Class I | 295,301,183 | 9,880,389 | 29.89 |
Class R1 | 1,903,209 | 131,816 | 14.44 |
Class R2 | 17,524,026 | 820,182 | 21.37 |
Class R3 | 110,643,185 | 4,524,953 | 24.45 |
Class R4 | 39,227,104 | 1,432,256 | 27.39 |
Class R6 | 1,183,430,299 | 38,746,406 | 30.54 |
(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 $26.01 [100 / 94.25 x $24.51]. 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 | $5,452,045 |
Dividends from affiliated issuers | 2,857,600 |
Income on securities loaned | 596,583 |
Other | 91,975 |
Interest | 261 |
Foreign taxes withheld | (81,740) |
Total investment income | $8,916,724 |
Expenses | |
Management fee | $9,618,844 |
Distribution and service fees | 1,203,669 |
Shareholder servicing costs | 954,576 |
Administrative services fee | 166,820 |
Independent Trustees' compensation | 19,892 |
Custodian fee | 62,574 |
Shareholder communications | 135,353 |
Audit and tax fees | 35,410 |
Legal fees | 6,186 |
Miscellaneous | 111,074 |
Total expenses | $12,314,398 |
Reduction of expenses by investment adviser and distributor | (146,927) |
Net expenses | $12,167,471 |
Net investment income (loss) | $(3,250,747) |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(30,896,088) |
Affiliated issuers | 11,727 |
Foreign currency | 5,829 |
Net realized gain (loss) | $(30,878,532) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $221,736,263 |
Affiliated issuers | 1,743,601 |
Translation of assets and liabilities in foreign currencies | (1,248) |
Net unrealized gain (loss) | $223,478,616 |
Net realized and unrealized gain (loss) | $192,600,084 |
Change in net assets from operations | $189,349,337 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $(3,250,747) | $(6,697,675) |
Net realized gain (loss) | (30,878,532) | (345,154,099) |
Net unrealized gain (loss) | 223,478,616 | 494,503,811 |
Change in net assets from operations | $189,349,337 | $142,652,037 |
Total distributions to shareholders | $— | $(2,232,789) |
Change in net assets from fund share transactions | $(109,341,052) | $(109,838,012) |
Total change in net assets | $80,008,285 | $30,581,236 |
Net assets | ||
At beginning of period | 2,378,711,207 | 2,348,129,971 |
At end of period | $2,458,719,492 | $2,378,711,207 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $22.67 | $21.40 | $40.53 | $32.45 | $27.56 | $33.30 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.11) | $(0.21) | $(0.23) | $(0.18) | $(0.19) |
Net realized and unrealized gain (loss) | 1.89 | 1.40 | (11.52) | 12.20 | 7.31 | 0.06(g) |
Total from investment operations | $1.84 | $1.29 | $(11.73) | $11.97 | $7.13 | $(0.13) |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $24.51 | $22.67 | $21.40 | $40.53 | $32.45 | $27.56 |
Total return (%) (r)(s)(t)(x) | 8.12(n) | 6.05 | (34.20) | 39.23 | 27.51 | 3.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.29(a) | 1.29 | 1.25 | 1.23 | 1.29 | 1.30 |
Expenses after expense reductions | 1.27(a) | 1.28 | 1.24 | 1.22 | 1.27 | 1.29 |
Net investment income (loss) | (0.49)(a) | (0.49) | (0.78) | (0.63) | (0.66) | (0.70) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $783,251 | $745,452 | $746,682 | $1,171,166 | $755,202 | $549,660 |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $13.65 | $12.99 | $27.92 | $23.55 | $20.72 | $26.86 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.08) | $(0.16) | $(0.28) | $(0.36) | $(0.28) | $(0.30) |
Net realized and unrealized gain (loss) | 1.13 | 0.84 | (7.25) | 8.62 | 5.35 | (0.23)(g) |
Total from investment operations | $1.05 | $0.68 | $(7.53) | $8.26 | $5.07 | $(0.53) |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $14.70 | $13.65 | $12.99 | $27.92 | $23.55 | $20.72 |
Total return (%) (r)(s)(t)(x) | 7.69(n) | 5.27 | (34.71) | 38.19 | 26.58 | 2.69 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.04(a) | 2.04 | 2.00 | 1.99 | 2.04 | 2.06 |
Expenses after expense reductions | 2.02(a) | 2.03 | 1.98 | 1.98 | 2.02 | 2.04 |
Net investment income (loss) | (1.26)(a) | (1.26) | (1.58) | (1.40) | (1.40) | (1.45) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $3,602 | $4,479 | $6,854 | $16,701 | $16,502 | $18,708 |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $13.72 | $13.05 | $28.02 | $23.62 | $20.78 | $26.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.08) | $(0.16) | $(0.27) | $(0.36) | $(0.28) | $(0.30) |
Net realized and unrealized gain (loss) | 1.14 | 0.85 | (7.30) | 8.65 | 5.36 | (0.22)(g) |
Total from investment operations | $1.06 | $0.69 | $(7.57) | $8.29 | $5.08 | $(0.52) |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $14.78 | $13.72 | $13.05 | $28.02 | $23.62 | $20.78 |
Total return (%) (r)(s)(t)(x) | 7.73(n) | 5.32 | (34.73) | 38.21 | 26.55 | 2.72 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.04(a) | 2.04 | 2.00 | 1.99 | 2.04 | 2.05 |
Expenses after expense reductions | 2.02(a) | 2.03 | 1.98 | 1.98 | 2.03 | 2.04 |
Net investment income (loss) | (1.25)(a) | (1.25) | (1.56) | (1.40) | (1.41) | (1.45) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $23,838 | $24,732 | $29,033 | $56,833 | $58,057 | $59,253 |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $27.61 | $25.98 | $47.41 | $37.30 | $31.29 | $36.82 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $(0.06) | $(0.19) | $(0.16) | $(0.14) | $(0.14) |
Net realized and unrealized gain (loss) | 2.31 | 1.71 | (13.84) | 14.16 | 8.39 | 0.22(g) |
Total from investment operations | $2.28 | $1.65 | $(14.03) | $14.00 | $8.25 | $0.08 |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $29.89 | $27.61 | $25.98 | $47.41 | $37.30 | $31.29 |
Total return (%) (r)(s)(t)(x) | 8.26(n) | 6.37 | (34.07) | 39.60 | 27.83 | 3.76 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.04(a) | 1.04 | 1.00 | 0.98 | 1.04 | 1.05 |
Expenses after expense reductions | 1.02(a) | 1.03 | 0.98 | 0.97 | 1.03 | 1.05 |
Net investment income (loss) | (0.25)(a) | (0.25) | (0.56) | (0.37) | (0.43) | (0.45) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $295,301 | $298,827 | $328,438 | $621,379 | $331,177 | $164,593 |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $13.40 | $12.75 | $27.56 | $23.29 | $20.51 | $26.66 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.08) | $(0.16) | $(0.26) | $(0.35) | $(0.28) | $(0.30) |
Net realized and unrealized gain (loss) | 1.12 | 0.83 | (7.15) | 8.51 | 5.30 | (0.24)(g) |
Total from investment operations | $1.04 | $0.67 | $(7.41) | $8.16 | $5.02 | $(0.54) |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $14.44 | $13.40 | $12.75 | $27.56 | $23.29 | $20.51 |
Total return (%) (r)(s)(t)(x) | 7.76(n) | 5.29 | (34.73) | 38.20 | 26.61 | 2.67 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.04(a) | 2.04 | 2.00 | 1.99 | 2.04 | 2.05 |
Expenses after expense reductions | 2.02(a) | 2.03 | 1.99 | 1.97 | 2.03 | 2.05 |
Net investment income (loss) | (1.25)(a) | (1.26) | (1.54) | (1.39) | (1.41) | (1.45) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $1,903 | $2,305 | $3,296 | $5,923 | $4,946 | $4,652 |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $19.78 | $18.72 | $36.54 | $29.65 | $25.42 | $31.31 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.07) | $(0.14) | $(0.26) | $(0.30) | $(0.23) | $(0.24) |
Net realized and unrealized gain (loss) | 1.66 | 1.22 | (10.16) | 11.08 | 6.70 | (0.04)(g) |
Total from investment operations | $1.59 | $1.08 | $(10.42) | $10.78 | $6.47 | $(0.28) |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $21.37 | $19.78 | $18.72 | $36.54 | $29.65 | $25.42 |
Total return (%) (r)(s)(t)(x) | 8.04(n) | 5.79 | (34.38) | 38.89 | 27.21 | 3.19 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.54(a) | 1.54 | 1.50 | 1.49 | 1.54 | 1.56 |
Expenses after expense reductions | 1.52(a) | 1.53 | 1.48 | 1.47 | 1.53 | 1.54 |
Net investment income (loss) | (0.74)(a) | (0.74) | (1.05) | (0.89) | (0.90) | (0.95) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $17,524 | $17,722 | $18,975 | $34,688 | $30,149 | $32,381 |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $22.61 | $21.34 | $40.45 | $32.39 | $27.51 | $33.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.11) | $(0.21) | $(0.22) | $(0.18) | $(0.19) |
Net realized and unrealized gain (loss) | 1.89 | 1.40 | (11.50) | 12.17 | 7.30 | 0.05(g) |
Total from investment operations | $1.84 | $1.29 | $(11.71) | $11.95 | $7.12 | $(0.14) |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $24.45 | $22.61 | $21.34 | $40.45 | $32.39 | $27.51 |
Total return (%) (r)(s)(t)(x) | 8.14(n) | 6.07 | (34.22) | 39.24 | 27.52 | 3.45 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.29(a) | 1.29 | 1.25 | 1.23 | 1.29 | 1.30 |
Expenses after expense reductions | 1.27(a) | 1.28 | 1.24 | 1.22 | 1.28 | 1.30 |
Net investment income (loss) | (0.49)(a) | (0.49) | (0.78) | (0.61) | (0.67) | (0.70) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $110,643 | $106,615 | $109,206 | $178,005 | $71,489 | $52,559 |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $25.30 | $23.81 | $44.11 | $34.94 | $29.44 | $35.05 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $(0.05) | $(0.16) | $(0.15) | $(0.13) | $(0.13) |
Net realized and unrealized gain (loss) | 2.12 | 1.56 | (12.74) | 13.21 | 7.87 | 0.13(g) |
Total from investment operations | $2.09 | $1.51 | $(12.90) | $13.06 | $7.74 | $0.00(w) |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $27.39 | $25.30 | $23.81 | $44.11 | $34.94 | $29.44 |
Total return (%) (r)(s)(t)(x) | 8.26(n) | 6.36 | (34.06) | 39.58 | 27.84 | 3.72 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.04(a) | 1.04 | 1.00 | 0.99 | 1.04 | 1.05 |
Expenses after expense reductions | 1.03(a) | 1.03 | 0.99 | 0.97 | 1.03 | 1.05 |
Net investment income (loss) | (0.25)(a) | (0.22) | (0.52) | (0.37) | (0.43) | (0.45) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $39,227 | $40,709 | $17,820 | $27,863 | $16,509 | $8,384 |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $28.19 | $26.50 | $48.14 | $37.79 | $31.64 | $37.13 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.02) | $(0.03) | $(0.12) | $(0.12) | $(0.10) | $(0.11) |
Net realized and unrealized gain (loss) | 2.37 | 1.74 | (14.12) | 14.36 | 8.49 | 0.23(g) |
Total from investment operations | $2.35 | $1.71 | $(14.24) | $14.24 | $8.39 | $0.12 |
Less distributions declared to shareholders | ||||||
From net realized gain | $— | $(0.02) | $(7.40) | $(3.89) | $(2.24) | $(5.61) |
Net asset value, end of period (x) | $30.54 | $28.19 | $26.50 | $48.14 | $37.79 | $31.64 |
Total return (%) (r)(s)(t)(x) | 8.34(n) | 6.47 | (33.98) | 39.73 | 27.97 | 3.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.91(a) | 0.91 | 0.89 | 0.89 | 0.94 | 0.96 |
Expenses after expense reductions | 0.89(a) | 0.89 | 0.88 | 0.88 | 0.92 | 0.95 |
Net investment income (loss) | (0.11)(a) | (0.11) | (0.36) | (0.28) | (0.32) | (0.35) |
Portfolio turnover | 25(n) | 60 | 58 | 71 | 64 | 69 |
Net assets at end of period (000 omitted) | $1,183,430 | $1,137,870 | $1,087,826 | $1,248,511 | $795,613 | $541,266 |
(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: | ||||
United States | $2,018,810,620 | $0 | $— | $2,018,810,620 |
Canada | 146,046,721 | — | — | 146,046,721 |
United Kingdom | 59,547,699 | — | — | 59,547,699 |
Germany | 51,411,657 | — | — | 51,411,657 |
Israel | 19,661,772 | — | — | 19,661,772 |
India | 17,271,514 | — | — | 17,271,514 |
Denmark | 14,237,267 | — | — | 14,237,267 |
Mexico | 12,257,099 | — | — | 12,257,099 |
China | 11,146,270 | — | — | 11,146,270 |
Other Countries | 6,648,652 | — | — | 6,648,652 |
Mutual Funds | 96,039,330 | — | — | 96,039,330 |
Total | $2,453,078,601 | $0 | $— | $2,453,078,601 |
Year ended 8/31/23 | |
Ordinary income (including any short-term capital gains) | $2,232,789 |
As of 2/29/24 | |
Cost of investments | $2,189,573,452 |
Gross appreciation | 593,608,696 |
Gross depreciation | (330,103,547) |
Net unrealized appreciation (depreciation) | $263,505,149 |
As of 8/31/23 | |
Capital loss carryforwards | (420,534,294) |
Late year ordinary loss deferral | (3,889,518) |
Other temporary differences | (10,784) |
Net unrealized appreciation (depreciation) | 40,859,726 |
Short-Term | $(176,261,839) |
Long-Term | (244,272,455) |
Total | $(420,534,294) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Class A | $— | $785,743 | |
Class B | — | 10,704 | |
Class C | — | 47,203 | |
Class I | — | 267,720 | |
Class R1 | — | 5,839 | |
Class R2 | — | 23,291 | |
Class R3 | — | 116,633 | |
Class R4 | — | 19,232 | |
Class R6 | — | 956,424 | |
Total | $— | $2,232,789 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2.5 billion | 0.80% |
In excess of $2.5 billion and up to $5 billion | 0.75% |
In excess of $5 billion | 0.70% |
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% | $ 893,608 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 18,832 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 113,690 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 9,119 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 41,870 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 126,550 |
Total Distribution and Service Fees | $1,203,669 |
(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 February 29, 2024 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 February 29, 2024, this rebate amounted to $35 and $169 for Class A and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $6,804 |
Class B | — |
Class C | — |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,115,454 | $46,921,263 | 4,181,188 | $90,304,103 | |
Class B | 408 | 5,228 | 2,080 | 26,838 | |
Class C | 105,677 | 1,422,018 | 239,583 | 3,092,719 | |
Class I | 990,434 | 26,779,251 | 3,384,490 | 88,520,607 | |
Class R1 | 8,309 | 108,736 | 22,672 | 289,603 | |
Class R2 | 82,259 | 1,614,753 | 134,916 | 2,552,975 | |
Class R3 | 347,315 | 7,819,434 | 601,628 | 13,026,903 | |
Class R4 | 220,589 | 5,417,869 | 1,308,230 | 31,437,821 | |
Class R6 | 3,262,668 | 88,308,813 | 7,466,242 | 199,595,452 | |
7,133,113 | $178,397,365 | 17,341,029 | $428,847,021 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 36,527 | $769,262 | |
Class B | — | — | 833 | 10,625 | |
Class C | — | — | 3,543 | 45,383 | |
Class I | — | — | 9,682 | 247,862 | |
Class R1 | — | — | 466 | 5,839 | |
Class R2 | — | — | 1,257 | 23,133 | |
Class R3 | — | — | 5,554 | 116,633 | |
Class R4 | — | — | 799 | 18,746 | |
Class R6 | — | — | 36,046 | 941,152 | |
— | $— | 94,707 | $2,178,635 | ||
Shares reacquired | |||||
Class A | (3,046,525) | $(67,805,328) | (6,232,317) | $(133,802,757) | |
Class B | (83,636) | (1,103,771) | (202,423) | (2,635,556) | |
Class C | (295,509) | (3,943,399) | (664,293) | (8,694,038) | |
Class I | (1,934,925) | (52,448,594) | (5,208,998) | (135,359,445) | |
Class R1 | (48,508) | (627,558) | (109,586) | (1,475,550) | |
Class R2 | (157,872) | (3,133,860) | (253,912) | (4,816,461) | |
Class R3 | (537,179) | (11,887,897) | (1,009,146) | (21,857,084) | |
Class R4 | (397,554) | (10,157,089) | (448,114) | (11,064,933) | |
Class R6 | (4,876,988) | (136,630,921) | (8,190,114) | (221,157,844) | |
(11,378,696) | $(287,738,417) | (22,318,903) | $(540,863,668) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (931,071) | $(20,884,065) | (2,014,602) | $(42,729,392) | |
Class B | (83,228) | (1,098,543) | (199,510) | (2,598,093) | |
Class C | (189,832) | (2,521,381) | (421,167) | (5,555,936) | |
Class I | (944,491) | (25,669,343) | (1,814,826) | (46,590,976) | |
Class R1 | (40,199) | (518,822) | (86,448) | (1,180,108) | |
Class R2 | (75,613) | (1,519,107) | (117,739) | (2,240,353) | |
Class R3 | (189,864) | (4,068,463) | (401,964) | (8,713,548) | |
Class R4 | (176,965) | (4,739,220) | 860,915 | 20,391,634 | |
Class R6 | (1,614,320) | (48,322,108) | (687,826) | (20,621,240) | |
(4,245,583) | $(109,341,052) | (4,883,167) | $(109,838,012) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
GCM Grosvenor, Inc., “A” * | $16,168,807 | $— | $— | $— | $1,756,559 | $— |
MFS Institutional Money Market Portfolio | 109,470,627 | 251,019,541 | 269,703,001 | 11,727 | (12,958) | $90,785,936 |
$125,639,434 | $251,019,541 | $269,703,001 | $11,727 | $1,743,601 | $90,785,936 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
GCM Grosvenor, Inc., “A” * | $465,594 | $— |
MFS Institutional Money Market Portfolio | 2,392,006 | — |
$2,857,600 | $— |
International Fund
International Fund
1 | |
3 | |
5 | |
11 | |
13 | |
15 | |
16 | |
25 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
Schneider Electric S.A. | 3.6% |
Novo Nordisk A.S., “B” | 3.5% |
Linde PLC | 3.5% |
LVMH Moet Hennessy Louis Vuitton SE | 2.8% |
Roche Holding AG | 2.5% |
Nestle S.A. | 2.4% |
Hitachi Ltd. | 2.2% |
TotalEnergies SE | 1.7% |
Euronext N.V. | 1.6% |
London Stock Exchange Group PLC | 1.5% |
Capital Goods | 26.2% |
Financial Services | 20.4% |
Health Care | 12.6% |
Technology | 12.5% |
Consumer Cyclicals | 10.0% |
Consumer Staples | 7.7% |
Energy | 7.5% |
Telecommunications/Cable Television | 2.7% |
Japan | 20.8% |
France | 14.8% |
United Kingdom | 10.5% |
Switzerland | 10.5% |
United States | 9.1% |
Germany | 6.3% |
Australia | 4.1% |
Denmark | 4.0% |
Hong Kong | 3.3% |
Other Countries | 16.6% |
Euro | 30.3% |
Japanese Yen | 20.8% |
British Pound Sterling | 10.9% |
Swiss Franc | 10.5% |
United States Dollar | 9.4% |
Australian Dollar | 4.1% |
Danish Krone | 4.0% |
Hong Kong Dollar | 3.5% |
Canadian Dollar | 1.9% |
Other Currencies | 4.6% |
(k) | The sectors set forth above and the associated portfolio composition are based on MFS’ own custom sector classification methodology. |
(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. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 0.98% | $1,000.00 | $1,053.17 | $5.00 |
Hypothetical (h) | 0.98% | $1,000.00 | $1,019.99 | $4.92 | |
B | Actual | 1.73% | $1,000.00 | $1,049.39 | $8.82 |
Hypothetical (h) | 1.73% | $1,000.00 | $1,016.26 | $8.67 | |
C | Actual | 1.73% | $1,000.00 | $1,049.76 | $8.82 |
Hypothetical (h) | 1.73% | $1,000.00 | $1,016.26 | $8.67 | |
I | Actual | 0.73% | $1,000.00 | $1,054.98 | $3.73 |
Hypothetical (h) | 0.73% | $1,000.00 | $1,021.23 | $3.67 | |
R1 | Actual | 1.74% | $1,000.00 | $1,048.88 | $8.86 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.21 | $8.72 | |
R2 | Actual | 1.23% | $1,000.00 | $1,051.75 | $6.27 |
Hypothetical (h) | 1.23% | $1,000.00 | $1,018.75 | $6.17 | |
R3 | Actual | 0.98% | $1,000.00 | $1,053.37 | $5.00 |
Hypothetical (h) | 0.98% | $1,000.00 | $1,019.99 | $4.92 | |
R4 | Actual | 0.73% | $1,000.00 | $1,054.75 | $3.73 |
Hypothetical (h) | 0.73% | $1,000.00 | $1,021.23 | $3.67 | |
R6 | Actual | 0.62% | $1,000.00 | $1,055.28 | $3.17 |
Hypothetical (h) | 0.62% | $1,000.00 | $1,021.78 | $3.12 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.6% | ||||
Aerospace & Defense – 1.6% | ||||
MTU Aero Engines Holding AG | 616,650 | $148,157,394 | ||
Thales S.A. | 710,142 | 105,188,768 | ||
$253,346,162 | ||||
Airlines – 0.6% | ||||
Ryanair Holdings PLC, ADR | 732,938 | $101,328,679 | ||
Alcoholic Beverages – 2.9% | ||||
Diageo PLC | 6,635,038 | $248,079,507 | ||
Heineken N.V. | 1,340,862 | 123,790,917 | ||
Kirin Holdings Co. Ltd. | 6,686,900 | 92,975,207 | ||
$464,845,631 | ||||
Apparel Manufacturers – 4.6% | ||||
Burberry Group PLC | 2,912,131 | $47,236,363 | ||
Compagnie Financiere Richemont S.A. | 1,267,593 | 201,530,588 | ||
LVMH Moet Hennessy Louis Vuitton SE | 504,696 | 459,726,481 | ||
NIKE, Inc., “B” | 426,304 | 44,305,775 | ||
$752,799,207 | ||||
Automotive – 2.6% | ||||
Bridgestone Corp. | 2,490,900 | $107,099,396 | ||
Compagnie Generale des Etablissements Michelin | 3,000,252 | 110,866,916 | ||
DENSO Corp. | 9,473,700 | 174,029,948 | ||
Koito Manufacturing Co. Ltd. | 1,991,600 | 25,167,330 | ||
$417,163,590 | ||||
Biotechnology – 0.9% | ||||
CSL Ltd. | 799,068 | $148,671,351 | ||
Brokerage & Asset Managers – 3.8% | ||||
Euronext N.V. | 2,891,278 | $266,397,024 | ||
Hong Kong Exchanges & Clearing Ltd. | 3,309,800 | 102,639,944 | ||
London Stock Exchange Group PLC | 2,220,716 | 248,812,810 | ||
$617,849,778 | ||||
Business Services – 1.0% | ||||
Nomura Research Institute Ltd. | 4,261,100 | $119,488,156 | ||
Secom Co. Ltd. | 641,300 | 46,711,553 | ||
$166,199,709 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software – 1.1% | ||||
Cadence Design Systems, Inc. (a) | 603,613 | $183,727,725 | ||
Computer Software - Systems – 6.5% | ||||
Amadeus IT Group S.A. | 2,769,118 | $162,751,798 | ||
Cap Gemini S.A. | 214,072 | 51,988,594 | ||
Constellation Software, Inc. | 73,608 | 204,929,250 | ||
Fujitsu Ltd. | 658,900 | 102,777,324 | ||
Hitachi Ltd. | 4,145,400 | 350,196,712 | ||
Samsung Electronics Co. Ltd. | 3,225,780 | 177,810,342 | ||
$1,050,454,020 | ||||
Construction – 0.8% | ||||
Techtronic Industries Co. Ltd. | 11,897,000 | $128,778,434 | ||
Consumer Products – 0.7% | ||||
Kao Corp. | 3,063,400 | $116,389,584 | ||
Consumer Services – 0.9% | ||||
CAR Group Ltd. | 2,463,821 | $58,870,521 | ||
Persol Holdings Co. Ltd. | 26,303,100 | 37,949,310 | ||
SEEK Ltd. | 2,394,387 | 40,823,089 | ||
$137,642,920 | ||||
Electrical Equipment – 5.9% | ||||
Legrand S.A. | 1,930,002 | $195,035,874 | ||
Mitsubishi Electric Corp. | 11,231,300 | 178,410,758 | ||
Schneider Electric SE | 2,569,466 | 582,630,868 | ||
$956,077,500 | ||||
Electronics – 3.8% | ||||
ASML Holding N.V. | 134,303 | $126,357,091 | ||
Kyocera Corp. | 7,670,000 | 112,783,585 | ||
NXP Semiconductors N.V. | 461,510 | 115,252,892 | ||
Renesas Electronics Corp. | 2,673,500 | 43,770,716 | ||
ROHM Co. Ltd. | 3,281,900 | 55,657,889 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,822,326 | 170,752,620 | ||
$624,574,793 | ||||
Energy - Independent – 1.3% | ||||
Reliance Industries Ltd. | 2,679,254 | $94,404,999 | ||
Woodside Energy Group Ltd. | 5,631,185 | 111,125,771 | ||
$205,530,770 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Integrated – 3.7% | ||||
Eni S.p.A. | 9,684,921 | $149,140,337 | ||
Galp Energia SGPS S.A., “B” | 11,088,811 | 174,618,263 | ||
TotalEnergies SE | 4,306,797 | 274,585,708 | ||
$598,344,308 | ||||
Food & Beverages – 3.0% | ||||
Nestle S.A. | 3,824,513 | $396,830,794 | ||
Novozymes A/S | 1,616,338 | 91,123,355 | ||
$487,954,149 | ||||
Food & Drug Stores – 0.4% | ||||
Seven & I Holdings Co. Ltd. (l) | 4,866,900 | $72,393,190 | ||
Gaming & Lodging – 1.8% | ||||
Aristocrat Leisure Ltd. | 3,883,131 | $117,695,724 | ||
Flutter Entertainment PLC (a) | 247,498 | 53,438,861 | ||
Sands China Ltd. (a) | 18,920,400 | 53,889,127 | ||
Whitbread PLC | 1,578,480 | 65,812,756 | ||
$290,836,468 | ||||
Insurance – 5.6% | ||||
AIA Group Ltd. | 21,504,400 | $174,682,910 | ||
Aon PLC | 681,612 | 215,382,576 | ||
Beazley PLC | 18,161,687 | 149,474,188 | ||
Hiscox Ltd. | 6,034,688 | 86,307,225 | ||
Willis Towers Watson PLC | 316,002 | 86,145,305 | ||
Zurich Insurance Group AG | 367,562 | 195,345,892 | ||
$907,338,096 | ||||
Leisure & Toys – 0.2% | ||||
Yamaha Corp. | 1,585,800 | $34,599,465 | ||
Machinery & Tools – 5.5% | ||||
Daikin Industries Ltd. | 1,162,700 | $164,222,068 | ||
GEA Group AG | 3,412,391 | 137,455,876 | ||
RB Global, Inc. | 1,381,156 | 104,201,130 | ||
SMC Corp. | 403,000 | 242,332,244 | ||
Toyota Industries Corp. | 1,626,200 | 161,513,594 | ||
Weir Group PLC | 3,768,822 | 87,202,817 | ||
$896,927,729 | ||||
Major Banks – 6.3% | ||||
Bank of Ireland Group PLC | 11,269,122 | $98,094,992 | ||
BNP Paribas | 3,791,482 | 226,937,926 | ||
DBS Group Holdings Ltd. | 4,491,900 | 111,266,788 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – continued | ||||
Mitsubishi UFJ Financial Group, Inc. | 18,369,100 | $188,935,114 | ||
NatWest Group PLC | 68,522,780 | 206,812,589 | ||
UBS Group AG | 6,600,314 | 188,153,916 | ||
$1,020,201,325 | ||||
Medical Equipment – 2.5% | ||||
ConvaTec Group PLC | 33,889,182 | $105,320,171 | ||
Olympus Corp. | 4,651,000 | 66,141,489 | ||
QIAGEN N.V. | 3,616,279 | 154,912,307 | ||
Terumo Corp. | 2,089,400 | 81,334,968 | ||
$407,708,935 | ||||
Metals & Mining – 1.9% | ||||
Glencore PLC | 35,736,605 | $169,231,289 | ||
Mitsui & Co. Ltd. | 3,014,200 | 131,750,618 | ||
$300,981,907 | ||||
Natural Gas - Distribution – 0.3% | ||||
China Resources Gas Group Ltd. | 14,640,000 | $44,315,474 | ||
Natural Gas - Pipeline – 0.3% | ||||
APA Group | 8,293,848 | $42,319,347 | ||
Other Banks & Diversified Financials – 3.7% | ||||
HDFC Bank Ltd. | 6,261,251 | $105,974,880 | ||
Julius Baer Group Ltd. | 3,082,079 | 164,777,175 | ||
Macquarie Group Ltd. | 1,105,744 | 140,016,451 | ||
Visa, Inc., “A” | 679,061 | 191,929,801 | ||
$602,698,307 | ||||
Pharmaceuticals – 9.2% | ||||
Bayer AG | 1,012,211 | $30,730,378 | ||
Kyowa Kirin Co. Ltd. | 6,945,600 | 137,665,758 | ||
Merck KGaA | 956,967 | 163,210,874 | ||
Novo Nordisk A.S., “B” | 4,734,442 | 562,723,426 | ||
Roche Holding AG | 1,530,228 | 401,352,841 | ||
Sanofi | 1,388,775 | 131,921,775 | ||
Santen Pharmaceutical Co. Ltd. | 6,541,800 | 64,863,832 | ||
$1,492,468,884 | ||||
Printing & Publishing – 0.8% | ||||
Wolters Kluwer N.V. | 865,715 | $136,466,642 | ||
Real Estate – 1.0% | ||||
LEG Immobilien SE (a) | 2,300,197 | $169,101,239 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Restaurants – 0.4% | ||||
Yum China Holdings, Inc. | 1,314,710 | $56,387,912 | ||
Specialty Chemicals – 8.0% | ||||
Akzo Nobel N.V. | 1,449,731 | $105,512,926 | ||
Croda International PLC | 2,012,412 | 121,069,112 | ||
Kansai Paint Co. Ltd. (l) | 3,318,000 | 48,026,014 | ||
Linde PLC | 1,253,594 | 562,638,059 | ||
Nitto Denko Corp. | 1,872,100 | 171,700,740 | ||
Sika AG | 554,377 | 160,166,590 | ||
Symrise AG | 1,291,328 | 131,974,238 | ||
$1,301,087,679 | ||||
Specialty Stores – 0.3% | ||||
ZOZO, Inc. | 2,039,300 | $46,167,184 | ||
Telecommunications - Wireless – 2.3% | ||||
Advanced Info Service Public Co. Ltd. | 14,369,300 | $81,732,530 | ||
Cellnex Telecom S.A. | 2,614,458 | 94,011,201 | ||
KDDI Corp. | 3,309,400 | 100,526,999 | ||
SoftBank Group Corp. | 1,690,400 | 99,110,299 | ||
$375,381,029 | ||||
Telephone Services – 0.3% | ||||
Hellenic Telecommunications Organization S.A. | 3,712,475 | $56,013,678 | ||
Tobacco – 1.1% | ||||
British American Tobacco PLC | 5,875,790 | $173,928,813 | ||
Utilities - Electric Power – 2.0% | ||||
CLP Holdings Ltd. | 8,699,000 | $72,496,296 | ||
E.ON SE | 7,174,927 | 91,582,505 | ||
Iberdrola S.A. | 14,579,190 | 167,341,263 | ||
$331,420,064 | ||||
Total Common Stocks (Identified Cost, $12,194,501,508) | $16,170,421,677 |
Strike Price | First Exercise | |||
Warrants – 0.0% | ||||
Computer Software - Systems – 0.0% | ||||
Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a)(Identified Cost, $0) | CAD 11.5 | N/A | 105,955 | $0 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 0.3% | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $50,736,169) | 50,736,169 | $50,736,169 | ||
Collateral for Securities Loaned – 0.0% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34% (j) (Identified Cost, $3,251,190) | 3,251,190 | $3,251,190 | ||
Other Assets, Less Liabilities – 0.1% | 20,277,276 | |||
Net Assets – 100.0% | $16,244,686,312 |
(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 $50,736,169 and $16,173,672,867, 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 |
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: | |
CAD | Canadian Dollar |
Assets | |
Investments in unaffiliated issuers, at value, including $23,975,441 of securities on loan (identified cost, $12,197,752,698) | $16,173,672,867 |
Investments in affiliated issuers, at value (identified cost, $50,736,169) | 50,736,169 |
Foreign currency, at value (identified cost, $5,003,923) | 5,003,923 |
Receivables for | |
Investments sold | 12,762,588 |
Fund shares sold | 5,282,332 |
Interest and dividends | 53,759,780 |
Other assets | 84,399 |
Total assets | $16,301,302,058 |
Liabilities | |
Payables for | |
Investments purchased | $15,411,981 |
Fund shares reacquired | 29,177,489 |
Collateral for securities loaned, at value (c) | 3,251,190 |
Payable to affiliates | |
Investment adviser | 549,986 |
Administrative services fee | 3,368 |
Shareholder servicing costs | 857,387 |
Distribution and service fees | 13,073 |
Payable for independent Trustees' compensation | 18,413 |
Deferred foreign capital gains tax expense payable | 4,726,234 |
Accrued expenses and other liabilities | 2,606,625 |
Total liabilities | $56,615,746 |
Net assets | $16,244,686,312 |
Net assets consist of | |
Paid-in capital | $13,084,100,018 |
Total distributable earnings (loss) | 3,160,586,294 |
Net assets | $16,244,686,312 |
Shares of beneficial interest outstanding | 725,460,875 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $698,893,730 | 31,127,125 | $22.45 |
Class B | 602,017 | 27,548 | 21.85 |
Class C | 12,629,934 | 599,190 | 21.08 |
Class I | 1,543,662,919 | 66,200,917 | 23.32 |
Class R1 | 1,252,499 | 60,803 | 20.60 |
Class R2 | 65,395,603 | 3,020,138 | 21.65 |
Class R3 | 67,410,801 | 3,036,909 | 22.20 |
Class R4 | 78,628,880 | 3,496,455 | 22.49 |
Class R6 | 13,776,209,929 | 617,891,790 | 22.30 |
(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 $23.82 [100 / 94.25 x $22.45]. 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 | $102,220,834 |
Dividends from affiliated issuers | 1,536,500 |
Income on securities loaned | 55,393 |
Interest | 5,199 |
Other | 1,593 |
Foreign taxes withheld | (6,410,289) |
Total investment income | $97,409,230 |
Expenses | |
Management fee | $49,406,282 |
Distribution and service fees | 1,163,706 |
Shareholder servicing costs | 1,443,084 |
Administrative services fee | 305,292 |
Independent Trustees' compensation | 64,053 |
Custodian fee | 756,413 |
Shareholder communications | 107,598 |
Audit and tax fees | 40,085 |
Legal fees | 40,651 |
Reduction of tax reclaim recovery expenses | (1,280,713) |
Miscellaneous | 211,473 |
Total expenses | $52,257,924 |
Reduction of expenses by investment adviser and distributor | (1,005,979) |
Net expenses | $51,251,945 |
Net investment income (loss) | $46,157,285 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (includes $1,028,231 foreign capital gains tax) | $(185,838,928) |
Affiliated issuers | 2,920 |
Foreign currency | 537,547 |
Net realized gain (loss) | $(185,298,461) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (includes $443,906 decrease in deferred foreign capital gains tax) | $992,432,087 |
Affiliated issuers | (4,845) |
Translation of assets and liabilities in foreign currencies | (1,390,848) |
Net unrealized gain (loss) | $991,036,394 |
Net realized and unrealized gain (loss) | $805,737,933 |
Change in net assets from operations | $851,895,218 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $46,157,285 | $321,078,703 |
Net realized gain (loss) | (185,298,461) | (451,613,304) |
Net unrealized gain (loss) | 991,036,394 | 2,065,869,417 |
Change in net assets from operations | $851,895,218 | $1,935,334,816 |
Total distributions to shareholders | $(293,003,116) | $(245,003,054) |
Change in net assets from fund share transactions | $(368,359,276) | $321,410,164 |
Total change in net assets | $190,532,826 | $2,011,741,926 |
Net assets | ||
At beginning of period | 16,054,153,486 | 14,042,411,560 |
At end of period | $16,244,686,312 | $16,054,153,486 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $21.64 | $19.29 | $24.78 | $20.09 | $17.89 | $19.19 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.37 | $0.28 | $0.21 | $0.19 | $0.32 |
Net realized and unrealized gain (loss) | 1.11 | 2.25 | (5.52) | 4.64 | 2.33 | (0.77) |
Total from investment operations | $1.14 | $2.62 | $(5.24) | $4.85 | $2.52 | $(0.45) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.33) | $(0.27) | $(0.25) | $(0.16) | $(0.32) | $(0.72) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.33) | $(0.27) | $(0.25) | $(0.16) | $(0.32) | $(0.85) |
Net asset value, end of period (x) | $22.45 | $21.64 | $19.29 | $24.78 | $20.09 | $17.89 |
Total return (%) (r)(s)(t)(x) | 5.32(n) | 13.71 | (21.34) | 24.28 | 14.19 | (1.82) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.00(a) | 1.05 | 1.02 | 1.02 | 1.07 | 1.10 |
Expenses after expense reductions | 0.98(a) | 1.03 | 1.00 | 1.00 | 1.06 | 1.09 |
Net investment income (loss) | 0.27(a)(l) | 1.81 | 1.24 | 0.93 | 1.02 | 1.79 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $698,894 | $694,592 | $651,907 | $963,468 | $772,695 | $622,639 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.00(a) | 1.00 | N/A | N/A | N/A | N/A |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $20.92 | $18.60 | $23.88 | $19.36 | $17.23 | $18.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $0.19 | $0.08 | $0.04 | $0.04 | $0.16 |
Net realized and unrealized gain (loss) | 1.08 | 2.20 | (5.31) | 4.48 | 2.26 | (0.72) |
Total from investment operations | $1.03 | $2.39 | $(5.23) | $4.52 | $2.30 | $(0.56) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.07) | $(0.05) | $— | $(0.17) | $(0.56) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.10) | $(0.07) | $(0.05) | $— | $(0.17) | $(0.69) |
Net asset value, end of period (x) | $21.85 | $20.92 | $18.60 | $23.88 | $19.36 | $17.23 |
Total return (%) (r)(s)(t)(x) | 4.94(n) | 12.86 | (21.95) | 23.35 | 13.38 | (2.63) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.75(a) | 1.79 | 1.77 | 1.77 | 1.82 | 1.85 |
Expenses after expense reductions | 1.73(a) | 1.78 | 1.75 | 1.76 | 1.81 | 1.84 |
Net investment income (loss) | (0.45)(a)(l) | 0.98 | 0.39 | 0.17 | 0.21 | 0.97 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $602 | $748 | $1,101 | $2,211 | $2,631 | $3,347 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.75(a) | 1.75 | N/A | N/A | N/A | N/A |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $20.25 | $18.08 | $23.25 | $18.85 | $16.79 | $17.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $0.20 | $0.10 | $0.03 | $0.04 | $0.17 |
Net realized and unrealized gain (loss) | 1.05 | 2.11 | (5.18) | 4.37 | 2.19 | (0.70) |
Total from investment operations | $1.00 | $2.31 | $(5.08) | $4.40 | $2.23 | $(0.53) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.14) | $(0.09) | $— | $(0.17) | $(0.54) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.17) | $(0.14) | $(0.09) | $— | $(0.17) | $(0.67) |
Net asset value, end of period (x) | $21.08 | $20.25 | $18.08 | $23.25 | $18.85 | $16.79 |
Total return (%) (r)(s)(t)(x) | 4.98(n) | 12.84 | (21.95) | 23.34 | 13.36 | (2.56) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.74(a) | 1.80 | 1.77 | 1.77 | 1.82 | 1.85 |
Expenses after expense reductions | 1.73(a) | 1.78 | 1.75 | 1.75 | 1.81 | 1.84 |
Net investment income (loss) | (0.48)(a)(l) | 1.05 | 0.46 | 0.16 | 0.23 | 1.05 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $12,630 | $12,732 | $11,050 | $15,664 | $17,620 | $22,825 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.75(a) | 1.75 | N/A | N/A | N/A | N/A |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $22.48 | $20.03 | $25.74 | $20.85 | $18.55 | $19.87 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.44 | $0.35 | $0.28 | $0.24 | $0.37 |
Net realized and unrealized gain (loss) | 1.17 | 2.33 | (5.73) | 4.82 | 2.43 | (0.80) |
Total from investment operations | $1.23 | $2.77 | $(5.38) | $5.10 | $2.67 | $(0.43) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.39) | $(0.32) | $(0.33) | $(0.21) | $(0.37) | $(0.76) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.39) | $(0.32) | $(0.33) | $(0.21) | $(0.37) | $(0.89) |
Net asset value, end of period (x) | $23.32 | $22.48 | $20.03 | $25.74 | $20.85 | $18.55 |
Total return (%) (r)(s)(t)(x) | 5.50(n) | 13.98 | (21.18) | 24.62 | 14.48 | (1.61) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.75(a) | 0.80 | 0.77 | 0.76 | 0.82 | 0.85 |
Expenses after expense reductions | 0.73(a) | 0.78 | 0.75 | 0.75 | 0.81 | 0.84 |
Net investment income (loss) | 0.52(a)(l) | 2.07 | 1.52 | 1.21 | 1.25 | 2.03 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $1,543,663 | $1,619,635 | $1,533,541 | $1,530,130 | $898,821 | $593,064 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.75(a) | 0.75 | N/A | N/A | N/A | N/A |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $19.64 | $17.65 | $22.75 | $18.45 | $16.46 | $17.72 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $0.22 | $0.14 | $0.05 | $0.03 | $0.15 |
Net realized and unrealized gain (loss) | 0.99 | 2.03 | (5.12) | 4.26 | 2.17 | (0.69) |
Total from investment operations | $0.96 | $2.25 | $(4.98) | $4.31 | $2.20 | $(0.54) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.26) | $(0.12) | $(0.01) | $(0.21) | $(0.59) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $— | $(0.26) | $(0.12) | $(0.01) | $(0.21) | $(0.72) |
Net asset value, end of period (x) | $20.60 | $19.64 | $17.65 | $22.75 | $18.45 | $16.46 |
Total return (%) (r)(s)(t)(x) | 4.89(n) | 12.88 | (21.99) | 23.39 | 13.40 | (2.62) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.75(a) | 1.80 | 1.77 | 1.76 | 1.82 | 1.85 |
Expenses after expense reductions | 1.74(a) | 1.79 | 1.76 | 1.75 | 1.81 | 1.84 |
Net investment income (loss) | (0.27)(a)(l) | 1.17 | 0.71 | 0.24 | 0.19 | 0.95 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $1,252 | $10,961 | $3,600 | $3,042 | $1,628 | $1,751 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.75(a) | 1.74 | N/A | N/A | N/A | N/A |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $20.84 | $18.58 | $23.90 | $19.37 | $17.25 | $18.53 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.31 | $0.21 | $0.15 | $0.13 | $0.26 |
Net realized and unrealized gain (loss) | 1.06 | 2.17 | (5.33) | 4.49 | 2.26 | (0.75) |
Total from investment operations | $1.07 | $2.48 | $(5.12) | $4.64 | $2.39 | $(0.49) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.26) | $(0.22) | $(0.20) | $(0.11) | $(0.27) | $(0.66) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.26) | $(0.22) | $(0.20) | $(0.11) | $(0.27) | $(0.79) |
Net asset value, end of period (x) | $21.65 | $20.84 | $18.58 | $23.90 | $19.37 | $17.25 |
Total return (%) (r)(s)(t)(x) | 5.18(n) | 13.46 | (21.58) | 24.02 | 13.95 | (2.14) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.25(a) | 1.30 | 1.27 | 1.27 | 1.32 | 1.35 |
Expenses after expense reductions | 1.23(a) | 1.28 | 1.25 | 1.25 | 1.31 | 1.34 |
Net investment income (loss) | 0.07(a)(l) | 1.54 | 0.97 | 0.70 | 0.73 | 1.51 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $65,396 | $77,132 | $75,398 | $104,975 | $89,943 | $98,935 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.25(a) | 1.25 | N/A | N/A | N/A | N/A |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $21.40 | $19.08 | $24.53 | $19.88 | $17.70 | $18.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.37 | $0.27 | $0.21 | $0.18 | $0.30 |
Net realized and unrealized gain (loss) | 1.10 | 2.22 | (5.46) | 4.60 | 2.32 | (0.75) |
Total from investment operations | $1.13 | $2.59 | $(5.19) | $4.81 | $2.50 | $(0.45) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.33) | $(0.27) | $(0.26) | $(0.16) | $(0.32) | $(0.71) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.33) | $(0.27) | $(0.26) | $(0.16) | $(0.32) | $(0.84) |
Net asset value, end of period (x) | $22.20 | $21.40 | $19.08 | $24.53 | $19.88 | $17.70 |
Total return (%) (r)(s)(t)(x) | 5.34(n) | 13.72 | (21.37) | 24.30 | 14.21 | (1.83) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.00(a) | 1.05 | 1.02 | 1.02 | 1.07 | 1.10 |
Expenses after expense reductions | 0.98(a) | 1.03 | 1.00 | 1.00 | 1.06 | 1.09 |
Net investment income (loss) | 0.27(a)(l) | 1.83 | 1.22 | 0.96 | 0.99 | 1.73 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $67,411 | $68,315 | $58,785 | $76,512 | $63,920 | $61,214 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.00(a) | 1.00 | N/A | N/A | N/A | N/A |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $21.70 | $19.34 | $24.86 | $20.15 | $17.93 | $19.25 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.42 | $0.33 | $0.29 | $0.23 | $0.36 |
Net realized and unrealized gain (loss) | 1.13 | 2.26 | (5.53) | 4.63 | 2.35 | (0.78) |
Total from investment operations | $1.18 | $2.68 | $(5.20) | $4.92 | $2.58 | $(0.42) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.39) | $(0.32) | $(0.32) | $(0.21) | $(0.36) | $(0.77) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.39) | $(0.32) | $(0.32) | $(0.21) | $(0.36) | $(0.90) |
Net asset value, end of period (x) | $22.49 | $21.70 | $19.34 | $24.86 | $20.15 | $17.93 |
Total return (%) (r)(s)(t)(x) | 5.48(n) | 14.02 | (21.17) | 24.58 | 14.49 | (1.65) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.75(a) | 0.80 | 0.77 | 0.76 | 0.82 | 0.85 |
Expenses after expense reductions | 0.73(a) | 0.78 | 0.75 | 0.75 | 0.81 | 0.84 |
Net investment income (loss) | 0.51(a)(l) | 2.05 | 1.45 | 1.26 | 1.24 | 2.04 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $78,629 | $74,093 | $68,971 | $96,499 | $41,619 | $54,352 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.75(a) | 0.75 | N/A | N/A | N/A | N/A |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $21.53 | $19.19 | $24.67 | $19.99 | $17.80 | $19.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.44 | $0.36 | $0.29 | $0.25 | $0.38 |
Net realized and unrealized gain (loss) | 1.11 | 2.25 | (5.49) | 4.62 | 2.33 | (0.77) |
Total from investment operations | $1.18 | $2.69 | $(5.13) | $4.91 | $2.58 | $(0.39) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.41) | $(0.35) | $(0.35) | $(0.23) | $(0.39) | $(0.79) |
From net realized gain | — | — | — | — | — | (0.13) |
Total distributions declared to shareholders | $(0.41) | $(0.35) | $(0.35) | $(0.23) | $(0.39) | $(0.92) |
Net asset value, end of period (x) | $22.30 | $21.53 | $19.19 | $24.67 | $19.99 | $17.80 |
Total return (%) (r)(s)(t)(x) | 5.53(n) | 14.16 | (21.09) | 24.74 | 14.61 | (1.48) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.64(a) | 0.70 | 0.65 | 0.67 | 0.71 | 0.74 |
Expenses after expense reductions | 0.62(a) | 0.68 | 0.64 | 0.65 | 0.70 | 0.73 |
Net investment income (loss) | 0.62(a)(l) | 2.17 | 1.60 | 1.30 | 1.37 | 2.18 |
Portfolio turnover | 5(n) | 16 | 15 | 19 | 22 | 22 |
Net assets at end of period (000 omitted) | $13,776,210 | $13,495,945 | $11,638,059 | $14,433,482 | $9,787,763 | $7,350,641 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.64(a) | 0.65 | N/A | N/A | N/A | N/A |
(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: | ||||
Japan | $3,374,691,044 | $— | $— | $3,374,691,044 |
France | 2,405,279,934 | — | — | 2,405,279,934 |
United Kingdom | 1,709,287,640 | — | — | 1,709,287,640 |
Switzerland | 1,708,157,796 | — | — | 1,708,157,796 |
United States | 1,399,382,133 | — | — | 1,399,382,133 |
Germany | 1,027,124,811 | — | — | 1,027,124,811 |
Australia | 659,522,254 | — | — | 659,522,254 |
Denmark | 653,846,781 | — | — | 653,846,781 |
Hong Kong | 532,486,711 | — | — | 532,486,711 |
Other Countries | 2,700,642,573 | $0 | — | 2,700,642,573 |
Mutual Funds | 53,987,359 | — | — | 53,987,359 |
Total | $16,224,409,036 | $0 | $— | $16,224,409,036 |
Year ended 8/31/23 | |
Ordinary income (including any short-term capital gains) | $245,003,054 |
As of 2/29/24 | |
Cost of investments | $12,331,541,626 |
Gross appreciation | 4,519,512,122 |
Gross depreciation | (626,644,712) |
Net unrealized appreciation (depreciation) | $3,892,867,410 |
As of 8/31/23 | |
Undistributed ordinary income | 248,921,512 |
Capital loss carryforwards | (543,188,953) |
Other temporary differences | (4,922,440) |
Net unrealized appreciation (depreciation) | 2,900,884,073 |
Short-Term | $(173,110,668) |
Long-Term | (370,078,285) |
Total | $(543,188,953) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Class A | $10,398,444 | $8,922,184 | |
Class B | 2,955 | 3,328 | |
Class C | 103,827 | 90,661 | |
Class I | 26,373,850 | 23,723,332 | |
Class R1 | — | 150,058 | |
Class R2 | 800,519 | 899,295 | |
Class R3 | 1,033,659 | 858,081 | |
Class R4 | 1,346,316 | 1,154,502 | |
Class R6 | 252,943,546 | 209,201,613 | |
Total | $293,003,116 | $245,003,054 |
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 | 0.60% |
In excess of $10 billion and up to $20 billion | 0.55% |
In excess of $20 billion | 0.50% |
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% | $ 840,376 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 3,223 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 60,409 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 13,025 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 164,544 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 82,129 |
Total Distribution and Service Fees | $1,163,706 |
(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 February 29, 2024 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 February 29, 2024, this rebate amounted to $13 for Class A shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $1,764 |
Class B | 35 |
Class C | 297 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,565,042 | $33,446,212 | 6,396,801 | $124,478,448 | |
Class B | 1 | 36 | 3 | 76 | |
Class C | 33,881 | 674,784 | 183,267 | 3,338,382 | |
Class I | 8,004,049 | 177,772,112 | 25,573,130 | 541,158,028 | |
Class R1 | 13,665 | 264,907 | 479,069 | 8,839,234 | |
Class R2 | 268,126 | 5,528,443 | 647,573 | 12,884,738 | |
Class R3 | 302,515 | 6,411,132 | 892,196 | 18,213,518 | |
Class R4 | 296,829 | 6,324,349 | 675,065 | 13,929,872 | |
Class R6 | 10,980,378 | 232,816,828 | 56,730,878 | 1,172,648,568 | |
21,464,486 | $463,238,803 | 91,577,982 | $1,895,490,864 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 438,370 | $9,578,375 | 410,746 | $8,223,125 | |
Class B | 137 | 2,909 | 162 | 3,155 | |
Class C | 4,513 | 92,703 | 4,338 | 81,769 | |
Class I | 1,025,842 | 23,266,096 | 1,056,819 | 21,950,138 | |
Class R1 | — | — | 8,209 | 150,058 | |
Class R2 | 37,753 | 795,835 | 46,525 | 898,869 | |
Class R3 | 47,855 | 1,033,659 | 43,330 | 857,936 | |
Class R4 | 60,433 | 1,322,270 | 56,594 | 1,134,152 | |
Class R6 | 10,975,455 | 237,947,868 | 9,869,794 | 196,112,812 | |
12,590,358 | $274,039,715 | 11,496,517 | $229,412,014 | ||
Shares reacquired | |||||
Class A | (2,975,530) | $(63,620,388) | (8,511,065) | $(166,951,527) | |
Class B | (8,343) | (169,989) | (23,605) | (459,289) | |
Class C | (67,815) | (1,335,471) | (170,249) | (3,241,266) | |
Class I | (14,861,315) | (331,024,084) | (31,164,073) | (655,756,261) | |
Class R1 | (510,929) | (9,736,626) | (133,125) | (2,544,322) | |
Class R2 | (987,372) | (20,028,432) | (1,050,213) | (21,017,261) | |
Class R3 | (506,137) | (10,756,085) | (824,446) | (16,935,591) | |
Class R4 | (275,209) | (5,978,814) | (883,191) | (18,191,865) | |
Class R6 | (31,003,977) | (662,987,905) | (46,034,729) | (918,395,332) | |
(51,196,627) | $(1,105,637,794) | (88,794,696) | $(1,803,492,714) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (972,118) | $(20,595,801) | (1,703,518) | $(34,249,954) | |
Class B | (8,205) | (167,044) | (23,440) | (456,058) | |
Class C | (29,421) | (567,984) | 17,356 | 178,885 | |
Class I | (5,831,424) | (129,985,876) | (4,534,124) | (92,648,095) | |
Class R1 | (497,264) | (9,471,719) | 354,153 | 6,444,970 | |
Class R2 | (681,493) | (13,704,154) | (356,115) | (7,233,654) | |
Class R3 | (155,767) | (3,311,294) | 111,080 | 2,135,863 | |
Class R4 | 82,053 | 1,667,805 | (151,532) | (3,127,841) | |
Class R6 | (9,048,144) | (192,223,209) | 20,565,943 | 450,366,048 | |
(17,141,783) | $(368,359,276) | 14,279,803 | $321,410,164 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $48,409,375 | $743,661,000 | $741,332,281 | $2,920 | $(4,845) | $50,736,169 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $1,536,500 | $— |
1 | |
2 | |
4 | |
12 | |
14 | |
15 | |
16 | |
25 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
Microsoft Corp. | 7.5% |
Amazon.com, Inc. | 4.0% |
Apple, Inc. | 3.5% |
Alphabet, Inc., “A” | 3.3% |
NVIDIA Corp. | 3.0% |
Meta Platforms, Inc., “A” | 2.6% |
Visa, Inc., “A” | 1.8% |
JPMorgan Chase & Co. | 1.6% |
Eli Lilly & Co. | 1.6% |
Exxon Mobil Corp. | 1.5% |
Technology | 35.2% |
Financial Services | 14.0% |
Health Care | 13.1% |
Consumer Cyclicals | 12.6% |
Capital Goods | 12.3% |
Energy | 6.3% |
Consumer Staples | 4.0% |
Telecommunications/Cable Television (s) | 1.6% |
(k) | The sectors set forth above and the associated portfolio composition are based on MFS’ own custom sector classification methodology. |
(s) | Includes securities sold short. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 0.90% | $1,000.00 | $1,141.86 | $4.79 |
Hypothetical (h) | 0.90% | $1,000.00 | $1,020.39 | $4.52 | |
B | Actual | 1.64% | $1,000.00 | $1,137.63 | $8.72 |
Hypothetical (h) | 1.64% | $1,000.00 | $1,016.71 | $8.22 | |
C | Actual | 1.64% | $1,000.00 | $1,137.45 | $8.72 |
Hypothetical (h) | 1.64% | $1,000.00 | $1,016.71 | $8.22 | |
I | Actual | 0.65% | $1,000.00 | $1,143.35 | $3.46 |
Hypothetical (h) | 0.65% | $1,000.00 | $1,021.63 | $3.27 | |
R1 | Actual | 1.64% | $1,000.00 | $1,137.45 | $8.72 |
Hypothetical (h) | 1.64% | $1,000.00 | $1,016.71 | $8.22 | |
R2 | Actual | 1.13% | $1,000.00 | $1,140.50 | $6.01 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.24 | $5.67 | |
R3 | Actual | 0.90% | $1,000.00 | $1,141.73 | $4.79 |
Hypothetical (h) | 0.90% | $1,000.00 | $1,020.39 | $4.52 | |
R4 | Actual | 0.65% | $1,000.00 | $1,143.15 | $3.46 |
Hypothetical (h) | 0.65% | $1,000.00 | $1,021.63 | $3.27 | |
R6 | Actual | 0.55% | $1,000.00 | $1,143.65 | $2.93 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.13 | $2.77 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.2% | ||||
Aerospace & Defense – 2.2% | ||||
Boeing Co. (a) | 155,587 | $31,696,184 | ||
General Dynamics Corp. | 80,786 | 22,074,774 | ||
Honeywell International, Inc. | 181,224 | 36,014,646 | ||
Howmet Aerospace, Inc. | 278,471 | 18,532,245 | ||
Leidos Holdings, Inc. | 309,740 | 39,603,356 | ||
$147,921,205 | ||||
Alcoholic Beverages – 0.3% | ||||
Constellation Brands, Inc., “A” | 81,396 | $20,228,534 | ||
Apparel Manufacturers – 0.6% | ||||
NIKE, Inc., “B” | 252,704 | $26,263,527 | ||
PVH Corp. | 62,009 | 8,474,770 | ||
VF Corp. | 383,099 | 6,259,837 | ||
$40,998,134 | ||||
Automotive – 0.4% | ||||
Aptiv PLC (a) | 309,006 | $24,562,887 | ||
Rivian Automotive, Inc., “A” (a)(l) | 236,103 | 2,672,686 | ||
$27,235,573 | ||||
Broadcasting – 0.9% | ||||
Omnicom Group, Inc. | 125,649 | $11,106,115 | ||
Walt Disney Co. | 421,790 | 47,063,328 | ||
$58,169,443 | ||||
Brokerage & Asset Managers – 2.0% | ||||
Cboe Global Markets, Inc. | 40,386 | $7,754,112 | ||
Charles Schwab Corp. | 372,144 | 24,851,776 | ||
CME Group, Inc. | 112,185 | 24,719,965 | ||
KKR & Co., Inc. | 417,353 | 41,009,106 | ||
Raymond James Financial, Inc. | 172,848 | 20,797,071 | ||
TPG, Inc. | 298,487 | 13,237,899 | ||
$132,369,929 | ||||
Business Services – 3.8% | ||||
Accenture PLC, “A” | 35,809 | $13,420,497 | ||
Fidelity National Information Services, Inc. | 183,568 | 12,701,070 | ||
Fiserv, Inc. (a) | 136,193 | 20,329,529 | ||
Insperity, Inc. | 410,533 | 41,788,154 | ||
Morningstar, Inc. | 100,813 | 30,101,754 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
TransUnion | 649,817 | $50,445,294 | ||
TriNet Group, Inc. | 319,741 | 40,930,045 | ||
Tyler Technologies, Inc. (a) | 46,983 | 20,538,148 | ||
Verisk Analytics, Inc., “A” | 88,591 | 21,430,163 | ||
WNS (Holdings) Ltd., ADR (a) | 92,350 | 5,328,595 | ||
$257,013,249 | ||||
Cable TV – 0.3% | ||||
Cable One, Inc. | 48,133 | $21,948,648 | ||
Chemicals – 0.3% | ||||
Eastman Chemical Co. | 247,569 | $21,721,704 | ||
Computer Software – 11.7% | ||||
Autodesk, Inc. (a) | 65,949 | $17,026,053 | ||
Cadence Design Systems, Inc. (a) | 264,597 | 80,538,035 | ||
Check Point Software Technologies Ltd. (a) | 63,797 | 10,234,315 | ||
Datadog, Inc., “A” (a) | 98,787 | 12,986,539 | ||
Dun & Bradstreet Holdings, Inc. | 6,645,976 | 70,048,587 | ||
Flywire Corp. (a) | 343,658 | 9,756,451 | ||
Microsoft Corp. (s) | 1,224,769 | 506,613,449 | ||
Salesforce, Inc. | 269,153 | 83,119,829 | ||
$790,323,258 | ||||
Computer Software - Systems – 5.5% | ||||
Apple, Inc. (s) | 1,316,532 | $237,963,159 | ||
Block, Inc., “A” (a) | 160,832 | 12,781,319 | ||
Guidewire Software, Inc. (a) | 170,337 | 20,328,018 | ||
HubSpot, Inc. (a) | 27,383 | 16,944,874 | ||
Rapid7, Inc. (a) | 347,460 | 20,354,207 | ||
ServiceNow, Inc. (a) | 65,638 | 50,629,215 | ||
Zebra Technologies Corp., “A” (a) | 43,779 | 12,235,355 | ||
$371,236,147 | ||||
Construction – 1.5% | ||||
AZEK Co., Inc. (a) | 282,412 | $13,586,842 | ||
Masco Corp. | 279,725 | 21,471,691 | ||
Sherwin-Williams Co. | 61,477 | 20,412,208 | ||
Summit Materials, Inc., “A” (a) | 651,152 | 27,810,702 | ||
Vulcan Materials Co. | 56,345 | 14,979,318 | ||
$98,260,761 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – 1.5% | ||||
Colgate-Palmolive Co. | 296,757 | $25,675,416 | ||
e.l.f. Beauty, Inc. (a) | 59,388 | 12,384,180 | ||
International Flavors & Fragrances, Inc. | 158,249 | 11,947,799 | ||
Kenvue, Inc. | 1,364,740 | 25,930,060 | ||
Procter & Gamble Co. | 163,219 | 25,942,028 | ||
$101,879,483 | ||||
Consumer Services – 0.9% | ||||
Booking Holdings, Inc. | 14,712 | $51,033,427 | ||
Grand Canyon Education, Inc. (a) | 69,037 | 9,306,188 | ||
$60,339,615 | ||||
Containers – 0.1% | ||||
Crown Holdings, Inc. | 111,115 | $8,513,631 | ||
Electrical Equipment – 1.7% | ||||
AMETEK, Inc. | 170,824 | $30,779,069 | ||
Amphenol Corp., “A” | 220,171 | 24,051,480 | ||
Emerson Electric Co. | 168,832 | 18,039,699 | ||
Johnson Controls International PLC | 252,071 | 14,940,248 | ||
nVent Electric PLC | 196,038 | 13,197,278 | ||
TE Connectivity Ltd. | 95,477 | 13,706,678 | ||
$114,714,452 | ||||
Electronics – 7.6% | ||||
Analog Devices, Inc. | 250,064 | $47,967,276 | ||
Applied Materials, Inc. | 291,705 | 58,813,562 | ||
Lam Research Corp. | 74,332 | 69,741,999 | ||
Marvell Technology, Inc. | 986,775 | 70,712,297 | ||
Monolithic Power Systems, Inc. | 32,703 | 23,547,468 | ||
NVIDIA Corp. | 256,061 | 202,574,978 | ||
NXP Semiconductors N.V. | 157,152 | 39,245,569 | ||
$512,603,149 | ||||
Energy - Independent – 1.9% | ||||
Chesapeake Energy Corp. | 153,815 | $12,732,806 | ||
ConocoPhillips | 458,498 | 51,599,365 | ||
Diamondback Energy, Inc. | 114,045 | 20,815,493 | ||
Permian Resources Corp. | 720,827 | 11,216,068 | ||
Phillips 66 | 119,245 | 16,993,605 | ||
Valero Energy Corp. | 93,908 | 13,284,226 | ||
$126,641,563 | ||||
Energy - Integrated – 1.5% | ||||
Exxon Mobil Corp. (s) | 991,035 | $103,582,978 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Engineering - Construction – 0.6% | ||||
APi Group, Inc. (a) | 324,731 | $11,381,822 | ||
Jacobs Solutions, Inc. | 178,407 | 26,163,386 | ||
$37,545,208 | ||||
Entertainment – 0.5% | ||||
Spotify Technology S.A. (a) | 104,478 | $26,789,204 | ||
Vivid Seats, Inc., “A” (a) | 830,412 | 4,999,080 | ||
$31,788,284 | ||||
Food & Beverages – 2.1% | ||||
Coca-Cola Europacific Partners PLC | 360,928 | $24,770,488 | ||
Mondelez International, Inc. | 552,774 | 40,391,196 | ||
Monster Worldwide, Inc. (a) | 485,028 | 28,665,155 | ||
PepsiCo, Inc. | 308,458 | 51,000,446 | ||
$144,827,285 | ||||
Gaming & Lodging – 0.8% | ||||
DraftKings, Inc. (a) | 190,611 | $8,257,269 | ||
International Game Technology PLC | 261,430 | 7,103,053 | ||
Las Vegas Sands Corp. | 139,311 | 7,595,236 | ||
Marriott International, Inc., “A” | 117,183 | 29,280,516 | ||
$52,236,074 | ||||
General Merchandise – 0.4% | ||||
Dollar General Corp. | 167,026 | $24,270,548 | ||
Health Maintenance Organizations – 1.3% | ||||
Cigna Group | 258,486 | $86,887,484 | ||
Insurance – 3.8% | ||||
Aon PLC | 171,441 | $54,173,642 | ||
Arthur J. Gallagher & Co. | 160,561 | 39,165,645 | ||
Assurant, Inc. | 65,575 | 11,898,584 | ||
Chubb Ltd. | 201,019 | 50,590,452 | ||
Corebridge Financial, Inc. | 633,469 | 15,729,035 | ||
Hanover Insurance Group, Inc. | 64,422 | 8,469,560 | ||
Hartford Financial Services Group, Inc. | 232,141 | 22,248,393 | ||
MetLife, Inc. | 199,286 | 13,898,206 | ||
Voya Financial, Inc. | 214,743 | 14,679,831 | ||
Willis Towers Watson PLC | 87,009 | 23,719,523 | ||
$254,572,871 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Internet – 6.2% | ||||
Alphabet, Inc., “A” (a)(s) | 1,591,830 | $220,404,782 | ||
Gartner, Inc. (a) | 52,189 | 24,297,111 | ||
Meta Platforms, Inc., “A” | 352,664 | 172,851,206 | ||
$417,553,099 | ||||
Leisure & Toys – 0.6% | ||||
Electronic Arts, Inc. | 160,874 | $22,438,706 | ||
Hasbro, Inc. | 140,297 | 7,055,536 | ||
Take-Two Interactive Software, Inc. (a) | 97,107 | 14,267,931 | ||
$43,762,173 | ||||
Machinery & Tools – 2.5% | ||||
AGCO Corp. | 176,286 | $19,338,574 | ||
Eaton Corp. PLC | 206,857 | 59,781,673 | ||
Flowserve Corp. | 158,875 | 6,723,590 | ||
Ingersoll Rand, Inc. | 226,602 | 20,695,560 | ||
PACCAR, Inc. | 186,975 | 20,733,658 | ||
Regal Rexnord Corp. | 83,059 | 14,243,788 | ||
Wabtec Corp. | 180,893 | 25,558,372 | ||
$167,075,215 | ||||
Major Banks – 3.2% | ||||
JPMorgan Chase & Co. | 589,500 | $109,682,370 | ||
Morgan Stanley | 373,085 | 32,100,233 | ||
PNC Financial Services Group, Inc. | 246,724 | 36,317,773 | ||
Wells Fargo & Co. | 669,322 | 37,207,610 | ||
$215,307,986 | ||||
Medical & Health Technology & Services – 1.8% | ||||
Encompass Health Corp. | 293,367 | $21,826,505 | ||
ICON PLC (a) | 84,636 | 27,135,994 | ||
McKesson Corp. | 87,462 | 45,603,561 | ||
Veeva Systems, Inc. (a) | 118,297 | 26,677,157 | ||
$121,243,217 | ||||
Medical Equipment – 4.0% | ||||
Agilent Technologies, Inc. | 176,030 | $24,179,481 | ||
Becton, Dickinson and Co. | 228,121 | 53,733,902 | ||
Boston Scientific Corp. (a) | 919,481 | 60,878,837 | ||
Envista Holdings Corp. (a) | 270,283 | 5,581,344 | ||
Maravai Lifesciences Holdings, Inc., “A” (a) | 988,903 | 7,644,220 | ||
Masimo Corp. (a) | 109,475 | 14,071,917 | ||
Medtronic PLC | 708,229 | 59,037,969 | ||
QuidelOrtho Corp. (a) | 197,654 | 9,013,022 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Medical Equipment – continued | ||||
STERIS PLC | 139,595 | $32,513,071 | ||
$266,653,763 | ||||
Natural Gas - Distribution – 0.3% | ||||
Southwest Gas Holdings, Inc. | 311,008 | $21,195,195 | ||
Natural Gas - Pipeline – 0.4% | ||||
Cheniere Energy, Inc. | 82,763 | $12,844,818 | ||
Targa Resources Corp. | 125,802 | 12,358,788 | ||
$25,203,606 | ||||
Network & Telecom – 0.3% | ||||
Motorola Solutions, Inc. | 62,638 | $20,694,969 | ||
Oil Services – 0.4% | ||||
Schlumberger Ltd. | 333,086 | $16,098,046 | ||
TechnipFMC PLC | 524,462 | 11,375,581 | ||
$27,473,627 | ||||
Other Banks & Diversified Financials – 3.4% | ||||
American Express Co. | 134,165 | $29,438,484 | ||
Discover Financial Services | 99,743 | 12,038,980 | ||
First Interstate BancSystem, Inc. | 248,314 | 6,535,625 | ||
M&T Bank Corp. | 95,555 | 13,352,856 | ||
Moody's Corp. | 73,753 | 27,983,363 | ||
Northern Trust Corp. | 121,620 | 9,988,651 | ||
Pacific Premier Bancorp, Inc. | 182,176 | 4,164,543 | ||
United Community Bank, Inc. | 233,088 | 6,062,619 | ||
Visa, Inc., “A” | 431,272 | 121,894,718 | ||
$231,459,839 | ||||
Pharmaceuticals – 6.1% | ||||
AbbVie, Inc. | 480,218 | $84,542,379 | ||
Eli Lilly & Co. | 140,367 | 105,791,800 | ||
Johnson & Johnson | 529,659 | 85,476,369 | ||
Pfizer, Inc. | 1,905,014 | 50,597,172 | ||
Vertex Pharmaceuticals, Inc. (a) | 132,350 | 55,684,939 | ||
Zoetis, Inc. | 137,217 | 27,214,248 | ||
$409,306,907 | ||||
Pollution Control – 0.6% | ||||
GFL Environmental, Inc. | 1,046,288 | $37,750,071 | ||
Railroad & Shipping – 0.6% | ||||
Canadian Pacific Kansas City Ltd. | 504,502 | $42,887,715 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Real Estate – 1.6% | ||||
Broadstone Net Lease, Inc., REIT | 732,782 | $10,925,779 | ||
Douglas Emmett, Inc., REIT | 620,612 | 8,204,491 | ||
Extra Space Storage, Inc., REIT | 90,138 | 12,706,754 | ||
Federal Realty Investment Trust, REIT | 280,682 | 28,306,780 | ||
Jones Lang LaSalle, Inc. (a) | 45,932 | 8,738,104 | ||
Prologis, Inc., REIT | 50,655 | 6,750,792 | ||
Sun Communities, Inc., REIT | 133,567 | 17,865,922 | ||
W.P. Carey, Inc., REIT | 222,211 | 12,517,145 | ||
$106,015,767 | ||||
Restaurants – 1.2% | ||||
Starbucks Corp. | 685,575 | $65,061,068 | ||
Wingstop, Inc. | 48,422 | 16,998,543 | ||
$82,059,611 | ||||
Specialty Chemicals – 1.2% | ||||
Air Products & Chemicals, Inc. | 74,986 | $17,549,723 | ||
Corteva, Inc. | 334,509 | 17,902,922 | ||
DuPont de Nemours, Inc. | 236,152 | 16,339,357 | ||
Linde PLC | 70,478 | 31,631,936 | ||
$83,423,938 | ||||
Specialty Stores – 6.8% | ||||
Amazon.com, Inc. (a)(s) | 1,532,653 | $270,911,744 | ||
Burlington Stores, Inc. (a) | 60,422 | 12,392,552 | ||
Home Depot, Inc. | 243,544 | 92,695,282 | ||
Ross Stores, Inc. | 198,693 | 29,597,309 | ||
Target Corp. | 333,095 | 50,936,888 | ||
$456,533,775 | ||||
Telecommunications - Wireless – 1.3% | ||||
Liberty Broadband Corp. (a) | 327,897 | $19,732,842 | ||
SBA Communications Corp., REIT | 115,501 | 24,166,274 | ||
T-Mobile USA, Inc. | 252,554 | 41,242,068 | ||
$85,141,184 | ||||
Telephone Services – 0.1% | ||||
Altice USA, Inc., “A” (a) | 1,604,150 | $4,764,326 | ||
Trucking – 0.6% | ||||
J.B. Hunt Transport Services, Inc. | 86,065 | $17,756,070 | ||
Saia, Inc. (a) | 45,419 | 26,134,093 | ||
$43,890,163 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – 1.8% | ||||
Constellation Energy | 95,738 | $16,127,066 | ||
Dominion Energy, Inc. | 105,369 | 5,039,799 | ||
Duke Energy Corp. | 175,864 | 16,149,591 | ||
Exelon Corp. | 287,209 | 10,293,571 | ||
NextEra Energy, Inc. | 412,251 | 22,752,133 | ||
PG&E Corp. | 1,871,853 | 31,241,227 | ||
Southern Co. | 100,119 | 6,733,003 | ||
Xcel Energy, Inc. | 208,776 | 11,000,407 | ||
$119,336,797 | ||||
Total Common Stocks (Identified Cost, $4,318,474,646) | $6,676,562,153 | |||
Investment Companies (h) – 0.6% | ||||
Money Market Funds – 0.6% | ||||
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $37,640,009) | 37,637,591 | $37,637,591 | ||
Securities Sold Short – (0.1)% | ||||
Telecommunications - Wireless – (0.1)% | ||||
Crown Castle, Inc., REIT (Proceeds Received, $3,678,192) | (44,300) | $(4,870,342) | ||
Other Assets, Less Liabilities – 0.3% | 17,665,950 | |||
Net Assets – 100.0% | $6,726,995,352 |
(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 $37,637,591 and $6,676,562,153, respectively. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(s) | Security or a portion of the security was pledged to cover collateral requirements for securities sold short. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value, including $2,405,409 of securities on loan (identified cost, $4,318,474,646) | $6,676,562,153 |
Investments in affiliated issuers, at value (identified cost, $37,640,009) | 37,637,591 |
Receivables for | |
Investments sold | 41,216,167 |
Fund shares sold | 7,402,679 |
Interest and dividends | 8,583,874 |
Other assets | 81,997 |
Total assets | $6,771,484,461 |
Liabilities | |
Payable to custodian | $938 |
Payables for | |
Securities sold short, at value (proceeds received, $3,678,192) | 4,870,342 |
Investments purchased | 30,862,152 |
Fund shares reacquired | 7,119,751 |
Payable to affiliates | |
Investment adviser | 185,092 |
Administrative services fee | 3,368 |
Shareholder servicing costs | 1,230,318 |
Distribution and service fees | 43,650 |
Payable for independent Trustees' compensation | 16,527 |
Accrued expenses and other liabilities | 156,971 |
Total liabilities | $44,489,109 |
Net assets | $6,726,995,352 |
Net assets consist of | |
Paid-in capital | $4,212,459,474 |
Total distributable earnings (loss) | 2,514,535,878 |
Net assets | $6,726,995,352 |
Shares of beneficial interest outstanding | 133,463,085 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $2,633,918,768 | 54,261,730 | $48.54 |
Class B | 10,369,521 | 255,893 | 40.52 |
Class C | 105,465,163 | 2,655,025 | 39.72 |
Class I | 1,767,467,505 | 33,860,574 | 52.20 |
Class R1 | 6,929,899 | 174,406 | 39.73 |
Class R2 | 20,463,652 | 435,230 | 47.02 |
Class R3 | 68,075,510 | 1,406,799 | 48.39 |
Class R4 | 42,599,839 | 866,465 | 49.17 |
Class R6 | 2,071,705,495 | 39,546,963 | 52.39 |
(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 $51.50 [100 / 94.25 x $48.54]. 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 | $44,296,855 |
Dividends from affiliated issuers | 1,184,344 |
Other | 230,124 |
Income on securities loaned | 5,961 |
Foreign taxes withheld | (72,348) |
Total investment income | $45,644,936 |
Expenses | |
Management fee | $16,050,002 |
Distribution and service fees | 3,682,743 |
Shareholder servicing costs | 2,272,141 |
Administrative services fee | 305,292 |
Independent Trustees' compensation | 49,907 |
Custodian fee | 72,108 |
Shareholder communications | 155,332 |
Audit and tax fees | 34,439 |
Legal fees | 15,483 |
Dividend and interest expense on securities sold short | 275,068 |
Interest expense and fees | 14,915 |
Miscellaneous | 139,777 |
Total expenses | $23,067,207 |
Reduction of expenses by investment adviser and distributor | (397,270) |
Net expenses | $22,669,937 |
Net investment income (loss) | $22,974,999 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $148,547,173 |
Affiliated issuers | (10,199) |
Foreign currency | (2,408) |
Net realized gain (loss) | $148,534,566 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $681,254,402 |
Affiliated issuers | (9,398) |
Securities sold short | (418,192) |
Net unrealized gain (loss) | $680,826,812 |
Net realized and unrealized gain (loss) | $829,361,378 |
Change in net assets from operations | $852,336,377 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $22,974,999 | $44,941,994 |
Net realized gain (loss) | 148,534,566 | 110,643,241 |
Net unrealized gain (loss) | 680,826,812 | 572,097,194 |
Change in net assets from operations | $852,336,377 | $727,682,429 |
Total distributions to shareholders | $(159,486,064) | $(203,307,193) |
Change in net assets from fund share transactions | $(109,923,033) | $34,580,179 |
Total change in net assets | $582,927,280 | $558,955,415 |
Net assets | ||
At beginning of period | 6,144,068,072 | 5,585,112,657 |
At end of period | $6,726,995,352 | $6,144,068,072 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $43.63 | $40.07 | $49.38 | $38.41 | $32.45 | $34.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.25 | $0.15 | $0.09 | $0.19 | $0.20 |
Net realized and unrealized gain (loss) | 5.93 | 4.76 | (6.00) | 11.50 | 6.41 | 1.05 |
Total from investment operations | $6.06 | $5.01 | $(5.85) | $11.59 | $6.60 | $1.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.29) | $(0.15) | $(0.08) | $(0.15) | $(0.15) | $(0.16) |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(1.15) | $(1.45) | $(3.46) | $(0.62) | $(0.64) | $(2.98) |
Net asset value, end of period (x) | $48.54 | $43.63 | $40.07 | $49.38 | $38.41 | $32.45 |
Total return (%) (r)(s)(t)(x) | 14.16(n) | 12.97 | (12.87) | 30.57 | 20.59 | 4.94 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.91(a) | 0.92 | 0.92 | 0.94 | 0.97 | 1.00 |
Expenses after expense reductions | 0.90(a) | 0.90 | 0.91 | 0.92 | 0.96 | 0.98 |
Net investment income (loss) | 0.59(a) | 0.63 | 0.35 | 0.22 | 0.56 | 0.65 |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $2,633,919 | $2,356,842 | $2,156,741 | $2,462,032 | $1,960,597 | $1,373,524 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 0.89(a) | 0.89 | 0.89 | 0.90 | 0.93 | 0.96 |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $36.52 | $33.87 | $42.49 | $33.24 | $28.23 | $30.19 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $(0.04) | $(0.16) | $(0.19) | $(0.05) | $(0.03) |
Net realized and unrealized gain (loss) | 4.96 | 3.99 | (5.07) | 9.91 | 5.55 | 0.89 |
Total from investment operations | $4.93 | $3.95 | $(5.23) | $9.72 | $5.50 | $0.86 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $— | $— | $— | $— | $— |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(0.93) | $(1.30) | $(3.39) | $(0.47) | $(0.49) | $(2.82) |
Net asset value, end of period (x) | $40.52 | $36.52 | $33.87 | $42.49 | $33.24 | $28.23 |
Total return (%) (r)(s)(t)(x) | 13.73(n) | 12.14 | (13.52) | 29.58 | 19.69 | 4.16 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.66(a) | 1.67 | 1.67 | 1.69 | 1.72 | 1.75 |
Expenses after expense reductions | 1.64(a) | 1.65 | 1.66 | 1.67 | 1.71 | 1.73 |
Net investment income (loss) | (0.17)(a) | (0.13) | (0.42) | (0.53) | (0.18) | (0.11) |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $10,370 | $11,587 | $15,456 | $24,861 | $25,018 | $22,759 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 1.64(a) | 1.64 | 1.64 | 1.65 | 1.68 | 1.71 |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $35.88 | $33.30 | $41.83 | $32.72 | $27.86 | $29.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $(0.04) | $(0.15) | $(0.19) | $(0.05) | $(0.03) |
Net realized and unrealized gain (loss) | 4.86 | 3.92 | (4.99) | 9.77 | 5.46 | 0.87 |
Total from investment operations | $4.83 | $3.88 | $(5.14) | $9.58 | $5.41 | $0.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $— | $— | $— | $(0.06) | $— |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(0.99) | $(1.30) | $(3.39) | $(0.47) | $(0.55) | $(2.82) |
Net asset value, end of period (x) | $39.72 | $35.88 | $33.30 | $41.83 | $32.72 | $27.86 |
Total return (%) (r)(s)(t)(x) | 13.72(n) | 12.14 | (13.51) | 29.62 | 19.66 | 4.14 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.66(a) | 1.67 | 1.67 | 1.69 | 1.72 | 1.75 |
Expenses after expense reductions | 1.64(a) | 1.65 | 1.66 | 1.67 | 1.71 | 1.74 |
Net investment income (loss) | (0.16)(a) | (0.12) | (0.41) | (0.53) | (0.18) | (0.10) |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $105,465 | $99,365 | $105,731 | $140,242 | $128,709 | $72,093 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 1.64(a) | 1.64 | 1.64 | 1.65 | 1.69 | 1.71 |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $46.84 | $42.90 | $52.62 | $40.87 | $34.47 | $36.12 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.38 | $0.29 | $0.22 | $0.29 | $0.30 |
Net realized and unrealized gain (loss) | 6.38 | 5.11 | (6.44) | 12.24 | 6.82 | 1.11 |
Total from investment operations | $6.58 | $5.49 | $(6.15) | $12.46 | $7.11 | $1.41 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.36) | $(0.25) | $(0.18) | $(0.24) | $(0.22) | $(0.24) |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(1.22) | $(1.55) | $(3.57) | $(0.71) | $(0.71) | $(3.06) |
Net asset value, end of period (x) | $52.20 | $46.84 | $42.90 | $52.62 | $40.87 | $34.47 |
Total return (%) (r)(s)(t)(x) | 14.31(n) | 13.27 | (12.67) | 30.91 | 20.89 | 5.17 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.66(a) | 0.67 | 0.68 | 0.68 | 0.72 | 0.75 |
Expenses after expense reductions | 0.65(a) | 0.65 | 0.66 | 0.67 | 0.71 | 0.74 |
Net investment income (loss) | 0.84(a) | 0.88 | 0.60 | 0.47 | 0.81 | 0.90 |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $1,767,468 | $1,599,892 | $1,405,183 | $1,416,134 | $841,296 | $467,860 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 0.64(a) | 0.64 | 0.64 | 0.65 | 0.69 | 0.72 |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $35.90 | $33.35 | $41.89 | $32.77 | $27.84 | $29.82 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $(0.04) | $(0.15) | $(0.19) | $(0.06) | $(0.03) |
Net realized and unrealized gain (loss) | 4.86 | 3.93 | (5.00) | 9.78 | 5.48 | 0.87 |
Total from investment operations | $4.83 | $3.89 | $(5.15) | $9.59 | $5.42 | $0.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.04) | $— | $— | $— | $— |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(1.00) | $(1.34) | $(3.39) | $(0.47) | $(0.49) | $(2.82) |
Net asset value, end of period (x) | $39.73 | $35.90 | $33.35 | $41.89 | $32.77 | $27.84 |
Total return (%) (r)(s)(t)(x) | 13.72(n) | 12.15 | (13.52) | 29.60 | 19.68 | 4.14 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.66(a) | 1.66 | 1.68 | 1.69 | 1.72 | 1.75 |
Expenses after expense reductions | 1.64(a) | 1.65 | 1.66 | 1.67 | 1.71 | 1.74 |
Net investment income (loss) | (0.16)(a) | (0.12) | (0.41) | (0.53) | (0.20) | (0.11) |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $6,930 | $6,437 | $2,974 | $3,791 | $3,816 | $3,186 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 1.63(a) | 1.64 | 1.64 | 1.65 | 1.69 | 1.71 |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $42.28 | $38.87 | $48.04 | $37.40 | $31.61 | $33.33 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.15 | $0.05 | $(0.01) | $0.10 | $0.12 |
Net realized and unrealized gain (loss) | 5.75 | 4.62 | (5.83) | 11.20 | 6.24 | 1.02 |
Total from investment operations | $5.82 | $4.77 | $(5.78) | $11.19 | $6.34 | $1.14 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.22) | $(0.06) | $— | $(0.08) | $(0.06) | $(0.04) |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(1.08) | $(1.36) | $(3.39) | $(0.55) | $(0.55) | $(2.86) |
Net asset value, end of period (x) | $47.02 | $42.28 | $38.87 | $48.04 | $37.40 | $31.61 |
Total return (%) (r)(s)(t)(x) | 14.03(n) | 12.73 | (13.08) | 30.27 | 20.28 | 4.66 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.16(a) | 1.17 | 1.18 | 1.19 | 1.22 | 1.25 |
Expenses after expense reductions | 1.13(a) | 1.14 | 1.15 | 1.16 | 1.20 | 1.23 |
Net investment income (loss) | 0.35(a) | 0.39 | 0.11 | (0.02) | 0.31 | 0.39 |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $20,464 | $19,553 | $18,825 | $21,214 | $17,335 | $13,416 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 1.12(a) | 1.13 | 1.13 | 1.14 | 1.17 | 1.20 |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $43.50 | $39.94 | $49.22 | $38.29 | $32.36 | $34.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.25 | $0.15 | $0.09 | $0.19 | $0.20 |
Net realized and unrealized gain (loss) | 5.91 | 4.75 | (5.98) | 11.47 | 6.38 | 1.04 |
Total from investment operations | $6.04 | $5.00 | $(5.83) | $11.56 | $6.57 | $1.24 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.29) | $(0.14) | $(0.06) | $(0.16) | $(0.15) | $(0.17) |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(1.15) | $(1.44) | $(3.45) | $(0.63) | $(0.64) | $(2.99) |
Net asset value, end of period (x) | $48.39 | $43.50 | $39.94 | $49.22 | $38.29 | $32.36 |
Total return (%) (r)(s)(t)(x) | 14.15(n) | 12.99 | (12.87) | 30.59 | 20.56 | 4.91 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.91(a) | 0.92 | 0.92 | 0.94 | 0.97 | 1.00 |
Expenses after expense reductions | 0.90(a) | 0.90 | 0.91 | 0.92 | 0.96 | 0.99 |
Net investment income (loss) | 0.59(a) | 0.63 | 0.34 | 0.22 | 0.56 | 0.64 |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $68,076 | $63,678 | $60,662 | $77,453 | $63,347 | $42,199 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 0.89(a) | 0.89 | 0.89 | 0.90 | 0.94 | 0.96 |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $44.19 | $40.56 | $49.93 | $38.81 | $32.76 | $34.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.36 | $0.27 | $0.20 | $0.27 | $0.28 |
Net realized and unrealized gain (loss) | 6.01 | 4.82 | (6.08) | 11.63 | 6.48 | 1.05 |
Total from investment operations | $6.20 | $5.18 | $(5.81) | $11.83 | $6.75 | $1.33 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.36) | $(0.25) | $(0.17) | $(0.24) | $(0.21) | $(0.23) |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(1.22) | $(1.55) | $(3.56) | $(0.71) | $(0.70) | $(3.05) |
Net asset value, end of period (x) | $49.17 | $44.19 | $40.56 | $49.93 | $38.81 | $32.76 |
Total return (%) (r)(s)(t)(x) | 14.31(n) | 13.28 | (12.67) | 30.92 | 20.88 | 5.18 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.66(a) | 0.67 | 0.67 | 0.69 | 0.72 | 0.75 |
Expenses after expense reductions | 0.65(a) | 0.65 | 0.66 | 0.67 | 0.71 | 0.74 |
Net investment income (loss) | 0.84(a) | 0.88 | 0.60 | 0.47 | 0.80 | 0.89 |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $42,600 | $39,499 | $36,425 | $42,883 | $35,770 | $29,218 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 0.64(a) | 0.64 | 0.64 | 0.65 | 0.69 | 0.71 |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $47.01 | $43.06 | $52.78 | $40.98 | $34.55 | $36.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.22 | $0.42 | $0.33 | $0.25 | $0.32 | $0.32 |
Net realized and unrealized gain (loss) | 6.41 | 5.12 | (6.45) | 12.29 | 6.83 | 1.13 |
Total from investment operations | $6.63 | $5.54 | $(6.12) | $12.54 | $7.15 | $1.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.39) | $(0.29) | $(0.22) | $(0.27) | $(0.23) | $(0.26) |
From net realized gain | (0.86) | (1.30) | (3.39) | (0.47) | (0.49) | (2.82) |
Total distributions declared to shareholders | $(1.25) | $(1.59) | $(3.60) | $(0.74) | $(0.72) | $(3.08) |
Net asset value, end of period (x) | $52.39 | $47.01 | $43.06 | $52.78 | $40.98 | $34.55 |
Total return (%) (r)(s)(t)(x) | 14.36(n) | 13.36 | (12.57) | 31.03 | 20.98 | 5.28 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.57(a) | 0.58 | 0.59 | 0.60 | 0.64 | 0.67 |
Expenses after expense reductions | 0.55(a) | 0.56 | 0.57 | 0.59 | 0.63 | 0.66 |
Net investment income (loss) | 0.93(a) | 0.97 | 0.69 | 0.56 | 0.89 | 0.98 |
Portfolio turnover | 15(n) | 35 | 25 | 38 | 46 | 39 |
Net assets at end of period (000 omitted) | $2,071,705 | $1,947,215 | $1,783,116 | $1,905,417 | $1,303,858 | $783,340 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | 0.55(a) | 0.55 | 0.55 | 0.57 | 0.60 | 0.63 |
(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 | $6,676,562,153 | $— | $— | $6,676,562,153 |
Mutual Funds | 37,637,591 | — | — | 37,637,591 |
Total | $6,714,199,744 | $— | $— | $6,714,199,744 |
Securities Sold Short | $(4,870,342) | $— | $— | $(4,870,342) |
Year ended 8/31/23 | |
Ordinary income (including any short-term capital gains) | $28,501,504 |
Long-term capital gains | 174,805,689 |
Total distributions | $203,307,193 |
As of 2/29/24 | |
Cost of investments | $4,370,588,554 |
Gross appreciation | 2,490,386,730 |
Gross depreciation | (146,775,540) |
Net unrealized appreciation (depreciation) | $2,343,611,190 |
As of 8/31/23 | |
Undistributed ordinary income | 44,780,196 |
Undistributed long-term capital gain | 114,675,255 |
Other temporary differences | (1,386) |
Net unrealized appreciation (depreciation) | 1,662,231,500 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||
Class A | $61,914,228 | $78,167,508 | |
Class B | 260,679 | 539,902 | |
Class C | 2,750,920 | 4,075,665 | |
Class I | 42,100,257 | 50,980,529 | |
Class R1 | 181,824 | 241,291 | |
Class R2 | 477,863 | 669,798 | |
Class R3 | 1,634,823 | 2,119,841 | |
Class R4 | 1,071,858 | 1,377,761 | |
Class R6 | 49,093,612 | 65,134,898 | |
Total | $159,486,064 | $203,307,193 |
Up to $500 million | 0.65% |
In excess of $500 million and up to $2.5 billion | 0.55% |
In excess of $2.5 billion and up to $5 billion | 0.50% |
In excess of $5 billion and up to $10 billion | 0.47% |
In excess of $10 billion | 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% | $ 2,974,480 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 52,295 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 496,606 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 33,161 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.49% | 47,523 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 78,678 |
Total Distribution and Service Fees | $3,682,743 |
(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 February 29, 2024 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 February 29, 2024, this rebate amounted to $163, $3, $1, and $1,350 for Class A, Class B, Class C, and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $11,046 |
Class B | 1,771 |
Class C | 1,671 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 3,134,102 | $138,158,663 | 6,071,402 | $244,339,466 | |
Class B | 5,510 | 194,343 | 3,134 | 109,426 | |
Class C | 295,753 | 10,591,775 | 403,705 | 13,299,230 | |
Class I | 4,920,770 | 232,792,842 | 12,008,652 | 512,907,421 | |
Class R1 | 18,206 | 661,123 | 123,859 | 4,186,064 | |
Class R2 | 33,846 | 1,458,916 | 90,998 | 3,582,159 | |
Class R3 | 77,901 | 3,469,047 | 191,425 | 7,692,706 | |
Class R4 | 62,001 | 2,794,900 | 131,121 | 5,318,461 | |
Class R6 | 2,826,134 | 134,944,652 | 7,367,939 | 318,407,092 | |
11,374,223 | $525,066,261 | 26,392,235 | $1,109,842,025 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,359,575 | $59,957,265 | 1,954,844 | $75,672,028 | |
Class B | 7,048 | 259,869 | 16,436 | 535,482 | |
Class C | 70,660 | 2,554,352 | 118,418 | 3,790,562 | |
Class I | 702,529 | 33,299,871 | 1,024,361 | 42,500,719 | |
Class R1 | 10,056 | 181,824 | 7,533 | 241,291 | |
Class R2 | 11,181 | 477,863 | 17,823 | 669,798 | |
Class R3 | 37,189 | 1,634,823 | 54,932 | 2,119,841 | |
Class R4 | 23,871 | 1,065,607 | 34,809 | 1,362,425 | |
Class R6 | 1,016,500 | 48,344,717 | 1,540,429 | 64,097,237 | |
3,238,609 | $147,776,191 | 4,769,585 | $190,989,383 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (4,249,736) | $(188,391,139) | (7,838,379) | $(315,184,413) | |
Class B | (73,944) | (2,740,116) | (158,621) | (5,349,102) | |
Class C | (481,062) | (17,555,836) | (928,021) | (31,030,448) | |
Class I | (5,917,508) | (285,328,418) | (11,629,273) | (502,599,528) | |
Class R1 | (28,131) | (1,062,588) | (41,260) | (1,393,725) | |
Class R2 | (72,293) | (3,059,123) | (130,606) | (5,111,360) | |
Class R3 | (172,314) | (7,658,899) | (301,209) | (12,242,337) | |
Class R4 | (113,260) | (5,123,092) | (170,049) | (6,869,297) | |
Class R6 | (5,716,902) | (271,846,274) | (8,901,208) | (386,471,019) | |
(16,825,150) | $(782,765,485) | (30,098,626) | $(1,266,251,229) | ||
Net change | |||||
Class A | 243,941 | $9,724,789 | 187,867 | $4,827,081 | |
Class B | (61,386) | (2,285,904) | (139,051) | (4,704,194) | |
Class C | (114,649) | (4,409,709) | (405,898) | (13,940,656) | |
Class I | (294,209) | (19,235,705) | 1,403,740 | 52,808,612 | |
Class R1 | 131 | (219,641) | 90,132 | 3,033,630 | |
Class R2 | (27,266) | (1,122,344) | (21,785) | (859,403) | |
Class R3 | (57,224) | (2,555,029) | (54,852) | (2,429,790) | |
Class R4 | (27,388) | (1,262,585) | (4,119) | (188,411) | |
Class R6 | (1,874,268) | (88,556,905) | 7,160 | (3,966,690) | |
(2,212,318) | $(109,923,033) | 1,063,194 | $34,580,179 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $55,189,690 | $377,834,852 | $395,367,354 | $(10,199) | $(9,398) | $37,637,591 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $1,184,344 | $— |
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back cover |
Microsoft Corp. | 12.2% |
NVIDIA Corp. | 11.0% |
Meta Platforms, Inc., “A” | 8.3% |
Alphabet, Inc., “A” | 7.8% |
Broadcom, Inc. | 4.9% |
ServiceNow, Inc. | 3.7% |
Salesforce, Inc. | 3.3% |
Apple, Inc. | 2.9% |
Accenture PLC, “A” | 2.8% |
Advanced Micro Devices | 2.7% |
Electronics | 26.6% |
Computer Software | 25.8% |
Internet | 18.7% |
Computer Software - Systems | 14.6% |
Business Services | 6.4% |
(o) | Less than 0.1%. |
September 1, 2023 through February 29, 2024
Share Class | Annualized Expense Ratio | Beginning Account Value 9/01/23 | Ending Account Value 2/29/24 | Expenses Paid During Period (p) 9/01/23-2/29/24 | |
A | Actual | 1.13% | $1,000.00 | $1,265.31 | $6.36 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.24 | $5.67 | |
B | Actual | 1.88% | $1,000.00 | $1,260.22 | $10.56 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.51 | $9.42 | |
C | Actual | 1.88% | $1,000.00 | $1,260.28 | $10.57 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.51 | $9.42 | |
I | Actual | 0.88% | $1,000.00 | $1,266.75 | $4.96 |
Hypothetical (h) | 0.88% | $1,000.00 | $1,020.49 | $4.42 | |
R1 | Actual | 1.88% | $1,000.00 | $1,260.68 | $10.57 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.51 | $9.42 | |
R2 | Actual | 1.38% | $1,000.00 | $1,263.46 | $7.77 |
Hypothetical (h) | 1.38% | $1,000.00 | $1,018.00 | $6.92 | |
R3 | Actual | 1.13% | $1,000.00 | $1,265.12 | $6.36 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.24 | $5.67 | |
R4 | Actual | 0.88% | $1,000.00 | $1,266.54 | $4.96 |
Hypothetical (h) | 0.88% | $1,000.00 | $1,020.49 | $4.42 | |
R6 | Actual | 0.78% | $1,000.00 | $1,267.43 | $4.40 |
Hypothetical (h) | 0.78% | $1,000.00 | $1,020.98 | $3.92 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.4% | ||||
Business Services – 6.4% | ||||
Accenture PLC, “A” | 137,545 | $51,549,115 | ||
Factset Research Systems, Inc. | 24,127 | 11,160,668 | ||
FleetCor Technologies, Inc. (a) | 29,932 | 8,359,110 | ||
MSCI, Inc. | 18,259 | 10,242,751 | ||
Tyler Technologies, Inc. (a) | 29,293 | 12,805,142 | ||
Verisk Analytics, Inc., “A” | 97,215 | 23,516,308 | ||
$117,633,094 | ||||
Computer Software – 25.8% | ||||
Cadence Design Systems, Inc. (a) | 121,790 | $37,070,440 | ||
Dun & Bradstreet Holdings, Inc. | 574,861 | 6,059,035 | ||
Intuit, Inc. | 71,564 | 47,439,060 | ||
Microsoft Corp. (s) | 545,558 | 225,664,611 | ||
Oracle Corp. | 276,756 | 30,908,110 | ||
Palo Alto Networks, Inc. (a) | 127,198 | 39,501,339 | ||
Salesforce, Inc. | 198,906 | 61,426,151 | ||
Synopsys, Inc. (a) | 32,420 | 18,600,327 | ||
Topicus.com, Inc. (a) | 99,888 | 9,052,959 | ||
$475,722,032 | ||||
Computer Software - Systems – 14.6% | ||||
Apple, Inc. | 294,711 | $53,269,013 | ||
Arista Networks, Inc. (a) | 44,510 | 12,353,305 | ||
Constellation Software, Inc. | 8,476 | 23,597,711 | ||
Descartes Systems Group, Inc. (a) | 198,000 | 17,161,508 | ||
Hitachi Ltd. | 441,800 | 37,322,552 | ||
HubSpot, Inc. (a) | 40,838 | 25,270,963 | ||
ServiceNow, Inc. (a) | 87,649 | 67,607,180 | ||
Shopify, Inc. (a) | 435,022 | 33,222,630 | ||
$269,804,862 | ||||
Consumer Services – 1.6% | ||||
Booking Holdings, Inc. (s) | 8,455 | $29,328,958 | ||
Electrical Equipment – 1.4% | ||||
Amphenol Corp., “A” | 227,285 | $24,828,613 | ||
Electronics – 26.6% | ||||
Advanced Micro Devices (a) | 253,955 | $48,893,957 | ||
Analog Devices, Inc. | 41,697 | 7,998,318 | ||
ASML Holding N.V., ADR | 5,667 | 5,393,171 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electronics – continued | ||||
Broadcom, Inc. | 70,107 | $91,173,452 | ||
Intel Corp. | 666,375 | 28,687,444 | ||
KLA Corp. | 39,480 | 26,937,204 | ||
Lam Research Corp. | 25,888 | 24,289,416 | ||
Marvell Technology, Inc. | 548,951 | 39,337,829 | ||
NVIDIA Corp. | 255,896 | 202,444,443 | ||
Onto Innovation, Inc. (a) | 34,664 | 6,383,722 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 430,000 | 9,386,419 | ||
$490,925,375 | ||||
Insurance – 0.4% | ||||
Aon PLC | 25,756 | $8,138,638 | ||
Internet – 18.7% | ||||
Alphabet, Inc., “A” (a)(s) | 1,040,296 | $144,039,384 | ||
Gartner, Inc. (a) | 60,792 | 28,302,324 | ||
Meta Platforms, Inc., “A” | 313,686 | 153,746,919 | ||
Pinterest, Inc. (a) | 525,191 | 19,274,510 | ||
$345,363,137 | ||||
Leisure & Toys – 0.8% | ||||
Take-Two Interactive Software, Inc. (a) | 104,202 | $15,310,400 | ||
Other Banks & Diversified Financials – 1.0% | ||||
Mastercard, Inc., “A” (s) | 17,007 | $8,074,243 | ||
S&P Global, Inc. | 24,441 | 10,470,036 | ||
$18,544,279 | ||||
Specialty Stores – 1.1% | ||||
Amazon.com, Inc. (a)(s) | 117,180 | $20,712,737 | ||
Total Common Stocks (Identified Cost, $872,243,408) | $1,816,312,125 |
Strike Price | First Exercise | |||
Warrants – 0.0% | ||||
Computer Software - Systems – 0.0% | ||||
Constellation Software, Inc. (CAD 100 principal amount of Series 2 Debentures for 1 warrant, Expiration 3/31/40) (a) (Identified Cost, $0) | CAD 11.5 | N/A | 9,895 | $0 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.6% | ||||
Money Market Funds – 1.6% | ||||
MFS Institutional Money Market Portfolio, 5.37% (v) (Identified Cost, $30,129,864) | 30,131,532 | $30,131,532 | ||
Other Assets, Less Liabilities – 0.0% | 329,188 | |||
Net Assets – 100.0% | $1,846,772,845 |
(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 $30,131,532 and $1,816,312,125, respectively. | |||
(s) | Security or a portion of the security was pledged to cover collateral requirements for securities sold short and/or certain derivative transactions. | |||
(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 |
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: | |
CAD | Canadian Dollar |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $872,243,408) | $1,816,312,125 |
Investments in affiliated issuers, at value (identified cost, $30,129,864) | 30,131,532 |
Deposits with brokers for | |
Securities sold short | 50,568 |
Receivables for | |
Fund shares sold | 2,037,480 |
Interest and dividends | 752,458 |
Other assets | 65,217 |
Total assets | $1,849,349,380 |
Liabilities | |
Payables for | |
Fund shares reacquired | $1,961,391 |
Payable to affiliates | |
Investment adviser | 71,394 |
Administrative services fee | 1,481 |
Shareholder servicing costs | 432,729 |
Distribution and service fees | 20,917 |
Payable for independent Trustees' compensation | 3,992 |
Accrued expenses and other liabilities | 84,631 |
Total liabilities | $2,576,535 |
Net assets | $1,846,772,845 |
Net assets consist of | |
Paid-in capital | $865,841,550 |
Total distributable earnings (loss) | 980,931,295 |
Net assets | $1,846,772,845 |
Shares of beneficial interest outstanding | 30,558,454 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $858,253,849 | 14,479,048 | $59.28 |
Class B | 18,182,294 | 412,459 | 44.08 |
Class C | 113,507,928 | 2,584,291 | 43.92 |
Class I | 439,077,751 | 6,577,949 | 66.75 |
Class R1 | 12,904,236 | 294,847 | 43.77 |
Class R2 | 29,627,007 | 549,427 | 53.92 |
Class R3 | 51,973,915 | 877,692 | 59.22 |
Class R4 | 20,768,406 | 323,834 | 64.13 |
Class R6 | 302,477,459 | 4,458,907 | 67.84 |
(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 $62.90 [100 / 94.25 x $59.28]. 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 | $3,704,412 |
Dividends from affiliated issuers | 790,078 |
Other | 7,378 |
Income on securities loaned | 342 |
Foreign taxes withheld | (35,444) |
Total investment income | $4,466,766 |
Expenses | |
Management fee | $5,748,067 |
Distribution and service fees | 1,674,810 |
Shareholder servicing costs | 830,038 |
Administrative services fee | 116,521 |
Independent Trustees' compensation | 13,008 |
Custodian fee | 38,751 |
Shareholder communications | 33,865 |
Audit and tax fees | 35,448 |
Legal fees | 3,619 |
Miscellaneous | 98,424 |
Total expenses | $8,592,551 |
Reduction of expenses by investment adviser and distributor | (101,151) |
Net expenses | $8,491,400 |
Net investment income (loss) | $(4,024,634) |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $48,516,173 |
Affiliated issuers | (1,188) |
Foreign currency | 3,491 |
Net realized gain (loss) | $48,518,476 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $344,010,410 |
Affiliated issuers | (3,577) |
Net unrealized gain (loss) | $344,006,833 |
Net realized and unrealized gain (loss) | $392,525,309 |
Change in net assets from operations | $388,500,675 |
Six months ended | Year ended | |
2/29/24 (unaudited) | 8/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $(4,024,634) | $(5,833,203) |
Net realized gain (loss) | 48,518,476 | 165,976,384 |
Net unrealized gain (loss) | 344,006,833 | 121,667,429 |
Change in net assets from operations | $388,500,675 | $281,810,610 |
Total distributions to shareholders | $(158,884,885) | $(122,255,927) |
Change in net assets from fund share transactions | $113,855,534 | $(61,980,502) |
Total change in net assets | $343,471,324 | $97,574,181 |
Net assets | ||
At beginning of period | 1,503,301,521 | 1,405,727,340 |
At end of period | $1,846,772,845 | $1,503,301,521 |
Class A | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $52.10 | $46.91 | $75.65 | $64.90 | $44.73 | $45.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.15) | $(0.22) | $(0.45) | $(0.57) | $(0.35) | $(0.27) |
Net realized and unrealized gain (loss) | 13.01 | 9.75 | (19.94) | 14.83 | 21.50 | 1.24 |
Total from investment operations | $12.86 | $9.53 | $(20.39) | $14.26 | $21.15 | $0.97 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $59.28 | $52.10 | $46.91 | $75.65 | $64.90 | $44.73 |
Total return (%) (r)(s)(t)(x) | 26.53(n) | 23.49 | (30.20) | 22.97 | 48.23 | 2.97 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.15(a) | 1.15 | 1.14 | 1.12 | 1.18 | 1.19 |
Expenses after expense reductions | 1.13(a) | 1.14 | 1.13 | 1.11 | 1.16 | 1.18 |
Net investment income (loss) | (0.57)(a) | (0.49) | (0.76) | (0.85) | (0.71) | (0.64) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $858,254 | $669,260 | $572,702 | $888,416 | $745,157 | $471,468 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 1.11 | 1.13 | 1.15 |
Class B | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $40.24 | $37.55 | $62.67 | $54.73 | $38.16 | $39.55 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.26) | $(0.43) | $(0.73) | $(0.89) | $(0.61) | $(0.50) |
Net realized and unrealized gain (loss) | 9.78 | 7.46 | (16.04) | 12.34 | 18.16 | 1.00 |
Total from investment operations | $9.52 | $7.03 | $(16.77) | $11.45 | $17.55 | $0.50 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $44.08 | $40.24 | $37.55 | $62.67 | $54.73 | $38.16 |
Total return (%) (r)(s)(t)(x) | 26.02(n) | 22.60 | (30.73) | 22.06 | 47.07 | 2.21 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.90(a) | 1.91 | 1.89 | 1.87 | 1.93 | 1.94 |
Expenses after expense reductions | 1.88(a) | 1.89 | 1.88 | 1.86 | 1.92 | 1.93 |
Net investment income (loss) | (1.31)(a) | (1.24) | (1.52) | (1.59) | (1.46) | (1.39) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $18,182 | $18,987 | $23,115 | $44,390 | $46,224 | $41,017 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 1.86 | 1.88 | 1.90 |
Class C | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $40.11 | $37.45 | $62.52 | $54.61 | $38.07 | $39.47 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.26) | $(0.43) | $(0.73) | $(0.88) | $(0.61) | $(0.50) |
Net realized and unrealized gain (loss) | 9.75 | 7.43 | (15.99) | 12.30 | 18.13 | 0.99 |
Total from investment operations | $9.49 | $7.00 | $(16.72) | $11.42 | $17.52 | $0.49 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $43.92 | $40.11 | $37.45 | $62.52 | $54.61 | $38.07 |
Total return (%) (r)(s)(t)(x) | 26.03(n) | 22.58 | (30.72) | 22.06 | 47.11 | 2.19 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.90(a) | 1.90 | 1.89 | 1.87 | 1.93 | 1.94 |
Expenses after expense reductions | 1.88(a) | 1.89 | 1.88 | 1.86 | 1.92 | 1.93 |
Net investment income (loss) | (1.31)(a) | (1.24) | (1.52) | (1.59) | (1.46) | (1.40) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $113,508 | $105,653 | $112,241 | $194,857 | $183,286 | $128,817 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 1.86 | 1.88 | 1.91 |
Class I | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $57.94 | $51.52 | $82.06 | $69.94 | $48.02 | $48.74 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.09) | $(0.12) | $(0.34) | $(0.43) | $(0.25) | $(0.18) |
Net realized and unrealized gain (loss) | 14.58 | 10.88 | (21.85) | 16.06 | 23.15 | 1.35 |
Total from investment operations | $14.49 | $10.76 | $(22.19) | $15.63 | $22.90 | $1.17 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $66.75 | $57.94 | $51.52 | $82.06 | $69.94 | $48.02 |
Total return (%) (r)(s)(t)(x) | 26.68(n) | 23.79 | (30.02) | 23.28 | 48.57 | 3.20 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.90(a) | 0.91 | 0.89 | 0.87 | 0.93 | 0.94 |
Expenses after expense reductions | 0.88(a) | 0.89 | 0.88 | 0.86 | 0.92 | 0.93 |
Net investment income (loss) | (0.31)(a) | (0.24) | (0.52) | (0.59) | (0.46) | (0.40) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $439,078 | $356,050 | $356,867 | $608,833 | $561,531 | $315,655 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 0.86 | 0.88 | 0.91 |
Class R1 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $39.98 | $37.35 | $62.37 | $54.49 | $37.99 | $39.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.26) | $(0.43) | $(0.72) | $(0.89) | $(0.62) | $(0.50) |
Net realized and unrealized gain (loss) | 9.73 | 7.40 | (15.95) | 12.28 | 18.10 | 0.99 |
Total from investment operations | $9.47 | $6.97 | $(16.67) | $11.39 | $17.48 | $0.49 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $43.77 | $39.98 | $37.35 | $62.37 | $54.49 | $37.99 |
Total return (%) (r)(s)(t)(x) | 26.07(n) | 22.56 | (30.72) | 22.05 | 47.10 | 2.19 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.90(a) | 1.90 | 1.89 | 1.87 | 1.93 | 1.94 |
Expenses after expense reductions | 1.88(a) | 1.89 | 1.88 | 1.86 | 1.91 | 1.93 |
Net investment income (loss) | (1.32)(a) | (1.24) | (1.51) | (1.59) | (1.47) | (1.40) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $12,904 | $10,366 | $7,558 | $10,498 | $9,882 | $5,715 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 1.86 | 1.88 | 1.91 |
Class R2 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $47.93 | $43.63 | $71.12 | $61.36 | $42.45 | $43.55 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.20) | $(0.30) | $(0.56) | $(0.68) | $(0.45) | $(0.36) |
Net realized and unrealized gain (loss) | 11.87 | 8.94 | (18.58) | 13.95 | 20.34 | 1.15 |
Total from investment operations | $11.67 | $8.64 | $(19.14) | $13.27 | $19.89 | $0.79 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $53.92 | $47.93 | $43.63 | $71.12 | $61.36 | $42.45 |
Total return (%) (r)(s)(t)(x) | 26.35(n) | 23.19 | (30.38) | 22.67 | 47.84 | 2.69 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.40(a) | 1.40 | 1.39 | 1.37 | 1.43 | 1.44 |
Expenses after expense reductions | 1.38(a) | 1.39 | 1.38 | 1.36 | 1.42 | 1.43 |
Net investment income (loss) | (0.82)(a) | (0.74) | (1.02) | (1.09) | (0.97) | (0.90) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $29,627 | $22,942 | $22,287 | $37,797 | $38,511 | $29,339 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 1.36 | 1.38 | 1.41 |
Class R3 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $52.06 | $46.87 | $75.60 | $64.85 | $44.71 | $45.63 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.15) | $(0.22) | $(0.46) | $(0.56) | $(0.35) | $(0.27) |
Net realized and unrealized gain (loss) | 12.99 | 9.75 | (19.92) | 14.82 | 21.47 | 1.24 |
Total from investment operations | $12.84 | $9.53 | $(20.38) | $14.26 | $21.12 | $0.97 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $59.22 | $52.06 | $46.87 | $75.60 | $64.85 | $44.71 |
Total return (%) (r)(s)(t)(x) | 26.51(n) | 23.51 | (30.21) | 22.99 | 48.18 | 2.97 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.15(a) | 1.15 | 1.14 | 1.13 | 1.18 | 1.19 |
Expenses after expense reductions | 1.13(a) | 1.14 | 1.13 | 1.11 | 1.17 | 1.18 |
Net investment income (loss) | (0.56)(a) | (0.49) | (0.77) | (0.84) | (0.71) | (0.65) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $51,974 | $55,707 | $49,755 | $96,784 | $109,884 | $80,242 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 1.11 | 1.13 | 1.16 |
Class R4 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $55.88 | $49.85 | $79.68 | $68.01 | $46.72 | $47.47 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.09) | $(0.11) | $(0.33) | $(0.42) | $(0.24) | $(0.17) |
Net realized and unrealized gain (loss) | 14.02 | 10.48 | (21.15) | 15.60 | 22.51 | 1.31 |
Total from investment operations | $13.93 | $10.37 | $(21.48) | $15.18 | $22.27 | $1.14 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $64.13 | $55.88 | $49.85 | $79.68 | $68.01 | $46.72 |
Total return (%) (r)(s)(t)(x) | 26.65(n) | 23.81 | (30.03) | 23.28 | 48.57 | 3.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.90(a) | 0.91 | 0.89 | 0.87 | 0.93 | 0.94 |
Expenses after expense reductions | 0.88(a) | 0.89 | 0.88 | 0.86 | 0.92 | 0.93 |
Net investment income (loss) | (0.31)(a) | (0.23) | (0.52) | (0.59) | (0.47) | (0.40) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $20,768 | $17,097 | $25,674 | $47,324 | $32,530 | $25,310 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 0.85 | 0.89 | 0.91 |
Class R6 | Six months ended | Year ended | ||||
2/29/24 (unaudited) | 8/31/23 | 8/31/22 | 8/31/21 | 8/31/20 | 8/31/19 | |
Net asset value, beginning of period | $58.77 | $52.14 | $82.87 | $70.54 | $48.38 | $49.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.06) | $(0.07) | $(0.27) | $(0.37) | $(0.20) | $(0.13) |
Net realized and unrealized gain (loss) | 14.81 | 11.04 | (22.11) | 16.21 | 23.34 | 1.37 |
Total from investment operations | $14.75 | $10.97 | $(22.38) | $15.84 | $23.14 | $1.24 |
Less distributions declared to shareholders | ||||||
From net realized gain | $(5.68) | $(4.34) | $(8.35) | $(3.51) | $(0.98) | $(1.89) |
Net asset value, end of period (x) | $67.84 | $58.77 | $52.14 | $82.87 | $70.54 | $48.38 |
Total return (%) (r)(s)(t)(x) | 26.74(n) | 23.92 | (29.95) | 23.39 | 48.71 | 3.33 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.80(a) | 0.81 | 0.79 | 0.78 | 0.84 | 0.84 |
Expenses after expense reductions | 0.78(a) | 0.80 | 0.77 | 0.77 | 0.82 | 0.83 |
Net investment income (loss) | (0.22)(a) | (0.14) | (0.41) | (0.50) | (0.37) | (0.30) |
Portfolio turnover | 8(n) | 44 | 30 | 36 | 46 | 32 |
Net assets at end of period (000 omitted) | $302,477 | $247,239 | $235,529 | $403,893 | $316,404 | $168,352 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions excluding short sale expenses and interest expense and fees | N/A | N/A | N/A | 0.77 | 0.79 | 0.81 |
(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: | ||||
United States | $1,681,175,175 | $— | $— | $1,681,175,175 |
Canada | 83,034,808 | 0 | — | 83,034,808 |
Japan | 37,322,552 | — | — | 37,322,552 |
Taiwan | 9,386,419 | — | — | 9,386,419 |
Netherlands | 5,393,171 | — | — | 5,393,171 |
Mutual Funds | 30,131,532 | — | — | 30,131,532 |
Total | $1,846,443,657 | $0 | $— | $1,846,443,657 |
Year ended 8/31/23 | |
Long-term capital gains | $122,255,927 |
As of 2/29/24 | |
Cost of investments | $906,305,145 |
Gross appreciation | 950,701,062 |
Gross depreciation | (10,562,550) |
Net unrealized appreciation (depreciation) | $940,138,512 |
As of 8/31/23 | |
Undistributed long-term capital gain | 158,876,828 |
Late year ordinary loss deferral | (3,693,002) |
Net unrealized appreciation (depreciation) | 596,131,679 |
Six months ended 2/29/24 | Year ended 8/31/23 | |
Class A | $73,879,242 | $51,623,165 |
Class B | 2,336,196 | 2,466,860 |
Class C | 13,791,501 | 12,088,461 |
Class I | 34,516,934 | 27,364,310 |
Class R1 | 1,428,654 | 882,693 |
Class R2 | 2,750,922 | 2,055,032 |
Class R3 | 4,943,879 | 4,485,667 |
Class R4 | 1,670,862 | 2,209,428 |
Class R6 | 23,566,695 | 19,080,311 |
Total | $158,884,885 | $122,255,927 |
Up to $1 billion | 0.75% |
In excess of $1 billion and up to $2.5 billion | 0.70% |
In excess of $2.5 billion | 0.65% |
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% | $ 895,098 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 87,888 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 515,831 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 53,801 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 61,845 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 60,347 |
Total Distribution and Service Fees | $1,674,810 |
(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 February 29, 2024 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 February 29, 2024, this rebate amounted to $51 and $1 for Class A and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $3,068 |
Class B | 3,369 |
Class C | 2,318 |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,328,792 | $71,206,965 | 1,564,162 | $70,141,503 | |
Class B | 3,327 | 134,636 | 8,653 | 309,910 | |
Class C | 114,301 | 4,601,924 | 219,176 | 7,556,099 | |
Class I | 847,809 | 51,058,503 | 1,091,293 | 53,676,264 | |
Class R1 | 38,888 | 1,587,898 | 65,744 | 2,319,126 | |
Class R2 | 94,077 | 4,551,645 | 93,281 | 3,803,408 | |
Class R3 | 193,968 | 10,517,584 | 283,342 | 12,971,380 | |
Class R4 | 48,664 | 2,731,734 | 100,231 | 4,630,926 | |
Class R6 | 659,928 | 40,328,372 | 1,011,824 | 50,667,739 | |
3,329,754 | $186,719,261 | 4,437,706 | $206,076,355 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,417,549 | $71,841,342 | 1,291,127 | $50,057,003 | |
Class B | 61,552 | 2,323,571 | 81,038 | 2,440,061 | |
Class C | 355,772 | 13,384,132 | 386,365 | 11,594,810 | |
Class I | 554,577 | 31,633,089 | 577,895 | 24,872,602 | |
Class R1 | 38,034 | 1,425,516 | 29,422 | 880,297 | |
Class R2 | 59,583 | 2,748,583 | 57,431 | 2,052,015 | |
Class R3 | 97,647 | 4,943,879 | 115,789 | 4,485,667 | |
Class R4 | 27,555 | 1,510,277 | 45,901 | 1,904,879 | |
Class R6 | 362,684 | 21,021,163 | 391,841 | 17,096,020 | |
2,974,953 | $150,831,552 | 2,976,809 | $115,383,354 | ||
Shares reacquired | |||||
Class A | (1,112,083) | $(59,258,252) | (2,218,748) | $(96,058,383) | |
Class B | (124,310) | (4,980,170) | (233,320) | (7,912,516) | |
Class C | (520,027) | (20,637,036) | (968,359) | (33,016,314) | |
Class I | (969,327) | (57,698,754) | (2,451,258) | (117,366,434) | |
Class R1 | (41,314) | (1,669,479) | (38,274) | (1,328,502) | |
Class R2 | (82,896) | (4,121,975) | (182,851) | (7,446,689) | |
Class R3 | (484,036) | (25,165,298) | (390,506) | (17,425,123) | |
Class R4 | (58,373) | (3,378,300) | (355,178) | (16,595,237) | |
Class R6 | (770,461) | (46,786,015) | (1,713,995) | (86,291,013) | |
(4,162,827) | $(223,695,279) | (8,552,489) | $(383,440,211) |
Six months ended 2/29/24 | Year ended 8/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 1,634,258 | $83,790,055 | 636,541 | $24,140,123 | |
Class B | (59,431) | (2,521,963) | (143,629) | (5,162,545) | |
Class C | (49,954) | (2,650,980) | (362,818) | (13,865,405) | |
Class I | 433,059 | 24,992,838 | (782,070) | (38,817,568) | |
Class R1 | 35,608 | 1,343,935 | 56,892 | 1,870,921 | |
Class R2 | 70,764 | 3,178,253 | (32,139) | (1,591,266) | |
Class R3 | (192,421) | (9,703,835) | 8,625 | 31,924 | |
Class R4 | 17,846 | 863,711 | (209,046) | (10,059,432) | |
Class R6 | 252,151 | 14,563,520 | (310,330) | (18,527,254) | |
2,141,880 | $113,855,534 | (1,137,974) | $(61,980,502) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $35,197,628 | $89,212,230 | $94,273,561 | $(1,188) | $(3,577) | $30,131,532 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $790,078 | $— |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code's definition enumerated in paragraph
(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit
waiver, from any provision of the Code. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by the Code.
A copy of the Code is attached hereto as EX-99.COE.
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. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not Applicable.
ITEM 14. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST I
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: April 12, 2024
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: April 12, 2024
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: April 12, 2024
* Print name and title of each signing officer under his or her signature.