UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
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: May 31*
Date of reporting period: November 30, 2023
*This Form N-CSR pertains to the following series of the Registrant: MFS Aggressive Growth Allocation Fund, MFS Blended Research Growth Equity Fund, MFS Blended Research Small Cap Equity Fund, MFS Blended Research Value Equity Fund, MFS Blended Research Mid Cap Equity Fund, MFS Conservative Allocation Fund, MFS Emerging Markets Equity Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS International Growth Fund, MFS International Intrinsic Value Fund, MFS International Large Cap Value Fund, MFS Managed Wealth Fund, and MFS Moderate Allocation Fund. The remaining series of the Registrant have fiscal year ends other than May 31.
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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5 | |
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back cover |
MFS Total Return Bond Fund | 14.8% |
MFS Inflation-Adjusted Bond Fund | 9.8% |
MFS Limited Maturity Fund | 9.7% |
MFS Government Securities Fund | 9.7% |
MFS Global Opportunistic Bond Fund | 7.0% |
MFS Value Fund | 6.1% |
MFS Research Fund | 5.6% |
MFS Growth Fund | 5.5% |
MFS Mid Cap Growth Fund | 4.1% |
MFS Mid Cap Value Fund | 4.1% |
MFS High Income Fund | 4.0% |
MFS Research International Fund | 3.6% |
MFS Global Real Estate Fund | 2.1% |
MFS Emerging Markets Debt Fund | 2.0% |
MFS Emerging Markets Debt Local Currency Fund | 2.0% |
MFS Commodity Strategy Fund | 1.9% |
MFS International Intrinsic Value Fund | 1.5% |
MFS International Growth Fund | 1.5% |
MFS International Large Cap Value Fund | 1.5% |
MFS New Discovery Value Fund | 1.0% |
MFS New Discovery Fund | 1.0% |
Cash & Cash Equivalents | 1.5% |
MFS Government Securities Fund | 9.6% |
MFS Total Return Bond Fund | 8.7% |
MFS Value Fund | 8.1% |
MFS Research Fund | 7.6% |
MFS Growth Fund | 7.5% |
MFS Mid Cap Growth Fund | 7.2% |
MFS Mid Cap Value Fund | 7.1% |
MFS Inflation-Adjusted Bond Fund | 6.8% |
MFS Research International Fund | 5.1% |
MFS Global Opportunistic Bond Fund | 4.9% |
MFS High Income Fund | 4.0% |
MFS Global Real Estate Fund | 3.1% |
MFS Emerging Markets Debt Fund | 3.0% |
MFS Commodity Strategy Fund | 2.8% |
MFS International Intrinsic Value Fund | 2.0% |
MFS International Growth Fund | 2.0% |
MFS International Large Cap Value Fund | 2.0% |
MFS Emerging Markets Debt Local Currency Fund | 2.0% |
MFS New Discovery Value Fund | 1.5% |
MFS New Discovery Fund | 1.5% |
MFS International New Discovery Fund | 1.0% |
MFS Emerging Markets Equity Fund | 1.0% |
Cash & Cash Equivalents | 1.5% |
MFS Value Fund | 10.0% |
MFS Research Fund | 9.6% |
MFS Growth Fund | 9.5% |
MFS Mid Cap Growth Fund | 9.2% |
MFS Mid Cap Value Fund | 9.1% |
MFS Research International Fund | 7.0% |
MFS Inflation-Adjusted Bond Fund | 4.8% |
MFS Global Real Estate Fund | 4.1% |
MFS High Income Fund | 3.9% |
MFS Commodity Strategy Fund | 3.8% |
MFS International Intrinsic Value Fund | 3.0% |
MFS International Growth Fund | 3.0% |
MFS International Large Cap Value Fund | 3.0% |
MFS Emerging Markets Debt Fund | 3.0% |
MFS Global Opportunistic Bond Fund | 3.0% |
MFS Total Return Bond Fund | 2.7% |
MFS International New Discovery Fund | 2.0% |
MFS New Discovery Value Fund | 2.0% |
MFS Emerging Markets Debt Local Currency Fund | 2.0% |
MFS New Discovery Fund | 2.0% |
MFS Emerging Markets Equity Fund | 2.0% |
Cash & Cash Equivalents | 1.3% |
MFS Value Fund | 11.9% |
MFS Growth Fund | 11.5% |
MFS Research Fund | 10.5% |
MFS Mid Cap Growth Fund | 10.2% |
MFS Mid Cap Value Fund | 10.1% |
MFS Research International Fund | 7.9% |
MFS Global Real Estate Fund | 5.1% |
MFS International Intrinsic Value Fund | 5.0% |
MFS International Growth Fund | 5.0% |
MFS International Large Cap Value Fund | 5.0% |
MFS Commodity Strategy Fund | 4.8% |
MFS International New Discovery Fund | 4.0% |
MFS Emerging Markets Equity Fund | 3.0% |
MFS New Discovery Value Fund | 2.5% |
MFS New Discovery Fund | 2.5% |
Cash & Cash Equivalents | 1.0% |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.35% | $1,000.00 | $1,030.59 | $1.78 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.25 | $1.77 | |
B | Actual | 1.09% | $1,000.00 | $1,026.38 | $5.52 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
C | Actual | 1.09% | $1,000.00 | $1,026.38 | $5.52 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
I | Actual | 0.10% | $1,000.00 | $1,031.53 | $0.51 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.50 | $0.51 | |
R1 | Actual | 1.09% | $1,000.00 | $1,026.71 | $5.52 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
R2 | Actual | 0.60% | $1,000.00 | $1,029.00 | $3.04 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.00 | $3.03 | |
R3 | Actual | 0.35% | $1,000.00 | $1,030.18 | $1.78 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.25 | $1.77 | |
R4 | Actual | 0.10% | $1,000.00 | $1,031.21 | $0.51 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.50 | $0.51 | |
R6 | Actual | 0.03% | $1,000.00 | $1,031.86 | $0.15 |
Hypothetical (h) | 0.03% | $1,000.00 | $1,024.85 | $0.15 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.34% | $1,000.00 | $1,042.81 | $1.74 |
Hypothetical (h) | 0.34% | $1,000.00 | $1,023.30 | $1.72 | |
B | Actual | 1.09% | $1,000.00 | $1,038.96 | $5.56 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
C | Actual | 1.09% | $1,000.00 | $1,038.59 | $5.56 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
I | Actual | 0.09% | $1,000.00 | $1,043.90 | $0.46 |
Hypothetical (h) | 0.09% | $1,000.00 | $1,024.55 | $0.46 | |
R1 | Actual | 1.09% | $1,000.00 | $1,038.71 | $5.56 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
R2 | Actual | 0.59% | $1,000.00 | $1,041.50 | $3.01 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.05 | $2.98 | |
R3 | Actual | 0.34% | $1,000.00 | $1,042.63 | $1.74 |
Hypothetical (h) | 0.34% | $1,000.00 | $1,023.30 | $1.72 | |
R4 | Actual | 0.09% | $1,000.00 | $1,044.17 | $0.46 |
Hypothetical (h) | 0.09% | $1,000.00 | $1,024.55 | $0.46 | |
R6 | Actual | 0.02% | $1,000.00 | $1,044.25 | $0.10 |
Hypothetical (h) | 0.02% | $1,000.00 | $1,024.90 | $0.10 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.35% | $1,000.00 | $1,058.33 | $1.80 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.25 | $1.77 | |
B | Actual | 1.10% | $1,000.00 | $1,053.88 | $5.65 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.50 | $5.55 | |
C | Actual | 1.10% | $1,000.00 | $1,053.93 | $5.65 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.50 | $5.55 | |
I | Actual | 0.10% | $1,000.00 | $1,059.44 | $0.51 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.50 | $0.51 | |
R1 | Actual | 1.10% | $1,000.00 | $1,054.02 | $5.65 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.50 | $5.55 | |
R2 | Actual | 0.60% | $1,000.00 | $1,056.64 | $3.08 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.00 | $3.03 | |
R3 | Actual | 0.35% | $1,000.00 | $1,058.00 | $1.80 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.25 | $1.77 | |
R4 | Actual | 0.10% | $1,000.00 | $1,059.26 | $0.51 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.50 | $0.51 | |
R6 | Actual | 0.02% | $1,000.00 | $1,059.87 | $0.10 |
Hypothetical (h) | 0.02% | $1,000.00 | $1,024.90 | $0.10 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.38% | $1,000.00 | $1,065.68 | $1.96 |
Hypothetical (h) | 0.38% | $1,000.00 | $1,023.10 | $1.92 | |
B | Actual | 1.13% | $1,000.00 | $1,062.03 | $5.83 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.35 | $5.70 | |
C | Actual | 1.13% | $1,000.00 | $1,062.30 | $5.83 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.35 | $5.70 | |
I | Actual | 0.13% | $1,000.00 | $1,067.35 | $0.67 |
Hypothetical (h) | 0.13% | $1,000.00 | $1,024.35 | $0.66 | |
R1 | Actual | 1.13% | $1,000.00 | $1,061.78 | $5.82 |
Hypothetical (h) | 1.13% | $1,000.00 | $1,019.35 | $5.70 | |
R2 | Actual | 0.63% | $1,000.00 | $1,064.59 | $3.25 |
Hypothetical (h) | 0.63% | $1,000.00 | $1,021.85 | $3.18 | |
R3 | Actual | 0.38% | $1,000.00 | $1,065.88 | $1.96 |
Hypothetical (h) | 0.38% | $1,000.00 | $1,023.10 | $1.92 | |
R4 | Actual | 0.13% | $1,000.00 | $1,067.31 | $0.67 |
Hypothetical (h) | 0.13% | $1,000.00 | $1,024.35 | $0.66 | |
R6 | Actual | 0.05% | $1,000.00 | $1,067.71 | $0.26 |
Hypothetical (h) | 0.05% | $1,000.00 | $1,024.75 | $0.25 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 99.9% | ||||
Bond Funds – 59.0% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 6,551,227 | $75,077,061 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 13,413,040 | 74,710,632 | ||
MFS Global Opportunistic Bond Fund - Class R6 | 33,277,815 | 260,232,513 | ||
MFS Government Securities Fund - Class R6 | 42,674,654 | 360,600,829 | ||
MFS High Income Fund - Class R6 | 49,849,976 | 148,552,929 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 40,732,526 | 365,778,086 | ||
MFS Limited Maturity Fund - Class R6 | 63,310,509 | 362,136,110 | ||
MFS Total Return Bond Fund - Class R6 | 59,363,347 | 548,517,324 | ||
$2,195,605,484 | ||||
International Stock Funds – 8.1% | ||||
MFS International Growth Fund - Class R6 | 1,427,759 | $56,310,831 | ||
MFS International Intrinsic Value Fund - Class R6 | 1,397,941 | 56,420,903 | ||
MFS International Large Cap Value Fund - Class R6 | 4,307,993 | 56,219,313 | ||
MFS Research International Fund - Class R6 | 6,129,794 | 131,054,989 | ||
$300,006,036 | ||||
Non-Traditional Funds – 4.0% | ||||
MFS Commodity Strategy Fund - Class R6 | 19,476,482 | $70,894,394 | ||
MFS Global Real Estate Fund - Class R6 | 4,844,182 | 76,634,957 | ||
$147,529,351 | ||||
U.S. Stock Funds – 27.4% | ||||
MFS Growth Fund - Class R6 | 1,175,300 | $206,147,627 | ||
MFS Mid Cap Growth Fund - Class R6 (a) | 5,485,163 | 152,322,982 | ||
MFS Mid Cap Value Fund - Class R6 | 5,102,241 | 151,740,652 | ||
MFS New Discovery Fund - Class R6 | 1,404,630 | 37,545,755 | ||
MFS New Discovery Value Fund - Class R6 | 2,228,424 | 37,794,065 | ||
MFS Research Fund - Class R6 | 3,807,294 | 207,535,586 | ||
MFS Value Fund - Class R6 | 4,659,194 | 225,272,039 | ||
$1,018,358,706 | ||||
Money Market Funds – 1.4% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) | 54,431,779 | $54,437,222 | ||
Total Investment Companies (Identified Cost, $3,151,135,156) | $3,715,936,799 | |||
Other Assets, Less Liabilities – 0.1% | 2,046,643 | |||
Net Assets – 100.0% | $3,717,983,442 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 99.9% | ||||
Bond Funds – 39.0% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 16,645,200 | $190,753,996 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 22,786,345 | 126,919,939 | ||
MFS Global Opportunistic Bond Fund - Class R6 | 40,180,332 | 314,210,198 | ||
MFS Government Securities Fund - Class R6 | 72,122,248 | 609,433,000 | ||
MFS High Income Fund - Class R6 | 84,347,340 | 251,355,074 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 48,182,817 | 432,681,692 | ||
MFS Total Return Bond Fund - Class R6 | 59,539,271 | 550,142,863 | ||
$2,475,496,762 | ||||
International Stock Funds – 13.1% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 1,972,308 | $62,956,079 | ||
MFS International Growth Fund - Class R6 | 3,237,539 | 127,688,512 | ||
MFS International Intrinsic Value Fund - Class R6 | 3,171,879 | 128,017,048 | ||
MFS International Large Cap Value Fund - Class R6 | 9,765,623 | 127,441,383 | ||
MFS International New Discovery Fund - Class R6 | 2,056,421 | 64,119,192 | ||
MFS Research International Fund - Class R6 | 14,893,065 | 318,413,735 | ||
$828,635,949 | ||||
Non-Traditional Funds – 5.9% | ||||
MFS Commodity Strategy Fund - Class R6 | 49,447,070 | $179,987,335 | ||
MFS Global Real Estate Fund - Class R6 | 12,380,344 | 195,857,035 | ||
$375,844,370 | ||||
U.S. Stock Funds – 40.5% | ||||
MFS Growth Fund - Class R6 | 2,726,638 | $478,252,271 | ||
MFS Mid Cap Growth Fund - Class R6 (a) | 16,339,392 | 453,744,925 | ||
MFS Mid Cap Value Fund - Class R6 | 15,179,418 | 451,435,901 | ||
MFS New Discovery Fund - Class R6 | 3,575,950 | 95,585,153 | ||
MFS New Discovery Value Fund - Class R6 | 5,684,061 | 96,401,676 | ||
MFS Research Fund - Class R6 | 8,830,916 | 481,373,223 | ||
MFS Value Fund - Class R6 | 10,548,519 | 510,020,878 | ||
$2,566,814,027 | ||||
Money Market Funds – 1.4% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) | 90,894,544 | $90,903,633 | ||
Total Investment Companies (Identified Cost, $4,717,437,701) | $6,337,694,741 | |||
Other Assets, Less Liabilities – 0.1% | 3,885,957 | |||
Net Assets – 100.0% | $6,341,580,698 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
Bond Funds – 19.4% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 15,945,310 | $182,733,248 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 21,865,882 | 121,792,961 | ||
MFS Global Opportunistic Bond Fund - Class R6 | 23,096,880 | 180,617,601 | ||
MFS High Income Fund - Class R6 | 80,836,353 | 240,892,333 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 33,030,277 | 296,611,891 | ||
MFS Total Return Bond Fund - Class R6 | 17,923,390 | 165,612,125 | ||
$1,188,260,159 | ||||
International Stock Funds – 20.0% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 3,776,971 | $120,560,896 | ||
MFS International Growth Fund - Class R6 | 4,673,936 | 184,340,033 | ||
MFS International Intrinsic Value Fund - Class R6 | 4,580,777 | 184,880,174 | ||
MFS International Large Cap Value Fund - Class R6 | 14,053,567 | 183,399,053 | ||
MFS International New Discovery Fund - Class R6 | 3,958,272 | 123,418,914 | ||
MFS Research International Fund - Class R6 | 20,046,335 | 428,590,640 | ||
$1,225,189,710 | ||||
Non-Traditional Funds – 7.9% | ||||
MFS Commodity Strategy Fund - Class R6 | 63,489,134 | $231,100,449 | ||
MFS Global Real Estate Fund - Class R6 | 15,955,432 | 252,414,929 | ||
$483,515,378 | ||||
U.S. Stock Funds – 51.4% | ||||
MFS Growth Fund - Class R6 | 3,329,593 | $584,010,670 | ||
MFS Mid Cap Growth Fund - Class R6 (a) | 20,305,551 | 563,885,154 | ||
MFS Mid Cap Value Fund - Class R6 | 18,728,662 | 556,990,403 | ||
MFS New Discovery Fund - Class R6 | 4,555,841 | 121,777,627 | ||
MFS New Discovery Value Fund - Class R6 | 7,270,456 | 123,306,938 | ||
MFS Research Fund - Class R6 | 10,760,067 | 586,531,237 | ||
MFS Value Fund - Class R6 | 12,616,166 | 609,991,617 | ||
$3,146,493,646 | ||||
Money Market Funds – 1.3% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) | 75,836,549 | $75,844,133 | ||
Total Investment Companies (Identified Cost, $3,956,316,742) | $6,119,303,026 | |||
Other Assets, Less Liabilities – 0.0% | 1,891,349 | |||
Net Assets – 100.0% | $6,121,194,375 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
International Stock Funds – 29.9% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 2,363,207 | $75,433,572 | ||
MFS International Growth Fund - Class R6 | 3,226,502 | 127,253,233 | ||
MFS International Intrinsic Value Fund - Class R6 | 3,160,423 | 127,554,674 | ||
MFS International Large Cap Value Fund - Class R6 | 9,716,242 | 126,796,962 | ||
MFS International New Discovery Fund - Class R6 | 3,278,533 | 102,224,637 | ||
MFS Research International Fund - Class R6 | 9,494,377 | 202,989,786 | ||
$762,252,864 | ||||
Non-Traditional Funds – 9.9% | ||||
MFS Commodity Strategy Fund - Class R6 | 33,651,795 | $122,492,535 | ||
MFS Global Real Estate Fund - Class R6 | 8,269,467 | 130,822,964 | ||
$253,315,499 | ||||
U.S. Stock Funds – 59.2% | ||||
MFS Growth Fund - Class R6 | 1,673,086 | $293,459,357 | ||
MFS Mid Cap Growth Fund - Class R6 (a) | 9,344,506 | 259,496,927 | ||
MFS Mid Cap Value Fund - Class R6 | 8,627,547 | 256,583,239 | ||
MFS New Discovery Fund - Class R6 | 2,378,768 | 63,584,470 | ||
MFS New Discovery Value Fund - Class R6 | 3,771,471 | 63,964,158 | ||
MFS Research Fund - Class R6 | 4,930,092 | 268,739,324 | ||
MFS Value Fund - Class R6 | 6,306,164 | 304,903,011 | ||
$1,510,730,486 | ||||
Money Market Funds – 1.0% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) | 25,956,412 | $25,959,007 | ||
Total Investment Companies (Identified Cost, $1,496,544,958) | $2,552,257,856 | |||
Other Assets, Less Liabilities – 0.0% | 812,291 | |||
Net Assets – 100.0% | $2,553,070,147 |
(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 each fund’s investments in affiliated issuers were as follows: |
Affiliated Issuers | |
MFS Conservative Allocation Fund | $3,715,936,799 |
MFS Moderate Allocation Fund | 6,337,694,741 |
MFS Growth Allocation Fund | 6,119,303,026 |
MFS Aggressive Growth Allocation Fund | 2,552,257,856 |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Assets | ||||
Investments in affiliated issuers, at value (identified cost, $3,151,135,156, $4,717,437,701, $3,956,316,742, and $1,496,544,958, respectively) | $3,715,936,799 | $6,337,694,741 | $6,119,303,026 | $2,552,257,856 |
Receivables for | ||||
Investments sold | 2,866,650 | 5,804,033 | 1,221,323 | 750,889 |
Fund shares sold | 6,208,317 | 10,211,054 | 12,295,429 | 7,173,579 |
Receivable from investment adviser | — | 46,508 | 78,241 | 11,982 |
Other assets | — | 5,234 | — | 605 |
Total assets | $3,725,011,766 | $6,353,761,570 | $6,132,898,019 | $2,560,194,911 |
Liabilities | ||||
Payables for | ||||
Investments purchased | $318,382 | $2,373,400 | $5,570,495 | $4,810,202 |
Fund shares reacquired | 5,971,179 | 8,571,466 | 4,901,695 | 1,792,697 |
Payable to affiliates | ||||
Administrative services fee | 96 | 96 | 96 | 96 |
Shareholder servicing costs | 605,096 | 1,045,550 | 1,045,727 | 435,409 |
Distribution and service fees | 52,112 | 92,231 | 88,045 | 36,413 |
Payable for independent Trustees' compensation | 492 | 204 | 7 | — |
Accrued expenses and other liabilities | 80,967 | 97,925 | 97,579 | 49,947 |
Total liabilities | $7,028,324 | $12,180,872 | $11,703,644 | $7,124,764 |
Net assets | $3,717,983,442 | $6,341,580,698 | $6,121,194,375 | $2,553,070,147 |
Net assets consist of | ||||
Paid-in capital | $3,210,952,893 | $4,704,303,412 | $3,919,423,434 | $1,486,441,590 |
Total distributable earnings (loss) | 507,030,549 | 1,637,277,286 | 2,201,770,941 | 1,066,628,557 |
Net assets | $3,717,983,442 | $6,341,580,698 | $6,121,194,375 | $2,553,070,147 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Net assets | ||||
Class A | $2,589,212,346 | $4,767,312,667 | $4,428,248,790 | $1,499,670,667 |
Class B | 14,184,575 | 34,420,402 | 39,272,481 | 17,837,342 |
Class C | 251,791,834 | 370,232,341 | 386,337,033 | 224,127,377 |
Class I | 385,236,587 | 409,803,336 | 416,857,109 | 263,998,744 |
Class R1 | 9,664,638 | 19,680,523 | 16,564,166 | 13,271,084 |
Class R2 | 38,455,160 | 86,813,921 | 101,786,398 | 48,321,407 |
Class R3 | 71,381,631 | 153,803,100 | 109,179,610 | 79,435,376 |
Class R4 | 260,958,017 | 231,547,884 | 282,751,114 | 153,714,305 |
Class R6 | 97,098,654 | 267,966,524 | 340,197,674 | 252,693,845 |
Total net assets | $3,717,983,442 | $6,341,580,698 | $6,121,194,375 | $2,553,070,147 |
Shares of beneficial interest outstanding | ||||
Class A | 161,661,102 | 254,800,176 | 193,752,458 | 54,686,661 |
Class B | 889,008 | 1,865,817 | 1,730,560 | 663,691 |
Class C | 15,997,871 | 20,275,905 | 17,337,479 | 8,480,953 |
Class I | 23,780,795 | 21,520,263 | 17,991,594 | 9,410,259 |
Class R1 | 629,616 | 1,108,673 | 764,633 | 511,339 |
Class R2 | 2,484,938 | 4,769,188 | 4,585,778 | 1,809,950 |
Class R3 | 4,500,661 | 8,300,554 | 4,826,060 | 2,922,491 |
Class R4 | 16,275,154 | 12,388,106 | 12,360,347 | 5,571,519 |
Class R6 | 5,993,413 | 14,071,607 | 14,670,129 | 9,002,550 |
Total shares of beneficial interest outstanding | 232,212,558 | 339,100,289 | 268,019,038 | 93,059,413 |
Class A shares | ||||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $16.02 | $18.71 | $22.86 | $27.42 |
Offering price per share (100 / 94.25 x net asset value per share) | $17.00 | $19.85 | $24.25 | $29.09 |
Class B shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $15.96 | $18.45 | $22.69 | $26.88 |
Class C shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $15.74 | $18.26 | $22.28 | $26.43 |
Class I shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.20 | $19.04 | $23.17 | $28.05 |
Class R1 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $15.35 | $17.75 | $21.66 | $25.95 |
Class R2 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $15.48 | $18.20 | $22.20 | $26.70 |
Class R3 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $15.86 | $18.53 | $22.62 | $27.18 |
Class R4 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.03 | $18.69 | $22.88 | $27.59 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Class R6 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $16.20 | $19.04 | $23.19 | $28.07 |
On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Net investment income (loss) | ||||
Dividends from affiliated issuers | $53,045,360 | $64,833,100 | $39,261,642 | $3,956,728 |
Other | 1,034 | 1,614 | 1,511 | 645 |
Total investment income | $53,046,394 | $64,834,714 | $39,263,153 | $3,957,373 |
Expenses | ||||
Distribution and service fees | $4,902,176 | $8,579,926 | $8,130,348 | $3,343,817 |
Shareholder servicing costs | 1,433,812 | 2,671,393 | 2,869,692 | 1,282,475 |
Administrative services fee | 8,749 | 8,749 | 8,749 | 8,749 |
Independent Trustees' compensation | 31,486 | 51,785 | 49,217 | 20,839 |
Custodian fee | 37,361 | 55,308 | 49,190 | 20,952 |
Shareholder communications | 69,378 | 125,056 | 151,395 | 68,809 |
Audit and tax fees | 22,859 | 22,909 | 22,585 | 22,261 |
Legal fees | 10,483 | 16,908 | 15,717 | 6,978 |
Miscellaneous | 144,776 | 165,761 | 162,226 | 117,045 |
Total expenses | $6,661,080 | $11,697,795 | $11,459,119 | $4,891,925 |
Reduction of expenses by investment adviser and distributor | (262) | (264,498) | (455,678) | (12,209) |
Net expenses | $6,660,818 | $11,433,297 | $11,003,441 | $4,879,716 |
Net investment income (loss) | $46,385,576 | $53,401,417 | $28,259,712 | $(922,343) |
Realized and unrealized gain (loss) | ||||
Realized gain (loss) (identified cost basis) | ||||
Investments in affiliated issuers | $1,600,404 | $23,721,414 | $(4,157,239) | $(3,898,556) |
Capital gain distributions from affiliated issuers | 727,657 | 1,642,922 | 1,987,173 | 1,033,918 |
Net realized gain (loss) | $2,328,061 | $25,364,336 | $(2,170,066) | $(2,864,638) |
Change in unrealized appreciation or depreciation | ||||
Affiliated issuers | $61,854,247 | $184,104,237 | $312,571,821 | $162,526,404 |
Net realized and unrealized gain (loss) | $64,182,308 | $209,468,573 | $310,401,755 | $159,661,766 |
Change in net assets from operations | $110,567,884 | $262,869,990 | $338,661,467 | $158,739,423 |
Six months ended 11/30/23 (unaudited) | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $46,385,576 | $53,401,417 | $28,259,712 | $(922,343) |
Net realized gain (loss) | 2,328,061 | 25,364,336 | (2,170,066) | (2,864,638) |
Net unrealized gain (loss) | 61,854,247 | 184,104,237 | 312,571,821 | 162,526,404 |
Change in net assets from operations | $110,567,884 | $262,869,990 | $338,661,467 | $158,739,423 |
Total distributions to shareholders | $(39,440,555) | $(44,154,459) | $— | $— |
Change in net assets from fund share transactions | $(153,468,281) | $(177,221,301) | $(151,978,955) | $(25,542,767) |
Total change in net assets | $(82,340,952) | $41,494,230 | $186,682,512 | $133,196,656 |
Net assets | ||||
At beginning of period | 3,800,324,394 | 6,300,086,468 | 5,934,511,863 | 2,419,873,491 |
At end of period | $3,717,983,442 | $6,341,580,698 | $6,121,194,375 | $2,553,070,147 |
Year ended 5/31/23 | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $102,516,487 | $153,223,775 | $131,309,343 | $40,223,816 |
Net realized gain (loss) | (1,585,431) | 89,241,744 | 126,462,302 | 58,804,692 |
Net unrealized gain (loss) | (177,539,829) | (384,454,116) | (382,067,726) | (147,153,319) |
Change in net assets from operations | $(76,608,773) | $(141,988,597) | $(124,296,081) | $(48,124,811) |
Total distributions to shareholders | $(129,292,758) | $(252,540,814) | $(255,517,410) | $(96,901,778) |
Change in net assets from fund share transactions | $(167,373,931) | $(7,651,472) | $132,279,330 | $106,951,553 |
Total change in net assets | $(373,275,462) | $(402,180,883) | $(247,534,161) | $(38,075,036) |
Net assets | ||||
At beginning of period | 4,173,599,856 | 6,702,267,351 | 6,182,046,024 | 2,457,948,527 |
At end of period | $3,800,324,394 | $6,300,086,468 | $5,934,511,863 | $2,419,873,491 |
Six months ended | Year ended | |||||
Class A | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.71 | $16.53 | $18.19 | $15.98 | $15.45 | $15.50 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.20 | $0.42 | $0.51 | $0.26 | $0.33 | $0.35 |
Net realized and unrealized gain (loss) | 0.28 | (0.70) | (1.50) | 2.43 | 0.75 | 0.31 |
Total from investment operations | $0.48 | $(0.28) | $(0.99) | $2.69 | $1.08 | $0.66 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.42) | $(0.47) | $(0.27) | $(0.34) | $(0.35) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.17) | $(0.54) | $(0.67) | $(0.48) | $(0.55) | $(0.71) |
Net asset value, end of period (x) | $16.02 | $15.71 | $16.53 | $18.19 | $15.98 | $15.45 |
Total return (%) (r)(s)(t)(x) | 3.06(n) | (1.61) | (5.80) | 17.04 | 7.07 | 4.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.34 | 0.34 | 0.32 | 0.33 | 0.33 |
Expenses after expense reductions (h) | 0.35(a) | 0.34 | 0.34 | 0.32 | 0.33 | 0.33 |
Net investment income (loss) (l) | 2.48(a) | 2.67 | 2.83 | 1.51 | 2.05 | 2.30 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $2,589,212 | $2,605,100 | $2,760,128 | $2,471,451 | $1,417,121 | $1,294,553 |
Six months ended | Year ended | |||||
Class B | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.65 | $16.44 | $18.09 | $15.89 | $15.35 | $15.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.14 | $0.30 | $0.36 | $0.13 | $0.21 | $0.24 |
Net realized and unrealized gain (loss) | 0.27 | (0.69) | (1.49) | 2.42 | 0.76 | 0.30 |
Total from investment operations | $0.41 | $(0.39) | $(1.13) | $2.55 | $0.97 | $0.54 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.28) | $(0.32) | $(0.14) | $(0.22) | $(0.23) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.10) | $(0.40) | $(0.52) | $(0.35) | $(0.43) | $(0.59) |
Net asset value, end of period (x) | $15.96 | $15.65 | $16.44 | $18.09 | $15.89 | $15.35 |
Total return (%) (r)(s)(t)(x) | 2.64(n) | (2.27) | (6.53) | 16.12 | 6.31 | 3.81 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.09(a) | 1.09 | 1.09 | 1.07 | 1.08 | 1.08 |
Expenses after expense reductions (h) | N/A | 1.09 | 1.09 | 1.07 | 1.08 | 1.08 |
Net investment income (loss) (l) | 1.73(a) | 1.93 | 2.02 | 0.79 | 1.32 | 1.56 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $14,185 | $17,274 | $28,023 | $45,913 | $63,965 | $93,839 |
Six months ended | Year ended | |||||
Class C | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.44 | $16.24 | $17.88 | $15.71 | $15.20 | $15.25 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.13 | $0.30 | $0.37 | $0.14 | $0.20 | $0.23 |
Net realized and unrealized gain (loss) | 0.27 | (0.69) | (1.48) | 2.38 | 0.75 | 0.32 |
Total from investment operations | $0.40 | $(0.39) | $(1.11) | $2.52 | $0.95 | $0.55 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.29) | $(0.33) | $(0.14) | $(0.23) | $(0.24) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.10) | $(0.41) | $(0.53) | $(0.35) | $(0.44) | $(0.60) |
Net asset value, end of period (x) | $15.74 | $15.44 | $16.24 | $17.88 | $15.71 | $15.20 |
Total return (%) (r)(s)(t)(x) | 2.64(n) | (2.31) | (6.50) | 16.15 | 6.24 | 3.88 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.09(a) | 1.09 | 1.09 | 1.07 | 1.08 | 1.08 |
Expenses after expense reductions (h) | 1.09(a) | 1.09 | 1.09 | 1.07 | 1.08 | 1.08 |
Net investment income (loss) (l) | 1.73(a) | 1.92 | 2.07 | 0.80 | 1.30 | 1.55 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $251,792 | $282,608 | $392,290 | $484,043 | $542,274 | $535,354 |
Six months ended | Year ended | |||||
Class I | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.89 | $16.71 | $18.38 | $16.14 | $15.60 | $15.64 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.22 | $0.46 | $0.55 | $0.31 | $0.37 | $0.40 |
Net realized and unrealized gain (loss) | 0.28 | (0.71) | (1.51) | 2.45 | 0.76 | 0.31 |
Total from investment operations | $0.50 | $(0.25) | $(0.96) | $2.76 | $1.13 | $0.71 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.45) | $(0.51) | $(0.31) | $(0.38) | $(0.39) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.19) | $(0.57) | $(0.71) | $(0.52) | $(0.59) | $(0.75) |
Net asset value, end of period (x) | $16.20 | $15.89 | $16.71 | $18.38 | $16.14 | $15.60 |
Total return (%) (r)(s)(t)(x) | 3.15(n) | (1.34) | (5.57) | 17.32 | 7.34 | 4.89 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.09 | 0.09 | 0.07 | 0.08 | 0.08 |
Expenses after expense reductions (h) | N/A | N/A | 0.09 | N/A | N/A | N/A |
Net investment income (loss) (l) | 2.73(a) | 2.91 | 3.06 | 1.79 | 2.30 | 2.58 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $385,237 | $400,796 | $508,191 | $519,688 | $400,869 | $367,586 |
Six months ended | Year ended | |||||
Class R1 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.06 | $15.87 | $17.49 | $15.38 | $14.89 | $14.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.13 | $0.29 | $0.35 | $0.13 | $0.20 | $0.23 |
Net realized and unrealized gain (loss) | 0.27 | (0.68) | (1.44) | 2.34 | 0.73 | 0.30 |
Total from investment operations | $0.40 | $(0.39) | $(1.09) | $2.47 | $0.93 | $0.53 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.30) | $(0.33) | $(0.15) | $(0.23) | $(0.24) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.11) | $(0.42) | $(0.53) | $(0.36) | $(0.44) | $(0.60) |
Net asset value, end of period (x) | $15.35 | $15.06 | $15.87 | $17.49 | $15.38 | $14.89 |
Total return (%) (r)(s)(t)(x) | 2.67(n) | (2.38) | (6.51) | 16.18 | 6.27 | 3.83 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.09(a) | 1.09 | 1.09 | 1.07 | 1.08 | 1.08 |
Expenses after expense reductions (h) | N/A | N/A | 1.09 | N/A | N/A | N/A |
Net investment income (loss) (l) | 1.73(a) | 1.94 | 2.03 | 0.78 | 1.31 | 1.53 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $9,665 | $9,884 | $11,188 | $13,269 | $11,468 | $11,465 |
Six months ended | Year ended | |||||
Class R2 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.19 | $15.99 | $17.62 | $15.49 | $14.99 | $15.06 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.17 | $0.37 | $0.44 | $0.21 | $0.28 | $0.31 |
Net realized and unrealized gain (loss) | 0.27 | (0.67) | (1.45) | 2.36 | 0.74 | 0.30 |
Total from investment operations | $0.44 | $(0.30) | $(1.01) | $2.57 | $1.02 | $0.61 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.38) | $(0.42) | $(0.23) | $(0.31) | $(0.32) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.15) | $(0.50) | $(0.62) | $(0.44) | $(0.52) | $(0.68) |
Net asset value, end of period (x) | $15.48 | $15.19 | $15.99 | $17.62 | $15.49 | $14.99 |
Total return (%) (r)(s)(t)(x) | 2.90(n) | (1.79) | (6.06) | 16.75 | 6.81 | 4.34 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.60(a) | 0.59 | 0.59 | 0.57 | 0.58 | 0.58 |
Expenses after expense reductions (h) | N/A | N/A | 0.59 | N/A | 0.58 | 0.58 |
Net investment income (loss) (l) | 2.23(a) | 2.42 | 2.55 | 1.28 | 1.81 | 2.06 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $38,455 | $42,000 | $48,041 | $54,728 | $56,260 | $64,220 |
Six months ended | Year ended | |||||
Class R3 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.56 | $16.37 | $18.02 | $15.84 | $15.31 | $15.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.19 | $0.42 | $0.51 | $0.26 | $0.32 | $0.35 |
Net realized and unrealized gain (loss) | 0.28 | (0.70) | (1.50) | 2.40 | 0.76 | 0.30 |
Total from investment operations | $0.47 | $(0.28) | $(0.99) | $2.66 | $1.08 | $0.65 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.41) | $(0.46) | $(0.27) | $(0.34) | $(0.35) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.17) | $(0.53) | $(0.66) | $(0.48) | $(0.55) | $(0.71) |
Net asset value, end of period (x) | $15.86 | $15.56 | $16.37 | $18.02 | $15.84 | $15.31 |
Total return (%) (r)(s)(t)(x) | 3.02(n) | (1.57) | (5.81) | 16.98 | 7.14 | 4.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.34 | 0.34 | 0.32 | 0.33 | 0.33 |
Expenses after expense reductions (h) | N/A | N/A | 0.34 | N/A | N/A | N/A |
Net investment income (loss) (l) | 2.49(a) | 2.67 | 2.84 | 1.53 | 2.06 | 2.33 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $71,382 | $77,250 | $91,528 | $109,177 | $95,119 | $101,884 |
Six months ended | Year ended | |||||
Class R4 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $15.73 | $16.55 | $18.21 | $15.99 | $15.46 | $15.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.22 | $0.45 | $0.54 | $0.31 | $0.36 | $0.41 |
Net realized and unrealized gain (loss) | 0.27 | (0.69) | (1.49) | 2.43 | 0.76 | 0.29 |
Total from investment operations | $0.49 | $(0.24) | $(0.95) | $2.74 | $1.12 | $0.70 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.46) | $(0.51) | $(0.31) | $(0.38) | $(0.39) |
From net realized gain | — | (0.12) | (0.20) | (0.21) | (0.21) | (0.36) |
Total distributions declared to shareholders | $(0.19) | $(0.58) | $(0.71) | $(0.52) | $(0.59) | $(0.75) |
Net asset value, end of period (x) | $16.03 | $15.73 | $16.55 | $18.21 | $15.99 | $15.46 |
Total return (%) (r)(s)(t)(x) | 3.12(n) | (1.35) | (5.57) | 17.36 | 7.34 | 4.86 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.09 | 0.09 | 0.07 | 0.08 | 0.08 |
Expenses after expense reductions (h) | N/A | N/A | 0.09 | N/A | N/A | N/A |
Net investment income (loss) (l) | 2.73(a) | 2.89 | 3.00 | 1.77 | 2.29 | 2.65 |
Portfolio turnover | 1(n) | 4 | 9 | 6 | 12 | 4 |
Net assets at end of period (000 omitted) | $260,958 | $279,463 | $267,840 | $269,196 | $234,301 | $179,833 |
Six months ended | Year ended | ||
Class R6 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22(i) |
Net asset value, beginning of period | $15.89 | $16.71 | $18.54 |
Income (loss) from investment operations | |||
Net investment income (loss) (d)(l) | $0.22 | $0.47 | $0.16 |
Net realized and unrealized gain (loss) | 0.28 | (0.70) | (1.39) |
Total from investment operations | $0.50 | $(0.23) | $(1.23) |
Less distributions declared to shareholders | |||
From net investment income | $(0.19) | $(0.47) | $(0.40) |
From net realized gain | — | (0.12) | (0.20) |
Total distributions declared to shareholders | $(0.19) | $(0.59) | $(0.60) |
Net asset value, end of period (x) | $16.20 | $15.89 | $16.71 |
Total return (%) (r)(s)(t)(x) | 3.19(n) | (1.27) | (6.95)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (h) | 0.03(a) | 0.03 | 0.04(a) |
Expenses after expense reductions (h) | N/A | N/A | 0.03(a) |
Net investment income (loss) (l) | 2.79(a) | 2.95 | 1.44(a) |
Portfolio turnover | 1(n) | 4 | 9 |
Net assets at end of period (000 omitted) | $97,099 | $85,950 | $66,370 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $18.07 | $19.22 | $21.57 | $18.02 | $17.56 | $17.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.16 | $0.44 | $0.63 | $0.25 | $0.33 | $0.37 |
Net realized and unrealized gain (loss) | 0.61 | (0.85) | (1.79) | 4.04 | 0.97 | 0.30 |
Total from investment operations | $0.77 | $(0.41) | $(1.16) | $4.29 | $1.30 | $0.67 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.45) | $(0.61) | $(0.24) | $(0.34) | $(0.37) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.13) | $(0.74) | $(1.19) | $(0.74) | $(0.84) | $(0.99) |
Net asset value, end of period (x) | $18.71 | $18.07 | $19.22 | $21.57 | $18.02 | $17.56 |
Total return (%) (r)(s)(t)(x) | 4.28(n) | (1.99) | (5.96) | 24.18 | 7.35 | 4.25 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.34 | 0.36 | 0.33 | 0.34 | 0.34 |
Expenses after expense reductions (h) | 0.34(a) | 0.33 | 0.35 | 0.33 | 0.34 | 0.34 |
Net investment income (loss) (l) | 1.70(a) | 2.44 | 2.99 | 1.23 | 1.79 | 2.09 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $4,767,313 | $4,676,731 | $4,812,425 | $4,687,031 | $3,173,202 | $3,038,919 |
Six months ended | Year ended | |||||
Class B | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $17.81 | $18.93 | $21.28 | $17.79 | $17.33 | $17.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.09 | $0.31 | $0.46 | $0.10 | $0.19 | $0.24 |
Net realized and unrealized gain (loss) | 0.60 | (0.84) | (1.76) | 3.99 | 0.97 | 0.30 |
Total from investment operations | $0.69 | $(0.53) | $(1.30) | $4.09 | $1.16 | $0.54 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.05) | $(0.30) | $(0.47) | $(0.10) | $(0.20) | $(0.24) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.05) | $(0.59) | $(1.05) | $(0.60) | $(0.70) | $(0.86) |
Net asset value, end of period (x) | $18.45 | $17.81 | $18.93 | $21.28 | $17.79 | $17.33 |
Total return (%) (r)(s)(t)(x) | 3.90(n) | (2.69) | (6.67) | 23.24 | 6.57 | 3.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.09 | 1.11 | 1.08 | 1.09 | 1.09 |
Expenses after expense reductions (h) | 1.09(a) | 1.08 | 1.10 | 1.08 | 1.09 | 1.09 |
Net investment income (loss) (l) | 0.95(a) | 1.71 | 2.20 | 0.50 | 1.05 | 1.36 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $34,420 | $43,399 | $69,914 | $116,059 | $149,969 | $210,011 |
Six months ended | Year ended | |||||
Class C | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $17.64 | $18.76 | $21.10 | $17.65 | $17.21 | $17.53 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.09 | $0.30 | $0.46 | $0.10 | $0.18 | $0.23 |
Net realized and unrealized gain (loss) | 0.59 | (0.83) | (1.75) | 3.95 | 0.97 | 0.31 |
Total from investment operations | $0.68 | $(0.53) | $(1.29) | $4.05 | $1.15 | $0.54 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.30) | $(0.47) | $(0.10) | $(0.21) | $(0.24) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.06) | $(0.59) | $(1.05) | $(0.60) | $(0.71) | $(0.86) |
Net asset value, end of period (x) | $18.26 | $17.64 | $18.76 | $21.10 | $17.65 | $17.21 |
Total return (%) (r)(s)(t)(x) | 3.86(n) | (2.67) | (6.66) | 23.19 | 6.55 | 3.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.09 | 1.11 | 1.08 | 1.09 | 1.09 |
Expenses after expense reductions (h) | 1.09(a) | 1.08 | 1.10 | 1.08 | 1.09 | 1.09 |
Net investment income (loss) (l) | 0.95(a) | 1.70 | 2.22 | 0.53 | 1.04 | 1.34 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $370,232 | $403,805 | $537,508 | $721,781 | $874,127 | $917,199 |
Six months ended | Year ended | |||||
Class I | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $18.39 | $19.55 | $21.91 | $18.29 | $17.81 | $18.12 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.18 | $0.50 | $0.70 | $0.30 | $0.37 | $0.42 |
Net realized and unrealized gain (loss) | 0.62 | (0.88) | (1.82) | 4.11 | 1.00 | 0.31 |
Total from investment operations | $0.80 | $(0.38) | $(1.12) | $4.41 | $1.37 | $0.73 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.49) | $(0.66) | $(0.29) | $(0.39) | $(0.42) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.15) | $(0.78) | $(1.24) | $(0.79) | $(0.89) | $(1.04) |
Net asset value, end of period (x) | $19.04 | $18.39 | $19.55 | $21.91 | $18.29 | $17.81 |
Total return (%) (r)(s)(t)(x) | 4.39(n) | (1.76) | (5.69) | 24.49 | 7.62 | 4.51 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.09 | 0.11 | 0.08 | 0.09 | 0.09 |
Expenses after expense reductions (h) | 0.09(a) | 0.08 | 0.10 | N/A | N/A | N/A |
Net investment income (loss) (l) | 1.95(a) | 2.69 | 3.26 | 1.50 | 2.04 | 2.35 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $409,803 | $416,670 | $448,966 | $476,798 | $310,815 | $275,276 |
Six months ended | Year ended | |||||
Class R1 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $17.15 | $18.27 | $20.58 | $17.23 | $16.83 | $17.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.08 | $0.29 | $0.45 | $0.09 | $0.18 | $0.23 |
Net realized and unrealized gain (loss) | 0.58 | (0.81) | (1.70) | 3.87 | 0.93 | 0.30 |
Total from investment operations | $0.66 | $(0.52) | $(1.25) | $3.96 | $1.11 | $0.53 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.31) | $(0.48) | $(0.11) | $(0.21) | $(0.25) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.06) | $(0.60) | $(1.06) | $(0.61) | $(0.71) | $(0.87) |
Net asset value, end of period (x) | $17.75 | $17.15 | $18.27 | $20.58 | $17.23 | $16.83 |
Total return (%) (r)(s)(t)(x) | 3.87(n) | (2.70) | (6.65) | 23.25 | 6.49 | 3.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.10(a) | 1.09 | 1.11 | 1.08 | 1.09 | 1.09 |
Expenses after expense reductions (h) | 1.09(a) | 1.08 | 1.10 | N/A | 1.09 | 1.09 |
Net investment income (loss) (l) | 0.95(a) | 1.69 | 2.21 | 0.49 | 1.03 | 1.37 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $19,681 | $21,036 | $25,035 | $26,919 | $24,120 | $26,171 |
Six months ended | Year ended | |||||
Class R2 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $17.58 | $18.72 | $21.04 | $17.59 | $17.16 | $17.49 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.13 | $0.39 | $0.56 | $0.20 | $0.27 | $0.32 |
Net realized and unrealized gain (loss) | 0.60 | (0.84) | (1.74) | 3.95 | 0.96 | 0.30 |
Total from investment operations | $0.73 | $(0.45) | $(1.18) | $4.15 | $1.23 | $0.62 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.40) | $(0.56) | $(0.20) | $(0.30) | $(0.33) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.11) | $(0.69) | $(1.14) | $(0.70) | $(0.80) | $(0.95) |
Net asset value, end of period (x) | $18.20 | $17.58 | $18.72 | $21.04 | $17.59 | $17.16 |
Total return (%) (r)(s)(t)(x) | 4.15(n) | (2.24) | (6.20) | 23.88 | 7.06 | 4.02 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.60(a) | 0.59 | 0.61 | 0.58 | 0.59 | 0.59 |
Expenses after expense reductions (h) | 0.59(a) | 0.58 | 0.60 | 0.58 | 0.59 | 0.59 |
Net investment income (loss) (l) | 1.45(a) | 2.18 | 2.70 | 1.01 | 1.53 | 1.84 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $86,814 | $94,299 | $107,117 | $128,654 | $124,725 | $136,699 |
Six months ended | Year ended | |||||
Class R3 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $17.90 | $19.04 | $21.38 | $17.86 | $17.41 | $17.74 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.16 | $0.44 | $0.63 | $0.25 | $0.33 | $0.37 |
Net realized and unrealized gain (loss) | 0.60 | (0.85) | (1.78) | 4.01 | 0.96 | 0.29 |
Total from investment operations | $0.76 | $(0.41) | $(1.15) | $4.26 | $1.29 | $0.66 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.44) | $(0.61) | $(0.24) | $(0.34) | $(0.37) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.13) | $(0.73) | $(1.19) | $(0.74) | $(0.84) | $(0.99) |
Net asset value, end of period (x) | $18.53 | $17.90 | $19.04 | $21.38 | $17.86 | $17.41 |
Total return (%) (r)(s)(t)(x) | 4.26(n) | (1.96) | (5.97) | 24.21 | 7.35 | 4.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.35(a) | 0.34 | 0.36 | 0.33 | 0.34 | 0.34 |
Expenses after expense reductions (h) | 0.34(a) | 0.33 | 0.35 | N/A | N/A | 0.34 |
Net investment income (loss) (l) | 1.71(a) | 2.44 | 2.97 | 1.24 | 1.83 | 2.09 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $153,803 | $163,134 | $196,975 | $250,644 | $219,996 | $270,597 |
Six months ended | Year ended | |||||
Class R4 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $18.05 | $19.20 | $21.55 | $18.00 | $17.54 | $17.86 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.18 | $0.49 | $0.69 | $0.30 | $0.37 | $0.44 |
Net realized and unrealized gain (loss) | 0.61 | (0.86) | (1.80) | 4.04 | 0.98 | 0.28 |
Total from investment operations | $0.79 | $(0.37) | $(1.11) | $4.34 | $1.35 | $0.72 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.49) | $(0.66) | $(0.29) | $(0.39) | $(0.42) |
From net realized gain | — | (0.29) | (0.58) | (0.50) | (0.50) | (0.62) |
Total distributions declared to shareholders | $(0.15) | $(0.78) | $(1.24) | $(0.79) | $(0.89) | $(1.04) |
Net asset value, end of period (x) | $18.69 | $18.05 | $19.20 | $21.55 | $18.00 | $17.54 |
Total return (%) (r)(s)(t)(x) | 4.42(n) | (1.74) | (5.74) | 24.50 | 7.62 | 4.52 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.10(a) | 0.09 | 0.11 | 0.08 | 0.09 | 0.09 |
Expenses after expense reductions (h) | 0.09(a) | 0.08 | 0.10 | N/A | N/A | N/A |
Net investment income (loss) (l) | 1.96(a) | 2.72 | 3.24 | 1.49 | 2.04 | 2.50 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 8 | 2 |
Net assets at end of period (000 omitted) | $231,548 | $247,048 | $296,478 | $334,080 | $252,825 | $210,597 |
Six months ended | Year ended | ||
Class R6 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22(i) |
Net asset value, beginning of period | $18.39 | $19.55 | $22.22 |
Income (loss) from investment operations | |||
Net investment income (loss) (d)(l) | $0.19 | $0.51 | $0.15 |
Net realized and unrealized gain (loss) | 0.62 | (0.88) | (1.67) |
Total from investment operations | $0.81 | $(0.37) | $(1.52) |
Less distributions declared to shareholders | |||
From net investment income | $(0.16) | $(0.50) | $(0.57) |
From net realized gain | — | (0.29) | (0.58) |
Total distributions declared to shareholders | $(0.16) | $(0.79) | $(1.15) |
Net asset value, end of period (x) | $19.04 | $18.39 | $19.55 |
Total return (%) (r)(s)(t)(x) | 4.43(n) | (1.69) | (7.39)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (h) | 0.03(a) | 0.03 | 0.03(a) |
Expenses after expense reductions (h) | 0.02(a) | 0.02 | 0.02(a) |
Net investment income (loss) (l) | 2.02(a) | 2.74 | 1.12(a) |
Portfolio turnover | 3(n) | 2 | 11 |
Net assets at end of period (000 omitted) | $267,967 | $233,967 | $207,850 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $21.60 | $23.06 | $26.18 | $20.57 | $20.26 | $20.87 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.11 | $0.49 | $0.83 | $0.23 | $0.33 | $0.38 |
Net realized and unrealized gain (loss) | 1.15 | (0.99) | (2.10) | 6.25 | 1.03 | 0.21 |
Total from investment operations | $1.26 | $(0.50) | $(1.27) | $6.48 | $1.36 | $0.59 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.48) | $(0.83) | $(0.23) | $(0.34) | $(0.39) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(0.96) | $(1.85) | $(0.87) | $(1.05) | $(1.20) |
Net asset value, end of period (x) | $22.86 | $21.60 | $23.06 | $26.18 | $20.57 | $20.26 |
Total return (%) (r)(s)(t)(x) | 5.83(n) | (1.97) | (5.64) | 31.90 | 6.41 | 3.58 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.36 | 0.37 | 0.35 | 0.36 | 0.36 |
Expenses after expense reductions (h) | 0.35(a) | 0.34 | 0.35 | 0.35 | 0.35 | 0.35 |
Net investment income (loss) (l) | 0.95(a) | 2.25 | 3.24 | 0.96 | 1.57 | 1.87 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $4,428,249 | $4,249,189 | $4,361,480 | $4,279,764 | $2,944,439 | $2,852,131 |
Six months ended | Year ended | |||||
Class B | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $21.53 | $22.92 | $25.99 | $20.39 | $20.08 | $20.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.02 | $0.33 | $0.63 | $0.05 | $0.17 | $0.23 |
Net realized and unrealized gain (loss) | 1.14 | (0.98) | (2.10) | 6.21 | 1.00 | 0.23 |
Total from investment operations | $1.16 | $(0.65) | $(1.47) | $6.26 | $1.17 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.26) | $(0.58) | $(0.02) | $(0.15) | $(0.22) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(0.74) | $(1.60) | $(0.66) | $(0.86) | $(1.03) |
Net asset value, end of period (x) | $22.69 | $21.53 | $22.92 | $25.99 | $20.39 | $20.08 |
Total return (%) (r)(s)(t)(x) | 5.39(n) | (2.69) | (6.36) | 30.98 | 5.56 | 2.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.11 | 1.12 | 1.10 | 1.11 | 1.11 |
Expenses after expense reductions (h) | 1.10(a) | 1.09 | 1.10 | 1.10 | 1.10 | 1.10 |
Net investment income (loss) (l) | 0.20(a) | 1.52 | 2.46 | 0.23 | 0.83 | 1.13 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $39,272 | $46,181 | $69,836 | $109,514 | $126,962 | $177,893 |
Six months ended | Year ended | |||||
Class C | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $21.14 | $22.55 | $25.63 | $20.12 | $19.85 | $20.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.02 | $0.32 | $0.62 | $0.06 | $0.17 | $0.23 |
Net realized and unrealized gain (loss) | 1.12 | (0.95) | (2.07) | 6.12 | 0.99 | 0.22 |
Total from investment operations | $1.14 | $(0.63) | $(1.45) | $6.18 | $1.16 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.30) | $(0.61) | $(0.03) | $(0.18) | $(0.22) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(0.78) | $(1.63) | $(0.67) | $(0.89) | $(1.03) |
Net asset value, end of period (x) | $22.28 | $21.14 | $22.55 | $25.63 | $20.12 | $19.85 |
Total return (%) (r)(s)(t)(x) | 5.39(n) | (2.67) | (6.39) | 30.98 | 5.56 | 2.84 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.11 | 1.12 | 1.10 | 1.11 | 1.11 |
Expenses after expense reductions (h) | 1.10(a) | 1.09 | 1.10 | 1.10 | 1.10 | 1.10 |
Net investment income (loss) (l) | 0.20(a) | 1.51 | 2.46 | 0.26 | 0.82 | 1.13 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $386,337 | $396,612 | $490,305 | $638,016 | $694,541 | $714,230 |
Six months ended | Year ended | |||||
Class I | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $21.87 | $23.33 | $26.47 | $20.78 | $20.45 | $21.06 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.14 | $0.54 | $0.91 | $0.29 | $0.38 | $0.44 |
Net realized and unrealized gain (loss) | 1.16 | (0.98) | (2.13) | 6.33 | 1.05 | 0.21 |
Total from investment operations | $1.30 | $(0.44) | $(1.22) | $6.62 | $1.43 | $0.65 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.54) | $(0.90) | $(0.29) | $(0.39) | $(0.45) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(1.02) | $(1.92) | $(0.93) | $(1.10) | $(1.26) |
Net asset value, end of period (x) | $23.17 | $21.87 | $23.33 | $26.47 | $20.78 | $20.45 |
Total return (%) (r)(s)(t)(x) | 5.94(n) | (1.69) | (5.44) | 32.24 | 6.69 | 3.84 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.11 | 0.12 | 0.10 | 0.11 | 0.11 |
Expenses after expense reductions (h) | 0.10(a) | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 |
Net investment income (loss) (l) | 1.20(a) | 2.47 | 3.50 | 1.23 | 1.80 | 2.13 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $416,857 | $421,284 | $421,692 | $434,119 | $294,213 | $237,232 |
Six months ended | Year ended | |||||
Class R1 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $20.55 | $21.97 | $25.02 | $19.69 | $19.42 | $20.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.02 | $0.32 | $0.62 | $0.05 | $0.16 | $0.23 |
Net realized and unrealized gain (loss) | 1.09 | (0.94) | (2.02) | 5.98 | 0.98 | 0.21 |
Total from investment operations | $1.11 | $(0.62) | $(1.40) | $6.03 | $1.14 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.32) | $(0.63) | $(0.06) | $(0.16) | $(0.23) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(0.80) | $(1.65) | $(0.70) | $(0.87) | $(1.04) |
Net asset value, end of period (x) | $21.66 | $20.55 | $21.97 | $25.02 | $19.69 | $19.42 |
Total return (%) (r)(s)(t)(x) | 5.40(n) | (2.67) | (6.38) | 30.91 | 5.59 | 2.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.11 | 1.12 | 1.10 | 1.11 | 1.11 |
Expenses after expense reductions (h) | 1.10(a) | 1.09 | 1.10 | 1.10 | 1.10 | 1.10 |
Net investment income (loss) (l) | 0.20(a) | 1.53 | 2.53 | 0.21 | 0.82 | 1.18 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $16,564 | $16,463 | $18,598 | $21,519 | $19,543 | $23,326 |
Six months ended | Year ended | |||||
Class R2 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $21.01 | $22.44 | $25.52 | $20.06 | $19.78 | $20.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.08 | $0.42 | $0.75 | $0.17 | $0.27 | $0.33 |
Net realized and unrealized gain (loss) | 1.11 | (0.95) | (2.05) | 6.10 | 1.00 | 0.21 |
Total from investment operations | $1.19 | $(0.53) | $(1.30) | $6.27 | $1.27 | $0.54 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.42) | $(0.76) | $(0.17) | $(0.28) | $(0.34) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(0.90) | $(1.78) | $(0.81) | $(0.99) | $(1.15) |
Net asset value, end of period (x) | $22.20 | $21.01 | $22.44 | $25.52 | $20.06 | $19.78 |
Total return (%) (r)(s)(t)(x) | 5.66(n) | (2.18) | (5.89) | 31.62 | 6.12 | 3.34 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.61(a) | 0.61 | 0.62 | 0.60 | 0.61 | 0.61 |
Expenses after expense reductions (h) | 0.60(a) | 0.59 | 0.60 | 0.60 | 0.60 | 0.60 |
Net investment income (loss) (l) | 0.70(a) | 1.98 | 2.97 | 0.72 | 1.30 | 1.64 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $101,786 | $107,528 | $122,694 | $142,619 | $123,459 | $138,541 |
Six months ended | Year ended | |||||
Class R3 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $21.38 | $22.83 | $25.93 | $20.37 | $20.08 | $20.69 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.11 | $0.49 | $0.82 | $0.23 | $0.33 | $0.39 |
Net realized and unrealized gain (loss) | 1.13 | (0.98) | (2.07) | 6.20 | 1.01 | 0.20 |
Total from investment operations | $1.24 | $(0.49) | $(1.25) | $6.43 | $1.34 | $0.59 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.48) | $(0.83) | $(0.23) | $(0.34) | $(0.39) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(0.96) | $(1.85) | $(0.87) | $(1.05) | $(1.20) |
Net asset value, end of period (x) | $22.62 | $21.38 | $22.83 | $25.93 | $20.37 | $20.08 |
Total return (%) (r)(s)(t)(x) | 5.80(n) | (1.97) | (5.64) | 31.94 | 6.35 | 3.59 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.36 | 0.37 | 0.35 | 0.36 | 0.36 |
Expenses after expense reductions (h) | 0.35(a) | 0.34 | 0.35 | 0.35 | 0.35 | 0.35 |
Net investment income (loss) (l) | 0.95(a) | 2.26 | 3.22 | 0.98 | 1.59 | 1.90 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $109,180 | $115,250 | $140,484 | $170,541 | $147,888 | $170,299 |
Six months ended | Year ended | |||||
Class R4 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $21.60 | $23.05 | $26.17 | $20.55 | $20.24 | $20.86 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.13 | $0.54 | $0.91 | $0.29 | $0.38 | $0.44 |
Net realized and unrealized gain (loss) | 1.15 | (0.97) | (2.11) | 6.26 | 1.03 | 0.20 |
Total from investment operations | $1.28 | $(0.43) | $(1.20) | $6.55 | $1.41 | $0.64 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.54) | $(0.90) | $(0.29) | $(0.39) | $(0.45) |
From net realized gain | — | (0.48) | (1.02) | (0.64) | (0.71) | (0.81) |
Total distributions declared to shareholders | $— | $(1.02) | $(1.92) | $(0.93) | $(1.10) | $(1.26) |
Net asset value, end of period (x) | $22.88 | $21.60 | $23.05 | $26.17 | $20.55 | $20.24 |
Total return (%) (r)(s)(t)(x) | 5.93(n) | (1.67) | (5.43) | 32.26 | 6.66 | 3.83 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.11 | 0.12 | 0.11 | 0.11 | 0.11 |
Expenses after expense reductions (h) | 0.10(a) | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 |
Net investment income (loss) (l) | 1.20(a) | 2.51 | 3.52 | 1.23 | 1.81 | 2.16 |
Portfolio turnover | 3(n) | 2 | 11 | 7 | 4 | 3 |
Net assets at end of period (000 omitted) | $282,751 | $307,903 | $328,631 | $360,879 | $264,076 | $232,530 |
Six months ended | Year ended | ||
Class R6 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22(i) |
Net asset value, beginning of period | $21.88 | $23.35 | $27.02 |
Income (loss) from investment operations | |||
Net investment income (loss) (d)(l) | $0.14 | $0.56 | $0.12 |
Net realized and unrealized gain (loss) | 1.17 | (0.99) | (1.87) |
Total from investment operations | $1.31 | $(0.43) | $(1.75) |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.56) | $(0.90) |
From net realized gain | — | (0.48) | (1.02) |
Total distributions declared to shareholders | $— | $(1.04) | $(1.92) |
Net asset value, end of period (x) | $23.19 | $21.88 | $23.35 |
Total return (%) (r)(s)(t)(x) | 5.99(n) | (1.65) | (7.27)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (h) | 0.04(a) | 0.04 | 0.04(a) |
Expenses after expense reductions (h) | 0.02(a) | 0.02 | 0.02(a) |
Net investment income (loss) (l) | 1.27(a) | 2.55 | 0.75(a) |
Portfolio turnover | 3(n) | 2 | 11 |
Net assets at end of period (000 omitted) | $340,198 | $274,102 | $228,326 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $25.73 | $27.39 | $31.03 | $23.23 | $22.94 | $23.63 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.44 | $0.92 | $0.14 | $0.28 | $0.34 |
Net realized and unrealized gain (loss) | 1.70 | (1.02) | (2.46) | 8.66 | 1.18 | 0.16 |
Total from investment operations | $1.69 | $(0.58) | $(1.54) | $8.80 | $1.46 | $0.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.45) | $(0.94) | $(0.15) | $(0.29) | $(0.34) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(1.08) | $(2.10) | $(1.00) | $(1.17) | $(1.19) |
Net asset value, end of period (x) | $27.42 | $25.73 | $27.39 | $31.03 | $23.23 | $22.94 |
Total return (%) (r)(s)(t)(x) | 6.57(n) | (1.95) | (5.78) | 38.35 | 5.97 | 2.82 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.38(a) | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 |
Expenses after expense reductions (h) | 0.38(a) | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 |
Net investment income (loss) (l) | (0.06)(a) | 1.71 | 3.02 | 0.50 | 1.18 | 1.47 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $1,499,671 | $1,422,920 | $1,424,073 | $1,386,555 | $928,555 | $869,146 |
Six months ended | Year ended | |||||
Class B | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $25.31 | $26.90 | $30.47 | $22.88 | $22.60 | $23.26 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.11) | $0.25 | $0.69 | $(0.06) | $0.10 | $0.17 |
Net realized and unrealized gain (loss) | 1.68 | (1.01) | (2.44) | 8.50 | 1.15 | 0.17 |
Total from investment operations | $1.57 | $(0.76) | $(1.75) | $8.44 | $1.25 | $0.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.20) | $(0.66) | $— | $(0.09) | $(0.15) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(0.83) | $(1.82) | $(0.85) | $(0.97) | $(1.00) |
Net asset value, end of period (x) | $26.88 | $25.31 | $26.90 | $30.47 | $22.88 | $22.60 |
Total return (%) (r)(s)(t)(x) | 6.20(n) | (2.68) | (6.48) | 37.30 | 5.18 | 2.03 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.13(a) | 1.14 | 1.14 | 1.15 | 1.16 | 1.15 |
Expenses after expense reductions (h) | 1.13(a) | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
Net investment income (loss) (l) | (0.81)(a) | 0.98 | 2.27 | (0.22) | 0.44 | 0.73 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $17,837 | $19,808 | $27,855 | $40,147 | $41,016 | $52,512 |
Six months ended | Year ended | |||||
Class C | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $24.88 | $26.51 | $30.09 | $22.61 | $22.36 | $23.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.11) | $0.24 | $0.67 | $(0.05) | $0.09 | $0.16 |
Net realized and unrealized gain (loss) | 1.66 | (0.99) | (2.39) | 8.38 | 1.15 | 0.18 |
Total from investment operations | $1.55 | $(0.75) | $(1.72) | $8.33 | $1.24 | $0.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.25) | $(0.70) | $— | $(0.11) | $(0.15) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(0.88) | $(1.86) | $(0.85) | $(0.99) | $(1.00) |
Net asset value, end of period (x) | $26.43 | $24.88 | $26.51 | $30.09 | $22.61 | $22.36 |
Total return (%) (r)(s)(t)(x) | 6.23(n) | (2.70) | (6.47) | 37.26 | 5.20 | 2.04 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.13(a) | 1.14 | 1.14 | 1.14 | 1.16 | 1.15 |
Expenses after expense reductions (h) | 1.13(a) | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
Net investment income (loss) (l) | (0.82)(a) | 0.96 | 2.27 | (0.20) | 0.41 | 0.72 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $224,127 | $217,393 | $232,876 | $264,940 | $234,144 | $221,719 |
Six months ended | Year ended | |||||
Class I | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $26.28 | $27.96 | $31.62 | $23.65 | $23.33 | $24.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.03 | $0.51 | $1.00 | $0.22 | $0.35 | $0.39 |
Net realized and unrealized gain (loss) | 1.74 | (1.05) | (2.48) | 8.80 | 1.20 | 0.17 |
Total from investment operations | $1.77 | $(0.54) | $(1.48) | $9.02 | $1.55 | $0.56 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.51) | $(1.02) | $(0.20) | $(0.35) | $(0.40) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(1.14) | $(2.18) | $(1.05) | $(1.23) | $(1.25) |
Net asset value, end of period (x) | $28.05 | $26.28 | $27.96 | $31.62 | $23.65 | $23.33 |
Total return (%) (r)(s)(t)(x) | 6.74(n) | (1.74) | (5.52) | 38.67 | 6.24 | 3.05 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.13(a) | 0.14 | 0.14 | 0.15 | 0.16 | 0.15 |
Expenses after expense reductions (h) | 0.13(a) | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
Net investment income (loss) (l) | 0.18(a) | 1.95 | 3.22 | 0.78 | 1.46 | 1.67 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $263,999 | $238,896 | $240,621 | $241,144 | $178,491 | $167,527 |
Six months ended | Year ended | |||||
Class R1 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $24.44 | $26.07 | $29.60 | $22.25 | $22.00 | $22.69 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.10) | $0.27 | $0.69 | $(0.06) | $0.09 | $0.15 |
Net realized and unrealized gain (loss) | 1.61 | (1.01) | (2.37) | 8.26 | 1.13 | 0.18 |
Total from investment operations | $1.51 | $(0.74) | $(1.68) | $8.20 | $1.22 | $0.33 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.26) | $(0.69) | $— | $(0.09) | $(0.17) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(0.89) | $(1.85) | $(0.85) | $(0.97) | $(1.02) |
Net asset value, end of period (x) | $25.95 | $24.44 | $26.07 | $29.60 | $22.25 | $22.00 |
Total return (%) (r)(s)(t)(x) | 6.18(n) | (2.70) | (6.46) | 37.28 | 5.21 | 2.03 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.13(a) | 1.14 | 1.14 | 1.14 | 1.16 | 1.15 |
Expenses after expense reductions (h) | 1.13(a) | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
Net investment income (loss) (l) | (0.82)(a) | 1.12 | 2.34 | (0.24) | 0.40 | 0.69 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $13,271 | $12,269 | $15,536 | $18,496 | $14,484 | $17,093 |
Six months ended | Year ended | |||||
Class R2 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $25.08 | $26.71 | $30.30 | $22.71 | $22.44 | $23.13 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.04) | $0.36 | $0.83 | $0.07 | $0.21 | $0.28 |
Net realized and unrealized gain (loss) | 1.66 | (0.99) | (2.40) | 8.44 | 1.16 | 0.16 |
Total from investment operations | $1.62 | $(0.63) | $(1.57) | $8.51 | $1.37 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.37) | $(0.86) | $(0.07) | $(0.22) | $(0.28) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(1.00) | $(2.02) | $(0.92) | $(1.10) | $(1.13) |
Net asset value, end of period (x) | $26.70 | $25.08 | $26.71 | $30.30 | $22.71 | $22.44 |
Total return (%) (r)(s)(t)(x) | 6.46(n) | (2.19) | (6.01) | 37.93 | 5.73 | 2.56 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.63(a) | 0.64 | 0.64 | 0.65 | 0.66 | 0.65 |
Expenses after expense reductions (h) | 0.63(a) | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
Net investment income (loss) (l) | (0.31)(a) | 1.45 | 2.76 | 0.27 | 0.91 | 1.23 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $48,321 | $49,019 | $55,975 | $65,485 | $55,453 | $63,038 |
Six months ended | Year ended | |||||
Class R3 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $25.50 | $27.15 | $30.76 | $23.04 | $22.75 | $23.44 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.44 | $0.91 | $0.15 | $0.29 | $0.34 |
Net realized and unrealized gain (loss) | 1.69 | (1.02) | (2.43) | 8.56 | 1.17 | 0.15 |
Total from investment operations | $1.68 | $(0.58) | $(1.52) | $8.71 | $1.46 | $0.49 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.44) | $(0.93) | $(0.14) | $(0.29) | $(0.33) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(1.07) | $(2.09) | $(0.99) | $(1.17) | $(1.18) |
Net asset value, end of period (x) | $27.18 | $25.50 | $27.15 | $30.76 | $23.04 | $22.75 |
Total return (%) (r)(s)(t)(x) | 6.59(n) | (1.98) | (5.75) | 38.28 | 6.00 | 2.78 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.38(a) | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 |
Expenses after expense reductions (h) | 0.38(a) | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 |
Net investment income (loss) (l) | (0.06)(a) | 1.71 | 3.00 | 0.54 | 1.20 | 1.48 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $79,435 | $77,815 | $91,223 | $105,120 | $87,315 | $97,866 |
Six months ended | Year ended | |||||
Class R4 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 |
Net asset value, beginning of period | $25.85 | $27.52 | $31.15 | $23.32 | $23.01 | $23.71 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.03 | $0.52 | $1.02 | $0.21 | $0.34 | $0.39 |
Net realized and unrealized gain (loss) | 1.71 | (1.05) | (2.47) | 8.67 | 1.20 | 0.16 |
Total from investment operations | $1.74 | $(0.53) | $(1.45) | $8.88 | $1.54 | $0.55 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.51) | $(1.02) | $(0.20) | $(0.35) | $(0.40) |
From net realized gain | — | (0.63) | (1.16) | (0.85) | (0.88) | (0.85) |
Total distributions declared to shareholders | $— | $(1.14) | $(2.18) | $(1.05) | $(1.23) | $(1.25) |
Net asset value, end of period (x) | $27.59 | $25.85 | $27.52 | $31.15 | $23.32 | $23.01 |
Total return (%) (r)(s)(t)(x) | 6.73(n) | (1.73) | (5.51) | 38.61 | 6.29 | 3.05 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.13(a) | 0.14 | 0.14 | 0.15 | 0.16 | 0.15 |
Expenses after expense reductions (h) | 0.13(a) | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
Net investment income (loss) (l) | 0.19(a) | 2.00 | 3.31 | 0.77 | 1.44 | 1.69 |
Portfolio turnover | 3(n) | 4 | 13 | 7 | 6 | 5 |
Net assets at end of period (000 omitted) | $153,714 | $167,605 | $183,201 | $200,635 | $137,680 | $109,384 |
Six months ended | Year ended | ||
Class R6 | 11/30/23 (unaudited) | 5/31/23 | 5/31/22(i) |
Net asset value, beginning of period | $26.29 | $27.97 | $32.28 |
Income (loss) from investment operations | |||
Net investment income (loss) (d)(l) | $0.04 | $0.53 | $0.01 |
Net realized and unrealized gain (loss) | 1.74 | (1.04) | (2.12) |
Total from investment operations | $1.78 | $(0.51) | $(2.11) |
Less distributions declared to shareholders | |||
From net investment income | $— | $(0.54) | $(1.04) |
From net realized gain | — | (0.63) | (1.16) |
Total distributions declared to shareholders | $— | $(1.17) | $(2.20) |
Net asset value, end of period (x) | $28.07 | $26.29 | $27.97 |
Total return (%) (r)(s)(t)(x) | 6.77(n) | (1.64) | (7.35)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (h) | 0.05(a) | 0.05 | 0.08(a) |
Expenses after expense reductions (h) | 0.05(a) | 0.04 | 0.05(a) |
Net investment income (loss) (l) | 0.27(a) | 2.03 | 0.05(a) |
Portfolio turnover | 3(n) | 4 | 13 |
Net assets at end of period (000 omitted) | $252,694 | $214,147 | $186,590 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(i) | For Class R6, the period is from the class inception, September 30, 2021, through the stated period end. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Level 1 | Level 2 | Level 3 | Total | |
MFS Conservative Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $3,715,936,799 | $— | $— | $3,715,936,799 |
MFS Moderate Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $6,337,694,741 | $— | $— | $6,337,694,741 |
MFS Growth Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $6,119,303,026 | $— | $— | $6,119,303,026 |
Level 1 | Level 2 | Level 3 | Total | |
MFS Aggressive Growth Allocation Fund | ||||
Financial Instruments | ||||
Mutual Funds | $2,552,257,856 | $— | $— | $2,552,257,856 |
Year ended 5/31/23 | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Ordinary income (including any short-term capital gains) | $100,420,494 | $151,962,285 | $127,003,030 | $40,001,978 |
Long-term capital gains | 28,872,264 | 100,578,529 | 128,514,380 | 56,899,800 |
Total distributions | $129,292,758 | $252,540,814 | $255,517,410 | $96,901,778 |
As of 11/30/23 | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Cost of investments | $3,263,340,394 | $4,856,764,626 | $4,076,957,032 | $1,537,916,089 |
Gross appreciation | 701,512,886 | 1,872,617,971 | 2,231,175,786 | 1,034,054,115 |
Gross depreciation | (248,916,481) | (391,687,856) | (188,829,792) | (19,712,348) |
Net unrealized appreciation (depreciation) | $452,596,405 | $1,480,930,115 | $2,042,345,994 | $1,014,341,767 |
As of 5/31/23 | ||||
Undistributed ordinary income | 13,179,055 | 15,591,878 | 12,155,672 | — |
Undistributed long-term capital gain | 26,025,460 | 95,842,059 | 121,179,629 | 58,198,645 |
Late year ordinary loss deferral | — | — | — | (2,028,837) |
Net unrealized appreciation (depreciation) | 396,698,705 | 1,307,127,818 | 1,729,774,173 | 851,719,326 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | ||||||||||||
Six Months Ended 11/30/23 | Year Ended 5/31/23 | Six Months Ended 11/30/23 | Year Ended 5/31/23 | Six Months Ended 11/30/23 | Year Ended 5/31/23 | Six Months Ended 11/30/23 | Year Ended 5/31/23 | ||||||||
Class A | $27,425,254 | $88,233,628 | $33,506,676 | $186,379,749 | $— | $183,476,015 | $— | $56,847,622 | |||||||
Class B | 100,079 | 551,054 | 111,268 | 1,749,757 | — | 1,862,086 | — | 742,226 | |||||||
Class C | 1,819,193 | 8,532,531 | 1,274,531 | 14,987,202 | — | 15,332,055 | — | 7,536,422 | |||||||
Class I | 4,539,675 | 15,553,250 | 3,392,922 | 17,474,004 | — | 18,133,070 | — | 10,105,815 | |||||||
Class R1 | 70,865 | 281,997 | 70,940 | 766,632 | — | 664,580 | — | 531,872 | |||||||
Class R2 | 384,897 | 1,407,491 | 545,681 | 3,682,781 | — | 4,521,967 | — | 1,955,027 | |||||||
Class R3 | 791,185 | 2,892,075 | 1,129,321 | 6,969,078 | — | 5,398,317 | — | 3,192,361 | |||||||
Class R4 | 3,219,084 | 9,258,872 | 2,004,141 | 11,422,962 | — | 14,229,181 | — | 7,201,511 | |||||||
Class R6 | 1,090,323 | 2,581,860 | 2,118,979 | 9,108,649 | — | 11,900,139 | — | 8,788,922 | |||||||
Total | $39,440,555 | $129,292,758 | $44,154,459 | $252,540,814 | $— | $255,517,410 | $— | $96,901,778 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Class A | 0.10% | 0.10% | 0.10% | 0.13% |
Class B | 0.10% | 0.10% | 0.10% | 0.13% |
Class C | 0.10% | 0.10% | 0.10% | 0.13% |
Class I | 0.10% | 0.10% | 0.10% | 0.13% |
Class R1 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R2 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R3 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R4 | 0.10% | 0.10% | 0.10% | 0.13% |
Class R6 | 0.03% | 0.02% | 0.02% | 0.05% |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
$78,890 | $213,220 | $370,472 | $191,898 |
Class A | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | — | 0.25% | 0.25% | 0.25% | $3,244,444 |
MFS Moderate Allocation Fund | — | 0.25% | 0.25% | 0.25% | 5,915,741 |
MFS Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 5,452,775 |
MFS Aggressive Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 1,847,531 |
Class B | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $78,452 |
MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 195,340 |
MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 215,039 |
MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 95,594 |
Class C | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $1,339,792 |
MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,941,695 |
MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,972,431 |
MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,114,924 |
Class R1 | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | $48,425 |
MFS Moderate Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 100,511 |
MFS Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 82,243 |
MFS Aggressive Growth Allocation Fund | 0.75% | 0.25% | 1.00% | 1.00% | 63,945 |
Class R2 | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | $99,114 |
MFS Moderate Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 229,220 |
MFS Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 266,524 |
MFS Aggressive Growth Allocation Fund | 0.25% | 0.25% | 0.50% | 0.50% | 122,058 |
Class R3 | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
MFS Conservative Allocation Fund | — | 0.25% | 0.25% | 0.25% | $91,949 |
MFS Moderate Allocation Fund | — | 0.25% | 0.25% | 0.25% | 197,419 |
MFS Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 141,336 |
MFS Aggressive Growth Allocation Fund | — | 0.25% | 0.25% | 0.25% | 99,765 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Total Distribution and Service Fees | $4,902,176 | $8,579,926 | $8,130,348 | $3,343,817 |
(d) | In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended November 30, 2023, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations: |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Class A | $261 | $390 | $935 | $227 |
Class B | — | 8 | 11 | — |
Class C | 1 | 1 | 11 | 1 |
Class R2 | — | — | 1 | — |
CDSC Imposed | MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
Class A | $89,352 | $150,636 | $80,755 | $32,371 |
Class B | 4,487 | 11,346 | 6,612 | 2,251 |
Class C | 6,810 | 18,685 | 21,084 | 20,105 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Expenses paid | $123,866 | $311,173 | $416,402 | $217,754 |
Annual percentage of average daily net assets | 0.0066% | 0.0098% | 0.0137% | 0.0174% |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund |
$1,309,946 | $2,360,220 | $2,453,290 | $1,064,721 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Percentage of average daily net assets | 0.0005% | 0.0003% | 0.0003% | 0.0007% |
Fund | Class | Shares | Amount | ||
MFS Conservative Allocation Fund | Class R6 | 2,795 | $46,285 | ||
MFS Moderate Allocation Fund | Class R6 | 2,375 | 45,909 | ||
MFS Growth Allocation Fund | Class R6 | 1,983 | 45,708 | ||
MFS Aggressive Growth Allocation Fund | Class R6 | 1,654 | 45,568 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Purchases | $31,296,979 | $161,699,014 | $163,020,248 | $64,630,591 |
Sales | $272,864,854 | $479,545,149 | $391,217,308 | $118,494,884 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | ||||||||||
Six Months Ended 11/30/23 | Year ended 5/31/23 | Six Months Ended 11/30/23 | Year ended 5/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 14,788,559 | $ 233,549,161 | 37,597,375 | $ 591,621,421 | 19,265,377 | $ 354,402,788 | 46,981,387 | $ 853,255,104 | |||
Class B | 658 | 10,242 | 29,659 | 465,128 | 7,789 | 141,002 | 33,325 | 597,196 | |||
Class C | 556,133 | 8,628,146 | 1,537,381 | 23,804,412 | 997,114 | 17,913,789 | 2,701,858 | 47,904,872 | |||
Class I | 2,057,435 | 32,781,092 | 5,480,882 | 87,200,127 | 1,975,612 | 36,870,643 | 5,448,925 | 99,942,454 | |||
Class R1 | 47,949 | 725,881 | 86,648 | 1,311,268 | 53,466 | 932,732 | 124,713 | 2,151,471 | |||
Class R2 | 164,495 | 2,511,550 | 476,567 | 7,261,937 | 313,682 | 5,599,322 | 760,462 | 13,439,800 | |||
Class R3 | 341,673 | 5,363,892 | 718,640 | 11,166,747 | 561,622 | 10,251,245 | 1,156,234 | 20,770,328 | |||
Class R4 | 912,495 | 14,390,748 | 6,679,758 | 105,742,649 | 1,308,184 | 24,026,690 | 2,712,963 | 49,113,409 | |||
Class R6 | 1,290,296 | 20,525,528 | 2,287,454 | 36,331,465 | 2,210,730 | 41,202,907 | 3,366,805 | 62,378,611 | |||
20,159,693 | $318,486,240 | 54,894,364 | $864,905,154 | 26,693,576 | $491,341,118 | 63,286,672 | $1,149,553,245 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 1,694,236 | $ 26,578,740 | 5,591,735 | $ 85,545,181 | 1,788,448 | $ 32,608,666 | 10,382,941 | $ 181,424,544 | |||
Class B | 6,336 | 99,036 | 35,638 | 542,514 | 6,160 | 110,656 | 99,991 | 1,720,619 | |||
Class C | 113,497 | 1,750,193 | 545,605 | 8,198,110 | 69,544 | 1,236,389 | 853,001 | 14,535,933 | |||
Class I | 246,457 | 3,909,697 | 870,965 | 13,475,036 | 142,253 | 2,640,414 | 839,629 | 14,931,694 | |||
Class R1 | 4,713 | 70,865 | 19,227 | 281,997 | 4,102 | 70,940 | 46,254 | 766,632 | |||
Class R2 | 25,337 | 384,152 | 93,115 | 1,377,208 | 30,636 | 543,831 | 215,826 | 3,670,020 | |||
Class R3 | 50,925 | 791,185 | 190,915 | 2,892,033 | 62,526 | 1,129,321 | 402,459 | 6,968,783 | |||
Class R4 | 181,690 | 2,853,089 | 532,325 | 8,155,247 | 86,420 | 1,574,767 | 521,506 | 9,107,009 | |||
Class R6 | 68,337 | 1,083,747 | 166,594 | 2,576,426 | 114,143 | 2,116,659 | 511,716 | 9,100,067 | |||
2,391,528 | $37,520,704 | 8,046,119 | $123,043,752 | 2,304,232 | $42,031,643 | 13,873,323 | $242,225,301 | ||||
Shares reacquired | |||||||||||
Class A | (20,630,239) | $(325,080,288) | (44,394,576) | $ (696,624,120) | (25,041,323) | $(459,421,917) | (48,962,398) | $ (886,124,461) | |||
Class B | (222,087) | (3,499,572) | (665,501) | (10,389,594) | (584,859) | (10,605,064) | (1,389,235) | (24,811,061) | |||
Class C | (2,977,019) | (46,097,682) | (7,935,902) | (122,340,446) | (3,687,691) | (66,140,317) | (9,305,377) | (164,439,281) | |||
Class I | (3,747,267) | (59,869,272) | (11,544,700) | (182,917,659) | (3,254,455) | (60,855,574) | (6,601,580) | (121,440,572) | |||
Class R1 | (79,126) | (1,194,389) | (155,008) | (2,334,046) | (175,490) | (3,076,979) | (314,554) | (5,438,793) | |||
Class R2 | (470,611) | (7,192,829) | (808,219) | (12,250,995) | (937,732) | (16,806,489) | (1,335,256) | (23,436,423) | |||
Class R3 | (856,817) | (13,438,787) | (1,535,471) | (23,986,963) | (1,438,327) | (26,195,265) | (2,788,370) | (49,956,775) | |||
Class R4 | (2,586,400) | (40,754,061) | (5,632,937) | (88,328,982) | (2,690,694) | (49,242,835) | (4,989,299) | (90,680,459) | |||
Class R6 | (774,130) | (12,348,345) | (1,017,138) | (16,150,032) | (975,344) | (18,249,622) | (1,789,813) | (33,102,193) | |||
(32,343,696) | $(509,475,225) | (73,689,452) | $(1,155,322,837) | (38,785,915) | $(710,594,062) | (77,475,882) | $(1,399,430,018) |
MFS Conservative Allocation Fund − continued | MFS Moderate Allocation Fund − continued | ||||||||||
Six Months Ended 11/30/23 | Year ended 5/31/23 | Six Months Ended 11/30/23 | Year ended 5/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Net change | |||||||||||
Class A | (4,147,444) | $ (64,952,387) | (1,205,466) | $ (19,457,518) | (3,987,498) | $ (72,410,463) | 8,401,930 | $ 148,555,187 | |||
Class B | (215,093) | (3,390,294) | (600,204) | (9,381,952) | (570,910) | (10,353,406) | (1,255,919) | (22,493,246) | |||
Class C | (2,307,389) | (35,719,343) | (5,852,916) | (90,337,924) | (2,621,033) | (46,990,139) | (5,750,518) | (101,998,476) | |||
Class I | (1,443,375) | (23,178,483) | (5,192,853) | (82,242,496) | (1,136,590) | (21,344,517) | (313,026) | (6,566,424) | |||
Class R1 | (26,464) | (397,643) | (49,133) | (740,781) | (117,922) | (2,073,307) | (143,587) | (2,520,690) | |||
Class R2 | (280,779) | (4,297,127) | (238,537) | (3,611,850) | (593,414) | (10,663,336) | (358,968) | (6,326,603) | |||
Class R3 | (464,219) | (7,283,710) | (625,916) | (9,928,183) | (814,179) | (14,814,699) | (1,229,677) | (22,217,664) | |||
Class R4 | (1,492,215) | (23,510,224) | 1,579,146 | 25,568,914 | (1,296,090) | (23,641,378) | (1,754,830) | (32,460,041) | |||
Class R6 | 584,503 | 9,260,930 | 1,436,910 | 22,757,859 | 1,349,529 | 25,069,944 | 2,088,708 | 38,376,485 | |||
(9,792,475) | $(153,468,281) | (10,748,969) | $(167,373,931) | (9,788,107) | $(177,221,301) | (315,887) | $(7,651,472) |
MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | ||||||||||
Six Months Ended 11/30/23 | Year ended 5/31/23 | Six Months Ended 11/30/23 | Year ended 5/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 12,833,437 | $ 286,505,444 | 30,776,017 | $ 667,959,723 | 3,909,196 | $ 104,744,800 | 9,583,393 | $ 246,677,174 | |||
Class B | 9,290 | 208,393 | 19,129 | 415,795 | 1,769 | 45,545 | 6,872 | 176,142 | |||
Class C | 1,059,013 | 23,100,449 | 2,637,090 | 55,985,350 | 704,498 | 18,202,790 | 1,799,519 | 44,779,870 | |||
Class I | 1,549,047 | 35,021,226 | 4,928,354 | 108,881,252 | 1,386,449 | 37,375,777 | 2,425,302 | 64,360,728 | |||
Class R1 | 40,186 | 852,478 | 86,356 | 1,783,131 | 34,180 | 868,631 | 63,113 | 1,545,129 | |||
Class R2 | 257,898 | 5,601,286 | 553,256 | 11,692,751 | 138,811 | 3,611,674 | 326,185 | 8,178,283 | |||
Class R3 | 301,519 | 6,712,263 | 737,300 | 15,860,568 | 213,410 | 5,649,934 | 561,613 | 14,323,497 | |||
Class R4 | 987,060 | 22,223,645 | 2,341,234 | 50,925,746 | 624,304 | 16,957,451 | 1,249,773 | 32,445,981 | |||
Class R6 | 2,727,720 | 60,957,560 | 3,167,944 | 70,172,433 | 1,331,369 | 35,881,622 | 1,692,782 | 44,823,422 | |||
19,765,170 | $441,182,744 | 45,246,680 | $983,676,749 | 8,343,986 | $223,338,224 | 17,708,552 | $457,310,226 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | — | $ — | 8,686,879 | $ 179,731,409 | — | $ — | 2,262,272 | $ 55,493,539 | |||
Class B | — | — | 88,537 | 1,831,836 | — | — | 30,492 | 737,911 | |||
Class C | — | — | 743,117 | 15,100,131 | — | — | 311,415 | 7,411,676 | |||
Class I | — | — | 779,825 | 16,321,747 | — | — | 345,963 | 8,659,451 | |||
Class R1 | — | — | 33,650 | 664,580 | — | — | 22,759 | 531,872 | |||
Class R2 | — | — | 224,310 | 4,517,610 | — | — | 81,698 | 1,955,027 | |||
Class R3 | — | — | 263,590 | 5,398,317 | — | — | 131,315 | 3,192,264 | |||
Class R4 | — | — | 577,683 | 11,934,922 | — | — | 261,343 | 6,434,260 | |||
Class R6 | — | — | 567,876 | 11,885,645 | — | — | 350,424 | 8,771,105 | |||
— | $— | 11,965,467 | $247,386,197 | — | $— | 3,797,681 | $93,187,105 | ||||
Shares reacquired | |||||||||||
Class A | (15,773,492) | $(351,127,354) | (31,929,871) | $ (692,353,729) | (4,534,162) | $(120,621,111) | (8,524,792) | $ (219,554,901) | |||
Class B | (423,589) | (9,430,001) | (1,010,053) | (21,767,670) | (120,802) | (3,163,340) | (289,995) | (7,321,441) | |||
Class C | (2,481,115) | (53,990,112) | (6,361,520) | (134,910,759) | (959,635) | (24,799,132) | (2,157,720) | (53,702,027) | |||
Class I | (2,817,896) | (63,711,490) | (4,519,803) | (99,004,696) | (1,064,952) | (29,079,720) | (2,287,667) | (60,211,165) | |||
Class R1 | (76,533) | (1,635,607) | (165,371) | (3,404,388) | (24,864) | (641,803) | (179,786) | (4,408,288) | |||
Class R2 | (790,933) | (16,982,343) | (1,127,162) | (23,632,097) | (283,653) | (7,410,141) | (548,378) | (13,689,392) | |||
Class R3 | (865,062) | (19,129,383) | (1,765,878) | (38,049,796) | (342,716) | (9,071,878) | (1,001,400) | (25,627,319) | |||
Class R4 | (2,884,182) | (63,950,849) | (2,917,324) | (63,847,203) | (1,536,690) | (41,083,506) | (1,684,695) | (44,002,875) | |||
Class R6 | (583,146) | (13,204,560) | (990,236) | (21,813,278) | (475,157) | (13,010,360) | (568,974) | (15,028,370) | |||
(26,695,948) | $(593,161,699) | (50,787,218) | $(1,098,783,616) | (9,342,631) | $(248,880,991) | (17,243,407) | $(443,545,778) |
MFS Growth Allocation Fund − continued | MFS Aggressive Growth Allocation Fund − continued | ||||||||||
Six Months Ended 11/30/23 | Year ended 5/31/23 | Six Months Ended 11/30/23 | Year ended 5/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Net change | |||||||||||
Class A | (2,940,055) | $ (64,621,910) | 7,533,025 | $ 155,337,403 | (624,966) | $ (15,876,311) | 3,320,873 | $ 82,615,812 | |||
Class B | (414,299) | (9,221,608) | (902,387) | (19,520,039) | (119,033) | (3,117,795) | (252,631) | (6,407,388) | |||
Class C | (1,422,102) | (30,889,663) | (2,981,313) | (63,825,278) | (255,137) | (6,596,342) | (46,786) | (1,510,481) | |||
Class I | (1,268,849) | (28,690,264) | 1,188,376 | 26,198,303 | 321,497 | 8,296,057 | 483,598 | 12,809,014 | |||
Class R1 | (36,347) | (783,129) | (45,365) | (956,677) | 9,316 | 226,828 | (93,914) | (2,331,287) | |||
Class R2 | (533,035) | (11,381,057) | (349,596) | (7,421,736) | (144,842) | (3,798,467) | (140,495) | (3,556,082) | |||
Class R3 | (563,543) | (12,417,120) | (764,988) | (16,790,911) | (129,306) | (3,421,944) | (308,472) | (8,111,558) | |||
Class R4 | (1,897,122) | (41,727,204) | 1,593 | (986,535) | (912,386) | (24,126,055) | (173,579) | (5,122,634) | |||
Class R6 | 2,144,574 | 47,753,000 | 2,745,584 | 60,244,800 | 856,212 | 22,871,262 | 1,474,232 | 38,566,157 | |||
(6,930,778) | $(151,978,955) | 6,424,929 | $132,279,330 | (998,645) | $(25,542,767) | 4,262,826 | $106,951,553 |
MFS Conservative Allocation Fund | MFS Moderate Allocation Fund | MFS Growth Allocation Fund | MFS Aggressive Growth Allocation Fund | |
Commitment Fee | $9,852 | $16,524 | $15,276 | $6,375 |
Interest Expense | — | — | — | — |
MFS Conservative Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $72,503,046 | $532,936 | $8,273,253 | $(3,445,353) | $9,577,018 | $70,894,394 |
MFS Emerging Markets Debt Fund | 76,268,504 | 2,387,653 | 4,096,632 | (1,180,019) | 1,697,555 | 75,077,061 |
MFS Emerging Markets Debt Local Currency Fund | 75,779,634 | 2,030,241 | 3,940,671 | (1,009,147) | 1,850,575 | 74,710,632 |
MFS Global Opportunistic Bond Fund | 266,823,231 | 5,269,292 | 9,646,937 | (2,465,749) | 252,676 | 260,232,513 |
MFS Global Real Estate Fund | 73,890,721 | 3,926,071 | 3,541,359 | (165,243) | 2,524,767 | 76,634,957 |
MFS Government Securities Fund | 381,385,725 | 9,803,340 | 15,742,831 | (4,125,738) | (10,719,667) | 360,600,829 |
MFS Growth Fund | 231,246,333 | 822,547 | 50,901,455 | 19,799,229 | 5,180,973 | 206,147,627 |
MFS High Income Fund | 152,524,279 | 4,897,279 | 10,821,897 | (1,786,739) | 3,740,007 | 148,552,929 |
MFS Inflation-Adjusted Bond Fund | 378,872,709 | 13,336,807 | 8,743,583 | (2,547,600) | (15,140,247) | 365,778,086 |
MFS Institutional Money Market Portfolio | 12,436,368 | 111,856,541 | 69,859,696 | 1,586 | 2,423 | 54,437,222 |
MFS International Growth Fund | 55,837,083 | 1,720,453 | 1,919,654 | 296,842 | 376,107 | 56,310,831 |
MFS International Intrinsic Value Fund | 55,982,688 | 572,802 | 2,475,599 | 201,592 | 2,139,420 | 56,420,903 |
MFS International Large Cap Value Fund | 55,482,896 | 976,036 | 3,106,578 | (184,301) | 3,051,260 | 56,219,313 |
MFS Limited Maturity Fund | 381,361,767 | 9,172,897 | 29,499,535 | (2,226,600) | 3,327,581 | 362,136,110 |
MFS Mid Cap Growth Fund | 151,897,621 | 2,698,845 | 15,468,908 | (360,119) | 13,555,543 | 152,322,982 |
MFS Mid Cap Value Fund | 148,214,921 | 2,839,108 | 11,966,188 | 787,654 | 11,865,157 | 151,740,652 |
MFS New Discovery Fund | 37,137,108 | 1,621,159 | 2,215,314 | (694,163) | 1,696,965 | 37,545,755 |
MFS New Discovery Value Fund | 36,669,556 | 2,105,512 | 2,823,716 | 35,676 | 1,807,037 | 37,794,065 |
MFS Research Fund | 228,298,787 | 112,551 | 41,642,175 | 7,251,350 | 13,515,073 | 207,535,586 |
MFS Research International Fund | 129,774,510 | 2,625,830 | 4,459,512 | 560,561 | 2,553,600 | 131,054,989 |
MFS Total Return Bond Fund | 573,089,219 | 14,218,409 | 26,591,174 | (7,268,422) | (4,930,708) | 548,517,324 |
MFS Value Fund | 223,349,753 | 2,853,930 | 14,987,883 | 125,107 | 13,931,132 | 225,272,039 |
$3,798,826,459 | $196,380,239 | $342,724,550 | $1,600,404 | $61,854,247 | $3,715,936,799 |
MFS Conservative Allocation Fund - continued | ||
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Debt Fund | 2,313,945 | — |
MFS Emerging Markets Debt Local Currency Fund | 1,924,607 | — |
MFS Global Opportunistic Bond Fund | 4,327,193 | — |
MFS Global Real Estate Fund | — | — |
MFS Government Securities Fund | 6,825,601 | — |
MFS Growth Fund | — | 635,786 |
MFS High Income Fund | 4,758,842 | — |
MFS Inflation-Adjusted Bond Fund | 9,734,289 | — |
MFS Institutional Money Market Portfolio | 546,298 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS Limited Maturity Fund | 7,428,522 | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 545,345 | 91,871 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Total Return Bond Fund | 12,450,965 | — |
MFS Value Fund | 2,189,753 | — |
$53,045,360 | $727,657 |
MFS Moderate Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $167,890,892 | $18,210,994 | $20,761,635 | $(10,027,318) | $24,674,402 | $179,987,335 |
MFS Emerging Markets Debt Fund | 190,155,811 | 7,355,917 | 7,975,976 | (2,653,753) | 3,871,997 | 190,753,996 |
MFS Emerging Markets Debt Local Currency Fund | 127,650,772 | 3,701,567 | 5,843,955 | (2,685,202) | 4,096,757 | 126,919,939 |
MFS Emerging Markets Equity Fund | 62,793,109 | 515,271 | 2,759,604 | (960,960) | 3,368,263 | 62,956,079 |
MFS Global Opportunistic Bond Fund | 316,876,871 | 15,157,316 | 15,099,938 | (4,638,090) | 1,914,039 | 314,210,198 |
MFS Global Real Estate Fund | 182,789,583 | 13,251,667 | 6,117,460 | (349,829) | 6,283,074 | 195,857,035 |
MFS Government Securities Fund | 631,258,175 | 40,921,276 | 37,544,651 | (9,810,452) | (15,391,348) | 609,433,000 |
MFS Growth Fund | 535,293,375 | 1,909,130 | 116,452,993 | 51,716,021 | 5,786,738 | 478,252,271 |
MFS High Income Fund | 255,294,203 | 10,036,807 | 17,172,950 | (3,271,251) | 6,468,265 | 251,355,074 |
MFS Inflation-Adjusted Bond Fund | 438,525,001 | 34,995,658 | 20,041,807 | (5,642,325) | (15,154,835) | 432,681,692 |
MFS Institutional Money Market Portfolio | 7,301,423 | 177,985,897 | 94,385,332 | 507 | 1,138 | 90,903,633 |
MFS International Growth Fund | 126,740,340 | 4,013,009 | 4,615,479 | 281,901 | 1,268,741 | 127,688,512 |
MFS International Intrinsic Value Fund | 126,851,033 | 1,043,353 | 5,161,529 | (182,655) | 5,466,846 | 128,017,048 |
MFS International Large Cap Value Fund | 125,175,589 | 1,286,936 | 5,405,067 | (350,075) | 6,734,000 | 127,441,383 |
MFS International New Discovery Fund | 62,787,870 | 1,587,738 | 1,923,301 | (441,874) | 2,108,759 | 64,119,192 |
MFS Mid Cap Growth Fund | 446,621,851 | 7,384,451 | 39,255,815 | (2,371,043) | 41,365,481 | 453,744,925 |
MFS Mid Cap Value Fund | 423,565,084 | 11,853,085 | 20,476,065 | 1,058,156 | 35,435,641 | 451,435,901 |
MFS New Discovery Fund | 91,670,307 | 5,595,382 | 4,182,887 | (1,723,892) | 4,226,243 | 95,585,153 |
MFS New Discovery Value Fund | 88,182,411 | 6,755,774 | 2,885,816 | (20,428) | 4,369,735 | 96,401,676 |
MFS Research Fund | 516,240,930 | 257,259 | 82,648,455 | 25,054,262 | 22,469,227 | 481,373,223 |
MFS Research International Fund | 314,424,655 | 5,872,804 | 9,372,483 | 1,236,464 | 6,252,295 | 318,413,735 |
MFS Total Return Bond Fund | 571,186,411 | 30,159,247 | 38,486,076 | (10,596,005) | (2,120,714) | 550,142,863 |
MFS Value Fund | 488,985,047 | 5,688,288 | 15,361,205 | 99,255 | 30,609,493 | 510,020,878 |
$6,298,260,743 | $405,538,826 | $573,930,479 | $23,721,414 | $184,104,237 | $6,337,694,741 |
MFS Moderate Allocation Fund - continued | ||
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Debt Fund | 5,859,133 | — |
MFS Emerging Markets Debt Local Currency Fund | 3,249,047 | — |
MFS Emerging Markets Equity Fund | — | — |
MFS Global Opportunistic Bond Fund | 5,236,495 | — |
MFS Global Real Estate Fund | — | — |
MFS Government Securities Fund | 11,569,844 | — |
MFS Growth Fund | — | 1,415,568 |
MFS High Income Fund | 8,041,947 | — |
MFS Inflation-Adjusted Bond Fund | 11,411,697 | — |
MFS Institutional Money Market Portfolio | 622,104 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 1,349,574 | 227,354 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Total Return Bond Fund | 12,599,631 | — |
MFS Value Fund | 4,893,628 | — |
$64,833,100 | $1,642,922 |
MFS Growth Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $211,054,840 | $28,226,921 | $26,676,288 | $(13,666,188) | $32,161,164 | $231,100,449 |
MFS Emerging Markets Debt Fund | 179,174,808 | 10,157,743 | 7,694,510 | (2,723,380) | 3,818,587 | 182,733,248 |
MFS Emerging Markets Debt Local Currency Fund | 120,912,054 | 3,411,108 | 3,821,566 | (1,814,163) | 3,105,528 | 121,792,961 |
MFS Emerging Markets Equity Fund | 118,373,563 | 707,390 | 3,000,939 | (888,676) | 5,369,558 | 120,560,896 |
MFS Global Opportunistic Bond Fund | 179,462,474 | 11,755,994 | 9,025,847 | (3,005,457) | 1,430,437 | 180,617,601 |
MFS Global Real Estate Fund | 224,095,810 | 25,091,774 | 3,881,334 | (554,588) | 7,663,267 | 252,414,929 |
MFS Growth Fund | 633,222,274 | 2,020,119 | 120,220,140 | 49,581,670 | 19,406,747 | 584,010,670 |
MFS High Income Fund | 241,148,978 | 13,427,443 | 16,687,954 | (3,356,630) | 6,360,496 | 240,892,333 |
MFS Inflation-Adjusted Bond Fund | 295,095,902 | 29,833,184 | 14,189,836 | (4,088,153) | (10,039,206) | 296,611,891 |
MFS Institutional Money Market Portfolio | 10,042,546 | 160,982,735 | 95,183,790 | 1,971 | 671 | 75,844,133 |
MFS International Growth Fund | 180,566,624 | 4,618,750 | 2,989,718 | 172,763 | 1,971,614 | 184,340,033 |
MFS International Intrinsic Value Fund | 180,305,609 | 360,272 | 3,258,460 | (534,504) | 8,007,257 | 184,880,174 |
MFS International Large Cap Value Fund | 177,949,139 | 970,925 | 4,535,724 | (308,763) | 9,323,476 | 183,399,053 |
MFS International New Discovery Fund | 118,837,289 | 3,415,220 | 1,951,287 | (476,713) | 3,594,405 | 123,418,914 |
MFS Mid Cap Growth Fund | 540,646,144 | 5,948,321 | 30,106,567 | (4,510,220) | 51,907,476 | 563,885,154 |
MFS Mid Cap Value Fund | 512,440,451 | 12,705,045 | 12,088,418 | 518,673 | 43,414,652 | 556,990,403 |
MFS New Discovery Fund | 114,245,588 | 6,905,242 | 2,276,470 | (1,284,166) | 4,187,433 | 121,777,627 |
MFS New Discovery Value Fund | 110,266,464 | 9,885,909 | 2,111,457 | (18,696) | 5,284,718 | 123,306,938 |
MFS Research Fund | 611,311,117 | 159,027 | 81,945,720 | (10,554,729) | 67,561,542 | 586,531,237 |
MFS Research International Fund | 416,998,795 | 7,525,011 | 5,697,314 | (47,119) | 9,811,267 | 428,590,640 |
MFS Total Return Bond Fund | 179,349,405 | 12,911,164 | 22,221,000 | (6,346,082) | 1,918,638 | 165,612,125 |
MFS Value Fund | 577,158,788 | 13,611,583 | 16,836,759 | (254,089) | 36,312,094 | 609,991,617 |
$5,932,658,662 | $364,630,880 | $486,401,098 | $(4,157,239) | $312,571,821 | $6,119,303,026 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Debt Fund | 5,591,384 | — |
MFS Emerging Markets Debt Local Currency Fund | 3,105,453 | — |
MFS Emerging Markets Equity Fund | — | — |
MFS Global Opportunistic Bond Fund | 3,002,551 | — |
MFS Global Real Estate Fund | — | — |
MFS Growth Fund | — | 1,696,791 |
MFS High Income Fund | 7,679,172 | — |
MFS Inflation-Adjusted Bond Fund | 7,751,865 | — |
MFS Institutional Money Market Portfolio | 620,919 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 1,723,709 | 290,382 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Total Return Bond Fund | 3,958,274 | — |
MFS Value Fund | 5,828,315 | — |
$39,261,642 | $1,987,173 |
MFS Aggressive Growth Allocation Fund | ||||||
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Commodity Strategy Fund | $109,047,987 | $11,634,061 | $7,531,636 | $(3,559,649) | $12,901,772 | $122,492,535 |
MFS Emerging Markets Equity Fund | 72,459,865 | 1,500,625 | 1,229,415 | (406,218) | 3,108,715 | 75,433,572 |
MFS Global Real Estate Fund | 116,223,060 | 12,157,342 | 1,462,502 | (346,736) | 4,251,800 | 130,822,964 |
MFS Growth Fund | 313,094,452 | 1,903,545 | 55,892,498 | 7,480,483 | 26,873,375 | 293,459,357 |
MFS Institutional Money Market Portfolio | 3,002,438 | 62,180,271 | 39,223,618 | (292) | 208 | 25,959,007 |
MFS International Growth Fund | 123,487,547 | 3,114,817 | 726,662 | (17,241) | 1,394,772 | 127,253,233 |
MFS International Intrinsic Value Fund | 123,220,948 | 609,840 | 1,365,670 | (311,967) | 5,401,523 | 127,554,674 |
MFS International Large Cap Value Fund | 121,246,688 | 1,798,194 | 2,392,150 | (210,591) | 6,354,821 | 126,796,962 |
MFS International New Discovery Fund | 97,110,750 | 3,200,009 | 658,472 | (226,990) | 2,799,340 | 102,224,637 |
MFS Mid Cap Growth Fund | 244,078,959 | 1,744,742 | 7,724,875 | (1,635,713) | 23,033,814 | 259,496,927 |
MFS Mid Cap Value Fund | 232,338,630 | 6,376,134 | 1,910,856 | (16,960) | 19,796,291 | 256,583,239 |
MFS New Discovery Fund | 58,461,228 | 3,814,769 | 75,726 | (43,603) | 1,427,802 | 63,584,470 |
MFS New Discovery Value Fund | 56,616,656 | 5,017,244 | 338,700 | (18,654) | 2,687,612 | 63,964,158 |
MFS Research Fund | 273,098,109 | 455,253 | 30,493,322 | (4,264,516) | 29,943,800 | 268,739,324 |
MFS Research International Fund | 195,136,064 | 4,007,193 | 735,446 | (92,339) | 4,674,314 | 202,989,786 |
MFS Value Fund | 281,118,467 | 12,092,624 | 5,956,955 | (227,570) | 17,876,445 | 304,903,011 |
$2,419,741,848 | $131,606,663 | $157,718,503 | $(3,898,556) | $162,526,404 | $2,552,257,856 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Commodity Strategy Fund | $— | $— |
MFS Emerging Markets Equity Fund | — | — |
MFS Global Real Estate Fund | — | — |
MFS Growth Fund | — | 884,517 |
MFS Institutional Money Market Portfolio | 194,845 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Mid Cap Growth Fund | — | — |
MFS Mid Cap Value Fund | — | — |
MFS New Discovery Fund | — | — |
MFS New Discovery Value Fund | 886,843 | 149,401 |
MFS Research Fund | — | — |
MFS Research International Fund | — | — |
MFS Value Fund | 2,875,040 | — |
$3,956,728 | $1,033,918 |
Mid Cap Equity Fund
Mid Cap Equity Fund
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back cover |
Phillips 66 | 2.2% |
Ameriprise Financial, Inc. | 2.0% |
Spotify Technology S.A. | 1.9% |
Ingersoll Rand, Inc. | 1.7% |
Expedia Group, Inc. | 1.6% |
Bank of New York Mellon Corp. | 1.6% |
Hartford Financial Services Group, Inc. | 1.6% |
Verisk Analytics, Inc., “A” | 1.6% |
PG&E Corp. | 1.6% |
Gartner, Inc. | 1.6% |
Industrials | 19.4% |
Financials | 16.7% |
Information Technology | 12.0% |
Consumer Discretionary | 11.4% |
Health Care | 9.7% |
Real Estate | 7.2% |
Utilities | 6.6% |
Materials | 5.2% |
Energy | 4.6% |
Communication Services | 4.5% |
Consumer Staples | 2.2% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.84% | $1,000.00 | $1,098.14 | $4.41 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.80 | $4.24 | |
B | Actual | 1.59% | $1,000.00 | $1,094.42 | $8.33 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.05 | $8.02 | |
C | Actual | 1.59% | $1,000.00 | $1,093.78 | $8.32 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.05 | $8.02 | |
I | Actual | 0.59% | $1,000.00 | $1,099.56 | $3.10 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.05 | $2.98 | |
R1 | Actual | 1.59% | $1,000.00 | $1,093.44 | $8.32 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.05 | $8.02 | |
R2 | Actual | 1.09% | $1,000.00 | $1,096.43 | $5.71 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
R3 | Actual | 0.84% | $1,000.00 | $1,097.95 | $4.41 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.80 | $4.24 | |
R4 | Actual | 0.59% | $1,000.00 | $1,099.38 | $3.10 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.05 | $2.98 | |
R6 | Actual | 0.49% | $1,000.00 | $1,100.18 | $2.57 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.55 | $2.48 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.5% | ||||
Aerospace & Defense – 2.1% | ||||
CACI International, Inc., “A” (a) | 13,510 | $4,336,034 | ||
Textron, Inc. | 92,465 | 7,088,367 | ||
$11,424,401 | ||||
Airlines – 0.7% | ||||
American Airlines Group, Inc. (a) | 34,112 | $424,012 | ||
United Airlines Holdings, Inc. (a) | 84,712 | 3,337,653 | ||
$3,761,665 | ||||
Apparel Manufacturers – 1.4% | ||||
Deckers Outdoor Corp. (a) | 2,159 | $1,433,511 | ||
Skechers USA, Inc., “A” (a) | 101,603 | 5,985,433 | ||
$7,418,944 | ||||
Automotive – 0.8% | ||||
Aptiv PLC (a) | 22,859 | $1,893,640 | ||
Visteon Corp. (a) | 18,924 | 2,245,711 | ||
$4,139,351 | ||||
Biotechnology – 1.8% | ||||
Biogen, Inc. (a) | 26,308 | $6,158,176 | ||
Exelixis, Inc. (a) | 165,754 | 3,615,095 | ||
$9,773,271 | ||||
Broadcasting – 1.6% | ||||
Fox Corp. | 36,196 | $1,001,181 | ||
Omnicom Group, Inc. | 97,222 | 7,839,010 | ||
$8,840,191 | ||||
Brokerage & Asset Managers – 2.2% | ||||
Apollo Global Management, Inc. | 31,090 | $2,860,280 | ||
Bank of New York Mellon Corp. | 185,674 | 8,971,768 | ||
$11,832,048 | ||||
Business Services – 5.6% | ||||
Boise Cascade Corp. | 22,854 | $2,497,942 | ||
Constellium SE (a) | 31,079 | 540,775 | ||
Dropbox, Inc. (a) | 165,167 | 4,654,406 | ||
GoDaddy, Inc. (a) | 8,323 | 832,799 | ||
Insperity, Inc. | 15,740 | 1,790,425 | ||
TriNet Group, Inc. (a) | 58,836 | 6,820,858 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Verisk Analytics, Inc., “A” | 36,458 | $8,802,055 | ||
WEX, Inc. (a) | 25,817 | 4,558,766 | ||
$30,498,026 | ||||
Chemicals – 1.7% | ||||
Avient Corp. | 171,182 | $5,880,102 | ||
PPG Industries, Inc. | 24,491 | 3,477,477 | ||
$9,357,579 | ||||
Computer Software – 2.3% | ||||
Cadence Design Systems, Inc. (a) | 24,342 | $6,651,938 | ||
CrowdStrike Holdings, Inc. (a) | 3,819 | 905,065 | ||
Datadog, Inc., “A” (a) | 6,451 | 751,993 | ||
Dun & Bradstreet Holdings, Inc. | 37,867 | 401,012 | ||
Elastic N.V. (a) | 11,052 | 888,139 | ||
Nutanix, Inc. (a) | 32,869 | 1,416,325 | ||
Paylocity Holding Corp. (a) | 10,515 | 1,647,385 | ||
$12,661,857 | ||||
Computer Software - Systems – 3.4% | ||||
Box, Inc., “A” (a) | 227,461 | $5,952,655 | ||
Dell Technologies, Inc. | 57,153 | 4,336,198 | ||
Rapid7, Inc. (a) | 85,474 | 4,628,417 | ||
Squarespace, Inc., “A” (a) | 18,200 | 510,146 | ||
Zebra Technologies Corp., “A” (a) | 13,550 | 3,211,079 | ||
$18,638,495 | ||||
Construction – 6.1% | ||||
AvalonBay Communities, Inc., REIT | 29,205 | $5,050,713 | ||
AZEK Co., Inc. (a) | 237,185 | 8,180,511 | ||
Beacon Roofing Supply, Inc. (a) | 60,618 | 4,871,262 | ||
Eagle Materials, Inc. | 2,615 | 473,446 | ||
Fortune Brands Innovations, Inc. | 31,987 | 2,188,870 | ||
GMS, Inc. (a) | 40,435 | 2,735,023 | ||
M/I Homes, Inc. (a) | 2,919 | 307,984 | ||
Masco Corp. | 26,976 | 1,633,397 | ||
MDC Holdings, Inc. | 64,492 | 2,854,416 | ||
Taylor Morrison Home Corp. (a) | 51,689 | 2,331,174 | ||
Toll Brothers, Inc. | 33,328 | 2,862,542 | ||
$33,489,338 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – 0.7% | ||||
e.l.f. Beauty, Inc. (a) | 4,869 | $574,980 | ||
Newell Brands, Inc. | 291,446 | 2,223,733 | ||
Scotts Miracle-Gro Co. | 18,323 | 1,019,858 | ||
$3,818,571 | ||||
Consumer Services – 1.6% | ||||
Expedia Group, Inc. (a) | 66,191 | $9,013,890 | ||
Electrical Equipment – 2.2% | ||||
AMETEK, Inc. | 21,904 | $3,400,158 | ||
Amphenol Corp., “A” | 25,065 | 2,280,664 | ||
Encore Wire Corp. | 15,515 | 2,859,415 | ||
nVent Electric PLC | 69,309 | 3,690,704 | ||
$12,230,941 | ||||
Electronics – 3.4% | ||||
Advanced Energy Industries, Inc. | 2,980 | $283,249 | ||
Amkor Technology, Inc. | 137,585 | 3,875,769 | ||
Cirrus Logic, Inc. (a) | 27,834 | 2,112,879 | ||
Corning, Inc. | 40,864 | 1,164,215 | ||
Lam Research Corp. | 8,430 | 6,035,206 | ||
Monolithic Power Systems, Inc. | 3,419 | 1,876,074 | ||
Silicon Laboratories, Inc. (a) | 29,634 | 3,122,535 | ||
$18,469,927 | ||||
Energy - Independent – 3.8% | ||||
Phillips 66 | 92,879 | $11,971,174 | ||
Valero Energy Corp. | 60,274 | 7,555,949 | ||
Warrior Met Coal, Inc. | 20,122 | 1,126,228 | ||
$20,653,351 | ||||
Energy - Integrated – 0.1% | ||||
National Gas Fuel Co. | 6,636 | $337,042 | ||
Engineering - Construction – 0.3% | ||||
EMCOR Group, Inc. | 6,973 | $1,481,902 | ||
Entertainment – 1.9% | ||||
Spotify Technology S.A. (a) | 54,920 | $10,166,241 | ||
Food & Beverages – 1.9% | ||||
Archer Daniels Midland Co. | 91,111 | $6,717,614 | ||
Cal-Maine Foods, Inc. | 54,274 | 2,600,810 | ||
Coca-Cola Consolidated, Inc. | 1,491 | 1,095,169 | ||
$10,413,593 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Forest & Paper Products – 0.7% | ||||
Weyerhaeuser Co., REIT | 120,895 | $3,790,058 | ||
Furniture & Appliances – 0.2% | ||||
Spectrum Brands Holdings, Inc. | 15,322 | $1,062,274 | ||
Gaming & Lodging – 2.2% | ||||
International Game Technology PLC | 237,634 | $6,351,957 | ||
Las Vegas Sands Corp. | 105,700 | 4,874,884 | ||
Marriott International, Inc., “A” | 4,565 | 925,325 | ||
$12,152,166 | ||||
General Merchandise – 0.4% | ||||
Dillard's, Inc., “A” (l) | 5,751 | $1,996,115 | ||
Insurance – 7.9% | ||||
Ameriprise Financial, Inc. | 30,639 | $10,831,193 | ||
Brighthouse Financial, Inc. (a) | 24,568 | 1,278,273 | ||
Cincinnati Financial Corp. | 3,210 | 329,956 | ||
Equitable Holdings, Inc. | 236,938 | 7,271,627 | ||
Everest Group Ltd. | 19,999 | 8,210,590 | ||
Genworth Financial, Inc. (a) | 42,478 | 250,195 | ||
Hartford Financial Services Group, Inc. | 114,444 | 8,944,943 | ||
Jackson Financial, Inc. | 16,752 | 799,573 | ||
Reinsurance Group of America, Inc. | 15,063 | 2,456,173 | ||
Voya Financial, Inc. | 36,655 | 2,621,199 | ||
$42,993,722 | ||||
Internet – 1.6% | ||||
Gartner, Inc. (a) | 19,934 | $8,668,101 | ||
Leisure & Toys – 1.5% | ||||
Electronic Arts, Inc. | 34,375 | $4,744,094 | ||
Polaris, Inc. | 43,614 | 3,596,846 | ||
$8,340,940 | ||||
Machinery & Tools – 4.8% | ||||
AGCO Corp. | 25,441 | $2,888,317 | ||
Ingersoll Rand, Inc. | 133,038 | 9,502,904 | ||
Kennametal, Inc. | 20,819 | 485,291 | ||
Mueller Industries, Inc. | 8,033 | 333,610 | ||
Terex Corp. | 30,934 | 1,531,233 | ||
Timken Co. | 93,327 | 6,756,875 | ||
Wabtec Corp. | 42,554 | 4,960,094 | ||
$26,458,324 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – 1.4% | ||||
Comerica, Inc. | 29,421 | $1,330,418 | ||
Regions Financial Corp. | 38,946 | 649,619 | ||
State Street Corp. | 80,278 | 5,845,844 | ||
$7,825,881 | ||||
Medical & Health Technology & Services – 5.6% | ||||
Cardinal Health, Inc. | 40,763 | $4,364,902 | ||
IQVIA Holdings, Inc. (a) | 33,686 | 7,212,172 | ||
McKesson Corp. | 17,184 | 8,086,103 | ||
Tenet Healthcare Corp. (a) | 42,166 | 2,909,876 | ||
Veeva Systems, Inc. (a) | 46,209 | 8,054,691 | ||
$30,627,744 | ||||
Medical Equipment – 1.5% | ||||
Agilent Technologies, Inc. | 2,743 | $350,555 | ||
Align Technology, Inc. (a) | 36,925 | 7,894,565 | ||
$8,245,120 | ||||
Metals & Mining – 1.2% | ||||
Commercial Metals Co. | 13,150 | $596,090 | ||
Reliance Steel & Aluminum Co. | 13,723 | 3,777,393 | ||
Steel Dynamics, Inc. | 17,594 | 2,095,973 | ||
$6,469,456 | ||||
Natural Gas - Distribution – 0.9% | ||||
UGI Corp. | 233,884 | $5,143,109 | ||
Network & Telecom – 0.3% | ||||
Motorola Solutions, Inc. | 5,071 | $1,637,274 | ||
Oil Services – 1.0% | ||||
NOV, Inc. | 224,956 | $4,233,672 | ||
TechnipFMC PLC (a) | 72,688 | 1,506,095 | ||
$5,739,767 | ||||
Other Banks & Diversified Financials – 4.5% | ||||
East West Bancorp, Inc. | 106,041 | $6,672,100 | ||
M&T Bank Corp. | 62,436 | 8,002,422 | ||
SLM Corp. | 380,681 | 5,721,635 | ||
Synchrony Financial | 25,614 | 828,869 | ||
Texas Capital Bancshares, Inc. (a) | 56,800 | 3,117,184 | ||
$24,342,210 | ||||
Pharmaceuticals – 0.8% | ||||
Organon & Co. | 390,377 | $4,419,068 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pollution Control – 0.0% | ||||
Republic Services, Inc. | 1,526 | $246,968 | ||
Printing & Publishing – 0.1% | ||||
Lamar Advertising Co., REIT | 5,476 | $554,664 | ||
Real Estate – 5.5% | ||||
Brixmor Property Group, Inc., REIT | 274,905 | $5,915,956 | ||
Broadstone Net Lease, Inc., REIT | 261,986 | 4,191,776 | ||
EPR Properties, REIT | 23,063 | 1,029,071 | ||
Essential Properties Realty Trust, REIT | 34,143 | 810,896 | ||
NNN REIT, Inc. | 128,367 | 5,214,268 | ||
Park Hotels & Resorts, REIT | 215,930 | 3,202,242 | ||
Phillips Edison & Co., REIT | 94,100 | 3,316,084 | ||
Ryman Hospitality Properties, Inc., REIT | 27,278 | 2,737,347 | ||
Simon Property Group, Inc., REIT | 9,918 | 1,238,659 | ||
Tanger, Inc., REIT | 32,213 | 804,036 | ||
Vornado Realty Trust, REIT | 65,400 | 1,539,516 | ||
$29,999,851 | ||||
Restaurants – 0.5% | ||||
Texas Roadhouse, Inc. | 24,667 | $2,776,518 | ||
Specialty Chemicals – 1.7% | ||||
Chemours Co. | 255,493 | $7,008,173 | ||
RPM International, Inc. | 18,853 | 1,940,540 | ||
Tronox Holdings PLC | 21,227 | 270,644 | ||
$9,219,357 | ||||
Specialty Stores – 3.3% | ||||
Abercrombie & Fitch Co., “A” (a) | 16,039 | $1,217,200 | ||
Builders FirstSource, Inc. (a) | 56,492 | 7,576,142 | ||
O'Reilly Automotive, Inc. (a) | 7,788 | 7,650,775 | ||
Ulta Beauty, Inc. (a) | 4,146 | 1,766,155 | ||
$18,210,272 | ||||
Telephone Services – 0.1% | ||||
Altice USA, Inc., “A” (a) | 286,690 | $659,387 | ||
Trucking – 0.6% | ||||
Saia, Inc. (a) | 8,623 | $3,366,333 | ||
Utilities - Electric Power – 5.6% | ||||
CenterPoint Energy, Inc. | 11,572 | $327,140 | ||
Edison International | 123,492 | 8,272,729 | ||
NRG Energy, Inc. | 114,522 | 5,478,732 | ||
PG&E Corp. | 509,770 | 8,752,751 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – continued | ||||
Vistra Corp. | 222,872 | $7,891,898 | ||
$30,723,250 | ||||
Total Common Stocks (Identified Cost, $478,964,048) | $544,088,553 | |||
Investment Companies (h) – 0.6% | ||||
Money Market Funds – 0.6% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $2,972,012) | 2,972,009 | $2,972,307 | ||
Collateral for Securities Loaned – 0.1% | ||||
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 5.29% (j) (Identified Cost, $781,356) | 781,356 | $781,356 | ||
Other Assets, Less Liabilities – (0.2)% | (936,676) | |||
Net Assets – 100.0% | $546,905,540 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,972,307 and $544,869,909, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value, including $1,007,602 of securities on loan (identified cost, $479,745,404) | $544,869,909 |
Investments in affiliated issuers, at value (identified cost, $2,972,012) | 2,972,307 |
Receivables for | |
Fund shares sold | 325,263 |
Interest and dividends | 988,554 |
Receivable from investment adviser | 21,783 |
Other assets | 43,460 |
Total assets | $549,221,276 |
Liabilities | |
Payables for | |
Fund shares reacquired | $1,415,501 |
Collateral for securities loaned, at value (c) | 781,356 |
Payable to affiliates | |
Administrative services fee | 481 |
Shareholder servicing costs | 46,542 |
Distribution and service fees | 715 |
Accrued expenses and other liabilities | 71,141 |
Total liabilities | $2,315,736 |
Net assets | $546,905,540 |
Net assets consist of | |
Paid-in capital | $472,707,938 |
Total distributable earnings (loss) | 74,197,602 |
Net assets | $546,905,540 |
Shares of beneficial interest outstanding | 44,121,360 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $33,024,770 | 2,659,729 | $12.42 |
Class B | 191,104 | 15,706 | 12.17 |
Class C | 3,911,634 | 322,488 | 12.13 |
Class I | 136,942,705 | 11,071,285 | 12.37 |
Class R1 | 145,025 | 11,915 | 12.17 |
Class R2 | 453,271 | 36,900 | 12.28 |
Class R3 | 1,901,124 | 154,151 | 12.33 |
Class R4 | 958,734 | 77,364 | 12.39 |
Class R6 | 369,377,173 | 29,771,822 | 12.41 |
(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 $13.18 [100 / 94.25 x $12.42]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $4,769,616 |
Dividends from affiliated issuers | 132,317 |
Other | 14,167 |
Income on securities loaned | 4,695 |
Foreign taxes withheld | (1,498) |
Total investment income | $4,919,297 |
Expenses | |
Management fee | $1,310,011 |
Distribution and service fees | 71,582 |
Shareholder servicing costs | 101,951 |
Administrative services fee | 42,742 |
Independent Trustees' compensation | 5,114 |
Custodian fee | 17,995 |
Shareholder communications | 8,468 |
Audit and tax fees | 32,947 |
Legal fees | 1,281 |
Miscellaneous | 86,442 |
Total expenses | $1,678,533 |
Fees paid indirectly | (298) |
Reduction of expenses by investment adviser and distributor | (231,685) |
Net expenses | $1,446,550 |
Net investment income (loss) | $3,472,747 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $10,302,129 |
Affiliated issuers | 2,521 |
Net realized gain (loss) | $10,304,650 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $35,782,417 |
Affiliated issuers | 837 |
Net unrealized gain (loss) | $35,783,254 |
Net realized and unrealized gain (loss) | $46,087,904 |
Change in net assets from operations | $49,560,651 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $3,472,747 | $5,759,051 |
Net realized gain (loss) | 10,304,650 | (3,818,615) |
Net unrealized gain (loss) | 35,783,254 | (19,277,452) |
Change in net assets from operations | $49,560,651 | $(17,337,016) |
Total distributions to shareholders | $— | $(23,206,375) |
Change in net assets from fund share transactions | $12,401,453 | $65,820,929 |
Total change in net assets | $61,962,104 | $25,277,538 |
Net assets | ||
At beginning of period | 484,943,436 | 459,665,898 |
At end of period | $546,905,540 | $484,943,436 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.31 | $12.38 | $15.36 | $10.70 | $11.14 | $12.07 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.11 | $0.07 | $0.08 | $0.10 | $0.11 |
Net realized and unrealized gain (loss) | 1.05 | (0.62) | (0.05)(g) | 4.68 | 0.02 | (0.27) |
Total from investment operations | $1.11 | $(0.51) | $0.02 | $4.76 | $0.12 | $(0.16) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.11) | $— | $(0.10) | $(0.10) | $(0.09) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.56) | $(3.00) | $(0.10) | $(0.56) | $(0.77) |
Net asset value, end of period (x) | $12.42 | $11.31 | $12.38 | $15.36 | $10.70 | $11.14 |
Total return (%) (r)(s)(t)(x) | 9.81(n) | (4.30) | (1.00) | 44.61 | 0.51 | (0.52) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.93(a) | 0.94 | 0.94 | 0.92 | 0.96 | 0.97 |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 1.02(a) | 0.96 | 0.45 | 0.58 | 0.89 | 0.96 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $33,025 | $32,605 | $19,061 | $133,584 | $74,843 | $74,051 |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.12 | $12.17 | $15.26 | $10.64 | $11.08 | $12.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.02 | $(0.01) | $(0.02) | $0.02 | $0.02 |
Net realized and unrealized gain (loss) | 1.03 | (0.61) | (0.08) | 4.65 | 0.01 | (0.26) |
Total from investment operations | $1.05 | $(0.59) | $(0.09) | $4.63 | $0.03 | $(0.24) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.01) | $(0.00)(w) | $(0.01) | $(0.01) | $(0.03) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.46) | $(3.00) | $(0.01) | $(0.47) | $(0.71) |
Net asset value, end of period (x) | $12.17 | $11.12 | $12.17 | $15.26 | $10.64 | $11.08 |
Total return (%) (r)(s)(t)(x) | 9.44(n) | (5.01) | (1.78) | 43.56 | (0.23) | (1.27) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.68(a) | 1.69 | 1.70 | 1.67 | 1.71 | 1.72 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
Net investment income (loss) | 0.26(a) | 0.20 | (0.05) | (0.16) | 0.15 | 0.21 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $191 | $197 | $236 | $126 | $92 | $99 |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.09 | $12.16 | $15.25 | $10.64 | $11.10 | $12.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.03 | $0.01 | $(0.02) | $0.02 | $0.02 |
Net realized and unrealized gain (loss) | 1.02 | (0.62) | (0.09) | 4.64 | 0.01 | (0.25) |
Total from investment operations | $1.04 | $(0.59) | $(0.08) | $4.62 | $0.03 | $(0.23) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.03) | $(0.01) | $(0.01) | $(0.03) | $(0.02) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.48) | $(3.01) | $(0.01) | $(0.49) | $(0.70) |
Net asset value, end of period (x) | $12.13 | $11.09 | $12.16 | $15.25 | $10.64 | $11.10 |
Total return (%) (r)(s)(t)(x) | 9.38(n) | (4.98) | (1.74) | 43.49 | (0.28) | (1.27) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.68(a) | 1.69 | 1.70 | 1.66 | 1.71 | 1.72 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
Net investment income (loss) | 0.26(a) | 0.23 | 0.11 | (0.16) | 0.16 | 0.21 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $3,912 | $4,180 | $3,161 | $350 | $138 | $109 |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.25 | $12.31 | $15.38 | $10.71 | $11.16 | $12.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.14 | $0.15 | $0.11 | $0.13 | $0.14 |
Net realized and unrealized gain (loss) | 1.04 | (0.62) | (0.08) | 4.68 | 0.02 | (0.28) |
Total from investment operations | $1.12 | $(0.48) | $0.07 | $4.79 | $0.15 | $(0.14) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.13) | $(0.14) | $(0.12) | $(0.14) | $(0.13) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.58) | $(3.14) | $(0.12) | $(0.60) | $(0.81) |
Net asset value, end of period (x) | $12.37 | $11.25 | $12.31 | $15.38 | $10.71 | $11.16 |
Total return (%) (r)(s)(t)(x) | 9.96(n) | (4.07) | (0.73) | 44.98 | 0.71 | (0.30) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.68(a) | 0.69 | 0.71 | 0.67 | 0.71 | 0.71 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
Net investment income (loss) | 1.29(a) | 1.22 | 1.07 | 0.84 | 1.18 | 1.26 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $136,943 | $119,155 | $108,560 | $5,410 | $4,368 | $2,336 |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.13 | $12.18 | $15.26 | $10.65 | $11.09 | $12.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.02 | $(0.01) | $(0.02) | $0.02 | $0.02 |
Net realized and unrealized gain (loss) | 1.02 | (0.61) | (0.07) | 4.64 | 0.02 | (0.26) |
Total from investment operations | $1.04 | $(0.59) | $(0.08) | $4.62 | $0.04 | $(0.24) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.01) | $— | $(0.01) | $(0.02) | $(0.02) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.46) | $(3.00) | $(0.01) | $(0.48) | $(0.70) |
Net asset value, end of period (x) | $12.17 | $11.13 | $12.18 | $15.26 | $10.65 | $11.09 |
Total return (%) (r)(s)(t)(x) | 9.34(n) | (5.00) | (1.72) | 43.45 | (0.16) | (1.31) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.68(a) | 1.69 | 1.70 | 1.67 | 1.71 | 1.72 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
Net investment income (loss) | 0.28(a) | 0.20 | (0.08) | (0.16) | 0.15 | 0.22 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $145 | $132 | $136 | $142 | $98 | $97 |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.20 | $12.26 | $15.33 | $10.70 | $11.15 | $12.07 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.08 | $0.06 | $0.04 | $0.07 | $0.08 |
Net realized and unrealized gain (loss) | 1.03 | (0.62) | (0.07) | 4.68 | 0.02 | (0.25) |
Total from investment operations | $1.08 | $(0.54) | $(0.01) | $4.72 | $0.09 | $(0.17) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.07) | $(0.06) | $(0.09) | $(0.08) | $(0.07) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.52) | $(3.06) | $(0.09) | $(0.54) | $(0.75) |
Net asset value, end of period (x) | $12.28 | $11.20 | $12.26 | $15.33 | $10.70 | $11.15 |
Total return (%) (r)(s)(t)(x) | 9.64(n) | (4.52) | (1.27) | 44.24 | 0.21 | (0.71) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.18(a) | 1.19 | 1.20 | 1.17 | 1.21 | 1.22 |
Expenses after expense reductions (f) | 1.09(a) | 1.09 | 1.09 | 1.09 | 1.09 | 1.09 |
Net investment income (loss) | 0.78(a) | 0.73 | 0.42 | 0.30 | 0.65 | 0.70 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $453 | $416 | $292 | $253 | $62 | $62 |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.23 | $12.30 | $15.36 | $10.71 | $11.16 | $12.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.11 | $0.10 | $0.08 | $0.07 | $0.11 |
Net realized and unrealized gain (loss) | 1.04 | (0.62) | (0.07) | 4.68 | 0.05 | (0.26) |
Total from investment operations | $1.10 | $(0.51) | $0.03 | $4.76 | $0.12 | $(0.15) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.11) | $(0.09) | $(0.11) | $(0.11) | $(0.10) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.56) | $(3.09) | $(0.11) | $(0.57) | $(0.78) |
Net asset value, end of period (x) | $12.33 | $11.23 | $12.30 | $15.36 | $10.71 | $11.16 |
Total return (%) (r)(s)(t)(x) | 9.80(n) | (4.33) | (0.94) | 44.60 | 0.51 | (0.50) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.93(a) | 0.94 | 0.95 | 0.92 | 1.00 | 0.97 |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.82 | 0.82 | 0.84 | 0.84 |
Net investment income (loss) | 1.06(a) | 0.92 | 0.74 | 0.62 | 0.72 | 0.95 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $1,901 | $1,051 | $1,947 | $1,422 | $1,015 | $62 |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.27 | $12.33 | $15.39 | $10.72 | $11.17 | $12.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.14 | $0.13 | $0.11 | $0.13 | $0.14 |
Net realized and unrealized gain (loss) | 1.04 | (0.62) | (0.06) | 4.69 | 0.02 | (0.27) |
Total from investment operations | $1.12 | $(0.48) | $0.07 | $4.80 | $0.15 | $(0.13) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.13) | $(0.13) | $(0.13) | $(0.14) | $(0.13) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.58) | $(3.13) | $(0.13) | $(0.60) | $(0.81) |
Net asset value, end of period (x) | $12.39 | $11.27 | $12.33 | $15.39 | $10.72 | $11.17 |
Total return (%) (r)(s)(t)(x) | 9.94(n) | (4.08) | (0.71) | 44.95 | 0.73 | (0.30) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.68(a) | 0.69 | 0.70 | 0.67 | 0.71 | 0.72 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
Net investment income (loss) | 1.29(a) | 1.20 | 0.92 | 0.84 | 1.18 | 1.21 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $959 | $854 | $934 | $953 | $685 | $63 |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.28 | $12.34 | $15.40 | $10.73 | $11.17 | $12.11 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.15 | $0.15 | $0.12 | $0.14 | $0.15 |
Net realized and unrealized gain (loss) | 1.05 | (0.62) | (0.07) | 4.69 | 0.02 | (0.27) |
Total from investment operations | $1.13 | $(0.47) | $0.08 | $4.81 | $0.16 | $(0.12) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.14) | $(0.14) | $(0.14) | $(0.14) | $(0.14) |
From net realized gain | — | (0.45) | (3.00) | (0.00)(w) | (0.46) | (0.68) |
Total distributions declared to shareholders | $— | $(0.59) | $(3.14) | $(0.14) | $(0.60) | $(0.82) |
Net asset value, end of period (x) | $12.41 | $11.28 | $12.34 | $15.40 | $10.73 | $11.17 |
Total return (%) (r)(s)(t)(x) | 10.02(n) | (3.97) | (0.60) | 45.02 | 0.87 | (0.17) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.58(a) | 0.59 | 0.59 | 0.58 | 0.61 | 0.61 |
Expenses after expense reductions (f) | 0.49(a) | 0.49 | 0.48 | 0.51 | 0.49 | 0.48 |
Net investment income (loss) | 1.39(a) | 1.30 | 1.04 | 0.94 | 1.25 | 1.32 |
Portfolio turnover | 38(n) | 67 | 89 | 103 | 81 | 80 |
Net assets at end of period (000 omitted) | $369,377 | $326,353 | $325,339 | $308,874 | $233,687 | $199,437 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $544,088,553 | $— | $— | $544,088,553 |
Mutual Funds | 3,753,663 | — | — | 3,753,663 |
Total | $547,842,216 | $— | $— | $547,842,216 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $5,303,209 |
Long-term capital gains | 17,903,166 |
Total distributions | $23,206,375 |
As of 11/30/23 | |
Cost of investments | $486,905,872 |
Gross appreciation | 87,937,608 |
Gross depreciation | (27,001,264) |
Net unrealized appreciation (depreciation) | $60,936,344 |
As of 5/31/23 | |
Undistributed ordinary income | 1,830,759 |
Capital loss carryforwards | (2,346,898) |
Net unrealized appreciation (depreciation) | 25,153,090 |
Short-Term | $(2,346,898) |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $1,235,139 | |
Class B | — | 7,902 | |
Class C | — | 144,472 | |
Class I | — | 5,651,819 | |
Class R1 | — | 5,152 | |
Class R2 | — | 14,910 | |
Class R3 | — | 105,798 | |
Class R4 | — | 41,214 | |
Class R6 | — | 15,999,969 | |
Total | $— | $23,206,375 |
Up to $1 billion | 0.50% |
In excess of $1 billion and up to $2.5 billion | 0.475% |
In excess of $2.5 billion | 0.45% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.84% | 1.59% | 1.59% | 0.59% | 1.59% | 1.09% | 0.84% | 0.59% | 0.52% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 44,409 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 1,030 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 22,238 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 707 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 1,117 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 2,081 |
Total Distribution and Service Fees | $71,582 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended November 30, 2023, this rebate amounted to $2 for Class C shares and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $— |
Class B | — |
Class C | 139 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 447,455 | $5,441,731 | 1,661,070 | $19,482,914 | |
Class B | — | — | 1,091 | 12,707 | |
Class C | 39,860 | 472,479 | 283,746 | 3,222,767 | |
Class I | 2,302,282 | 27,863,593 | 5,075,173 | 58,313,200 | |
Class R1 | 47 | 553 | 285 | 3,227 | |
Class R2 | 5,207 | 62,067 | 15,850 | 180,553 | |
Class R3 | 78,454 | 966,436 | 116,587 | 1,356,266 | |
Class R4 | 9,472 | 115,204 | 10,067 | 117,521 | |
Class R6 | 2,757,364 | 32,828,119 | 7,056,171 | 81,272,395 | |
5,640,141 | $67,750,182 | 14,220,040 | $163,961,550 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 106,014 | $1,234,006 | |
Class B | — | — | 688 | 7,902 | |
Class C | — | — | 12,618 | 144,472 | |
Class I | — | — | 488,489 | 5,651,819 | |
Class R1 | — | — | 448 | 5,152 | |
Class R2 | — | — | 1,292 | 14,910 | |
Class R3 | — | — | 9,152 | 105,798 | |
Class R4 | — | — | 3,556 | 41,214 | |
Class R6 | — | — | 1,380,498 | 15,999,969 | |
— | $— | 2,002,755 | $23,205,242 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (671,422) | $(8,057,550) | (423,597) | $(4,907,791) | |
Class B | (2,048) | (22,895) | (3,431) | (39,365) | |
Class C | (94,430) | (1,101,427) | (179,237) | (2,047,693) | |
Class I | (1,823,158) | (22,239,808) | (3,792,105) | (43,969,005) | |
Class R1 | (2) | (27) | (3) | (30) | |
Class R2 | (5,418) | (65,954) | (3,852) | (47,228) | |
Class R3 | (17,862) | (213,729) | (190,559) | (2,201,902) | |
Class R4 | (7,916) | (96,416) | (13,612) | (159,467) | |
Class R6 | (1,922,134) | (23,550,923) | (5,873,607) | (67,973,382) | |
(4,544,390) | $(55,348,729) | (10,480,003) | $(121,345,863) | ||
Net change | |||||
Class A | (223,967) | $(2,615,819) | 1,343,487 | $15,809,129 | |
Class B | (2,048) | (22,895) | (1,652) | (18,756) | |
Class C | (54,570) | (628,948) | 117,127 | 1,319,546 | |
Class I | 479,124 | 5,623,785 | 1,771,557 | 19,996,014 | |
Class R1 | 45 | 526 | 730 | 8,349 | |
Class R2 | (211) | (3,887) | 13,290 | 148,235 | |
Class R3 | 60,592 | 752,707 | (64,820) | (739,838) | |
Class R4 | 1,556 | 18,788 | 11 | (732) | |
Class R6 | 835,230 | 9,277,196 | 2,563,062 | 29,298,982 | |
1,095,751 | $12,401,453 | 5,742,792 | $65,820,929 |
MFS Lifetime 2050 Fund, the MFS Lifetime 2045 Fund, the MFS Lifetime 2035 Fund, the MFS Lifetime 2030 Fund, the MFS Lifetime 2055 Fund, the MFS Lifetime Income Fund, the MFS Lifetime 2060 Fund, and the MFS Lifetime 2025 Fund were the owners
of record of approximately 12%, 9%, 8%, 8%, 7%, 6%, 3%, 3%, and 2%, respectively, of the value of outstanding voting shares of the fund. In addition, the MFS Lifetime 2065 Fund was the owner of record of less than 1% of the value of outstanding voting shares of the fund.
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $5,415,418 | $50,183,502 | $52,629,971 | $2,521 | $837 | $2,972,307 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $132,317 | $— |
Small Cap Equity Fund
Small Cap Equity Fund
1 | |
2 | |
4 | |
11 | |
13 | |
14 | |
15 | |
24 | |
35 | |
39 | |
39 | |
39 | |
39 | |
39 |
back cover |
Grand Canyon Education, Inc. | 1.9% |
Skechers USA, Inc., “A” | 1.7% |
e.l.f. Beauty, Inc. | 1.6% |
HealthEquity, Inc. | 1.6% |
Cathay General Bancorp, Inc. | 1.6% |
Empire State Realty Trust, REIT, “A” | 1.5% |
Phillips Edison & Co., REIT | 1.5% |
AZEK Co., Inc. | 1.5% |
Rapid7, Inc. | 1.4% |
APi Group, Inc. | 1.4% |
Industrials | 17.4% |
Financials | 16.1% |
Health Care | 14.3% |
Information Technology | 12.3% |
Consumer Discretionary | 11.5% |
Energy | 7.4% |
Real Estate | 7.3% |
Materials | 5.9% |
Communication Services | 2.7% |
Consumer Staples | 2.4% |
Utilities | 1.6% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.99% | $1,000.00 | $1,076.43 | $5.14 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.05 | $5.00 | |
B | Actual | 1.74% | $1,000.00 | $1,072.44 | $9.02 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.30 | $8.77 | |
C | Actual | 1.74% | $1,000.00 | $1,072.56 | $9.02 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.30 | $8.77 | |
I | Actual | 0.74% | $1,000.00 | $1,077.29 | $3.84 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
R1 | Actual | 1.74% | $1,000.00 | $1,072.50 | $9.02 |
Hypothetical (h) | 1.74% | $1,000.00 | $1,016.30 | $8.77 | |
R2 | Actual | 1.24% | $1,000.00 | $1,075.44 | $6.43 |
Hypothetical (h) | 1.24% | $1,000.00 | $1,018.80 | $6.26 | |
R3 | Actual | 0.99% | $1,000.00 | $1,076.31 | $5.14 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.05 | $5.00 | |
R4 | Actual | 0.74% | $1,000.00 | $1,078.01 | $3.84 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
R6 | Actual | 0.64% | $1,000.00 | $1,078.62 | $3.33 |
Hypothetical (h) | 0.64% | $1,000.00 | $1,021.80 | $3.23 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.9% | ||||
Aerospace & Defense – 0.9% | ||||
CACI International, Inc., “A” (a) | 8,739 | $2,804,782 | ||
Apparel Manufacturers – 1.7% | ||||
Skechers USA, Inc., “A” (a) | 87,717 | $5,167,409 | ||
Automotive – 2.1% | ||||
Methode Electronics, Inc. | 41,640 | $988,117 | ||
REV Group, Inc. | 145,564 | 2,298,455 | ||
Titan International, Inc. (a) | 26,058 | 340,578 | ||
Visteon Corp. (a) | 20,774 | 2,465,251 | ||
$6,092,401 | ||||
Biotechnology – 2.5% | ||||
Adaptive Biotechnologies Corp. (a) | 349,393 | $1,530,341 | ||
Alector, Inc. (a) | 17,322 | 93,885 | ||
Arcus Biosciences, Inc. (a) | 45,874 | 690,862 | ||
Dynavax Technologies Corp. (a) | 82,683 | 1,132,757 | ||
Exelixis, Inc. (a) | 40,697 | 887,602 | ||
iTeos Therapeutics, Inc. (a) | 61,752 | 577,999 | ||
Lyell Immunopharma, Inc. (a)(l) | 244,327 | 422,686 | ||
Sana Biotechnology, Inc. (a)(l) | 194,875 | 791,193 | ||
Sangamo Therapeutics, Inc. (a) | 156,484 | 67,288 | ||
Vir Biotechnology, Inc. (a) | 49,765 | 472,270 | ||
Voyager Therapeutics, Inc. (a) | 90,297 | 655,556 | ||
$7,322,439 | ||||
Brokerage & Asset Managers – 0.4% | ||||
A-Mark Precious Metals, Inc. | 28,701 | $822,570 | ||
GCM Grosvenor, Inc., “A” (l) | 40,640 | 327,965 | ||
$1,150,535 | ||||
Business Services – 4.8% | ||||
BlueLinx Holdings, Inc. (a) | 22,470 | $1,973,989 | ||
Boise Cascade Corp. | 9,115 | 996,269 | ||
HireRight Holdings Corp. (a) | 103,817 | 1,365,194 | ||
Medifast, Inc. | 3,569 | 236,910 | ||
TaskUs, Inc., “A” (a) | 213,476 | 2,565,982 | ||
TriNet Group, Inc. (a) | 34,163 | 3,960,517 | ||
World Fuel Services Corp. | 67,314 | 1,416,287 | ||
Yext, Inc. (a) | 235,908 | 1,564,070 | ||
$14,079,218 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Cable TV – 0.2% | ||||
Cable One, Inc. | 1,157 | $615,617 | ||
Chemicals – 2.4% | ||||
Avient Corp. | 85,593 | $2,940,119 | ||
Element Solutions, Inc. | 194,857 | 4,084,203 | ||
$7,024,322 | ||||
Computer Software – 3.2% | ||||
ACI Worldwide, Inc. (a) | 14,128 | $377,783 | ||
Dun & Bradstreet Holdings, Inc. | 27,993 | 296,446 | ||
Elastic N.V. (a) | 50,256 | 4,038,572 | ||
HashiCorp, Inc., “A” (a) | 14,084 | 301,679 | ||
Nutanix, Inc. (a) | 49,122 | 2,116,667 | ||
Paylocity Holding Corp. (a) | 15,397 | 2,412,248 | ||
$9,543,395 | ||||
Computer Software - Systems – 4.2% | ||||
Box, Inc., “A” (a) | 142,781 | $3,736,579 | ||
Five9, Inc. (a) | 15,080 | 1,149,397 | ||
Rapid7, Inc. (a) | 76,533 | 4,144,262 | ||
Rimini Street, Inc. (a) | 237,505 | 745,766 | ||
Squarespace, Inc., “A” (a) | 55,001 | 1,541,678 | ||
Verint Systems, Inc. (a) | 40,100 | 985,257 | ||
$12,302,939 | ||||
Construction – 4.0% | ||||
AZEK Co., Inc. (a) | 130,329 | $4,495,047 | ||
GMS, Inc. (a) | 45,350 | 3,067,474 | ||
M/I Homes, Inc. (a) | 1,699 | 179,262 | ||
MDC Holdings, Inc. | 43,812 | 1,939,119 | ||
Summit Materials, Inc., “A” (a) | 60,757 | 2,107,660 | ||
Taylor Morrison Home Corp. (a) | 4,129 | 186,218 | ||
$11,974,780 | ||||
Consumer Products – 3.1% | ||||
e.l.f. Beauty, Inc. (a) | 41,294 | $4,876,408 | ||
Herbalife Ltd. (a) | 32,860 | 423,237 | ||
Prestige Consumer Healthcare, Inc. (a) | 69,574 | 3,990,069 | ||
$9,289,714 | ||||
Consumer Services – 1.9% | ||||
Grand Canyon Education, Inc. (a) | 40,942 | $5,597,590 | ||
Electrical Equipment – 0.1% | ||||
Sensata Technologies Holding PLC | 6,854 | $222,824 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electronics – 4.6% | ||||
Advanced Energy Industries, Inc. | 38,727 | $3,681,001 | ||
Alpha and Omega Semiconductor Ltd. (a) | 44,892 | 960,240 | ||
Photronics, Inc. (a) | 69,335 | 1,465,049 | ||
Plexus Corp. (a) | 37,038 | 3,773,802 | ||
Sanmina Corp. (a) | 10,472 | 524,752 | ||
Silicon Laboratories, Inc. (a) | 29,774 | 3,137,286 | ||
$13,542,130 | ||||
Energy - Independent – 2.5% | ||||
CONSOL Energy, Inc. | 20,185 | $2,153,134 | ||
CVR Energy, Inc. | 52,122 | 1,655,916 | ||
Par Pacific Holdings, Inc. (a) | 70,572 | 2,418,503 | ||
SilverBow Resources, Inc. (a) | 39,303 | 1,250,228 | ||
$7,477,781 | ||||
Energy - Integrated – 0.2% | ||||
National Gas Fuel Co. | 12,639 | $641,935 | ||
Engineering - Construction – 1.4% | ||||
APi Group, Inc. (a) | 136,531 | $4,143,716 | ||
Food & Beverages – 0.6% | ||||
Cal-Maine Foods, Inc. | 35,155 | $1,684,628 | ||
Forest & Paper Products – 0.6% | ||||
JELD-WEN Holding, Inc. (a) | 118,311 | $1,890,610 | ||
Gaming & Lodging – 1.5% | ||||
International Game Technology PLC | 130,492 | $3,488,051 | ||
Target Hospitality Corp. (a) | 97,498 | 1,063,703 | ||
$4,551,754 | ||||
Insurance – 2.9% | ||||
Hanover Insurance Group, Inc. | 20,352 | $2,529,753 | ||
Jackson Financial, Inc. | 49,593 | 2,367,074 | ||
Voya Financial, Inc. | 50,635 | 3,620,909 | ||
$8,517,736 | ||||
Internet – 2.1% | ||||
CarGurus, Inc. (a) | 93,233 | $2,015,698 | ||
Cars.com, Inc. (a) | 8,057 | 150,021 | ||
Yelp, Inc. (a) | 57,527 | 2,514,505 | ||
ZipRecruiter, Inc., “A” (a) | 105,644 | 1,416,686 | ||
$6,096,910 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Leisure & Toys – 2.1% | ||||
Brunswick Corp. | 36,124 | $2,849,100 | ||
Funko, Inc., “A” (a) | 216,676 | 1,404,060 | ||
Malibu Boats, Inc., “A” (a) | 28,108 | 1,243,498 | ||
Playtika Holdings Corp. (a) | 24,085 | 209,299 | ||
Polaris, Inc. | 5,038 | 415,484 | ||
$6,121,441 | ||||
Machinery & Tools – 4.2% | ||||
Flowserve Corp. | 73,380 | $2,807,519 | ||
ITT, Inc. | 9,495 | 1,028,024 | ||
Olympic Steel, Inc. | 31,777 | 1,796,354 | ||
Regal Rexnord Corp. | 26,226 | 3,141,875 | ||
Timken Co. | 49,179 | 3,560,559 | ||
$12,334,331 | ||||
Major Banks – 0.8% | ||||
Axos Financial, Inc. (a) | 3,907 | $149,521 | ||
Comerica, Inc. | 48,298 | 2,184,035 | ||
$2,333,556 | ||||
Medical & Health Technology & Services – 2.8% | ||||
Encompass Health Corp. | 53,429 | $3,481,968 | ||
Health Catalyst, Inc. (a) | 37,239 | 267,376 | ||
HealthEquity, Inc. (a) | 68,760 | 4,608,295 | ||
$8,357,639 | ||||
Medical Equipment – 3.6% | ||||
Bioventus, Inc., “A” (a) | 44,969 | $179,876 | ||
Envista Holdings Corp. (a) | 135,272 | 3,069,322 | ||
MiMedx Group, Inc. (a) | 144,344 | 1,121,553 | ||
Myriad Genetics, Inc. (a) | 7,022 | 134,050 | ||
Organogenesis Holdings, Inc. (a) | 212,720 | 542,436 | ||
QuidelOrtho Corp. (a) | 45,133 | 3,101,991 | ||
Sotera Health Co. (a) | 122,659 | 1,674,295 | ||
ZimVie, Inc. (a) | 80,833 | 763,872 | ||
$10,587,395 | ||||
Metals & Mining – 0.6% | ||||
Ryerson Holding Corp. | 59,405 | $1,839,773 | ||
Natural Gas - Distribution – 0.6% | ||||
Southwest Gas Holdings, Inc. | 2,442 | $144,347 | ||
UGI Corp. | 80,355 | 1,767,006 | ||
$1,911,353 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Oil Services – 3.5% | ||||
ChampionX Corp. | 127,461 | $3,737,156 | ||
Helmerich & Payne | 40,426 | 1,464,634 | ||
NOV, Inc. | 192,324 | 3,619,538 | ||
Oil States International, Inc. (a) | 18,443 | 127,072 | ||
Select Water Solutions, Inc. | 185,476 | 1,383,651 | ||
$10,332,051 | ||||
Other Banks & Diversified Financials – 12.4% | ||||
Applied Digital Corp. (a) | 260,802 | $1,217,945 | ||
Atlanticus Holdings Corp. (a) | 5,843 | 180,373 | ||
Bank of N.T. Butterfield & Son Ltd. | 56,884 | 1,577,393 | ||
Bank OZK | 14,417 | 603,496 | ||
Cathay General Bancorp, Inc. | 125,384 | 4,599,085 | ||
Columbia Banking System, Inc. | 164,444 | 3,688,479 | ||
Customers Bancorp, Inc (a) | 25,697 | 1,158,164 | ||
Eagle Bancorp, Inc. | 7,488 | 177,765 | ||
East West Bancorp, Inc. | 41,733 | 2,625,840 | ||
Enova International, Inc. (a) | 6,613 | 272,456 | ||
Heritage Commerce Corp. | 71,016 | 602,926 | ||
Navient Corp. | 96,225 | 1,648,334 | ||
OFG Bancorp | 59,544 | 1,998,297 | ||
Pacific Premier Bancorp, Inc. | 108,409 | 2,441,371 | ||
Preferred Bank | 18,776 | 1,157,165 | ||
PROG Holdings, Inc. (a) | 52,421 | 1,428,996 | ||
SLM Corp. | 256,194 | 3,850,596 | ||
Texas Capital Bancshares, Inc. (a) | 68,008 | 3,732,279 | ||
Wintrust Financial Corp. | 43,856 | 3,757,144 | ||
$36,718,104 | ||||
Pharmaceuticals – 4.1% | ||||
ACADIA Pharmaceuticals, Inc. (a) | 10,258 | $228,548 | ||
Alkermes PLC (a) | 43,224 | 1,043,427 | ||
Amicus Therapeutics, Inc. (a) | 101,778 | 1,121,594 | ||
Arcturus Therapeutics Holdings Inc. (a) | 33,554 | 803,283 | ||
Catalyst Pharmaceuticals, Inc. (a) | 62,794 | 906,117 | ||
Coherus BioSciences, Inc. (a) | 80,086 | 170,583 | ||
Eagle Pharmaceuticals, Inc. (a) | 24,747 | 144,770 | ||
Ionis Pharmaceuticals, Inc. (a) | 4,552 | 225,187 | ||
Kiniksa Pharmaceuticals, “A” (a) | 61,591 | 995,927 | ||
Kymera Therapeutics, Inc. (a) | 31,018 | 643,934 | ||
Macrogenics, Inc. (a) | 153,261 | 1,258,273 | ||
Mural Oncology PLC (a) | 4,322 | 15,602 | ||
Neurocrine Biosciences, Inc. (a) | 7,000 | 816,130 | ||
Nurix Therapeutics, Inc. (a) | 115,718 | 719,766 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Organon & Co. | 192,780 | $2,182,270 | ||
Vanda Pharmaceuticals, Inc. (a) | 111,246 | 413,835 | ||
Y-mAbs Therapeutics, Inc. (a) | 64,810 | 402,470 | ||
$12,091,716 | ||||
Railroad & Shipping – 0.9% | ||||
Teekay Tankers LTD., “A” | 54,564 | $2,711,285 | ||
Real Estate – 7.3% | ||||
Broadstone Net Lease, Inc., REIT | 143,541 | $2,296,656 | ||
Empire State Realty Trust, REIT, “A” | 509,117 | 4,561,688 | ||
Phillips Edison & Co., REIT | 128,228 | 4,518,755 | ||
Piedmont Office Realty Trust, Inc., REIT | 335,512 | 2,086,885 | ||
Spirit Realty Capital, Inc., REIT | 81,142 | 3,351,164 | ||
STAG Industrial, Inc., REIT | 71,468 | 2,562,128 | ||
Tanger, Inc., REIT | 83,466 | 2,083,311 | ||
$21,460,587 | ||||
Restaurants – 1.5% | ||||
Carrols Restaurant Group, Inc. | 220,383 | $1,663,892 | ||
Texas Roadhouse, Inc. | 25,000 | 2,814,000 | ||
$4,477,892 | ||||
Specialty Chemicals – 1.5% | ||||
Chemours Co. | 130,234 | $3,572,319 | ||
Tronox Holdings PLC | 76,326 | 973,156 | ||
$4,545,475 | ||||
Specialty Stores – 2.2% | ||||
Aaron's Co., Inc | 25,062 | $220,796 | ||
Builders FirstSource, Inc. (a) | 22,359 | 2,998,566 | ||
Carvana Co. (a) | 6,025 | 188,703 | ||
Urban Outfitters, Inc. (a) | 86,647 | 3,093,298 | ||
$6,501,363 | ||||
Telephone Services – 0.4% | ||||
EchoStar Corp., “A” (a) | 100,760 | $1,054,957 | ||
Trucking – 1.7% | ||||
Landstar System, Inc. | 5,859 | $1,011,556 | ||
Saia, Inc. (a) | 10,531 | 4,111,197 | ||
$5,122,753 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – 0.8% | ||||
Portland General Electric Co. | 54,782 | $2,249,349 | ||
Total Common Stocks (Identified Cost, $267,492,340) | $292,486,185 | |||
Investment Companies (h) – 0.9% | ||||
Money Market Funds – 0.9% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $2,810,687) | 2,810,681 | $2,810,962 | ||
Collateral for Securities Loaned – 0.1% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.37% (j) (Identified Cost, $236,029) | 236,029 | $236,029 | ||
Other Assets, Less Liabilities – 0.1% | 220,703 | |||
Net Assets – 100.0% | $295,753,879 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,810,962 and $292,722,214, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value, including $242,959 of securities on loan (identified cost, $267,728,369) | $292,722,214 |
Investments in affiliated issuers, at value (identified cost, $2,810,687) | 2,810,962 |
Receivables for | |
Fund shares sold | 336,233 |
Interest and dividends | 488,889 |
Receivable from investment adviser | 24,940 |
Other assets | 40,995 |
Total assets | $296,424,233 |
Liabilities | |
Payables for | |
Fund shares reacquired | $324,817 |
Collateral for securities loaned, at value (c) | 236,029 |
Payable to affiliates | |
Administrative services fee | 286 |
Shareholder servicing costs | 49,794 |
Distribution and service fees | 1,298 |
Payable for independent Trustees' compensation | 79 |
Accrued expenses and other liabilities | 58,051 |
Total liabilities | $670,354 |
Net assets | $295,753,879 |
Net assets consist of | |
Paid-in capital | $275,493,561 |
Total distributable earnings (loss) | 20,260,318 |
Net assets | $295,753,879 |
Shares of beneficial interest outstanding | 21,698,420 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $34,950,342 | 2,585,693 | $13.52 |
Class B | 403,518 | 31,340 | 12.88 |
Class C | 5,050,791 | 392,677 | 12.86 |
Class I | 97,186,871 | 7,113,495 | 13.66 |
Class R1 | 3,362,153 | 261,169 | 12.87 |
Class R2 | 13,895,141 | 1,037,188 | 13.40 |
Class R3 | 786,128 | 58,039 | 13.54 |
Class R4 | 19,204,073 | 1,403,662 | 13.68 |
Class R6 | 120,914,862 | 8,815,157 | 13.72 |
(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 $14.34 [100 / 94.25 x $13.52]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $2,489,161 |
Dividends from affiliated issuers | 64,435 |
Other | 20,659 |
Income on securities loaned | 4,051 |
Foreign taxes withheld | (2,694) |
Total investment income | $2,575,612 |
Expenses | |
Management fee | $981,058 |
Distribution and service fees | 128,944 |
Shareholder servicing costs | 116,315 |
Administrative services fee | 26,753 |
Independent Trustees' compensation | 3,584 |
Custodian fee | 9,651 |
Shareholder communications | 12,655 |
Audit and tax fees | 33,775 |
Legal fees | 838 |
Miscellaneous | 82,961 |
Total expenses | $1,396,534 |
Reduction of expenses by investment adviser and distributor | (209,506) |
Net expenses | $1,187,028 |
Net investment income (loss) | $1,388,584 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $3,121,876 |
Affiliated issuers | 517 |
Net realized gain (loss) | $3,122,393 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $18,728,033 |
Affiliated issuers | 478 |
Net unrealized gain (loss) | $18,728,511 |
Net realized and unrealized gain (loss) | $21,850,904 |
Change in net assets from operations | $23,239,488 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $1,388,584 | $2,446,759 |
Net realized gain (loss) | 3,122,393 | (7,897,317) |
Net unrealized gain (loss) | 18,728,511 | (20,903,009) |
Change in net assets from operations | $23,239,488 | $(26,353,567) |
Total distributions to shareholders | $— | $(12,571,489) |
Change in net assets from fund share transactions | $(19,276,111) | $(7,144,953) |
Total change in net assets | $3,963,377 | $(46,070,009) |
Net assets | ||
At beginning of period | 291,790,502 | 337,860,511 |
At end of period | $295,753,879 | $291,790,502 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.56 | $14.31 | $17.57 | $11.33 | $12.77 | $13.83 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.08 | $0.03 | $0.04 | $0.06 | $0.06 |
Net realized and unrealized gain (loss) | 0.91 | (1.29) | (1.18) | 6.26 | (1.28) | (0.44) |
Total from investment operations | $0.96 | $(1.21) | $(1.15) | $6.30 | $(1.22) | $(0.38) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.06) | $(0.05) | $(0.04) |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.11) | $(0.06) | $(0.22) | $(0.68) |
Net asset value, end of period (x) | $13.52 | $12.56 | $14.31 | $17.57 | $11.33 | $12.77 |
Total return (%) (r)(s)(t)(x) | 7.64(n) | (8.65) | (7.52) | 55.75 | (9.87) | (2.28) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.13(a) | 1.13 | 1.13 | 1.12 | 1.16 | 1.22 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 0.71(a) | 0.57 | 0.16 | 0.26 | 0.48 | 0.41 |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $34,950 | $33,667 | $40,921 | $73,141 | $57,133 | $60,929 |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.01 | $13.81 | $17.15 | $11.10 | $12.56 | $13.67 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.00)(w) | $(0.02) | $(0.08) | $(0.07) | $(0.03) | $(0.05) |
Net realized and unrealized gain (loss) | 0.87 | (1.24) | (1.15) | 6.12 | (1.26) | (0.42) |
Total from investment operations | $0.87 | $(1.26) | $(1.23) | $6.05 | $(1.29) | $(0.47) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.11) | $— | $(0.17) | $(0.64) |
Net asset value, end of period (x) | $12.88 | $12.01 | $13.81 | $17.15 | $11.10 | $12.56 |
Total return (%) (r)(s)(t)(x) | 7.24(n) | (9.34) | (8.21) | 54.50 | (10.53) | (3.00) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.88(a) | 1.89 | 1.88 | 1.86 | 1.91 | 1.97 |
Expenses after expense reductions | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | (0.07)(a) | (0.19) | (0.50) | (0.52) | (0.27) | (0.36) |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $404 | $451 | $664 | $615 | $387 | $500 |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.99 | $13.79 | $17.14 | $11.09 | $12.55 | $13.66 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.00)(w) | $(0.02) | $(0.09) | $(0.07) | $(0.03) | $(0.03) |
Net realized and unrealized gain (loss) | 0.87 | (1.24) | (1.15) | 6.12 | (1.26) | (0.44) |
Total from investment operations | $0.87 | $(1.26) | $(1.24) | $6.05 | $(1.29) | $(0.47) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $(0.00)(w) | $(0.00)(w) |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.11) | $— | $(0.17) | $(0.64) |
Net asset value, end of period (x) | $12.86 | $11.99 | $13.79 | $17.14 | $11.09 | $12.55 |
Total return (%) (r)(s)(t)(x) | 7.26(n) | (9.35) | (8.27) | 54.55 | (10.53) | (2.97) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.88(a) | 1.89 | 1.88 | 1.87 | 1.91 | 1.97 |
Expenses after expense reductions | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | (0.04)(a) | (0.18) | (0.53) | (0.50) | (0.26) | (0.21) |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $5,051 | $5,319 | $6,593 | $7,503 | $5,133 | $3,234 |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.68 | $14.40 | $17.67 | $11.39 | $12.83 | $13.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.11 | $0.09 | $0.07 | $0.09 | $0.09 |
Net realized and unrealized gain (loss) | 0.91 | (1.29) | (1.22) | 6.31 | (1.27) | (0.45) |
Total from investment operations | $0.98 | $(1.18) | $(1.13) | $6.38 | $(1.18) | $(0.36) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.03) | $(0.10) | $(0.09) | $(0.07) |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.14) | $(0.10) | $(0.26) | $(0.71) |
Net asset value, end of period (x) | $13.66 | $12.68 | $14.40 | $17.67 | $11.39 | $12.83 |
Total return (%) (r)(s)(t)(x) | 7.73(n) | (8.38) | (7.39) | 56.17 | (9.58) | (2.06) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.88(a) | 0.88 | 0.88 | 0.87 | 0.91 | 0.97 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.95(a) | 0.82 | 0.52 | 0.46 | 0.74 | 0.69 |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $97,187 | $102,893 | $115,533 | $80,950 | $53,562 | $39,397 |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.00 | $13.80 | $17.15 | $11.09 | $12.56 | $13.67 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.00)(w) | $(0.02) | $(0.08) | $(0.07) | $(0.03) | $0.07 |
Net realized and unrealized gain (loss) | 0.87 | (1.24) | (1.16) | 6.13 | (1.27) | (0.54)(g) |
Total from investment operations | $0.87 | $(1.26) | $(1.24) | $6.06 | $(1.30) | $(0.47) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $(0.00)(w) | $— |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.11) | $— | $(0.17) | $(0.64) |
Net asset value, end of period (x) | $12.87 | $12.00 | $13.80 | $17.15 | $11.09 | $12.56 |
Total return (%) (r)(s)(t)(x) | 7.25(n) | (9.35) | (8.26) | 54.64 | (10.59) | (3.00) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.88(a) | 1.88 | 1.88 | 1.86 | 1.91 | 1.97 |
Expenses after expense reductions | 1.74(a) | 1.74 | 1.74 | 1.74 | 1.74 | 1.74 |
Net investment income (loss) | (0.04)(a) | (0.17) | (0.50) | (0.52) | (0.27) | 0.54 |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $3,362 | $3,410 | $3,853 | $4,996 | $2,897 | $3,339 |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.46 | $14.24 | $17.54 | $11.32 | $12.78 | $13.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.04 | $(0.00)(w) | $(0.00)(w) | $0.03 | $0.16 |
Net realized and unrealized gain (loss) | 0.91 | (1.28) | (1.19) | 6.26 | (1.27) | (0.58)(g) |
Total from investment operations | $0.94 | $(1.24) | $(1.19) | $6.26 | $(1.24) | $(0.42) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.04) | $(0.05) | $(0.00)(w) |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.11) | $(0.04) | $(0.22) | $(0.64) |
Net asset value, end of period (x) | $13.40 | $12.46 | $14.24 | $17.54 | $11.32 | $12.78 |
Total return (%) (r)(s)(t)(x) | 7.54(n) | (8.91) | (7.77) | 55.37 | (10.07) | (2.57) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.38(a) | 1.38 | 1.38 | 1.36 | 1.41 | 1.47 |
Expenses after expense reductions | 1.24(a) | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 |
Net investment income (loss) | 0.46(a) | 0.33 | (0.01) | (0.03) | 0.23 | 1.22 |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $13,895 | $13,529 | $14,633 | $16,870 | $9,315 | $9,647 |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.58 | $14.34 | $17.61 | $11.35 | $12.83 | $13.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.08 | $0.04 | $0.03 | $0.06 | $0.05 |
Net realized and unrealized gain (loss) | 0.91 | (1.30) | (1.20) | 6.29 | (1.28) | (0.42) |
Total from investment operations | $0.96 | $(1.22) | $(1.16) | $6.32 | $(1.22) | $(0.37) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.06) | $(0.09) | $(0.04) |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.11) | $(0.06) | $(0.26) | $(0.68) |
Net asset value, end of period (x) | $13.54 | $12.58 | $14.34 | $17.61 | $11.35 | $12.83 |
Total return (%) (r)(s)(t)(x) | 7.63(n) | (8.70) | (7.55) | 55.83 | (9.92) | (2.23) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.13(a) | 1.13 | 1.13 | 1.12 | 1.16 | 1.21 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 0.73(a) | 0.60 | 0.21 | 0.23 | 0.52 | 0.38 |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $786 | $661 | $450 | $667 | $537 | $70 |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.69 | $14.42 | $17.68 | $11.40 | $12.84 | $13.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.11 | $0.08 | $0.07 | $0.10 | $0.09 |
Net realized and unrealized gain (loss) | 0.92 | (1.30) | (1.21) | 6.30 | (1.28) | (0.45) |
Total from investment operations | $0.99 | $(1.19) | $(1.13) | $6.37 | $(1.18) | $(0.36) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.02) | $(0.09) | $(0.09) | $(0.07) |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.13) | $(0.09) | $(0.26) | $(0.71) |
Net asset value, end of period (x) | $13.68 | $12.69 | $14.42 | $17.68 | $11.40 | $12.84 |
Total return (%) (r)(s)(t)(x) | 7.80(n) | (8.44) | (7.34) | 56.09 | (9.60) | (2.09) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.88(a) | 0.88 | 0.88 | 0.87 | 0.95 | 0.96 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.96(a) | 0.83 | 0.48 | 0.53 | 0.96 | 0.63 |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $19,204 | $18,322 | $20,000 | $23,281 | $19,044 | $71 |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $12.72 | $14.44 | $17.70 | $11.40 | $12.85 | $13.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.13 | $0.10 | $0.09 | $0.10 | $0.10 |
Net realized and unrealized gain (loss) | 0.93 | (1.31) | (1.21) | 6.32 | (1.28) | (0.44) |
Total from investment operations | $1.00 | $(1.18) | $(1.11) | $6.41 | $(1.18) | $(0.34) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.04) | $(0.11) | $(0.10) | $(0.08) |
From net realized gain | — | (0.54) | (2.11) | — | (0.17) | (0.64) |
Total distributions declared to shareholders | $— | $(0.54) | $(2.15) | $(0.11) | $(0.27) | $(0.72) |
Net asset value, end of period (x) | $13.72 | $12.72 | $14.44 | $17.70 | $11.40 | $12.85 |
Total return (%) (r)(s)(t)(x) | 7.86(n) | (8.36) | (7.23) | 56.40 | (9.59) | (1.93) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.78(a) | 0.77 | 0.77 | 0.77 | 0.82 | 0.88 |
Expenses after expense reductions | 0.64(a) | 0.63 | 0.63 | 0.65 | 0.65 | 0.66 |
Net investment income (loss) | 1.08(a) | 0.94 | 0.60 | 0.60 | 0.83 | 0.72 |
Portfolio turnover | 25(n) | 56 | 72 | 80 | 75 | 64 |
Net assets at end of period (000 omitted) | $120,915 | $113,539 | $135,216 | $136,883 | $102,332 | $53,947 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $292,486,185 | $— | $— | $292,486,185 |
Mutual Funds | 3,046,991 | — | — | 3,046,991 |
Total | $295,533,176 | $— | $— | $295,533,176 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $1,828 |
Long-term capital gains | 12,569,661 |
Total distributions | $12,571,489 |
As of 11/30/23 | |
Cost of investments | $276,476,524 |
Gross appreciation | 48,827,910 |
Gross depreciation | (29,771,258) |
Net unrealized appreciation (depreciation) | $19,056,652 |
As of 5/31/23 | |
Undistributed ordinary income | 2,444,931 |
Capital loss carryforwards | (5,752,242) |
Net unrealized appreciation (depreciation) | 328,141 |
Short-Term | $(5,752,242) |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $1,450,388 | |
Class B | — | 20,378 | |
Class C | — | 266,208 | |
Class I | — | 4,507,223 | |
Class R1 | — | 148,981 | |
Class R2 | — | 561,718 | |
Class R3 | — | 24,681 | |
Class R4 | — | 731,137 | |
Class R6 | — | 4,860,775 | |
Total | $— | $12,571,489 |
Up to $1 billion | 0.65% |
In excess of $1 billion and up to $2.5 billion | 0.60% |
In excess of $2.5 billion | 0.575% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.99% | 1.74% | 1.74% | 0.74% | 1.74% | 1.24% | 0.99% | 0.74% | 0.67% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 44,076 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 2,292 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 27,180 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 17,883 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 36,610 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 903 |
Total Distribution and Service Fees | $128,944 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended November 30, 2023, this rebate amounted to $3 and $1 for Class A and Class C shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $214 |
Class B | 19 |
Class C | 129 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 213,108 | $2,872,703 | 539,263 | $7,207,694 | |
Class B | 179 | 2,400 | 3,676 | 45,871 | |
Class C | 50,561 | 636,523 | 121,772 | 1,562,058 | |
Class I | 831,059 | 11,243,250 | 2,835,460 | 37,473,460 | |
Class R1 | 15,673 | 202,868 | 49,910 | 640,868 | |
Class R2 | 109,639 | 1,459,971 | 217,015 | 2,879,978 | |
Class R3 | 6,537 | 87,068 | 22,630 | 315,199 | |
Class R4 | 63,813 | 869,179 | 226,570 | 3,125,911 | |
Class R6 | 838,717 | 11,288,370 | 2,231,058 | 29,493,265 | |
2,129,286 | $28,662,332 | 6,247,354 | $82,744,304 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 109,688 | $1,448,976 | |
Class B | — | — | 1,608 | 20,378 | |
Class C | — | — | 21,028 | 266,208 | |
Class I | — | — | 338,336 | 4,506,629 | |
Class R1 | — | — | 11,759 | 148,981 | |
Class R2 | — | — | 42,814 | 561,718 | |
Class R3 | — | — | 1,866 | 24,681 | |
Class R4 | — | — | 54,849 | 731,137 | |
Class R6 | — | — | 363,432 | 4,855,451 | |
— | $— | 945,380 | $12,564,159 | ||
Shares reacquired | |||||
Class A | (308,737) | $(4,131,981) | (827,549) | $(11,022,953) | |
Class B | (6,421) | (80,961) | (15,756) | (204,248) | |
Class C | (101,350) | (1,284,868) | (177,310) | (2,213,616) | |
Class I | (1,835,047) | (25,309,879) | (3,077,212) | (41,398,089) | |
Class R1 | (38,595) | (487,803) | (56,656) | (716,705) | |
Class R2 | (158,188) | (2,073,901) | (201,765) | (2,684,716) | |
Class R3 | (1,046) | (14,516) | (3,300) | (42,307) | |
Class R4 | (103,550) | (1,419,018) | (224,640) | (2,970,932) | |
Class R6 | (949,896) | (13,135,516) | (3,034,693) | (41,199,850) | |
(3,502,830) | $(47,938,443) | (7,618,881) | $(102,453,416) |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (95,629) | $(1,259,278) | (178,598) | $(2,366,283) | |
Class B | (6,242) | (78,561) | (10,472) | (137,999) | |
Class C | (50,789) | (648,345) | (34,510) | (385,350) | |
Class I | (1,003,988) | (14,066,629) | 96,584 | 582,000 | |
Class R1 | (22,922) | (284,935) | 5,013 | 73,144 | |
Class R2 | (48,549) | (613,930) | 58,064 | 756,980 | |
Class R3 | 5,491 | 72,552 | 21,196 | 297,573 | |
Class R4 | (39,737) | (549,839) | 56,779 | 886,116 | |
Class R6 | (111,179) | (1,847,146) | (440,203) | (6,851,134) | |
(1,373,544) | $(19,276,111) | (426,147) | $(7,144,953) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $2,041,188 | $26,330,904 | $25,562,125 | $517 | $478 | $2,810,962 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $64,435 | $— |
Value Equity Fund
Value Equity Fund
1 | |
2 | |
4 | |
10 | |
12 | |
13 | |
14 | |
23 | |
33 | |
37 | |
37 | |
37 | |
37 | |
37 |
back cover |
JPMorgan Chase & Co. | 3.4% |
Johnson & Johnson | 2.6% |
Wells Fargo & Co. | 2.1% |
Berkshire Hathaway, Inc., “B” | 1.9% |
Phillips 66 | 1.8% |
Salesforce, Inc. | 1.7% |
Chubb Ltd. | 1.6% |
McKesson Corp. | 1.6% |
United States Steel Corp. | 1.6% |
Goldman Sachs Group, Inc. | 1.6% |
Financials | 21.4% |
Health Care | 14.3% |
Industrials | 13.0% |
Information Technology | 8.8% |
Consumer Staples | 8.3% |
Energy | 8.3% |
Utilities | 5.5% |
Communication Services | 5.4% |
Real Estate | 5.1% |
Materials | 4.2% |
Consumer Discretionary | 3.9% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.74% | $1,000.00 | $1,092.94 | $3.87 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
B | Actual | 1.49% | $1,000.00 | $1,088.57 | $7.78 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.55 | $7.52 | |
C | Actual | 1.49% | $1,000.00 | $1,087.95 | $7.78 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.55 | $7.52 | |
I | Actual | 0.49% | $1,000.00 | $1,093.63 | $2.56 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.55 | $2.48 | |
R1 | Actual | 0.74% | $1,000.00 | $1,092.01 | $3.87 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
R2 | Actual | 0.99% | $1,000.00 | $1,091.73 | $5.18 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.05 | $5.00 | |
R3 | Actual | 0.74% | $1,000.00 | $1,092.34 | $3.87 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
R4 | Actual | 0.49% | $1,000.00 | $1,093.49 | $2.56 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.55 | $2.48 | |
R6 | Actual | 0.42% | $1,000.00 | $1,094.10 | $2.20 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.90 | $2.12 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.2% | ||||
Aerospace & Defense – 3.5% | ||||
Boeing Co. (a) | 7,880 | $1,825,244 | ||
CACI International, Inc., “A” (a) | 1,425 | 457,354 | ||
General Dynamics Corp. | 15,460 | 3,818,156 | ||
Honeywell International, Inc. | 15,840 | 3,103,373 | ||
$9,204,127 | ||||
Apparel Manufacturers – 1.0% | ||||
NIKE, Inc., “B” | 23,540 | $2,595,756 | ||
Automotive – 0.3% | ||||
Aptiv PLC (a) | 10,530 | $872,305 | ||
Biotechnology – 1.4% | ||||
Biogen, Inc. (a) | 9,876 | $2,311,774 | ||
Gilead Sciences, Inc. | 16,557 | 1,268,266 | ||
$3,580,040 | ||||
Broadcasting – 1.1% | ||||
Omnicom Group, Inc. | 5,391 | $434,676 | ||
Walt Disney Co. | 26,046 | 2,414,204 | ||
$2,848,880 | ||||
Brokerage & Asset Managers – 2.6% | ||||
Bank of New York Mellon Corp. | 72,350 | $3,495,952 | ||
Charles Schwab Corp. | 14,920 | 914,894 | ||
Citigroup, Inc. | 49,999 | 2,304,954 | ||
$6,715,800 | ||||
Business Services – 1.9% | ||||
Accenture PLC, “A” | 2,151 | $716,584 | ||
Fiserv, Inc. (a) | 29,689 | 3,877,680 | ||
WEX, Inc. (a) | 2,850 | 503,253 | ||
$5,097,517 | ||||
Cable TV – 1.2% | ||||
Comcast Corp., “A” | 77,176 | $3,232,903 | ||
Chemicals – 0.2% | ||||
PPG Industries, Inc. | 3,770 | $535,302 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software – 2.5% | ||||
Microsoft Corp. | 5,820 | $2,205,256 | ||
Salesforce, Inc. (a) | 17,487 | 4,404,976 | ||
$6,610,232 | ||||
Construction – 1.0% | ||||
AZEK Co., Inc. (a) | 51,130 | $1,763,474 | ||
Fortune Brands Innovations, Inc. | 13,300 | 910,119 | ||
$2,673,593 | ||||
Consumer Products – 3.3% | ||||
Colgate-Palmolive Co. | 37,277 | $2,936,309 | ||
Kenvue, Inc. | 69,835 | 1,427,427 | ||
Kimberly-Clark Corp. | 21,540 | 2,665,144 | ||
Newell Brands, Inc. | 140,720 | 1,073,694 | ||
Procter & Gamble Co. | 3,330 | 511,222 | ||
$8,613,796 | ||||
Consumer Services – 0.8% | ||||
Booking Holdings, Inc. (a) | 632 | $1,975,442 | ||
Electrical Equipment – 1.8% | ||||
Amphenol Corp., “A” | 31,993 | $2,911,043 | ||
Emerson Electric Co. | 19,530 | 1,736,217 | ||
$4,647,260 | ||||
Electronics – 4.9% | ||||
Advanced Micro Devices (a) | 5,490 | $665,168 | ||
Applied Materials, Inc. | 23,875 | 3,575,998 | ||
Corning, Inc. | 21,640 | 616,524 | ||
Intel Corp. | 32,942 | 1,472,507 | ||
Lam Research Corp. | 5,062 | 3,623,987 | ||
Marvell Technology, Inc. | 13,720 | 764,616 | ||
NXP Semiconductors N.V. | 10,642 | 2,171,819 | ||
$12,890,619 | ||||
Energy - Independent – 6.7% | ||||
ConocoPhillips | 15,124 | $1,747,881 | ||
EOG Resources, Inc. | 32,728 | 4,027,835 | ||
Marathon Petroleum Corp. | 16,520 | 2,464,619 | ||
Phillips 66 | 35,985 | 4,638,107 | ||
Pioneer Natural Resources Co. | 5,080 | 1,176,731 | ||
Valero Energy Corp. | 28,132 | 3,526,627 | ||
$17,581,800 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Integrated – 1.8% | ||||
Chevron Corp. | 6,030 | $865,908 | ||
Exxon Mobil Corp. | 23,376 | 2,401,650 | ||
National Gas Fuel Co. | 26,550 | 1,348,475 | ||
$4,616,033 | ||||
Food & Beverages – 3.1% | ||||
Archer Daniels Midland Co. | 35,465 | $2,614,834 | ||
General Mills, Inc. | 37,012 | 2,356,184 | ||
Mondelez International, Inc. | 44,482 | 3,160,891 | ||
$8,131,909 | ||||
Forest & Paper Products – 1.3% | ||||
Weyerhaeuser Co., REIT | 106,320 | $3,333,132 | ||
Health Maintenance Organizations – 2.1% | ||||
Cigna Group | 14,535 | $3,820,961 | ||
Humana, Inc. | 3,330 | 1,614,584 | ||
$5,435,545 | ||||
Insurance – 7.2% | ||||
Ameriprise Financial, Inc. | 3,802 | $1,344,045 | ||
Berkshire Hathaway, Inc., “B” (a) | 13,890 | 5,000,400 | ||
Chubb Ltd. | 18,654 | 4,279,787 | ||
Equitable Holdings, Inc. | 110,389 | 3,387,839 | ||
Hartford Financial Services Group, Inc. | 11,204 | 875,705 | ||
MetLife, Inc. | 43,891 | 2,792,784 | ||
Voya Financial, Inc. | 17,690 | 1,265,012 | ||
$18,945,572 | ||||
Internet – 1.7% | ||||
Alphabet, Inc., “A” (a) | 24,352 | $3,227,370 | ||
Meta Platforms, Inc., “A” (a) | 3,638 | 1,190,172 | ||
$4,417,542 | ||||
Leisure & Toys – 0.1% | ||||
Polaris, Inc. | 4,445 | $366,579 | ||
Machinery & Tools – 4.0% | ||||
AGCO Corp. | 14,940 | $1,696,138 | ||
Eaton Corp. PLC | 15,975 | 3,637,348 | ||
Timken Co. | 29,139 | 2,109,663 | ||
Trane Technologies PLC | 8,660 | 1,952,051 | ||
Wabtec Corp. | 9,504 | 1,107,786 | ||
$10,502,986 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – 8.4% | ||||
Bank of America Corp. | 94,233 | $2,873,164 | ||
Goldman Sachs Group, Inc. | 11,991 | 4,095,406 | ||
JPMorgan Chase & Co. | 56,501 | 8,818,676 | ||
Morgan Stanley | 9,145 | 725,564 | ||
Wells Fargo & Co. | 121,726 | 5,427,763 | ||
$21,940,573 | ||||
Medical & Health Technology & Services – 1.9% | ||||
CVS Health Corp. | 9,835 | $668,288 | ||
McKesson Corp. | 8,878 | 4,177,632 | ||
$4,845,920 | ||||
Medical Equipment – 2.7% | ||||
Abbott Laboratories | 10,561 | $1,101,407 | ||
Becton, Dickinson and Co. | 6,040 | 1,426,527 | ||
Boston Scientific Corp. (a) | 21,038 | 1,175,814 | ||
Medtronic PLC | 42,391 | 3,360,334 | ||
$7,064,082 | ||||
Metals & Mining – 1.6% | ||||
United States Steel Corp. | 115,958 | $4,162,892 | ||
Oil Services – 0.3% | ||||
NOV, Inc. | 38,011 | $715,367 | ||
Other Banks & Diversified Financials – 1.5% | ||||
American Express Co. | 14,279 | $2,438,425 | ||
M&T Bank Corp. | 5,500 | 704,935 | ||
SLM Corp. | 61,067 | 917,837 | ||
$4,061,197 | ||||
Pharmaceuticals – 6.3% | ||||
Johnson & Johnson | 43,912 | $6,791,430 | ||
Merck & Co., Inc. | 14,143 | 1,449,375 | ||
Organon & Co. | 55,030 | 622,939 | ||
Pfizer, Inc. | 132,146 | 4,026,489 | ||
Vertex Pharmaceuticals, Inc. (a) | 10,085 | 3,578,259 | ||
$16,468,492 | ||||
Railroad & Shipping – 2.9% | ||||
CSX Corp. | 123,293 | $3,982,364 | ||
Union Pacific Corp. | 15,550 | 3,502,948 | ||
$7,485,312 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Real Estate – 2.4% | ||||
Prologis, Inc., REIT | 32,372 | $3,720,514 | ||
Spirit Realty Capital, Inc., REIT | 55,898 | 2,308,587 | ||
W.P. Carey, Inc., REIT | 5,819 | 362,175 | ||
$6,391,276 | ||||
Real Estate - Office – 0.0% | ||||
Net Lease Office Properties, REIT (a) | 387 | $6,327 | ||
Specialty Chemicals – 2.4% | ||||
Chemours Co. | 118,588 | $3,252,869 | ||
Linde PLC | 7,409 | 3,065,622 | ||
$6,318,491 | ||||
Specialty Stores – 3.7% | ||||
Builders FirstSource, Inc. (a) | 18,194 | $2,439,997 | ||
O'Reilly Automotive, Inc. (a) | 3,443 | 3,382,334 | ||
Target Corp. | 9,179 | 1,228,242 | ||
Walmart Stores, Inc. | 16,911 | 2,632,874 | ||
$9,683,447 | ||||
Telecommunications - Wireless – 1.4% | ||||
T-Mobile USA, Inc. | 23,790 | $3,579,206 | ||
Telephone Services – 1.4% | ||||
Equinix, Inc., REIT | 4,490 | $3,659,395 | ||
Tobacco – 0.8% | ||||
Altria Group, Inc. | 49,601 | $2,085,226 | ||
Utilities - Electric Power – 5.0% | ||||
Duke Energy Corp. | 34,860 | $3,216,881 | ||
Edison International | 28,257 | 1,892,937 | ||
Exelon Corp. | 15,323 | 590,089 | ||
NRG Energy, Inc. | 38,830 | 1,857,627 | ||
PG&E Corp. | 147,561 | 2,533,622 | ||
Vistra Corp. | 82,681 | 2,927,734 | ||
$13,018,890 | ||||
Total Common Stocks (Identified Cost, $206,714,359) | $256,910,763 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.6% | ||||
Money Market Funds – 1.6% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $4,120,297) | 4,120,154 | $4,120,566 | ||
Other Assets, Less Liabilities – 0.2% | 504,674 | |||
Net Assets – 100.0% | $261,536,003 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $4,120,566 and $256,910,763, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $206,714,359) | $256,910,763 |
Investments in affiliated issuers, at value (identified cost, $4,120,297) | 4,120,566 |
Receivables for | |
Fund shares sold | 280,447 |
Dividends | 678,314 |
Receivable from investment adviser | 15,511 |
Other assets | 41,772 |
Total assets | $262,047,373 |
Liabilities | |
Payables for | |
Fund shares reacquired | $437,433 |
Payable to affiliates | |
Administrative services fee | 259 |
Shareholder servicing costs | 22,436 |
Distribution and service fees | 393 |
Accrued expenses and other liabilities | 50,849 |
Total liabilities | $511,370 |
Net assets | $261,536,003 |
Net assets consist of | |
Paid-in capital | $202,385,368 |
Total distributable earnings (loss) | 59,150,635 |
Net assets | $261,536,003 |
Shares of beneficial interest outstanding | 17,864,316 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $22,592,299 | 1,537,149 | $14.70 |
Class B | 337,411 | 23,459 | 14.38 |
Class C | 1,144,774 | 79,771 | 14.35 |
Class I | 54,762,197 | 3,750,141 | 14.60 |
Class R1 | 96,577 | 6,668 | 14.48 |
Class R2 | 115,896 | 7,984 | 14.52 |
Class R3 | 299,126 | 20,556 | 14.55 |
Class R4 | 102,889 | 7,036 | 14.62 |
Class R6 | 182,084,834 | 12,431,552 | 14.65 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $15.60 [100 / 94.25 x $14.70]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $2,875,000 |
Dividends from affiliated issuers | 85,653 |
Other | 3,958 |
Foreign taxes withheld | (2,519) |
Total investment income | $2,962,092 |
Expenses | |
Management fee | $503,542 |
Distribution and service fees | 36,597 |
Shareholder servicing costs | 37,459 |
Administrative services fee | 23,179 |
Independent Trustees' compensation | 3,052 |
Custodian fee | 7,565 |
Shareholder communications | 5,011 |
Audit and tax fees | 33,849 |
Legal fees | 630 |
Registration fees | 62,641 |
Miscellaneous | 14,894 |
Total expenses | $728,419 |
Reduction of expenses by investment adviser | (137,176) |
Net expenses | $591,243 |
Net investment income (loss) | $2,370,849 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $4,322,931 |
Affiliated issuers | (208) |
Net realized gain (loss) | $4,322,723 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $15,929,211 |
Affiliated issuers | 860 |
Net unrealized gain (loss) | $15,930,071 |
Net realized and unrealized gain (loss) | $20,252,794 |
Change in net assets from operations | $22,623,643 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $2,370,849 | $3,928,752 |
Net realized gain (loss) | 4,322,723 | 6,638,359 |
Net unrealized gain (loss) | 15,930,071 | (18,023,003) |
Change in net assets from operations | $22,623,643 | $(7,455,892) |
Total distributions to shareholders | $— | $(18,668,408) |
Change in net assets from fund share transactions | $199,155 | $25,745,135 |
Total change in net assets | $22,822,798 | $(379,165) |
Net assets | ||
At beginning of period | 238,713,205 | 239,092,370 |
At end of period | $261,536,003 | $238,713,205 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.45 | $15.05 | $16.28 | $11.48 | $12.07 | $12.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.20 | $0.19 | $0.20 | $0.24 | $0.23 |
Net realized and unrealized gain (loss) | 1.14 | (0.68) | 0.29 | 4.82 | (0.57) | (0.47) |
Total from investment operations | $1.25 | $(0.48) | $0.48 | $5.02 | $(0.33) | $(0.24) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.15) | $(0.01) | $(0.22) | $(0.26) | $(0.22) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.12) | $(1.71) | $(0.22) | $(0.26) | $(0.53) |
Net asset value, end of period (x) | $14.70 | $13.45 | $15.05 | $16.28 | $11.48 | $12.07 |
Total return (%) (r)(s)(t)(x) | 9.29(n) | (3.51) | 3.02 | 44.17 | (3.04) | (1.62) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.85(a) | 0.86 | 0.86 | 0.86 | 0.91 | 0.90 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 1.61(a) | 1.41 | 1.17 | 1.48 | 1.96 | 1.83 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $22,592 | $22,380 | $17,572 | $68,612 | $52,735 | $51,642 |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.21 | $14.85 | $16.28 | $11.46 | $12.07 | $12.81 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.09 | $0.09 | $0.10 | $0.15 | $0.14 |
Net realized and unrealized gain (loss) | 1.11 | (0.68) | 0.28 | 4.82 | (0.59) | (0.45) |
Total from investment operations | $1.17 | $(0.59) | $0.37 | $4.92 | $(0.44) | $(0.31) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.08) | $(0.10) | $(0.10) | $(0.17) | $(0.12) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.05) | $(1.80) | $(0.10) | $(0.17) | $(0.43) |
Net asset value, end of period (x) | $14.38 | $13.21 | $14.85 | $16.28 | $11.46 | $12.07 |
Total return (%) (r)(s)(t)(x) | 8.86(n) | (4.29) | 2.32 | 43.10 | (3.87) | (2.26) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.60(a) | 1.61 | 1.60 | 1.61 | 1.65 | 1.64 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 0.82(a) | 0.67 | 0.56 | 0.73 | 1.20 | 1.08 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $337 | $560 | $439 | $140 | $132 | $163 |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.19 | $14.78 | $16.22 | $11.45 | $12.05 | $12.76 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.09 | $0.08 | $0.10 | $0.15 | $0.14 |
Net realized and unrealized gain (loss) | 1.10 | (0.67) | 0.28 | 4.81 | (0.58) | (0.46) |
Total from investment operations | $1.16 | $(0.58) | $0.36 | $4.91 | $(0.43) | $(0.32) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.04) | $(0.10) | $(0.14) | $(0.17) | $(0.08) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.01) | $(1.80) | $(0.14) | $(0.17) | $(0.39) |
Net asset value, end of period (x) | $14.35 | $13.19 | $14.78 | $16.22 | $11.45 | $12.05 |
Total return (%) (r)(s)(t)(x) | 8.79(n) | (4.20) | 2.29 | 43.08 | (3.76) | (2.32) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.60(a) | 1.61 | 1.61 | 1.61 | 1.66 | 1.65 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 0.90(a) | 0.67 | 0.53 | 0.72 | 1.20 | 1.07 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $1,145 | $966 | $974 | $873 | $456 | $470 |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.35 | $14.93 | $16.37 | $11.54 | $12.13 | $12.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.25 | $0.24 | $0.28 | $0.27 |
Net realized and unrealized gain (loss) | 1.12 | (0.67) | 0.27 | 4.84 | (0.58) | (0.48) |
Total from investment operations | $1.25 | $(0.44) | $0.52 | $5.08 | $(0.30) | $(0.21) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.17) | $(0.26) | $(0.25) | $(0.29) | $(0.26) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.14) | $(1.96) | $(0.25) | $(0.29) | $(0.57) |
Net asset value, end of period (x) | $14.60 | $13.35 | $14.93 | $16.37 | $11.54 | $12.13 |
Total return (%) (r)(s)(t)(x) | 9.36(n) | (3.24) | 3.25 | 44.51 | (2.84) | (1.37) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.60(a) | 0.61 | 0.61 | 0.61 | 0.65 | 0.65 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 1.86(a) | 1.67 | 1.61 | 1.70 | 2.18 | 2.14 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $54,762 | $52,655 | $56,857 | $1,517 | $488 | $923 |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.26 | $14.84 | $16.22 | $11.45 | $12.05 | $12.81 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.20 | $0.20 | $0.10 | $0.15 | $0.14 |
Net realized and unrealized gain (loss) | 1.11 | (0.67) | 0.28 | 4.80 | (0.58) | (0.47) |
Total from investment operations | $1.22 | $(0.47) | $0.48 | $4.90 | $(0.43) | $(0.33) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.14) | $(0.16) | $(0.13) | $(0.17) | $(0.12) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.11) | $(1.86) | $(0.13) | $(0.17) | $(0.43) |
Net asset value, end of period (x) | $14.48 | $13.26 | $14.84 | $16.22 | $11.45 | $12.05 |
Total return (%) (r)(s)(t)(x) | 9.20(n) | (3.49) | 3.04 | 43.07 | (3.79) | (2.35) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.85(a) | 0.86 | 0.86 | 1.61 | 1.65 | 1.64 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | 1.61(a) | 1.42 | 1.27 | 0.72 | 1.21 | 1.09 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $97 | $88 | $92 | $89 | $62 | $65 |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.30 | $14.89 | $16.31 | $11.50 | $12.10 | $12.87 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.16 | $0.16 | $0.17 | $0.21 | $0.20 |
Net realized and unrealized gain (loss) | 1.12 | (0.68) | 0.29 | 4.83 | (0.57) | (0.47) |
Total from investment operations | $1.22 | $(0.52) | $0.45 | $5.00 | $(0.36) | $(0.27) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.10) | $(0.17) | $(0.19) | $(0.24) | $(0.19) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.07) | $(1.87) | $(0.19) | $(0.24) | $(0.50) |
Net asset value, end of period (x) | $14.52 | $13.30 | $14.89 | $16.31 | $11.50 | $12.10 |
Total return (%) (r)(s)(t)(x) | 9.17(n) | (3.79) | 2.81 | 43.83 | (3.31) | (1.85) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.10(a) | 1.11 | 1.11 | 1.11 | 1.16 | 1.14 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | 1.36(a) | 1.17 | 1.03 | 1.23 | 1.71 | 1.59 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $116 | $105 | $111 | $104 | $77 | $78 |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.32 | $14.90 | $16.36 | $11.53 | $12.13 | $12.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.20 | $0.21 | $0.20 | $0.25 | $0.23 |
Net realized and unrealized gain (loss) | 1.12 | (0.67) | 0.27 | 4.85 | (0.58) | (0.47) |
Total from investment operations | $1.23 | $(0.47) | $0.48 | $5.05 | $(0.33) | $(0.24) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.14) | $(0.24) | $(0.22) | $(0.27) | $(0.22) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.11) | $(1.94) | $(0.22) | $(0.27) | $(0.53) |
Net asset value, end of period (x) | $14.55 | $13.32 | $14.90 | $16.36 | $11.53 | $12.13 |
Total return (%) (r)(s)(t)(x) | 9.23(n) | (3.48) | 3.02 | 44.17 | (3.09) | (1.64) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.85(a) | 0.86 | 0.86 | 0.86 | 0.90 | 0.90 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 1.61(a) | 1.43 | 1.33 | 1.48 | 1.93 | 1.77 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $299 | $292 | $312 | $103 | $71 | $122 |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.37 | $14.96 | $16.37 | $11.54 | $12.14 | $12.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.24 | $0.23 | $0.28 | $0.27 |
Net realized and unrealized gain (loss) | 1.12 | (0.68) | 0.30 | 4.85 | (0.58) | (0.48) |
Total from investment operations | $1.25 | $(0.45) | $0.54 | $5.08 | $(0.30) | $(0.21) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.17) | $(0.25) | $(0.25) | $(0.30) | $(0.25) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.14) | $(1.95) | $(0.25) | $(0.30) | $(0.56) |
Net asset value, end of period (x) | $14.62 | $13.37 | $14.96 | $16.37 | $11.54 | $12.14 |
Total return (%) (r)(s)(t)(x) | 9.35(n) | (3.29) | 3.38 | 44.52 | (2.86) | (1.33) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.60(a) | 0.61 | 0.61 | 0.61 | 0.66 | 0.64 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 1.86(a) | 1.67 | 1.53 | 1.73 | 2.21 | 2.09 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $103 | $94 | $97 | $94 | $65 | $67 |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $13.39 | $14.97 | $16.39 | $11.56 | $12.15 | $12.92 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.25 | $0.25 | $0.29 | $0.28 |
Net realized and unrealized gain (loss) | 1.12 | (0.68) | 0.29 | 4.85 | (0.57) | (0.47) |
Total from investment operations | $1.26 | $(0.43) | $0.54 | $5.10 | $(0.28) | $(0.19) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.18) | $(0.26) | $(0.27) | $(0.31) | $(0.27) |
From net realized gain | — | (0.97) | (1.70) | — | — | (0.31) |
Total distributions declared to shareholders | $— | $(1.15) | $(1.96) | $(0.27) | $(0.31) | $(0.58) |
Net asset value, end of period (x) | $14.65 | $13.39 | $14.97 | $16.39 | $11.56 | $12.15 |
Total return (%) (r)(s)(t)(x) | 9.41(n) | (3.15) | 3.41 | 44.57 | (2.69) | (1.23) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.53(a) | 0.53 | 0.52 | 0.52 | 0.56 | 0.55 |
Expenses after expense reductions | 0.42(a) | 0.42 | 0.40 | 0.40 | 0.39 | 0.39 |
Net investment income (loss) | 1.94(a) | 1.75 | 1.61 | 1.83 | 2.32 | 2.18 |
Portfolio turnover | 28(n) | 51 | 49 | 57 | 45 | 43 |
Net assets at end of period (000 omitted) | $182,085 | $161,572 | $162,638 | $190,875 | $140,463 | $121,952 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $256,910,763 | $— | $— | $256,910,763 |
Mutual Funds | 4,120,566 | — | — | 4,120,566 |
Total | $261,031,329 | $— | $— | $261,031,329 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $2,885,952 |
Long-term capital gains | 15,782,456 |
Total distributions | $18,668,408 |
As of 11/30/23 | |
Cost of investments | $212,699,159 |
Gross appreciation | 54,134,400 |
Gross depreciation | (5,802,230) |
Net unrealized appreciation (depreciation) | $48,332,170 |
As of 5/31/23 | |
Undistributed ordinary income | 1,225,143 |
Undistributed long-term capital gain | 2,785,619 |
Net unrealized appreciation (depreciation) | 32,516,230 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $1,702,275 | |
Class B | — | 51,663 | |
Class C | — | 74,390 | |
Class I | — | 4,077,217 | |
Class R1 | — | 6,830 | |
Class R2 | — | 8,091 | |
Class R3 | — | 22,761 | |
Class R4 | — | 7,428 | |
Class R6 | — | 12,717,753 | |
Total | $— | $18,668,408 |
Up to $1 billion | 0.40% |
In excess of $1 billion and up to $2.5 billion | 0.375% |
In excess of $2.5 billion | 0.35% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.45% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.44% |
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% | $ 28,448 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 2,376 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 5,003 |
Class R1 | 0.75% | 0.25% | 1.00% | 0.25% | 117 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 280 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 373 |
Total Distribution and Service Fees | $36,597 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has |
Amount | |
Class A | $15 |
Class B | — |
Class C | 79 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 148,427 | $2,116,185 | 770,879 | $10,811,714 | |
Class B | 705 | 10,100 | 21,626 | 303,132 | |
Class C | 16,404 | 224,486 | 26,304 | 361,743 | |
Class I | 222,341 | 3,123,176 | 878,349 | 12,025,859 | |
Class R2 | 66 | 919 | 157 | 2,202 | |
Class R3 | 182 | 2,554 | 2,051 | 28,718 | |
Class R6 | 848,132 | 11,977,329 | 2,685,051 | 37,204,139 | |
1,236,257 | $17,454,749 | 4,384,417 | $60,737,507 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 119,667 | $1,677,732 | |
Class B | — | — | 3,738 | 51,663 | |
Class C | — | — | 5,394 | 74,390 | |
Class I | — | — | 293,325 | 4,077,217 | |
Class R1 | — | — | 494 | 6,830 | |
Class R2 | — | — | 583 | 8,091 | |
Class R3 | — | — | 1,640 | 22,761 | |
Class R4 | — | — | 534 | 7,428 | |
Class R6 | — | — | 912,976 | 12,717,753 | |
— | $— | 1,338,351 | $18,643,865 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (274,832) | $(3,904,862) | (394,392) | $(5,494,184) | |
Class B | (19,614) | (270,246) | (12,540) | (168,987) | |
Class C | (9,910) | (139,484) | (24,340) | (332,301) | |
Class I | (416,587) | (5,944,033) | (1,034,400) | (14,545,941) | |
Class R2 | (1) | (8) | (299) | (4,100) | |
Class R3 | (1,528) | (21,638) | (2,706) | (37,862) | |
Class R6 | (487,636) | (6,975,323) | (2,389,612) | (33,052,862) | |
(1,210,108) | $(17,255,594) | (3,858,289) | $(53,636,237) | ||
Net change | |||||
Class A | (126,405) | $(1,788,677) | 496,154 | $6,995,262 | |
Class B | (18,909) | (260,146) | 12,824 | 185,808 | |
Class C | 6,494 | 85,002 | 7,358 | 103,832 | |
Class I | (194,246) | (2,820,857) | 137,274 | 1,557,135 | |
Class R1 | — | — | 494 | 6,830 | |
Class R2 | 65 | 911 | 441 | 6,193 | |
Class R3 | (1,346) | (19,084) | 985 | 13,617 | |
Class R4 | — | — | 534 | 7,428 | |
Class R6 | 360,496 | 5,002,006 | 1,208,415 | 16,869,030 | |
26,149 | $199,155 | 1,864,479 | $25,745,135 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $4,733,746 | $13,403,844 | $14,017,676 | $(208) | $860 | $4,120,566 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $85,653 | $— |
Growth Equity Fund
Growth Equity Fund
1 | |
2 | |
4 | |
9 | |
11 | |
12 | |
13 | |
22 | |
32 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
Microsoft Corp. | 12.2% |
Apple, Inc. | 11.8% |
Amazon.com, Inc. | 6.8% |
NVIDIA Corp. | 5.5% |
Alphabet, Inc., “A” | 4.0% |
Alphabet, Inc., “C” | 3.6% |
Meta Platforms, Inc., “A” | 3.2% |
Adobe Systems, Inc. | 2.6% |
Applied Materials, Inc. | 1.9% |
Tesla, Inc. | 1.8% |
Information Technology | 43.7% |
Consumer Discretionary | 14.7% |
Communication Services | 12.0% |
Health Care | 10.1% |
Financials | 6.9% |
Industrials | 5.1% |
Consumer Staples | 3.8% |
Energy | 1.1% |
Utilities | 1.1% |
Materials | 0.9% |
Real Estate | 0.1% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.74% | $1,000.00 | $1,140.92 | $3.96 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
B | Actual | 1.49% | $1,000.00 | $1,136.63 | $7.96 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.55 | $7.52 | |
C | Actual | 1.49% | $1,000.00 | $1,137.36 | $7.96 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.55 | $7.52 | |
I | Actual | 0.49% | $1,000.00 | $1,142.77 | $2.62 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.55 | $2.48 | |
R1 | Actual | 1.49% | $1,000.00 | $1,137.36 | $7.96 |
Hypothetical (h) | 1.49% | $1,000.00 | $1,017.55 | $7.52 | |
R2 | Actual | 0.99% | $1,000.00 | $1,139.86 | $5.30 |
Hypothetical (h) | 0.99% | $1,000.00 | $1,020.05 | $5.00 | |
R3 | Actual | 0.74% | $1,000.00 | $1,141.46 | $3.96 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
R4 | Actual | 0.49% | $1,000.00 | $1,142.51 | $2.62 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.55 | $2.48 | |
R6 | Actual | 0.42% | $1,000.00 | $1,143.03 | $2.25 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,022.90 | $2.12 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.5% | ||||
Apparel Manufacturers – 0.5% | ||||
Skechers USA, Inc., “A” (a) | 22,408 | $1,320,055 | ||
Automotive – 1.8% | ||||
Tesla, Inc. (a) | 20,241 | $4,859,459 | ||
Biotechnology – 0.2% | ||||
Exelixis, Inc. (a) | 17,538 | $382,504 | ||
Broadcasting – 0.1% | ||||
Netflix, Inc. (a) | 766 | $363,061 | ||
Brokerage & Asset Managers – 2.1% | ||||
Apollo Global Management, Inc. | 37,881 | $3,485,052 | ||
Bank of New York Mellon Corp. | 16,082 | 777,082 | ||
LPL Financial Holdings, Inc. | 5,523 | 1,227,763 | ||
$5,489,897 | ||||
Business Services – 3.0% | ||||
Dropbox, Inc. (a) | 85,656 | $2,413,786 | ||
Fiserv, Inc. (a) | 5,618 | 733,767 | ||
Verisk Analytics, Inc., “A” | 12,183 | 2,941,342 | ||
WEX, Inc. (a) | 10,328 | 1,823,718 | ||
$7,912,613 | ||||
Computer Software – 17.6% | ||||
Adobe Systems, Inc. (a) | 11,065 | $6,760,826 | ||
Autodesk, Inc. (a) | 14,172 | 3,095,590 | ||
Microsoft Corp. | 84,785 | 32,125,884 | ||
Palo Alto Networks, Inc. (a) | 14,489 | 4,275,559 | ||
Salesforce, Inc. (a) | 959 | 241,572 | ||
$46,499,431 | ||||
Computer Software - Systems – 13.2% | ||||
Apple, Inc. | 164,547 | $31,255,703 | ||
ServiceNow, Inc. (a) | 5,264 | 3,609,735 | ||
$34,865,438 | ||||
Construction – 1.0% | ||||
AZEK Co., Inc. (a) | 36,318 | $1,252,608 | ||
Masco Corp. | 23,630 | 1,430,796 | ||
$2,683,404 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – 1.0% | ||||
Colgate-Palmolive Co. | 4,999 | $393,771 | ||
Kimberly-Clark Corp. | 18,588 | 2,299,893 | ||
$2,693,664 | ||||
Consumer Services – 2.0% | ||||
Booking Holdings, Inc. (a) | 1,415 | $4,422,865 | ||
Expedia Group, Inc. (a) | 6,549 | 891,843 | ||
$5,314,708 | ||||
Electrical Equipment – 0.1% | ||||
Amphenol Corp., “A” | 2,849 | $259,231 | ||
Electronics – 10.7% | ||||
Applied Materials, Inc. | 33,852 | $5,070,352 | ||
Broadcom, Inc. | 1,757 | 1,626,508 | ||
Lam Research Corp. | 6,737 | 4,823,153 | ||
NVIDIA Corp. | 30,887 | 14,445,850 | ||
NXP Semiconductors N.V. | 11,632 | 2,373,859 | ||
$28,339,722 | ||||
Energy - Independent – 1.1% | ||||
EOG Resources, Inc. | 2,713 | $333,889 | ||
Phillips 66 | 19,788 | 2,550,475 | ||
$2,884,364 | ||||
Entertainment – 1.1% | ||||
Spotify Technology S.A. (a) | 15,821 | $2,928,625 | ||
Food & Beverages – 1.5% | ||||
Archer Daniels Midland Co. | 24,235 | $1,786,847 | ||
PepsiCo, Inc. | 13,100 | 2,204,599 | ||
$3,991,446 | ||||
Gaming & Lodging – 0.4% | ||||
Las Vegas Sands Corp. | 24,681 | $1,138,288 | ||
Health Maintenance Organizations – 1.8% | ||||
Cigna Group | 9,526 | $2,504,195 | ||
UnitedHealth Group, Inc. | 3,833 | 2,119,534 | ||
$4,623,729 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – 2.4% | ||||
Ameriprise Financial, Inc. | 8,945 | $3,162,147 | ||
Equitable Holdings, Inc. | 92,685 | 2,844,502 | ||
MetLife, Inc. | 5,206 | 331,258 | ||
$6,337,907 | ||||
Internet – 12.0% | ||||
Alphabet, Inc., “A” (a) | 79,284 | $10,507,509 | ||
Alphabet, Inc., “C” (a) | 71,189 | 9,533,631 | ||
Gartner, Inc. (a) | 7,197 | 3,129,543 | ||
Meta Platforms, Inc., “A” (a) | 25,824 | 8,448,322 | ||
$31,619,005 | ||||
Leisure & Toys – 0.2% | ||||
Polaris, Inc. | 7,586 | $625,617 | ||
Machinery & Tools – 2.0% | ||||
AGCO Corp. | 8,717 | $989,641 | ||
Ingersoll Rand, Inc. | 39,753 | 2,839,557 | ||
Timken Co. | 21,020 | 1,521,848 | ||
$5,351,046 | ||||
Medical & Health Technology & Services – 3.4% | ||||
Cardinal Health, Inc. | 13,299 | $1,424,057 | ||
IQVIA Holdings, Inc. (a) | 13,476 | 2,885,212 | ||
McKesson Corp. | 7,383 | 3,474,144 | ||
Veeva Systems, Inc. (a) | 6,168 | 1,075,144 | ||
$8,858,557 | ||||
Medical Equipment – 0.9% | ||||
Align Technology, Inc. (a) | 10,007 | $2,139,496 | ||
Bruker BioSciences Corp. | 2,218 | 144,370 | ||
$2,283,866 | ||||
Other Banks & Diversified Financials – 1.4% | ||||
Mastercard, Inc., “A” | 3,729 | $1,543,172 | ||
Visa, Inc., “A” | 8,339 | 2,140,455 | ||
$3,683,627 | ||||
Pharmaceuticals – 3.9% | ||||
AbbVie, Inc. | 14,802 | $2,107,657 | ||
Eli Lilly & Co. | 5,262 | 3,110,052 | ||
Incyte Corp. (a) | 11,151 | 605,945 | ||
Merck & Co., Inc. | 9,920 | 1,016,602 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Pharmaceuticals – continued | ||||
Vertex Pharmaceuticals, Inc. (a) | 9,995 | $3,546,326 | ||
$10,386,582 | ||||
Railroad & Shipping – 1.0% | ||||
CSX Corp. | 77,195 | $2,493,399 | ||
Real Estate – 0.1% | ||||
Ryman Hospitality Properties, Inc., REIT | 2,702 | $271,146 | ||
Specialty Chemicals – 0.9% | ||||
Chemours Co. | 50,709 | $1,390,948 | ||
RPM International, Inc. | 9,937 | 1,022,815 | ||
$2,413,763 | ||||
Specialty Stores – 11.0% | ||||
Amazon.com, Inc. (a) | 122,749 | $17,932,401 | ||
Costco Wholesale Corp. | 344 | 203,903 | ||
Home Depot, Inc. | 6,339 | 1,987,213 | ||
O'Reilly Automotive, Inc. (a) | 3,333 | 3,274,272 | ||
Ross Stores, Inc. | 18,576 | 2,421,939 | ||
Target Corp. | 24,202 | 3,238,470 | ||
$29,058,198 | ||||
Utilities - Electric Power – 1.1% | ||||
Vistra Corp. | 80,673 | $2,856,631 | ||
Total Common Stocks (Identified Cost, $146,750,947) | $262,788,983 | |||
Investment Companies (h) – 0.5% | ||||
Money Market Funds – 0.5% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $1,296,529) | 1,296,399 | $1,296,529 | ||
Other Assets, Less Liabilities – 0.0% | 60,159 | |||
Net Assets – 100.0% | $264,145,671 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,296,529 and $262,788,983, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $146,750,947) | $262,788,983 |
Investments in affiliated issuers, at value (identified cost, $1,296,529) | 1,296,529 |
Receivables for | |
Fund shares sold | 176,032 |
Dividends | 230,038 |
Receivable from investment adviser | 16,212 |
Other assets | 49,806 |
Total assets | $264,557,600 |
Liabilities | |
Payables for | |
Fund shares reacquired | $337,526 |
Payable to affiliates | |
Administrative services fee | 263 |
Shareholder servicing costs | 22,192 |
Distribution and service fees | 629 |
Accrued expenses and other liabilities | 51,319 |
Total liabilities | $411,929 |
Net assets | $264,145,671 |
Net assets consist of | |
Paid-in capital | $154,048,297 |
Total distributable earnings (loss) | 110,097,374 |
Net assets | $264,145,671 |
Shares of beneficial interest outstanding | 14,106,655 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $33,259,973 | 1,793,508 | $18.54 |
Class B | 661,569 | 37,325 | 17.72 |
Class C | 1,274,789 | 71,958 | 17.72 |
Class I | 55,750,210 | 2,976,841 | 18.73 |
Class R1 | 1,075,786 | 60,726 | 17.72 |
Class R2 | 303,288 | 16,396 | 18.50 |
Class R3 | 168,618 | 9,047 | 18.64 |
Class R4 | 138,942 | 7,406 | 18.76 |
Class R6 | 171,512,496 | 9,133,448 | 18.78 |
(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 $19.67 [100 / 94.25 x $18.54]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $1,013,171 |
Dividends from affiliated issuers | 56,992 |
Other | 2,372 |
Foreign taxes withheld | (2,997) |
Total investment income | $1,069,538 |
Expenses | |
Management fee | $516,487 |
Distribution and service fees | 48,196 |
Shareholder servicing costs | 41,007 |
Administrative services fee | 23,645 |
Independent Trustees' compensation | 3,082 |
Custodian fee | 7,665 |
Shareholder communications | 6,152 |
Audit and tax fees | 33,474 |
Legal fees | 647 |
Registration fees | 65,393 |
Miscellaneous | 15,064 |
Total expenses | $760,812 |
Reduction of expenses by investment adviser | (138,577) |
Net expenses | $622,235 |
Net investment income (loss) | $447,303 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $4,359,047 |
Affiliated issuers | 395 |
Net realized gain (loss) | $4,359,442 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $29,147,079 |
Affiliated issuers | 29 |
Net unrealized gain (loss) | $29,147,108 |
Net realized and unrealized gain (loss) | $33,506,550 |
Change in net assets from operations | $33,953,853 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $447,303 | $1,769,779 |
Net realized gain (loss) | 4,359,442 | (11,773,799) |
Net unrealized gain (loss) | 29,147,108 | 23,371,178 |
Change in net assets from operations | $33,953,853 | $13,367,158 |
Total distributions to shareholders | $— | $(5,461,940) |
Change in net assets from fund share transactions | $(15,436,958) | $8,348,641 |
Total change in net assets | $18,516,895 | $16,253,859 |
Net assets | ||
At beginning of period | 245,628,776 | 229,374,917 |
At end of period | $264,145,671 | $245,628,776 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $16.25 | $15.89 | $20.10 | $15.79 | $13.25 | $14.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.07 | $0.01 | $0.02 | $0.06 | $0.08 |
Net realized and unrealized gain (loss) | 2.28 | 0.62 | (0.76) | 5.50 | 3.12 | (0.03)(g) |
Total from investment operations | $2.29 | $0.69 | $(0.75) | $5.52 | $3.18 | $0.05 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.00)(w) | $— | $(0.04) | $(0.08) | $(0.07) |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.33) | $(3.46) | $(1.21) | $(0.64) | $(0.89) |
Net asset value, end of period (x) | $18.54 | $16.25 | $15.89 | $20.10 | $15.79 | $13.25 |
Total return (%) (r)(s)(t)(x) | 14.09(n) | 4.54 | (6.92) | 35.89 | 24.34 | 0.95 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.85(a) | 0.87 | 0.86 | 0.86 | 0.90 | 0.89 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.11(a) | 0.50 | 0.03 | 0.08 | 0.42 | 0.59 |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $33,260 | $19,925 | $15,472 | $71,049 | $57,531 | $52,918 |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $15.59 | $15.37 | $19.67 | $15.55 | $13.08 | $13.95 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.04) | $(0.14) | $(0.12) | $(0.05) | $(0.02) |
Net realized and unrealized gain (loss) | 2.18 | 0.59 | (0.70) | 5.41 | 3.08 | (0.03)(g) |
Total from investment operations | $2.13 | $0.55 | $(0.84) | $5.29 | $3.03 | $(0.05) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.33) | $(3.46) | $(1.17) | $(0.56) | $(0.82) |
Net asset value, end of period (x) | $17.72 | $15.59 | $15.37 | $19.67 | $15.55 | $13.08 |
Total return (%) (r)(s)(t)(x) | 13.66(n) | 3.77 | (7.58) | 34.89 | 23.42 | 0.17 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.60(a) | 1.62 | 1.63 | 1.61 | 1.65 | 1.64 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | (0.66)(a) | (0.24) | (0.73) | (0.67) | (0.33) | (0.14) |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $662 | $478 | $467 | $550 | $408 | $428 |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $15.58 | $15.36 | $19.66 | $15.54 | $13.07 | $13.95 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.04) | $(0.14) | $(0.12) | $(0.05) | $(0.01) |
Net realized and unrealized gain (loss) | 2.19 | 0.59 | (0.70) | 5.41 | 3.08 | (0.05)(g) |
Total from investment operations | $2.14 | $0.55 | $(0.84) | $5.29 | $3.03 | $(0.06) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $(0.00)(w) |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.33) | $(3.46) | $(1.17) | $(0.56) | $(0.82) |
Net asset value, end of period (x) | $17.72 | $15.58 | $15.36 | $19.66 | $15.54 | $13.07 |
Total return (%) (r)(s)(t)(x) | 13.74(n) | 3.77 | (7.58) | 34.91 | 23.44 | 0.13 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.60(a) | 1.62 | 1.63 | 1.60 | 1.65 | 1.65 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | (0.65)(a) | (0.26) | (0.74) | (0.67) | (0.33) | (0.11) |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $1,275 | $1,056 | $874 | $859 | $613 | $525 |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $16.39 | $16.00 | $20.21 | $15.87 | $13.31 | $14.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.11 | $0.05 | $0.06 | $0.10 | $0.13 |
Net realized and unrealized gain (loss) | 2.31 | 0.63 | (0.75) | 5.54 | 3.14 | (0.05)(g) |
Total from investment operations | $2.34 | $0.74 | $(0.70) | $5.60 | $3.24 | $0.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.05) | $(0.09) | $(0.12) | $(0.12) |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.35) | $(3.51) | $(1.26) | $(0.68) | $(0.94) |
Net asset value, end of period (x) | $18.73 | $16.39 | $16.00 | $20.21 | $15.87 | $13.31 |
Total return (%) (r)(s)(t)(x) | 14.28(n) | 4.81 | (6.66) | 36.23 | 24.71 | 1.18 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.60(a) | 0.62 | 0.64 | 0.60 | 0.65 | 0.64 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 0.33(a) | 0.76 | 0.27 | 0.33 | 0.68 | 0.98 |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $55,750 | $54,445 | $53,045 | $4,866 | $2,366 | $1,560 |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $15.58 | $15.36 | $19.66 | $15.54 | $13.08 | $13.95 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.05) | $(0.03) | $(0.13) | $(0.12) | $(0.05) | $(0.02) |
Net realized and unrealized gain (loss) | 2.19 | 0.58 | (0.71) | 5.41 | 3.07 | (0.03)(g) |
Total from investment operations | $2.14 | $0.55 | $(0.84) | $5.29 | $3.02 | $(0.05) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.33) | $(3.46) | $(1.17) | $(0.56) | $(0.82) |
Net asset value, end of period (x) | $17.72 | $15.58 | $15.36 | $19.66 | $15.54 | $13.08 |
Total return (%) (r)(s)(t)(x) | 13.74(n) | 3.77 | (7.58) | 34.91 | 23.34 | 0.18 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.60(a) | 1.62 | 1.63 | 1.60 | 1.64 | 1.64 |
Expenses after expense reductions | 1.49(a) | 1.49 | 1.49 | 1.49 | 1.49 | 1.49 |
Net investment income (loss) | (0.66)(a) | (0.23) | (0.70) | (0.67) | (0.33) | (0.16) |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $1,076 | $918 | $495 | $320 | $87 | $170 |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $16.23 | $15.91 | $20.15 | $15.84 | $13.29 | $14.10 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $0.04 | $(0.04) | $(0.03) | $0.03 | $0.04 |
Net realized and unrealized gain (loss) | 2.28 | 0.61 | (0.74) | 5.52 | 3.13 | (0.03)(g) |
Total from investment operations | $2.27 | $0.65 | $(0.78) | $5.49 | $3.16 | $0.01 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.01) | $(0.05) | $— |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.33) | $(3.46) | $(1.18) | $(0.61) | $(0.82) |
Net asset value, end of period (x) | $18.50 | $16.23 | $15.91 | $20.15 | $15.84 | $13.29 |
Total return (%) (r)(s)(t)(x) | 13.99(n) | 4.28 | (7.07) | 35.52 | 24.10 | 0.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.10(a) | 1.12 | 1.13 | 1.11 | 1.16 | 1.14 |
Expenses after expense reductions | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
Net investment income (loss) | (0.15)(a) | 0.25 | (0.23) | (0.17) | 0.17 | 0.29 |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $303 | $253 | $200 | $182 | $266 | $106 |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $16.33 | $15.97 | $20.17 | $15.85 | $13.30 | $14.14 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.08 | $0.00 | $0.02 | $0.06 | $0.08 |
Net realized and unrealized gain (loss) | 2.30 | 0.61 | (0.74) | 5.52 | 3.14 | (0.03)(g) |
Total from investment operations | $2.31 | $0.69 | $(0.74) | $5.54 | $3.20 | $0.05 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.00)(w) | $— | $(0.05) | $(0.09) | $(0.07) |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.33) | $(3.46) | $(1.22) | $(0.65) | $(0.89) |
Net asset value, end of period (x) | $18.64 | $16.33 | $15.97 | $20.17 | $15.85 | $13.30 |
Total return (%) (r)(s)(t)(x) | 14.15(n) | 4.52 | (6.85) | 35.85 | 24.35 | 0.98 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.85(a) | 0.87 | 0.88 | 0.85 | 0.90 | 0.89 |
Expenses after expense reductions | 0.74(a) | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
Net investment income (loss) | 0.09(a) | 0.51 | 0.02 | 0.08 | 0.42 | 0.59 |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $169 | $147 | $122 | $130 | $90 | $72 |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $16.42 | $16.03 | $20.23 | $15.87 | $13.32 | $14.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.03 | $0.11 | $0.05 | $0.06 | $0.10 | $0.12 |
Net realized and unrealized gain (loss) | 2.31 | 0.63 | (0.75) | 5.56 | 3.13 | (0.04)(g) |
Total from investment operations | $2.34 | $0.74 | $(0.70) | $5.62 | $3.23 | $0.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.04) | $(0.09) | $(0.12) | $(0.11) |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.35) | $(3.50) | $(1.26) | $(0.68) | $(0.93) |
Net asset value, end of period (x) | $18.76 | $16.42 | $16.03 | $20.23 | $15.87 | $13.32 |
Total return (%) (r)(s)(t)(x) | 14.25(n) | 4.80 | (6.64) | 36.34 | 24.60 | 1.18 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.60(a) | 0.62 | 0.63 | 0.60 | 0.65 | 0.64 |
Expenses after expense reductions | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
Net investment income (loss) | 0.35(a) | 0.76 | 0.27 | 0.33 | 0.67 | 0.84 |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $139 | $122 | $116 | $124 | $91 | $73 |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $16.43 | $16.03 | $20.23 | $15.89 | $13.32 | $14.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.13 | $0.07 | $0.08 | $0.11 | $0.13 |
Net realized and unrealized gain (loss) | 2.31 | 0.62 | (0.75) | 5.53 | 3.16 | (0.05)(g) |
Total from investment operations | $2.35 | $0.75 | $(0.68) | $5.61 | $3.27 | $0.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.06) | $(0.10) | $(0.14) | $(0.12) |
From net realized gain | — | (0.33) | (3.46) | (1.17) | (0.56) | (0.82) |
Total distributions declared to shareholders | $— | $(0.35) | $(3.52) | $(1.27) | $(0.70) | $(0.94) |
Net asset value, end of period (x) | $18.78 | $16.43 | $16.03 | $20.23 | $15.89 | $13.32 |
Total return (%) (r)(s)(t)(x) | 14.30(n) | 4.91 | (6.57) | 36.29 | 24.86 | 1.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.53(a) | 0.54 | 0.54 | 0.52 | 0.55 | 0.55 |
Expenses after expense reductions | 0.42(a) | 0.42 | 0.40 | 0.40 | 0.39 | 0.40 |
Net investment income (loss) | 0.40(a) | 0.82 | 0.36 | 0.42 | 0.77 | 0.93 |
Portfolio turnover | 23(n) | 64 | 55 | 71 | 61 | 60 |
Net assets at end of period (000 omitted) | $171,512 | $168,286 | $158,585 | $185,568 | $145,833 | $126,840 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $262,788,983 | $— | $— | $262,788,983 |
Mutual Funds | 1,296,529 | — | — | 1,296,529 |
Total | $264,085,512 | $— | $— | $264,085,512 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $745,942 |
Long-term capital gains | 4,715,998 |
Total distributions | $5,461,940 |
As of 11/30/23 | |
Cost of investments | $151,876,502 |
Gross appreciation | 119,109,541 |
Gross depreciation | (6,900,531) |
Net unrealized appreciation (depreciation) | $112,209,010 |
As of 5/31/23 | |
Undistributed ordinary income | 1,767,564 |
Capital loss carryforwards | (8,717,573) |
Net unrealized appreciation (depreciation) | 83,093,530 |
Short-Term | $(8,717,573) |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $338,546 | |
Class B | — | 9,542 | |
Class C | — | 17,332 | |
Class I | — | 1,217,939 | |
Class R1 | — | 18,068 | |
Class R2 | — | 4,676 | |
Class R3 | — | 2,831 | |
Class R4 | — | 2,480 | |
Class R6 | — | 3,850,526 | |
Total | $— | $5,461,940 |
Up to $1 billion | 0.40% |
In excess of $1 billion and up to $2.5 billion | 0.375% |
In excess of $2.5 billion | 0.35% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.45% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.74% | 1.49% | 1.49% | 0.49% | 1.49% | 0.99% | 0.74% | 0.49% | 0.43% |
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% | $ 32,962 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 3,181 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 6,121 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 5,038 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 696 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 198 |
Total Distribution and Service Fees | $48,196 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has |
Amount | |
Class A | $138 |
Class B | — |
Class C | 184 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 700,229 | $12,239,029 | 529,892 | $7,946,781 | |
Class B | 19,419 | 325,586 | 4,107 | 62,366 | |
Class C | 13,689 | 229,139 | 21,513 | 312,361 | |
Class I | 538,120 | 9,641,284 | 1,411,693 | 20,837,569 | |
Class R1 | 1,970 | 33,689 | 26,115 | 386,804 | |
Class R2 | 818 | 14,309 | 2,938 | 43,879 | |
Class R3 | 73 | 1,284 | 1,153 | 16,635 | |
Class R6 | 596,607 | 10,471,843 | 2,814,295 | 41,250,454 | |
1,870,925 | $32,956,163 | 4,811,706 | $70,856,849 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 23,021 | $337,951 | |
Class B | — | — | 675 | 9,542 | |
Class C | — | — | 1,219 | 17,222 | |
Class I | — | — | 82,345 | 1,217,884 | |
Class R1 | — | — | 1,279 | 18,068 | |
Class R2 | — | — | 319 | 4,676 | |
Class R3 | — | — | 192 | 2,831 | |
Class R4 | — | — | 168 | 2,480 | |
Class R6 | — | — | 259,820 | 3,850,526 | |
— | $— | 369,038 | $5,461,180 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (133,026) | $(2,320,893) | (300,344) | $(4,492,034) | |
Class B | (12,743) | (209,360) | (4,487) | (64,034) | |
Class C | (9,499) | (162,894) | (11,835) | (168,932) | |
Class I | (883,443) | (15,509,644) | (1,487,006) | (22,812,158) | |
Class R1 | (164) | (2,764) | (701) | (9,963) | |
Class R2 | (10) | (179) | (217) | (3,682) | |
Class R3 | (2) | (40) | (4) | (58) | |
Class R6 | (1,708,072) | (30,187,347) | (2,721,736) | (40,418,527) | |
(2,746,959) | $(48,393,121) | (4,526,330) | $(67,969,388) | ||
Net change | |||||
Class A | 567,203 | $9,918,136 | 252,569 | $3,792,698 | |
Class B | 6,676 | 116,226 | 295 | 7,874 | |
Class C | 4,190 | 66,245 | 10,897 | 160,651 | |
Class I | (345,323) | (5,868,360) | 7,032 | (756,705) | |
Class R1 | 1,806 | 30,925 | 26,693 | 394,909 | |
Class R2 | 808 | 14,130 | 3,040 | 44,873 | |
Class R3 | 71 | 1,244 | 1,341 | 19,408 | |
Class R4 | — | — | 168 | 2,480 | |
Class R6 | (1,111,465) | (19,715,504) | 352,379 | 4,682,453 | |
(876,034) | $(15,436,958) | 654,414 | $8,348,641 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $298,134 | $31,791,671 | $30,793,700 | $395 | $29 | $1,296,529 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $56,992 | $— |
Equity Fund
Equity Fund
1 | |
3 | |
5 | |
10 | |
12 | |
13 | |
14 | |
20 | |
32 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
Taiwan Semiconductor Manufacturing Co. Ltd. | 8.7% |
Samsung Electronics Co. Ltd. | 6.2% |
Tencent Holdings Ltd. | 5.6% |
Alibaba Group Holding Ltd., ADR | 3.0% |
HDFC Bank Ltd. | 2.0% |
Tata Consultancy Services Ltd. | 1.8% |
Hon Hai Precision Industry Co. Ltd. | 1.7% |
Kotak Mahindra Bank Ltd. | 1.7% |
Infosys Ltd. | 1.6% |
Inner Mongolia Yili Industrial Group Co. Ltd., “A” | 1.6% |
Information Technology | 23.1% |
Financials | 22.8% |
Communication Services | 11.8% |
Consumer Discretionary | 11.5% |
Consumer Staples | 9.8% |
Energy | 6.3% |
Materials | 4.8% |
Industrials | 3.3% |
Real Estate | 2.5% |
Health Care | 1.2% |
Utilities | 0.8% |
China | 28.2% |
South Korea | 14.7% |
India | 12.7% |
Taiwan | 11.9% |
Brazil | 8.1% |
Mexico | 3.0% |
Hong Kong | 2.9% |
Indonesia | 2.8% |
United Arab Emirates | 2.3% |
Other Countries | 13.4% |
Hong Kong Dollar | 21.8% |
South Korean Won | 14.7% |
Indian Rupee | 12.4% |
Taiwan Dollar | 11.9% |
Brazilian Real | 8.1% |
Chinese Renminbi | 7.9% |
United States Dollar | 5.7% |
Euro | 3.5% |
Mexican Peso | 3.0% |
Other Currencies | 11.0% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(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 (included in Other Countries) includes Cash & Cash Equivalents. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account value 11/30/23 | Expenses Paid During Period (p) 6/01/23–11/30/23 | |
A | Actual | 1.31% | $1,000.00 | $1,035.05 | $6.66 |
Hypothetical (h) | 1.31% | $1,000.00 | $1,018.45 | $6.61 | |
B | Actual | 2.06% | $1,000.00 | $1,031.46 | $10.46 |
Hypothetical (h) | 2.06% | $1,000.00 | $1,014.70 | $10.38 | |
C | Actual | 2.06% | $1,000.00 | $1,031.15 | $10.46 |
Hypothetical (h) | 2.06% | $1,000.00 | $1,014.70 | $10.38 | |
I | Actual | 1.06% | $1,000.00 | $1,036.75 | $5.40 |
Hypothetical (h) | 1.06% | $1,000.00 | $1,019.70 | $5.35 | |
R1 | Actual | 2.06% | $1,000.00 | $1,031.47 | $10.46 |
Hypothetical (h) | 2.06% | $1,000.00 | $1,014.70 | $10.38 | |
R2 | Actual | 1.56% | $1,000.00 | $1,034.04 | $7.93 |
Hypothetical (h) | 1.56% | $1,000.00 | $1,017.20 | $7.87 | |
R3 | Actual | 1.31% | $1,000.00 | $1,035.42 | $6.67 |
Hypothetical (h) | 1.31% | $1,000.00 | $1,018.45 | $6.61 | |
R4 | Actual | 1.06% | $1,000.00 | $1,036.58 | $5.40 |
Hypothetical (h) | 1.06% | $1,000.00 | $1,019.70 | $5.35 | |
R6 | Actual | 0.91% | $1,000.00 | $1,037.37 | $4.64 |
Hypothetical (h) | 0.91% | $1,000.00 | $1,020.45 | $4.60 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 97.9% | ||||
Alcoholic Beverages – 4.1% | ||||
Ambev S.A., ADR | 29,472,954 | $80,755,893 | ||
China Resources Beer Holdings Co. Ltd. | 9,540,000 | 42,990,027 | ||
Kweichow Moutai Co. Ltd., “A” | 447,309 | 112,377,691 | ||
Wuliangye Yibin Co. Ltd., “A” | 2,617,118 | 54,739,675 | ||
$290,863,286 | ||||
Automotive – 2.3% | ||||
BYD Co. Ltd. | 1,988,000 | $53,445,649 | ||
Hero MotoCorp Ltd. | 686,501 | 31,438,587 | ||
Mahindra & Mahindra Ltd. | 4,062,764 | 80,274,833 | ||
$165,159,069 | ||||
Biotechnology – 0.9% | ||||
Hugel, Inc. (a) | 551,631 | $65,161,853 | ||
Brokerage & Asset Managers – 1.0% | ||||
B3 S.A. - Brasil Bolsa Balcao | 26,917,000 | $72,733,130 | ||
Moscow Exchange MICEX-RTS PJSC (a)(u) | 65,313,565 | 0 | ||
$72,733,130 | ||||
Business Services – 4.7% | ||||
Infosys Ltd. | 6,506,033 | $113,524,741 | ||
Kingsoft Cloud Holdings, ADR (a)(l) | 2,915,464 | 12,740,578 | ||
Tata Consultancy Services Ltd. | 2,973,872 | 124,369,944 | ||
Tech Mahindra Ltd. | 5,482,420 | 80,266,935 | ||
$330,902,198 | ||||
Chemicals – 1.4% | ||||
UPL Ltd. | 13,996,269 | $95,774,215 | ||
Computer Software – 0.6% | ||||
Kingsoft Corp. | 12,065,000 | $38,613,931 | ||
Computer Software - Systems – 7.9% | ||||
Hon Hai Precision Industry Co. Ltd. | 36,447,000 | $118,417,750 | ||
Samsung Electronics Co. Ltd. | 7,741,168 | 436,815,122 | ||
$555,232,872 | ||||
Conglomerates – 0.7% | ||||
LG Corp. | 772,994 | $50,388,556 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Construction – 4.0% | ||||
Anhui Conch Cement Co. Ltd. | 15,929,000 | $37,277,037 | ||
Gree Electric Appliances, Inc., “A” | 16,395,839 | 75,760,829 | ||
Midea Group Co. Ltd., “A” | 7,390,432 | 53,550,551 | ||
Techtronic Industries Co. Ltd. | 8,067,500 | 81,900,932 | ||
Zhejiang Supor Co. Ltd., “A” | 4,745,252 | 34,776,377 | ||
$283,265,726 | ||||
Consumer Products – 0.4% | ||||
AmorePacific Corp. | 241,146 | $24,167,870 | ||
Electronics – 8.7% | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 33,278,695 | $614,654,514 | ||
Energy - Independent – 0.6% | ||||
Reliance Industries Ltd. | 1,527,399 | $43,544,207 | ||
Energy - Integrated – 4.6% | ||||
China Petroleum & Chemical Corp. | 152,200,000 | $78,328,063 | ||
Galp Energia SGPS S.A., “B” | 6,600,880 | 98,112,014 | ||
LUKOIL PJSC (a)(u) | 1,176,212 | 0 | ||
Petroleo Brasileiro S.A., ADR | 6,944,665 | 106,045,034 | ||
Petroleo Brasileiro S.A., ADR | 3,070,469 | 44,675,324 | ||
$327,160,435 | ||||
Engineering - Construction – 0.8% | ||||
Doosan Bobcat, Inc. | 1,542,820 | $54,530,552 | ||
Food & Beverages – 3.8% | ||||
Gruma S.A.B. de C.V. | 3,860,278 | $71,540,218 | ||
Inner Mongolia Yili Industrial Group Co. Ltd., “A” | 29,660,752 | 113,345,509 | ||
Orion Corp. | 561,884 | 51,260,510 | ||
Tingyi (Cayman Islands) Holding Corp. | 23,230,000 | 29,233,406 | ||
$265,379,643 | ||||
Food & Drug Stores – 0.3% | ||||
BIM Birlesik Magazalar A.S. | 1,842,576 | $19,653,974 | ||
Forest & Paper Products – 0.7% | ||||
Suzano S.A. (a) | 4,794,600 | $52,387,438 | ||
Insurance – 6.2% | ||||
AIA Group Ltd. | 7,961,600 | $68,696,867 | ||
DB Insurance Co. Ltd. | 777,949 | 50,470,357 | ||
Discovery Ltd. | 5,961,971 | 42,075,758 | ||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,757,961 | 42,513,183 | ||
Ping An Insurance Co. of China Ltd., “H” | 24,462,500 | 112,740,517 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – continued | ||||
Prudential PLC | 1,555,365 | $16,945,605 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 511,441 | 103,069,147 | ||
$436,511,434 | ||||
Internet – 8.5% | ||||
Baidu, Inc., ADR (a) | 174,376 | $20,691,456 | ||
MakeMyTrip Ltd. (a) | 620,950 | 26,222,718 | ||
NAVER Corp. | 389,641 | 62,818,531 | ||
NetEase, Inc., ADR | 847,624 | 96,188,372 | ||
Tencent Holdings Ltd. | 9,398,300 | 393,435,677 | ||
$599,356,754 | ||||
Machinery & Tools – 1.6% | ||||
Delta Electronics, Inc. | 10,879,000 | $110,217,782 | ||
Major Banks – 4.0% | ||||
Banco Bradesco S.A., ADR (a) | 25,510,106 | $84,948,653 | ||
Bandhan Bank Ltd. | 16,339,490 | 44,300,187 | ||
Erste Group Bank AG | 2,479,277 | 100,148,547 | ||
Nedbank Group Ltd. | 4,683,998 | 53,123,202 | ||
$282,520,589 | ||||
Medical & Health Technology & Services – 0.0% | ||||
Burning Rock Biotech Ltd., ADR (a) | 3,412,368 | $2,832,607 | ||
Metals & Mining – 2.0% | ||||
Industries Qatar Q.P.S.C. | 4,744,489 | $16,288,413 | ||
PT United Tractors Tbk | 53,213,900 | 75,137,615 | ||
Vale S.A., ADR | 3,479,050 | 52,185,750 | ||
$143,611,778 | ||||
Natural Gas - Distribution – 0.8% | ||||
China Resources Gas Group Ltd. | 18,420,300 | $57,774,935 | ||
Network & Telecom – 0.3% | ||||
GDS Holdings Ltd., “A” (a) | 4,734,800 | $6,158,459 | ||
GDS Holdings Ltd., ADR (a)(l) | 1,488,542 | 15,257,555 | ||
$21,416,014 | ||||
Other Banks & Diversified Financials – 12.0% | ||||
Bangkok Bank Public Co. Ltd. | 10,238,000 | $43,655,746 | ||
Bank Negara Indonesia PT | 162,061,400 | 55,117,594 | ||
China Construction Bank Corp. | 188,286,490 | 108,951,767 | ||
China Merchants Bank Co Ltd. “A” | 9,282,100 | 37,475,166 | ||
Credicorp Ltd. | 887,204 | 111,370,718 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Emirates NBD PJSC | 13,525,245 | $64,817,174 | ||
Grupo Financiero Banorte S.A. de C.V. | 2,424,321 | 22,543,805 | ||
HDFC Bank Ltd. | 7,572,156 | 141,539,105 | ||
KB Financial Group, Inc. | 1,669,924 | 67,824,685 | ||
Kotak Mahindra Bank Ltd. | 5,625,396 | 118,415,366 | ||
Sberbank of Russia PJSC (u) | 50,760,059 | 0 | ||
SK Square Co. Ltd. (a) | 738,628 | 29,198,177 | ||
Tisco Financial Group PCL | 17,660,800 | 48,824,186 | ||
$849,733,489 | ||||
Pharmaceuticals – 0.3% | ||||
Genomma Lab Internacional S.A., “B” (l) | 24,550,410 | $19,902,109 | ||
Precious Metals & Minerals – 1.0% | ||||
Gold Fields Ltd., ADR | 3,019,272 | $46,164,669 | ||
Polymetal International PLC (a) | 6,292,661 | 25,799,910 | ||
$71,964,579 | ||||
Real Estate – 2.1% | ||||
Emaar Properties PJSC | 45,676,120 | $94,398,102 | ||
ESR Group Ltd. | 15,511,000 | 19,936,559 | ||
Hang Lung Properties Ltd. | 26,565,000 | 35,504,794 | ||
$149,839,455 | ||||
Restaurants – 1.4% | ||||
Yum China Holdings, Inc. | 2,333,792 | $100,773,139 | ||
Specialty Chemicals – 0.4% | ||||
Saudi Basic Industries Corp. | 1,477,931 | $31,201,422 | ||
Specialty Stores – 6.7% | ||||
Alibaba Group Holding Ltd. (a) | 22,580,348 | $210,300,503 | ||
JD.com, Inc., “A” | 1,806,709 | 24,679,100 | ||
JD.com, Inc., ADR | 113,403 | 3,110,644 | ||
Lojas Renner S.A. | 15,881,277 | 52,818,745 | ||
Multiplan Empreendimentos Imobiliarios S.A. | 4,401,539 | 24,314,634 | ||
Vipshop Holdings Ltd., ADR (a) | 3,870,702 | 62,047,353 | ||
Walmart de Mexico S.A.B. de C.V. | 24,028,486 | 94,199,246 | ||
$471,470,225 | ||||
Telecommunications - Wireless – 2.4% | ||||
Advanced Info Service Public Co. Ltd. | 6,474,700 | $40,124,642 | ||
Etihad Etisalat Co. | 5,042,101 | 62,093,847 | ||
PT Telekom Indonesia | 285,166,700 | 69,131,321 | ||
$171,349,810 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Telephone Services – 0.7% | ||||
Hellenic Telecommunications Organization S.A. | 3,445,394 | $50,516,719 | ||
Total Common Stocks (Identified Cost, $6,964,010,723) | $6,920,566,309 | |||
Investment Companies (h) – 2.0% | ||||
Money Market Funds – 2.0% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $141,337,545) | 141,328,506 | $141,342,639 | ||
Collateral for Securities Loaned – 0.2% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.37% (j) (Identified Cost, $11,240,679) | 11,240,679 | $11,240,679 | ||
Other Assets, Less Liabilities – (0.1)% | (6,226,449) | |||
Net Assets – 100.0% | $7,066,923,178 |
(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 $141,342,639 and $6,931,806,988, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
PCL | Public Company Limited |
Assets | |
Investments in unaffiliated issuers, at value, including $11,184,520 of securities on loan (identified cost, $6,975,251,402) | $6,931,806,988 |
Investments in affiliated issuers, at value (identified cost, $141,337,545) | 141,342,639 |
Cash | 1,396,968 |
Foreign currency, at value (identified cost, $1,211,604) | 1,207,755 |
Receivables for | |
Fund shares sold | 10,523,464 |
Interest and dividends | 15,748,930 |
Other assets | 35,154 |
Total assets | $7,102,061,898 |
Liabilities | |
Payables for | |
Investments purchased | $14,017,419 |
Fund shares reacquired | 555,986 |
Collateral for securities loaned, at value (c) | 11,240,679 |
Payable to affiliates | |
Investment adviser | 130,263 |
Administrative services fee | 3,380 |
Shareholder servicing costs | 75,222 |
Distribution and service fees | 2,491 |
Deferred foreign capital gains tax expense payable | 6,823,337 |
Accrued expenses and other liabilities | 2,289,943 |
Total liabilities | $35,138,720 |
Net assets | $7,066,923,178 |
Net assets consist of | |
Paid-in capital | $7,774,131,553 |
Total distributable earnings (loss) | (707,208,375) |
Net assets | $7,066,923,178 |
Shares of beneficial interest outstanding | 221,760,109 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $159,823,987 | 5,305,624 | $30.12 |
Class B | 544,086 | 19,757 | 27.54 |
Class C | 3,182,217 | 118,697 | 26.81 |
Class I | 95,851,612 | 3,007,060 | 31.88 |
Class R1 | 470,672 | 17,952 | 26.22 |
Class R2 | 2,179,509 | 79,731 | 27.34 |
Class R3 | 1,458,033 | 48,429 | 30.11 |
Class R4 | 4,494,213 | 149,597 | 30.04 |
Class R6 | 6,798,918,849 | 213,013,262 | 31.92 |
(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 $31.96 [100 / 94.25 x $30.12]. 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 | $129,799,218 |
Dividends from affiliated issuers | 3,186,398 |
Other | 379,516 |
Income on securities loaned | 115,809 |
Interest | 2,630 |
Foreign taxes withheld | (15,359,795) |
Total investment income | $118,123,776 |
Expenses | |
Management fee | $31,660,460 |
Distribution and service fees | 233,864 |
Shareholder servicing costs | 267,149 |
Administrative services fee | 309,281 |
Independent Trustees' compensation | 57,673 |
Custodian fee | 1,425,391 |
Shareholder communications | 41,185 |
Audit and tax fees | 63,305 |
Legal fees | 17,083 |
Miscellaneous | 235,162 |
Total expenses | $34,310,553 |
Reduction of expenses by investment adviser and distributor | (1,544,591) |
Net expenses | $32,765,962 |
Net investment income (loss) | $85,357,814 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $3,227,492 foreign capital gains tax) | $(35,101,739) |
Affiliated issuers | (8,835,556) |
Foreign currency | (1,123,609) |
Net realized gain (loss) | $(45,060,904) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $1,276,663 decrease in deferred foreign capital gains tax) | $186,406,296 |
Affiliated issuers | 29,377,735 |
Translation of assets and liabilities in foreign currencies | 3,719 |
Net unrealized gain (loss) | $215,787,750 |
Net realized and unrealized gain (loss) | $170,726,846 |
Change in net assets from operations | $256,084,660 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $85,357,814 | $166,653,217 |
Net realized gain (loss) | (45,060,904) | (336,935,435) |
Net unrealized gain (loss) | 215,787,750 | (49,061,418) |
Change in net assets from operations | $256,084,660 | $(219,343,636) |
Total distributions to shareholders | $— | $(84,500,407) |
Change in net assets from fund share transactions | $(94,014,573) | $406,972,932 |
Total change in net assets | $162,070,087 | $103,128,889 |
Net assets | ||
At beginning of period | 6,904,853,091 | 6,801,724,202 |
At end of period | $7,066,923,178 | $6,904,853,091 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $29.10 | $30.53 | $41.38 | $28.13 | $31.63 | $34.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.31 | $0.62 | $0.49 | $0.33 | $0.58 | $0.24 |
Net realized and unrealized gain (loss) | 0.71 | (1.77) | (10.64) | 13.12 | (3.50) | (3.46) |
Total from investment operations | $1.02 | $(1.15) | $(10.15) | $13.45 | $(2.92) | $(3.22) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.28) | $(0.70) | $(0.20) | $(0.58) | $(0.14) |
Net asset value, end of period (x) | $30.12 | $29.10 | $30.53 | $41.38 | $28.13 | $31.63 |
Total return (%) (r)(s)(t)(x) | 3.51(n) | (3.75) | (24.78) | 47.89 | (9.55) | (9.19) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.35(a) | 1.38 | 1.35 | 1.34 | 1.39 | 1.44 |
Expenses after expense reductions | 1.31(a) | 1.31 | 1.31 | 1.31 | 1.30 | 1.42 |
Net investment income (loss) | 2.02(a) | 2.18 | 1.38 | 0.89 | 1.82 | 0.72 |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $159,824 | $157,909 | $168,750 | $204,557 | $118,726 | $120,862 |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $26.70 | $27.95 | $37.84 | $25.78 | $29.01 | $32.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.36 | $0.20 | $0.05 | $0.35 | $(0.01) |
Net realized and unrealized gain (loss) | 0.65 | (1.61) | (9.73) | 12.01 | (3.26) | (3.16) |
Total from investment operations | $0.84 | $(1.25) | $(9.53) | $12.06 | $(2.91) | $(3.17) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.36) | $— | $(0.32) | $— |
Net asset value, end of period (x) | $27.54 | $26.70 | $27.95 | $37.84 | $25.78 | $29.01 |
Total return (%) (r)(s)(t)(x) | 3.15(n) | (4.47) | (25.33) | 46.78 | (10.24) | (9.85) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.10(a) | 2.13 | 2.09 | 2.09 | 2.13 | 2.19 |
Expenses after expense reductions | 2.06(a) | 2.06 | 2.06 | 2.06 | 2.06 | 2.17 |
Net investment income (loss) | 1.39(a) | 1.40 | 0.59 | 0.16 | 1.19 | (0.04) |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $544 | $673 | $1,166 | $2,396 | $2,393 | $3,672 |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $26.00 | $27.23 | $36.91 | $25.15 | $28.33 | $31.42 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.35 | $0.20 | $0.06 | $0.33 | $(0.01) |
Net realized and unrealized gain (loss) | 0.63 | (1.56) | (9.49) | 11.70 | (3.17) | (3.08) |
Total from investment operations | $0.81 | $(1.21) | $(9.29) | $11.76 | $(2.84) | $(3.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.39) | $— | $(0.34) | $— |
Net asset value, end of period (x) | $26.81 | $26.00 | $27.23 | $36.91 | $25.15 | $28.33 |
Total return (%) (r)(s)(t)(x) | 3.12(n) | (4.45) | (25.33) | 46.76 | (10.23) | (9.83) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.10(a) | 2.13 | 2.09 | 2.09 | 2.13 | 2.19 |
Expenses after expense reductions | 2.06(a) | 2.06 | 2.06 | 2.06 | 2.06 | 2.17 |
Net investment income (loss) | 1.35(a) | 1.39 | 0.62 | 0.18 | 1.16 | (0.04) |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $3,182 | $3,702 | $5,427 | $10,467 | $10,082 | $14,116 |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $30.75 | $32.24 | $43.63 | $29.64 | $33.29 | $36.85 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.36 | $0.74 | $0.60 | $0.43 | $0.66 | $0.32 |
Net realized and unrealized gain (loss) | 0.77 | (1.88) | (11.21) | 13.84 | (3.65) | (3.63) |
Total from investment operations | $1.13 | $(1.14) | $(10.61) | $14.27 | $(2.99) | $(3.31) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.35) | $(0.78) | $(0.28) | $(0.66) | $(0.25) |
Net asset value, end of period (x) | $31.88 | $30.75 | $32.24 | $43.63 | $29.64 | $33.29 |
Total return (%) (r)(s)(t)(x) | 3.67(n) | (3.51) | (24.59) | 48.24 | (9.32) | (8.96) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.10(a) | 1.13 | 1.09 | 1.09 | 1.15 | 1.20 |
Expenses after expense reductions | 1.06(a) | 1.06 | 1.06 | 1.06 | 1.06 | 1.17 |
Net investment income (loss) | 2.28(a) | 2.44 | 1.59 | 1.11 | 1.98 | 0.92 |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $95,852 | $95,629 | $93,329 | $168,061 | $94,350 | $69,443 |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $25.42 | $26.70 | $36.41 | $24.80 | $27.97 | $31.17 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.30 | $0.35 | $0.16 | $0.05 | $0.30 | $(0.05) |
Net realized and unrealized gain (loss) | 0.50(g) | (1.54) | (9.30) | 11.56 | (3.09) | (3.04) |
Total from investment operations | $0.80 | $(1.19) | $(9.14) | $11.61 | $(2.79) | $(3.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.09) | $(0.57) | $— | $(0.38) | $(0.11) |
Net asset value, end of period (x) | $26.22 | $25.42 | $26.70 | $36.41 | $24.80 | $27.97 |
Total return (%) (r)(s)(t)(x) | 3.15(n) | (4.47) | (25.33) | 46.81 | (10.22) | (9.89) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 2.11(a) | 2.13 | 2.10 | 2.09 | 2.14 | 2.19 |
Expenses after expense reductions | 2.06(a) | 2.06 | 2.06 | 2.06 | 2.06 | 2.17 |
Net investment income (loss) | 2.25(a) | 1.42 | 0.53 | 0.16 | 1.08 | (0.18) |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $471 | $1,296 | $1,414 | $725 | $1,742 | $1,844 |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $26.44 | $27.77 | $37.68 | $25.64 | $28.87 | $31.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.23 | $0.50 | $0.36 | $0.22 | $0.49 | $0.14 |
Net realized and unrealized gain (loss) | 0.67 | (1.61) | (9.68) | 11.94 | (3.22) | (3.15) |
Total from investment operations | $0.90 | $(1.11) | $(9.32) | $12.16 | $(2.73) | $(3.01) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.22) | $(0.59) | $(0.12) | $(0.50) | $(0.08) |
Net asset value, end of period (x) | $27.34 | $26.44 | $27.77 | $37.68 | $25.64 | $28.87 |
Total return (%) (r)(s)(t)(x) | 3.40(n) | (3.99) | (24.96) | 47.47 | (9.76) | (9.42) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.60(a) | 1.63 | 1.59 | 1.59 | 1.63 | 1.69 |
Expenses after expense reductions | 1.56(a) | 1.56 | 1.56 | 1.56 | 1.56 | 1.67 |
Net investment income (loss) | 1.72(a) | 1.92 | 1.11 | 0.67 | 1.68 | 0.48 |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $2,180 | $2,028 | $2,427 | $4,227 | $3,431 | $4,614 |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $29.08 | $30.51 | $41.17 | $27.95 | $31.47 | $34.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.29 | $0.63 | $0.56 | $0.41 | $0.51 | $0.21 |
Net realized and unrealized gain (loss) | 0.74 | (1.78) | (10.69) | 12.96 | (3.41) | (3.42) |
Total from investment operations | $1.03 | $(1.15) | $(10.13) | $13.37 | $(2.90) | $(3.21) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.28) | $(0.53) | $(0.15) | $(0.62) | $(0.16) |
Net asset value, end of period (x) | $30.11 | $29.08 | $30.51 | $41.17 | $27.95 | $31.47 |
Total return (%) (r)(s)(t)(x) | 3.54(n) | (3.75) | (24.78) | 47.89 | (9.55) | (9.19) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.35(a) | 1.38 | 1.34 | 1.34 | 1.39 | 1.44 |
Expenses after expense reductions | 1.31(a) | 1.31 | 1.31 | 1.31 | 1.31 | 1.42 |
Net investment income (loss) | 1.96(a) | 2.20 | 1.52 | 1.13 | 1.64 | 0.66 |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $1,458 | $1,286 | $1,406 | $5,103 | $6,246 | $2,405 |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $28.98 | $30.43 | $41.24 | $28.03 | $31.47 | $34.85 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.34 | $0.70 | $0.60 | $0.43 | $0.81 | $0.30 |
Net realized and unrealized gain (loss) | 0.72 | (1.78) | (10.62) | 13.06 | (3.63) | (3.43) |
Total from investment operations | $1.06 | $(1.08) | $(10.02) | $13.49 | $(2.82) | $(3.13) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.37) | $(0.79) | $(0.28) | $(0.62) | $(0.25) |
Net asset value, end of period (x) | $30.04 | $28.98 | $30.43 | $41.24 | $28.03 | $31.47 |
Total return (%) (r)(s)(t)(x) | 3.66(n) | (3.53) | (24.57) | 48.20 | (9.31) | (8.97) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.10(a) | 1.13 | 1.10 | 1.09 | 1.13 | 1.19 |
Expenses after expense reductions | 1.06(a) | 1.06 | 1.06 | 1.06 | 1.06 | 1.17 |
Net investment income (loss) | 2.23(a) | 2.46 | 1.70 | 1.20 | 2.54 | 0.93 |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $4,494 | $4,138 | $3,264 | $3,037 | $2,673 | $6,917 |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $30.77 | $32.26 | $43.67 | $29.66 | $33.30 | $36.86 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.39 | $0.79 | $0.66 | $0.47 | $0.70 | $0.37 |
Net realized and unrealized gain (loss) | 0.76 | (1.88) | (11.24) | 13.86 | (3.64) | (3.65) |
Total from investment operations | $1.15 | $(1.09) | $(10.58) | $14.33 | $(2.94) | $(3.28) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.40) | $(0.83) | $(0.32) | $(0.70) | $(0.28) |
Net asset value, end of period (x) | $31.92 | $30.77 | $32.26 | $43.67 | $29.66 | $33.30 |
Total return (%) (r)(s)(t)(x) | 3.74(n) | (3.34) | (24.49) | 48.43 | (9.21) | (8.86) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.95(a) | 0.97 | 0.95 | 0.98 | 1.03 | 1.06 |
Expenses after expense reductions | 0.91(a) | 0.90 | 0.92 | 0.95 | 0.95 | 1.04 |
Net investment income (loss) | 2.42(a) | 2.62 | 1.76 | 1.20 | 2.10 | 1.07 |
Portfolio turnover | 12(n) | 36 | 38 | 37 | 32 | 27 |
Net assets at end of period (000 omitted) | $6,798,919 | $6,638,192 | $6,524,541 | $7,034,144 | $3,336,889 | $1,817,161 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
China | $1,989,596,573 | $— | $— | $1,989,596,573 |
South Korea | 1,038,218,543 | — | — | 1,038,218,543 |
India | 899,670,838 | — | — | 899,670,838 |
Taiwan | 843,290,046 | — | — | 843,290,046 |
Brazil | 570,864,601 | — | — | 570,864,601 |
Mexico | 208,185,378 | — | — | 208,185,378 |
Hong Kong | 206,039,152 | — | — | 206,039,152 |
Indonesia | 199,386,530 | — | — | 199,386,530 |
United Arab Emirates | 159,215,276 | — | — | 159,215,276 |
Other Countries | 717,150,544 | 88,948,828 | 0 | 806,099,372 |
Mutual Funds | 152,583,318 | — | — | 152,583,318 |
Total | $6,984,200,799 | $88,948,828 | $0 | $7,073,149,627 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $84,500,407 |
As of 11/30/23 | |
Cost of investments | $7,310,205,096 |
Gross appreciation | 1,153,989,905 |
Gross depreciation | (1,391,045,374) |
Net unrealized appreciation (depreciation) | $(237,055,469) |
As of 5/31/23 | |
Undistributed ordinary income | 97,874,717 |
Capital loss carryforwards | (600,894,870) |
Other temporary differences | (8,710,044) |
Net unrealized appreciation (depreciation) | (451,562,838) |
Short-Term | $(121,464,022) |
Long-Term | (479,430,848) |
Total | $(600,894,870) |
Six months ended 11/30/23 | Year ended 5/31/23 | |
Class A | $— | $1,488,810 |
Class C | — | 2,881 |
Class I | — | 1,014,675 |
Class R1 | — | 4,210 |
Class R2 | — | 18,291 |
Class R3 | — | 11,900 |
Class R4 | — | 51,534 |
Class R6 | — | 81,908,106 |
Total | $— | $84,500,407 |
Up to $500 million | 1.05% |
In excess of $500 million and up to $1 billion | 0.95% |
In excess of $1 billion and up to $4 billion | 0.90% |
In excess of $4 billion and up to $10 billion | 0.85% |
In excess of $10 billion | 0.80% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
1.31% | 2.06% | 2.06% | 1.06% | 2.06% | 1.56% | 1.31% | 1.06% | 0.95% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 202,312 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 3,107 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 17,705 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 3,644 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 5,350 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 1,746 |
Total Distribution and Service Fees | $233,864 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has |
Amount | |
Class A | $2,217 |
Class B | 52 |
Class C | 623 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 330,782 | $9,968,890 | 1,116,192 | $31,586,724 | |
Class B | — | — | 47 | 1,236 | |
Class C | 5,345 | 143,624 | 17,092 | 443,639 | |
Class I | 402,887 | 12,840,409 | 1,596,262 | 48,699,126 | |
Class R1 | 1,627 | 43,096 | 6,926 | 174,653 | |
Class R2 | 16,459 | 460,389 | 13,923 | 362,690 | |
Class R3 | 5,968 | 179,666 | 9,392 | 267,227 | |
Class R4 | 18,592 | 553,802 | 88,076 | 2,424,825 | |
Class R6 | 5,173,124 | 163,865,501 | 34,564,768 | 1,031,265,983 | |
5,954,784 | $188,055,377 | 37,412,678 | $1,115,226,103 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 51,966 | $1,467,510 | |
Class C | — | — | 107 | 2,710 | |
Class I | — | — | 31,705 | 945,138 | |
Class R1 | — | — | 170 | 4,210 | |
Class R2 | — | — | 704 | 18,096 | |
Class R3 | — | — | 422 | 11,900 | |
Class R4 | — | — | 1,834 | 51,534 | |
Class R6 | — | — | 2,747,172 | 81,893,191 | |
— | $— | 2,834,080 | $84,394,289 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (451,724) | $(13,600,812) | (1,269,057) | $(35,587,500) | |
Class B | (5,459) | (149,881) | (16,562) | (425,997) | |
Class C | (29,075) | (778,816) | (74,066) | (1,867,043) | |
Class I | (505,394) | (16,180,031) | (1,412,925) | (41,605,263) | |
Class R1 | (34,648) | (937,028) | (9,102) | (220,402) | |
Class R2 | (13,446) | (369,586) | (25,307) | (662,203) | |
Class R3 | (1,760) | (53,714) | (11,677) | (332,283) | |
Class R4 | (11,758) | (349,710) | (54,401) | (1,536,328) | |
Class R6 | (7,890,476) | (249,650,372) | (23,799,936) | (710,410,441) | |
(8,943,740) | $(282,069,950) | (26,673,033) | $(792,647,460) | ||
Net change | |||||
Class A | (120,942) | $(3,631,922) | (100,899) | $(2,533,266) | |
Class B | (5,459) | (149,881) | (16,515) | (424,761) | |
Class C | (23,730) | (635,192) | (56,867) | (1,420,694) | |
Class I | (102,507) | (3,339,622) | 215,042 | 8,039,001 | |
Class R1 | (33,021) | (893,932) | (2,006) | (41,539) | |
Class R2 | 3,013 | 90,803 | (10,680) | (281,417) | |
Class R3 | 4,208 | 125,952 | (1,863) | (53,156) | |
Class R4 | 6,834 | 204,092 | 35,509 | 940,031 | |
Class R6 | (2,717,352) | (85,784,871) | 13,512,004 | 402,748,733 | |
(2,988,956) | $(94,014,573) | 13,573,725 | $406,972,932 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
Hugel, Inc. * | $52,217,688 | $— | $7,580,597 | $(8,835,843) | $29,360,605 | $— |
MFS Institutional Money Market Portfolio | $102,816,830 | 488,221,564 | $449,713,172 | $287 | $17,130 | $141,342,639 |
$155,034,518 | $488,221,564 | $457,293,769 | $(8,835,556) | $29,377,735 | $141,342,639 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
Hugel, Inc. * | $— | $— |
MFS Institutional Money Market Portfolio | 3,186,398 | — |
$3,186,398 | $— |
* | Held at period end. No longer considered an affiliated issuer. |
1 | |
3 | |
5 | |
10 | |
12 | |
14 | |
15 | |
24 | |
35 | |
39 | |
39 | |
39 | |
39 | |
39 |
back cover |
SAP SE | 4.9% |
Nestle S.A. | 4.0% |
Roche Holding AG | 3.8% |
Hitachi Ltd. | 3.7% |
Schneider Electric SE | 3.6% |
Linde PLC | 3.3% |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.3% |
LVMH Moet Hennessy Louis Vuitton SE | 3.2% |
AIA Group Ltd. | 2.2% |
Amadeus IT Group S.A. | 2.2% |
Industrials | 16.9% |
Information Technology | 15.3% |
Consumer Staples | 13.9% |
Health Care | 13.2% |
Materials | 12.9% |
Consumer Discretionary | 10.8% |
Financials | 10.6% |
Communication Services | 2.8% |
Energy | 1.2% |
Utilities | 0.4% |
France | 16.9% |
Switzerland | 11.4% |
Germany | 11.1% |
Japan | 9.7% |
United Kingdom | 9.0% |
Canada | 5.7% |
United States | 5.3% |
Netherlands | 4.4% |
Taiwan | 4.3% |
Other Countries | 22.2% |
Euro | 35.3% |
Swiss Franc | 11.4% |
British Pound Sterling | 10.0% |
Japanese Yen | 9.7% |
United States Dollar | 6.6% |
Canadian Dollar | 5.7% |
Hong Kong Dollar | 5.3% |
Taiwan Dollar | 4.3% |
Indian Rupee | 3.5% |
Other Currencies | 8.2% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 1.12% | $1,000.00 | $1,008.24 | $5.62 |
Hypothetical (h) | 1.12% | $1,000.00 | $1,019.40 | $5.65 | |
B | Actual | 1.88% | $1,000.00 | $1,004.45 | $9.42 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.60 | $9.47 | |
C | Actual | 1.88% | $1,000.00 | $1,004.33 | $9.42 |
Hypothetical (h) | 1.88% | $1,000.00 | $1,015.60 | $9.47 | |
I | Actual | 0.87% | $1,000.00 | $1,009.30 | $4.37 |
Hypothetical (h) | 0.87% | $1,000.00 | $1,020.65 | $4.39 | |
R1 | Actual | 1.87% | $1,000.00 | $1,004.45 | $9.37 |
Hypothetical (h) | 1.87% | $1,000.00 | $1,015.65 | $9.42 | |
R2 | Actual | 1.38% | $1,000.00 | $1,006.88 | $6.92 |
Hypothetical (h) | 1.38% | $1,000.00 | $1,018.10 | $6.96 | |
R3 | Actual | 1.12% | $1,000.00 | $1,008.06 | $5.62 |
Hypothetical (h) | 1.12% | $1,000.00 | $1,019.40 | $5.65 | |
R4 | Actual | 0.87% | $1,000.00 | $1,009.48 | $4.37 |
Hypothetical (h) | 0.87% | $1,000.00 | $1,020.65 | $4.39 | |
R6 | Actual | 0.75% | $1,000.00 | $1,009.99 | $3.77 |
Hypothetical (h) | 0.75% | $1,000.00 | $1,021.25 | $3.79 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.0% | ||||
Aerospace & Defense – 2.3% | ||||
Rolls-Royce Holdings PLC (a) | 87,642,608 | $297,412,017 | ||
Singapore Technologies Engineering Ltd. | 17,171,300 | 47,623,177 | ||
$345,035,194 | ||||
Alcoholic Beverages – 5.6% | ||||
Diageo PLC | 8,170,460 | $285,049,270 | ||
Heineken N.V. | 3,520,539 | 321,513,911 | ||
Pernod Ricard S.A. | 1,426,042 | 246,108,838 | ||
$852,672,019 | ||||
Apparel Manufacturers – 4.5% | ||||
Burberry Group PLC | 3,852,242 | $71,173,815 | ||
Kering S.A. | 281,631 | 120,690,898 | ||
LVMH Moet Hennessy Louis Vuitton SE | 646,774 | 494,710,529 | ||
$686,575,242 | ||||
Brokerage & Asset Managers – 1.9% | ||||
Deutsche Boerse AG | 970,628 | $184,153,022 | ||
London Stock Exchange Group PLC | 998,570 | 112,272,957 | ||
$296,425,979 | ||||
Business Services – 2.0% | ||||
Experian PLC | 5,184,890 | $190,020,536 | ||
Nomura Research Institute Ltd. | 3,939,500 | 110,325,131 | ||
$300,345,667 | ||||
Chemicals – 0.6% | ||||
UPL Ltd. | 12,826,766 | $87,771,494 | ||
Computer Software – 7.3% | ||||
Dassault Systemes SE | 3,872,049 | $181,085,763 | ||
Kingsoft Corp. | 13,232,200 | 42,349,545 | ||
Oracle Corp. Japan | 1,254,600 | 96,764,812 | ||
SAP SE | 4,755,657 | 753,082,340 | ||
Wisetech Global Ltd. | 919,941 | 40,604,440 | ||
$1,113,886,900 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software - Systems – 7.7% | ||||
Amadeus IT Group S.A. | 4,883,652 | $333,942,188 | ||
Cap Gemini S.A. | 1,324,734 | 271,091,050 | ||
Hitachi Ltd. | 8,241,300 | 571,710,310 | ||
$1,176,743,548 | ||||
Construction – 0.4% | ||||
Kingspan Group PLC | 747,451 | $59,230,139 | ||
Consumer Products – 3.5% | ||||
AmorePacific Corp. | 1,085,031 | $108,742,788 | ||
Haleon PLC | 25,055,925 | 104,400,874 | ||
KOSE Corp. | 309,600 | 21,853,258 | ||
Reckitt Benckiser Group PLC | 4,330,171 | 295,088,227 | ||
$530,085,147 | ||||
Electrical Equipment – 4.0% | ||||
Mitsubishi Heavy Industries Ltd. | 1,071,300 | $59,743,076 | ||
Schneider Electric SE | 3,032,041 | 556,509,781 | ||
$616,252,857 | ||||
Electronics – 4.7% | ||||
ASML Holding N.V. | 234,436 | $158,979,452 | ||
SK Hynix, Inc. | 636,361 | 66,045,606 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5,147,231 | 500,877,049 | ||
$725,902,107 | ||||
Energy - Independent – 0.9% | ||||
Reliance Industries Ltd. | 4,599,616 | $131,129,216 | ||
Entertainment – 0.2% | ||||
Lottery Corp. Ltd. | 9,606,999 | $29,199,987 | ||
Food & Beverages – 4.0% | ||||
Nestle S.A. | 5,365,319 | $608,706,683 | ||
Food & Drug Stores – 0.5% | ||||
Ocado Group PLC (a) | 1,979,695 | $14,995,588 | ||
Sugi Holdings Co. Ltd. | 1,343,600 | 58,126,604 | ||
$73,122,192 | ||||
Gaming & Lodging – 1.9% | ||||
Aristocrat Leisure Ltd. | 3,770,982 | $101,137,123 | ||
Flutter Entertainment PLC (a) | 986,192 | 154,008,656 | ||
Sands China Ltd. (a) | 13,566,000 | 33,275,455 | ||
$288,421,234 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Insurance – 2.7% | ||||
AIA Group Ltd. | 39,527,400 | $341,063,173 | ||
Ping An Insurance Co. of China Ltd., “H” | 14,861,500 | 68,492,312 | ||
$409,555,485 | ||||
Internet – 2.3% | ||||
LY Corp. | 30,636,300 | $88,978,759 | ||
NAVER Corp. | 606,568 | 97,791,841 | ||
Tencent Holdings Ltd. | 3,881,100 | 162,472,277 | ||
$349,242,877 | ||||
Leisure & Toys – 0.5% | ||||
Prosus N.V. | 2,243,122 | $74,225,841 | ||
Machinery & Tools – 5.3% | ||||
Assa Abloy AB (l) | 10,772,571 | $275,572,866 | ||
Delta Electronics, Inc. | 15,468,000 | 156,710,051 | ||
GEA Group AG | 3,800,028 | 139,477,133 | ||
RB Global, Inc. (l) | 3,692,813 | 234,721,339 | ||
$806,481,389 | ||||
Major Banks – 1.2% | ||||
DBS Group Holdings Ltd. | 7,829,500 | $185,772,841 | ||
Medical & Health Technology & Services – 0.3% | ||||
Alcon, Inc. | 630,180 | $47,438,010 | ||
Medical Equipment – 4.7% | ||||
EssilorLuxottica | 1,660,203 | $316,464,931 | ||
QIAGEN N.V. (a) | 3,534,294 | 144,842,596 | ||
Sonova Holding AG | 440,849 | 127,014,049 | ||
Terumo Corp. | 4,078,600 | 129,791,143 | ||
$718,112,719 | ||||
Natural Gas - Distribution – 0.4% | ||||
China Resources Gas Group Ltd. | 17,422,300 | $54,644,726 | ||
Oil Services – 0.3% | ||||
Tenaris S.A. | 2,970,236 | $50,921,380 | ||
Other Banks & Diversified Financials – 4.8% | ||||
Credicorp Ltd. | 945,483 | $118,686,481 | ||
Element Fleet Management Corp. | 8,813,636 | 141,984,659 | ||
Grupo Financiero Banorte S.A. de C.V. | 17,185,597 | 159,809,182 | ||
HDFC Bank Ltd. | 10,038,241 | 187,635,285 | ||
Kasikornbank Co. Ltd. | 14,289,900 | 52,808,955 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Kotak Mahindra Bank Ltd. | 3,447,767 | $72,575,973 | ||
$733,500,535 | ||||
Pharmaceuticals – 8.2% | ||||
Bayer AG | 3,509,731 | $119,805,990 | ||
Chugai Pharmaceutical Co. Ltd. | 3,024,300 | 106,440,020 | ||
Hypera S.A. | 7,027,386 | 48,228,909 | ||
Merck KGaA | 869,580 | 151,588,108 | ||
Novartis AG | 2,633,047 | 255,938,062 | ||
Roche Holding AG | 2,132,339 | 574,784,311 | ||
$1,256,785,400 | ||||
Precious Metals & Minerals – 2.3% | ||||
Agnico Eagle Mines Ltd. | 3,739,146 | $200,741,948 | ||
Franco-Nevada Corp. | 1,410,265 | 157,951,343 | ||
$358,693,291 | ||||
Railroad & Shipping – 0.9% | ||||
Canadian Pacific Kansas City Ltd. | 1,955,753 | $140,799,227 | ||
Restaurants – 1.0% | ||||
Sodexo | 593,384 | $63,556,442 | ||
Yum China Holdings, Inc. | 1,583,461 | 68,373,846 | ||
Yum China Holdings, Inc. | 675,850 | 28,569,594 | ||
$160,499,882 | ||||
Specialty Chemicals – 9.9% | ||||
Akzo Nobel N.V. | 1,488,838 | $114,187,544 | ||
L'Air Liquide S.A. | 1,763,549 | 333,630,657 | ||
Linde PLC | 1,230,330 | 509,073,644 | ||
Nitto Denko Corp. | 2,084,900 | 147,866,744 | ||
Resonac Holdings Corp. | 4,518,500 | 84,116,147 | ||
Sika AG | 485,762 | 131,577,876 | ||
Symrise AG | 1,749,043 | 196,475,694 | ||
$1,516,928,306 | ||||
Specialty Stores – 0.5% | ||||
Alibaba Group Holding Ltd. (a) | 8,846,800 | $82,394,057 | ||
Telecommunications - Wireless – 0.3% | ||||
Advanced Info Service Public Co. Ltd. | 6,275,200 | $38,888,312 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Tobacco – 0.4% | ||||
ITC Ltd. | 10,548,898 | $55,126,550 | ||
Total Common Stocks (Identified Cost, $11,988,433,542) | $14,961,516,433 | |||
Investment Companies (h) – 1.5% | ||||
Money Market Funds – 1.5% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $225,392,652) | 225,395,290 | $225,417,830 | ||
Collateral for Securities Loaned – 0.7% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.37% (j) (Identified Cost, $116,521,599) | 116,521,599 | $116,521,599 | ||
Other Assets, Less Liabilities – (0.2)% | (34,160,994) | |||
Net Assets – 100.0% | $15,269,294,868 |
(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 $225,417,830 and $15,078,038,032, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
Assets | |
Investments in unaffiliated issuers, at value, including $111,394,934 of securities on loan (identified cost, $12,104,955,141) | $15,078,038,032 |
Investments in affiliated issuers, at value (identified cost, $225,392,652) | 225,417,830 |
Foreign currency, at value (identified cost, $577,667) | 573,946 |
Receivables for | |
Fund shares sold | 61,155,752 |
Interest and dividends | 50,187,015 |
Other assets | 937 |
Total assets | $15,415,373,512 |
Liabilities | |
Payables for | |
Investments purchased | $455 |
Fund shares reacquired | 16,043,968 |
Collateral for securities loaned, at value | 116,521,599 |
Payable to affiliates | |
Investment adviser | 552,556 |
Administrative services fee | 3,380 |
Shareholder servicing costs | 1,378,903 |
Distribution and service fees | 15,753 |
Deferred foreign capital gains tax expense payable | 8,392,951 |
Accrued expenses and other liabilities | 3,169,079 |
Total liabilities | $146,078,644 |
Net assets | $15,269,294,868 |
Net assets consist of | |
Paid-in capital | $12,005,733,527 |
Total distributable earnings (loss) | 3,263,561,341 |
Net assets | $15,269,294,868 |
Shares of beneficial interest outstanding | 376,863,934 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $661,212,061 | 16,893,980 | $39.14 |
Class B | 930,691 | 25,787 | 36.09 |
Class C | 25,606,799 | 735,402 | 34.82 |
Class I | 3,720,211,530 | 83,569,761 | 44.52 |
Class R1 | 7,390,605 | 218,393 | 33.84 |
Class R2 | 29,687,201 | 845,103 | 35.13 |
Class R3 | 288,232,671 | 7,435,932 | 38.76 |
Class R4 | 141,535,738 | 3,592,312 | 39.40 |
Class R6 | 10,394,487,572 | 263,547,264 | 39.44 |
(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 $41.53 [100 / 94.25 x $39.14]. 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 | $97,665,044 |
Tax reclaims | 28,597,587 |
Dividends from affiliated issuers | 6,342,880 |
Interest | 1,687,671 |
Income on securities loaned | 8,620 |
Other | 6,082 |
Foreign taxes withheld | (9,455,614) |
Total investment income | $124,852,270 |
Expenses | |
Management fee | $50,639,048 |
Distribution and service fees | 1,420,349 |
Shareholder servicing costs | 3,140,861 |
Administrative services fee | 309,281 |
Independent Trustees' compensation | 61,038 |
Custodian fee | 767,665 |
Shareholder communications | 166,177 |
Audit and tax fees | 54,846 |
Legal fees | 35,015 |
Tax reclaim recovery expense | 4,494,557 |
Miscellaneous | 381,476 |
Total expenses | $61,470,313 |
Reduction of expenses by investment adviser and distributor | (947,521) |
Net expenses | $60,522,792 |
Net investment income (loss) | $64,329,478 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers (net of $2,258,133 foreign capital gains tax) | $99,286,805 |
Affiliated issuers | 64,928 |
Foreign currency | (311,667) |
Net realized gain (loss) | $99,040,066 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers (net of $4,882,659 decrease in deferred foreign capital gains tax) | $(23,961,143) |
Affiliated issuers | 40,156 |
Translation of assets and liabilities in foreign currencies | 1,218,627 |
Net unrealized gain (loss) | $(22,702,360) |
Net realized and unrealized gain (loss) | $76,337,706 |
Change in net assets from operations | $140,667,184 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $64,329,478 | $157,775,756 |
Net realized gain (loss) | 99,040,066 | 151,070,078 |
Net unrealized gain (loss) | (22,702,360) | 528,963,478 |
Change in net assets from operations | $140,667,184 | $837,809,312 |
Total distributions to shareholders | $— | $(356,010,679) |
Change in net assets from fund share transactions | $547,187,662 | $1,536,798,438 |
Total change in net assets | $687,854,846 | $2,018,597,071 |
Net assets | ||
At beginning of period | 14,581,440,022 | 12,562,842,951 |
At end of period | $15,269,294,868 | $14,581,440,022 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $38.82 | $37.54 | $45.69 | $33.66 | $32.76 | $34.20 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.35 | $0.21 | $0.22 | $0.23 | $0.42 |
Net realized and unrealized gain (loss) | 0.21 | 1.90 | (5.48) | 12.05 | 1.20 | (0.73) |
Total from investment operations | $0.32 | $2.25 | $(5.27) | $12.27 | $1.43 | $(0.31) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.31) | $(0.32) | $(0.24) | $(0.35) | $(0.29) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(0.97) | $(2.88) | $(0.24) | $(0.53) | $(1.13) |
Net asset value, end of period (x) | $39.14 | $38.82 | $37.54 | $45.69 | $33.66 | $32.76 |
Total return (%) (r)(s)(t)(x) | 0.82(n) | 6.12 | (12.34) | 36.52 | 4.24 | (0.64) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.14(a) | 1.09 | 1.08 | 1.08 | 1.08 | 1.10 |
Expenses after expense reductions | 1.12(a) | 1.08 | 1.06 | 1.06 | 1.07 | 1.09 |
Net investment income (loss) | 0.54(a) | 0.94 | 0.49 | 0.53 | 0.66 | 1.28 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $661,212 | $626,068 | $534,840 | $650,731 | $546,391 | $402,964 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.06(a) | N/A | N/A | N/A | N/A | N/A |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $35.93 | $34.77 | $42.52 | $31.38 | $30.67 | $32.01 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.04) | $0.00(w) | $(0.13) | $(0.09) | $(0.06) | $0.11 |
Net realized and unrealized gain (loss) | 0.20 | 1.82 | (5.06) | 11.23 | 1.15 | (0.61) |
Total from investment operations | $0.16 | $1.82 | $(5.19) | $11.14 | $1.09 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $(0.20) | $— |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(0.66) | $(2.56) | $— | $(0.38) | $(0.84) |
Net asset value, end of period (x) | $36.09 | $35.93 | $34.77 | $42.52 | $31.38 | $30.67 |
Total return (%) (r)(s)(t)(x) | 0.45(n) | 5.32 | (12.99) | 35.50 | 3.44 | (1.36) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.89(a) | 1.84 | 1.83 | 1.82 | 1.83 | 1.85 |
Expenses after expense reductions | 1.88(a) | 1.83 | 1.81 | 1.81 | 1.82 | 1.84 |
Net investment income (loss) | (0.20)(a) | 0.00(w) | (0.33) | (0.24) | (0.18) | 0.35 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $931 | $1,138 | $1,559 | $2,439 | $2,922 | $4,599 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.81(a) | N/A | N/A | N/A | N/A | N/A |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $34.67 | $33.61 | $41.19 | $30.40 | $29.76 | $31.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $0.03 | $(0.11) | $(0.08) | $(0.04) | $0.14 |
Net realized and unrealized gain (loss) | 0.18 | 1.73 | (4.91) | 10.87 | 1.10 | (0.64) |
Total from investment operations | $0.15 | $1.76 | $(5.02) | $10.79 | $1.06 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.04) | $(0.00)(w) | $— | $(0.24) | $(0.05) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(0.70) | $(2.56) | $— | $(0.42) | $(0.89) |
Net asset value, end of period (x) | $34.82 | $34.67 | $33.61 | $41.19 | $30.40 | $29.76 |
Total return (%) (r)(s)(t)(x) | 0.43(n) | 5.33 | (12.99) | 35.49 | 3.46 | (1.37) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.89(a) | 1.84 | 1.83 | 1.82 | 1.83 | 1.85 |
Expenses after expense reductions | 1.88(a) | 1.83 | 1.81 | 1.81 | 1.82 | 1.84 |
Net investment income (loss) | (0.20)(a) | 0.09 | (0.29) | (0.21) | (0.14) | 0.48 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $25,607 | $27,498 | $30,292 | $41,907 | $39,530 | $42,015 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.81(a) | N/A | N/A | N/A | N/A | N/A |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $44.10 | $42.50 | $51.32 | $37.75 | $36.61 | $38.08 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.48 | $0.37 | $0.39 | $0.34 | $0.60 |
Net realized and unrealized gain (loss) | 0.24 | 2.18 | (6.20) | 13.49 | 1.35 | (0.86) |
Total from investment operations | $0.42 | $2.66 | $(5.83) | $13.88 | $1.69 | $(0.26) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.40) | $(0.43) | $(0.31) | $(0.37) | $(0.37) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(1.06) | $(2.99) | $(0.31) | $(0.55) | $(1.21) |
Net asset value, end of period (x) | $44.52 | $44.10 | $42.50 | $51.32 | $37.75 | $36.61 |
Total return (%) (r)(s)(t)(x) | 0.95(n) | 6.37 | (12.10) | 36.85 | 4.51 | (0.41) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.89(a) | 0.84 | 0.83 | 0.83 | 0.83 | 0.85 |
Expenses after expense reductions | 0.87(a) | 0.83 | 0.81 | 0.82 | 0.82 | 0.84 |
Net investment income (loss) | 0.80(a) | 1.14 | 0.77 | 0.84 | 0.89 | 1.63 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $3,720,212 | $3,576,683 | $3,251,727 | $3,722,298 | $2,457,330 | $1,974,109 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.81(a) | N/A | N/A | N/A | N/A | N/A |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $33.69 | $32.73 | $40.23 | $29.72 | $29.12 | $30.57 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.03) | $0.04 | $(0.08) | $(0.06) | $(0.03) | $0.18 |
Net realized and unrealized gain (loss) | 0.18 | 1.66 | (4.81) | 10.62 | 1.07 | (0.68) |
Total from investment operations | $0.15 | $1.70 | $(4.89) | $10.56 | $1.04 | $(0.50) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.08) | $(0.05) | $(0.05) | $(0.26) | $(0.11) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(0.74) | $(2.61) | $(0.05) | $(0.44) | $(0.95) |
Net asset value, end of period (x) | $33.84 | $33.69 | $32.73 | $40.23 | $29.72 | $29.12 |
Total return (%) (r)(s)(t)(x) | 0.45(n) | 5.30 | (12.99) | 35.53 | 3.45 | (1.39) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.89(a) | 1.84 | 1.83 | 1.83 | 1.83 | 1.85 |
Expenses after expense reductions | 1.87(a) | 1.83 | 1.81 | 1.81 | 1.82 | 1.84 |
Net investment income (loss) | (0.20)(a) | 0.13 | (0.21) | (0.17) | (0.11) | 0.61 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $7,391 | $7,182 | $6,895 | $7,424 | $4,890 | $4,266 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.81(a) | N/A | N/A | N/A | N/A | N/A |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $34.89 | $33.87 | $41.51 | $30.63 | $29.92 | $31.31 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.21 | $0.10 | $0.10 | $0.15 | $0.28 |
Net realized and unrealized gain (loss) | 0.18 | 1.73 | (4.96) | 10.97 | 1.07 | (0.64) |
Total from investment operations | $0.24 | $1.94 | $(4.86) | $11.07 | $1.22 | $(0.36) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.26) | $(0.22) | $(0.19) | $(0.33) | $(0.19) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(0.92) | $(2.78) | $(0.19) | $(0.51) | $(1.03) |
Net asset value, end of period (x) | $35.13 | $34.89 | $33.87 | $41.51 | $30.63 | $29.92 |
Total return (%) (r)(s)(t)(x) | 0.69(n) | 5.85 | (12.55) | 36.20 | 3.95 | (0.89) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.39(a) | 1.34 | 1.33 | 1.33 | 1.33 | 1.35 |
Expenses after expense reductions | 1.38(a) | 1.33 | 1.31 | 1.31 | 1.32 | 1.34 |
Net investment income (loss) | 0.32(a) | 0.62 | 0.26 | 0.28 | 0.48 | 0.92 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $29,687 | $37,317 | $34,618 | $40,886 | $34,149 | $18,890 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.31(a) | N/A | N/A | N/A | N/A | N/A |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $38.45 | $37.20 | $45.30 | $33.38 | $32.51 | $33.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.38 | $0.21 | $0.23 | $0.23 | $0.48 |
Net realized and unrealized gain (loss) | 0.21 | 1.85 | (5.43) | 11.94 | 1.18 | (0.79) |
Total from investment operations | $0.31 | $2.23 | $(5.22) | $12.17 | $1.41 | $(0.31) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.32) | $(0.32) | $(0.25) | $(0.36) | $(0.30) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(0.98) | $(2.88) | $(0.25) | $(0.54) | $(1.14) |
Net asset value, end of period (x) | $38.76 | $38.45 | $37.20 | $45.30 | $33.38 | $32.51 |
Total return (%) (r)(s)(t)(x) | 0.81(n) | 6.11 | (12.33) | 36.55 | 4.22 | (0.63) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.14(a) | 1.09 | 1.08 | 1.08 | 1.08 | 1.10 |
Expenses after expense reductions | 1.12(a) | 1.08 | 1.06 | 1.06 | 1.07 | 1.09 |
Net investment income (loss) | 0.54(a) | 1.03 | 0.49 | 0.58 | 0.69 | 1.47 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $288,233 | $269,664 | $149,194 | $182,926 | $124,732 | $59,575 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.06(a) | N/A | N/A | N/A | N/A | N/A |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $39.03 | $37.74 | $45.91 | $33.79 | $32.83 | $34.28 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.41 | $0.33 | $0.31 | $0.31 | $0.53 |
Net realized and unrealized gain (loss) | 0.21 | 1.94 | (5.51) | 12.12 | 1.20 | (0.76) |
Total from investment operations | $0.37 | $2.35 | $(5.18) | $12.43 | $1.51 | $(0.23) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.40) | $(0.43) | $(0.31) | $(0.37) | $(0.38) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(1.06) | $(2.99) | $(0.31) | $(0.55) | $(1.22) |
Net asset value, end of period (x) | $39.40 | $39.03 | $37.74 | $45.91 | $33.79 | $32.83 |
Total return (%) (r)(s)(t)(x) | 0.95(n) | 6.38 | (12.11) | 36.87 | 4.48 | (0.40) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.88(a) | 0.84 | 0.83 | 0.83 | 0.83 | 0.85 |
Expenses after expense reductions | 0.87(a) | 0.83 | 0.81 | 0.81 | 0.82 | 0.84 |
Net investment income (loss) | 0.83(a) | 1.12 | 0.76 | 0.77 | 0.91 | 1.60 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $141,536 | $237,042 | $224,116 | $273,949 | $262,925 | $209,454 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.81(a) | N/A | N/A | N/A | N/A | N/A |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $39.05 | $37.75 | $45.93 | $33.80 | $32.81 | $34.27 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.48 | $0.38 | $0.39 | $0.34 | $0.56 |
Net realized and unrealized gain (loss) | 0.21 | 1.93 | (5.51) | 12.08 | 1.21 | (0.78) |
Total from investment operations | $0.39 | $2.41 | $(5.13) | $12.47 | $1.55 | $(0.22) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.45) | $(0.49) | $(0.34) | $(0.38) | $(0.40) |
From net realized gain | — | (0.66) | (2.56) | — | (0.18) | (0.84) |
Total distributions declared to shareholders | $— | $(1.11) | $(3.05) | $(0.34) | $(0.56) | $(1.24) |
Net asset value, end of period (x) | $39.44 | $39.05 | $37.75 | $45.93 | $33.80 | $32.81 |
Total return (%) (r)(s)(t)(x) | 1.00(n) | 6.53 | (12.01) | 37.00 | 4.60 | (0.34) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.76(a) | 0.72 | 0.71 | 0.72 | 0.74 | 0.77 |
Expenses after expense reductions | 0.75(a) | 0.70 | 0.69 | 0.71 | 0.73 | 0.76 |
Net investment income (loss) | 0.92(a) | 1.30 | 0.89 | 0.96 | 1.00 | 1.69 |
Portfolio turnover | 6(n) | 17 | 12 | 23 | 17 | 17 |
Net assets at end of period (000 omitted) | $10,394,488 | $9,798,848 | $8,329,602 | $9,597,724 | $7,506,854 | $6,016,478 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.69(a) | N/A | N/A | N/A | N/A | N/A |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
France | $2,583,848,889 | $— | $— | $2,583,848,889 |
Switzerland | 1,745,458,991 | — | — | 1,745,458,991 |
Germany | 1,689,424,883 | — | — | 1,689,424,883 |
Japan | 1,475,716,004 | — | — | 1,475,716,004 |
United Kingdom | 1,370,413,284 | — | — | 1,370,413,284 |
Canada | 876,198,516 | — | — | 876,198,516 |
Netherlands | 668,906,748 | — | — | 668,906,748 |
Taiwan | 657,587,100 | — | — | 657,587,100 |
India | 534,238,518 | — | — | 534,238,518 |
Other Countries | 3,320,835,188 | 38,888,312 | — | 3,359,723,500 |
Mutual Funds | 341,939,429 | — | — | 341,939,429 |
Total | $15,264,567,550 | $38,888,312 | $— | $15,303,455,862 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $140,003,197 |
Long-term capital gains | 216,007,482 |
Total distributions | $356,010,679 |
As of 11/30/23 | |
Cost of investments | $12,472,201,839 |
Gross appreciation | 3,661,550,009 |
Gross depreciation | (830,295,986) |
Net unrealized appreciation (depreciation) | $2,831,254,023 |
As of 5/31/23 | |
Undistributed ordinary income | 184,949,324 |
Undistributed long-term capital gain | 95,334,197 |
Other temporary differences | (17,447,033) |
Net unrealized appreciation (depreciation) | 2,860,057,669 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $13,864,705 | |
Class B | — | 23,920 | |
Class C | — | 574,032 | |
Class I | — | 79,049,206 | |
Class R1 | — | 151,707 | |
Class R2 | — | 1,037,429 | |
Class R3 | — | 4,166,824 | |
Class R4 | — | 6,242,876 | |
Class R6 | — | 250,899,980 | |
Total | $— | $356,010,679 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2 billion | 0.80% |
In excess of $2 billion and up to $5 billion | 0.70% |
In excess of $5 billion and up to $10 billion | 0.65% |
In excess of $10 billion and up to $20 billion | 0.62% |
In excess of $20 billion | 0.60% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 808,299 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 5,388 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 132,587 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 36,761 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 92,028 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 345,286 |
Total Distribution and Service Fees | $1,420,349 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended November 30, 2023, this rebate amounted to $10 and $6 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 | $1,908 |
Class B | 26 |
Class C | 667 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,247,244 | $86,681,874 | 4,504,817 | $166,583,891 | |
Class B | 1,369 | 48,815 | 496 | 17,215 | |
Class C | 40,911 | 1,437,009 | 97,601 | 3,242,887 | |
Class I | 11,091,088 | 489,165,420 | 32,566,074 | 1,354,125,285 | |
Class R1 | 16,736 | 569,973 | 46,580 | 1,461,454 | |
Class R2 | 217,920 | 7,631,308 | 417,278 | 13,556,114 | |
Class R3 | 1,262,698 | 47,891,882 | 4,373,276 | 167,394,146 | |
Class R4 | 780,766 | 30,981,492 | 2,851,626 | 106,448,088 | |
Class R6 | 26,562,939 | 1,043,403,083 | 53,466,197 | 1,986,555,517 | |
42,221,671 | $1,707,810,856 | 98,323,945 | $3,799,384,597 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 266,869 | $9,831,448 | |
Class B | — | — | 683 | 23,377 | |
Class C | — | — | 15,756 | 520,269 | |
Class I | — | — | 1,742,229 | 72,825,173 | |
Class R1 | — | — | 4,728 | 151,707 | |
Class R2 | — | — | 30,915 | 1,024,838 | |
Class R3 | — | — | 114,191 | 4,166,824 | |
Class R4 | — | — | 123,923 | 4,585,147 | |
Class R6 | — | — | 6,396,422 | 236,603,642 | |
— | $— | 8,695,716 | $329,732,425 | ||
Shares reacquired | |||||
Class A | (1,479,691) | $(57,504,568) | (2,891,874) | $(106,033,271) | |
Class B | (7,258) | (259,197) | (14,325) | (483,478) | |
Class C | (98,675) | (3,424,991) | (221,462) | (7,201,560) | |
Class I | (8,622,698) | (378,584,398) | (29,723,143) | (1,219,905,266) | |
Class R1 | (11,493) | (385,051) | (48,856) | (1,532,234) | |
Class R2 | (442,395) | (15,222,701) | (400,770) | (13,374,756) | |
Class R3 | (840,653) | (32,242,842) | (1,484,657) | (54,600,487) | |
Class R4 | (3,261,122) | (131,833,604) | (2,841,076) | (105,190,267) | |
Class R6 | (13,953,235) | (541,165,842) | (29,553,645) | (1,083,997,265) | |
(28,717,220) | $(1,160,623,194) | (67,179,808) | $(2,592,318,584) | ||
Net change | |||||
Class A | 767,553 | $29,177,306 | 1,879,812 | $70,382,068 | |
Class B | (5,889) | (210,382) | (13,146) | (442,886) | |
Class C | (57,764) | (1,987,982) | (108,105) | (3,438,404) | |
Class I | 2,468,390 | 110,581,022 | 4,585,160 | 207,045,192 | |
Class R1 | 5,243 | 184,922 | 2,452 | 80,927 | |
Class R2 | (224,475) | (7,591,393) | 47,423 | 1,206,196 | |
Class R3 | 422,045 | 15,649,040 | 3,002,810 | 116,960,483 | |
Class R4 | (2,480,356) | (100,852,112) | 134,473 | 5,842,968 | |
Class R6 | 12,609,704 | 502,237,241 | 30,308,974 | 1,139,161,894 | |
13,504,451 | $547,187,662 | 39,839,853 | $1,536,798,438 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $219,808,998 | $1,056,268,882 | $1,050,765,134 | $64,928 | $40,156 | $225,417,830 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $6,342,880 | $— |
1 | |
3 | |
5 | |
10 | |
12 | |
14 | |
15 | |
24 | |
35 | |
39 | |
39 | |
39 | |
39 | |
39 |
back cover |
Schneider Electric SE | 3.4% |
TotalEnergies SE | 3.0% |
Cadence Design Systems, Inc. | 2.9% |
Legrand S.A. | 2.6% |
Samsung Electronics Co. Ltd. | 2.6% |
Franco-Nevada Corp. | 2.5% |
Deutsche Boerse AG | 2.2% |
AIB Group PLC | 2.1% |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.0% |
UBS Group AG | 1.9% |
Industrials | 19.8% |
Information Technology | 18.8% |
Financials | 17.5% |
Consumer Staples | 11.9% |
Materials | 11.4% |
Energy | 6.9% |
Health Care | 5.9% |
Consumer Discretionary | 3.4% |
Real Estate | 1.3% |
France | 16.3% |
Japan | 14.9% |
United Kingdom | 13.1% |
United States | 11.2% |
Germany | 10.2% |
Switzerland | 9.0% |
Ireland | 4.4% |
Canada | 4.3% |
Spain | 3.0% |
Other Countries | 13.6% |
Euro | 36.5% |
Japanese Yen | 14.9% |
United States Dollar | 12.7% |
British Pound Sterling | 11.6% |
Swiss Franc | 9.0% |
Canadian Dollar | 4.3% |
South Korean Won | 2.6% |
Taiwan Dollar | 2.0% |
Australian Dollar | 1.7% |
Other Currencies | 4.7% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 1.09% | $1,000.00 | $1,039.76 | $5.56 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
B | Actual | 1.84% | $1,000.00 | $1,035.86 | $9.36 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.80 | $9.27 | |
C | Actual | 1.84% | $1,000.00 | $1,036.03 | $9.37 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.80 | $9.27 | |
I | Actual | 0.83% | $1,000.00 | $1,041.00 | $4.24 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.85 | $4.19 | |
R1 | Actual | 1.84% | $1,000.00 | $1,036.13 | $9.37 |
Hypothetical (h) | 1.84% | $1,000.00 | $1,015.80 | $9.27 | |
R2 | Actual | 1.33% | $1,000.00 | $1,038.35 | $6.78 |
Hypothetical (h) | 1.33% | $1,000.00 | $1,018.35 | $6.71 | |
R3 | Actual | 1.09% | $1,000.00 | $1,039.66 | $5.56 |
Hypothetical (h) | 1.09% | $1,000.00 | $1,019.55 | $5.50 | |
R4 | Actual | 0.83% | $1,000.00 | $1,041.13 | $4.24 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.85 | $4.19 | |
R6 | Actual | 0.72% | $1,000.00 | $1,041.55 | $3.67 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.40 | $3.64 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 96.9% | ||||
Airlines – 1.0% | ||||
Ryanair Holdings PLC, ADR (a) | 1,786,508 | $211,200,976 | ||
Alcoholic Beverages – 3.6% | ||||
Diageo PLC | 10,456,980 | $364,820,893 | ||
Pernod Ricard S.A. | 2,230,419 | 384,929,636 | ||
$749,750,529 | ||||
Apparel Manufacturers – 1.7% | ||||
Adidas AG | 820,271 | $171,555,162 | ||
Compagnie Financiere Richemont S.A. | 792,118 | 98,777,305 | ||
LVMH Moet Hennessy Louis Vuitton SE | 119,153 | 91,138,858 | ||
$361,471,325 | ||||
Automotive – 0.6% | ||||
Knorr-Bremse AG | 2,045,657 | $128,035,178 | ||
Brokerage & Asset Managers – 3.1% | ||||
Deutsche Boerse AG | 2,400,341 | $455,406,241 | ||
Euronext N.V. | 2,403,295 | 199,338,277 | ||
$654,744,518 | ||||
Business Services – 4.0% | ||||
Experian PLC | 7,382,552 | $270,562,440 | ||
Intertek Group PLC | 3,733,679 | 187,836,185 | ||
Nomura Research Institute Ltd. | 6,349,854 | 177,826,749 | ||
SGS S.A. | 2,361,394 | 200,355,800 | ||
$836,581,174 | ||||
Chemicals – 0.9% | ||||
Givaudan S.A. | 51,866 | $193,794,167 | ||
Computer Software – 6.5% | ||||
ANSYS, Inc. (a) | 457,735 | $134,281,140 | ||
Cadence Design Systems, Inc. (a) | 2,251,679 | 615,316,320 | ||
Dassault Systemes SE | 3,465,391 | 162,067,415 | ||
NICE Systems Ltd., ADR (a)(l) | 337,429 | 64,027,153 | ||
SAP SE | 2,365,349 | 374,564,978 | ||
$1,350,257,006 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Computer Software - Systems – 5.0% | ||||
Amadeus IT Group S.A. | 3,990,335 | $272,857,526 | ||
Cap Gemini S.A. | 1,196,549 | 244,859,515 | ||
Samsung Electronics Co. Ltd. | 9,456,193 | 533,589,776 | ||
$1,051,306,817 | ||||
Construction – 1.5% | ||||
CRH PLC | 4,862,210 | $305,103,678 | ||
Consumer Products – 5.6% | ||||
Beiersdorf AG | 1,492,682 | $209,109,850 | ||
Haleon PLC | 82,055,291 | 341,900,930 | ||
KOSE Corp. | 470,700 | 33,224,575 | ||
L’Oréal S.A. | 359,574 | 168,711,458 | ||
Lion Corp. | 6,167,500 | 53,829,388 | ||
ROHTO Pharmaceutical Co. Ltd. | 11,541,200 | 240,538,972 | ||
Svenska Cellulosa Aktiebolaget | 7,751,914 | 115,017,831 | ||
$1,162,333,004 | ||||
Electrical Equipment – 7.8% | ||||
Legrand S.A. | 5,616,024 | $540,515,451 | ||
Mitsubishi Electric Corp. | 20,701,600 | 280,517,432 | ||
Schneider Electric SE | 3,898,473 | 715,537,275 | ||
Yokogawa Electric Corp. | 5,046,100 | 95,333,374 | ||
$1,631,903,532 | ||||
Electronics – 6.0% | ||||
Analog Devices, Inc. | 1,740,523 | $319,177,108 | ||
ASML Holding N.V. | 198,948 | 134,913,768 | ||
DISCO Corp. | 726,500 | 157,246,628 | ||
Hirose Electric Co. Ltd. (h) | 2,062,100 | 230,188,554 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4,318,153 | 420,199,468 | ||
$1,261,725,526 | ||||
Energy - Independent – 1.7% | ||||
Woodside Energy Group Ltd. | 17,071,816 | $349,686,207 | ||
Energy - Integrated – 5.2% | ||||
Aker BP ASA | 6,503,774 | $186,398,303 | ||
Galp Energia SGPS S.A., “B” | 8,187,236 | 121,690,776 | ||
Petroleo Brasileiro S.A., ADR | 10,873,435 | 158,208,479 | ||
TotalEnergies SE | 9,272,712 | 628,412,095 | ||
$1,094,709,653 | ||||
Engineering - Construction – 0.4% | ||||
Taisei Corp. | 2,583,200 | $87,657,353 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Food & Beverages – 3.6% | ||||
Chocoladefabriken Lindt & Sprungli AG | 6,507 | $80,399,383 | ||
Ezaki Glico Co. Ltd. | 2,956,600 | 81,343,393 | ||
Nestle S.A. | 1,441,127 | 163,498,878 | ||
Novozymes A/S | 2,614,284 | 135,549,670 | ||
Toyo Suisan Kaisha Ltd. | 5,491,500 | 291,502,125 | ||
$752,293,449 | ||||
Food & Drug Stores – 0.3% | ||||
Ocado Group PLC (a) | 8,265,139 | $62,605,915 | ||
Insurance – 1.4% | ||||
Hiscox Ltd. | 7,739,693 | $99,273,057 | ||
Willis Towers Watson PLC | 750,726 | 184,903,814 | ||
$284,176,871 | ||||
Machinery & Tools – 5.9% | ||||
Epiroc AB | 8,804,323 | $163,951,064 | ||
GEA Group AG | 4,524,169 | 166,056,176 | ||
IMI PLC (h) | 15,864,726 | 313,044,090 | ||
Schindler Holding AG | 746,425 | 166,852,454 | ||
SMC Corp. | 535,300 | 268,805,375 | ||
Spirax-Sarco Engineering PLC | 1,213,241 | 141,647,481 | ||
$1,220,356,640 | ||||
Major Banks – 6.5% | ||||
Bank of Ireland Group PLC | 29,318,215 | $274,131,749 | ||
NatWest Group PLC | 123,442,467 | 323,991,068 | ||
Resona Holdings, Inc. | 67,840,700 | 351,649,655 | ||
UBS Group AG | 14,320,003 | 402,765,415 | ||
$1,352,537,887 | ||||
Medical Equipment – 5.2% | ||||
Agilent Technologies, Inc. | 2,044,535 | $261,291,573 | ||
Bruker BioSciences Corp. | 2,708,902 | 176,322,431 | ||
EssilorLuxottica | 1,399,748 | 266,817,464 | ||
Olympus Corp. | 7,777,300 | 113,622,230 | ||
Shimadzu Corp. | 10,331,500 | 267,242,024 | ||
$1,085,295,722 | ||||
Metals & Mining – 1.2% | ||||
Glencore PLC | 44,349,382 | $247,358,728 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 6.6% | ||||
AIB Group PLC | 92,955,616 | $430,429,240 | ||
CaixaBank S.A. | 80,532,970 | 362,124,208 | ||
Chiba Bank Ltd. | 20,799,100 | 155,228,680 | ||
Hachijuni Bank Ltd. | 7,097,700 | 38,351,325 | ||
Julius Baer Group Ltd. | 2,203,109 | 111,300,151 | ||
Jyske Bank A.S. (a) | 1,312,546 | 90,842,254 | ||
Mebuki Financial Group, Inc. | 26,689,070 | 80,106,813 | ||
North Pacific Bank Ltd. | 10,642,100 | 26,199,693 | ||
Sydbank A.S. | 1,740,408 | 76,440,573 | ||
$1,371,022,937 | ||||
Pharmaceuticals – 2.0% | ||||
Bayer AG | 3,221,744 | $109,975,445 | ||
Roche Holding AG | 1,131,698 | 305,055,742 | ||
$415,031,187 | ||||
Precious Metals & Minerals – 4.3% | ||||
Agnico Eagle Mines Ltd. (l) | 3,377,598 | $181,331,674 | ||
Franco-Nevada Corp. | 4,612,540 | 516,609,919 | ||
Wheaton Precious Metals Corp. | 4,142,097 | 202,533,723 | ||
$900,475,316 | ||||
Printing & Publishing – 1.4% | ||||
Wolters Kluwer N.V. | 2,081,632 | $286,177,808 | ||
Real Estate – 1.3% | ||||
LEG Immobilien SE (a) | 1,036,183 | $79,109,907 | ||
TAG Immobilien AG (a) | 4,047,904 | 55,341,190 | ||
Vonovia SE, REIT | 5,170,613 | 143,632,047 | ||
$278,083,144 | ||||
Specialty Chemicals – 2.3% | ||||
Croda International PLC | 1,361,804 | $77,089,311 | ||
Nitto Denko Corp. | 1,091,300 | 77,397,946 | ||
Sika AG | 566,829 | 153,536,415 | ||
Symrise AG | 1,483,563 | 166,653,462 | ||
$474,677,134 | ||||
Specialty Stores – 0.3% | ||||
Zalando SE (a) | 2,771,662 | $65,950,649 | ||
Total Common Stocks (Identified Cost, $15,581,353,528) | $20,226,304,030 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 2.4% | ||||
Money Market Funds – 2.4% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $496,236,350) | 496,245,124 | $496,294,749 | ||
Other Assets, Less Liabilities – 0.7% | 151,275,384 | |||
Net Assets – 100.0% | $20,873,874,163 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,039,527,393 and $19,683,071,386, respectively. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Assets | |
Investments in unaffiliated issuers, at value, including $105,938,533 of securities on loan (identified cost, $15,145,614,114) | $19,683,071,386 |
Investments in affiliated issuers, at value (identified cost, $931,975,764) | 1,039,527,393 |
Cash | 1,381,437 |
Foreign currency, at value (identified cost, $1,041,890) | 1,035,179 |
Receivables for | |
Investments sold | 56,907,362 |
Fund shares sold | 6,033,531 |
Interest and dividends | 119,255,111 |
Other assets | 34,078 |
Total assets | $20,907,245,477 |
Liabilities | |
Payables for | |
Fund shares reacquired | $22,268,933 |
Payable to affiliates | |
Investment adviser | 738,089 |
Administrative services fee | 3,380 |
Shareholder servicing costs | 2,501,479 |
Distribution and service fees | 40,422 |
Payable for independent Trustees' compensation | 594 |
Payable for tax reclaim recovery expense | 6,490,699 |
Accrued expenses and other liabilities | 1,327,718 |
Total liabilities | $33,371,314 |
Net assets | $20,873,874,163 |
Net assets consist of | |
Paid-in capital | $13,611,295,187 |
Total distributable earnings (loss) | 7,262,578,976 |
Net assets | $20,873,874,163 |
Shares of beneficial interest outstanding | 508,761,497 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,803,324,294 | 45,058,670 | $40.02 |
Class B | 1,648,473 | 44,585 | 36.97 |
Class C | 25,791,474 | 747,314 | 34.51 |
Class I | 6,525,079,232 | 152,026,694 | 42.92 |
Class R1 | 7,767,585 | 221,977 | 34.99 |
Class R2 | 121,738,519 | 3,354,916 | 36.29 |
Class R3 | 762,945,218 | 19,269,916 | 39.59 |
Class R4 | 600,417,890 | 14,914,825 | 40.26 |
Class R6 | 11,025,161,478 | 273,122,600 | 40.37 |
(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 $42.46 [100 / 94.25 x $40.02]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $168,321,847 |
Tax reclaims | 51,269,609 |
Dividends from affiliated issuers | 19,420,057 |
Interest | 2,436,050 |
Other | 58,307 |
Income on securities loaned | 7,914 |
Foreign taxes withheld | (12,308,185) |
Total investment income | $229,205,599 |
Expenses | |
Management fee | $69,449,196 |
Distribution and service fees | 4,056,311 |
Shareholder servicing costs | 5,785,914 |
Administrative services fee | 309,281 |
Independent Trustees' compensation | 63,139 |
Custodian fee | 785,768 |
Shareholder communications | 293,853 |
Audit and tax fees | 40,745 |
Legal fees | 55,455 |
Tax reclaim recovery expense | 6,517,012 |
Miscellaneous | 400,913 |
Total expenses | $87,757,587 |
Reduction of expenses by investment adviser and distributor | (1,341,221) |
Net expenses | $86,416,366 |
Net investment income (loss) | $142,789,233 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $725,447,771 |
Affiliated issuers | 26,474,607 |
Foreign currency | (731,967) |
Net realized gain (loss) | $751,190,411 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(33,874,509) |
Affiliated issuers | (23,469,157) |
Translation of assets and liabilities in foreign currencies | 2,181,147 |
Net unrealized gain (loss) | $(55,162,519) |
Net realized and unrealized gain (loss) | $696,027,892 |
Change in net assets from operations | $838,817,125 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $142,789,233 | $281,303,743 |
Net realized gain (loss) | 751,190,411 | 3,106,253,013 |
Net unrealized gain (loss) | (55,162,519) | (2,754,022,612) |
Change in net assets from operations | $838,817,125 | $633,534,144 |
Total distributions to shareholders | $— | $(2,677,004,803) |
Change in net assets from fund share transactions | $(1,138,055,049) | $(1,305,337,635) |
Total change in net assets | $(299,237,924) | $(3,348,808,294) |
Net assets | ||
At beginning of period | 21,173,112,087 | 24,521,920,381 |
At end of period | $20,873,874,163 | $21,173,112,087 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $38.48 | $42.44 | $53.83 | $44.47 | $42.09 | $42.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.21 | $0.39 | $0.20 | $0.32 | $0.21 | $0.39 |
Net realized and unrealized gain (loss) | 1.33 | 0.83 | (7.57) | 11.78 | 3.93 | 0.45 |
Total from investment operations | $1.54 | $1.22 | $(7.37) | $12.10 | $4.14 | $0.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.30) | $(0.39) | $(0.21) | $(0.37) | $(0.51) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(5.18) | $(4.02) | $(2.74) | $(1.76) | $(1.66) |
Net asset value, end of period (x) | $40.02 | $38.48 | $42.44 | $53.83 | $44.47 | $42.09 |
Total return (%) (r)(s)(t)(x) | 4.00(n) | 3.67 | (15.10) | 27.66 | 9.84 | 2.29 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.10(a) | 1.04 | 0.98 | 0.97 | 0.99 | 0.99 |
Expenses after expense reductions | 1.09(a) | 1.03 | 0.96 | 0.96 | 0.98 | 0.98 |
Net investment income (loss) | 1.08(a) | 1.00 | 0.40 | 0.63 | 0.48 | 0.93 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $1,803,324 | $1,899,509 | $2,345,833 | $3,046,287 | $2,651,120 | $2,959,958 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.02(a) | N/A | N/A | N/A | N/A | N/A |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $35.69 | $39.72 | $50.76 | $42.18 | $39.99 | $40.80 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $(0.04) | $(0.25) | $(0.08) | $(0.12) | $0.06 |
Net realized and unrealized gain (loss) | 1.22 | 0.89 | (7.01) | 11.19 | 3.72 | 0.46 |
Total from investment operations | $1.28 | $0.85 | $(7.26) | $11.11 | $3.60 | $0.52 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.15) | $— | $(0.02) | $(0.18) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(4.88) | $(3.78) | $(2.53) | $(1.41) | $(1.33) |
Net asset value, end of period (x) | $36.97 | $35.69 | $39.72 | $50.76 | $42.18 | $39.99 |
Total return (%) (r)(s)(t)(x) | 3.59(n) | 2.91 | (15.74) | 26.75 | 8.99 | 1.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.85(a) | 1.79 | 1.72 | 1.72 | 1.74 | 1.74 |
Expenses after expense reductions | 1.84(a) | 1.78 | 1.71 | 1.71 | 1.73 | 1.73 |
Net investment income (loss) | 0.33(a) | (0.10) | (0.52) | (0.16) | (0.29) | 0.16 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $1,648 | $2,313 | $8,336 | $19,911 | $25,231 | $35,571 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.77(a) | N/A | N/A | N/A | N/A | N/A |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $33.31 | $37.41 | $48.04 | $40.04 | $38.05 | $38.91 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $(0.04) | $(0.23) | $(0.09) | $(0.11) | $0.07 |
Net realized and unrealized gain (loss) | 1.14 | 0.82 | (6.60) | 10.62 | 3.54 | 0.42 |
Total from investment operations | $1.20 | $0.78 | $(6.83) | $10.53 | $3.43 | $0.49 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.17) | $— | $(0.05) | $(0.20) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(4.88) | $(3.80) | $(2.53) | $(1.44) | $(1.35) |
Net asset value, end of period (x) | $34.51 | $33.31 | $37.41 | $48.04 | $40.04 | $38.05 |
Total return (%) (r)(s)(t)(x) | 3.60(n) | 2.90 | (15.73) | 26.73 | 9.00 | 1.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.85(a) | 1.79 | 1.73 | 1.72 | 1.74 | 1.74 |
Expenses after expense reductions | 1.84(a) | 1.78 | 1.71 | 1.71 | 1.73 | 1.73 |
Net investment income (loss) | 0.33(a) | (0.10) | (0.50) | (0.19) | (0.27) | 0.17 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $25,791 | $33,852 | $117,583 | $264,432 | $395,411 | $496,745 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.77(a) | N/A | N/A | N/A | N/A | N/A |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $41.22 | $45.09 | $56.87 | $46.83 | $44.24 | $45.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.28 | $0.51 | $0.34 | $0.47 | $0.34 | $0.53 |
Net realized and unrealized gain (loss) | 1.42 | 0.91 | (8.04) | 12.44 | 4.13 | 0.47 |
Total from investment operations | $1.70 | $1.42 | $(7.70) | $12.91 | $4.47 | $1.00 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.41) | $(0.45) | $(0.34) | $(0.49) | $(0.63) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(5.29) | $(4.08) | $(2.87) | $(1.88) | $(1.78) |
Net asset value, end of period (x) | $42.92 | $41.22 | $45.09 | $56.87 | $46.83 | $44.24 |
Total return (%) (r)(s)(t)(x) | 4.12(n) | 3.93 | (14.89) | 28.01 | 10.10 | 2.56 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.85(a) | 0.79 | 0.73 | 0.72 | 0.74 | 0.74 |
Expenses after expense reductions | 0.83(a) | 0.78 | 0.71 | 0.71 | 0.73 | 0.73 |
Net investment income (loss) | 1.33(a) | 1.23 | 0.63 | 0.89 | 0.74 | 1.22 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $6,525,079 | $6,689,895 | $8,888,439 | $12,285,870 | $10,468,862 | $10,871,918 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.77(a) | N/A | N/A | N/A | N/A | N/A |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $33.77 | $37.88 | $48.67 | $40.54 | $38.51 | $39.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.11 | $(0.17) | $(0.06) | $(0.10) | $0.08 |
Net realized and unrealized gain (loss) | 1.16 | 0.68 | (6.74) | 10.72 | 3.58 | 0.41 |
Total from investment operations | $1.22 | $0.79 | $(6.91) | $10.66 | $3.48 | $0.49 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.02) | $(0.25) | $— | $(0.06) | $(0.22) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(4.90) | $(3.88) | $(2.53) | $(1.45) | $(1.37) |
Net asset value, end of period (x) | $34.99 | $33.77 | $37.88 | $48.67 | $40.54 | $38.51 |
Total return (%) (r)(s)(t)(x) | 3.61(n) | 2.89 | (15.73) | 26.72 | 9.01 | 1.52 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.85(a) | 1.79 | 1.73 | 1.72 | 1.74 | 1.73 |
Expenses after expense reductions | 1.84(a) | 1.78 | 1.71 | 1.71 | 1.73 | 1.73 |
Net investment income (loss) | 0.35(a) | 0.32 | (0.37) | (0.12) | (0.25) | 0.20 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $7,768 | $8,149 | $8,909 | $11,648 | $9,836 | $11,321 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.77(a) | N/A | N/A | N/A | N/A | N/A |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $34.94 | $39.03 | $49.87 | $41.36 | $39.25 | $40.13 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.28 | $0.06 | $0.18 | $0.09 | $0.27 |
Net realized and unrealized gain (loss) | 1.20 | 0.72 | (6.94) | 10.95 | 3.67 | 0.41 |
Total from investment operations | $1.35 | $1.00 | $(6.88) | $11.13 | $3.76 | $0.68 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.21) | $(0.33) | $(0.09) | $(0.26) | $(0.41) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(5.09) | $(3.96) | $(2.62) | $(1.65) | $(1.56) |
Net asset value, end of period (x) | $36.29 | $34.94 | $39.03 | $49.87 | $41.36 | $39.25 |
Total return (%) (r)(s)(t)(x) | 3.86(n) | 3.42 | (15.30) | 27.36 | 9.56 | 2.02 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.35(a) | 1.29 | 1.23 | 1.22 | 1.24 | 1.24 |
Expenses after expense reductions | 1.33(a) | 1.28 | 1.21 | 1.21 | 1.23 | 1.23 |
Net investment income (loss) | 0.83(a) | 0.79 | 0.12 | 0.38 | 0.23 | 0.69 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $121,739 | $132,772 | $153,967 | $224,998 | $219,474 | $295,690 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.27(a) | N/A | N/A | N/A | N/A | N/A |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $38.07 | $42.06 | $53.38 | $44.11 | $41.78 | $42.62 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.21 | $0.41 | $0.20 | $0.31 | $0.21 | $0.40 |
Net realized and unrealized gain (loss) | 1.31 | 0.79 | (7.49) | 11.70 | 3.89 | 0.43 |
Total from investment operations | $1.52 | $1.20 | $(7.29) | $12.01 | $4.10 | $0.83 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.31) | $(0.40) | $(0.21) | $(0.38) | $(0.52) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(5.19) | $(4.03) | $(2.74) | $(1.77) | $(1.67) |
Net asset value, end of period (x) | $39.59 | $38.07 | $42.06 | $53.38 | $44.11 | $41.78 |
Total return (%) (r)(s)(t)(x) | 3.99(n) | 3.66 | (15.09) | 27.68 | 9.81 | 2.28 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 1.11(a) | 1.04 | 0.98 | 0.97 | 0.99 | 0.99 |
Expenses after expense reductions | 1.09(a) | 1.03 | 0.96 | 0.96 | 0.98 | 0.98 |
Net investment income (loss) | 1.09(a) | 1.07 | 0.39 | 0.62 | 0.49 | 0.97 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $762,945 | $977,368 | $1,034,115 | $1,383,344 | $1,320,257 | $1,353,427 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 1.02(a) | N/A | N/A | N/A | N/A | N/A |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $38.66 | $42.63 | $53.98 | $44.58 | $42.20 | $43.03 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.48 | $0.32 | $0.45 | $0.33 | $0.51 |
Net realized and unrealized gain (loss) | 1.34 | 0.84 | (7.59) | 11.82 | 3.93 | 0.44 |
Total from investment operations | $1.60 | $1.32 | $(7.27) | $12.27 | $4.26 | $0.95 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.41) | $(0.45) | $(0.34) | $(0.49) | $(0.63) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(5.29) | $(4.08) | $(2.87) | $(1.88) | $(1.78) |
Net asset value, end of period (x) | $40.26 | $38.66 | $42.63 | $53.98 | $44.58 | $42.20 |
Total return (%) (r)(s)(t)(x) | 4.14(n) | 3.94 | (14.89) | 27.99 | 10.09 | 2.56 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.85(a) | 0.79 | 0.73 | 0.72 | 0.74 | 0.74 |
Expenses after expense reductions | 0.83(a) | 0.78 | 0.71 | 0.71 | 0.73 | 0.73 |
Net investment income (loss) | 1.34(a) | 1.22 | 0.61 | 0.88 | 0.75 | 1.22 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $600,418 | $622,734 | $781,557 | $1,183,942 | $1,019,909 | $1,048,956 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.77(a) | N/A | N/A | N/A | N/A | N/A |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $38.75 | $42.72 | $54.06 | $44.63 | $42.24 | $43.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.28 | $0.57 | $0.40 | $0.51 | $0.37 | $0.56 |
Net realized and unrealized gain (loss) | 1.34 | 0.80 | (7.63) | 11.84 | 3.94 | 0.42 |
Total from investment operations | $1.62 | $1.37 | $(7.23) | $12.35 | $4.31 | $0.98 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.46) | $(0.48) | $(0.39) | $(0.53) | $(0.68) |
From net realized gain | — | (4.88) | (3.63) | (2.53) | (1.39) | (1.15) |
Total distributions declared to shareholders | $— | $(5.34) | $(4.11) | $(2.92) | $(1.92) | $(1.83) |
Net asset value, end of period (x) | $40.37 | $38.75 | $42.72 | $54.06 | $44.63 | $42.24 |
Total return (%) (r)(s)(t)(x) | 4.18(n) | 4.07 | (14.81) | 28.15 | 10.21 | 2.64 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions | 0.74(a) | 0.68 | 0.62 | 0.62 | 0.63 | 0.63 |
Expenses after expense reductions | 0.72(a) | 0.67 | 0.60 | 0.61 | 0.62 | 0.62 |
Net investment income (loss) | 1.44(a) | 1.45 | 0.78 | 1.01 | 0.85 | 1.34 |
Portfolio turnover | 7(n) | 19 | 10 | 7 | 7 | 6 |
Net assets at end of period (000 omitted) | $11,025,161 | $10,806,520 | $11,183,181 | $13,585,886 | $11,561,818 | $10,706,826 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding tax reclaim recovery expenses | 0.66(a) | N/A | N/A | N/A | N/A | N/A |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $20,226,304,030 | $— | $— | $20,226,304,030 |
Mutual Funds | 496,294,749 | — | — | 496,294,749 |
Total | $20,722,598,779 | $— | $— | $20,722,598,779 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $210,000,377 |
Long-term capital gains | 2,467,004,426 |
Total distributions | $2,677,004,803 |
As of 11/30/23 | |
Cost of investments | $16,106,337,127 |
Gross appreciation | 5,592,948,453 |
Gross depreciation | (976,686,801) |
Net unrealized appreciation (depreciation) | $4,616,261,652 |
As of 5/31/23 | |
Undistributed ordinary income | 264,993,749 |
Undistributed long-term capital gain | 1,490,490,370 |
Other temporary differences | (5,327,584) |
Net unrealized appreciation (depreciation) | 4,673,605,316 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $250,141,889 | |
Class B | — | 741,849 | |
Class C | — | 10,379,415 | |
Class I | — | 850,925,336 | |
Class R1 | — | 1,067,280 | |
Class R2 | — | 18,790,693 | |
Class R3 | — | 124,224,318 | |
Class R4 | — | 89,717,095 | |
Class R6 | — | 1,331,016,928 | |
Total | $— | $2,677,004,803 |
Up to $1 billion | 0.90% |
In excess of $1 billion and up to $2 billion | 0.80% |
In excess of $2 billion and up to $10 billion | 0.70% |
In excess of $10 billion and up to $15 billion | 0.65% |
In excess of $15 billion and up to $20 billion | 0.55% |
In excess of $20 billion and up to $25 billion | 0.50% |
In excess of $25 billion and up to $30 billion | 0.45% |
In excess of $30 billion and up to $35 billion | 0.43% |
In excess of $35 billion | 0.41% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 2,342,032 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 9,814 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 151,007 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 39,970 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 316,008 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 1,197,480 |
Total Distribution and Service Fees | $4,056,311 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended November 30, 2023, this rebate amounted to $120 and $73 for Class A and Class R3 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $159 |
Class B | 108 |
Class C | 146 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,527,009 | $98,445,963 | 13,274,910 | $504,319,325 | |
Class B | 1 | 56 | 1,729 | 58,270 | |
Class C | 7,269 | 245,989 | 24,121 | 806,356 | |
Class I | 6,977,820 | 292,257,509 | 19,747,889 | 804,023,747 | |
Class R1 | 10,450 | 358,723 | 29,533 | 1,010,493 | |
Class R2 | 232,263 | 8,283,183 | 539,797 | 19,124,041 | |
Class R3 | 1,619,818 | 62,903,218 | 4,447,231 | 169,949,070 | |
Class R4 | 1,141,256 | 45,019,088 | 3,482,316 | 134,984,438 | |
Class R6 | 9,312,183 | 368,811,920 | 24,791,219 | 957,292,755 | |
21,828,069 | $876,325,649 | 66,338,745 | $2,591,568,495 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 6,031,312 | $217,850,991 | |
Class B | — | — | 19,600 | 658,950 | |
Class C | — | — | 324,856 | 10,193,970 | |
Class I | — | — | 19,793,303 | 764,813,222 | |
Class R1 | — | — | 33,552 | 1,067,280 | |
Class R2 | — | — | 570,926 | 18,743,509 | |
Class R3 | — | — | 3,476,751 | 124,224,318 | |
Class R4 | — | — | 2,141,473 | 77,606,998 | |
Class R6 | — | — | 35,244,961 | 1,279,392,088 | |
— | $— | 67,636,734 | $2,494,551,326 | ||
Shares reacquired | |||||
Class A | (6,826,732) | $(265,170,003) | (25,222,219) | $(962,732,107) | |
Class B | (20,217) | (734,527) | (166,406) | (5,994,846) | |
Class C | (276,211) | (9,326,801) | (2,476,103) | (83,280,740) | |
Class I | (17,248,565) | (722,355,814) | (74,388,009) | (3,066,817,687) | |
Class R1 | (29,739) | (1,008,356) | (57,011) | (1,941,099) | |
Class R2 | (677,807) | (24,132,225) | (1,255,606) | (44,254,079) | |
Class R3 | (8,021,448) | (305,356,433) | (6,841,682) | (259,542,613) | |
Class R4 | (2,333,878) | (92,325,453) | (7,848,495) | (297,563,127) | |
Class R6 | (15,093,686) | (593,971,086) | (42,903,713) | (1,669,331,158) | |
(50,528,283) | $(2,014,380,698) | (161,159,244) | $(6,391,457,456) |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (4,299,723) | $(166,724,040) | (5,915,997) | $(240,561,791) | |
Class B | (20,216) | (734,471) | (145,077) | (5,277,626) | |
Class C | (268,942) | (9,080,812) | (2,127,126) | (72,280,414) | |
Class I | (10,270,745) | (430,098,305) | (34,846,817) | (1,497,980,718) | |
Class R1 | (19,289) | (649,633) | 6,074 | 136,674 | |
Class R2 | (445,544) | (15,849,042) | (144,883) | (6,386,529) | |
Class R3 | (6,401,630) | (242,453,215) | 1,082,300 | 34,630,775 | |
Class R4 | (1,192,622) | (47,306,365) | (2,224,706) | (84,971,691) | |
Class R6 | (5,781,503) | (225,159,166) | 17,132,467 | 567,353,685 | |
(28,700,214) | $(1,138,055,049) | (27,183,765) | $(1,305,337,635) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
Hirose Electric Co. Ltd. | $314,452,912 | $— | $31,457,151 | $(918,109) | $(51,889,098) | $230,188,554 |
IMI PLC | 325,056,485 | — | 10,465,366 | 2,052,202 | (3,599,231) | 313,044,090 |
MFS Institutional Money Market Portfolio | 662,348,862 | 1,161,619,038 | 1,327,778,435 | 58,861 | 46,423 | 496,294,749 |
ROHTO Pharmaceutical Co. Ltd. * | 277,620,657 | — | 37,669,877 | 16,407,168 | (15,818,976) | — |
Toyo Suisan Kaisha Ltd. * | 265,337,355 | — | 30,501,440 | 8,874,485 | 47,791,725 | — |
$1,844,816,271 | $1,161,619,038 | $1,437,872,269 | $26,474,607 | $(23,469,157) | $1,039,527,393 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
Hirose Electric Co. Ltd. | $2,860,907 | $— |
IMI PLC | 1,838,468 | — |
MFS Institutional Money Market Portfolio | 14,720,682 | — |
ROHTO Pharmaceutical Co. Ltd. * | — | — |
Toyo Suisan Kaisha Ltd. * | — | — |
$19,420,057 | $— |
1 | |
2 | |
4 | |
5 | |
7 | |
8 | |
9 | |
19 | |
30 | |
33 | |
33 | |
33 | |
33 | |
33 |
back cover |
MFS Research International Fund | 27.4% |
MFS Emerging Markets Equity Fund | 17.3% |
MFS International Intrinsic Value Fund | 15.0% |
MFS International Growth Fund | 15.0% |
MFS International Large Cap Value Fund | 15.0% |
MFS International New Discovery Fund | 10.1% |
Cash & Cash Equivalents | 0.2% |
securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in
underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is
typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent
investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/
redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash
balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the
trades with the underlying funds settle, which is typically two business days. Please see the fund’s
Statement of Assets and Liabilities for additional information related to the fund’s cash position
and other assets and liabilities.
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.35% | $1,000.00 | $1,029.25 | $1.78 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.25 | $1.77 | |
B | Actual | 1.10% | $1,000.00 | $1,025.40 | $5.57 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.50 | $5.55 | |
C | Actual | 1.10% | $1,000.00 | $1,024.82 | $5.57 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.50 | $5.55 | |
I | Actual | 0.10% | $1,000.00 | $1,030.76 | $0.51 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.50 | $0.51 | |
R1 | Actual | 1.10% | $1,000.00 | $1,025.25 | $5.57 |
Hypothetical (h) | 1.10% | $1,000.00 | $1,019.50 | $5.55 | |
R2 | Actual | 0.60% | $1,000.00 | $1,027.87 | $3.04 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.00 | $3.03 | |
R3 | Actual | 0.35% | $1,000.00 | $1,029.03 | $1.78 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.25 | $1.77 | |
R4 | Actual | 0.10% | $1,000.00 | $1,030.39 | $0.51 |
Hypothetical (h) | 0.10% | $1,000.00 | $1,024.50 | $0.51 | |
R6 | Actual | 0.00% | $1,000.00 | $1,031.19 | $0.00 |
Hypothetical (h) | 0.00% | $1,000.00 | $1,025.00 | $0.00 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 99.9% | ||||
International Stock Funds – 99.8% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 197,684,008 | $6,310,073,550 | ||
MFS International Growth Fund - Class R6 | 139,030,346 | 5,483,356,841 | ||
MFS International Intrinsic Value Fund - Class R6 | 136,046,291 | 5,490,828,322 | ||
MFS International Large Cap Value Fund - Class R6 | 419,868,036 | 5,479,277,865 | ||
MFS International New Discovery Fund - Class R6 | 117,865,155 | 3,675,035,531 | ||
MFS Research International Fund - Class R6 | 469,043,086 | 10,028,141,186 | ||
$36,466,713,295 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) | 59,600,612 | $59,606,572 | ||
Total Investment Companies (Identified Cost, $33,006,336,158) | $36,526,319,867 | |||
Other Assets, Less Liabilities – 0.1% | 18,531,887 | |||
Net Assets – 100.0% | $36,544,851,754 |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate value of the fund’s investments in affiliated issuers was $36,526,319,867. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Assets | |
Investments in affiliated issuers, at value (identified cost, $33,006,336,158) | $36,526,319,867 |
Receivables for | |
Investments sold | 9,589,722 |
Fund shares sold | 59,112,408 |
Receivable from investment adviser | 403,794 |
Other assets | 146,274 |
Total assets | $36,595,572,065 |
Liabilities | |
Payables for | |
Investments purchased | $5,564,784 |
Fund shares reacquired | 39,644,426 |
Payable to affiliates | |
Administrative services fee | 95 |
Shareholder servicing costs | 5,076,311 |
Distribution and service fees | 82,970 |
Payable for independent Trustees' compensation | 25 |
Accrued expenses and other liabilities | 351,700 |
Total liabilities | $50,720,311 |
Net assets | $36,544,851,754 |
Net assets consist of | |
Paid-in capital | $32,974,822,251 |
Total distributable earnings (loss) | 3,570,029,503 |
Net assets | $36,544,851,754 |
Shares of beneficial interest outstanding | 1,655,811,162 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $3,527,122,559 | 161,643,226 | $21.82 |
Class B | 7,344,722 | 343,235 | 21.40 |
Class C | 279,200,594 | 13,254,710 | 21.06 |
Class I | 14,893,742,585 | 673,447,566 | 22.12 |
Class R1 | 7,311,330 | 353,116 | 20.71 |
Class R2 | 53,780,103 | 2,514,507 | 21.39 |
Class R3 | 1,264,373,351 | 58,472,762 | 21.62 |
Class R4 | 997,812,095 | 45,279,101 | 22.04 |
Class R6 | 15,514,164,415 | 700,502,939 | 22.15 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $23.15 [100 / 94.25 x $21.82]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends from affiliated issuers | $1,510,395 |
Other | 7,204 |
Total investment income | $1,517,599 |
Expenses | |
Distribution and service fees | $7,714,153 |
Shareholder servicing costs | 10,998,818 |
Administrative services fee | 8,749 |
Independent Trustees' compensation | 65,324 |
Custodian fee | 50,360 |
Shareholder communications | 984,475 |
Audit and tax fees | 23,504 |
Legal fees | 88,280 |
Miscellaneous | 595,372 |
Total expenses | $20,529,035 |
Reduction of expenses by investment adviser and distributor | (2,190,952) |
Net expenses | $18,338,083 |
Net investment income (loss) | $(16,820,484) |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Investments in affiliated issuers | $(147,360,878) |
Change in unrealized appreciation or depreciation | |
Affiliated issuers | $1,211,900,732 |
Net realized and unrealized gain (loss) | $1,064,539,854 |
Change in net assets from operations | $1,047,719,370 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $(16,820,484) | $428,469,757 |
Net realized gain (loss) | (147,360,878) | 233,449,662 |
Net unrealized gain (loss) | 1,211,900,732 | (166,459,221) |
Change in net assets from operations | $1,047,719,370 | $495,460,198 |
Total distributions to shareholders | $— | $(833,326,578) |
Change in net assets from fund share transactions | $132,741,271 | $1,098,722,015 |
Total change in net assets | $1,180,460,641 | $760,855,635 |
Net assets | ||
At beginning of period | 35,364,391,113 | 34,603,535,478 |
At end of period | $36,544,851,754 | $35,364,391,113 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $21.20 | $21.37 | $25.51 | $18.80 | $18.71 | $19.68 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.04) | $0.22 | $0.40 | $0.10 | $0.25 | $0.37 |
Net realized and unrealized gain (loss) | 0.66 | 0.09 | (3.92) | 6.96 | 0.32 | (0.85) |
Total from investment operations | $0.62 | $0.31 | $(3.52) | $7.06 | $0.57 | $(0.48) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.08) | $(0.41) | $(0.12) | $(0.26) | $(0.37) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.48) | $(0.62) | $(0.35) | $(0.48) | $(0.49) |
Net asset value, end of period (x) | $21.82 | $21.20 | $21.37 | $25.51 | $18.80 | $18.71 |
Total return (%) (r)(s)(t)(x) | 2.92(n) | 1.61 | (14.16) | 37.66 | 2.80 | (2.15) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.37 | 0.37 | 0.36 | 0.37 | 0.36 |
Expenses after expense reductions (h) | 0.35(a) | 0.35 | 0.35 | 0.34 | 0.35 | 0.34 |
Net investment income (loss) (l) | (0.34)(a) | 1.07 | 1.64 | 0.46 | 1.31 | 1.96 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $3,527,123 | $3,498,538 | $3,644,253 | $4,381,231 | $2,778,815 | $2,458,587 |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $20.87 | $21.12 | $25.16 | $18.61 | $18.50 | $19.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.12) | $0.06 | $0.21 | $(0.06) | $0.10 | $0.22 |
Net realized and unrealized gain (loss) | 0.65 | 0.09 | (3.86) | 6.84 | 0.31 | (0.82) |
Total from investment operations | $0.53 | $0.15 | $(3.65) | $6.78 | $0.41 | $(0.60) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.18) | $— | $(0.08) | $(0.21) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.40) | $(0.39) | $(0.23) | $(0.30) | $(0.33) |
Net asset value, end of period (x) | $21.40 | $20.87 | $21.12 | $25.16 | $18.61 | $18.50 |
Total return (%) (r)(s)(t)(x) | 2.54(n) | 0.83 | (14.73) | 36.51 | 2.08 | (2.93) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.12 | 1.11 | 1.12 | 1.11 |
Expenses after expense reductions (h) | 1.10(a) | 1.10 | 1.10 | 1.09 | 1.10 | 1.09 |
Net investment income (loss) (l) | (1.09)(a) | 0.30 | 0.89 | (0.28) | 0.53 | 1.20 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $7,345 | $9,428 | $13,672 | $21,542 | $20,424 | $27,434 |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $20.55 | $20.80 | $24.83 | $18.36 | $18.28 | $19.20 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.11) | $0.06 | $0.22 | $(0.06) | $0.10 | $0.22 |
Net realized and unrealized gain (loss) | 0.62 | 0.09 | (3.82) | 6.76 | 0.30 | (0.81) |
Total from investment operations | $0.51 | $0.15 | $(3.60) | $6.70 | $0.40 | $(0.59) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.22) | $— | $(0.10) | $(0.21) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.40) | $(0.43) | $(0.23) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $21.06 | $20.55 | $20.80 | $24.83 | $18.36 | $18.28 |
Total return (%) (r)(s)(t)(x) | 2.48(n) | 0.84 | (14.75) | 36.57 | 2.04 | (2.87) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.12 | 1.11 | 1.12 | 1.11 |
Expenses after expense reductions (h) | 1.10(a) | 1.10 | 1.10 | 1.09 | 1.10 | 1.09 |
Net investment income (loss) (l) | (1.09)(a) | 0.29 | 0.92 | (0.28) | 0.53 | 1.21 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $279,201 | $304,133 | $379,572 | $489,683 | $419,045 | $472,251 |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $21.46 | $21.63 | $25.81 | $19.01 | $18.91 | $19.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.26 | $0.47 | $0.16 | $0.30 | $0.42 |
Net realized and unrealized gain (loss) | 0.67 | 0.10 | (3.97) | 7.03 | 0.32 | (0.86) |
Total from investment operations | $0.66 | $0.36 | $(3.50) | $7.19 | $0.62 | $(0.44) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.13) | $(0.47) | $(0.16) | $(0.30) | $(0.42) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.53) | $(0.68) | $(0.39) | $(0.52) | $(0.54) |
Net asset value, end of period (x) | $22.12 | $21.46 | $21.63 | $25.81 | $19.01 | $18.91 |
Total return (%) (r)(s)(t)(x) | 3.08(n) | 1.85 | (13.93) | 38.00 | 3.04 | (1.91) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.12 | 0.12 | 0.11 | 0.12 | 0.11 |
Expenses after expense reductions (h) | 0.10(a) | 0.10 | 0.10 | 0.09 | 0.10 | 0.09 |
Net investment income (loss) (l) | (0.09)(a) | 1.28 | 1.94 | 0.71 | 1.56 | 2.21 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $14,893,743 | $14,757,462 | $15,504,823 | $17,850,569 | $9,936,595 | $7,848,998 |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $20.20 | $20.45 | $24.40 | $18.04 | $17.99 | $18.93 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.11) | $0.06 | $0.20 | $(0.07) | $0.12 | $0.22 |
Net realized and unrealized gain (loss) | 0.62 | 0.09 | (3.75) | 6.66 | 0.28 | (0.81) |
Total from investment operations | $0.51 | $0.15 | $(3.55) | $6.59 | $0.40 | $(0.59) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $(0.19) | $— | $(0.13) | $(0.23) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.40) | $(0.40) | $(0.23) | $(0.35) | $(0.35) |
Net asset value, end of period (x) | $20.71 | $20.20 | $20.45 | $24.40 | $18.04 | $17.99 |
Total return (%) (r)(s)(t)(x) | 2.52(n) | 0.86 | (14.78) | 36.61 | 2.04 | (2.91) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.11(a) | 1.12 | 1.12 | 1.11 | 1.12 | 1.11 |
Expenses after expense reductions (h) | 1.10(a) | 1.10 | 1.10 | 1.09 | 1.10 | 1.09 |
Net investment income (loss) (l) | (1.09)(a) | 0.32 | 0.86 | (0.31) | 0.67 | 1.23 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $7,311 | $7,177 | $7,056 | $10,359 | $7,756 | $8,625 |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $20.81 | $20.98 | $25.05 | $18.49 | $18.39 | $19.34 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.06) | $0.16 | $0.34 | $0.06 | $0.19 | $0.33 |
Net realized and unrealized gain (loss) | 0.64 | 0.10 | (3.85) | 6.80 | 0.33 | (0.84) |
Total from investment operations | $0.58 | $0.26 | $(3.51) | $6.86 | $0.52 | $(0.51) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.03) | $(0.35) | $(0.07) | $(0.20) | $(0.32) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.43) | $(0.56) | $(0.30) | $(0.42) | $(0.44) |
Net asset value, end of period (x) | $21.39 | $20.81 | $20.98 | $25.05 | $18.49 | $18.39 |
Total return (%) (r)(s)(t)(x) | 2.79(n) | 1.36 | (14.34) | 37.21 | 2.60 | (2.41) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.61(a) | 0.62 | 0.62 | 0.61 | 0.62 | 0.61 |
Expenses after expense reductions (h) | 0.60(a) | 0.60 | 0.60 | 0.59 | 0.60 | 0.59 |
Net investment income (loss) (l) | (0.59)(a) | 0.80 | 1.43 | 0.26 | 1.02 | 1.75 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $53,780 | $61,253 | $65,430 | $74,611 | $53,110 | $61,929 |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $21.01 | $21.19 | $25.30 | $18.66 | $18.57 | $19.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.04) | $0.22 | $0.40 | $0.11 | $0.24 | $0.35 |
Net realized and unrealized gain (loss) | 0.65 | 0.09 | (3.89) | 6.88 | 0.33 | (0.82) |
Total from investment operations | $0.61 | $0.31 | $(3.49) | $6.99 | $0.57 | $(0.47) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.09) | $(0.41) | $(0.12) | $(0.26) | $(0.38) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.49) | $(0.62) | $(0.35) | $(0.48) | $(0.50) |
Net asset value, end of period (x) | $21.62 | $21.01 | $21.19 | $25.30 | $18.66 | $18.57 |
Total return (%) (r)(s)(t)(x) | 2.90(n) | 1.59 | (14.14) | 37.61 | 2.83 | (2.15) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.36(a) | 0.37 | 0.37 | 0.36 | 0.38 | 0.36 |
Expenses after expense reductions (h) | 0.35(a) | 0.35 | 0.35 | 0.34 | 0.35 | 0.34 |
Net investment income (loss) (l) | (0.34)(a) | 1.08 | 1.66 | 0.49 | 1.25 | 1.86 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $1,264,373 | $1,216,239 | $1,178,451 | $1,318,182 | $724,023 | $523,367 |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $21.39 | $21.56 | $25.72 | $18.95 | $18.85 | $19.82 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $(0.01) | $0.28 | $0.47 | $0.18 | $0.32 | $0.42 |
Net realized and unrealized gain (loss) | 0.66 | 0.09 | (3.95) | 6.99 | 0.30 | (0.85) |
Total from investment operations | $0.65 | $0.37 | $(3.48) | $7.17 | $0.62 | $(0.43) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.14) | $(0.47) | $(0.17) | $(0.30) | $(0.42) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.54) | $(0.68) | $(0.40) | $(0.52) | $(0.54) |
Net asset value, end of period (x) | $22.04 | $21.39 | $21.56 | $25.72 | $18.95 | $18.85 |
Total return (%) (r)(s)(t)(x) | 3.04(n) | 1.86 | (13.91) | 37.96 | 3.04 | (1.89) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.11(a) | 0.12 | 0.12 | 0.11 | 0.12 | 0.11 |
Expenses after expense reductions (h) | 0.10(a) | 0.10 | 0.10 | 0.09 | 0.10 | 0.09 |
Net investment income (loss) (l) | (0.09)(a) | 1.33 | 1.91 | 0.77 | 1.62 | 2.22 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $997,812 | $987,868 | $1,017,358 | $1,277,938 | $721,937 | $779,264 |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $21.48 | $21.66 | $25.84 | $19.03 | $18.92 | $19.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d)(l) | $0.00(w) | $0.29 | $0.49 | $0.19 | $0.32 | $0.43 |
Net realized and unrealized gain (loss) | 0.67 | 0.09 | (3.97) | 7.03 | 0.33 | (0.85) |
Total from investment operations | $0.67 | $0.38 | $(3.48) | $7.22 | $0.65 | $(0.42) |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.16) | $(0.49) | $(0.18) | $(0.32) | $(0.44) |
From net realized gain | — | (0.40) | (0.21) | (0.23) | (0.22) | (0.12) |
Total distributions declared to shareholders | $— | $(0.56) | $(0.70) | $(0.41) | $(0.54) | $(0.56) |
Net asset value, end of period (x) | $22.15 | $21.48 | $21.66 | $25.84 | $19.03 | $18.92 |
Total return (%) (r)(s)(t)(x) | 3.12(n) | 1.92 | (13.84) | 38.12 | 3.17 | (1.82) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.01(a) | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 |
Expenses after expense reductions (h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net investment income (loss) (l) | 0.01(a) | 1.42 | 2.03 | 0.81 | 1.65 | 2.25 |
Portfolio turnover | 2(n) | 7 | 4 | 9 | 6 | 1 |
Net assets at end of period (000 omitted) | $15,514,164 | $14,522,293 | $12,792,920 | $13,046,306 | $6,984,049 | $4,526,554 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $36,526,319,867 | $— | $— | $36,526,319,867 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $210,003,444 |
Long-term capital gains | 623,323,134 |
Total distributions | $833,326,578 |
As of 11/30/23 | |
Cost of investments | $33,568,771,036 |
Gross appreciation | 3,971,378,839 |
Gross depreciation | (1,013,830,008) |
Net unrealized appreciation (depreciation) | $2,957,548,831 |
As of 5/31/23 | |
Undistributed ordinary income | 205,035,001 |
Undistributed long-term capital gain | 571,627,033 |
Net unrealized appreciation (depreciation) | 1,745,648,099 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $78,648,831 | |
Class B | — | 204,155 | |
Class C | — | 6,261,377 | |
Class I | — | 345,885,676 | |
Class R1 | — | 138,543 | |
Class R2 | — | 1,260,498 | |
Class R3 | — | 27,318,746 | |
Class R4 | — | 24,966,626 | |
Class R6 | — | 348,642,126 | |
Total | $— | $833,326,578 |
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% | $ 4,434,904 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 42,149 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 1,474,843 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 36,945 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 144,028 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 1,581,284 |
Total Distribution and Service Fees | $7,714,153 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended November 30, 2023, this rebate amounted to $81, $50, and $735 for Class A, Class C, and Class R2 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $16,366 |
Class B | 1,623 |
Class C | 3,398 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 10,617,553 | $230,302,423 | 25,915,511 | $530,821,078 | |
Class B | 1,343 | 28,799 | 6,146 | 127,274 | |
Class C | 444,714 | 9,346,959 | 1,205,739 | 24,103,189 | |
Class I | 75,006,313 | 1,643,534,773 | 229,901,631 | 4,768,174,744 | |
Class R1 | 33,247 | 683,045 | 65,933 | 1,288,945 | |
Class R2 | 277,167 | 5,880,844 | 709,018 | 14,229,944 | |
Class R3 | 6,480,103 | 139,243,297 | 14,688,003 | 299,240,494 | |
Class R4 | 5,706,081 | 126,055,638 | 6,701,681 | 137,492,853 | |
Class R6 | 92,077,138 | 2,019,324,855 | 186,197,598 | 3,841,197,796 | |
190,643,659 | $4,174,400,633 | 465,391,260 | $9,616,676,317 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 3,560,602 | $70,820,122 | |
Class B | — | — | 10,205 | 200,416 | |
Class C | — | — | 291,348 | 5,634,665 | |
Class I | — | — | 15,068,236 | 303,022,227 | |
Class R1 | — | — | 7,288 | 138,543 | |
Class R2 | — | — | 63,536 | 1,241,501 | |
Class R3 | — | — | 1,386,035 | 27,318,741 | |
Class R4 | — | — | 1,223,167 | 24,512,272 | |
Class R6 | — | — | 16,676,415 | 335,529,477 | |
— | $— | 38,286,832 | $768,417,964 | ||
Shares reacquired | |||||
Class A | (13,965,681) | $(300,876,584) | (34,978,872) | $(710,786,055) | |
Class B | (109,815) | (2,331,299) | (211,978) | (4,218,059) | |
Class C | (1,992,246) | (41,470,523) | (4,947,013) | (97,104,308) | |
Class I | (89,090,540) | (1,936,741,012) | (274,179,277) | (5,555,952,093) | |
Class R1 | (35,501) | (716,235) | (62,890) | (1,235,145) | |
Class R2 | (706,138) | (14,974,222) | (947,321) | (18,581,745) | |
Class R3 | (5,888,036) | (125,523,690) | (13,803,663) | (281,574,395) | |
Class R4 | (6,614,922) | (144,272,378) | (8,925,556) | (184,250,711) | |
Class R6 | (67,521,698) | (1,474,753,419) | (117,662,650) | (2,432,669,755) | |
(185,924,577) | $(4,041,659,362) | (455,719,220) | $(9,286,372,266) | ||
Net change | |||||
Class A | (3,348,128) | $(70,574,161) | (5,502,759) | $(109,144,855) | |
Class B | (108,472) | (2,302,500) | (195,627) | (3,890,369) | |
Class C | (1,547,532) | (32,123,564) | (3,449,926) | (67,366,454) | |
Class I | (14,084,227) | (293,206,239) | (29,209,410) | (484,755,122) | |
Class R1 | (2,254) | (33,190) | 10,331 | 192,343 | |
Class R2 | (428,971) | (9,093,378) | (174,767) | (3,110,300) | |
Class R3 | 592,067 | 13,719,607 | 2,270,375 | 44,984,840 | |
Class R4 | (908,841) | (18,216,740) | (1,000,708) | (22,245,586) | |
Class R6 | 24,555,440 | 544,571,436 | 85,211,363 | 1,744,057,518 | |
4,719,082 | $132,741,271 | 47,958,872 | $1,098,722,015 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Emerging Markets Equity Fund | $6,240,942,781 | $61,638,428 | $223,561,752 | $(64,784,301) | $295,838,394 | $6,310,073,550 |
MFS Institutional Money Market Portfolio | 60,874,809 | 426,567,379 | 427,873,985 | 29,413 | 8,956 | 59,606,572 |
MFS International Growth Fund | 5,280,316,780 | 211,887,614 | 58,825,048 | (7,311,347) | 57,288,842 | 5,483,356,841 |
MFS International Intrinsic Value Fund | 5,306,686,571 | 106,251,067 | 138,290,370 | (48,250,027) | 264,431,081 | 5,490,828,322 |
MFS International Large Cap Value Fund | 5,276,209,820 | 72,539,053 | 133,217,419 | (3,658,154) | 267,404,565 | 5,479,277,865 |
MFS International New Discovery Fund | 3,517,328,016 | 111,501,465 | 42,499,676 | (11,074,559) | 99,780,285 | 3,675,035,531 |
MFS Research International Fund | 9,667,139,905 | 266,607,196 | 120,442,621 | (12,311,903) | 227,148,609 | 10,028,141,186 |
$35,349,498,682 | $1,256,992,202 | $1,144,710,871 | $(147,360,878) | $1,211,900,732 | $36,526,319,867 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Emerging Markets Equity Fund | $— | $— |
MFS Institutional Money Market Portfolio | 1,510,395 | — |
MFS International Growth Fund | — | — |
MFS International Intrinsic Value Fund | — | — |
MFS International Large Cap Value Fund | — | — |
MFS International New Discovery Fund | — | — |
MFS Research International Fund | — | — |
$1,510,395 | $— |
1 | |
3 | |
5 | |
7 | |
9 | |
10 | |
11 | |
17 | |
31 | |
35 | |
35 | |
35 | |
35 | |
35 |
back cover |
Active Security Selection (a) | Derivative Overlay Positions (b) | Net Market Exposure (c) | |||
Strategic Allocation | MFS Value Fund | 30.2% | |||
MFS International Equity Fund | 30.1% | ||||
MFS Growth Fund | 30.0% | ||||
Market Exposure Overlay | Mini Russell 1000 Growth Future DEC 15 23 | (23.2)% | |||
Mini Russell 1000 Value Index Future DEC 15 23 | (23.8)% | ||||
Mini MSCI EAFE Index Future DEC 15 23 | (23.4)% | ||||
Net Equity Exposure | 19.7% | ||||
Standard & Poor's 500 Index Option 3250.00 PUT DEC 15 23 (o) | (0.0)% | ||||
Standard & Poor's 500 Index Option 4200.00 PUT JUN 21 24 | (0.7)% | ||||
Standard & Poor's 500 Index Option 4200.00 PUT SEP 20 24 | (0.8)% | ||||
Standard & Poor's 500 Index Option 4200.00 PUT DEC 20 24 | (0.9)% | ||||
Standard & Poors Index Option PUT(s) | (2.4)% | ||||
Downside Hedge(s) | (2.4)% | ||||
Net Equivalent Equity Exposure | 90.1% | (72.8)% | 17.3% | ||
Limited Maturity U.S. Treasury Notes | 4.1% | ||||
Cash | Cash & Cash Equivalents (d) | 5.6% | |||
Other (e) | 73.0% | ||||
Total Net Exposure Summary | 100.0% |
Microsoft Corp. | 4.5% |
U.S. Treasury Notes, 0.75%, 12/31/2023 | 2.1% |
U.S. Treasury Notes, 2.25%, 3/31/2024 | 2.0% |
Amazon.com, Inc. | 1.9% |
Alphabet, Inc., “A” | 1.9% |
Apple, Inc. | 1.8% |
NVIDIA Corp. | 1.7% |
Mini Russell 1000 Growth Future DEC 15 23 | (23.2)% |
Mini MSCI EAFE Index Future DEC 15 23 | (23.4)% |
Mini Russell 1000 Value Index Future DEC 15 23 | (23.8)% |
(a) | Represents the actively managed portion of the portfolio and for purposes of this presentation, components include the value of securities, less any securities sold short. The bond component will include any accrued interest amounts. This also reflects the equivalent exposure of certain derivative positions. These amounts may be negative from time to time. |
(b) | Represents the tactical overlay portion of the portfolio which is how the fund manages its exposure to markets and currencies through the use of derivative positions. Percentages reflect the equivalent exposure of those derivative positions. |
(c) | For purposes of this presentation, the components include the value of securities, less any securities sold short, and reflect the impact of the equivalent exposure of all derivative positions. These amounts may be negative from time to time. The bond component will include any accrued interest amounts. |
(d) | Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. |
(e) | Other includes currency derivatives and/or the offsetting of the leverage produced by the fund’s derivative positions. |
(i) | For purposes of this presentation, the components include a look-through to the individual holdings within the underlying affiliated funds. |
(o) | Less than 0.1%. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.94% | $1,000.00 | $1,031.30 | $4.77 |
Hypothetical(h) | 0.94% | $1,000.00 | $1,020.30 | $4.75 | |
B | Actual | 1.69% | $1,000.00 | $1,027.40 | $8.57 |
Hypothetical(h) | 1.69% | $1,000.00 | $1,016.55 | $8.52 | |
C | Actual | 1.69% | $1,000.00 | $1,027.55 | $8.57 |
Hypothetical(h) | 1.69% | $1,000.00 | $1,016.55 | $8.52 | |
I | Actual | 0.69% | $1,000.00 | $1,033.04 | $3.51 |
Hypothetical(h) | 0.69% | $1,000.00 | $1,021.55 | $3.49 | |
R1 | Actual | 1.69% | $1,000.00 | $1,027.40 | $8.57 |
Hypothetical(h) | 1.69% | $1,000.00 | $1,016.55 | $8.52 | |
R2 | Actual | 1.19% | $1,000.00 | $1,029.98 | $6.04 |
Hypothetical(h) | 1.19% | $1,000.00 | $1,019.05 | $6.01 | |
R3 | Actual | 0.94% | $1,000.00 | $1,031.41 | $4.77 |
Hypothetical(h) | 0.94% | $1,000.00 | $1,020.30 | $4.75 | |
R4 | Actual | 0.69% | $1,000.00 | $1,033.04 | $3.51 |
Hypothetical(h) | 0.69% | $1,000.00 | $1,021.55 | $3.49 | |
R6 | Actual | 0.63% | $1,000.00 | $1,033.91 | $3.20 |
Hypothetical(h) | 0.63% | $1,000.00 | $1,021.85 | $3.18 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 4.1% | ||||
U.S. Treasury Obligations – 4.1% | ||||
U.S. Treasury Notes, 0.75%, 12/31/2023 (f) | $ | 1,000,000 | $996,185 | |
U.S. Treasury Notes, 2.25%, 3/31/2024 (f) | 1,000,000 | 989,805 | ||
Total Bonds (Identified Cost, $1,993,203) | $1,985,990 | |||
Investment Companies (h) – 95.9% | ||||
International Stock Funds – 30.1% | ||||
MFS International Equity Fund - Class R6 | 456,637 | $14,598,677 | ||
U.S. Stock Funds – 60.2% | ||||
MFS Growth Fund - Class R6 | 82,966 | $14,552,232 | ||
MFS Value Fund - Class R6 | 303,550 | 14,676,638 | ||
$29,228,870 | ||||
Money Market Funds – 5.6% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) | 2,736,268 | $2,736,541 | ||
Total Investment Companies (Identified Cost, $27,748,533) | $46,564,088 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 0.3% | |||||
Market Index Securities – 0.3% | |||||
S&P 500 Index – December 2023 @ $3,250 | Put | Exchange Traded | $ 4,567,800 | 10 | $150 |
S&P 500 Index – June 2024 @ $4,200 | Put | Exchange Traded | 1,827,120 | 4 | 28,120 |
S&P 500 Index – September 2024 @ $4,200 | Put | Exchange Traded | 1,827,120 | 4 | 40,920 |
S&P 500 Index – December 2024 @ $4,200 | Put | Exchange Traded | 1,827,120 | 4 | 54,400 |
Total Purchased Options (Premiums Paid, $258,926) | $123,590 |
Other Assets, Less Liabilities – (0.3)% | (140,974) | |||
Net Assets – 100.0% | $48,532,694 |
(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 $46,564,088 and $2,109,580, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Equity Futures | ||||||
Mini Russell 1000 Value Index | Short | USD | 149 | $11,542,285 | December – 2023 | $49,864 |
Liability Derivatives | ||||||
Equity Futures | ||||||
Mini MSCI EAFE Index | Short | USD | 107 | $11,377,310 | December – 2023 | $(173,238) |
Mini Russell 1000 Growth Index | Short | USD | 77 | 11,282,040 | December – 2023 | (374,206) |
$(547,444) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $2,252,129) | $2,109,580 |
Investments in affiliated issuers, at value (identified cost, $27,748,533) | 46,564,088 |
Receivables for | |
Investments sold | 80,084 |
Fund shares sold | 2,898 |
Interest | 6,950 |
Receivable from investment adviser | 11,716 |
Total assets | $48,775,316 |
Liabilities | |
Payables for | |
Net daily variation margin on open futures contracts | $88,748 |
Fund shares reacquired | 72,664 |
Payable to affiliates | |
Administrative services fee | 96 |
Shareholder servicing costs | 12,775 |
Distribution and service fees | 167 |
Payable for independent Trustees' compensation | 75 |
Accrued expenses and other liabilities | 68,097 |
Total liabilities | $242,622 |
Net assets | $48,532,694 |
Net assets consist of | |
Paid-in capital | $44,175,095 |
Total distributable earnings (loss) | 4,357,599 |
Net assets | $48,532,694 |
Shares of beneficial interest outstanding | 4,097,123 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $3,500,315 | 295,062 | $11.86 |
Class B | 73,408 | 6,525 | 11.25 |
Class C | 1,991,394 | 177,938 | 11.19 |
Class I | 39,287,709 | 3,307,664 | 11.88 |
Class R1 | 58,368 | 5,187 | 11.25 |
Class R2 | 60,870 | 5,210 | 11.68 |
Class R3 | 62,097 | 5,253 | 11.82 |
Class R4 | 63,364 | 5,336 | 11.87 |
Class R6 | 3,435,169 | 288,948 | 11.89 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $12.58 [100 / 94.25 x $11.86]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends from affiliated issuers | $217,998 |
Interest | 36,815 |
Other | 50 |
Total investment income | $254,863 |
Expenses | |
Management fee | $93,399 |
Distribution and service fees | 16,463 |
Shareholder servicing costs | 20,226 |
Administrative services fee | 8,998 |
Independent Trustees' compensation | 1,597 |
Custodian fee | 5,576 |
Shareholder communications | 6,383 |
Audit and tax fees | 27,604 |
Legal fees | 201 |
Registration fees | 62,136 |
Miscellaneous | 28,803 |
Total expenses | $271,386 |
Reduction of expenses by investment adviser | (71,250) |
Net expenses | $200,136 |
Net investment income (loss) | $54,727 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(40,423) |
Affiliated issuers | 4,652,637 |
Capital gain distributions from affiliated issuers | 43,653 |
Written options | 7,968 |
Futures contracts | (3,594,220) |
Net realized gain (loss) | $1,069,615 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(18,537) |
Affiliated issuers | (835,961) |
Written options | (5,912) |
Futures contracts | 1,439,433 |
Net unrealized gain (loss) | $579,023 |
Net realized and unrealized gain (loss) | $1,648,638 |
Change in net assets from operations | $1,703,365 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $54,727 | $322,628 |
Net realized gain (loss) | 1,069,615 | 13,604,155 |
Net unrealized gain (loss) | 579,023 | (12,256,267) |
Change in net assets from operations | $1,703,365 | $1,670,516 |
Total distributions to shareholders | $— | $(565,489) |
Change in net assets from fund share transactions | $(11,827,105) | $(46,142,741) |
Total change in net assets | $(10,123,740) | $(45,037,714) |
Net assets | ||
At beginning of period | 58,656,434 | 103,694,148 |
At end of period | $48,532,694 | $58,656,434 |
Class A | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.50 | $11.25 | $11.46 | $11.54 | $10.91 | $10.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.00)(w) | $0.01 | $0.03 | $(0.01) | $0.09 | $0.07 |
Net realized and unrealized gain (loss) | 0.36 | 0.24 | (0.24) | (0.05) | 0.60 | 0.51 |
Total from investment operations | $0.36 | $0.25 | $(0.21) | $(0.06) | $0.69 | $0.58 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.02) | $(0.06) | $(0.04) |
Net asset value, end of period (x) | $11.86 | $11.50 | $11.25 | $11.46 | $11.54 | $10.91 |
Total return (%) (r)(s)(t)(x) | 3.13(n) | 2.22 | (1.83) | (0.54) | 6.30 | 5.59 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.21(a) | 1.02 | 0.94 | 0.91 | 1.20 | 1.43 |
Expenses after expense reductions (h) | 0.94(a) | 0.93 | 0.92 | 0.88 | 0.74 | 0.71 |
Net investment income (loss) | (0.01)(a)(l) | 0.11(l) | 0.29 | (0.07) | 0.77 | 0.64 |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $3,500 | $3,646 | $10,280 | $14,339 | $12,826 | $8,205 |
Class B | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $10.95 | $10.79 | $11.08 | $11.23 | $10.66 | $10.19 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.04) | $(0.06) | $(0.06) | $(0.09) | $(0.01) | $(0.03) |
Net realized and unrealized gain (loss) | 0.34 | 0.22 | (0.23) | (0.06) | 0.58 | 0.50 |
Total from investment operations | $0.30 | $0.16 | $(0.29) | $(0.15) | $0.57 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
Net asset value, end of period (x) | $11.25 | $10.95 | $10.79 | $11.08 | $11.23 | $10.66 |
Total return (%) (r)(s)(t)(x) | 2.74(n) | 1.48 | (2.62) | (1.34) | 5.35 | 4.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.96(a) | 1.78 | 1.69 | 1.66 | 1.96 | 2.18 |
Expenses after expense reductions (h) | 1.69(a) | 1.68 | 1.67 | 1.65 | 1.67 | 1.65 |
Net investment income (loss) | (0.75)(a)(l) | (0.58)(l) | (0.53) | (0.84) | (0.05) | (0.31) |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $73 | $71 | $80 | $74 | $75 | $98 |
Class C | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $10.89 | $10.74 | $11.02 | $11.18 | $10.62 | $10.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.04) | $(0.06) | $(0.06) | $(0.09) | $(0.02) | $(0.03) |
Net realized and unrealized gain (loss) | 0.34 | 0.21 | (0.22) | (0.06) | 0.58 | 0.50 |
Total from investment operations | $0.30 | $0.15 | $(0.28) | $(0.15) | $0.56 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $(0.01) | $— | $— |
Net asset value, end of period (x) | $11.19 | $10.89 | $10.74 | $11.02 | $11.18 | $10.62 |
Total return (%) (r)(s)(t)(x) | 2.75(n) | 1.40 | (2.54) | (1.35) | 5.27 | 4.63 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.96(a) | 1.78 | 1.69 | 1.67 | 1.94 | 2.19 |
Expenses after expense reductions (h) | 1.69(a) | 1.68 | 1.67 | 1.66 | 1.67 | 1.65 |
Net investment income (loss) | (0.76)(a)(l) | (0.57)(l) | (0.54) | (0.86) | (0.19) | (0.27) |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $1,991 | $2,369 | $3,870 | $6,363 | $2,462 | $1,074 |
Class I | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.50 | $11.30 | $11.50 | $11.57 | $10.94 | $10.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.05 | $0.06 | $0.02 | $0.08 | $0.07 |
Net realized and unrealized gain (loss) | 0.36 | 0.23 | (0.24) | (0.06) | 0.61 | 0.52 |
Total from investment operations | $0.38 | $0.28 | $(0.18) | $(0.04) | $0.69 | $0.59 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.08) | $(0.02) | $(0.03) | $(0.06) | $(0.04) |
Net asset value, end of period (x) | $11.88 | $11.50 | $11.30 | $11.50 | $11.57 | $10.94 |
Total return (%) (r)(s)(t)(x) | 3.30(n) | 2.49 | (1.61) | (0.37) | 6.33 | 5.74 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.96(a) | 0.78 | 0.69 | 0.66 | 0.94 | 1.16 |
Expenses after expense reductions (h) | 0.69(a) | 0.68 | 0.67 | 0.65 | 0.67 | 0.65 |
Net investment income (loss) | 0.26(a)(l) | 0.43(l) | 0.54 | 0.17 | 0.67 | 0.64 |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $39,288 | $46,564 | $82,106 | $105,346 | $78,292 | $24,169 |
Class R1 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $10.95 | $10.80 | $11.08 | $11.23 | $10.66 | $10.19 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.04) | $(0.06) | $(0.06) | $(0.09) | $(0.01) | $(0.03) |
Net realized and unrealized gain (loss) | 0.34 | 0.21 | (0.22) | (0.06) | 0.58 | 0.50 |
Total from investment operations | $0.30 | $0.15 | $(0.28) | $(0.15) | $0.57 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $— | $— | $— | $— | $— |
Net asset value, end of period (x) | $11.25 | $10.95 | $10.80 | $11.08 | $11.23 | $10.66 |
Total return (%) (r)(s)(t)(x) | 2.74(n) | 1.39 | (2.53) | (1.34) | 5.35 | 4.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.96(a) | 1.78 | 1.68 | 1.66 | 1.96 | 2.19 |
Expenses after expense reductions (h) | 1.69(a) | 1.68 | 1.67 | 1.65 | 1.67 | 1.65 |
Net investment income (loss) | (0.75)(a)(l) | (0.60)(l) | (0.51) | (0.83) | (0.10) | (0.29) |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $58 | $57 | $56 | $57 | $58 | $55 |
Class R2 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.34 | $11.15 | $11.39 | $11.48 | $10.86 | $10.33 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.01) | $(0.01) | $(0.00)(w) | $(0.04) | $0.04 | $0.02 |
Net realized and unrealized gain (loss) | 0.35 | 0.23 | (0.24) | (0.05) | 0.59 | 0.51 |
Total from investment operations | $0.34 | $0.22 | $(0.24) | $(0.09) | $0.63 | $0.53 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.03) | $— | $— | $(0.01) | $— |
Net asset value, end of period (x) | $11.68 | $11.34 | $11.15 | $11.39 | $11.48 | $10.86 |
Total return (%) (r)(s)(t)(x) | 3.00(n) | 1.94 | (2.11) | (0.78) | 5.79 | 5.13 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.46(a) | 1.28 | 1.19 | 1.16 | 1.46 | 1.69 |
Expenses after expense reductions (h) | 1.19(a) | 1.18 | 1.17 | 1.15 | 1.17 | 1.15 |
Net investment income (loss) | (0.25)(a)(l) | (0.10)(l) | (0.01) | (0.33) | 0.40 | 0.21 |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $61 | $59 | $58 | $59 | $60 | $56 |
Class R3 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.46 | $11.27 | $11.48 | $11.55 | $10.92 | $10.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $(0.00)(w) | $0.02 | $0.03 | $(0.01) | $0.07 | $0.05 |
Net realized and unrealized gain (loss) | 0.36 | 0.22 | (0.24) | (0.06) | 0.59 | 0.52 |
Total from investment operations | $0.36 | $0.24 | $(0.21) | $(0.07) | $0.66 | $0.57 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.05) | $— | $— | $(0.03) | $(0.02) |
Net asset value, end of period (x) | $11.82 | $11.46 | $11.27 | $11.48 | $11.55 | $10.92 |
Total return (%) (r)(s)(t)(x) | 3.14(n) | 2.17 | (1.83) | (0.61) | 6.09 | 5.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 1.21(a) | 1.03 | 0.94 | 0.91 | 1.21 | 1.44 |
Expenses after expense reductions (h) | 0.94(a) | 0.93 | 0.92 | 0.90 | 0.92 | 0.90 |
Net investment income (loss) | (0.00)(a)(l)(w) | 0.15(l) | 0.24 | (0.09) | 0.65 | 0.45 |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $62 | $60 | $59 | $60 | $60 | $57 |
Class R4 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.50 | $11.30 | $11.50 | $11.57 | $10.93 | $10.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.01 | $0.05 | $0.06 | $0.02 | $0.10 | $0.07 |
Net realized and unrealized gain (loss) | 0.36 | 0.23 | (0.24) | (0.07) | 0.60 | 0.51 |
Total from investment operations | $0.37 | $0.28 | $(0.18) | $(0.05) | $0.70 | $0.58 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.08) | $(0.02) | $(0.02) | $(0.06) | $(0.04) |
Net asset value, end of period (x) | $11.87 | $11.50 | $11.30 | $11.50 | $11.57 | $10.93 |
Total return (%) (r)(s)(t)(x) | 3.22(n) | 2.51 | (1.60) | (0.40) | 6.43 | 5.64 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.96(a) | 0.78 | 0.69 | 0.66 | 0.96 | 1.19 |
Expenses after expense reductions (h) | 0.69(a) | 0.68 | 0.67 | 0.65 | 0.67 | 0.65 |
Net investment income (loss) | 0.24(a)(l) | 0.40(l) | 0.49 | 0.16 | 0.90 | 0.71 |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $63 | $61 | $60 | $61 | $61 | $57 |
Class R6 | Six months ended | Year ended | ||||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21 | 5/31/20 | 5/31/19 | |
Net asset value, beginning of period | $11.50 | $11.31 | $11.51 | $11.57 | $10.93 | $10.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.02 | $0.06 | $0.07 | $0.04 | $0.09 | $0.08 |
Net realized and unrealized gain (loss) | 0.37 | 0.22 | (0.24) | (0.07) | 0.61 | 0.51 |
Total from investment operations | $0.39 | $0.28 | $(0.17) | $(0.03) | $0.70 | $0.59 |
Less distributions declared to shareholders | ||||||
From net investment income | $— | $(0.09) | $(0.03) | $(0.03) | $(0.06) | $(0.05) |
Net asset value, end of period (x) | $11.89 | $11.50 | $11.31 | $11.51 | $11.57 | $10.93 |
Total return (%) (r)(s)(t)(x) | 3.39(n) | 2.50 | (1.53) | (0.27) | 6.44 | 5.67 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (h) | 0.89(a) | 0.70 | 0.61 | 0.59 | 0.91 | 1.18 |
Expenses after expense reductions (h) | 0.63(a) | 0.60 | 0.59 | 0.58 | 0.62 | 0.64 |
Net investment income (loss) | 0.34(a)(l) | 0.51(l) | 0.59 | 0.32 | 0.84 | 0.74 |
Portfolio turnover | 5(n) | 19 | 19 | 50 | 28 | 17 |
Net assets at end of period (000 omitted) | $3,435 | $5,768 | $7,125 | $7,366 | $14,345 | $5,621 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(h) | In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary. |
(l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable. |
(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 | $123,590 | $— | $— | $123,590 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 1,985,990 | — | 1,985,990 |
Mutual Funds | 46,564,088 | — | — | 46,564,088 |
Total | $46,687,678 | $1,985,990 | $— | $48,673,668 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $49,864 | $— | $— | $49,864 |
Futures Contracts – Liabilities | (547,444) | — | — | (547,444) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Equity | Purchased Option Contracts | $123,590 | $— |
Equity | Futures Contracts | 49,864 | (547,444) |
Total | $173,454 | $(547,444) |
(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 | Unaffiliated Issuers (Purchased Options) | Written Options |
Equity | $(3,594,220) | $(25,456) | $7,968 |
Risk | Futures Contracts | Unaffiliated Issuers (Purchased Options) | Written Options |
Equity | $1,439,433 | $(75,064) | $(5,912) |
Gross Amounts of: | Derivative Assets | Derivative Liabilities |
Futures Contracts (a) | $— | $(88,748) |
Purchased Options (a) | 123,590 | — |
Total Gross Amount of Derivative Assets and Liabilities Presented in the Statement of Assets & Liabilities | $123,590 | $(88,748) |
Less: Derivative Assets and Liabilities Not Subject to a Master Netting Agreement or Similar Arrangement | 123,590 | (88,748) |
Total Gross Amount of Derivative Assets and Liabilities Subject to a Master Netting Agreement or Similar Arrangement | $— | $— |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $565,489 |
As of 11/30/23 | |
Cost of investments | $30,000,662 |
Gross appreciation | 18,815,555 |
Gross depreciation | (142,549) |
Net unrealized appreciation (depreciation) | $18,673,006 |
As of 5/31/23 | |
Undistributed ordinary income | 319,558 |
Capital loss carryforwards | (16,201,429) |
Net unrealized appreciation (depreciation) | 18,536,105 |
Short-Term | $(13,752,271) |
Long-Term | (2,449,158) |
Total | $(16,201,429) |
Six months ended 11/30/23 | Year ended 5/31/23 | |
Class I | $— | $514,052 |
Class R2 | — | 133 |
Class R3 | — | 280 |
Class R4 | — | 435 |
Class R6 | — | 50,589 |
Total | $— | $565,489 |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.91% | 1.66% | 1.66% | 0.66% | 1.66% | 1.16% | 0.91% | 0.66% | 0.63% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 4,485 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 361 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 11,103 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 288 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 150 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 76 |
Total Distribution and Service Fees | $16,463 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 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. There were no service fee rebates for the six months ended November 30, 2023. |
Amount | |
Class A | $— |
Class B | — |
Class C | 12 |
Purchases | Sales | |
U.S. Government securities | $— | $2,000,000 |
Non-U.S. Government securities | 2,725,291 | 16,174,166 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 24,442 | $285,424 | 85,213 | $954,991 | |
Class C | 553 | 6,110 | 24,881 | 266,864 | |
Class I | 445,306 | 5,195,469 | 1,631,940 | 18,412,053 | |
Class R6 | 620 | 7,260 | 11,335 | 128,413 | |
470,921 | $5,494,263 | 1,753,369 | $19,762,321 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class I | — | $— | 45,244 | $511,263 | |
Class R2 | — | — | 12 | 133 | |
Class R3 | — | — | 25 | 280 | |
Class R4 | — | — | 39 | 435 | |
Class R6 | — | — | 24 | 275 | |
— | $— | 45,344 | $512,386 | ||
Shares reacquired | |||||
Class A | (46,492) | $(542,376) | (682,150) | $(7,594,286) | |
Class B | — | — | (914) | (9,952) | |
Class C | (40,212) | (444,572) | (167,709) | (1,801,193) | |
Class I | (1,187,281) | (13,856,088) | (4,891,424) | (55,415,825) | |
Class R6 | (213,031) | (2,478,332) | (139,802) | (1,596,192) | |
(1,487,016) | $(17,321,368) | (5,881,999) | $(66,417,448) | ||
Net change | |||||
Class A | (22,050) | $(256,952) | (596,937) | $(6,639,295) | |
Class B | — | — | (914) | (9,952) | |
Class C | (39,659) | (438,462) | (142,828) | (1,534,329) | |
Class I | (741,975) | (8,660,619) | (3,214,240) | (36,492,509) | |
Class R2 | — | — | 12 | 133 | |
Class R3 | — | — | 25 | 280 | |
Class R4 | — | — | 39 | 435 | |
Class R6 | (212,411) | (2,471,072) | (128,443) | (1,467,504) | |
(1,016,095) | $(11,827,105) | (4,083,286) | $(46,142,741) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Growth Fund | $18,259,258 | $764,097 | $6,469,513 | $2,172,742 | $(174,352) | $14,552,232 |
MFS Institutional Money Market Portfolio | 958,518 | 23,402,471 | 21,624,178 | (445) | 175 | 2,736,541 |
MFS International Equity Fund | 17,508,732 | 978,249 | 4,613,572 | 1,237,878 | (512,610) | 14,598,677 |
MFS Value Fund | 17,623,099 | 1,051,331 | 5,091,080 | 1,242,462 | (149,174) | 14,676,638 |
$54,349,607 | $26,196,148 | $37,798,343 | $4,652,637 | $(835,961) | $46,564,088 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Growth Fund | $— | $43,653 |
MFS Institutional Money Market Portfolio | 59,641 | — |
MFS International Equity Fund | — | — |
MFS Value Fund | 158,357 | — |
$217,998 | $43,653 |
1 | |
3 | |
5 | |
10 | |
12 | |
13 | |
14 | |
22 | |
32 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
UBS AG | 3.3% |
Mitsubishi UFJ Financial Group, Inc. | 3.1% |
Eni S.p.A. | 3.1% |
BNP Paribas | 3.0% |
Schneider Electric SE | 2.3% |
Willis Towers Watson PLC | 2.2% |
Glencore PLC | 2.2% |
Roche Holding AG | 2.1% |
NatWest Group PLC | 2.1% |
Henkel AG & Co. KGaA | 1.9% |
Financials | 26.2% |
Industrials | 17.1% |
Consumer Staples | 12.1% |
Information Technology | 8.5% |
Energy | 8.3% |
Health Care | 6.0% |
Materials | 6.0% |
Consumer Discretionary | 5.8% |
Utilities | 5.1% |
Communication Services | 3.2% |
United Kingdom | 23.7% |
Japan | 15.4% |
France | 13.8% |
Switzerland | 8.5% |
United States | 7.8% |
Germany | 6.3% |
Canada | 6.0% |
Ireland | 3.7% |
Italy | 3.1% |
Other Countries | 11.7% |
Euro | 33.5% |
British Pound Sterling | 22.6% |
Japanese Yen | 15.4% |
Swiss Franc | 8.5% |
United States Dollar | 8.1% |
Canadian Dollar | 6.0% |
South Korean Won | 1.4% |
Australian Dollar | 1.2% |
Taiwan Dollar | 0.8% |
Other Currencies | 2.5% |
(g) | The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence Inc. (“S&P Global Market Intelligence”). GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by MFS. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(x) | Represents the portfolio’s exposure to issuer countries as a percentage of a portfolio’s net assets. For purposes of this presentation, United States includes Cash & Cash Equivalents. |
(y) | Represents the portfolio’s exposure to a particular currency as a percentage of a portfolio's net assets. For purposes of this presentation, United States Dollar includes Cash & Cash Equivalents. |
June 1, 2023 through November 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 6/01/23 | Ending Account Value 11/30/23 | Expenses Paid During Period (p) 6/01/23-11/30/23 | |
A | Actual | 0.96% | $1,000.00 | $1,049.27 | $4.92 |
Hypothetical (h) | 0.96% | $1,000.00 | $1,020.20 | $4.85 | |
C | Actual | 1.71% | $1,000.00 | $1,045.57 | $8.74 |
Hypothetical (h) | 1.71% | $1,000.00 | $1,016.45 | $8.62 | |
I | Actual | 0.71% | $1,000.00 | $1,050.60 | $3.64 |
Hypothetical (h) | 0.71% | $1,000.00 | $1,021.45 | $3.59 | |
R1 | Actual | 1.71% | $1,000.00 | $1,045.34 | $8.74 |
Hypothetical (h) | 1.71% | $1,000.00 | $1,016.45 | $8.62 | |
R2 | Actual | 1.21% | $1,000.00 | $1,047.58 | $6.19 |
Hypothetical (h) | 1.21% | $1,000.00 | $1,018.95 | $6.11 | |
R3 | Actual | 0.96% | $1,000.00 | $1,049.11 | $4.92 |
Hypothetical (h) | 0.96% | $1,000.00 | $1,020.20 | $4.85 | |
R4 | Actual | 0.71% | $1,000.00 | $1,050.64 | $3.64 |
Hypothetical (h) | 0.71% | $1,000.00 | $1,021.45 | $3.59 | |
R6 | Actual | 0.67% | $1,000.00 | $1,050.73 | $3.43 |
Hypothetical (h) | 0.67% | $1,000.00 | $1,021.65 | $3.39 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 96.4% | ||||
Aerospace & Defense – 1.5% | ||||
BAE Systems PLC | 3,279,459 | $43,471,607 | ||
Dassault Aviation S.A. | 239,767 | 47,603,916 | ||
$91,075,523 | ||||
Airlines – 1.1% | ||||
Ryanair Holdings PLC, ADR (a) | 561,009 | $66,322,484 | ||
Alcoholic Beverages – 2.8% | ||||
Diageo PLC | 2,428,298 | $84,717,990 | ||
Heineken N.V. | 346,361 | 31,631,470 | ||
Kirin Holdings Co. Ltd. | 1,798,400 | 25,315,397 | ||
Pernod Ricard S.A. | 168,074 | 29,006,493 | ||
$170,671,350 | ||||
Apparel Manufacturers – 2.0% | ||||
Burberry Group PLC | 1,746,888 | $32,275,426 | ||
Compagnie Financiere Richemont S.A. | 520,982 | 64,966,580 | ||
Gildan Activewear, Inc. | 611,933 | 22,151,258 | ||
$119,393,264 | ||||
Automotive – 2.4% | ||||
Aptiv PLC (a) | 518,389 | $42,943,345 | ||
Compagnie Generale des Etablissements Michelin | 1,529,026 | 51,278,463 | ||
Continental AG | 234,929 | 18,161,250 | ||
Koito Manufacturing Co. Ltd. | 2,263,600 | 34,146,374 | ||
$146,529,432 | ||||
Broadcasting – 0.6% | ||||
WPP Group PLC | 4,166,031 | $37,173,481 | ||
Brokerage & Asset Managers – 2.6% | ||||
Barclays PLC | 23,506,293 | $41,854,353 | ||
Deutsche Boerse AG | 400,847 | 76,050,918 | ||
IG Group Holdings PLC | 4,853,474 | 41,910,515 | ||
$159,815,786 | ||||
Business Services – 2.9% | ||||
CGI, Inc. (a) | 325,038 | $33,048,744 | ||
Experian PLC | 457,682 | 16,773,553 | ||
Nomura Research Institute Ltd. | 570,600 | 15,979,571 | ||
RS Group PLC | 4,212,124 | 39,743,712 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Business Services – continued | ||||
Secom Co. Ltd. | 958,200 | $66,536,281 | ||
$172,081,861 | ||||
Chemicals – 0.3% | ||||
Nutrien Ltd. | 295,235 | $15,791,412 | ||
Computer Software - Systems – 6.4% | ||||
Amadeus IT Group S.A. | 549,996 | $37,608,490 | ||
Capgemini | 524,844 | 107,403,027 | ||
Fujitsu Ltd. | 483,300 | 68,847,268 | ||
Hitachi Ltd. | 1,294,200 | 89,780,433 | ||
Samsung Electronics Co. Ltd. | 1,468,864 | 82,884,393 | ||
$386,523,611 | ||||
Construction – 1.0% | ||||
CRH PLC | 320,390 | $20,104,473 | ||
Techtronic Industries Co. Ltd. | 3,951,500 | 40,115,467 | ||
$60,219,940 | ||||
Consumer Products – 1.9% | ||||
Haleon PLC | 9,392,607 | $39,136,328 | ||
Reckitt Benckiser Group PLC | 1,109,647 | 75,619,172 | ||
$114,755,500 | ||||
Electrical Equipment – 3.9% | ||||
Legrand S.A. | 488,995 | $47,063,407 | ||
Mitsubishi Electric Corp. | 3,608,800 | 48,901,114 | ||
Schneider Electric SE | 768,893 | 141,124,829 | ||
$237,089,350 | ||||
Electronics – 3.0% | ||||
Kyocera Corp. | 1,205,900 | $66,614,872 | ||
NXP Semiconductors N.V. | 325,613 | 66,451,101 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 517,863 | 50,393,249 | ||
$183,459,222 | ||||
Energy - Independent – 1.2% | ||||
Woodside Energy Group Ltd. | 3,535,851 | $72,425,720 | ||
Energy - Integrated – 7.1% | ||||
Eni S.p.A. | 11,312,985 | $186,781,546 | ||
Galp Energia SGPS S.A., “B” | 2,732,015 | 40,607,216 | ||
Petroleo Brasileiro S.A., ADR | 2,781,081 | 40,464,729 | ||
Suncor Energy, Inc. (l) | 2,621,939 | 86,447,954 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Integrated – continued | ||||
TotalEnergies SE | 1,051,427 | $71,255,218 | ||
$425,556,663 | ||||
Food & Beverages – 1.0% | ||||
Danone S.A. | 985,439 | $63,254,191 | ||
Food & Drug Stores – 1.3% | ||||
Tesco PLC | 22,524,791 | $81,271,296 | ||
General Merchandise – 0.7% | ||||
B&M European Value Retail S.A. | 6,018,248 | $43,580,621 | ||
Insurance – 4.5% | ||||
Chubb Ltd. | 132,266 | $30,345,788 | ||
Manulife Financial Corp. | 2,761,071 | 54,083,988 | ||
St. James's Place PLC | 5,925,004 | 48,515,419 | ||
Willis Towers Watson PLC | 550,356 | 135,552,683 | ||
$268,497,878 | ||||
Machinery & Tools – 4.1% | ||||
Aalberts Industries N.V. | 730,030 | $28,821,508 | ||
Daikin Industries Ltd. | 376,700 | 56,291,572 | ||
Kubota Corp. | 1,961,400 | 28,033,229 | ||
SMC Corp. | 114,400 | 57,446,918 | ||
Toyota Industries Corp. | 546,100 | 46,834,355 | ||
Weir Group PLC | 1,259,904 | 29,791,298 | ||
$247,218,880 | ||||
Major Banks – 17.0% | ||||
ABN AMRO Group N.V., GDR | 2,431,202 | $32,589,965 | ||
Bank of Ireland Group PLC | 10,031,102 | 93,792,961 | ||
BNP Paribas | 2,904,941 | 182,670,374 | ||
DBS Group Holdings Ltd. | 1,860,400 | 44,142,256 | ||
Lloyds Banking Group PLC | 50,077,674 | 27,481,978 | ||
Mitsubishi UFJ Financial Group, Inc. | 22,207,900 | 187,986,743 | ||
NatWest Group PLC | 49,305,100 | 129,407,821 | ||
Resona Holdings, Inc. | 6,905,800 | 35,795,948 | ||
Toronto-Dominion Bank | 1,455,903 | 88,773,657 | ||
UBS AG | 7,139,539 | 200,807,178 | ||
$1,023,448,881 | ||||
Medical & Health Technology & Services – 0.5% | ||||
ICON PLC (a) | 118,575 | $31,652,411 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Metals & Mining – 3.8% | ||||
Glencore PLC | 23,498,717 | $131,064,192 | ||
Rio Tinto PLC | 1,472,370 | 100,356,262 | ||
$231,420,454 | ||||
Network & Telecom – 0.4% | ||||
LM Ericsson Telephone Co., “B” | 4,739,308 | $23,444,096 | ||
Other Banks & Diversified Financials – 2.2% | ||||
AIB Group PLC | 13,537,079 | $62,683,160 | ||
Julius Baer Group Ltd. | 1,332,406 | 67,312,597 | ||
$129,995,757 | ||||
Pharmaceuticals – 5.5% | ||||
Bayer AG | 1,854,971 | $63,320,103 | ||
Novartis AG | 511,362 | 49,705,531 | ||
Roche Holding AG | 480,308 | 129,469,800 | ||
Sanofi | 969,237 | 90,161,537 | ||
$332,656,971 | ||||
Printing & Publishing – 1.9% | ||||
RELX PLC | 1,255,118 | $48,199,393 | ||
Wolters Kluwer N.V. | 487,269 | 66,988,548 | ||
$115,187,941 | ||||
Railroad & Shipping – 0.4% | ||||
Canadian Pacific Kansas City Ltd. | 300,477 | $21,632,041 | ||
Specialty Chemicals – 1.6% | ||||
Linde PLC | 109,551 | $45,328,917 | ||
Nitto Denko Corp. | 700,400 | 49,674,262 | ||
$95,003,179 | ||||
Telecommunications - Wireless – 1.9% | ||||
KDDI Corp. | 1,597,700 | $49,840,567 | ||
Vodafone Group PLC | 68,814,208 | 61,967,580 | ||
$111,808,147 | ||||
Telephone Services – 0.7% | ||||
Quebecor, Inc., “B” | 1,841,074 | $40,852,454 | ||
Tobacco – 3.1% | ||||
British American Tobacco PLC | 2,253,282 | $71,457,756 | ||
Imperial Brands PLC | 4,315,897 | 100,608,477 | ||
Philip Morris International, Inc. | 155,266 | 14,495,634 | ||
$186,561,867 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Utilities - Electric Power – 5.1% | ||||
E.ON SE | 8,146,941 | $105,838,927 | ||
Iberdrola S.A. | 9,372,718 | 115,743,999 | ||
National Grid PLC | 6,736,627 | 87,385,329 | ||
$308,968,255 | ||||
Total Common Stocks (Identified Cost, $5,056,309,606) | $5,815,339,919 | |||
Preferred Stocks – 1.9% | ||||
Consumer Products – 1.9% | ||||
Henkel AG & Co. KGaA (Identified Cost, $137,548,395) | 1,476,938 | $116,072,115 | ||
Investment Companies (h) – 1.2% | ||||
Money Market Funds – 1.2% | ||||
MFS Institutional Money Market Portfolio, 5.46% (v) (Identified Cost, $69,996,291) | 69,992,283 | $69,999,282 | ||
Collateral for Securities Loaned – 1.1% | ||||
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 5.29% (j) (Identified Cost, $69,300,000) | 69,300,000 | $69,300,000 | ||
Other Assets, Less Liabilities – (0.6)% | (37,922,819) | |||
Net Assets – 100.0% | $6,032,788,497 |
(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 $69,999,282 and $6,000,712,034, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. See Note 2 for additional information. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Assets | |
Investments in unaffiliated issuers, at value, including $77,865,746 of securities on loan (identified cost, $5,263,158,001) | $6,000,712,034 |
Investments in affiliated issuers, at value (identified cost, $69,996,291) | 69,999,282 |
Cash | 1,044,694 |
Receivables for | |
Fund shares sold | 195,617 |
Interest and dividends | 32,466,018 |
Other assets | 878 |
Total assets | $6,104,418,523 |
Liabilities | |
Payable to custodian | $335,844 |
Payables for | |
Fund shares reacquired | 1,310,753 |
Collateral for securities loaned, at value (c) | 69,300,000 |
Payable to affiliates | |
Investment adviser | 92,778 |
Administrative services fee | 3,389 |
Shareholder servicing costs | 3,174 |
Distribution and service fees | 146 |
Accrued expenses and other liabilities | 583,942 |
Total liabilities | $71,630,026 |
Net assets | $6,032,788,497 |
Net assets consist of | |
Paid-in capital | $5,084,572,369 |
Total distributable earnings (loss) | 948,216,128 |
Net assets | $6,032,788,497 |
Shares of beneficial interest outstanding | 462,169,166 |
(c) | Non-cash collateral is not included. |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $6,638,641 | 511,022 | $12.99 |
Class C | 843,754 | 65,664 | 12.85 |
Class I | 15,699,062 | 1,200,261 | 13.08 |
Class R1 | 90,388 | 7,003 | 12.91 |
Class R2 | 92,873 | 7,147 | 12.99 |
Class R3 | 93,113 | 7,147 | 13.03 |
Class R4 | 94,037 | 7,196 | 13.07 |
Class R6 | 6,009,236,629 | 460,363,726 | 13.05 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $13.78 [100 / 94.25 x $12.99]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Dividends | $96,014,875 |
Dividends from affiliated issuers | 2,088,216 |
Income on securities loaned | 109,981 |
Other | 2,481 |
Foreign taxes withheld | (5,003,539) |
Total investment income | $93,212,014 |
Expenses | |
Management fee | $21,395,669 |
Distribution and service fees | 12,868 |
Shareholder servicing costs | 10,397 |
Administrative services fee | 310,117 |
Independent Trustees' compensation | 48,363 |
Custodian fee | 330,414 |
Shareholder communications | 4,465 |
Audit and tax fees | 35,031 |
Legal fees | 14,571 |
Miscellaneous | 110,532 |
Total expenses | $22,272,427 |
Fees paid indirectly | (6,541) |
Reduction of expenses by investment adviser | (2,238,066) |
Net expenses | $20,027,820 |
Net investment income (loss) | $73,184,194 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $30,189,301 |
Affiliated issuers | 8,265 |
Foreign currency | (698,515) |
Net realized gain (loss) | $29,499,051 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $187,050,245 |
Affiliated issuers | 10,494 |
Translation of assets and liabilities in foreign currencies | 846,171 |
Net unrealized gain (loss) | $187,906,910 |
Net realized and unrealized gain (loss) | $217,405,961 |
Change in net assets from operations | $290,590,155 |
Six months ended | Year ended | |
11/30/23 (unaudited) | 5/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $73,184,194 | $170,931,119 |
Net realized gain (loss) | 29,499,051 | (16,257,757) |
Net unrealized gain (loss) | 187,906,910 | (19,370,629) |
Change in net assets from operations | $290,590,155 | $135,302,733 |
Total distributions to shareholders | $— | $(154,660,884) |
Change in net assets from fund share transactions | $(67,075,062) | $77,790,963 |
Total change in net assets | $223,515,093 | $58,432,812 |
Net assets | ||
At beginning of period | 5,809,273,404 | 5,750,840,592 |
At end of period | $6,032,788,497 | $5,809,273,404 |
Class A | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.38 | $12.41 | $13.66 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.14 | $0.38 | $0.35 | $0.29 |
Net realized and unrealized gain (loss) | 0.47 | (0.09) | (1.11) | 3.42 |
Total from investment operations | $0.61 | $0.29 | $(0.76) | $3.71 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.20) | $(0.27) | $(0.05) |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.32) | $(0.49) | $(0.05) |
Net asset value, end of period (x) | $12.99 | $12.38 | $12.41 | $13.66 |
Total return (%) (r)(s)(t)(x) | 4.93(n) | 2.45 | (5.74) | 37.16(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 1.04(a) | 1.07 | 1.04 | 1.04(a) |
Expenses after expense reductions (f) | 0.96(a) | 0.96 | 0.96 | 0.93(a) |
Net investment income (loss) | 2.15(a) | 3.13 | 2.72 | 2.61(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $6,639 | $5,864 | $2,956 | $1,187 |
Class C | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.29 | $12.33 | $13.61 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.09 | $0.22 | $0.22 | $0.16 |
Net realized and unrealized gain (loss) | 0.47 | (0.02) | (1.08) | 3.45 |
Total from investment operations | $0.56 | $0.20 | $(0.86) | $3.61 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.12) | $(0.20) | $— |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.24) | $(0.42) | $(0.00)(w) |
Net asset value, end of period (x) | $12.85 | $12.29 | $12.33 | $13.61 |
Total return (%) (r)(s)(t)(x) | 4.56(n) | 1.70 | (6.46) | 36.11(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 1.79(a) | 1.83 | 1.78 | 1.81(a) |
Expenses after expense reductions (f) | 1.71(a) | 1.71 | 1.71 | 1.68(a) |
Net investment income (loss) | 1.40(a) | 1.89 | 1.69 | 1.49(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $844 | $905 | $1,111 | $636 |
Class I | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.45 | $12.43 | $13.69 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.16 | $0.39 | $0.41 | $0.31 |
Net realized and unrealized gain (loss) | 0.47 | (0.05) | (1.16) | 3.44 |
Total from investment operations | $0.63 | $0.34 | $(0.75) | $3.75 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.20) | $(0.29) | $(0.06) |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.32) | $(0.51) | $(0.06) |
Net asset value, end of period (x) | $13.08 | $12.45 | $12.43 | $13.69 |
Total return (%) (r)(s)(t)(x) | 5.06(n) | 2.88 | (5.60) | 37.58(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 0.78(a) | 0.82 | 0.79 | 0.79(a) |
Expenses after expense reductions (f) | 0.71(a) | 0.71 | 0.71 | 0.68(a) |
Net investment income (loss) | 2.43(a) | 3.28 | 3.15 | 2.82(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $15,699 | $11,178 | $18,972 | $2,775 |
Class R1 | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.35 | $12.36 | $13.61 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.09 | $0.24 | $0.19 | $0.09 |
Net realized and unrealized gain (loss) | 0.47 | (0.04) | (1.06) | 3.52 |
Total from investment operations | $0.56 | $0.20 | $(0.87) | $3.61 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.09) | $(0.16) | $— |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.21) | $(0.38) | $(0.00)(w) |
Net asset value, end of period (x) | $12.91 | $12.35 | $12.36 | $13.61 |
Total return (%) (r)(s)(t)(x) | 4.53(n) | 1.76 | (6.49) | 36.11(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 1.79(a) | 1.83 | 1.78 | 1.83(a) |
Expenses after expense reductions (f) | 1.71(a) | 1.71 | 1.71 | 1.68(a) |
Net investment income (loss) | 1.39(a) | 2.04 | 1.43 | 0.85(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $90 | $86 | $85 | $91 |
Class R2 | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.40 | $12.41 | $13.66 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.12 | $0.30 | $0.25 | $0.14 |
Net realized and unrealized gain (loss) | 0.47 | (0.04) | (1.05) | 3.52 |
Total from investment operations | $0.59 | $0.26 | $(0.80) | $3.66 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.15) | $(0.23) | $(0.00)(w) |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.27) | $(0.45) | $(0.00)(w) |
Net asset value, end of period (x) | $12.99 | $12.40 | $12.41 | $13.66 |
Total return (%) (r)(s)(t)(x) | 4.76(n) | 2.26 | (6.01) | 36.63(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 1.29(a) | 1.33 | 1.28 | 1.33(a) |
Expenses after expense reductions (f) | 1.21(a) | 1.21 | 1.21 | 1.18(a) |
Net investment income (loss) | 1.89(a) | 2.55 | 1.94 | 1.36(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $93 | $88 | $86 | $92 |
Class R3 | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.42 | $12.43 | $13.68 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.14 | $0.33 | $0.29 | $0.17 |
Net realized and unrealized gain (loss) | 0.47 | (0.04) | (1.06) | 3.54 |
Total from investment operations | $0.61 | $0.29 | $(0.77) | $3.71 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.18) | $(0.26) | $(0.03) |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.30) | $(0.48) | $(0.03) |
Net asset value, end of period (x) | $13.03 | $12.42 | $12.43 | $13.68 |
Total return (%) (r)(s)(t)(x) | 4.91(n) | 2.51 | (5.77) | 37.15(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 1.04(a) | 1.08 | 1.03 | 1.08(a) |
Expenses after expense reductions (f) | 0.96(a) | 0.96 | 0.96 | 0.93(a) |
Net investment income (loss) | 2.14(a) | 2.80 | 2.19 | 1.61(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $93 | $89 | $87 | $92 |
Class R4 | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.44 | $12.45 | $13.70 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.15 | $0.36 | $0.32 | $0.19 |
Net realized and unrealized gain (loss) | 0.48 | (0.04) | (1.06) | 3.57 |
Total from investment operations | $0.63 | $0.32 | $(0.74) | $3.76 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.21) | $(0.29) | $(0.06) |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.33) | $(0.51) | $(0.06) |
Net asset value, end of period (x) | $13.07 | $12.44 | $12.45 | $13.70 |
Total return (%) (r)(s)(t)(x) | 5.06(n) | 2.76 | (5.53) | 37.67(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 0.78(a) | 0.83 | 0.78 | 0.83(a) |
Expenses after expense reductions (f) | 0.71(a) | 0.71 | 0.71 | 0.68(a) |
Net investment income (loss) | 2.39(a) | 3.05 | 2.44 | 1.86(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $94 | $90 | $87 | $92 |
Class R6 | Six months ended | Year ended | ||
11/30/23 (unaudited) | 5/31/23 | 5/31/22 | 5/31/21(c) | |
Net asset value, beginning of period | $12.42 | $12.44 | $13.68 | $10.00 |
Income (loss) from investment operations | ||||
Net investment income (loss) (d) | $0.16 | $0.37 | $0.32 | $0.30 |
Net realized and unrealized gain (loss) | 0.47 | (0.05) | (1.04) | 3.44 |
Total from investment operations | $0.63 | $0.32 | $(0.72) | $3.74 |
Less distributions declared to shareholders | ||||
From net investment income | $— | $(0.22) | $(0.30) | $(0.06) |
From net realized gain | — | (0.12) | (0.22) | (0.00)(w) |
Total distributions declared to shareholders | $— | $(0.34) | $(0.52) | $(0.06) |
Net asset value, end of period (x) | $13.05 | $12.42 | $12.44 | $13.68 |
Total return (%) (r)(s)(t)(x) | 5.07(n) | 2.76 | (5.45) | 37.49(n) |
Ratios (%) (to average net assets) and Supplemental data: | ||||
Expenses before expense reductions (f) | 0.74(a) | 0.75 | 0.74 | 0.78(a) |
Expenses after expense reductions (f) | 0.67(a) | 0.64 | 0.66 | 0.67(a) |
Net investment income (loss) | 2.44(a) | 3.12 | 2.45 | 2.74(a) |
Portfolio turnover | 7(n) | 26 | 24 | 18(n) |
Net assets at end of period (000 omitted) | $6,009,237 | $5,790,974 | $5,727,457 | $5,800,471 |
(a) | Annualized. |
(c) | For the period from the commencement of the fund’s investment operations, June 30, 2020, through the stated period end. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $5,931,412,034 | $— | $— | $5,931,412,034 |
Mutual Funds | 139,299,282 | — | — | 139,299,282 |
Total | $6,070,711,316 | $— | $— | $6,070,711,316 |
Year ended 5/31/23 | |
Ordinary income (including any short-term capital gains) | $100,001,304 |
Long-term capital gains | 54,659,580 |
Total distributions | $154,660,884 |
As of 11/30/23 | |
Cost of investments | $5,369,728,404 |
Gross appreciation | 1,075,600,571 |
Gross depreciation | (374,617,659) |
Net unrealized appreciation (depreciation) | $700,982,912 |
As of 5/31/23 | |
Undistributed ordinary income | 143,088,972 |
Undistributed long-term capital gain | 6,008,717 |
Other temporary differences | (2,269,770) |
Net unrealized appreciation (depreciation) | 510,798,054 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||
Class A | $— | $92,354 | |
Class C | — | 21,579 | |
Class I | — | 110,874 | |
Class R1 | — | 1,489 | |
Class R2 | — | 1,915 | |
Class R3 | — | 2,129 | |
Class R4 | — | 2,348 | |
Class R6 | — | 154,428,196 | |
Total | $— | $154,660,884 |
Up to $2.5 billion | 0.75% |
In excess of $2.5 billion and up to $5 billion | 0.70% |
In excess of $5 billion and up to $10 billion | 0.65% |
In excess of $10 billion and up to $20 billion | 0.62% |
In excess of $20 billion | 0.60% |
Classes | |||||||
A | C | I | R1 | R2 | R3 | R4 | R6 |
0.96% | 1.71% | 0.71% | 1.71% | 1.21% | 0.96% | 0.71% | 0.67% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 7,854 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 4,224 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 446 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 229 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 115 |
Total Distribution and Service Fees | $12,868 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended November 30, 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. There were no service fee rebates for the six months ended November 30, 2023. |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 111,518 | $1,441,564 | 334,913 | $4,028,645 | |
Class C | 2,431 | 30,632 | 11,481 | 132,184 | |
Class I | 388,090 | 5,008,133 | 912,006 | 11,194,080 | |
Class R2 | 26 | 332 | 27 | 324 | |
Class R6 | 6,145,040 | 79,698,096 | 33,233,068 | 392,833,612 | |
6,647,105 | $86,178,757 | 34,491,495 | $408,188,845 |
Six months ended 11/30/23 | Year ended 5/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | — | $— | 7,853 | $92,354 | |
Class C | — | — | 1,841 | 21,579 | |
Class I | — | — | 9,380 | 110,873 | |
Class R1 | — | — | 127 | 1,489 | |
Class R2 | — | — | 161 | 1,904 | |
Class R3 | — | — | 181 | 2,129 | |
Class R4 | — | — | 199 | 2,348 | |
Class R6 | — | — | 13,088,616 | 154,314,784 | |
— | $— | 13,108,358 | $154,547,460 | ||
Shares reacquired | |||||
Class A | (74,084) | $(942,656) | (107,426) | $(1,269,186) | |
Class C | (10,353) | (133,526) | (29,818) | (361,861) | |
Class I | (85,466) | (1,090,684) | (1,549,510) | (17,310,055) | |
Class R6 | (11,906,822) | (151,086,953) | (40,735,170) | (466,004,240) | |
(12,076,725) | $(153,253,819) | (42,421,924) | $(484,945,342) | ||
Net change | |||||
Class A | 37,434 | $498,908 | 235,340 | $2,851,813 | |
Class C | (7,922) | (102,894) | (16,496) | (208,098) | |
Class I | 302,624 | 3,917,449 | (628,124) | (6,005,102) | |
Class R1 | — | — | 127 | 1,489 | |
Class R2 | 26 | 332 | 188 | 2,228 | |
Class R3 | — | — | 181 | 2,129 | |
Class R4 | — | — | 199 | 2,348 | |
Class R6 | (5,761,782) | (71,388,857) | 5,586,514 | 81,144,156 | |
(5,429,620) | $(67,075,062) | 5,177,929 | $77,790,963 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $80,470,573 | $321,721,446 | $332,211,496 | $8,265 | $10,494 | $69,999,282 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $2,088,216 | $— |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. 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: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST X
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: January 12, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: January 12, 2024
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: January 12, 2024
* Print name and title of each signing officer under his or her signature.