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 811-06102
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
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2023
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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back cover |
NextEra Energy, Inc. | 11.7% |
PG&E Corp. | 6.6% |
Dominion Energy, Inc. | 5.2% |
Southern Co. | 5.0% |
Sempra Energy | 4.7% |
DTE Energy Co. | 3.8% |
Edison International | 3.6% |
RWE AG | 3.6% |
EDP Renovaveis S.A. | 3.4% |
PPL Corp. | 3.3% |
Utilities - Electric Power | 83.2% |
Telecommunications - Wireless | 6.4% |
Energy - Renewables | 6.0% |
Natural Gas - Distribution | 1.9% |
Utilities - Water | 1.3% |
United States | 71.2% |
Germany | 5.9% |
Spain | 5.1% |
Portugal | 4.8% |
United Kingdom | 4.5% |
Italy | 2.6% |
France | 1.3% |
Brazil | 1.1% |
Canada | 1.0% |
Other Countries | 2.5% |
(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, 2022 through April 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/22 | Ending Account Value 4/30/23 | Expenses Paid During Period (p) 11/01/22-4/30/23 | |
A | Actual | 1.03% | $1,000.00 | $1,082.92 | $5.32 |
Hypothetical (h) | 1.03% | $1,000.00 | $1,019.69 | $5.16 | |
B | Actual | 1.77% | $1,000.00 | $1,079.45 | $9.13 |
Hypothetical (h) | 1.77% | $1,000.00 | $1,016.02 | $8.85 | |
C | Actual | 1.77% | $1,000.00 | $1,079.14 | $9.12 |
Hypothetical (h) | 1.77% | $1,000.00 | $1,016.02 | $8.85 | |
I | Actual | 0.77% | $1,000.00 | $1,084.26 | $3.98 |
Hypothetical (h) | 0.77% | $1,000.00 | $1,020.98 | $3.86 | |
R1 | Actual | 1.78% | $1,000.00 | $1,079.33 | $9.18 |
Hypothetical (h) | 1.78% | $1,000.00 | $1,015.97 | $8.90 | |
R2 | Actual | 1.28% | $1,000.00 | $1,081.89 | $6.61 |
Hypothetical (h) | 1.28% | $1,000.00 | $1,018.45 | $6.41 | |
R3 | Actual | 1.03% | $1,000.00 | $1,082.97 | $5.32 |
Hypothetical (h) | 1.03% | $1,000.00 | $1,019.69 | $5.16 | |
R4 | Actual | 0.78% | $1,000.00 | $1,084.63 | $4.03 |
Hypothetical (h) | 0.78% | $1,000.00 | $1,020.93 | $3.91 | |
R6 | Actual | 0.68% | $1,000.00 | $1,084.75 | $3.51 |
Hypothetical (h) | 0.68% | $1,000.00 | $1,021.42 | $3.41 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.3% | ||||
Energy - Renewables – 6.0% | ||||
AES Corp. | 2,482,603 | $58,738,387 | ||
EDP Renovaveis S.A. (a) | 4,804,326 | 106,949,628 | ||
Orsted A/S | 243,930 | 21,923,207 | ||
$187,611,222 | ||||
Natural Gas - Distribution – 1.9% | ||||
Atmos Energy Corp. | 396,597 | $45,267,581 | ||
China Resources Gas Group Ltd. | 4,478,200 | 14,165,755 | ||
$59,433,336 | ||||
Telecommunications - Wireless – 6.4% | ||||
Cellnex Telecom S.A. | 2,307,383 | $97,210,663 | ||
Rogers Communications, Inc. | 640,399 | 31,640,631 | ||
SBA Communications Corp., REIT | 241,163 | 62,917,015 | ||
Vodafone Group PLC | 8,289,989 | 9,965,825 | ||
$201,734,134 | ||||
Telephone Services – 0.5% | ||||
Hellenic Telecommunications Organization S.A. | 1,128,630 | $16,478,196 | ||
Utilities - Electric Power – 83.2% | ||||
Alliant Energy Corp. | 1,384,887 | $76,362,669 | ||
Ameren Corp. | 1,131,698 | 100,687,171 | ||
American Electric Power Co., Inc. | 923,328 | 85,333,974 | ||
CenterPoint Energy, Inc. | 1,029,525 | 31,369,627 | ||
CLP Holdings Ltd. | 3,491,000 | 26,018,832 | ||
Constellation Energy | 900,043 | 69,663,328 | ||
Dominion Energy, Inc. | 2,891,364 | 165,212,539 | ||
DTE Energy Co. | 1,053,606 | 118,435,851 | ||
E.ON SE | 5,620,582 | 74,350,799 | ||
Edison International | 1,559,343 | 114,767,645 | ||
Enel S.p.A. | 11,837,954 | 80,861,254 | ||
Energias de Portugal S.A. | 8,226,319 | 45,385,133 | ||
Energisa S.A., IEU | 2,012,500 | 16,865,652 | ||
Entergy Corp. | 144,417 | 15,536,381 | ||
Equatorial Energia S.A. | 3,330,800 | 18,257,362 | ||
Evergy, Inc. | 1,054,093 | 65,469,716 | ||
Exelon Corp. | 1,138,894 | 48,334,661 | ||
Iberdrola S.A. | 4,982,884 | 64,645,977 | ||
National Grid PLC | 4,144,893 | 59,455,206 | ||
NextEra Energy, Inc. | 4,826,759 | 369,874,542 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – continued | ||||
PG&E Corp. (a) | 12,179,453 | $208,390,441 | ||
Pinnacle West Capital Corp. | 564,756 | 44,310,756 | ||
Portland General Electric Co. | 779,717 | 39,469,275 | ||
PPL Corp. | 3,602,970 | 103,477,299 | ||
Public Service Enterprise Group, Inc. | 746,785 | 47,196,812 | ||
RWE AG | 2,398,544 | 112,457,763 | ||
Sempra Energy | 961,829 | 149,554,791 | ||
Southern Co. | 2,139,142 | 157,333,894 | ||
SSE PLC | 3,088,582 | 71,259,685 | ||
Xcel Energy, Inc. | 586,186 | 40,980,263 | ||
$2,621,319,298 | ||||
Utilities - Water – 1.3% | ||||
Veolia Environnement S.A. | 1,265,304 | $40,117,625 | ||
Total Common Stocks (Identified Cost, $2,248,211,938) | $3,126,693,811 | |||
Investment Companies (h) – 0.6% | ||||
Money Market Funds – 0.6% | ||||
MFS Institutional Money Market Portfolio, 4.59% (v) (Identified Cost, $19,371,218) | 19,369,797 | $19,373,670 | ||
Other Assets, Less Liabilities – 0.1% | 4,505,799 | |||
Net Assets – 100.0% | $3,150,573,280 |
(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 $19,373,670 and $3,126,693,811, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
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 | ||||||
EUR | 3,919,601 | USD | 4,318,668 | JPMorgan Chase Bank N.A. | 7/21/2023 | $20,025 |
USD | 20,109,375 | CAD | 26,958,709 | HSBC Bank | 7/21/2023 | 179,264 |
$199,289 | ||||||
Liability Derivatives | ||||||
USD | 414,136,227 | EUR | 376,015,716 | Morgan Stanley Capital Services, Inc. | 7/21/2023 | $(2,083,844) |
USD | 90,811,858 | GBP | 72,597,059 | HSBC Bank | 7/21/2023 | (568,022) |
USD | 332,236 | GBP | 266,976 | State Street Bank Corp. | 7/21/2023 | (3,814) |
$(2,655,680) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $2,248,211,938) | $3,126,693,811 |
Investments in affiliated issuers, at value (identified cost, $19,371,218) | 19,373,670 |
Cash | 6,618 |
Foreign currency, at value (identified cost, $7,501) | 7,539 |
Restricted cash for | |
Forward foreign currency exchange contracts | 2,810,000 |
Receivables for | |
Forward foreign currency exchange contracts | 199,289 |
Fund shares sold | 995,067 |
Dividends | 7,006,608 |
Other assets | 44,262 |
Total assets | $3,157,136,864 |
Liabilities | |
Payables for | |
Forward foreign currency exchange contracts | $2,655,680 |
Fund shares reacquired | 2,030,719 |
Payable to affiliates | |
Investment adviser | 201,514 |
Administrative services fee | 5,042 |
Shareholder servicing costs | 980,551 |
Distribution and service fees | 74,567 |
Payable for independent Trustees' compensation | 7,729 |
Accrued expenses and other liabilities | 607,782 |
Total liabilities | $6,563,584 |
Net assets | $3,150,573,280 |
Net assets consist of | |
Paid-in capital | $2,274,692,062 |
Total distributable earnings (loss) | 875,881,218 |
Net assets | $3,150,573,280 |
Shares of beneficial interest outstanding | 136,737,766 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,941,883,929 | 84,371,178 | $23.02 |
Class B | 24,837,217 | 1,085,158 | 22.89 |
Class C | 91,908,679 | 4,016,638 | 22.88 |
Class I | 703,157,824 | 30,381,915 | 23.14 |
Class R1 | 5,506,724 | 241,832 | 22.77 |
Class R2 | 39,748,435 | 1,733,643 | 22.93 |
Class R3 | 218,649,691 | 9,508,795 | 22.99 |
Class R4 | 23,382,982 | 1,014,511 | 23.05 |
Class R6 | 101,497,799 | 4,384,096 | 23.15 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $24.42 [100 / 94.25 x $23.02]. 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 | $46,246,319 |
Dividends from affiliated issuers | 476,081 |
Other | 128,143 |
Income on securities loaned | 5,898 |
Total investment income | $46,856,441 |
Expenses | |
Management fee | $9,335,936 |
Distribution and service fees | 3,410,633 |
Shareholder servicing costs | 1,737,666 |
Administrative services fee | 235,181 |
Independent Trustees' compensation | 26,088 |
Custodian fee | 153,173 |
Shareholder communications | 75,591 |
Audit and tax fees | 37,331 |
Legal fees | 7,688 |
Miscellaneous | 661,368 |
Total expenses | $15,680,655 |
Fees paid indirectly | (4,633) |
Reduction of expenses by investment adviser and distributor | (204,263) |
Net expenses | $15,471,759 |
Net investment income (loss) | $31,384,682 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $47,100,014 |
Affiliated issuers | 10,235 |
Forward foreign currency exchange contracts | (42,369,964) |
Foreign currency | (266,604) |
Net realized gain (loss) | $4,473,681 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $215,624,259 |
Affiliated issuers | 871 |
Forward foreign currency exchange contracts | (75,511) |
Translation of assets and liabilities in foreign currencies | 192,225 |
Net unrealized gain (loss) | $215,741,844 |
Net realized and unrealized gain (loss) | $220,215,525 |
Change in net assets from operations | $251,600,207 |
Six months ended | Year ended | |
4/30/23 (unaudited) | 10/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $31,384,682 | $56,239,937 |
Net realized gain (loss) | 4,473,681 | 224,894,811 |
Net unrealized gain (loss) | 215,741,844 | (296,877,774) |
Change in net assets from operations | $251,600,207 | $(15,743,026) |
Total distributions to shareholders | $(233,132,531) | $(196,277,058) |
Change in net assets from fund share transactions | $44,214,909 | $108,277,444 |
Total change in net assets | $62,682,585 | $(103,742,640) |
Net assets | ||
At beginning of period | 3,087,890,695 | 3,191,633,335 |
At end of period | $3,150,573,280 | $3,087,890,695 |
Class A | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $22.88 | $24.45 | $21.65 | $23.54 | $20.08 | $20.46 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.22 | $0.41 | $0.46 | $0.54 | $0.55 | $0.55 |
Net realized and unrealized gain (loss) | 1.66 | (0.48) | 3.52 | (0.93) | 3.73 | (0.35) |
Total from investment operations | $1.88 | $(0.07) | $3.98 | $(0.39) | $4.28 | $0.20 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.44) | $(0.26) | $(0.31) | $(0.49) | $(0.50) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.74) | $(1.50) | $(1.18) | $(1.50) | $(0.82) | $(0.58) |
Net asset value, end of period (x) | $23.02 | $22.88 | $24.45 | $21.65 | $23.54 | $20.08 |
Total return (%) (r)(s)(t)(x) | 8.34(n) | (0.50) | 18.90 | (1.70) | 21.94 | 0.98 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.04(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Expenses after expense reductions (f) | 1.03(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 1.97(a) | 1.72 | 1.98 | 2.51 | 2.51 | 2.70 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $1,941,884 | $1,861,665 | $1,951,571 | $1,744,515 | $1,956,524 | $1,706,956 |
Class B | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $22.75 | $24.30 | $21.53 | $23.42 | $19.98 | $20.36 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.30 | $0.38 | $0.38 | $0.39 |
Net realized and unrealized gain (loss) | 1.65 | (0.49) | 3.49 | (0.93) | 3.72 | (0.35) |
Total from investment operations | $1.79 | $(0.25) | $3.79 | $(0.55) | $4.10 | $0.04 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.24) | $(0.10) | $(0.15) | $(0.33) | $(0.34) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.65) | $(1.30) | $(1.02) | $(1.34) | $(0.66) | $(0.42) |
Net asset value, end of period (x) | $22.89 | $22.75 | $24.30 | $21.53 | $23.42 | $19.98 |
Total return (%) (r)(s)(t)(x) | 7.94(n) | (1.24) | 18.02 | (2.45) | 21.02 | 0.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.79(a) | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 |
Expenses after expense reductions (f) | 1.77(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | 1.23(a) | 1.01 | 1.27 | 1.75 | 1.76 | 1.94 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $24,837 | $31,760 | $49,750 | $63,594 | $99,924 | $113,779 |
Class C | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $22.75 | $24.30 | $21.53 | $23.42 | $19.98 | $20.36 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.30 | $0.38 | $0.38 | $0.38 |
Net realized and unrealized gain (loss) | 1.64 | (0.49) | 3.49 | (0.93) | 3.72 | (0.34) |
Total from investment operations | $1.78 | $(0.25) | $3.79 | $(0.55) | $4.10 | $0.04 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.24) | $(0.10) | $(0.15) | $(0.33) | $(0.34) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.65) | $(1.30) | $(1.02) | $(1.34) | $(0.66) | $(0.42) |
Net asset value, end of period (x) | $22.88 | $22.75 | $24.30 | $21.53 | $23.42 | $19.98 |
Total return (%) (r)(s)(t)(x) | 7.91(n) | (1.23) | 18.00 | (2.45) | 21.02 | 0.21 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.79(a) | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 |
Expenses after expense reductions (f) | 1.77(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | 1.23(a) | 1.00 | 1.28 | 1.76 | 1.75 | 1.91 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $91,909 | $104,022 | $149,761 | $230,614 | $370,036 | $424,769 |
Class I | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $23.00 | $24.57 | $21.74 | $23.64 | $20.16 | $20.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.47 | $0.53 | $0.60 | $0.60 | $0.60 |
Net realized and unrealized gain (loss) | 1.66 | (0.48) | 3.54 | (0.94) | 3.76 | (0.35) |
Total from investment operations | $1.91 | $(0.01) | $4.07 | $(0.34) | $4.36 | $0.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.23) | $(0.50) | $(0.32) | $(0.37) | $(0.55) | $(0.55) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.77) | $(1.56) | $(1.24) | $(1.56) | $(0.88) | $(0.63) |
Net asset value, end of period (x) | $23.14 | $23.00 | $24.57 | $21.74 | $23.64 | $20.16 |
Total return (%) (r)(s)(t)(x) | 8.43(n) | (0.24) | 19.23 | (1.49) | 22.26 | 1.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.79(a) | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
Expenses after expense reductions (f) | 0.77(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 2.23(a) | 1.96 | 2.24 | 2.76 | 2.77 | 2.93 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $703,158 | $714,999 | $687,188 | $626,500 | $698,558 | $587,221 |
Class R1 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $22.65 | $24.23 | $21.47 | $23.37 | $19.94 | $20.32 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.23 | $0.28 | $0.37 | $0.38 | $0.39 |
Net realized and unrealized gain (loss) | 1.64 | (0.49) | 3.51 | (0.92) | 3.71 | (0.34) |
Total from investment operations | $1.78 | $(0.26) | $3.79 | $(0.55) | $4.09 | $0.05 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.26) | $(0.11) | $(0.16) | $(0.33) | $(0.35) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.66) | $(1.32) | $(1.03) | $(1.35) | $(0.66) | $(0.43) |
Net asset value, end of period (x) | $22.77 | $22.65 | $24.23 | $21.47 | $23.37 | $19.94 |
Total return (%) (r)(s)(t)(x) | 7.93(n) | (1.27) | 18.06 | (2.48) | 21.03 | 0.23 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.79(a) | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 |
Expenses after expense reductions (f) | 1.78(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | 1.22(a) | 0.96 | 1.23 | 1.75 | 1.77 | 1.93 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $5,507 | $5,243 | $5,126 | $5,171 | $6,561 | $6,453 |
Class R2 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $22.80 | $24.36 | $21.58 | $23.47 | $20.03 | $20.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.35 | $0.41 | $0.48 | $0.49 | $0.50 |
Net realized and unrealized gain (loss) | 1.65 | (0.47) | 3.50 | (0.92) | 3.72 | (0.35) |
Total from investment operations | $1.84 | $(0.12) | $3.91 | $(0.44) | $4.21 | $0.15 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.38) | $(0.21) | $(0.26) | $(0.44) | $(0.44) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.71) | $(1.44) | $(1.13) | $(1.45) | $(0.77) | $(0.52) |
Net asset value, end of period (x) | $22.93 | $22.80 | $24.36 | $21.58 | $23.47 | $20.03 |
Total return (%) (r)(s)(t)(x) | 8.19(n) | (0.72) | 18.60 | (1.96) | 21.59 | 0.77 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.29(a) | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 |
Expenses after expense reductions (f) | 1.28(a) | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 |
Net investment income (loss) | 1.72(a) | 1.47 | 1.74 | 2.26 | 2.26 | 2.46 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $39,748 | $38,534 | $41,968 | $41,020 | $59,224 | $57,733 |
Class R3 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $22.86 | $24.43 | $21.63 | $23.52 | $20.07 | $20.45 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.22 | $0.41 | $0.47 | $0.54 | $0.57 | $0.55 |
Net realized and unrealized gain (loss) | 1.65 | (0.48) | 3.51 | (0.93) | 3.71 | (0.35) |
Total from investment operations | $1.87 | $(0.07) | $3.98 | $(0.39) | $4.28 | $0.20 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.44) | $(0.26) | $(0.31) | $(0.50) | $(0.50) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.74) | $(1.50) | $(1.18) | $(1.50) | $(0.83) | $(0.58) |
Net asset value, end of period (x) | $22.99 | $22.86 | $24.43 | $21.63 | $23.52 | $20.07 |
Total return (%) (r)(s)(t)(x) | 8.30(n) | (0.49) | 18.91 | (1.71) | 21.92 | 0.97 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.04(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Expenses after expense reductions (f) | 1.03(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 1.97(a) | 1.71 | 1.99 | 2.51 | 2.63 | 2.71 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $218,650 | $217,043 | $201,006 | $201,509 | $279,639 | $72,490 |
Class R4 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $22.91 | $24.48 | $21.67 | $23.56 | $20.10 | $20.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.48 | $0.53 | $0.60 | $0.60 | $0.61 |
Net realized and unrealized gain (loss) | 1.66 | (0.49) | 3.52 | (0.93) | 3.74 | (0.36) |
Total from investment operations | $1.91 | $(0.01) | $4.05 | $(0.33) | $4.34 | $0.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.23) | $(0.50) | $(0.32) | $(0.37) | $(0.55) | $(0.55) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.77) | $(1.56) | $(1.24) | $(1.56) | $(0.88) | $(0.63) |
Net asset value, end of period (x) | $23.05 | $22.91 | $24.48 | $21.67 | $23.56 | $20.10 |
Total return (%) (r)(s)(t)(x) | 8.46(n) | (0.24) | 19.19 | (1.46) | 22.22 | 1.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.79(a) | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
Expenses after expense reductions (f) | 0.78(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 2.23(a) | 1.98 | 2.25 | 2.76 | 2.76 | 3.01 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $23,383 | $23,369 | $25,766 | $24,920 | $49,530 | $48,109 |
Class R6 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $23.01 | $24.58 | $21.75 | $23.64 | $20.17 | $20.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.49 | $0.54 | $0.61 | $0.61 | $0.61 |
Net realized and unrealized gain (loss) | 1.66 | (0.48) | 3.54 | (0.92) | 3.76 | (0.34) |
Total from investment operations | $1.92 | $0.01 | $4.08 | $(0.31) | $4.37 | $0.27 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.52) | $(0.33) | $(0.39) | $(0.57) | $(0.56) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) | (0.08) |
Total distributions declared to shareholders | $(1.78) | $(1.58) | $(1.25) | $(1.58) | $(0.90) | $(0.64) |
Net asset value, end of period (x) | $23.15 | $23.01 | $24.58 | $21.75 | $23.64 | $20.17 |
Total return (%) (r)(s)(t)(x) | 8.48(n) | (0.15) | 19.31 | (1.36) | 22.29 | 1.36 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.70(a) | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 |
Expenses after expense reductions (f) | 0.68(a) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
Net investment income (loss) | 2.31(a) | 2.04 | 2.29 | 2.84 | 2.84 | 3.02 |
Portfolio turnover | 10(n) | 23 | 12 | 30 | 30 | 23 |
Net assets at end of period (000 omitted) | $101,498 | $91,255 | $79,499 | $75,542 | $92,437 | $119,752 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(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 | $2,218,684,618 | $— | $— | $2,218,684,618 |
Germany | 186,808,562 | — | — | 186,808,562 |
Spain | — | 161,856,640 | — | 161,856,640 |
Portugal | — | 152,334,761 | — | 152,334,761 |
United Kingdom | — | 140,680,716 | — | 140,680,716 |
Italy | 80,861,254 | — | — | 80,861,254 |
France | — | 40,117,625 | — | 40,117,625 |
Brazil | 35,123,014 | — | — | 35,123,014 |
Canada | 31,640,631 | — | — | 31,640,631 |
Other Countries | 16,478,196 | 62,107,794 | — | 78,585,990 |
Mutual Funds | 19,373,670 | — | — | 19,373,670 |
Total | $2,588,969,945 | $557,097,536 | $— | $3,146,067,481 |
Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts – Assets | $— | $199,289 | $— | $199,289 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (2,655,680) | — | (2,655,680) |
Fair Value | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | $199,289 | $(2,655,680) |
Risk | Forward Foreign Currency Exchange Contracts |
Foreign Exchange | $(42,369,964) |
Risk | Forward Foreign Currency Exchange Contracts |
Foreign Exchange | $(75,511) |
Year ended 10/31/22 | |
Ordinary income (including any short-term capital gains) | $82,777,891 |
Long-term capital gains | 113,499,167 |
Total distributions | $196,277,058 |
As of 4/30/23 | |
Cost of investments | $2,281,939,836 |
Gross appreciation | 907,291,751 |
Gross depreciation | (43,164,106) |
Net unrealized appreciation (depreciation) | $864,127,645 |
As of 10/31/22 | |
Undistributed ordinary income | 34,499,036 |
Undistributed long-term capital gain | 171,382,478 |
Other temporary differences | (210,688) |
Net unrealized appreciation (depreciation) | 651,742,716 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||
Class A | $140,905,352 | $118,840,841 | |
Class B | 2,176,839 | 2,497,443 | |
Class C | 7,225,233 | 7,663,422 | |
Class I | 54,253,413 | 45,070,737 | |
Class R1 | 387,176 | 280,651 | |
Class R2 | 2,883,148 | 2,436,847 | |
Class R3 | 16,157,084 | 12,473,140 | |
Class R4 | 1,789,700 | 1,636,567 | |
Class R6 | 7,354,586 | 5,377,410 | |
Total | $233,132,531 | $196,277,058 |
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% | $ 2,376,363 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 142,793 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 492,970 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 27,045 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 99,331 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 272,131 |
Total Distribution and Service Fees | $3,410,633 |
(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, 2023 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, 2023, this rebate amounted to $289, $8, $4, and $27 for Class A, Class C, Class R2, and Class R3 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $11,008 |
Class B | 3,620 |
Class C | 1,947 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,990,495 | $68,096,064 | 7,478,168 | $179,884,785 | |
Class B | 6,812 | 157,067 | 43,661 | 1,048,357 | |
Class C | 214,747 | 4,869,562 | 597,097 | 14,271,307 | |
Class I | 2,469,664 | 56,504,635 | 7,048,453 | 170,317,492 | |
Class R1 | 18,400 | 413,753 | 82,864 | 1,964,491 | |
Class R2 | 170,254 | 3,856,325 | 627,288 | 14,931,561 | |
Class R3 | 673,733 | 15,248,797 | 2,424,571 | 58,848,253 | |
Class R4 | 125,884 | 2,878,722 | 352,125 | 8,538,962 | |
Class R6 | 912,252 | 20,788,893 | 1,488,939 | 36,258,768 | |
7,582,241 | $172,813,818 | 20,143,166 | $486,063,976 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 5,851,285 | $133,017,570 | 4,678,261 | $111,893,470 | |
Class B | 92,039 | 2,087,598 | 97,379 | 2,320,230 | |
Class C | 310,609 | 7,039,923 | 315,384 | 7,513,890 | |
Class I | 2,155,364 | 49,244,551 | 1,678,213 | 40,313,039 | |
Class R1 | 17,166 | 387,176 | 11,825 | 280,651 | |
Class R2 | 126,956 | 2,877,179 | 101,968 | 2,431,781 | |
Class R3 | 711,317 | 16,157,084 | 522,110 | 12,473,140 | |
Class R4 | 73,242 | 1,665,987 | 61,134 | 1,463,038 | |
Class R6 | 266,201 | 6,079,313 | 182,369 | 4,381,030 | |
9,604,179 | $218,556,381 | 7,648,643 | $183,070,269 | ||
Shares reacquired | |||||
Class A | (5,838,054) | $(132,761,013) | (10,611,604) | $(254,322,484) | |
Class B | (409,526) | (9,251,613) | (792,305) | (18,917,727) | |
Class C | (1,080,971) | (24,477,235) | (2,502,609) | (59,515,715) | |
Class I | (5,333,066) | (121,162,336) | (5,606,583) | (134,488,508) | |
Class R1 | (25,158) | (563,924) | (74,865) | (1,771,476) | |
Class R2 | (253,784) | (5,733,111) | (761,616) | (18,145,589) | |
Class R3 | (1,370,968) | (31,069,201) | (1,679,813) | (40,151,114) | |
Class R4 | (204,634) | (4,637,765) | (445,731) | (10,785,473) | |
Class R6 | (761,081) | (17,499,092) | (939,282) | (22,758,715) | |
(15,277,242) | $(347,155,290) | (23,414,408) | $(560,856,801) |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 3,003,726 | $68,352,621 | 1,544,825 | $37,455,771 | |
Class B | (310,675) | (7,006,948) | (651,265) | (15,549,140) | |
Class C | (555,615) | (12,567,750) | (1,590,128) | (37,730,518) | |
Class I | (708,038) | (15,413,150) | 3,120,083 | 76,142,023 | |
Class R1 | 10,408 | 237,005 | 19,824 | 473,666 | |
Class R2 | 43,426 | 1,000,393 | (32,360) | (782,247) | |
Class R3 | 14,082 | 336,680 | 1,266,868 | 31,170,279 | |
Class R4 | (5,508) | (93,056) | (32,472) | (783,473) | |
Class R6 | 417,372 | 9,369,114 | 732,026 | 17,881,083 | |
1,909,178 | $44,214,909 | 4,377,401 | $108,277,444 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $25,673,112 | $209,155,470 | $215,466,018 | $10,235 | $871 | $19,373,670 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $476,081 | $— |
1 | |
3 | |
5 | |
10 | |
12 | |
13 | |
14 | |
23 | |
34 | |
35 | |
35 | |
35 | |
35 | |
35 |
back cover |
Visa, Inc., “A” | 3.0% |
Schneider Electric SE | 3.0% |
Linde PLC | 2.8% |
Medtronic PLC | 2.7% |
Thermo Fisher Scientific, Inc. | 2.6% |
LVMH Moet Hennessy Louis Vuitton SE | 2.6% |
Roche Holding AG | 2.5% |
Comcast Corp., “A” | 2.5% |
Nestle S.A. | 2.3% |
Accenture PLC, “A” | 2.2% |
Health Care | 19.1% |
Industrials | 18.4% |
Information Technology | 13.6% |
Consumer Staples | 13.2% |
Financials | 11.5% |
Consumer Discretionary | 8.4% |
Communication Services | 7.4% |
Materials | 7.3% |
Equity Warrants (o) | 0.0% |
United States | 53.0% |
France | 11.9% |
Switzerland | 9.3% |
United Kingdom | 7.5% |
Germany | 4.1% |
Canada | 3.5% |
Netherlands | 2.6% |
Japan | 2.2% |
Sweden | 1.5% |
Other Countries | 4.4% |
United States Dollar | 57.6% |
Euro | 20.0% |
Swiss Franc | 9.3% |
British Pound Sterling | 7.5% |
Japanese Yen | 2.2% |
Swedish Krona | 1.5% |
South Korean Won | 1.0% |
Danish Krone | 0.6% |
Mexican Peso | 0.3% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(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, 2022 through April 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/22 | Ending Account Value 4/30/23 | Expenses Paid During Period (p) 11/01/22-4/30/23 | |
A | Actual | 1.16% | $1,000.00 | $1,160.16 | $6.21 |
Hypothetical (h) | 1.16% | $1,000.00 | $1,019.04 | $5.81 | |
B | Actual | 1.91% | $1,000.00 | $1,155.72 | $10.21 |
Hypothetical (h) | 1.91% | $1,000.00 | $1,015.32 | $9.54 | |
C | Actual | 1.91% | $1,000.00 | $1,155.76 | $10.21 |
Hypothetical (h) | 1.91% | $1,000.00 | $1,015.32 | $9.54 | |
I | Actual | 0.91% | $1,000.00 | $1,161.50 | $4.88 |
Hypothetical (h) | 0.91% | $1,000.00 | $1,020.28 | $4.56 | |
R1 | Actual | 1.91% | $1,000.00 | $1,155.64 | $10.21 |
Hypothetical (h) | 1.91% | $1,000.00 | $1,015.32 | $9.54 | |
R2 | Actual | 1.41% | $1,000.00 | $1,158.57 | $7.55 |
Hypothetical (h) | 1.41% | $1,000.00 | $1,017.80 | $7.05 | |
R3 | Actual | 1.16% | $1,000.00 | $1,160.01 | $6.21 |
Hypothetical (h) | 1.16% | $1,000.00 | $1,019.04 | $5.81 | |
R4 | Actual | 0.91% | $1,000.00 | $1,161.43 | $4.88 |
Hypothetical (h) | 0.91% | $1,000.00 | $1,020.28 | $4.56 | |
R6 | Actual | 0.82% | $1,000.00 | $1,161.86 | $4.40 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,020.73 | $4.11 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.9% | ||||
Aerospace & Defense – 3.3% | ||||
Honeywell International, Inc. | 283,826 | $56,719,788 | ||
MTU Aero Engines Holding AG | 55,265 | 14,475,099 | ||
Rolls-Royce Holdings PLC (a) | 9,084,513 | 17,370,907 | ||
$88,565,794 | ||||
Airlines – 0.9% | ||||
Aena S.A. (a) | 146,021 | $24,658,695 | ||
Alcoholic Beverages – 6.0% | ||||
Carlsberg Group | 97,975 | $16,185,537 | ||
Diageo PLC | 1,294,508 | 59,136,231 | ||
Heineken N.V. | 376,557 | 43,221,629 | ||
Pernod Ricard S.A. | 189,393 | 43,749,867 | ||
$162,293,264 | ||||
Apparel Manufacturers – 5.2% | ||||
Burberry Group PLC | 702,567 | $22,911,899 | ||
Compagnie Financiere Richemont S.A. | 289,130 | 47,776,685 | ||
LVMH Moet Hennessy Louis Vuitton SE | 72,932 | 69,996,845 | ||
$140,685,429 | ||||
Automotive – 0.4% | ||||
Aptiv PLC (a) | 97,875 | $10,067,423 | ||
Broadcasting – 2.2% | ||||
Omnicom Group, Inc. | 88,597 | $8,024,230 | ||
Walt Disney Co. (a) | 327,079 | 33,525,598 | ||
WPP Group PLC | 1,566,798 | 18,185,643 | ||
$59,735,471 | ||||
Brokerage & Asset Managers – 2.6% | ||||
Charles Schwab Corp. | 720,598 | $37,644,039 | ||
Deutsche Boerse AG | 77,167 | 14,701,742 | ||
London Stock Exchange Group PLC | 177,519 | 18,619,676 | ||
$70,965,457 | ||||
Business Services – 7.8% | ||||
Accenture PLC, “A” | 211,083 | $59,164,454 | ||
Adecco S.A. | 174,003 | 5,968,587 | ||
Brenntag AG | 160,352 | 13,049,975 | ||
Cognizant Technology Solutions Corp., “A” | 389,480 | 23,255,851 | ||
Compass Group PLC | 601,907 | 15,862,686 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Equifax, Inc. | 135,300 | $28,193,814 | ||
Fidelity National Information Services, Inc. | 364,118 | 21,381,009 | ||
Fiserv, Inc. (a) | 283,697 | 34,645,078 | ||
PayPal Holdings, Inc. (a) | 128,450 | 9,762,200 | ||
$211,283,654 | ||||
Cable TV – 2.4% | ||||
Comcast Corp., “A” | 1,611,472 | $66,666,597 | ||
Chemicals – 1.9% | ||||
3M Co. | 208,001 | $22,093,866 | ||
PPG Industries, Inc. | 215,261 | 30,192,508 | ||
$52,286,374 | ||||
Computer Software – 2.9% | ||||
Check Point Software Technologies Ltd. (a) | 224,589 | $28,603,655 | ||
Oracle Corp. | �� | 543,764 | 51,505,326 | |
$80,108,981 | ||||
Computer Software - Systems – 1.0% | ||||
Samsung Electronics Co. Ltd. | 551,050 | $27,149,347 | ||
Construction – 0.6% | ||||
Otis Worldwide Corp. | 183,599 | $15,660,995 | ||
Consumer Products – 4.8% | ||||
Colgate-Palmolive Co. | 175,500 | $14,004,900 | ||
Essity AB | 1,334,125 | 40,420,343 | ||
International Flavors & Fragrances, Inc. | 386,473 | 37,472,422 | ||
Reckitt Benckiser Group PLC | 480,056 | 38,824,163 | ||
$130,721,828 | ||||
Electrical Equipment – 4.9% | ||||
Amphenol Corp., “A” | 232,562 | $17,551,454 | ||
Legrand S.A. | 360,599 | 34,116,028 | ||
Schneider Electric SE | 462,958 | 80,882,981 | ||
$132,550,463 | ||||
Electronics – 1.0% | ||||
Hoya Corp. | 115,800 | $12,198,186 | ||
Microchip Technology, Inc. | 192,020 | 14,015,540 | ||
$26,213,726 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – 3.8% | ||||
Danone S.A. | 620,078 | $41,031,346 | ||
Nestle S.A. | 480,933 | 61,660,851 | ||
$102,692,197 | ||||
Gaming & Lodging – 1.0% | ||||
Marriott International, Inc., “A” | 96,139 | $16,280,178 | ||
Whitbread PLC | 300,806 | 12,298,718 | ||
$28,578,896 | ||||
Insurance – 3.2% | ||||
Aon PLC | 119,680 | $38,917,542 | ||
Willis Towers Watson PLC | 210,201 | 48,682,552 | ||
$87,600,094 | ||||
Internet – 2.4% | ||||
Alphabet, Inc., “A” (a) | 420,414 | $45,127,239 | ||
eBay, Inc. | 414,689 | 19,254,010 | ||
$64,381,249 | ||||
Machinery & Tools – 1.2% | ||||
Carrier Global Corp. | 157,087 | $6,569,378 | ||
Kubota Corp. | 1,804,500 | 27,266,591 | ||
$33,835,969 | ||||
Major Banks – 3.7% | ||||
Erste Group Bank AG | 396,063 | $14,445,629 | ||
Goldman Sachs Group, Inc. | 138,831 | 47,680,119 | ||
UBS AG | 1,883,417 | 38,279,841 | ||
$100,405,589 | ||||
Medical Equipment – 13.6% | ||||
Abbott Laboratories | 349,539 | $38,613,573 | ||
Boston Scientific Corp. (a) | 933,253 | 48,641,146 | ||
Cooper Cos., Inc. | 69,291 | 26,431,052 | ||
EssilorLuxottica | 59,626 | 11,786,919 | ||
Medtronic PLC | 801,406 | 72,887,876 | ||
Olympus Corp. | 1,245,000 | 21,778,786 | ||
Sonova Holding AG | 57,646 | 18,255,155 | ||
Stryker Corp. | 121,571 | 36,428,750 | ||
Thermo Fisher Scientific, Inc. | 128,426 | 71,263,587 | ||
Waters Corp. (a) | 81,407 | 24,451,407 | ||
$370,538,251 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 5.1% | ||||
American Express Co. | 207,042 | $33,404,156 | ||
Grupo Financiero Banorte S.A. de C.V. | 957,791 | 8,282,619 | ||
Julius Baer Group Ltd. | 184,874 | 13,246,838 | ||
Visa, Inc., “A” | 355,617 | 82,762,744 | ||
$137,696,357 | ||||
Pharmaceuticals – 5.0% | ||||
Bayer AG | 508,290 | $33,470,665 | ||
Merck KGaA | 198,983 | 35,640,611 | ||
Roche Holding AG | 213,969 | 67,109,928 | ||
$136,221,204 | ||||
Railroad & Shipping – 4.6% | ||||
Canadian National Railway Co. | 362,072 | $43,184,327 | ||
Canadian Pacific Kansas City Ltd. | 673,450 | 53,094,798 | ||
Union Pacific Corp. | 153,374 | 30,015,292 | ||
$126,294,417 | ||||
Specialty Chemicals – 4.8% | ||||
Akzo Nobel N.V. | 315,552 | $26,252,694 | ||
L'Air Liquide S.A. | 154,985 | 27,891,572 | ||
Linde PLC | 206,193 | 76,178,004 | ||
$130,322,270 | ||||
Specialty Stores – 0.5% | ||||
Hermes International | 5,903 | $12,809,150 | ||
Telecommunications - Wireless – 1.1% | ||||
Liberty Broadband Corp. (a) | 362,796 | $30,757,845 | ||
Trucking – 1.0% | ||||
United Parcel Service, Inc., “B” | 145,969 | $26,246,686 | ||
Total Common Stocks (Identified Cost, $1,466,172,002) | $2,687,993,672 |
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 | 11/20/23 | 846,954 | $1,089,665 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 0.1% | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 4.59% (v) (Identified Cost, $1,933,789) | 1,933,783 | $1,934,170 | ||
Other Assets, Less Liabilities – 1.0% | 26,420,247 | |||
Net Assets – 100.0% | $2,717,437,754 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,934,170 and $2,689,083,337, 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, $1,466,172,002) | $2,689,083,337 |
Investments in affiliated issuers, at value (identified cost, $1,933,789) | 1,934,170 |
Receivables for | |
Investments sold | 23,035,582 |
Fund shares sold | 2,863,614 |
Interest and dividends | 9,421,281 |
Other assets | 43,810 |
Total assets | $2,726,381,794 |
Liabilities | |
Payable to custodian | $60 |
Payables for | |
Investments purchased | 4,707,565 |
Fund shares reacquired | 3,196,924 |
Payable to affiliates | |
Investment adviser | 226,969 |
Administrative services fee | 4,348 |
Shareholder servicing costs | 565,634 |
Distribution and service fees | 30,532 |
Payable for independent Trustees' compensation | 9,104 |
Accrued expenses and other liabilities | 202,904 |
Total liabilities | $8,944,040 |
Net assets | $2,717,437,754 |
Net assets consist of | |
Paid-in capital | $1,372,244,738 |
Total distributable earnings (loss) | 1,345,193,016 |
Net assets | $2,717,437,754 |
Shares of beneficial interest outstanding | 54,748,624 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $718,912,426 | 14,723,881 | $48.83 |
Class B | 6,993,657 | 160,159 | 43.67 |
Class C | 64,457,957 | 1,564,243 | 41.21 |
Class I | 958,886,981 | 18,999,028 | 50.47 |
Class R1 | 1,061,153 | 24,971 | 42.50 |
Class R2 | 26,546,971 | 563,144 | 47.14 |
Class R3 | 59,903,807 | 1,237,002 | 48.43 |
Class R4 | 64,922,981 | 1,323,152 | 49.07 |
Class R6 | 815,751,821 | 16,153,044 | 50.50 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $51.81 [100 / 94.25 x $48.83]. 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 | $24,537,543 |
Dividends from affiliated issuers | 172,800 |
Income on securities loaned | 14,092 |
Other | 3 |
Foreign taxes withheld | (1,623,970) |
Total investment income | $23,100,468 |
Expenses | |
Management fee | $10,409,942 |
Distribution and service fees | 1,374,172 |
Shareholder servicing costs | 971,706 |
Administrative services fee | 201,632 |
Independent Trustees' compensation | 21,801 |
Custodian fee | 129,527 |
Shareholder communications | 83,255 |
Audit and tax fees | 37,498 |
Legal fees | 6,606 |
Miscellaneous | 138,255 |
Total expenses | $13,374,394 |
Fees paid indirectly | (18) |
Reduction of expenses by investment adviser and distributor | (174,287) |
Net expenses | $13,200,089 |
Net investment income (loss) | $9,900,379 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $126,877,108 |
Affiliated issuers | 1,849 |
Foreign currency | 162,001 |
Net realized gain (loss) | $127,040,958 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $262,453,372 |
Affiliated issuers | 381 |
Translation of assets and liabilities in foreign currencies | 697,354 |
Net unrealized gain (loss) | $263,151,107 |
Net realized and unrealized gain (loss) | $390,192,065 |
Change in net assets from operations | $400,092,444 |
Six months ended | Year ended | |
4/30/23 (unaudited) | 10/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $9,900,379 | $17,910,316 |
Net realized gain (loss) | 127,040,958 | 245,538,621 |
Net unrealized gain (loss) | 263,151,107 | (972,704,215) |
Change in net assets from operations | $400,092,444 | $(709,255,278) |
Total distributions to shareholders | $(226,391,945) | $(184,733,937) |
Change in net assets from fund share transactions | $(55,179,871) | $(324,546,706) |
Total change in net assets | $118,520,628 | $(1,218,535,921) |
Net assets | ||
At beginning of period | 2,598,917,126 | 3,817,453,047 |
At end of period | $2,717,437,754 | $2,598,917,126 |
Class A | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $45.88 | $60.75 | $45.22 | $45.79 | $41.44 | $43.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.22 | $0.17 | $0.25 | $0.42 | $0.40 |
Net realized and unrealized gain (loss) | 6.88 | (12.07) | 16.60 | 0.16(g) | 6.10 | (1.23) |
Total from investment operations | $7.02 | $(11.85) | $16.77 | $0.41 | $6.52 | $(0.83) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.18) | $(0.23) | $(0.45) | $(0.42) | $(0.29) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(4.07) | $(3.02) | $(1.24) | $(0.98) | $(2.17) | $(1.16) |
Net asset value, end of period (x) | $48.83 | $45.88 | $60.75 | $45.22 | $45.79 | $41.44 |
Total return (%) (r)(s)(t)(x) | 16.02(n) | (20.50) | 37.58 | 0.83 | 16.67 | (1.99) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.18(a) | 1.16 | 1.14 | 1.16 | 1.17 | 1.16 |
Expenses after expense reductions (f) | 1.16(a) | 1.15 | 1.13 | 1.15 | 1.15 | 1.15 |
Net investment income (loss) | 0.58(a) | 0.42 | 0.29 | 0.55 | 0.98 | 0.91 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $718,912 | $649,695 | $857,804 | $667,074 | $721,141 | $671,000 |
Class B | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $41.36 | $55.28 | $41.35 | $41.93 | $38.09 | $40.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.04) | $(0.17) | $(0.23) | $(0.09) | $0.10 | $0.06 |
Net realized and unrealized gain (loss) | 6.18 | (10.91) | 15.17 | 0.15(g) | 5.60 | (1.12) |
Total from investment operations | $6.14 | $(11.08) | $14.94 | $0.06 | $5.70 | $(1.06) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.11) | $(0.11) | $(0.01) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(3.83) | $(2.84) | $(1.01) | $(0.64) | $(1.86) | $(0.88) |
Net asset value, end of period (x) | $43.67 | $41.36 | $55.28 | $41.35 | $41.93 | $38.09 |
Total return (%) (r)(s)(t)(x) | 15.57(n) | (21.09) | 36.56 | 0.08 | 15.79 | (2.73) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.93(a) | 1.91 | 1.89 | 1.91 | 1.92 | 1.91 |
Expenses after expense reductions (f) | 1.91(a) | 1.90 | 1.87 | 1.90 | 1.91 | 1.90 |
Net investment income (loss) | (0.20)(a) | (0.36) | (0.45) | (0.21) | 0.24 | 0.15 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $6,994 | $7,439 | $15,166 | $15,902 | $22,592 | $24,726 |
Class C | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $39.23 | $52.58 | $39.38 | $40.00 | $36.44 | $38.35 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.04) | $(0.15) | $(0.22) | $(0.08) | $0.09 | $0.06 |
Net realized and unrealized gain (loss) | 5.85 | (10.36) | 14.43 | 0.14(g) | 5.34 | (1.07) |
Total from investment operations | $5.81 | $(10.51) | $14.21 | $0.06 | $5.43 | $(1.01) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.15) | $(0.12) | $(0.03) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(3.83) | $(2.84) | $(1.01) | $(0.68) | $(1.87) | $(0.90) |
Net asset value, end of period (x) | $41.21 | $39.23 | $52.58 | $39.38 | $40.00 | $36.44 |
Total return (%) (r)(s)(t)(x) | 15.58(n) | (21.09) | 36.54 | 0.09 | 15.78 | (2.72) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.93(a) | 1.91 | 1.89 | 1.91 | 1.92 | 1.91 |
Expenses after expense reductions (f) | 1.91(a) | 1.90 | 1.87 | 1.90 | 1.91 | 1.90 |
Net investment income (loss) | (0.20)(a) | (0.35) | (0.46) | (0.19) | 0.23 | 0.16 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $64,458 | $66,875 | $112,939 | $110,351 | $143,769 | $149,669 |
Class I | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $47.36 | $62.59 | $46.55 | $47.09 | $42.57 | $44.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.36 | $0.31 | $0.37 | $0.53 | $0.52 |
Net realized and unrealized gain (loss) | 7.10 | (12.45) | 17.08 | 0.18(g) | 6.27 | (1.27) |
Total from investment operations | $7.30 | $(12.09) | $17.39 | $0.55 | $6.80 | $(0.75) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.36) | $(0.30) | $(0.34) | $(0.56) | $(0.53) | $(0.39) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(4.19) | $(3.14) | $(1.35) | $(1.09) | $(2.28) | $(1.26) |
Net asset value, end of period (x) | $50.47 | $47.36 | $62.59 | $46.55 | $47.09 | $42.57 |
Total return (%) (r)(s)(t)(x) | 16.15(n) | (20.30) | 37.91 | 1.10 | 16.94 | (1.76) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.93(a) | 0.91 | 0.89 | 0.91 | 0.92 | 0.91 |
Expenses after expense reductions (f) | 0.91(a) | 0.90 | 0.88 | 0.90 | 0.91 | 0.90 |
Net investment income (loss) | 0.82(a) | 0.67 | 0.53 | 0.80 | 1.21 | 1.17 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $958,887 | $946,778 | $1,245,750 | $908,819 | $947,284 | $935,292 |
Class R1 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $40.35 | $54.00 | $40.41 | $40.97 | $37.25 | $39.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.04) | $(0.17) | $(0.23) | $(0.09) | $0.09 | $0.06 |
Net realized and unrealized gain (loss) | 6.02 | (10.64) | 14.83 | 0.15(g) | 5.47 | (1.09) |
Total from investment operations | $5.98 | $(10.81) | $14.60 | $0.06 | $5.56 | $(1.03) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.09) | $(0.09) | $(0.03) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(3.83) | $(2.84) | $(1.01) | $(0.62) | $(1.84) | $(0.90) |
Net asset value, end of period (x) | $42.50 | $40.35 | $54.00 | $40.41 | $40.97 | $37.25 |
Total return (%) (r)(s)(t)(x) | 15.56(n) | (21.09) | 36.57 | 0.08 | 15.77 | (2.73) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.93(a) | 1.91 | 1.89 | 1.91 | 1.92 | 1.91 |
Expenses after expense reductions (f) | 1.91(a) | 1.90 | 1.87 | 1.90 | 1.91 | 1.90 |
Net investment income (loss) | (0.21)(a) | (0.36) | (0.46) | (0.23) | 0.22 | 0.16 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $1,061 | $1,260 | $2,081 | $1,556 | $2,485 | $2,538 |
Class R2 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $44.36 | $58.85 | $43.83 | $44.38 | $40.21 | $42.16 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.08 | $0.02 | $0.13 | $0.31 | $0.28 |
Net realized and unrealized gain (loss) | 6.65 | (11.68) | 16.09 | 0.16(g) | 5.91 | (1.19) |
Total from investment operations | $6.72 | $(11.60) | $16.11 | $0.29 | $6.22 | $(0.91) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.05) | $(0.08) | $(0.31) | $(0.30) | $(0.17) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(3.94) | $(2.89) | $(1.09) | $(0.84) | $(2.05) | $(1.04) |
Net asset value, end of period (x) | $47.14 | $44.36 | $58.85 | $43.83 | $44.38 | $40.21 |
Total return (%) (r)(s)(t)(x) | 15.86(n) | (20.70) | 37.22 | 0.59 | 16.36 | (2.24) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.43(a) | 1.41 | 1.39 | 1.41 | 1.42 | 1.41 |
Expenses after expense reductions (f) | 1.41(a) | 1.40 | 1.38 | 1.40 | 1.41 | 1.40 |
Net investment income (loss) | 0.32(a) | 0.16 | 0.04 | 0.30 | 0.76 | 0.66 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $26,547 | $24,652 | $36,791 | $27,772 | $37,042 | $40,944 |
Class R3 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $45.54 | $60.32 | $44.89 | $45.46 | $41.16 | $43.14 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.21 | $0.16 | $0.24 | $0.41 | $0.39 |
Net realized and unrealized gain (loss) | 6.84 | (11.97) | 16.49 | 0.17(g) | 6.06 | (1.21) |
Total from investment operations | $6.96 | $(11.76) | $16.65 | $0.41 | $6.47 | $(0.82) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.18) | $(0.21) | $(0.45) | $(0.42) | $(0.29) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(4.07) | $(3.02) | $(1.22) | $(0.98) | $(2.17) | $(1.16) |
Net asset value, end of period (x) | $48.43 | $45.54 | $60.32 | $44.89 | $45.46 | $41.16 |
Total return (%) (r)(s)(t)(x) | 16.00(n) | (20.50) | 37.60 | 0.83 | 16.65 | (2.00) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.18(a) | 1.16 | 1.14 | 1.16 | 1.17 | 1.16 |
Expenses after expense reductions (f) | 1.16(a) | 1.15 | 1.13 | 1.15 | 1.16 | 1.15 |
Net investment income (loss) | 0.51(a) | 0.41 | 0.29 | 0.54 | 0.97 | 0.90 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $59,904 | $66,160 | $88,285 | $70,852 | $91,019 | $90,003 |
Class R4 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $46.16 | $61.08 | $45.44 | $45.98 | $41.63 | $43.62 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.35 | $0.30 | $0.36 | $0.54 | $0.51 |
Net realized and unrealized gain (loss) | 6.92 | (12.13) | 16.69 | 0.17(g) | 6.09 | (1.23) |
Total from investment operations | $7.10 | $(11.78) | $16.99 | $0.53 | $6.63 | $(0.72) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.36) | $(0.30) | $(0.34) | $(0.54) | $(0.53) | $(0.40) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(4.19) | $(3.14) | $(1.35) | $(1.07) | $(2.28) | $(1.27) |
Net asset value, end of period (x) | $49.07 | $46.16 | $61.08 | $45.44 | $45.98 | $41.63 |
Total return (%) (r)(s)(t)(x) | 16.14(n) | (20.29) | 37.94 | 1.09 | 16.93 | (1.75) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.93(a) | 0.91 | 0.89 | 0.91 | 0.92 | 0.91 |
Expenses after expense reductions (f) | 0.91(a) | 0.90 | 0.88 | 0.90 | 0.91 | 0.90 |
Net investment income (loss) | 0.78(a) | 0.67 | 0.53 | 0.80 | 1.25 | 1.16 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $64,923 | $70,784 | $95,164 | $84,424 | $97,861 | $136,066 |
Class R6 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $47.42 | $62.65 | $46.58 | $47.13 | $42.61 | $44.61 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.22 | $0.39 | $0.36 | $0.41 | $0.59 | $0.54 |
Net realized and unrealized gain (loss) | 7.10 | (12.43) | 17.11 | 0.17(g) | 6.26 | (1.24) |
Total from investment operations | $7.32 | $(12.04) | $17.47 | $0.58 | $6.85 | $(0.70) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.41) | $(0.35) | $(0.39) | $(0.60) | $(0.58) | $(0.43) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) | (0.87) |
Total distributions declared to shareholders | $(4.24) | $(3.19) | $(1.40) | $(1.13) | $(2.33) | $(1.30) |
Net asset value, end of period (x) | $50.50 | $47.42 | $62.65 | $46.58 | $47.13 | $42.61 |
Total return (%) (r)(s)(t)(x) | 16.19(n) | (20.22) | 38.06 | 1.17 | 17.07 | (1.66) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.84(a) | 0.82 | 0.80 | 0.82 | 0.83 | 0.81 |
Expenses after expense reductions (f) | 0.82(a) | 0.80 | 0.78 | 0.81 | 0.82 | 0.80 |
Net investment income (loss) | 0.90(a) | 0.73 | 0.63 | 0.89 | 1.35 | 1.20 |
Portfolio turnover | 4(n) | 8 | 10 | 9 | 7 | 12 |
Net assets at end of period (000 omitted) | $815,752 | $765,274 | $1,363,474 | $976,055 | $923,304 | $809,357 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $1,412,140,228 | $— | $— | $1,412,140,228 |
France | 81,783,764 | 240,480,944 | — | 322,264,708 |
Switzerland | 68,199,593 | 185,187,957 | — | 253,387,550 |
United Kingdom | 51,853,269 | 151,356,654 | — | 203,209,923 |
Germany | 98,288,117 | 13,049,975 | — | 111,338,092 |
Canada | 96,279,125 | — | — | 96,279,125 |
Netherlands | — | 69,474,323 | — | 69,474,323 |
Japan | — | 61,243,563 | — | 61,243,563 |
Sweden | 40,420,343 | — | — | 40,420,343 |
Other Countries | 53,071,811 | 66,253,671 | — | 119,325,482 |
Mutual Funds | 1,934,170 | — | — | 1,934,170 |
Total | $1,903,970,420 | $787,047,087 | $— | $2,691,017,507 |
Year ended 10/31/22 | |
Ordinary income (including any short-term capital gains) | $19,789,607 |
Long-term capital gains | 164,944,330 |
Total distributions | $184,733,937 |
As of 4/30/23 | |
Cost of investments | $1,468,105,791 |
Gross appreciation | 1,296,562,771 |
Gross depreciation | (73,651,055) |
Net unrealized appreciation (depreciation) | $1,222,911,716 |
As of 10/31/22 | |
Undistributed ordinary income | 17,125,305 |
Undistributed long-term capital gain | 208,537,055 |
Other temporary differences | (648,742) |
Net unrealized appreciation (depreciation) | 946,478,899 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||
Class A | $56,773,747 | $42,467,364 | |
Class B | 669,191 | 742,277 | |
Class C | 6,363,794 | 5,994,793 | |
Class I | 79,956,425 | 62,197,001 | |
Class R1 | 120,143 | 109,269 | |
Class R2 | 2,165,712 | 1,785,958 | |
Class R3 | 5,734,624 | 4,368,531 | |
Class R4 | 6,351,042 | 4,886,283 | |
Class R6 | 68,257,267 | 62,182,461 | |
Total | $226,391,945 | $184,733,937 |
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% | $ 852,843 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 36,671 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 332,775 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 5,572 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 64,296 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 82,015 |
Total Distribution and Service Fees | $1,374,172 |
(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, 2023 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, 2023, this rebate amounted to $115 and $7 for Class A and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $6,075 |
Class B | 1,050 |
Class C | 1,296 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 718,967 | $33,358,130 | 1,598,114 | $83,819,854 | |
Class B | 4,192 | 165,588 | 723 | 36,283 | |
Class C | 60,115 | 2,357,496 | 129,420 | 5,937,150 | |
Class I | 1,704,384 | 81,952,055 | 4,668,176 | 247,307,932 | |
Class R1 | 1,127 | 45,722 | 7,916 | 345,974 | |
Class R2 | 37,282 | 1,678,670 | 121,943 | 6,225,015 | |
Class R3 | 115,245 | 5,345,706 | 352,981 | 18,279,571 | |
Class R4 | 97,907 | 4,609,646 | 204,357 | 10,632,175 | |
Class R6 | 1,823,261 | 88,205,304 | 4,027,793 | 214,466,893 | |
4,562,480 | $217,718,317 | 11,111,423 | $587,050,847 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,160,093 | $52,401,412 | 684,451 | $39,129,987 | |
Class B | 16,253 | 658,392 | 13,838 | 717,887 | |
Class C | 158,815 | 6,071,575 | 114,666 | 5,642,648 | |
Class I | 1,595,642 | 74,420,734 | 972,259 | 57,246,629 | |
Class R1 | 3,047 | 120,143 | 2,159 | 109,269 | |
Class R2 | 49,186 | 2,146,951 | 31,891 | 1,766,786 | |
Class R3 | 128,005 | 5,734,624 | 76,992 | 4,368,531 | |
Class R4 | 138,049 | 6,259,160 | 83,542 | 4,793,659 | |
Class R6 | 1,401,301 | 65,370,701 | 1,012,072 | 59,611,019 | |
4,650,391 | $213,183,692 | 2,991,870 | $173,386,415 | ||
Shares reacquired | |||||
Class A | (1,314,785) | $(61,060,551) | (2,242,147) | $(115,135,541) | |
Class B | (40,143) | (1,676,105) | (109,056) | (5,147,616) | |
Class C | (359,378) | (14,178,098) | (687,244) | (30,353,116) | |
Class I | (4,290,538) | (207,938,916) | (5,553,460) | (291,363,232) | |
Class R1 | (10,439) | (402,888) | (17,376) | (780,110) | |
Class R2 | (79,027) | (3,552,418) | (223,278) | (11,264,562) | |
Class R3 | (459,079) | (21,133,329) | (440,771) | (22,596,576) | |
Class R4 | (446,330) | (20,970,767) | (312,394) | (15,826,474) | |
Class R6 | (3,210,142) | (155,168,808) | (10,664,146) | (592,516,741) | |
(10,209,861) | $(486,081,880) | (20,249,872) | $(1,084,983,968) |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 564,275 | $24,698,991 | 40,418 | $7,814,300 | |
Class B | (19,698) | (852,125) | (94,495) | (4,393,446) | |
Class C | (140,448) | (5,749,027) | (443,158) | (18,773,318) | |
Class I | (990,512) | (51,566,127) | 86,975 | 13,191,329 | |
Class R1 | (6,265) | (237,023) | (7,301) | (324,867) | |
Class R2 | 7,441 | 273,203 | (69,444) | (3,272,761) | |
Class R3 | (215,829) | (10,052,999) | (10,798) | 51,526 | |
Class R4 | (210,374) | (10,101,961) | (24,495) | (400,640) | |
Class R6 | 14,420 | (1,592,803) | (5,624,281) | (318,438,829) | |
(996,990) | $(55,179,871) | (6,146,579) | $(324,546,706) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $8,194,315 | $227,543,827 | $233,806,202 | $1,849 | $381 | $1,934,170 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $172,800 | $— |
Return Fund
Return Fund
1 | |
4 | |
6 | |
38 | |
40 | |
42 | |
43 | |
52 | |
72 | |
73 | |
73 | |
73 | |
73 | |
73 |
back cover |
U.S. Treasury Note 10 yr Future - JUN 2023 | 1.7% |
Roche Holding AG | 1.4% |
Johnson & Johnson | 1.4% |
People’s Republic of China, 3.03%, 3/11/2026 | 1.3% |
Republic of Korea, 1.875%, 6/10/2029 | 1.3% |
Comcast Corp., “A” | 1.3% |
Euro-Schatz 2 yr Future - JUN 2023 | (1.5)% |
U.S. Treasury Note 5 yr Future - JUN 2023 | (1.8)% |
U.S. Treasury Note 2 yr Future - JUN 2023 | (2.2)% |
Euro-Bobl 5 yr Future - JUN 2023 | (3.7)% |
AAA | 4.3% |
AA | 3.7% |
A | 10.6% |
BBB | 11.8% |
BB | 0.4% |
U.S. Government | 1.9% |
Federal Agencies | 3.9% |
Not Rated | (2.8)% |
Non-Fixed Income | 59.7% |
Cash & Cash Equivalents | 1.1% |
Other | 5.4% |
Financials | 12.5% |
Health Care | 8.7% |
Industrials | 8.3% |
Consumer Staples | 7.1% |
Information Technology | 6.7% |
Communication Services | 4.5% |
Energy | 3.9% |
Materials | 3.1% |
Utilities | 2.3% |
Consumer Discretionary | 2.1% |
Real Estate | 0.4% |
Convertible Debt | 0.1% |
Investment Grade Corporates | 11.3% |
Non-U.S. Government Bonds | 7.9% |
Emerging Markets Bonds | 7.2% |
Mortgage-Backed Securities | 3.9% |
Collateralized Debt Obligations | 1.5% |
Commercial Mortgage-Backed Securities | 1.1% |
Municipal Bonds | 0.7% |
Asset-Backed Securities | 0.6% |
High Yield Corporates | 0.2% |
U.S. Government Agencies (o) | 0.0% |
U.S. Treasury Securities | (0.6)% |
United States | 51.5% |
Japan | 7.5% |
United Kingdom | 7.0% |
France | 5.1% |
Canada | 4.3% |
Switzerland | 4.1% |
South Korea | 3.4% |
Spain | 2.8% |
China | 2.6% |
Other Countries | 11.7% |
United States Dollar | 51.3% |
Euro | 18.4% |
Japanese Yen | 8.9% |
British Pound Sterling | 5.8% |
Swiss Franc | 4.0% |
Canadian Dollar | 2.3% |
Chinese Renminbi | 1.6% |
Chinese Yuan Offshore | 1.4% |
Hong Kong Dollar | 1.0% |
Other Currencies | 5.3% |
(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, 2022 through April 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 11/01/22 | Ending Account Value 4/30/23 | Expenses Paid During Period (p) 11/01/22-4/30/23 | |
A | Actual | 1.09% | $1,000.00 | $1,104.31 | $5.69 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.39 | $5.46 | |
B | Actual | 1.84% | $1,000.00 | $1,100.64 | $9.58 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.67 | $9.20 | |
C | Actual | 1.84% | $1,000.00 | $1,099.87 | $9.58 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.67 | $9.20 | |
I | Actual | 0.84% | $1,000.00 | $1,105.80 | $4.39 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.63 | $4.21 | |
R1 | Actual | 1.84% | $1,000.00 | $1,100.65 | $9.58 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.67 | $9.20 | |
R2 | Actual | 1.34% | $1,000.00 | $1,103.26 | $6.99 |
Hypothetical (h) | 1.34% | $1,000.00 | $1,018.15 | $6.71 | |
R3 | Actual | 1.09% | $1,000.00 | $1,104.06 | $5.69 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.39 | $5.46 | |
R4 | Actual | 0.84% | $1,000.00 | $1,106.17 | $4.39 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.63 | $4.21 | |
R6 | Actual | 0.76% | $1,000.00 | $1,106.24 | $3.97 |
Hypothetical (h) | 0.76% | $1,000.00 | $1,021.03 | $3.81 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 58.8% | ||||
Aerospace & Defense – 1.3% | ||||
General Dynamics Corp. | 34,430 | $7,517,446 | ||
Honeywell International, Inc. | 22,245 | 4,445,441 | ||
L3Harris Technologies, Inc. | 18,409 | 3,592,516 | ||
Northrop Grumman Corp. | 6,067 | 2,798,525 | ||
$18,353,928 | ||||
Alcoholic Beverages – 1.2% | ||||
Diageo PLC | 137,214 | $6,268,264 | ||
Heineken N.V. | 39,854 | 4,574,486 | ||
Kirin Holdings Co. Ltd. | 150,500 | 2,446,882 | ||
Pernod Ricard S.A. | 17,395 | 4,018,253 | ||
$17,307,885 | ||||
Apparel Manufacturers – 0.6% | ||||
Compagnie Financiere Richemont S.A. | 49,076 | $8,109,462 | ||
Automotive – 1.3% | ||||
Aptiv PLC (a) | 52,059 | $5,354,789 | ||
Bridgestone Corp. | 20,600 | 826,429 | ||
Lear Corp. | 26,390 | 3,368,947 | ||
LKQ Corp. | 113,219 | 6,536,133 | ||
Stellantis N.V. | 98,582 | 1,629,412 | ||
$17,715,710 | ||||
Biotechnology – 0.2% | ||||
Biogen, Inc. (a) | 2,696 | $820,204 | ||
Gilead Sciences, Inc. | 24,486 | 2,012,994 | ||
$2,833,198 | ||||
Broadcasting – 0.7% | ||||
Omnicom Group, Inc. | 114,049 | $10,329,418 | ||
Brokerage & Asset Managers – 1.3% | ||||
Cboe Global Markets, Inc. | 34,879 | $4,872,596 | ||
Charles Schwab Corp. | 189,302 | 9,889,137 | ||
NASDAQ, Inc. | 66,066 | 3,658,074 | ||
$18,419,807 | ||||
Business Services – 2.3% | ||||
Accenture PLC, “A” | 15,840 | $4,439,794 | ||
Amdocs Ltd. | 44,675 | 4,076,594 | ||
CGI, Inc. (a) | 35,143 | 3,566,826 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Experian PLC | 102,063 | $3,604,322 | ||
Fidelity National Information Services, Inc. | 48,214 | 2,831,126 | ||
Fiserv, Inc. (a) | 41,842 | 5,109,745 | ||
Nomura Research Institute Ltd. | 118,900 | 3,002,468 | ||
Secom Co. Ltd. | 76,000 | 4,851,906 | ||
$31,482,781 | ||||
Cable TV – 1.3% | ||||
Comcast Corp., “A” | 428,605 | $17,731,389 | ||
Chemicals – 0.5% | ||||
Nutrien Ltd. | 9,169 | $636,081 | ||
PPG Industries, Inc. | 46,751 | 6,557,295 | ||
$7,193,376 | ||||
Computer Software – 0.7% | ||||
Microsoft Corp. | 31,960 | $9,820,030 | ||
Computer Software - Systems – 2.5% | ||||
Amadeus IT Group S.A. (a) | 70,311 | $4,946,706 | ||
Capgemini | 15,896 | 2,901,501 | ||
Fujitsu Ltd. | 38,300 | 5,103,665 | ||
Hitachi Ltd. | 145,700 | 8,084,497 | ||
Hon Hai Precision Industry Co. Ltd. | 849,000 | 2,890,916 | ||
Lenovo Group Ltd. | 1,670,000 | 1,713,254 | ||
Samsung Electronics Co. Ltd. | 160,737 | 7,919,253 | ||
Seagate Technology Holdings PLC | 24,104 | 1,416,592 | ||
$34,976,384 | ||||
Construction – 1.3% | ||||
Anhui Conch Cement Co. Ltd. | 548,500 | $1,732,760 | ||
Masco Corp. | 125,541 | 6,717,699 | ||
Stanley Black & Decker, Inc. | 40,421 | 3,489,949 | ||
Techtronic Industries Co. Ltd. | 214,000 | 2,323,010 | ||
Vulcan Materials Co. | 19,853 | 3,476,657 | ||
$17,740,075 | ||||
Consumer Products – 1.3% | ||||
Colgate-Palmolive Co. | 64,887 | $5,177,983 | ||
Kimberly-Clark Corp. | 53,551 | 7,759,004 | ||
Reckitt Benckiser Group PLC | 72,104 | 5,831,356 | ||
$18,768,343 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electrical Equipment – 1.5% | ||||
Johnson Controls International PLC | 116,502 | $6,971,480 | ||
Legrand S.A. | 37,447 | 3,542,835 | ||
Schneider Electric SE | 57,243 | 10,000,874 | ||
$20,515,189 | ||||
Electronics – 2.4% | ||||
Intel Corp. | 167,802 | $5,211,930 | ||
Kyocera Corp. | 103,100 | 5,413,552 | ||
Novatek Microelectronics Corp. | 102,000 | 1,397,244 | ||
NXP Semiconductors N.V. | 39,100 | 6,402,234 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 47,573 | 4,010,404 | ||
Texas Instruments, Inc. | 61,489 | 10,280,961 | ||
$32,716,325 | ||||
Energy - Independent – 1.7% | ||||
ConocoPhillips | 93,084 | $9,577,413 | ||
Hess Corp. | 50,617 | 7,342,502 | ||
Phillips 66 | 23,859 | 2,362,041 | ||
Pioneer Natural Resources Co. | 16,490 | 3,587,399 | ||
Valero Energy Corp. | 12,050 | 1,381,774 | ||
$24,251,129 | ||||
Energy - Integrated – 2.2% | ||||
China Petroleum & Chemical Corp. | 9,072,000 | $5,953,699 | ||
Eni S.p.A. | 623,538 | 9,444,554 | ||
Exxon Mobil Corp. | 28,880 | 3,417,659 | ||
LUKOIL PJSC (a)(u) | 8,038 | 0 | ||
Petroleo Brasileiro S.A., ADR | 154,855 | 1,469,574 | ||
Suncor Energy, Inc. | 176,756 | 5,534,184 | ||
TotalEnergies SE | 66,214 | 4,221,057 | ||
$30,040,727 | ||||
Engineering - Construction – 0.1% | ||||
ACS Actividades de Construcción y Servicios S.A. | 22,060 | $759,591 | ||
Food & Beverages – 1.9% | ||||
Archer Daniels Midland Co. | 32,500 | $2,537,600 | ||
Coca-Cola FEMSA S.A.B. de C.V. | 15,782 | 1,332,317 | ||
Danone S.A. | 88,974 | 5,887,522 | ||
General Mills, Inc. | 104,173 | 9,232,853 | ||
J.M. Smucker Co. | 26,523 | 4,095,416 | ||
Nestle S.A. | 21,062 | 2,700,378 | ||
$25,786,086 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Drug Stores – 1.0% | ||||
Albertsons Cos., Inc., “A” | 72,671 | $1,518,824 | ||
BIM Birlesik Magazalar A.S. | 378,468 | 3,039,185 | ||
Tesco PLC | 2,815,165 | 9,956,470 | ||
$14,514,479 | ||||
Health Maintenance Organizations – 0.7% | ||||
Cigna Group | 36,962 | $9,362,105 | ||
Insurance – 3.5% | ||||
Aon PLC | 43,312 | $14,084,196 | ||
Chubb Ltd. | 29,685 | 5,983,309 | ||
Equitable Holdings, Inc. | 138,901 | 3,610,037 | ||
Hartford Financial Services Group, Inc. | 23,826 | 1,691,408 | ||
Manulife Financial Corp. | 348,533 | 6,881,395 | ||
MetLife, Inc. | 48,868 | 2,997,075 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 15,418 | 2,598,094 | ||
Travelers Cos., Inc. | 11,588 | 2,099,050 | ||
Willis Towers Watson PLC | 28,514 | 6,603,842 | ||
Zurich Insurance Group AG | 5,591 | 2,704,267 | ||
$49,252,673 | ||||
Internet – 0.6% | ||||
Alphabet, Inc., “A” (a) | 71,963 | $7,724,508 | ||
Leisure & Toys – 0.1% | ||||
Nintendo Co. Ltd. | 25,900 | $1,092,353 | ||
Machinery & Tools – 2.1% | ||||
Eaton Corp. PLC | 50,143 | $8,379,898 | ||
GEA Group AG | 22,952 | 1,075,871 | ||
Ingersoll Rand, Inc. | 99,722 | 5,686,149 | ||
Kubota Corp. | 235,300 | 3,555,461 | ||
Regal Rexnord Corp. | 38,027 | 4,949,594 | ||
Timken Co. | 8,781 | 674,820 | ||
Volvo Group | 206,646 | 4,274,600 | ||
$28,596,393 | ||||
Major Banks – 6.4% | ||||
ABN AMRO Group N.V., GDR (l) | 208,404 | $3,338,220 | ||
Bank of America Corp. | 318,587 | 9,328,227 | ||
BNP Paribas | 238,550 | 15,444,233 | ||
DBS Group Holdings Ltd. | 335,000 | 8,308,544 | ||
Erste Group Bank AG | 28,187 | 1,028,066 | ||
Goldman Sachs Group, Inc. | 34,107 | 11,713,708 | ||
JPMorgan Chase & Co. | 79,170 | 10,944,461 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – continued | ||||
Mitsubishi UFJ Financial Group, Inc. | 938,100 | $5,917,645 | ||
NatWest Group PLC | 2,507,739 | 8,304,790 | ||
Regions Financial Corp. | 112,180 | 2,048,407 | ||
State Street Corp. | 14,294 | 1,032,884 | ||
UBS AG | 594,471 | 12,082,431 | ||
$89,491,616 | ||||
Medical & Health Technology & Services – 0.5% | ||||
ICON PLC (a) | 14,014 | $2,700,358 | ||
McKesson Corp. | 12,483 | 4,546,808 | ||
$7,247,166 | ||||
Medical Equipment – 1.3% | ||||
Becton, Dickinson and Co. | 20,447 | $5,404,347 | ||
Boston Scientific Corp. (a) | 98,950 | 5,157,274 | ||
Medtronic PLC | 80,857 | 7,353,944 | ||
$17,915,565 | ||||
Metals & Mining – 1.5% | ||||
Adaro Energy Indonesia TBK PT | 1,812,000 | $386,610 | ||
Fortescue Metals Group Ltd. | 27,952 | 386,416 | ||
Glencore PLC | 1,109,618 | 6,540,263 | ||
Rio Tinto PLC | 156,864 | 9,953,540 | ||
United States Steel Corp. | 77,140 | 1,764,963 | ||
Vale S.A. | 166,900 | 2,422,623 | ||
$21,454,415 | ||||
Other Banks & Diversified Financials – 1.1% | ||||
China Construction Bank Corp. | 2,277,000 | $1,527,634 | ||
Julius Baer Group Ltd. | 68,045 | 4,875,651 | ||
KB Financial Group, Inc. | 18,718 | 694,542 | ||
Northern Trust Corp. | 41,901 | 3,274,982 | ||
Sberbank of Russia PJSC (a)(u) | 780,516 | 0 | ||
SLM Corp. | 118,445 | 1,779,044 | ||
Truist Financial Corp. | 114,911 | 3,743,800 | ||
$15,895,653 | ||||
Pharmaceuticals – 6.0% | ||||
Bayer AG | 155,685 | $10,251,786 | ||
Johnson & Johnson | 118,794 | 19,446,578 | ||
Merck & Co., Inc. | 149,266 | 17,235,745 | ||
Novartis AG | 17,970 | 1,839,241 | ||
Organon & Co. | 155,551 | 3,831,221 | ||
Pfizer, Inc. | 159,378 | 6,198,210 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Roche Holding AG | 62,977 | $19,752,310 | ||
Sanofi | 37,345 | 4,115,046 | ||
$82,670,137 | ||||
Printing & Publishing – 0.6% | ||||
RELX PLC | 94,490 | $3,142,178 | ||
Wolters Kluwer N.V. | 37,257 | 4,937,386 | ||
$8,079,564 | ||||
Railroad & Shipping – 0.7% | ||||
A.P. Moller-Maersk A/S | 255 | $459,712 | ||
Canadian Pacific Kansas City Ltd. | 37,762 | 2,976,700 | ||
Orient Overseas International Ltd. | 26,000 | 525,985 | ||
Union Pacific Corp. | 26,255 | 5,138,104 | ||
$9,100,501 | ||||
Real Estate – 0.4% | ||||
National Retail Properties, Inc., REIT | 29,402 | $1,278,987 | ||
Simon Property Group, Inc., REIT | 24,480 | 2,774,073 | ||
W.P. Carey, Inc., REIT | 18,269 | 1,355,560 | ||
$5,408,620 | ||||
Restaurants – 0.3% | ||||
Darden Restaurants, Inc. | 6,619 | $1,005,625 | ||
Sodexo | 12,243 | 1,311,283 | ||
Texas Roadhouse, Inc. | 11,191 | 1,237,948 | ||
$3,554,856 | ||||
Specialty Chemicals – 0.5% | ||||
Akzo Nobel N.V. | 42,641 | $3,547,565 | ||
Axalta Coating Systems Ltd. (a) | 95,383 | 3,011,241 | ||
Chemours Co. | 25,192 | 732,331 | ||
$7,291,137 | ||||
Telecommunications - Wireless – 1.4% | ||||
KDDI Corp. | 352,900 | $11,020,278 | ||
PT Telekom Indonesia | 4,019,600 | 1,164,506 | ||
T-Mobile US, Inc. (a) | 47,099 | 6,777,546 | ||
$18,962,330 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Telephone Services – 0.5% | ||||
France Telecom | 153,174 | $1,994,333 | ||
Hellenic Telecommunications Organization S.A. | 132,021 | 1,927,530 | ||
Quebecor, Inc., “B” | 102,436 | 2,643,973 | ||
$6,565,836 | ||||
Tobacco – 1.0% | ||||
British American Tobacco PLC | 120,231 | $4,441,710 | ||
Japan Tobacco, Inc. | 119,900 | 2,579,803 | ||
Philip Morris International, Inc. | 74,844 | 7,482,155 | ||
$14,503,668 | ||||
Utilities - Electric Power – 2.3% | ||||
Duke Energy Corp. | 29,003 | $2,867,817 | ||
E.ON SE | 669,242 | 8,852,940 | ||
Edison International | 66,660 | 4,906,176 | ||
Iberdrola S.A. | 435,682 | 5,652,367 | ||
National Grid PLC | 298,880 | 4,287,197 | ||
PG&E Corp. (a) | 250,693 | 4,289,357 | ||
Vistra Corp. | 29,333 | 699,885 | ||
$31,555,739 | ||||
Total Common Stocks (Identified Cost, $576,422,073) | $815,090,147 | |||
Bonds – 38.9% | ||||
Aerospace & Defense – 0.1% | ||||
Boeing Co., 5.805%, 5/01/2050 | $ | 582,000 | $578,884 | |
Raytheon Technologies Corp., 2.82%, 9/01/2051 | 1,906,000 | 1,311,631 | ||
$1,890,515 | ||||
Alcoholic Beverages – 0.1% | ||||
Pernod Ricard S.A., 3.75%, 11/02/2032 | EUR | 700,000 | $783,718 | |
Apparel Manufacturers – 0.0% | ||||
Tapestry, Inc., 3.05%, 3/15/2032 | $ | 703,000 | $582,173 | |
Asset-Backed & Securitized – 3.2% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.137%, 11/15/2054 (i) | $ | 7,225,269 | $392,361 | |
AA Bond Co. Ltd., 3.25%, 7/31/2028 | GBP | 1,000,000 | 993,368 | |
ACREC 2021-FL1 Ltd., “C”, FLR, 7.109% (LIBOR - 1mo. + 2.15%), 10/16/2036 (n) | $ | 1,125,500 | 1,038,383 | |
ACRES 2021-FL2 Issuer Ltd., “AS”, FLR, 6.698% (LIBOR - 1mo. + 1.75%), 1/15/2037 (n) | 808,500 | 783,611 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
ACRES 2021-FL2 Issuer Ltd., “B”, FLR, 7.197% (LIBOR - 1mo. + 2.25%), 1/15/2037 (n) | $ | 1,320,000 | $1,273,117 | |
Arbor Realty Trust, Inc., CLO, 2019-FL2, “AS”, FLR, 6.454% (LIBOR - 1mo. + 1.45%), 9/15/2034 (n) | 501,908 | 498,173 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 6.437% (LIBOR - 1mo. + 1.5%), 12/15/2035 (n) | 423,000 | 405,064 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 6.548% (LIBOR - 1mo. + 1.6%), 5/15/2036 (n) | 289,000 | 272,500 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 6.897% (LIBOR - 1mo. + 1.95%), 5/15/2036 (n) | 857,500 | 801,853 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “B”, FLR, 6.85% (SOFR - 30 day + 2.1%), 1/15/2037 (n) | 1,712,000 | 1,636,574 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 7.05% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 1,648,500 | 1,528,607 | ||
AREIT 2022-CRE6 Trust, “B”, FLR, 6.608% (SOFR - 30 day + 1.85%), 1/16/2037 (n) | 620,000 | 587,679 | ||
AREIT 2022-CRE6 Trust, “C”, FLR, 6.908% (SOFR - 30 day + 2.15%), 1/16/2037 (n) | 312,000 | 290,358 | ||
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.734%, 4/15/2053 (i) | 1,432,370 | 102,023 | ||
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.417%, 7/15/2054 (i) | 5,838,498 | 397,220 | ||
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.744%, 2/15/2054 (i) | 5,359,629 | 479,149 | ||
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.347%, 12/15/2055 | 584,994 | 621,934 | ||
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.268%, 3/15/2054 (i) | 4,606,565 | 280,747 | ||
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.997%, 6/15/2054 (i) | 10,651,990 | 520,543 | ||
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.381%, 7/15/2054 (i) | 13,960,193 | 1,000,386 | ||
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.392%, 8/15/2054 (i) | 13,176,788 | 954,278 | ||
Benchmark 2022-B37 Mortgage Trust, “AS”, 5.943%, 11/15/2055 | 226,000 | 231,906 | ||
Brazos Securitization LLC, 5.413%, 9/01/2052 (n) | 522,000 | 549,027 | ||
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 6.998% (LIBOR - 1mo. + 2.05%), 12/15/2038 (n) | 388,000 | 376,975 | ||
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.247% (LIBOR - 1mo. + 2.3%), 12/15/2038 (n) | 352,000 | 329,138 | ||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | 193,581 | 183,061 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n) | $ | 308,729 | $288,674 | |
BXMT 2021-FL4 Ltd., “AS”, FLR, 6.247% (LIBOR - 1mo. + 1.3%), 5/15/2038 (n) | 1,400,000 | 1,318,141 | ||
BXMT 2021-FL4 Ltd., “B”, FLR, 6.498% (LIBOR - 1mo. + 1.55%), 5/15/2038 (n) | 1,996,500 | 1,863,570 | ||
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n) | 519,188 | 488,680 | ||
CarMax Auto Owner Trust, 2022-2, “A4”, 3.62%, 9/15/2027 | 795,000 | 774,106 | ||
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n) | 367,188 | 333,183 | ||
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n) | 647,000 | 647,889 | ||
CNH Equipment Trust 2023-A, “A2”, 5.34%, 9/15/2026 | 325,248 | 325,197 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.887%, 4/15/2054 (i) | 6,780,027 | 289,378 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 1.085%, 6/15/2063 (i) | 6,601,908 | 364,423 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.15%, 6/15/2064 (i) | 6,182,548 | 363,714 | ||
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.916%, 4/15/2065 | 1,304,000 | 1,146,039 | ||
Credit Acceptance Auto Loan Trust, 2021-3A, “A”, 1%, 5/15/2030 (n) | 1,579,000 | 1,530,611 | ||
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n) | 627,741 | 626,032 | ||
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 7.056% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 592,000 | 571,046 | ||
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 6.498% (LIBOR - 1mo. + 1.6%), 5/16/2038 (n) | 1,454,000 | 1,358,174 | ||
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 6.698% (LIBOR - 1mo. + 1.75%), 7/15/2036 (n) | 750,000 | 708,949 | ||
LoanCore 2021-CRE5 Ltd., “B”, FLR, 6.948% (LIBOR - 1mo. + 2%), 7/15/2036 (n) | 782,000 | 733,286 | ||
MF1 2021-FL5 Ltd., “AS”, FLR, 6.204% (LIBOR - 1mo. + 1.2%), 7/15/2036 (n) | 1,360,000 | 1,314,794 | ||
MF1 2021-FL5 Ltd., “B”, FLR, 6.454% (LIBOR - 1mo. + 1.45%), 7/15/2036 (n) | 1,977,500 | 1,907,484 | ||
MF1 2021-FL5 Ltd., “C”, FLR, 6.704% (LIBOR - 1mo. + 1.7%), 7/15/2036 (n) | 225,000 | 210,288 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
MF1 2021-FL6 Ltd., “AS”, FLR, 6.409% (LIBOR - 1mo. + 1.45%), 7/16/2036 (n) | $ | 2,200,000 | $2,117,897 | |
MF1 2021-FL6 Ltd., “B”, FLR, 6.609% (LIBOR - 1mo. + 1.65%), 7/16/2036 (n) | 1,400,000 | 1,329,449 | ||
MF1 2022-FL8 Ltd., “A”, FLR, 6.132% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 500,000 | 487,000 | ||
MF1 2022-FL8 Ltd., “B”, FLR, 6.732% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 604,312 | 565,505 | ||
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.417%, 5/15/2054 (i) | 4,665,637 | 316,594 | ||
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.34%, 6/15/2054 (i) | 9,692,125 | 602,351 | ||
Navistar Financial Dealer Note Master Owner Trust, 2022-1, “A”, FLR, 6.056% (SOFR - 30 day + 1.25%), 5/25/2027 (n) | 525,000 | 525,464 | ||
RAC Bond Co. PLC, 4.87%, 5/06/2026 | GBP | 530,000 | 611,395 | |
Starwood Commercial Mortgage, 2021-FL2, “A”, FLR, 6.159% (LIBOR - 1mo. + 1.2%), 4/18/2038 (n) | $ | 1,400,000 | 1,367,105 | |
Starwood Commercial Mortgage, 2021-FL2, “AS”, FLR, 6.409% (LIBOR - 1mo. + 1.45%), 4/18/2038 (n) | 1,400,000 | 1,321,882 | ||
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 6.347% (LIBOR - 1mo. + 1.4%), 3/15/2038 (n) | 700,000 | 681,623 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.658%, 8/15/2054 (i) | 6,883,314 | 569,554 | ||
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 5.6% (SOFR - 1mo. + 0.85%), 6/15/2026 (n) | 269,000 | 268,810 | ||
$44,456,322 | ||||
Automotive – 0.0% | ||||
Hyundai Capital America, 6.375%, 4/08/2030 (n) | $ | 366,000 | $385,020 | |
Broadcasting – 0.3% | ||||
Discovery, Inc., 4.125%, 5/15/2029 | $ | 718,000 | $664,308 | |
Prosus N.V., 3.68%, 1/21/2030 (n) | 587,000 | 499,918 | ||
Ubisoft Entertainment S.A., 0.878%, 11/24/2027 | EUR | 1,900,000 | 1,512,843 | |
Walt Disney Co., 3.5%, 5/13/2040 | $ | 658,000 | 559,465 | |
Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | 1,343,000 | 1,192,799 | ||
$4,429,333 | ||||
Brokerage & Asset Managers – 0.1% | ||||
Ameriprise Financial, Inc., 4.5%, 5/13/2032 | $ | 292,000 | $283,379 | |
Low Income Investment Fund, 3.386%, 7/01/2026 | 285,000 | 271,599 | ||
Low Income Investment Fund, 3.711%, 7/01/2029 | 760,000 | 674,680 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Brokerage & Asset Managers – continued | ||||
LPL Holdings, Inc., 4%, 3/15/2029 (n) | $ | 662,000 | $594,592 | |
$1,824,250 | ||||
Building – 0.1% | ||||
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034 | GBP | 850,000 | $776,271 | |
Vulcan Materials Co., 3.5%, 6/01/2030 | $ | 908,000 | 833,359 | |
$1,609,630 | ||||
Business Services – 0.2% | ||||
Euronet Worldwide, Inc., 1.375%, 5/22/2026 | EUR | 825,000 | $816,821 | |
Fiserv, Inc., 4.4%, 7/01/2049 | $ | 281,000 | 239,154 | |
Mastercard, Inc., 3.85%, 3/26/2050 | 542,000 | 480,120 | ||
Verisk Analytics, Inc., 4%, 6/15/2025 | 747,000 | 731,572 | ||
$2,267,667 | ||||
Cable TV – 0.2% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | $ | 482,000 | $476,467 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050 | 895,000 | 677,773 | ||
Comcast Corp., 3.75%, 4/01/2040 | 675,000 | 582,564 | ||
SES S.A., 3.5%, 1/14/2029 | EUR | 580,000 | 587,625 | |
$2,324,429 | ||||
Chemicals – 0.1% | ||||
Alpek SAB de C.V., 3.25%, 2/25/2031 (n) | $ | 501,000 | $408,299 | |
LYB International Finance III, LLC, 4.2%, 5/01/2050 | 306,000 | 237,273 | ||
Nutrien Ltd., 4.9%, 3/27/2028 | 349,000 | 350,431 | ||
Sherwin-Williams Co., 3.8%, 8/15/2049 | 305,000 | 237,213 | ||
$1,233,216 | ||||
Computer Software – 0.0% | ||||
Microsoft Corp., 2.921%, 3/17/2052 | $ | 753,000 | $577,038 | |
Computer Software - Systems – 0.1% | ||||
Apple, Inc., 2.9%, 9/12/2027 | $ | 608,000 | $584,110 | |
Apple, Inc., 4.5%, 2/23/2036 | 204,000 | 211,787 | ||
$795,897 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Conglomerates – 0.3% | ||||
ABB Finance B.V., 3.375%, 1/16/2031 | EUR | 320,000 | $347,852 | |
nVent Finance S.à r.l., 5.65%, 5/15/2033 (w) | $ | 452,000 | 456,439 | |
Regal Rexnord Corp., 6.05%, 4/15/2028 (n) | 1,007,000 | 1,016,562 | ||
Siemens Financieringsmaatschappij N.V., 3.625%, 2/24/2043 | EUR | 600,000 | 650,479 | |
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | $ | 1,743,000 | 1,730,232 | |
$4,201,564 | ||||
Consumer Products – 0.1% | ||||
JAB Holdings B.V., 2.25%, 12/19/2039 | EUR | 1,200,000 | $936,267 | |
Kenvue, Inc., 5.05%, 3/22/2053 (n) | $ | 931,000 | 966,491 | |
$1,902,758 | ||||
Consumer Services – 0.0% | ||||
Booking Holdings, Inc., 4.75%, 11/15/2034 | EUR | 445,000 | $520,857 | |
Electrical Equipment – 0.2% | ||||
Arrow Electronics, Inc., 3.25%, 9/08/2024 | $ | 647,000 | $629,052 | |
Telefonaktiebolaget LM Ericsson, 1.125%, 2/08/2027 | EUR | 840,000 | 815,522 | |
Telefonaktiebolaget LM Ericsson, 1%, 5/26/2029 | 1,160,000 | 1,012,118 | ||
$2,456,692 | ||||
Electronics – 0.1% | ||||
Broadcom, Inc., 3.137%, 11/15/2035 (n) | $ | 859,000 | $665,004 | |
Emerging Market Quasi-Sovereign – 0.5% | ||||
Airport Authority Hong Kong, 3.25%, 1/12/2052 (n) | $ | 817,000 | $635,668 | |
CEZ A.S. (Czech Republic), 2.375%, 4/06/2027 | EUR | 807,000 | 826,923 | |
Korea Hydro & Nuclear Power Co. Ltd., 4.25%, 7/27/2027 (n) | $ | 437,000 | 432,451 | |
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n)(w) | 314,000 | 315,570 | ||
MDGH - GMTN RSC Ltd. (United Arab Emirates), 2.5%, 6/03/2031 | 675,000 | 590,069 | ||
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 | 820,000 | 716,475 | ||
PT Freeport Indonesia, 6.2%, 4/14/2052 (n) | 609,000 | 560,687 | ||
Qatar Petroleum, 3.125%, 7/12/2041 | 776,000 | 610,130 | ||
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n) | 612,000 | 614,706 | ||
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031 | EUR | 2,200,000 | 1,684,815 | |
$6,987,494 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Emerging Market Sovereign – 5.6% | ||||
Oriental Republic of Uruguay, 4.375%, 1/23/2031 | $ | 2,450,000 | $2,470,094 | |
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | UYU | 131,835,000 | 3,051,878 | |
People's Republic of China, 3.03%, 3/11/2026 | CNY | 125,550,000 | 18,416,972 | |
People's Republic of China, 3.13%, 11/21/2029 | 24,230,000 | 3,587,410 | ||
Republic of Hungary, 5.5%, 6/16/2034 (n) | $ | 640,000 | 625,956 | |
Republic of Indonesia, 3.55%, 3/31/2032 | 990,000 | 919,374 | ||
Republic of Korea, 2.125%, 6/10/2027 | KRW | 9,100,000,000 | 6,487,973 | |
Republic of Korea, 2.375%, 12/10/2027 | 1,900,000,000 | 1,362,242 | ||
Republic of Korea, 1.875%, 6/10/2029 | 25,986,970,000 | 17,845,773 | ||
Republic of Korea, 1.375%, 6/10/2030 | 14,311,200,000 | 9,355,979 | ||
State of Qatar, 4.4%, 4/16/2050 | $ | 299,000 | 279,939 | |
United Mexican States, 7.5%, 6/03/2027 | MXN | 154,900,000 | 8,146,347 | |
United Mexican States, 2.659%, 5/24/2031 | $ | 943,000 | 796,049 | |
United Mexican States, 7.75%, 5/29/2031 | MXN | 66,000,000 | 3,443,769 | |
United Mexican States, 6.338%, 5/04/2053 | $ | 433,000 | 446,448 | |
United Mexican States, 3.771%, 5/24/2061 | 1,036,000 | 713,419 | ||
$77,949,622 | ||||
Energy - Independent – 0.2% | ||||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | $ | 3,609,000 | $3,216,521 | |
Energy - Integrated – 0.2% | ||||
BP Capital Markets America, Inc., 4.812%, 2/13/2033 | $ | 489,000 | $497,473 | |
BP Capital Markets PLC, 3.625%, 6/22/2170 | EUR | 860,000 | 818,470 | |
Eni S.p.A., 4.25%, 5/09/2029 (n) | $ | 607,000 | 584,705 | |
Galp Energia SGPS S.A., 2%, 1/15/2026 | EUR | 600,000 | 623,406 | |
$2,524,054 | ||||
Engineering - Construction – 0.0% | ||||
Arcadis N.V., 4.875%, 2/28/2028 | EUR | 477,000 | $532,426 | |
Financial Institutions – 0.5% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/2041 | $ | 293,000 | $220,060 | |
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 537,000 | 507,162 | ||
Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 5/13/2031 | 285,000 | 236,167 | ||
CTP N.V., 0.875%, 1/20/2026 | EUR | 850,000 | 785,736 | |
EXOR N.V., 0.875%, 1/19/2031 | 720,000 | 620,485 | ||
Grand City Properties S.A., 1.5%, 12/09/2069 | 900,000 | 348,959 | ||
Logicor Financing S.à r.l., 1.625%, 1/17/2030 | 890,000 | 718,650 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
Logicor Financing S.à r.l., 0.875%, 1/14/2031 | EUR | 275,000 | $199,119 | |
P3 Group S.à r.l., 1.625%, 1/26/2029 | 680,000 | 574,515 | ||
Samhallsbyggnadsbolaget i Norden AB, 1.75%, 1/14/2025 | 610,000 | 589,959 | ||
SBB Treasury Oyj, 0.75%, 12/14/2028 | 590,000 | 392,490 | ||
SBB Treasury Oyj, 1.125%, 11/26/2029 | 450,000 | 288,305 | ||
VGP N.V., 1.5%, 4/08/2029 | 1,000,000 | 749,354 | ||
$6,230,961 | ||||
Food & Beverages – 0.5% | ||||
Anheuser-Busch InBev Worldwide, Inc., 4%, 4/13/2028 | $ | 974,000 | $965,063 | |
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | 446,000 | 430,589 | ||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 | 512,000 | 553,158 | ||
Bacardi Ltd., 5.15%, 5/15/2038 (n) | 658,000 | 635,351 | ||
Constellation Brands, Inc., 3.15%, 8/01/2029 | 1,006,000 | 924,634 | ||
Constellation Brands, Inc., 2.25%, 8/01/2031 | 400,000 | 332,050 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 (n) | 621,000 | 530,905 | ||
Kraft Heinz Foods Co., 3.875%, 5/15/2027 | 1,121,000 | 1,094,425 | ||
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | 1,680,000 | 1,428,126 | ||
$6,894,301 | ||||
Gaming & Lodging – 0.1% | ||||
Marriott International, Inc., 2.85%, 4/15/2031 | $ | 796,000 | $678,705 | |
VICI Properties LP, REIT, 4.95%, 2/15/2030 | 1,065,000 | 1,018,023 | ||
$1,696,728 | ||||
Industrial – 0.0% | ||||
Investor AB, 2.75%, 6/10/2032 | EUR | 240,000 | $249,153 | |
Insurance – 0.4% | ||||
Aflac, Inc., 3.6%, 4/01/2030 | $ | 213,000 | $200,803 | |
AIA Group Ltd., 0.88%, 9/09/2033 | EUR | 843,000 | 731,190 | |
ASR Nederland N.V., 7% to 12/07/2033, FLR (EUR Swap Rate - 5yr. + 5.3%) to 12/07/2043 | 900,000 | 1,037,860 | ||
Assicurazioni Generali S.p.A., 5.399%, 4/20/2033 | 870,000 | 962,008 | ||
Axa S.A., 5.5% to 7/11/2033, FLR (EURIBOR - 3mo. + 3.6%) to 7/11/2043 | 580,000 | 638,655 | ||
Corebridge Financial, Inc., 4.35%, 4/05/2042 (n) | $ | 1,179,000 | 973,858 | |
Equitable Holdings, Inc., 5.594%, 1/11/2033 | 882,000 | 876,786 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Insurance – continued | ||||
NN Group N.V., 6.367% to 11/03/2033, FLR (EURIBOR - 3mo. + 4%) to 11/03/2043 | EUR | 550,000 | $606,072 | |
$6,027,232 | ||||
Insurance - Health – 0.0% | ||||
Humana, Inc., 5.5%, 3/15/2053 | $ | 193,000 | $196,852 | |
UnitedHealth Group, Inc., 4.625%, 7/15/2035 | 184,000 | 185,715 | ||
$382,567 | ||||
Insurance - Property & Casualty – 0.2% | ||||
American International Group, Inc., 5.125%, 3/27/2033 | $ | 586,000 | $588,756 | |
Aon Corp./Aon Global Holdings PLC, 2.6%, 12/02/2031 | 244,000 | 206,234 | ||
Aon Corp./Aon Global Holdings PLC, 3.9%, 2/28/2052 | 718,000 | 578,129 | ||
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030 | 241,000 | 205,764 | ||
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038 | GBP | 738,000 | 732,898 | |
$2,311,781 | ||||
International Market Quasi-Sovereign – 0.8% | ||||
Caixa Geral de Depositos S.A. (Republic of Portugal), 5.75% to 10/31/2027, FLR (EUR Swap Rate - 1yr. + 2.75%) to 10/31/2028 | EUR | 800,000 | $908,664 | |
Deutsche Bahn Finance GmbH (Federal Republic of Germany), 1.375%, 4/16/2040 | 195,000 | 153,588 | ||
Electricite de France S.A., 2.625% to 6/01/2028, FLR (EUR Swap Rate - 5yr. + 2.86%) to 6/01/2033, FLR (EUR Swap Rate - 5yr. + 3.11%) to 6/01/2048, FLR (EUR Swap Rate - 5yr. + 3.86%) to 12/29/2049 | 800,000 | 693,030 | ||
Electricite de France S.A., 2.875% to 3/15/2027, FLR (EUR Swap Rate - 5yr. + 3.373%) to 3/15/2031, FLR (EUR Swap Rate - 5yr. + 3.623%) to 3/15/2047, FLR (EUR Swap Rate - 5yr. + 4.373%) to 3/15/2070 | 1,000,000 | 913,519 | ||
Electricite de France S.A., 5.875% to 1/22/2029, FLR (GBP Swap Rate - 15yr. + 3.323%) to 1/22/2049, FLR (GBP Swap Rate - 15yr. + 4.073%) to 12/31/2165 | GBP | 800,000 | 828,349 | |
EnBW International Finance B.V., 3.5%, 7/24/2028 | EUR | 570,000 | 623,832 | |
EnBW International Finance B.V., 4.049%, 11/22/2029 | 200,000 | 224,999 | ||
ESB Finance DAC, 1%, 7/19/2034 | 930,000 | 781,922 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
International Market Quasi-Sovereign – continued | ||||
Kreditanstalt Fuer Wiederaufbau, 1.125%, 3/31/2037 | EUR | 1,938,000 | $1,652,107 | |
La Banque Postale S.A., 4%, 5/03/2028 | 1,300,000 | 1,431,378 | ||
La Banque Postale S.A., 4.375%, 1/17/2030 | 900,000 | 980,254 | ||
Landsbankinn Bank (Republic of Iceland), 0.375%, 5/23/2025 | 623,000 | 598,647 | ||
NBN Co. Ltd., 4.375%, 3/15/2033 | 353,000 | 397,942 | ||
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | $ | 927,000 | 753,152 | |
RTE Reseau de Transport d'Electricite, 0.75%, 1/12/2034 | EUR | 300,000 | 249,448 | |
$11,190,831 | ||||
International Market Sovereign – 9.4% | ||||
Commonwealth of Australia, 2.75%, 11/21/2028 | AUD | 8,065,000 | $5,237,840 | |
Commonwealth of Australia, 1%, 11/21/2031 | 6,124,000 | 3,357,426 | ||
Commonwealth of Australia, 3.25%, 6/21/2039 | 2,408,000 | 1,505,039 | ||
Federal Republic of Germany, 1.7%, 8/15/2032 | EUR | 1,220,000 | 1,279,371 | |
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 418,000 | 359,062 | |
Government of Bermuda, 5%, 7/15/2032 (n) | 1,331,000 | 1,334,154 | ||
Government of Canada, 1.25%, 3/01/2027 | CAD | 4,316,000 | 2,972,508 | |
Government of Canada, 2%, 6/01/2032 | 2,769,000 | 1,907,449 | ||
Government of Canada, 2%, 12/01/2051 | 1,792,000 | 1,079,022 | ||
Government of Japan, 0.1%, 12/20/2026 | JPY | 1,912,350,000 | 14,087,203 | |
Government of Japan, 2.1%, 12/20/2027 | 1,621,250,000 | 13,002,486 | ||
Government of Japan, 1.7%, 6/20/2033 | 308,850,000 | 2,546,287 | ||
Government of Japan, 2.3%, 3/20/2040 | 206,150,000 | 1,842,285 | ||
Government of Japan, 1.7%, 6/20/2044 | 852,450,000 | 6,987,406 | ||
Government of Japan, 0.3%, 6/20/2046 | 398,650,000 | 2,427,480 | ||
Government of Japan, 1.6%, 12/20/2052 | 710,250,000 | 5,598,644 | ||
Kingdom of Belgium, 3%, 6/22/2033 (n) | EUR | 3,400,000 | 3,744,415 | |
Kingdom of Belgium, 0.4%, 6/22/2040 | 3,016,000 | 2,063,589 | ||
Kingdom of Spain, 1.25%, 10/31/2030 | 2,908,000 | 2,803,310 | ||
Kingdom of Spain, 2.55%, 10/31/2032 | 9,419,000 | 9,742,576 | ||
Kingdom of Spain, 3.15%, 4/30/2033 | 6,290,000 | 6,802,354 | ||
Kingdom of Spain, 3.9%, 7/30/2039 (n) | 3,037,000 | 3,401,848 | ||
Kingdom of Spain, 1%, 10/31/2050 | 4,760,000 | 2,760,603 | ||
Kingdom of Sweden, 1.75%, 11/11/2033 | SEK | 79,675,000 | 7,372,873 | |
Republic of Finland, 3%, 9/15/2033 | EUR | 1,493,000 | 1,647,078 | |
Republic of Italy, 0.5%, 7/15/2028 | 14,259,000 | 13,402,518 | ||
United Kingdom Treasury, 1.25%, 7/22/2027 | GBP | 5,898,000 | 6,717,986 | |
United Kingdom Treasury, 1.25%, 10/22/2041 | 3,359,000 | 2,693,483 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
International Market Sovereign – continued | ||||
United Kingdom Treasury, 1.25%, 7/31/2051 | GBP | 2,927,991 | $1,957,187 | |
$130,633,482 | ||||
Local Authorities – 0.2% | ||||
City of Oslo, 2.17%, 5/18/2029 | NOK | 15,000,000 | $1,273,917 | |
Province of Alberta, 4.5%, 12/01/2040 | CAD | 710,000 | 554,165 | |
Province of British Columbia, 2.95%, 6/18/2050 | 600,000 | 368,556 | ||
$2,196,638 | ||||
Machinery & Tools – 0.0% | ||||
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | $ | 621,000 | $575,966 | |
Major Banks – 2.3% | ||||
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 | $807,728 | |
Bank of America Corp., 5.202% to 4/25/2033, FLR (SOFR - 1 day + 1.63%) to 4/25/2029 | 922,000 | 928,129 | ||
Bank of America Corp., 0.694%, 3/22/2031 | EUR | 950,000 | 828,056 | |
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 | $ | 1,617,000 | 1,351,210 | |
Barclays Bank PLC, 8.407% to 11/14/2027, FLR (GBP Swap Rate - 5yr. + 4.75%) to 11/14/2032 | GBP | 300,000 | 391,152 | |
Barclays Bank PLC, 5.235%, 8/14/2171 | $ | 910,000 | 809,900 | |
BNP Paribas S.A., 4.25% to 4/13/2030, FLR (EURIBOR - 3mo. + 1.37%) to 4/13/2031 | EUR | 700,000 | 766,992 | |
BNP Paribas S.A., FLR, 5.284% (LIBOR - 6mo. + 0.075%), 3/23/2172 | $ | 720,000 | 604,843 | |
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | 1,471,000 | 1,170,641 | ||
Credit Agricole S.A., 4.75%, 3/23/2171 (n) | 268,000 | 206,092 | ||
Credit Suisse AG (London), 2.125%, 5/31/2024 | EUR | 730,000 | 778,555 | |
Credit Suisse AG (London), 5.5%, 8/20/2026 | 460,000 | 516,576 | ||
Credit Suisse Group AG, 7.75% to 3/01/2028, FLR (EUR ICE Swap Rate - 1yr. + 4.95%) to 3/01/2029 | 790,000 | 948,846 | ||
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032 | $ | 940,000 | 767,893 | |
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043 | 362,000 | 279,398 | ||
HSBC Bank PLC, 5.46%, 3/18/2171 | 310,000 | 306,023 | ||
HSBC Bank PLC, 5.251%, 6/11/2171 | 150,000 | 148,125 | ||
HSBC Bank PLC, 5.401%, 12/19/2171 | 410,000 | 404,741 | ||
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026 | 1,029,000 | 958,142 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
HSBC Holdings PLC, 4.375%, 11/23/2026 | $ | 510,000 | $493,855 | |
HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 9/09/2170 | 702,000 | 589,680 | ||
ING Groep N.V., 1%, 11/16/2032 | EUR | 800,000 | 728,902 | |
ING Groep N.V., 6.25%, 5/20/2033 | GBP | 800,000 | 982,310 | |
JPMorgan Chase & Co., 1.47% to 9/22/2026, FLR (SOFR - 1 day + 0.765%) to 9/22/2027 | $ | 581,000 | 517,354 | |
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032 | 732,000 | 590,033 | ||
JPMorgan Chase & Co., 3.109% to 4/22/2050, FLR (SOFR + 2.44%) to 4/22/2051 | 677,000 | 481,325 | ||
mBank S.A., 0.966% to 9/21/2026, FLR (EURIBOR - 3mo. + 1.25%) to 9/21/2027 | EUR | 1,000,000 | 851,284 | |
Mitsubishi UFJ Financial Group, Inc., 1.412%, 7/17/2025 | $ | 2,681,000 | 2,465,890 | |
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032 | 484,000 | 394,720 | ||
Morgan Stanley, 3.125%, 7/27/2026 | 534,000 | 507,699 | ||
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027 | 1,063,000 | 956,067 | ||
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031 | 423,000 | 386,904 | ||
Nationwide Building Society, 6.178% to 12/07/2026, FLR (SONIA + 2.213%) to 12/07/2027 | GBP | 210,000 | 267,731 | |
NatWest Group PLC, 5.763% to 2/28/2029, FLR (EUR Swap Rate - 5yr. + 2.6%) to 2/28/2034 | EUR | 490,000 | 543,419 | |
NatWest Group PLC, 4.5%, 3/31/2171 | GBP | 572,000 | 535,401 | |
Société Générale S.A., 4.25%, 12/06/2030 | EUR | 600,000 | 644,076 | |
Standard Chartered PLC, 0.8% to 11/17/2028, FLR (EUR Swap Rate - 1yr. + 0.85%) to 11/17/2029 | 940,000 | 850,554 | ||
Toronto-Dominion Bank, 4.108%, 6/08/2027 | $ | 884,000 | 860,271 | |
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n) | 1,622,000 | 1,289,300 | ||
Unicaja Banco S.A., 1%, 12/01/2026 | EUR | 700,000 | 690,882 | |
Unicaja Banco S.A., 5.13% to 2/21/2028, FLR (EUR Swap Rate - 1yr. + 2.15%) to 2/21/2029 | 700,000 | 749,887 | ||
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | $ | 1,030,000 | 937,226 | |
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | 775,000 | 676,466 | ||
Wells Fargo & Co., 3.9%, 5/01/2045 | 316,000 | 257,432 | ||
$31,221,710 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Medical & Health Technology & Services – 0.5% | ||||
Alcon Finance B.V., 2.375%, 5/31/2028 | EUR | 460,000 | $474,954 | |
Alcon Finance Corp., 3.8%, 9/23/2049 (n) | $ | 231,000 | 183,372 | |
Becton, Dickinson and Co., 4.298%, 8/22/2032 | 326,000 | 316,451 | ||
CVS Health Corp., 5.625%, 2/21/2053 | 672,000 | 675,200 | ||
HCA, Inc., 5.125%, 6/15/2039 | 399,000 | 375,174 | ||
Laboratory Corp. of America Holdings, 3.6%, 2/01/2025 | 589,000 | 574,902 | ||
Laboratory Corp. of America Holdings, 4.7%, 2/01/2045 | 567,000 | 514,793 | ||
Memorial Sloan-Kettering Cancer Center, 2.955%, 1/01/2050 | 670,000 | 479,744 | ||
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050 | 1,300,000 | 836,741 | ||
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048 | 590,000 | 575,701 | ||
Thermo Fisher Scientific Finance I B.V., 2%, 10/18/2051 | EUR | 630,000 | 440,510 | |
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028 | $ | 1,119,000 | 994,244 | |
$6,441,786 | ||||
Medical Equipment – 0.1% | ||||
Boston Scientific Corp., 0.625%, 12/01/2027 | EUR | 630,000 | $609,595 | |
Boston Scientific Corp., 2.65%, 6/01/2030 | $ | 564,000 | 498,881 | |
DH Europe Finance II S.à r.l., 0.45%, 3/18/2028 | EUR | 640,000 | 614,363 | |
$1,722,839 | ||||
Metals & Mining – 0.2% | ||||
Anglo American Capital PLC, 4.5%, 9/15/2028 | EUR | 160,000 | $179,274 | |
Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | $ | 572,000 | 580,298 | |
Anglo American Capital PLC, 4.75%, 9/21/2032 | EUR | 730,000 | 804,146 | |
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | $ | 808,000 | 682,438 | |
$2,246,156 | ||||
Midstream – 0.3% | ||||
Enbridge, Inc., 5.7%, 3/08/2033 | $ | 537,000 | $557,669 | |
Energy Transfer LP, 5.55%, 2/15/2028 | 478,000 | 487,361 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 971,374 | 841,468 | ||
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028 | 1,216,000 | 1,177,846 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 107,000 | 97,211 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 649,000 | 537,844 | ||
$3,699,399 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – 3.9% | ||||
Fannie Mae, 4.5%, 3/01/2025 - 2/01/2046 | $ | 3,083,578 | $3,074,155 | |
Fannie Mae, 5.5%, 1/01/2037 | 11,409 | 11,822 | ||
Fannie Mae, 6%, 9/01/2037 - 6/01/2038 | 122,515 | 126,826 | ||
Fannie Mae, 5%, 4/01/2040 - 8/01/2040 | 827,123 | 840,650 | ||
Fannie Mae, 4%, 11/01/2040 - 2/01/2041 | 938,962 | 912,336 | ||
Fannie Mae, 3.5%, 5/01/2043 - 12/01/2046 | 1,452,526 | 1,371,548 | ||
Fannie Mae, UMBS, 2.5%, 4/01/2037 - 5/01/2052 | 8,956,562 | 7,773,452 | ||
Fannie Mae, UMBS, 3%, 5/01/2037 - 6/01/2052 | 3,155,728 | 2,841,427 | ||
Fannie Mae, UMBS, 2%, 3/01/2042 - 7/01/2052 | 2,645,229 | 2,227,631 | ||
Fannie Mae, UMBS, 1.5%, 4/01/2052 | 1,059,707 | 836,575 | ||
Fannie Mae, UMBS, 3.5%, 5/01/2052 - 7/01/2052 | 45,502 | 42,350 | ||
Fannie Mae, UMBS, 5.5%, 11/01/2052 - 12/01/2052 | 2,637,463 | 2,659,338 | ||
Fannie Mae, UMBS, 6%, 12/01/2052 | 174,983 | 178,362 | ||
Freddie Mac, 1.481%, 3/25/2027 (i) | 1,523,000 | 71,890 | ||
Freddie Mac, 3.224%, 3/25/2027 | 1,500,000 | 1,449,120 | ||
Freddie Mac, 3.194%, 7/25/2027 | 3,914,000 | 3,769,676 | ||
Freddie Mac, 3.286%, 11/25/2027 | 2,576,000 | 2,486,184 | ||
Freddie Mac, 1.916%, 4/25/2030 (i) | 3,170,226 | 332,156 | ||
Freddie Mac, 1.985%, 4/25/2030 (i) | 2,614,093 | 276,993 | ||
Freddie Mac, 1.768%, 5/25/2030 (i) | 3,298,344 | 321,381 | ||
Freddie Mac, 1.907%, 5/25/2030 (i) | 7,375,798 | 773,194 | ||
Freddie Mac, 1.436%, 6/25/2030 (i) | 3,056,884 | 244,997 | ||
Freddie Mac, 1.704%, 8/25/2030 (i) | 2,713,457 | 259,833 | ||
Freddie Mac, 1.263%, 9/25/2030 (i) | 1,752,322 | 125,392 | ||
Freddie Mac, 1.172%, 11/25/2030 (i) | 3,594,105 | 241,439 | ||
Freddie Mac, 0.42%, 1/25/2031 (i) | 13,664,169 | 267,592 | ||
Freddie Mac, 0.612%, 3/25/2031 (i) | 16,745,293 | 534,418 | ||
Freddie Mac, 1.039%, 7/25/2031 (i) | 3,177,082 | 200,955 | ||
Freddie Mac, 0.632%, 9/25/2031 (i) | 13,281,588 | 466,125 | ||
Freddie Mac, 0.955%, 9/25/2031 (i) | 4,021,884 | 233,005 | ||
Freddie Mac, 0.665%, 12/25/2031 (i) | 3,294,996 | 129,602 | ||
Freddie Mac, 4.35%, 1/25/2033 | 202,666 | 205,362 | ||
Freddie Mac, 5.5%, 7/01/2037 | 21,787 | 22,600 | ||
Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042 | 945,389 | 949,772 | ||
Freddie Mac, 5%, 7/01/2041 | 341,212 | 348,391 | ||
Freddie Mac, UMBS, 3.5%, 1/01/2047 | 640,018 | 605,645 | ||
Freddie Mac, UMBS, 3%, 6/01/2050 - 6/01/2052 | 1,091,206 | 982,486 | ||
Freddie Mac, UMBS, 2%, 1/01/2051 - 12/01/2051 | 97,815 | 81,439 | ||
Freddie Mac, UMBS, 2.5%, 10/01/2051 - 4/01/2052 | 915,522 | 794,987 | ||
Freddie Mac, UMBS, 4%, 5/01/2052 | 142,328 | 137,160 | ||
Freddie Mac, UMBS, 6%, 11/01/2052 | 506,082 | 516,324 | ||
Ginnie Mae, 5%, 5/15/2040 - 1/20/2053 | 340,986 | 343,598 | ||
Ginnie Mae, 3.5%, 6/20/2043 - 11/20/2052 | 497,610 | 476,697 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Ginnie Mae, 2.5%, 8/20/2051 - 5/20/2052 | $ | 1,397,844 | $1,235,761 | |
Ginnie Mae, 3%, 10/20/2051 - 11/20/2052 | 2,479,714 | 2,264,193 | ||
Ginnie Mae, 2%, 1/20/2052 | 875,928 | 749,918 | ||
Ginnie Mae, 4%, 9/20/2052 - 10/20/2052 | 1,460,583 | 1,404,105 | ||
Ginnie Mae, 4.5%, 9/20/2052 - 11/20/2052 | 1,457,896 | 1,430,319 | ||
Ginnie Mae, TBA, 2.5%, 5/15/2053 | 525,000 | 463,835 | ||
Ginnie Mae, TBA, 3.5%, 5/15/2053 | 1,400,000 | 1,314,141 | ||
Ginnie Mae, TBA, 5%, 5/15/2053 | 475,000 | 472,866 | ||
Ginnie Mae, TBA, 5.5%, 5/15/2053 | 825,000 | 830,543 | ||
UMBS, TBA, 2%, 5/25/2053 | 3,450,000 | 2,870,036 | ||
$53,580,602 | ||||
Municipals – 0.7% | ||||
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class I, Taxable, “D-1”, GNMA, 5%, 11/01/2047 | $ | 735,000 | $736,256 | |
Connecticut Higher Education Supplemental Loan Authority Rev. Taxable (Chesla Loan Program), “C”, 4.668%, 11/15/2034 | 1,200,000 | 1,145,665 | ||
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039 | 1,045,000 | 987,448 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “M-A”, 2.641%, 7/01/2037 | 1,235,000 | 1,137,505 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “M-A”, 4.949%, 7/01/2038 | 1,815,000 | 1,784,046 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052 | 1,080,000 | 1,100,994 | ||
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040 | 585,000 | 489,090 | ||
Minnesota Housing Finance Agency, Residential Housing, Taxable, “G”, 4.337%, 1/01/2047 | 1,005,000 | 980,941 | ||
New Jersey Economic Development Authority State Pension Funding Rev., Taxable, “A”, NPFG, 7.425%, 2/15/2029 | 445,000 | 487,790 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030 | 992,000 | 925,471 | ||
$9,775,206 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Natural Gas - Distribution – 0.1% | ||||
Boston Gas Co., 3.15%, 8/01/2027 (n) | $ | 857,000 | $791,415 | |
Engie S.A., 4.25%, 1/11/2043 | EUR | 100,000 | 109,134 | |
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | $ | 710,000 | 542,092 | |
NiSource, Inc., 5.25%, 3/30/2028 | 142,000 | 145,038 | ||
$1,587,679 | ||||
Natural Gas - Pipeline – 0.1% | ||||
APA Infrastructure Ltd., 0.75%, 3/15/2029 | EUR | 970,000 | $875,464 | |
APA Infrastructure Ltd., 2.5%, 3/15/2036 | GBP | 1,140,000 | 985,522 | |
$1,860,986 | ||||
Network & Telecom – 0.1% | ||||
AT&T, Inc., 3.5%, 9/15/2053 | $ | 246,000 | $176,437 | |
Orange S.A., 3.625%, 11/16/2031 | EUR | 900,000 | 1,005,253 | |
Verizon Communications, Inc., 3.55%, 3/22/2051 | $ | 388,000 | 294,312 | |
$1,476,002 | ||||
Oils – 0.1% | ||||
Neste Oyj, 0.75%, 3/25/2028 | EUR | 1,000,000 | $962,417 | |
Neste Oyj, 3.875%, 3/16/2029 | 220,000 | 245,192 | ||
Phillips 66, 4.875%, 11/15/2044 | $ | 300,000 | 282,584 | |
$1,490,193 | ||||
Other Banks & Diversified Financials – 1.0% | ||||
AIB Group PLC, 5.75% to 2/16/2028, FLR (EUR Swap Rate - 1yr. + 2.85%) to 2/16/2029 | EUR | 730,000 | $836,205 | |
Arion Banki HF, 4.875%, 12/21/2024 | 1,080,000 | 1,161,872 | ||
Banque Federative du Credit Mutuel S.A., 4.375%, 5/02/2030 | 700,000 | 774,749 | ||
BPCE S.A., 4.625% to 3/02/2029, FLR (EURIBOR - 3mo. + 1.6%) to 3/02/2030 | 500,000 | 557,252 | ||
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n) | $ | 960,000 | 750,355 | |
CaixaBank S.A., 6.875% to 10/25/2028, FLR (GBP Swap Rate - 5yr. + 3.7%) to 10/25/2033 | GBP | 400,000 | 490,682 | |
Cooperatieve Rabobank U.A., 4.233% to 4/25/2028, FLR (EURIBOR - 3mo. + 1.15%) to 4/25/2029 | EUR | 700,000 | 773,311 | |
Deutsche Bank AG, 1.875% to 2/23/2027, FLR (EURIBOR - 3mo. + 1.38%) to 2/23/2028 | 400,000 | 387,421 | ||
Deutsche Bank AG, 3.25% to 5/24/2027, FLR (EURIBOR - 3mo. + 1.93%) to 5/24/2028 | 200,000 | 201,680 | ||
Deutsche Bank AG, 6.125% to 12/12/2029, FLR (SONIA + 2.621%) to 12/12/2030 | GBP | 600,000 | 725,485 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Deutsche Bank AG, 1.375% to 2/17/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/17/2032 | EUR | 400,000 | $325,520 | |
Deutsche Bank AG, 4%, 6/24/2032 | 700,000 | 665,653 | ||
Groupe BPCE S.A., 4.5%, 3/15/2025 (n) | $ | 950,000 | 918,474 | |
Groupe BPCE S.A., 1.75%, 2/02/2034 | EUR | 900,000 | 803,017 | |
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042 | 1,000,000 | 806,693 | ||
KBC Group N.V., 4.375% to 4/19/2029, FLR (EURIBOR - 3mo. + 1.38%) to 4/19/2030 | 300,000 | 332,579 | ||
Macquarie Group Ltd., 4.08%, 5/31/2029 | GBP | 640,000 | 732,360 | |
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028 | $ | 301,000 | 285,525 | |
Skipton Building Society, 6.25%, 4/25/2029 | GBP | 740,000 | 922,118 | |
Virgin Money UK PLC, 5.125% to 12/11/2025, FLR (GBP Government Yield - 5yr. + 5.25%) to 12/11/2030 | 650,000 | 758,019 | ||
$13,208,970 | ||||
Pharmaceuticals – 0.1% | ||||
Amgen, Inc., 5.25%, 3/02/2030 | $ | 418,000 | $429,305 | |
Amgen, Inc., 5.6%, 3/02/2043 | 579,000 | 595,793 | ||
$1,025,098 | ||||
Pollution Control – 0.1% | ||||
Waste Connections, Inc., 4.2%, 1/15/2033 | $ | 698,000 | $670,572 | |
Waste Management, Inc., 4.625%, 2/15/2033 | 815,000 | 825,177 | ||
$1,495,749 | ||||
Precious Metals & Minerals – 0.1% | ||||
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | $ | 881,000 | $878,144 | |
Printing & Publishing – 0.1% | ||||
Wolters Kluwer N.V., 3.75%, 4/03/2031 | EUR | 690,000 | $768,808 | |
Real Estate - Office – 0.1% | ||||
Corporate Office Property LP, REIT, 2.25%, 3/15/2026 | $ | 675,000 | $602,717 | |
Corporate Office Property LP, REIT, 2%, 1/15/2029 | 425,000 | 328,361 | ||
Corporate Office Property LP, REIT, 2.75%, 4/15/2031 | 868,000 | 659,485 | ||
$1,590,563 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Real Estate - Other – 0.1% | ||||
EPR Properties, REIT, 3.6%, 11/15/2031 | $ | 725,000 | $563,938 | |
Lexington Realty Trust Co., 2.7%, 9/15/2030 | 881,000 | 713,879 | ||
W.P. Carey, Inc., REIT, 2.4%, 2/01/2031 | 699,000 | 571,663 | ||
$1,849,480 | ||||
Real Estate - Retail – 0.2% | ||||
Regency Centers Corp., 3.7%, 6/15/2030 | $ | 286,000 | $262,016 | |
Spirit Realty, LP, REIT, 3.2%, 1/15/2027 | 531,000 | 485,669 | ||
STORE Capital Corp., REIT, 2.7%, 12/01/2031 | 949,000 | 682,885 | ||
WEA Finance LLC, 2.875%, 1/15/2027 (n) | 800,000 | 699,219 | ||
$2,129,789 | ||||
Restaurants – 0.0% | ||||
McDonald's Corp., 4.25%, 3/07/2035 | EUR | 560,000 | $632,705 | |
Retailers – 0.1% | ||||
AutoZone, Inc., 4.75%, 8/01/2032 | $ | 326,000 | $324,358 | |
Home Depot, Inc., 4.875%, 2/15/2044 | 496,000 | 493,679 | ||
Home Depot, Inc., 3.625%, 4/15/2052 | 723,000 | 589,230 | ||
$1,407,267 | ||||
Specialty Chemicals – 0.0% | ||||
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | $ | 699,000 | $595,461 | |
Specialty Stores – 0.0% | ||||
DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 696,000 | $577,077 | |
Supranational – 0.7% | ||||
Corporacion Andina de Fomento, 4.5%, 3/07/2028 | EUR | 790,000 | $886,952 | |
European Financial Stability Facility, 3.375%, 4/03/2037 | 978,000 | 1,094,664 | ||
European Stability Mechanism, 1%, 6/23/2027 | 1,510,000 | 1,537,918 | ||
European Stability Mechanism, 0.5%, 3/05/2029 | 1,620,000 | 1,554,517 | ||
European Stability Mechanism, 0.01%, 10/15/2031 | 4,489,000 | 3,865,298 | ||
International Bank for Reconstruction and Development, 4.25%, 6/24/2025 | AUD | 440,000 | 294,660 | |
$9,234,009 | ||||
Telecommunications - Wireless – 0.3% | ||||
Crown Castle, Inc., REIT, 1.35%, 7/15/2025 | $ | 501,000 | $463,621 | |
Crown Castle, Inc., REIT, 4.45%, 2/15/2026 | 483,000 | 478,157 | ||
Rogers Communications, Inc., 3.8%, 3/15/2032 (n) | 765,000 | 688,834 | ||
T-Mobile USA, Inc., 3.875%, 4/15/2030 | 1,004,000 | 945,318 | ||
Vodafone Group PLC, 3.375%, 8/08/2049 | GBP | 650,000 | 561,890 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Telecommunications - Wireless – continued | ||||
Vodafone Group PLC, 5.625%, 2/10/2053 | $ | 581,000 | $573,562 | |
$3,711,382 | ||||
Telephone Services – 0.2% | ||||
Telstra Group Ltd., 3.75%, 5/04/2031 | EUR | 873,000 | $970,097 | |
TELUS Corp., 2.85%, 11/13/2031 | CAD | 1,775,000 | 1,139,257 | |
$2,109,354 | ||||
Tobacco – 0.1% | ||||
B.A.T. International Finance PLC, 2.25%, 1/16/2030 | EUR | 650,000 | $596,413 | |
Philip Morris International, Inc., 5.125%, 11/17/2027 | $ | 945,000 | 967,677 | |
$1,564,090 | ||||
Transportation - Services – 0.4% | ||||
Autostrade per L'Italia S.p.A., 4.75%, 1/24/2031 | EUR | 730,000 | $793,542 | |
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031 | 800,000 | 711,727 | ||
Sydney Airport Finance Co. Pty Ltd., 4.375%, 5/03/2033 | 882,000 | 975,833 | ||
Transurban Finance Co. Pty Ltd., 4.225%, 4/26/2033 | 870,000 | 971,931 | ||
Triton International Ltd., 3.15%, 6/15/2031 (n) | $ | 769,000 | 609,802 | |
United Parcel Service, 5.05%, 3/03/2053 | 1,219,000 | 1,255,986 | ||
$5,318,821 | ||||
U.S. Government Agencies and Equivalents – 0.0% | ||||
Small Business Administration, 5.31%, 5/01/2027 | $ | 25,470 | $25,237 | |
U.S. Treasury Obligations – 1.9% | ||||
U.S. Treasury Bonds, 1.125%, 8/15/2040 (f) | $ | 22,415,000 | $14,897,219 | |
U.S. Treasury Bonds, 2.375%, 11/15/2049 | 3,144,000 | 2,431,810 | ||
U.S. Treasury Notes, 2.75%, 8/15/2032 | 9,887,000 | 9,357,119 | ||
$26,686,148 | ||||
Utilities - Electric Power – 1.2% | ||||
American Electric Power Co., Inc., 2.3%, 3/01/2030 | $ | 684,000 | $580,629 | |
American Electric Power Co., Inc., 5.625%, 3/01/2033 | 367,000 | 384,460 | ||
Bruce Power LP, 2.68%, 12/21/2028 | CAD | 1,600,000 | 1,077,882 | |
Duke Energy Corp., 3.75%, 9/01/2046 | $ | 515,000 | 404,434 | |
E.ON International Finance B.V., 5.875%, 10/30/2037 | GBP | 1,050,000 | 1,331,902 | |
Enel Americas S.A., 4%, 10/25/2026 | $ | 3,133,000 | 3,056,147 | |
Enel Finance International N.V., 2.25%, 7/12/2031 (n) | 580,000 | 460,544 | ||
Enel Finance International N.V., 4.5%, 2/20/2043 | EUR | 420,000 | 448,901 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Utilities - Electric Power – continued | ||||
Enel Finance International N.V., 4.75%, 5/25/2047 (n) | $ | 456,000 | $395,188 | |
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 | 645,000 | 611,788 | |
Enel S.p.A., 1.875%, 3/08/2170 | 1,025,000 | 816,026 | ||
Evergy, Inc., 2.9%, 9/15/2029 | $ | 881,000 | 792,820 | |
Florida Power & Light Co., 2.875%, 12/04/2051 | 549,000 | 391,571 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 758,000 | 643,009 | ||
National Grid Electricity Transmission PLC, 2%, 4/17/2040 | GBP | 820,000 | 641,212 | |
National Grid PLC, 3.875%, 1/16/2029 | EUR | 410,000 | 453,063 | |
National Grid PLC, 4.275%, 1/16/2035 | 390,000 | 427,360 | ||
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025 | $ | 398,000 | 404,617 | |
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053 | 948,000 | 987,412 | ||
Southern California Edison Co., 3.65%, 2/01/2050 | 478,000 | 371,893 | ||
Southern Co., 1.875%, 9/15/2081 | EUR | 100,000 | 86,630 | |
Virginia Electric & Power Co., 3.5%, 3/15/2027 | $ | 1,001,000 | 968,258 | |
Xcel Energy, Inc., 4.6%, 6/01/2032 | 351,000 | 344,807 | ||
$16,080,553 | ||||
Total Bonds (Identified Cost, $568,125,244) | $538,497,103 | |||
Preferred Stocks – 0.8% | ||||
Computer Software - Systems – 0.0% | ||||
Samsung Electronics Co. Ltd. | 21,626 | $905,697 | ||
Consumer Products – 0.6% | ||||
Henkel AG & Co. KGaA | 100,370 | $8,104,600 | ||
Metals & Mining – 0.2% | ||||
Gerdau S.A. | 499,285 | $2,520,549 | ||
Total Preferred Stocks (Identified Cost, $8,595,486) | $11,530,846 | |||
Convertible Preferred Stocks – 0.1% | ||||
Medical Equipment – 0.1% | ||||
Boston Scientific Corp., 5.5% (Identified Cost, $1,472,916) | 13,573 | $1,706,533 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.7% | ||||
Money Market Funds – 1.7% | ||||
MFS Institutional Money Market Portfolio, 4.59% (v) (Identified Cost, $23,293,023) | 23,292,326 | $23,296,984 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 0.0% | |||||
Market Index Securities – 0.0% | |||||
iTraxx Europe Crossover Series 39 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – May 2023 @ 5.5% | Put | BNP Paribas S.A. | $ 4,139,469 | EUR 3,640,000 | $2,307 |
iTraxx Europe Crossover Series 39 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – May 2023 @ 5.5% | Put | Goldman Sachs International | 4,139,469 | 3,640,000 | 2,306 |
Total Purchased Options (Premiums Paid, $52,492) | $4,613 |
Other Assets, Less Liabilities – (0.3)% | (3,585,551) | |||
Net Assets – 100.0% | $1,386,540,675 |
(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 $23,296,984 and $1,366,829,242, 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. | |||
(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 $71,010,721, representing 5.1% 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. |
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. |
GDR | Global Depositary Receipt |
GNMA | Government National Mortgage Assn. |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
SONIA | Sterling Overnight Index Average |
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 |
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 | ||||||
CHF | 2,610,060 | USD | 2,938,955 | Merrill Lynch International | 7/21/2023 | $7,924 |
CLP | 230,670,610 | USD | 275,773 | Goldman Sachs International | 6/02/2023 | 8,669 |
DKK | 8,708,598 | USD | 1,288,611 | State Street Bank Corp. | 7/21/2023 | 5,762 |
EUR | 2,138,763 | USD | 2,357,911 | HSBC Bank | 7/21/2023 | 9,533 |
EUR | 1,077,030 | USD | 1,187,091 | Merrill Lynch International | 7/21/2023 | 5,097 |
EUR | 836,161 | USD | 922,457 | State Street Bank Corp. | 7/21/2023 | 3,109 |
EUR | 29,235,063 | USD | 32,204,209 | UBS AG | 7/21/2023 | 156,725 |
GBP | 2,368,427 | USD | 2,967,707 | Brown Brothers Harriman | 7/21/2023 | 13,496 |
GBP | 6,621,283 | USD | 8,253,260 | HSBC Bank | 7/21/2023 | 81,127 |
GBP | 496,210 | USD | 619,612 | JPMorgan Chase Bank N.A. | 7/21/2023 | 4,982 |
GBP | 402,053 | USD | 504,296 | State Street Bank Corp. | 7/21/2023 | 1,779 |
HUF | 162,983,000 | USD | 467,440 | Goldman Sachs International | 7/21/2023 | 2,550 |
IDR | 36,992,338,010 | USD | 2,459,924 | Citibank N.A. | 5/10/2023 | 61,067 |
IDR | 20,222,470,150 | USD | 1,349,766 | Morgan Stanley Capital Services, Inc. | 5/10/2023 | 28,375 |
ILS | 3,400,000 | USD | 931,935 | Morgan Stanley Capital Services, Inc. | 7/20/2023 | 7,735 |
PLN | 4,899,803 | USD | 1,152,223 | Barclays Bank PLC | 7/21/2023 | 19,624 |
SEK | 1,977,000 | USD | 192,094 | State Street Bank Corp. | 7/21/2023 | 1,482 |
THB | 33,982,252 | USD | 997,425 | Barclays Bank PLC | 7/19/2023 | 6,293 |
THB | 117,563,348 | USD | 3,439,939 | JPMorgan Chase Bank N.A. | 6/13/2023 | 20,815 |
USD | 9,977,029 | AUD | 14,776,558 | State Street Bank Corp. | 7/21/2023 | 165,568 |
USD | 1,358,843 | CAD | 1,824,654 | Goldman Sachs International | 7/21/2023 | 9,907 |
USD | 2,441,948 | CAD | 3,273,685 | HSBC Bank | 7/21/2023 | 21,769 |
USD | 51,004 | EUR | 45,905 | Barclays Bank PLC | 7/21/2023 | 190 |
USD | 555,525 | EUR | 500,054 | Deutsche Bank AG | 7/21/2023 | 2,004 |
USD | 1,421,058 | EUR | 1,280,034 | HSBC Bank | 7/21/2023 | 4,160 |
USD | 1,777,947 | EUR | 1,601,808 | JPMorgan Chase Bank N.A. | 7/21/2023 | 4,870 |
USD | 869,368 | EUR | 784,669 | Morgan Stanley Capital Services, Inc. | 7/21/2023 | 800 |
USD | 221,641 | EUR | 200,000 | State Street Bank Corp. | 7/21/2023 | 257 |
USD | 1,647,978 | JPY | 219,170,981 | Barclays Bank PLC | 7/21/2023 | 19,176 |
USD | 245,138 | JPY | 32,417,310 | UBS AG | 7/21/2023 | 4,224 |
USD | 2,743,376 | KRW | 3,513,167,366 | Barclays Bank PLC | 5/10/2023 | 117,414 |
USD | 16,064,143 | KRW | 21,342,429,518 | Barclays Bank PLC | 7/10/2023 | 51,025 |
USD | 10,804,064 | KRW | 14,189,873,707 | Citibank N.A. | 7/10/2023 | 157,473 |
USD | 8,004,424 | KRW | 10,389,415,410 | Merrill Lynch International | 6/15/2023 | 221,058 |
USD | 665,861 | KRW | 865,619,403 | Morgan Stanley Capital Services, Inc. | 6/15/2023 | 17,371 |
USD | 1,354,387 | NOK | 14,266,207 | UBS AG | 7/21/2023 | 10,470 |
USD | 2,785,031 | SGD | 3,704,370 | Merrill Lynch International | 7/21/2023 | 306 |
USD | 4,401,530 | TWD | 130,773,337 | Barclays Bank PLC | 5/05/2023 | 146,265 |
USD | 3,968,960 | TWD | 119,837,996 | Citibank N.A. | 5/23/2023 | 60,884 |
$1,461,335 |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives | ||||||
AUD | 2,001,472 | USD | 1,351,420 | Merrill Lynch International | 7/21/2023 | $(22,466) |
AUD | 1,310,354 | USD | 882,845 | UBS AG | 7/21/2023 | (12,785) |
CAD | 3,761,492 | USD | 2,811,828 | Merrill Lynch International | 7/21/2023 | (31,022) |
CAD | 1,688,358 | USD | 1,267,867 | Morgan Stanley Capital Services, Inc. | 7/21/2023 | (19,692) |
CNH | 137,791,076 | USD | 20,189,068 | Barclays Bank PLC | 7/21/2023 | (164,561) |
COP | 2,054,532,379 | USD | 450,849 | Barclays Bank PLC | 7/21/2023 | (21,452) |
CZK | 19,003,547 | USD | 887,770 | Merrill Lynch International | 7/21/2023 | (1,115) |
EUR | 820,180 | USD | 911,082 | Brown Brothers Harriman | 7/21/2023 | (3,207) |
EUR | 1,637,828 | USD | 1,816,566 | State Street Bank Corp. | 7/21/2023 | (3,618) |
JPY | 3,350,759,854 | USD | 25,500,960 | UBS AG | 7/21/2023 | (599,286) |
NOK | 61,596,842 | USD | 5,868,613 | HSBC Bank | 7/21/2023 | (66,018) |
NZD | 1,537,956 | USD | 954,365 | UBS AG | 7/21/2023 | (3,678) |
SGD | 5,242,672 | USD | 3,941,968 | BNP Paribas S.A. | 7/21/2023 | (839) |
USD | 1,175,538 | AUD | 1,774,255 | HSBC Bank | 7/21/2023 | (2,547) |
USD | 1,768,552 | AUD | 2,666,291 | JPMorgan Chase Bank N.A. | 7/21/2023 | (1,834) |
USD | 450,640 | AUD | 680,911 | Merrill Lynch International | 7/21/2023 | (1,477) |
USD | 548,245 | EUR | 497,321 | Brown Brothers Harriman | 7/21/2023 | (2,251) |
USD | 4,972,515 | EUR | 4,508,359 | HSBC Bank | 7/21/2023 | (17,887) |
USD | 670,322 | EUR | 608,695 | JPMorgan Chase Bank N.A. | 7/21/2023 | (3,456) |
USD | 4,210,113 | EUR | 3,823,921 | Merrill Lynch International | 7/21/2023 | (22,668) |
USD | 14,084,522 | EUR | 12,788,066 | Morgan Stanley Capital Services, Inc. | 7/21/2023 | (70,870) |
USD | 772,882 | EUR | 699,746 | State Street Bank Corp. | 7/21/2023 | (1,681) |
USD | 2,035,666 | EUR | 1,846,946 | UBS AG | 7/21/2023 | (8,758) |
USD | 585,554 | GBP | 471,527 | HSBC Bank | 7/21/2023 | (7,970) |
USD | 917,366 | GBP | 737,092 | JPMorgan Chase Bank N.A. | 7/21/2023 | (10,432) |
USD | 14,376,129 | GBP | 11,489,004 | State Street Bank Corp. | 7/21/2023 | (85,392) |
USD | 922,570 | MXN | 16,986,426 | HSBC Bank | 7/21/2023 | (6,710) |
USD | 1,011,840 | SEK | 10,344,284 | HSBC Bank | 7/21/2023 | (1,008) |
USD | 4,691,291 | SEK | 48,288,960 | State Street Bank Corp. | 7/21/2023 | (36,861) |
$(1,231,541) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
Australian Bond 10 yr | Long | AUD | 42 | $3,403,229 | June – 2023 | $35,457 |
Canadian Treasury Bond 10 yr | Long | CAD | 97 | 9,026,652 | June – 2023 | 243,801 |
Canadian Treasury Bond 5 yr | Long | CAD | 197 | 16,558,556 | June – 2023 | 190,313 |
Euro-Buxl 30 yr | Long | EUR | 60 | 9,222,903 | June – 2023 | 516,875 |
U.S. Treasury Note 10 yr | Long | USD | 203 | 23,386,234 | June – 2023 | 339,235 |
Futures Contracts - continued | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives - continued | ||||||
Interest Rate Futures - continued | ||||||
U.S. Treasury Note 2 yr | Short | USD | 150 | $30,924,609 | June – 2023 | $45,964 |
U.S. Treasury Ultra Bond | Long | USD | 32 | 4,525,000 | June – 2023 | 162,040 |
$1,533,685 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
Euro-Bobl 5 yr | Short | EUR | 392 | $50,956,528 | June – 2023 | $(1,158,913) |
Euro-BTP 10 yr | Short | EUR | 100 | 12,655,322 | June – 2023 | (399,116) |
Euro-Bund 10 yr | Short | EUR | 4 | 597,494 | June – 2023 | (4,681) |
Euro-Schatz 2 yr | Short | EUR | 182 | 21,192,678 | June – 2023 | (144,070) |
Long Gilt 10 yr | Long | GBP | 56 | 7,140,552 | June – 2023 | (102,136) |
U.S. Treasury Bond | Short | USD | 15 | 1,974,844 | June – 2023 | (92,695) |
U.S. Treasury Note 5 yr | Short | USD | 226 | 24,801,734 | June – 2023 | (278,260) |
U.S. Treasury Ultra Note 10 yr | Short | USD | 41 | 4,979,578 | June – 2023 | (156,635) |
$(2,336,506) |
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 | ||||||||||
6/20/28 | EUR | 1,020,000 | Barclays Bank PLC | 5.00%/Quarterly | (1) | $5,697 | $153,528 | $159,225 |
Assets | |
Investments in unaffiliated issuers, at value, including $1,669,786 of securities on loan (identified cost, $1,154,668,211) | $1,366,829,242 |
Investments in affiliated issuers, at value (identified cost, $23,293,023) | 23,296,984 |
Cash | 362,617 |
Foreign currency, at value (identified cost, $28,835) | 28,839 |
Restricted cash for | |
Forward foreign currency exchange contracts | 29,000 |
Receivables for | |
Forward foreign currency exchange contracts | 1,461,335 |
Investments sold | 10,147,767 |
TBA sale commitments | 2,856,590 |
Fund shares sold | 906,938 |
Interest and dividends | 7,959,084 |
Uncleared swaps, at value | 159,225 |
Other assets | 42,628 |
Total assets | $1,414,080,249 |
Liabilities | |
Payables for | |
Forward foreign currency exchange contracts | $1,231,541 |
Net daily variation margin on open futures contracts | 151,098 |
Investments purchased | 15,001,385 |
When-issued investments purchased | 762,338 |
TBA purchase commitments | 8,757,276 |
Fund shares reacquired | 1,024,748 |
Payable to affiliates | |
Investment adviser | 4,868 |
Administrative services fee | 2,281 |
Shareholder servicing costs | 352,556 |
Distribution and service fees | 26,450 |
Payable for independent Trustees' compensation | 3,580 |
Accrued expenses and other liabilities | 221,453 |
Total liabilities | $27,539,574 |
Net assets | $1,386,540,675 |
Net assets consist of | |
Paid-in capital | $1,163,334,547 |
Total distributable earnings (loss) | 223,206,128 |
Net assets | $1,386,540,675 |
Shares of beneficial interest outstanding | 83,368,916 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $655,770,725 | 39,183,443 | $16.74 |
Class B | 8,589,468 | 503,803 | 17.05 |
Class C | 61,957,276 | 3,702,443 | 16.73 |
Class I | 407,468,392 | 24,682,539 | 16.51 |
Class R1 | 2,437,637 | 146,788 | 16.61 |
Class R2 | 3,941,141 | 239,017 | 16.49 |
Class R3 | 12,953,592 | 777,128 | 16.67 |
Class R4 | 5,396,816 | 321,896 | 16.77 |
Class R6 | 228,025,628 | 13,811,859 | 16.51 |
(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 $17.76 [100 / 94.25 x $16.74]. 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 | $12,052,222 |
Interest | 9,536,030 |
Dividends from affiliated issuers | 546,115 |
Other | 19,381 |
Income on securities loaned | 14,427 |
Foreign taxes withheld | (560,461) |
Total investment income | $21,607,714 |
Expenses | |
Management fee | $5,331,610 |
Distribution and service fees | 1,229,301 |
Shareholder servicing costs | 613,064 |
Administrative services fee | 107,319 |
Independent Trustees' compensation | 12,161 |
Custodian fee | 127,205 |
Shareholder communications | 53,553 |
Audit and tax fees | 46,158 |
Legal fees | 3,304 |
Miscellaneous | 137,649 |
Total expenses | $7,661,324 |
Fees paid indirectly | (12,619) |
Reduction of expenses by investment adviser and distributor | (681,688) |
Net expenses | $6,967,017 |
Net investment income (loss) | $14,640,697 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $20,567 country tax) | $17,647,456 |
Affiliated issuers | 1,389 |
Written options | 41,818 |
Futures contracts | 2,200,877 |
Swap agreements | 319,667 |
Forward foreign currency exchange contracts | 2,203,423 |
Foreign currency | 160,592 |
Net realized gain (loss) | $22,575,222 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $9,064 decrease in deferred country tax) | $106,230,298 |
Affiliated issuers | 2,456 |
Written options | (40,158) |
Futures contracts | (4,014,196) |
Swap agreements | 30,362 |
Forward foreign currency exchange contracts | (713,790) |
Translation of assets and liabilities in foreign currencies | 344,336 |
Net unrealized gain (loss) | $101,839,308 |
Net realized and unrealized gain (loss) | $124,414,530 |
Change in net assets from operations | $139,055,227 |
Six months ended | Year ended | |
4/30/23 (unaudited) | 10/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $14,640,697 | $26,808,907 |
Net realized gain (loss) | 22,575,222 | 8,752,132 |
Net unrealized gain (loss) | 101,839,308 | (289,313,380) |
Change in net assets from operations | $139,055,227 | $(253,752,341) |
Total distributions to shareholders | $(38,986,562) | $(158,295,050) |
Change in net assets from fund share transactions | $(79,442,733) | $(58,826,426) |
Total change in net assets | $20,625,932 | $(470,873,817) |
Net assets | ||
At beginning of period | 1,365,914,743 | 1,836,788,560 |
At end of period | $1,386,540,675 | $1,365,914,743 |
Class A | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.57 | $19.98 | $17.90 | $18.51 | $17.02 | $18.08 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.27 | $0.24 | $0.22 | $0.30 | $0.27 |
Net realized and unrealized gain (loss) | 1.45 | (2.96) | 3.22 | (0.03) | 1.70 | (0.81) |
Total from investment operations | $1.61 | $(2.69) | $3.46 | $0.19 | $2.00 | $(0.54) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.09) | $(0.35) | $(0.29) | $(0.23) | $(0.28) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.44) | $(1.72) | $(1.38) | $(0.80) | $(0.51) | $(0.52) |
Net asset value, end of period (x) | $16.74 | $15.57 | $19.98 | $17.90 | $18.51 | $17.02 |
Total return (%) (r)(s)(t)(x) | 10.50(n) | (14.80) | 19.88 | 1.00 | 12.03 | (3.12) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.19(a) | 1.18 | 1.16 | 1.17 | 1.16 | 1.15 |
Expenses after expense reductions (f) | 1.09(a) | 1.09 | 1.09 | 1.09 | 1.09 | 1.09 |
Net investment income (loss) | 2.02(a) | 1.59 | 1.24 | 1.26 | 1.70 | 1.48 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $655,771 | $626,577 | $810,477 | $698,352 | $754,092 | $731,699 |
Class B | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.89 | $20.45 | $18.29 | $18.88 | $17.34 | $18.41 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.14 | $0.10 | $0.09 | $0.17 | $0.13 |
Net realized and unrealized gain (loss) | 1.48 | (3.03) | 3.29 | (0.03) | 1.73 | (0.83) |
Total from investment operations | $1.58 | $(2.89) | $3.39 | $0.06 | $1.90 | $(0.70) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.04) | $(0.20) | $(0.14) | $(0.08) | $(0.13) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.42) | $(1.67) | $(1.23) | $(0.65) | $(0.36) | $(0.37) |
Net asset value, end of period (x) | $17.05 | $15.89 | $20.45 | $18.29 | $18.88 | $17.34 |
Total return (%) (r)(s)(t)(x) | 10.06(n) | (15.43) | 18.96 | 0.26 | 11.21 | (3.90) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.94(a) | 1.93 | 1.91 | 1.92 | 1.91 | 1.90 |
Expenses after expense reductions (f) | 1.84(a) | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 |
Net investment income (loss) | 1.24(a) | 0.80 | 0.49 | 0.51 | 0.96 | 0.72 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $8,589 | $9,966 | $17,638 | $19,630 | $28,393 | $36,088 |
Class C | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.61 | $20.12 | $18.01 | $18.60 | $17.10 | $18.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.14 | $0.10 | $0.09 | $0.17 | $0.13 |
Net realized and unrealized gain (loss) | 1.44 | (2.98) | 3.24 | (0.03) | 1.70 | (0.80) |
Total from investment operations | $1.54 | $(2.84) | $3.34 | $0.06 | $1.87 | $(0.67) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.04) | $(0.20) | $(0.14) | $(0.09) | $(0.14) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.42) | $(1.67) | $(1.23) | $(0.65) | $(0.37) | $(0.38) |
Net asset value, end of period (x) | $16.73 | $15.61 | $20.12 | $18.01 | $18.60 | $17.10 |
Total return (%) (r)(s)(t)(x) | 9.99(n) | (15.43) | 19.00 | 0.28 | 11.14 | (3.81) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.94(a) | 1.93 | 1.91 | 1.92 | 1.91 | 1.90 |
Expenses after expense reductions (f) | 1.84(a) | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 |
Net investment income (loss) | 1.26(a) | 0.81 | 0.49 | 0.52 | 0.96 | 0.72 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $61,957 | $67,989 | $116,520 | $144,961 | $211,090 | $255,464 |
Class I | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.37 | $19.75 | $17.70 | $18.31 | $16.85 | $17.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.31 | $0.29 | $0.27 | $0.34 | $0.31 |
Net realized and unrealized gain (loss) | 1.42 | (2.93) | 3.19 | (0.04) | 1.67 | (0.81) |
Total from investment operations | $1.60 | $(2.62) | $3.48 | $0.23 | $2.01 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.13) | $(0.40) | $(0.33) | $(0.27) | $(0.32) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.46) | $(1.76) | $(1.43) | $(0.84) | $(0.55) | $(0.56) |
Net asset value, end of period (x) | $16.51 | $15.37 | $19.75 | $17.70 | $18.31 | $16.85 |
Total return (%) (r)(s)(t)(x) | 10.58(n) | (14.59) | 20.23 | 1.27 | 12.26 | (2.90) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.94(a) | 0.93 | 0.91 | 0.92 | 0.91 | 0.90 |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 2.27(a) | 1.83 | 1.49 | 1.50 | 1.94 | 1.75 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $407,468 | $420,715 | $597,469 | $524,907 | $569,767 | $667,895 |
Class R1 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.49 | $19.98 | $17.90 | $18.51 | $17.02 | $18.08 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.15 | $0.10 | $0.09 | $0.17 | $0.12 |
Net realized and unrealized gain (loss) | 1.44 | (2.97) | 3.22 | (0.03) | 1.69 | (0.80) |
Total from investment operations | $1.54 | $(2.82) | $3.32 | $0.06 | $1.86 | $(0.68) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.04) | $(0.21) | $(0.16) | $(0.09) | $(0.14) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.42) | $(1.67) | $(1.24) | $(0.67) | $(0.37) | $(0.38) |
Net asset value, end of period (x) | $16.61 | $15.49 | $19.98 | $17.90 | $18.51 | $17.02 |
Total return (%) (r)(s)(t)(x) | 10.06(n) | (15.43) | 18.99 | 0.23 | 11.18 | (3.84) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.94(a) | 1.93 | 1.91 | 1.92 | 1.91 | 1.90 |
Expenses after expense reductions (f) | 1.84(a) | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 |
Net investment income (loss) | 1.28(a) | 0.87 | 0.49 | 0.51 | 0.96 | 0.65 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $2,438 | $2,218 | $2,432 | $2,396 | $2,483 | $2,352 |
Class R2 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.36 | $19.76 | $17.71 | $18.31 | $16.84 | $17.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.23 | $0.19 | $0.18 | $0.25 | $0.22 |
Net realized and unrealized gain (loss) | 1.43 | (2.93) | 3.19 | (0.04) | 1.68 | (0.80) |
Total from investment operations | $1.57 | $(2.70) | $3.38 | $0.14 | $1.93 | $(0.58) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.07) | $(0.30) | $(0.23) | $(0.18) | $(0.23) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.44) | $(1.70) | $(1.33) | $(0.74) | $(0.46) | $(0.47) |
Net asset value, end of period (x) | $16.49 | $15.36 | $19.76 | $17.71 | $18.31 | $16.84 |
Total return (%) (r)(s)(t)(x) | 10.33(n) | (14.98) | 19.61 | 0.75 | 11.74 | (3.37) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.44(a) | 1.43 | 1.41 | 1.42 | 1.41 | 1.40 |
Expenses after expense reductions (f) | 1.34(a) | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 |
Net investment income (loss) | 1.76(a) | 1.35 | 0.99 | 1.00 | 1.44 | 1.21 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $3,941 | $4,022 | $5,047 | $4,997 | $11,286 | $13,788 |
Class R3 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.52 | $19.92 | $17.85 | $18.45 | $16.97 | $18.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.27 | $0.24 | $0.22 | $0.30 | $0.26 |
Net realized and unrealized gain (loss) | 1.43 | (2.95) | 3.21 | (0.02) | 1.69 | (0.80) |
Total from investment operations | $1.59 | $(2.68) | $3.45 | $0.20 | $1.99 | $(0.54) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.02) | $(0.09) | $(0.35) | $(0.29) | $(0.23) | $(0.28) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.44) | $(1.72) | $(1.38) | $(0.80) | $(0.51) | $(0.52) |
Net asset value, end of period (x) | $16.67 | $15.52 | $19.92 | $17.85 | $18.45 | $16.97 |
Total return (%) (r)(s)(t)(x) | 10.41(n) | (14.78) | 19.88 | 1.05 | 12.01 | (3.14) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.19(a) | 1.18 | 1.16 | 1.17 | 1.16 | 1.15 |
Expenses after expense reductions (f) | 1.09(a) | 1.09 | 1.09 | 1.09 | 1.09 | 1.09 |
Net investment income (loss) | 2.01(a) | 1.59 | 1.24 | 1.25 | 1.69 | 1.47 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $12,954 | $16,923 | $19,529 | $19,799 | $20,300 | $18,795 |
Class R4 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.60 | $20.02 | $17.93 | $18.54 | $17.05 | $18.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.32 | $0.29 | $0.27 | $0.34 | $0.31 |
Net realized and unrealized gain (loss) | 1.44 | (2.98) | 3.23 | (0.04) | 1.70 | (0.81) |
Total from investment operations | $1.63 | $(2.66) | $3.52 | $0.23 | $2.04 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.13) | $(0.40) | $(0.33) | $(0.27) | $(0.32) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.46) | $(1.76) | $(1.43) | $(0.84) | $(0.55) | $(0.56) |
Net asset value, end of period (x) | $16.77 | $15.60 | $20.02 | $17.93 | $18.54 | $17.05 |
Total return (%) (r)(s)(t)(x) | 10.62(n) | (14.59) | 20.19 | 1.25 | 12.30 | (2.87) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.94(a) | 0.93 | 0.91 | 0.92 | 0.91 | 0.90 |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 2.28(a) | 1.88 | 1.50 | 1.51 | 1.95 | 1.71 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $5,397 | $5,018 | $6,058 | $6,461 | $7,570 | $7,514 |
Class R6 | Six months ended | Year ended | ||||
4/30/23 (unaudited) | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | 10/31/18 | |
Net asset value, beginning of period | $15.37 | $19.75 | $17.71 | $18.32 | $16.85 | $17.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.33 | $0.31 | $0.28 | $0.35 | $0.33 |
Net realized and unrealized gain (loss) | 1.42 | (2.93) | 3.18 | (0.03) | 1.69 | (0.81) |
Total from investment operations | $1.61 | $(2.60) | $3.49 | $0.25 | $2.04 | $(0.48) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.05) | $(0.15) | $(0.42) | $(0.35) | $(0.29) | $(0.34) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) | (0.24) |
Total distributions declared to shareholders | $(0.47) | $(1.78) | $(1.45) | $(0.86) | $(0.57) | $(0.58) |
Net asset value, end of period (x) | $16.51 | $15.37 | $19.75 | $17.71 | $18.32 | $16.85 |
Total return (%) (r)(s)(t)(x) | 10.62(n) | (14.50) | 20.26 | 1.36 | 12.44 | (2.82) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.85(a) | 0.84 | 0.82 | 0.83 | 0.82 | 0.81 |
Expenses after expense reductions (f) | 0.76(a) | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
Net investment income (loss) | 2.36(a) | 1.94 | 1.58 | 1.60 | 2.03 | 1.83 |
Portfolio turnover | 36(n) | 70 | 94 | 89 | 65 | 52 |
Net assets at end of period (000 omitted) | $228,026 | $212,487 | $261,619 | $229,244 | $230,324 | $363,364 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(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 | $454,334,453 | $— | $— | $454,334,453 |
United Kingdom | 20,098,125 | 42,231,965 | — | 62,330,090 |
Japan | 4,851,906 | 49,043,033 | — | 53,894,939 |
France | 7,420,662 | 46,016,275 | — | 53,436,937 |
Switzerland | 19,752,310 | 32,311,430 | — | 52,063,740 |
Germany | 28,285,197 | — | — | 28,285,197 |
Canada | 22,239,159 | — | — | 22,239,159 |
Netherlands | — | 16,397,657 | — | 16,397,657 |
South Korea | — | 12,117,586 | — | 12,117,586 |
Other Countries | 30,332,961 | 42,894,807 | 0 | 73,227,768 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 26,711,385 | — | 26,711,385 |
Non - U.S. Sovereign Debt | — | 235,995,438 | — | 235,995,438 |
Municipal Bonds | — | 9,775,206 | — | 9,775,206 |
U.S. Corporate Bonds | — | 70,362,164 | — | 70,362,164 |
Residential Mortgage-Backed Securities | — | 53,580,602 | — | 53,580,602 |
Commercial Mortgage-Backed Securities | — | 15,172,966 | — | 15,172,966 |
Asset-Backed Securities (including CDOs) | — | 29,283,356 | — | 29,283,356 |
Foreign Bonds | — | 97,620,599 | — | 97,620,599 |
Mutual Funds | 23,296,984 | — | — | 23,296,984 |
Total | $610,611,757 | $779,514,469 | $0 | $1,390,126,226 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $1,533,685 | $— | $— | $1,533,685 |
Futures Contracts – Liabilities | (2,336,506) | — | — | (2,336,506) |
Forward Foreign Currency Exchange Contracts – Assets | — | 1,461,335 | — | 1,461,335 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (1,231,541) | — | (1,231,541) |
Swap Agreements – Assets | — | 159,225 | — | 159,225 |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Credit | Purchased Option Contracts | $4,613 | $— |
Interest Rate | Futures Contracts | 1,533,685 | (2,336,506) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 1,461,335 | (1,231,541) |
Credit | Uncleared Swap Agreements | 159,225 | — |
Total | $3,158,858 | $(3,568,047) |
(a) | The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities. |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) | Written Options |
Interest Rate | $2,200,877 | $— | $— | $— | $— |
Foreign Exchange | — | — | 2,203,423 | — | — |
Credit | — | 319,667 | — | 129,575 | 41,818 |
Total | $2,200,877 | $319,667 | $2,203,423 | $129,575 | $41,818 |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) | Written Options |
Interest Rate | $(4,014,196) | $— | $— | $— | $— |
Foreign Exchange | — | — | (713,790) | — | — |
Credit | — | 30,362 | — | (102,095) | (40,158) |
Total | $(4,014,196) | $30,362 | $(713,790) | $(102,095) | $(40,158) |
Year ended 10/31/22 | |
Ordinary income (including any short-term capital gains) | $17,459,790 |
Long-term capital gains | 140,835,260 |
Total distributions | $158,295,050 |
As of 4/30/23 | |
Cost of investments | $1,192,372,300 |
Gross appreciation | 251,824,975 |
Gross depreciation | (54,071,049) |
Net unrealized appreciation (depreciation) | $197,753,926 |
As of 10/31/22 | |
Undistributed long-term capital gain | 32,028,636 |
Other temporary differences | (292,460) |
Net unrealized appreciation (depreciation) | 91,401,287 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||
Class A | $17,710,810 | $68,656,802 | |
Class B | 255,759 | 1,395,204 | |
Class C | 1,744,465 | 9,401,182 | |
Class I | 11,999,295 | 52,489,854 | |
Class R1 | 61,173 | 202,464 | |
Class R2 | 107,653 | 431,823 | |
Class R3 | 472,425 | 1,760,140 | |
Class R4 | 147,433 | 513,036 | |
Class R6 | 6,487,549 | 23,444,545 | |
Total | $38,986,562 | $158,295,050 |
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% | 0.77% |
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% | $ 809,116 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 48,069 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 328,635 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 11,902 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 9,768 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 21,811 |
Total Distribution and Service Fees | $1,229,301 |
(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, 2023 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, 2023, this rebate amounted to $82, $2, and $3 for Class A, Class B, and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $1,618 |
Class B | 3,260 |
Class C | 794 |
Purchases | Sales | |
U.S. Government securities | $100,087,044 | $107,888,582 |
Non-U.S. Government securities | 389,349,486 | 463,628,205 |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,424,550 | $39,769,900 | 3,771,994 | $64,677,221 | |
Class B | 318 | 5,244 | 5,507 | 102,053 | |
Class C | 170,849 | 2,808,101 | 255,357 | 4,527,459 | |
Class I | 3,991,679 | 64,478,116 | 5,139,242 | 86,292,529 | |
Class R1 | 8,707 | 141,862 | 21,398 | 367,881 | |
Class R2 | 18,428 | 297,597 | 63,108 | 1,068,831 | |
Class R3 | 137,885 | 2,246,631 | 444,377 | 7,751,250 | |
Class R4 | 43,776 | 715,791 | 83,054 | 1,432,904 | |
Class R6 | 1,192,139 | 19,275,567 | 2,700,201 | 46,303,733 | |
7,988,331 | $129,738,809 | 12,484,238 | $212,523,861 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,003,898 | $16,173,858 | 3,412,193 | $62,646,092 | |
Class B | 15,180 | 249,402 | 69,343 | 1,307,804 | |
Class C | 103,620 | 1,671,391 | 481,998 | 8,926,539 | |
Class I | 656,483 | 10,432,432 | 2,495,468 | 45,091,003 | |
Class R1 | 3,821 | 61,173 | 11,016 | 202,464 | |
Class R2 | 6,113 | 97,087 | 21,167 | 383,969 | |
Class R3 | 29,433 | 472,425 | 96,252 | 1,760,140 | |
Class R4 | 9,138 | 147,410 | 27,897 | 511,648 | |
Class R6 | 339,229 | 5,387,717 | 1,113,319 | 20,094,105 | |
2,166,915 | $34,692,895 | 7,728,653 | $140,923,764 | ||
Shares reacquired | |||||
Class A | (4,474,752) | $(73,274,815) | (7,510,529) | $(128,190,321) | |
Class B | (138,725) | (2,324,537) | (310,164) | (5,425,742) | |
Class C | (928,146) | (15,206,207) | (2,173,693) | (37,247,487) | |
Class I | (7,340,281) | (118,410,823) | (10,519,208) | (175,966,814) | |
Class R1 | (8,909) | (143,734) | (10,966) | (192,539) | |
Class R2 | (47,352) | (764,925) | (77,871) | (1,314,763) | |
Class R3 | (480,952) | (7,927,404) | (430,455) | (7,576,772) | |
Class R4 | (52,627) | (861,679) | (91,965) | (1,563,826) | |
Class R6 | (1,544,752) | (24,960,313) | (3,235,658) | (54,795,787) | |
(15,016,496) | $(243,874,437) | (24,360,509) | $(412,274,051) |
Six months ended 4/30/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (1,046,304) | $(17,331,057) | (326,342) | $(867,008) | |
Class B | (123,227) | (2,069,891) | (235,314) | (4,015,885) | |
Class C | (653,677) | (10,726,715) | (1,436,338) | (23,793,489) | |
Class I | (2,692,119) | (43,500,275) | (2,884,498) | (44,583,282) | |
Class R1 | 3,619 | 59,301 | 21,448 | 377,806 | |
Class R2 | (22,811) | (370,241) | 6,404 | 138,037 | |
Class R3 | (313,634) | (5,208,348) | 110,174 | 1,934,618 | |
Class R4 | 287 | 1,522 | 18,986 | 380,726 | |
Class R6 | (13,384) | (297,029) | 577,862 | 11,602,051 | |
(4,861,250) | $(79,442,733) | (4,147,618) | $(58,826,426) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $35,384,108 | $260,807,892 | $272,898,861 | $1,389 | $2,456 | $23,296,984 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $546,115 | $— |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST VI
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: June 15, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: June 15, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 15, 2023
* Print name and title of each signing officer under his or her signature.