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 811-6102
MFS SERIES TRUST VI
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
1 | |
2 | |
4 | |
6 | |
11 | |
13 | |
14 | |
15 | |
24 | |
35 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
Thermo Fisher Scientific, Inc. | 3.3% |
Visa, Inc., “A” | 3.2% |
Medtronic PLC | 2.8% |
Roche Holding AG | 2.7% |
Schneider Electric SE | 2.7% |
Nestle S.A. | 2.6% |
Accenture PLC, “A” | 2.6% |
Comcast Corp., “A” | 2.5% |
Diageo PLC | 2.4% |
LVMH Moet Hennessy Louis Vuitton SE | 2.2% |
Health Care | 20.0% |
Industrials | 18.5% |
Information Technology | 15.3% |
Consumer Staples | 14.1% |
Financials | 10.4% |
Consumer Discretionary | 7.9% |
Materials | 6.7% |
Communication Services | 6.4% |
Equity Warrants (o) | 0.0% |
United States | 55.4% |
France | 10.9% |
Switzerland | 8.7% |
United Kingdom | 7.3% |
Germany | 4.1% |
Canada | 3.8% |
Netherlands | 2.7% |
Japan | 1.9% |
Sweden | 1.5% |
Other Countries | 3.7% |
United States Dollar | 58.1% |
Euro | 20.9% |
Swiss Franc | 8.7% |
British Pound Sterling | 7.3% |
Japanese Yen | 1.9% |
Swedish Krona | 1.5% |
South Korean Won | 0.9% |
Danish Krone | 0.5% |
Mexican Peso | 0.2% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(o) | Less than 0.1%. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents and Other. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents. |
November 1, 2021 through April 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/21 | Ending Account Value 4/30/22 | Expenses Paid During Period (p) 11/01/21-4/30/22 | |
A | Actual | 1.13% | $1,000.00 | $872.66 | $5.25 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.19 | $5.66 | |
B | Actual | 1.88% | $1,000.00 | $869.22 | $8.71 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.47 | $9.39 | |
C | Actual | 1.88% | $1,000.00 | $869.36 | $8.71 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.47 | $9.39 | |
I | Actual | 0.88% | $1,000.00 | $873.56 | $4.09 |
Hypothetical (h) | 0.88% | $1,000.00 | $1,020.43 | $4.41 | |
R1 | Actual | 1.88% | $1,000.00 | $869.27 | $8.71 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.47 | $9.39 | |
R2 | Actual | 1.38% | $1,000.00 | $871.52 | $6.40 |
Hypothetical (h) | 1.38% | $1,000.00 | $1,017.95 | $6.90 | |
R3 | Actual | 1.13% | $1,000.00 | $872.56 | $5.25 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.19 | $5.66 | |
R4 | Actual | 0.88% | $1,000.00 | $873.55 | $4.09 |
Hypothetical (h) | 0.88% | $1,000.00 | $1,020.43 | $4.41 | |
R6 | Actual | 0.79% | $1,000.00 | $874.01 | $3.67 |
Hypothetical (h) | 0.79% | $1,000.00 | $1,020.88 | $3.96 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.3% | ||||
Aerospace & Defense – 3.0% | ||||
Honeywell International, Inc. | 330,815 | $ 64,016,011 | ||
MTU Aero Engines Holding AG | 64,441 | 13,032,402 | ||
Rolls-Royce Holdings PLC (a) | 11,655,898 | 11,902,449 | ||
$ 88,950,862 | ||||
Airlines – 0.8% | ||||
Aena S.A. (a) | 170,263 | $ 24,064,742 | ||
Alcoholic Beverages – 6.0% | ||||
Carlsberg Group | 127,143 | $ 16,093,160 | ||
Diageo PLC | 1,454,292 | 72,067,562 | ||
Heineken N.V. | 456,893 | 44,562,152 | ||
Pernod Ricard S.A. | 220,836 | 45,499,901 | ||
$ 178,222,775 | ||||
Apparel Manufacturers – 4.0% | ||||
Burberry Group PLC | 876,373 | $ 17,233,724 | ||
Compagnie Financiere Richemont S.A. | 333,143 | 38,725,518 | ||
LVMH Moet Hennessy Louis Vuitton SE | 101,187 | 64,749,114 | ||
$ 120,708,356 | ||||
Automotive – 0.4% | ||||
Aptiv PLC (a) | 114,123 | $ 12,142,687 | ||
Broadcasting – 2.4% | ||||
Omnicom Group, Inc. | 103,306 | $ 7,864,686 | ||
Walt Disney Co. (a) | 379,871 | 42,405,000 | ||
WPP Group PLC | 1,826,915 | 22,659,689 | ||
$ 72,929,375 | ||||
Brokerage & Asset Managers – 2.6% | ||||
Charles Schwab Corp. | 678,313 | $ 44,992,501 | ||
Deutsche Boerse AG | 89,977 | 15,775,910 | ||
London Stock Exchange Group PLC | 160,279 | 15,903,971 | ||
$ 76,672,382 | ||||
Business Services – 10.0% | ||||
Accenture PLC, “A” | 257,860 | $ 77,450,830 | ||
Adecco S.A. | 202,889 | 7,851,248 | ||
Brenntag AG | 186,973 | 14,584,455 | ||
Cognizant Technology Solutions Corp., “A” | 454,140 | 36,739,926 | ||
Compass Group PLC | 1,045,051 | 22,012,522 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Equifax, Inc. | 178,954 | $ 36,420,718 | ||
Fidelity National Information Services, Inc. | 437,171 | 43,345,505 | ||
Fiserv, Inc. (a) | 469,974 | 46,019,854 | ||
PayPal Holdings, Inc. (a) | 149,775 | 13,169,716 | ||
$ 297,594,774 | ||||
Cable TV – 2.5% | ||||
Comcast Corp., “A” | 1,879,004 | $ 74,709,199 | ||
Chemicals – 2.2% | ||||
3M Co. | 242,533 | $ 34,978,109 | ||
PPG Industries, Inc. | 249,635 | 31,950,784 | ||
$ 66,928,893 | ||||
Computer Software – 2.5% | ||||
Check Point Software Technologies Ltd. (a) | 226,941 | $ 28,660,379 | ||
Oracle Corp. | 634,039 | 46,538,462 | ||
$ 75,198,841 | ||||
Computer Software - Systems – 1.3% | ||||
Cisco Systems, Inc. | 216,993 | $ 10,628,317 | ||
Samsung Electronics Co. Ltd. | 502,619 | 26,706,215 | ||
$ 37,334,532 | ||||
Construction – 0.5% | ||||
Otis Worldwide Corp. | 214,080 | $ 15,593,587 | ||
Consumer Products – 4.8% | ||||
Colgate-Palmolive Co. | 357,486 | $ 27,544,296 | ||
Essity AB | 1,687,848 | 44,862,831 | ||
International Flavors & Fragrances, Inc. | 220,274 | 26,719,236 | ||
Reckitt Benckiser Group PLC | 559,753 | 43,667,266 | ||
$ 142,793,629 | ||||
Electrical Equipment – 4.5% | ||||
Amphenol Corp., “A” | 271,171 | $ 19,388,727 | ||
Legrand S.A. | 377,181 | 33,294,601 | ||
Schneider Electric SE | 565,630 | 80,559,309 | ||
$ 133,242,637 | ||||
Electronics – 0.9% | ||||
Hoya Corp. | 133,900 | $ 13,340,359 | ||
Microchip Technology, Inc. | 223,900 | 14,598,280 | ||
$ 27,938,639 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – 4.3% | ||||
Danone S.A. | 828,929 | $ 49,833,105 | ||
Nestle S.A. | 603,137 | 77,868,289 | ||
$ 127,701,394 | ||||
Gaming & Lodging – 1.1% | ||||
Marriott International, Inc., “A” | 120,320 | $ 21,359,206 | ||
Whitbread PLC (a) | 350,746 | 12,158,934 | ||
$ 33,518,140 | ||||
Insurance – 2.7% | ||||
Aon PLC | 139,551 | $ 40,189,293 | ||
Willis Towers Watson PLC | 191,657 | 41,179,423 | ||
$ 81,368,716 | ||||
Internet – 0.8% | ||||
eBay, Inc. | 483,535 | $ 25,105,137 | ||
Machinery & Tools – 1.3% | ||||
Carrier Global Corp. | 183,164 | $ 7,009,686 | ||
Kubota Corp. | 1,884,200 | 32,091,587 | ||
$ 39,101,273 | ||||
Major Banks – 3.1% | ||||
Erste Group Bank AG | 296,196 | $ 9,149,948 | ||
Goldman Sachs Group, Inc. | 165,643 | 50,602,280 | ||
UBS AG | 1,896,177 | 32,080,342 | ||
$ 91,832,570 | ||||
Medical Equipment – 14.6% | ||||
Abbott Laboratories | 407,570 | $ 46,259,195 | ||
Boston Scientific Corp. (a) | 1,134,369 | 47,768,279 | ||
Cooper Cos., Inc. | 80,793 | 29,169,505 | ||
EssilorLuxottica | 69,525 | 11,794,685 | ||
Medtronic PLC | 792,522 | 82,707,596 | ||
Olympus Corp. | 593,100 | 10,505,177 | ||
Sonova Holding AG | 29,586 | 10,652,664 | ||
Stryker Corp. | 219,884 | 53,049,214 | ||
Thermo Fisher Scientific, Inc. | 180,058 | 99,557,669 | ||
Waters Corp. (a) | 82,836 | 25,100,965 | ||
Zimmer Biomet Holdings, Inc. | 170,061 | 20,534,866 | ||
$ 437,099,815 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 5.2% | ||||
American Express Co. | 241,414 | $ 42,177,440 | ||
Grupo Financiero Banorte S.A. de C.V. | 1,116,800 | 7,372,363 | ||
Julius Baer Group Ltd. | 215,567 | 10,307,636 | ||
Visa, Inc., “A” | 448,254 | 95,536,375 | ||
$ 155,393,814 | ||||
Pharmaceuticals – 5.4% | ||||
Bayer AG | 592,676 | $ 39,064,874 | ||
Merck KGaA | 216,405 | 40,131,326 | ||
Roche Holding AG | 220,201 | 81,555,107 | ||
$ 160,751,307 | ||||
Printing & Publishing – 0.2% | ||||
Wolters Kluwer N.V. | 49,289 | $ 4,985,593 | ||
Railroad & Shipping – 4.8% | ||||
Canadian National Railway Co. | 437,887 | $ 51,504,269 | ||
Canadian Pacific Railway Ltd. | 853,481 | 62,491,879 | ||
Union Pacific Corp. | 126,564 | 29,652,679 | ||
$ 143,648,827 | ||||
Specialty Chemicals – 4.7% | ||||
Akzo Nobel N.V. | 352,068 | $ 30,376,362 | ||
L'Air Liquide S.A. | 174,226 | 30,078,896 | ||
Linde PLC | 201,078 | 64,213,368 | ||
Linde PLC | 53,086 | 16,560,709 | ||
$ 141,229,335 | ||||
Specialty Stores – 0.3% | ||||
Hermes International | 7,677 | $ 9,445,814 | ||
Telecommunications - Wireless – 1.4% | ||||
Liberty Broadband Corp. (a) | 380,954 | $ 42,598,276 | ||
Trucking – 1.0% | ||||
United Parcel Service, Inc., “B” | 170,201 | $ 30,632,776 | ||
Total Common Stocks (Identified Cost, $1,688,779,081) | $ 2,969,438,697 |
Strike Price | First Exercise | |||
Warrants – 0.0% | ||||
Apparel Manufacturers – 0.0% | ||||
Compagnie Financiere Richemont S.A. (1 share for 2 warrants, Expiration 12/04/23) (a) (Identified Cost, $0) | CHF 67.00 | 11/20/23 | 846,954 | $ 600,769 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 0.5% | ||||
Money Market Funds – 0.5% | ||||
MFS Institutional Money Market Portfolio, 0.28% (v) (Identified Cost, $13,253,213) | 13,253,213 | $ 13,253,213 | ||
Other Assets, Less Liabilities – 0.2% | 7,035,250 | |||
Net Assets – 100.0% | $2,990,327,929 |
(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 $13,253,213 and $2,970,039,466, 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. |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
CHF | Swiss Franc |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $1,688,779,081) | $2,970,039,466 |
Investments in affiliated issuers, at value (identified cost, $13,253,213) | 13,253,213 |
Receivables for | |
Investments sold | 3,334,978 |
Fund shares sold | 3,881,897 |
Interest and dividends | 11,736,597 |
Other assets | 44,824 |
Total assets | $3,002,290,975 |
Liabilities | |
Payable to custodian | $31,065 |
Payables for | |
Investments purchased | 8,238,882 |
Fund shares reacquired | 2,606,000 |
Payable to affiliates | |
Investment adviser | 186,714 |
Administrative services fee | 4,244 |
Shareholder servicing costs | 679,440 |
Distribution and service fees | 26,238 |
Payable for independent Trustees' compensation | 13,216 |
Accrued expenses and other liabilities | 177,247 |
Total liabilities | $11,963,046 |
Net assets | $2,990,327,929 |
Net assets consist of | |
Paid-in capital | $1,515,189,332 |
Total distributable earnings (loss) | 1,475,138,597 |
Net assets | $2,990,327,929 |
Shares of beneficial interest outstanding | 58,527,854 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $738,143,829 | 14,658,454 | $50.36 |
Class B | 10,244,442 | 224,845 | 45.56 |
Class C | 85,704,199 | 1,983,047 | 43.22 |
Class I | 1,073,071,096 | 20,669,799 | 51.91 |
Class R1 | 1,564,071 | 35,190 | 44.45 |
Class R2 | 29,470,295 | 604,551 | 48.75 |
Class R3 | 75,624,223 | 1,513,160 | 49.98 |
Class R4 | 81,879,725 | 1,618,396 | 50.59 |
Class R6 | 894,626,049 | 17,220,412 | 51.95 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $53.43 [100 / 94.25 x $50.36]. 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 | $26,070,990 |
Income on securities loaned | 15,290 |
Dividends from affiliated issuers | 8,238 |
Foreign taxes withheld | (1,736,293) |
Total investment income | $24,358,225 |
Expenses | |
Management fee | $12,778,468 |
Distribution and service fees | 1,783,226 |
Shareholder servicing costs | 1,255,884 |
Administrative services fee | 240,623 |
Independent Trustees' compensation | 24,544 |
Custodian fee | 167,177 |
Shareholder communications | 78,352 |
Audit and tax fees | 38,220 |
Legal fees | 8,851 |
Miscellaneous | 136,071 |
Total expenses | $16,511,416 |
Fees paid indirectly | (69) |
Reduction of expenses by investment adviser and distributor | (237,682) |
Net expenses | $16,273,665 |
Net investment income (loss) | $8,084,560 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $197,067,704 |
Foreign currency | (17,709) |
Net realized gain (loss) | $197,049,995 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(650,979,188) |
Translation of assets and liabilities in foreign currencies | (709,621) |
Net unrealized gain (loss) | $(651,688,809) |
Net realized and unrealized gain (loss) | $(454,638,814) |
Change in net assets from operations | $(446,554,254) |
Six months ended | Year ended | |
4/30/22 (unaudited) | 10/31/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $8,084,560 | $16,523,183 |
Net realized gain (loss) | 197,049,995 | 186,811,954 |
Net unrealized gain (loss) | (651,688,809) | 863,637,517 |
Change in net assets from operations | $(446,554,254) | $1,066,972,654 |
Total distributions to shareholders | $(184,733,936) | $(81,529,939) |
Change in net assets from fund share transactions | $(195,836,928) | $(30,794,218) |
Total change in net assets | $(827,125,118) | $954,648,497 |
Net assets | ||
At beginning of period | 3,817,453,047 | 2,862,804,550 |
At end of period | $2,990,327,929 | $3,817,453,047 |
Class A | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $60.75 | $45.22 | $45.79 | $41.44 | $43.43 | $36.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.17 | $0.25 | $0.42 | $0.40 | $0.27(c) |
Net realized and unrealized gain (loss) | (7.46) | 16.60 | 0.16(g) | 6.10 | (1.23) | 7.66 |
Total from investment operations | $(7.37) | $16.77 | $0.41 | $6.52 | $(0.83) | $7.93 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.18) | $(0.23) | $(0.45) | $(0.42) | $(0.29) | $(0.21) |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(3.02) | $(1.24) | $(0.98) | $(2.17) | $(1.16) | $(0.50) |
Net asset value, end of period (x) | $50.36 | $60.75 | $45.22 | $45.79 | $41.44 | $43.43 |
Total return (%) (r)(s)(t)(x) | (12.73)(n) | 37.58 | 0.83 | 16.67 | (1.99) | 22.28(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.15(a) | 1.14 | 1.16 | 1.17 | 1.16 | 1.17(c) |
Expenses after expense reductions (f) | 1.13(a) | 1.13 | 1.15 | 1.15 | 1.15 | 1.16(c) |
Net investment income (loss) | 0.32(a) | 0.29 | 0.55 | 0.98 | 0.91 | 0.68(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $738,144 | $857,804 | $667,074 | $721,141 | $671,000 | $703,516 |
Class B | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $55.28 | $41.35 | $41.93 | $38.09 | $40.03 | $33.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.12) | $(0.23) | $(0.09) | $0.10 | $0.06 | $(0.02)(c) |
Net realized and unrealized gain (loss) | (6.76) | 15.17 | 0.15(g) | 5.60 | (1.12) | 7.08 |
Total from investment operations | $(6.88) | $14.94 | $0.06 | $5.70 | $(1.06) | $7.06 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.11) | $(0.11) | $(0.01) | $— |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(2.84) | $(1.01) | $(0.64) | $(1.86) | $(0.88) | $(0.29) |
Net asset value, end of period (x) | $45.56 | $55.28 | $41.35 | $41.93 | $38.09 | $40.03 |
Total return (%) (r)(s)(t)(x) | (13.08)(n) | 36.56 | 0.08 | 15.79 | (2.73) | 21.37(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.90(a) | 1.89 | 1.91 | 1.92 | 1.91 | 1.92(c) |
Expenses after expense reductions (f) | 1.88(a) | 1.87 | 1.90 | 1.91 | 1.90 | 1.91(c) |
Net investment income (loss) | (0.48)(a) | (0.45) | (0.21) | 0.24 | 0.15 | (0.04)(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $10,244 | $15,166 | $15,902 | $22,592 | $24,726 | $29,043 |
Class C | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $52.58 | $39.38 | $40.00 | $36.44 | $38.35 | $31.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.11) | $(0.22) | $(0.08) | $0.09 | $0.06 | $(0.02)(c) |
Net realized and unrealized gain (loss) | (6.41) | 14.43 | 0.14(g) | 5.34 | (1.07) | 6.78 |
Total from investment operations | $(6.52) | $14.21 | $0.06 | $5.43 | $(1.01) | $6.76 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.15) | $(0.12) | $(0.03) | $— |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(2.84) | $(1.01) | $(0.68) | $(1.87) | $(0.90) | $(0.29) |
Net asset value, end of period (x) | $43.22 | $52.58 | $39.38 | $40.00 | $36.44 | $38.35 |
Total return (%) (r)(s)(t)(x) | (13.06)(n) | 36.54 | 0.09 | 15.78 | (2.72) | 21.36(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.90(a) | 1.89 | 1.91 | 1.92 | 1.91 | 1.92(c) |
Expenses after expense reductions (f) | 1.88(a) | 1.87 | 1.90 | 1.91 | 1.90 | 1.91(c) |
Net investment income (loss) | (0.46)(a) | (0.46) | (0.19) | 0.23 | 0.16 | (0.05)(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $85,704 | $112,939 | $110,351 | $143,769 | $149,669 | $180,446 |
Class I | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $62.59 | $46.55 | $47.09 | $42.57 | $44.58 | $36.94 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.31 | $0.37 | $0.53 | $0.52 | $0.41(c) |
Net realized and unrealized gain (loss) | (7.70) | 17.08 | 0.18(g) | 6.27 | (1.27) | 7.83 |
Total from investment operations | $(7.54) | $17.39 | $0.55 | $6.80 | $(0.75) | $8.24 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.30) | $(0.34) | $(0.56) | $(0.53) | $(0.39) | $(0.31) |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(3.14) | $(1.35) | $(1.09) | $(2.28) | $(1.26) | $(0.60) |
Net asset value, end of period (x) | $51.91 | $62.59 | $46.55 | $47.09 | $42.57 | $44.58 |
Total return (%) (r)(s)(t)(x) | (12.64)(n) | 37.91 | 1.10 | 16.94 | (1.76) | 22.60(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.90(a) | 0.89 | 0.91 | 0.92 | 0.91 | 0.92(c) |
Expenses after expense reductions (f) | 0.88(a) | 0.88 | 0.90 | 0.91 | 0.90 | 0.91(c) |
Net investment income (loss) | 0.57(a) | 0.53 | 0.80 | 1.21 | 1.17 | 1.01(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $1,073,071 | $1,245,750 | $908,819 | $947,284 | $935,292 | $1,070,007 |
Class R1 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $54.00 | $40.41 | $40.97 | $37.25 | $39.18 | $32.56 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.12) | $(0.23) | $(0.09) | $0.09 | $0.06 | $(0.02)(c) |
Net realized and unrealized gain (loss) | (6.59) | 14.83 | 0.15(g) | 5.47 | (1.09) | 6.93 |
Total from investment operations | $(6.71) | $14.60 | $0.06 | $5.56 | $(1.03) | $6.91 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.09) | $(0.09) | $(0.03) | $— |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(2.84) | $(1.01) | $(0.62) | $(1.84) | $(0.90) | $(0.29) |
Net asset value, end of period (x) | $44.45 | $54.00 | $40.41 | $40.97 | $37.25 | $39.18 |
Total return (%) (r)(s)(t)(x) | (13.07)(n) | 36.57 | 0.08 | 15.77 | (2.73) | 21.37(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.90(a) | 1.89 | 1.91 | 1.92 | 1.91 | 1.92(c) |
Expenses after expense reductions (f) | 1.88(a) | 1.87 | 1.90 | 1.91 | 1.90 | 1.91(c) |
Net investment income (loss) | (0.47)(a) | (0.46) | (0.23) | 0.22 | 0.16 | (0.05)(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $1,564 | $2,081 | $1,556 | $2,485 | $2,538 | $3,411 |
Class R2 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $58.85 | $43.83 | $44.38 | $40.21 | $42.16 | $34.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.02 | $0.13 | $0.31 | $0.28 | $0.18(c) |
Net realized and unrealized gain (loss) | (7.22) | 16.09 | 0.16(g) | 5.91 | (1.19) | 7.43 |
Total from investment operations | $(7.21) | $16.11 | $0.29 | $6.22 | $(0.91) | $7.61 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.05) | $(0.08) | $(0.31) | $(0.30) | $(0.17) | $(0.12) |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(2.89) | $(1.09) | $(0.84) | $(2.05) | $(1.04) | $(0.41) |
Net asset value, end of period (x) | $48.75 | $58.85 | $43.83 | $44.38 | $40.21 | $42.16 |
Total return (%) (r)(s)(t)(x) | (12.85)(n) | 37.22 | 0.59 | 16.36 | (2.24) | 21.97(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.40(a) | 1.39 | 1.41 | 1.42 | 1.41 | 1.42(c) |
Expenses after expense reductions (f) | 1.38(a) | 1.38 | 1.40 | 1.41 | 1.40 | 1.41(c) |
Net investment income (loss) | 0.05(a) | 0.04 | 0.30 | 0.76 | 0.66 | 0.45(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $29,470 | $36,791 | $27,772 | $37,042 | $40,944 | $52,489 |
Class R3 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $60.32 | $44.89 | $45.46 | $41.16 | $43.14 | $35.76 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.16 | $0.24 | $0.41 | $0.39 | $0.28(c) |
Net realized and unrealized gain (loss) | (7.41) | 16.49 | 0.17(g) | 6.06 | (1.21) | 7.60 |
Total from investment operations | $(7.32) | $16.65 | $0.41 | $6.47 | $(0.82) | $7.88 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.18) | $(0.21) | $(0.45) | $(0.42) | $(0.29) | $(0.21) |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(3.02) | $(1.22) | $(0.98) | $(2.17) | $(1.16) | $(0.50) |
Net asset value, end of period (x) | $49.98 | $60.32 | $44.89 | $45.46 | $41.16 | $43.14 |
Total return (%) (r)(s)(t)(x) | (12.74)(n) | 37.60 | 0.83 | 16.65 | (2.00) | 22.29(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.15(a) | 1.14 | 1.16 | 1.17 | 1.16 | 1.17(c) |
Expenses after expense reductions (f) | 1.13(a) | 1.13 | 1.15 | 1.16 | 1.15 | 1.16(c) |
Net investment income (loss) | 0.31(a) | 0.29 | 0.54 | 0.97 | 0.90 | 0.70(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $75,624 | $88,285 | $70,852 | $91,019 | $90,003 | $108,852 |
Class R4 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $61.08 | $45.44 | $45.98 | $41.63 | $43.62 | $36.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.30 | $0.36 | $0.54 | $0.51 | $0.38(c) |
Net realized and unrealized gain (loss) | (7.51) | 16.69 | 0.17(g) | 6.09 | (1.23) | 7.68 |
Total from investment operations | $(7.35) | $16.99 | $0.53 | $6.63 | $(0.72) | $8.06 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.30) | $(0.34) | $(0.54) | $(0.53) | $(0.40) | $(0.30) |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(3.14) | $(1.35) | $(1.07) | $(2.28) | $(1.27) | $(0.59) |
Net asset value, end of period (x) | $50.59 | $61.08 | $45.44 | $45.98 | $41.63 | $43.62 |
Total return (%) (r)(s)(t)(x) | (12.64)(n) | 37.94 | 1.09 | 16.93 | (1.75) | 22.61(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.90(a) | 0.89 | 0.91 | 0.92 | 0.91 | 0.92(c) |
Expenses after expense reductions (f) | 0.88(a) | 0.88 | 0.90 | 0.91 | 0.90 | 0.91(c) |
Net investment income (loss) | 0.57(a) | 0.53 | 0.80 | 1.25 | 1.16 | 0.96(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $81,880 | $95,164 | $84,424 | $97,861 | $136,066 | $142,713 |
Class R6 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $62.65 | $46.58 | $47.13 | $42.61 | $44.61 | $36.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.36 | $0.41 | $0.59 | $0.54 | $0.41(c) |
Net realized and unrealized gain (loss) | (7.69) | 17.11 | 0.17(g) | 6.26 | (1.24) | 7.86 |
Total from investment operations | $(7.51) | $17.47 | $0.58 | $6.85 | $(0.70) | $8.27 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.35) | $(0.39) | $(0.60) | $(0.58) | $(0.43) | $(0.33) |
From net realized gain | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) | (0.29) |
Total distributions declared to shareholders | $(3.19) | $(1.40) | $(1.13) | $(2.33) | $(1.30) | $(0.62) |
Net asset value, end of period (x) | $51.95 | $62.65 | $46.58 | $47.13 | $42.61 | $44.61 |
Total return (%) (r)(s)(t)(x) | (12.60)(n) | 38.06 | 1.17 | 17.07 | (1.66) | 22.71(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.80(a) | 0.80 | 0.82 | 0.83 | 0.81 | 0.83(c) |
Expenses after expense reductions (f) | 0.79(a) | 0.78 | 0.81 | 0.82 | 0.80 | 0.82(c) |
Net investment income (loss) | 0.61(a) | 0.63 | 0.89 | 1.35 | 1.20 | 0.99(c) |
Portfolio turnover | 4(n) | 10 | 9 | 7 | 12 | 10 |
Net assets at end of period (000 omitted) | $894,626 | $1,363,474 | $976,055 | $923,304 | $809,357 | $1,034,078 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $1,573,967,000 | $64,213,368 | $— | $1,638,180,368 |
France | — | 325,255,425 | — | 325,255,425 |
Switzerland | 600,769 | 259,040,804 | — | 259,641,573 |
United Kingdom | — | 217,606,117 | — | 217,606,117 |
Germany | 30,360,365 | 92,228,602 | — | 122,588,967 |
Canada | 113,996,148 | — | — | 113,996,148 |
Netherlands | — | 79,924,107 | — | 79,924,107 |
Japan | — | 55,937,123 | — | 55,937,123 |
Sweden | 44,862,831 | — | — | 44,862,831 |
Other Countries | 36,032,742 | 76,014,065 | — | 112,046,807 |
Mutual Funds | 13,253,213 | — | — | 13,253,213 |
Total | $1,813,073,068 | $1,170,219,611 | $— | $2,983,292,679 |
Year ended 10/31/21 | |
Ordinary income (including any short-term capital gains) | $19,000,381 |
Long-term capital gains | 62,529,558 |
Total distributions | $81,529,939 |
As of 4/30/22 | |
Cost of investments | $1,702,032,294 |
Gross appreciation | 1,360,446,882 |
Gross depreciation | (79,186,497) |
Net unrealized appreciation (depreciation) | $1,281,260,385 |
As of 10/31/21 | |
Undistributed ordinary income | 19,228,189 |
Undistributed long-term capital gain | 164,943,373 |
Other temporary differences | 259,028 |
Net unrealized appreciation (depreciation) | 1,921,996,197 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||
Class A | $42,467,364 | $18,069,813 | |
Class B | 742,277 | 379,523 | |
Class C | 5,994,793 | 2,775,096 | |
Class I | 62,197,001 | 26,343,700 | |
Class R1 | 109,269 | 38,933 | |
Class R2 | 1,785,957 | 669,457 | |
Class R3 | 4,368,531 | 1,864,571 | |
Class R4 | 4,886,283 | 2,144,683 | |
Class R6 | 62,182,461 | 29,244,163 | |
Total | $184,733,936 | $81,529,939 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2 billion | 0.75% |
In excess of $2 billion and up to $5 billion | 0.65% |
In excess of $5 billion | 0.60% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 1,013,274 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 64,549 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 507,455 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 9,475 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 83,879 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 104,594 |
Total Distribution and Service Fees | $1,783,226 |
(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 April 30, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended April 30, 2022, this rebate amounted to $335, $16, $3, and $8 for Class A, Class B, Class C, and Class R2, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $1,133 |
Class B | 5,427 |
Class C | 3,624 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,008,190 | $55,956,281 | 1,775,292 | $99,973,867 | |
Class B | 596 | 30,627 | 2,428 | 120,744 | |
Class C | 80,754 | 3,970,720 | 175,401 | 8,503,213 | |
Class I | 2,344,454 | 134,289,147 | 4,491,898 | 262,991,444 | |
Class R1 | 2,694 | 132,367 | 2,992 | 149,109 | |
Class R2 | 84,692 | 4,512,336 | 200,658 | 10,698,239 | |
Class R3 | 212,213 | 11,879,695 | 360,080 | 19,887,781 | |
Class R4 | 111,182 | 6,246,771 | 253,665 | 14,349,731 | |
Class R6 | 2,516,582 | 141,010,708 | 4,956,206 | 289,184,502 | |
6,361,357 | $358,028,652 | 12,218,620 | $705,858,630 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 684,445 | $39,129,688 | 326,776 | $16,721,145 | |
Class B | 13,838 | 717,887 | 7,844 | 367,633 | |
Class C | 114,658 | 5,642,323 | 58,709 | 2,617,845 | |
Class I | 972,259 | 57,246,629 | 462,774 | 24,341,891 | |
Class R1 | 2,159 | 109,269 | 850 | 38,933 | |
Class R2 | 31,891 | 1,766,786 | 13,177 | 654,619 | |
Class R3 | 76,992 | 4,368,531 | 36,697 | 1,864,571 | |
Class R4 | 83,542 | 4,793,659 | 40,089 | 2,057,798 | |
Class R6 | 1,012,072 | 59,611,019 | 533,533 | 28,069,162 | |
2,991,856 | $173,385,791 | 1,480,449 | $76,733,597 | ||
Shares reacquired | |||||
Class A | (1,153,369) | $(64,036,672) | (2,733,635) | $(155,336,243) | |
Class B | (63,941) | (3,234,472) | (120,501) | (6,250,746) | |
Class C | (360,214) | (17,242,905) | (888,750) | (43,001,502) | |
Class I | (2,549,479) | (147,273,598) | (4,577,295) | (263,218,385) | |
Class R1 | (8,200) | (396,553) | (3,798) | (194,160) | |
Class R2 | (137,179) | (7,404,181) | (222,391) | (12,159,216) | |
Class R3 | (239,674) | (13,209,761) | (511,349) | (28,176,012) | |
Class R4 | (134,349) | (7,561,697) | (593,510) | (32,317,749) | |
Class R6 | (8,071,147) | (466,891,532) | (4,679,404) | (272,732,432) | |
(12,717,552) | $(727,251,371) | (14,330,633) | $(813,386,445) |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 539,266 | $31,049,297 | (631,567) | $(38,641,231) | |
Class B | (49,507) | (2,485,958) | (110,229) | (5,762,369) | |
Class C | (164,802) | (7,629,862) | (654,640) | (31,880,444) | |
Class I | 767,234 | 44,262,178 | 377,377 | 24,114,950 | |
Class R1 | (3,347) | (154,917) | 44 | (6,118) | |
Class R2 | (20,596) | (1,125,059) | (8,556) | (806,358) | |
Class R3 | 49,531 | 3,038,465 | (114,572) | (6,423,660) | |
Class R4 | 60,375 | 3,478,733 | (299,756) | (15,910,220) | |
Class R6 | (4,542,493) | (266,269,805) | 810,335 | 44,521,232 | |
(3,364,339) | $(195,836,928) | (631,564) | $(30,794,218) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $7,189,905 | $287,499,213 | $281,435,905 | $— | $— | $13,253,213 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $8,238 | $— |
Return Fund
Return Fund
1 | |
2 | |
5 | |
7 | |
37 | |
39 | |
41 | |
42 | |
51 | |
72 | |
73 | |
73 | |
73 | |
73 | |
73 |
back cover |
People’s Republic of China, 3.03%, 3/11/2026 | 2.4% |
U.S. Treasury Note 2 yr Future - JUN 2022 | 2.2% |
Johnson & Johnson | 2.0% |
Roche Holding AG | 1.7% |
Merck & Co., Inc. | 1.4% |
KDDI Corp. | 1.3% |
Euro-Bund 10 yr Future - JUN 2022 | (1.7)% |
U.S. Treasury Ultra Note 10 yr Future - JUN 2022 | (1.9)% |
Canadian Treasury Bond 5 yr Future - JUN 2022 | (2.3)% |
U.S. Treasury Note 5 yr Future - JUN 2022 | (4.0)% |
AAA | 4.0% |
AA | 3.7% |
A | 9.8% |
BBB | 12.5% |
BB | 0.2% |
U.S. Government | 3.4% |
Federal Agencies | 2.9% |
Not Rated | (3.4)% |
Non-Fixed Income | 60.4% |
Cash & Cash Equivalents | 1.5% |
Other | 5.0% |
Financials | 12.4% |
Health Care | 9.9% |
Industrials | 9.0% |
Consumer Staples | 8.3% |
Information Technology | 7.3% |
Communication Services | 3.6% |
Materials | 3.0% |
Consumer Discretionary | 2.7% |
Energy | 2.0% |
Utilities | 1.7% |
Real Estate | 0.4% |
Convertible Debt | 0.1% |
Investment Grade Corporates | 10.9% |
Non-U.S. Government Bonds | 8.1% |
Emerging Markets Bonds | 7.4% |
Mortgage-Backed Securities | 2.9% |
Collateralized Debt Obligations | 1.5% |
Commercial Mortgage-Backed Securities | 1.5% |
Asset-Backed Securities | 0.4% |
Municipal Bonds | 0.4% |
High Yield Corporates | 0.2% |
U.S. Government Agencies (o) | 0.0% |
U.S. Treasury Securities | (0.2)% |
United States | 52.8% |
Japan | 7.2% |
United Kingdom | 6.3% |
Switzerland | 4.7% |
China | 4.3% |
France | 3.5% |
Germany | 2.8% |
South Korea | 2.4% |
Italy | 1.8% |
Other Countries | 14.2% |
United States Dollar | 52.3% |
Euro | 14.6% |
Japanese Yen | 8.7% |
British Pound Sterling | 4.7% |
Swiss Franc | 4.5% |
Canadian Dollar | 3.8% |
Chinese Renminbi | 3.0% |
Singapore Dollar | 1.1% |
South Korean Won | 1.1% |
Other Currencies | 6.2% |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(o) | Less than 0.1%. |
(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. |
November 1, 2021 through April 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/21 | Ending Account Value 4/30/22 | Expenses Paid During Period (p) 11/01/21-4/30/22 | |
A | Actual | 1.09% | $1,000.00 | $913.88 | $5.17 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.39 | $5.46 | |
B | Actual | 1.84% | $1,000.00 | $910.63 | $8.72 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.67 | $9.20 | |
C | Actual | 1.84% | $1,000.00 | $910.20 | $8.71 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.67 | $9.20 | |
I | Actual | 0.84% | $1,000.00 | $914.59 | $3.99 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.63 | $4.21 | |
R1 | Actual | 1.84% | $1,000.00 | $910.66 | $8.72 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.67 | $9.20 | |
R2 | Actual | 1.34% | $1,000.00 | $912.70 | $6.35 |
Hypothetical (h) | 1.34% | $1,000.00 | $1,018.15 | $6.71 | |
R3 | Actual | 1.09% | $1,000.00 | $913.66 | $5.17 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.39 | $5.46 | |
R4 | Actual | 0.84% | $1,000.00 | $914.72 | $3.99 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.63 | $4.21 | |
R6 | Actual | 0.75% | $1,000.00 | $915.60 | $3.56 |
Hypothetical (h) | 0.75% | $1,000.00 | $1,021.08 | $3.76 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 59.7% | ||||
Aerospace & Defense – 1.6% | ||||
General Dynamics Corp. | 12,060 | $ 2,852,552 | ||
Honeywell International, Inc. | 51,805 | 10,024,785 | ||
L3Harris Technologies, Inc. | 22,587 | 5,246,057 | ||
Lockheed Martin Corp. | 8,080 | 3,491,530 | ||
Northrop Grumman Corp. | 10,018 | 4,401,909 | ||
$ 26,016,833 | ||||
Alcoholic Beverages – 1.1% | ||||
Diageo PLC | 119,752 | $ 5,934,321 | ||
Heineken N.V. | 47,729 | 4,655,153 | ||
Kirin Holdings Co. Ltd. | 128,700 | 1,890,006 | ||
Pernod Ricard S.A. | 21,343 | 4,397,401 | ||
$ 16,876,881 | ||||
Apparel Manufacturers – 0.8% | ||||
Adidas AG | 16,127 | $ 3,284,719 | ||
Compagnie Financiere Richemont S.A. | 64,063 | 7,446,871 | ||
LVMH Moet Hennessy Louis Vuitton SE | 2,928 | 1,873,614 | ||
$ 12,605,204 | ||||
Automotive – 1.5% | ||||
Aptiv PLC (a) | 51,569 | $ 5,486,942 | ||
Ford Otomotiv Sanayi S.A. | 52,675 | 1,060,365 | ||
Lear Corp. | 37,164 | 4,754,762 | ||
LKQ Corp. | 138,914 | 6,894,302 | ||
Magna International, Inc. | 46,475 | 2,800,836 | ||
Toyota Motor Corp. | 130,400 | 2,222,011 | ||
$ 23,219,218 | ||||
Biotechnology – 0.2% | ||||
Biogen, Inc. (a) | 5,179 | $ 1,074,332 | ||
Gilead Sciences, Inc. | 49,097 | 2,913,416 | ||
$ 3,987,748 | ||||
Brokerage & Asset Managers – 1.2% | ||||
Cboe Global Markets, Inc. | 42,795 | $ 4,834,979 | ||
Charles Schwab Corp. | 171,244 | 11,358,615 | ||
NASDAQ, Inc. | 21,273 | 3,347,732 | ||
$ 19,541,326 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – 2.5% | ||||
Accenture PLC, “A” | 26,760 | $ 8,037,634 | ||
Amdocs Ltd. | 58,048 | 4,625,845 | ||
CGI, Inc. (a) | 81,662 | 6,511,856 | ||
Equifax, Inc. | 14,964 | 3,045,473 | ||
Experian PLC | 85,338 | 2,957,943 | ||
Fidelity National Information Services, Inc. | 50,097 | 4,967,118 | ||
Fiserv, Inc. (a) | 51,337 | 5,026,919 | ||
Secom Co. Ltd. | 69,300 | 4,888,849 | ||
$ 40,061,637 | ||||
Cable TV – 0.8% | ||||
Comcast Corp., “A” | 301,068 | $ 11,970,464 | ||
Chemicals – 0.6% | ||||
Nutrien Ltd. | 7,410 | $ 728,166 | ||
PPG Industries, Inc. | 64,545 | 8,261,115 | ||
$ 8,989,281 | ||||
Computer Software – 0.7% | ||||
Microsoft Corp. | 40,389 | $ 11,208,755 | ||
Computer Software - Systems – 2.1% | ||||
Amadeus IT Group S.A. (a) | 86,266 | $ 5,378,964 | ||
Asustek Computer, Inc. | 63,000 | 759,172 | ||
Fujitsu Ltd. | 41,200 | 5,824,724 | ||
Hitachi Ltd. | 127,200 | 5,923,243 | ||
Hon Hai Precision Industry Co. Ltd. | 1,082,000 | 3,701,851 | ||
Lenovo Group Ltd. | 1,714,000 | 1,662,569 | ||
Samsung Electronics Co. Ltd. | 182,301 | 9,686,402 | ||
$ 32,936,925 | ||||
Construction – 1.3% | ||||
Masco Corp. | 140,515 | $ 7,403,736 | ||
Otis Worldwide Corp. | 21,508 | 1,566,643 | ||
Stanley Black & Decker, Inc. | 49,595 | 5,958,839 | ||
Vulcan Materials Co. | 31,739 | 5,468,312 | ||
$ 20,397,530 | ||||
Consumer Products – 1.9% | ||||
Colgate-Palmolive Co. | 170,305 | $ 13,122,000 | ||
Kimberly-Clark Corp. | 64,888 | 9,008,401 | ||
Reckitt Benckiser Group PLC | 100,541 | 7,843,371 | ||
$ 29,973,772 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electrical Equipment – 1.6% | ||||
Johnson Controls International PLC | 130,931 | $ 7,838,839 | ||
Legrand S.A. | 45,946 | 4,055,755 | ||
Schneider Electric SE | 89,254 | 12,711,915 | ||
$ 24,606,509 | ||||
Electronics – 2.9% | ||||
Intel Corp. | 109,961 | $ 4,793,200 | ||
Kyocera Corp. | 63,600 | 3,363,412 | ||
NXP Semiconductors N.V. | 31,837 | 5,440,943 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 121,473 | 11,288,486 | ||
Texas Instruments, Inc. | 119,698 | 20,378,585 | ||
$ 45,264,626 | ||||
Energy - Independent – 1.0% | ||||
ConocoPhillips | 116,177 | $ 11,097,227 | ||
Hess Corp. | 50,820 | 5,238,017 | ||
$ 16,335,244 | ||||
Energy - Integrated – 0.8% | ||||
China Petroleum & Chemical Corp. | 13,294,000 | $ 6,547,165 | ||
Eni S.p.A. | 328,038 | 4,603,034 | ||
LUKOIL PJSC, ADR (u) | 8,038 | 0 | ||
Suncor Energy, Inc. | 44,494 | 1,599,450 | ||
$ 12,749,649 | ||||
Food & Beverages – 2.7% | ||||
Archer Daniels Midland Co. | 34,115 | $ 3,055,339 | ||
Coca-Cola FEMSA S.A.B. de C.V. (l) | 19,123 | 1,044,116 | ||
Danone S.A. | 109,166 | 6,562,782 | ||
General Mills, Inc. | 152,604 | 10,793,681 | ||
J.M. Smucker Co. | 51,500 | 7,051,895 | ||
JBS S.A. | 153,439 | 1,174,702 | ||
Nestle S.A. | 99,741 | 12,877,109 | ||
$ 42,559,624 | ||||
Food & Drug Stores – 0.7% | ||||
Albertsons Cos., Inc., “A” | 74,991 | $ 2,345,718 | ||
Tesco PLC | 2,774,766 | 9,426,334 | ||
$ 11,772,052 | ||||
Gaming & Lodging – 0.0% | ||||
Tabcorp Holdings Ltd. | 187,083 | $ 711,396 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
General Merchandise – 0.2% | ||||
BIM Birlesik Magazalar A.S. | 429,883 | $ 2,403,449 | ||
Wal-Mart de Mexico S.A.B. de C.V. | 325,943 | 1,152,576 | ||
$ 3,556,025 | ||||
Health Maintenance Organizations – 0.7% | ||||
Cigna Corp. | 42,409 | $ 10,465,693 | ||
Insurance – 4.1% | ||||
Aon PLC | 53,143 | $ 15,304,653 | ||
China Pacific Insurance Co. Ltd. | 293,800 | 649,028 | ||
Chubb Ltd. | 58,973 | 12,174,976 | ||
Equitable Holdings, Inc. | 100,746 | 2,904,507 | ||
Everest Re Group Ltd. | 6,168 | 1,694,411 | ||
Hartford Financial Services Group, Inc. | 41,894 | 2,929,647 | ||
Manulife Financial Corp. | 464,919 | 9,091,009 | ||
MetLife, Inc. | 46,311 | 3,041,707 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 20,273 | 3,333,269 | ||
Travelers Cos., Inc. | 40,436 | 6,916,982 | ||
Willis Towers Watson PLC | 34,984 | 7,516,662 | ||
$ 65,556,851 | ||||
Internet – 0.2% | ||||
Alphabet, Inc., “A” (a) | 807 | $ 1,841,727 | ||
Gartner, Inc. (a) | 3,278 | 952,423 | ||
$ 2,794,150 | ||||
Leisure & Toys – 0.2% | ||||
Brunswick Corp. | 16,997 | $ 1,285,143 | ||
Nintendo Co. Ltd. | 2,400 | 1,106,064 | ||
Polaris, Inc. | 5,205 | 494,163 | ||
$ 2,885,370 | ||||
Machinery & Tools – 2.1% | ||||
Eaton Corp. PLC | 92,446 | $ 13,406,519 | ||
GEA Group AG | 21,668 | 851,234 | ||
Ingersoll Rand, Inc. | 175,198 | 7,701,704 | ||
Kubota Corp. | 288,600 | 4,915,419 | ||
PACCAR, Inc. | 25,773 | 2,140,448 | ||
Regal Rexnord Corp. | 34,161 | 4,346,645 | ||
$ 33,361,969 | ||||
Major Banks – 6.1% | ||||
Bank of America Corp. | 299,821 | $ 10,697,613 | ||
BNP Paribas | 218,504 | 11,206,241 | ||
China Construction Bank Corp. | 4,034,000 | 2,866,484 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – continued | ||||
DBS Group Holdings Ltd. | 406,000 | $ 9,833,798 | ||
Erste Group Bank AG | 47,072 | 1,454,126 | ||
Goldman Sachs Group, Inc. | 36,200 | 11,058,738 | ||
JPMorgan Chase & Co. | 106,957 | 12,766,388 | ||
Mitsubishi UFJ Financial Group, Inc. | 1,150,900 | 6,689,454 | ||
National Australia Bank Ltd. | 68,075 | 1,549,413 | ||
NatWest Group PLC | 3,011,738 | 8,097,197 | ||
UBS AG | 1,171,471 | 19,819,453 | ||
$ 96,038,905 | ||||
Medical & Health Technology & Services – 0.7% | ||||
McKesson Corp. | 26,642 | $ 8,248,630 | ||
Quest Diagnostics, Inc. | 17,693 | 2,368,031 | ||
Sonic Healthcare Ltd. | 29,201 | 748,875 | ||
$ 11,365,536 | ||||
Medical Equipment – 1.9% | ||||
Becton, Dickinson and Co. | 27,523 | $ 6,803,410 | ||
Boston Scientific Corp. (a) | 148,145 | 6,238,386 | ||
Danaher Corp. | 14,102 | 3,541,435 | ||
Medtronic PLC | 83,944 | 8,760,396 | ||
Thermo Fisher Scientific, Inc. | 8,891 | 4,916,012 | ||
$ 30,259,639 | ||||
Metals & Mining – 1.6% | ||||
Fortescue Metals Group Ltd. | 188,361 | $ 2,855,571 | ||
Glencore PLC | 260,953 | 1,608,554 | ||
Kumba Iron Ore Ltd. | 18,411 | 612,517 | ||
Rio Tinto PLC | 218,079 | 15,468,749 | ||
Vale S.A. | 280,500 | 4,725,542 | ||
$ 25,270,933 | ||||
Natural Gas - Distribution – 0.1% | ||||
UGI Corp. | 42,888 | $ 1,471,058 | ||
Natural Gas - Pipeline – 0.2% | ||||
Equitrans Midstream Corp. | 156,046 | $ 1,226,521 | ||
Pembina Pipeline Corp. | 48,560 | 1,837,467 | ||
$ 3,063,988 | ||||
Other Banks & Diversified Financials – 1.0% | ||||
Hana Financial Group, Inc. | 25,746 | $ 958,986 | ||
KBC Group N.V. | 24,348 | 1,658,371 | ||
Sberbank of Russia PJSC, ADR (u) | 195,129 | 0 | ||
SLM Corp. | 143,518 | 2,401,056 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Tisco Financial Group PCL | 438,000 | $ 1,160,540 | ||
Truist Financial Corp. | 187,341 | 9,057,938 | ||
$ 15,236,891 | ||||
Pharmaceuticals – 6.3% | ||||
Bayer AG | 154,155 | $ 10,160,772 | ||
Johnson & Johnson | 178,508 | 32,213,554 | ||
Merck & Co., Inc. | 245,621 | 21,784,127 | ||
Novo Nordisk A.S., “B” | 24,616 | 2,815,380 | ||
Organon & Co. | 136,226 | 4,404,187 | ||
Pfizer, Inc. | 38,435 | 1,886,005 | ||
Roche Holding AG | 73,730 | 27,307,133 | ||
$ 100,571,158 | ||||
Printing & Publishing – 0.8% | ||||
RELX PLC | 115,931 | $ 3,456,264 | ||
Wolters Kluwer N.V. | 91,478 | 9,253,020 | ||
$ 12,709,284 | ||||
Railroad & Shipping – 0.9% | ||||
A.P. Moller-Maersk A/S | 198 | $ 568,132 | ||
Canadian Pacific Railway Ltd. | 92,298 | 6,751,445 | ||
Nippon Yusen Kabushiki Kaisha | 10,500 | 753,439 | ||
Union Pacific Corp. | 27,329 | 6,402,911 | ||
$ 14,475,927 | ||||
Real Estate – 0.4% | ||||
Extra Space Storage, Inc., REIT | 14,610 | $ 2,775,900 | ||
National Retail Properties, Inc., REIT | 35,626 | 1,561,844 | ||
National Storage Affiliates Trust, REIT | 12,448 | 704,557 | ||
Spirit Realty Capital, Inc., REIT | 18,035 | 783,620 | ||
$ 5,825,921 | ||||
Restaurants – 0.2% | ||||
Yum China Holdings, Inc. | 82,134 | $ 3,433,201 | ||
Specialty Chemicals – 0.5% | ||||
Akzo Nobel N.V. | 52,317 | $ 4,513,901 | ||
Axalta Coating Systems Ltd. (a) | 117,028 | 2,969,000 | ||
$ 7,482,901 | ||||
Specialty Stores – 0.1% | ||||
Home Depot, Inc. | 5,484 | $ 1,647,394 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Telecommunications - Wireless – 2.1% | ||||
KDDI Corp. | 639,800 | $ 21,212,874 | ||
T-Mobile US, Inc. (a) | 62,254 | 7,665,957 | ||
Vodafone Group PLC | 2,808,934 | 4,249,678 | ||
$ 33,128,509 | ||||
Telephone Services – 0.5% | ||||
France Telecom | 73,705 | $ 877,839 | ||
Hellenic Telecommunications Organization S.A. | 149,307 | 2,898,210 | ||
PT Telekom Indonesia | 4,870,400 | 1,552,131 | ||
Quebecor, Inc., “B” | 125,681 | 2,957,488 | ||
$ 8,285,668 | ||||
Tobacco – 1.2% | ||||
British American Tobacco PLC | 172,887 | $ 7,287,140 | ||
Japan Tobacco, Inc. | 158,200 | 2,706,478 | ||
Philip Morris International, Inc. | 97,158 | 9,715,800 | ||
$ 19,709,418 | ||||
Utilities - Electric Power – 1.6% | ||||
American Electric Power Co., Inc. | 15,525 | $ 1,538,683 | ||
Duke Energy Corp. | 44,113 | 4,859,488 | ||
E.ON SE | 649,970 | 6,808,860 | ||
ENGIE Energía Brasil S.A. | 96,400 | 816,990 | ||
Exelon Corp. | 82,386 | 3,854,017 | ||
Iberdrola S.A. | 372,633 | 4,257,601 | ||
Transmissora Alianca de Energia Eletrica S.A., IEU | 330,550 | 2,940,481 | ||
$ 25,076,120 | ||||
Total Common Stocks (Identified Cost, $667,571,708) | $ 945,457,183 | |||
Bonds – 37.9% | ||||
Aerospace & Defense – 0.0% | ||||
Raytheon Technologies Corp., 2.82%, 9/01/2051 | $ | 770,000 | $ 569,801 | |
Airlines – 0.1% | ||||
EasyJet FinCo B.V., 1.875%, 3/03/2028 | EUR | 1,160,000 | $ 1,088,994 | |
Apparel Manufacturers – 0.1% | ||||
Tapestry, Inc., 3.05%, 3/15/2032 | $ | 1,228,000 | $ 1,044,609 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – 3.2% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.147%, 11/15/2054 (i) | $ | 7,280,685 | $ 483,911 | |
ACREC 2021-FL1 Ltd., “C”, FLR, 2.704% (LIBOR - 1mo. + 2.15%), 10/16/2036 (n) | 1,125,500 | 1,109,528 | ||
ACRES 2021-FL2 Issuer Ltd., “AS”, FLR, 2.304% (LIBOR - 1mo. + 1.75%), 1/15/2037 (z) | 808,500 | 797,569 | ||
ACRES 2021-FL2 Issuer Ltd., “B”, FLR, 2.804% (LIBOR - 1mo. + 2.25%), 1/15/2037 (z) | 1,320,000 | 1,302,429 | ||
Arbor Multi-Family Mortgage Securities Trust, 2021-MF2, “A5”, 2.513%, 6/15/2054 (n) | 1,275,000 | 1,121,069 | ||
Arbor Multi-Family Mortgage Securities Trust, 2021-MF3, “A5”, 2.575%, 10/15/2054 (n) | 2,100,000 | 1,849,264 | ||
Arbor Realty Trust, Inc., CLO, 2019-FL2, “AS”, FLR, 2.073% (LIBOR - 1mo. + 1.45%), 9/15/2034 (n) | 1,000,000 | 991,441 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 2.054% (LIBOR - 1mo. + 1.5%), 12/15/2035 (n) | 423,000 | 418,464 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 2.154% (LIBOR - 1mo. + 1.6%), 5/15/2036 (n) | 289,000 | 282,562 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 2.504% (LIBOR - 1mo. + 1.95%), 5/15/2036 (n) | 857,500 | 833,393 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “B”, FLR, 2.367% (SOFR - 30 day + 2.1%), 1/15/2037 (n) | 1,712,000 | 1,704,518 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 2.567% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 1,648,500 | 1,641,334 | ||
AREIT 2022-CRE6 Trust, “B”, FLR, 2.125% (SOFR - 30 day + 1.85%), 11/17/2024 (n) | 620,000 | 617,265 | ||
AREIT 2022-CRE6 Trust, “C”, FLR, 2.425% (SOFR - 30 day + 2.15%), 12/17/2024 (n) | 312,000 | 305,851 | ||
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.625%, 4/15/2053 (i) | 1,439,150 | 124,390 | ||
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.304%, 7/15/2054 (i) | 5,877,689 | 493,386 | ||
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.758%, 2/15/2054 (i) | 5,404,600 | 570,540 | ||
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.271%, 3/15/2054 (i) | 4,614,129 | 332,748 | ||
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.999%, 6/15/2054 (i) | 10,660,714 | 609,066 | ||
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.386%, 7/15/2054 (i) | 14,016,012 | 1,161,913 | ||
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.401%, 8/15/2054 (i) | 13,254,358 | 1,113,532 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 2.604% (LIBOR - 1mo. + 2.05%), 12/15/2038 (n) | $ | 388,000 | $ 381,383 | |
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 2.854% (LIBOR - 1mo. + 2.3%), 12/15/2038 (n) | 352,000 | 348,840 | ||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | 390,266 | 372,326 | ||
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n) | 391,427 | 359,999 | ||
BXMT 2021-FL4 Ltd., “AS”, FLR, 1.854% (LIBOR - 1mo. + 1.3%), 5/15/2038 (n) | 1,400,000 | 1,378,443 | ||
BXMT 2021-FL4 Ltd., “B”, FLR, 2.104% (LIBOR - 1mo. + 1.55%), 5/15/2038 (n) | 1,996,500 | 1,961,804 | ||
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n) | 521,809 | 503,702 | ||
CarMax Auto Owner Trust, 2022-2, “A4”, 3.62%, 9/15/2027 | 795,000 | 799,240 | ||
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n) | 375,782 | 348,566 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.89%, 4/15/2054 (i) | 6,795,111 | 344,566 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 1.087%, 6/15/2063 (i) | 6,610,937 | 429,684 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.156%, 6/15/2064 (i) | 6,213,649 | 431,028 | ||
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.916%, 4/15/2032 | 1,304,000 | 1,258,304 | ||
Credit Acceptance Auto Loan Trust, 2021-3A, “A”, 1%, 5/15/2030 (n) | 1,579,000 | 1,511,387 | ||
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 2.539% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 592,000 | 589,637 | ||
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 2.104% (LIBOR - 1mo. + 1.6%), 5/16/2038 (n) | 1,454,000 | 1,423,324 | ||
Harley-Davidson Motorcycle Trust, 2022-A, “A3”, 3.06%, 2/15/2027 | 1,457,000 | 1,451,340 | ||
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 2.304% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n) | 1,850,000 | 1,816,149 | ||
LoanCore 2021-CRE5 Ltd., “B”, FLR, 2.554% (LIBOR - 1mo. + 2%), 7/15/2036 (n) | 782,000 | 762,615 | ||
MF1 2020-FL3 Ltd., “AS”, FLR, 3.473% (LIBOR - 1mo. + 2.85%), 7/15/2035 (z) | 714,500 | 715,189 | ||
MF1 2021-FL5 Ltd., “AS”, FLR, 1.823% (LIBOR - 1mo. + 1.2%), 7/15/2036 (n) | 1,360,000 | 1,340,019 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
MF1 2021-FL5 Ltd., “B”, FLR, 2.073% (LIBOR - 1mo. + 1.45%), 7/15/2036 (n) | $ | 1,977,500 | $ 1,927,421 | |
MF1 2021-FL5 Ltd., “C”, FLR, 2.323% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n) | 225,000 | 221,774 | ||
MF1 2021-FL6 Ltd., “AS”, FLR, 2.004% (LIBOR - 1mo. + 1.45%), 7/16/2036 (n) | 2,200,000 | 2,160,818 | ||
MF1 2021-FL6 Ltd., “B”, FLR, 2.204% (LIBOR - 1mo. + 1.65%), 7/16/2036 (n) | 2,200,000 | 2,143,362 | ||
MF1 2022-FL8 Ltd., “B”, FLR, 2.217% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 604,312 | 602,477 | ||
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.422%, 5/15/2054 (i) | 4,677,916 | 382,108 | ||
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.35%, 6/15/2054 (i) | 9,760,550 | 723,771 | ||
PFP III 2021-7 Ltd., “AS”, FLR, 1.704% (LIBOR - 1mo. + 1.15%), 4/14/2038 (n) | 1,235,438 | 1,221,758 | ||
PFP III 2021-7 Ltd., “B”, FLR, 1.954% (LIBOR - 1mo. + 1.4%), 4/14/2038 (n) | 484,976 | 472,001 | ||
PFP III 2021-8 Ltd., “B”, FLR, 2.054% (LIBOR - 1mo. + 1.5%), 8/09/2037 (n) | 507,000 | 496,914 | ||
Starwood Commercial Mortgage, 2021-FL2, “A”, FLR, 1.754% (LIBOR - 1mo. + 1.2%), 4/18/2038 (n) | 1,400,000 | 1,389,578 | ||
Starwood Commercial Mortgage, 2021-FL2, “AS”, FLR, 2.004% (LIBOR - 1mo. + 1.45%), 4/18/2038 (n) | 1,400,000 | 1,382,613 | ||
TPG Real Estate Finance, 2021-FL4, “A”, FLR, 1.754% (LIBOR - 1mo. + 1.2%), 3/15/2038 (n) | 651,000 | 643,032 | ||
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 1.954% (LIBOR - 1mo. + 1.4%), 3/15/2038 (n) | 700,000 | 693,907 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.679%, 8/15/2054 (i) | 6,975,844 | 716,500 | ||
$ 51,569,752 | ||||
Automotive – 0.3% | ||||
Daimler Finance North America LLC, 1.45%, 3/02/2026 (n) | $ | 771,000 | $ 704,633 | |
Daimler Trucks Finance North America LLC, 2.5%, 12/14/2031 (n) | 360,000 | 300,464 | ||
Hyundai Capital America, 2%, 6/15/2028 (n) | 1,809,000 | 1,557,989 | ||
Hyundai Capital America, 6.375%, 4/08/2030 (n) | 978,000 | 1,071,651 | ||
Lear Corp., 3.8%, 9/15/2027 | 78,000 | 75,228 | ||
Stellantis N.V., 2.75%, 4/01/2032 | EUR | 740,000 | 739,592 | |
Volkswagen International Finance N.V., 4.375%, 3/28/2071 | 900,000 | 872,312 | ||
$ 5,321,869 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Broadcasting – 0.4% | ||||
Discovery, Inc., 4.125%, 5/15/2029 | $ | 718,000 | $ 685,963 | |
Magallanes, Inc., 4.279%, 3/15/2032 (n) | 1,343,000 | 1,247,505 | ||
Prosus N.V., 1.539%, 8/03/2028 | EUR | 500,000 | 446,518 | |
Prosus N.V., 2.085%, 1/19/2030 | 690,000 | 602,001 | ||
Prosus N.V., 3.68%, 1/21/2030 (n) | $ | 587,000 | 494,982 | |
Prosus N.V., 2.031%, 8/03/2032 | EUR | 260,000 | 212,551 | |
Prosus N.V., 3.832%, 2/08/2051 (n) | $ | 660,000 | 436,639 | |
Ubisoft Entertainment S.A., 0.878%, 11/24/2027 | EUR | 1,100,000 | 1,055,803 | |
Walt Disney Co., 3.5%, 5/13/2040 | $ | 658,000 | 579,492 | |
$ 5,761,454 | ||||
Brokerage & Asset Managers – 0.1% | ||||
Intercontinental Exchange, Inc., 3%, 9/15/2060 | $ | 1,090,000 | $ 785,134 | |
Low Income Investment Fund, 3.386%, 7/01/2026 | 285,000 | 279,464 | ||
Low Income Investment Fund, 3.711%, 7/01/2029 | 760,000 | 755,539 | ||
$ 1,820,137 | ||||
Building – 0.2% | ||||
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034 | GBP | 850,000 | $ 894,185 | |
Imerys S.A., 1%, 7/15/2031 | EUR | 900,000 | 779,393 | |
Vulcan Materials Co., 3.5%, 6/01/2030 | $ | 908,000 | 861,472 | |
$ 2,535,050 | ||||
Business Services – 0.3% | ||||
Equinix, Inc., REIT, 1%, 3/15/2033 | EUR | 1,160,000 | $ 979,576 | |
Euronet Worldwide, Inc., 1.375%, 5/22/2026 | 1,105,000 | 1,095,236 | ||
Experian PLC, 1.56%, 5/16/2031 | 160,000 | 158,931 | ||
Fiserv, Inc., 4.4%, 7/01/2049 | $ | 281,000 | 253,194 | |
Mastercard, Inc., 3.85%, 3/26/2050 | 542,000 | 511,651 | ||
Verisk Analytics, Inc., 4%, 6/15/2025 | 747,000 | 751,454 | ||
Visa, Inc., 1.9%, 4/15/2027 | 600,000 | 557,571 | ||
$ 4,307,613 | ||||
Cable TV – 0.1% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | $ | 643,000 | $ 677,422 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050 | 733,000 | 600,523 | ||
Comcast Corp., 3.75%, 4/01/2040 | 368,000 | 330,595 | ||
$ 1,608,540 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Chemicals – 0.1% | ||||
Alpek SAB de C.V., 3.25%, 2/25/2031 (n) | $ | 501,000 | $ 424,597 | |
LYB International Finance III, LLC, 4.2%, 5/01/2050 | 306,000 | 266,632 | ||
Sherwin-Williams Co., 3.8%, 8/15/2049 | 305,000 | 260,907 | ||
$ 952,136 | ||||
Computer Software – 0.2% | ||||
Microsoft Corp., 3.125%, 11/03/2025 | $ | 1,316,000 | $ 1,317,475 | |
Microsoft Corp., 2.921%, 3/17/2052 | 1,212,000 | 982,511 | ||
Microsoft Corp., 3.041%, 3/17/2062 | 412,000 | 327,309 | ||
$ 2,627,295 | ||||
Computer Software - Systems – 0.1% | ||||
Apple, Inc., 2.9%, 9/12/2027 | $ | 2,007,000 | $ 1,940,232 | |
Apple, Inc., 4.5%, 2/23/2036 | 204,000 | 216,667 | ||
$ 2,156,899 | ||||
Conglomerates – 0.2% | ||||
Carrier Global Corp., 2.722%, 2/15/2030 | $ | 708,000 | $ 622,984 | |
Carrier Global Corp., 3.577%, 4/05/2050 | 590,000 | 473,265 | ||
Highland Holdings S.á r.l., 0.318%, 12/15/2026 | EUR | 296,000 | 288,506 | |
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | $ | 1,314,000 | 1,318,217 | |
$ 2,702,972 | ||||
Consumer Products – 0.2% | ||||
GSK Consumer Healthcare Capital US LLC, 2.125%, 3/29/2034 | EUR | 660,000 | $ 666,032 | |
JAB Holdings B.V., 2.25%, 12/19/2039 | 1,200,000 | 1,013,724 | ||
L'Oréal S.A., 0.875%, 6/29/2026 | 700,000 | 728,939 | ||
Reckitt Benckiser Treasury Services PLC, 3%, 6/26/2027 (n) | $ | 1,016,000 | 976,915 | |
$ 3,385,610 | ||||
Consumer Services – 0.1% | ||||
AA Bond Co. Ltd., 3.25%, 7/31/2028 | GBP | 1,000,000 | $ 1,134,281 | |
Booking Holdings, Inc., 0.5%, 3/08/2028 | EUR | 920,000 | 891,396 | |
$ 2,025,677 | ||||
Electrical Equipment – 0.2% | ||||
Arrow Electronics, Inc., 3.25%, 9/08/2024 | $ | 647,000 | $ 639,702 | |
Telefonaktiebolaget LM Ericsson, 1.125%, 2/08/2027 | EUR | 1,160,000 | 1,077,740 | |
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029 | 1,160,000 | 997,595 | ||
$ 2,715,037 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Electronics – 0.2% | ||||
Broadcom, Inc., 4.15%, 11/15/2030 | $ | 204,000 | $ 193,269 | |
Broadcom, Inc., 3.419%, 4/15/2033 (n) | 844,000 | 724,102 | ||
Broadcom, Inc., 3.137%, 11/15/2035 (n) | 957,000 | 772,990 | ||
Broadcom, Inc., 3.187%, 11/15/2036 (n) | 26,000 | 20,528 | ||
Broadcom, Inc., 4.926%, 5/15/2037 (n) | 274,000 | 256,149 | ||
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.4%, 5/01/2030 (n) | 1,430,000 | 1,302,838 | ||
$ 3,269,876 | ||||
Emerging Market Quasi-Sovereign – 1.0% | ||||
CEZ A.S. (Czech Republic), 2.462%, 4/06/2027 | EUR | 427,000 | $ 444,137 | |
China Construction Bank Corp. (Hong Kong Branch), 1.25%, 8/04/2025 | $ | 1,700,000 | 1,596,314 | |
Emirates Development Bank PJSC, 1.639%, 6/15/2026 | 1,730,000 | 1,595,925 | ||
Export-Import Bank of India, 3.375%, 8/05/2026 | 1,200,000 | 1,152,276 | ||
Export-Import Bank of India, 3.875%, 2/01/2028 | 1,000,000 | 961,159 | ||
First Abu Dhabi Bank PJSC, 0.125%, 2/16/2026 | EUR | 1,200,000 | 1,177,722 | |
First Abu Dhabi Bank PJSC, 1.625%, 4/07/2027 | 1,470,000 | 1,507,479 | ||
Huarong Finance 2017 Co. Ltd. (People's Republic of China), 4.95%, 11/07/2047 | $ | 850,000 | 631,125 | |
MDGH - GMTN B.V. (United Arab Emirates), 2.5%, 11/07/2024 | 763,000 | 747,081 | ||
MDGH - GMTN B.V. (United Arab Emirates), 1%, 3/10/2034 | EUR | 1,540,000 | 1,453,628 | |
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 6/03/2031 | $ | 1,460,000 | 1,304,875 | |
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 | 820,000 | 736,324 | ||
PT Pertamina (Persero) (Republic of Indonesia), 3.65%, 7/30/2029 | 1,050,000 | 997,197 | ||
Qatar Petroleum, 2.25%, 7/12/2031 | 1,171,000 | 1,021,698 | ||
Qatar Petroleum, 3.125%, 7/12/2041 | 776,000 | 648,146 | ||
$ 15,975,086 | ||||
Emerging Market Sovereign – 5.2% | ||||
Oriental Republic of Uruguay, 4.375%, 1/23/2031 | $ | 2,450,000 | $ 2,511,299 | |
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | UYU | 104,366,000 | 2,280,051 | |
People's Republic of China, 3.03%, 3/11/2026 | CNY | 245,680,000 | 37,902,579 | |
People's Republic of China, 3.13%, 11/21/2029 | 61,750,000 | 9,539,892 | ||
Republic of Indonesia, 3.55%, 3/31/2032 | $ | 990,000 | 938,890 | |
Republic of Korea, 1.875%, 6/10/2029 | KRW | 18,791,970,000 | 13,660,325 | |
Republic of Korea, 1.375%, 6/10/2030 | 11,396,200,000 | 7,856,139 | ||
Republic of Peru, 1.95%, 11/17/2036 | EUR | 1,377,000 | 1,148,211 | |
State of Qatar, 4%, 3/14/2029 (n) | $ | 878,000 | 899,955 | |
State of Qatar, 3.75%, 4/16/2030 | 1,230,000 | 1,243,004 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Emerging Market Sovereign – continued | ||||
State of Qatar, 4.4%, 4/16/2050 | $ | 299,000 | $ 302,781 | |
United Arab Emirates International Government, 3.25%, 10/19/2061 | 720,000 | 592,750 | ||
United Mexican States, 7.5%, 6/03/2027 | MXN | 32,900,000 | 1,511,080 | |
United Mexican States, 2.659%, 5/24/2031 | $ | 2,213,000 | 1,854,317 | |
United Mexican States, 3.771%, 5/24/2061 | 1,036,000 | 725,118 | ||
$ 82,966,391 | ||||
Energy - Independent – 0.3% | ||||
Diamondback Energy, Inc., 4.4%, 3/24/2051 | $ | 1,153,000 | $ 1,035,222 | |
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 3,609,000 | 3,267,473 | ||
$ 4,302,695 | ||||
Energy - Integrated – 0.3% | ||||
BP Capital Markets PLC, 3.625%, 6/22/2170 | EUR | 1,170,000 | $ 1,147,847 | |
Cenovus Energy, Inc., 2.65%, 1/15/2032 | $ | 939,000 | 799,331 | |
Eni S.p.A., 4.25%, 5/09/2029 (n) | 607,000 | 601,524 | ||
Galp Energia SGPS S.A., 2%, 1/15/2026 | EUR | 1,300,000 | 1,364,550 | |
MOL PLC, 1.5%, 10/08/2027 | 640,000 | 605,599 | ||
$ 4,518,851 | ||||
Financial Institutions – 0.8% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032 | $ | 367,000 | $ 305,355 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/2041 | 293,000 | 226,444 | ||
Air Lease Corp., 3.125%, 12/01/2030 | 1,075,000 | 928,445 | ||
Air Lease Corp., 2.875%, 1/15/2032 | 735,000 | 606,046 | ||
Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 509,000 | 488,077 | ||
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 537,000 | 517,121 | ||
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 665,000 | 571,986 | ||
Credit Logement S.A., 1.081% to 2/15/2029, FLR (EUR ICE Swap Rate - 5yr. + 1.1%) to 2/15/2034 | EUR | 1,100,000 | 1,014,586 | |
CTP N.V., 0.942%, 1/20/2026 | 850,000 | 812,168 | ||
CTP N.V., 1.5%, 9/27/2031 | 1,050,000 | 869,749 | ||
EXOR N.V., 2.25%, 4/29/2030 | 600,000 | 620,908 | ||
EXOR N.V., 0.875%, 1/19/2031 | 500,000 | 445,041 | ||
Grand City Properties S.A., 1.5%, 12/09/2069 | 900,000 | 812,971 | ||
Logicor Financing S.à r.l., 1.625%, 1/17/2030 | 890,000 | 813,027 | ||
Logicor Financing S.à r.l., 0.875%, 1/14/2031 | 275,000 | 227,314 | ||
P3 Group S.à r.l., 0.875%, 1/26/2026 | 1,130,000 | 1,102,035 | ||
SBB Treasury Oyj, 0.75%, 12/14/2028 | 590,000 | 478,094 | ||
SBB Treasury Oyj, 1.125%, 11/26/2029 | 450,000 | 357,184 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
VGP N.V., 1.5%, 4/08/2029 | EUR | 1,000,000 | $ 866,525 | |
Vonovia SE, 2.375%, 3/25/2032 | 100,000 | 100,072 | ||
Vonovia SE, 1.625%, 9/01/2051 | 500,000 | 344,015 | ||
$ 12,507,163 | ||||
Food & Beverages – 0.5% | ||||
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | $ | 446,000 | $ 426,018 | |
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 | 512,000 | 546,359 | ||
Bacardi Ltd., 5.15%, 5/15/2038 (n) | 658,000 | 657,192 | ||
Constellation Brands, Inc., 4.4%, 11/15/2025 | 1,053,000 | 1,071,841 | ||
Constellation Brands, Inc., 3.15%, 8/01/2029 | 1,006,000 | 923,074 | ||
Constellation Brands, Inc., 2.25%, 8/01/2031 | 400,000 | 331,657 | ||
Diageo Capital PLC, 1.875%, 6/08/2034 | EUR | 460,000 | 460,441 | |
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 (n) | $ | 621,000 | 552,690 | |
Kraft Heinz Foods Co., 3.875%, 5/15/2027 | 1,121,000 | 1,096,200 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 1,680,000 | 1,409,481 | ||
$ 7,474,953 | ||||
Gaming & Lodging – 0.2% | ||||
InterContinental Hotels Group PLC, 3.375%, 10/08/2028 | GBP | 740,000 | $ 902,395 | |
Marriott International, Inc., 2.85%, 4/15/2031 | $ | 606,000 | 521,177 | |
VICI Properties LP, REIT, 4.95%, 2/15/2030 | 1,583,000 | 1,571,040 | ||
$ 2,994,612 | ||||
Insurance – 0.4% | ||||
Aflac, Inc., 3.6%, 4/01/2030 | $ | 1,004,000 | $ 977,638 | |
AIA Group Ltd., 0.88%, 9/09/2033 | EUR | 600,000 | 548,165 | |
Argentum Netherlands B.V., 5.125%, 6/01/2048 | $ | 660,000 | 661,650 | |
Aviva PLC, 3.875% to 7/03/2024, FLR (EUR Swap Rate - 5yr. + 3.48%) to 7/03/2044 | EUR | 600,000 | 652,390 | |
Aviva PLC, 4% to 6/03/2035, FLR (GBP Government Yield - 5yr. + 4.7%) to 6/03/2055 | GBP | 927,000 | 1,066,657 | |
Corebridge Financial, Inc., 4.35%, 4/05/2042 (n) | $ | 244,000 | 220,654 | |
Credit Agricole Assurances S.A., 2%, 7/17/2030 | EUR | 300,000 | 278,595 | |
La Mondiale, 4.375% to 10/24/2029, FLR (EUR Swap Rate - 5yr. + 4.411%) to 4/24/2069 | 1,100,000 | 1,093,227 | ||
Zurich Finance (Ireland) DAC, 3%, 4/19/2051 | $ | 780,000 | 659,100 | |
$ 6,158,076 | ||||
Insurance - Property & Casualty – 0.1% | ||||
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031 | $ | 244,000 | $ 211,034 | |
Berkshire Hathaway, Inc., 0.5%, 1/15/2041 | EUR | 325,000 | 230,551 | |
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030 | $ | 1,075,000 | 931,203 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Insurance - Property & Casualty – continued | ||||
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038 | GBP | 738,000 | $ 808,489 | |
QBE Insurance Group Ltd., 6.115% to 5/24/2022, FLR (GBP Swap Rate-5yr. + 5%) to 5/24/2042 | 100,000 | 125,924 | ||
$ 2,307,201 | ||||
International Market Quasi-Sovereign – 0.6% | ||||
Airport Authority Hong Kong, 3.25%, 1/12/2052 (n) | $ | 817,000 | $ 676,394 | |
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 1.375%, 4/16/2040 | EUR | 195,000 | 177,059 | |
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 0.625%, 12/08/2050 | 350,000 | 241,366 | ||
Electricite de France S.A., 2.625% to 6/01/2028, FLR (EUR Swap Rate - 5yr. + 2.86%) to 6/01/2033, FLR (EUR Swap Rate - 5yr. + 3.11%) to 6/01/2048, FLR (EUR Swap Rate - 5yr. + 3.86%) to 12/29/2049 | 800,000 | 711,376 | ||
Electricite de France S.A., 2.875% to 3/15/2027, FLR (EUR Swap Rate - 5yr. + 3.373%) to 3/15/2031, FLR (EUR Swap Rate - 5yr. + 3.623%) to 3/15/2047, FLR (EUR Swap Rate - 5yr. + 4.373%) to 3/15/2070 | 1,400,000 | 1,308,929 | ||
Electricite de France S.A., 5.875% to 1/22/2029, FLR (GBP Swap Rate - 15yr. + 3.046%) to 1/22/2049, FLR (GBP Swap Rate - 15yr. + 3.796%) to 12/31/2165 | GBP | 800,000 | 946,765 | |
ESB Finance DAC, 1%, 7/19/2034 | EUR | 930,000 | 860,444 | |
Islandsbanki (Republic of Iceland), 0.75%, 3/25/2025 | 790,000 | 797,889 | ||
Kreditanstalt Fuer Wiederaufbau, 1.125%, 3/31/2037 | 3,006,000 | 2,914,726 | ||
Landsbankinn Bank (Republic of Iceland), 0.375%, 5/23/2025 | 623,000 | 620,245 | ||
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | $ | 927,000 | 803,695 | |
RTE Reseau de Transport d'Electricite, 0.75%, 1/12/2034 | EUR | 300,000 | 271,561 | |
$ 10,330,449 | ||||
International Market Sovereign – 8.7% | ||||
Commonwealth of Australia, 3.25%, 6/21/2039 | AUD | 6,293,000 | $ 4,382,309 | |
Commonwealth of Australia, 1.75%, 6/21/2051 | 3,769,000 | 1,832,017 | ||
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 418,000 | 370,975 | |
Government of Canada, 4%, 6/01/2041 | CAD | 958,000 | 862,718 | |
Government of Japan, 1.7%, 3/20/2032 | JPY | 1,884,650,000 | 16,612,513 | |
Government of Japan, 0.4%, 3/20/2036 | 1,769,950,000 | 13,545,454 | ||
Government of Japan, 2.3%, 3/20/2040 | 2,029,400,000 | 19,961,227 | ||
Government of New Zealand, 1.5%, 5/15/2031 | NZD | 11,239,000 | 6,071,953 | |
Government of New Zealand , 0.25%, 5/15/2028 | 23,784,000 | 12,584,303 | ||
Kingdom of Belgium, 0%, 10/22/2031 (n) | EUR | 6,996,000 | 6,450,511 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
International Market Sovereign – continued | ||||
Kingdom of Spain, 1.25%, 10/31/2030 (n) | EUR | 12,285,000 | $ 12,474,706 | |
Kingdom of Spain, 1%, 10/31/2050 | 781,000 | 575,044 | ||
Republic of Cyprus, 0%, 2/09/2026 | 1,882,000 | 1,875,003 | ||
Republic of Cyprus, 0.625%, 1/21/2030 | 2,249,000 | 2,091,849 | ||
Republic of Cyprus, 0.95%, 1/20/2032 | 7,695,000 | 7,039,060 | ||
Republic of Iceland, 5%, 11/15/2028 | ISK | 525,100,000 | 3,970,004 | |
Republic of Ireland, 0%, 10/18/2031 | EUR | 3,401,000 | 3,110,007 | |
Republic of Italy, 0.6%, 8/01/2031 (n) | 6,637,000 | 5,808,263 | ||
Republic of Italy, 1.65%, 3/01/2032 | 11,094,000 | 10,681,305 | ||
Republic of Italy, 2.15%, 9/01/2052 (n) | 742,000 | 623,691 | ||
United Kingdom Treasury, 1.75%, 9/07/2037 | GBP | 5,600,000 | 6,714,562 | |
United Kingdom Treasury, 1.75%, 1/22/2049 | 706,000 | 831,369 | ||
$ 138,468,843 | ||||
Local Authorities – 0.3% | ||||
City of Oslo, 2.17%, 5/18/2029 | NOK | 15,000,000 | $ 1,480,897 | |
Government of Ontario, 1.9%, 12/02/2051 | CAD | 3,072,000 | 1,595,556 | |
Province of Alberta, 4.5%, 12/01/2040 | 710,000 | 601,713 | ||
Province of British Columbia, 2.95%, 6/18/2050 | 600,000 | 402,198 | ||
$ 4,080,364 | ||||
Machinery & Tools – 0.1% | ||||
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | $ | 1,156,000 | $ 1,074,663 | |
John Deere Capital Corp., 2.8%, 7/18/2029 | 245,000 | 230,284 | ||
$ 1,304,947 | ||||
Major Banks – 2.0% | ||||
Australia and New Zealand Banking Group Ltd., 2.57% to 11/25/2030, FLR (CMT - 5yr. + 1.7%) to 11/25/2035 (n) | $ | 1,034,000 | $ 851,106 | |
Bank of America Corp., 3.366% to 1/23/2025, FLR (LIBOR - 3mo. + 0.81%) to 1/23/2026 | 1,469,000 | 1,436,820 | ||
Bank of America Corp., 3.419% to 12/20/2027, FLR (LIBOR - 3mo. + 1.04%) to 12/20/2028 | 1,125,000 | 1,064,463 | ||
Bank of America Corp., 0.694%, 3/22/2031 | EUR | 610,000 | 554,562 | |
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 | $ | 2,876,000 | 2,467,288 | |
BNP Paribas S.A., 2.1%, 4/07/2032 | EUR | 600,000 | 593,112 | |
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | $ | 1,471,000 | 1,230,776 | |
Credit Suisse Group AG, 3.091% to 5/14/2031, FLR (SOFR - 1 day + 1.73%) to 5/14/2032 (n) | 351,000 | 293,544 | ||
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032 | 1,092,000 | 902,479 | ||
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043 | 362,000 | 299,991 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026 | $ | 1,029,000 | $ 960,920 | |
HSBC Holdings PLC, 4.375%, 11/23/2026 | 2,161,000 | 2,138,474 | ||
JPMorgan Chase & Co., 1.47%, 9/22/2027 | 1,726,000 | 1,532,607 | ||
JPMorgan Chase & Co., 1.963%, 3/23/2030 | EUR | 866,000 | 886,751 | |
Mitsubishi UFJ Financial Group, Inc., 1.412%, 7/17/2025 | $ | 2,681,000 | 2,472,266 | |
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032 | 484,000 | 406,792 | ||
Morgan Stanley, 3.125%, 1/23/2023 | 1,757,000 | 1,763,914 | ||
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027 | 2,003,000 | 1,801,119 | ||
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031 | 522,000 | 488,438 | ||
NatWest Group PLC, 3.619%, 3/29/2029 | GBP | 400,000 | 496,399 | |
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029 | EUR | 630,000 | 581,879 | |
Toronto Dominion Bank, 1.952%, 4/08/2030 | 1,100,000 | 1,116,206 | ||
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n) | $ | 1,622,000 | 1,361,676 | |
UBS Group Funding (Switzerland) AG, 2.859%, 8/15/2023 (n) | 600,000 | 598,821 | ||
Unicaja Banco S.A., 1%, 12/01/2026 | EUR | 900,000 | 883,420 | |
UniCredit S.p.A., 0.925% to 1/28/2027, FLR (EURIBOR - 3mo. + 0.85%) to 1/18/2028 | 1,430,000 | 1,380,509 | ||
Wells Fargo & Co., 2.125%, 9/24/2031 | GBP | 1,030,000 | 1,124,993 | |
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | $ | 1,150,000 | 1,044,893 | |
Wells Fargo & Co., 3.9%, 5/01/2045 | 316,000 | 283,690 | ||
$ 31,017,908 | ||||
Medical & Health Technology & Services – 0.4% | ||||
Alcon, Inc., 3.8%, 9/23/2049 (n) | $ | 231,000 | $ 189,111 | |
Becton Dickinson Euro Finance S.à r.l., 1.336%, 8/13/2041 | EUR | 340,000 | 266,027 | |
HCA, Inc., 5.125%, 6/15/2039 | $ | 399,000 | 384,204 | |
Laboratory Corp. of America Holdings, 3.6%, 2/01/2025 | 1,075,000 | 1,070,011 | ||
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045 | 567,000 | 542,372 | ||
Memorial Sloan-Kettering Cancer Center, 2.955%, 1/01/2050 | 670,000 | 528,967 | ||
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050 | 1,300,000 | 959,447 | ||
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048 | 590,000 | 704,183 | ||
Thermo Fisher Scientific Finance I B.V., 1.125%, 10/18/2033 | EUR | 580,000 | 526,548 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Medical & Health Technology & Services – continued | ||||
Thermo Fisher Scientific Finance I B.V., 2%, 10/18/2051 | EUR | 270,000 | $ 224,963 | |
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028 | $ | 1,119,000 | 986,112 | |
$ 6,381,945 | ||||
Medical Equipment – 0.0% | ||||
American Medical Systems Europe B.V., 1.875%, 3/08/2034 | EUR | 240,000 | $ 231,692 | |
Boston Scientific Corp., 0.625%, 12/01/2027 | 300,000 | 291,650 | ||
$ 523,342 | ||||
Metals & Mining – 0.2% | ||||
Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | $ | 1,815,000 | $ 1,902,498 | |
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 1,032,000 | 881,596 | ||
$ 2,784,094 | ||||
Midstream – 0.4% | ||||
Enterprise Products Partners LP, 3.125%, 7/31/2029 | $ | 872,000 | $ 808,736 | |
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 1,052,142 | 925,092 | ||
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/2029 | 1,445,000 | 1,316,324 | ||
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028 | 1,216,000 | 1,192,507 | ||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 689,000 | 683,647 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 107,000 | 101,411 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 649,000 | 592,748 | ||
$ 5,620,465 | ||||
Mortgage-Backed – 2.9% | ||||
Fannie Mae, 4.5%, 3/01/2025 - 2/01/2046 | $ | 3,595,166 | $ 3,722,500 | |
Fannie Mae, 5.5%, 1/01/2037 | 13,907 | 14,795 | ||
Fannie Mae, 6%, 9/01/2037 - 6/01/2038 | 141,620 | 154,586 | ||
Fannie Mae, 5%, 4/01/2040 - 8/01/2040 | 979,164 | 1,032,529 | ||
Fannie Mae, 4%, 11/01/2040 - 2/01/2041 | 1,079,503 | 1,090,402 | ||
Fannie Mae, 3.5%, 5/01/2043 - 12/01/2046 | 1,658,702 | 1,627,560 | ||
Fannie Mae, UMBS, 2%, 3/01/2042 - 5/01/2052 | 3,315,365 | 2,942,680 | ||
Fannie Mae, UMBS, 2.5%, 4/01/2042 - 5/01/2052 | 2,564,505 | 2,350,496 | ||
Fannie Mae, UMBS, 3%, 12/01/2051 | 514,700 | 487,565 | ||
Freddie Mac, 1.481%, 3/25/2027 (i) | 1,523,000 | 90,283 | ||
Freddie Mac, 3.224%, 3/25/2027 | 4,500,000 | 4,489,702 | ||
Freddie Mac, 3.194%, 7/25/2027 | 3,914,000 | 3,896,072 | ||
Freddie Mac, 3.286%, 11/25/2027 | 2,576,000 | 2,574,056 | ||
Freddie Mac, 1.914%, 4/25/2030 (i) | 3,170,226 | 383,569 | ||
Freddie Mac, 1.985%, 4/25/2030 (i) | 2,614,093 | 327,665 | ||
Freddie Mac, 1.766%, 5/25/2030 (i) | 3,298,344 | 373,923 | ||
Freddie Mac, 1.906%, 5/25/2030 (i) | 7,375,798 | 900,687 | ||
Freddie Mac, 1.436%, 6/25/2030 (i) | 3,056,884 | 280,249 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Freddie Mac, 1.704%, 8/25/2030 (i) | $ | 2,713,457 | $ 302,380 | |
Freddie Mac, 1.263%, 9/25/2030 (i) | 1,752,322 | 145,548 | ||
Freddie Mac, 1.172%, 11/25/2030 (i) | 3,594,105 | 280,630 | ||
Freddie Mac, 0.422%, 1/25/2031 (i) | 13,683,912 | 315,985 | ||
Freddie Mac, 0.613%, 3/25/2031 (i) | 16,766,621 | 618,844 | ||
Freddie Mac, 1.039%, 7/25/2031 (i) | 3,177,082 | 232,132 | ||
Freddie Mac, 0.955%, 9/25/2031 (i) | 4,021,884 | 269,713 | ||
Freddie Mac, 0.665%, 12/25/2031 (i) | 3,294,996 | 148,568 | ||
Freddie Mac, 5.5%, 7/01/2037 | 26,753 | 28,478 | ||
Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042 | 1,093,175 | 1,141,126 | ||
Freddie Mac, 5%, 7/01/2041 | 390,708 | 414,257 | ||
Freddie Mac, 0.632%, 9/25/2049 (i) | 13,281,588 | 536,741 | ||
Freddie Mac, UMBS, 3.5%, 1/01/2047 | 739,454 | 729,605 | ||
Freddie Mac, UMBS, 3%, 6/01/2050 | 110,004 | 104,213 | ||
Freddie Mac, UMBS, 2.5%, 10/01/2051 - 12/01/2051 | 461,928 | 422,471 | ||
Freddie Mac, UMBS, 2%, 4/01/2052 | 312,883 | 276,449 | ||
Ginnie Mae, 5%, 5/15/2040 | 144,188 | 153,245 | ||
Ginnie Mae, 3.5%, 6/20/2043 | 573,271 | 573,250 | ||
Ginnie Mae, 2.5%, 8/20/2051 - 11/20/2051 | 1,542,793 | 1,435,012 | ||
Ginnie Mae, 3%, 10/20/2051 - 2/20/2052 | 947,719 | 905,745 | ||
Ginnie Mae, 2%, 1/20/2052 | 940,093 | 854,480 | ||
Ginnie Mae, TBA, 3%, 5/15/2052 | 1,150,000 | 1,096,185 | ||
Ginnie Mae, TBA, 3.5%, 5/15/2052 | 1,575,000 | 1,540,670 | ||
Ginnie Mae, TBA, 4%, 5/15/2052 | 383,759 | 384,314 | ||
UMBS, TBA, 2%, 5/25/2037 - 6/25/2052 | 2,900,000 | 2,609,930 | ||
UMBS, TBA, 2.5%, 5/25/2052 - 6/25/2052 | 2,175,000 | 1,982,081 | ||
UMBS, TBA, 3%, 5/25/2052 | 1,350,000 | 1,272,904 | ||
UMBS, TBA, 3.5%, 5/25/2052 | 550,000 | 533,371 | ||
$ 46,047,646 | ||||
Municipals – 0.4% | ||||
Colorado Housing & Finance Authority, Single Family Mortgage Class I, Taxable, “D-1”, GNMA, 5%, 11/01/2047 (w) | $ | 750,000 | $ 776,918 | |
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., Taxable, “A”, 2.641%, 7/01/2037 | 1,235,000 | 1,079,943 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), Taxable, 3.384%, 12/01/2040 | 945,000 | 834,079 | ||
New Jersey Economic Development Authority State Pension Funding Rev., Taxable, “A”, NPFG, 7.425%, 2/15/2029 | 801,000 | 913,311 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030 | 992,000 | 1,003,487 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Municipals – continued | ||||
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2022 | $ | 425,000 | $ 433,815 | |
State of Florida, Taxable, “A”, 2.154%, 7/01/2030 | 1,258,000 | 1,101,416 | ||
$ 6,142,969 | ||||
Natural Gas - Distribution – 0.1% | ||||
Boston Gas Co., 3.15%, 8/01/2027 (n) | $ | 857,000 | $ 807,495 | |
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | 710,000 | 595,520 | ||
National Grid PLC, 1.125%, 1/14/2033 | GBP | 925,000 | 890,373 | |
$ 2,293,388 | ||||
Natural Gas - Pipeline – 0.1% | ||||
APT Pipelines Ltd., 0.75%, 3/15/2029 | EUR | 970,000 | $ 901,074 | |
APT Pipelines Ltd., 2.5%, 3/15/2036 | GBP | 850,000 | 874,623 | |
$ 1,775,697 | ||||
Network & Telecom – 0.2% | ||||
AT&T, Inc., 3.5%, 9/15/2053 | $ | 655,000 | $ 512,802 | |
Verizon Communications, Inc., 2.1%, 3/22/2028 | 649,000 | 581,205 | ||
Verizon Communications, Inc., 2.55%, 3/21/2031 | 1,057,000 | 920,131 | ||
Verizon Communications, Inc., 3.55%, 3/22/2051 | 584,000 | 479,588 | ||
$ 2,493,726 | ||||
Oils – 0.2% | ||||
Neste Oyj, 0.75%, 3/25/2028 | EUR | 1,300,000 | $ 1,251,508 | |
Phillips 66, 4.875%, 11/15/2044 | $ | 568,000 | 568,238 | |
Valero Energy Corp., 2.8%, 12/01/2031 | 1,352,000 | 1,168,748 | ||
$ 2,988,494 | ||||
Other Banks & Diversified Financials – 0.6% | ||||
AIB Group PLC, 2.25%, 4/04/2028 | EUR | 560,000 | $ 575,836 | |
Bank Hapoalim B.M., 3.255% to 1/21/2027, FLR (CMT - 5yr. + 2.155%) to 1/21/2032 (n) | $ | 702,000 | 631,800 | |
Banque Federative du Credit Mutuel S.A., 1.125%, 11/19/2031 | EUR | 600,000 | 515,579 | |
Belfius Bank S.A., 1.25% to 4/06/2029, FLR (EUR Swap Rate - 5yr. + 1.3%) to 4/06/2034 | 700,000 | 632,797 | ||
Deutsche Bank AG, 1.875% to 2/23/2027, FLR (EURIBOR - 3mo. + 1.38%) to 2/23/2028 | 200,000 | 201,491 | ||
Deutsche Bank AG, 1.375% to 2/17/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/17/2032 | 400,000 | 352,854 | ||
Groupe BPCE S.A., 4.5%, 3/15/2025 (n) | $ | 950,000 | 948,906 | |
Groupe BPCE S.A., 0.75%, 3/03/2031 | EUR | 900,000 | 797,343 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Groupe des Assurances du Credit Mutuel, 1.85%, 4/21/2042 | EUR | 700,000 | $ 620,313 | |
Intesa Sanpaolo S.p.A., 2.625%, 3/11/2036 | GBP | 1,240,000 | 1,249,477 | |
UBS AG, 5.125%, 5/15/2024 | $ | 1,530,000 | 1,555,560 | |
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030 | GBP | 950,000 | 1,204,425 | |
$ 9,286,381 | ||||
Printing & Publishing – 0.0% | ||||
Informa PLC, 3.125%, 7/05/2026 | GBP | 448,000 | $ 555,464 | |
Railroad & Shipping – 0.1% | ||||
Canadian Pacific Railway Co., 2.45%, 12/02/2031 | $ | 386,000 | $ 335,748 | |
Wabtec Transportation Netherlands B.V., 1.25%, 12/03/2027 | EUR | 1,259,000 | 1,231,105 | |
$ 1,566,853 | ||||
Real Estate - Office – 0.1% | ||||
Corporate Office Property LP, REIT, 2.25%, 3/15/2026 | $ | 675,000 | $ 626,050 | |
Corporate Office Property LP, REIT, 2%, 1/15/2029 | 425,000 | 354,354 | ||
Corporate Office Property LP, REIT, 2.75%, 4/15/2031 | 868,000 | 736,436 | ||
$ 1,716,840 | ||||
Real Estate - Other – 0.2% | ||||
EPR Properties, REIT, 3.6%, 11/15/2031 | $ | 725,000 | $ 614,139 | |
Lexington Realty Trust Co., 2.7%, 9/15/2030 | 881,000 | 757,387 | ||
SEGRO Capital S.à r.l., 1.875%, 3/23/2030 | EUR | 1,100,000 | 1,105,054 | |
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031 | $ | 1,296,000 | 1,100,356 | |
$ 3,576,936 | ||||
Real Estate - Retail – 0.2% | ||||
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030 | $ | 1,174,000 | $ 1,108,825 | |
Hammerson Ireland Finance Designated Activity Co., 1.75%, 6/03/2027 | EUR | 662,000 | 622,522 | |
Regency Centers Corp., 3.7%, 6/15/2030 | $ | 286,000 | 267,256 | |
Spirit Realty, LP, REIT, 3.2%, 1/15/2027 | 531,000 | 505,944 | ||
STORE Capital Corp., REIT, 2.7%, 12/01/2031 | 949,000 | 790,159 | ||
$ 3,294,706 | ||||
Restaurants – 0.1% | ||||
Starbucks Corp., 3%, 2/14/2032 | $ | 1,298,000 | $ 1,147,351 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Retailers – 0.1% | ||||
Best Buy Co., Inc., 1.95%, 10/01/2030 | $ | 1,357,000 | $ 1,125,379 | |
Home Depot, Inc., 4.875%, 2/15/2044 | 496,000 | 520,855 | ||
$ 1,646,234 | ||||
Specialty Chemicals – 0.0% | ||||
Akzo Nobel N.V., 2%, 3/28/2032 | EUR | 760,000 | $ 765,032 | |
Specialty Stores – 0.0% | ||||
DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 994,000 | $ 830,003 | |
Supermarkets – 0.0% | ||||
Auchan Holding S.A., 3.25%, 7/23/2027 | EUR | 500,000 | $ 504,044 | |
Supranational – 0.1% | ||||
Corporacion Andina de Fomento, 1.625%, 9/23/2025 | $ | 1,020,000 | $ 958,556 | |
International Bank for Reconstruction and Development, 4.25%, 6/24/2025 | AUD | 440,000 | 319,839 | |
West African Development Bank, 4.7%, 10/22/2031 | $ | 1,033,000 | 1,021,905 | |
$ 2,300,300 | ||||
Telecommunications - Wireless – 0.4% | ||||
American Tower Corp., REIT, 4%, 6/01/2025 | $ | 1,100,000 | $ 1,098,005 | |
Crown Castle International Corp., REIT, 1.35%, 7/15/2025 | 501,000 | 461,985 | ||
Crown Castle International Corp., REIT, 4.45%, 2/15/2026 | 1,922,000 | 1,939,689 | ||
Crown Castle International Corp., REIT, 3.7%, 6/15/2026 | 425,000 | 417,885 | ||
Rogers Communications, Inc., 3.8%, 3/15/2032 (n) | 765,000 | 704,442 | ||
T-Mobile USA, Inc., 3.875%, 4/15/2030 | 1,513,000 | 1,431,962 | ||
$ 6,053,968 | ||||
Telephone Services – 0.1% | ||||
TELUS Corp., 2.85%, 11/13/2031 | CAD | 1,775,000 | $ 1,175,633 | |
Transportation - Services – 0.2% | ||||
ERAC USA Finance LLC, 7%, 10/15/2037 (n) | $ | 537,000 | $ 652,745 | |
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031 | EUR | 1,000,000 | 905,725 | |
Vinci S.A., 3.75%, 4/10/2029 (n) | $ | 1,334,000 | 1,298,472 | |
$ 2,856,942 | ||||
U.S. Government Agencies and Equivalents – 0.0% | ||||
Small Business Administration, 5.31%, 5/01/2027 | $ | 36,266 | $ 36,799 | |
Small Business Administration, 2.22%, 3/01/2033 | 304,451 | 285,913 | ||
$ 322,712 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
U.S. Treasury Obligations – 3.3% | ||||
U.S. Treasury Bonds, 1.125%, 8/15/2040 | $ | 26,014,000 | $ 18,652,851 | |
U.S. Treasury Bonds, 2.375%, 11/15/2049 | 12,704,000 | 11,171,580 | ||
U.S. Treasury Notes, 1.25%, 3/31/2028 | 10,133,200 | 9,189,546 | ||
U.S. Treasury Notes, 2.375%, 5/15/2029 (f) | 14,356,700 | 13,834,026 | ||
$ 52,848,003 | ||||
Utilities - Electric Power – 0.9% | ||||
American Electric Power Co., Inc., 2.3%, 3/01/2030 | $ | 1,460,000 | $ 1,253,763 | |
Bruce Power LP, 2.68%, 12/21/2028 | CAD | 1,600,000 | 1,125,935 | |
Duke Energy Corp., 3.75%, 9/01/2046 | $ | 910,000 | 753,914 | |
Enel Americas S.A., 4%, 10/25/2026 | 3,133,000 | 3,041,422 | ||
Enel Finance International N.V., 2.875%, 4/11/2029 | GBP | 540,000 | 655,172 | |
Enel Finance International N.V., 4.75%, 5/25/2047 (n) | $ | 456,000 | 438,934 | |
Enel S.p.A., 2.25% to 3/10/2027, FLR (EUR Swap Rate - 5yr. + 2.679%) to 3/10/2032, FLR (EUR Swap Rate - 5yr. + 2.929%) to 3/10/2047, FLR (EUR Swap Rate - 5yr. + 3.679%) to 3/10/2070 | EUR | 875,000 | 853,850 | |
Enel S.p.A., 1.875%, 3/08/2170 | 1,025,000 | 863,707 | ||
Evergy, Inc., 2.9%, 9/15/2029 | $ | 1,246,000 | 1,142,270 | |
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 758,000 | 665,693 | ||
NextEra Energy Capital Holdings, Inc., 3.55%, 5/01/2027 | 351,000 | 344,030 | ||
Southern California Edison Co., 3.65%, 2/01/2050 | 478,000 | 383,351 | ||
Virginia Electric & Power Co., 3.5%, 3/15/2027 | 1,800,000 | 1,781,208 | ||
Virginia Electric & Power Co., 2.875%, 7/15/2029 | 454,000 | 420,589 | ||
$ 13,723,838 | ||||
Total Bonds (Identified Cost, $673,659,727) | $ 601,093,866 | |||
Preferred Stocks – 0.7% | ||||
Computer Software - Systems – 0.2% | ||||
Samsung Electronics Co. Ltd. | 61,297 | $ 2,862,479 | ||
Consumer Products – 0.5% | ||||
Henkel AG & Co. KGaA | 123,148 | $ 7,971,583 | ||
Total Preferred Stocks (Identified Cost, $10,326,854) | $ 10,834,062 | |||
Convertible Preferred Stocks – 0.1% | ||||
Medical Equipment – 0.1% | ||||
Boston Scientific Corp., 5.5% (Identified Cost, $1,472,916) | 13,573 | $ 1,531,713 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.0% | ||||
Money Market Funds – 1.0% | ||||
MFS Institutional Money Market Portfolio, 0.28% (v) (Identified Cost, $15,511,608) | 15,513,159 | $ 15,513,159 | ||
Collateral for Securities Loaned – 0.0% | ||||
JPMorgan U.S. Government Money Market Fund, 0.36% (j) (Identified Cost, $537,806) | 537,806 | $ 537,806 | ||
Other Assets, Less Liabilities – 0.6% | 9,992,719 | |||
Net Assets – 100.0% | $1,584,960,508 |
(a) | Non-income producing security. |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $15,513,159 and $1,559,454,630, respectively. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(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. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $96,988,134, representing 6.1% of net assets. |
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date | Cost | Value |
ACRES 2021-FL2 Issuer Ltd., “AS”, FLR, 2.304% (LIBOR - 1mo. + 1.75%), 1/15/2037 | 12/07/2021 | $808,500 | $797,569 |
ACRES 2021-FL2 Issuer Ltd., “B”, FLR, 2.804% (LIBOR - 1mo. + 2.25%), 1/15/2037 | 12/07/2021 | 1,320,000 | 1,302,429 |
MF1 2020-FL3 Ltd., “AS”, FLR, 3.473% (LIBOR - 1mo. + 2.85%), 7/15/2035 | 6/12/2020 | 714,500 | 715,189 |
Total Restricted Securities | $2,815,187 | ||
% of Net assets | 0.2% |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
AGM | Assured Guaranty Municipal |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
EURIBOR | Euro Interbank Offered Rate |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
GNMA | Government National Mortgage Assn. |
ICE | Intercontinental Exchange |
IEU | International Equity Unit |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
PCL | Public Company Limited |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced |
UMBS | Uniform Mortgage-Backed Security |
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: | |
AUD | Australian Dollar |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
CNH | Chinese Yuan Renminbi (Offshore) |
CNY | China Yuan Renminbi |
COP | Colombian Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EUR | Euro |
GBP | British Pound |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli Shekel |
ISK | Iceland Krona |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PLN | Polish Zloty |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TWD | Taiwan Dollar |
UYU | Uruguayan Peso |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
EUR | 1,701,566 | USD | 1,795,163 | HSBC Bank | 7/15/2022 | $6,809 |
EUR | 922,000 | USD | 972,365 | JPMorgan Chase Bank N.A. | 7/15/2022 | 4,040 |
EUR | 12,591,477 | USD | 13,280,684 | Morgan Stanley Capital Services, Inc. | 7/15/2022 | 53,790 |
GBP | 630,000 | USD | 785,301 | JPMorgan Chase Bank N.A. | 7/15/2022 | 7,117 |
USD | 3,046,480 | AUD | 4,179,000 | Citibank N.A. | 7/15/2022 | 89,897 |
USD | 1,242,600 | AUD | 1,714,000 | Deutsche Bank AG | 7/15/2022 | 29,969 |
USD | 10,039,838 | AUD | 13,646,000 | JPMorgan Chase Bank N.A. | 7/15/2022 | 385,489 |
USD | 723,251 | CAD | 920,000 | Goldman Sachs International | 7/15/2022 | 7,298 |
USD | 921,721 | CNH | 6,100,000 | Brown Brothers Harriman | 7/15/2022 | 7,671 |
USD | 647,234 | CNH | 4,153,000 | HSBC Bank | 7/15/2022 | 24,931 |
USD | 6,744,637 | EUR | 6,121,038 | BNP Paribas S.A. | 7/15/2022 | 262,409 |
USD | 4,644,352 | EUR | 4,248,105 | Deutsche Bank AG | 7/15/2022 | 145,576 |
USD | 977,724 | EUR | 882,929 | HSBC Bank | 7/15/2022 | 42,695 |
USD | 678,128 | EUR | 610,000 | JPMorgan Chase Bank N.A. | 7/15/2022 | 32,133 |
USD | 4,893,396 | EUR | 4,464,882 | UBS AG | 7/15/2022 | 165,051 |
USD | 2,696,114 | GBP | 2,100,000 | Barclays Bank PLC | 7/15/2022 | 54,721 |
USD | 6,539,216 | GBP | 4,993,428 | Deutsche Bank AG | 7/15/2022 | 258,452 |
USD | 707,577 | GBP | 539,714 | HSBC Bank | 7/15/2022 | 28,722 |
USD | 383,689 | JPY | 47,341,310 | Deutsche Bank AG | 7/15/2022 | 17,752 |
USD | 9,504,223 | KRW | 11,650,846,915 | Citibank N.A. | 6/30/2022 | 225,686 |
USD | 3,446,773 | KRW | 4,202,306,000 | Citibank N.A. | 7/08/2022 | 99,578 |
USD | 6,734,597 | KRW | 8,208,597,850 | JPMorgan Chase Bank N.A. | 7/08/2022 | 196,334 |
USD | 2,208,209 | KRW | 2,689,267,000 | Merrill Lynch International | 7/08/2022 | 66,170 |
USD | 29,603,544 | NZD | 42,686,252 | Deutsche Bank AG | 7/15/2022 | 2,059,775 |
USD | 3,658,136 | NZD | 5,392,638 | HSBC Bank | 7/15/2022 | 178,477 |
USD | 849,686 | TWD | 24,516,000 | Barclays Bank PLC | 7/18/2022 | 16,890 |
USD | 3,516,653 | TWD | 97,348,000 | JPMorgan Chase Bank N.A. | 5/17/2022 | 213,735 |
USD | 2,627,113 | TWD | 75,984,000 | Merrill Lynch International | 7/18/2022 | 45,974 |
$4,727,141 | ||||||
Liability Derivatives | ||||||
AUD | 22,449,731 | USD | 16,884,330 | Merrill Lynch International | 7/15/2022 | $(1,001,468) |
CAD | 28,308,573 | USD | 22,588,904 | UBS AG | 7/15/2022 | (558,925) |
CHF | 3,213,000 | USD | 3,482,040 | UBS AG | 7/15/2022 | (165,227) |
CLP | 1,301,280,000 | USD | 1,621,735 | Citibank N.A. | 6/29/2022 | (113,523) |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives - continued | ||||||
CLP | 283,090,000 | USD | 341,710 | Goldman Sachs International | 6/29/2022 | $(13,603) |
CNH | 23,693,000 | USD | 3,696,736 | HSBC Bank | 7/15/2022 | (146,474) |
COP | 2,567,260,000 | USD | 664,578 | Goldman Sachs International | 6/08/2022 | (20,063) |
CZK | 95,932,000 | USD | 4,293,950 | HSBC Bank | 7/15/2022 | (216,434) |
DKK | 8,708,598 | USD | 1,257,693 | Brown Brothers Harriman | 7/15/2022 | (17,919) |
EUR | 5,018,885 | USD | 5,569,558 | HSBC Bank | 7/15/2022 | (254,519) |
EUR | 994,720 | USD | 1,082,643 | JPMorgan Chase Bank N.A. | 7/15/2022 | (29,227) |
GBP | 1,075,049 | USD | 1,404,159 | Deutsche Bank AG | 7/15/2022 | (51,955) |
GBP | 539,347 | USD | 707,035 | HSBC Bank | 7/15/2022 | (28,641) |
HUF | 162,983,000 | USD | 478,661 | Goldman Sachs International | 7/15/2022 | (28,698) |
IDR | 41,290,358,660 | USD | 2,869,578 | JPMorgan Chase Bank N.A. | 6/17/2022 | (29,462) |
ILS | 3,400,000 | USD | 1,035,707 | Brown Brothers Harriman | 7/15/2022 | (13,410) |
JPY | 263,792,546 | USD | 2,071,367 | HSBC Bank | 7/15/2022 | (32,310) |
JPY | 61,859,119 | USD | 505,466 | JPMorgan Chase Bank N.A. | 7/15/2022 | (27,309) |
JPY | 3,210,100,662 | USD | 26,213,891 | Merrill Lynch International | 7/15/2022 | (1,400,532) |
MXN | 35,968,516 | USD | 1,776,743 | UBS AG | 7/15/2022 | (39,512) |
NOK | 53,447,246 | USD | 6,168,500 | HSBC Bank | 7/15/2022 | (467,931) |
NZD | 3,491,000 | USD | 2,311,592 | Deutsche Bank AG | 7/15/2022 | (58,986) |
NZD | 11,286,000 | USD | 7,605,053 | Goldman Sachs International | 7/15/2022 | (322,639) |
NZD | 5,423,000 | USD | 3,591,917 | JPMorgan Chase Bank N.A. | 7/15/2022 | (92,667) |
PLN | 4,899,803 | USD | 1,142,860 | Goldman Sachs International | 7/15/2022 | (48,229) |
SEK | 29,156,127 | USD | 3,107,524 | Deutsche Bank AG | 7/15/2022 | (131,557) |
SEK | 30,066,000 | USD | 3,156,171 | Goldman Sachs International | 7/15/2022 | (87,333) |
SGD | 1,797,000 | USD | 1,327,915 | Citibank N.A. | 7/15/2022 | (28,428) |
SGD | 9,100,000 | USD | 6,667,896 | JPMorgan Chase Bank N.A. | 7/15/2022 | (87,299) |
THB | 68,750,000 | USD | 2,044,306 | JPMorgan Chase Bank N.A. | 7/19/2022 | (40,031) |
USD | 1,906,055 | EUR | 1,800,000 | Deutsche Bank AG | 7/15/2022 | (160) |
USD | 1,269,904 | GBP | 1,012,000 | JPMorgan Chase Bank N.A. | 7/15/2022 | (2,995) |
$(5,557,466) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
Australian Bond 10 yr | Short | AUD | 70 | $6,139,767 | June – 2022 | $79,588 |
Canadian Treasury Bond 5 yr | Short | CAD | 404 | 36,385,630 | June – 2022 | 1,202,244 |
Euro-Bund 10 yr | Short | EUR | 163 | 26,410,853 | June – 2022 | 1,751,606 |
U.S. Treasury Bond | Short | USD | 66 | 9,285,375 | June – 2022 | 711,201 |
U.S. Treasury Note 5 yr | Short | USD | 562 | 63,321,594 | June – 2022 | 2,626,297 |
U.S. Treasury Ultra Bond | Short | USD | 3 | 481,312 | June – 2022 | 27,629 |
U.S. Treasury Ultra Note 10 yr | Short | USD | 236 | 30,444,000 | June – 2022 | 1,654,630 |
$8,053,195 |
Futures Contracts - continued | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
Canadian Treasury Bond 10yr | Long | CAD | 29 | $2,852,481 | June – 2022 | $(24,923) |
Euro-Bobl 5 yr | Long | EUR | 155 | 20,796,124 | June – 2022 | (587,002) |
Euro-Buxl 30 yr | Long | EUR | 68 | 12,265,524 | June – 2022 | (244,885) |
Long Gilt 10 yr | Long | GBP | 48 | 7,148,754 | June – 2022 | (145,013) |
U.S. Treasury Note 10 yr | Long | USD | 94 | 11,200,688 | June – 2022 | (62,225) |
U.S. Treasury Note 2 yr | Long | USD | 167 | 35,205,687 | June – 2022 | (87,640) |
$(1,151,688) |
Uncleared Swap Agreements | ||||||||||
Maturity Date | Notional Amount | Counterparty | Cash Flows to Receive/ Frequency | Cash Flows to Pay/ Frequency | Unrealized Appreciation (Depreciation) | Net Unamortized Upfront Payments (Receipts) | Value | |||
Asset Derivatives | ||||||||||
Credit Default Swaps | ||||||||||
12/20/26 | EUR | 973,000 | Goldman Sachs International | 5.00%/Quarterly | (1) | $(42,276) | $197,472 | $155,196 | ||
Liability Derivatives | ||||||||||
Credit Default Swaps | ||||||||||
12/20/31 | EUR | 1,140,000 | Barclays Bank PLC | 1.00%/Quarterly | (2) | $(42,231) | $12,008 | $(30,223) |
(1) | Fund, as protection seller, to pay notional amount upon a defined credit event by Glencore Funding LLC, 1.875%, 9/13/23, a BBB+ rated bond. The fund entered into the contract to gain issuer exposure. |
(2) | Fund, as protection seller, to pay notional amount upon a defined credit event by Daimler Finance North America LLC, 1.4%, 1/12/24, a A- rated bond. The fund entered into the contract to gain issuer exposure. |
Assets | |
Investments in unaffiliated issuers, at value, including $522,031 of securities on loan (identified cost, $1,353,569,011) | $1,559,454,630 |
Investments in affiliated issuers, at value (identified cost, $15,511,608) | 15,513,159 |
Foreign currency, at value (identified cost, $111,813) | 111,647 |
Restricted cash for | |
Forward foreign currency exchange contracts | 2,670,000 |
Receivables for | |
Forward foreign currency exchange contracts | 4,727,141 |
Net daily variation margin on open futures contracts | 167,715 |
Investments sold | 22,753,302 |
TBA sale commitments | 3,196,716 |
Fund shares sold | 1,110,178 |
Interest and dividends | 8,572,346 |
Uncleared swaps, at value (net of unamortized premiums paid, $209,480) | 155,196 |
Receivable from investment adviser | 12,060 |
Other assets | 45,448 |
Total assets | $1,618,489,538 |
Liabilities | |
Payable to custodian | $18,952 |
Payables for | |
Forward foreign currency exchange contracts | 5,557,466 |
Investments purchased | 11,264,016 |
TBA purchase commitments | 12,827,486 |
Fund shares reacquired | 1,849,896 |
When-issued investments purchased | 779,948 |
Collateral for securities loaned, at value | 537,806 |
Uncleared swaps, at value | 30,223 |
Payable to affiliates | |
Administrative services fee | 2,279 |
Shareholder servicing costs | 451,459 |
Distribution and service fees | 23,950 |
Payable for independent Trustees' compensation | 5,312 |
Deferred country tax expense payable | 19,285 |
Accrued expenses and other liabilities | 160,952 |
Total liabilities | $33,529,030 |
Net assets | $1,584,960,508 |
Net assets consist of | |
Paid-in capital | $1,359,906,738 |
Total distributable earnings (loss) | 225,053,770 |
Net assets | $1,584,960,508 |
Shares of beneficial interest outstanding | 95,438,039 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $709,479,396 | 42,475,832 | $16.70 |
Class B | 13,254,442 | 774,658 | 17.11 |
Class C | 89,818,112 | 5,345,843 | 16.80 |
Class I | 509,812,143 | 30,929,157 | 16.48 |
Class R1 | 2,315,576 | 138,850 | 16.68 |
Class R2 | 4,403,522 | 267,043 | 16.49 |
Class R3 | 16,330,869 | 981,403 | 16.64 |
Class R4 | 5,917,005 | 353,615 | 16.73 |
Class R6 | 233,629,443 | 14,171,638 | 16.49 |
(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 $17.72 [100 / 94.25 x $16.70]. 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 | $13,580,867 |
Interest | 6,757,866 |
Other | 75,134 |
Dividends from affiliated issuers | 22,016 |
Income on securities loaned | 6,602 |
Foreign taxes withheld | (694,149) |
Total investment income | $19,748,336 |
Expenses | |
Management fee | $6,554,451 |
Distribution and service fees | 1,619,424 |
Shareholder servicing costs | 819,179 |
Administrative services fee | 125,777 |
Independent Trustees' compensation | 13,349 |
Custodian fee | 144,380 |
Shareholder communications | 49,405 |
Audit and tax fees | 44,066 |
Legal fees | 4,475 |
Miscellaneous | 110,646 |
Total expenses | $9,485,152 |
Fees paid indirectly | (998) |
Reduction of expenses by investment adviser and distributor | (688,722) |
Net expenses | $8,795,432 |
Net investment income (loss) | $10,952,904 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $18,919 country tax) | $24,615,142 |
Affiliated issuers | 167 |
Written options | 22,174 |
Futures contracts | 4,390,074 |
Swap agreements | 37,084 |
Forward foreign currency exchange contracts | (2,822,290) |
Foreign currency | (434,139) |
Net realized gain (loss) | $25,808,212 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $7,183 increase in deferred country tax) | $(191,860,588) |
Affiliated issuers | (166) |
Futures contracts | 4,747,676 |
Swap agreements | (84,507) |
Forward foreign currency exchange contracts | 86,854 |
Translation of assets and liabilities in foreign currencies | (360,904) |
Net unrealized gain (loss) | $(187,471,635) |
Net realized and unrealized gain (loss) | $(161,663,423) |
Change in net assets from operations | $(150,710,519) |
Six months ended | Year ended | |
4/30/22 (unaudited) | 10/31/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $10,952,904 | $23,918,866 |
Net realized gain (loss) | 25,808,212 | 168,413,931 |
Net unrealized gain (loss) | (187,471,635) | 130,474,754 |
Change in net assets from operations | $(150,710,519) | $322,807,551 |
Total distributions to shareholders | $(157,268,520) | $(127,898,152) |
Change in net assets from fund share transactions | $56,150,987 | $(8,865,770) |
Total change in net assets | $(251,828,052) | $186,043,629 |
Net assets | ||
At beginning of period | 1,836,788,560 | 1,650,744,931 |
At end of period | $1,584,960,508 | $1,836,788,560 |
Class A | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $19.98 | $17.90 | $18.51 | $17.02 | $18.08 | $16.42 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.24 | $0.22 | $0.30 | $0.27 | $0.23(c) |
Net realized and unrealized gain (loss) | (1.67) | 3.22 | (0.03) | 1.70 | (0.81) | 1.70 |
Total from investment operations | $(1.56) | $3.46 | $0.19 | $2.00 | $(0.54) | $1.93 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.35) | $(0.29) | $(0.23) | $(0.28) | $(0.27) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.72) | $(1.38) | $(0.80) | $(0.51) | $(0.52) | $(0.27) |
Net asset value, end of period (x) | $16.70 | $19.98 | $17.90 | $18.51 | $17.02 | $18.08 |
Total return (%) (r)(s)(t)(x) | (8.61)(n) | 19.88 | 1.00 | 12.03 | (3.12) | 11.88(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.17(a) | 1.16 | 1.17 | 1.16 | 1.15 | 1.20(c) |
Expenses after expense reductions (f) | 1.09(a) | 1.09 | 1.09 | 1.09 | 1.09 | 1.08(c) |
Net investment income (loss) | 1.19(a) | 1.24 | 1.26 | 1.70 | 1.48 | 1.35(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $709,479 | $810,477 | $698,352 | $754,092 | $731,699 | $781,298 |
Class B | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $20.45 | $18.29 | $18.88 | $17.34 | $18.41 | $16.73 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.10 | $0.09 | $0.17 | $0.13 | $0.11(c) |
Net realized and unrealized gain (loss) | (1.71) | 3.29 | (0.03) | 1.73 | (0.83) | 1.74 |
Total from investment operations | $(1.67) | $3.39 | $0.06 | $1.90 | $(0.70) | $1.85 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.20) | $(0.14) | $(0.08) | $(0.13) | $(0.17) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.67) | $(1.23) | $(0.65) | $(0.36) | $(0.37) | $(0.17) |
Net asset value, end of period (x) | $17.11 | $20.45 | $18.29 | $18.88 | $17.34 | $18.41 |
Total return (%) (r)(s)(t)(x) | (8.94)(n) | 18.96 | 0.26 | 11.21 | (3.90) | 11.11(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.92(a) | 1.91 | 1.92 | 1.91 | 1.90 | 1.95(c) |
Expenses after expense reductions (f) | 1.84(a) | 1.84 | 1.84 | 1.84 | 1.84 | 1.84(c) |
Net investment income (loss) | 0.41(a) | 0.49 | 0.51 | 0.96 | 0.72 | 0.61(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $13,254 | $17,638 | $19,630 | $28,393 | $36,088 | $48,598 |
Class C | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $20.12 | $18.01 | $18.60 | $17.10 | $18.15 | $16.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.10 | $0.09 | $0.17 | $0.13 | $0.10(c) |
Net realized and unrealized gain (loss) | (1.69) | 3.24 | (0.03) | 1.70 | (0.80) | 1.71 |
Total from investment operations | $(1.65) | $3.34 | $0.06 | $1.87 | $(0.67) | $1.81 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.20) | $(0.14) | $(0.09) | $(0.14) | $(0.17) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.67) | $(1.23) | $(0.65) | $(0.37) | $(0.38) | $(0.17) |
Net asset value, end of period (x) | $16.80 | $20.12 | $18.01 | $18.60 | $17.10 | $18.15 |
Total return (%) (r)(s)(t)(x) | (8.98)(n) | 19.00 | 0.28 | 11.14 | (3.81) | 11.03(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.92(a) | 1.91 | 1.92 | 1.91 | 1.90 | 1.95(c) |
Expenses after expense reductions (f) | 1.84(a) | 1.84 | 1.84 | 1.84 | 1.84 | 1.84(c) |
Net investment income (loss) | 0.42(a) | 0.49 | 0.52 | 0.96 | 0.72 | 0.60(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $89,818 | $116,520 | $144,961 | $211,090 | $255,464 | $337,099 |
Class I | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $19.75 | $17.70 | $18.31 | $16.85 | $17.91 | $16.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.29 | $0.27 | $0.34 | $0.31 | $0.28(c) |
Net realized and unrealized gain (loss) | (1.66) | 3.19 | (0.04) | 1.67 | (0.81) | 1.69 |
Total from investment operations | $(1.53) | $3.48 | $0.23 | $2.01 | $(0.50) | $1.97 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.40) | $(0.33) | $(0.27) | $(0.32) | $(0.32) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.74) | $(1.43) | $(0.84) | $(0.55) | $(0.56) | $(0.32) |
Net asset value, end of period (x) | $16.48 | $19.75 | $17.70 | $18.31 | $16.85 | $17.91 |
Total return (%) (r)(s)(t)(x) | (8.54)(n) | 20.23 | 1.27 | 12.26 | (2.90) | 12.22(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.92(a) | 0.91 | 0.92 | 0.91 | 0.90 | 0.95(c) |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84(c) |
Net investment income (loss) | 1.43(a) | 1.49 | 1.50 | 1.94 | 1.75 | 1.64(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $509,812 | $597,469 | $524,907 | $569,767 | $667,895 | $585,360 |
Class R1 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $19.98 | $17.90 | $18.51 | $17.02 | $18.08 | $16.44 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.10 | $0.09 | $0.17 | $0.12 | $0.10(c) |
Net realized and unrealized gain (loss) | (1.67) | 3.22 | (0.03) | 1.69 | (0.80) | 1.71 |
Total from investment operations | $(1.63) | $3.32 | $0.06 | $1.86 | $(0.68) | $1.81 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.21) | $(0.16) | $(0.09) | $(0.14) | $(0.17) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.67) | $(1.24) | $(0.67) | $(0.37) | $(0.38) | $(0.17) |
Net asset value, end of period (x) | $16.68 | $19.98 | $17.90 | $18.51 | $17.02 | $18.08 |
Total return (%) (r)(s)(t)(x) | (8.93)(n) | 18.99 | 0.23 | 11.18 | (3.84) | 11.09(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.92(a) | 1.91 | 1.92 | 1.91 | 1.90 | 1.95(c) |
Expenses after expense reductions (f) | 1.84(a) | 1.84 | 1.84 | 1.84 | 1.84 | 1.84(c) |
Net investment income (loss) | 0.45(a) | 0.49 | 0.51 | 0.96 | 0.65 | 0.59(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $2,316 | $2,432 | $2,396 | $2,483 | $2,352 | $2,578 |
Class R2 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $19.76 | $17.71 | $18.31 | $16.84 | $17.89 | $16.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.19 | $0.18 | $0.25 | $0.22 | $0.19(c) |
Net realized and unrealized gain (loss) | (1.66) | 3.19 | (0.04) | 1.68 | (0.80) | 1.68 |
Total from investment operations | $(1.57) | $3.38 | $0.14 | $1.93 | $(0.58) | $1.87 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.30) | $(0.23) | $(0.18) | $(0.23) | $(0.24) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.70) | $(1.33) | $(0.74) | $(0.46) | $(0.47) | $(0.24) |
Net asset value, end of period (x) | $16.49 | $19.76 | $17.71 | $18.31 | $16.84 | $17.89 |
Total return (%) (r)(s)(t)(x) | (8.73)(n) | 19.61 | 0.75 | 11.74 | (3.37) | 11.59(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.42(a) | 1.41 | 1.42 | 1.41 | 1.40 | 1.45(c) |
Expenses after expense reductions (f) | 1.34(a) | 1.34 | 1.34 | 1.34 | 1.34 | 1.34(c) |
Net investment income (loss) | 0.95(a) | 0.99 | 1.00 | 1.44 | 1.21 | 1.11(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $4,404 | $5,047 | $4,997 | $11,286 | $13,788 | $21,141 |
Class R3 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $19.92 | $17.85 | $18.45 | $16.97 | $18.03 | $16.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.24 | $0.22 | $0.30 | $0.26 | $0.23(c) |
Net realized and unrealized gain (loss) | (1.67) | 3.21 | (0.02) | 1.69 | (0.80) | 1.71 |
Total from investment operations | $(1.56) | $3.45 | $0.20 | $1.99 | $(0.54) | $1.94 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.35) | $(0.29) | $(0.23) | $(0.28) | $(0.28) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.72) | $(1.38) | $(0.80) | $(0.51) | $(0.52) | $(0.28) |
Net asset value, end of period (x) | $16.64 | $19.92 | $17.85 | $18.45 | $16.97 | $18.03 |
Total return (%) (r)(s)(t)(x) | (8.63)(n) | 19.88 | 1.05 | 12.01 | (3.14) | 11.94(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.17(a) | 1.16 | 1.17 | 1.16 | 1.15 | 1.20(c) |
Expenses after expense reductions (f) | 1.09(a) | 1.09 | 1.09 | 1.09 | 1.09 | 1.09(c) |
Net investment income (loss) | 1.17(a) | 1.24 | 1.25 | 1.69 | 1.47 | 1.35(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $16,331 | $19,529 | $19,799 | $20,300 | $18,795 | $21,193 |
Class R4 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $20.02 | $17.93 | $18.54 | $17.05 | $18.11 | $16.44 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.29 | $0.27 | $0.34 | $0.31 | $0.27(c) |
Net realized and unrealized gain (loss) | (1.68) | 3.23 | (0.04) | 1.70 | (0.81) | 1.72 |
Total from investment operations | $(1.55) | $3.52 | $0.23 | $2.04 | $(0.50) | $1.99 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.40) | $(0.33) | $(0.27) | $(0.32) | $(0.32) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.74) | $(1.43) | $(0.84) | $(0.55) | $(0.56) | $(0.32) |
Net asset value, end of period (x) | $16.73 | $20.02 | $17.93 | $18.54 | $17.05 | $18.11 |
Total return (%) (r)(s)(t)(x) | (8.53)(n) | 20.19 | 1.25 | 12.30 | (2.87) | 12.20(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.92(a) | 0.91 | 0.92 | 0.91 | 0.90 | 0.95(c) |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84(c) |
Net investment income (loss) | 1.47(a) | 1.50 | 1.51 | 1.95 | 1.71 | 1.59(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $5,917 | $6,058 | $6,461 | $7,570 | $7,514 | $6,063 |
Class R6 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $19.75 | $17.71 | $18.32 | $16.85 | $17.91 | $16.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.31 | $0.28 | $0.35 | $0.33 | $0.28(c) |
Net realized and unrealized gain (loss) | (1.65) | 3.18 | (0.03) | 1.69 | (0.81) | 1.70 |
Total from investment operations | $(1.51) | $3.49 | $0.25 | $2.04 | $(0.48) | $1.98 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.42) | $(0.35) | $(0.29) | $(0.34) | $(0.33) |
From net realized gain | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) | — |
Total distributions declared to shareholders | $(1.75) | $(1.45) | $(0.86) | $(0.57) | $(0.58) | $(0.33) |
Net asset value, end of period (x) | $16.49 | $19.75 | $17.71 | $18.32 | $16.85 | $17.91 |
Total return (%) (r)(s)(t)(x) | (8.44)(n) | 20.26 | 1.36 | 12.44 | (2.82) | 12.33(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.83(a) | 0.82 | 0.83 | 0.82 | 0.81 | 0.84(c) |
Expenses after expense reductions (f) | 0.75(a) | 0.75 | 0.75 | 0.75 | 0.75 | 0.74(c) |
Net investment income (loss) | 1.53(a) | 1.58 | 1.60 | 2.03 | 1.83 | 1.63(c) |
Portfolio turnover | 37(n) | 94 | 89 | 65 | 52 | 41 |
Net assets at end of period (000 omitted) | $233,629 | $261,619 | $229,244 | $230,324 | $363,364 | $347,795 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $535,358,990 | $— | $— | $535,358,990 |
Switzerland | — | 67,450,566 | — | 67,450,566 |
United Kingdom | 7,287,140 | 59,042,411 | — | 66,329,551 |
Japan | 10,052,866 | 51,443,107 | — | 61,495,973 |
France | — | 41,685,547 | — | 41,685,547 |
Canada | 32,277,717 | — | — | 32,277,717 |
Germany | 14,780,443 | 14,296,725 | — | 29,077,168 |
Netherlands | — | 18,422,074 | — | 18,422,074 |
South Korea | — | 16,841,136 | — | 16,841,136 |
Other Countries | 32,086,800 | 56,797,436 | 0 | 88,884,236 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 53,170,715 | — | 53,170,715 |
Non - U.S. Sovereign Debt | — | 250,041,069 | — | 250,041,069 |
Municipal Bonds | — | 6,142,969 | — | 6,142,969 |
U.S. Corporate Bonds | — | 97,267,405 | — | 97,267,405 |
Residential Mortgage-Backed Securities | — | 46,047,646 | — | 46,047,646 |
Commercial Mortgage-Backed Securities | — | 23,003,297 | — | 23,003,297 |
Asset-Backed Securities (including CDOs) | — | 29,700,736 | — | 29,700,736 |
Foreign Bonds | — | 95,720,029 | — | 95,720,029 |
Mutual Funds | 16,050,965 | — | — | 16,050,965 |
Total | $647,894,921 | $927,072,868 | $0 | $1,574,967,789 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $8,053,195 | $— | $— | $8,053,195 |
Futures Contracts – Liabilities | (1,151,688) | — | — | (1,151,688) |
Forward Foreign Currency Exchange Contracts – Assets | — | 4,727,141 | — | 4,727,141 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (5,557,466) | — | (5,557,466) |
Swap Agreements – Assets | — | 155,196 | — | 155,196 |
Swap Agreements – Liabilities | — | (30,223) | — | (30,223) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $8,053,195 | $(1,151,688) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 4,727,141 | (5,557,466) |
Credit | Uncleared Swap Agreements | 155,196 | (30,223) |
Total | $12,935,532 | $(6,739,377) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is separately reported within the Statement of Assets and Liabilities. |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) | Written Options |
Interest Rate | $4,390,074 | $ — | $ — | $1,791,495 | $ — |
Foreign Exchange | — | — | (2,822,290) | (157,729) | — |
Credit | — | 37,084 | — | (17,481) | 22,174 |
Total | $4,390,074 | $37,084 | $(2,822,290) | $1,616,285 | $22,174 |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) |
Interest Rate | $4,747,676 | $ — | $ — | $(322,752) |
Foreign Exchange | — | — | 86,854 | — |
Credit | — | (84,507) | — | — |
Total | $4,747,676 | $(84,507) | $86,854 | $(322,752) |
Year ended 10/31/21 | |
Ordinary income (including any short-term capital gains) | $35,867,262 |
Long-term capital gains | 92,030,890 |
Total distributions | $127,898,152 |
As of 4/30/22 | |
Cost of investments | $1,387,466,229 |
Gross appreciation | 281,901,539 |
Gross depreciation | (94,399,979) |
Net unrealized appreciation (depreciation) | $ 187,501,560 |
As of 10/31/21 | |
Undistributed ordinary income | 17,238,485 |
Undistributed long-term capital gain | 135,633,098 |
Other temporary differences | 167,382 |
Net unrealized appreciation (depreciation) | 379,993,844 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||
Class A | $68,649,040 | $53,672,718 | |
Class B | 1,395,205 | 1,273,029 | |
Class C | 9,401,182 | 9,445,301 | |
Class I | 51,893,010 | 42,285,015 | |
Class R1 | 202,464 | 164,770 | |
Class R2 | 431,823 | 361,052 | |
Class R3 | 1,758,530 | 1,519,960 | |
Class R4 | 506,136 | 497,220 | |
Class R6 | 23,031,130 | 18,679,087 | |
Total | $157,268,520 | $127,898,152 |
Up to $500 million | 0.84% |
In excess of $500 million and 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% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
1.09% | 1.84% | 1.84% | 0.84% | 1.84% | 1.34% | 1.09% | 0.84% | 0.78% |
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% | $ 962,485 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 79,373 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 529,483 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 11,947 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 12,361 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 23,775 |
Total Distribution and Service Fees | $1,619,424 |
(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 April 30, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended April 30, 2022, this rebate amounted to $376 and $3 for Class A and Class B, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $8,403 |
Class B | 3,417 |
Class C | 2,428 |
Purchases | Sales | |
U.S. Government securities | $128,031,894 | $141,731,765 |
Non-U.S. Government securities | 505,531,589 | 538,435,887 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,069,412 | $37,573,500 | 4,373,697 | $84,778,727 | |
Class B | 5,237 | 97,927 | 4,856 | 93,924 | |
Class C | 170,241 | 3,145,391 | 374,840 | 7,327,015 | |
Class I | 2,584,481 | 46,844,534 | 5,299,816 | 101,702,117 | |
Class R1 | 15,118 | 267,969 | 10,650 | 208,208 | |
Class R2 | 36,001 | 641,401 | 41,301 | 792,127 | |
Class R3 | 247,239 | 4,577,503 | 152,610 | 2,961,078 | |
Class R4 | 55,203 | 987,365 | 70,946 | 1,392,577 | |
Class R6 | 1,500,948 | 27,165,521 | 2,836,265 | 54,659,503 | |
6,683,880 | $121,301,111 | 13,164,981 | $253,915,276 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 3,411,733 | $62,639,006 | 2,617,171 | $49,281,894 | |
Class B | 69,343 | 1,307,804 | 61,966 | 1,190,152 | |
Class C | 481,969 | 8,926,071 | 456,350 | 8,622,444 | |
Class I | 2,462,203 | 44,579,213 | 1,946,797 | 36,241,395 | |
Class R1 | 11,015 | 202,464 | 8,773 | 164,770 | |
Class R2 | 21,167 | 383,969 | 16,877 | 313,997 | |
Class R3 | 96,147 | 1,758,530 | 81,087 | 1,519,960 | |
Class R4 | 27,456 | 504,763 | 26,086 | 491,887 | |
Class R6 | 1,090,877 | 19,748,814 | 855,542 | 15,932,843 | |
7,671,910 | $140,050,634 | 6,070,649 | $113,759,342 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (3,561,402) | $(65,196,174) | (5,442,782) | $(105,840,131) | |
Class B | (162,266) | (3,008,901) | (277,760) | (5,539,888) | |
Class C | (1,098,825) | (20,027,172) | (3,088,516) | (60,085,012) | |
Class I | (4,376,683) | (79,132,783) | (6,637,545) | (127,588,510) | |
Class R1 | (9,004) | (161,486) | (31,518) | (612,574) | |
Class R2 | (45,549) | (800,060) | (84,828) | (1,629,465) | |
Class R3 | (342,571) | (6,191,556) | (362,528) | (6,909,193) | |
Class R4 | (31,667) | (595,722) | (154,759) | (3,027,858) | |
Class R6 | (1,667,568) | (30,086,904) | (3,392,351) | (65,307,757) | |
(11,295,535) | $(205,200,758) | (19,472,587) | $(376,540,388) | ||
Net change | |||||
Class A | 1,919,743 | $35,016,332 | 1,548,086 | $28,220,490 | |
Class B | (87,686) | (1,603,170) | (210,938) | (4,255,812) | |
Class C | (446,615) | (7,955,710) | (2,257,326) | (44,135,553) | |
Class I | 670,001 | 12,290,964 | 609,068 | 10,355,002 | |
Class R1 | 17,129 | 308,947 | (12,095) | (239,596) | |
Class R2 | 11,619 | 225,310 | (26,650) | (523,341) | |
Class R3 | 815 | 144,477 | (128,831) | (2,428,155) | |
Class R4 | 50,992 | 896,406 | (57,727) | (1,143,394) | |
Class R6 | 924,257 | 16,827,431 | 299,456 | 5,284,589 | |
3,060,255 | $56,150,987 | (236,957) | $(8,865,770) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $57,314,626 | $284,343,916 | $326,145,384 | $167 | $(166) | $15,513,159 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $22,016 | $— |
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back cover |
NextEra Energy, Inc. | 9.1% |
Sempra Energy | 5.4% |
Dominion Energy, Inc. | 5.1% |
Southern Co. | 4.7% |
PG&E Corp. | 4.2% |
Exelon Corp. | 3.8% |
American Electric Power Co., Inc. | 3.5% |
EDP Renovaveis S.A. | 3.5% |
DTE Energy Co. | 3.4% |
Edison International | 3.3% |
Utilities - Electric Power | 81.4% |
Telecommunications - Wireless | 6.1% |
Energy - Renewables | 5.1% |
Natural Gas - Distribution | 3.0% |
Cable TV | 1.7% |
United States | 73.4% |
Spain | 6.3% |
Portugal | 4.6% |
United Kingdom | 4.3% |
Germany | 3.6% |
Italy | 2.5% |
Canada | 1.7% |
Brazil | 1.2% |
Greece | 0.7% |
Other Countries | 1.7% |
(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. |
November 1, 2021 through April 30, 2022
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/21 | Ending Account Value 4/30/22 | Expenses Paid During Period (p) 11/01/21-4/30/22 | |
A | Actual | 0.99% | $1,000.00 | $1,050.46 | $5.03 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,019.89 | $4.96 | |
B | Actual | 1.74% | $1,000.00 | $1,046.70 | $8.83 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.17 | $8.70 | |
C | Actual | 1.74% | $1,000.00 | $1,046.73 | $8.83 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.17 | $8.70 | |
I | Actual | 0.74% | $1,000.00 | $1,051.50 | $3.76 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.12 | $3.71 | |
R1 | Actual | 1.73% | $1,000.00 | $1,046.23 | $8.78 |
Hypothetical (h) | 1.73% | $1,000.00 | $1,016.22 | $8.65 | |
R2 | Actual | 1.24% | $1,000.00 | $1,049.31 | $6.30 |
Hypothetical (h) | 1.24% | $1,000.00 | $1,018.65 | $6.21 | |
R3 | Actual | 0.99% | $1,000.00 | $1,050.50 | $5.03 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,019.89 | $4.96 | |
R4 | Actual | 0.74% | $1,000.00 | $1,051.69 | $3.76 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.12 | $3.71 | |
R6 | Actual | 0.65% | $1,000.00 | $1,051.96 | $3.31 |
Hypothetical (h) | 0.65% | $1,000.00 | $1,021.57 | $3.26 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 97.5% | ||||
Cable TV – 1.7% | ||||
Charter Communications, Inc., “A” (a) | 127,066 | $ 54,446,510 | ||
Energy - Renewables – 5.1% | ||||
AES Corp. | 2,598,030 | $ 53,051,773 | ||
EDP Renovaveis S.A. | 4,792,268 | 113,896,520 | ||
$ 166,948,293 | ||||
Natural Gas - Distribution – 3.0% | ||||
Atmos Energy Corp. | 544,185 | $ 61,710,579 | ||
China Resources Gas Group Ltd. | 5,300,000 | 19,978,346 | ||
UGI Corp. | 473,425 | 16,238,478 | ||
$ 97,927,403 | ||||
Telecommunications - Wireless – 6.1% | ||||
Cellnex Telecom S.A. | 2,151,637 | $ 100,573,001 | ||
KDDI Corp. | 585,400 | 19,409,216 | ||
Rogers Communications, Inc. | 586,479 | 31,947,846 | ||
SBA Communications Corp., REIT | 140,061 | 48,616,574 | ||
$ 200,546,637 | ||||
Telephone Services – 0.7% | ||||
Hellenic Telecommunications Organization S.A. | 1,220,149 | $ 23,684,410 | ||
Utilities - Electric Power – 80.9% | ||||
ALLETE, Inc. | 479,128 | $ 28,431,456 | ||
Alliant Energy Corp. | 865,531 | 50,901,878 | ||
Ameren Corp. | 678,138 | 62,999,020 | ||
American Electric Power Co., Inc. | 1,159,829 | 114,950,652 | ||
CenterPoint Energy, Inc. | 2,182,485 | 66,805,866 | ||
Constellation Energy | 1,081,725 | 64,048,937 | ||
Dominion Energy, Inc. | 2,062,813 | 168,408,053 | ||
DTE Energy Co. | 838,028 | 109,815,189 | ||
Duke Energy Corp. | 273,571 | 30,136,581 | ||
E.ON SE | 2,201,305 | 23,060,109 | ||
Edison International | 1,559,343 | 107,267,205 | ||
Electricite de France S.A. | 1,628,890 | 14,728,988 | ||
Emera, Inc. (l) | 474,423 | 22,907,764 | ||
Enel S.p.A. | 12,730,005 | 82,274,806 | ||
Energias de Portugal S.A. | 8,226,319 | 38,299,187 | ||
Energisa S.A., IEU | 1,002,900 | 9,663,964 | ||
Entergy Corp. | 652,648 | 77,567,215 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – continued | ||||
Equatorial Energia S.A. | 3,330,800 | $ 17,273,984 | ||
Evergy, Inc. | 1,054,093 | 71,520,210 | ||
Exelon Corp. | 2,632,012 | 123,125,521 | ||
FirstEnergy Corp. | 1,690,353 | 73,209,189 | ||
Iberdrola S.A. | 9,325,674 | 106,552,554 | ||
National Grid PLC | 2,467,345 | 36,684,900 | ||
Neoenergia S.A. | 2,903,100 | 11,027,664 | ||
NextEra Energy, Inc. | 4,213,075 | 299,212,587 | ||
PG&E Corp. (a) | 10,930,213 | 138,267,195 | ||
Pinnacle West Capital Corp. | 577,081 | 41,088,167 | ||
Portland General Electric Co. | 332,060 | 15,716,400 | ||
PPL Corp. | 1,132,471 | 32,060,254 | ||
Public Service Enterprise Group, Inc. | 935,049 | 65,135,513 | ||
RWE AG | 2,240,742 | 93,585,644 | ||
Sempra Energy | 1,092,290 | 176,251,914 | ||
Southern Co. | 2,105,011 | 154,486,757 | ||
SSE PLC | 4,531,308 | 105,552,408 | ||
Vistra Corp. | 574,260 | 14,367,985 | ||
$ 2,647,385,716 | ||||
Total Common Stocks (Identified Cost, $2,255,770,977) | $ 3,190,938,969 | |||
Convertible Preferred Stocks – 0.5% | ||||
Utilities - Electric Power – 0.5% | ||||
DTE Energy Co., 6.25% | 175,400 | $ 9,190,960 | ||
NextEra Energy, Inc., 5.279% | 175,500 | 8,232,705 | ||
Total Convertible Preferred Stocks (Identified Cost, $14,864,754) | $ 17,423,665 | |||
Investment Companies (h) – 1.4% | ||||
Money Market Funds – 1.4% | ||||
MFS Institutional Money Market Portfolio, 0.28% (v) (Identified Cost, $45,209,108) | 45,209,108 | $ 45,209,108 | ||
Other Assets, Less Liabilities – 0.6% | 19,012,992 | |||
Net Assets – 100.0% | $ 3,272,584,734 |
(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 $45,209,108 and $3,208,362,634, respectively. | |||
(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: | |
IEU | International Equity Unit |
REIT | Real Estate Investment Trust |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
USD | 4,344,505 | CAD | 5,489,000 | Merrill Lynch International | 7/15/2022 | $72,917 |
USD | 35,829,000 | CAD | 44,901,153 | UBS AG | 7/15/2022 | 886,528 |
USD | 290,923,859 | EUR | 264,216,823 | BNP Paribas S.A. | 7/15/2022 | 11,116,148 |
USD | 96,982,293 | EUR | 88,540,407 | JPMorgan Chase Bank N.A. | 7/15/2022 | 3,217,299 |
USD | 2,713,590 | EUR | 2,484,136 | Morgan Stanley Capital Services, Inc. | 7/15/2022 | 82,870 |
USD | 81,958,084 | GBP | 62,498,396 | Deutsche Bank AG | 7/15/2022 | 3,347,224 |
USD | 7,921,078 | GBP | 6,039,000 | Merrill Lynch International | 7/15/2022 | 325,188 |
$19,048,174 | ||||||
Liability Derivatives | ||||||
CAD | 2,507,527 | USD | 1,982,851 | Merrill Lynch International | 7/15/2022 | $(31,472) |
EUR | 357,864 | USD | 395,207 | Citibank N.A. | 7/15/2022 | (16,226) |
$(47,698) |
Assets | |
Investments in unaffiliated issuers, at value, including $11,513,307 of securities on loan (identified cost, $2,270,635,731) | $3,208,362,634 |
Investments in affiliated issuers, at value (identified cost, $45,209,108) | 45,209,108 |
Foreign currency, at value (identified cost, $126,814) | 129,435 |
Receivables for | |
Forward foreign currency exchange contracts | 19,048,174 |
Fund shares sold | 5,166,790 |
Interest and dividends | 6,355,349 |
Other assets | 40,619 |
Total assets | $3,284,312,109 |
Liabilities | |
Payable to custodian | $141,270 |
Payables for | |
Forward foreign currency exchange contracts | 47,698 |
Investments purchased | 8,386,459 |
Fund shares reacquired | 1,868,334 |
Payable to affiliates | |
Investment adviser | 158,415 |
Administrative services fee | 4,651 |
Shareholder servicing costs | 895,831 |
Distribution and service fees | 62,524 |
Payable for independent Trustees' compensation | 7,891 |
Accrued expenses and other liabilities | 154,302 |
Total liabilities | $11,727,375 |
Net assets | $3,272,584,734 |
Net assets consist of | |
Paid-in capital | $2,196,981,726 |
Total distributable earnings (loss) | 1,075,603,008 |
Net assets | $3,272,584,734 |
Shares of beneficial interest outstanding | 134,074,714 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,985,402,265 | 81,410,841 | $24.39 |
Class B | 42,103,365 | 1,737,098 | 24.24 |
Class C | 132,542,980 | 5,468,671 | 24.24 |
Class I | 732,554,803 | 29,883,562 | 24.51 |
Class R1 | 4,984,636 | 206,394 | 24.15 |
Class R2 | 40,091,577 | 1,649,982 | 24.30 |
Class R3 | 217,121,301 | 8,910,336 | 24.37 |
Class R4 | 27,121,425 | 1,110,568 | 24.42 |
Class R6 | 90,662,382 | 3,697,262 | 24.52 |
(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 $25.88 [100 / 94.25 x $24.39]. 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 | $46,983,522 |
Other | 88,363 |
Income on securities loaned | 41,345 |
Dividends from affiliated issuers | 18,837 |
Foreign taxes withheld | (1,445,934) |
Total investment income | $45,686,133 |
Expenses | |
Management fee | $9,518,673 |
Distribution and service fees | 3,741,971 |
Shareholder servicing costs | 1,752,151 |
Administrative services fee | 227,625 |
Independent Trustees' compensation | 22,073 |
Custodian fee | 182,380 |
Shareholder communications | 67,869 |
Audit and tax fees | 32,912 |
Legal fees | 7,706 |
Miscellaneous | 111,033 |
Total expenses | $15,664,393 |
Fees paid indirectly | (1,617) |
Reduction of expenses by investment adviser and distributor | (223,423) |
Net expenses | $15,439,353 |
Net investment income (loss) | $30,246,780 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $798,164 country tax) | $99,150,432 |
Forward foreign currency exchange contracts | 28,863,466 |
Foreign currency | (137,005) |
Net realized gain (loss) | $127,876,893 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $246,880 decrease in deferred country tax) | $(18,124,915) |
Forward foreign currency exchange contracts | 17,659,986 |
Translation of assets and liabilities in foreign currencies | (102,957) |
Net unrealized gain (loss) | $(567,886) |
Net realized and unrealized gain (loss) | $127,309,007 |
Change in net assets from operations | $157,555,787 |
Six months ended | Year ended | |
4/30/22 (unaudited) | 10/31/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $30,246,780 | $63,220,532 |
Net realized gain (loss) | 127,876,893 | 89,255,386 |
Net unrealized gain (loss) | (567,886) | 392,059,377 |
Change in net assets from operations | $157,555,787 | $544,535,295 |
Total distributions to shareholders | $(165,075,961) | $(161,630,114) |
Change in net assets from fund share transactions | $88,471,573 | $(204,657,745) |
Total change in net assets | $80,951,399 | $178,247,436 |
Net assets | ||
At beginning of period | 3,191,633,335 | 3,013,385,899 |
At end of period | $3,272,584,734 | $3,191,633,335 |
Class A | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.45 | $21.65 | $23.54 | $20.08 | $20.46 | $18.49 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.23 | $0.46 | $0.54 | $0.55 | $0.55 | $0.51(c) |
Net realized and unrealized gain (loss) | 0.98 | 3.52 | (0.93) | 3.73 | (0.35) | 2.15 |
Total from investment operations | $1.21 | $3.98 | $(0.39) | $4.28 | $0.20 | $2.66 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.21) | $(0.26) | $(0.31) | $(0.49) | $(0.50) | $(0.69) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.27) | $(1.18) | $(1.50) | $(0.82) | $(0.58) | $(0.69) |
Net asset value, end of period (x) | $24.39 | $24.45 | $21.65 | $23.54 | $20.08 | $20.46 |
Total return (%) (r)(s)(t)(x) | 5.05(n) | 18.90 | (1.70) | 21.94 | 0.98 | 14.73(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.01(c) |
Expenses after expense reductions (f) | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 1.01(c) |
Net investment income (loss) | 1.88(a) | 1.98 | 2.51 | 2.51 | 2.70 | 2.64(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $1,985,402 | $1,951,571 | $1,744,515 | $1,956,524 | $1,706,956 | $1,951,500 |
Class B | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.30 | $21.53 | $23.42 | $19.98 | $20.36 | $18.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.30 | $0.38 | $0.38 | $0.39 | $0.36(c) |
Net realized and unrealized gain (loss) | 0.98 | 3.49 | (0.93) | 3.72 | (0.35) | 2.14 |
Total from investment operations | $1.12 | $3.79 | $(0.55) | $4.10 | $0.04 | $2.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.10) | $(0.15) | $(0.33) | $(0.34) | $(0.54) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.18) | $(1.02) | $(1.34) | $(0.66) | $(0.42) | $(0.54) |
Net asset value, end of period (x) | $24.24 | $24.30 | $21.53 | $23.42 | $19.98 | $20.36 |
Total return (%) (r)(s)(t)(x) | 4.67(n) | 18.02 | (2.45) | 21.02 | 0.22 | 13.87(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.75(a) | 1.75 | 1.75 | 1.75 | 1.75 | 1.76(c) |
Expenses after expense reductions (f) | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.76(c) |
Net investment income (loss) | 1.15(a) | 1.27 | 1.75 | 1.76 | 1.94 | 1.89(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $42,103 | $49,750 | $63,594 | $99,924 | $113,779 | $156,814 |
Class C | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.30 | $21.53 | $23.42 | $19.98 | $20.36 | $18.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.30 | $0.38 | $0.38 | $0.38 | $0.36(c) |
Net realized and unrealized gain (loss) | 0.98 | 3.49 | (0.93) | 3.72 | (0.34) | 2.14 |
Total from investment operations | $1.12 | $3.79 | $(0.55) | $4.10 | $0.04 | $2.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.10) | $(0.15) | $(0.33) | $(0.34) | $(0.54) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.18) | $(1.02) | $(1.34) | $(0.66) | $(0.42) | $(0.54) |
Net asset value, end of period (x) | $24.24 | $24.30 | $21.53 | $23.42 | $19.98 | $20.36 |
Total return (%) (r)(s)(t)(x) | 4.67(n) | 18.00 | (2.45) | 21.02 | 0.21 | 13.87(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.75(a) | 1.75 | 1.75 | 1.75 | 1.75 | 1.76(c) |
Expenses after expense reductions (f) | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.76(c) |
Net investment income (loss) | 1.14(a) | 1.28 | 1.76 | 1.75 | 1.91 | 1.90(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $132,543 | $149,761 | $230,614 | $370,036 | $424,769 | $640,795 |
Class I | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.57 | $21.74 | $23.64 | $20.16 | $20.54 | $18.56 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.53 | $0.60 | $0.60 | $0.60 | $0.56(c) |
Net realized and unrealized gain (loss) | 0.98 | 3.54 | (0.94) | 3.76 | (0.35) | 2.16 |
Total from investment operations | $1.24 | $4.07 | $(0.34) | $4.36 | $0.25 | $2.72 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.32) | $(0.37) | $(0.55) | $(0.55) | $(0.74) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.30) | $(1.24) | $(1.56) | $(0.88) | $(0.63) | $(0.74) |
Net asset value, end of period (x) | $24.51 | $24.57 | $21.74 | $23.64 | $20.16 | $20.54 |
Total return (%) (r)(s)(t)(x) | 5.15(n) | 19.23 | (1.49) | 22.26 | 1.22 | 15.02(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.75(a) | 0.75 | 0.75 | 0.75 | 0.75 | 0.76(c) |
Expenses after expense reductions (f) | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.76(c) |
Net investment income (loss) | 2.12(a) | 2.24 | 2.76 | 2.77 | 2.93 | 2.86(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $732,555 | $687,188 | $626,500 | $698,558 | $587,221 | $682,272 |
Class R1 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.23 | $21.47 | $23.37 | $19.94 | $20.32 | $18.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.28 | $0.37 | $0.38 | $0.39 | $0.36(c) |
Net realized and unrealized gain (loss) | 0.97 | 3.51 | (0.92) | 3.71 | (0.34) | 2.13 |
Total from investment operations | $1.10 | $3.79 | $(0.55) | $4.09 | $0.05 | $2.49 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.11) | $(0.16) | $(0.33) | $(0.35) | $(0.54) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.18) | $(1.03) | $(1.35) | $(0.66) | $(0.43) | $(0.54) |
Net asset value, end of period (x) | $24.15 | $24.23 | $21.47 | $23.37 | $19.94 | $20.32 |
Total return (%) (r)(s)(t)(x) | 4.62(n) | 18.06 | (2.48) | 21.03 | 0.23 | 13.84(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.75(a) | 1.75 | 1.75 | 1.75 | 1.75 | 1.76(c) |
Expenses after expense reductions (f) | 1.73(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.76(c) |
Net investment income (loss) | 1.14(a) | 1.23 | 1.75 | 1.77 | 1.93 | 1.90(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $4,985 | $5,126 | $5,171 | $6,561 | $6,453 | $7,623 |
Class R2 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.36 | $21.58 | $23.47 | $20.03 | $20.40 | $18.44 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.41 | $0.48 | $0.49 | $0.50 | $0.46(c) |
Net realized and unrealized gain (loss) | 0.98 | 3.50 | (0.92) | 3.72 | (0.35) | 2.14 |
Total from investment operations | $1.18 | $3.91 | $(0.44) | $4.21 | $0.15 | $2.60 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.18) | $(0.21) | $(0.26) | $(0.44) | $(0.44) | $(0.64) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.24) | $(1.13) | $(1.45) | $(0.77) | $(0.52) | $(0.64) |
Net asset value, end of period (x) | $24.30 | $24.36 | $21.58 | $23.47 | $20.03 | $20.40 |
Total return (%) (r)(s)(t)(x) | 4.93(n) | 18.60 | (1.96) | 21.59 | 0.77 | 14.42(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.25(a) | 1.25 | 1.25 | 1.25 | 1.25 | 1.26(c) |
Expenses after expense reductions (f) | 1.24(a) | 1.24 | 1.24 | 1.24 | 1.24 | 1.26(c) |
Net investment income (loss) | 1.63(a) | 1.74 | 2.26 | 2.26 | 2.46 | 2.39(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $40,092 | $41,968 | $41,020 | $59,224 | $57,733 | $78,248 |
Class R3 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.43 | $21.63 | $23.52 | $20.07 | $20.45 | $18.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.22 | $0.47 | $0.54 | $0.57 | $0.55 | $0.51(c) |
Net realized and unrealized gain (loss) | 0.99 | 3.51 | (0.93) | 3.71 | (0.35) | 2.15 |
Total from investment operations | $1.21 | $3.98 | ��$(0.39) | $4.28 | $0.20 | $2.66 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.21) | $(0.26) | $(0.31) | $(0.50) | $(0.50) | $(0.69) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.27) | $(1.18) | $(1.50) | $(0.83) | $(0.58) | $(0.69) |
Net asset value, end of period (x) | $24.37 | $24.43 | $21.63 | $23.52 | $20.07 | $20.45 |
Total return (%) (r)(s)(t)(x) | 5.05(n) | 18.91 | (1.71) | 21.92 | 0.97 | 14.74(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.01(c) |
Expenses after expense reductions (f) | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 1.01(c) |
Net investment income (loss) | 1.88(a) | 1.99 | 2.51 | 2.63 | 2.71 | 2.64(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $217,121 | $201,006 | $201,509 | $279,639 | $72,490 | $99,454 |
Class R4 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.48 | $21.67 | $23.56 | $20.10 | $20.48 | $18.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.53 | $0.60 | $0.60 | $0.61 | $0.56(c) |
Net realized and unrealized gain (loss) | 0.98 | 3.52 | (0.93) | 3.74 | (0.36) | 2.15 |
Total from investment operations | $1.24 | $4.05 | $(0.33) | $4.34 | $0.25 | $2.71 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.32) | $(0.37) | $(0.55) | $(0.55) | $(0.74) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.30) | $(1.24) | $(1.56) | $(0.88) | $(0.63) | $(0.74) |
Net asset value, end of period (x) | $24.42 | $24.48 | $21.67 | $23.56 | $20.10 | $20.48 |
Total return (%) (r)(s)(t)(x) | 5.17(n) | 19.19 | (1.46) | 22.22 | 1.22 | 15.01(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.75(a) | 0.75 | 0.75 | 0.75 | 0.75 | 0.76(c) |
Expenses after expense reductions (f) | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.76(c) |
Net investment income (loss) | 2.12(a) | 2.25 | 2.76 | 2.76 | 3.01 | 2.89(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $27,121 | $25,766 | $24,920 | $49,530 | $48,109 | $79,612 |
Class R6 | Six months ended | Year ended | ||||
4/30/22 (unaudited) | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | |
Net asset value, beginning of period | $24.58 | $21.75 | $23.64 | $20.17 | $20.54 | $18.56 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.27 | $0.54 | $0.61 | $0.61 | $0.61 | $0.57(c) |
Net realized and unrealized gain (loss) | 0.98 | 3.54 | (0.92) | 3.76 | (0.34) | 2.17 |
Total from investment operations | $1.25 | $4.08 | $(0.31) | $4.37 | $0.27 | $2.74 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.25) | $(0.33) | $(0.39) | $(0.57) | $(0.56) | $(0.76) |
From net realized gain | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) | — |
Total distributions declared to shareholders | $(1.31) | $(1.25) | $(1.58) | $(0.90) | $(0.64) | $(0.76) |
Net asset value, end of period (x) | $24.52 | $24.58 | $21.75 | $23.64 | $20.17 | $20.54 |
Total return (%) (r)(s)(t)(x) | 5.20(n) | 19.31 | (1.36) | 22.29 | 1.36 | 15.13(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.66(a) | 0.66 | 0.66 | 0.66 | 0.66 | 0.66(c) |
Expenses after expense reductions (f) | 0.65(a) | 0.65 | 0.65 | 0.65 | 0.65 | 0.66(c) |
Net investment income (loss) | 2.21(a) | 2.29 | 2.84 | 2.84 | 3.02 | 2.93(c) |
Portfolio turnover | 15(n) | 12 | 30 | 30 | 23 | 24 |
Net assets at end of period (000 omitted) | $90,662 | $79,499 | $75,542 | $92,437 | $119,752 | $136,631 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $2,337,261,323 | $— | $— | $2,337,261,323 |
Spain | — | 207,125,555 | — | 207,125,555 |
Portugal | — | 152,195,707 | — | 152,195,707 |
United Kingdom | — | 142,237,308 | — | 142,237,308 |
Germany | 116,645,753 | — | — | 116,645,753 |
Italy | — | 82,274,806 | — | 82,274,806 |
Canada | 54,855,610 | — | — | 54,855,610 |
Brazil | 37,965,612 | — | — | 37,965,612 |
Greece | 23,684,410 | — | — | 23,684,410 |
Other Countries | — | 54,116,550 | — | 54,116,550 |
Mutual Funds | 45,209,108 | — | — | 45,209,108 |
Total | $2,615,621,816 | $637,949,926 | $— | $3,253,571,742 |
Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts – Assets | $— | $19,048,174 | $— | $19,048,174 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (47,698) | — | (47,698) |
Fair Value | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | $19,048,174 | $(47,698) |
Risk | Forward Foreign Currency Exchange Contracts |
Foreign Exchange | $28,863,466 |
Risk | Forward Foreign Currency Exchange Contracts |
Foreign Exchange | $17,659,986 |
Year ended 10/31/21 | |
Ordinary income (including any short-term capital gains) | $35,726,050 |
Long-term capital gains | 125,904,064 |
Total distributions | $161,630,114 |
As of 4/30/22 | |
Cost of investments | $2,328,341,124 |
Gross appreciation | 934,817,480 |
Gross depreciation | (9,586,862) |
Net unrealized appreciation (depreciation) | $ 925,230,618 |
As of 10/31/21 | |
Undistributed ordinary income | 23,603,383 |
Undistributed long-term capital gain | 113,496,113 |
Other temporary differences | (46,905) |
Net unrealized appreciation (depreciation) | 946,070,591 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||
Class A | $100,252,466 | $94,477,039 | |
Class B | 2,307,344 | 2,887,495 | |
Class C | 7,037,774 | 10,265,504 | |
Class I | 37,106,485 | 35,337,329 | |
Class R1 | 248,669 | 240,493 | |
Class R2 | 2,113,179 | 2,050,092 | |
Class R3 | 10,308,762 | 10,618,983 | |
Class R4 | 1,357,197 | 1,386,227 | |
Class R6 | 4,344,085 | 4,366,952 | |
Total | $165,075,961 | $161,630,114 |
Up to $3 billion | 0.60% |
In excess of $3 billion and up to $10 billion | 0.55% |
In excess of $10 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% | $ 2,427,805 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 229,247 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 702,197 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 24,972 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 102,894 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 254,856 |
Total Distribution and Service Fees | $3,741,971 |
(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 April 30, 2022 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended April 30, 2022, this rebate amounted to $394, $5, $29, $3, and $11 for Class A, Class B, Class R1, Class R2, and Class R3, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $20,435 |
Class B | 9,306 |
Class C | 3,237 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 3,606,854 | $87,426,810 | 7,874,900 | $180,815,780 | |
Class B | 12,806 | 314,149 | 14,845 | 335,287 | |
Class C | 245,473 | 5,951,709 | 513,953 | 11,949,650 | |
Class I | 3,161,715 | 77,212,168 | 4,844,245 | 112,942,915 | |
Class R1 | 25,361 | 607,452 | 44,031 | 1,017,001 | |
Class R2 | 329,988 | 7,864,334 | 348,948 | 8,065,585 | |
Class R3 | 1,049,716 | 25,624,091 | 915,406 | 21,468,572 | |
Class R4 | 208,268 | 5,063,004 | 212,326 | 4,877,568 | |
Class R6 | 704,912 | 17,271,620 | 1,163,315 | 27,227,539 | |
9,345,093 | $227,335,337 | 15,931,969 | $368,699,897 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 3,932,170 | $94,399,310 | 3,919,494 | $88,691,610 | |
Class B | 89,684 | 2,141,212 | 116,278 | 2,605,823 | |
Class C | 289,121 | 6,902,836 | 451,868 | 10,123,119 | |
Class I | 1,374,016 | 33,142,290 | 1,373,518 | 31,251,843 | |
Class R1 | 10,450 | 248,669 | 10,756 | 240,493 | |
Class R2 | 88,151 | 2,108,812 | 90,390 | 2,036,094 | |
Class R3 | 429,745 | 10,308,762 | 469,846 | 10,618,947 | |
Class R4 | 50,475 | 1,213,052 | 55,445 | 1,256,825 | |
Class R6 | 145,723 | 3,516,764 | 131,172 | 2,987,409 | |
6,409,535 | $153,981,707 | 6,618,767 | $149,812,163 |
Six months ended 4/30/22 | Year ended 10/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (5,950,810) | $(143,646,720) | (12,553,103) | $(292,087,220) | |
Class B | (412,490) | (9,890,525) | (1,037,361) | (23,985,070) | |
Class C | (1,228,304) | (29,337,757) | (5,513,991) | (124,958,158) | |
Class I | (2,622,039) | (63,691,606) | (7,059,825) | (164,223,053) | |
Class R1 | (41,017) | (984,135) | (83,982) | (1,929,069) | |
Class R2 | (490,734) | (11,613,467) | (617,443) | (14,268,315) | |
Class R3 | (796,970) | (19,365,748) | (2,472,316) | (57,585,546) | |
Class R4 | (200,666) | (4,877,954) | (365,253) | (8,494,981) | |
Class R6 | (388,071) | (9,437,559) | (1,533,100) | (35,638,393) | |
(12,131,101) | $(292,845,471) | (31,236,374) | $(723,169,805) | ||
Net change | |||||
Class A | 1,588,214 | $38,179,400 | (758,709) | $(22,579,830) | |
Class B | (310,000) | (7,435,164) | (906,238) | (21,043,960) | |
Class C | (693,710) | (16,483,212) | (4,548,170) | (102,885,389) | |
Class I | 1,913,692 | 46,662,852 | (842,062) | (20,028,295) | |
Class R1 | (5,206) | (128,014) | (29,195) | (671,575) | |
Class R2 | (72,595) | (1,640,321) | (178,105) | (4,166,636) | |
Class R3 | 682,491 | 16,567,105 | (1,087,064) | (25,498,027) | |
Class R4 | 58,077 | 1,398,102 | (97,482) | (2,360,588) | |
Class R6 | 462,564 | 11,350,825 | (238,613) | (5,423,445) | |
3,623,527 | $88,471,573 | (8,685,638) | $(204,657,745) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $21,815,025 | $196,730,212 | $173,336,129 | $— | $— | $45,209,108 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $18,837 | $— |
Item 1(b):
Not applicable
ITEM 2. | CODE OF ETHICS. |
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
ITEM 6. | INVESTMENTS |
A schedule of investments for each series of the Registrant is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to the Registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
ITEM 13. | EXHIBITS. |
(a) | File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated. |
(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable. |
(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(4) | Change in the registrant’s independent public accountant. Not applicable. |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT. |
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST VI |
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: June 15, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President (Principal Executive Officer) |
Date: June 15, 2022
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: June 15, 2022
* | Print name and title of each signing officer under his or her signature. |