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: October 31, 2023
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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back cover |
Utilities - Electric Power | 83.0% |
Telecommunications - Wireless | 6.2% |
Energy - Renewables | 4.6% |
Natural Gas - Distribution | 2.7% |
Utilities - Water | 1.8% |
NextEra Energy, Inc. | 11.3% |
PG&E Corp. | 6.4% |
Dominion Energy, Inc. | 5.2% |
Southern Co. | 5.2% |
Sempra Energy | 4.2% |
DTE Energy Co. | 4.2% |
Edison International | 3.7% |
RWE AG | 3.6% |
PPL Corp. | 3.5% |
Ameren Corp. | 3.4% |
United States | 74.3% |
Germany | 5.3% |
Portugal | 4.6% |
United Kingdom | 4.4% |
Spain | 3.3% |
Italy | 2.3% |
France | 1.4% |
Canada | 1.0% |
Brazil | 1.0% |
Other Countries | 2.4% |
(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. |
(b) | Security is not a benchmark constituent. |
(h) | Security was not held at period end. |
Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr |
A | 2/14/1992 | (6.06)% | 5.90% | 5.25% |
B | 9/07/1993 | (6.76)% | 5.11% | 4.46% |
C | 1/03/1994 | (6.77)% | 5.11% | 4.46% |
I | 1/02/1997 | (5.84)% | 6.17% | 5.51% |
R1 | 4/01/2005 | (6.75)% | 5.11% | 4.46% |
R2 | 10/31/2003 | (6.33)% | 5.63% | 4.98% |
R3 | 4/01/2005 | (6.07)% | 5.90% | 5.25% |
R4 | 4/01/2005 | (5.81)% | 6.17% | 5.51% |
R6 | 6/01/2012 | (5.79)% | 6.25% | 5.61% |
Standard & Poor’s 500 Stock Index (f) | 10.14% | 11.01% | 11.18% |
Standard & Poor’s 500 Utilities Index (f) | (7.72)% | 5.51% | 8.05% |
A With Initial Sales Charge (5.75%) | (11.46)% | 4.66% | 4.63% |
B With CDSC (Declining over six years from 4% to 0%) (v) | (10.21)% | 4.79% | 4.46% |
C With CDSC (1% for 12 months) (v) | (7.63)% | 5.11% | 4.46% |
(f) | Source: FactSet Research Systems Inc. |
(v) | Assuming redemption at the end of the applicable period. |
(g) | “Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones |
May 1, 2023 through October 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/23 | Ending Account Value 10/31/23 | Expenses Paid During Period (p) 5/01/23-10/31/23 | |
A | Actual | 1.01% | $1,000.00 | $867.46 | $4.75 |
Hypothetical (h) | 1.01% | $1,000.00 | $1,020.11 | $5.14 | |
B | Actual | 1.76% | $1,000.00 | $863.79 | $8.27 |
Hypothetical (h) | 1.76% | $1,000.00 | $1,016.33 | $8.94 | |
C | Actual | 1.76% | $1,000.00 | $863.96 | $8.27 |
Hypothetical (h) | 1.76% | $1,000.00 | $1,016.33 | $8.94 | |
I | Actual | 0.76% | $1,000.00 | $868.46 | $3.58 |
Hypothetical (h) | 0.76% | $1,000.00 | $1,021.37 | $3.87 | |
R1 | Actual | 1.76% | $1,000.00 | $863.96 | $8.27 |
Hypothetical (h) | 1.76% | $1,000.00 | $1,016.33 | $8.94 | |
R2 | Actual | 1.26% | $1,000.00 | $865.78 | $5.93 |
Hypothetical (h) | 1.26% | $1,000.00 | $1,018.85 | $6.41 | |
R3 | Actual | 1.01% | $1,000.00 | $867.32 | $4.75 |
Hypothetical (h) | 1.01% | $1,000.00 | $1,020.11 | $5.14 | |
R4 | Actual | 0.76% | $1,000.00 | $868.38 | $3.58 |
Hypothetical (h) | 0.76% | $1,000.00 | $1,021.37 | $3.87 | |
R6 | Actual | 0.68% | $1,000.00 | $868.48 | $3.20 |
Hypothetical (h) | 0.68% | $1,000.00 | $1,021.78 | $3.47 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.9% | ||||
Energy - Renewables – 4.6% | ||||
AES Corp. | 1,273,315 | $18,972,394 | ||
EDP Renovaveis S.A. | 4,998,846 | 80,763,143 | ||
Orsted A/S | 338,845 | 16,418,085 | ||
$116,153,622 | ||||
Natural Gas - Distribution – 2.7% | ||||
Atmos Energy Corp. | 366,233 | $39,428,645 | ||
China Resources Gas Group Ltd. | 4,478,200 | 13,248,181 | ||
Southwest Gas Holdings, Inc. | 238,431 | 13,974,441 | ||
$66,651,267 | ||||
Telecommunications - Wireless – 6.2% | ||||
Cellnex Telecom S.A. | 2,077,761 | $61,242,827 | ||
Rogers Communications, Inc. | 699,848 | 25,929,829 | ||
SBA Communications Corp., REIT | 328,695 | 68,575,638 | ||
$155,748,294 | ||||
Telephone Services – 0.6% | ||||
Hellenic Telecommunications Organization S.A. | 1,010,698 | $14,148,421 | ||
Utilities - Electric Power – 83.0% | ||||
Alliant Energy Corp. | 1,353,116 | $66,018,530 | ||
Ameren Corp. | 1,105,736 | 83,715,273 | ||
American Electric Power Co., Inc. | 892,701 | 67,434,633 | ||
CenterPoint Energy, Inc. | 807,148 | 21,696,138 | ||
CLP Holdings Ltd. | 2,221,000 | 16,300,950 | ||
Constellation Energy | 726,565 | 82,043,720 | ||
Dominion Energy, Inc. | 3,238,373 | 130,571,199 | ||
DTE Energy Co. | 1,084,476 | 104,521,797 | ||
E.ON SE | 3,636,403 | 43,170,948 | ||
Edison International | 1,464,363 | 92,342,731 | ||
Enel S.p.A. | 9,123,598 | 58,011,786 | ||
Energias de Portugal S.A. | 8,037,599 | 33,903,080 | ||
Energisa S.A., IEU | 1,358,200 | 12,556,295 | ||
Equatorial Energia S.A. | 2,045,000 | 12,817,375 | ||
Evergy, Inc. | 1,029,911 | 50,609,826 | ||
Exelon Corp. | 1,063,516 | 41,413,313 | ||
Iberdrola S.A. | 1,802,467 | 20,086,937 | ||
National Grid PLC | 3,685,532 | 43,799,953 | ||
NextEra Energy, Inc. | 4,826,759 | 281,400,050 | ||
PG&E Corp. (a) | 9,724,508 | 158,509,480 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – continued | ||||
Pinnacle West Capital Corp. | 551,800 | $40,932,524 | ||
Portland General Electric Co. | 761,830 | 30,488,437 | ||
PPL Corp. | 3,520,314 | 86,494,115 | ||
Public Service Enterprise Group, Inc. | 676,097 | 41,681,380 | ||
RWE AG | 2,364,634 | 90,356,462 | ||
Sempra Energy | 1,501,254 | 105,132,818 | ||
Southern Co. | 1,917,308 | 129,034,828 | ||
SSE PLC | 2,762,108 | 54,997,098 | ||
Xcel Energy, Inc. | 1,155,537 | 68,488,678 | ||
$2,068,530,354 | ||||
Utilities - Water – 1.8% | ||||
United Utilities Group PLC | 786,554 | $10,186,496 | ||
Veolia Environnement S.A. | 1,236,277 | 33,903,901 | ||
$44,090,397 | ||||
Total Common Stocks (Identified Cost, $2,118,788,320) | $2,465,322,355 | |||
Investment Companies (h) – 1.1% | ||||
Money Market Funds – 1.1% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $28,402,282) | 28,399,090 | $28,401,929 | ||
Other Assets, Less Liabilities – (0.0)% | (291,419) | |||
Net Assets – 100.0% | $2,493,432,865 |
(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 $28,401,929 and $2,465,322,355, 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 | ||||||
USD | 17,656,214 | CAD | 24,060,918 | State Street Bank Corp. | 1/19/2024 | $280,777 |
USD | 3,230,101 | EUR | 3,035,589 | HSBC Bank | 1/19/2024 | 5,874 |
USD | 268,345,111 | EUR | 252,406,167 | State Street Bank Corp. | 1/19/2024 | 253,920 |
USD | 71,387,262 | GBP | 58,566,859 | Deutsche Bank AG | 1/19/2024 | 155,307 |
$695,878 | ||||||
Liability Derivatives | ||||||
GBP | 4,085,063 | USD | 4,993,721 | Morgan Stanley Capital Services, Inc. | 1/19/2024 | $(25,263) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $2,118,788,320) | $2,465,322,355 |
Investments in affiliated issuers, at value (identified cost, $28,402,282) | 28,401,929 |
Restricted cash for | |
Forward foreign currency exchange contracts | 33,000 |
Receivables for | |
Forward foreign currency exchange contracts | 695,878 |
Fund shares sold | 1,205,223 |
Dividends | 3,298,974 |
Other assets | 1 |
Total assets | $2,498,957,360 |
Liabilities | |
Payables for | |
Distributions | $447 |
Forward foreign currency exchange contracts | 25,263 |
Fund shares reacquired | 3,916,041 |
Payable to affiliates | |
Investment adviser | 79,175 |
Administrative services fee | 1,987 |
Shareholder servicing costs | 880,090 |
Distribution and service fees | 28,916 |
Payable for independent Trustees' compensation | 847 |
Accrued expenses and other liabilities | 591,729 |
Total liabilities | $5,524,495 |
Net assets | $2,493,432,865 |
Net assets consist of | |
Paid-in capital | $2,059,206,480 |
Total distributable earnings (loss) | 434,226,385 |
Net assets | $2,493,432,865 |
Shares of beneficial interest outstanding | 126,187,470 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,577,694,940 | 79,932,608 | $19.74 |
Class B | 15,415,745 | 784,906 | 19.64 |
Class C | 65,272,171 | 3,325,205 | 19.63 |
Class I | 541,543,715 | 27,284,182 | 19.85 |
Class R1 | 4,373,232 | 223,943 | 19.53 |
Class R2 | 29,316,394 | 1,490,868 | 19.66 |
Class R3 | 162,192,716 | 8,224,833 | 19.72 |
Class R4 | 17,643,135 | 892,639 | 19.77 |
Class R6 | 79,980,817 | 4,028,286 | 19.85 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $20.94 [100 / 94.25 x $19.74]. 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 | $90,687,132 |
Dividends from affiliated issuers | 907,612 |
Other | 178,331 |
Income on securities loaned | 12,260 |
Total investment income | $91,785,335 |
Expenses | |
Management fee | $17,978,726 |
Distribution and service fees | 6,486,760 |
Shareholder servicing costs | 3,292,247 |
Administrative services fee | 445,868 |
Independent Trustees' compensation | 51,467 |
Custodian fee | 269,650 |
Shareholder communications | 150,396 |
Audit and tax fees | 74,642 |
Legal fees | 16,321 |
Miscellaneous | 1,056,481 |
Total expenses | $29,822,558 |
Fees paid indirectly | (23,267) |
Reduction of expenses by investment adviser and distributor | (385,254) |
Net expenses | $29,414,037 |
Net investment income (loss) | $62,371,298 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $124,535,108 |
Affiliated issuers | 11,178 |
Forward foreign currency exchange contracts | (25,399,272) |
Foreign currency | (338,163) |
Net realized gain (loss) | $98,808,851 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(316,323,579) |
Affiliated issuers | (1,934) |
Forward foreign currency exchange contracts | 3,051,495 |
Translation of assets and liabilities in foreign currencies | 84,935 |
Net unrealized gain (loss) | $(313,189,083) |
Net realized and unrealized gain (loss) | $(214,380,232) |
Change in net assets from operations | $(152,008,934) |
Year ended | ||
10/31/23 | 10/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $62,371,298 | $56,239,937 |
Net realized gain (loss) | 98,808,851 | 224,894,811 |
Net unrealized gain (loss) | (313,189,083) | (296,877,774) |
Change in net assets from operations | $(152,008,934) | $(15,743,026) |
Total distributions to shareholders | $(265,632,104) | $(196,277,058) |
Change in net assets from fund share transactions | $(176,816,792) | $108,277,444 |
Total change in net assets | $(594,457,830) | $(103,742,640) |
Net assets | ||
At beginning of period | 3,087,890,695 | 3,191,633,335 |
At end of period | $2,493,432,865 | $3,087,890,695 |
Class A | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $22.88 | $24.45 | $21.65 | $23.54 | $20.08 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.45 | $0.41 | $0.46 | $0.54 | $0.55 |
Net realized and unrealized gain (loss) | (1.61) | (0.48) | 3.52 | (0.93) | 3.73 |
Total from investment operations | $(1.16) | $(0.07) | $3.98 | $(0.39) | $4.28 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.44) | $(0.44) | $(0.26) | $(0.31) | $(0.49) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(1.98) | $(1.50) | $(1.18) | $(1.50) | $(0.82) |
Net asset value, end of period (x) | $19.74 | $22.88 | $24.45 | $21.65 | $23.54 |
Total return (%) (r)(s)(t)(x) | (6.06) | (0.50) | 18.90 | (1.70) | 21.94 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.03 | 1.00 | 1.00 | 1.00 | 1.00 |
Expenses after expense reductions (f) | 1.02 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 2.04 | 1.72 | 1.98 | 2.51 | 2.51 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $1,577,695 | $1,861,665 | $1,951,571 | $1,744,515 | $1,956,524 |
Class B | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $22.75 | $24.30 | $21.53 | $23.42 | $19.98 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.29 | $0.24 | $0.30 | $0.38 | $0.38 |
Net realized and unrealized gain (loss) | (1.60) | (0.49) | 3.49 | (0.93) | 3.72 |
Total from investment operations | $(1.31) | $(0.25) | $3.79 | $(0.55) | $4.10 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.26) | $(0.24) | $(0.10) | $(0.15) | $(0.33) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(1.80) | $(1.30) | $(1.02) | $(1.34) | $(0.66) |
Net asset value, end of period (x) | $19.64 | $22.75 | $24.30 | $21.53 | $23.42 |
Total return (%) (r)(s)(t)(x) | (6.76) | (1.24) | 18.02 | (2.45) | 21.02 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.78 | 1.75 | 1.75 | 1.75 | 1.75 |
Expenses after expense reductions (f) | 1.77 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | 1.30 | 1.01 | 1.27 | 1.75 | 1.76 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $15,416 | $31,760 | $49,750 | $63,594 | $99,924 |
Class C | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $22.75 | $24.30 | $21.53 | $23.42 | $19.98 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.28 | $0.24 | $0.30 | $0.38 | $0.38 |
Net realized and unrealized gain (loss) | (1.60) | (0.49) | 3.49 | (0.93) | 3.72 |
Total from investment operations | $(1.32) | $(0.25) | $3.79 | $(0.55) | $4.10 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.26) | $(0.24) | $(0.10) | $(0.15) | $(0.33) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(1.80) | $(1.30) | $(1.02) | $(1.34) | $(0.66) |
Net asset value, end of period (x) | $19.63 | $22.75 | $24.30 | $21.53 | $23.42 |
Total return (%) (r)(s)(t)(x) | (6.77) | (1.23) | 18.00 | (2.45) | 21.02 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.78 | 1.75 | 1.75 | 1.75 | 1.75 |
Expenses after expense reductions (f) | 1.77 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | 1.29 | 1.00 | 1.28 | 1.76 | 1.75 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $65,272 | $104,022 | $149,761 | $230,614 | $370,036 |
Class I | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $23.00 | $24.57 | $21.74 | $23.64 | $20.16 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.51 | $0.47 | $0.53 | $0.60 | $0.60 |
Net realized and unrealized gain (loss) | (1.62) | (0.48) | 3.54 | (0.94) | 3.76 |
Total from investment operations | $(1.11) | $(0.01) | $4.07 | $(0.34) | $4.36 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.50) | $(0.50) | $(0.32) | $(0.37) | $(0.55) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(2.04) | $(1.56) | $(1.24) | $(1.56) | $(0.88) |
Net asset value, end of period (x) | $19.85 | $23.00 | $24.57 | $21.74 | $23.64 |
Total return (%) (r)(s)(t)(x) | (5.84) | (0.24) | 19.23 | (1.49) | 22.26 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.78 | 0.75 | 0.75 | 0.75 | 0.75 |
Expenses after expense reductions (f) | 0.77 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 2.30 | 1.96 | 2.24 | 2.76 | 2.77 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $541,544 | $714,999 | $687,188 | $626,500 | $698,558 |
Class R1 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $22.65 | $24.23 | $21.47 | $23.37 | $19.94 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.28 | $0.23 | $0.28 | $0.37 | $0.38 |
Net realized and unrealized gain (loss) | (1.58) | (0.49) | 3.51 | (0.92) | 3.71 |
Total from investment operations | $(1.30) | $(0.26) | $3.79 | $(0.55) | $4.09 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.28) | $(0.26) | $(0.11) | $(0.16) | $(0.33) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(1.82) | $(1.32) | $(1.03) | $(1.35) | $(0.66) |
Net asset value, end of period (x) | $19.53 | $22.65 | $24.23 | $21.47 | $23.37 |
Total return (%) (r)(s)(t)(x) | (6.75) | (1.27) | 18.06 | (2.48) | 21.03 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.78 | 1.75 | 1.75 | 1.75 | 1.75 |
Expenses after expense reductions (f) | 1.77 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | 1.29 | 0.96 | 1.23 | 1.75 | 1.77 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $4,373 | $5,243 | $5,126 | $5,171 | $6,561 |
Class R2 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $22.80 | $24.36 | $21.58 | $23.47 | $20.03 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.40 | $0.35 | $0.41 | $0.48 | $0.49 |
Net realized and unrealized gain (loss) | (1.61) | (0.47) | 3.50 | (0.92) | 3.72 |
Total from investment operations | $(1.21) | $(0.12) | $3.91 | $(0.44) | $4.21 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.39) | $(0.38) | $(0.21) | $(0.26) | $(0.44) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(1.93) | $(1.44) | $(1.13) | $(1.45) | $(0.77) |
Net asset value, end of period (x) | $19.66 | $22.80 | $24.36 | $21.58 | $23.47 |
Total return (%) (r)(s)(t)(x) | (6.33) | (0.72) | 18.60 | (1.96) | 21.59 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.28 | 1.25 | 1.25 | 1.25 | 1.25 |
Expenses after expense reductions (f) | 1.27 | 1.24 | 1.24 | 1.24 | 1.24 |
Net investment income (loss) | 1.79 | 1.47 | 1.74 | 2.26 | 2.26 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $29,316 | $38,534 | $41,968 | $41,020 | $59,224 |
Class R3 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $22.86 | $24.43 | $21.63 | $23.52 | $20.07 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.45 | $0.41 | $0.47 | $0.54 | $0.57 |
Net realized and unrealized gain (loss) | (1.61) | (0.48) | 3.51 | (0.93) | 3.71 |
Total from investment operations | $(1.16) | $(0.07) | $3.98 | $(0.39) | $4.28 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.44) | $(0.44) | $(0.26) | $(0.31) | $(0.50) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(1.98) | $(1.50) | $(1.18) | $(1.50) | $(0.83) |
Net asset value, end of period (x) | $19.72 | $22.86 | $24.43 | $21.63 | $23.52 |
Total return (%) (r)(s)(t)(x) | (6.07) | (0.49) | 18.91 | (1.71) | 21.92 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.03 | 1.00 | 1.00 | 1.00 | 1.00 |
Expenses after expense reductions (f) | 1.02 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 2.05 | 1.71 | 1.99 | 2.51 | 2.63 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $162,193 | $217,043 | $201,006 | $201,509 | $279,639 |
Class R4 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $22.91 | $24.48 | $21.67 | $23.56 | $20.10 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.51 | $0.48 | $0.53 | $0.60 | $0.60 |
Net realized and unrealized gain (loss) | (1.61) | (0.49) | 3.52 | (0.93) | 3.74 |
Total from investment operations | $(1.10) | $(0.01) | $4.05 | $(0.33) | $4.34 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.50) | $(0.50) | $(0.32) | $(0.37) | $(0.55) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(2.04) | $(1.56) | $(1.24) | $(1.56) | $(0.88) |
Net asset value, end of period (x) | $19.77 | $22.91 | $24.48 | $21.67 | $23.56 |
Total return (%) (r)(s)(t)(x) | (5.81) | (0.24) | 19.19 | (1.46) | 22.22 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.78 | 0.75 | 0.75 | 0.75 | 0.75 |
Expenses after expense reductions (f) | 0.77 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 2.29 | 1.98 | 2.25 | 2.76 | 2.76 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $17,643 | $23,369 | $25,766 | $24,920 | $49,530 |
Class R6 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $23.01 | $24.58 | $21.75 | $23.64 | $20.17 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.53 | $0.49 | $0.54 | $0.61 | $0.61 |
Net realized and unrealized gain (loss) | (1.63) | (0.48) | 3.54 | (0.92) | 3.76 |
Total from investment operations | $(1.10) | $0.01 | $4.08 | $(0.31) | $4.37 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.52) | $(0.52) | $(0.33) | $(0.39) | $(0.57) |
From net realized gain | (1.54) | (1.06) | (0.92) | (1.19) | (0.33) |
Total distributions declared to shareholders | $(2.06) | $(1.58) | $(1.25) | $(1.58) | $(0.90) |
Net asset value, end of period (x) | $19.85 | $23.01 | $24.58 | $21.75 | $23.64 |
Total return (%) (r)(s)(t)(x) | (5.79) | (0.15) | 19.31 | (1.36) | 22.29 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.69 | 0.66 | 0.66 | 0.66 | 0.66 |
Expenses after expense reductions (f) | 0.68 | 0.65 | 0.65 | 0.65 | 0.65 |
Net investment income (loss) | 2.40 | 2.04 | 2.29 | 2.84 | 2.84 |
Portfolio turnover | 15 | 23 | 12 | 30 | 30 |
Net assets at end of period (000 omitted) | $79,981 | $91,255 | $79,499 | $75,542 | $92,437 |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $1,823,480,588 | $— | $— | $1,823,480,588 |
Germany | 43,170,948 | 90,356,462 | — | 133,527,410 |
Portugal | — | 114,666,223 | — | 114,666,223 |
United Kingdom | — | 108,983,547 | — | 108,983,547 |
Spain | — | 81,329,764 | — | 81,329,764 |
Italy | — | 58,011,786 | — | 58,011,786 |
France | — | 33,903,901 | — | 33,903,901 |
Canada | 25,929,829 | — | — | 25,929,829 |
Brazil | 25,373,670 | — | — | 25,373,670 |
Other Countries | 27,396,602 | 32,719,035 | — | 60,115,637 |
Mutual Funds | 28,401,929 | — | — | 28,401,929 |
Total | $1,973,753,566 | $519,970,718 | $— | $2,493,724,284 |
Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts – Assets | $— | $695,878 | $— | $695,878 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (25,263) | — | (25,263) |
Fair Value | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | $695,878 | $(25,263) |
Risk | Forward Foreign Currency Exchange Contracts |
Foreign Exchange | $(25,399,272) |
Risk | Forward Foreign Currency Exchange Contracts |
Foreign Exchange | $3,051,495 |
Year ended 10/31/23 | Year ended 10/31/22 | |
Ordinary income (including any short-term capital gains) | $93,849,189 | $82,777,891 |
Long-term capital gains | 171,782,915 | 113,499,167 |
Total distributions | $265,632,104 | $196,277,058 |
As of 10/31/23 | |
Cost of investments | $2,154,542,514 |
Gross appreciation | 567,884,987 |
Gross depreciation | (228,032,602) |
Net unrealized appreciation (depreciation) | $339,852,385 |
Undistributed ordinary income | 2,445,285 |
Undistributed long-term capital gain | 92,054,469 |
Other temporary differences | (125,754) |
Total distributable earnings (loss) | $434,226,385 |
Year ended 10/31/23 | Year ended 10/31/22 | ||
Class A | $160,751,122 | $118,840,841 | |
Class B | 2,313,008 | 2,497,443 | |
Class C | 7,771,832 | 7,663,422 | |
Class I | 62,204,043 | 45,070,737 | |
Class R1 | 422,727 | 280,651 | |
Class R2 | 3,216,519 | 2,436,847 | |
Class R3 | 18,299,129 | 12,473,140 | |
Class R4 | 2,046,142 | 1,636,567 | |
Class R6 | 8,607,582 | 5,377,410 | |
Total | $265,632,104 | $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% | $ 4,605,205 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 245,216 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 886,579 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 51,437 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 184,998 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 513,325 |
Total Distribution and Service Fees | $6,486,760 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended October 31, 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 year ended October 31, 2023, this rebate amounted to $526, $9, $1, $8, and $37 for Class A, Class C, Class R1, Class R2, and Class R3 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $14,109 |
Class B | 7,598 |
Class C | 5,726 |
Year ended 10/31/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 4,796,589 | $106,992,035 | 7,478,168 | $179,884,785 | |
Class B | 7,536 | 171,909 | 43,661 | 1,048,357 | |
Class C | 375,446 | 8,322,311 | 597,097 | 14,271,307 | |
Class I | 4,578,967 | 102,594,336 | 7,048,453 | 170,317,492 | |
Class R1 | 38,303 | 828,926 | 82,864 | 1,964,491 | |
Class R2 | 287,270 | 6,376,483 | 627,288 | 14,931,561 | |
Class R3 | 988,153 | 22,030,961 | 2,424,571 | 58,848,253 | |
Class R4 | 221,473 | 4,921,731 | 352,125 | 8,538,962 | |
Class R6 | 1,831,292 | 40,481,361 | 1,488,939 | 36,258,768 | |
13,125,029 | $292,720,053 | 20,143,166 | $486,063,976 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 6,714,491 | $151,749,623 | 4,678,261 | $111,893,470 | |
Class B | 98,094 | 2,218,952 | 97,379 | 2,320,230 | |
Class C | 335,224 | 7,572,693 | 315,384 | 7,513,890 | |
Class I | 2,485,945 | 56,454,099 | 1,678,213 | 40,313,039 | |
Class R1 | 18,818 | 422,727 | 11,825 | 280,651 | |
Class R2 | 142,325 | 3,209,777 | 101,968 | 2,431,781 | |
Class R3 | 810,072 | 18,299,128 | 522,110 | 12,473,140 | |
Class R4 | 84,021 | 1,900,015 | 61,134 | 1,463,038 | |
Class R6 | 314,707 | 7,136,290 | 182,369 | 4,381,030 | |
11,003,697 | $248,963,304 | 7,648,643 | $183,070,269 |
Year ended 10/31/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (12,945,924) | $(284,475,630) | (10,611,604) | $(254,322,484) | |
Class B | (716,557) | (15,787,942) | (792,305) | (18,917,727) | |
Class C | (1,957,718) | (43,300,133) | (2,502,609) | (59,515,715) | |
Class I | (10,870,683) | (238,097,656) | (5,606,583) | (134,488,508) | |
Class R1 | (64,602) | (1,408,134) | (74,865) | (1,771,476) | |
Class R2 | (628,944) | (13,853,428) | (761,616) | (18,145,589) | |
Class R3 | (3,068,105) | (67,178,020) | (1,679,813) | (40,151,114) | |
Class R4 | (432,874) | (9,511,513) | (445,731) | (10,785,473) | |
Class R6 | (2,084,437) | (44,887,693) | (939,282) | (22,758,715) | |
(32,769,844) | $(718,500,149) | (23,414,408) | $(560,856,801) | ||
Net change | |||||
Class A | (1,434,844) | $(25,733,972) | 1,544,825 | $37,455,771 | |
Class B | (610,927) | (13,397,081) | (651,265) | (15,549,140) | |
Class C | (1,247,048) | (27,405,129) | (1,590,128) | (37,730,518) | |
Class I | (3,805,771) | (79,049,221) | 3,120,083 | 76,142,023 | |
Class R1 | (7,481) | (156,481) | 19,824 | 473,666 | |
Class R2 | (199,349) | (4,267,168) | (32,360) | (782,247) | |
Class R3 | (1,269,880) | (26,847,931) | 1,266,868 | 31,170,279 | |
Class R4 | (127,380) | (2,689,767) | (32,472) | (783,473) | |
Class R6 | 61,562 | 2,729,958 | 732,026 | 17,881,083 | |
(8,641,118) | $(176,816,792) | 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 | $422,280,869 | $419,561,296 | $11,178 | $(1,934) | $28,401,929 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $907,612 | $— |
MFS Series Trust VI
December 14, 2023
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEE | ||||||||||
Michael W. Roberge (k) (age 57) | Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 69) | Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
Steven E. Buller (age 72) | Trustee | February 2014 | 136 | Private investor | N/A | |||||
John A. Caroselli (age 69) | Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
Maureen R. Goldfarb (age 68) | Trustee | January 2009 | 136 | Private investor | N/A | |||||
Peter D. Jones (age 68) | Trustee | January 2019 | 136 | Private investor | N/A | |||||
James W. Kilman, Jr. (age 62) | Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
Clarence Otis, Jr. (age 67) | Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
Maryanne L. Roepke (age 67) | Trustee | May 2014 | 136 | Private investor | N/A | |||||
Laurie J. Thomsen (age 66) | Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 49) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel | ||||
Kino Clark (k) (age 55) | Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
John W. Clark, Jr. (k) (age 56) | Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President | ||||
David L. DiLorenzo (k) (age 55) | President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 56) | Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
Brian E. Langenfeld (k) (age 50) | Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
Rosa E. Licea-Mailloux (k) (age 47) | Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
Amanda S. Mooradian (k) (age 44) | Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 53) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
Kasey L. Phillips (k) (age 52) | Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
Matthew A. Stowe (k) (age 49) | Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
William B. Wilson (k) (age 41) | Assistant Secretary and Assistant Clerk | October 2022 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
James O. Yost (k) (age 63) | Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | JPMorgan Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
Portfolio Manager(s) | |
Claud Davis J. Scott Walker |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
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back cover |
Visa, Inc., “A” | 3.1% |
Linde PLC | 2.9% |
Schneider Electric SE | 2.7% |
Comcast Corp., “A” | 2.6% |
Accenture PLC, “A” | 2.5% |
Thermo Fisher Scientific, Inc. | 2.3% |
Medtronic PLC | 2.3% |
Willis Towers Watson PLC | 2.3% |
Roche Holding AG | 2.3% |
Alphabet, Inc., “A” | 2.1% |
Industrials | 19.1% |
Financials | 18.2% |
Health Care | 17.9% |
Consumer Staples | 11.6% |
Information Technology | 9.2% |
Communication Services | 8.4% |
Consumer Discretionary | 7.5% |
Materials | 7.1% |
Equity Warrants (o) | 0.0% |
United States | 52.9% |
France | 11.0% |
Switzerland | 9.0% |
United Kingdom | 8.3% |
Germany | 3.8% |
Canada | 3.5% |
Japan | 2.6% |
Netherlands | 2.5% |
Spain | 1.5% |
Other Countries | 4.9% |
United States Dollar | 57.7% |
Euro | 19.3% |
Swiss Franc | 9.0% |
British Pound Sterling | 8.3% |
Japanese Yen | 2.6% |
Swedish Krona | 1.2% |
South Korean Won | 1.1% |
Danish Krone | 0.5% |
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. |
Ryan McAllister and Roger Morley
Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr |
A | 9/07/1993 | 4.40% | 6.08% | 6.08% |
B | 12/29/1986 | 3.61% | 5.29% | 5.29% |
C | 1/03/1994 | 3.60% | 5.28% | 5.28% |
I | 1/02/1997 | 4.64% | 6.34% | 6.34% |
R1 | 4/01/2005 | 3.60% | 5.28% | 5.28% |
R2 | 10/31/2003 | 4.13% | 5.81% | 5.81% |
R3 | 4/01/2005 | 4.38% | 6.08% | 6.08% |
R4 | 4/01/2005 | 4.64% | 6.34% | 6.34% |
R6 | 6/01/2012 | 4.73% | 6.44% | 6.44% |
MSCI World Index (net div) (f) | 10.48% | 8.27% | 7.53% |
A With Initial Sales Charge (5.75%) | (1.61)% | 4.83% | 5.45% |
B With CDSC (Declining over six years from 4% to 0%) (v) | (0.18)% | 4.96% | 5.29% |
C With CDSC (1% for 12 months) (v) | 2.66% | 5.28% | 5.28% |
(f) | Source: FactSet Research Systems Inc. |
(v) | Assuming redemption at the end of the applicable period. |
(e) | Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. |
May 1, 2023 through October 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/23 | Ending Account Value 10/31/23 | Expenses Paid During Period (p) 5/01/23-10/31/23 | |
A | Actual | 1.25% | $1,000.00 | $899.86 | $5.99 |
Hypothetical (h) | 1.25% | $1,000.00 | $1,018.90 | $6.36 | |
B | Actual | 2.00% | $1,000.00 | $896.50 | $9.56 |
Hypothetical (h) | 2.00% | $1,000.00 | $1,015.12 | $10.16 | |
C | Actual | 2.00% | $1,000.00 | $896.38 | $9.56 |
Hypothetical (h) | 2.00% | $1,000.00 | $1,015.12 | $10.16 | |
I | Actual | 1.00% | $1,000.00 | $900.93 | $4.79 |
Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
R1 | Actual | 2.00% | $1,000.00 | $896.47 | $9.56 |
Hypothetical (h) | 2.00% | $1,000.00 | $1,015.12 | $10.16 | |
R2 | Actual | 1.50% | $1,000.00 | $898.81 | $7.18 |
Hypothetical (h) | 1.50% | $1,000.00 | $1,017.64 | $7.63 | |
R3 | Actual | 1.25% | $1,000.00 | $899.86 | $5.99 |
Hypothetical (h) | 1.25% | $1,000.00 | $1,018.90 | $6.36 | |
R4 | Actual | 0.99% | $1,000.00 | $900.96 | $4.74 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
R6 | Actual | 0.90% | $1,000.00 | $901.39 | $4.31 |
Hypothetical (h) | 0.90% | $1,000.00 | $1,020.67 | $4.58 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.0% | ||||
Aerospace & Defense – 3.4% | ||||
Honeywell International, Inc. | 268,994 | $49,295,841 | ||
MTU Aero Engines Holding AG | 52,377 | 9,809,358 | ||
Rolls-Royce Holdings PLC (a) | 7,078,464 | 18,531,980 | ||
$77,637,179 | ||||
Airlines – 0.9% | ||||
Aena S.A. | 138,391 | $20,055,708 | ||
Alcoholic Beverages – 5.6% | ||||
Carlsberg Group | 92,855 | $11,079,510 | ||
Diageo PLC | 1,226,864 | 46,492,332 | ||
Heineken N.V. | 416,798 | 37,449,144 | ||
Pernod Ricard S.A. | 200,622 | 35,670,441 | ||
$130,691,427 | ||||
Apparel Manufacturers – 4.2% | ||||
Burberry Group PLC | 665,855 | $13,719,150 | ||
Compagnie Financiere Richemont S.A. | 296,714 | 35,033,702 | ||
LVMH Moet Hennessy Louis Vuitton SE | 68,214 | 48,818,544 | ||
$97,571,396 | ||||
Automotive – 0.3% | ||||
Aptiv PLC (a) | 92,760 | $8,088,672 | ||
Broadcasting – 1.9% | ||||
Omnicom Group, Inc. | 83,966 | $6,289,893 | ||
Walt Disney Co. (a) | 309,988 | 25,291,921 | ||
WPP Group PLC | 1,484,925 | 12,790,758 | ||
$44,372,572 | ||||
Brokerage & Asset Managers – 3.2% | ||||
Charles Schwab Corp. | 851,529 | $44,313,569 | ||
Deutsche Boerse AG | 73,135 | 12,010,019 | ||
London Stock Exchange Group PLC | 179,635 | 18,078,334 | ||
$74,401,922 | ||||
Business Services – 8.8% | ||||
Accenture PLC, “A” | 193,505 | $57,488,400 | ||
Adecco S.A. | 164,911 | 6,238,030 | ||
Brenntag AG | 151,973 | 11,275,481 | ||
Cognizant Technology Solutions Corp., “A” | 369,127 | 23,797,618 | ||
Compass Group PLC | 570,454 | 14,394,058 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Equifax, Inc. | 89,585 | $15,190,928 | ||
Experian PLC | 471,186 | 14,333,368 | ||
Fidelity National Information Services, Inc. | 345,091 | 16,947,419 | ||
Fiserv, Inc. (a) | 207,602 | 23,614,728 | ||
Intertek Group PLC | 299,118 | 13,961,628 | ||
PayPal Holdings, Inc. (a) | 121,738 | 6,306,028 | ||
$203,547,686 | ||||
Cable TV – 2.6% | ||||
Comcast Corp., “A” | 1,433,335 | $59,182,402 | ||
Chemicals – 1.8% | ||||
3M Co. | 197,132 | $17,929,156 | ||
PPG Industries, Inc. | 193,694 | 23,779,812 | ||
$41,708,968 | ||||
Computer Software – 3.2% | ||||
Check Point Software Technologies Ltd. (a) | 215,745 | $28,963,766 | ||
Oracle Corp. | 440,958 | 45,595,057 | ||
$74,558,823 | ||||
Computer Software - Systems – 1.1% | ||||
Samsung Electronics Co. Ltd. | 518,397 | $25,850,217 | ||
Construction – 0.6% | ||||
Otis Worldwide Corp. | 174,005 | $13,434,926 | ||
Consumer Products – 3.7% | ||||
Essity AB | 1,229,309 | $28,005,794 | ||
International Flavors & Fragrances, Inc. | 407,568 | 27,857,273 | ||
Reckitt Benckiser Group PLC | 435,413 | 29,189,931 | ||
$85,052,998 | ||||
Electrical Equipment – 4.7% | ||||
Amphenol Corp., “A” | 220,409 | $17,753,945 | ||
Legrand S.A. | 341,756 | 29,519,717 | ||
Schneider Electric SE | 406,393 | 62,492,974 | ||
$109,766,636 | ||||
Electronics – 1.0% | ||||
Hoya Corp. | 108,900 | $10,475,802 | ||
Microchip Technology, Inc. | 181,986 | 12,973,782 | ||
$23,449,584 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – 3.5% | ||||
Danone S.A. | 529,240 | $31,524,969 | ||
Nestle S.A. | 455,801 | 49,173,587 | ||
$80,698,556 | ||||
Gaming & Lodging – 1.2% | ||||
Marriott International, Inc., “A” | 84,768 | $15,983,854 | ||
Whitbread PLC | 285,087 | 11,558,262 | ||
$27,542,116 | ||||
Insurance – 3.7% | ||||
Aon PLC | 108,768 | $33,652,819 | ||
Willis Towers Watson PLC | 222,500 | 52,485,525 | ||
$86,138,344 | ||||
Internet – 2.8% | ||||
Alphabet, Inc., “A” (a) | 398,445 | $49,439,056 | ||
eBay, Inc. | 393,018 | 15,418,096 | ||
$64,857,152 | ||||
Machinery & Tools – 1.3% | ||||
Carrier Global Corp. | 148,879 | $7,095,573 | ||
Kubota Corp. | 1,697,600 | 22,592,291 | ||
$29,687,864 | ||||
Major Banks – 4.2% | ||||
Erste Group Bank AG | 375,366 | $13,404,648 | ||
Goldman Sachs Group, Inc. | 139,832 | 42,454,394 | ||
UBS AG | 1,772,116 | 41,339,308 | ||
$97,198,350 | ||||
Medical Equipment – 12.8% | ||||
Abbott Laboratories | 331,275 | $31,322,051 | ||
Boston Scientific Corp. (a) | 762,406 | 39,027,563 | ||
Cooper Cos., Inc. | 65,670 | 20,472,622 | ||
EssilorLuxottica | 56,510 | 10,220,024 | ||
Medtronic PLC | 759,529 | 53,592,366 | ||
Olympus Corp. | 1,979,500 | 26,531,552 | ||
Sonova Holding AG | 54,633 | 12,946,013 | ||
Stryker Corp. | 80,539 | 21,763,249 | ||
Thermo Fisher Scientific, Inc. | 121,715 | 54,135,181 | ||
Waters Corp. (a) | 113,120 | 26,982,514 | ||
$296,993,135 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 5.1% | ||||
American Express Co. | 196,223 | $28,654,445 | ||
Grupo Financiero Banorte S.A. de C.V. | 907,741 | 7,367,057 | ||
Julius Baer Group Ltd. | 175,213 | 10,376,759 | ||
Visa, Inc., “A” | 304,742 | 71,644,844 | ||
$118,043,105 | ||||
Pharmaceuticals – 4.6% | ||||
Bayer AG | 481,729 | $20,702,169 | ||
Merck KGaA | 227,923 | 34,329,884 | ||
Roche Holding AG | 202,788 | 52,389,747 | ||
$107,421,800 | ||||
Railroad & Shipping – 4.8% | ||||
Canadian National Railway Co. (l) | 343,153 | $36,298,724 | ||
Canadian Pacific Kansas City Ltd. | 638,259 | 45,297,241 | ||
Union Pacific Corp. | 140,039 | 29,073,497 | ||
$110,669,462 | ||||
Specialty Chemicals – 4.8% | ||||
Akzo Nobel N.V. | 304,416 | $20,445,039 | ||
L'Air Liquide S.A. | 146,886 | 25,174,529 | ||
Linde PLC | 174,735 | 66,776,728 | ||
$112,396,296 | ||||
Specialty Stores – 0.5% | ||||
Hermes International | 5,595 | $10,492,394 | ||
Telecommunications - Wireless – 1.9% | ||||
Cellnex Telecom S.A. | 491,472 | $14,486,331 | ||
Liberty Broadband Corp. (a) | 343,838 | 28,645,144 | ||
$43,131,475 | ||||
Trucking – 0.8% | ||||
United Parcel Service, Inc., “B” | 138,342 | $19,540,808 | ||
Total Common Stocks (Identified Cost, $1,430,413,393) | $2,294,181,973 |
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 | $556,784 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 0.4% | ||||
Money Market Funds – 0.4% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $8,971,834) | 8,971,829 | $8,972,726 | ||
Other Assets, Less Liabilities – 0.6% | 14,461,288 | |||
Net Assets – 100.0% | $2,318,172,771 |
(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 $8,972,726 and $2,294,738,757, respectively. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
CHF | Swiss Franc |
Assets | |
Investments in unaffiliated issuers, at value, including $6,547,782 of securities on loan (identified cost, $1,430,413,393) | $2,294,738,757 |
Investments in affiliated issuers, at value (identified cost, $8,971,834) | 8,972,726 |
Cash | 36 |
Foreign currency, at value (identified cost, $106) | 106 |
Receivables for | |
Investments sold | 9,793,825 |
Fund shares sold | 2,369,354 |
Interest and dividends | 10,327,857 |
Total assets | $2,326,202,661 |
Liabilities | |
Payables for | |
Investments purchased | $4,170,961 |
Fund shares reacquired | 2,168,464 |
Payable to affiliates | |
Investment adviser | 98,893 |
Administrative services fee | 1,847 |
Shareholder servicing costs | 589,095 |
Distribution and service fees | 12,636 |
Payable for independent Trustees' compensation | 3,147 |
Accrued expenses and other liabilities | 984,847 |
Total liabilities | $8,029,890 |
Net assets | $2,318,172,771 |
Net assets consist of | |
Paid-in capital | $1,259,443,309 |
Total distributable earnings (loss) | 1,058,729,462 |
Net assets | $2,318,172,771 |
Shares of beneficial interest outstanding | 51,817,296 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $627,081,226 | 14,272,675 | $43.94 |
Class B | 5,106,114 | 130,442 | 39.14 |
Class C | 48,232,758 | 1,305,715 | 36.94 |
Class I | 825,333,477 | 18,150,279 | 45.47 |
Class R1 | 953,461 | 25,028 | 38.10 |
Class R2 | 21,903,662 | 517,014 | 42.37 |
Class R3 | 47,923,960 | 1,099,772 | 43.58 |
Class R4 | 37,593,980 | 850,400 | 44.21 |
Class R6 | 704,044,133 | 15,465,971 | 45.52 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $46.62 [100 / 94.25 x $43.94]. 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 | $50,964,663 |
Tax reclaims | 4,723,073 |
Dividends from affiliated issuers | 511,087 |
Interest | 193,272 |
Income on securities loaned | 27,173 |
Other | 1,287 |
Foreign taxes withheld | (3,442,069) |
Total investment income | $52,978,486 |
Expenses | |
Management fee | $20,672,851 |
Distribution and service fees | 2,700,786 |
Shareholder servicing costs | 1,977,091 |
Administrative services fee | 393,967 |
Independent Trustees' compensation | 45,268 |
Custodian fee | 240,792 |
Shareholder communications | 162,641 |
Audit and tax fees | 76,856 |
Legal fees | 13,368 |
Miscellaneous | 1,246,142 |
Total expenses | $27,529,762 |
Fees paid indirectly | (134) |
Reduction of expenses by investment adviser and distributor | (339,031) |
Net expenses | $27,190,597 |
Net investment income (loss) | $25,787,889 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $209,979,353 |
Affiliated issuers | 6,776 |
Foreign currency | (34,686) |
Net realized gain (loss) | $209,951,443 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(96,132,599) |
Affiliated issuers | 892 |
Translation of assets and liabilities in foreign currencies | 501,854 |
Net unrealized gain (loss) | $(95,629,853) |
Net realized and unrealized gain (loss) | $114,321,590 |
Change in net assets from operations | $140,109,479 |
Year ended | ||
10/31/23 | 10/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $25,787,889 | $17,910,316 |
Net realized gain (loss) | 209,951,443 | 245,538,621 |
Net unrealized gain (loss) | (95,629,853) | (972,704,215) |
Change in net assets from operations | $140,109,479 | $(709,255,278) |
Total distributions to shareholders | $(226,391,945) | $(184,733,937) |
Change in net assets from fund share transactions | $(194,461,889) | $(324,546,706) |
Total change in net assets | $(280,744,355) | $(1,218,535,921) |
Net assets | ||
At beginning of period | 2,598,917,126 | 3,817,453,047 |
At end of period | $2,318,172,771 | $2,598,917,126 |
Class A | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $45.88 | $60.75 | $45.22 | $45.79 | $41.44 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.38 | $0.22 | $0.17 | $0.25 | $0.42 |
Net realized and unrealized gain (loss) | 1.75 | (12.07) | 16.60 | 0.16(g) | 6.10 |
Total from investment operations | $2.13 | $(11.85) | $16.77 | $0.41 | $6.52 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.24) | $(0.18) | $(0.23) | $(0.45) | $(0.42) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(4.07) | $(3.02) | $(1.24) | $(0.98) | $(2.17) |
Net asset value, end of period (x) | $43.94 | $45.88 | $60.75 | $45.22 | $45.79 |
Total return (%) (r)(s)(t)(x) | 4.40 | (20.50) | 37.58 | 0.83 | 16.67 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.22 | 1.16 | 1.14 | 1.16 | 1.17 |
Expenses after expense reductions (f) | 1.21 | 1.15 | 1.13 | 1.15 | 1.15 |
Net investment income (loss) | 0.81 | 0.42 | 0.29 | 0.55 | 0.98 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $627,081 | $649,695 | $857,804 | $667,074 | $721,141 |
Class B | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $41.36 | $55.28 | $41.35 | $41.93 | $38.09 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.02 | $(0.17) | $(0.23) | $(0.09) | $0.10 |
Net realized and unrealized gain (loss) | 1.59 | (10.91) | 15.17 | 0.15(g) | 5.60 |
Total from investment operations | $1.61 | $(11.08) | $14.94 | $0.06 | $5.70 |
Less distributions declared to shareholders | |||||
From net investment income | $— | $— | $— | $(0.11) | $(0.11) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(3.83) | $(2.84) | $(1.01) | $(0.64) | $(1.86) |
Net asset value, end of period (x) | $39.14 | $41.36 | $55.28 | $41.35 | $41.93 |
Total return (%) (r)(s)(t)(x) | 3.58 | (21.09) | 36.56 | 0.08 | 15.79 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.96 | 1.91 | 1.89 | 1.91 | 1.92 |
Expenses after expense reductions (f) | 1.95 | 1.90 | 1.87 | 1.90 | 1.91 |
Net investment income (loss) | 0.04 | (0.36) | (0.45) | (0.21) | 0.24 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $5,106 | $7,439 | $15,166 | $15,902 | $22,592 |
Class C | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $39.23 | $52.58 | $39.38 | $40.00 | $36.44 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.02 | $(0.15) | $(0.22) | $(0.08) | $0.09 |
Net realized and unrealized gain (loss) | 1.52 | (10.36) | 14.43 | 0.14(g) | 5.34 |
Total from investment operations | $1.54 | $(10.51) | $14.21 | $0.06 | $5.43 |
Less distributions declared to shareholders | |||||
From net investment income | $— | $— | $— | $(0.15) | $(0.12) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(3.83) | $(2.84) | $(1.01) | $(0.68) | $(1.87) |
Net asset value, end of period (x) | $36.94 | $39.23 | $52.58 | $39.38 | $40.00 |
Total return (%) (r)(s)(t)(x) | 3.60 | (21.09) | 36.54 | 0.09 | 15.78 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.96 | 1.91 | 1.89 | 1.91 | 1.92 |
Expenses after expense reductions (f) | 1.95 | 1.90 | 1.87 | 1.90 | 1.91 |
Net investment income (loss) | 0.04 | (0.35) | (0.46) | (0.19) | 0.23 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $48,233 | $66,875 | $112,939 | $110,351 | $143,769 |
Class I | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $47.36 | $62.59 | $46.55 | $47.09 | $42.57 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.51 | $0.36 | $0.31 | $0.37 | $0.53 |
Net realized and unrealized gain (loss) | 1.79 | (12.45) | 17.08 | 0.18(g) | 6.27 |
Total from investment operations | $2.30 | $(12.09) | $17.39 | $0.55 | $6.80 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.36) | $(0.30) | $(0.34) | $(0.56) | $(0.53) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(4.19) | $(3.14) | $(1.35) | $(1.09) | $(2.28) |
Net asset value, end of period (x) | $45.47 | $47.36 | $62.59 | $46.55 | $47.09 |
Total return (%) (r)(s)(t)(x) | 4.64 | (20.30) | 37.91 | 1.10 | 16.94 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.97 | 0.91 | 0.89 | 0.91 | 0.92 |
Expenses after expense reductions (f) | 0.96 | 0.90 | 0.88 | 0.90 | 0.91 |
Net investment income (loss) | 1.05 | 0.67 | 0.53 | 0.80 | 1.21 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $825,333 | $946,778 | $1,245,750 | $908,819 | $947,284 |
Class R1 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $40.35 | $54.00 | $40.41 | $40.97 | $37.25 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.01 | $(0.17) | $(0.23) | $(0.09) | $0.09 |
Net realized and unrealized gain (loss) | 1.57 | (10.64) | 14.83 | 0.15(g) | 5.47 |
Total from investment operations | $1.58 | $(10.81) | $14.60 | $0.06 | $5.56 |
Less distributions declared to shareholders | |||||
From net investment income | $— | $— | $— | $(0.09) | $(0.09) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(3.83) | $(2.84) | $(1.01) | $(0.62) | $(1.84) |
Net asset value, end of period (x) | $38.10 | $40.35 | $54.00 | $40.41 | $40.97 |
Total return (%) (r)(s)(t)(x) | 3.60 | (21.09) | 36.57 | 0.08 | 15.77 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.97 | 1.91 | 1.89 | 1.91 | 1.92 |
Expenses after expense reductions (f) | 1.95 | 1.90 | 1.87 | 1.90 | 1.91 |
Net investment income (loss) | 0.03 | (0.36) | (0.46) | (0.23) | 0.22 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $953 | $1,260 | $2,081 | $1,556 | $2,485 |
Class R2 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $44.36 | $58.85 | $43.83 | $44.38 | $40.21 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.25 | $0.08 | $0.02 | $0.13 | $0.31 |
Net realized and unrealized gain (loss) | 1.70 | (11.68) | 16.09 | 0.16(g) | 5.91 |
Total from investment operations | $1.95 | $(11.60) | $16.11 | $0.29 | $6.22 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.05) | $(0.08) | $(0.31) | $(0.30) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(3.94) | $(2.89) | $(1.09) | $(0.84) | $(2.05) |
Net asset value, end of period (x) | $42.37 | $44.36 | $58.85 | $43.83 | $44.38 |
Total return (%) (r)(s)(t)(x) | 4.13 | (20.70) | 37.22 | 0.59 | 16.36 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.47 | 1.41 | 1.39 | 1.41 | 1.42 |
Expenses after expense reductions (f) | 1.45 | 1.40 | 1.38 | 1.40 | 1.41 |
Net investment income (loss) | 0.56 | 0.16 | 0.04 | 0.30 | 0.76 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $21,904 | $24,652 | $36,791 | $27,772 | $37,042 |
Class R3 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $45.54 | $60.32 | $44.89 | $45.46 | $41.16 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.36 | $0.21 | $0.16 | $0.24 | $0.41 |
Net realized and unrealized gain (loss) | 1.75 | (11.97) | 16.49 | 0.17(g) | 6.06 |
Total from investment operations | $2.11 | $(11.76) | $16.65 | $0.41 | $6.47 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.24) | $(0.18) | $(0.21) | $(0.45) | $(0.42) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(4.07) | $(3.02) | $(1.22) | $(0.98) | $(2.17) |
Net asset value, end of period (x) | $43.58 | $45.54 | $60.32 | $44.89 | $45.46 |
Total return (%) (r)(s)(t)(x) | 4.38 | (20.50) | 37.60 | 0.83 | 16.65 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.21 | 1.16 | 1.14 | 1.16 | 1.17 |
Expenses after expense reductions (f) | 1.20 | 1.15 | 1.13 | 1.15 | 1.16 |
Net investment income (loss) | 0.76 | 0.41 | 0.29 | 0.54 | 0.97 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $47,924 | $66,160 | $88,285 | $70,852 | $91,019 |
Class R4 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $46.16 | $61.08 | $45.44 | $45.98 | $41.63 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.48 | $0.35 | $0.30 | $0.36 | $0.54 |
Net realized and unrealized gain (loss) | 1.76 | (12.13) | 16.69 | 0.17(g) | 6.09 |
Total from investment operations | $2.24 | $(11.78) | $16.99 | $0.53 | $6.63 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.36) | $(0.30) | $(0.34) | $(0.54) | $(0.53) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(4.19) | $(3.14) | $(1.35) | $(1.07) | $(2.28) |
Net asset value, end of period (x) | $44.21 | $46.16 | $61.08 | $45.44 | $45.98 |
Total return (%) (r)(s)(t)(x) | 4.64 | (20.29) | 37.94 | 1.09 | 16.93 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.96 | 0.91 | 0.89 | 0.91 | 0.92 |
Expenses after expense reductions (f) | 0.95 | 0.90 | 0.88 | 0.90 | 0.91 |
Net investment income (loss) | 1.02 | 0.67 | 0.53 | 0.80 | 1.25 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $37,594 | $70,784 | $95,164 | $84,424 | $97,861 |
Class R6 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $47.42 | $62.65 | $46.58 | $47.13 | $42.61 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.55 | $0.39 | $0.36 | $0.41 | $0.59 |
Net realized and unrealized gain (loss) | 1.79 | (12.43) | 17.11 | 0.17(g) | 6.26 |
Total from investment operations | $2.34 | $(12.04) | $17.47 | $0.58 | $6.85 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.41) | $(0.35) | $(0.39) | $(0.60) | $(0.58) |
From net realized gain | (3.83) | (2.84) | (1.01) | (0.53) | (1.75) |
Total distributions declared to shareholders | $(4.24) | $(3.19) | $(1.40) | $(1.13) | $(2.33) |
Net asset value, end of period (x) | $45.52 | $47.42 | $62.65 | $46.58 | $47.13 |
Total return (%) (r)(s)(t)(x) | 4.73 | (20.22) | 38.06 | 1.17 | 17.07 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.88 | 0.82 | 0.80 | 0.82 | 0.83 |
Expenses after expense reductions (f) | 0.86 | 0.80 | 0.78 | 0.81 | 0.82 |
Net investment income (loss) | 1.14 | 0.73 | 0.63 | 0.89 | 1.35 |
Portfolio turnover | 8 | 8 | 10 | 9 | 7 |
Net assets at end of period (000 omitted) | $704,044 | $765,274 | $1,363,474 | $976,055 | $923,304 |
(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. |
(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 | $1,203,291,699 | $— | $— | $1,203,291,699 |
France | — | 253,913,592 | — | 253,913,592 |
Switzerland | 41,896,092 | 166,157,838 | — | 208,053,930 |
United Kingdom | 36,610,314 | 156,439,487 | — | 193,049,801 |
Germany | 67,424,742 | 20,702,169 | — | 88,126,911 |
Canada | 81,595,965 | — | — | 81,595,965 |
Japan | — | 59,599,645 | — | 59,599,645 |
Netherlands | — | 57,894,183 | — | 57,894,183 |
Spain | — | 34,542,039 | — | 34,542,039 |
Other Countries | 77,741,265 | 36,929,727 | — | 114,670,992 |
Mutual Funds | 8,972,726 | — | — | 8,972,726 |
Total | $1,517,532,803 | $786,178,680 | $— | $2,303,711,483 |
Year ended 10/31/23 | Year ended 10/31/22 | |
Ordinary income (including any short-term capital gains) | $17,800,892 | $19,789,607 |
Long-term capital gains | 208,591,053 | 164,944,330 |
Total distributions | $226,391,945 | $184,733,937 |
As of 10/31/23 | |
Cost of investments | $1,453,004,027 |
Gross appreciation | 973,811,170 |
Gross depreciation | (123,103,714) |
Net unrealized appreciation (depreciation) | $850,707,456 |
Undistributed ordinary income | 23,211,863 |
Undistributed long-term capital gain | 183,091,278 |
Other temporary differences | 1,718,865 |
Total distributable earnings (loss) | $1,058,729,462 |
Year ended 10/31/23 | 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% | $ 1,723,101 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 67,619 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 621,554 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 10,776 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 126,347 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 151,389 |
Total Distribution and Service Fees | $2,700,786 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended October 31, 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 year ended October 31, 2023, this rebate amounted to $215 and $12 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 | $7,767 |
Class B | 1,722 |
Class C | 2,267 |
Year ended 10/31/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 1,227,799 | $57,549,982 | 1,598,114 | $83,819,854 | |
Class B | 4,783 | 190,941 | 723 | 36,283 | |
Class C | 96,909 | 3,831,635 | 129,420 | 5,937,150 | |
Class I | 3,500,747 | 170,322,941 | 4,668,176 | 247,307,932 | |
Class R1 | 1,957 | 80,231 | 7,916 | 345,974 | |
Class R2 | 68,253 | 3,103,653 | 121,943 | 6,225,015 | |
Class R3 | 236,317 | 11,088,509 | 352,981 | 18,279,571 | |
Class R4 | 158,710 | 7,523,626 | 204,357 | 10,632,175 | |
Class R6 | 3,188,324 | 155,442,861 | 4,027,793 | 214,466,893 | |
8,483,799 | $409,134,379 | 11,111,423 | $587,050,847 |
Year ended 10/31/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
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 | (2,274,823) | $(106,529,462) | (2,242,147) | $(115,135,541) | |
Class B | (70,451) | (2,969,780) | (109,056) | (5,147,616) | |
Class C | (654,700) | (26,003,459) | (687,244) | (30,353,116) | |
Class I | (6,935,650) | (337,880,178) | (5,553,460) | (291,363,232) | |
Class R1 | (11,212) | (434,867) | (17,376) | (780,110) | |
Class R2 | (156,128) | (7,077,120) | (223,278) | (11,264,562) | |
Class R3 | (717,381) | (33,399,644) | (440,771) | (22,596,576) | |
Class R4 | (979,885) | (46,422,945) | (312,394) | (15,826,474) | |
Class R6 | (5,262,278) | (256,062,505) | (10,664,146) | (592,516,741) | |
(17,062,508) | $(816,779,960) | (20,249,872) | $(1,084,983,968) | ||
Net change | |||||
Class A | 113,069 | $3,421,932 | 40,418 | $7,814,300 | |
Class B | (49,415) | (2,120,447) | (94,495) | (4,393,446) | |
Class C | (398,976) | (16,100,249) | (443,158) | (18,773,318) | |
Class I | (1,839,261) | (93,136,503) | 86,975 | 13,191,329 | |
Class R1 | (6,208) | (234,493) | (7,301) | (324,867) | |
Class R2 | (38,689) | (1,826,516) | (69,444) | (3,272,761) | |
Class R3 | (353,059) | (16,576,511) | (10,798) | 51,526 | |
Class R4 | (683,126) | (32,640,159) | (24,495) | (400,640) | |
Class R6 | (672,653) | (35,248,943) | (5,624,281) | (318,438,829) | |
(3,928,318) | $(194,461,889) | (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 | $8,194,314 | $393,720,608 | $392,949,864 | $6,776 | $892 | $8,972,726 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $511,087 | $— |
MFS Series Trust VI
December 14, 2023
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEE | ||||||||||
Michael W. Roberge (k) (age 57) | Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 69) | Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
Steven E. Buller (age 72) | Trustee | February 2014 | 136 | Private investor | N/A | |||||
John A. Caroselli (age 69) | Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
Maureen R. Goldfarb (age 68) | Trustee | January 2009 | 136 | Private investor | N/A | |||||
Peter D. Jones (age 68) | Trustee | January 2019 | 136 | Private investor | N/A | |||||
James W. Kilman, Jr. (age 62) | Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
Clarence Otis, Jr. (age 67) | Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
Maryanne L. Roepke (age 67) | Trustee | May 2014 | 136 | Private investor | N/A | |||||
Laurie J. Thomsen (age 66) | Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 49) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel | ||||
Kino Clark (k) (age 55) | Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
John W. Clark, Jr. (k) (age 56) | Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President | ||||
David L. DiLorenzo (k) (age 55) | President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 56) | Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
Brian E. Langenfeld (k) (age 50) | Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
Rosa E. Licea-Mailloux (k) (age 47) | Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
Amanda S. Mooradian (k) (age 44) | Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 53) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
Kasey L. Phillips (k) (age 52) | Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
Matthew A. Stowe (k) (age 49) | Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
William B. Wilson (k) (age 41) | Assistant Secretary and Assistant Clerk | October 2022 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
James O. Yost (k) (age 63) | Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | JPMorgan Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
Portfolio Manager(s) | |
Ryan McAllister Roger Morley |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
Return Fund
Return Fund
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back cover |
U.S. Treasury Note 2 yr Future - DEC 2023 | 2.7% |
Euro-Bobl 5 yr Future - Dec 2023 | 2.6% |
U.S. Treasury Note 10 yr Future - Dec 2023 | 1.8% |
Government of Japan, 2.4%, 6/20/2028 | 1.4% |
Comcast Corp., “A” | 1.4% |
Cigna Group | 1.2% |
Roche Holding AG | 1.2% |
Republic of Korea, 1.875%, 6/10/2029 | 1.2% |
People’s Republic of China, 2.88%, 2/25/2033 | 1.1% |
Johnson & Johnson | 1.1% |
AAA | 4.8% |
AA | 4.3% |
A | 10.7% |
BBB | 10.3% |
BB | 0.4% |
CCC | 0.1% |
U.S. Government | 1.2% |
Federal Agencies | 4.8% |
Not Rated | 9.2% |
Non-Fixed Income | 60.1% |
Cash & Cash Equivalents | 1.2% |
Other | (7.1)% |
Financials | 13.5% |
Industrials | 8.6% |
Health Care | 7.9% |
Consumer Staples | 6.8% |
Information Technology | 5.9% |
Energy | 4.9% |
Communication Services | 4.3% |
Materials | 3.1% |
Consumer Discretionary | 2.5% |
Utilities | 2.3% |
Real Estate | 0.3% |
Non-U.S. Government Bonds | 13.1% |
Investment Grade Corporates | 10.7% |
Emerging Markets Bonds | 7.6% |
U.S. Treasury Securities | 5.9% |
Mortgage-Backed Securities | 4.8% |
Collateralized Debt Obligations | 1.5% |
Commercial Mortgage-Backed Securities | 1.2% |
Municipal Bonds | 0.7% |
Asset-Backed Securities | 0.5% |
U.S. Government Agencies (o) | 0.0% |
High Yield Corporates | (0.2)% |
United States | 47.1% |
Japan | 7.2% |
United Kingdom | 7.1% |
France | 5.2% |
Germany | 3.4% |
Switzerland | 3.3% |
China | 3.2% |
South Korea | 3.2% |
Canada | 2.8% |
Other Countries | 17.5% |
United States Dollar | 52.9% |
Euro | 17.5% |
Japanese Yen | 8.6% |
British Pound Sterling | 5.2% |
Swiss Franc | 3.4% |
Canadian Dollar | 2.8% |
Chinese Renminbi | 2.3% |
Chinese Yuan Offshore (HK) | 1.3% |
South Korean Won | 1.3% |
Other Currencies | 4.7% |
(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. |
(b) | Security is not a benchmark constituent. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. |
(r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated. |
(y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
Share Class | Class Inception Date | 1-yr | 5-yr | 10-yr |
A | 9/04/1990 | 3.99% | 3.76% | 3.68% |
B | 9/07/1993 | 3.25% | 2.98% | 2.90% |
C | 1/03/1994 | 3.21% | 2.97% | 2.90% |
I | 1/02/1997 | 4.24% | 4.01% | 3.94% |
R1 | 4/01/2005 | 3.28% | 2.98% | 2.90% |
R2 | 10/31/2003 | 3.74% | 3.50% | 3.42% |
R3 | 4/01/2005 | 4.00% | 3.76% | 3.68% |
R4 | 4/01/2005 | 4.30% | 4.01% | 3.94% |
R6 | 6/01/2012 | 4.33% | 4.10% | 4.03% |
MSCI World Index (net div) (f) | 10.48% | 8.27% | 7.53% |
MFS Global Total Return Blended Index (f)(w) | 7.01% | 4.49% | 4.39% |
Bloomberg Global Aggregate Index (f) | 1.72% | (1.64)% | (0.66)% |
A With Initial Sales Charge (5.75%) | (1.99)% | 2.54% | 3.07% |
B With CDSC (Declining over six years from 4% to 0%) (v) | (0.75)% | 2.65% | 2.90% |
C With CDSC (1% for 12 months) (v) | 2.21% | 2.97% | 2.90% |
(f) | Source: FactSet Research Systems Inc. |
(v) | Assuming redemption at the end of the applicable period. |
(w) | The MFS Global Total Return Blended Index (a custom index) was comprised of the following at the beginning and at the end of the reporting period: |
10/31/23 | |
MSCI World Index (net div) | 60% |
Bloomberg Global Aggregate Index | 40% |
(a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
(e) | Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. |
May 1, 2023 through October 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/23 | Ending Account Value 10/31/23 | Expenses Paid During Period (p) 5/01/23-10/31/23 | |
A | Actual | 1.12% | $1,000.00 | $941.69 | $5.48 |
Hypothetical (h) | 1.12% | $1,000.00 | $1,019.56 | $5.70 | |
B | Actual | 1.87% | $1,000.00 | $938.05 | $9.13 |
Hypothetical (h) | 1.87% | $1,000.00 | $1,015.78 | $9.50 | |
C | Actual | 1.87% | $1,000.00 | $938.34 | $9.14 |
Hypothetical (h) | 1.87% | $1,000.00 | $1,015.78 | $9.50 | |
I | Actual | 0.87% | $1,000.00 | $942.70 | $4.26 |
Hypothetical (h) | 0.87% | $1,000.00 | $1,020.82 | $4.43 | |
R1 | Actual | 1.87% | $1,000.00 | $938.32 | $9.14 |
Hypothetical (h) | 1.87% | $1,000.00 | $1,015.78 | $9.50 | |
R2 | Actual | 1.37% | $1,000.00 | $940.29 | $6.70 |
Hypothetical (h) | 1.37% | $1,000.00 | $1,018.30 | $6.97 | |
R3 | Actual | 1.12% | $1,000.00 | $941.96 | $5.48 |
Hypothetical (h) | 1.12% | $1,000.00 | $1,019.56 | $5.70 | |
R4 | Actual | 0.87% | $1,000.00 | $942.93 | $4.26 |
Hypothetical (h) | 0.87% | $1,000.00 | $1,020.82 | $4.43 | |
R6 | Actual | 0.78% | $1,000.00 | $943.14 | $3.82 |
Hypothetical (h) | 0.78% | $1,000.00 | $1,021.27 | $3.97 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 59.3% | ||||
Aerospace & Defense – 1.3% | ||||
General Dynamics Corp. | 36,424 | $8,789,475 | ||
Honeywell International, Inc. | 20,556 | 3,767,093 | ||
L3Harris Technologies, Inc. | 17,010 | 3,051,764 | ||
$15,608,332 | ||||
Alcoholic Beverages – 1.3% | ||||
Diageo PLC | 155,648 | $5,898,322 | ||
Heineken N.V. | 42,237 | 3,794,978 | ||
Kirin Holdings Co. Ltd. | 194,900 | 2,733,590 | ||
Pernod Ricard S.A. | 16,912 | 3,006,941 | ||
$15,433,831 | ||||
Apparel Manufacturers – 0.3% | ||||
Compagnie Financiere Richemont S.A. | 32,965 | $3,892,253 | ||
Automotive – 1.3% | ||||
Aptiv PLC (a) | 48,103 | $4,194,582 | ||
Bridgestone Corp. | 50,900 | 1,920,547 | ||
Lear Corp. | 24,384 | 3,164,068 | ||
LKQ Corp. | 104,614 | 4,594,647 | ||
Stellantis N.V. | 95,704 | 1,789,862 | ||
Tofas Turk Otomobil Fabriikasi A.S. | 75,276 | 645,597 | ||
$16,309,303 | ||||
Biotechnology – 0.1% | ||||
Biogen, Inc. (a) | 2,617 | $621,642 | ||
Gilead Sciences, Inc. | 15,160 | 1,190,667 | ||
$1,812,309 | ||||
Broadcasting – 0.8% | ||||
Omnicom Group, Inc. | 125,801 | $9,423,753 | ||
Brokerage & Asset Managers – 1.6% | ||||
Bank of New York Mellon Corp. | 78,329 | $3,328,983 | ||
Cboe Global Markets, Inc. | 25,067 | 4,108,231 | ||
Charles Schwab Corp. | 185,430 | 9,649,777 | ||
CME Group, Inc. | 12,633 | 2,696,640 | ||
$19,783,631 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – 1.8% | ||||
Accenture PLC, “A” | 14,635 | $4,347,912 | ||
CGI, Inc. (a) | 25,024 | 2,415,874 | ||
Experian PLC | 80,301 | 2,442,738 | ||
Fidelity National Information Services, Inc. | 44,549 | 2,187,801 | ||
Fiserv, Inc. (a) | 38,662 | 4,397,802 | ||
SCSK Corp. | 16,700 | 285,928 | ||
Secom Co. Ltd. | 77,800 | 5,410,487 | ||
Verisk Analytics, Inc., “A” | 4,835 | 1,099,286 | ||
$22,587,828 | ||||
Cable TV – 1.3% | ||||
Comcast Corp., “A” | 401,901 | $16,594,492 | ||
Chemicals – 0.5% | ||||
Nutrien Ltd. | 8,901 | $478,058 | ||
PPG Industries, Inc. | 43,198 | 5,303,418 | ||
$5,781,476 | ||||
Computer Software – 1.0% | ||||
Dun & Bradstreet Holdings, Inc. | 317,860 | $2,784,454 | ||
Microsoft Corp. | 27,432 | 9,275,033 | ||
$12,059,487 | ||||
Computer Software - Systems – 2.7% | ||||
Amadeus IT Group S.A. | 39,006 | $2,228,494 | ||
Capgemini | 29,675 | 5,259,890 | ||
Fujitsu Ltd. | 35,400 | 4,582,924 | ||
Hitachi Ltd. | 125,300 | 7,962,347 | ||
Hon Hai Precision Industry Co. Ltd. | 1,074,000 | 3,208,276 | ||
Lenovo Group Ltd. | 1,620,000 | 1,893,681 | ||
Samsung Electronics Co. Ltd. | 150,635 | 7,511,516 | ||
Seagate Technology Holdings PLC | 8,816 | 601,692 | ||
$33,248,820 | ||||
Construction – 1.4% | ||||
Anhui Conch Cement Co. Ltd. | 717,000 | $1,795,751 | ||
Compagnie de Saint-Gobain | 22,490 | 1,228,457 | ||
Heidelberg Materials AG | 29,626 | 2,146,661 | ||
Masco Corp. | 116,001 | 6,042,492 | ||
Stanley Black & Decker, Inc. | 37,348 | 3,176,447 | ||
Techtronic Industries Co. Ltd. | 197,000 | 1,786,645 | ||
Zhejiang Supor Co. Ltd. | 98,300 | 673,369 | ||
$16,849,822 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – 1.6% | ||||
Colgate-Palmolive Co. | 62,992 | $4,731,959 | ||
Kenvue, Inc. | 205,033 | 3,813,614 | ||
Kimberly-Clark Corp. | 60,694 | 7,261,430 | ||
Reckitt Benckiser Group PLC | 66,624 | 4,466,449 | ||
$20,273,452 | ||||
Electrical Equipment – 1.5% | ||||
Johnson Controls International PLC | 137,916 | $6,760,642 | ||
Legrand S.A. | 34,602 | 2,988,803 | ||
Mitsubishi Electric Corp. | 64,900 | 756,085 | ||
Schneider Electric SE | 52,892 | 8,133,453 | ||
$18,638,983 | ||||
Electronics – 2.7% | ||||
Analog Devices, Inc. | 6,805 | $1,070,631 | ||
Broadcom, Inc. | 967 | 813,605 | ||
Intel Corp. | 155,050 | 5,659,325 | ||
Kyocera Corp. | 95,200 | 4,701,786 | ||
Lam Research Corp. | 4,132 | 2,430,525 | ||
Novatek Microelectronics Corp. | 99,000 | 1,395,432 | ||
NVIDIA Corp. | 2,763 | 1,126,751 | ||
NXP Semiconductors N.V. | 36,129 | 6,229,724 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 43,958 | 3,794,015 | ||
Texas Instruments, Inc. | 41,534 | 5,898,243 | ||
$33,120,037 | ||||
Energy - Independent – 2.5% | ||||
ConocoPhillips | 86,010 | $10,217,988 | ||
Hess Corp. | 46,770 | 6,753,588 | ||
Phillips 66 | 59,327 | 6,767,431 | ||
Pioneer Natural Resources Co. | 15,237 | 3,641,643 | ||
Valero Energy Corp. | 24,144 | 3,066,288 | ||
$30,446,938 | ||||
Energy - Integrated – 2.4% | ||||
China Petroleum & Chemical Corp. | 5,704,000 | $2,915,690 | ||
Eni S.p.A. | 658,336 | 10,746,919 | ||
Exxon Mobil Corp. | 12,398 | 1,312,328 | ||
LUKOIL PJSC (a)(u) | 8,038 | 0 | ||
PetroChina Co. Ltd. | 2,856,000 | 1,861,359 | ||
Petroleo Brasileiro S.A., ADR | 143,087 | 1,978,893 | ||
Suncor Energy, Inc. | 211,984 | 6,865,117 | ||
TotalEnergies SE | 64,280 | 4,305,052 | ||
$29,985,358 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Engineering - Construction – 0.1% | ||||
ACS Actividades de Construcción y Servicios S.A. | 21,416 | $774,301 | ||
Doosan Bobcat, Inc. | 24,453 | 701,606 | ||
$1,475,907 | ||||
Food & Beverages – 1.4% | ||||
Archer Daniels Midland Co. | 31,551 | $2,258,105 | ||
Danone S.A. | 82,211 | 4,897,021 | ||
General Mills, Inc. | 101,131 | 6,597,786 | ||
J.M. Smucker Co. | 25,749 | 2,931,266 | ||
$16,684,178 | ||||
Food & Drug Stores – 0.9% | ||||
BIM Birlesik Magazalar A.S. | 148,708 | $1,439,191 | ||
Tesco PLC | 2,651,058 | 8,711,475 | ||
Wesfarmers Ltd. | 25,824 | 835,328 | ||
$10,985,994 | ||||
Forest & Paper Products – 0.1% | ||||
Weyerhaeuser Co., REIT | 51,310 | $1,472,084 | ||
Health Maintenance Organizations – 1.2% | ||||
Cigna Group | 48,453 | $14,981,668 | ||
Insurance – 3.8% | ||||
Aon PLC | 40,020 | $12,382,188 | ||
China Pacific Insurance Co. Ltd. | 253,600 | 624,824 | ||
Chubb Ltd. | 32,950 | 7,071,729 | ||
DB Insurance Co. Ltd. | 6,721 | 439,564 | ||
Equitable Holdings, Inc. | 134,845 | 3,582,832 | ||
Hartford Financial Services Group, Inc. | 23,131 | 1,698,972 | ||
Manulife Financial Corp. | 394,769 | 6,871,984 | ||
MetLife, Inc. | 47,441 | 2,846,934 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 17,084 | 3,281,788 | ||
Travelers Cos., Inc. | 6,233 | 1,043,654 | ||
Willis Towers Watson PLC | 26,348 | 6,215,230 | ||
$46,059,699 | ||||
Internet – 0.6% | ||||
Alphabet, Inc., “A” (a) | 58,840 | $7,300,867 | ||
Machinery & Tools – 2.0% | ||||
Eaton Corp. PLC | 43,769 | $9,100,013 | ||
Ingersoll Rand, Inc. | 79,971 | 4,852,640 | ||
Kubota Corp. | 217,400 | 2,893,240 | ||
Regal Rexnord Corp. | 35,136 | 4,160,454 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Machinery & Tools – continued | ||||
Timken Co. | 8,525 | $589,248 | ||
Volvo Group | 146,101 | 2,894,082 | ||
$24,489,677 | ||||
Major Banks – 6.4% | ||||
ABN AMRO Group N.V., GDR | 338,544 | $4,548,027 | ||
Bank of America Corp. | 294,375 | 7,753,838 | ||
BNP Paribas | 194,801 | 11,190,197 | ||
DBS Group Holdings Ltd. | 279,100 | 6,710,673 | ||
Erste Group Bank AG | 27,364 | 977,192 | ||
Goldman Sachs Group, Inc. | 31,515 | 9,568,269 | ||
JPMorgan Chase & Co. | 73,153 | 10,172,656 | ||
Mitsubishi UFJ Financial Group, Inc. | 1,041,900 | 8,754,408 | ||
NatWest Group PLC | 2,474,325 | 5,380,326 | ||
Regions Financial Corp. | 56,617 | 822,645 | ||
UBS AG | 528,584 | 12,330,624 | ||
$78,208,855 | ||||
Medical & Health Technology & Services – 0.6% | ||||
ICON PLC (a) | 11,525 | $2,811,639 | ||
McKesson Corp. | 9,352 | 4,258,527 | ||
$7,070,166 | ||||
Medical Equipment – 1.0% | ||||
Becton, Dickinson and Co. | 18,892 | $4,775,520 | ||
Boston Scientific Corp. (a) | 43,113 | 2,206,955 | ||
Medtronic PLC | 74,713 | 5,271,749 | ||
$12,254,224 | ||||
Metals & Mining – 1.6% | ||||
Glencore PLC | 1,055,449 | $5,582,302 | ||
PT United Tractors Tbk | 193,800 | 307,312 | ||
Rio Tinto PLC | 151,099 | 9,630,674 | ||
United States Steel Corp. | 59,365 | 2,011,880 | ||
Vale S.A. | 125,900 | 1,723,033 | ||
$19,255,201 | ||||
Other Banks & Diversified Financials – 1.2% | ||||
China Construction Bank Corp. | 2,210,000 | $1,250,702 | ||
Julius Baer Group Ltd. | 62,874 | 3,723,630 | ||
KB Financial Group, Inc. | 18,172 | 692,946 | ||
M&T Bank Corp. | 10,342 | 1,166,061 | ||
Northern Trust Corp. | 68,062 | 4,485,966 | ||
Sberbank of Russia PJSC (a)(u) | 780,516 | 0 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Truist Financial Corp. | 106,179 | $3,011,236 | ||
$14,330,541 | ||||
Pharmaceuticals – 5.0% | ||||
AbbVie, Inc. | 42,107 | $5,944,666 | ||
Bayer AG | 181,457 | 7,798,064 | ||
Johnson & Johnson | 92,124 | 13,665,674 | ||
Merck & Co., Inc. | 9,996 | 1,026,589 | ||
Novartis AG | 38,708 | 3,613,728 | ||
Organon & Co. | 224,569 | 3,321,376 | ||
Pfizer, Inc. | 199,674 | 6,102,037 | ||
Roche Holding AG | 57,859 | 14,947,721 | ||
Sandoz Group AG (a) | 8,831 | 229,597 | ||
Sanofi | 45,642 | 4,165,590 | ||
$60,815,042 | ||||
Printing & Publishing – 0.6% | ||||
RELX PLC | 87,309 | $3,044,366 | ||
Wolters Kluwer N.V. | 30,563 | 3,930,050 | ||
$6,974,416 | ||||
Railroad & Shipping – 0.5% | ||||
A.P. Moller-Maersk A/S | 248 | $412,235 | ||
Union Pacific Corp. | 26,876 | 5,579,726 | ||
$5,991,961 | ||||
Real Estate – 0.2% | ||||
Brixmor Property Group, Inc., REIT | 53,090 | $1,103,741 | ||
Broadstone Net Lease, Inc., REIT | 24,814 | 351,118 | ||
NNN REIT, Inc. | 28,543 | 1,036,967 | ||
$2,491,826 | ||||
Restaurants – 0.3% | ||||
Sodexo | 29,208 | $3,091,945 | ||
Texas Roadhouse, Inc. | 10,865 | 1,103,232 | ||
$4,195,177 | ||||
Specialty Chemicals – 0.5% | ||||
Akzo Nobel N.V. | 39,400 | $2,646,164 | ||
Axalta Coating Systems Ltd. (a) | 88,135 | 2,311,781 | ||
Chemours Co. | 24,457 | 589,658 | ||
Nitto Denko Corp. | 18,100 | 1,173,558 | ||
$6,721,161 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Stores – 0.3% | ||||
Home Depot, Inc. | 7,194 | $2,048,060 | ||
Ross Stores, Inc. | 10,273 | 1,191,360 | ||
$3,239,420 | ||||
Telecommunications - Wireless – 1.2% | ||||
KDDI Corp. | 305,600 | $9,116,528 | ||
T-Mobile USA, Inc. | 43,520 | 6,260,787 | ||
$15,377,315 | ||||
Telephone Services – 0.3% | ||||
Hellenic Telecommunications Organization S.A. | 128,166 | $1,794,152 | ||
Quebecor, Inc., “B” | 84,195 | 1,737,025 | ||
$3,531,177 | ||||
Tobacco – 1.1% | ||||
British American Tobacco PLC | 170,924 | $5,098,175 | ||
Japan Tobacco, Inc. | 158,500 | 3,700,048 | ||
Philip Morris International, Inc. | 55,563 | 4,953,997 | ||
$13,752,220 | ||||
Utilities - Electric Power – 2.3% | ||||
Duke Energy Corp. | 38,309 | $3,405,287 | ||
E.ON SE | 397,126 | 4,714,633 | ||
Edison International | 75,183 | 4,741,040 | ||
Iberdrola S.A. | 409,269 | 4,560,949 | ||
National Grid PLC | 378,871 | 4,502,615 | ||
PG&E Corp. (a) | 312,223 | 5,089,235 | ||
Vistra Corp. | 28,476 | 931,735 | ||
$27,945,494 | ||||
Total Common Stocks (Identified Cost, $566,327,576) | $727,454,375 | |||
Bonds – 38.3% | ||||
Aerospace & Defense – 0.2% | ||||
Boeing Co., 5.805%, 5/01/2050 | $ | 582,000 | $501,044 | |
HEICO Corp., 5.35%, 8/01/2033 | 672,000 | 616,798 | ||
Thales S.A., 3.625%, 6/14/2029 | EUR | 800,000 | 824,302 | |
Thales S.A., 4.25%, 10/18/2031 | 600,000 | 631,279 | ||
$2,573,423 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Apparel Manufacturers – 0.1% | ||||
LVMH SE, 3.5%, 9/07/2033 | EUR | 300,000 | $306,217 | |
Tapestry, Inc., 3.05%, 3/15/2032 | $ | 448,000 | 321,432 | |
$627,649 | ||||
Asset-Backed & Securitized – 3.2% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.02%, 11/15/2054 (i) | $ | 7,197,979 | $352,010 | |
ACREC 2021-FL1 Ltd., “C”, FLR, 7.599% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | 1,125,500 | 1,076,211 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 6.948% ((SOFR - 1mo. + 0.11448%) + 1.5%), 12/15/2035 (n) | 423,000 | 410,678 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 7.049% ((SOFR - 1mo. + 0.11448%) + 1.6%), 5/15/2036 (n) | 289,000 | 279,881 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “C”, FLR, 7.398% ((SOFR - 1mo. + 0.11448%) + 1.95%), 5/15/2036 (n) | 857,500 | 810,838 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “B”, FLR, 7.42% (SOFR - 30 day + 2.1%), 1/15/2037 (n) | 1,712,000 | 1,657,196 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 7.62% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 1,648,500 | 1,574,533 | ||
AREIT 2022-CRE6 Trust, “B”, FLR, 7.171% (SOFR - 30 day + 1.85%), 1/20/2037 (n) | 620,000 | 600,211 | ||
AREIT 2022-CRE6 Trust, “C”, FLR, 7.471% (SOFR - 30 day + 2.15%), 1/20/2037 (n) | 312,000 | 300,207 | ||
BBCMS Mortgage Trust, 2020-C7, “XA”, 1.616%, 4/15/2053 (i) | 1,426,416 | 89,910 | ||
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.287%, 7/15/2054 (i) | 5,816,384 | 358,055 | ||
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.612%, 2/15/2054 (i) | 5,334,972 | 430,848 | ||
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.149%, 12/15/2055 | 584,994 | 561,487 | ||
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.147%, 3/15/2054 (i) | 4,602,030 | 251,057 | ||
Benchmark 2021-B26 Mortgage Trust, “XA”, 0.885%, 6/15/2054 (i) | 10,647,246 | 466,058 | ||
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.262%, 7/15/2054 (i) | 13,929,118 | 897,400 | ||
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.275%, 8/15/2054 (i) | 13,136,703 | 855,892 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Benchmark 2022-B37 Mortgage Trust, “AS”, 5.751%, 11/15/2055 | $ | 226,000 | $207,929 | |
Brazos Securitization LLC, 5.413%, 9/01/2050 (n) | 522,000 | 463,477 | ||
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 7.499% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n) | 388,000 | 379,390 | ||
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.748% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n) | 352,000 | 342,736 | ||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | 147,619 | 139,194 | ||
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n) | 252,935 | 230,559 | ||
BXMT 2021-FL4 Ltd., “AS”, FLR, 6.749% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 1,400,000 | 1,302,634 | ||
BXMT 2021-FL4 Ltd., “B”, FLR, 7% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/15/2038 (n) | 1,996,500 | 1,830,709 | ||
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n) | 517,878 | 490,571 | ||
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n) | 367,188 | 333,027 | ||
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n) | 565,522 | 561,267 | ||
CNH Equipment Trust 2023-A, “A2”, 5.34%, 9/15/2026 | 325,248 | 323,498 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.774%, 4/15/2054 (i) | 6,770,135 | 259,050 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.974%, 6/15/2063 (i) | 6,597,631 | 327,351 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.041%, 6/15/2064 (i) | 6,167,793 | 330,214 | ||
Commercial Mortgage Pass-Through Certificates, 2022-BNK41, “AS”, 3.79%, 4/15/2065 | 1,304,000 | 1,034,498 | ||
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “A4”, 5.745%, 8/15/2056 | 1,721,000 | 1,641,204 | ||
Credit Acceptance Auto Loan Trust, 2021-3A, “A”, 1%, 5/15/2030 (n) | 927,058 | 910,240 | ||
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n) | 392,616 | 390,975 | ||
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 7.57% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 592,000 | 573,787 | ||
FS Rialto 2021-FL2 Issuer Ltd., “AS”, FLR, 6.999% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/16/2038 (n) | 1,454,000 | 1,403,533 | ||
GreatAmerica Leasing Receivables Funding LLC, 2023-1, “A2”, 5.35%, 2/16/2026 (n) | 302,000 | 299,632 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
MF1 2021-FL5 Ltd., “AS”, FLR, 6.65% ((SOFR - 1mo. + 0.11448%) + 1.2%), 7/15/2036 (n) | $ | 1,360,000 | $1,328,889 | |
MF1 2021-FL5 Ltd., “B”, FLR, 6.9% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n) | 1,977,500 | 1,925,471 | ||
MF1 2021-FL5 Ltd., “C”, FLR, 7.149% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n) | 225,000 | 215,259 | ||
MF1 2021-FL6 Ltd., “AS”, FLR, 6.899% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/16/2036 (n) | 2,200,000 | 2,137,993 | ||
MF1 2021-FL6 Ltd., “B”, FLR, 7.099% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n) | 1,400,000 | 1,344,203 | ||
MF1 2022-FL8 Ltd., “A”, FLR, 6.684% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 500,000 | 490,123 | ||
MF1 2022-FL8 Ltd., “B”, FLR, 7.284% (SOFR - 30 day + 1.95%), 2/19/2037 (n) | 604,312 | 584,571 | ||
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.291%, 5/15/2054 (i) | 4,658,292 | 283,425 | ||
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.211%, 6/15/2054 (i) | 9,605,704 | 529,979 | ||
Navistar Financial Dealer Note Master Owner Trust, 2022-1, “A”, FLR, 6.571% (SOFR - 30 day + 1.25%), 5/25/2027 (n) | 525,000 | 525,597 | ||
RAC Bond Co. PLC, 4.87%, 5/06/2026 | GBP | 530,000 | 603,351 | |
Starwood Commercial Mortgage, 2021-FL2, “A”, FLR, 6.649% ((SOFR - 1mo. + 0.11448%) + 1.2%), 4/18/2038 (n) | $ | 1,400,000 | 1,358,163 | |
Starwood Commercial Mortgage, 2021-FL2, “AS”, FLR, 6.899% ((SOFR - 1mo. + 0.11448%) + 1.45%), 4/18/2038 (n) | 1,400,000 | 1,302,696 | ||
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 6.85% ((SOFR - 1mo. + 0.11448%) + 1.4%), 3/15/2038 (n) | 700,000 | 680,586 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C60, “XA”, 1.527%, 8/15/2054 (i) | 6,860,009 | 513,854 | ||
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 6.17% (SOFR - 1mo. + 0.85%), 6/15/2026 (n) | 219,763 | 219,825 | ||
$38,791,932 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Automotive – 0.1% | ||||
Hyundai Capital America, 6.375%, 4/08/2030 (n) | $ | 366,000 | $360,290 | |
LKQ Corp., 6.25%, 6/15/2033 | 359,000 | 335,246 | ||
Volkswagen International Finance N.V., 7.5% to 9/06/2028, FLR (EUR Swap Rate - 5yr. + 4.292%) to 9/06/2033, FLR (EUR Swap Rate - 5yr. + 4.542%) to 9/06/2048, FLR (EUR Swap Rate - 5yr. + 5.292%) to 9/06/2172 | EUR | 300,000 | 320,874 | |
$1,016,410 | ||||
Broadcasting – 0.3% | ||||
Discovery Communications LLC, 4.125%, 5/15/2029 | $ | 835,000 | $735,029 | |
Prosus N.V., 3.68%, 1/21/2030 (n) | 587,000 | 465,364 | ||
Ubisoft Entertainment S.A., 0.878%, 11/24/2027 | EUR | 2,100,000 | 1,787,038 | |
Walt Disney Co., 3.5%, 5/13/2040 | $ | 658,000 | 472,999 | |
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032 | 831,000 | 688,995 | ||
$4,149,425 | ||||
Brokerage & Asset Managers – 0.3% | ||||
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029 | $ | 410,000 | $394,686 | |
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day+ 2.01%) to 8/24/2034 | 377,000 | 353,099 | ||
Low Income Investment Fund, 3.386%, 7/01/2026 | 285,000 | 262,382 | ||
Low Income Investment Fund, 3.711%, 7/01/2029 | 760,000 | 658,901 | ||
LPL Holdings, Inc., 4%, 3/15/2029 (n) | 994,000 | 854,707 | ||
LSEG Netherlands B.V., 4.231%, 9/29/2030 | EUR | 510,000 | 540,339 | |
$3,064,114 | ||||
Building – 0.1% | ||||
Holcim Sterling Finance (Netherlands) B.V., 2.25%, 4/04/2034 | GBP | 850,000 | $706,084 | |
Vulcan Materials Co., 3.5%, 6/01/2030 | $ | 908,000 | 774,793 | |
$1,480,877 | ||||
Business Services – 0.2% | ||||
Corning, Inc., 4.125%, 5/15/2031 | EUR | 460,000 | $473,094 | |
Euronet Worldwide, Inc., 1.375%, 5/22/2026 | 825,000 | 788,045 | ||
Fiserv, Inc., 4.4%, 7/01/2049 | $ | 281,000 | 203,875 | |
Mastercard, Inc., 3.85%, 3/26/2050 | 542,000 | 396,018 | ||
$1,861,032 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Cable TV – 0.2% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | $ | 709,000 | $640,801 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.8%, 3/01/2050 | 405,000 | 266,973 | ||
Cox Communications, Inc., 5.45%, 9/15/2028 (n) | 700,000 | 681,870 | ||
SES S.A., 3.5%, 1/14/2029 | EUR | 580,000 | 572,395 | |
$2,162,039 | ||||
Chemicals – 0.1% | ||||
Alpek SAB de C.V., 3.25%, 2/25/2031 (n) | $ | 501,000 | $382,450 | |
LYB International Finance III, LLC, 4.2%, 5/01/2050 | 306,000 | 202,440 | ||
$584,890 | ||||
Computer Software – 0.0% | ||||
Microsoft Corp., 2.921%, 3/17/2052 | $ | 753,000 | $464,833 | |
Computer Software - Systems – 0.1% | ||||
Apple, Inc., 2.9%, 9/12/2027 | $ | 608,000 | $559,016 | |
Apple, Inc., 4.5%, 2/23/2036 | 204,000 | 188,645 | ||
$747,661 | ||||
Conglomerates – 0.4% | ||||
Assa Abloy AB, 3.875%, 9/13/2030 | EUR | 350,000 | $368,946 | |
Assa Abloy AB, 4.125%, 9/13/2035 | 390,000 | 408,007 | ||
Johnson Controls International PLC, 4.25%, 5/23/2035 | 460,000 | 469,895 | ||
nVent Finance S.à r.l., 5.65%, 5/15/2033 | $ | 775,000 | 703,580 | |
Regal Rexnord Corp., 6.05%, 4/15/2028 (n) | 1,155,000 | 1,104,865 | ||
Siemens Financieringsmaatschappij N.V., 3.625%, 2/24/2043 | EUR | 500,000 | 476,963 | |
Veralto Corp., 4.15%, 9/19/2031 | 457,000 | 471,701 | ||
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028 | $ | 1,384,000 | 1,290,437 | |
$5,294,394 | ||||
Consumer Products – 0.1% | ||||
JAB Holdings B.V., 2.25%, 12/19/2039 | EUR | 900,000 | $631,717 | |
Kenvue, Inc., 5.05%, 3/22/2053 | $ | 931,000 | 799,910 | |
$1,431,627 | ||||
Consumer Services – 0.0% | ||||
Securitas Treasury Ireland DAC, 4.375%, 3/06/2029 | EUR | 370,000 | $389,052 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Containers – 0.0% | ||||
DS Smith PLC, 4.5%, 7/27/2030 | EUR | 490,000 | $505,922 | |
Electrical Equipment – 0.1% | ||||
Arrow Electronics, Inc., 3.25%, 9/08/2024 | $ | 647,000 | $630,326 | |
Electronics – 0.0% | ||||
Intel Corp., 5.7%, 2/10/2053 | $ | 385,000 | $344,549 | |
Emerging Market Quasi-Sovereign – 0.5% | ||||
Bank Gospodarstwa Krajowego (Republic of Poland), 6.25%, 10/31/2028 (n) | $ | 539,000 | $544,304 | |
Bank Gospodarstwa Krajowego (Republic of Poland), 5.375%, 5/22/2033 (n) | 753,000 | 699,349 | ||
Corporación Nacional del Cobre de Chile, 5.95%, 1/08/2034 (n) | 557,000 | 517,394 | ||
Emirates NBD Bank PJSC, 5.875%, 10/11/2028 | 737,000 | 729,630 | ||
First Abu Dhabi Bank PJSC, 6.32%, 4/04/2034 | 690,000 | 675,337 | ||
Magyar Export-Import Bank PLC (Republic of Hungary), 6.125%, 12/04/2027 (n) | 314,000 | 307,125 | ||
Qatar Petroleum, 3.125%, 7/12/2041 | 776,000 | 509,599 | ||
REC Ltd. (Republic of India), 5.625%, 4/11/2028 (n) | 612,000 | 595,177 | ||
SPP-Distribucia A.S. (Republic of Slovakia), 1%, 6/09/2031 | EUR | 2,200,000 | 1,629,497 | |
$6,207,412 | ||||
Emerging Market Sovereign – 6.2% | ||||
Czech Republic, 2.5%, 8/25/2028 | CZK | 31,590,000 | $1,243,818 | |
Czech Republic, 2%, 10/13/2033 | 34,000,000 | 1,157,817 | ||
Oriental Republic of Uruguay, 8.25%, 5/21/2031 | UYU | 121,835,000 | 2,769,561 | |
Oriental Republic of Uruguay, 9.75%, 7/20/2033 | 40,347,000 | 999,937 | ||
People's Republic of China, 3.13%, 11/21/2029 | CNY | 92,930,000 | 13,074,429 | |
People's Republic of China, 2.88%, 2/25/2033 | 100,220,000 | 13,944,473 | ||
Republic of Chile, 4.125%, 7/05/2034 | EUR | 810,000 | 807,094 | |
Republic of Hungary, 5.5%, 6/16/2034 (n) | $ | 640,000 | 569,472 | |
Republic of Korea, 2.375%, 12/10/2027 | KRW | 1,900,000,000 | 1,315,424 | |
Republic of Korea, 1.875%, 6/10/2029 | 21,686,970,000 | 14,182,149 | ||
Republic of Korea, 1.375%, 6/10/2030 | 16,761,200,000 | 10,367,244 | ||
Republic of Peru, 7.3%, 8/12/2033 | PEN | 9,629,000 | 2,454,247 | |
Socialist Republic of Romania, 6.375%, 9/18/2033 | EUR | 790,000 | 823,782 | |
United Mexican States, 7.5%, 6/03/2027 | MXN | 154,900,000 | 7,861,933 | |
United Mexican States, 2.659%, 5/24/2031 | $ | 642,000 | 500,080 | |
United Mexican States, 7.75%, 5/29/2031 | MXN | 66,000,000 | 3,187,761 | |
United Mexican States, 6.338%, 5/04/2053 | $ | 433,000 | 378,538 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Emerging Market Sovereign – continued | ||||
United Mexican States, 3.771%, 5/24/2061 | $ | 770,000 | $434,021 | |
$76,071,780 | ||||
Energy - Independent – 0.4% | ||||
Occidental Petroleum Corp., 6.45%, 9/15/2036 | $ | 640,000 | $621,619 | |
Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 555,000 | 528,680 | ||
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n) | 3,609,000 | 3,216,269 | ||
$4,366,568 | ||||
Energy - Integrated – 0.1% | ||||
BP Capital Markets America, Inc., 4.812%, 2/13/2033 | $ | 489,000 | $446,795 | |
BP Capital Markets B.V., 4.323%, 5/12/2035 | EUR | 610,000 | 621,739 | |
BP Capital Markets B.V., 0.933%, 12/04/2040 | 440,000 | 259,753 | ||
$1,328,287 | ||||
Engineering - Construction – 0.1% | ||||
John Deere Bank S.A., 5.125%, 10/18/2028 | GBP | 505,000 | $609,081 | |
Financial Institutions – 0.3% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/06/2028 | $ | 596,000 | $572,175 | |
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 537,000 | 500,547 | ||
Corporacion Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 5/13/2031 | 285,000 | 227,594 | ||
CTP N.V., 0.875%, 1/20/2026 | EUR | 650,000 | 611,430 | |
Grand City Properties S.A., 1.5%, 12/09/2069 | 900,000 | 426,245 | ||
Samhallsbyggnadsbolaget i Norden AB, 1.75%, 1/14/2025 | 610,000 | 555,630 | ||
Samhallsbyggnadsbolaget i Norden AB, 2.375%, 9/04/2026 | 565,000 | 429,484 | ||
SBB Treasury Oyj, 0.75%, 12/14/2028 | 590,000 | 346,475 | ||
VGP N.V., 1.5%, 4/08/2029 | 500,000 | 390,975 | ||
$4,060,555 | ||||
Food & Beverages – 0.7% | ||||
Anheuser-Busch InBev S.A./N.V., 2%, 1/23/2035 | EUR | 985,000 | $847,651 | |
Anheuser-Busch InBev Worldwide, Inc., 4%, 4/13/2028 | $ | 974,000 | 915,961 | |
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | 446,000 | 368,929 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Food & Beverages – continued | ||||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049 | $ | 512,000 | $464,496 | |
Bacardi Ltd., 5.15%, 5/15/2038 (n) | 658,000 | 552,100 | ||
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n) | 572,000 | 522,652 | ||
Carlsberg Breweries A/S, 4.25%, 10/05/2033 | EUR | 318,000 | 334,067 | |
Constellation Brands, Inc., 3.15%, 8/01/2029 | $ | 899,000 | 776,231 | |
Constellation Brands, Inc., 2.25%, 8/01/2031 | 400,000 | 303,964 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 | 621,000 | 511,279 | ||
JM Smucker Co., 6.5%, 11/15/2053 | 631,000 | 594,952 | ||
Kraft Heinz Foods Co., 3.875%, 5/15/2027 | 857,000 | 803,405 | ||
Pernod Ricard S.A., 3.75%, 9/15/2033 | EUR | 400,000 | 408,276 | |
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031 | $ | 988,000 | 783,470 | |
$8,187,433 | ||||
Gaming & Lodging – 0.1% | ||||
Marriott International, Inc., 2.85%, 4/15/2031 | $ | 1,076,000 | $845,562 | |
VICI Properties LP, REIT, 4.95%, 2/15/2030 | 770,000 | 686,440 | ||
$1,532,002 | ||||
Industrial – 0.0% | ||||
Arcadis N.V., 4.875%, 2/28/2028 | EUR | 477,000 | $502,236 | |
Insurance – 0.4% | ||||
AIA Group Ltd., 0.88%, 9/09/2033 | EUR | 843,000 | $717,458 | |
Allianz SE, 3.2% to 4/30/2028, FLR (CMT - 5yr. + 2.165%) to 4/30/2171 (n) | $ | 800,000 | 568,939 | |
ASR Nederland N.V., 7% to 12/07/2033, FLR (EUR Swap Rate - 5yr. + 5.3%) to 12/07/2043 | EUR | 740,000 | 801,550 | |
Axa S.A., 5.5% to 7/11/2033, FLR (EURIBOR - 3mo. + 3.6%) to 7/11/2043 | 580,000 | 602,013 | ||
Corebridge Financial, Inc., 4.35%, 4/05/2042 | $ | 982,000 | 712,005 | |
Equitable Holdings, Inc., 5.594%, 1/11/2033 | 724,000 | 666,651 | ||
Groupe des Assurances du Credit Mutuel, 1.85% to 4/21/2032, FLR (EURIBOR - 3mo. + 2.65%) to 4/21/2042 | EUR | 1,000,000 | 768,498 | |
$4,837,114 | ||||
Insurance - Health – 0.0% | ||||
UnitedHealth Group, Inc., 4.625%, 7/15/2035 | $ | 184,000 | $163,578 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Insurance - Property & Casualty – 0.3% | ||||
American International Group, Inc., 5.125%, 3/27/2033 | $ | 586,000 | $532,884 | |
Aon Corp./Aon Global Holdings PLC, 3.9%, 2/28/2052 | 718,000 | 482,747 | ||
Arthur J. Gallagher & Co., 6.5%, 2/15/2034 (w) | 354,000 | 351,352 | ||
Arthur J. Gallagher & Co., 6.75%, 2/15/2054 (w) | 389,000 | 382,231 | ||
Fairfax Financial Holdings Ltd., 4.25%, 12/06/2027 | CAD | 1,360,000 | 917,798 | |
QBE Insurance Group Ltd., 2.5% to 9/13/2028, FLR (GBP Government Yield - 5yr. + 2.061%) to 9/13/2038 | GBP | 738,000 | 716,863 | |
RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033 | $ | 756,000 | 695,493 | |
$4,079,368 | ||||
International Market Quasi-Sovereign – 0.5% | ||||
Belfius Bank S.A., 4.125%, 9/12/2029 | EUR | 400,000 | $419,657 | |
Electricite de France S.A., 6.25%, 5/23/2033 (n) | $ | 700,000 | 680,387 | |
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 | 799,786 | |
La Banque Postale S.A., 4%, 5/03/2028 | EUR | 600,000 | 632,649 | |
Landsbankinn hf. (Republic of Iceland), 0.375%, 5/23/2025 | 333,000 | 326,649 | ||
Landsbankinn hf. (Republic of Iceland), 6.375%, 3/12/2027 | 490,000 | 522,727 | ||
Logicor Financing S.à r.l., 1.625%, 1/17/2030 | 610,000 | 482,738 | ||
Logicor Financing S.à r.l., 0.875%, 1/14/2031 | 275,000 | 196,244 | ||
NBN Co. Ltd., 4.375%, 3/15/2033 | 353,000 | 369,348 | ||
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $ | 790,000 | 790,363 | |
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | 927,000 | 684,793 | ||
P3 Group S.à r.l., 1.625%, 1/26/2029 | EUR | 680,000 | 570,757 | |
$6,476,098 | ||||
International Market Sovereign – 9.3% | ||||
Commonwealth of Australia, 3.25%, 6/21/2039 | AUD | 5,698,000 | $2,866,653 | |
Federal Republic of Germany, 1.7%, 8/15/2032 | EUR | 2,492,000 | 2,427,725 | |
Government of Bermuda, 2.375%, 8/20/2030 (n) | $ | 418,000 | 330,805 | |
Government of Bermuda, 5%, 7/15/2032 (n) | 1,331,000 | 1,211,302 | ||
Government of Canada, 2%, 6/01/2032 | CAD | 1,308,000 | 801,014 | |
Government of Japan, 2.1%, 12/20/2027 | JPY | 174,200,000 | 1,231,795 | |
Government of Japan, 2.4%, 6/20/2028 | 2,417,000,000 | 17,399,689 | ||
Government of Japan, 0.3%, 12/20/2039 | 1,195,500,000 | 6,558,273 | ||
Government of Japan, 2.3%, 3/20/2040 | 206,150,000 | 1,517,085 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
International Market Sovereign – continued | ||||
Government of Japan, 1.7%, 6/20/2044 | JPY | 701,450,000 | $4,609,509 | |
Government of Japan, 0.3%, 6/20/2046 | 270,700,000 | 1,301,378 | ||
Government of New Zealand, 1.5%, 5/15/2031 | NZD | 10,989,000 | 4,836,920 | |
Government of New Zealand, 3.5%, 4/14/2033 | 12,284,000 | 6,083,947 | ||
Government of New Zealand , 2%, 5/15/2032 | 7,058,000 | 3,134,159 | ||
Kingdom of Belgium, 3%, 6/22/2033 (n) | EUR | 2,921,000 | 2,977,529 | |
Kingdom of Belgium, 0.4%, 6/22/2040 | 2,617,000 | 1,602,149 | ||
Kingdom of Spain, 2.55%, 10/31/2032 | 4,596,000 | 4,422,039 | ||
Kingdom of Spain, 3.15%, 4/30/2033 | 11,572,000 | 11,600,281 | ||
Kingdom of Spain, 3.9%, 7/30/2039 (n) | 3,866,000 | 3,904,926 | ||
Kingdom of Spain, 1%, 10/31/2050 | 1,075,000 | 526,870 | ||
Kingdom of Sweden, 1%, 11/12/2026 | SEK | 29,945,000 | 2,520,086 | |
Kingdom of Sweden, 0.75%, 5/12/2028 | 63,500,000 | 5,160,803 | ||
Kingdom of Sweden, 1.75%, 11/11/2033 | 29,985,000 | 2,411,167 | ||
Kingdom of the Netherlands, 2.5%, 7/15/2033 (n) | EUR | 2,496,000 | 2,500,038 | |
Republic of Austria, 2.9%, 2/20/2033 (n) | 2,431,000 | 2,464,488 | ||
Republic of Finland, 0.5%, 9/15/2028 (n) | 5,375,000 | 5,027,448 | ||
Republic of Italy, 0.5%, 7/15/2028 | 2,790,000 | 2,517,591 | ||
United Kingdom Treasury, 0.375%, 10/22/2030 | GBP | 11,799,000 | 10,944,406 | |
United Kingdom Treasury, 1.75%, 9/07/2037 | 589,000 | 497,622 | ||
United Kingdom Treasury, 1.25%, 10/22/2041 | 715,000 | 492,663 | ||
$113,880,360 | ||||
Local Authorities – 0.0% | ||||
Province of British Columbia, 2.95%, 6/18/2050 | CAD | 600,000 | $307,626 | |
Machinery & Tools – 0.2% | ||||
Ashtead Capital, Inc., 5.95%, 10/15/2033 (n) | $ | 881,000 | $803,793 | |
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | 671,000 | 615,792 | ||
CNH Industrial Capital LLC, 5.5%, 1/12/2029 | 727,000 | 704,674 | ||
$2,124,259 | ||||
Major Banks – 1.7% | ||||
Banco de Sabadell S.A., 5%, 6/07/2029 | EUR | 700,000 | $745,317 | |
Bank of America Corp., 4.134%, 6/12/2028 | 491,000 | 517,740 | ||
Bank of America Corp., 5.202% to 4/25/2033, FLR (SOFR - 1 day + 1.63%) to 4/25/2029 | $ | 1,089,000 | 1,035,383 | |
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 | 1,032,000 | 791,285 | ||
Bank of Ireland Group PLC, 5% to 7/04/2030, FLR (EUR ICE Swap Rate - 1yr. + 2.05%) to 7/04/2031 | EUR | 610,000 | 643,728 | |
BNP Paribas S.A., FLR, 5.971% (LIBOR - 6mo. + 0.075%), 3/23/2172 | $ | 1,670,000 | 1,531,390 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.860%) to 6/08/2034 | $ | 495,000 | $451,405 | |
Commonwealth Bank of Australia, 2.688%, 3/11/2031 (n) | 1,471,000 | 1,091,295 | ||
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032 | 429,000 | 318,425 | ||
Goldman Sachs Group, Inc., 3.436% to 2/24/2042, FLR (SOFR - 1 day + 1.632%) to 2/24/2043 | 362,000 | 239,133 | ||
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026 | 1,029,000 | 958,833 | ||
HSBC Holdings PLC, 4.856% to 5/23/2032, FLR (EURIBOR - 3mo. + 1.942%) to 5/23/2033 | EUR | 810,000 | 844,884 | |
JPMorgan Chase & Co., 1.47% to 9/22/2026, FLR (SOFR - 1 day + 0.765%) to 9/22/2027 | $ | 581,000 | 506,130 | |
JPMorgan Chase & Co., 1.953% to 2/04/2031, FLR (SOFR - 1 day + 1.065%) to 2/04/2032 | 1,056,000 | 784,499 | ||
JPMorgan Chase & Co., 3.109% to 4/22/2050, FLR (SOFR - 1 day + 2.44%) to 4/22/2051 | 677,000 | 398,773 | ||
Lloyds Banking Group PLC, 4.75%, 9/21/2031 | EUR | 450,000 | 467,870 | |
mBank S.A., 0.966% to 9/21/2026, FLR (EURIBOR - 3mo. + 1.25%) to 9/21/2027 | 1,000,000 | 861,505 | ||
Mitsubishi UFJ Financial Group, Inc., 1.412%, 7/17/2025 | $ | 1,681,000 | 1,553,281 | |
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032 | 484,000 | 364,080 | ||
Morgan Stanley, 3.125%, 7/27/2026 | 534,000 | 494,029 | ||
Morgan Stanley, 1.593% to 5/04/2026, FLR (SOFR - 1 day + 0.879%) to 5/04/2027 | 673,000 | 598,011 | ||
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031 | 423,000 | 358,144 | ||
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034 | 344,000 | 313,962 | ||
Société Générale S.A., 5.625%, 6/02/2033 | EUR | 500,000 | 510,789 | |
Toronto-Dominion Bank, 4.108%, 6/08/2027 | $ | 884,000 | 828,779 | |
UBS Group AG, 2.746% to 2/11/2032, FLR (CMT - 1yr. + 1.1%) to 2/11/2033 (n) | 1,448,000 | 1,060,257 | ||
Unicaja Banco S.A., 1%, 12/01/2026 | EUR | 300,000 | 290,624 | |
Unicaja Banco S.A., 5.13% to 2/21/2028, FLR (EUR Swap Rate - 1yr. + 2.15%) to 2/21/2029 | 700,000 | 723,464 | ||
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | $ | 1,030,000 | 944,027 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | $ | 738,000 | $581,077 | |
Wells Fargo & Co., 3.9%, 5/01/2045 | 316,000 | 219,592 | ||
$21,027,711 | ||||
Medical & Health Technology & Services – 0.4% | ||||
Alcon Finance Corp., 3.8%, 9/23/2049 (n) | $ | 231,000 | $156,529 | |
Becton, Dickinson and Co., 4.298%, 8/22/2032 | 326,000 | 286,335 | ||
CVS Health Corp., 5.25%, 1/30/2031 | 242,000 | 227,761 | ||
CVS Health Corp., 5.625%, 2/21/2053 | 636,000 | 538,964 | ||
HCA, Inc., 5.25%, 6/15/2026 | 369,000 | 360,276 | ||
HCA, Inc., 5.125%, 6/15/2039 | 354,000 | 291,204 | ||
Laboratory Corp. of America Holdings, 3.6%, 2/01/2025 | 589,000 | 571,952 | ||
Memorial Sloan-Kettering Cancer Center, 2.955%, 1/01/2050 | 670,000 | 396,482 | ||
New York Society for the Relief of the Ruptured & Crippled, 2.667%, 10/01/2050 | 1,300,000 | 685,159 | ||
ProMedica Toledo Hospital, “B”, AGM, 6.015%, 11/15/2048 | 590,000 | 538,796 | ||
Thermo Fisher Scientific Finance I B.V., 2%, 10/18/2051 | EUR | 630,000 | 387,276 | |
Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028 | $ | 288,000 | 240,832 | |
Thermo Fisher Scientific, Inc., 4.977%, 8/10/2030 | 533,000 | 508,421 | ||
$5,189,987 | ||||
Medical Equipment – 0.1% | ||||
Fresenius SE & Co. KGaA, 5.125%, 10/05/2030 | EUR | 880,000 | $951,399 | |
Metals & Mining – 0.2% | ||||
Anglo American Capital PLC, 5.625%, 4/01/2030 (n) | $ | 572,000 | $542,617 | |
Anglo American Capital PLC, 4.75%, 9/21/2032 | EUR | 1,060,000 | 1,093,526 | |
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | $ | 808,000 | 627,240 | |
$2,263,383 | ||||
Midstream – 0.4% | ||||
Columbia Pipelines Operating Co. LLC, 5.927%, 8/15/2030 (n) | $ | 698,000 | $673,971 | |
Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/2033 (n) | 369,000 | 350,419 | ||
Enbridge, Inc., 5.7%, 3/08/2033 | 427,000 | 399,259 | ||
Enbridge, Inc., 8.5% to 1/15/2034, FLR (CMT - 5yr. + 4.431%) to 1/15/2054, FLR (CMT - 5yr. + 5.181%) to 1/15/2084 | 614,000 | 588,192 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Midstream – continued | ||||
Energy Transfer LP, 5.55%, 2/15/2028 | $ | 478,000 | $464,042 | |
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 930,137 | 753,003 | ||
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028 | 705,000 | 648,687 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 201,000 | 166,601 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 583,000 | 425,397 | ||
$4,469,571 | ||||
Mortgage-Backed – 4.7% | ||||
Fannie Mae, 4.5%, 3/01/2025 - 2/01/2046 | $ | 2,898,856 | $2,659,810 | |
Fannie Mae, 5.5%, 1/01/2037 | 10,296 | 10,116 | ||
Fannie Mae, 6%, 9/01/2037 - 6/01/2038 | 116,561 | 116,312 | ||
Fannie Mae, 5%, 4/01/2040 - 8/01/2040 | 788,435 | 752,830 | ||
Fannie Mae, 4%, 11/01/2040 - 2/01/2041 | 883,174 | 786,133 | ||
Fannie Mae, 3.5%, 5/01/2043 - 12/01/2046 | 1,367,521 | 1,180,909 | ||
Fannie Mae, UMBS, 2%, 10/01/2036 - 7/01/2052 | 6,559,963 | 5,018,706 | ||
Fannie Mae, UMBS, 2.5%, 4/01/2037 - 6/01/2052 | 5,338,287 | 4,128,946 | ||
Fannie Mae, UMBS, 3%, 5/01/2037 - 6/01/2052 | 3,094,996 | 2,486,427 | ||
Fannie Mae, UMBS, 1.5%, 4/01/2052 | 1,033,075 | 719,501 | ||
Fannie Mae, UMBS, 3.5%, 5/01/2052 - 7/01/2052 | 41,721 | 34,978 | ||
Fannie Mae, UMBS, 4.5%, 8/01/2052 - 10/01/2052 | 1,294,175 | 1,156,731 | ||
Fannie Mae, UMBS, 5.5%, 11/01/2052 | 2,306,172 | 2,189,163 | ||
Fannie Mae, UMBS, 6%, 12/01/2052 | 161,422 | 157,673 | ||
Freddie Mac, 1.366%, 3/25/2027 (i) | 1,523,000 | 61,781 | ||
Freddie Mac, 3.224%, 3/25/2027 | 1,500,000 | 1,403,382 | ||
Freddie Mac, 3.194%, 7/25/2027 | 3,914,000 | 3,627,310 | ||
Freddie Mac, 3.286%, 11/25/2027 | 2,576,000 | 2,380,551 | ||
Freddie Mac, 1.799%, 4/25/2030 (i) | 3,170,226 | 299,649 | ||
Freddie Mac, 1.868%, 4/25/2030 (i) | 2,614,093 | 250,114 | ||
Freddie Mac, 1.665%, 5/25/2030 (i) | 3,298,344 | 290,005 | ||
Freddie Mac, 1.798%, 5/25/2030 (i) | 7,375,798 | 691,613 | ||
Freddie Mac, 1.341%, 6/25/2030 (i) | 3,056,884 | 220,599 | ||
Freddie Mac, 1.6%, 8/25/2030 (i) | 2,713,457 | 236,092 | ||
Freddie Mac, 1.169%, 9/25/2030 (i) | 1,752,322 | 113,383 | ||
Freddie Mac, 1.081%, 11/25/2030 (i) | 3,594,105 | 218,363 | ||
Freddie Mac, 0.327%, 1/25/2031 (i) | 13,654,313 | 239,359 | ||
Freddie Mac, 0.515%, 3/25/2031 (i) | 16,725,581 | 481,826 | ||
Freddie Mac, 0.938%, 7/25/2031 (i) | 3,177,082 | 182,225 | ||
Freddie Mac, 0.536%, 9/25/2031 (i) | 13,281,588 | 457,152 | ||
Freddie Mac, 0.855%, 9/25/2031 (i) | 4,021,884 | 209,682 | ||
Freddie Mac, 0.568%, 12/25/2031 (i) | 3,294,996 | 116,647 | ||
Freddie Mac, 5.5%, 7/01/2037 | 20,552 | 20,218 | ||
Freddie Mac, 4.5%, 12/01/2039 - 5/01/2042 | 896,314 | 828,336 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Freddie Mac, 5%, 7/01/2041 | $ | 312,231 | $298,837 | |
Freddie Mac, UMBS, 2%, 5/01/2037 - 3/01/2052 | 558,689 | 411,371 | ||
Freddie Mac, UMBS, 3.5%, 1/01/2047 | 611,027 | 524,666 | ||
Freddie Mac, UMBS, 3%, 6/01/2050 - 6/01/2052 | 1,047,610 | 840,799 | ||
Freddie Mac, UMBS, 2.5%, 10/01/2051 - 9/01/2052 | 1,908,606 | 1,469,061 | ||
Freddie Mac, UMBS, 4%, 5/01/2052 - 10/01/2052 | 1,217,702 | 1,053,650 | ||
Freddie Mac, UMBS, 4.5%, 9/01/2052 | 269,259 | 240,659 | ||
Freddie Mac, UMBS, 5.5%, 10/01/2052 | 386,615 | 367,073 | ||
Freddie Mac, UMBS, 6%, 11/01/2052 | 473,123 | 463,177 | ||
Ginnie Mae, 5%, 5/15/2040 - 4/20/2053 | 780,697 | 730,295 | ||
Ginnie Mae, 3.5%, 6/20/2043 - 11/20/2052 | 722,122 | 624,992 | ||
Ginnie Mae, 2.5%, 8/20/2051 - 10/20/2052 | 3,339,911 | 2,662,799 | ||
Ginnie Mae, 3%, 10/20/2051 - 11/20/2052 | 2,372,375 | 1,957,776 | ||
Ginnie Mae, 2%, 1/20/2052 - 6/20/2052 | 1,736,137 | 1,339,955 | ||
Ginnie Mae, 4%, 7/20/2052 - 10/20/2052 | 1,417,232 | 1,246,249 | ||
Ginnie Mae, 4.5%, 9/20/2052 - 11/20/2052 | 1,415,621 | 1,279,878 | ||
Ginnie Mae, 5.5%, 2/20/2053 - 7/20/2053 | 908,330 | 869,459 | ||
Ginnie Mae, TBA, 3.5%, 11/15/2053 | 1,150,000 | 980,076 | ||
Ginnie Mae, TBA, 6%, 11/15/2053 | 250,000 | 244,919 | ||
Ginnie Mae, TBA, 6.5%, 11/15/2053 | 425,000 | 424,019 | ||
UMBS, TBA, 2%, 11/25/2038 - 11/25/2053 | 2,008,241 | 1,482,926 | ||
UMBS, TBA, 2.5%, 11/25/2053 | 2,519,837 | 1,932,794 | ||
UMBS, TBA, 3.5%, 11/25/2053 | 775,000 | 645,288 | ||
UMBS, TBA, 5%, 11/25/2053 | 500,000 | 460,938 | ||
UMBS, TBA, 5.5%, 11/25/2053 | 100,000 | 94,844 | ||
UMBS, TBA, 6%, 11/25/2053 | 1,575,000 | 1,532,530 | ||
UMBS, TBA, 6.5%, 11/25/2053 | 275,000 | 273,323 | ||
$58,178,875 | ||||
Municipals – 0.7% | ||||
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class I, Taxable, “D-1”, GNMA, 5%, 11/01/2047 | $ | 710,000 | $681,044 | |
Connecticut Higher Education Supplemental Loan Authority Rev., Taxable (Chesla Loan Program), “C”, 4.668%, 11/15/2034 | 1,200,000 | 1,057,453 | ||
Iowa Student Loan Liquidity Corp. Rev., Taxable, “A”, 5.08%, 12/01/2039 | 640,000 | 576,709 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037 | 1,235,000 | 1,045,309 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Municipals – continued | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 4.949%, 7/01/2038 | $ | 1,815,000 | $1,684,789 | |
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “226”, 5.562%, 12/01/2052 | 1,080,000 | 1,046,238 | ||
Michigan Finance Authority Hospital Rev., Taxable (Trinity Health Credit Group), 3.384%, 12/01/2040 | 585,000 | 425,175 | ||
Minnesota Housing Finance Agency, Residential Housing, Taxable, “G”, 4.337%, 1/01/2047 | 1,005,000 | 944,780 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, AGM, 4.65%, 8/15/2030 | 992,000 | 874,126 | ||
$8,335,623 | ||||
Natural Gas - Distribution – 0.1% | ||||
Boston Gas Co., 3.15%, 8/01/2027 (n) | $ | 310,000 | $276,818 | |
Engie S.A., 4.5%, 9/06/2042 | EUR | 300,000 | 300,378 | |
Engie S.A., 4.25%, 1/11/2043 | 300,000 | 291,670 | ||
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 | $ | 710,000 | 495,900 | |
$1,364,766 | ||||
Natural Gas - Pipeline – 0.1% | ||||
APA Infrastructure Ltd., 0.75%, 3/15/2029 | EUR | 970,000 | $832,874 | |
APA Infrastructure Ltd., 2.5%, 3/15/2036 | GBP | 1,140,000 | 888,195 | |
$1,721,069 | ||||
Network & Telecom – 0.1% | ||||
Orange S.A., 3.875%, 9/11/2035 | EUR | 800,000 | $818,687 | |
Oils – 0.0% | ||||
Neste Oyj, 3.875%, 3/16/2029 | EUR | 220,000 | $230,764 | |
Other Banks & Diversified Financials – 0.8% | ||||
ABANCA Corp. Bancaria S.A., 5.875%, 4/02/2030 | EUR | 900,000 | $937,639 | |
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $ | 705,000 | 689,522 | |
AIB Group PLC, 5.25%, 10/23/2031 | EUR | 560,000 | 596,568 | |
Banque Federative du Credit Mutuel S.A., 4.125%, 9/18/2030 | 400,000 | 418,218 | ||
BPCE S.A., 2.277% to 1/20/2031, FLR (SOFR - 1 day + 1.312%) to 1/20/2032 (n) | $ | 960,000 | 694,985 | |
BPCE S.A., 4.75% to 6/14/2033, FLR (EURIBOR - 3mo. + 1.83%) to 6/14/2034 | EUR | 400,000 | 415,968 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Other Banks & Diversified Financials – continued | ||||
CaixaBank S.A., 4.25%, 9/06/2030 | EUR | 400,000 | $417,943 | |
CaixaBank, S.A., 5% to 7/19/2028, FLR (EURIBOR - 3mo. + 1.65%) to 7/19/2029 | 500,000 | 529,106 | ||
Deutsche Bank AG, 1.875% to 2/23/2027, FLR (EURIBOR - 3mo. + 1.38%) to 2/23/2028 | 200,000 | 190,044 | ||
Deutsche Bank AG, 6.125% to 12/12/2029, FLR (SONIA + 2.621%) to 12/12/2030 | GBP | 600,000 | 680,949 | |
Deutsche Bank AG, 1.375% to 2/17/2031, FLR (EURIBOR - 3mo. + 1.5%) to 2/17/2032 | EUR | 400,000 | 314,927 | |
Deutsche Bank AG, 4%, 6/24/2032 | 700,000 | 666,603 | ||
Groupe BPCE S.A., 4.5%, 3/15/2025 (n) | $ | 950,000 | 916,438 | |
Intesa Sanpaolo S.p.A., 4.875%, 5/19/2030 | EUR | 400,000 | 419,811 | |
Intesa Sanpaolo S.p.A., 5.125%, 8/29/2031 | 810,000 | 853,662 | ||
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028 | $ | 650,000 | 589,015 | |
Virgin Money UK PLC, 7.625% to 8/23/2028, FLR (GBP Government Yield - 1yr. + 3.05%) to 8/23/2029 | GBP | 560,000 | 682,724 | |
$10,014,122 | ||||
Pharmaceuticals – 0.1% | ||||
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/2033 | $ | 682,000 | $626,760 | |
Pollution Control – 0.1% | ||||
Waste Management, Inc., 4.625%, 2/15/2033 | $ | 907,000 | $822,582 | |
Precious Metals & Minerals – 0.1% | ||||
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | $ | 719,000 | $657,205 | |
Real Estate - Office – 0.1% | ||||
Corporate Office Property LP, REIT, 2.25%, 3/15/2026 | $ | 675,000 | $610,386 | |
Corporate Office Property LP, REIT, 2%, 1/15/2029 | 425,000 | 322,910 | ||
Corporate Office Property LP, REIT, 2.75%, 4/15/2031 | 173,000 | 126,799 | ||
$1,060,095 | ||||
Real Estate - Other – 0.1% | ||||
EPR Properties, REIT, 3.6%, 11/15/2031 | $ | 725,000 | $521,861 | |
Extra Space Storage LP, 5.5%, 7/01/2030 | 668,000 | 631,849 | ||
Lexington Realty Trust Co., 2.7%, 9/15/2030 | 677,000 | 514,082 | ||
$1,667,792 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Real Estate - Retail – 0.2% | ||||
Spirit Realty, LP, REIT, 3.2%, 1/15/2027 | $ | 531,000 | $480,581 | |
STORE Capital Corp., REIT, 2.7%, 12/01/2031 | 949,000 | 636,075 | ||
WEA Finance LLC, 2.875%, 1/15/2027 (n) | 800,000 | 684,413 | ||
$1,801,069 | ||||
Retailers – 0.1% | ||||
AutoZone, Inc., 4.75%, 8/01/2032 | $ | 558,000 | $495,485 | |
Home Depot, Inc., 4.875%, 2/15/2044 | 281,000 | 236,456 | ||
Home Depot, Inc., 3.625%, 4/15/2052 | 471,000 | 313,667 | ||
$1,045,608 | ||||
Specialty Chemicals – 0.1% | ||||
Covestro AG, 1.375%, 6/12/2030 | EUR | 670,000 | $608,176 | |
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | $ | 429,000 | 355,699 | |
$963,875 | ||||
Specialty Stores – 0.0% | ||||
DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 661,000 | $498,825 | |
Supranational – 0.4% | ||||
European Financial Stability Facility, 3%, 9/04/2034 | EUR | 2,642,000 | $2,648,138 | |
European Union, 3.25%, 7/04/2034 | 2,413,000 | 2,473,280 | ||
International Bank for Reconstruction and Development, 4.25%, 6/24/2025 | AUD | 440,000 | 276,742 | |
$5,398,160 | ||||
Telecommunications - Wireless – 0.3% | ||||
Crown Castle, Inc., REIT, 1.35%, 7/15/2025 | $ | 501,000 | $462,233 | |
Crown Castle, Inc., REIT, 4.45%, 2/15/2026 | 483,000 | 465,301 | ||
Rogers Communications, Inc., 3.8%, 3/15/2032 | 828,000 | 671,468 | ||
TDF Infrastructure S.A.S., 5.625%, 7/21/2028 | EUR | 300,000 | 316,932 | |
T-Mobile USA, Inc., 3.875%, 4/15/2030 | $ | 863,000 | 751,417 | |
T-Mobile USA, Inc., 5.75%, 1/15/2034 | 627,000 | 594,863 | ||
Vodafone Group PLC, 3.375%, 8/08/2049 | GBP | 650,000 | 481,104 | |
Vodafone Group PLC, 5.625%, 2/10/2053 | $ | 581,000 | 488,664 | |
$4,231,982 | ||||
Telephone Services – 0.1% | ||||
Deutsche Telekom AG, 1.375%, 7/05/2034 | EUR | 110,000 | $91,458 | |
TELUS Corp., 2.85%, 11/13/2031 | CAD | 1,775,000 | 1,025,014 | |
$1,116,472 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Tobacco – 0.1% | ||||
B.A.T. International Finance PLC, 2.25%, 1/16/2030 | EUR | 650,000 | $580,973 | |
Philip Morris International, Inc., 5.125%, 11/17/2027 | $ | 822,000 | 801,255 | |
$1,382,228 | ||||
Transportation - Services – 0.4% | ||||
Aeroporti Di Roma S.p.A, 4.875%, 7/10/2033 | EUR | 830,000 | $844,350 | |
Autostrade per l'Italia S.p.A., 4.75%, 1/24/2031 | 730,000 | 745,499 | ||
Autostrade per l'Italia S.p.A., 5.125%, 6/14/2033 | 310,000 | 315,871 | ||
Holding d'Infrastructures de Transport, 1.475%, 1/18/2031 | 800,000 | 672,716 | ||
Sydney Airport Finance Co. Pty Ltd., 4.375%, 5/03/2033 | 622,000 | 644,904 | ||
Transurban Finance Co. Pty Ltd., 4.225%, 4/26/2033 | 620,000 | 634,914 | ||
Triton International Ltd., 3.15%, 6/15/2031 (n) | $ | 769,000 | 560,317 | |
United Parcel Service, 5.05%, 3/03/2053 | 814,000 | 698,833 | ||
$5,117,404 | ||||
U.S. Government Agencies and Equivalents – 0.0% | ||||
Small Business Administration, 5.31%, 5/01/2027 | $ | 20,762 | $20,248 | |
U.S. Treasury Obligations – 1.1% | ||||
U.S. Treasury Bonds, 3.875%, 5/15/2043 (f) | $ | 15,833,000 | $13,148,812 | |
U.S. Treasury Bonds, 3.625%, 5/15/2053 | 1,007,000 | 784,988 | ||
$13,933,800 | ||||
Utilities - Electric Power – 1.1% | ||||
American Electric Power Co., Inc., 5.699%, 8/15/2025 | $ | 331,000 | $328,281 | |
American Electric Power Co., Inc., 2.3%, 3/01/2030 | 511,000 | 401,542 | ||
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043 | 163,000 | 137,255 | ||
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053 | 136,000 | 100,762 | ||
Bruce Power LP, 2.68%, 12/21/2028 | CAD | 1,600,000 | 1,009,866 | |
Duke Energy Corp., 3.75%, 9/01/2046 | $ | 515,000 | 335,551 | |
E.ON International Finance B.V., 5.875%, 10/30/2037 | GBP | 500,000 | 573,129 | |
EDP Servicios Financieros Espana S.A., 4.375%, 4/04/2032 | EUR | 382,000 | 401,333 | |
Enel Americas S.A., 4%, 10/25/2026 | $ | 1,835,000 | 1,713,229 | |
Enel Finance International N.V., 2.25%, 7/12/2031 (n) | 580,000 | 424,925 | ||
Enel Finance International N.V., 4.5%, 2/20/2043 | EUR | 420,000 | 402,809 | |
Enel Finance International N.V., 4.75%, 5/25/2047 (n) | $ | 456,000 | 330,383 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Utilities - Electric Power – continued | ||||
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 | $595,459 | |
Enel S.p.A., 1.875%, 3/08/2170 | 685,000 | 522,761 | ||
Florida Power & Light Co., 2.875%, 12/04/2051 | $ | 549,000 | 311,309 | |
Georgia Power Co., 4.95%, 5/17/2033 | 835,000 | 762,155 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 548,000 | 420,247 | ||
National Grid Electricity Transmission PLC, 2%, 4/17/2040 | GBP | 820,000 | 562,157 | |
National Grid PLC, 4.275%, 1/16/2035 | EUR | 390,000 | 390,782 | |
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025 | $ | 398,000 | 397,772 | |
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025 | 358,000 | 356,317 | ||
Pacific Gas & Electric Co., 6.1%, 1/15/2029 | 460,000 | 442,585 | ||
Pacific Gas & Electric Co., 6.4%, 6/15/2033 | 274,000 | 257,133 | ||
PPL Electric Utilities Corp, 1st Mortgage, 5.25%, 5/15/2053 | 735,000 | 632,563 | ||
Southern Co., 1.875%, 9/15/2081 | EUR | 100,000 | 84,119 | |
SSE PLC, 4%, 9/05/2031 | 550,000 | 572,729 | ||
Virginia Electric & Power Co., 3.5%, 3/15/2027 | $ | 575,000 | 534,304 | |
Xcel Energy, Inc., 4.6%, 6/01/2032 | 379,000 | 335,037 | ||
$13,336,494 | ||||
Total Bonds (Identified Cost, $520,394,193) | $469,100,468 | |||
Preferred Stocks – 0.8% | ||||
Consumer Products – 0.6% | ||||
Henkel AG & Co. KGaA | 92,743 | $6,680,784 | ||
Metals & Mining – 0.2% | ||||
Gerdau S.A. | 672,185 | $2,902,458 | ||
Total Preferred Stocks (Identified Cost, $8,141,180) | $9,583,242 | |||
Investment Companies (h) – 1.5% | ||||
Money Market Funds – 1.5% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $18,636,725) | 18,636,755 | $18,638,618 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | Value ($) |
Purchased Options – 0.0% | |||||
Market Index Securities – 0.0% | |||||
iTraxx Europe Crossover Series 40 Index Credit Default Swap-Fund pays 5%, Fund receives notional amount upon a defined credit event of an index constituent – November 2023 @ 4.375% (Premiums Paid, $91,452) | Put | Goldman Sachs International | $ 8,690,727 | EUR 8,010,000 | $84,741 |
Other Assets, Less Liabilities – 0.1% | 917,986 | |||
Net Assets – 100.0% | $1,225,779,430 |
(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 $18,638,618 and $1,206,222,826, respectively. | |||
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. | |||
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $75,032,598, representing 6.1% of net assets. | |||
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. | |||
(w) | When-issued security. |
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 |
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 |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PEN | Peruvian Nuevo Sol |
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 | ||||||
AUD | 917,542 | USD | 582,979 | JPMorgan Chase Bank N.A. | 1/19/2024 | $600 |
AUD | 1,730,667 | USD | 1,098,021 | State Street Bank Corp. | 1/19/2024 | 2,723 |
CLP | 230,670,610 | USD | 245,771 | Barclays Bank PLC | 1/16/2024 | 10,744 |
COP | 2,054,532,379 | USD | 477,271 | Citibank N.A. | 1/17/2024 | 13,062 |
EUR | 807,900 | USD | 856,544 | HSBC Bank | 1/19/2024 | 1,561 |
EUR | 99,920 | USD | 105,671 | JPMorgan Chase Bank N.A. | 1/19/2024 | 459 |
EUR | 2,811,109 | USD | 2,973,870 | UBS AG | 1/19/2024 | 11,927 |
GBP | 1,114,639 | USD | 1,354,672 | HSBC Bank | 1/19/2024 | 1,009 |
GBP | 406,302 | USD | 492,908 | State Street Bank Corp. | 1/19/2024 | 1,256 |
HUF | 139,879,951 | USD | 379,426 | Goldman Sachs International | 1/19/2024 | 3,211 |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives - continued | ||||||
SGD | 1,538,303 | USD | 1,126,358 | State Street Bank Corp. | 1/19/2024 | $1,219 |
TWD | 514,131 | USD | 15,941 | Goldman Sachs International | 1/30/2024 | 90 |
TWD | 514,131 | USD | 15,851 | Goldman Sachs International | 11/02/2023 | 0 |
USD | 487,032 | AUD | 762,110 | JPMorgan Chase Bank N.A. | 1/19/2024 | 2,312 |
USD | 9,303,292 | EUR | 8,752,332 | Barclays Bank PLC | 1/19/2024 | 7,072 |
USD | 599,477 | EUR | 564,096 | Brown Brothers Harriman | 1/19/2024 | 327 |
USD | 1,395,727 | EUR | 1,309,754 | HSBC Bank | 1/19/2024 | 4,582 |
USD | 79,555 | EUR | 74,790 | Merrill Lynch International | 1/19/2024 | 117 |
USD | 735,499 | EUR | 690,152 | Morgan Stanley Capital Services, Inc. | 1/19/2024 | 2,460 |
USD | 318,406 | EUR | 299,543 | State Street Bank Corp. | 1/19/2024 | 249 |
USD | 404,379 | GBP | 332,034 | Deutsche Bank AG | 1/19/2024 | 542 |
USD | 1,844,251 | GBP | 1,512,661 | State Street Bank Corp. | 1/19/2024 | 4,477 |
USD | 934,098 | JPY | 138,517,488 | JPMorgan Chase Bank N.A. | 1/19/2024 | 7,896 |
USD | 18,478,096 | KRW | 24,454,281,140 | Citibank N.A. | 1/26/2024 | 277,850 |
USD | 2,767,341 | KRW | 3,513,167,366 | Citibank N.A. | 11/09/2023 | 165,188 |
USD | 18,743,639 | NZD | 31,653,532 | State Street Bank Corp. | 1/19/2024 | 297,220 |
USD | 8,720,564 | SEK | 94,727,093 | UBS AG | 1/19/2024 | 200,850 |
USD | 15,851 | TWD | 514,131 | Citibank N.A. | 11/02/2023 | 0 |
$1,019,003 | ||||||
Liability Derivatives | ||||||
CAD | 1,693,393 | USD | 1,241,496 | JPMorgan Chase Bank N.A. | 1/19/2024 | $(18,623) |
CAD | 13,991,277 | USD | 10,264,579 | UBS AG | 1/19/2024 | (160,867) |
CHF | 2,610,060 | USD | 2,928,252 | State Street Bank Corp. | 1/19/2024 | (32,625) |
CNH | 110,168,005 | USD | 15,106,138 | Goldman Sachs International | 1/19/2024 | (16,844) |
CNH | 8,783,000 | USD | 1,204,285 | Merrill Lynch International | 1/19/2024 | (1,311) |
DKK | 7,971,327 | USD | 1,136,338 | State Street Bank Corp. | 1/19/2024 | (1,015) |
EUR | 17,312,377 | USD | 18,402,191 | Barclays Bank PLC | 1/19/2024 | (13,988) |
EUR | 111,506 | USD | 118,715 | HSBC Bank | 1/19/2024 | (280) |
EUR | 642,915 | USD | 684,628 | JPMorgan Chase Bank N.A. | 1/19/2024 | (1,761) |
IDR | 37,084,257,298 | USD | 2,450,232 | Citibank N.A. | 11/09/2023 | (115,811) |
JPY | 3,053,996,930 | USD | 20,718,324 | Barclays Bank PLC | 1/19/2024 | (297,663) |
NOK | 13,579,113 | USD | 1,246,050 | Deutsche Bank AG | 1/19/2024 | (27,706) |
NOK | 3,926,036 | USD | 359,118 | Merrill Lynch International | 1/19/2024 | (6,867) |
NZD | 317,324 | USD | 187,762 | State Street Bank Corp. | 1/19/2024 | (2,838) |
PLN | 4,899,803 | USD | 1,167,520 | HSBC Bank | 1/19/2024 | (7,282) |
SEK | 1,977,000 | USD | 182,104 | State Street Bank Corp. | 1/19/2024 | (4,294) |
THB | 117,563,348 | USD | 3,317,250 | JPMorgan Chase Bank N.A. | 11/13/2023 | (60,440) |
TWD | 514,131 | USD | 16,474 | Citibank N.A. | 11/02/2023 | (623) |
USD | 5,036,196 | AUD | 7,937,892 | State Street Bank Corp. | 1/19/2024 | (12,491) |
USD | 1,687,258 | CZK | 39,406,759 | HSBC Bank | 1/19/2024 | (7,412) |
USD | 699,277 | EUR | 659,876 | Citibank N.A. | 1/19/2024 | (1,605) |
USD | 1,240,215 | EUR | 1,174,512 | JPMorgan Chase Bank N.A. | 1/19/2024 | (7,285) |
USD | 92,026 | EUR | 86,835 | State Street Bank Corp. | 1/19/2024 | (205) |
USD | 590,779 | EUR | 557,441 | UBS AG | 1/19/2024 | (1,302) |
Forward Foreign Currency Exchange Contracts - continued | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Liability Derivatives - continued | ||||||
USD | 7,159,011 | GBP | 5,908,471 | UBS AG | 1/19/2024 | $(27,168) |
USD | 194,169 | IDR | 3,094,898,823 | Morgan Stanley Capital Services, Inc. | 11/09/2023 | (652) |
USD | 2,394,642 | KRW | 3,235,640,613 | Citibank N.A. | 11/09/2023 | (1,951) |
USD | 6,031,991 | MXN | 111,352,371 | HSBC Bank | 1/19/2024 | (61,059) |
USD | 2,255,749 | PEN | 8,760,203 | Barclays Bank PLC | 1/29/2024 | (16,618) |
USD | 1,598,100 | THB | 57,587,528 | Barclays Bank PLC | 1/16/2024 | (6,462) |
USD | 15,840 | TWD | 514,131 | Goldman Sachs International | 11/02/2023 | (11) |
$(915,059) |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
Australian Bond 10 yr | Short | AUD | 45 | $3,089,926 | December – 2023 | $189,149 |
Euro-Bund 10 yr | Short | EUR | 55 | 7,506,638 | December – 2023 | 155,261 |
Euro-Schatz 2 yr | Short | EUR | 97 | 10,794,710 | December – 2023 | 26,473 |
U.S. Treasury Bond 30 yr | Short | USD | 87 | 9,521,062 | December – 2023 | 314,021 |
$684,904 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
Canadian Treasury Bond 10 yr | Long | CAD | 108 | $8,950,741 | December – 2023 | $(294,702) |
Euro-Bobl 5 yr | Long | EUR | 259 | 31,869,030 | December – 2023 | (64,905) |
Euro-BTP 10 yr | Long | EUR | 21 | 2,449,099 | December – 2023 | (100,481) |
Euro-Buxl 30 yr | Long | EUR | 30 | 3,822,492 | December – 2023 | (344,160) |
Long Gilt 10 yr | Long | GBP | 74 | 8,379,118 | December – 2023 | (96,322) |
U.S. Treasury Note 10 yr | Long | USD | 203 | 21,552,891 | December – 2023 | (736,246) |
U.S. Treasury Note 2 yr | Long | USD | 165 | 33,399,610 | December – 2023 | (50,821) |
U.S. Treasury Note 5 yr | Long | USD | 41 | 4,283,539 | December – 2023 | (29,294) |
U.S. Treasury Ultra Bond 30 yr | Long | USD | 37 | 4,164,813 | December – 2023 | (171,267) |
U.S. Treasury Ultra Note 10 yr | Long | USD | 35 | 3,808,984 | December – 2023 | (72,279) |
$(1,960,477) |
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) | $16,049 | $138,765 | $154,814 |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $1,094,954,401) | $1,206,222,826 |
Investments in affiliated issuers, at value (identified cost, $18,636,725) | 18,638,618 |
Cash | 147,934 |
Foreign currency, at value (identified cost, $40) | 40 |
Restricted cash for | |
Forward foreign currency exchange contracts | 30,000 |
Receivables for | |
Forward foreign currency exchange contracts | 1,019,003 |
Net daily variation margin on open futures contracts | 25,203 |
Investments sold | 2,932,354 |
TBA sale commitments | 1,520,328 |
Fund shares sold | 681,289 |
Interest and dividends | 8,427,867 |
Uncleared swaps, at value (net of unamortized premiums paid, $138,765) | 154,814 |
Receivable from investment adviser | 40,586 |
Total assets | $1,239,840,862 |
Liabilities | |
Payables for | |
Forward foreign currency exchange contracts | $915,059 |
Investments purchased | 20,671 |
When-issued investments purchased | 737,471 |
TBA purchase commitments | 9,704,730 |
Fund shares reacquired | 1,845,115 |
Payable to affiliates | |
Administrative services fee | 1,014 |
Shareholder servicing costs | 356,168 |
Distribution and service fees | 11,367 |
Payable for independent Trustees' compensation | 36 |
Accrued expenses and other liabilities | 469,801 |
Total liabilities | $14,061,432 |
Net assets | $1,225,779,430 |
Net assets consist of | |
Paid-in capital | $1,094,976,240 |
Total distributable earnings (loss) | 130,803,190 |
Net assets | $1,225,779,430 |
Shares of beneficial interest outstanding | 78,929,125 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $594,255,313 | 38,024,629 | $15.63 |
Class B | 6,176,018 | 387,626 | 15.93 |
Class C | 46,525,688 | 2,976,227 | 15.63 |
Class I | 346,646,969 | 22,489,992 | 15.41 |
Class R1 | 2,346,896 | 151,357 | 15.51 |
Class R2 | 3,765,902 | 244,626 | 15.39 |
Class R3 | 11,987,849 | 770,122 | 15.57 |
Class R4 | 3,447,355 | 220,169 | 15.66 |
Class R6 | 210,627,440 | 13,664,377 | 15.41 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $16.58 [100 / 94.25 x $15.63]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $26,329,627 |
Interest | 19,543,000 |
Dividends from affiliated issuers | 1,128,561 |
Income on securities loaned | 41,834 |
Other | 17,289 |
Foreign taxes withheld | (445,622) |
Total investment income | $46,614,689 |
Expenses | |
Management fee | $10,497,711 |
Distribution and service fees | 2,381,017 |
Shareholder servicing costs | 1,241,921 |
Administrative services fee | 208,366 |
Independent Trustees' compensation | 24,249 |
Custodian fee | 228,743 |
Shareholder communications | 85,335 |
Audit and tax fees | 93,261 |
Legal fees | 6,516 |
Miscellaneous | 442,772 |
Total expenses | $15,209,891 |
Fees paid indirectly | (36,883) |
Reduction of expenses by investment adviser and distributor | (1,362,561) |
Net expenses | $13,810,447 |
Net investment income (loss) | $32,804,242 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $20,567 foreign capital gains tax) | $33,387,626 |
Affiliated issuers | 5,042 |
Written options | 45,849 |
Futures contracts | (2,673,439) |
Swap agreements | 348,125 |
Forward foreign currency exchange contracts | (1,790,332) |
Foreign currency | 59,098 |
Net realized gain (loss) | $29,381,969 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $9,064 decrease in deferred foreign capital gains tax) | $5,337,692 |
Affiliated issuers | 388 |
Written options | (40,158) |
Futures contracts | (4,486,948) |
Swap agreements | 40,714 |
Forward foreign currency exchange contracts | (839,640) |
Translation of assets and liabilities in foreign currencies | 164,046 |
Net unrealized gain (loss) | $176,094 |
Net realized and unrealized gain (loss) | $29,558,063 |
Change in net assets from operations | $62,362,305 |
Year ended | ||
10/31/23 | 10/31/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $32,804,242 | $26,808,907 |
Net realized gain (loss) | 29,381,969 | 8,752,132 |
Net unrealized gain (loss) | 176,094 | (289,313,380) |
Change in net assets from operations | $62,362,305 | $(253,752,341) |
Total distributions to shareholders | $(50,986,419) | $(158,295,050) |
Change in net assets from fund share transactions | $(151,511,199) | $(58,826,426) |
Total change in net assets | $(140,135,313) | $(470,873,817) |
Net assets | ||
At beginning of period | 1,365,914,743 | 1,836,788,560 |
At end of period | $1,225,779,430 | $1,365,914,743 |
Class A | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.57 | $19.98 | $17.90 | $18.51 | $17.02 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.38 | $0.27 | $0.24 | $0.22 | $0.30 |
Net realized and unrealized gain (loss) | 0.26 | (2.96) | 3.22 | (0.03) | 1.70 |
Total from investment operations | $0.64 | $(2.69) | $3.46 | $0.19 | $2.00 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.16) | $(0.09) | $(0.35) | $(0.29) | $(0.23) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.58) | $(1.72) | $(1.38) | $(0.80) | $(0.51) |
Net asset value, end of period (x) | $15.63 | $15.57 | $19.98 | $17.90 | $18.51 |
Total return (%) (r)(s)(t)(x) | 4.06 | (14.80) | 19.88 | 1.00 | 12.03 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.21 | 1.18 | 1.16 | 1.17 | 1.16 |
Expenses after expense reductions (f) | 1.11 | 1.09 | 1.09 | 1.09 | 1.09 |
Net investment income (loss) | 2.32 | 1.59 | 1.24 | 1.26 | 1.70 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $594,255 | $626,577 | $810,477 | $698,352 | $754,092 |
Class B | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.89 | $20.45 | $18.29 | $18.88 | $17.34 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.26 | $0.14 | $0.10 | $0.09 | $0.17 |
Net realized and unrealized gain (loss) | 0.27 | (3.03) | 3.29 | (0.03) | 1.73 |
Total from investment operations | $0.53 | $(2.89) | $3.39 | $0.06 | $1.90 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.07) | $(0.04) | $(0.20) | $(0.14) | $(0.08) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.49) | $(1.67) | $(1.23) | $(0.65) | $(0.36) |
Net asset value, end of period (x) | $15.93 | $15.89 | $20.45 | $18.29 | $18.88 |
Total return (%) (r)(s)(t)(x) | 3.25 | (15.43) | 18.96 | 0.26 | 11.21 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.95 | 1.93 | 1.91 | 1.92 | 1.91 |
Expenses after expense reductions (f) | 1.85 | 1.84 | 1.84 | 1.84 | 1.84 |
Net investment income (loss) | 1.53 | 0.80 | 0.49 | 0.51 | 0.96 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $6,176 | $9,966 | $17,638 | $19,630 | $28,393 |
Class C | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.61 | $20.12 | $18.01 | $18.60 | $17.10 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.25 | $0.14 | $0.10 | $0.09 | $0.17 |
Net realized and unrealized gain (loss) | 0.26 | (2.98) | 3.24 | (0.03) | 1.70 |
Total from investment operations | $0.51 | $(2.84) | $3.34 | $0.06 | $1.87 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.07) | $(0.04) | $(0.20) | $(0.14) | $(0.09) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.49) | $(1.67) | $(1.23) | $(0.65) | $(0.37) |
Net asset value, end of period (x) | $15.63 | $15.61 | $20.12 | $18.01 | $18.60 |
Total return (%) (r)(s)(t)(x) | 3.21 | (15.43) | 19.00 | 0.28 | 11.14 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.95 | 1.93 | 1.91 | 1.92 | 1.91 |
Expenses after expense reductions (f) | 1.85 | 1.84 | 1.84 | 1.84 | 1.84 |
Net investment income (loss) | 1.55 | 0.81 | 0.49 | 0.52 | 0.96 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $46,526 | $67,989 | $116,520 | $144,961 | $211,090 |
Class I | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.37 | $19.75 | $17.70 | $18.31 | $16.85 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.42 | $0.31 | $0.29 | $0.27 | $0.34 |
Net realized and unrealized gain (loss) | 0.24 | (2.93) | 3.19 | (0.04) | 1.67 |
Total from investment operations | $0.66 | $(2.62) | $3.48 | $0.23 | $2.01 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.20) | $(0.13) | $(0.40) | $(0.33) | $(0.27) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.62) | $(1.76) | $(1.43) | $(0.84) | $(0.55) |
Net asset value, end of period (x) | $15.41 | $15.37 | $19.75 | $17.70 | $18.31 |
Total return (%) (r)(s)(t)(x) | 4.24 | (14.59) | 20.23 | 1.27 | 12.26 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.96 | 0.93 | 0.91 | 0.92 | 0.91 |
Expenses after expense reductions (f) | 0.86 | 0.84 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 2.56 | 1.83 | 1.49 | 1.50 | 1.94 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $346,647 | $420,715 | $597,469 | $524,907 | $569,767 |
Class R1 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.49 | $19.98 | $17.90 | $18.51 | $17.02 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.26 | $0.15 | $0.10 | $0.09 | $0.17 |
Net realized and unrealized gain (loss) | 0.26 | (2.97) | 3.22 | (0.03) | 1.69 |
Total from investment operations | $0.52 | $(2.82) | $3.32 | $0.06 | $1.86 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.08) | $(0.04) | $(0.21) | $(0.16) | $(0.09) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.50) | $(1.67) | $(1.24) | $(0.67) | $(0.37) |
Net asset value, end of period (x) | $15.51 | $15.49 | $19.98 | $17.90 | $18.51 |
Total return (%) (r)(s)(t)(x) | 3.28 | (15.43) | 18.99 | 0.23 | 11.18 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.96 | 1.93 | 1.91 | 1.92 | 1.91 |
Expenses after expense reductions (f) | 1.86 | 1.84 | 1.84 | 1.84 | 1.84 |
Net investment income (loss) | 1.57 | 0.87 | 0.49 | 0.51 | 0.96 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $2,347 | $2,218 | $2,432 | $2,396 | $2,483 |
Class R2 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.36 | $19.76 | $17.71 | $18.31 | $16.84 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.33 | $0.23 | $0.19 | $0.18 | $0.25 |
Net realized and unrealized gain (loss) | 0.26 | (2.93) | 3.19 | (0.04) | 1.68 |
Total from investment operations | $0.59 | $(2.70) | $3.38 | $0.14 | $1.93 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.14) | $(0.07) | $(0.30) | $(0.23) | $(0.18) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.56) | $(1.70) | $(1.33) | $(0.74) | $(0.46) |
Net asset value, end of period (x) | $15.39 | $15.36 | $19.76 | $17.71 | $18.31 |
Total return (%) (r)(s)(t)(x) | 3.74 | (14.98) | 19.61 | 0.75 | 11.74 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.46 | 1.43 | 1.41 | 1.42 | 1.41 |
Expenses after expense reductions (f) | 1.36 | 1.34 | 1.34 | 1.34 | 1.34 |
Net investment income (loss) | 2.06 | 1.35 | 0.99 | 1.00 | 1.44 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $3,766 | $4,022 | $5,047 | $4,997 | $11,286 |
Class R3 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.52 | $19.92 | $17.85 | $18.45 | $16.97 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.37 | $0.27 | $0.24 | $0.22 | $0.30 |
Net realized and unrealized gain (loss) | 0.26 | (2.95) | 3.21 | (0.02) | 1.69 |
Total from investment operations | $0.63 | $(2.68) | $3.45 | $0.20 | $1.99 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.16) | $(0.09) | $(0.35) | $(0.29) | $(0.23) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.58) | $(1.72) | $(1.38) | $(0.80) | $(0.51) |
Net asset value, end of period (x) | $15.57 | $15.52 | $19.92 | $17.85 | $18.45 |
Total return (%) (r)(s)(t)(x) | 4.00 | (14.78) | 19.88 | 1.05 | 12.01 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.20 | 1.18 | 1.16 | 1.17 | 1.16 |
Expenses after expense reductions (f) | 1.10 | 1.09 | 1.09 | 1.09 | 1.09 |
Net investment income (loss) | 2.26 | 1.59 | 1.24 | 1.25 | 1.69 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $11,988 | $16,923 | $19,529 | $19,799 | $20,300 |
Class R4 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.60 | $20.02 | $17.93 | $18.54 | $17.05 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.43 | $0.32 | $0.29 | $0.27 | $0.34 |
Net realized and unrealized gain (loss) | 0.25 | (2.98) | 3.23 | (0.04) | 1.70 |
Total from investment operations | $0.68 | $(2.66) | $3.52 | $0.23 | $2.04 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.20) | $(0.13) | $(0.40) | $(0.33) | $(0.27) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.62) | $(1.76) | $(1.43) | $(0.84) | $(0.55) |
Net asset value, end of period (x) | $15.66 | $15.60 | $20.02 | $17.93 | $18.54 |
Total return (%) (r)(s)(t)(x) | 4.30 | (14.59) | 20.19 | 1.25 | 12.30 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.96 | 0.93 | 0.91 | 0.92 | 0.91 |
Expenses after expense reductions (f) | 0.86 | 0.84 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 2.59 | 1.88 | 1.50 | 1.51 | 1.95 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $3,447 | $5,018 | $6,058 | $6,461 | $7,570 |
Class R6 | Year ended | ||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | |
Net asset value, beginning of period | $15.37 | $19.75 | $17.71 | $18.32 | $16.85 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.43 | $0.33 | $0.31 | $0.28 | $0.35 |
Net realized and unrealized gain (loss) | 0.25 | (2.93) | 3.18 | (0.03) | 1.69 |
Total from investment operations | $0.68 | $(2.60) | $3.49 | $0.25 | $2.04 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.22) | $(0.15) | $(0.42) | $(0.35) | $(0.29) |
From net realized gain | (0.42) | (1.63) | (1.03) | (0.51) | (0.28) |
Total distributions declared to shareholders | $(0.64) | $(1.78) | $(1.45) | $(0.86) | $(0.57) |
Net asset value, end of period (x) | $15.41 | $15.37 | $19.75 | $17.71 | $18.32 |
Total return (%) (r)(s)(t)(x) | 4.33 | (14.50) | 20.26 | 1.36 | 12.44 |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.87 | 0.84 | 0.82 | 0.83 | 0.82 |
Expenses after expense reductions (f) | 0.77 | 0.75 | 0.75 | 0.75 | 0.75 |
Net investment income (loss) | 2.66 | 1.94 | 1.58 | 1.60 | 2.03 |
Portfolio turnover | 69 | 70 | 94 | 89 | 65 |
Net assets at end of period (000 omitted) | $210,627 | $212,487 | $261,619 | $229,244 | $230,324 |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $410,108,543 | $— | $— | $410,108,543 |
United Kingdom | 10,680,477 | 44,076,965 | — | 54,757,442 |
Japan | — | 53,991,476 | — | 53,991,476 |
France | 11,190,197 | 37,077,152 | — | 48,267,349 |
Switzerland | 12,560,221 | 26,177,332 | — | 38,737,553 |
Germany | 13,542,078 | 7,798,064 | — | 21,340,142 |
Canada | 18,368,058 | — | — | 18,368,058 |
Netherlands | — | 14,919,219 | — | 14,919,219 |
South Korea | 1,394,552 | 11,232,868 | — | 12,627,420 |
Other Countries | 31,178,440 | 32,741,975 | 0 | 63,920,415 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 13,954,048 | — | 13,954,048 |
Non - U.S. Sovereign Debt | — | 208,033,810 | — | 208,033,810 |
Municipal Bonds | — | 8,335,623 | — | 8,335,623 |
U.S. Corporate Bonds | — | 61,159,783 | — | 61,159,783 |
Residential Mortgage-Backed Securities | — | 58,178,875 | — | 58,178,875 |
Commercial Mortgage-Backed Securities | — | 14,500,193 | — | 14,500,193 |
Asset-Backed Securities (including CDOs) | — | 24,291,739 | — | 24,291,739 |
Foreign Bonds | — | 80,731,138 | — | 80,731,138 |
Mutual Funds | 18,638,618 | — | — | 18,638,618 |
Total | $527,661,184 | $697,200,260 | $0 | $1,224,861,444 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $684,904 | $— | $— | $684,904 |
Futures Contracts – Liabilities | (1,960,477) | — | — | (1,960,477) |
Forward Foreign Currency Exchange Contracts – Assets | — | 1,019,003 | — | 1,019,003 |
Forward Foreign Currency Exchange Contracts – Liabilities | — | (915,059) | — | (915,059) |
Swap Agreements – Assets | — | 154,814 | — | 154,814 |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Credit | Purchased Option Contracts | $84,741 | $— |
Interest Rate | Futures Contracts | 684,904 | (1,960,477) |
Foreign Exchange | Forward Foreign Currency Exchange Contracts | 1,019,003 | (915,059) |
Credit | Uncleared Swap Agreements | 154,814 | — |
Total | $1,943,462 | $(2,875,536) |
(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 | $(2,673,439) | $— | $— | $— | $— |
Foreign Exchange | — | — | (1,790,332) | — | — |
Credit | — | 348,125 | — | 117,457 | 45,849 |
Total | $(2,673,439) | $348,125 | $(1,790,332) | $117,457 | $45,849 |
Risk | Futures Contracts | Swap Agreements | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) | Written Options |
Interest Rate | $(4,486,948) | $— | $— | $— | $— |
Foreign Exchange | — | — | (839,640) | — | — |
Credit | — | 40,714 | — | (60,926) | (40,158) |
Total | $(4,486,948) | $40,714 | $(839,640) | $(60,926) | $(40,158) |
Year ended 10/31/23 | Year ended 10/31/22 | |
Ordinary income (including any short-term capital gains) | $14,800,157 | $17,459,790 |
Long-term capital gains | 36,186,262 | 140,835,260 |
Total distributions | $50,986,419 | $158,295,050 |
As of 10/31/23 | |
Cost of investments | $1,124,041,890 |
Gross appreciation | 193,442,417 |
Gross depreciation | (93,639,678) |
Net unrealized appreciation (depreciation) | $99,802,739 |
Undistributed ordinary income | 6,231,092 |
Undistributed long-term capital gain | 24,888,708 |
Other temporary differences | (119,349) |
Total distributable earnings (loss) | $130,803,190 |
Year ended 10/31/23 | Year ended 10/31/22 | ||
Class A | $23,123,756 | $68,656,802 | |
Class B | 284,885 | 1,395,204 | |
Class C | 1,982,662 | 9,401,182 | |
Class I | 15,815,599 | 52,489,854 | |
Class R1 | 72,878 | 202,464 | |
Class R2 | 137,019 | 431,823 | |
Class R3 | 579,745 | 1,760,140 | |
Class R4 | 191,718 | 513,036 | |
Class R6 | 8,798,157 | 23,444,545 | |
Total | $50,986,419 | $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% | $ 1,609,120 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 85,260 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 605,094 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 24,098 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 19,680 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 37,765 |
Total Distribution and Service Fees | $2,381,017 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the year ended October 31, 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 year ended October 31, 2023, this rebate amounted to $120, $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 | $3,147 |
Class B | 4,104 |
Class C | 1,108 |
Purchases | Sales | |
U.S. Government securities | $171,982,372 | $179,984,198 |
Non-U.S. Government securities | 743,641,410 | 893,049,157 |
Year ended 10/31/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 4,385,363 | $71,942,607 | 3,771,994 | $64,677,221 | |
Class B | 351 | 5,790 | 5,507 | 102,053 | |
Class C | 259,304 | 4,269,677 | 255,357 | 4,527,459 | |
Class I | 5,164,381 | 83,511,300 | 5,139,242 | 86,292,529 | |
Class R1 | 14,804 | 240,975 | 21,398 | 367,881 | |
Class R2 | 36,974 | 593,941 | 63,108 | 1,068,831 | |
Class R3 | 204,978 | 3,360,366 | 444,377 | 7,751,250 | |
Class R4 | 54,348 | 890,174 | 83,054 | 1,432,904 | |
Class R6 | 2,508,090 | 40,623,689 | 2,700,201 | 46,303,733 | |
12,628,593 | $205,438,519 | 12,484,238 | $212,523,861 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,306,339 | $21,128,002 | 3,412,193 | $62,646,092 | |
Class B | 16,883 | 277,897 | 69,343 | 1,307,804 | |
Class C | 117,574 | 1,900,464 | 481,998 | 8,926,539 | |
Class I | 861,591 | 13,745,118 | 2,495,468 | 45,091,003 | |
Class R1 | 4,540 | 72,878 | 11,016 | 202,464 | |
Class R2 | 7,792 | 124,178 | 21,167 | 383,969 | |
Class R3 | 36,011 | 579,745 | 96,252 | 1,760,140 | |
Class R4 | 11,833 | 191,686 | 27,897 | 511,648 | |
Class R6 | 457,584 | 7,298,682 | 1,113,319 | 20,094,105 | |
2,820,147 | $45,318,650 | 7,728,653 | $140,923,764 | ||
Shares reacquired | |||||
Class A | (7,896,820) | $(129,373,751) | (7,510,529) | $(128,190,321) | |
Class B | (256,638) | (4,310,697) | (310,164) | (5,425,742) | |
Class C | (1,756,771) | (28,819,759) | (2,173,693) | (37,247,487) | |
Class I | (10,910,638) | (175,975,026) | (10,519,208) | (175,966,814) | |
Class R1 | (11,156) | (180,197) | (10,966) | (192,539) | |
Class R2 | (61,968) | (998,101) | (77,871) | (1,314,763) | |
Class R3 | (561,629) | (9,263,681) | (430,455) | (7,576,772) | |
Class R4 | (167,621) | (2,763,725) | (91,965) | (1,563,826) | |
Class R6 | (3,126,540) | (50,583,431) | (3,235,658) | (54,795,787) | |
(24,749,781) | $(402,268,368) | (24,360,509) | $(412,274,051) |
Year ended 10/31/23 | Year ended 10/31/22 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (2,205,118) | $(36,303,142) | (326,342) | $(867,008) | |
Class B | (239,404) | (4,027,010) | (235,314) | (4,015,885) | |
Class C | (1,379,893) | (22,649,618) | (1,436,338) | (23,793,489) | |
Class I | (4,884,666) | (78,718,608) | (2,884,498) | (44,583,282) | |
Class R1 | 8,188 | 133,656 | 21,448 | 377,806 | |
Class R2 | (17,202) | (279,982) | 6,404 | 138,037 | |
Class R3 | (320,640) | (5,323,570) | 110,174 | 1,934,618 | |
Class R4 | (101,440) | (1,681,865) | 18,986 | 380,726 | |
Class R6 | (160,866) | (2,661,060) | 577,862 | 11,602,051 | |
(9,301,041) | $(151,511,199) | (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 | $494,141,170 | $510,892,090 | $5,042 | $388 | $18,638,618 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $1,128,561 | $— |
We have audited the accompanying statement of assets and liabilities of MFS Global Total Return Fund (the “Fund”) (one of the funds constituting MFS Series Trust VI (the “Trust”)), including the portfolio of investments, as of October 31, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust VI) at October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
December 14, 2023
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
INTERESTED TRUSTEE | ||||||||||
Michael W. Roberge (k) (age 57) | Trustee | January 2021 | 136 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | |||||
INDEPENDENT TRUSTEES | ||||||||||
John P. Kavanaugh (age 69) | Trustee and Chair of Trustees | January 2009 | 136 | Private investor | N/A | |||||
Steven E. Buller (age 72) | Trustee | February 2014 | 136 | Private investor | N/A | |||||
John A. Caroselli (age 69) | Trustee | March 2017 | 136 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | |||||
Maureen R. Goldfarb (age 68) | Trustee | January 2009 | 136 | Private investor | N/A | |||||
Peter D. Jones (age 68) | Trustee | January 2019 | 136 | Private investor | N/A | |||||
James W. Kilman, Jr. (age 62) | Trustee | January 2019 | 136 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds overseen by the Trustee | Principal Occupations During the Past Five Years | Other Directorships During the Past Five Years (j) | |||||
Clarence Otis, Jr. (age 67) | Trustee | March 2017 | 136 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | |||||
Maryanne L. Roepke (age 67) | Trustee | May 2014 | 136 | Private investor | N/A | |||||
Laurie J. Thomsen (age 66) | Trustee | March 2005 | 136 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
OFFICERS | ||||||||
Christopher R. Bohane (k) (age 49) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel | ||||
Kino Clark (k) (age 55) | Assistant Treasurer | January 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
John W. Clark, Jr. (k) (age 56) | Assistant Treasurer | April 2017 | 136 | Massachusetts Financial Services Company, Vice President | ||||
David L. DiLorenzo (k) (age 55) | President | July 2005 | 136 | Massachusetts Financial Services Company, Senior Vice President | ||||
Heidi W. Hardin (k) (age 56) | Secretary and Clerk | April 2017 | 136 | Massachusetts Financial Services Company, Executive Vice President and General Counsel | ||||
Brian E. Langenfeld (k) (age 50) | Assistant Secretary and Assistant Clerk | June 2006 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Number of MFS Funds for which the Person is an Officer | Principal Occupations During the Past Five Years | ||||
Rosa E. Licea-Mailloux (k) (age 47) | Chief Compliance Officer | March 2022 | 136 | Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018) | ||||
Amanda S. Mooradian (k) (age 44) | Assistant Secretary and Assistant Clerk | September 2018 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
Susan A. Pereira (k) (age 53) | Assistant Secretary and Assistant Clerk | July 2005 | 136 | Massachusetts Financial Services Company, Vice President and Managing Counsel | ||||
Kasey L. Phillips (k) (age 52) | Assistant Treasurer | September 2012 | 136 | Massachusetts Financial Services Company, Vice President | ||||
Matthew A. Stowe (k) (age 49) | Assistant Secretary and Assistant Clerk | October 2014 | 136 | Massachusetts Financial Services Company, Vice President and Senior Managing Counsel | ||||
William B. Wilson (k) (age 41) | Assistant Secretary and Assistant Clerk | October 2022 | 136 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | ||||
James O. Yost (k) (age 63) | Treasurer | September 1990 | 136 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 | JPMorgan Chase Bank, NA 4 Metrotech Center New York, NY 11245 |
Distributor | Independent Registered Public Accounting Firm |
MFS Fund Distributors, Inc. 111 Huntington Avenue Boston, MA 02199-7618 | Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
Portfolio Manager(s) | |
Pilar Gomez-Bravo Steven Gorham Andy Li John Mitchell Johnathan Munko Jonathan Sage David Shindler Robert Spector Erik Weisman |
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does MFS share? | Can you limit this sharing? |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes – to offer our products and services to you | No | We don't share |
For joint marketing with other financial companies | No | We don't share |
For our affiliates' everyday business purposes – information about your transactions and experiences | No | We don't share |
For our affiliates' everyday business purposes – information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? | We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code's definition enumerated in paragraph
(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
A copy of the Code is attached hereto as EX-99.COE.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller, Kilman, and Otis and Ms. Roepke are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Ernst & Young LLP ("E&Y") to serve as independent accountants to the series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to each Fund's investment adviser, Massachusetts Financial Services Company ("MFS") and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").
For the fiscal years ended October 31, 2023 and 2022, audit fees billed to each Fund by E&Y were as follows:
Fees billed by E&Y: |
| Audit Fees | |
| 2023 |
| 2022 |
MFS Global Equity Fund | 61,404 |
| 56,811 |
MFS Global Total Return Fund | 71,665 |
| 66,294 |
MFS Utilities Fund | 56,148 |
| 51,953 |
Total | 189,217 |
| 175,058 |
For the fiscal years ended October 31, 2023 and 2022, fees billed by E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
Fees billed by E&Y: | Audit-Related Fees1 |
|
|
| Tax Fees2 |
| All Other Fees3 |
| |||||
| 2023 | 2022 |
|
| 2023 |
| 2022 |
| 2023 | 2022 |
| ||
To MFS Global Equity Fund | 0 | 0 |
|
| 636 |
| 632 |
| 0 | 591 |
| ||
To MFS Global Total Return | 0 | 0 |
|
| 636 |
| 632 |
| 0 | 302 |
| ||
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Utilities Fund | 0 | 0 |
|
| 636 |
| 632 |
| 0 | 523 |
| ||
Total fees billed by E&Y | 0 | 0 |
|
| 1,908 |
| 1,896 |
| 0 | 1,416 |
| ||
To above Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fees billed by E&Y: | Audit-Related Fees1 |
|
| Tax Fees2 |
| All Other Fees3 | |||||||
| 2023 |
| 2022 |
|
| 2023 |
| 2022 |
| 2023 | 2022 |
| |
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Global | 0 |
| 662,511 |
|
| 0 |
| 0 |
| 3,600 | 111,415 |
| |
Equity Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Global | 0 |
| 662,511 |
|
| 0 |
| 0 |
| 3,600 | 111,415 |
| |
Total Return Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related |
|
|
|
|
|
|
|
|
|
|
|
|
|
Entities of MFS Utilities | 0 |
| 662,511 |
|
| 0 |
| 0 |
| 3,600 | 111,415 |
| |
Fund* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fees billed by E&Y: |
|
|
|
|
|
|
| Aggregate fees for non-audit services: | |||||
|
|
|
|
|
|
|
| 2023 |
|
| 2022 | ||
To MFS Global Equity Fund, MFS and |
|
|
|
|
|
| 298,986 |
| 905,579 | ||||
MFS Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Global Total Return Fund, MFS and MFS Related |
|
| 298,986 |
| 905,290 | ||||||||
Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS Utilities Fund, MFS and MFS |
|
|
|
|
|
| 298,986 |
| 905,511 | ||||
Related Entities# |
|
|
|
|
|
|
|
|
|
|
|
|
|
*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).
# This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Fund and for non-audit services rendered to MFS and the MFS Related Entities.
1 The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.
2The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax
distribution and analysis.
3The fees included under "All Other Fees" are fees for products and services provided by E&Y other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees," including fees for services related to review of internal controls and review of Rule 38a-
1 compliance program.
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre- approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Funds and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by- engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.
Item 4(i):
Not applicable.
Item 4(j):
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not Applicable.
ITEM 14. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST VI
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: December 14, 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: December 14, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: December 14, 2023
* Print name and title of each signing officer under his or her signature.